Document:

Form of Junior Subordinated Indenture

 Exhibit 4.9 
  

AMBAC FINANCIAL GROUP, INC. 
  
 TO 
  
 THE BANK OF NEW YORK 
 Trustee 
  

  
 FORM OF JUNIOR SUBORDINATED INDENTURE 
  
 Dated as of February     , 2007 
  

 Reconciliation and tie between Trust Indenture Act of 1939, as amended, and Indenture, dated as of February
    , 2007. 
  

				
	 Trust Indenture Act Section

	  	 Indenture
 Section

	 
	 § 310(a)(1)
	  	608	 
	 (a)(2)
	  	608	 
	 (b)
	  	609	 
	 § 312(a)
	  	703	 
	 § 312(c)
	  	701	 
	 § 313(a)
	  	702	 
	 § 314(a)
	  	703	 
	 (c)(1)
	  	102	 
	 (c)(2)
	  	102	 
	 (e)
	  	102	 
	 § 315(b)
	  	601	 
	 § 316(a)
	  	101	 
	 	  	(“Outstanding”	)
	 (a)(1)(A)
	  	502	 
	 	  	512	 
	 (a)(1)(B)
	  	513	 
	 (b)
	  	508	 
	 § 317(a)(1)
	  	503	 
	 (a)(2)
	  	504	 
	 § 318(a)
	  	111	 
	 § 317(b)
	  	1003	 

 NOTE: This reconciliation and tie shall not, for
any purpose, be deemed to be a part of this Indenture. 

 TABLE OF CONTENTS1 
 PAGE 
 RECITALS OF THE COMPANY 
 ARTICLE ONE

 DEFINITIONS AND OTHER PROVISIONS 
 OF GENERAL APPLICATION 
  

					
	 SECTION 101.
	 	 Definitions.
	  	1
		 	 Act
	  	2
		 	 Affiliate
	  	2
		 	 Authenticating Agent
	  	2
		 	 Board of Directors
	  	2
		 	 Board Resolution
	  	2
		 	 Business Day
	  	2
		 	 Commission
	  	2
		 	 Company
	  	2
		 	 Company Request
	  	2
		 	 Company Order
	  	2
		 	 Corporate Trust Office
	  	2
		 	 corporation
	  	3
		 	 Currency
	  	3
		 	 Defaulted Interest
	  	3
		 	 Depositary
	  	3
		 	 Dollar
	  	3
		 	 $
	  	3
		 	 Exchange Rate Agent
	  	3
		 	 Event of Default
	  	3
		 	 Global Security
	  	3
		 	 Holder
	  	3
		 	 Indenture
	  	3
		 	 Interest Payment Date
	  	3
		 	 Managing Director
	  	3
		 	 Maturity
	  	3
		 	 Mortgage
	  	4
		 	 Officers’ Certificates
	  	4
		 	 Opinion of Counsel
	  	4
		 	 Original Issue Discount Security
	  	4
		 	 Outstanding
	  	4
		 	 Paying Agent
	  	4
		 	 Person
	  	5
		 	 Place of Payment
	  	5
		 	 Predecessor Security
	  	5
		 	 Redemption Date
	  	5

	 1
	 This table of contents shall not, for any purpose, be deemed to be a part of the Junior Subordinated
Indenture. 

  

 i 

					
	 	 	 Redemption Price
	  	5
	 	 	 Regular Record Date
	  	5
	 	 	 Responsible Officer
	  	5
	 	 	 Restricted Subsidiary
	  	5
	 	 	 Securities
	  	5
	 	 	 Security Register
	  	5
	 	 	 Security Registrar
	  	5
	 	 	 Senior Indebtedness
	  	5
	 	 	 Special Record Date
	  	6
	 	 	 Stated Maturity
	  	6
	 	 	 Subsidiary
	  	6
	 	 	 Trustee
	  	6
	 	 	 Trust Indenture Act
	  	6
	 	 	 U.S. Government Obligations
	  	7
	 	 	 Vice President
	  	7
	 	 	 Voting Stock
	  	7
	 SECTION 102.
	 	 Compliance Certificates And Opinions.
	  	7
	 SECTION 103.
	 	 Form Of Documents Delivered To Trustee.
	  	8
	 SECTION 104.
	 	 Acts Of Holders.
	  	8
	 SECTION 105.
	 	 Notices, Etc., To Trustee And Company.
	  	9
	 SECTION 106.
	 	 Notice To Holders; Waiver.
	  	9
	 SECTION 107.
	 	 Immunity of Incorporators, Stockholders, Officers and Directors.
	  	9
	 SECTION 108.
	 	 Conflict with Trust Indenture Act.
	  	10
	 SECTION 109.
	 	 Effect Of Headings And Table Of Contents.
	  	10
	 SECTION 110.
	 	 Successors And Assigns.
	  	10
	 SECTION 111.
	 	 Separability Clause.
	  	10
	 SECTION 112.
	 	 Benefits Of Indenture.
	  	10
	 SECTION 113.
	 	 Governing Law.
	  	10
	 SECTION 114.
	 	 Legal Holidays.
	  	10
	 SECTION 115.
	 	 Force Majeure
	  	11
	 SECTION 116.
	 	 Waiver of Jury Trial
	  	11
	 SECTION 117.
	 	 Securities in Foreign Currencies.
	  	11

  
 ARTICLE TWO 

 
 SECURITY FORMS 
  

					
	 SECTION 201.
	 	 Forms Generally.
	  	11
	 SECTION 202.
	 	 Additional Provisions In Global Securities.
	  	12
	 SECTION 203.
	 	 Form Of Trustee’s Certificate Of Authentication.
	  	12

  
 ARTICLE THREE

  
 THE SECURITIES 
  

					
	 SECTION 301.
	 	 Amount Unlimited; Issuable In Series.
	  	13
	 SECTION 302.
	 	 Denominations.
	  	15
	 SECTION 303.
	 	 Execution, Authentication, Delivery And Dating.
	  	15
	 SECTION 304.
	 	 Temporary Securities.
	  	17
	 SECTION 305.
	 	 Registration, Registration Of Transfer And Exchange.
	  	17
	 SECTION 306.
	 	 Mutilated, Destroyed, Lost And Stolen Securities.
	  	19
	 SECTION 307.
	 	 Payment Of Interest; Interest Rights Preserved.
	  	19
	 SECTION 308.
	 	 Persons Deemed Owners.
	  	20
	 SECTION 309.
	 	 Cancellation.
	  	21
	 SECTION 310.
	 	 Computation Of Interest.
	  	21
	 SECTION 311.
	 	 CUSIP Numbers
	  	21

  

 ii 

 ARTICLE FOUR 
 SATISFACTION AND DISCHARGE 
  

					
	 SECTION 401.
	 	 Satisfaction And Discharge Of Indenture.
	  	21
	 SECTION 402.
	 	 Application Of Trust Money.
	  	23

 ARTICLE FIVE 
 REMEDIES 
  

					
	 SECTION 501.
	 	 Events Of Default.
	  	23
	 SECTION 502.
	 	 Acceleration Of Maturity; Rescission And Annulment.
	  	24
	 SECTION 503.
	 	 Collection Of Indebtedness And Suits For Enforcement By Trustee.
	  	25
	 SECTION 504.
	 	 Trustee May File Proofs Of Claim.
	  	26
	 SECTION 505.
	 	 Trustee May Enforce Claims Without Possession Of Securities.
	  	26
	 SECTION 506.
	 	 Application Of Money Collected.
	  	27
	 SECTION 507.
	 	 Limitation On Suits.
	  	27
	 SECTION 508.
	 	 Unconditional Right Of Holders To Receive Principal, Premium And Interest.
	  	28
	 SECTION 509.
	 	 Restoration Of Rights And Remedies.
	  	28
	 SECTION 510.
	 	 Rights And Remedies Cumulative.
	  	28
	 SECTION 511.
	 	 Delay Or Omission Not Waiver.
	  	29
	 SECTION 512.
	 	 Control By Holders.
	  	29
	 SECTION 513.
	 	 Waiver Of Past Defaults.
	  	29
	 SECTION 514.
	 	 Waiver Of Stay Or Extension Laws.
	  	30

 ARTICLE SIX 
 THE TRUSTEE 
  

					
	 SECTION 601.
	 	 Certain Duties and Responsibilities.
	  	30
	 SECTION 602.
	 	 Notice Of Defaults.
	  	30
	 SECTION 603.
	 	 Certain Rights Of Trustee.
	  	31
	 SECTION 604.
	 	 Not Responsible For Recitals Or Issuance Of Securities.
	  	32
	 SECTION 605.
	 	 May Hold Securities.
	  	32
	 SECTION 606.
	 	 Money Held In Trust.
	  	32
	 SECTION 607.
	 	 Compensation, Indemnity And Reimbursement.
	  	32
	 SECTION 608.
	 	 Corporate Trustee Required; Different Trustees For Different Series; Eligibility.
	  	33
	 SECTION 609.
	 	 Resignation And Removal; Appointment Of Successor.
	  	34
	 SECTION 610.
	 	 Acceptance Of Appointment By Successor.
	  	35
	 SECTION 611.
	 	 Merger, Conversion, Consolidation Or Succession To Business.
	  	36
	 SECTION 612.
	 	 Appointment Of Authenticating Agent.
	  	36

 ARTICLE SEVEN 
 HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY 
  

					
	 SECTION 701.
	 	 Disclosure Of Names And Addresses Of Holders.
	  	37
	 SECTION 702.
	 	 Reports By Trustee.
	  	38
	 SECTION 703.
	 	 Reports By Company And Holders’ Lists.
	  	38

  

 iii 

 ARTICLE EIGHT 
 CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE 
  

					
	 SECTION 801.
	 	 Company May Consolidate, Etc., Only On Certain Terms.
	  	39
	 SECTION 802.
	 	 Successor Corporation Substituted.
	  	39

 ARTICLE NINE 
 SUPPLEMENTAL INDENTURES 
  

					
	 SECTION 901.
	 	 Supplemental Indentures Without Consent Of Holders.
	  	40
	 SECTION 902.
	 	 Supplemental Indentures With Consent Of Holders.
	  	41
	 SECTION 903.
	 	 Execution Of Supplemental Indentures.
	  	42
	 SECTION 904.
	 	 Effect Of Supplemental Indentures.
	  	42
	 SECTION 905.
	 	 Conformity With Trust Indenture Act.
	  	43
	 SECTION 906.
	 	 Reference In Securities To Supplemental Indentures.
	  	43

 ARTICLE TEN 
 COVENANTS 
  

					
	 SECTION 1001.
	 	 Payment Of Principal, Premium And Interest.
	  	43
	 SECTION 1002.
	 	 Maintenance Of Office Or Agency.
	  	43
	 SECTION 1003.
	 	 Money For Securities Payments To Be Held In Trust.
	  	44
	 SECTION 1004.
	 	 Corporate Existence.
	  	45
	 SECTION 1005.
	 	 Maintenance Of Properties.
	  	45
	 SECTION 1006.
	 	 Payment Of Taxes And Other Claims.
	  	45
	 SECTION 1007.
	 	 Intentionally Omitted.
	  	46
	 SECTION 1008.
	 	 Intentionally Omitted.
	  	46
	 SECTION 1009.
	 	 Statement As To Compliance.
	  	46
	 SECTION 1010.
	 	 Waiver Of Certain Covenants.
	  	46
	 SECTION 1011.
	 	 Statement by Officers as to Default
	  	46

 ARTICLE ELEVEN 
 REDEMPTION OF SECURITIES 
  

					
	 SECTION 1101.
	 	 Applicability Of Article.
	  	47
	 SECTION 1102.
	 	 Election To Redeem; Notice To Trustee.
	  	47
	 SECTION 1103.
	 	 Selection By Trustee Of Securities To Be Redeemed.
	  	47
	 SECTION 1104.
	 	 Notice Of Redemption.
	  	47
	 SECTION 1105.
	 	 Deposit Of Redemption Price.
	  	48
	 SECTION 1106.
	 	 Securities Payable On Redemption Date.
	  	48
	 SECTION 1107.
	 	 Securities Redeemed In Part.
	  	49

 ARTICLE TWELVE 
 SINKING FUNDS 
  

					
	 SECTION 1201.
	 	 Applicability Of Article.
	  	49
	 SECTION 1202.
	 	 Satisfaction Of Sinking Fund Payments With Securities.
	  	49
	 SECTION 1203.
	 	 Redemption Of Securities For Sinking Fund.
	  	50

  

 iv 

 ARTICLE THIRTEEN 
  

REPAYMENT AT OPTION OF HOLDERS 
  

					
	 SECTION 1301.
	 	 Applicability Of Article.
	  	51
	 SECTION 1302.
	 	 Repayment Of Securities.
	  	51
	 SECTION 1303.
	 	 Exercise Of Option.
	  	51
	 SECTION 1304.
	 	 When Securities Presented For Repayment Become Due And Payable.
	  	51
	 SECTION 1305.
	 	 Securities Repaid In Part.
	  	52

  
 ARTICLE FOURTEEN

  
 DEFEASANCE AND COVENANT DEFEASANCE 
  

					
	 SECTION 1401.
	 	 Applicability Of Article; Company’s Option To Effect Defeasance Or Covenant Defeasance.
	  	52
	 SECTION 1402.
	 	 Defeasance And Discharge.
	  	52
	 SECTION 1403.
	 	 Covenant Defeasance.
	  	53
	 SECTION 1404.
	 	 Conditions To Defeasance Or Covenant Defeasance.
	  	53
	 SECTION 1405.
	 	 Application Of Trust Money.
	  	54
	 SECTION 1406.
	 	 Reinstatement.
	  	54

  
 ARTICLE FIFTEEN

  
 SUBORDINATION OF SECURITIES 
  

					
	SECTION 1501.	 	 Securities Subordinate to Senior Indebtedness.
	  	55
	SECTION 1502.	 	 Payments to Securityholders.
	  	55
	SECTION 1503.	 	 Subrogation to Rights of Holders of Senior Indebtedness
	  	56
	SECTION 1504.	 	 Relative Rights
	  	57
	SECTION 1505.	 	 Trustee to Effectuate Subordination
	  	58
	SECTION 1506.	 	 Subordination May Not Be Impaired
	  	58
	SECTION 1507.	 	 Notice to Trustee
	  	58
	SECTION 1508.	 	 Reliance on Certificate of Liquidating Agent
	  	59
	SECTION 1509.	 	 Trustee Not Fiduciary for Holders of Senior Indebtedness
	  	59
	SECTION 1510.	 	 Rights of Trustee as Holder of Senior Indebtedness
	  	59
	SECTION 1511.	 	 Article Applicable to Paying Agent
	  	59
	SECTION 1512.	 	 Payment Permitted if No Event Specified in Section 1502.
	  	60

  

 v 

 JUNIOR SUBORDINATED INDENTURE, dated as of February     , 2007, between
Ambac Financial Group, Inc., a corporation duly organized and existing under the laws of the State of Delaware (the “Company“), having its principal office at One State Street Plaza, New York, New York 10004, and The Bank of New York, a
New York banking corporation, as Trustee (the “Trustee“). 
  
 RECITALS OF THE COMPANY 
  
 The Company has duly
authorized the execution and delivery of this Indenture to provide for the issuance from time to time of its unsecured, junior subordinated debentures, notes or other evidences of unsecured, junior subordinated indebtedness (the
“Securities“), to be issued in one or more series as in this Indenture provided. 
  
 This Indenture is subject to the provisions of the Trust Indenture Act of 1939, as amended, that are required to be part of this Indenture and shall, to the extent applicable, be governed by such provisions.

  
 All things necessary to make this Indenture a valid and
legally binding agreement of the Company, in accordance with its terms, have been done. 
  
 NOW, THEREFORE, the Company agrees as follows with the Trustee for the equal and proportionate benefit of all Holders of the Securities or of series thereof: 
  
 ARTICLE ONE 
  
 DEFINITIONS AND OTHER PROVISIONS 
 OF GENERAL APPLICATION 
  
 SECTION 101. Definitions. 
  
 For all purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise requires: 
  
 (1) the terms defined in this Section have the meanings
assigned to them in this Section and include the plural as well as the singular; 
  
 (2) all other terms used herein which are defined in the Trust Indenture Act, either directly or by reference therein, have the meanings
assigned to them therein; 
  
 (3) all accounting
terms not otherwise defined herein or in such securities shall have the meanings assigned to them in accordance with United States generally accepted accounting principles, and, except as otherwise herein expressly provided, the term “generally
accepted accounting principles” with respect to any computation required or permitted hereunder shall mean such accounting principles are generally accepted at the date of such computation; and 
  
 (4) all references herein to “Articles” and other
subdivisions are to the corresponding Articles or other subdivisions of this Indenture; references herein to “Section” are to corresponding Sections of this Indenture; and the words “herein,” “hereof,” and
“hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision. 

 Certain terms, used principally in Article Six, are defined in that Article. 
 “Act,” when used with respect to any Holder, has the meaning specified in Section 104. 
 “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 the purposes of this definition, “control“ when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or
indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling“ and “controlled“ have meanings correlative to the foregoing. 
 “Authenticating Agent“ means any Person authorized by the Trustee to act on behalf of the Trustee to authenticate Securities.

 “Board of Directors“ means either the board of directors of the Company or any duly authorized committee of that board.

 “Board Resolution“ means a copy of a resolution or resolutions certified by the Secretary or an Assistant Secretary of
the Company to have been duly adopted by the Board of Directors or any committee thereof and to be in full force and effect on the date of such certification, and delivered to the Trustee. 
 “Business Day“, except as otherwise specified as contemplated by Section 301, when used with respect to any Place of Payment, means
any day other than (i) a Saturday or Sunday, (ii) a day on which banking institutions in The City of New York are authorized or required by law or executive order to remain closed or (iii) a day on which the Corporate Trust Office of the Trustee, is
closed for business. 
 “Commission“ means the Securities and Exchange Commission, as from time to time constituted, created
under the Securities Exchange Act of 1934, or, if at any time after the execution of this instrument such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties at
such time. 
 “Company“ means the Person named as the “Company” in the first paragraph of this instrument until a
successor corporation shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor corporation. 
 “Company Request“ or “Company Order“ mean respectively a written request or order signed in the name of the Company by
its Chairman of the Board, Chief Executive Officer, President, Chief Financial Officer, Managing Director or a Vice President, and by its Treasurer, an Assistant Treasurer, Secretary or an Assistant Secretary, and delivered to the Trustee.

 “Corporate Trust Office“ means the office of the Trustee in New York, New York at which at any particular time its
corporate trust business shall be administered, which office at the date of execution of this instrument is located at 101 Barclay Street, 8W, New York, NY 10286. 
  

 2 

 “corporation” includes corporations, associations, companies and business trusts. 

“Currency” means any currency or currencies, composite currency or currency unit or currency units issued by the government of one or more
countries (including, without limitation, the Euro) or by any recognized confederation or association of such governments. 
 “Defaulted
Interest” has the meaning specified in Section 307. 
 “Depositary” means, with respect to the Securities of any series
issuable or issued in whole or in part in the form of one or more Global Securities, the Person designated as Depositary by the Company pursuant to Section 301, and if at any time there is more than one such Person, ‘Depositary’ as
used with respect to the Securities of any such series shall mean the Depositary with respect to the Securities of that series. 
 “Dollar” or “$” means a dollar or other equivalent unit in such coin or currency of the United States of America as at the time shall be legal tender for the payment of public and private debts. 
 “Exchange Rate Agent” means a New York Clearinghouse Bank retained for the purpose of quoting the exchange rate on any day between Dollars and
any Currency, or between any two Currencies. 
 “Event of Default” has the meaning specified in Section 501. 
 “Global Security” means a Security issued to evidence all or a part of any series of Securities which is executed by the Company and
authenticated and delivered by the Trustee to the Depositary or pursuant to the Depositary’s instruction, all in accordance with this Indenture and pursuant to a Company Order, which shall be registered in the name of the Depositary or its
nominee. 
 “Holder” means a Person in whose name a Security is registered in the Security Register. 
 “Indenture” means this instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures
supplemental hereto entered into from time to time pursuant to the applicable provisions hereof and shall include the form and terms of particular series of Securities established as contemplated by Section 301. 
 “Interest Payment Date,” when used with respect to any Security, means the Stated Maturity of an installment of interest of such Security.

 “Managing Director,” when used with respect to the Company, means any managing director, whether or not designated by a number
or a word or words added before or after the title “managing director.” 
 “Maturity,” when used with respect to any
security, means the date on which the principal of such Security or an installment of principal becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption, pursuant to
a sinking fund, notice of option to elect repayment or otherwise. 
  

 3 

 “Mortgage“ means any mortgage, pledge, lien, security interest or other encumbrance.

 “Officers’ Certificates“ means a certificate signed by two officers, one of whom shall be the principal financial
officer from among the Chairman of the Board, Chief Executive Officer, President, Chief Financial Officer, Managing Director or a Vice President, and by the Treasurer, an Assistant Treasurer, Secretary or an Assistant Secretary, of the Company, and
delivered to the Trustee. 
 “Opinion of Counsel“ means a written opinion of counsel, who may be counsel for the Company.

 “Original Issue Discount Security“ means any Security which provides for an amount less than the principal amount thereof
to be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 502. 
 “Outstanding,” when used with respect to Securities, means, as of the date of determination, all Securities theretofore authenticated and delivered under this Indenture, except: 
 (i) Securities theretofore cancelled by the Trustee or delivered to the Trustee for cancellation; 
 (ii) Securities for the payment or redemption of which money or U.S. Government Obligations in the necessary amount has been theretofore deposited with
the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of such Securities as contemplated by Article Four or Article
Fourteen; provided that, if such Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made; and 
 (iii) Securities which have been paid pursuant to Section 306 or in exchange for or in lieu of which other Securities have been authenticated and
delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to the Trustee proof satisfactory to it that such Securities are held by a protected purchaser (as defined in Article 8 of the
Uniform Commercial Code as in effect from time to time in the state of New York) in whose hands such Securities are valid obligations of the Company; provided, however, that in determining whether the Holders of the requisite principal amount of the
Outstanding Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder, (a) the principal amount of an Original Issue Discount Security that shall be deemed to be Outstanding shall be the amount of
the principal thereof that would be due and payable as of the date of such determination upon acceleration of the Maturity thereof pursuant to Section 502, and (b) Securities owned by the Company or any other obligor upon the Securities or
any Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction,
notice, consent or waiver, only Securities which a Responsible Officer of the Trustee knows to be so owned shall be so disregarded. Securities so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes
to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor.

 “Paying Agent“ means any Person authorized by the Company to pay the principal of (and premium, if any) or interest on
any Securities on behalf of the Company. 
  

 4 

 “Person“ means any individual, corporation, partnership, joint venture, limited liability
company, association, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof. 
  
 “Place of Payment,” when used with respect to the Securities of any series, means the place or places where the principal of (and premium, if
any) and interest on the Securities of that series are payable as specified as contemplated by Section 301. 
  
 “Predecessor Security“ of any particular Security means every previous Security evidencing all or a portion of the same debt as that evidenced
by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 306 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to evidence the same
debt as the mutilated, destroyed, lost or stolen Security. 
  
 “Redemption Date,” when used with respect to any Security to be redeemed, means the date fixed by the Company for such redemption by or pursuant to this Indenture. 
  
 “Redemption Price,” when used with respect to any Security to be redeemed, means the price at which it is to be
redeemed pursuant to this Indenture. 
  
 “Regular Record
Date“ for the interest payable on any Interest Payment Date on the Securities of any series means the date specified for that purpose as contemplated by Section 301. 
  
 “Responsible Officer,” when used with respect to the Trustee, means any officer of the Trustee with direct
responsibility for the administration of this Indenture and for the purposes of Sections 315(b) and 315(d)(2) of the Trust Indenture Act also means any other officer to whom a particular corporate trust matter is referred because of his knowledge
and familiarity with the particular subject. 
  
 “Restricted
Subsidiary“ means Ambac Assurance Corporation and any successor to all or substantially all of its business, provided that such successor is a Subsidiary. 
  

“Securities“ has the meaning stated in the first recital of this Indenture and more particularly means any Securities authenticated and
delivered under this Indenture. 
  
 “Security Register“
and “Security Registrar“ have the respective meanings specified in Section 305. 
  
 “Senior Indebtedness“ means the principal of, premium, if any, and interest on: 
  
 (a) all indebtedness of the Company (other than indebtedness issued pursuant to this Indenture), whether outstanding on the date of the issuance of the
Securities of any series or thereafter created, incurred or assumed, which is for money borrowed or which is evidenced by a note, bond, debenture or similar instrument; 
  
 (b) all obligations of the Company under leases required or permitted to be capitalized under GAAP; 
  

 5 

 (c) all of the Company’s reimbursement obligations with respect to any letter of credit,
banker’s acceptance, security purchase facility or similar credit transactions; 
  
 (d) all obligations of the types referred to in clauses (a), (b) or (c) above of another person, the payment of which the Company is responsible or liable as guarantor or otherwise; 
  
 (e) any agreements or obligations to pay deferred purchase price or
conditional sales agreements other than in the ordinary course of business; 
  
 (f) all obligations of the types referred to in clauses (a) through (e) above of another person secured by any lien on any property or assets of the Company (whether or not that obligation has been assumed
by the Company); and 
  
 (g) amendments, modifications, renewals,
extensions, deferrals and refundings of any of the above types of indebtedness. 
  
 Senior Indebtedness shall continue to be Senior Indebtedness and to be entitled to the benefits of Article Fifteen of this Indenture irrespective of any amendment, modification or waiver of any term of the Senior Indebtedness, or any
extension or renewal of the Senior Indebtedness. Notwithstanding anything to the contrary in the foregoing, Senior Indebtedness shall not include (i) indebtedness incurred for the purchase of goods, materials or property, or for services
obtained in the ordinary course of business or for other liabilities arising in the ordinary course of business and (ii) any indebtedness which by its terms is expressly made pari passu with or subordinated to the Securities of any series.

  
 “Special Record Date“ for the payment of any
Defaulted Interest means a date fixed by the Trustee pursuant to Section 307. 
  
 “Stated Maturity,” when used with respect to any Security or any installment of principal thereof or interest thereon, means the date specified in such Security as the fixed date on which the principal of
such Security or such installment of principal or interest is due and payable. 
  
 “Subsidiary“ means a corporation more than 50% of the outstanding Voting Stock of which is owned or controlled, directly or indirectly, by the Company or by one or more other Subsidiaries, or by the Company
and one or more other Subsidiaries. 
  
 “Trustee“ means
the Person named as the “Trustee” in the first paragraph of this instrument until a successor Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include
each Person who is then a Trustee hereunder, and if at any time there is more than one such Person, “Trustee” as used with respect to the Securities of any series shall mean the Trustee with respect to Securities of that series.

  
 “Trust Indenture Act“ means the Trust Indenture Act
of 1939 as in force at the date as of which this instrument was executed, except as provided in Section 905; provided however, that in the event the Trust Indenture Act is amended after such date, “Trust Indenture Act” means, to the
extent required by any such amendment, the Trust Indenture Act of 1939 as so amended. 
  

 6 

 “U.S. Government Obligations“ means direct obligations of the United States for the payment of
which its full faith and credit is pledged, or obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States and the payment of which is unconditionally guaranteed as a full faith and credit
obligation by the United States which, in either case, are not callable or redeemable at the option of the issuer thereof, and shall also include a depository receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act of
1933, as amended) as custodian with respect to any such U.S. Government Obligations or a specific payment of principal of or interest on any such U.S. Government Obligations held by such custodian for the account of the holder of such depository
receipt, provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the U.S. Government
Obligations or the specific payment of principal of or interest on the U.S. Government Obligations evidenced by such depository receipt. 
  
 “Vice President,” when used with respect to the Company or the Trustee, means any vice president, whether or not designated by a number or a
word or words added before or after the title “Vice President.” 
  
 “Voting Stock“ means, with respect to any Subsidiary, stock of any class or classes (or equivalent interest), if the holders of the stock of such class or classes (or equivalent interests) are ordinarily, in
the absence of contingencies, entitled to vote for the election of the directors (or persons performing similar functions) of such corporation, even though the right so to vote has been suspended by the happening of such a contingency. 

 
 SECTION 102. Compliance Certificates And Opinions. 
  
 Upon any application or request by the Company to the Trustee to take any
action under any provision of this Indenture, the Company shall furnish to the Trustee an Officers’ Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied
with and an Opinion of Counsel stating that in the opinion of such counsel such proposed action is authorized or permitted by this Indenture and all such conditions precedent, if any, have been complied with, except that in the case of any such
application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture relating to such particular application or request, no additional certificate or opinion need be furnished. 

 
 Every certificate or opinion with respect to compliance with a covenant or
condition provided for in this Indenture (other than pursuant to Section 1010) shall include: 
  
 (1) a statement that each individual signing such certificate or opinion has read such covenant or condition and the definitions herein
relating thereto; 
  
 (2) a brief statement as to
the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 
  
 (3) a statement that, in the opinion of each such individual, he has made such examination or investigation as is necessary to enable him
to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
  
 (4) a statement as to whether, in the opinion of each such individual, such covenant or condition has been complied with. 
  

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 SECTION 103. Form Of Documents Delivered To Trustee. 
  
 In any case where several matters are required to be certified by, or
covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may
certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 
  
 Any certificate or opinion of an officer of the Company may be based, insofar
as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the
matters upon which his certificate or opinion is based are erroneous. Any such certificate or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers
of the Company stating that the information with respect to such factual matters is in the possession of the Company, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinions or representations
with respect to such matters are erroneous. 
  
 Where any Person
is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
  
 SECTION 104. Acts Of Holders. 
  
 (a) Any request, demand, authorization, direction, notice, consent, waiver
or other action provided by this Indenture to be given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by agent duly appointed in writing; and, except
as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Company. Such instrument or instruments (and the action
embodied therein and evidenced thereby) are herein sometimes referred to as the “Act“ of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be
sufficient for any purpose of this Indenture and conclusive in favor of the Trustee and the Company, if made in the manner provided in this Section. 
  
 (b) The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such execution or by
a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution thereof. Where such execution is by a signer
acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of his authority. The fact and date of the execution of any such instrument or writing, or the authority of the Person
executing the same, may also be proved in any other manner which the Trustee deems sufficient. 
  
 (c) At any time, the ownership of Securities shall be proved by the Security Register. 
  
 (d) Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Security shall bind every future Holder of
the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee or the Company in reliance
thereon, whether or not notation of such action is made upon such Security. 
  

 8 

 SECTION 105. Notices, Etc., To Trustee And Company. 
  
 Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or other document provided or
permitted by this Indenture to be made upon, given or furnished to, or filed with, 
  
 (1) the Trustee by any Holder or by the Company shall be sufficient for every purpose hereunder if made, given, furnished or filed in
writing to or with the Trustee at its Corporate Trust Office, Attention: Corporate Trust Administration, or 
  
 (2) the Company by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly
provided) if in writing and mailed, first-class postage prepaid, to the Company addressed to it at the address of its principal office specified in the first paragraph of this instrument or at any other address previously furnished in writing to the
Trustee by the Company. 
  
 SECTION 106. Notice To Holders; Waiver.

  
 Where this Indenture provides for notice to Holders of
any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first class postage prepaid, to each Holder affected by such event, at his address as it appears in the Security Register, not
later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice to Holders is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to
any particular Holder shall affect the sufficiency of such notice with respect to other Holders. Any notice mailed in the manner prescribed by this Indenture shall be deemed to have been given whether or not such Holder receives said notice. Where
this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by
Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. 
  
 In case by reason of the suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then
such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder. 
  
 SECTION 107. Immunity of Incorporators, Stockholders, Officers and Directors. 
  
 No recourse shall be had for the payment of the principal of (and premium, if any) or the interest, if any, on any Security of any series,
or for any claim based thereon, or upon any obligation, covenant or agreement of this Indenture, against any incorporator, stockholder, officer or director, as such, past, present or future of the Company or of any successor corporation, either
directly or indirectly through the Company or any successor corporation, whether by virtue of any constitution, statute or rule of law or by the enforcement of any assessment or penalty or otherwise; it being expressly agreed and understood that
this Indenture and all the Securities are solely corporate obligations, and that no personal liability whatever shall attach to, or is incurred by, any incorporator, stockholder, officer or director, past, present or future, of the Company or of any
successor corporation, either directly or indirectly through the Company or any successor corporation, because of the incurring of the indebtedness hereby 

  

 9 

 
authorized or under or by reason of any of the obligations, covenants or agreements contained in this Indenture or in any of the Securities, or to be implied
herefrom or therefrom; and that all such personal liability is hereby expressly released and waived as a condition of, and as part of the consideration for, the execution of this Indenture and the issue of the Securities. 
  
 SECTION 108. Conflict with Trust Indenture Act. 
  
 If any provision hereof limits, qualifies or conflicts with any provision deemed to be
included in this Indenture by any of the provisions of the Trust Indenture Act, such deemed-included provision shall control. 
  
 SECTION 109. Effect Of Headings And Table Of Contents. 
  
 The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 
  
 SECTION 110. Successors And Assigns. 
  
 All covenants and agreements in this Indenture by the Company shall bind its
successors and assigns, whether so expressed or not. 
  
 SECTION 111.
Separability Clause. 
  
 In case any provision in this
Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
  
 SECTION 112. Benefits Of Indenture. 
  
 Nothing in this Indenture or in the Securities, express or implied, shall
give to any Person, other than the parties hereto and their successors hereunder and the Holders, any benefit or any legal or equitable right, remedy or claim under this Indenture. 
  
 SECTION 113. Governing Law. 
  
 This Indenture and the Securities shall be governed by and construed in accordance with the laws of the State of New York. This Indenture is subject to
the provisions of the Trust Indenture Act of 1939, as amended, that are required to be part of this Indenture and shall, to the extent applicable, be governed by such provisions. 
  
 SECTION 114. Legal Holidays. 
  
 In any case where any Interest Payment Date, Redemption Date or Stated Maturity of any Security shall not be a Business Day at any Place of Payment or in
New York City, then unless otherwise specified in the Securities, 

  

 10 

 
payment of interest or principal (and premium, if any) need not be made at such Place of Payment on such date, but may be made on the next succeeding
Business Day at such Place of Payment with the same force and effect as if made on the Interest Payment Date or Redemption Date, or at the Stated Maturity, provided that no interest shall accrue for the period from and after such Interest Payment
Date, Redemption Date or Stated Maturity, as the case may be. 
  
 SECTION 115.
Force Majeure 
  
 In no event shall the Trustee be
responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of
war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee
shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 
  
 SECTION 116. Waiver of Jury Trial 
  
 EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN
ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY. 
  
 SECTION 117. Securities in Foreign Currencies. 
  
 Whenever this Indenture provides for any action by, or any distribution to, Holders of Securities denominated in Dollars and in any foreign Currency, in the absence of
any provision to the contrary established as contemplated by Section 301 for the Securities of any particular series, any amount in respect of any Security denominated in a foreign Currency shall be treated for any such action or distribution
as that amount of Dollars that could be obtained for such amount on such reasonable basis of exchange and as of such date as the Company may specify in a Company Order. 
  
 ARTICLE TWO 
  
 SECURITY FORMS 
  
 SECTION 201. Forms Generally. 
  
 The Securities of each series shall be in substantially such form as shall be established by or pursuant to a Board Resolution or in one or more
indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and may have such letters, numbers or other marks of identification and such
legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange or as may, consistently herewith, be determined by the officers executing such Securities, as evidenced by their execution of the
Securities. If the form of Securities of any series is established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such action shall be certified by the Secretary or an Assistant Secretary of the Company and
delivered to the Trustee at or prior to the delivery of the Company Order contemplated by Section 303 for the authentication and delivery of such Securities. 
  

 11 

 The Trustee’s certificates of authentication shall be in substantially the form set forth in this
Article. 
  
 The definitive Securities shall be printed,
lithographed or engraved on steel borders or may be produced in any other manner, all as determined by the officers executing such Securities, as evidenced by their execution of such Securities. 
  
 SECTION 202. Additional Provisions In Global Securities. 
  
 Any Global Security may provide that it shall represent the aggregate or
specified amount of Outstanding Securities from time to time endorsed thereon and may also provide that the aggregate amount of Outstanding Securities represented thereby may from time to time be reduced or increased to reflect exchanges. Any
endorsement of a Security in global form to reflect the amount, or any increase or decrease in the amount or changes in the rights of Holders of Outstanding Securities represented thereby shall be made in such manner and by such Person or Persons as
shall be specified therein or in the Company Order to be delivered to the Trustee pursuant to Section 303 or Section 304. Subject to the provisions of Section 303 and, if applicable, Section 304, the Trustee shall deliver and
redeliver any Security in permanent global form in the manner and upon instructions given by the Person or Persons specified therein or in the applicable Company Order. If a Company Order pursuant to Section 303 or 304 has been, or
simultaneously is, delivered, any instructions by the Company with respect to a Security in global form shall be in writing but need not comply with Section 314(c) of the Trust Indenture Act. 
  
 Notwithstanding the provisions of Section 307, unless otherwise
specified as contemplated by Section 301, payment of principal of and any premium and interest on any Security in permanent global form shall be made to the Person or Persons specified therein. 
  
 Notwithstanding the provisions of Section 308 and except as provided in
the preceding paragraph, the Company, the Trustee and any agent of the Company and the Trustee shall treat as the Holder of such principal amount of Outstanding Securities represented by a permanent Global Security the registered Holder of such
permanent Global Security. 
  
 SECTION 203. Form Of Trustee’s Certificate
Of Authentication. 
  
 This is one of the Securities of the
series designated therein referred to in the within-mentioned Indenture. 
  

			
	 THE BANK OF NEW YORK, as Trustee

		
	 By:
	 	

	 	 	Authorized Signatory
		
	 Dated:
	 	

  

 12 

 ARTICLE THREE 
  
 THE SECURITIES 
  
 SECTION 301. Amount Unlimited; Issuable In Series. 
  
 The aggregate principal amount of Securities which may be authenticated and delivered under this Indenture is unlimited. 
  
 The Securities may be issued in one or more series. There shall be
established in or pursuant to a Board Resolution, and set forth in an Officers’ Certificate, or established in one or more indentures supplemental hereto, prior to the issuance of Securities of any series: 
  
 (1) the title of the Securities of the series (which shall
distinguish the Securities of the series from all other Securities); 
  
 (2) the price or prices (expressed as a percentage of the principal amount thereof) at which the Securities of the Series will be issued; 
  
 (3) any limit upon the aggregate principal amount of the Securities of the series which may be authenticated
and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the series pursuant to Sections 304, 305, 306, 906, 1107 or 1305);
provided, however, that the authorized aggregate principal amount of such series may be increased above such amount by a Board Resolution to such effect; 
  
 (4) the date or dates, or the method by which such date or dates will be determined or extended, on which the principal (and premium, if
any) of the Securities of the series is payable; 
  
 (5) the rate or rates, or the method to be used in determining the rate or rates, at which the Securities of such series shall bear interest, if any, the date or dates from which such interest shall accrue or the method by which such date
or dates shall be determined, the Interest Payment Dates on which such interest shall be payable and the Regular Record Date for the determination of Holders to whom such interest is payable on any Interest Payment Date, and the basis upon which
interest shall be calculated if other than as set forth in Section 310; 
  
 (6) the right, if any, and/or obligation, if any, of the Company, at any time and/or from time to time, during the term of the Securities of any series, to defer payments of interest on the Securities of such series
and the terms and conditions of such right and/or obligation, if applicable; 
  

 13 

 (7) the right, if any, and/or obligation, if any, of the Company to satisfy its
obligation to pay Interest then outstanding on and/or principal of the Securities of a series by selling the Company’s common stock, warrants on common stock, securities mandatory convertible into common stock or non-cumulative perpetual
preferred stock or other qualifying securities specified in connection with establishment of the securities of such series to third parties that are not Subsidiaries of the Company (a “Share Settlement Mechanism“), the proceeds of which
shall be paid to the Holders of the Securities, in satisfaction of Interest or principal, as applicable, then due on such Securities and the terms and conditions of such right and/or obligation, if applicable; 
  
 (8) the place or places where the principal of (and premium,
if any) and interest on Securities of the series shall be payable; 
  
 (9) the period or periods within which, the price or prices at which and the terms and conditions upon which Securities of the series may be redeemed, in whole or in part, at the option of the Company, if the Company
is to have that option; 
  
 (10) the obligation,
if any, of the Company to redeem, repay or purchase Securities of the series pursuant to any sinking fund or analogous provision or at the option of a Holder thereof, and the period or periods within which, the price or prices at which, the Currency
in which, and other terms and conditions upon which Securities of the series shall be redeemed, repaid or purchased, in whole or in part, pursuant to such obligation; 
  
 (11) if other than denominations of $1,000 and integral multiples thereof, the denominations in which
Securities of the series shall be issuable; 
  
 (12) if other than the principal amount thereof, the portion of the principal amount of Securities of the series which shall be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 502 or the method by
which such portion shall be determined; 
  
 (13)
if other than Dollars, the Currency in which payment of the principal of (and premium, if any) or interest, if any, on the Securities of the series shall be payable or in which the Securities of the series shall be denominated; 
  
 (14) whether the amount of payments of principal of (and
premium, if any) or interest on the Securities of the series may be determined with reference to an index, formula or other method (which index, formula or method may be based, without limitation, on one or more Currencies, commodities, equity
indices or other indices), and the manner in which such amounts shall be determined; 
  
 (15) provisions, if any, granting special rights to the Holders of Securities of the series upon the occurrence of such events as may be
specified; 
  
 (16) the terms, if any, on which a
series of Securities may be convertible into or exchangeable for the Company’s preferred stock, common stock, warrants or other debt securities of the Company, including provisions as to whether conversion or exchange is mandatory, at the
option of the holder or at the Company’s option, which provisions may allow or require the number of shares of the Company’s common stock, preferred stock, warrants or other debt securities of the Company to be received by; 
  

 14 

 (17) any deletions from, modifications of or additions to the Events of Default or
covenants of the Company with respect to Securities of the series, whether or not such Events of Default or covenants are consistent with the Events of Default or covenants set forth herein; 
  
 (18) the application, if any, of Section 1402 or 1403
to the Securities of any series; 
  
 (19) whether
the Securities of the series shall be issued in whole or in part in the form of a Global Security or Securities; the terms and conditions, if any, upon which such Global Securities or Securities may be exchanged in whole or in part for other
definitive Securities; and the Depositary for such Global Security or Securities, which Depositary must be a clearing agency registered under the Securities Exchange Act of 1934; 
  
 (20) any trustees, authenticating or paying agents, transfer agents or registrars or any other agents with
respect to the Securities of such series; 
  
 (21) the ability to issue additional Securities of any series, having the same ranking and the same interest rate, maturity and other terms as the Securities of that series, except for the issue price and issue date and, in some cases, the
first interest payment date, whereby such additional Securities will, together with the then outstanding such series of Securities, constitute a single class of Securities under this Indenture, and will vote together on matters under this Indenture;
and 
  
 (22) any other terms of the series (which
terms shall not be inconsistent with the provisions of this Indenture, except as permitted by Section 901(5)). 
  
 All Securities of any one series shall be substantially identical except as to denomination and except as may otherwise be provided in or pursuant to such
Board Resolution and set forth in such Officers’ Certificate or in any such Indenture supplemental hereto related to such series. 
  
 If any of the terms of the series are established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such action shall be
certified by the Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Officers’ Certificate setting forth the terms of the series. 
  
 SECTION 302. Denominations. 
  
 The Securities of each series shall be issuable in registered form without
coupons in such denominations as shall be specified as contemplated by Section 301. With respect to Securities of any series denominated in Dollars, in the absence of any such provisions, the Securities of such series, other than Securities
issued in global form (which may be of any denomination), shall be issuable in denominations of $1,000 and any integral multiple thereof. 
  
 SECTION 303. Execution, Authentication, Delivery And Dating. 
  
 The Securities shall be executed on behalf of the Company by its Chairman of the Board, Chief Executive Officer, President, Chief Financial Officer,
Managing Director or one of its Vice Presidents. The signature of any of these officers on the Securities may be manual or facsimile. 
  

 15 

 Securities bearing the manual or facsimile signatures of individuals who were at any time the proper
officers of the Company shall bind the Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities or did not hold such offices at the date of such
Securities. 
  
 At any time and from time to time after the
execution and delivery of this Indenture, the Company may deliver Securities of any series executed by the Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Securities, and the
Trustee in accordance with the Company Order shall authenticate and deliver such Securities. If the form or terms of the Securities of the series have been established in or pursuant to one or more Board Resolutions as permitted by Sections 201 and
301, in authenticating such Securities, and accepting the additional responsibilities under this Indenture in relation to such series of Securities, the Trustee shall be entitled to receive, and shall be fully protected in relying upon an Opinion of
Counsel stating, 
  
 (a) if the form of such
Securities has been established by or pursuant to a Board Resolution as permitted by Section 201, that such form has been established in conformity with the provisions of this Indenture; 
  
 (b) if the terms of such Securities have been established by
or pursuant to a Board Resolution as permitted by Section 301, that such terms have been established in conformity with the provisions of this Indenture; and 
  
 (c) that such Securities, when authenticated and delivered by the Trustee and issued by the Company in the
manner and subject to any conditions specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the Company, enforceable in accordance with their terms, subject to bankruptcy, insolvency, reorganization and other
laws of general applicability relating to or affecting the enforcement of creditors’ rights and to general principles of equity. 
  
 If such form or terms have been so established, the Trustee shall not be required to authenticate such Securities if the issue of such Securities pursuant
to this Indenture will affect the Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner which is not reasonably acceptable to the Trustee. 
  
 If all of the Securities of a series are not to be originally issued at the
same time, then the documents required to be delivered pursuant to this Section 303 must be delivered only once, prior to the authentication and delivery of the first Security of such series; provided, however, that any subsequent request by
the Company to the Trustee to authenticate Securities of such series upon original issuance shall constitute a representation and warranty by the Company that, as of the date of such request, the statements made in the Officers’ Certificate
delivered pursuant to Section 301 shall be true and correct as if made on such date and that all the conditions precedent, if any, provided for in this Indenture or the terms of the Securities of such series relating to the authentication and
delivery of Securities of such series have been complied with. 
  
 If the Company shall establish pursuant to Section 301 that the Securities of a series are to be issued in whole or in part in the form of one or more Global Securities, then the Company shall execute and the Trustee shall, in
accordance with this Section and the Company Order with respect to such series, authenticate and deliver one or more Global Securities that (i) shall represent and shall be denominated in an amount equal to the aggregate principal amount of the
Outstanding Securities of such series to be represented by such Global Security or Securities, (ii) shall be registered in the name of the Depositary for such Global Security or Securities or the nominee of such 

  

 16 

 
Depositary, (iii) shall be delivered by the Trustee to such Depositary or pursuant to such Depositary’s instruction and (iv) shall bear a
legend substantially to the following effect: “Unless and until it is exchanged in whole or in part for Securities in certificated form, this Security may not be transferred except as a whole by the Depositary to a nominee of the Depositary or
by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary” or to such other effect as the Depositary and
the Trustee may agree. 
  
 Each Depositary designated pursuant to
Section 301 must, at the time of its designation and at all times while it serves as Depositary, be a clearing agency registered under the Securities Exchange Act of 1934, as amended, and any other applicable statute or regulation. The Trustee
shall have no responsibility to determine if the Depositary is so registered. Each Depositary may enter into an agreement with the Trustee and the Company governing their respective duties and rights with regard to Global Securities. 
  
 Each Security shall be dated the date of its authentication. 
  
 No Security shall be entitled to any benefit under this Indenture or be valid
or obligatory for any purpose unless there appears on such Security a certificate of authentication substantially in the form provided for herein executed by the Trustee by manual signature, and such certificate upon any Security shall be conclusive
evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder and is entitled to the benefits of this Indenture. 
  
 SECTION 304. Temporary Securities. 
  
 Pending the preparation of definitive Securities of any series, the Company may execute, and upon Company Order the Trustee shall authenticate and
deliver, temporary Securities which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially of the tenor of the definitive Securities in lieu of which they are issued and with such
appropriate insertions, omissions, substitutions and other variations as the officers executing such Securities may determine, as evidenced by their execution of such Securities. 
  
 Except in the case of temporary Securities in global form, which shall be exchanged in accordance with the provisions
thereof, if temporary Securities of any series are issued, the Company will cause definitive Securities of such series to be prepared without unreasonable delay. After the preparation of definitive Securities of such series, the temporary Securities
of such series shall be exchangeable for definitive Securities of such series upon surrender of the temporary Securities of such series at the office or agency of the Company in a Place of Payment for that series, without charge to the Holder. Upon
surrender for cancellation of any one or more temporary Securities of any series the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a like principal amount of definitive Securities of the same series of
authorized denominations. Until so exchanged the temporary Securities of any series shall in all respects be entitled to the same benefits under this Indenture as definitive Securities of such series. 
  
 SECTION 305. Registration, Registration Of Transfer And Exchange. 
  
 The Company shall cause to be kept, at an office or agency of the Company
maintained pursuant to Section 1002, a register (herein sometimes referred to as the “Security Register“) in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of
Securities and of transfers of Securities. Such office or agency shall be the “Security Registrar“ for the purpose of registering Securities and transfers as herein provided. The Trustee is hereby initially appointed Security Registrar.

  

 17 

 Upon surrender for registration of transfer of any Security of any series at the office or agency in a
Place of Payment for that series, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferees, one or more new Securities of the same series, of any authorized denominations and of a like
aggregate principal amount and tenor. 
  
 At the option of the
Holder, Securities of any series may be exchanged for other Securities of the same series with the same terms, of any authorized denominations and of a like aggregate principal amount and tenor, upon surrender of the Securities to be exchanged at
such office or agency. Whenever any Securities are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Securities which the Holder making the exchange is entitled to receive. 
  
 All Securities issued upon any registration of transfer or exchange of
Securities shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Securities surrendered upon such registration of transfer or exchange. 
  
 Every Security presented or surrendered for registration of transfer or for
exchange shall (if so required by the Company or the Trustee) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed, by the Holder thereof or his attorney
duly authorized in writing. 
  
 No service charge shall be made
for any registration of transfer or exchange of Securities, but the Company or the Trustee may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or
exchange of Securities, other than exchanges pursuant to Section 304, 906 or 1107 not involving any transfer. 
  
 The Company shall not be required (i) to issue, register the transfer of or exchange Securities of any series during a period beginning at the
opening of business 15 days before the day of the mailing of a notice of redemption of Securities of that series selected for redemption under Section 1103 and ending at the close of business on the day of such mailing, or (ii) to register
the transfer of or exchange any Security so selected for redemption in whole or in part, except the unredeemed portion of any Security being redeemed in part. 
  

Notwithstanding the foregoing, except as otherwise specified as contemplated by Section 301, any Global Security shall be exchangeable pursuant to
this Section 305 for Securities registered in the names of Persons other than the Depositary with respect to such Security or its nominee only as provided in this paragraph. A Global Security shall be so exchangeable pursuant to this
Section 305 if (i) the Depositary with respect to such Global Security notifies the Company that it is unwilling or unable to continue as Depositary for such Global Security or if at any time such Depositary ceases to be a clearing agency
registered under the Securities Exchange Act of 1934, as amended, and, in either such case, a successor Depositary is not appointed by the Company within 90 days, (ii) the Company executes and delivers to the Trustee a Company Order that such
Global Security shall be so exchangeable or (iii) there shall have occurred and be continuing an Event of Default, or an event which, with the giving of notice or lapse of time, or both, would constitute an Event of Default, with respect to the
Securities. Upon the exchange of a Global Security for Securities in certificated form, such Global Security shall be cancelled by the Trustee. Any Global Security that is exchangeable pursuant to the preceding sentence shall be exchangeable for
Securities registered in such names as the Depositary with respect to such Global Security shall direct. 
  

 18 

 Notwithstanding any other provision of this Section 305, unless and until it is exchanged in whole
or in part for Securities in certificated form, a Global Security may not be transferred except as a whole by the Depositary with respect to such Global Security to a nominee of such Depositary, or by a nominee of such Depositary to such Depositary
or to another nominee of such Depositary. 
  
 SECTION 306. Mutilated,
Destroyed, Lost And Stolen Securities. 
  
 If any mutilated
Security is surrendered to the Trustee, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security of the same series and of like tenor and principal amount and bearing a number not contemporaneously
outstanding. 
  
 If there shall be delivered to the Company and
the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security and (ii) such security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the
absence of notice to the Company or the Trustee that such Security has been acquired by a protected purchaser (as defined in Article 8 of the Uniform Commercial Code as in effect from time to time in the state of New York), the Company shall execute
and upon its request the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Security, a new Security of the same series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.

  
 In any case such mutilated, destroyed, lost or stolen Security
has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Security, pay such Security. 
  
 Upon the issuance of any new Security under this Section, the Company or the Trustee may require the payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) incurred in connection therewith. 
  
 Every new Security of any series issued pursuant to this Section in lieu of any destroyed, lost or stolen Security shall
constitute an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and
proportionately with any and all other Securities of that series duly issued hereunder. 
  
 The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities.

  
 SECTION 307. Payment Of Interest; Interest Rights Preserved.

  
 Interest on any Security which is payable, and is
punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest at
the office or agency of the Company maintained for such purpose pursuant to Section 1002; provided, however, that each installment of interest on any Security may at the Company’s option be paid by mailing a check for such interest,
payable to or upon the written order of the Person entitled thereto pursuant to Section 308, to the address of such Person as it appears on the Security Register. 
  

 19 

 Any interest on any Security of any series which is payable, but is not punctually paid or duly provided
for, on any Interest Payment Date (herein called “Defaulted Interest“) shall forthwith cease to be payable to the Holder on the relevant Regular Record Date by virtue of having been such Holder, and such Defaulted Interest may be paid by
the Company, at its election in each case, as provided in Clause (1) or (2) below: 
  
 (1) The Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Securities of such series (or their
respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the
amount of Defaulted Interest proposed to be paid on each Security of such series and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money in the Currency in which the Securities of each
series are payable (except as otherwise specified pursuant to Section 301 for the Securities of such series) equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the
Trustee for such deposit on or prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this Clause provided. Thereupon the Trustee shall fix a
Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the
proposed payment. The Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date
therefor to be mailed, first-class postage prepaid, to each Holder of Securities of such series at his address as it appears in the Security Register, not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such
Defaulted Interest and the Special Record Date therefor having been so mailed, such Defaulted Interest shall be paid to the Persons in whose names the Securities of such series (or their respective Predecessor Securities) are registered at the close
of business on such Special Record Date and shall no longer be payable pursuant to the following Clause (2). 
  
 (2) The Company may make payment of any Defaulted Interest on the Securities of any series in the Currency in which the Securities of each
series are payable in any other lawful manner not inconsistent with the requirements of any securities exchange on which such Securities may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company
to the Trustee of the proposed payment pursuant to this Clause, such manner of payment shall be deemed practicable by the Trustee. 
  
 Subject to the foregoing provisions of this Section, each Security delivered under this Indenture upon registration of transfer of or in exchange for or
in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Security. 
  
 SECTION 308. Persons Deemed Owners. 
  
 Prior to due presentment of a Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the
Person in whose name such Security is registered as the owner of such Security for the purpose of receiving payment of principal of (and premium, if any) and (subject to Section 307) interest on such Security and for all other purposes
whatsoever, whether or not such Security be overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the contrary. 
  
 No holder of any beneficial interest in any Global Security held on its behalf by a Depositary shall have any rights under
this Indenture with respect to such Global Security, and such Depositary may be treated by the 

  

 20 

 
Company, the Trustee, and any agent of the Company or the Trustee as the owner of such Global Security for all purposes whatsoever. Notwithstanding the
foregoing, nothing herein shall prevent the Company, the Trustee, or any agent of the Company or the Trustee, from giving effect to any written certification, proxy or other authorization furnished by a Depositary or impair, as between a Depositary
and such holders of beneficial interests, the operation of customary practices governing the exercise of the rights of the Depositary as Holder of any Security. 
  

SECTION 309. Cancellation. 
  
 All Securities surrendered for payment, redemption, registration of transfer or exchange or for credit against any sinking fund payment shall, if
surrendered to any Person other than the Trustee, be delivered to the Trustee and shall be promptly cancelled by it. The Company may at any time deliver to the Trustee for cancellation any Securities previously authenticated and delivered hereunder
which the Company may have acquired in any manner whatsoever, and all Securities so delivered shall be promptly cancelled by the Trustee. If the Company shall so acquire any of the Securities, however, such acquisition shall not operate as a
redemption or satisfaction of the indebtedness represented by such Securities unless and until the same are surrendered to the Trustee for cancellation. No Securities shall be authenticated in lieu of or in exchange for any Securities cancelled as
provided in this Section, except as expressly permitted by this Indenture. All cancelled Securities held by the Trustee shall be disposed of in accordance with the Trustee’s customary procedures unless directed by a Company Order. 

 
 SECTION 310. Computation Of Interest. 
  
 Except as otherwise specified as contemplated by Section 301 for
Securities of any series, interest on the Securities of each series shall be computed on the basis of a year of twelve 30-day months. 
  
 SECTION 311. CUSIP Numbers 
  
 The Company in issuing the Securities may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP”
numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of a
redemption and that reliance may be placed only on the other identification numbers printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company will promptly notify the Trustee
in writing of any change in the “CUSIP” numbers. 
  
 ARTICLE FOUR 
  
 SATISFACTION AND DISCHARGE

  
 SECTION 401. Satisfaction And Discharge Of Indenture. 

 
 This Indenture shall upon Company Request cease to be of further effect
with respect to any series of Securities (except as to any surviving rights of registration of transfer or exchange of Securities of such series herein expressly provided for), and the Trustee, at the expense of the Company and upon Company Request,
shall execute proper instruments acknowledging satisfaction and discharge of this Indenture as to such series when 
  

 21 

 (1) either 
  
 (A) all Securities of such series theretofore authenticated and delivered (other than (i) Securities
which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 306 and (ii) Securities for whose payment money has, or U.S. Government Obligations have, theretofore been deposited in trust or
segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided in Section 1003) have been delivered to the Trustee for cancellation; or 
  
 (B) all Securities of such series not theretofore delivered
to the Trustee for cancellation 
  
 (i) have
become due and payable, or 
  
 (ii) will become
due and payable at their Stated Maturity within one year, or 
  
 (iii) are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, 

 
 and the Company, in the case of (i), (ii) or
(iii) above, has deposited or caused to be deposited with the Trustee as trust funds in trust for the purpose an amount, in the Currency in which the Securities of such series are payable, or U.S. Government Obligations, maturing as to
principal and interest at such times as will assure the availability of cash, sufficient to pay and discharge the entire indebtedness on such Securities not theretofore delivered to the Trustee for cancellation, for principal (and premium, if any)
and interest to the date of such deposit (in the case of Securities which have become due and payable) or to the Stated Maturity or Redemption Date, as the case may be; 
  
 (2) the Company has paid or caused to be paid all other sums payable hereunder by the Company; and

  
 (3) the Company has delivered to the Trustee
an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with. 
  
 Notwithstanding the satisfaction and discharge of this Indenture, the
obligations of the Company to the Trustee under Section 607 and, if money or U.S. Government Obligations shall have been deposited with the Trustee pursuant to subclause (B) of clause (1) of this Section, the obligations of the
Trustee under Section 402 and the last paragraph of Section 1003 shall survive such satisfaction and discharge. 
  

 22 

 SECTION 402. Application Of Trust Money. 
  
 Subject to provisions of the last paragraph of Section 1003, all money and U.S. Government Obligations deposited with
the Trustee pursuant to Section 401 shall be held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as
its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest for whose payment such money has been deposited with the Trustee. 
  
 The Trustee shall deliver or pay to the Company from time to time upon
Company request any U.S. Government Obligations, other government obligations or money held by it as provided in Section 401 and Section 1402 which, in the opinion of a nationally recognized firm of independent public accountants expressed
in a written certification thereof delivered to the Trustee, are then in excess of the amount thereof which then would have been required to be deposited for the purpose for which such U.S. Government Obligations, other government obligations or
money were deposited or received. 
  
 ARTICLE FIVE

  
 REMEDIES 
  
 SECTION 501. Events Of Default. 
  
 “Event of Default“, wherever used herein with respect to
Securities of any series, means any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be 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): 
  
 (1) default in the payment of any interest upon any Security of such series when it becomes due and payable, and continuance of such
default for a period of 30 days; or 
  
 (2)
default in the payment of the principal of (or premium, if any, on) any Security of such series at its Maturity; or 
  
 (3) default in the payment of any sinking fund installment as and when the same shall become due and payable by the terms of the
Securities of such series; or 
  
 (4) default in
the performance, or breach, of any covenant or warranty of the Company in this Indenture (other than a covenant or warranty a default in whose performance or whose breach is elsewhere in this Section specifically dealt with or which has expressly
been included in this Indenture solely for the benefit of series of Securities other than such series), and continuance of such default or breach for a period of 60 days after there has been given, by registered or certified mail, to the Company by
the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of all Outstanding Securities a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a
“Notice of Default” hereunder; or 
  

 23 

 (5) the entry by a court having jurisdiction in the premises of (A) a decree or
order for relief in respect of the Company or any Restricted Subsidiary in an involuntary case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization or other similar law or (B) a decree or order adjudging
the Company or any Restricted Subsidiary a bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment, rehabilitation, conservation or composition of or in respect of the Company or any
Restricted Subsidiary under any applicable federal or state law, or appointing a custodian, receiver, liquidator, assignee, trustee, rehabilitation, conservator, sequestrator or other similar official of the Company or any Restricted Subsidiary or
of any substantial part of its property, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order for relief or any such other decree or order unstayed and in effect for a period of 90 consecutive
days; or 
  
 (6) the commencement by the Company
or any Restricted Subsidiary of a voluntary case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization or other similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the
consent by it to the entry of a decree or order for relief in respect of the Company or any Restricted Subsidiary in an involuntary case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization or other similar law
or to the commencement of any bankruptcy or insolvency case or proceeding against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under any applicable federal or state law, or the consent by it to the
filing of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or similar official of the Company or any Restricted Subsidiary or of any substantial part of its property,
or the making by it of an assignment for the benefit of creditors, or the admission by it in writing of its inability to pay its debts generally as they become due, or the taking of corporate action by the Company or any Restricted Subsidiary in
furtherance of any such action; or 
  
 (7) any
other Event of Default provided with respect to Securities of that series. 
  
 When the Trustee incurs expenses or renders services in connection with an Event of Default specified in clauses (5) and (6) of this Section 501, the expenses (including the reasonable charges and
expenses of its counsel) and the compensation for the services are intended to constitute expenses of administration under any bankruptcy law. 
  
 SECTION 502. Acceleration Of Maturity; Rescission And Annulment. 
  
 If an Event of Default described in clauses (1) (2), (3) or (7) of Section 501 above with respect to Securities of any series at the
time Outstanding occurs and is continuing, then in every such case the Trustee or the Holders of not less than 25% in aggregate principal amount of the Outstanding Securities of such series (each such series voting as a separate class) may declare
the principal amount (or, if the Securities of that series are Original Issue Discount Securities, such portion of the principal amount as may be specified in the terms of that series) of all of the Securities of that series and interest accrued
thereon, if any, to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such declaration such amount shall become immediately due and payable. If an Event of Default described
in clauses (4), (5) or (6) of Section 501 above with respect to Securities of all series at the time Outstanding occurs and is continuing, then in every such case, the Trustee or the Holders of not less than 25% in aggregate principal
amount of all Outstanding Securities hereunder (voting as a single class) may declare the principal amount (or, if the Securities of any series are Original Issue Discount Securities, such portion of the principal amount as may be specified in the
terms of that series) of all of the Securities then Outstanding and interest accrued thereon, if any, to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by the Holders), and upon such declaration
such amount shall become immediately due and payable. 
  

 24 

 At any time after such a declaration of acceleration with respect to Securities of any series (or all
Securities, as the case may be) has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in aggregate principal amount of the
Outstanding Securities of such series (voting as a separate class) with respect to an Event of Default described in clauses (1), (2), (3) and (7) of Section 501 above, and the Holders of a majority in aggregate principal amount of the
Outstanding Securities of all series (voting as a single class) with respect to an Event of Default described in clause (4), (5) or (6) of Section 501 above, by written notice to the Company and the Trustee, may rescind and annul such
declaration and its consequences if 
  
 (1) the
Company has paid or deposited with the Trustee a sum sufficient to pay 
  
 (A) all Defaulted Interest on all Securities of such series (or on all Securities, as the case may be), 
  
 (B) the principal of (and premium, if any, on) any Securities of such series (or of all Securities, as the case may be) which has become
due otherwise than by such declaration of acceleration and interest thereon at the rate or rates prescribed therefor in such Securities, 
  
 (C) to the extent that payment of such interest is lawful, interest upon overdue interest at the rate or rates prescribed therefor in such
Securities, and 
  
 (D) all sums paid or advanced
by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel; and 
  
 (2) all Events of Default with respect to Securities of such series (or all Securities, as the case may be), other than the non-payment of
the principal of Securities which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 513. 
  
 No such rescission shall affect any subsequent Event of Default or impair any right consequent thereon. 
  
 SECTION 503. Collection Of Indebtedness And Suits For Enforcement By Trustee.

  
 The Company covenants that if there is a 
  
 (1) default in the payment of any interest on any Security
when such interest becomes due and payable and such default continues for a period of 30 days, or 
  
 (2) default in the payment of the principal of (or premium, if any, on) any Security at the Maturity thereof, 
  
 the Company will, upon demand of the Trustee, pay to the Trustee, for the
benefit of the Holders of such Securities, the whole amount then due and payable on such Securities for principal (and premium, if any) and interest and, to the extent that payment of such interest shall be legally enforceable, interest on 

  

 25 

 
any overdue principal (and premium, if any) and on any overdue interest, at the rate or rates prescribed therefor in such Securities, and, in addition
thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 
  
 If an Event of Default with respect to Securities of any series occurs and is
continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders of Securities of such series by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and
enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy. 
  
 SECTION 504. Trustee May File Proofs Of Claim. 
  
 In case of the pendency of any receivership, insolvency, liquidation,
bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Company or of such other obligor or their creditors, the Trustee (irrespective of whether the principal of the Securities shall then be due
and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for the payment of overdue principal, premium, if any, or interest) shall be entitled and empowered, by
intervention in such proceeding or otherwise, 
  
 (i) to file and prove a claim for the whole amount of principal (and premium, if any) or such portion of the principal amount of any series of Original Issue Discount Securities as may be specified in the terms of such series, and interest
owing and unpaid in respect of the Securities and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel) and of the Holders allowed in such judicial proceeding, and 
  
 (ii) to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; and any
custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to
the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agent and counsel, and any other amounts due the Trustee under
Section 607. 
  
 Nothing herein contained shall be deemed to
authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee
to vote in respect of the claim of any Holder in any such proceeding. 
  
 SECTION 505. Trustee May Enforce Claims Without Possession Of Securities. 
  
 All rights of action and claims under this Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession of any of the Securities or the production thereof in any proceeding relating
thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities in respect of which such judgment has been recovered. 
  

 26 

 In connection with any filings of any claims pursuant to Section 317(a)(2) of the Trust Indenture
Act (i) the Trustee shall be entitled to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same, (ii) unless prohibited by law or applicable regulation, to vote on behalf of
the Holders for the election of a trustee in bankruptcy or other similar official, and any receiver trustee or similar official in any proceeding is hereby authorized by each Holder to make such payments to the Trustee and, if the Trustee consents
to the making of such payments directly to the Holders, to pay to the Trustee any amounts due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee or
any predecessor Trustee under Section 607. 
  
 SECTION 506. Application Of
Money Collected. 
  
 Any money collected by the Trustee
pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on account of principal (or premium, if any) or interest, upon presentation of the Securities
and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid: 
  
 FIRST: To the payment of all amounts due the Trustee or any predecessor Trustee under Section 607; and 
  
 SECOND: To the payment of the amounts then due and unpaid for principal of
(and premium, if any) and interest on the Securities in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for
principal (and premium, if any) and interest, respectively; and 
  
 THIRD: The balance, if any, to the Company. 
  
 SECTION 507.
Limitation On Suits. 
  
 No Holder of any Security of any
series shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless 
  
 (1) such Holder has previously given written notice to the
Trustee of a continuing Event of Default with respect to the Securities of such series; 
  
 (2) the Holders of not less than 25% in principal amount of the Outstanding Securities of that series in the case of any Event of Default
described in clause (1), (2), (3) or (7) of Section 501, or, in the case of any Event of Default described in clause (4), (5) or (6) of Section 501, the Holders of not less than 25% in aggregate principal amount of all
Outstanding Securities, shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder; 
  

 27 

 (3) such Holder or Holders have offered to the Trustee reasonable indemnity satisfactory
to it against the costs, expenses and liabilities to be incurred in compliance with such request; 
  
 (4) the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding;
and 
  
 (5) no direction inconsistent with such
written request has been given to the Trustee during such 60-day period by the Holders of a majority in principal amount of the Outstanding Securities of that series in the case of any Event of Default described in clause (1), (2), (3) or
(7) of Section 501, or, in the case of any Event of Default described in clause (4), (5) or (6) of Section 501, the Holders of not less than 25% in aggregate principal amount of all Outstanding Securities; 
  
 it being understood and intended that no one or more of such Holders shall have any right in
any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other Holders of Securities of the same series, in the case of any Event of Default described in clauses (1), (2),
(3) or (7) of Section 501, or of Holders of all Securities in the case of any Event of Default described in clauses (4), (5) or (6) of Section 501, or to obtain or to seek to obtain priority or preference over any other
of such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all Holders of Securities of the same series, in the case of any Event of Default described in clauses (1),
(2), (3) or (7) of Section 501, or of Holders of all Securities in the case of any Event of Default described in clauses (4), (5) or (6) of Section 501. 
  
 SECTION 508. Unconditional Right Of Holders To Receive Principal, Premium And Interest. 
  
 Notwithstanding any other provision in this Indenture, the Holder of any
Security shall have the right, which is absolute and unconditional, to receive payment, as provided herein (including, if applicable, Article Fourteen) of the principal of (and premium, if any) and (subject to Section 307) interest on, such
Security on the respective due dates expressed in such Security (or, in the case of redemption, on the Redemption Date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such
Holder. 
  
 SECTION 509. Restoration Of Rights And Remedies. 
  
 If the Trustee or any Holder has instituted any proceeding to enforce any
right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such
proceeding, the Company, the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding
had been instituted. 
  
 SECTION 510. Rights And Remedies Cumulative.

  
 Except as otherwise provided with respect to the
replacement or payment of mutilated, destroyed, lost or stolen Securities in the last paragraph of Section 306, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right
or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of
any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

  

 28 

 SECTION 511. Delay Or Omission Not Waiver. 
  
 No delay or omission of the Trustee or of any Holder of any Securities to exercise any right or remedy accruing upon any
Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time
to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be. 
  
 SECTION 512. Control By Holders. 
  
 The Holders of not less than a majority in principal amount of the Outstanding Securities of any series (with each series voting as a separate class) shall have the right to direct the time, method and place of
conducting any proceeding pertaining to such series for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, relating to or arising under clause (1), (2), (3) or (7) of Section 501, and the
Holders of not less than a majority in aggregate principal amount of all Outstanding Securities shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust
or power conferred on the Trustee not relating to or arising under clause (1), (2), (3) or (7) of Section 501, provided that, in each case: 
  
 (1) such direction shall not conflict with any rule of law or with this Indenture, and 
  
 (2) the Trustee may take any other action deemed proper by
the Trustee which is not inconsistent with such direction. 
  
 SECTION 513.
Waiver Of Past Defaults. 
  
 Prior to the declaration of the
acceleration of the maturity of the Securities of any series as provided in Section 502, the Holders of not less than a majority in aggregate principal amount of the Outstanding Securities of such series, voting as a separate class, may, on
behalf of the Holders of all such Outstanding Securities of such series, waive any past default or Event of Default described in clause (3) or (7) of Section 501, and the Holders of not less than a majority in aggregate principal
amount of all Outstanding Securities hereunder (voting as a single class) may on behalf of the Holders of all Outstanding Securities hereunder waive any past default or Event of Default described in clause (4), (5) or (6) of
Section 501 and its consequences, except a default in respect of a covenant or provision hereof which under Article Nine cannot be modified or amended without the consent of the Holder of each Outstanding Security of such series affected.

  
 Upon any such waiver, such default shall cease to exist, and
any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. 
  

 29 

 The Company may, but shall not be obligated to, fix a record date for the purpose of determining the
Persons entitled to waive any past default hereunder. If a record date is fixed, the Holders on such record date, or their duly designated proxies, and only such Persons, shall be entitled to waive any default hereunder, or to retract (prior to the
requisite percentage for such waiver to become effective having been obtained) any such waiver previously given, whether or not such Holders remain Holders after such record date; provided that, unless such waiver shall have become effective by
virtue of such requisite percentage have long been obtained prior to the date which is 90 days after such record date, such waiver shall, automatically and without further action by the Holder, be canceled and of no further force or effect.

  
 SECTION 514. Waiver Of Stay Or Extension Laws. 
  
 The Company covenants (to the extent that it may lawfully do so) that it
will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance
of this Indenture; and the Company (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not hinder, delay or impede the execution of any power herein granted to the
Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 
  
 ARTICLE SIX 
  
 THE TRUSTEE 
  
 SECTION 601. Certain Duties and
Responsibilities. 
  
 (a) The Trustee shall have and be
subject to all the duties and responsibilities specified with respect to an indenture trustee in the Trust Indenture Act and no implied covenants or obligations shall be read into this Indenture against the Trustee. For purposes of Sections 315(a)
and 315(c) of the Trust Indenture Act, the term “default” is hereby defined as an Event of Default which has occurred and is continuing. 
  
 (b) Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or affording
protection to the Trustee shall be subject to the provisions of this Section. 
  
 SECTION 602. Notice Of Defaults. 
  
 Within 90
days after the occurrence of any default hereunder with respect to the Securities of any series, the Trustee shall transmit, in the manner and to the extent provided in Section 313(c) of the Trust Indenture Act, notice of such default hereunder
known to the Trustee, unless such default shall have been cured or waived; provided, however, that, except in the case of a default in the payment of the principal of (or premium, if any) or interest on any Security of such series or in the payment
of any sinking fund installment with respect to Securities of such series, the Trustee shall be protected in withholding such notice if and so long as a trust committee of directors and/or a Responsible Officer of the Trustee in good faith
determines that the withholding of such notice is in the interest of the Holders of Securities of such series; and provided further that in the case of any default of the character specified in Section 501(4) with respect to Securities of such
series, no such notice to Holders shall be given until at least 30 days after the occurrence thereof. For the purpose of this Section, the term “default“ means any event which is, or after notice or lapse of time or both would become, an
Event of Default with respect to Securities of such series. 
  

 30 

 SECTION 603. Certain Rights Of Trustee. 
  
 Subject to the provisions of the Trust Indenture Act: 
  
 (a) the Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon
any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document believed by it to be genuine and to have been signed or
presented by the proper party or parties; 
  
 (b)
any request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution; 
  
 (c) whenever in the administration of this Indenture the
Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part,
rely upon an Officers’ Certificate; 
  
 (d)
the Trustee may consult with counsel of its own selection and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good
faith and in reliance thereon; 
  
 (e) the Trustee
shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee reasonable
security or indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction; 
  

(f) the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other document, but the Trustee, in its discretion, may make such further inquiry or investigation into such
facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally or by agent or attorneys at the expense
of the Company and shall incur no liability of any kind by reason of such inquiry or investigation; 
  
 (g) the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents
or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder; 
  
 (h) the Trustee shall not be liable for any action taken, suffered or omitted by it in good faith and
believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture; 
  
 (i) the Trustee shall not be charged with knowledge of any default or Event of Default with respect to the Securities unless either
(1) a Responsible Officer shall have actual knowledge of such default or Event of Default or (2) written notice of such default or Event of Default shall have been given to the Trustee by the Company or by any Holder of the Securities;

  

 31 

 (j) the permissive rights of the Trustee enumerated herein shall not be construed as
duties; 
  
 (k) the Trustee shall not be required
to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such
funds or adequate indemnity against such risk or liability is not reasonably assured to it; 
  
 (l) in no event shall the Trustee be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever
(including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action; and 
  
 (m) the rights, privileges, protections, immunities and benefits given to the Trustee, including, without
limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder. 
  
 SECTION 604. Not Responsible For Recitals Or Issuance Of Securities. 
  
 The recitals contained herein and in the Securities, except the
Trustee’s certificates of authentication, shall be taken as the statements of the Company, and the Trustee or any Authenticating Agent assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or
sufficiency of this Indenture or of the Securities. The Trustee or any Authenticating Agent shall not be accountable for the use or application by the Company of Securities or the proceeds thereof. 
  
 SECTION 605. May Hold Securities. 
  
 The Trustee, any Authenticating Agent, any Paying Agent, any Security
Registrar or any other agent of the Company, in its individual or any other capacity, may become the owner or pledgee of Securities and, subject to Sections 310(b) and 311 of the Trust Indenture Act, may otherwise deal with the Company with the same
rights it would have if it were not Trustee, Authenticating Agent, Paying Agent, Security Registrar or such other agent. 
  
 SECTION 606. Money Held In Trust. 
  
 Money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law. 
  
 SECTION 607. Compensation, Indemnity And Reimbursement. 
  
 The Company agrees 
  

 32 

 (1) to pay to the Trustee from time to time reasonable compensation for all services
rendered by it hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust); 
  
 (2) except as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable expenses, disbursements
and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as
shall be determined to have been caused by its own negligence or willful misconduct; 
  
 (3) to fully indemnify the Trustee or any predecessor Trustee for, and to hold it harmless against, any loss, liability or expense
incurred without negligence or bad faith on its part, arising out of or in connection with the acceptance or administration of the trust or trusts hereunder, including the costs and expenses of defending itself against any claim or liability in
connection with the exercise or performance of any of its powers or duties hereunder; and 
  
 (4) whenever the Trustee incurs expenses or renders services in connection with an Event of Default specified in clauses (5) and
(6) of Section 501, the expenses (including the fees and expenses of its counsel) and the compensation for services are intended to constitute expenses of administration under any bankruptcy law. 
  
 The obligations of the Company under this Section to compensate the Trustee,
to pay or reimburse the Trustee for expenses, disbursements and advances and to indemnify and hold harmless the Trustee shall constitute additional indebtedness hereunder and shall survive the satisfaction and discharge of this Indenture, the
removal or resignation of the Trustee or the termination of the Indenture for any reason. 
  
 As security for the performance of such obligations of the Company, the Trustee shall have a claim prior to the Securities upon all property and funds held or collected by the Trustee as such, except funds held in
trust for the payment of principal of (and premium, if any) or interest on particular Securities. 
  
 SECTION 608. Corporate Trustee Required; Different Trustees For Different Series; Eligibility. 
  
 There shall at all times be a Trustee hereunder which shall be eligible to act as Trustee under Section 310(a)(1) of the Trust Indenture Act and
shall have a combined capital and surplus of at least $50,000,000. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of any Federal, State, Territorial or District of Columbia supervising or
examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. A different
Trustee may be appointed by the Company for the Securities of each series prior to the issuance of such Securities. If the initial Trustee for the Securities of any series is to be other than The Bank of New York, the Company and such Trustee shall,
prior to the issuance of such Securities, execute and deliver an indenture supplemental hereto, which shall provide for the appointment of such Trustee as Trustee for the Securities of such series and shall add to or change any of the provisions of
this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees to be
co-trustees of the same trust and that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee. If at any time the Trustee shall cease to be
eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. 
  

 33 

 SECTION 609. Resignation And Removal; Appointment Of Successor. 
  
 (a) No resignation or removal of the Trustee and no appointment of a
successor Trustee pursuant to this Article shall become effective until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 610. 
  
 (b) The Trustee may resign at any time with respect to the Securities of one
or more series by giving written notice thereof to the Company. If the instrument of acceptance by a successor Trustee required by Section 610 shall not have been delivered to the Trustee within 30 days after the giving of such notice of
resignation, the resigning Trustee may petition any court of competent jurisdiction at the expense of the Company for the appointment of a successor Trustee with respect to the Securities of such series. 
  
 (c) The Trustee may be removed at any time with respect to the Securities of
any series by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series, delivered to the Trustee and to the Company. The Trustee being removed may petition any court of competent jurisdiction at the expense
of the Company for the appointment of a successor Trustee with respect to the Securities of such series. 
  
 (d) If at any time: 
  
 (1) the Trustee shall fail to comply with Section 310(b) of the Trust Indenture Act after written request therefor by the Company or
by any Holder who has been a bona fide Holder of a Security for at least six months, or 
  
 (2) the Trustee shall cease to be eligible under Section 310(a) of the Trust Indenture Act and shall fail to resign after written
request therefor by the Company or by any such Holder, or 
  
 (3) the Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property shall be appointed or any public officer shall take charge or control of
the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation. 
  
 then, in any such case, (i) the Company by a Board Resolution may remove the Trustee with respect to all Securities, or (ii) subject to Section 315(e) of the Trust Indenture Act, any Holder who has been
a bona fide Holder of a Security for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee with respect to all Securities and the appointment of a
successor Trustee or Trustees. 
  
 (e) If the Trustee shall
resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause, with respect to the Securities of one or more series, the Company, by a Board Resolution, shall promptly appoint a successor
Trustee or Trustees with respect to the Securities of that or those series (it being understood that any such successor Trustee may be appointed with respect to the Securities of one or more or all of such series and that at any time there shall be
only one Trustee with respect to the Securities of any particular series) and shall comply with the applicable requirements of Section 610. If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy,
a successor Trustee with respect to the Securities of any series shall be appointed by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series delivered to the Company and the retiring Trustee, the successor
Trustee so 

  

 34 

 
appointed shall, forthwith upon its acceptance of such appointment in accordance with the applicable requirements of Section 610, become the successor
Trustee with respect to the Securities of such series and to that extent supersede the successor Trustee appointed by the Company. If no successor Trustee with respect to the Securities of any series shall have been so appointed by the Company or
the Holders and accepted appointment in the manner required by Section 610, any Holder who has been a bona fide Holder of a Security of such series for at least six months may, on behalf of himself and all others similarly situated, petition
any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series. 
  
 (f) Notice shall be given of each resignation and each removal of the Trustee with respect to the Securities of any series and each appointment of a
successor Trustee with respect to the Securities of any series by the successor Trustee’s mailing written notice of such event by first-class mail, postage prepaid, to all Holders of Securities of such series as their names and addresses appear
in the Security Register. Each notice shall include the name of the successor Trustee with respect to the Securities of such series and the address of its Corporate Trust Office. 
  
 SECTION 610. Acceptance Of Appointment By Successor. 
  
 (a) In case of the appointment hereunder of a successor Trustee with respect to all Securities, every such successor Trustee
so appointed shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor
Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Company or the successor Trustee, such retiring Trustee shall, upon payment
of its charges, execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor Trustee all property and money held by
such retiring Trustee hereunder. 
  
 (b) In case of the
appointment hereunder of a successor Trustee with respect to the Securities of one or more (but not all) series, the Company, the retiring Trustee and each successor Trustee with respect to the Securities of one or more series shall execute and
deliver an indenture supplemental hereto wherein each successor Trustee shall accept such appointment and which (1) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor
Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates, (2) if the retiring Trustee is not retiring with
respect to all Securities, shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series as to which
the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (3) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts
hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees cotrustees of the same trust and that each such Trustee shall be trustee of a trust or trusts hereunder
separate and apart from any trust or trusts hereunder administered by any other such Trustee; and upon the execution and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective to the extent
provided therein and each such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which
the appointment of such successor Trustee relates; but, on request of the Company or any successor Trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee
hereunder with respect to the Securities of that or those series to which the appointment of such successor Trustee relates. 
  

 35 

 (c) Upon request of any such successor Trustee, the Company shall execute any and all instruments
necessary to more fully and certainly vest in and confirm to such successor Trustee all such rights, powers and trusts referred to in paragraph (a) or (b) of this Section, as the case may be. 
  
 (d) No successor Trustee shall accept its appointment unless at the time of
such acceptance such successor Trustee shall be qualified and eligible under this Article. 
  
 SECTION 611. Merger, Conversion, Consolidation Or Succession To Business. 
  
 Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided such corporation
shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any Securities shall have been authenticated, but not delivered, by the
Trustee then in the office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with the same effect as if such successor Trustee had itself
authenticated such Securities. 
  
 SECTION 612. Appointment Of Authenticating
Agent. 
  
 At any time when any of the Securities remain
Outstanding the Trustee may appoint an Authenticating Agent or Agents with respect to one or more series of Securities which shall be authorized to act on behalf of the Trustee to authenticate Securities of such series issued upon exchange,
registration of transfer or partial redemption thereof or pursuant to Section 306, and Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the
Trustee hereunder. Wherever reference is made in this Indenture to the authentication and delivery of Securities by the Trustee or the Trustee’s certificate of authentication, such reference shall be deemed to include authentication and
delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the Company and shall at all times be a
corporation organized and doing business under the laws of the United States of America, any State thereof or the District of Columbia, authorized under such laws to act as Authenticating Agent, having a combined capital and surplus of not less than
$50,000,000 and subject to supervision or examination by Federal or State authority. If such Authenticating Agent publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority,
then for the purposes of this Section, the combined capital and surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time an
Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, such Authenticating Agent shall resign immediately in the manner and with the effect specified in this Section. 
  
 Any corporation into which an Authenticating Agent may be merged or converted
or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to the corporate agency or corporate trust business of
an Authenticating Agent, shall continue to be an Authenticating Agent, provided such corporation shall be otherwise eligible under this Section, without the execution or filing of any paper or any further act on the part of the Trustee or the
Authenticating Agent. 
  
 An Authenticating Agent may resign at
any time by giving written notice thereof to the Trustee and to the Company. The Trustee may at any time terminate the agency of an Authenticating Agent by giving written notice 

  

 36 

 
thereof to such Authenticating Agent and to the Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any time such
Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the Company and shall mail written notice of such appointment by
first-class mail, postage prepaid, to all Holders of Securities of the series with respect to which such Authenticating Agent will serve, as their names and addresses appear in the Security Register. Any successor Authenticating Agent upon
acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No successor Authenticating Agent shall be appointed
unless eligible under the provisions of this Section. 
  
 The
Company agrees to pay to each Authenticating Agent from time to time reasonable compensation for its services under this Section. 
  
 If an appointment with respect to one or more series is made pursuant to this Section, the Securities of such series may have endorsed thereon, in
addition to the Trustee’s certificate of authentication, an alternate certificate of authentication in the following form: 
  
 “This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 
  

			
	 THE BANK OF NEW YORK,

	 As Trustee

		
	 By:
	 	

	 	 	As Authenticating Agent
		
	 By:
	 	

	 	 	Authorized Signatory
		
	 Dated:
	 	                                       
                                        
                      ”

  
 ARTICLE SEVEN

  
 HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY

  
 SECTION 701. Disclosure Of Names And Addresses Of Holders.

  
 Every Holder of Securities, by receiving and holding the
same, agrees with the Company and the Trustee that neither the Company nor the Trustee nor any agent of either of them shall be held accountable by reason of the disclosure of any such information as to the names and addresses of the Holders in
accordance with Section 312 of the Trust Indenture Act, regardless of the source from which such information was derived, and that the Trustee shall not be held accountable by reason of mailing any material pursuant to a request made under
Section 312(b) of the Trust Indenture Act. 
  

 37 

 SECTION 702. Reports By Trustee. 
  
 Within 60 days after May 15 of each year commencing with the first May 15 after the first issuance of securities
pursuant to this Indenture, the Trustee shall transmit to the Holders of Securities, in the manner provided in Section 313(c) of the Trust Indenture Act, a brief report dated as of May 15 of such year if required by Section 313(a) of
the Trust Indenture Act. 
  
 SECTION 703. Reports By Company And Holders’
Lists. 
  
 The Company shall: 
  
 (1) file with the Trustee, within 15 days after the Company
is required to file the same with the Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations
prescribe) which the Company may be required to file with the Commission pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934; or, if the Company is not required to file information, documents or reports pursuant
to either of such Sections, then it shall file with the Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by the Commission, such of the supplementary and periodic information, documents and reports
which may be required pursuant to Section 13 of the Securities Exchange Act of 1934 in respect of a security listed and registered on a national securities exchange as may be prescribed from time to time in such rules and regulations;

  
 (2) file with the Trustee and the Commission,
in accordance with rules and regulations prescribed from time to time by the Commission, such additional information, documents and reports with respect to compliance by the Company with the conditions and covenants of this Indenture as may be
required from time to time by such rules and regulations; 
  
 (3) transmit to all Holders, in the manner and to the extent provided in Section 313(c) of the Trust Indenture Act, within 30 days after the filing thereof with the Trustee, such summaries of any information,
documents and reports required to be filed by the Company pursuant to paragraphs (1) and (2) of this Section as may be required by rules and regulations prescribed from time to time by the Commission; and 
  
 (4) furnish or cause to be furnished to the Trustee
(a) not more than 15 days after each Regular Record Date as defined in Section 101, but in any event not less frequently than semi-annually, a list in such form as the Trustee may reasonably require, containing all the information in the
possession or control of the Company or any of its Paying Agents other than the Trustee, as to the names and addresses of the Holders of Securities to which such Regular Record Date applies as of such Regular Record Date, and (b) at such other
times as the Trustee may request in writing, within 30 days after receipt by the Company of any such request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished, excluding from any such
list names and addresses received by the Trustee in its capacity as Security Registrar. The Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders contained in the most recent list furnished to
the Trustee as provided in this Section and the names and addresses of Holders received by the Trustee in its capacity as Securities Registrar. The Trustee may destroy any list furnished to it as provided in this Section upon receipt of a new list
so furnished. 
  

 38 

 Delivery of such reports, information and documents to the Trustee is for informational purposes only and
the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to
which the Trustee is entitled to rely exclusively on Officers’ Certificates). 
  
 ARTICLE EIGHT 
  
 CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE 
  
 SECTION 801. Company May Consolidate, Etc., Only On Certain Terms. 
  
 The Company shall not consolidate with or merge into any other corporation or convey, transfer or lease its properties and assets substantially as an entirety to any Person unless: 
  
 (1) in case the Company shall consolidate with or merge into
another corporation or convey, transfer or lease its properties and assets substantially as an entirety to any Person, the corporation formed by such consolidation or into which the Company is merged or the Person which acquires by conveyance or
transfer, or which leases, the properties and assets of the Company substantially as an entirety shall be a corporation organized and existing under the laws of the United States of America, any state thereof or the District of Columbia and shall
expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form reasonably satisfactory to the Trustee, the due and punctual payment of the principal of (and premium, if any) and interest on all the Securities
and the performance of every covenant of this Indenture on the part of the Company to be performed or observed; 
  
 (2) immediately after giving effect to such transaction and treating any indebtedness which becomes an obligation of the Company as a
result of such transaction as having been incurred by the Company at the time of such transaction, no Event of Default, and no event which, after notice or lapse of time or both, would become an Event of Default, shall have happened and be
continuing; and 
  
 (3) the Company has delivered
to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger, conveyance, transfer or lease and, if a supplemental indenture is required with such transaction, such supplemental indenture
comply with this Article and that all conditions precedent herein provided for relating to such transaction have been complied with. 
  
 SECTION 802. Successor Corporation Substituted. 
  
 Upon any consolidation by the Company with or merger by the Company into any other corporation or any conveyance, transfer or lease of the properties and
assets of the Company substantially as an entirety in accordance with Section 801, the successor corporation formed by such consolidation or into which the Company is merged or to which such conveyance, transfer or lease is made shall succeed
to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor corporation had been named as the Company herein, and thereafter, except in the case of a lease, the
predecessor corporation shall be relieved of all obligations and covenants under this Indenture and the Securities. 
  

 39 

 ARTICLE NINE 
  
 SUPPLEMENTAL INDENTURES 
  
 SECTION 901. Supplemental Indentures Without Consent Of Holders. 
  
 Without the consent of any Holders, the Company, when authorized by a Board Resolution, and the Trustee, at any time and from time to time, may enter into
one or more indentures supplemental hereto, in form reasonably satisfactory to the Trustee, for any of the following purposes: 
  
 (1) to evidence the succession of another corporation to the Company and the assumption by any such successor of the covenants of the
Company herein and in the Securities; or 
  
 (2)
to add to or modify the covenants of the Company for the benefit of the Holders of all or any series of Securities (and if such covenants are to be for the benefit of less than all series of Securities, stating that such covenants are expressly
being included or modified, as the case may be, solely for the benefit of such series) or to surrender any right or power herein conferred upon the Company; or 
  

(3) to add any additional Events of Default (and if such Events of Default are to be for the benefit of less than all series of
Securities, stating that such Events of Default are being included solely for the benefit of such series); or 
  
 (4) to add to or to change any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the
issuance of Securities in bearer form, registrable or not registrable as to principal, and with or without interests coupons; or 
  
 (5) to add to, change or eliminate any of the provisions of this Indenture in respect of one or more series of Securities; provided, that
any such addition, change or elimination (i) shall neither (A) apply to any Security of any series created prior to the execution of such supplemental indenture and entitled to the benefit of such provision nor (B) materially modify
the rights of the Holder of any such Security with respect to such provision or (ii) shall become effective only when there is no such Security Outstanding; or; 
  
 (6) to secure the Securities; or 
  
 (7) to establish the form or terms of Securities of any series as permitted by Sections 201 and 301; or

  
 (8) to allow the issuance of additional
Securities of any series, having the same ranking and the same interest rate, maturity and other terms as the Securities of that series, except for the issue price and issue date and, in some cases, the first interest payment date, whereby such
additional Securities will, together with the then outstanding such series of Securities, constitute a single class of Securities under this Indentures, and will vote together on matters under this Indenture; 
  

 40 

 (9) to evidence and provide for the acceptance of appointment hereunder by a successor
Trustee with respect to the Securities of one or more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee,
pursuant to the requirements of Section 610(b); or 
  
 (10) to cure any ambiguity, to correct or supplement any provision herein that may be inconsistent with any other provision herein, or to make any other provisions with respect to matters or questions arising under
this Indenture that shall not be inconsistent with any provision under this Indenture, provided such action shall not adversely affect the interests of the Holders of Securities of any series in any material respect; or 
  
 (11) to make any changes to this Indenture with respect to
any series of the Securities in order for this Indenture to conform to the final prospectus supplement provided to investors in connection with the initial offering of any series of Securities by the Company. 
  
 SECTION 902. Supplemental Indentures With Consent Of Holders. 
  
 With the consent of the Holders of not less than a majority in principal
amount of the Outstanding Securities of each series affected by such supplemental indenture, by Act of said Holders delivered to the Company and the Trustee, the Company, when authorized by a Board Resolution, and the Trustee may enter into an
indenture or indentures supplemental hereto for the purpose of adding any provisions to this Indenture or of modifying in any manner the rights of the Holders of Securities of such series under this Indenture; provided, however, that no such
supplemental indenture shall, without the consent of the Holder of each Outstanding Security affected thereby, 
  
 (1) change the Stated Maturity of the principal of, or any installment of principal of or interest on, any Security, or reduce the
principal amount thereof or the rate of interest thereon (including any additional interest thereon), or any premium payable upon the redemption thereof, or reduce the amount of the principal of an Original Issue Discount Security that would be due
and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 502 or the amount thereof payable in bankruptcy pursuant to Section 504, or adversely affect any right of repayment at the option of any Holder of
any Security, or the Currency in which any Security or any premium or interest thereon is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of redemption,
on or after the Redemption Date), or 
  
 (2)
change the manner of calculating payments due on the Securities of any series in a manner adverse to holders of such series; 
  
 (3) change the currency in which any such payments on the Securities of any series is payable; 
  
 (4) change the place of payment in a manner that is adverse
to Holders of such series; 
  
 (5) reduce
(a) the percentage in principal amount of the Outstanding Securities of any series, the consent of whose Holders is required for any such supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with
certain provisions of this Indenture or certain defaults hereunder and their consequences) provided for in this Indenture, or (b) the requirements contained in this Indenture for quorum or voting; 
  

 41 

 (6) modify any of the provisions of this Section, Section 513 or Section 1010,
except to increase any such percentage or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security affected thereby, provided, however, that this clause
shall not be deemed to require the consent of any Holder with respect to changes in the references to “the Trustee” and concomitant changes in this Section and Section 1010 or the deletion of this proviso, in accordance with the
requirements of Sections 610(b) and 901(9). A supplemental indenture which changes or eliminates any covenant or other provision of this Indenture which has expressly been included solely for the benefit of one or more particular series of
Securities, or which modifies the rights of the Holders of Securities of such series with respect to such covenant or other provision, shall be deemed not to affect the rights under this Indenture of the Holders of Securities of any other series; or

  
 (7) modify the provisions in Article Fifteen
of this Indenture with respect to the subordination of outstanding Securities of any series in a manner adverse to the Holders thereof. 
  
 It shall not be necessary for any Act of Holders under this Section to approve the particular form of any proposed supplemental indenture, but it shall be
sufficient if such Act shall approve the substance thereof. 
  
 The Company may, but shall not be obligated to, fix a record date for the purpose of determining the Persons entitled to consent to any indenture supplemental hereto. If a record date is fixed, the Holders on such record date or their duly
designated proxies, and only such Persons, shall be entitled to consent to such supplemental indenture or to revoke (prior to the requisite percentage for such consent to become effective having been obtained) any such consent previously given,
whether or not such Holders remain Holders after such record date; provided, that unless such consent shall have become effective by virtue of such requisite percentage having been obtained prior to the date which is 90 days after such record date,
such consent shall, automatically and without further action by the Holder, be canceled and of no further force or effect. 
  
 SECTION 903. Execution Of Supplemental Indentures. 
  
 In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the
trusts created by this Indenture, the Trustee shall be provided with, in addition to the documents required by Section 102, and shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental
indenture is authorized or permitted by this Indenture. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture which affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise.

  
 SECTION 904. Effect Of Supplemental Indentures. 
  
 Upon the execution of a supplemental indenture under this Article, this
Indenture shall be modified in accordance therewith, but only with respect to the Securities of each series affected by such supplemental indenture, and such supplemental indenture shall form a part of this Indenture for all purposes; and every
Holder of Securities theretofore or thereafter authenticated and delivered hereunder shall be bound thereby. 
  

 42 

 SECTION 905. Conformity With Trust Indenture Act. 
  
 Every supplemental indenture executed pursuant to this Article shall conform to the requirements of the Trust Indenture Act
as then in effect. 
  
 SECTION 906. Reference In Securities To Supplemental
Indentures. 
  
 Securities of any series authenticated and
delivered after the execution of any supplemental indenture pursuant to this Article may, and shall if required by the Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental Indenture. If the
Company shall so determine, new Securities of any series so modified as to conform, in the opinion of the Trustee and the Company, to any such supplemental indenture may be prepared and executed by the Company and authenticated and delivered by the
Trustee in exchange for Outstanding Securities of such series. 
  
 ARTICLE TEN 
  
 COVENANTS 
  
 SECTION 1001. Payment Of Principal, Premium And Interest. 
  
 The Company covenants and agrees for the benefit of each series of
Securities that it will duly and punctually pay the principal of (and premium, if any) and interest on the Securities of that series in accordance with the terms of the Securities and this Indenture. 
  
 SECTION 1002. Maintenance Of Office Or Agency. 
  
 The Company will maintain or cause to be maintained in each Place of Payment
for any series of Securities an office or agency where Securities of that series may be presented or surrendered for payment, where Securities of that series may be surrendered for registration of transfer or exchange and where notices and demands
to or upon the Company in respect of the Securities of that series and this Indenture may be served, and the Company hereby initially appoints the Corporate Trust Office of the Trustee as its agent to receive all such presentations, surrenders,
notices and demands. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall
fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all
such presentations, surrenders, notices and demands. 
  
 The
Company may also from time to time designate one or more other offices or agencies where the Securities of one or more series may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided,
however, that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in each Place of Payment for Securities of any series for such purposes. The Company will give prompt written
notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 
  

 43 

 Unless otherwise specified with respect to any Securities pursuant to Section 301, if and so long as
the Securities of any series (i) are denominated in a Currency other than Dollars or (ii) may be payable in a Currency other than Dollars, or if so required under any other provision of the Indenture, then the Company will maintain with
respect to each such series of Securities, or as so required, at least one Exchange Rate Agent. 
  
 SECTION 1003. Money For Securities Payments To Be Held In Trust. 
  
 If the Company shall at any time act as its own Paying Agent with respect to any series of Securities, it will, on or before each due date of the
principal of (and premium, if any) or interest on any of the Securities of that series, segregate and hold in trust for the benefit of the Persons entitled thereto a sum in the Currency in which the Securities of such series are payable (except as
otherwise specified pursuant to Section 301 for the Securities of such series) sufficient to pay the principal (and premium, if any) or interest so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein
provided and will promptly notify the Trustee of its action or failure so to act. 
  
 Whenever the Company shall have one or more Paying Agents for any series of Securities, it will, at or prior to 11:00 a.m., New York City time, on each due date of the principal of (and premium, if any) or interest on
any Securities of that series, deposit with a Paying Agent a sum (in the Currency described in the preceding paragraph) sufficient to pay the principal (and premium, if any) or interest so becoming due, such sum to be held in trust for the benefit
of the Persons entitled to such principal, premium or interest, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action or failure so to act. 
  
 The Company will cause each Paying Agent (other than the Trustee) for any
series of Securities other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will: 
  
 (1) hold all sums held by it for the payment of the
principal of (and premium, if any) or interest on Securities of that series in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided; 
  
 (2) give the Trustee notice of any default by the Company
(or any other obligor upon the Securities of that series) in the making of any payment of principal (and premium, if any) or interest on the Securities of that series; and 
  
 (3) at any time during the continuance of any such default, upon the written request of the Trustee,
forthwith pay to the Trustee all sums so held in trust by such Paying Agent. 
  
 The Company may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company Order direct any Paying Agent to pay, to the Trustee all sums
held in trust by the Company or such Paying Agent, such sums to be held by the Trustee upon the same trusts as those upon which such sums were held by the Company or such Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such
Paying Agent shall be released from all further liability with respect to such money. 
  
 Any money or U.S. Government Obligations deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of (and premium, if any) or interest on any Security of
any series and remaining unclaimed for three years after such principal (and premium, if any) or interest has become due 

  

 44 

 
and payable shall be paid to the Company on Company Request or (if then held by the Company) shall be discharged from such trust; and the Holder of such
Security shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof,
shall thereupon cease, provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may (but shall not be obligated to) at the expense of the Company cause to be published once, in a newspaper published
in an official language of the country of publication or the English language, customarily published on each Business Day and of general circulation in each Place of Payment notice that such money remains unclaimed and that, after a date specified
therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Company. 
  
 SECTION 1004. Corporate Existence. 
  
 Subject to Article Eight, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate
existence and that of each Subsidiary and the rights (charter and statutory) and franchises of the Company and its Subsidiaries; provided, however, that the Company shall not be required to preserve any such right or franchise or to retain any
Subsidiary if the Company shall determine that the preservation or retention thereof is no longer desirable in the conduct of the business of the Company and its Subsidiaries considered as a whole and that the loss thereof is not disadvantageous in
any material respect to the Holders. 
  
 SECTION 1005. Maintenance Of
Properties. 
  
 The Company will cause all properties owned
or leased by the Company or any Subsidiary and used in the conduct of its business or the business of any Subsidiary to be maintained and kept in such condition, repair and working order and supplied with such equipment and will cause to be made
such repairs, renewals, replacements, betterments and improvements thereof, all as in the judgment of the Company may be necessary or appropriate in the performance of its business, provided, however, that nothing in this Section shall prevent the
Company from discontinuing the operation and maintenance of any of such properties, or disposing of any of them, if such discontinuance or disposal is, in the judgment of the Company or of the Subsidiary concerned, desirable in the conduct of its
business or the business of any Subsidiary and not disadvantageous in any material respect to the Holders. 
  
 SECTION 1006. Payment Of Taxes And Other Claims. 
  
 The Company will pay or discharge or cause to be paid or discharged, before the same shall become delinquent, (1) all material taxes, assessments and governmental charges levied or imposed upon the Company or any
Subsidiary or upon the income, profits or property of the Company or any Subsidiary, and (2) all material lawful claims for labor, materials and supplies which, if unpaid, might by law become a lien upon the property of the Company or any
Subsidiary; provided, however, that the Company shall not be required to pay or discharge or cause to be paid or discharged any such tax, assessment, charge or claim whose amount, applicability or validity is being contested in good faith by
appropriate proceedings or otherwise and the Company shall have set aside on its books adequate reserves with respect thereto (if and to the extent required by generally accepted accounting principles). 
  

 45 

 SECTION 1007. Intentionally Omitted. 
  
 SECTION 1008. Intentionally Omitted. 
  
 SECTION 1009. Statement As To Compliance. 
  
 The Company will deliver to the Trustee, by May 1 of each year, a certificate from the Chief Executive Officer, Chief Financial Officer or Treasurer
of the Company, stating, as to each signer thereof, that 
  
 (1) a review of the activities of the Company during such year and of performance under this Indenture has been made under his supervision, and 
  
 (2) to the best of his knowledge, based on such review, (a) the Company has fulfilled all its
obligations under this Indenture throughout such year, or, if there has been a default in the fulfillment of any such obligation, specifying each such default known to him and the nature and status thereof, and (b) no event has occurred and is
continuing which is, or after notice or lapse of time or both would become, an Event of Default, or, if such an event has occurred and is continuing, specifying each such event known to him and the nature and status thereof. 
  
 SECTION 1010. Waiver Of Certain Covenants. 
  
 The Company may omit in any particular instance to comply with any term,
provision or condition set forth in Sections 1004 to 1006, inclusive, with respect to the Securities of all series if before the time for such compliance the Holders of at least a majority in principal amount of the Outstanding Securities of all
series shall, by Act of such Holders, either waive such compliance in such instance or generally waive compliance with such term, provision or condition, but no such waiver shall extend to or affect such term, provision or condition except to the
extent so expressly waived, and, until such waiver shall become effective, the obligations of the Company and the duties of the Trustee in respect of any such term, provision or condition shall remain in full force and effect. 
  
 SECTION 1011. Statement by Officers as to Default 
  
 The Company shall deliver to the Trustee, as soon as possible and in any
event within five days after the Company becomes aware of the occurrence of any Event of Default or an event which, with notice or the lapse of time or both, would constitute an Event of Default, an Officers’ Certificate setting forth the
details of such Event of Default or default and the action which the Company proposes to take with respect thereto. 
  

 46 

 ARTICLE ELEVEN 
  
 REDEMPTION OF SECURITIES 
  
 SECTION 1101. Applicability Of Article. 
  
 Securities of any series which are redeemable before their Stated Maturity shall be redeemable in accordance with their terms and (except as otherwise
specified as contemplated by Section 301 for Securities of any series) in accordance with this Article. 
  
 SECTION 1102. Election To Redeem; Notice To Trustee. 
  
 The election of the Company to redeem any Securities shall be evidenced by a Board Resolution and Company Order. In case of any redemption at the election of the Company of all or less than all the Securities of any
series, the Company shall, at least 15 days prior to the Trustee’s mailing of the notice of redemption (unless a shorter notice shall be satisfactory to the Trustee) to each Holder of Securities, notify the Trustee of the Redemption Date and of
the principal amount of Securities of such series to be redeemed. In the case of any redemption of Securities prior to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture, the
Company shall furnish the Trustee with an Officers’ Certificate evidencing compliance with such restriction. 
  
 SECTION 1103. Selection By Trustee Of Securities To Be Redeemed. 
  
 If less than all the Securities of any series with the same issue date, interest rate and Stated Maturity are to be redeemed, the particular Securities to
be redeemed shall be selected not more than 60 days prior to the Redemption Date by the Trustee, from the Outstanding Securities of such series not previously called for redemption, by such method as the Trustee shall deem fair and appropriate (and
which is in compliance with the requirements of any national securities exchange on which such Securities are listed, if any) and which may provide for the selection for redemption of portions (equal to the minimum authorized denomination for
Securities of that series or any integral multiple thereof) of the principal amount of Securities of such series of a denomination larger than the minimum authorized denomination for Securities of that series. 
  
 The Trustee shall promptly notify the Company in writing of the Securities
selected for redemption and, in the case of any Securities selected for partial redemption, the principal amount thereof to be redeemed. 
  
 For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities shall relate, in the
case of any Securities redeemed or to be redeemed only in part, to the portion of the principal amount of such Securities which has been or is to be redeemed. 
  

SECTION 1104. Notice Of Redemption. 
  
 Unless otherwise specified in the Securities, notice of redemption shall be given by the Trustee by first-class mail, postage prepaid, mailed not less
than 15 nor more than 60 days prior to the Redemption Date, to each Holder of Securities to be redeemed, at his address appearing in the Security Register. Neither the failure to mail such notice, nor any defect in any notice so mailed, to any
particular Holder shall affect the sufficiency of such notice with respect to other Holders. 
  

 47 

 All notices of redemption shall state: 
  
 (1) the Redemption Date, 
  
 (2) the Redemption Price, 
  
 (3) if less than all the Outstanding Securities of any
series are to be redeemed, the identification (and, in the case of partial redemption, the principal amounts) of the particular Securities to be redeemed, 
  
 (4) that on the Redemption Date the Redemption Price (together with accrued interest, if any, to the Redemption Date payable as provided
in Section 1106) will become due and payable upon each such Security to be redeemed and, if applicable, that interest thereon will cease to accrue on and after said date, 
  
 (5) the place or places where such Securities are to be surrendered for payment of the Redemption Price,

  
 (6) that the redemption is for a sinking
fund, if such is the case, and 
  
 (7) applicable
CUSIP numbers. 
  
 Notice of redemption of Securities to be
redeemed at the election of the Company shall be given by the Trustee, at the Company’s request, in the name and at the expense of the Company. 
  
 SECTION 1105. Deposit Of Redemption Price. 
  
 At or prior to 11:00 a.m., New York City time, on any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the
Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 1003) an amount of money in the Currency in which the Securities of such series are payable (except as otherwise specified pursuant to
Section 301 for the Securities of such series) sufficient to pay the Redemption Price of, and (except if the Redemption Date shall be an Interest Payment Date) accrued interest on, all the Securities which are to be redeemed on that date.

  
 SECTION 1106. Securities Payable On Redemption Date. 
  
 Notice of redemption having been given as aforesaid, the Securities so to be
redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified in the Currency in which the Securities of such series are payable (except as otherwise specified pursuant to Section 301 for the
Securities of such series), and from and after such date (unless the Company shall default in the payment of the Redemption Price and 

  

 48 

 
accrued interest) such Securities shall cease to bear interest. Upon surrender of any such Security for redemption in accordance with said notice, such
Security shall be paid by the Company at the Redemption Price, together with accrued interest to the Redemption Date; provided, however, that installments of interest whose Stated Maturity is on or prior to the Redemption Date shall be payable to
the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of business on the relevant Record Dates according to their terms and the provisions of Section 307. 
  
 If any Security called for redemption shall not be so paid upon surrender
thereof for redemption, the principal (and premium, if any) shall, until paid, bear interest from the Redemption Date at the rate prescribed therefor in the Security. 
  
 SECTION 1107. Securities Redeemed In Part. 
  

Any Security (including any Global Security) which is to be redeemed only in part shall be surrendered at a Place of Payment therefor (with, if the
Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or his attorney duly authorized in writing), and the Company shall
execute, and the Trustee shall authenticate and deliver to the Holder of such Security without service charge, a new Security or Securities of the same series, of any authorized denomination as requested by such Holder, in aggregate principal amount
equal to and in exchange for the unredeemed portion of the principal of the Security so surrendered; provided, that if a Global Security is so surrendered, the new Global Security shall be in a denomination equal to the unredeemed portion of the
principal of the Global Security so surrendered. 
  
 ARTICLE
TWELVE 
  
 SINKING FUNDS 
  
 SECTION 1201. Applicability Of Article. 
  
 Retirements of Securities of any series pursuant to any sinking fund shall
be made in accordance with the terms of such Securities and (except as otherwise specified as contemplated by Section 301 for Securities of any series) in accordance with this Article. 
  
 The minimum amount of any sinking fund payment provided for by the terms of
Securities of any series is herein referred to as a “mandatory sinking fund payment,” and any payment in excess of such minimum amount provided for by the terms of Securities of any series is herein referred to as an “optional sinking
fund payment.” If provided for by the terms of Securities of any series, the cash amount of any mandatory sinking fund payment may be subject to reduction as provided in Section 1202. Each sinking fund payment shall be applied to the
redemption of Securities of any series as provided for by the terms of Securities of such series. 
  
 SECTION 1202. Satisfaction Of Sinking Fund Payments With Securities. 
  
 Subject to Section 1203, in lieu of making all or any part of any mandatory sinking fund payment with respect to any Securities of a series in cash,
the Company may at its option (1) deliver to the Trustee Outstanding Securities of a series (other than any previously called for redemption) theretofore purchased or otherwise acquired by the Company, and/or (2) receive credit for the
principal amount of Securities of such series which have been 

  

 49 

 
previously delivered to the Trustee by the Company or for Securities of such series which have been redeemed either at the election of the Company pursuant
to the terms of such Securities or through the application of permitted optional sinking fund payments pursuant to the terms of such Securities, in each case in satisfaction of all or any part of any mandatory sinking fund payment with respect to
the Securities of the same series required to be made pursuant to the terms of such Securities as provided for by the terms of such series; provided, however, that such Securities have not been previously so credited. Such Securities shall be
received and credited for such purpose by the Trustee at the Redemption Price specified in such Securities for redemption through operation of the sinking fund and the amount of such mandatory sinking fund payment shall be reduced accordingly.

  
 SECTION 1203. Redemption Of Securities For Sinking Fund. 
  
 Not less than 60 days prior to each sinking fund payment date for any series
of Securities, the Company will deliver to the Trustee an Officers’ Certificate specifying the amount of the next ensuing sinking fund payment for that series pursuant to the terms of that series, the portion thereof, if any, which is to be
satisfied by payment of cash in the Currency in which the Securities of such series are payable (except as otherwise specified pursuant to Section 301 for the Securities of such series) and the portion thereof, if any, which is to be satisfied
by delivering or crediting Securities of that series pursuant to Section 1202 (which Securities will, if not previously delivered, accompany such certificate) and whether the Company intends to exercise its right to make a permitted optional
sinking fund payment with respect to such series. Such certificate shall be irrevocable and upon its delivery the Company shall be obligated to make the cash payment or payments therein referred to, if any, not later than one Business Day before the
next succeeding sinking fund payment date. In the case of the failure of the Company to deliver such certificate, the sinking fund payment due on the next succeeding sinking fund payment date for that series shall be paid entirely in cash and shall
be sufficient to redeem the principal amount of such Securities subject to a mandatory sinking fund payment without the option to deliver or credit Securities as provided in Section 1202 and without the right to make any optional sinking fund
payment, if any, with respect to such series. 
  
 Not more than 60
days before each such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 1103 and cause notice of the redemption thereof to be given in the
name of and at the expense of the Company in the manner provided in Section 1104. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Sections 1106 and 1107. 

 
 Prior to any sinking fund payment date, the Company shall pay to the
Trustee or a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 1003) in cash a sum equal to any interest that will accrue to the date fixed for redemption of Securities or
portions thereof to be redeemed on such sinking fund payment date pursuant to this Section 1203. 
  
 Notwithstanding the foregoing, with respect to a sinking fund for any series of Securities, if at any time the amount of cash to be paid into such sinking
fund on the next succeeding sinking fund payment date, together with any unused balance of any preceding sinking fund payment or payments for such series, does not exceed in the aggregate $100,000, the Trustee, unless requested by the Company, shall
not give the next succeeding notice of the redemption of Securities of such series through the operation of the sinking fund. Any such unused balance of moneys deposited in such sinking fund shall be added to the sinking fund payment for such series
to be made in cash on the next succeeding sinking fund payment date or, at the request of the Company, shall be applied at any time or from time to time to the purchase of Securities of such series, by public or private purchase, in the open market
or otherwise, at a purchase price for such Securities (excluding accrued interest and brokerage commissions, for which the Trustee or any paying agent will be provided funds by the Company) not in excess of the principal amount thereof. 

 

 50 

 ARTICLE THIRTEEN 
  
 REPAYMENT AT OPTION OF HOLDERS 
  
 SECTION 1301. Applicability Of Article. 
  
 Repayment of Securities of any series before their Stated Maturity at the option of Holders thereof shall be made in accordance with the terms of such
Securities and (except as otherwise specified as contemplated by Section 301 for Securities of any series) in accordance with this Article. 
  
 SECTION 1302. Repayment Of Securities. 
  
 Securities of any series subject to repayment in whole or in part at the option of the Holders thereof will, unless otherwise provided in the terms of
such Securities, be repaid at a price equal to the principal amount thereof, together with interest, if any, thereon accrued to the repayment date specified in or pursuant to the terms of such Securities (the “Repayment Date“). The Company
covenants that not later than 11:00 a.m., New York City time, on the Repayment Date it will deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in
Section 1003) an amount of money in the Currency in which the Securities of such series are payable (except as otherwise specified pursuant to Section 301 for the Securities of such series) sufficient to pay the principal (or if so
provided by the terms of the Securities of any series, a percentage of the principal) of, and (except if the Repayment Date shall be an Interest Payment Date) accrued interest on, all the Securities or portions thereof, as the case may be, to be
repaid on such date. 
  
 SECTION 1303. Exercise Of Option. 
  
 Securities of any series subject to repayment at the option of the Holders
thereof will contain an “Option to Elect Repayment” form on the reverse of such Securities. In order to exercise such option if so specified in the terms of any Security, the Holder shall deliver, or cause to be delivered, such Security at
the place of payment therefor specified in the terms of such Security (or at such other place or places which the Company shall from time to time notify the Holders of such Securities) with the “Option to Elect Repayment” form duly
completed by the Holder (or by the Holder’s attorney duly authorized in writing), not earlier than 45 days nor later than 30 days prior to the Repayment Date applicable to such Security. If less than the entire principal amount of such Security
is to be repaid in accordance with the terms of such Security, the principal amount of such Security to be repaid, in increments of the minimum denomination for Securities of such series, and the denomination or denominations of the Security or
Securities to be issued to the Holder for the portion of the principal amount of such Security surrendered that is not to be repaid, must be specified. The principal amount of any Security providing for repayment at the option of the Holder thereof,
may not be repaid in part if, following such repayment, the unpaid principal amount of such Security would be less than the minimum authorized denomination of Securities of the series of which such Security to be repaid is a part. Except as
otherwise may be provided by the terms of any Security, exercise of the repayment option by the Holder shall be irrevocable unless waived by the Company. 
  
 SECTION 1304. When Securities Presented For Repayment Become Due And Payable. 
  
 If Securities of any series providing for repayment at the option of the Holders thereof shall have been surrendered as
provided in this Article and as provided by or pursuant to the terms of such Securities, such Securities or the portions thereof, as the case may be, to be repaid shall become due and payable and shall be paid by the Company on the Repayment Date
therein specified, and on and after such Repayment Date (unless the Company 

  

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shall default in the payment of such Securities on such Repayment Date) such Securities shall, if the same were interest-bearing, cease to bear interest.
Upon surrender of any such Security for repayment in accordance with such provisions, the principal amount of such Security so to be repaid shall be paid by the Company, together with accrued interest, if any, to the Repayment Date; provided,
however, that, installments of interest, if any, whose Stated Maturity is on or prior to the Repayment Date shall be payable (but without interest thereon, unless the Company shall default in the payment thereof) to the Holders of such Securities,
or one or more Predecessor Securities, registered as such at the close of business on the relevant Record Dates according to their terms and the provisions of Section 307. 
  
 If the principal amount of any Security surrendered for repayment shall not be so repaid upon surrender thereof, such
principal amount (together with interest, if any, thereon accrued to such Repayment Date) shall, until paid, bear interest from the Repayment Date at the rate of interest set forth in such Security. 
  
 SECTION 1305. Securities Repaid In Part. 
  
 Upon surrender of any Security which is to be repaid in part only, the
Company shall execute and the Trustee shall authenticate and deliver to the Holder of such Security, without service charge and at the expense of the Company, a new Security or Securities of the same series, of any authorized denomination specified
by the Holder, in an aggregate principal amount equal to and in exchange for the portion of the principal of such Security so surrendered which is not to be repaid. 
  
 ARTICLE FOURTEEN 
  
 DEFEASANCE AND COVENANT DEFEASANCE 
  
 SECTION 1401. Applicability Of Article; Company’s Option To Effect Defeasance Or Covenant Defeasance. 
  
 If pursuant to Section 301 provision is made for either or both of
(a) defeasance of the Securities of a series under Section 1402 or (b) covenant defeasance of the Securities of a series under Section 1403, then the provisions of such Section or Sections, as the case may be, together with the
other provisions of this Article Fourteen, shall be applicable to the Securities of such series, and the Company may at its option by Board Resolution, at any time, with respect to the Securities of such series, elect to have either
Section 1402 (if applicable) or Section 1403 (if applicable) be applied to the Outstanding Securities of such series upon compliance with the conditions set forth below in this Article Fourteen. 
  
 SECTION 1402. Defeasance And Discharge. 
  
 Upon the Company’s exercise of the above option applicable to this
Section with respect to any Securities of a series, the Company shall be deemed to have been discharged from its obligations with respect to the Outstanding Securities of such series on and after the date the conditions precedent set forth below are
satisfied but subject to satisfaction of the conditions subsequent set forth below (hereinafter, “defeasance“). For this purpose, such defeasance means that the Company shall be deemed to have paid and discharged the entire indebtedness
represented by the Outstanding Securities of such series and to have satisfied all its other obligations under such Securities and this Indenture insofar as such Securities are concerned (and the Trustee, at the expense of the Company and upon
Company Request, shall execute proper instruments acknowledging the same), except for the following which shall survive until otherwise terminated or discharged hereunder: (A) the rights of Holders of 

  

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Outstanding Securities of such series to receive, solely from the trust fund described in Section 1404 and as more fully set forth in such Section,
payments of the principal of (and premium, if any) and interest on such Securities when such payments are due, (B) the Company’s obligations with respect to such Securities under Sections 304, 305, 306, 1002 and 1003 and such obligations
as shall be ancillary thereto, (C) the rights, powers, trusts, duties, immunities and other provisions in respect of the Trustee hereunder and (D) this Article Fourteen. Subject to compliance with this Article Fourteen, the Company may
exercise its option under this Section 1402 notwithstanding the prior exercise of its option under Section 1403 with respect to the Securities of such series. 
  
 SECTION 1403. Covenant Defeasance. 
  
 Upon the Company’s exercise of the option provided in Section 1401 applicable to this Section, the Company shall be released from its
obligations under Sections 1005 and 1006 with respect to the Outstanding Securities of such series on and after the date the conditions precedent set forth below are satisfied (hereinafter, “covenant defeasance“). For this purpose, such
covenant defeasance means that, with respect to the Outstanding Securities of such series, the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such Section, whether
directly or indirectly by reason of any reference elsewhere herein to any such Section or by reason of any reference in any such Section to any other provision herein or in any other document, but the remainder of this Indenture and such Securities
shall be unaffected thereby. 
  
 SECTION 1404. Conditions To Defeasance Or
Covenant Defeasance. 
  
 The following shall be the
conditions precedent or, as specifically noted below, subsequent to application of either Section 1402 or Section 1403 to the Outstanding Securities of such series: 
  
 (1) The Company shall irrevocably have deposited or caused to be deposited with the Trustee as trust funds
in trust for the purpose of making the following payments, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of such Securities, (A) money in an amount, or (B) U.S. Government Obligations which
through the scheduled payment of principal and interest in respect thereof in accordance with their terms will provide, not later than one Business Day before the due date of any payment, money in an amount, or (C) a combination thereof,
sufficient, in each case, without reinvestment, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge, and which shall be applied
by the Trustee to pay and discharge, (i) the principal of (and premium, if any) and interest on the Outstanding Securities of such series to maturity or redemption, as the case may be, and (ii) any mandatory sinking fund payments or
analogous payments applicable to the Outstanding Securities of such series on the due dates thereof. Before such a deposit the Company may make arrangements satisfactory to the Trustee for the redemption of Securities at a future date or dates in
accordance with Article Eleven, which shall be given effect in applying the foregoing. 
  
 (2) No Event of Default or event which with notice or lapse of time or both would become an Event of Default with respect to the
Securities of such series shall have occurred and be continuing (A) on the date of such deposit or (B) insofar as subsections 501(5) and (6) are concerned, at any time during the period ending on the 123rd day after the date of such
deposit or, if longer, ending on the day following the expiration of the longest preference period applicable to the Company in respect of such deposit (it being understood that the condition in this clause (B) is a condition subsequent and
shall not be deemed satisfied until the expiration of such period). 
  

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 (3) Such defeasance or covenant defeasance shall not (A) cause the Trustee for the
Securities of such series to have a conflicting interest for purposes of the Trust Indenture Act with respect to any securities of the Company or (B) result in the trust arising from such deposit constituting, unless it is qualified as, a
regulated investment company under the Investment Company Act of 1940, as amended. 
  
 (4) Such defeasance or covenant defeasance shall not result in a breach or violation of, or constitute a default under, this Indenture or
any other agreement or instrument to which the Company is a party or by which it is bound. 
  
 (5) The Company has delivered to the Trustee an Opinion of Counsel, to the effect that, based on federal income tax laws then in effect,
the Holders of the Securities will not recognize income, gain or loss on the Securities or the Securities of such series, as the case may be, for federal income tax purposes as a result of such defeasance or covenant defeasance and shall be subject
to federal income tax in the same amounts and at the same times as would have been the case if such option had not been exercised. 
  
 (6) The Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions
precedent herein provided for relating to either the defeasance under Section 1402 or the covenant defeasance under Section 1403, as the case may be, have been complied with and an Opinion of Counsel to the effect that either (i) as a
result of a deposit pursuant to paragraph (1) above and the related exercise of the Company’s option under Section 1402 or Section 1403 (as the case may be), registration is not required under the Investment Company Act of 1940,
as amended, by the Company, with respect to the trust funds representing such deposit, or by the trustee for such trust funds or (ii) all necessary registrations under said Act have been effected. 
  
 (7) Such defeasance or covenant defeasance shall be effected
in compliance with any additional terms, conditions or limitations which may be imposed on the Company in connection therewith pursuant to Section 301. 
  
 Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 607 and, if money or
U.S. Government Obligations shall have been deposited with the Trustee pursuant to this Section, the obligations of the Trustee under Section 1405 and the last paragraph of Section 1003 shall survive. 
  
 SECTION 1405. Application Of Trust Money. 
  
 Subject to the provisions of the last paragraph of Section 1003, all
money and U.S. Government Obligations deposited with the Trustee pursuant to Section 1401 shall be held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or
through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest for whose payment such money has been deposited with
the Trustee. 
  
 SECTION 1406. Reinstatement. 
  
 Anything in this Article Fourteen to the contrary notwithstanding, if and to
the extent the deposited money or U.S. Government Obligations (or the proceeds thereof) either (i) cannot be applied by the Trustee in accordance 

  

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with this Section because of a court order or (ii) are for any reason insufficient in amount, then the Company’s obligations to pay principal of
(and premium, if any) and interest on the Securities of such series shall be reinstated to the extent necessary to cover the deficiency on any due date for payment. In any case specified in clause (i), the Company’s interest in the deposited
money and U.S. Government Obligations (and proceeds thereof) shall be reinstated to the extent the Company’s payment obligations are reinstated. 
  
 ARTICLE FIFTEEN 
  
 SUBORDINATION OF SECURITIES 
  
 SECTION 1501. Securities Subordinate to Senior Indebtedness. 
  
 The Company for itself, its successors and assigns, covenants and agrees, and each Holder of Securities issued, whether upon original issue or upon transfer or assignment thereof, by his acceptance thereof likewise
covenants and agrees, that the obligation of the Company to make any payment on account of the principal of (and premium, if any) and interest on each and all Securities is hereby expressly subordinated and junior, to the extent and in the manner
hereinafter in this Article set forth, in right of payment to the prior payment in full of all Senior Indebtedness of the Company. 
  
 SECTION 1502. Payments to Securityholders. 
  
 (a) Upon (i) any declaration of acceleration of the principal amount due on the Securities of any series; (ii) any insolvency,
bankruptcy, receivership, liquidation, reorganization, readjustment, composition or other similar proceeding relating to the Company, its creditors or its property; (iii) any proceeding for the liquidation, dissolution or other winding up of
the Company, voluntary or involuntary, whether or not involving insolvency or bankruptcy proceedings; (iv) any assignment by the Company for the benefit of creditors; or (v) any other marshalling of the assets of the Company, all
principal, premium, if any, and interest, if any, due upon all Senior Indebtedness shall first be paid in full, or payment thereof provided for in money or money’s worth in accordance with its terms, before any payment is made on account of the
principal of, premium, if any, or interest on the indebtedness evidenced by the Securities, and upon any such liquidation, dissolution or winding-up or any other event described in clauses (i) through (v) above any payment or distribution
of assets of the Company of any kind or character, whether in cash, property or securities to which the Holders of the Securities of any series under the terms of this Indenture would be entitled, except for the provisions hereof (other than
securities of the Company or any other Person provided for by a plan of reorganization or readjustment, the payment of which is subordinate, at least to the extent provided in this section with respect to the Securities, to the payment in full of
all Senior Indebtedness, provided that the rights of the Holders of the Senior Indebtedness are not altered by such reorganization or adjustment), shall (subject to the power of a court of competent jurisdiction to make other equitable provision
reflecting the rights conferred by the provisions hereof upon the Senior Indebtedness and the holders thereof with respect to the Securities of such series and the Holders thereof by a lawful plan of reorganization under applicable bankruptcy law),
be paid by the Company or any receiver, trustee in bankruptcy, liquidating trustee, agent or other person making such payment or distribution, or by the Holders of the securities if received by them, directly to the holders of Senior Indebtedness
(pro rata to each such holder on the basis of the respective amounts of Senior Indebtedness held by such holder) or their representatives, to the extent necessary to pay all Senior Indebtedness (including interest thereon) in full in money or
money’s worth in accordance with its terms, after giving effect to any concurrent payment or distribution to or for the holders of Senior Indebtedness, before any payment or distribution is made to the Holders of the indebtedness evidenced by
the Securities of such series. The consolidation of the Company with, or a merger of the Company into, another Person or the liquidation or dissolution of the Company 

  

 55 

 
following the conveyance or transfer of its property as an entirety, or substantially as an entirety, to another Person upon the terms and conditions
provided in Section 801 hereof shall not be deemed a liquidation, dissolution or winding-up, for the purposes of this Section 1502(a). 
  
 (b) In the event that any payment or distribution of assets of the Company of any kind or character not permitted by Section 1502(a),
whether in cash, property or securities, shall be received by the Trustee for the Securities of any series or the Holders of Securities before all Senior Indebtedness is paid in full, or provision made for such payment, in accordance with its terms,
at a time when a Responsible Officer of the Trustee for the Securities of any series or such Holder has actual knowledge that such payment should not have been made to it, such payment or distribution shall be held in trust for the benefit of, and
upon written request of the holders of any Senior Indebtedness or their representative or representatives shall be paid over or delivered to, the holders of such Senior Indebtedness or their representative or representatives, or to the trustee or
trustees under any indenture pursuant to which any instruments evidencing any of such Senior Indebtedness may have been issued, as their respective interests may appear, for application to the payment of all Senior Indebtedness remaining unpaid to
the extent necessary to pay all such Senior Indebtedness in full in accordance with its terms, after giving effect to any concurrent payment or distribution to the holders of such Senior Indebtedness. 
  
 (c) No payment on account of principal of, premium, if any,
sinking funds or interest on the Securities of any series shall be made unless full payment of amounts then due for principal, premium, if any, sinking funds and interest on any Senior Indebtedness has been made or duly provided for in money or
money’s worth in accordance with the terms of such Senior Indebtedness. No payment on account of principal, premium, if any, sinking funds or interest on the Securities shall be made if, at the time of such payment or immediately after giving
effect thereto, (i) the Company defaults in the payment of any principal of (or premium, if any) or interest on any Senior Indebtedness when the same becomes due and payable, whether at maturity or at a date fixed for prepayment or acceleration
by declaration or otherwise or (ii) an event of default occurs with respect to any Senior Indebtedness permitting the holders thereof to accelerate the maturity thereof and written notice of such event of default (requesting that payments on
the Securities cease) is given to the Company by the holders of Senior Indebtedness, and such event of default shall not have been cured or waived or shall not have ceased to exist, provided, however, that if the holders of the Senior Indebtedness
to which the default relates have not declared such Senior Indebtedness to be immediately due and payable and within 180 days after the occurrence of such default (or have declared such Senior Indebtedness to be immediately due and payable and
within such period have rescinded such declaration of acceleration), then the Company shall resume making any and all required payments in respect of the Securities (including any missed payments). Only one payment blockage period under the
immediately preceding sentence may be commenced within any consecutive 365-day period with respect to the Securities of any series. No event of default which existed or was continuing on the date of the commencement of any 180-day payment blockage
period with respect to the Senior Indebtedness initiating such payment blockage period shall be, or be made, the basis for the commencement of a second payment blockage period by a Holder or representative of such Senior Indebtedness whether or not
within a period of 365 consecutive days unless such event of default shall have been cured or waived for a period of not less than 90 consecutive days (and, in the case of any such waiver, no payment shall be made by the Company to the holders of
Senior Indebtedness in connection with such waiver other than amounts due pursuant to the terms of the Senior Indebtedness as in effect at the time of such default). 
  
 SECTION 1503. Subrogation to Rights of Holders of Senior Indebtedness 
  
 From and after the payment in full of all Senior Indebtedness, the Holders of the Securities (together with the holders of
any other indebtedness of the Company which is subordinate in right of payment to the payment in full of all Senior Indebtedness, which is not subordinate in right of payment to the Securities and which by its terms grants such right of subrogation
to the holder thereof) shall be subrogated to the rights of the holders of Senior Indebtedness to receive payments or distributions of assets or securities of the Company applicable to the 

  

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Senior Indebtedness until the Securities shall be paid in full, and, for the purposes of such subrogation, no such payments or distributions to the holders
of Senior Indebtedness of assets or securities, which otherwise would have been payable or distributable to Holders of the Securities, shall, as between the Company, its creditors other than the holders of Senior Indebtedness, and the Holders of the
Securities, be deemed to be a payment by the Company to or on account of the Senior Indebtedness, it being understood that the provisions of this Article are and are intended solely for the purpose of defining the relative rights of the Holders of
the Securities, on the one hand, and the holders of the Senior Indebtedness, on the other hand, and nothing contained in this Article is intended to or shall impair as between the Company, its creditors other than the holders of Senior Indebtedness,
and the Holders of the Securities, the obligation of the Company, which is unconditional and absolute, to pay to the Holders of the Securities the principal of, premium, if any, and interest, if any, on the Securities as and when the same shall
become due and payable in accordance with their terms, or to affect the relative rights of the Holders of the Securities and creditors of the Company other than the holders of the Senior Indebtedness, nor shall anything herein or therein prevent the
Trustee or the Holder of a Security of any series from exercising all remedies otherwise permitted by applicable law upon default hereunder with respect to the Securities of such series subject to the rights of the holders of Senior Indebtedness,
under Section 1502, to receive cash, property or securities of the Company otherwise payable or deliverable to the Trustee or the Holders of the Securities or to a representative of such Holders, on their behalf. 
  
 Upon any distribution or payment in connection with any proceedings or sale
referred to in Section 1502(a), the Trustee and each Holder of the Securities then Outstanding shall be entitled to rely upon a certificate of the liquidating trustee or agent or other Person making any distribution or payment to the Trustee or
such Holder for the purpose of ascertaining the holders of Senior Indebtedness entitled to participate in such payment or distribution, the amount of such Senior Indebtedness or the amount payable thereon, the amount or amounts paid or distributed
thereon and all other facts pertinent thereto or to this Article. 
  
 SECTION
1504. Relative Rights 
  
 This Article Fifteen defines the
relative rights of Holders of Securities and holders of Senior Indebtedness. Nothing in this Indenture shall: 
  
 (a) impair, as between the Company and Holders of Securities, the obligation of the Company, which is absolute and unconditional, to pay principal of and
interest on the Securities in accordance with their terms; 
  
 (b)
affect the relative rights of Holders of Securities and creditors of the Company other than their rights in relation to holders of Senior Indebtedness; or 
  
 (c) prevent the Trustee or any Holder of Securities from exercising its available remedies upon a default or Event of Default, subject to the rights of
holders and owners of Senior Indebtedness to receive distributions and payments otherwise payable to Holders of Notes. 
  
 If the Company fails because of this Article Fifteen to pay principal of or interest on a Security when due in accordance with the terms of any series of
the Securities, the failure still constitutes a default for purposes of Section 501. 
  

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 SECTION 1505. Trustee to Effectuate Subordination 
 Each Holder of a Security by his acceptance thereof, whether upon original issue or upon transfer or assignment, authorizes and directs the Trustee on his
behalf to take such action as may be necessary or appropriate to effectuate the subordination provisions in this Article and appoints the Trustee his attorney-in-fact for any and all such purposes. 
 SECTION 1506. Subordination May Not Be Impaired 
 No
rights of any present or future holder of any Senior Indebtedness to enforce subordination as herein provided shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of the Trustee or any Holder of the
Securities then Outstanding, or by any act or failure to act, in good faith, by any such holder, or by any noncompliance by any such holder, with the terms, provisions and covenants of this Indenture, regardless of any knowledge thereof which any
such holder may have or otherwise be charged with. 
 Without in any way limiting the generality of the foregoing paragraph, the holders of
Senior Indebtedness may, at any time and from time to time, without the consent of or notice to the Holders of the Securities, without incurring responsibility to the Holders of the Securities and without impairing or releasing the subordination
provided in this Article or the obligations of the Holders of the Securities to the holders of Senior Indebtedness, do any one or more of the following: (i) change the manner, place or terms of payment of, or renew or alter, Senior
Indebtedness, or otherwise amend or supplement in any manner Senior Indebtedness of any instrument evidencing the same or any agreement under which Senior Indebtedness is outstanding; (ii) sell, exchange, release or otherwise deal with any
property pledged, mortgaged or otherwise securing Senior Indebtedness; (iii) release any Person liable in any manner for the collection of Senior Indebtedness; and (iv) exercise or refrain from exercising any rights against the Company and
any other Person. 
 SECTION 1507. Notice to Trustee 
 The Company shall give prompt written notice to a Responsible Officer of the Trustee of any fact known to the Company that would prohibit the making of any payment of monies to or by the Trustee in respect of the
Securities of any series pursuant to the provisions of this Article Fifteen. Notwithstanding the provisions of this Article Fifteen or any other provisions of this Indenture, the Trustee shall not be charged with knowledge of the existence of any
facts which would prohibit the making of any payment to or by the Trustee in respect of the Securities pursuant to the provisions of this Article Fifteen, unless and until a Responsible Officer of the Trustee shall have received at its Corporate
Trust Office written notice thereof from the Company or a holder or holders of Senior Indebtedness or from any trustee therefor at least two Business Days prior to such payment date; and, prior to the receipt of any such written notice, the Trustee
shall be entitled in all respects to assume that no such facts exist; provided, however, that if the Trustee shall not have received such notice at least two Business Days prior to the date upon which by the terms hereof any money or other property
may become payable for any purpose (including without limitation, the payment of the principal of, any premium or interest on any Security), then, anything herein contained to the contrary notwithstanding, the Trustee shall have full power and
authority to receive such money and to apply the same to the purposes for which they were received, and shall not be affected by any notice to the contrary that may be received by it within two Business Days prior to such date. 
 The Trustee shall be entitled to rely conclusively on the delivery to it of a written notice by a Person representing himself to be a holder of Senior
Indebtedness (or a trustee on behalf of such holder) to establish that such notice has been given by a holder of Senior Indebtedness or a trustee on behalf of any such holder. In the event that the Trustee determines in good faith that further
evidence is required with respect to the right of any 

  

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Person as a holder of Senior Indebtedness to participate in any payment or distribution pursuant to this Article Fifteen, the Trustee may request such Person
to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of Senior Indebtedness held by such Person, the extent to which such Person is entitled to participate in such payment or distribution and any other facts pertinent
to the rights of such Person under this Article Fifteen, and, if such evidence is not furnished, the Trustee may defer any payment to such Person pending judicial determination as to the right of such Person to receive such payment. 
  
 SECTION 1508. Reliance on Certificate of Liquidating Agent 
  
 Upon any payment or distribution referred to in this Article Fifteen, the
Trustee, and the Holders of the Securities shall be entitled to rely upon any order or decree entered by any court of competent jurisdiction in which a dissolution, winding up or total or partial liquidation or reorganization of the Company or
similar case or proceeding is pending, or a certificate of the trustee in bankruptcy, liquidating trustee, custodian, receiver, assignee for the benefit of creditors, agent or other Person making such payment or distribution, delivered to the
Trustee or to the Holders of the Securities, for the purpose of ascertaining the Persons entitled to participate in such distribution, the holders of the Senior Indebtedness and other indebtedness of the Company, the amount thereof or payable
thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article Fifteen. 
  
 SECTION 1509. Trustee Not Fiduciary for Holders of Senior Indebtedness 
  
 The Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Indebtedness and shall not be liable to any such holders if it shall
pay over or distribute to Holders of the Securities of any series or to the Company or to any other Person cash, property or securities to which any holders of Senior Indebtedness shall be entitled by virtue of this Article or otherwise. With
respect to holders of Senior Indebtedness of the Company, the Trustee undertakes to perform or to observe only such of its covenants and obligations as are specifically set forth in this Article Fifteen, and no implied covenants or obligations with
respect to the holders of such Senior Indebtedness shall be read into the Indenture against the Trustee. Nothing in this Article Fifteen shall apply to claims of, or payments to, the Trustee under or pursuant to Sections 506 and 607. 
  
 SECTION 1510. Rights of Trustee as Holder of Senior Indebtedness 
  
 The Trustee in its individual capacity shall be entitled to all the rights
set forth in this Article with respect to any Senior Indebtedness which may at any time be held by it, to the same extent as any other holder of Senior Indebtedness, and nothing in this Indenture shall deprive the Trustee of any of its rights as
such holder. 
  
 SECTION 1511. Article Applicable to Paying Agent

  
 In case at any time any Paying Agent (other than the
Trustee) shall have been appointed by the Company and be then acting hereunder, the term “Trustee” as used in this Article shall in such case (unless the context shall otherwise require) be construed as extending to and including such
Paying Agent within its meaning as fully for all intents and purposes as if such Paying Agent were named in this Article in addition to or in place of the Trustee; provided, however, that this Section shall not apply to the Company or any Affiliate
of the Company if it or such Affiliate acts as Paying Agent. 
  

 59 

 SECTION 1512. Payment Permitted if No Event Specified in Section 1502. 
 Nothing contained in this Article or elsewhere in this Indenture, or in any of the Securities, shall prevent (a) the Company from
making payments at any time of principal of (or premium, if any) or interest on the Securities or (b) the application by the Trustee or any Paying Agent of any moneys deposited with it hereunder to the payment of (or premium, if any) or on
account of the principal of or interest on Securities, if, at least two Business Days prior to the time of such application, the Trustee or such Paying Agent, as the case may be, did not have the written notice referred to in Section 1507 of
any event prohibiting the making of such deposit. In addition, nothing in this Article shall prevent the Company from making or the Trustee from receiving or applying any payment in connection with the redemption of Securities of a series if the
first publication of notice of such redemption (whether by mail or otherwise in accordance with this Indenture) has been made, and the Trustee has received such payment from the Company, prior to the occurrence of any of the contingencies specified
in Section 1502. 
 This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an
original, but all such counterparts shall together constitute but one and the same instrument. 
  

 60 

 IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed, as of the day and
year first above written. 
  

			
	AMBAC FINANCIAL GROUP, INC.
		
	By	 	  

	Name:	 	Sean T. Leonard
	Title:	 	Senior Vice President and Chief Financial Officer
	
	 THE BANK OF NEW YORK,
 as
Trustee

		
	By	 	  

	Name:	 	Franca Ferrara
	Title:	 	Assistant Vice PresidentCredit Agreement, dated as of February 2, 2007

 Exhibit 10.1 
  

 $1,000,000,000 
 SENIOR UNSECURED CREDIT AGREEMENT 
 Dated as of February 2, 2007, 
 by and among 
 INTELSAT (BERMUDA), LTD.,

 as the Borrower, 
 INTELSAT,
LTD., 
 as Guarantor, 
 and

 the Several Lenders 
 from Time
to Time Parties Hereto 
 BANK OF AMERICA, N.A., 
 as Administrative Agent 
 DEUTSCHE BANK SECURITIES INC., 
 as Syndication Agent 
 and 
 BANC OF AMERICA SECURITIES LLC and DEUTSCHE BANK SECURITIES INC., 
 as Joint Lead Arrangers 
 and 
 BANC OF AMERICA SECURITIES LLC, DEUTSCHE BANK SECURITIES INC., CREDIT 
 SUISSE SECURITIES (USA) LLC and MORGAN
STANLEY SENIOR FUNDING, INC., 
 as Joint Bookrunners 
 Cahill Gordon & Reindel LLP 
 80 Pine Street 
 New York, New York 10005 
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
			
	 SECTION 1.  
	  	Definitions	  	
	 1.1.  
	  	Defined Terms	  	1
			
	 SECTION 2.  
	  	Amount and Terms of Credit	  	
	2.1.  	  	Commitments	  	46
	2.2.  	  	Minimum Amount of Each Borrowing; Maximum Number of Borrowings	  	46
	2.3.  	  	Notice of Borrowing	  	46
	2.4.  	  	Disbursement of Funds	  	47
	2.5.  	  	Repayment of Loans; Evidence of Debt	  	48
	2.6.  	  	Conversions and Continuations	  	48
	2.7.  	  	Pro Rata Borrowings	  	49
	2.8.  	  	Interest	  	49
	2.9.  	  	Interest Periods	  	50
	2.10.	  	Increased Costs, Illegality, etc.	  	51
	2.11.	  	Compensation	  	53
	2.12.	  	Change of Lending Office	  	53
	2.13.	  	Notice of Certain Costs	  	53
			
	 SECTION 3.  
	  	[Reserved]	  	
			
	 SECTION 4.  
	  	Fees; Commitments	  	
	4.1.  	  	Fees	  	53
	4.2.  	  	Mandatory Termination of Commitments	  	54
			
	 SECTION 5.  
	  	Payments	  	
	5.1.  	  	Voluntary Prepayments	  	54
	5.2.  	  	Mandatory Prepayments	  	54
	5.3.  	  	Method and Place of Payment	  	55
	5.4.  	  	Net Payments	  	56
	5.5.  	  	Computations of Interest and Fees	  	58
	5.6.  	  	Limit on Rate of Interest	  	58
			
	 SECTION 6.  
	  	Conditions Precedent to Initial Borrowing on the Closing Date	  	
	6.1.  	  	Credit Documents	  	58
	6.2.  	  	No Default; Representations and Warranties	  	58
	6.3.  	  	Notice of Borrowing	  	59
	6.4.  	  	Other Conditions Precedent	  	59
			
	 SECTION 7.  
	  	[Reserved]	  	
			
	 SECTION 8.  
	  	Representations, Warranties and Agreements	  	
	8.1.  	  	Corporate Status	  	60
	8.2.  	  	Corporate Power and Authority	  	60

  

 i 

					
	8.3.  	  	No Violation	  	60
	8.4.  	  	Litigation	  	60
	8.5.  	  	Margin Regulations	  	61
	8.6.  	  	Governmental Approvals	  	61
	8.7.  	  	Investment Company Act	  	61
	8.8.  	  	True and Complete Disclosure	  	61
	8.9.  	  	Financial Condition; Financial Statements	  	61
	8.10.	  	Tax Returns and Payments	  	62
	8.11.	  	Compliance with ERISA	  	62
	8.12.	  	Subsidiaries	  	63
	8.13.	  	Patents, etc.	  	63
	8.14.	  	Environmental Laws	  	63
	8.15.	  	Properties	  	64
	8.16.	  	Solvency	  	64
	8.17.	  	Compliance	  	64
	8.18.	  	FCC Licenses, etc.	  	64
			
	SECTION 9.  	  	Affirmative Covenants	  	
	9.1.  	  	Reports and Other Information	  	65
	9.2.  	  	Books, Records and Inspections	  	66
	9.3.  	  	Maintenance of Insurance	  	66
	9.4.  	  	Payment of Taxes	  	67
	9.5.  	  	Consolidated Corporate Franchises	  	67
	9.6.  	  	Compliance with Statutes, Regulations, etc.	  	67
	9.7.  	  	ERISA	  	68
	9.8.  	  	Maintenance of Properties	  	68
	9.9.  	  	[Reserved]	  	68
	9.10.	  	[Reserved]	  	68
	9.11.	  	Changes in Business	  	69
	9.12.	  	Use of Proceeds	  	69
	9.13.	  	[Reserved]	  	69
	9.14.	  	Further Instruments and Acts	  	69
	9.15.	  	[Reserved]	  	69
	9.16.	  	Intelsat General Corporation	  	69
	9.17.	  	Maintenance of Rating of Facility	  	69
			
	SECTION 10.	  	Negative Covenants	  	
	10.1.	  	Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock	  	69
	10.2.	  	Limitation on Restricted Payments	  	75
	10.3.	  	Dividend and Other Payment Restrictions Affecting Subsidiaries	  	81
	10.4.	  	Asset Sales	  	83
	10.5.	  	Transactions with Affiliates	  	85
	10.6.	  	Change of Control	  	88
	10.7.	  	Future Guarantors	  	88
	10.8.	  	Liens	  	88
	10.9.	  	Suspension of Covenants	  	89

  

 ii 

					
	10.10.  	  	When Borrower May Merge or Transfer Assets	  	90
	10.11.  	  	Successor Company Substituted	  	92
			
	SECTION 11.  	  	[Reserved]	  	
			
	SECTION 12.  	  	Events of Default	  	
	12.1.  	  	Events of Default	  	92
	12.2.  	  	Acceleration	  	94
	12.3.  	  	Other Remedies	  	94
	12.4.  	  	Waiver of Past Defaults	  	94
	12.5.  	  	Control by Majority	  	95
	12.6.  	  	Limitation on Suits	  	95
	12.7.  	  	Rights of the Lenders to Receive Payment	  	95
	12.8.  	  	Priorities	  	96
			
	SECTION 13.  	  	The Administrative Agent	  	
	13.1.  	  	Appointment	  	96
	13.2.  	  	Delegation of Duties	  	96
	13.3.  	  	Exculpatory Provisions	  	96
	13.4.  	  	Reliance by Administrative Agent	  	97
	13.5.  	  	Notice of Default	  	97
	13.6.  	  	Non-Reliance on Administrative Agent and Other Lenders	  	97
	13.7.  	  	Indemnification	  	98
	13.8.  	  	Administrative Agent in Its Individual Capacity	  	98
	13.9.  	  	Successor Agent	  	99
	13.10.	  	Withholding Tax	  	99
	13.11.	  	[Reserved]	  	99
			
	SECTION 14.  	  	Miscellaneous	  	
	14.1.  	  	Amendments and Waivers	  	99
	14.2.  	  	Notices	  	101
	14.3.  	  	No Waiver; Cumulative Remedies	  	102
	14.4.  	  	Survival of Representations and Warranties	  	102
	14.5.  	  	Payment of Expenses and Taxes	  	102
	14.6.  	  	Successors and Assigns; Participations and Assignments	  	103
	14.7.  	  	Replacements of Lenders Under Certain Circumstances	  	106
	14.8.  	  	Adjustments; Set-off	  	107
	14.9.  	  	Counterparts	  	107
	14.10.	  	Severability	  	107
	14.11.	  	Integration	  	108
	14.12.	  	GOVERNING LAW	  	108
	14.13.	  	Submission to Jurisdiction; Consent to Service; Waivers	  	108
	14.14.	  	Acknowledgments	  	109
	14.15.	  	WAIVERS OF JURY TRIAL	  	109
	14.16.	  	Confidentiality	  	109
	14.17.	  	No Advisory or Fiduciary Responsibility	  	110
	14.18.	  	USA PATRIOT Act	  	111

  

 iii 

					
	14.19.	  	Conversion of Currencies	  	111
			
	SECTION 15.  	  	Holdings Guarantee	  	
	15.1.  	  	The Holdings Guarantee	  	111
	15.2.  	  	Bankruptcy	  	112
	15.3.  	  	Nature of Liability	  	112
	15.4.  	  	Independent Obligations	  	113
	15.5.  	  	Authorization	  	113
	15.6.  	  	Reliance	  	114
	15.7.  	  	[Reserved]	  	114
	15.8.  	  	Waivers	  	114
	15.9.  	  	Maximum Liability	  	114
	15.10.	  	Holdings Guarantee Release	  	115

  

 iv 

 SCHEDULES 
  

			
	Schedule 1.1 (a)	  	Commitments of Lenders
	Schedule 1.1(b)	  	Administrative Agent Details
	Schedule 8.12	  	Subsidiaries of Intelsat Subholdco
		
	EXHIBITS	  	
		
	Exhibit A	  	Form of Guarantee
	Exhibit B-1	  	Form of Legal Opinion of Wachtell, Lipton, Rosen & Katz
	Exhibit B-2	  	Form of Legal Opinion of Appleby Hunter Bailhache
	Exhibit B-3	  	Form of Legal Opinion of Wiley Rein LLP
	Exhibit B-4	  	Form of Legal Opinion of General Counsel of the Borrower
	Exhibit B-5	  	Form of Legal Opinion of Richards Layton & Finger
	Exhibit B-6	  	Form of Legal Opinion of Baker & McKenzie, LLP
	Exhibit C	  	Form of Closing Certificate
	Exhibit D	  	Form of Assignment and Acceptance
	Exhibit E	  	Form of Promissory Note

  

 v 

 SENIOR UNSECURED CREDIT AGREEMENT, dated as of February 2, 2007 (as amended, restated, supplemented
or otherwise modified from time to time, this “Agreement”), among INTELSAT (BERMUDA), LTD. (the “Borrower”), Intelsat, Ltd. (“Holdings”), as a Guarantor, the lending institutions from time to time
parties hereto (each a “Lender” and, collectively, the “Lenders”), BANK OF AMERICA, N.A., as Administrative Agent, BANC OF AMERICA SECURITIES LLC, as Joint Lead Arranger and Joint Bookrunner, DEUTSCHE BANK
SECURITIES INC., as Joint Lead Arranger and Joint Bookrunner (such term and each other capitalized term used but not defined in this introductory statement having the meaning provided in Section 1), CREDIT SUISSE SECURITIES (USA) LLC, as Joint
Bookrunner, MORGAN STANLEY SENIOR FUNDING, INC., as Joint Bookrunner and DEUTSCHE BANK SECURITIES INC., as Syndication Agent. 
 WHEREAS, the
Borrower intends to refinance the existing Floating Rate Senior Note due 2012 of Intelsat Subholdco (the “Refinancing”); 
 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): 
 “ABR” shall mean, for any day, a fluctuating rate per annum equal to the higher of (a) the Federal Funds Rate plus 1/2 of 1% and
(b) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its “prime rate.” The “prime rate” is a rate set by Bank of America based upon various factors including Bank of
America’s costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below such announced rate. Any change in such rate announced by Bank
of America shall take effect at the opening of business on the day specified in the public announcement of such change 
 “ABR
Loan” shall mean each Loan bearing interest at the ABR rate plus the ABR Margin. 
 “ABR Margin” shall mean, at any
date, 150 basis points. 
 “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,

  

 1 

 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 the Borrower became the owner
of all of the outstanding share capital of PanAmSat Holdco pursuant to the Transaction Agreement. 
 “Acquisition Documents”
shall mean the Transaction Agreement, the Credit Agreements, the Intelsat Bermuda Notes, the 9% Senior Notes due 2016 of PanAmSat Opco, the Intelsat Bermuda Intercompany Loan, the Intelsat Bermuda Bridge Loan, 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. 
 “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; provided that any interest expense set forth in clause (4) of the definition of
Consolidated Interest Expense shall be included in the calculation of Adjusted EBITDA solely for purposes of calculating Cumulative Credit, unless 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, facility closure costs, leasehold termination 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) $12.5 million and (y) 1.25% of Adjusted EBITDA of such Person and its Restricted Subsidiaries; plus 
 (6) reversals of allowance for customer credits, including any amounts receivable for such period in connection with contracts that are attributable to Globo Comunicacões e Participacões, Ltda.’s
involvement in arrangements with Sky Multi-Country Partners; plus 
 (7) collections on investments in sales-type
leases during such period, to the extent not otherwise included in Consolidated Net Income for such period; plus 
  

 2 

 (8) lease-back expenses net of deferred gains; less, without duplication,

 (9) any gross profit (loss) on sales-type leases included in Consolidated Net Income for such period; and 
 (10) 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 Bank of America, N.A. as the administrative agent for the Lenders under this Agreement and the other Credit Documents. 
 “Administrative Agent’s Office” means the Administrative Agent’s address and, as appropriate, account as set forth on
Schedule 1.1(b), or such other address or account as the Administrative Agent may from time to time notify to the Borrower and the Lenders. 
 “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. 
 “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). 
 “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 
  

 3 

 (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 $50.0 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)
of reasonably comparable or greater market value or usefulness to 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) $50.0 million shall be evidenced by an Officers’ Certificate, and (2) $100.0 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 

  

 4 

 
“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 $75.0 million shall be deemed to be $50.0 million; and 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 disposition of assets, equity or property of the Borrower or any Restricted Subsidiary of the Borrower pursuant to the Specified Intercompany Agreements; 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. 
 “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. 
 “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. 
 “Bank of America” shall mean Bank of America, N. A. and its successors. 
 “Board” shall mean the Board of Governors of the Federal Reserve System of the United States (or any successor). 
  

 5 

 “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 one Type of Loan on the Closing Date (or resulting from conversions on a given date
after the Closing Date) having, in the case of LIBOR Loans, the same Interest Period (provided that ABR Loans incurred pursuant to Section 2.10(b) shall be considered part of any related Borrowing of LIBOR Loans). 
 “Business Day” shall mean (i) for all purposes other than as covered by clause (ii) below, 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 and (ii) with respect to all notices and determinations in connection with,
and payments of principal and interest on, LIBOR Loans, any day which is a Business Day described in clause (i) above and which is also a day for trading by and between banks in U.S. dollar deposits in the New York or London interbank
eurodollar market. 
 “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. 
 “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; 
  

 6 

 (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 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 
 (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 

  

 7 

 
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. 
 Notwithstanding the foregoing, no (i) Specified Merger/Transfer Transaction or (ii) Subsidiary Transfer Transaction, shall constitute a Change of Control. 
 “Change of Control Offer” shall have the meaning provided in Section 5.2. 
 “Closing Date” shall mean February 2, 2007. 
 “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. 
 “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 $1,000,000,000. 
 “Confidential Information” shall have the meaning provided in Section 14.16. 
 “Confidential Information Memorandum” shall mean the confidential information memorandum of the Borrower dated January, 2007 in
connection with this Agreement. 
 “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 such Person and its Restricted Subsidiaries; and 
  

 8 

 (4) with respect to any Person, consolidated interest expense of any Parent of such
Person for such period with respect to the Existing Intelsat 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,
Investment, acquisition, disposition, recapitalization 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 and the Contemporaneous Refinancings, 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 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; 
 (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 excluded; provided that Consolidated Net Income of the referent Person shall be increased by the amount of dividends or distributions or
other 

  

 9 

 
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 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 by the
operation of the terms of any agreement applicable to such Restricted Subsidiary, 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; 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) (a) 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 and (b) the effects of adjustments in any line
item in such Person’s consolidated financial statements required or permitted by the Financial Accounting Standards Board Statement Nos. 141 and 142 resulting from the application of purchase accounting, net of taxes, 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 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 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; 
 (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; 
  

 10 

 (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;

 (15) any net loss resulting from currency exchange risk Hedging Obligations shall be excluded; 
 (16) any reserves for long-term receivables and sales type lease adjustments, including customer-related long-term receivables evaluated
as uncollectible shall be excluded; 
 (17) non-operating expenses, including transaction related fees and expenses related to
acquisitions and due diligence for acquisitions shall be excluded; and 
 (18) minority interest expenses (less cash dividends
actually paid to the holders of such minority interests) shall be excluded. 
 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 such Person or a Restricted Subsidiary of
such Person 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, withholding taxes paid or accrued 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 such Person and its Restricted Subsidiaries and (2) the aggregate amount of all outstanding Disqualified Stock of such Person and all Preferred Stock of its Restricted Subsidiaries, with the
amount 

  

 11 

 
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. 
 “Contemporaneous Refinancings” shall mean the Refinancing and the Borrower’s repayment of the Intelsat Bermuda Bridge Loan and the issuance of $600 million principal amount of floating rate senior notes due 2015 on
January 12, 2007. 
 “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. 
  

 12 

 “Credit Agreements” shall mean the Intelsat Credit Agreement and the PanAmSat Credit
Agreement. 
 “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 
 (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 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 

  

 13 

 
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, 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). 
 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 $50.0 million, shall be set forth in an Officers’
Certificate or 
 (B) in the event of property with a Fair Market Value in excess of $100.0 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 such Person 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 

  

 14 

 
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 such Person 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 such Person 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 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, to the extent applicable,
from the Transactions) and (2) all adjustments used in connection with the calculation of “Intelsat Bermuda Adjusted EBITDA” as set forth in footnote 4 to the “Summary Historical and Pro Forma Consolidated 

  

 15 

 
Financial Data” under “Offering Memorandum Summary” in the Offering Memorandum to the extent such adjustments, without duplication, 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, its Restricted Subsidiaries or any Parent of the Borrower or its Restricted Subsidiaries, 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 Loans,

 (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 

  

 16 

 
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 now or hereafter in effect and in each case as amended, 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. 
 “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. 
  

 17 

 “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. 
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 “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 

  

 18 

 
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 of its Subsidiaries, 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 Borrower to earn revenue from the operation of such Satellite (or portion, as applicable) in excess of $75.0 million for the immediately succeeding 12-month calendar period or (ii) that has a net book value
not in excess of $200.0 million or (iii) that (1) the procurement of In-Orbit Insurance therefor in the amounts and on the terms required by Section 9.3 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 Borrower, 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 Borrower, to earn revenue from the operation of such Satellite (or portion, as applicable) in excess of $75.0 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 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 Intelsat Notes” means
(a) the 5 1/4% Senior Notes due 2008, (b) the 7 5/8% Senior Notes due 2012 and (c) the 6 1/2% Senior Notes due 2013, in each case, of Holdings. 
 “Existing
Subsidiary Notes” shall mean (a) the 8 1/4% Senior Notes due 2013 and the 8 5/8% Senior Notes due 2015, in each case, of Intelsat Subholdco, (b) the 9 1/4% Senior Discount Notes due 2015 of Intelsat Intermediate Holdco (and including any notes issued in exchange
therefor) and, (c) the Secured 6 3/8% Senior Notes due 2008, the Secured 6 7/8% Senior Debentures due 2028, the 9% Senior Notes due 2014, the 8 1/2% Senior Notes due 2012 and the 9% Senior Notes due 2016 (and including any notes issued in exchange therefor), in each case, of PanAmSat Opco.

 “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. 
  

 19 

 “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 December 13, 2006 by and among
the Borrower and the lenders and agents 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.

 “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. 
 “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. 
  

 20 

 “Government Business Subsidiary” shall mean any Restricted Subsidiary of the Borrower,
including Intelsat General Corporation for so long as it is a 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 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. On the Closing Date, Holdings, Intelsat Subholdco, Intelsat Global Sales & Marketing Ltd., Intelsat Global Service Corporation, Intelsat Holdings LLC, Intelsat LLC, Intelsat UK Financial Services Ltd., Intelsat USA
License Corp. and Intelsat USA Sales Corp. will be Guarantors. 
 “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,
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 
 (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 

  

 21 

 
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. 
  

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 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 Borrower, is available on
a contingency basis from the Borrower or its Restricted Subsidiaries, or any Subsidiary of any Parent of the Borrower, directly or from 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; it being understood 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 coinsurance 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 Bridge Loan” shall mean the senior unsecured credit agreement entered into
on July 3, 2006, among the Borrower, the financial institutions named therein and Deutsche Bank AG Cayman Islands Branch (or an affiliate thereof), as Administrative Agent, as amended, restated, supplemented, or waived from time to time.

  

 23 

 “Intelsat Bermuda Floating Rate Notes” shall mean the floating rate senior notes due
2013 of the Borrower, and shall include any exchange notes issued in exchange therefor pursuant to the applicable registration rights agreement. 
 “Intelsat Bermuda Guaranteed Fixed Rate Notes” shall mean the 9 1/4% senior notes due 2016 of the Borrower, and shall include any exchange notes issued in exchange therefor pursuant to the applicable registration rights
agreement. 
 “Intelsat Bermuda Intercompany Loan” shall mean the intercompany loans by
the Borrower (irrespective of any subsequent holder of such loans so long as a subsidiary of the Borrower) to PanAmSat Holdco to fund the payment of a portion of the purchase price of the 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.

 “Intelsat Bermuda Non-Guaranteed Notes” shall mean the 11 1/4% senior notes due 2016 and the floating rate senior notes due 2015, in each case of the Borrower, and shall
include any exchange notes issued in exchange therefor pursuant to the applicable registration rights agreement. 
 “Intelsat
Bermuda Notes” shall mean the Intelsat Bermuda Floating Rate Notes, the Intelsat Bermuda Guaranteed Fixed Rate Notes, and the Intelsat Bermuda Non-Guaranteed Notes. 
 “Intelsat Bermuda Notes Indentures” shall mean the Indentures dated as of July 3, 2006, and January 12, 2007, among Intelsat
(Bermuda), Ltd., the guarantors party thereto (if any) and Wells Fargo Bank, National Association, relating to the Intelsat Bermuda Notes, as in effect on the Closing Date, as the same may be amended, supplemented or otherwise modified in accordance
with the terms hereof and thereof. 
 “Intelsat Credit Agreement” shall mean (i) the credit agreement entered into on
July 3, 2006 in connection with, the consummation of the Acquisition, among Intelsat Sub Holdco, Intelsat Intermediate Holdco, the financial institutions named therein and Citicorp USA, Inc. (or an affiliate thereof), as Administrative Agent,
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, 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 

  

 24 

 
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 Intermediate Holdco” shall mean Intelsat Intermediate Holding
Company, Ltd., until a successor replaces it, and thereafter means such successor. 
 “Intelsat Subholdco” shall mean
Intelsat Subsidiary Holding Company, Ltd., until a successor replaces it, and thereafter means such successor. 
 “Interest
Period” shall mean, with respect to any Loan, the interest period applicable thereto, as determined pursuant to Section 2.9. 
 “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 
 (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 

  

 25 

 
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 Banc of America Securities LLC and Deutsche Bank Securities Inc. 
 “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 to fund its portion of any unreimbursed payment under Section 3.3 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),
2.1(d)or 3.3. 
 “LIBOR Loan” shall mean any Loan bearing interest at the LIBOR Rate plus the LIBOR Margin. 
 “LIBOR Margin” shall mean 250 basis points. 
 “LIBOR Rate” shall mean, for any Interest Period with respect to a LIBOR Loan, the rate per annum equal to the British Bankers Association LIBOR Rate (“BBA LIBOR”), as published by
Reuters (or other commercially available source providing quotations of BBA LIBOR as designated by the Administrative Agent from time to time) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest
Period, for Dollar deposits (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period. If such rate is not available at such time for any reason, then the “LIBOR Rate” for such Interest Period
shall be the rate per annum determined by the Administrative Agent to be the rate at which deposits in Dollars for delivery on the first day of such Interest Period in same day funds in the approximate amount of the LIBOR Loan being made, continued
or converted by Bank of America and with a term equivalent to such Interest Period would be offered by Bank of 

  

 26 

 
America’s London Branch to major banks in the London interbank eurodollar market at their request at approximately 11:00 a.m. (London time) two Business
Days prior to the commencement of such Interest Period. 
 “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 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; provided, however, that other than
as set forth in Section 2.1 (a), any references to “Loan” shall mean 100% of the principal amount at maturity of the applicable portion of the Commitments. 
 “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, on the Business Day next
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. 
 “Master Intercompany Services Agreement” shall mean the Master Intercompany Services Agreement, dated as of July 3, 2006, among the Borrower and certain direct and indirect Parent companies and Subsidiaries of the
Borrower and the other parties thereto, 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). 
 “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. 
  

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 “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, 2014. 
 “Minimum Borrowing
Amount” shall mean, with respect to a Borrowing of Loans, $1,000,000. 
 “Moody’s” shall mean Moody’s
Investors Service, Inc. or any successor by merger or consolidation to its business. 
 “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. 
 “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). 
  

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 “Non-U.S. Participant” shall mean any Participant that if it were a Lender would qualify
as a Non-U.S. Lender. 
 “Notice of Borrowing” shall have the meaning provided in Section 2.3.  
 “Notice of Conversion or Continuation” shall have the meaning provided in Section 2.6(a). 
 “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. 
 “Offering Memorandum” shall mean the offering memorandum related to the Floating Rate Senior Notes due 2015 of the Borrower dated
January 9, 2007. 
 “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 Issuer 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 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 Credit Agreement” shall mean (i) the amended and restated credit agreement entered into on July 3, 2006 in
connection with the consummation of the Acquisition, among PanAmSat Opco, the financial institutions named therein and Citicorp USA, Inc. (or an affiliate thereof), as Administrative Agent, 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, 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, 

  

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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. 
 “PanAmSat Holdco” shall mean Intelsat Holding Corporation (formerly PanAm-Sat 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). 
 “Payment Office” shall mean the office of the Administrative Agent located 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. 
 “PBGC” shall mean the Pension Benefit Guaranty Corporation established pursuant to Section 4002 of ERISA, or any successor thereto. 
 “Permitted Debt” shall have the meaning provided in Section 10.1. 
 “Permitted
Holders” shall mean, at any time, the Sponsors. 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; 
  

 30 

 (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 $40.0 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) [Reserved]; 
 (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) $350.0 million and (y) 3% 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 (10) 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 (10) for so long as such Person continues to be a Restricted Subsidiary; 
 (11) loans and advances to officers, directors and employees for businessrelated travel expenses, moving and relocation expenses and other similar expenses, in each case Incurred in the ordinary course of business;

 (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, 

  

 31 

 
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;
provided that the proceeds of the Indebtedness being guaranteed would be applied in a manner that would otherwise comply with Section 10.2(a) (other than Section 10.2(a)(iv)); 
 (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 $50.0 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 

  

 32 

 
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 
 (23) any Investment in
the Intelsat Bermuda Notes or the Loans. 
 “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 2.50 to 1.00 and (B) Liens securing Indebtedness permitted to be Incurred pursuant to the
Non-Guarantor Exception and Sections 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 

  

 33 

 
(iv)), (xii) or (xx) of Section 10.1(b); provided that in the case of the Non-Guarantor Exception and Section 10.1(b)(xx), such
Lien does not extend to the property or assets of the Borrower or any Subsidiary of the Borrower other than a Restricted Subsidiary of the Borrower that is not a Guarantor; 
 (7) Liens existing on the Closing Date; 
 (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; 
  

 34 

 (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; 
 (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 $75.0 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). 
  

 35 

 “Private Act” shall mean separate legislation enacted in Bermuda with the intention that
such legislation apply specifically to a Credit Party, in whole or in part. 
 “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). 
 “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 

  

 36 

 
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 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. 
  

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 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 certificate of an Authorized Officer certifying that such designation complied with
the foregoing conditions. 
 “Reference Lender” shall mean the Administrative Agent. 
 “Refinancing” shall have the meaning provided in the recitals hereto. 
 “Register” shall have the meaning provided in Section 14.6(b)(iv). 
 “Regulation D” shall mean Regulation D of the Board as from time to time in effect and any successor to all or a portion thereof
establishing reserve requirements. 
 “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. 
 “Required Lenders” shall mean, at any date, Non-Defaulting Lenders having or holding a majority of the outstanding principal amount 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 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. 
 “S&P” shall mean Standard & Poor’s Ratings Group or any successor to the rating agency business thereof. 

 

 38 

 “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 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 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 such Person 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 such Person 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 

  

 39 

 
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 such Person 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, merger or operational change (including, to the extent applicable, from the Transactions) and (2) all adjustments used in connection with the calculation of
“Intelsat Bermuda Adjusted EBITDA” as set forth in footnote 4 to the “Summary Historical and Pro Forma Consolidated Financial Data” under “Offering Memorandum Summary” in the Offering Memorandum to the extent such
adjustments, without duplication, 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 Credit Agreement, 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. 
 “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 

  

 40 

 
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 Existing PanAmSat Notes” shall mean the 9% Senior Notes due 2014 of PanAmSat Opco. 
 “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 Apax Partners Worldwide LLP and Apax Partners, L.P., (2) one or more investment funds advised, managed or controlled by Apollo Management V, L.P., (3) one or more investment funds advised,
managed or controlled by Madison Dearborn Partners LLC and (4) one or more investment funds advised, managed or controlled by Permira Advisers LLC and, in each case, (whether individually or as a group) their Affiliates. 
 “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). 
 “Statutory Reserve Rate” shall mean, for any day as applied to any LIBOR
Loan, a fraction (expressed as a decimal), the numerator of which is the number one and the denominator of which is the number one minus the aggregate of the maximum reserve percentages that are in effect on that day (including any marginal,
special, emergency or supplemental reserves), expressed as a decimal, as prescribed by the Board and to which the Administrative Agent is subject, for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation

  

 41 

 
D of the Board). Such reserve percentages shall include those imposed pursuant to such Regulation D. LIBOR Loans shall be deemed to constitute eurocurrency
funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time to any Lender under such Regulation D or any comparable regulation. The Statutory
Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage. 
 “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 hereafter (for so long as such Subsidiary shall remain a Guarantor).

 “Subsidiary Transfer Transactions” shall mean the transfer of all or a portion of the equity, assets and liabilities of
any of the Borrower or any of its Restricted Subsidiaries between or among any of the Borrower and/or any of its Restricted Subsidiaries. 
 “Successor Borrower” shall have the meaning provided in Section 10.3(a). 
 “Syndication
Agent” shall mean Deutsche Bank Securities Inc., together with its affiliates under this Agreement and the other Credit Documents. 
 “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 

  

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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 Merger Agreement, dated
as of August 28, 2005, among Borrower, PanAmSat Holdco and the other parties thereto, as amended, supplemented or modified from time to time. 
 “Transactions” shall mean the Acquisition and the transactions related thereto, including as contemplated by the Acquisition Documents (including any Equity Interest payments made in connection therewith (whether on
July 3, 2006 or thereafter)), the incurrence of the Intelsat Bermuda Notes, the Intelsat Bermuda Bridge Loan, amendments and borrowings made pursuant to (and/or refinancing of) the Credit Agreements on July 3, 2006, if any, the execution
and performance of the Specified Intercompany Agreements, the repurchase of and offers to repurchase the Specified Existing PanAmSat Notes and the funding thereof, the Subsidiary Transfer Transactions, and the other transactions in connection with
the foregoing. 
 “Transferee” shall have the meaning provided in Section 14.6(e). 
 “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. 
 “Type” shall mean, as to any
Loan, its nature as an ABR Loan or a LIBOR Loan. 
 “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. 
  

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 “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 either (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. 
 Any such designation by the Board of Directors
of the Borrower shall be evidenced to the Trustee by promptly filing with the Trustee 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). 
  

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 “U.S. Government Obligations” shall mean securities that are: 
 (1) direct obligations of the United States of America for the timely payment of which its full faith and credit is pledged, or

 (2) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of
America the timely payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, which, in each case, are not callable or redeemable at the option of the Borrower thereof, and shall also
include a depository receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act) as custodian with respect to any such U.S. Government Obligations or a specific payment of principal of or interest on any such U.S. Government
Obligations held by such custodian for the account of the holder of such depository receipt; provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such
depository receipt from any amount received by the custodian in respect of the U.S. Government Obligations or the specific payment of principal of or interest on the U.S. Government Obligations evidenced by such depository receipt. 
 “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. 
 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. 
  

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 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 99.50% of the respective Commitment of such
Lender. 
 (b) Such Loans (i) shall be made on the Closing Date, (ii) may at the option of the Borrower be incurred and maintained
as, and/or converted into, ABR Loans or LIBOR Loans, provided that all such Loans made by each of the Lenders pursuant to the same Borrowing shall, unless otherwise specifically provided herein, consist entirely of Loans of the same Type,
(iii) may be repaid or prepaid in accordance with the provisions hereof, but once repaid or prepaid, may not be reborrowed, (iv) shall not exceed for any such Lender the Commitment of such Lender and (v) shall not exceed in the
aggregate the total of all Commitments. On the Maturity Date, all then unpaid Loans (which, for the avoidance of doubt, shall, notwithstanding Section 2.1(a), equal an aggregate principal amount of $1,000,000,000, less any repayments prior to the
Maturity Date) shall be repaid in full. 
 (c) Each Lender may at its option make any LIBOR Loan by causing any domestic or foreign branch or
Affiliate of such Lender to make such Loan, provided that (A) any exercise of such option shall not affect the obligation of the Borrower to repay such Loan and (B) in exercising such option, such Lender shall use its reasonable
efforts to minimize any increased costs to the Borrower resulting therefrom (which obligation of the Lender shall not require it to take, or refrain from taking, actions that it determines would result in increased costs for which it will not be
compensated hereunder or that it determines would be otherwise disadvantageous to it and in the event of such request for costs for which compensation is provided under this Agreement, the provisions of Section 2.10 shall apply). 
 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 and shall not be less than the Minimum Borrowing Amount with respect thereto. More than one Borrowing may be incurred on any date, provided that at no time shall there be outstanding more than twelve
(12) Borrowings of LIBOR Loans under this Agreement. 
 2.3. Notice of Borrowing. 
 (a) The Borrower shall give the Administrative Agent at the Administrative Agent’s Office (i) prior to 12:00 Noon (New York City time) at least
three Business Days’ prior written notice (or telephonic notice promptly confirmed in writing) of the Borrowing of Loans on the Closing Date if all or any of such Loans are to be initially LIBOR Loans, and (ii) prior written notice (or
telephonic notice promptly confirmed in writing) prior to 10:00 a.m. (New York City time) on the date of the Borrowing of Loans if all such Loans are to be ABR Loans. Such notice (a “Notice of Borrowing”) shall be irrevocable and
shall specify (i) the aggregate principal amount of the Loans to be made, (ii) the date of the Borrowing (which shall be the Closing Date) and (iii) whether the Loans shall consist of ABR Loans and/or LIBOR Loans and, if the Loans

  

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are to include LIBOR Loans, the Interest Period to be initially applicable thereto. 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 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
hereby waives the right to dispute the Administrative Agent’s record of the terms of any such telephonic notice. 
 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 in immediately available funds to the Administrative Agent at the Administrative Agent’s Office and the Administrative Agent will
make available to the Borrower, by depositing to the Borrower’s account at the Administrative Agent’s Office 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 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, 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 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 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 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, 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 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). 
  

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 2.5. Repayment of Loans; Evidence of Debt. 
 (a) The Borrower shall repay to the Administrative Agent, for the benefit of the Lenders, on the Maturity Date, the then-unpaid Loans, in Dollars (which,
for the avoidance of doubt, shall equal an aggregate principal amount at maturity of $1,000,000,000, less any repayments prior to the Maturity Date). 
 (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 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. 
 (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 to each Lender hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder from the Borrower 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 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 to repay (with applicable interest) the Loans made to the Borrower by such Lender in
accordance with the terms of this Agreement. 
 2.6. Conversions and Continuations. 
 (a) The Borrower shall have the option on any Business Day to convert all or a portion equal to at least the Minimum Borrowing Amount of the outstanding
principal amount of Loans made to the Borrower of one Type into a Borrowing or Borrowings of another Type and the Borrower shall have the option on any Business Day to continue the outstanding principal amount of any LIBOR Loans as LIBOR Loans for
an additional Interest Period, provided that (i) no partial conversion of LIBOR Loans shall reduce the outstanding principal amount of LIBOR Loans made pursuant to a single Borrowing to less than the Minimum Borrowing Amount,
(ii) ABR Loans may not be converted into LIBOR Loans if a Default or Event of Default is in existence on the date of the conversion and the Administrative Agent has or the Required Lenders have determined in its or their sole discretion not to
permit such conversion, (iii) LIBOR Loans may not be continued as LIBOR Loans for an additional Interest Period if a Default or Event of Default is in existence on the date of the proposed continuation and the Administrative Agent has or the
Required Lenders have determined in its or their sole discretion not to permit 

  

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such continuation and (iv) Borrowings resulting from conversions pursuant to this Section 2.6 shall be limited in number as provided in
Section 2.2. Each such conversion or continuation shall be effected by the Borrower by giving the Administrative Agent at the Administrative Agent’s Office prior to 12:00 Noon (New York City time) at least three Business Days’ (or one
Business Day’s notice in the case of a conversion into ABR Loans) prior written notice (or telephonic notice promptly confirmed in writing) (each, a “Notice of Conversion or Continuation”) specifying the Loans to be so
converted or continued, the Type of Loans to be converted or continued into and, if such Loans are to be converted into or continued as LIBOR Loans, the Interest Period to be initially applicable thereto. The Administrative Agent shall give each
Lender notice as promptly as practicable of any such proposed conversion or continuation affecting any of its Loans. 
 (b) If any Default or
Event of Default is in existence at the time of any proposed continuation of any LIBOR Loans and the Administrative Agent has or the Required Lenders have determined in its or their sole discretion not to permit such continuation, such LIBOR Loans
shall be automatically converted on the last day of the current Interest Period into ABR Loans. If upon the expiration of any Interest Period in respect of LIBOR Loans, the Borrower has failed to elect a new Interest Period to be applicable thereto
as provided in paragraph (a) above, the Borrower shall be deemed to have elected to continue such Borrowing of LIBOR Loans into a Borrowing of ABR Loans, effective as of the expiration date of such current Interest Period. 
 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) The unpaid principal amount of each ABR Loan shall bear interest from the date of the Borrowing thereof until maturity (whether by acceleration or
otherwise) at a rate per annum that shall at all times be the ABR Margin plus the ABR in effect from time to time. 
 (b) The unpaid
principal amount of each LIBOR Loan shall bear interest from the date of the Borrowing thereof until maturity thereof (whether by acceleration or otherwise) at a rate per annum that shall at all times be the LIBOR Margin in effect from time
to time plus the relevant LIBOR Rate. 
 (c) If all or a portion of (i) the principal amount 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). 
  

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 (d) Interest on each Loan shall accrue from and including the date of any Borrowing to but excluding the
date of any repayment thereof and shall be payable (i) in respect of each ABR Loan, quarterly in arrears on the last Business Day of each March, June, September and December, (ii) in respect of each LIBOR Loan, on the last day of each
Interest Period applicable thereto, in the case of an Interest Period in excess of three months, on each date occurring at three-month intervals after the first day of such Interest Period, and (iii) in respect of each Loan (except, other than
in the case of prepayments, any ABR Loan), on any prepayment (on the amount prepaid), at maturity (whether by acceleration or otherwise) and, after such maturity, on demand. 
 (e) All computations of interest hereunder shall be made in accordance with Section 5.5. 
 (f) The Administrative Agent, upon determining the interest rate for any Borrowing of LIBOR Loans, shall promptly notify the Borrower and the relevant
Lenders thereof. Each such determination shall, absent clearly demonstrable error, be final and conclusive and binding on all parties hereto. 
 2.9. Interest Periods. At the time the Borrower gives a Notice of Borrowing or Notice of Conversion or Continuation in respect of the making of, or conversion into or continuation as, a Borrowing of LIBOR Loans (in the case of the
initial Interest Period applicable thereto) or prior to 10:00 a.m. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to a Borrowing of LIBOR Loans, the Borrower shall have the right to elect by
giving the Administrative Agent written notice (or telephonic notice promptly confirmed in writing) the Interest Period applicable to such Borrowing, which Interest Period shall, at the option of the Borrower be a one, two, three, six or (if
available to all the Lenders making such loans as determined by such Lenders in good faith based on prevailing market conditions) a nine or twelve month period, provided that the initial Interest Period may be for a period less than one month
if agreed upon by the Borrower and the Agents. 
 Notwithstanding anything to the contrary contained above: 
 (a) the initial Interest Period for any Borrowing of LIBOR Loans shall commence on the date of such Borrowing and each Interest Period
occurring thereafter in respect of such Borrowing shall commence on the day on which the next preceding Interest Period expires; 
 (b) if any Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day, provided that if any Interest Period in respect of a LIBOR Loan would
otherwise expire on a day that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; 
 (c) the Borrower shall not be entitled to elect any Interest Period in respect of any LIBOR Loan if such Interest Period would extend
beyond the Maturity Date; and 
  

 50 

 (d) in lieu of making any payment permitted or required under this Agreement in respect
of any LIBOR Loan other than on the last day of the Interest Period therefor so long as no Default or Event of Default shall have occurred and be continuing, the Borrower at its option may deposit with the Administrative Agent an amount equal to the
amount of the LIBOR Loan to be prepaid and such LIBOR Loan shall be repaid on the last day of the Interest Period therefor in the required amount. Such deposit shall be held by the Administrative Agent in a corporate time deposit account established
on terms reasonably satisfactory to the Administrative Agent, earning interest at the then-customary rate for accounts of such type. Such deposit shall constitute cash collateral for the Obligations, provided that the Borrower may at any time
direct that such deposit be applied to make the applicable payment required pursuant to this Section 2.9. 
 2.10. Increased Costs,
Illegality, etc. 
 (a) In the event that (x) in the case of clause (i) below, the Administrative Agent or (y) in the case
of clauses (ii) and (iii) below, any Lender shall have reasonably determined (which determination shall, absent clearly demonstrable error, be final and conclusive and binding upon all parties hereto): 
 (i) on any date for determining the LIBOR Rate for any Interest Period that (x) deposits in the principal amounts of the Loans
comprising such LIBOR Borrowing are not generally available in the relevant market or (y) by reason of any changes arising on or after the Closing Date affecting the interbank LIBOR market, adequate and fair means do not exist for ascertaining
the applicable interest rate on the basis provided for in the definition of LIBOR Rate; or 
 (ii) at any time, that such
Lender shall incur increased costs or reductions in the amounts received or receivable hereunder with respect to any LIBOR Loans (other than any such increase or reduction attributable to Taxes) because of (x) any change since the Closing Date
in any applicable law, governmental rule, regulation, guideline or order (or in the interpretation or administration thereof and including the introduction of any new law or governmental rule, regulation, guideline or order), such as, for example,
without limitation, a change in official reserve requirements, and/or (y) other circumstances affecting the interbank LIBOR market or the position of such Lender in such market; or 
 (iii) at any time, that the making or continuance of any LIBOR Loan has become unlawful by compliance by such Lender in good faith with
any law, governmental rule, regulation, guideline or order (or would conflict with any such governmental rule, regulation, guideline or order not having the force of law even though the failure to comply therewith would not be unlawful), or has
become impracticable as a result of a contingency occurring after the Closing Date that materially and adversely affects the interbank LIBOR market; 
 then,
and in any such event, such Lender (or the Administrative Agent, in the case of clause (i) above) shall within a reasonable time thereafter give notice (if by telephone, confirmed in writing) to the Borrower and to the Administrative Agent of
such determination (which notice the 

  

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Administrative Agent shall promptly transmit to each of the other Lenders). Thereafter (x) in the case of clause (i) above, LIBOR Loans shall no
longer be available until such time as the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice by the Administrative Agent no longer exist (which notice the Administrative Agent agrees to give
at such time when such circumstances no longer exist), and any Notice of Borrowing or Notice of Conversion given by the Borrower with respect to LIBOR Loans that have not yet been incurred shall be deemed rescinded by the Borrower, (y) in the
case of clause (ii) above, the Borrower shall pay to such Lender, promptly after receipt of written demand therefor such additional amounts (in the form of an increased rate of, or a different method of calculating, interest or otherwise as
such Lender in its reasonable discretion shall determine) as shall be required to compensate such Lender for such increased costs or reductions in amounts receivable hereunder (it being agreed that a written notice as to the additional amounts owed
to such Lender, showing in reasonable detail the basis for the calculation thereof, submitted to the Borrower by such Lender shall, absent clearly demonstrable error, be final and conclusive and binding upon all parties hereto) and (z) in the
case of clause (iii) above, the Borrower shall take one of the actions specified in Section 2.10(b) as promptly as possible and, in any event, within the time period required by law. 
 (b) At any time that any LIBOR Loan is affected by the circumstances described in Section 2.10(a)(ii) or (iii), the Borrower may (and in the case of
a LIBOR Loan affected pursuant to Section 2.10(a)(iii) shall), upon at least three Business Days’ notice to the Administrative Agent, require the affected Lender to convert each such LIBOR Loan into an ABR Loan, provided that if
more than one Lender is affected at any time, then all affected Lenders must be treated in the same manner pursuant to this Section 2.10(b). 
 (c) If, after the Closing Date, the adoption of any applicable law, rule or regulation regarding capital adequacy, or any change therein, or any change in the interpretation or administration thereof by any governmental authority, the
National Association of Insurance Commissioners, central bank or comparable agency charged with the interpretation or administration thereof, or compliance by a Lender or its parent with any request or directive made or adopted after the Closing
Date regarding capital adequacy (whether or not having the force of law) of any such authority, association, central bank or comparable agency, has or would have the effect of reducing the rate of return on such Lender’s or its parent’s or
its Affiliate’s capital or assets as a consequence of such Lender’s commitments or obligations hereunder to a level below that which such Lender or its parent or its Affiliate could have achieved but for such adoption, effectiveness,
change or compliance (taking into consideration such Lender’s or its parent’s policies with respect to capital adequacy), then from time to time, promptly after demand by such Lender (with a copy to the Administrative Agent), the Borrower
shall pay to such Lender such additional amount or amounts as will compensate such Lender or its parent for such reduction, it being understood and agreed, however, that a Lender shall not be entitled to such compensation as a result of such
Lender’s compliance with, or pursuant to any request or directive to comply with, any such law, rule or regulation as in effect on the Closing Date. Each Lender, upon determining in good faith that any additional amounts will be payable
pursuant to this Section 2.10(c), will give prompt written notice thereof to the Borrower which notice shall set forth in reasonable detail the basis of the calculation of such additional amounts, although the failure to give any such notice shall
not, subject to Section 2.13, release or diminish the Borrower’s obligations to pay additional amounts pursuant to this Section 2.10(c) upon receipt of such notice. 
  

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 (d) It is understood that to the extent duplicative of Section 5.4, this Section 2.10 shall not
apply to Taxes and shall in no event apply to Excluded Taxes. 
 2.11. Compensation. If (a) any payment of principal of any LIBOR
Loan is made by the Borrower to or for the account of a Lender other than on the last day of the Interest Period for such Loan as a result of a payment or conversion pursuant to Section 2.5, 2.6, 2.10, 5.1 or 5.2, as a result of acceleration of
the maturity of the Loans pursuant to Section 12 or for any other reason, (b) any Borrowing of LIBOR Loans is not made as a result of a withdrawn Notice of Borrowing, (c) any ABR Loan is not converted into a LIBOR Loan as a result of
a withdrawn Notice of Conversion or Continuation, (d) any LIBOR Loan is not continued as a LIBOR Loan, as the case may be, as a result of a withdrawn Notice of Conversion or Continuation or (e) any prepayment of principal of any LIBOR Loan
is not made as a result of a withdrawn notice of prepayment pursuant to Section 5.1 or 5.2, the Borrower shall, after receipt of a written request by such Lender (which request shall set forth in reasonable detail the basis for requesting such
amount), pay to the Administrative Agent for the account of such Lender any amounts required to compensate such Lender for any additional losses, costs or expenses that such Lender may reasonably incur as a result of such payment, failure to
continue or failure to prepay, including any loss, cost or expense (excluding loss of anticipated profits) actually incurred by reason of the liquidation or reemployment of deposits or other funds acquired by any Lender to fund or maintain such
LIBOR Loan. 
 2.12. Change of Lending Office. Each Lender agrees that, upon the occurrence of any event giving rise to the operation
of Section 2.10(a)(ii), 2.10(a)(iii), 2.10(b) or 5.4 with respect to such Lender, it will, if requested by the Borrower use reasonable efforts (subject to overall policy considerations of such Lender) to designate another lending office for any
Loans affected by such event, provided that such designation is made on such terms that such Lender and its lending office suffer no economic, legal or regulatory disadvantage, with the object of avoiding the consequence of the event giving
rise to the operation of any such Section. Nothing in this Section 2.12 shall affect or postpone any of the obligations of the Borrower or the right of any Lender provided in Section 2.10 or 5.4. 
 2.13. Notice of Certain Costs. Notwithstanding anything in this Agreement to the contrary, to the extent any notice required by Section 2.10,
2.11 or 5.4 is given by any Lender more than 90 days after such Lender has knowledge (or should have had knowledge) of the occurrence of the event giving rise to the additional cost, reduction in amounts, loss, tax or other additional amounts
described in such Sections, such Lender shall not be entitled to compensation under Section 2.10, 2.11 or 5.4, as the case may be, for any such amounts incurred or accruing prior to the 91st day prior to the giving of such notice to the
Borrower. 
 SECTION 3. [Reserved]. 
 SECTION 4. Fees; Commitments. 
 4.1. Fees. The Borrower 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. 
  

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 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. The Borrower shall have the right to prepay Loans without premium or penalty, in whole or in part from time to time, prior to the Maturity Date at a repayment price of 100% of the principal amount so repaid plus accrued
and unpaid interest to, but excluding, the date of prepayment. Any prepayment of LIBOR Loans pursuant to this Section 5.1 on any day other than the last day of an Interest Period applicable thereto shall be subject to compliance by the Borrower
with the applicable provisions of Section 2.11. 
 5.2. Mandatory Prepayments. 
 (a) Change of Control Prepayment Offer. Unless otherwise prepaid in accordance with Section 5.1, 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 principal amount thereof, plus accrued and unpaid interest, if any, to the date of such repayment.

 Within 90 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 to repay such Lender’s Loans at a price in cash equal to 101% of the principal amount 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 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 compliance with the requirements set forth in Section 5.2(a) applicable to a Change 

  

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of Control Offer made by the Borrower and repays all Loans validly offered and not withdrawn under such Change of Control Offer. 
 (b) Asset Sale Prepayment Offer. 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 principal amount 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 at its address for notices contained in this Agreement 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 of $2,000 or an integral multiple thereof) and shall specify the amount of such Lender’s 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. 
 5.3. Method and Place of Payment. Except as otherwise specifically provided herein, all payments under
this Agreement shall be made by the Borrower, 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 

  

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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 to the Administrative Agent to make a payment from the funds in the Borrower’s 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. 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 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 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 or any Guarantor shall make such
deductions or withholdings and (iii) the Borrower 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, as promptly as possible thereafter, the Borrower 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 showing payment thereof. 
 (b) Borrower 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 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 or any Guarantor hereunder or under any other Credit
Document (including Indemnified Taxes imposed or asserted on or 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 

  

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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 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 the
Administrative Agent, at the time or times prescribed by applicable law and as reasonably requested by the Borrower 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 the Administrative Agent any certificate or document, as reasonably requested by the Borrower 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 determines 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. 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 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, then the Lender or the Administrative Agent, as the case may be, shall reimburse the Borrower 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. 
  

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 5.5. Computations of Interest and Fees. Interest on LIBOR Loans shall be calculated on the basis
of a 360-day year for the actual days elapsed. All computations of interest for ABR Loans when the ABR is determined by Bank of America’s “prime rate” shall be made on the basis of a year of 365 or 366 days, as the case may be, and
actual days elapsed. 
 5.6. Limit on Rate of Interest. 
 (a) No Payment Shall Exceed Lawful Rate. Notwithstanding any other term of this Agreement, the Borrower 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 is not obliged to make a payment which it would otherwise be required to make, as a result of Section 5.6(a), the Borrower 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 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 an amount in excess of the maximum permitted by any applicable law, rule or regulation, then
the Borrower 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. 
 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. 
 (a) The Administrative Agent shall have received this Agreement, executed and delivered by a duly authorized officer of each of the Borrower, Holdings
and the Administrative Agent. 
 (b) The Administrative Agent shall have received an executed counterpart of the Subsidiary Guarantee from
each of the Subsidiary Guarantors. 
 6.2. No Default; Representations and Warranties. On the Closing Date and also after giving
effect thereto, (a) no Default or Event of Default shall have occurred and be 

  

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continuing and (b) all representations and warranties made by the Borrower contained herein (other than those contained in Sections 8.4, 8.8, 8.9, 8.10,
8.11, 8.12, 8.13, 8.14, 8.15, 8.16 and 8.17) 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. Notice of Borrowing. Prior to the making of any Loan, the
Administrative Agent shall have received a Notice of Borrowing meeting the requirements of Section 2.3. 
 6.4. Other Conditions
Precedent. 
 (a) Corporate and Other Proceedings. The Administrative Agent shall have received from the Borrower and each
Guarantor a certificate, executed by an officer the Borrower and each Guarantor in form and substance reasonably satisfactory to the Administrative Agent, attaching: (i) a copy of the resolutions, in form and substance reasonably satisfactory
to the Administrative Agent, of the board of directors (or similar body) of the Borrower and each Guarantor (or a duly authorized committee thereof) authorizing (A) the execution, delivery and performance of this Agreement (and any other
agreements relating thereto) and (B) the extensions of credit contemplated hereunder; (ii) the certificate of incorporation and bylaws (or memorandum and articles, or other documents of similar import pursuant to the laws of the
Borrower’s and each Guarantor’s jurisdiction of organization) of the Borrower and each Guarantor; (iii) a certificate of good standing (or such other document of similar import as may be acceptable to the Administrative Agent) with
respect to the Borrower and each Guarantor from the secretary of state (or comparable body) of the jurisdiction in which the Borrower and each Guarantor is organized, dated as of a recent date. In addition, the Administrative Agent shall have
received such other certificates and instruments (including with respect to solvency) from the Borrower or any Guarantor as reasonably requested. 
 (b) Opinions of Counsel. The Administrative Agent shall have received (i) a legal opinion from Wachtell, Lipton, Rosen & Katz, counsel to the Borrower, substantially in the form of Exhibit B-1, (ii) a legal
opinion from Appleby Hunter Bailhache, Bermuda counsel to the Borrower, substantially in the form of Exhibit B-2, (iii) a legal opinion from Wiley Rein LLP, U.S. regulatory counsel to the Borrower, substantially in the form of Exhibit
B-3, (iv) a legal opinion from the general counsel of the Borrower, substantially in the form of Exhibit B-4, (v) a legal opinion from Richards Layton & Finger, Delaware counsel to the Borrower, substantially in the
form of Exhibit B-5, (vi) a legal opinion from Baker & McKenzie, LLP, special U.K. counsel to the Borrower, substantially in the form of Exhibit B-6, and (vii) a legal opinion from such other opinions of counsel to
the Borrower as may be reasonably requested by the Administrative Agent or its counsel. 
 (c) Promissory Notes. Each applicable
Lender shall have received, if requested at least two (2) Business Days prior to the Closing Date, one or more promissory notes payable to the order of such Lender duly executed by the Borrower in substantially the form of Exhibit E
evidencing its Loan. 
 (d) Fees and Expenses. Any fees required to be paid on the Closing Date and all expenses (including the
reasonable fees, disbursements and other charges of Cahill Gordon & 

  

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Reindel LLP, counsel for the Administrative Agent) for which invoices have been presented on or prior to the Closing Date shall have been
paid. 
 SECTION 7. [Reserved]. 
 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, Holdings and the Borrower make the following representations and warranties to, and agreements with, the Lenders on the Closing Date: 
 8.1. Corporate Status. Each of Holdings, the Borrower and each Material Subsidiary (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 Credit Party 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 Credit Party 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 such
Credit Party 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 any Credit Party 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 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 Holdings, the Borrower 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 Holdings, the Borrower 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 Holdings or the Borrower, threatened with 

  

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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. Governmental Approvals. The execution, delivery and performance of any Credit Document
currently in effect does not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except for (i) such as have been obtained or made and are in full force and effect, (ii) such
FCC consents, approvals, registrations, and filings as may be required in the ordinary course of business of the Borrower and its Subsidiaries in connection with the use of proceeds of the Loans hereunder, (iii) such licenses, approvals,
authorizations and consents as may be required by the U.S. Department of State pursuant to the International Traffic in Arms Regulations, the U.S. Department of Commerce pursuant to the Export Administration Regulations and the U.S. Department of
Treasury pursuant to Foreign Asset Control Regulations in connection with the exercise of rights hereunder following an Event of Default and (iv) such licenses, approvals, authorizations or consents the failure to obtain or make could not
reasonably be expected to have a Material Adverse Effect. 
 8.7. Investment Company Act. Neither Holdings nor the Borrower is an
“investment company” within the meaning of the Investment Company Act of 1940, as amended. 
 8.8. True and Complete
Disclosure. 
 (a) None of the factual information and data (taken as a whole) heretofore or contemporaneously furnished by Holdings, the
Borrower, 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 (including all information contained in the Confidential Information
Memorandum) 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) The 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. Financial Condition; Financial Statements. The unaudited historical consolidated financial information of the Borrower as set forth in the
Confidential Information Memorandum presents fairly in all material respects the combined financial position of the Borrower at the respective dates of said information, statements and results of operations for the respective periods covered thereby
(subject, in the case of quarterly or interim financial statements, to normal year-end audit adjustments). There has been no Material Adverse Change since December 31, 2005 (giving effect to the Contemporaneous Refinancings and the Transactions as
if they had occurred prior thereto). 
  

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 8.10. Tax Returns and Payments. 
 (a) Holdings, the Borrower 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. The Borrower and each of the Subsidiaries have paid, or have provided adequate reserves (in the good faith judgment of the management of the Borrower) 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 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 “reportable 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 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 or any Subsidiary or any ERISA Affiliate exists (or is reasonably likely to exist) nor has the Borrower, any Subsidiary
or any ERISA Affiliate been notified in writing that such a lien will be imposed on the assets of the Borrower, 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 contained in the Confidential Information Memorandum. No Plan (other than a multiemployer plan) has an Unfunded Current 

  

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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 Intelsat Subholdco (and the direct and indirect ownership
interest of Intelsat Subholdco therein), in each case existing on the Closing Date. To the knowledge of the Borrower, after due inquiry, each Subsidiary of Intelsat Subholdco 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 by Holdings and all outstanding capital stock of Intelsat Subholdco is owned indirectly by the Borrower. 

8.13. Patents, etc. Holdings, the Borrower 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) Holdings, the Borrower and each of the Subsidiaries and all
Real Estate are in compliance with all Environmental Laws; (ii) none of Holdings, the Borrower or any of the Subsidiaries is subject to any Environmental Claim or any other liability under any Environmental Law; (iii) Holdings, the
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 Holdings, the Borrower or any of its Subsidiaries. 
 (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. 
  

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 8.15. Properties. Holdings, the Borrower 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, each of Holdings and the Borrower, in each case,
on a consolidated basis with their respective Subsidiaries, will be Solvent. 
 8.17. Compliance. Neither the Borrower nor any of its
Significant Subsidiaries (before and after giving effect to the Transactions and the Contemporaneous Refinancings) 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 with
C-band or Ku-band transponders issued by the FCC to Holdings, 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 Holdings, the Borrower or any Restricted Subsidiary to launch and operate any such Satellite 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 (x) Holdings, the Borrower and its Restricted Subsidiaries have full power and authority to operate thereunder.

 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 incurred hereunder, are paid in full in accordance with the
terms hereof: 
  

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 9.1. Reports and Other Information. 
 (a) Notwithstanding that Holdings or the Borrower may not be subject to the reporting requirements of Section 13 or 15 (d) of the Exchange Act
or otherwise report on an annual and quarterly basis on forms provided for such annual and quarterly reporting pursuant to rules and regulations promulgated by the Securities and Exchange Commission (the “SEC”), the Borrower shall
file with the SEC (unless the SEC will not accept such a filing), and provide the Administrative Agent and Lenders with copies thereof, without cost to each Lender, within 15 days after it files or, in the case of a Form 6-K, furnishes (or attempts
to file or furnish) them with the SEC, 
 (i) within 90 days after the end of each fiscal year (or such longer period as may
be permitted by the SEC if the Borrower were then subject to such SEC reporting requirements as a required filer, voluntary filer or otherwise), an annual report (which, if permitted under applicable rules of the SEC, may be the annual report of
Holdings or another Parent of the Borrower) 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 longer period as may be
permitted by the SEC if the Borrower were then subject to such SEC reporting requirements as a required filer, voluntary filer or otherwise), a quarterly report (which, if permitted under applicable rules of the SEC, may be the quarterly report of
Holdings or another Parent of the Borrower) on Form 10-Q or 6-K (or any successor or comparable forms), including a Management’s Discussion and Analysis of Financial Condition and Results of Operations or substantially similar section (whether
or not required by such form). 
 (b) The Borrower shall make the information required by Section 9.1 (a) available to prospective
lenders upon request. In addition, the Borrower shall, for so long as any Loans remain outstanding during any period when it is not subject to Section 13 or 15(d) of the Exchange Act, or otherwise permitted to furnish the SEC with certain
information pursuant to Rule 12g3-2(b) of the Exchange Act, furnish to the Lenders and prospective lenders, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act. 
 (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 Holdings or another 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. In addition, such requirements shall be deemed satisfied prior to the commencement of the exchange offer relating to the Intelsat Bermuda Notes contemplated by the applicable registration rights agreement or the effectiveness of
any shelf registration statement by the filing with the SEC of the exchange offer registration statement and/or shelf registration statement in accordance with the provisions of the applicable registration rights agreement, and any amendments
thereto, with such financial information that satisfies Regulation S-X of the 

  

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Securities Act and such registration statement and/or amendments thereto are filed at times that otherwise satisfy the time requirements set forth in
Section 9.1(a) hereof. 
 (d) In the event that any Parent of the Borrower is or becomes a Guarantor or co-obligor of the Loans,
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 such Parent; provided that, if required by Regulation S-X
under the Securities Act, the same is accompanied by consolidating information that explains in reasonable detail the differences between the information relating to such 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. Books, Records and Inspections. Holdings and the Borrower
will, and the Borrower will cause each of Intelsat Subholdco and the Subsidiaries of Intelsat Subholdco to, permit officers and designated representatives of the Administrative Agent or the Required Lenders to visit and inspect any of the properties
or assets Holdings, the Borrower and any such Subsidiary in whomsoever’s possession to the extent that it is within such party’s control to permit such inspection, and to examine the books and records of Holdings, the Borrower and any such
Subsidiary and discuss the affairs, finances and accounts of Holdings, the Borrower and of any such Subsidiary with, and be advised as to the same by, its and their officers and independent accountants, all at such reasonable times and intervals and
to such reasonable extent as the Administrative Agent or the Required Lenders may desire; provided that so long as no Default or Event of Default is then in existence, the Borrower and any Credit Party shall have the right to participate in
any discussions of the Agents or the Lenders with any independent accountants of Holdings or the Borrower. 
 9.3. Maintenance of
Insurance. 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 Borrower to be in the best interests of the Borrower, (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 

  

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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 in the immediately preceding sentence, the Borrower and its Restricted Subsidiaries shall be deemed to be in compliance with such proviso 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 such
proviso within such 120-day period. In the event of the unavailability of any In-Orbit Contingency Protection for any reason, the Borrower or any of its Restricted Subsidiaries, as the case may be, shall, subject to the first proviso above, within
120 days of such unavailability, be required to have in effect In-Orbit Insurance complying with clause (ii) or (iii) above, 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. 
 9.4. 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. 
 9.5. 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. 
 9.6.
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 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 

  

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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). 
 9.7. 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 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. 
 9.8. 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. 
 9.9. [Reserved]. 
 9.10. [Reserved]. 
  

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 9.11. 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. 
 9.12. Use of
Proceeds. The Borrower will use the proceeds of all Loans for the Refinancing. 
 9.13. [Reserved]. 
 9.14. 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. 
 9.15.
[Reserved]. 
 9.16. 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 as may be permitted under any substantially similar
agreement) and shall use its commercially reasonable efforts (as may be permitted under the Proxy Agreement, and as may be permitted under any substantially similar agreement) to cause its Restricted Subsidiaries (other than Intelsat General, and
other than any other Government Business Subsidiary), not to allow or permit, directly or indirectly, Intelsat General, or such other Government Business Subsidiary, to take, or fail to take, any action that would violate the covenants and terms of
this Agreement. 
 9.17. Maintenance of Rating of Facility. The Borrower will use commercially reasonable efforts to cause a senior
unsecured credit rating with respect to the Loans hereunder from each of S&P and Moody’s to be available at all times hereafter until the Maturity Date. 
 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 

  

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Re-stricted Subsidiaries to issue any shares of Preferred Stock; provided, however, that the Borrower and any Restricted Subsidiary of the
Borrower 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 6.75 to 1.00 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; provided that the amount of Indebtedness that may be Incurred and Disqualified Stock or Preferred Stock that may be issued
pursuant to the foregoing by Restricted Subsidiaries of Intelsat Subholdco that are not Guarantors shall not exceed $200.0 million at any one time outstanding (the “Non-Guarantor Exception”). 
 (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 $4.0
billion outstanding at any one time; 
 (ii) the Incurrence by the Borrower and its Restricted Subsidiaries of Indebtedness
represented by the Loans and any Guarantees thereof; 
 (iii) Indebtedness of the Borrower and its Restricted Subsidiaries
existing on the Closing Date (other than (x) Indebtedness described in clauses (i) and (ii) of this Section 10.1(b) and (y) any Indebtedness repaid with the proceeds of the Loans); 
 (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) 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) $450.0 million and (y) 4% 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 

  

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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 if a Guarantor incurs such Indebtedness, and such Indebtedness is owed to a Restricted Subsidiary that is not a Guarantor, such Indebtedness is
subordinated in right of payment to the Guarantee of such Guarantor; provided, further, 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;

 (x) Hedging Obligations (other than 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; 
  

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 (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 the greater of (x) $450.0 million and (y) 4% of Total Assets of the Borrower 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 4.3(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 the 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 or 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),
(xx) and (xxii) 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 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) to the extent such Refinancing Indebtedness refinances (a) Indebtedness junior to the Loans, such
Refinancing Indebtedness is junior to the Loans 

  

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or (b) Disqualified Stock or Preferred Stock, such Refinancing Indebtedness is Disqualified Stock or Preferred Stock; 
 (3) 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; 

(4) shall not include (x) Indebtedness of a Restricted Subsidiary of the Borrower that is not a Subsidiary Guarantor that
refinances Indebtedness of the Borrower or a Restricted Subsidiary that is a Subsidiary Guarantor, or (y) Indebtedness of the Borrower or a Restricted Subsidiary that refinances Indebtedness of an Unrestricted Subsidiary; and 
 (5) 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 subclause (1) 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, either: 
 (1) 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 
 (2) the Debt to Adjusted EBITDA Ratio of the Borrower would be less than or equal to such ratio immediately prior to such acquisition;

 (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; 
  

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 (xviii) Indebtedness of the Borrower or any Restricted Subsidiary supported by a letter
of credit or bank guarantee issued pursuant to the 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) (A) if the Borrower could Incur $1.00 of additional Indebtedness pursuant to Section 10.1 (a) after giving effect to such borrowing, Indebtedness of Restricted Subsidiaries that are not Guarantors
not otherwise permitted hereunder or (B) if the Borrower could not Incur $1.00 of additional Indebtedness pursuant to Section 10.1(a) after giving effect to such borrowing, Indebtedness of Restricted Subsidiaries that are not Guarantors
Incurred for working capital purposes; 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) $75.0 million and (y) 10% of the Total Assets of the Restricted Subsidiaries of Intelsat Subholdco that are not Guarantors; 
 (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; and 
 (xxii) Indebtedness of the Borrower or any of the Restricted Subsidiaries incurred to repurchase or refinance any Specified Existing PanAmSat Notes. 
 (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 (xxii) 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 or 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; 
  

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 (2) immediately after giving effect to such transaction on a pro forma basis, the
Borrower would have a Debt to Adjusted EBITDA Ratio of less than or equal to 5.5 to 1.0; and 
 (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 or its Subsidiaries’ non-cash interest expense and
amortization of 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), 
  

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 (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 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 $35.0 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 $70.0 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; and provided, further, 

  

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that the cancellation of Indebtedness owing to the Borrower from members of management of the Borrower, of any direct or indirect Parent of the Borrower or
of any Restricted Subsidiary of the Borrower in connection with a repurchase of Equity Interests of the Borrower or any Parent of the Borrower will not be deemed to constitute a Restricted Payment for purposes of this covenant or any other provision
of this Agreement; 
 (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), 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 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 $125.0 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 7.5% 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 $200.0 million if, immediately after giving effect to
such Restricted Payment on a pro 

  

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forma basis, the Borrower would have a Debt to Adjusted EBITDA Ratio of less than or equal to 5.5 to 1.0; 
 (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 and its Subsidiaries 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 Trustee 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 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 
  

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 (C) pay cash interest on the Existing Intelsat Notes pursuant to the terms of the
agreements governing such Existing Intelsat Notes as in effect on the Closing Date and to pay any cash interest on any Indebtedness refinancing the Existing Intelsat Notes; provided that such Indebtedness remains the sole obligation of
Holdings and the principal amount of any such Indebtedness redeeming, refinancing or replacing the Existing Intelsat 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 July 3, 2006 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;

 (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 (a) Holdings’ 5 1/4% Senior Notes due 2008 and (b) 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 Intelsat Notes from the proceeds of a Specified Sale/Leaseback 

  

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Transaction (including any payments to any Parent of the Borrower to effect the foregoing); and 
 (xxi) the payment of dividends, other distributions or other amounts by the Borrower to, or the making of loans by the Borrower or any of
its Restricted Subsidiaries to, any Parent of the Borrower to the extent that amounts equal to such dividends, distributions, other amounts or loans are promptly contributed to the capital of the Borrower by such Parent or otherwise promptly repaid
by such Parent to the Borrower or any Restricted Subsidiary of the Borrower (whether in the form of interest or principal or other payment on debt existing on the Closing Date); provided that any amounts contributed to the capital of the
Borrower or otherwise repaid pursuant to this clause (xxi) shall be excluded from the calculation set forth in the definition of the term “Cumulative Credit”; 
 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, and pursuant to documents and agreements relating to the Specified Intercompany Agreements, the Existing Intelsat Notes, the Existing Subsidiary Notes (including any exchange notes therefor), the Intelsat Bermuda Notes
(including any exchange notes therefor), the Intelsat Bermuda Intercompany Loan and the Lockheed Note; 
 (2) this Agreement
and the Loans (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) agreements and
instruments, including agreements and instruments governing Indebtedness, Disqualified Stock or Preferred Stock of any Restricted Subsidiary of the Borrower that is Incurred subsequent to the Closing Date and permitted pursuant to 

  

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Section 10.1; provided that either (A) the provisions relating to such encumbrance or restriction contained in such agreements or
instruments 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 either Credit Agreement and the other Senior Credit Documents or in an
indenture or agreement governing the Existing Intelsat Notes, the Existing Subsidiary Notes, the Intelsat Bermuda Notes, the Intelsat Bermuda Intercompany Loan or the Loans 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, 
  

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 (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

 (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 6.25% 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 485 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 Holders to purchase at a purchase
price equal to 100% of the principal amount thereof, plus accrued and unpaid interest and additional interest, if any, 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 any of the Borrower or its Restricted Subsidiaries is made in accordance with the
terms of such Indebtedness, the obligation to permanently reduce Indebtedness of the Borrower or a Restricted Subsidiary, as the case may be, 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 

  

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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 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 $55.0 million,
the Borrower shall make a Prepayment Offer pursuant to Section 5.2 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 $15.0 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 $35.0 million, the Borrower delivers to the Trustee 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 

  

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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) $12.5 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; 
 (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 the caption
“Certain Relationships and Related Party Transactions” in the Offering Memorandum; 
 (vi) transactions in which the
Borrower or any of its Restricted Subsidiaries, as the case may be, delivers to the Trustee 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, 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 

  

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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 Contemporaneous Refinancings and the Transactions and the payment of all fees and expenses related to the
Transactions and the Contemporaneous Refinancings, in either case as described in the Offering Memorandum or contemplated by the Acquisition Documents; 
 (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; 
 (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; 
 (xx) any employment agreements entered into by the Borrower or any of its Restricted Subsidiaries in the ordinary course of business; and

 (xxi) any transaction pursuant to or in connection with the Specified Intercompany Agreements. 
  

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 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 principal amount 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, upon direction of the Borrower, 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
(i) any Receivables Subsidiary formed in connection with a Qualified Receivables Financing and (ii) any License Subsidiary in connection with any guarantee of any Credit Agreement) that is not a Guarantor to, directly or indirectly,
guarantee the payment of any Indebtedness of the Borrower other than 
 (a) Indebtedness Incurred pursuant to the
Non-Guarantor Exception and 
 (b) Permitted Debt of a Restricted Subsidiary of the Issuer 
 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 or any Subsidiary Guarantor against or on any asset or property now owned or hereafter acquired by the Borrower or
any Subsidiary Guarantor, or any income or profits therefrom, unless: 
 (1) in the case of Liens securing Indebtedness that
is Subordinated Indebtedness, the Loans are, or such Guarantee of such Subsidiary Guarantor is, secured by a Lien on such property or assets that is senior in priority to such Liens; and 
 (2) in all other cases, the Loans are, or such Guarantee of such Subsidiary Guarantor is, equally and ratably secured; 
 provided that any Lien which is granted to secure the Loans or such Guarantee 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 or such Guarantee under this covenant. 
  

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 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 9.3, 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, any Guarantees of any Subsidiary Guarantors, if any, 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. 
  

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 (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. 
 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 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 any Subsidiary or Parent of the Borrower or under the laws of Bermuda or 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; and 
 (v) any Guarantor, unless it is
the other party to the transactions described above, shall have confirmed in writing that its Guarantee shall apply to such Person’s obligations under this Agreement and the Loans. 
  

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 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, Bermuda 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, 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 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 any Subsidiary or Parent of the Issuer or under the laws of Bermuda or 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 this Agreement 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 this Agreement and such Subsidiary Guarantor’s Guarantee, and such Subsidiary Guarantor will automatically be released and discharged from its obligations under this Agreement 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, Bermuda or 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 

  

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the Subsidiary Guarantor is not increased thereby and (2) a Subsidiary Guarantor may merge amalgamate or consolidate with another Subsidiary Guarantor
or the Borrower. 
 (c) Notwithstanding Sections 10.10(a) and (b) and Section 10.11 below, nothing in these Sections 10.10 and
10.11 shall prevent any Subsidiary Transfer Transaction, which need not comply with Sections 10.10(a) or (b) and 10.11. 
 10.11.
Successor Company Substituted. 
 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 or permitted by with 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. 
 SECTION 11. [Reserved] 
 SECTION 12. Events of Default. 
 12.1. Events of Default. An “Event of Default” occurs if: 
 (a) the Borrower defaults 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 defaults 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 or another Government Business Subsidiary, and the Borrower and its Restricted Subsidiaries have otherwise complied
with Section 9.19, 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 $75.0 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; 92 
  

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

 (g) Holdings, the Borrower or any Significant Subsidiary fails to pay final judgments aggregating in excess of $75.0
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,
or 
 (h) any Guarantee of a Significant Subsidiary ceases to be in full force and effect (except as contemplated by the terms
hereof or thereof) or any Guarantor that qualifies as a Significant Subsidiary denies or disaffirms its obligations under this Agreement or any Guarantee and, in any case, such Default continues for 10 days. 
 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 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, 

  

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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 of outstanding Loans by notice to the Borrower, may declare the
principal of, premium, if any, and accrued but unpaid interest on all the Loans to be due and payable. Upon such a declaration, such principal 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 principal 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 30 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 principal amount 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 principal of 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 

  

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payment of the principal of 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 principal, 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 principal amount of the outstanding Loans make a written
request to the Administrative Agent to pursue the remedy; 
 (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 principal of 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.

  

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 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 principal, 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 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. 
 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 Holdings, the Borrower, any Guarantor, any other Credit
Party or any officer thereof contained in this Agreement or any other Credit 

  

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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 Holdings, the Borrower, 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. 
 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/or 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 notice from a Lender or the Borrower 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). 
 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 

  

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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 Holdings, the Borrower, 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 Holdings, 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 Holdings, the Borrower, 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 and without limiting the obligation of the Borrower 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 Holdings, the Borrower, 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 

  

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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. 
 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 (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 12 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 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 Section 10.10; 
 (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; 
  

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 (v) to effect any provision of this Agreement (including to release any Guarantees in
accordance with the terms of this Agreement or the Guarantee); 
 (vi) to make any change that does not adversely affect the
rights of any Lender; or 
 (vii) to release the Guarantee of any Parent of the Borrower. 
 After an amendment under this Section 14.1(a) becomes effective, the Borrower 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 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 amount 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 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 5.2(a) or 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). 
  

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 (c) Neither the Borrower or any Affiliate of the Borrower 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. 
 (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. Except as set forth in Section 14.17, 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 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:
	  	 Intelsat (Bermuda), Ltd.
 Wellesley House North, 2nd
Floor
 90 Pitts Bay Road
 Pembroke HM09
 Bermuda
 Attention: General Counsel
 Fax: (202) 944-7440

		
		  	with a copy to
		
		  	 Milbank, Tweed, Hadley & McCloy LLP
 1 Chase
Manhattan Plaza
 New York, New York 10005
 Attention: Arnold B.
Peinado III
 Fax: (212) 530-5219

		
		  	and
		
		  	 Wachtell, Lipton, Rosen & Katz
 51 West
52nd Street
 New York,
New York 10019
 Attention: David Silk
 Fax: (212)
403-2000

		
	The Administrative Agent:	  	At the address set forth on Schedule 1.1(b)

  

 101 

			
		  	with a copy to:
		
		  	 Cahill Gordon & Reindel LLP 
 80 Pine Street
 New York, New York 10005
 Attention:
James J. Clark and
                   John Tripodoro
 Fax: 212-269-5420
 E-mail: jclark@cahill.com and
               jtripodoro@cahill.com

 provided that any notice, request or demand to or upon the Administrative Agent or the Lenders pursuant to
Sections 2.3, 2.6 and 2.9 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. The Borrower 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 or to any
actual or alleged presence, release or threatened release of 

  

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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 the Borrower shall have no 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 may not assign
or otherwise transfer any of its rights or obligations hereunder 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, the Borrower shall have the right to withhold its consent to any assignment if, in order for such assignment to comply with applicable law, the Borrower would be required to obtain the consent of, or make any filing or registration with,
any Governmental Authority) of: 
 (A) the Borrower (which consent shall not be unreasonably withheld or delayed),
provided that no consent of the Borrower 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. 
  

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 (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 shall be required if an Event of
Default under Section 12.1 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, together with a processing and recordation fee of $3,500, provided that only one such fee shall be payable in the event of simultaneous
assignments to or from two or more Approved Funds; 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”). 
 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 shall maintain at
the Administrative Agent’s Office a copy of each Assignment and 

  

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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 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), 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
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 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 hereto for the performance of such obligations and (C) the Borrower, 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. 
 (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). 
  

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 (d) Any Lender may, without the consent of the Borrower 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 own expense, a promissory note, substantially in the form of Exhibit E. 
 (e) Subject
to Section 14.16, the Borrower authorizes 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 and its Affiliates pursuant to this Agreement or which has been delivered to such Lender by or on behalf of
the Borrower and its Affiliates in connection with such Lender’s credit evaluation of the Borrower and its 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 2.10, 2.11 or 5.4, (b) is affected in the manner described in Section 2.10(a)(iii) and as a result thereof of any of the actions described
in such Section is required to be taken or (c) becomes a Defaulting Lender, with a replacement bank or other financial institution, provided that (i) such replacement does not conflict with 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 

  

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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, 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 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 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 

  

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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 Holdings, 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 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 of Holdings and the Borrower 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 Holdings and/or 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 
 (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, each of Holdings and 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), 

  

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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) The Borrower, 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 of Holdings and the Borrower 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 Holdings or the Borrower
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 Holdings and the Borrower, 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 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 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 prohibited by applicable law or court order, each Lender and the Administrative Agent shall notify the Borrower of any request by any governmental agency or

  

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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 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. 
  

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 14.18. USA PATRIOT Act. Each Lender hereby notifies Holdings and 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 Holdings and the Borrower, which
information includes the name and address of Holdings and the Borrower and other information that will allow such Lender to identify Holdings and the Borrower in accordance with the Patriot Act. 
 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 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. Holdings Guarantee. 
 15.1. The Holdings Guarantee. In order to induce the Agents and the Lenders to enter into this Agreement and to extend credit hereunder, and in
recognition of the direct benefits to be received by Holdings from the proceeds of the Loans, Holdings hereby agrees with the Lenders as follows: Holdings hereby unconditionally and irrevocably guarantees as primary obligor 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, Holdings irrevocably and unconditionally promises 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 Holdings
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 

  

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claimant (including the Borrower), then and in such event Holdings agrees that any such judgment, decree, order, settlement or compromise shall be binding
upon it, notwithstanding any revocation of this Holdings Guarantee or other instrument evidencing any liability of the Borrower, and Holdings 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, Holdings
unconditionally and irrevocably guarantees 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. 
 15.3.
Nature of Liability. 
 (a) The liability of Holdings 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 Holdings 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 Holdings waives 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 Holdings shall not be affected
nor shall this Holdings 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 

  

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done or omitted which but for this provision might operate to exonerate or discharge Holdings. 
 15.4. Independent Obligations. The obligations of Holdings 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 Holdings 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. Holdings waives, 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 Holdings. 
 15.5. Authorization. Holdings authorizes 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 Holdings 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 Holdings 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 

  

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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
Holdings from its liabilities under this Holdings 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) Holdings waives 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 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. Holdings waives 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) Holdings waives 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 Holdings Guarantee, and notices of the existence, creation or incurring of new or additional Obligations. Holdings assumes 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 Holdings assumes and incurs
hereunder, and agrees that neither the Agents nor any Lender shall have any duty to advise Holdings of information known to them regarding such circumstances or risks. 
 (c) Holdings warrants and agrees 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 Holdings and the Lenders that this Holdings Guarantee shall be enforced against Holdings to the fullest extent permissible 

  

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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
Holdings under this Holdings 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 Holdings 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. Holdings Guarantee Release. Holdings may at any time request to be released from the Holdings 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 Holdings 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 (BERMUDA), LTD.
		
	By:	 	

		 	Name:
		 	Title:
	
	INTELSAT, LTD.
		
	By:	 	

		 	Name:
		 	Title:

			
	BANK OF AMERICA, N.A., as Administrative Agent
	
	

			
	BANC OF AMERICA SECURITIES LLC, as Joint Lead Arranger and Joint Bookrunner
	
	

		 	
		 	

			
	DEUTSCHE BANK SECURITIES INC., as Syndication Agent, Joint Lead Arranger and Joint Bookrunner
		
	By:	 	

		 	Name:  William Frauen
		 	Title:    Managing Director
		
	By:	 	

		 	Name:  John Eydenberg
		 	Title:    Managing Director

			
	CREDIT SUISSE SECURITIES (USA) LLC, as Joint Bookrunner
		
	By:	 	

		 	Name:  J. Tracy Mehr
		 	Title:    Managing Director

			
	MORGAN STANLEY SENIOR FUNDING, INC., as Joint Bookrunner
		
	By:	 	

		 	Name:  Kevin Sisson
		 	Title:    Vice President

			
	BANK OF AMERICA, N.A., as a Lender

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