Document:

Credit Agreement, dated as of July 1, 2008

 Exhibit 10.1 
  
  
 $810,876,000 
 SENIOR UNSECURED CREDIT AGREEMENT 
 Dated as of July 1, 2008, 
 among 
 INTELSAT JACKSON HOLDINGS, LTD., 
 as the Borrower, 
 INTELSAT (BERMUDA), LTD., 
 as
Holdings, 
 and 
 the Several Lenders 
 from Time to Time Parties Hereto 
 CREDIT SUISSE, CAYMAN ISLANDS BRANCH, 
 as Administrative Agent 

BANC OF AMERICA BRIDGE LLC, 
 as
Syndication Agent 
 MORGAN STANLEY SENIOR FUNDING, INC., 
 as Documentation Agent 
 and 
 CREDIT SUISSE SECURITIES (USA) LLC, 
 BANC OF AMERICA SECURITIES LLC, and 
 MORGAN STANLEY SENIOR FUNDING, INC., 
 as Joint Lead Arrangers and 
 Joint
Bookrunners 
  
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	SECTION 1.	  	Definitions	  	1
			
	1.1    	  	Defined Terms	  	1
			
	SECTION 2.	  	Amount and Terms of Credit	  	45
			
	2.1    	  	Commitments	  	45
	2.2    	  	Minimum Amount of Each Borrowing; Maximum Number of Borrowings	  	46
	2.3    	  	Notice of Borrowing	  	46
	2.4    	  	Disbursement of Funds	  	46
	2.5    	  	Repayment of Loans; Evidence of Debt	  	47
	2.6    	  	Conversions and Continuations	  	47
	2.7    	  	Pro Rata Borrowings	  	48
	2.8    	  	Interest	  	48
	2.9    	  	Interest Periods	  	49
	2.10  	  	Increased Costs, Illegality, etc.	  	50
	2.11  	  	Compensation	  	51
	2.12  	  	Change of Lending Office	  	51
	2.13  	  	Notice of Certain Costs	  	52
			
	SECTION 3.	  	[Reserved]	  	52
			
	SECTION 4.	  	Fees; Commitments	  	52
			
	4.1    	  	Fees	  	52
	4.2    	  	Mandatory Termination of Commitments	  	52
			
	SECTION 5.	  	Payments	  	52
			
	5.1    	  	Voluntary Prepayments	  	52
	5.2    	  	Mandatory Prepayments	  	52
	5.3    	  	Method and Place of Payment	  	54
	5.4    	  	Net Payments	  	54
	5.5    	  	Computation of Interest and Fees	  	56
	5.6    	  	Limit on Rate of Interest	  	56
			
	SECTION 6.	  	Conditions Precedent to Initial Borrowing on the Closing Date	  	56
			
	6.1    	  	Credit Documents	  	56
	6.2    	  	No Default; Representations and Warranties	  	57
	6.3    	  	Fees and Expenses	  	57
			
	SECTION 7.	  	[Reserved]	  	57
			
	SECTION 8.	  	Representations, Warranties and Agreements	  	57
			
	8.1    	  	Corporate Status	  	57

  

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	 	  	 	  	Page
	8.2    	  	Corporate Power and Authority	  	57
	8.3    	  	No Violation	  	57
	8.4    	  	Litigation	  	57
	8.5    	  	Margin Regulations	  	58
	8.6    	  	[Reserved]	  	58
	8.7    	  	Investment Company Act	  	58
	8.8    	  	True and Complete Disclosure	  	58
	8.9    	  	Financial Condition; Financial Statements	  	58
	8.10  	  	Tax Returns and Payments	  	58
	8.11  	  	Compliance with ERISA	  	59
	8.12  	  	Subsidiaries	  	59
	8.13  	  	Patents, etc.	  	59
	8.14  	  	Environmental Laws	  	60
	8.15  	  	Properties	  	60
	8.16  	  	Solvency	  	60
	8.17  	  	Compliance	  	60
	8.18  	  	FCC Licenses, etc.	  	60
			
	SECTION 9.	  	Affirmative Covenants	  	61
			
	9.1    	  	Reports and Other Information	  	61
	9.2    	  	Books, Records and Inspections	  	62
	9.3    	  	Maintenance of Insurance	  	62
	9.4    	  	Payment of Taxes	  	63
	9.5    	  	Consolidated Corporate Franchises	  	63
	9.6    	  	Compliance with Statutes, Regulations, etc.	  	63
	9.7    	  	ERISA	  	63
	9.8    	  	Maintenance of Properties	  	64
	9.9    	  	[Reserved]	  	64
	9.10  	  	[Reserved]	  	64
	9.11  	  	Changes in Business	  	64
	9.12  	  	Use of Proceeds	  	64
	9.13  	  	[Reserved]	  	64
	9.14  	  	Further Instruments and Acts	  	64
	9.15  	  	[Reserved].	  	65
	9.16  	  	Intelsat General Corporation	  	65
	9.17  	  	Maintenance of Rating of Facility	  	65
			
	SECTION 10.	  	Negative Covenants	  	65
			
	10.1  	  	Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock	  	65
	10.2  	  	Limitation on Restricted Payments	  	70
	10.3  	  	Dividend and Other Payment Restrictions Affecting Subsidiaries	  	75
	10.4  	  	Asset Sales	  	77
	10.5  	  	Transactions with Affiliates	  	79
	10.6  	  	Change of Control	  	81
	10.7  	  	Future Guarantors	  	81
	10.8  	  	Liens	  	81
	10.9  	  	Suspension of Covenants	  	82

  

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	 	  	 	  	Page
	10.10	  	When Borrower May Merge or Transfer Assets	  	83
	10.11	  	Successor Company Substituted	  	84
			
	SECTION 11.	  	[Reserved]	  	85
			
	SECTION 12.	  	Events of Default	  	85
			
	12.1  	  	Events of Default	  	85
	12.2  	  	Acceleration	  	86
	12.3  	  	Other Remedies	  	87
	12.4  	  	Waiver of Past Defaults	  	87
	12.5  	  	Control by Majority	  	87
	12.6  	  	Limitation on Suits	  	87
	12.7  	  	Rights of the Lenders to Receive Payment	  	88
	12.8  	  	Priorities	  	88
			
	SECTION 13.	  	The Administrative Agent	  	88
			
	13.1  	  	Appointment	  	88
	13.2  	  	Delegation of Duties	  	89
	13.3  	  	Exculpatory Provisions	  	89
	13.4  	  	Reliance by Administrative Agent	  	89
	13.5  	  	Notice of Default	  	89
	13.6  	  	Non-Reliance on Administrative Agent and Other Lenders	  	90
	13.7  	  	Indemnification	  	90
	13.8  	  	Administrative Agent in Its Individual Capacity	  	90
	13.9  	  	Successor Agent	  	91
	13.10	  	Withholding Tax	  	91
	13.11	  	[Reserved]	  	91
			
	SECTION 14.	  	Miscellaneous	  	91
			
	14.1  	  	Amendments and Waivers	  	91
	14.2  	  	Notices	  	92
	14.3  	  	No Waiver; Cumulative Remedies	  	93
	14.4  	  	Survival of Representations and Warranties	  	93
	14.5  	  	Payment of Expenses and Taxes	  	94
	14.6  	  	Successors and Assigns; Participations and Assignments	  	94
	14.7  	  	Replacements of Lenders Under Certain Circumstances	  	97
	14.8  	  	Adjustments; Set-off	  	98
	14.9  	  	Counterparts	  	98
	14.10	  	Severability	  	98
	14.11	  	Integration	  	98
	14.12	  	GOVERNING LAW	  	98
	14.13	  	Submission to Jurisdiction; Consent to Service; Waivers	  	99
	14.14	  	Acknowledgments	  	99
	14.15	  	WAIVERS OF JURY TRIAL	  	100
	14.16	  	Confidentiality	  	100
	14.17	  	No Advisory or Fiduciary Responsibility	  	100
	14.18	  	USA PATRIOT Act	  	101

  

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	 	  	 	  	Page
	14.19	  	Conversion of Currencies	  	101
			
	SECTION 15.	  	Holdings Guarantee	  	101
			
	15.1  	  	The Holdings Guarantee	  	101
	15.2  	  	Bankruptcy	  	102
	15.3  	  	Nature of Liability	  	102
	15.4  	  	Independent Obligations	  	103
	15.5  	  	Authorization	  	103
	15.6  	  	Reliance	  	104
	15.7  	  	[Reserved]	  	104
	15.8  	  	Waivers	  	104
	15.9  	  	Maximum Liability	  	104
	15.10	  	Holdings Guarantee Release	  	104

  

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	SCHEDULES	  	
		
	 Schedule 1.1(a)
	  	Commitments of Lenders
	 Schedule 1.1(b)
	  	Administrative Agent Details
	 Schedule 8.11
	  	Plans with an Unfunded Current Liability
	 Schedule 8.12
	  	Subsidiaries of Borrower
		
	EXHIBITS	  	
		
	 Exhibit A
	  	Form of Guarantee
	 Exhibit B-1
	  	[Intentionally Omitted]
	 Exhibit B-2
	  	[Intentionally Omitted]
	 Exhibit B-3
	  	[Intentionally Omitted]
	 Exhibit B-4
	  	[Intentionally Omitted]
	 Exhibit B-5
	  	[Intentionally Omitted]
	 Exhibit B-6
	  	[Intentionally Omitted]
	 Exhibit C
	  	[Intentionally Omitted]
	 Exhibit D
	  	Form of Assignment and Acceptance
	 Exhibit E
	  	Form of Promissory Note

  

 -v- 

 SENIOR UNSECURED CREDIT AGREEMENT, dated as of July 1, 2008 (as amended, restated, supplemented or
otherwise modified from time to time, this “Agreement”), among INTELSAT JACKSON HOLDINGS, LTD. (the “Borrower”), the lending institutions from time to time parties hereto (each a “Lender” and,
collectively, the “Lenders”), CREDIT SUISSE, CAYMAN ISLANDS BRANCH, as Administrative Agent, BANC OF AMERICA BRIDGE LLC, as Syndication Agent, MORGAN STANLEY SENIOR FUNDING, INC., as Documentation Agent, and CREDIT SUISSE SECURITIES
(USA) LLC, BANC OF AMERICA SECURITIES LLC and MORGAN STANLEY SENIOR FUNDING, INC., as Joint Lead Arrangers and Joint Bookrunners (such terms and each other capitalized term used but not defined in this introductory statement and recitals having the
meaning provided in Section 1). 
 WHEREAS, the Borrower intends to repay the Existing Loans (as defined below); 
 The parties hereto hereby agree as follows: 
 SECTION 1.
Definitions. 
 1.1 Defined Terms. 
 (a) As used herein, the following terms shall have the meanings specified in this Section 1.1 (it being understood that defined terms in this Agreement shall include in the singular number the plural and in the
plural the singular): 
 “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 the Administrative Agent as its “prime rate.” The “prime rate” is a rate set by the Administrative Agent based upon various factors including the
Administrative Agent’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 the Administrative Agent 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, 200 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, 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 Serafina Acquisition Limited became the
owner of all of the outstanding share capital of Intelsat Holdings, Ltd. pursuant to the Transaction Agreement. 

 “Acquisition Documents” means the Transaction Agreement, the Credit
Agreements, the Backstop Credit Facilities, this Agreement, the Jackson Notes, the indentures covering the Corp Notes, the Sub Holdco Notes, the Intermediate Holdco Notes, the Notes and the Acquisition Notes, 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. 
 “Acquisition Notes” means (a) the $2,805,000,000 in aggregate
principal amount of 11  1/4% Senior Notes due 2017 of Intelsat Bermuda (including any notes issued pursuant to any related
exchange offer) and (b) the $2,155,000,000 in aggregate principal amount of 11  1/2%/12  1
/2% Senior PIK Election Notes due 2017, each of Intelsat Bermuda (including any notes issued pursuant to any related exchange offer), issued under an indenture
dated June 27, 2008, by and among Intelsat Bermuda, as Issuer, and Intelsat, Ltd., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee. 
 “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 
 (8)
lease-back expenses net of deferred gains; less, without duplication, 
  

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 (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 Credit Suisse, Cayman Islands Branch, in its capacity as the administrative agent for
the Lenders under this Agreement and the other Credit Documents, until a successor replaces it in accordance with Section 13.9, and thereafter means such successor. 
 “Administrative Agent’s Office” shall mean the office of the Administrative Agent, as set forth on Schedule
1.1(b), or such other office as the Administrative Agent may designate to the Borrower and the Lenders from time to time. 
 “Administrative Questionnaire” shall have the meaning provided in Section 14.6(b). 
 “Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For purposes of this definition,
“control” (including, with correlative meanings, the terms “controlling,” “controlled by” and “under common control with”), as used with respect to any Person, means the possession, directly or indirectly, of
the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise. 
 “Agents” shall mean each Joint Lead Arranger, the Administrative Agent and the Syndication Agent. 
 “Agreement” shall mean this credit agreement, as the same may be amended, supplemented or otherwise modified from time to
time. 
 “Agreement Currency” shall have the meaning provided in Section 14.19(b). 
 “Applicable Premium” means, with respect to any Loans on any applicable prepayment date, the excess of: (a) the
present value at such prepayment date of all required interest payments due on such Loan through February 4, 2010, computed using the interest rate in effect on the date on which notice of repayment is given and a discount rate equal to the
Treasury Rate as of such prepayment date plus 50 basis points; over (b) the then outstanding principal amount of such Loan. 
 “Approved Fund” shall have the meaning provided in Section 14.6. 
 “Asset
Sale” shall mean: 
 (1) the sale, conveyance, transfer or other disposition (whether in a single transaction or a
series of related transactions) of property or assets (including by way of a Sale/Leaseback Transaction) of the Borrower or any Restricted Subsidiary of the Borrower (each referred to in this definition as a “disposition”) or 

 

 -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 “Receivables Financing” to a Receivables Subsidiary in a Qualified Receivables Financing or in factoring
or similar transactions; 
  

 -4- 

 (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. 
 “Backstop Credit Facility” means each agreement or instrument (including indentures) executed in connection with a
financing contemplated by the Commitment Letter, dated June 19, 2007, by and among Serafina Acquisition Limited and the arrangers, agents and lenders party thereto, as amended or supplemented from time to time, including (for the avoidance of
doubt) this Agreement. 
 “Bank Indebtedness” means any and all amounts payable under or in respect of any
Credit Agreement or 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. 
 “Base Offering Memorandum” means the base offering memorandum dated June 24, 2008 of Holdings, the Borrower, Intelsat Bermuda, Intermediate Holdco, and Intelsat Sub Holdco. 
  

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 “Board” shall mean the Board of Governors of the Federal Reserve System
of the United States (or any successor). 
 “Board of Directors” means as to any Person, the board of
directors or managers, as applicable, of such Person (or, if such Person is a partnership, the board of directors or other governing body of the general partner of such Person) or any duly authorized committee thereof. 
 “Borrower” means Intelsat Jackson Holdings, Ltd., until a successor replaces it, and thereafter means the successor. For
the avoidance of doubt, for any periods or dates which the Borrower does not have historical financial statements available, it shall be entitled to use and rely on the financial statements of its predecessor or successor or an assignor or a
transferor that has assigned or transferred to the Borrower assets in the Intelsat Bermuda Transfer or any Specified Merger/Transfer Transaction. 
 “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.” 
  

 -6- 

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

 -7- 

 (2) the Borrower becomes aware (by way of a report or any other filing pursuant to
Section 13(d) of the Exchange Act, proxy, vote, written notice or otherwise) of the acquisition by any Person or group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor provision),
including any group acting for the purpose of acquiring, holding or disposing of securities (within the meaning of Rule 13d-5(b)(1) under the Exchange Act), other than any of the Permitted Holders, in a single transaction or in a related series of
transactions, by way of merger, amalgamation, consolidation or other business combination or purchase of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act, or any successor provision), of more than 50% of the total voting
power of the Voting Stock of the Borrower or any Parent of the Borrower. 
 Notwithstanding the foregoing, none of
(i) the Acquisition (and any related change in the composition of the Board of Directors of any Credit Party or any Parent of any Credit Party in connection therewith), (ii) any Specified Merger/Transfer Transaction, or (iii) any
Subsidiary Transfer Transaction, shall constitute a Change of Control. 
 “Change of Control Offer” shall
have the meaning provided in Section 5.2. 
 “Change of Control Offers” shall mean (a) each offer
to purchase outstanding notes of the Borrower and any Parent, Subsidiary or Affiliate of the Borrower (including Intelsat Bermuda, Intermediate Holdco, Intelsat Sub Holdco and Intelsat Corp) pursuant to the indentures governing such series of notes,
and (b) the offer to repay outstanding loans pursuant to the Existing Intelsat Jackson Unsecured Credit Agreement, under which, in each case, the Acquisition resulted in a “change of control” as defined in each such agreement.

 “Closing Date” shall mean July 1, 2008. 
 “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time, and the regulations promulgated and
rulings issued thereunder. Section references to the Code are to the Code, as in effect at the Closing Date, and any subsequent provisions of the Code, amendatory thereof, supplemental thereto or substituted therefor. 
 “Commitment Letter” shall mean the Commitment Letter dated June 19, 2007 by and among Serafina Acquisition Limited
and the arrangers, agents and lenders party thereto, as amended by that certain Amendment to Commitment Letter, Fee Letter and Engagement Letter agreement dated as of February 4, 2008, as further amended or supplemented from time to time.

 “Commitments” shall mean, with respect to each Lender, such Lender’s Commitment set forth on
Schedule 1.1(a). The aggregate amount of all Commitments hereunder is $810,876,000. 
 “Confidential
Information” shall have the meaning provided in Section 14.16. 
 “Consolidated Interest
Expense” shall mean, with respect to any Person for any period, the sum, without duplication, of: 
 (1) consolidated
interest expense of such Person and its Restricted Subsidiaries for such period, to the extent such expense was deducted in computing Consolidated Net Income (including amortization of original issue discount, the interest component of Capitalized
Lease Obligations, and net payments and receipts (if any) pursuant to interest rate Hedging Obligations and excluding amortization of deferred financing fees, expensing of any bridge or other financing fees and any interest under Satellite Purchase
Agreements); 
  

 -8- 

 (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 
 (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, 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; 
  

 -9- 

 (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 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 hereof; provided that the Consolidated Net Income of
such Person shall be increased by the amount of dividends or other distributions or other payments actually paid in cash (or converted into cash) by any such Restricted Subsidiary to such Person, to the extent not already included therein;

 (9) (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 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. 
  

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 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. 
 “Contingent
Obligations” shall mean, with respect to any Person, any obligation of such Person guaranteeing any leases, dividends or other obligations that do not constitute Indebtedness (“primary obligations”) of any other Person (the
“primary obligor”) in any manner, whether directly or indirectly, including, without limitation, any obligation of such Person, whether or not contingent: 
 (1) to purchase any such primary obligation or any property constituting direct or indirect security therefor; 
 (2) to advance or supply funds: 
 (a) for the purchase or payment of any such primary obligation; or 
 (b) to maintain working
capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor; or 
 (3) to purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation against loss in respect
thereof. 
 “Contribution Indebtedness” shall mean Indebtedness of the Borrower or any Restricted Subsidiary
in an aggregate principal amount not greater than twice the aggregate amount of cash contributions (other than Excluded Contributions) made (without duplication) to the capital of the Borrower or such Restricted Subsidiary after January 28,
2005 (other than any cash contributions in connection with the Transactions), provided that (1) if the aggregate principal amount of such Contribution Indebtedness is greater than the aggregate amount of such cash contributions to the
capital of the Borrower or such Restricted Subsidiary, as applicable, the amount in excess shall be Indebtedness (other than Secured Indebtedness) that ranks subordinate to the Loans with a Stated Maturity later than the Stated Maturity of the
Loans, and (2) such Contribution Indebtedness (a) is Incurred within 210 days after the making of such cash contributions and (b) is so designated as Contribution Indebtedness pursuant to an Officers’ Certificate on the date of
Incurrence thereof. 
 “Credit Agreements” means the Intelsat Credit Agreement and the Intelsat Corp Credit
Agreement and each Backstop Credit Facility. 
 “Credit Documents” shall mean this Agreement, any promissory
notes issued by the Borrower hereunder and each Guarantee. 
 “Credit Party” shall mean each of the Borrower
and each Guarantor (including Holdings), for so long as any such Guarantor shall remain a Guarantor. 
  

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 “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 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 
  

 -13- 

 (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
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 

  

 -14- 

 
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, without
limitation, from the Transactions) and (2) all adjustments used in connection with (a) the calculation of “Intelsat Jackson Adjusted EBITDA” as set forth in Intelsat, Ltd.’s Annual Report on Form 10-K for the year ended
December 31, 2007 and Intelsat, Ltd.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2008 and (b) the calculation of “Intelsat Bermuda Adjusted EBITDA” as set forth in footnote 3 to the “Summary
Historical and Pro Forma Consolidated Financial Data” section of the offering memorandum, dated June 19, 2006 in connection with the offering of the Outstanding Jackson Notes and in footnote 3 to the “Summary Historical and Pro Forma
Consolidated Financial Data of Intelsat, Ltd.” section of the Offering Memorandum, in each case 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. 
  

 -15- 

 “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 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 Intelsat Corp, dated as of
July 3, 2006, between Intelsat Global Service Corporation and Intelsat Corp, 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 

  

 -16- 

 
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. 
 “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, 
  

 -17- 

 (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 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). 
  

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 “Existing Intelsat Jackson Unsecured Credit Agreement” means
(i) the senior unsecured credit agreement entered into on February 2, 2007 among Intelsat Bermuda, Holdings, the financial institutions named therein and Bank of America, N.A., as administrative agent, and the guarantees thereof provided
by Intelsat Sub Holdco and certain subsidiaries of Intelsat Sub Holdco, 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, including any agreement entered into in
connection with the refinancing thereof as a result of the Jackson Change of Control Prepayment Offer, 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 Jackson Unsecured Credit Agreement,” one or more (A) debt facilities or commercial paper facilities, providing for revolving credit loans, term loans, receivables financing (including through the sale of
receivables to lenders or to special purpose entities formed to borrow from lenders against such receivables) or letters of credit, (B) debt securities, indentures or other forms of debt financing (including convertible or exchangeable debt
instruments or bank guarantees or bankers’ acceptances), or (C) instruments or agreements evidencing any other Indebtedness, in each case, with the same or different borrowers or issuers and, in each case, as amended, supplemented,
modified, extended, restructured, renewed, refinanced, restated, replaced or refunded in whole or in part from time to time. 
 “Existing Intelsat Notes” means (a) the 7 5/8% Senior Notes due 2012 and (b) the 6 1/2% Senior Notes due 2013, in each case of Intelsat, Ltd. 
 “Existing Subsidiary Indebtedness” means (a) the 8 1/4% Senior Notes due 2013, the 8 1/2% Senior Notes due 2013 (including any notes issued in exchange therefor), the 8 5/8% Senior
Notes due 2015, and the 8 7/8% Senior Notes due 2015 (including any notes issued in exchange therefor), in each case, of Intelsat
Sub Holdco, (b) the 9 1/4% Senior Discount Notes due 2015 and the 9 1/
2% Senior Discount Notes due 2015 (including any notes issued in exchange therefor), in each case, of Intermediate Holdco, and (c) the 6 7/8% Senior Secured Debentures due 2028, the 9% Senior Notes due 2014, the 9 1/
4% Senior Notes due 2014 (including any notes issued in exchange therefor), the 9% Senior Notes due 2016, the 9 1/4% Senior Notes due 2016 (including any notes issued in exchange therefor), in each case, of Intelsat Corp, and the Intelsat Bermuda Intercompany Loan. 

 “Fair Market Value” shall mean, with respect to any asset or property, the price
which could be negotiated in an arm’s-length, free market transaction, for cash, between a willing seller and a willing and able buyer, neither of whom is under undue pressure or compulsion to complete the transaction. 
 “FCC” shall mean the Federal Communications Commission or any Governmental Authority substituted therefor. 
 “FCC Licenses” shall mean all authorizations, licenses and permits issued by the FCC to the Borrower or any of its
Subsidiaries, under which the Borrower or any of its Subsidiaries is authorized to launch and operate any of its Satellites or to operate any of its TT&C Earth Stations (other than authorizations, orders, licenses or permits that are no longer
in effect). 
  

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 “Fee Letter” shall mean the Fee Letter dated June 19, 2007 by and
among the Borrower and the arrangers, agents and lenders party thereto, as supplemented from time to time. 
 “Fees” shall mean all amounts payable pursuant to, or referred to in, Section 4.1. 
 “Flow Through Entity” shall mean an entity that is treated as a partnership not taxable as a corporation, a grantor trust or a disregarded entity for U.S. federal income tax purposes or subject to treatment on a comparable
basis for purposes of state, local or foreign tax law. 
 “Foreign Lender” shall mean any Lender that is not
organized or incorporated under the laws of Bermuda. 
 “Foreign Plan” shall mean any employee benefit plan,
program, fund, policy, arrangement or agreement maintained or contributed to by the Borrower or any of its Subsidiaries with respect to employees employed outside the United States. 
 “Foreign Subsidiary” shall mean a Restricted Subsidiary not organized or existing under the laws of the United States of
America or any state or territory thereof or the District of Columbia and any direct or indirect subsidiary of such Restricted Subsidiary. 
 “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 Intelsat Corp, 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. 
 “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. 
  

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 “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. 
 “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 (Bermuda), Ltd., until a successor replaces it and, thereafter, means the
successor. 
 “Incur” shall mean issue, assume, guarantee, incur or otherwise become liable for;
provided, however, that any Indebtedness or Capital Stock of a Person existing at the time such Person becomes a Subsidiary (whether by merger, amalgamation, consolidation, acquisition or otherwise) shall be deemed to be Incurred by
such Person at the time it becomes a Subsidiary. 
 “Indebtedness” shall mean, with respect to any Person:

 (1) the principal and premium (if any) of any indebtedness of such Person, whether or not contingent, (a) in respect
of borrowed money, (b) evidenced by bonds, notes, debentures or similar instruments or letters of credit or bankers’ acceptances (or, without duplication, reimbursement agreements in respect thereof), (c) representing the deferred and
unpaid purchase price of any property, except any such balance that constitutes a current account payable, trade payable or similar obligation Incurred, (d) in respect of Capitalized Lease Obligations, or (e) representing any Hedging
Obligations, if and to the extent that any of the foregoing indebtedness (other than letters of credit and Hedging Obligations) would appear as a liability on a balance sheet (excluding the footnotes thereto) of such Person prepared in accordance
with GAAP; 
  

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 (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. 
 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 

  

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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 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 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 Transfer” means the transfer by Intelsat Bermuda of certain of its assets and certain of its
liabilities and obligations to the Borrower on February 4, 2008. 
 “Intelsat Corp” means Intelsat
Corporation (formerly PanAmSat Corporation), until a successor replaces it, and thereafter means such successor. 
 “Intelsat Corp Credit Agreement” means (i) the amended and restated credit agreement entered into on July 3, 2006 in connection with the consummation of the PanAmSat Acquisition, among Intelsat Corp, the financial
institutions named therein and Credit Suisse, Cayman Islands Branch (as successor to Citicorp North America, Inc.), as Administrative Agent, and the guarantees thereof provided by certain subsidiaries of Intelsat Corp, as amended, restated,
supplemented, waived, replaced (whether or not upon termination, and whether with the original lenders or otherwise), restructured, repaid, refunded, refinanced or otherwise modified from time to time (prior to, on or after the Issue Date),
including any one or more agreements or indentures extending the maturity thereof, refinancing, replacing or otherwise restructuring all or any portion of the Indebtedness under such agreement or agreements or indenture or indentures or any
successor or replacement agreement or agreements or indenture or indentures or increasing the amount loaned or issued thereunder or altering the maturity thereof, and (ii) whether or not the credit agreement referred to in clause
(i) remains outstanding, if designated by the borrower to be included in the definition of “Intelsat Corp 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

  

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of debt financing (including convertible or exchangeable debt instruments or bank guarantees or bankers’ acceptances), or (C) instruments or
agreements evidencing any other Indebtedness, in each case, with the same or different borrowers or issuers and, in each case, as amended, supplemented, modified, extended, restructured, renewed, refinanced, restated, replaced or refunded in whole
or in part from time to time. 
 “Intelsat Corp
Refinancing” means the borrowing by Intelsat Corp of $150.0 million in aggregate principal amount pursuant to a new term loan under the Intelsat Corp Credit Agreement, and the repayment of its 6 3/8% Senior Secured Notes due 2008 with the proceeds of such borrowing. 
 “Intelsat Credit Agreement” means (i) the credit agreement entered into on July 3, 2006 in connection with, the consummation of the PanAmSat Acquisition, among Intelsat Sub Holdco,
Intermediate Holdco, the financial institutions named therein and Credit Suisse, Cayman Islands Branch (as successor to Citicorp North America, Inc., as Administrative Agent, and the guarantees thereof provided by certain subsidiaries of Intelsat
Sub Holdco, as amended, restated, supplemented, waived, replaced (whether or not upon termination, and whether with the original lenders or otherwise), restructured, repaid, refunded, refinanced or otherwise modified from time to time (prior to, on
or after the Issue Date), including any one or more agreements or indentures extending the maturity thereof, refinancing, replacing or otherwise restructuring all or any portion of the Indebtedness under such agreement or agreements or indenture or
indentures or any successor or replacement agreement or agreements or indenture or indentures or increasing the amount loaned or issued thereunder or altering the maturity thereof and (ii) whether or not the credit agreement referred to in
clause (i) remains outstanding, if designated by the borrower to be included in the definition of “Intelsat Credit Agreement,” one or more (A) debt facilities or commercial paper facilities, providing for revolving credit loans,
term loans, receivables financing (including through the sale of receivables to lenders or to special purpose entities formed to borrow from lenders against such receivables) or letters of credit, (B) debt securities, indentures or other forms
of debt financing (including convertible or exchangeable debt instruments or bank guarantees or bankers’ acceptances), or (C) instruments or agreements evidencing any other Indebtedness, in each case, with the same or different borrowers
or issuers and, in each case, as amended, supplemented, modified, extended, restructured, renewed, refinanced, restated, replaced or refunded in whole or in part from time to time. 
 “Intelsat Intermediate Holdco” shall mean Intelsat Intermediate Holding Company, Ltd., until a successor replaces it, and
thereafter means such successor. 
 “Intelsat Sub Holdco” shall mean Intelsat Subsidiary Holding Company,
Ltd., until a successor replaces it, and thereafter means such successor. 
 “Interest Period” shall mean,
with respect to any Loan, the interest period applicable thereto, as determined pursuant to Section 2.9. 
 “Intermediate Holdco Notes” means the 481,020,000 aggregate
principal amount at maturity of 9 1/2% Senior Discount Notes due 2015 of Intermediate Holdco (including any notes issued pursuant
to any related exchange offer), issued under an indenture, dated June 27, 2008, by and among Intermediate Holdco, as Issuer, Intelsat, Ltd., as Co-Obligor, Intelsat Bermuda and Intelsat Jackson, as Guarantors, and Wells Fargo Bank, National
Association, as Trustee 
  

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 “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 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. 
 “Jackson Guaranteed Notes” shall mean the 9 1/2% senior notes due 2016 of the
Borrower, and shall include any exchange notes issued in exchange therefore pursuant to the applicable registration rights agreement. 
  

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 “Jackson Non-Guaranteed
Notes” shall mean the 11 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. 
 “Jackson Notes” shall
mean the Jackson Non-Guaranteed Notes and the Jackson Guaranteed Notes. 
 “Jackson Notes Indentures” shall
mean the Indentures dated as of the Closing Date among the Borrower, the guarantors party thereto (if any) and Wells Fargo Bank, National Association, relating to the Jackson 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. 
 “Joint Lead Arrangers”
shall mean Credit Suisse Securities (USA) LLC, Banc of America Securities LLC and Morgan Stanley Senior Funding, Inc., in their respective capacity as joint lead arrangers and joint bookrunners with respect to the Loans. 
 “Joint Venture” shall mean any Person, other than an individual or a Subsidiary of the Borrower, (i) in which the
Borrower or a Restricted Subsidiary of the Borrower holds or acquires an ownership interest (whether by way of Capital Stock or otherwise) and (ii) which is engaged in a Similar Business. 
 “Judgment Currency” shall have the meaning provided in Section 14.19(b). 
 “Lender” shall have the meaning provided in the preamble to this Agreement. 
 “Lender Default” shall mean (a) the failure (which has not been cured) of a Lender to make available its portion of
any Borrowing or 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 300 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 the Administrative Agent and with a term equivalent to such Interest Period would be offered by the Administrative Agent’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. 
  

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 “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. 
 “Lockheed Note” shall mean the $20.0 million note, dated November 25, 2002 from Intelsat Global Service Corporation
to COMSAT Corporation. 
 “Management Group” means the group consisting of the directors, executive officers
and other management personnel of the Borrower or any Parent of the Borrower, as the case may be, on the Closing Date together with (1) any new directors whose election by such boards of directors or whose nomination for election by the
shareholders of the Borrower or any Parent of the Borrower, as applicable, was approved by a vote of a majority of the directors of the Borrower or any Parent of the Borrower, as applicable, then still in office who were either directors on the
Issue Date or whose election or nomination was previously so approved and (2) executive officers and other management personnel of the Borrower or any Parent of the Borrower, as applicable, hired at a time when the directors on the Closing Date
together with the directors so approved constituted a majority of the directors of the Borrower or any Parent of the Borrower, as applicable. 
 “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. 
 “Marketing Period”
means the period of time (a) commencing on the Closing Date and (b) ending on (i) the first anniversary of the consummation of the Acquisition or (ii) to the extent the Borrower has elected the Shelf Option and such shelf
registration statement has been declared effective by the SEC and remains effective at such time, the third anniversary of the consummation of the Acquisition. 
 “Master Intercompany Services Agreement” shall mean the Master Intercompany Services Agreement, dated as of July 3,
2006, among Intelsat Bermuda and certain direct and indirect Parent companies and Subsidiaries of Intelsat Bermuda 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). 
  

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 “Material Adverse Change” shall mean any event or circumstance which has
resulted or is reasonably likely to result in a material adverse change in the business, assets, operations, properties or financial condition of the Borrower and its Subsidiaries, taken as a whole or that would materially adversely affect the
ability of the Borrower to perform its obligations under this Agreement or any of the other Credit Documents. 
 “Material Adverse Effect” shall mean a circumstance or condition affecting the business, assets, operations, properties or financial condition of the Borrower and the Subsidiaries, taken as a whole, that would materially
adversely affect (a) the ability of the Borrower to perform its obligations under this Agreement or any of the other Credit Documents or (b) the rights and remedies of the Administrative Agent and the Lenders under this Agreement or any of
the other Credit Documents. 
 “Material Subsidiary” shall mean, at any date of determination, (1) any
Subsidiary that is a Guarantor and (2) any other Significant Subsidiary of the Borrower (after giving effect to the Transactions); provided that no Government Business Subsidiary (including Intelsat General and its Subsidiaries) shall be
deemed a Material Subsidiary. 
 “Maturity Date” shall mean February 1, 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. 
  

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 “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).

 “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” means the Base Offering Memorandum and the Offering Memorandum Supplement, collectively.

 “Offering Memorandum Supplement” means the supplement to the Base Offering Memorandum dated June 30,
2008 relating to the Jackson Notes. 
 “Officer” shall mean the Chairman of the Board, Chief Executive
Officer, Chief Financial Officer, President, any Executive Vice President, Senior Vice President or Vice President, the Treasurer or the Secretary of the Borrower, any Parent of the Borrower or any of the Borrower’s Restricted Subsidiaries.

 “Officers’ Certificate” shall mean a certificate signed on behalf of the Borrower by two Officers of
the Borrower, any Parent of the Borrower or any of the Borrower’s Restricted Subsidiaries, one of whom must be the principal executive officer, the principal financial officer, the treasurer or the principal accounting officer of the Borrower,
any Parent of the Borrower or any of the Borrower’s Restricted Subsidiaries, that meets the requirements set forth in this Agreement. 
 “Other Taxes” shall mean any and all present or future stamp, documentary or any other excise, property or similar taxes (including interest, fines, penalties, additions to tax and related expenses
with regard thereto) arising directly from any payment made or required to be made under this Agreement or any other Credit Document or from the execution or delivery of, registration or enforcement of, consummation or administration of, or
otherwise with respect to, this Agreement or any other Credit Document. 
 “Outstanding Jackson Notes” means the 11 1/4% Senior Notes due 2016 and the 9 1/4% Senior Notes due 2016, issued on July 3, 2006 by Intelsat Bermuda, which were transferred to Intelsat Jackson pursuant to
the Intelsat Bermuda Transfer. 
 “PanAmSat Acquisition” means the transaction pursuant to
which Intelsat Bermuda became the owner of all of the outstanding share capital of PanAmSat Holdco. 
  

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 “PanAmSat Holdco” shall mean Intelsat Holding Corporation (formerly PanAmSat Holding
Corporation), until a successor replaces it, and thereafter means such successor. 
 “Parent” means, with respect to any
Person, any other Person of which such Person is a direct or indirect Subsidiary. 
 “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” means, at any time, (i) the
Sponsors, (ii) the Management Group, (iii) any Parent of the Borrower, and (iv) any group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor provision) the members of which
include any of the Permitted Holders specified in clauses (i), (ii) and/or (iii) above, and that (directly or indirectly) hold or acquire beneficial ownership of the Voting Stock of the Borrower or any Parent of the Borrower (a
“Permitted Holder Group”), so long as no Person or other “group” (other than Permitted Holders specified in clauses (i)-(iii) above) beneficially owns more than 50% on a fully diluted basis of the Voting Stock held by
such Permitted Holder Group. Any one or more Persons 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 (or their) Affiliates, constitute an additional Permitted Holder or Permitted Holders, as applicable. 
 “Permitted Investments” shall mean: 
 (1) any Investment in the Borrower or any Restricted
Subsidiary; 
 (2) any Investment in Cash Equivalents or Investment Grade Securities; 
 (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; 
  

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 (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 and
Investments not in excess of $40.0 million outstanding at any one time in the aggregate made or contemplated to be made in Intelsat New Dawn Company, Ltd., an Unrestricted Subsidiary of the Borrower that will participate in a South African joint
venture that will construct and operate one or more satellites; 
 (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 business
related 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, 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”; 
  

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 (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 value transponders or transponder capacity sold or to be sold or leased or to be leased by such Subsidiaries or Joint Ventures; provided
that all such Investments in Subsidiaries and Joint Ventures do not exceed 10% of Net Transponder Capacity; and 
  

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 (23) any Investment in the Jackson Notes, Acquisition Notes, Outstanding Jackson Notes or
any other Indebtedness incurred or assumed in connection with the Transactions, including 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 (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; 
  

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 (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; 
 (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; 
  

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 (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). 
 “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). 
  

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

 “Receivables Financing” shall mean any transaction or series of transactions that may be entered into by the Borrower or
any of its Subsidiaries pursuant to which the Borrower or any of its Subsidiaries may sell, convey or otherwise transfer to (a) a Receivables Subsidiary (in the case of a transfer by the Borrower or any of its Subsidiaries), and (b) any
other Person (in the case of a transfer by a Receivables Subsidiary), or may grant a security interest in, any accounts receivable (whether now existing or arising in the future) of the Borrower or any of its Subsidiaries, and any assets related
thereto including, without limitation, all collateral securing such accounts receivable, all contracts and all guarantees or other obligations in respect of such accounts receivable, proceeds of such accounts receivable and other assets which are
customarily transferred or in respect of which security interests are customarily granted in connection with asset securitization transactions involving accounts receivable and any Hedging Obligations entered into by the Borrower or any such
Subsidiary in connection with such accounts receivable. 
 “Receivables Repurchase Obligation” shall mean any obligation of
a seller of receivables in a Qualified Receivables Financing to repurchase receivables arising as a result of a breach of a representation, warranty or covenant or otherwise, including as a result of a receivable or portion thereof becoming subject
to any asserted defense, dispute, off-set or counterclaim of any kind as a result of any action taken by, any failure to take action by or any other event relating to the seller. 
 “Receivables Subsidiary” shall mean a Wholly Owned Restricted Subsidiary of the Borrower (or another Person formed for the purposes of
engaging in a Qualified Receivables Financing 

  

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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. 
 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. 
 “Refinancings” means, collectively, the use of a portion of the net proceeds of
the Loans hereunder, together with cash on hand, to (i) redeem all of the outstanding Floating Rate Senior Notes due 2013 of the Borrower (after giving effect to the Intelsat Bermuda Transfer) and Floating Rate Senior Notes due 2015 and
(ii) satisfy and discharge all of the outstanding Holdings 5 1/4% Senior Notes due 2008. 
 “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. 
  

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 “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. 
 “Sale/Leaseback Transaction” shall mean an arrangement relating to property now owned or hereafter acquired by the Borrower or a
Restricted Subsidiary whereby the Borrower or a Restricted Subsidiary transfers such property to a Person and the Borrower or such Restricted Subsidiary leases it from such Person, other than leases between the Borrower and a Restricted Subsidiary
of the Borrower or between Restricted Subsidiaries of the Borrower. 
 “Satellite” shall mean any satellite owned by the
Borrower or any of its Restricted Subsidiaries and any satellite purchased by the Borrower or any of its Restricted Subsidiaries pursuant to the terms of a Satellite Purchase Agreement, whether such satellite is in the process of manufacture, has
been delivered for launch or is in orbit (whether or not in operational service). 
 “Satellite Manufacturer” shall mean,
with respect to any Satellite, the prime contractor and manufacturer of such Satellite. 
 “Satellite Purchase Agreement”
shall mean, with respect to any Satellite, the agreement between the applicable Satellite Purchaser and the applicable Satellite Manufacturer relating to the manufacture, testing and delivery of such Satellite. 
 “Satellite Purchaser” shall mean the Borrower or Restricted Subsidiary that is a party to a Satellite Purchase Agreement. 
 “SEC” shall mean the Securities and Exchange Commission or any successor thereto. 
 “Secured Indebtedness” shall mean any Indebtedness secured by a Lien. 
  

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 “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 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, without limitation, from the Transactions) and (2) all adjustments used in connection with (a) the calculation of “Intelsat Jackson Adjusted EBITDA” as set forth in Intelsat, Ltd.’s Annual Report on Form
10-K for the year ended December 31, 2007 and Intelsat, Ltd.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2008 and (b) the calculation of “Intelsat Bermuda Adjusted EBITDA” as set forth in footnote 4
to the “Summary Historical and Pro Forma Consolidated Financial Data” section of the offering memorandum, dated June 19, 2006 in connection with the offering of the Outstanding Jackson Notes and in footnote 3 to the “Summary
Historical and Pro Forma Consolidated Financial Data of Intelsat, Ltd.” section of the Offering Memorandum, in each case to the extent such adjustments, without duplication, continue to be applicable to such four-quarter period. 
  

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 “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. 
 “Serafina Assignment” shall mean the assignment by Serafina Acquisition Limited, immediately following the Intelsat Bermuda Transfer, of
all of its liabilities and obligations with respect to the this Agreement, the other Credit Documents and the Loans to Intelsat Bermuda, and the assumption by Intelsat Bermuda of all such liabilities and obligations. 
 “Significant Subsidiary” shall means any Restricted Subsidiary that would be a “significant subsidiary” of the Borrower within
the meaning of Rule 1-02 under Regulation S-X promulgated by the SEC or any successor provision. 
 “Similar Business” shall
mean any business or activity of the Borrower or any of its Subsidiaries currently conducted or proposed as of the Closing Date, or any business or activity that is reasonably similar thereto or a reasonable extension, development or expansion
thereof, or is complementary, incidental, ancillary or related thereto. 
 “Solvent” shall mean that, as of any date of
determination, both (i) (a) the sum of the Borrower’s respective debt (including contingent liabilities) does not exceed the present fair saleable value of the Borrower’s respective present assets; (b) the Borrower’s
capital is not unreasonably small in relation to its respective businesses as contemplated on the Closing Date; and (c) the Borrower has not incurred and does not intend to incur, or believe that it will incur, debts including current
obligations beyond its ability to pay such debts as they become due (whether at maturity or otherwise); and (ii) the Borrower is “solvent” within the meaning given that term and similar terms under applicable laws relating to
fraudulent transfers and conveyances. For purposes of this definition, the amount of any contingent liability at any time shall be computed as the amount that, in light of all of the facts and circumstances existing at such time, represents the
amount that can reasonably be expected to become an actual or matured liability (irrespective of whether such contingent liabilities meet the criteria for accrual under Statement of Financial Accounting Standard No. 5). 
 “Specified Intercompany Agreements” shall mean the Master Intercompany Services Agreement, the Employee Transfer Agreement, the G2
Transfer Agreement and the agreements or promissory notes evidencing the Intelsat Bermuda Intercompany Loan and, in each case, agreements in connection therewith. 
 “Specified Merger/Transfer Transaction” shall have the meaning provided in Section 10.10(a). 
 “Specified PanAmSat Indebtedness” means Intelsat Corp’s 9  1/4% Senior Notes due 2014 and 9% Senior Notes due 2014. 
 “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. 
  

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 “Sponsors” means (1) one or more investment funds advised, managed or controlled by
BC Partners Holdings Limited or any Affiliate thereof, (2) one or more investment funds advised, managed or controlled by Silver Lake or any Affiliate thereof, and (3) one or more investment funds advised, managed or controlled by any of
the Persons described in clauses (1) and (2) of this definition, and, in each case, (whether individually or as a group) their Affiliates; provided that, for purposes of determining the fees and expenses that may be added back
pursuant to clause (5) within the definition of Adjusted EBITDA for any period before February 4, 2008, the term “Sponsor” shall also mean one or more investment funds advised, managed or controlled by Apax Partners Worldwide,
LLP, Apax Partners, L.P., Apollo Management V, L.P., Madison Dearborn Partners, LLC or Permira Advisers, LLC or any of their respective 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 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. 
 “Sub Holdco Notes” means (a) the 8  1
/2% Senior Notes due 2013 and (b) the 8  7/8% Senior Notes due 2015, each of Sub Holdco (including any notes issued pursuant to any related exchange offer), issued under an indenture dated June 27, 2008, by and among Sub Holdco, as Issuer, and Intelsat,
Ltd., Intelsat Bermuda, the Issuer, and Intermediate Holdco, as Guarantors, and Wells Fargo Bank, National Association, as Trustee. 
 “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 

  

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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 subject) to a tax regime (for example, as a
United States shareholder within the meaning of section 951(b) of the Code) that requires such person to recognize on a current basis taxable income attributable to earnings and profits of the Borrower, or its Subsidiaries in advance of any
distribution of such earnings and profits. 
 “Taxes” shall mean any and all present or future taxes, duties, levies,
imposts, assessments, deductions, withholdings or other similar charges imposed by any Governmental Authority whether computed on a separate, consolidated, unitary, combined or other basis and any and all liabilities (including interest, fines,
penalties or additions to tax) with respect to the foregoing. 
 “Total Assets” means, with respect to any Person, the total
consolidated assets of such Person and its Restricted Subsidiaries, as shown on the most recent balance sheet. 
 “Transaction
Agreement” shall mean the Share Purchase Agreement dated as of June 19, 2007, among Intelsat Holdings, Ltd., the Initial Borrower and the other parties thereto, as amended, supplemented or modified from time to time. 
  

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 “Transactions” means the Acquisition and the transactions related thereto (including the
Intelsat Bermuda Transfer, the Serafina Assignment, the Change of Control Offers and the Refinancings, as applicable), including as contemplated by the Acquisition Documents (including any Equity Interest payments made in connection therewith
(whether on the Issue Date or thereafter)), the offering of the 9% Senior Notes due 2016 in connection with the PanAmSat Acquisition and the borrowing under the Intelsat Bermuda Intercompany Loan, the entry into the Backstop Credit Facilities, the
Existing Intelsat Jackson Unsecured Credit Agreement and this Agreement, the issuance of the Jackson Notes, the Sub Holdco Notes, the Intermediate Holdco Notes, the Acquisition Notes and the Corp Notes, amendments and borrowings made pursuant to the
Credit Agreements, the execution and performance of the Specified Intercompany Agreements, the Subsidiary Transfer Transactions, the Intelsat Corp Refinancing, and the other transactions in connection with the foregoing. 
 “Transferee” shall have the meaning provided in Section 14.6(e). 
 “Treasury Rate” means with respect to the Loans, as of the applicable prepayment date, the yield to maturity as of such prepayment date
of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15(519) that has become publicly available at least two business days prior to such prepayment date
(or, if such Statistical Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from such prepayment date to February 4, 2010; provided, however, that if the period
from such prepayment date to February 4, 2010 is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year will be used. 
 “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. 
 “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. 
  

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 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 (or other commercially available source providing quotations of such foreign currency as designated by the Administrative Agent from time to time) 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). 
 “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

  

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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. 
 SECTION 2. Amount and Terms of Credit. 
 2.1 Commitments. 
 (a) Subject to and upon the terms and conditions herein set forth, each Lender having a Commitment severally agrees to make a Loan or Loans on the Closing
Date to the Borrower in Dollars in an aggregate amount equal to the respective Commitment of such Lender. 
 (b) Such Loans (i) shall be
made on the Closing Date, (ii) may 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 shall be repaid in full. 
  

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 (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
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 wire transfer to an account designated by the Borrower, 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 

  

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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).

 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. 
 (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 

  

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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 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 
 (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 

  

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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 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. 
  

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 (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. 
 (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 

  

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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. 
 4.2 Mandatory Termination of Commitments. The Commitments shall terminate at 5:00 p.m. (New York City time) on the Closing Date. 

SECTION 5. Payments. 
 5.1 Voluntary
Prepayments. 
 (a) Pre-Payments. Except as set forth in Section 5.1(b), the Loans shall not be pre-payable at the option of
the Borrower prior to February 4, 2010. Thereafter 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. 
 (b) Make Whole Payments. Prior to
February 4, 2010, the Borrower may voluntarily prepay the Loans, at its option, in whole at any time or in part from time to time at a redemption price equal to 100% of the principal amount of the Loans prepaid plus the Applicable Premium as
of, and accrued and unpaid interest, to, the applicable prepayment date. 
 5.2 Mandatory Prepayments. 
 (a) Change of Control Prepayment Offer. Unless otherwise prepaid in accordance with Section 5.1 and subject to any restriction contained in
any secured Indebtedness of a Credit Party or its Subsidiaries, upon the occurrence of a Change of Control, each Lender shall have the right to require the Borrower to prepay all or any part of such Lender’s Loans at a price in cash equal to
101% of the principal amount thereof, plus accrued and unpaid interest, if any, to the date of such repayment. 
  

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 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 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. Subject to any restriction contained in any secured Indebtedness of a Credit Party or its Subsidiaries, promptly,
and in any event within ten (10) Business Days after the Borrower becomes obligated to make a prepayment offer pursuant to Section 10.4, the Borrower shall make an offer to prepay the Loans at a price equal to 100% of the 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 

  

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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. 
 (a) 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 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, unless such payments are deemed to be made on the same day, at the Administrative Agent’s sole discretion. Whenever any payment to be made hereunder shall be stated to be due on a day that is not a Business Day, the due
date thereof shall be extended to the next succeeding Business Day and, with respect to payments of principal, interest shall be payable during such extension at the applicable rate in effect immediately prior to such extension. 
 5.4 Net Payments. 
 (a) Any and all
payments made by or on behalf of the Borrower or any Guarantor under this Agreement or any other Credit Document shall be made free and clear of, and without deduction or withholding for or on account of, any Indemnified Taxes; provided that
if Borrower or any Guarantor shall be required by law to deduct or withhold any Indemnified Taxes from such payments, then (i) the sum payable shall be increased as necessary so that after making all required deductions and withholdings
(including deductions or withholdings of Indemnified Taxes applicable to additional sums payable under this Section 5.4) the Administrative Agent or any Lender, as the case may be, receives an amount equal to the sum it would have received had
no such deductions or withholdings been made, (ii) the Borrower 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, 

  

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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 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. 
  

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 (f) The agreements in this Section 5.4 shall survive the termination of this Agreement and the
payment of the Loans and all other amounts payable hereunder. 
 5.5 Computation of Interest and Fees. 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 the Administrative Agent’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 the Borrower.

 (b) The Administrative Agent shall have received an executed counterpart of the Subsidiary Guarantee from each of the Subsidiary
Guarantors. 
  

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 6.2 No Default; Representations and Warranties. On the Closing Date and also after giving effect
thereto, the representations and warranties made by the Borrower contained in Sections 8.2, 8.5 and 8.7 shall be true and correct in all material respects (except where such representations and warranties expressly relate to an earlier date, in
which case such representations and warranties shall have been true and correct in all material respects as of such earlier date). 
 6.3
Fees and Expenses. All costs, fees, expenses and other compensation payable on the Closing Date to the Lenders, Joint Lead Arrangers or the Administrative Agent in connection with the initial funding of the Loans, and for which reasonably
detailed invoices have been delivered at least five business days prior to the Closing Date, shall have been paid. 
 SECTION 7. [Reserved].

 SECTION 8. Representations, Warranties and Agreements. 
 In order to induce the Lenders to enter into this Agreement, to make the Loans and issue or participate in Letters of Credit as provided for herein, the Borrower makes the following representations and warranties to,
and agreements with, the Lenders on the Closing Date: 
 8.1 Corporate Status. Each of 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 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 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 the Borrower,
threatened with respect to the Borrower or any of its Subsidiaries that could reasonably be expected to result in a Material Adverse Effect or a Material Adverse Change. 
  

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 8.5 Margin Regulations. Neither the making of any Loan hereunder nor the use of the proceeds
thereof will violate the provisions of Regulation T, U or X of the Board. 
 8.6 [Reserved]. 
 8.7 Investment Company Act. The Borrower is not 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 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 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 Intelsat Ltd. set forth in the Offering Memorandum presents fairly in all material respects the consolidated financial position of Intelsat Ltd. and its subsidiaries 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, 2006 (giving effect to the Transactions as if they had occurred prior thereto). 
 8.10 Tax Returns and
Payments. 
 (a) 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 “listed transaction” within the meaning of Treasury Regulation Section 1.6011-4, except as could not reasonably be likely to, individually or in the aggregate, have a Material Adverse Effect. 

 

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 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 Holdings’ Form 10-K for the year ended December 31, 2007. Except as listed on Schedule 8.11, no Plan (other than a
multiemployer plan) has an Unfunded Current Liability that would, individually or when taken together with any other liabilities referenced in this Section 8.11, be reasonably likely to have a Material Adverse Effect. With respect to Plans that
are multiemployer plans (as defined in Section 3(37) of ERISA), the representations and warranties in this Section 8.11(a), other than any made with respect to (i) liability under Section 4201 or 4204 of ERISA or
(ii) liability for termination or reorganization of such Plans under ERISA, are made to the best knowledge of the Borrower. 
 (b) All
Foreign Plans are in compliance with, and have been established, administered and operated in accordance with, the terms of such Foreign Plans and applicable law, except for any failure to so comply, establish, administer or operate the Foreign
Plans as would not reasonably be expected to have a Material Adverse Effect. All contributions or other payments which are due with respect to each Foreign Plan have been made in full and there are no funding deficiencies thereunder, except to the
extent any such events would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 8.12
Subsidiaries. Schedule 8.12 to this Agreement lists each Subsidiary of the Borrower (and the direct and indirect ownership interest of the Borrower therein), in each case existing on the Closing Date. To the knowledge of the Borrower,
after due inquiry, each Subsidiary of the Borrower that is a Material Subsidiary as of the Closing Date has been so designated on Schedule 8.12 to this Agreement. As of the Closing Date, all outstanding capital stock of the Borrower is owned,
directly or indirectly, by the entity listed as “parent” on Schedule 8.12. 
 8.13 Patents, etc. The Borrower 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. 
  

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

  

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(y) the Borrower and its Restricted Subsidiaries have fulfilled and performed in all respects all of their obligations with respect thereto and
(z) 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: 
 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 Jackson 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 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.

  

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 (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 Sub Holdco and the Subsidiaries of Intelsat Sub Holdco 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 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 

  

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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 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 

  

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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]. 
 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. 
  

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 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 Restricted 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 Sub Holdco 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, the Jackson Notes (not including any additional notes issued under the indentures governing such notes), including the guarantees, as applicable (and any exchange notes and guarantees thereof);

  

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 (iii) Indebtedness of the Borrower and its Restricted Subsidiaries existing on the
Closing Date, including any Indebtedness Incurred on the Closing Date and the Outstanding Jackson Notes (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), and under any Backstop Credit Facility; 
 (iv) Indebtedness (including Capitalized Lease
Obligations) Incurred by the Borrower or any of its Restricted Subsidiaries, Disqualified Stock issued by the Borrower or any of its Restricted Subsidiaries and Preferred Stock issued by any Restricted Subsidiaries of the Borrower to finance
(whether prior to or within 270 days after) the purchase, lease, construction or improvement of property (real or personal) or equipment (whether through the direct purchase of assets or the Capital Stock of any Person owning such assets) 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 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; 
  

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 (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; 
 (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 10.01(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; 
  

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 (2) to the extent such Refinancing Indebtedness refinances (a) Indebtedness junior
to the Loans, such Refinancing Indebtedness is junior to the Loans or (b) Disqualified Stock or Preferred Stock, such Refinancing Indebtedness is Disqualified Stock or Preferred Stock; 
 (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 Sub Holdco 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 PanAmSat Indebtedness. 
 (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. 
 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 

  

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relevant currency exchange rate in effect on the date of such refinancing, such U.S. dollar-denominated restriction shall be deemed not to have been exceeded
so long as the principal amount of such refinancing Indebtedness does not exceed the principal amount of such Indebtedness being refinanced. 
 10.2 Limitation on Restricted Payments. 
 (a) The Borrower shall not, and shall not permit any of its Restricted Subsidiaries
to, directly or indirectly: 
 (i) declare or pay any dividend or make any distribution on account of the Borrower’s or
any of its Restricted Subsidiaries’ Equity Interests, including any payment with respect to such Equity Interests made in connection with any merger, amalgamation or consolidation involving the Borrower (other than (A) dividends or
distributions by the Borrower payable solely in Equity Interests (other than Disqualified Stock) of the Borrower; or (B) dividends or distributions by a Restricted Subsidiary so long as, in the case of any dividend or distribution payable on or
in respect of any class or series of securities issued by a Restricted Subsidiary other than a Wholly Owned Restricted Subsidiary, the Borrower or a Restricted Subsidiary receives at least its pro rata share of such dividend or distribution in
accordance with its Equity Interests in such class or series of securities); 
 (ii) purchase or otherwise acquire or retire
for value any Equity Interests of the Borrower or any Parent of the Borrower; 
 (iii) make any principal payment on, or
redeem, repurchase, defease or otherwise acquire or retire for value, in each case prior to any scheduled repayment or scheduled maturity, any Subordinated Indebtedness of the Borrower or any Restricted Subsidiary (other than the payment,
redemption, repurchase, defeasance, acquisition or retirement of (A) Subordinated Indebtedness in anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each case due within one year of the date of
such payment, redemption, repurchase, defeasance, acquisition or retirement and (B) Indebtedness permitted under clauses (vii) and (ix) of Section 10.1(b)); or 
 (iv) make any Restricted Investment 
 (all
such payments and other actions set forth in clauses (i) through (iv) above being collectively referred to as “Restricted Payments”), unless, at the time of such Restricted Payment: 
 (1) no Default or Event of Default shall have occurred and be continuing or would occur as a consequence thereof; 
 (2) 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). 
  

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 (b) The provisions of Section 10.2(a) shall not prohibit: 
 (i) the payment of any dividend or distribution within 60 days after the date of declaration thereof, if at the date of declaration such
payment would have complied with the provisions of this Agreement; 
 (ii) (A) the repurchase, retirement or other
acquisition of any Equity Interests (“Retired Capital Stock”) of the Borrower or any Parent of the Borrower or Subordinated Indebtedness of the Borrower or any Subsidiary Guarantor in exchange for, or out of the proceeds of the
substantially concurrent sale (other than the sale of any Disqualified Stock or any Equity Interests sold to a Restricted Subsidiary of the Borrower or to an employee stock ownership plan or any trust established by the Borrower or any of its
Subsidiaries) of Equity Interests of the Borrower or any Parent of the Borrower or contributions to the equity capital of the Borrower (collectively, including any such contributions, “Refunding Capital Stock”) and (B) the
declaration and payment of accrued dividends on the Retired Capital Stock out of the proceeds of the substantially concurrent sale (other than to a Subsidiary of the Borrower or to an employee stock ownership plan or any trust established by the
Borrower or any of its Subsidiaries) of Refunding Capital Stock; 
 (iii) the redemption, repurchase or other acquisition or
retirement of Subordinated Indebtedness of the Borrower or any Subsidiary Guarantor made by exchange for, or out of the proceeds of the substantially concurrent sale of, new Indebtedness of the Borrower or any Subsidiary Guarantor which is Incurred
in accordance with Section 10.1 so long as 
 (A) the principal amount of such new Indebtedness does not exceed the
principal amount of the Subordinated Indebtedness being so redeemed, repurchased, acquired or retired for value (plus the amount of any premium required to be paid under the terms of the instrument governing the Subordinated Indebtedness being so
redeemed, repurchased, acquired or retired plus any fees incurred in connection therewith), 
 (B) such Indebtedness is
subordinated to the Loans or the related Guarantee, as the case may be, at least to the same extent as such Subordinated Indebtedness so purchased, exchanged, redeemed, repurchased, acquired or retired for value, 
 (C) such Indebtedness has a final scheduled maturity date equal to or later than the earlier of (x) the final scheduled maturity date
of the Subordinated Indebtedness being so redeemed, repurchased, acquired or retired or (y) one year following the Maturity Date, and 
 (D) such Indebtedness has a Weighted Average Life to Maturity at the time Incurred which is not less than the shorter of (x) the remaining Weighted Average Life to Maturity of the Subordinated Indebtedness being
so redeemed, repurchased, acquired or 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 

  

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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, 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; 
  

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 (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 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); 
  

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 (xiii) the payment of dividends, other distributions or other amounts by the Borrower to,
or the making of loans to, any Parent, in amounts required for such Parent to: 
 (A) pay amounts equal to the amounts
required for any Parent of the Borrower to pay fees and expenses (including franchise or similar taxes) required to maintain its corporate existence, customary salary, bonus and other benefits payable to, and indemnities provided on behalf of,
officers and employees of any Parent of the Borrower and general corporate overhead expenses of any Parent of the Borrower, in each case to the extent such fees, expenses, salaries, bonuses, benefits and indemnities are attributable to the ownership
or operation of the Borrower and its Subsidiaries; 
 (B) pay amounts equal to amounts required for any Parent of the Borrower
to pay interest and/or principal on Indebtedness the proceeds of which have been contributed to the Borrower or any of its Restricted Subsidiaries and that has been guaranteed by, or is otherwise considered Indebtedness of, the Borrower Incurred in
accordance with Section 10.1; and 
 (C) pay cash interest on the Existing 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 the Closing Date or thereafter), or owed by the Borrower or any Parent of the Borrower
or Restricted Subsidiaries of the Borrower to Affiliates, in each case to the extent permitted by Section 10.5; 
 (xv)
repurchases of Equity Interests deemed to occur upon exercise of stock options or warrants if such Equity Interests represent a portion of the exercise price of such options or warrants; 
 (xvi) purchases of receivables pursuant to a Receivables Repurchase Obligation in connection with a Qualified Receivables Financing and
the payment or distribution of Receivables Fees; 
 (xvii) the payment, purchase, redemption, defeasance or other acquisition
or retirement of Subordinated Indebtedness, Disqualified Stock or Preferred Stock of the Borrower and its Restricted Subsidiaries, pursuant to provisions similar to those described under Sections 10.4 and 10.6; provided that, prior to such
payment, purchase, redemption, defeasance or other acquisition or retirement, the Borrower (or a third party to the extent permitted by this Agreement) has made a Change of Control Offer or Excess Proceeds Offer, as the case may be, with respect to
the Loans as a result of such Change of Control or Asset Sale, as the case may be, and has repurchased all notes validly tendered and not withdrawn in connection with such Change of Control Offer or Excess Proceeds Offer, as the case may be;

  

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 (xviii) any payments made in connection with the consummation of the Transactions or as
contemplated by the Acquisition Documents (other than payments to any Permitted Holder or any Affiliate thereof); 
 (xix) the repurchase, redemption or other acquisition or retirement for value
(including repayment at maturity) of (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 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 
  

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 (c) sell, lease or transfer any of its properties or assets to the Borrower or any of its
Restricted Subsidiaries; 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 Indebtedness (including any exchange notes therefor), the Jackson Notes (including any exchange notes therefor), the Intelsat Bermuda Intercompany Loan and the Lockheed Note; 
 (2) the Backstop Credit Agreements, 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; 
  

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 (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 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 Indebtedness, the Jackson 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, 
 (ii) any notes or other obligations or other securities or assets received by the Borrower or such Restricted Subsidiary of the Borrower
from such transferee that are converted by the Borrower or such Restricted Subsidiary of the Borrower into cash within 180 days of the receipt thereof (to the extent of the cash received), and 
  

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 (iii) any Designated Non-cash Consideration received by the Borrower or any of its
Restricted Subsidiaries in such Asset Sale having an aggregate Fair Market Value, taken together with all other Designated Non-cash Consideration received pursuant to this clause (iii) that is at that time outstanding, not to exceed 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 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 

  

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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 and, at the option of the Borrower pursuant to Section 5.2, any holders of
Parri Passu Indebtedness, and in accordance with this Section 10.4. Upon completion of any such Excess Proceeds Offer, the amount of Excess Proceeds shall be reset at zero. 
 10.5 Transactions with Affiliates. 
 (a) The Borrower shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, make any payment to, or sell, lease, transfer or otherwise dispose of any of its properties or assets to, or purchase any
property or assets from, or enter into or make or amend any transaction or series of transactions, contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate of the Borrower (each of the foregoing, an
“Affiliate Transaction”) involving aggregate consideration in excess of $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 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; 
  

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 (v) payments by the Borrower or any of its Restricted Subsidiaries to the Sponsors made
for any financial advisory, financing, underwriting or placement services or in respect of other investment banking activities, including, without limitation, in connection with acquisitions or divestitures, which payments are (x) approved by a
majority of the Board of Directors of the Borrower in good faith or (y) made pursuant to any agreement described under 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 more disadvantageous to the Lenders in any material respect than the original agreement as in effect on the Closing Date; 
 (x) transactions to effect the Transactions and the payment of all fees and expenses related to the Transactions; 
 (xi) (A) transactions with customers, clients, suppliers or purchasers or sellers of goods or services, in each case in the ordinary
course of business and otherwise in compliance with the terms of this Agreement, which are fair to the Borrower and its Restricted Subsidiaries, in the reasonable judgment of the Borrower, or are on terms at least as favorable as might reasonably
have been obtained at such time from an unaffiliated party and (B) transactions with Joint Ventures or Unrestricted Subsidiaries entered into in the ordinary course of business; 
 (xii) any transaction effected as part of a Qualified Receivables Financing; 
 (xiii) the issuance of Equity Interests (other than Disqualified Stock) of the Borrower to any Permitted Holder or to any director,
officer, employee or consultant of the Borrower or any Parent of the Borrower; 
 (xiv) the issuances of securities or other
payments, awards or grants in cash, securities or otherwise pursuant to, or the funding of, employment arrangements, stock option and stock ownership plans or similar employee benefit plans approved by the Board of Directors of the Borrower or any
Parent of the Borrower or of a Restricted Subsidiary of the Borrower, as appropriate, in good faith; 
  

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

(xvii) transactions permitted by, and complying with, the provisions of Section 10.10; 
 (xviii) transactions between the Borrower or any of its Restricted Subsidiaries and any Person, a director of which is also a director of
the Borrower or any Parent of the Borrower; provided, however, that such director abstains from voting as a director of the Borrower or such Parent, as the case may be, on any matter involving such other Person; 
 (xix) pledges of Equity Interests of Unrestricted Subsidiaries; 
 (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. 
 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 Borrower, 
 unless such Subsidiary executes and delivers to the Administrative Agent a Guarantee substantially in the form of Exhibit A (together with such opinions or certificates reasonably requested in connection
therewith) pursuant to which such Subsidiary will guarantee payment of the Loans. Each Guarantee shall be limited to an amount not to exceed the maximum amount that can be guaranteed by that Restricted Subsidiary without rendering the Guarantee, as
it relates to such Restricted Subsidiary, voidable under applicable law relating to fraudulent conveyance, financial assistance or fraudulent transfer or similar laws affecting the rights of creditors generally. 
 10.8 Liens. The Borrower shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, create, Incur or suffer to
exist any Lien (other than Permitted Liens) that secures any obligations under Indebtedness of the Borrower 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 
  

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 (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. 
 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 

  

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Restricted Payments under Section 10.2(a). No Default or Event of Default shall be deemed to have occurred on the Reversion Date as a result of any
actions taken by the Borrower or its Restricted Subsidiaries during the Suspension Period. 
 (f) The Borrower shall deliver promptly to the
Administrative Agent an Officer’s Certificate notifying the Administrative Agent of any Covenant Suspension Event or Reversion Date, as the case may be, pursuant to this Section 10.9. 
 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. 
 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, 

  

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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 Borrower 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 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 

  

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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, and the Borrower (if not the Successor Company) will automatically be released and
discharged from its obligations under this Agreement and the Loans. 
 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;

 (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; 
  

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 (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, 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. 
  

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 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 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; 
  

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 (iii) such Lender or Lenders offer to the Administrative Agent reasonable security or
indemnity satisfactory to it against any loss, liability or expense; 
 (iv) the Administrative Agent does not comply with the
request within 60 days after receipt of the request and the offer of security or indemnity; and 
 (v) the Required Lenders do
not give the Administrative Agent a direction inconsistent with the request during such 60-day period. 
 (b) A Lender may not use this
Agreement to prejudice the rights of another Lender or to obtain a preference or priority over another Lender. 
 12.7 Rights of the
Lenders to Receive Payment. Notwithstanding any other provision of this Agreement, the right of any Lender to receive payment of 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. 
 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. 
  

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 13.2 Delegation of Duties. The Administrative Agent may execute any of its duties under this
Agreement and the other Credit Documents by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. The Administrative Agent shall not be responsible for the negligence or
misconduct of any agents or attorneys-in-fact selected by it with reasonable care. 
 13.3 Exculpatory Provisions. Neither the
Administrative Agent nor any of its officers, directors, employees, agents, attorneys-in-fact or Affiliates shall be (a) liable for any action lawfully taken or omitted to be taken by it or such Person under or in connection with this Agreement
or any other Credit Document (except for its or such Person’s own gross negligence or willful misconduct) or (b) responsible in any manner to any of the Lenders for any recitals, statements, representations or warranties made by Holdings,
the Borrower, any Guarantor, any other Credit Party or any officer thereof contained in this Agreement or any other Credit Document or in any certificate, report, statement or other document referred to or provided for in, or received by the
Administrative Agent under or in connection with, this Agreement or any other Credit Document or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Credit Document or for any failure of
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). 
  

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 13.6 Non-Reliance on Administrative Agent and Other Lenders. Each Lender expressly acknowledges
that neither the Administrative Agent nor any of its officers, directors, employees, agents, attorneys-in-fact or Affiliates has made any representations or warranties to it and that no act by the Administrative Agent hereinafter taken, including
any review of the affairs of the Borrower, any Guarantor or any other Credit Party shall be deemed to constitute any representation or warranty by the Administrative Agent to any Lender. Each Lender represents to the Administrative Agent that it
has, independently and without reliance upon the Administrative Agent or any other Lender, and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, operations, property,
financial and other condition and creditworthiness of 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 Lender and may exercise the same as though it were not the Administrative Agent, and the terms
“Lender” and “Lenders” shall include the Administrative Agent in its individual capacity. 
  

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 13.9 Successor Agent. The Administrative Agent may resign as Administrative Agent upon 20
days’ prior written notice to the Lenders and the Borrower. If the Administrative Agent shall resign as Administrative Agent under this Agreement and the other Credit Documents, then the Required Lenders shall appoint from among the Lenders a
successor agent for the Lenders, which successor agent shall be approved by the Borrower (which approval shall not be unreasonably withheld) so long as no Default or Event of Default is continuing, whereupon such successor agent shall succeed to the
rights, powers and duties of the Administrative Agent, and the term “Administrative Agent” shall mean such successor agent effective upon such appointment and approval, and the former Administrative Agent’s rights, powers and duties
as Administrative Agent shall be terminated, without any other or further act or deed on the part of such former Administrative Agent or any of the parties to this Agreement or any holders of the Loans. After any retiring Administrative Agent’s
resignation as Administrative Agent, the provisions of this Section 13 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent under this Agreement and the other Credit Documents.

 13.10 Withholding Tax. To the extent required by any applicable law, the Administrative Agent may withhold from any interest
payment to any Lender an amount equivalent to any applicable withholding tax. If any Governmental Authority asserts a claim that the Administrative Agent did not properly withhold tax from amounts paid to or for the account of any Lender (because
the appropriate form was not delivered, was not properly executed, or because such Lender failed to notify the Administrative Agent of a change in circumstances which rendered the exemption from, or reduction of, withholding tax ineffective, or for
any other reason), such Lender shall indemnify the Administrative Agent (to the extent that the Administrative Agent has not already been reimbursed by the Borrower and without limiting the obligation of the Borrower to do so) fully for all amounts
paid, directly or indirectly, by the Administrative Agent as tax or otherwise, including penalties and interest, together with all expenses incurred, including legal expenses, allocated staff costs and any out of pocket expenses. 
 13.11 [Reserved]. 
 SECTION 14. Miscellaneous.

 14.1 Amendments and Waivers. 
 (a) Without Consent of the Lenders. The Borrower 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 and 10.11; 
 (iii) to add Guarantees with respect to the Loans or to secure the Loans; 
 (iv) to add to the covenants of the Borrower for the benefit of the Lenders or to surrender any right or power herein conferred upon the
Borrower; 
 (v) to effect any provision of this Agreement (including to release any Guarantees in accordance with the terms
of this Agreement or the Guarantee); 
 (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. 
  

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 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). 
 (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. 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 

  

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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
		
		  	Latham & Watkins LLP
		  	885 Third Avenue
		  	New York, New York 10022
		  	Attention: Dennis Lamont and Joshua Tinkelman
		  	Fax: (212) 906-1810
		  	E-mail: dennis.lamont@lw.com and
		  	     joshua.tinkelman@lw.com

		
	The Administrative Agent:	  	At the address set forth on Schedule 1.1(b)
		
		  	with a copy to:
		
		  	Cahill Gordon & Reindel LLP
		  	80 Pine Street
		  	New York, New York 10005
		  	Attention: William Miller
		  	Fax: 212-269-5420
		  	E-mail: wmiller@cahill.com

 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. 
  

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 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 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 

  

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Affiliate of a Lender (unless increased costs would result therefrom except if an Event of Default under Section 12.1(a), (b), (e) or (f) has
occurred and is continuing), an Approved Fund or, if an Event of Default under Section 12.1(a), (b), (e) or (f) has occurred and is continuing, any other assignee or (2) in connection with the initial syndication of the Loans by
the Agents as disclosed to the Borrower on the Closing Date; and 
 (B) the Administrative Agent (which consent shall not be
unreasonably withheld or delayed), provided that no consent of the Administrative Agent shall be required for an assignment of (1) any Commitment to an assignee that is a Lender with a Commitment immediately prior to giving effect to
such assignment or (2) any Loan to a Lender, an Affiliate of a Lender or an Approved Fund. 
 (ii) Assignments shall be subject to the
following additional conditions: 
 (A) except in the case of an assignment to a Lender, an Affiliate of a Lender or an
Approved Fund, the amount of the Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Acceptance with respect to such assignment is delivered to the Administrative Agent) shall not be less than
$1.0 million, and increments of $1.0 million in excess thereof, unless each of the Borrower and the Administrative Agent otherwise consents (which consents shall not be unreasonably withheld or delayed), provided that no such consent of the
Borrower shall be required if an Event of Default under Section 12.1(a), (b), (e) or (f) has occurred and is continuing; provided, further, that contemporaneous assignments to a single assignee made by Affiliates of
Lenders and related Approved Funds shall be aggregated for purposes of meeting the minimum assignment amount requirements stated above; 
 (B) each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement; 
 (C) the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Acceptance, together with a
processing and recordation fee of $3,500 (unless waived or reduced by the Administrative Agent in its sole discretion), 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”) and all applicable tax forms. 
 For the purpose of this Section 14.6(b), the term “Approved Fund” means any Person (other than a natural person) that is engaged in making, purchasing, holding or investing in bank loans and similar extensions of
credit in the ordinary course and that is administered, advised or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers, advises or manages a Lender. 
 (iii) Subject to acceptance and recording thereof pursuant to paragraph (b)(v) of this Section 14.6, from and after the effective date specified in
each Assignment and Acceptance, the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Acceptance, have the rights and obligations of a Lender under this Agreement, and the assigning Lender
thereunder shall, to the extent of the interest assigned by such Assignment and Acceptance, be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all of the assigning Lender’s rights
and obligations under this Agreement, such Lender shall cease to be a 

  

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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 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) and all applicable tax forms, the processing and recordation fee referred to in paragraph (b) of this Section 14.6 and any written consent to such assignment required by paragraph (b) of this Section 14.6, the
Administrative Agent shall 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). 
 (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 

  

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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 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. 
  

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 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 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. 
  

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

(iii) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or
certified mail (or any substantially similar form of mail), postage prepaid, to 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), 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 
  

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 (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 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) 

  

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and neither the Administrative Agent nor any other Agent has any obligation to the Borrower, Holdings or any of their respective Affiliates with respect to
the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; (iv) the Administrative Agent and the other Agents and their respective Affiliates may be engaged in a broad range of
transactions that involve interests that differ from those of the Borrower, Holdings and their respective Affiliates, and neither the Administrative Agent nor any other Agent has any obligation to disclose any of such interests by virtue of any
advisory, agency or fiduciary relationship; and (v) the Administrative Agent and the other Agents have not provided and will not provide any legal, accounting, regulatory or tax advice with respect to any of the transactions contemplated hereby
(including any amendment, waiver or other modification hereof or of any other Loan Document) and each of the Borrower and Holdings has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate. Each of
the Borrower and Holdings hereby waives and releases, to the fullest extent permitted by law, any claims that it may have against the Administrative Agent and the other Agents with respect to any breach or alleged breach of agency or fiduciary duty.

 14.18 USA PATRIOT Act. Each Lender hereby notifies 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 

  

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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 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

  

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 (iv) any act or omission which would not have discharged or affected the liability of
Holdings had it been a principal debtor instead of a guarantor or by anything done or omitted which but for this provision might operate to exonerate or discharge 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 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; 
  

 -103- 

 (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 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. 
  

 -104- 

 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 JACKSON HOLDINGS, LTD.,
     as Borrower

		
	By:	 	  

	Name:	 	
	Title:	 	

			
	 INTELSAT (BERMUDA) LTD.,
     as Holdings

		
	By:	 	  

	Name:	 	
	Title:	 	

  

 -2- 

			
	 CREDIT SUISSE, CAYMAN ISLANDS BRANCH,
     as Administrative Agent and Lender

		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 CREDIT SUISSE SECURITIES (USA) LLC,
     as Joint Lead Arranger and Joint Bookrunner

		
	By:	 	  

	Name:	 	
	Title:	 	

  

 -3- 

			
	 BANC OF AMERICA BRIDGE LLC,
     as Syndication Agent and Lender

		
	By:	 	  

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

		
	By:	 	  

	Name:	 	
	Title:	 	

  

 -4- 

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

		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 -5- 

 EXHIBIT A 
 FORM OF GUARANTEE 
 GUARANTEE (this “Guarantee”) dated as of July 1, 2008, made among
each of the subsidiaries of INTELSAT JACKSON HOLDINGS, LTD. (the “Borrower”) listed on the signature page hereto (each individually, a “Guarantor” and, collectively, the “Guarantors”) and CREDIT
SUISSE, CAYMAN ISLANDS BRANCH, as administrative agent (in such capacity, the “Administrative Agent”). 
 W I T N E S S E
T H: 
 WHEREAS, the Borrower is party to a Senior Unsecured Credit Agreement (the “Credit Agreement”), dated as of
July 1, 2008, among the Borrower, the Guarantors, the lending institutions from time to time parties thereto (each a “Lender” and, collectively, the “Lenders”), the Administrative Agent, Banc of America Bridge
LLC, as Syndication Agent, Morgan Stanley Senior Funding, Inc., as Documentation Agent, and Credit Suisse Securities (USA) LLC, Banc of America Securities LLC and Morgan Stanley Senior Funding, Inc., as Joint Lead Arrangers and Joint Bookrunners,
pursuant to which the Lenders have severally agreed to make Loans to the Borrower (collectively, the “Extensions of Credit”) upon the terms and subject to the conditions set forth therein; 
 WHEREAS, each Guarantor acknowledges that it will derive substantial direct and indirect benefit from the making of the Extensions of Credit; and

 NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the Guarantors hereby agree with the
Administrative Agent, for the benefit of the Lenders, as follows: 
 1. Defined Terms. 
 (a) Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 (b) As used herein, the term “Obligations” means the collective reference to (i) the due and punctual payment of
(x) the principal of and premium, if any, and interest at the applicable rate provided in the Credit Agreement (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless
of whether allowed or allowable in such proceeding) on the Loans, when and as due, whether at maturity, by acceleration, upon one or more dates set for prepayment or otherwise, and (y) all other monetary obligations, including fees, costs,
expenses and indemnities, whether primary, secondary, direct, contingent, fixed or otherwise (including monetary obligations incurred during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether
allowed or allowable in such proceeding), of the Borrower or any other Credit Party to any of the Lenders under the Credit Agreement and the other Credit Documents, (ii) the due and punctual performance of all covenants, agreements, obligations
and liabilities of the Borrower under or pursuant to the Credit Agreement and the other Credit Documents and (iii) the 

 
due and punctual payment and performance of all the covenants, agreements, obligations and liabilities of each other Credit Party under or pursuant to this
Guarantee or the other Credit Documents. 
 (c) The words “hereof,” “herein” and “hereunder” and words of
similar import when used in this Guarantee shall refer to this Guarantee as a whole and not to any particular provision of this Guarantee, and Section references are to Sections of this Guarantee unless otherwise specified. The words
“include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.” 
 (d) The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms. 
 2.   Guarantee. 
 (a) Subject to the provisions of Section 2(b), each of the Guarantors hereby, jointly and
severally, unconditionally and irrevocably, guarantees, as primary obligor and not merely as surety, to the Administrative Agent, for the benefit of the Lenders, the prompt and complete payment and performance when due (whether at the stated
maturity, by acceleration or otherwise) of the Obligations. 
 (b) Anything herein or in any other Credit Document to the contrary
notwithstanding, the maximum liability of each Guarantor hereunder and under the other Credit Documents shall in no event exceed the amount that can be guaranteed by such Guarantor under applicable laws relating to the insolvency of debtors. Without
limitation to the foregoing, the guarantee granted by any Guarantor organized under the laws of England and Wales under this Section 2 shall not apply to any liability to any extent that it would result in the relevant guarantee constituting
unlawful financial assistance within the meaning of Section 151 of the Companies Act of 1985. 
 (c) Each Guarantor further agrees to
pay any and all expenses (including all reasonable fees and disbursements of counsel) that may be paid or incurred by the Administrative Agent or any other Lender in enforcing, or obtaining advice of counsel in respect of, any rights with respect
to, or collecting, any or all of the Obligations and/or enforcing any rights with respect to, or collecting against, such Guarantor under this Guarantee. 
 (d) Each Guarantor agrees that the Obligations may at any time and from time to time exceed the amount of the liability of such Guarantor hereunder without impairing this Guarantee or affecting the rights and remedies
of the Administrative Agent or any other Lender hereunder. 
 (e) No payment or payments made by the Borrower, any of the Guarantors, any
other guarantor or any other Person or received or collected by the Administrative Agent or any other Lender from the Borrower, any of the Guarantors, any other guarantor or any other Person by virtue of any action or proceeding or any set-off or
appropriation or application at any time or from time to time in reduction of or in payment of the Obligations shall be deemed to modify, reduce, release or otherwise affect the liability of any Guarantor hereunder, which shall, 

  

 2 

 
notwithstanding any such payment or payments other than payments made by such Guarantor in respect of the Obligations or payments received or collected from
such Guarantor in respect of the Obligations, remain liable for the Obligations up to the maximum liability of such Guarantor hereunder until the Obligations under the Credit Documents are paid in full and the Commitments are terminated, or
otherwise satisfied in accordance with the terms of the Credit Agreement (including Section 2 thereof). 
 (f) Each Guarantor agrees
that whenever, at any time, or from time to time, it shall make any payment to the Administrative Agent or any other Lender on account of its liability hereunder, it will notify the Administrative Agent in writing that such payment is made under
this Guarantee for such purpose. 
 3. Right of Contribution. Each Guarantor hereby agrees that to the extent that a Guarantor shall
have paid more than its proportionate share of any payment made hereunder, such Guarantor shall be entitled to seek and receive contribution from and against any other Guarantor hereunder who has not paid its proportionate share of such payment.
Each Guarantor’s right of contribution shall be subject to the terms and conditions of Section 5 hereof. The provisions of this Section 3 shall in no respect limit the obligations and liabilities of any Guarantor to the Administrative
Agent and the Lenders, and each Guarantor shall remain liable to the Administrative Agent and the Lenders for the full amount guaranteed by such Guarantor hereunder. 
 4. Right of Set-off. In addition to any rights and remedies of the Lenders provided by law, each Guarantor hereby irrevocably authorizes each Lender at any time and from time to time following the occurrence
and during the continuance of an Event of Default without notice to such Guarantor or any other Guarantor, any such notice being expressly waived by each Guarantor, upon any amount becoming due and payable by such Guarantor hereunder (whether at
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 to or for the credit or the account of such Guarantor. Each Lender shall notify such Guarantor promptly
of any such set-off and the appropriation 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. 
 5. No Subrogation. Notwithstanding any payment or payments made by any of the Guarantors hereunder or any set-off or appropriation and application
of funds of any of the Guarantors by the Administrative Agent or any Lender, no Guarantor shall be entitled to be subrogated to any of the rights of the Administrative Agent or any Lender against the Borrower or any other Guarantor or any collateral
security or guarantee or right of offset held by the Administrative Agent or any Lender for the payment of the Obligations, nor shall any Guarantor seek or be entitled to seek any contribution or reimbursement from the Borrower or any other
Guarantor in respect of payments made by such Guarantor hereunder, until all amounts owing to the Administrative Agent and the Lenders by the Credit Parties on account of the Obligations are paid in full, the Commitments are terminated and no
Letters of Credit shall be outstanding. If any 

  

 3 

 
amount shall be paid to any Guarantor on account of such subrogation rights at any time when all the Obligations shall not have been paid in full, such
amount shall be held by such Guarantor in trust for the Administrative Agent and the Lenders, segregated from other funds of such Guarantor, and shall, forthwith upon receipt by such Guarantor, be turned over to the Administrative Agent in the exact
form received by such Guarantor (duly indorsed by such Guarantor to the Administrative Agent, if required), to be applied against the Obligations, whether due or to become due, in such order as the Administrative Agent may determine. 
 6. Amendments, etc. with Respect to the Obligations; Waiver of Rights. Each Guarantor shall remain obligated hereunder notwithstanding that,
without any reservation of rights against any Guarantor and without notice to or further assent by any Guarantor, (a) any demand for payment of any of the Obligations made by the Administrative Agent or any Lender may be rescinded by such party
and any of the Obligations continued, (b) the Obligations, or the liability of any other party upon or for any part thereof, or any guarantee therefor or right of offset with respect thereto, may, from time to time, in whole or in part, be
renewed, extended, amended, modified, accelerated, compromised, waived, surrendered or released by the Administrative Agent or any Lender, (c) the Credit Agreement and any other documents executed and delivered in connection may be amended,
modified, supplemented or terminated, in whole or in part, as the Administrative Agent (or the Required Lenders, as the case may be) may deem advisable from time to time, and (d) any guarantee or right of offset at any time held by the
Administrative Agent or any Lender for the payment of the Obligations may be sold, exchanged, waived, surrendered or released. 
 7.
Guarantee Absolute and Unconditional. 
 (a) Each Guarantor waives any and all notice of the creation, contraction, incurrence,
renewal, extension, amendment, waiver or accrual of any of the Obligations, and notice of or proof of reliance by the Administrative Agent or any Lender upon this Guarantee or acceptance of this Guarantee. The Obligations or any of them shall
conclusively be deemed to have been created, contracted or incurred, or renewed, extended, amended, waived or accrued, in reliance upon this Guarantee, and all dealings between the Borrower and any of the Guarantors, on the one hand, and the
Administrative Agent and the Lenders, on the other hand, likewise shall be conclusively presumed to have been had or consummated in reliance upon this Guarantee. Each Guarantor waives diligence, presentment, protest, demand for payment and notice of
default or nonpayment to or upon the Borrower or any of the Guarantors with respect to the Obligations. Each Guarantor understands and agrees that this Guarantee shall be construed as a continuing, absolute and unconditional guarantee of payment
without regard to (a) the validity, regularity or enforceability of the Credit Agreement, any other Credit Document, any of the Obligations or, if applicable, any other collateral security therefor or guarantee or right of offset with respect
thereto at any time or from time to time held by the Administrative Agent or any Lender, (b) any defense, set-off or counterclaim (other than a defense of payment or performance) that may at any time be available to or be asserted by the
Borrower against the Administrative Agent or any Lender or (c) any other circumstance whatsoever (with or without notice to or knowledge of the Borrower or such Guarantor) that constitutes, or might be construed to constitute, an equitable or
legal discharge of the Borrower for the Obligations, or of such Guarantor under this Guarantee, in bankruptcy or in any other instance. 
  

 4 

 (b) This Guarantee shall remain in full force and effect and be binding in accordance with and to the
extent of its terms upon each Guarantor and the successors and assigns thereof and shall inure to the benefit of the Administrative Agent and the Lenders and their respective successors, indorsees, transferees and assigns until all the Obligations
(other than any contingent indemnity obligations not then due) shall have been satisfied by payment in full and the Commitments thereunder shall be terminated, or otherwise satisfied in accordance with the terms of the Credit Agreement (including
Section 2 thereof). 
 (c) Notwithstanding the other provisions of this Guarantee, a Guarantee as to any Guarantor that is a Subsidiary
shall terminate and be of no further force or effect and such Guarantor shall be deemed to be automatically released from all obligations under this Guarantee upon: 
 (i) (A) the sale, disposition or other transfer (including through merger, amalgamation or consolidation) of the Capital Stock (including any sale, disposition or other transfer following which the applicable
Guarantor is no longer a Restricted Subsidiary), or all or substantially all the assets, of the applicable Guarantor if such sale, disposition or other transfer is made in compliance with this Guarantee and the Credit Agreement and (B) such
Guarantor being released from its guarantees, if any, of, and all pledges and security, if any, granted in connection with, the Credit Agreement and any other Indebtedness of the Borrower or any Restricted Subsidiary of the Borrower, or 

(ii) the Borrower designating such Guarantor to be an Unrestricted Subsidiary in accordance with the provisions set forth under Section 10.2 of
the Credit Agreement and the definition of “Unrestricted Subsidiary,” or 
 (iii) in the case of any Restricted Subsidiary which
after the Closing Date is required to guarantee the Notes pursuant to Section 10.7 of the Credit Agreement, the release or discharge of the guarantee by such Restricted Subsidiary of Indebtedness of the Borrower or any Restricted Subsidiary of
the Borrower or such Restricted Subsidiary or the repayment of the Indebtedness or Disqualified Stock, in each case, which resulted in the obligation to guarantee the Loans, or 
 (iv) the Borrower’s repayment (or other satisfaction (including pursuant to Section 2 of the Credit Agreement)) in full of all Obligations
under the Credit Agreement in accordance with the terms of the Credit Agreement. 
 (d) Notwithstanding the other provisions of this
Guarantee, a Guarantee also shall be automatically released upon the applicable Subsidiary ceasing to be a Subsidiary as a result of any foreclosure of any pledge or security interest securing Bank Indebtedness or other exercise of remedies in
respect thereof. In addition, the Guarantees of the Subsidiary Guarantors shall be suspended during any Suspension Period, as provided in Section 10.9 of the Credit Agreement. 
  

 5 

 (e) Notwithstanding the other provisions of this Guarantee, any Guarantee given by any Parent of the
Borrower may be released at any time upon written notice to the Administrative Agent from such Parent of the Borrower. 
 (f) In connection
with the release of a Guarantor from its obligations hereunder in accordance with the terms of this Guarantee and the Credit Agreement, the Administrative Agent shall, at the expense of the Borrower and the other Credit Parties, execute such
reasonable documents and take such other reasonable actions as the Borrower or any Credit Party may request to evidence such release. 
 8.
Reinstatement. This Guarantee shall continue to be effective, or be reinstated, as the case may be, if at any time payment, or any part thereof, of any of the Obligations is rescinded or must otherwise be restored or returned by the
Administrative Agent or any Lender upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Borrower or any Guarantor, or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or
similar officer for, the Borrower or any Guarantor or any substantial part of its property, or otherwise, all as though such payments had not been made. 
 9. Payments. Each Guarantor hereby guarantees that payments hereunder will be paid to the Administrative Agent without set-off or counterclaim in Dollars at the Administrative Agent’s Office. 

10. [RESERVED] 
 11. [RESERVED]

 12. Notices. All notices, requests and demands pursuant hereto shall be made in accordance with Section 14.2 of the Credit
Agreement. All communications and notices hereunder to any Guarantor shall be given to it in care of the Borrower at the Borrower’s address set forth in Section 14.2 of the Credit Agreement. 
 13. Counterparts. This Guarantee may be executed by one or more of the parties to this Guarantee 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 Guarantee signed by all the parties shall be lodged with the
Administrative Agent and the Borrower. 
 14. Severability. Any provision of this Guarantee that is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction. The parties hereto shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which
comes as close as possible to that of the invalid, illegal or unenforceable provisions. 
  

 6 

 15. Integration. This Guarantee represents the agreement of each Guarantor and the Administrative
Agent 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 the subject matter hereof not expressly set forth or referred to herein or
in the other Credit Documents. 
 16. Amendments in Writing; No Waiver; Cumulative Remedies. 
 (a) This Guarantee may be waived, amended, supplemented or otherwise modified only (i) by a written instrument executed by each affected Guarantor
and the Administrative Agent, (ii) to give effect to amendments, supplements or modifications to the Credit Agreement or (iii) by a Guarantor in circumstance where the Borrower would be permitted to amend, supplement or modify the Credit
Agreement. 
 (b) Neither the Administrative Agent nor any Lender shall by any act (except by a written instrument pursuant to
Section 16(a) hereof), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any Default or Event of Default or in any breach of any of the terms and conditions hereof. No
failure to exercise, nor any delay in exercising, on the part of the Administrative Agent or any Lender, any right, power or privilege hereunder shall operate as a waiver thereof. No single or partial exercise of any right, power or privilege
hereunder shall preclude any other or further exercise thereof or the exercise of any other right, power or privilege. A waiver by the Administrative Agent or any Lender of any right or remedy hereunder on any one occasion shall not be construed as
a bar to any right or remedy that the Administrative Agent or any Lender would otherwise have on any future occasion. 
 (c) The rights,
remedies, powers and privileges herein provided are cumulative, may be exercised singly or concurrently and are not exclusive of any other rights or remedies provided by law. 
 17. Section Headings. The Section headings used in this Guarantee are for convenience of reference only and are not to affect the construction
hereof or be taken into consideration in the interpretation hereof. 
 18. Successors and Assigns. This Guarantee shall be binding
upon the successors and assigns of each Guarantor and shall inure to the benefit of the Administrative Agent and the Lenders and their respective successors and assigns except that no Guarantor may, subject to Section 16 above, assign, transfer
or delegate any of its rights or obligations under this Guarantee without the prior written consent of the Administrative Agent. 
 19.
Additional Guarantors. Each Subsidiary of the Borrower that is required to become a party to this Guarantee pursuant to Section 10.7 of the Credit Agreement shall become a Guarantor, with the same force and effect as if originally named
as a Guarantor herein, for all purposes of this Guarantee upon execution and delivery by such Subsidiary of a Guarantee. The execution and delivery of any instrument adding an additional Guarantor as a party to this Guarantee shall not require the
consent of any other Guarantor hereunder. The rights and 

  

 7 

 
obligations of each Guarantor hereunder shall remain in full force and effect notwithstanding the addition of any new Guarantor as a party to this Guarantee.

 20. WAIVER OF JURY TRIAL. EACH GUARANTOR HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR
PROCEEDING RELATING TO THIS GUARANTEE, ANY OTHER CREDIT DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN. 
 21. Submission to Jurisdiction;
Waivers. Each Guarantor hereby irrevocably and unconditionally: 
 (a) submits for itself and its property in any legal
action or proceeding relating to this Guarantee 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; 
 (b) 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; 
 (c) 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 such Guarantor at its address referred to in
Section 12 or at such other address of which the Administrative Agent shall have been notified pursuant thereto; 
 (d)
agrees that nothing herein shall affect the right of the Administrative Agent or any Lender to effect service of process in any other manner permitted by law or shall limit the right of the Administrative Agent or any Lender to sue in any other
jurisdiction; and 
 (e) 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 21 any special, exemplary, punitive or consequential damages. 
 22.
GOVERNING LAW. THIS GUARANTEE 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. 
  

 8 

 IN WITNESS WHEREOF, each of the undersigned has caused this Guarantee to be duly executed and delivered
by its duly authorized officer as of the day and year first above written. 
  
  

			
	INTELSAT SUBSIDIARY HOLDING COMPANY, LTD.
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	INTELSAT HOLDINGS LLC
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	INTELSAT LLC
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	INTELSAT GLOBAL SALES & MARKETING LTD.
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	INTELSAT USA SALES CORP.
		
	By:	 	 
		 	Name:
		 	Title:

  

 9 

  

			
	INTELSAT USA LICENSE CORP.
		
	By:	 	 
		 	Name:
		 	 Title:
  

	INTELSAT GLOBAL SERVICE CORPORATION
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	INTELSAT UK FINANCIAL SERVICES LTD.
		
	By:	 	 
		 	Name:
		 	Title:

  

 10 

  

			
	CREDIT SUISSE, CAYMAN ISLANDS BRANCH, as Administrative Agent
		
	By:	 	 
		 	Name:
		 	Title:

  

 11 

 EXHIBIT D 
 FORM OF ASSIGNMENT AND ACCEPTANCE 
 This Assignment and Acceptance (the “Assignment and
Acceptance”) is dated as of the Effective Date (as defined below) and is entered into by and between the Assignor (as defined below) and the Assignee (as defined below). Capitalized terms used in this Assignment and Acceptance and not
otherwise defined herein shall have the meanings specified in the Senior Unsecured Credit Agreement, dated as of July 1, 2008 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among
Intelsat Jackson Holdings, Ltd. (the “Borrower”), the Guarantors from time to time party thereto, the lending institutions from time to time parties thereto (each, a “Lender” and, collectively, the
“Lenders”), Credit Suisse, Cayman Islands Branch, as administrative agent, Banc of America Bridge LLC, as syndication agent, Morgan Stanley Senior Funding, Inc., as documentation agent, and Credit Suisse Securities (USA) LLC, Banc
of America Securities LLC, and Morgan Stanley Senior Funding, Inc., as joint lead arrangers and joint bookrunners. The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by
reference and made a part of this Assignment and Acceptance as if set forth herein in full. 
 For an agreed consideration, the Assignor
hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date
inserted by the Administrative Agent as contemplated below (i) all the Assignor’s rights and obligations in its capacity as a Lender under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent
related to the amount and percentage interest identified below of the Credit Agreement identified above and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of the
Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or
in any way based on or related to any of the foregoing, including contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause
(i) above (the rights and obligations sold and assigned pursuant to clauses (i) and (ii) above being referred to herein collectively as the “Assigned Interest”). Such sale and assignment is without recourse to the
Assignor and, except as expressly provided in this Assignment and Acceptance, without representation or warranty by the Assignor. 
  

	 	1.	Assignor (the “Assignor”):
                                 

  

	 	2.	Assignee (the “Assignee”):
                                 

  

	 	3.	Assigned Interest: 

							
	Credit Agreement	 	 Total
Loans
 of all Lenders
	 	 Amount of Credit
 Agreement Assigned
	 	 Percentage Assigned
 of Total Loan of all
 Lenders (Set forth,
to at least 9 decimals,
 as a
percentage of
 the Total Loans of all
Lenders)

	Loans under Senior Unsecured Credit Agreement	 	$1,010,000,000.00	 	$[        ]	 	[0.000000000%]

  

	 	 4.
	 Effective Date of Assignment (the “Effective
Date”):                     , 20        .1 

 The terms set forth in this Assignment and Acceptance
are hereby agreed to: 
  

			
	[NAME OF ASSIGNOR], as Assignor
		
	By:	 	 
		 	 Name.
 Title:

	
	[NAME OF ASSIGNEE], as Assignee
		
	By:	 	 
		 	 Name.
 Title:

	
	 Accepted:
  
 CREDIT SUISSE, CAYMAN ISLANDS
 BRANCH, as Administrative
Agent

		
	By:	 	 
		 	 Name.
 Title:

  
  
  
  

	 1
	 To be inserted by Administrative Agent and which shall be the effective date of recordation of the transfer in the
Register therefor. 

  

 D-2 

 ANNEX 1 
 STANDARD TERMS AND CONDITIONS FOR 
 ASSIGNMENT AND ACCEPTANCE 
 1. Representations and Warranties and Agreements. 
 1.1 Assignor. The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any lien,
encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Acceptance and to consummate the transactions contemplated hereby and (b) assumes
no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Credit Agreement or any other Credit Document, (ii) the execution, legality, validity, enforceability, genuineness,
sufficiency or value of the Credit Documents or any collateral thereunder, (iii) the financial condition of the Borrower, any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Credit Document or (iv) the
performance or observance by any of the Borrower, any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Credit Document of any of their respective obligations under any Credit Document. 
 1.2 Assignee. The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to
execute and deliver this Assignment and Acceptance and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it satisfies the requirements, if any, specified in the Credit Agreement that are
required to be satisfied by it in order to acquire the Assigned Interest and become a Lender thereunder, (iii) from and after the Effective Date, it shall be a party to the Credit Agreement and, to the extent provided in this Assignment and
Acceptance, have the rights and obligations of a Lender under the Credit Agreement, and (iv) it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant to Section 9.1 of
the Credit Agreement, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Acceptance and to purchase the Assigned Interest on the basis of which it has
made such analysis and decision independently and without reliance on the Administrative Agent or any other Lender and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent, the Assignor 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 decisions in taking or not taking action under the Credit Documents, and (ii) it will perform in accordance with their
terms all of the obligations which by the terms of the Credit Documents are required to be performed by it as a Lender, including, if it is a Foreign Lender, its obligations pursuant to Section 5.4 of the Credit Agreement. 
 2. Payments. From and after the Effective Date, the Administrative Agent shall make all payments in respect of the Assigned Interest (including
payments of principal, interest, fees and other amounts) to the Assignor for amounts which have accrued to but excluding the Effective Date and to the Assignee for amounts which have accrued from and after the Effective Date. 
 3. General Provisions. 
 3.1 In
accordance with Section 14.6 of the Credit Agreement, upon execution, delivery, acceptance and recording of this Assignment and Acceptance, from and after the Effective Date, (a) the Assignee shall be a party to the Credit Agreement and,
to the extent provided in this Assignment and Acceptance, have the rights and obligations of a Lender under the Credit Agreement with a Loan as set forth herein and (b) the Assignor shall, to the extent of the Assigned Interest assigned
pursuant to this Assignment and Acceptance, be released from its obligations under the Credit Agreement (and, in the case of this Assignment and Acceptance covers all of the Assignor’s rights and obligations under the 

 
Credit Agreement, the Assignor shall cease to be a party to the Credit Agreement but shall continue to be entitled to the benefits of Sections 5.4 and 14.5
thereof). 
 3.2 This Assignment and Acceptance shall be binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns. This Assignment and Acceptance may be executed by one or more of the parties to this Assignment and Acceptance 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. This Assignment and Acceptance and the rights and obligations of the parties hereunder shall be construed in accordance with and governed by and interpreted under
the law of the state of New York. 
  

 -2- 

 Exhibit E 
 FORM OF PROMISSORY NOTE 
  

			
	$                                       
             	 	 New York, New York
 [                ], 20[        ]

 FOR VALUE RECEIVED, the undersigned, INTELSAT JACKSON HOLDINGS, LTD., (the
“Borrower”), hereby unconditionally promises to pay to the order of [LENDER] or its registered assigns (the “Lender”), at the Administrative Agent’s Office or such other place as CREDIT SUISSE, CAYMAN ISLANDS
BRANCH (the “Administrative Agent”) shall have specified, in U.S. Dollars and in immediately available funds, in accordance with Section 2.5 of the Credit Agreement (as defined below; capitalized terms used and not otherwise
defined herein shall have the meanings assigned to such terms in the Credit Agreement) on the Maturity Date, the principal amount of [            ] U.S. Dollars
($[            ]) or, if less, the aggregate unpaid principal amount of all Loans, if any, made by the Lender to the Borrower pursuant to the Credit Agreement, subject, in each case, to
Section 2.1 of the Credit Agreement. The Borrower further unconditionally promises to pay interest in like money at such office on the unpaid principal amount hereof from time to time outstanding at the rates per annum and on the dates
specified in Section 2.8 of the Credit Agreement. 
 This Promissory Note is one of the promissory notes referred to in
Section 14.6 of the Senior Unsecured Credit Agreement, dated as of July 1, 2008 (the “Credit Agreement”), among the Borrower, the Guarantors party thereto, the lenders or other financial institutions or entities from time
to time parties thereto (each, a “Lender” and, collectively, the “Lenders”), CREDIT SUISSE, CAYMAN ISLANDS BRANCH, as Administrative Agent, BANC OF AMERICA BRIDGE LLC, as Syndication Agent, MORGAN STANLEY SENIOR
FUNDING, INC. as Documentation Agent, and CREDIT SUISSE SECURITIES (USA) LLC, BANC OF AMERICA SECURITIES LLC, and MORGAN STANLEY SENIOR FUNDING, INC., as Joint Lead Arrangers and Joint Bookrunners. This Promissory Note is subject to, and the Lender
is entitled to the benefits of, the provisions of the Credit Agreement. The Loans evidenced hereby are subject to prepayment prior to the Maturity Date, in whole or in part, as provided in the Credit Agreement. 
 All parties now and hereafter liable with respect to this Promissory Note, whether maker, principal, surety, guarantor, endorser or otherwise, hereby
waive diligence, presentment, demand, protest and notice of any kind whatsoever in connection with this Promissory Note. No failure to exercise and no delay in exercising, on the part of the Administrative Agent or the Lender, any right, remedy,
power or privilege hereunder or under the Credit Documents shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege hereunder or thereunder preclude any other or further exercise thereof or
the exercise of any other right, remedy, power or privilege. A waiver by the Administrative Agent or the Lender of any right, remedy, power or privilege hereunder or under any Credit Document on any one occasion shall not be construed as a bar to
any right or remedy that the Administrative Agent or the Lender would otherwise have on any future occasion. The rights, remedies, powers and privileges herein provided are cumulative, may be exercised singly or concurrently and are not exclusive of
any rights, remedies, powers and privileges provided by law. 

 All payments in respect of the principal of and interest on this Promissory Note shall be made to the
Person recorded in the Register as the holder of this Promissory Note. 
 (signature page follows) 
  

 -2- 

 THIS PROMISSORY NOTE SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF
THE STATE OF NEW YORK. 
  

			
	INTELSAT JACKSON HOLDINGS, LTD.
		
	By:	 	 
		 	 Name:
 Title:

  

 -3-<PAGE>

                                                                    Exhibit 4(b)

     [IF THE DEBENTURE IS TO BE A GLOBAL DEBENTURE, INSERT - [This Debenture is
a Global Debenture within the meaning of the Indenture hereinafter referred to
and is registered in the name of a Depositary or a nominee of a Depositary. This
Debenture is exchangeable for Debentures registered in the name of a person
other than the Depositary or its nominee only in the limited circumstances
described in the Indenture, and no transfer of this Debenture (other than a
transfer of this Debenture 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) may be registered except in limited circumstances.

     Unless this Debenture is presented by an authorized representative of The
Depository Trust Company (55 Water Street, New York, New York) to the issuer or
its agent for registration of transfer, exchange or payment, and any Debenture
issued is registered in the name of Cede & Co. or such other name as requested
by an authorized representative of The Depository Trust Company and any payment
hereon is made to Cede & Co., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY A PERSON IS WRONGFUL since the registered owner hereof, Cede &
Co., has an interest herein.]]

     THE SENIOR NOTES ARE NOT SAVINGS ACCOUNTS, DEPOSITS OR OTHER OBLIGATIONS OF
ANY BANK OR NONBANK SUBSIDIARY OF NEW YORK COMMUNITY BANCORP, INC. AND ARE NOT
INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, BANK INSURANCE FUND OR ANY
OTHER GOVERNMENT AGENCY.

REGISTERED                                                         REGISTERED
NUMBER R-(.)                                                       $(.)
                        NEW YORK COMMUNITY BANCORP, INC.

                               % SENIOR NOTES DUE

                                                                   CUSIP:(.)

     New York Community Bancorp, Inc., a Delaware corporation (hereinafter
called the "Company", which term includes any successor corporation under the
Indenture hereinafter referred to), for value received, hereby promises to pay
to CEDE & CO., or registered assigns, the principal sum of $(.) on (.), and to
pay interest thereon from (.), or from the most recent Interest Payment Date to
which interest has been paid or duly provided for, semi-annually in arrears on
the (.) day of and (.) in each year, commencing (.), at the rate of % per annum,
until the principal hereof is paid or made available for payment. The interest
so payable, and punctually paid or duly provided for, on any Interest Payment
Date will, as provided in such Indenture, be paid to the Person in whose name
this Senior Note (or one or more Predecessor Senior Notes) is registered at the
close of business on the (.) day of (.) and the (.) day of (.) in each year;
provided, however, that in case of a Senior Note originally issued between a
Regular Record Date and the Interest Payment Date or on an Interest Payment Date
relating to such Regular Record Date, interest for the period beginning on the
date of issue and ending on such Interest Payment Date

<PAGE>

shall be paid on the next succeeding Interest Payment Date to the Person in
whose name this Senior Note (or one or more Predecessor Senior Notes) is
registered at the close of business on the Regular Record Date with respect to
such succeeding Interest Payment Date. Any such interest not so punctually paid
or duly provided for will forthwith cease to be payable to the Holder on such
Regular Record Date and may either be paid to the Person in whose name this
Senior Note (or one or more Predecessor Senior Notes) is registered at the close
of business on a Special Record Date for the payment of such Defaulted Interest
to be fixed by the Trustee, notice whereof shall be given to Holders of Senior
Notes of this series not less than 10 days prior to such Special Record Date, or
be paid at any time in any other lawful manner not inconsistent with the
requirements of any securities exchange on which the Senior Notes of this series
may be listed, and upon such notice as may be required by such exchange, all as
more fully provided in said Indenture. Interest will be computed on the basis of
a 360-day year consisting of twelve 30-day months.

     Payment of the principal of (and premium, if any) and any such interest on
this Senior Note will be made at the offices or agencies of the Company
maintained for that purpose in the Borough of Manhattan, The City of New York,
in such coin or currency of the United States of America as at the time of
payment is legal tender for payment of public and private debts; provided,
however, that at the option of the Company payment of interest may be made by
check drawn upon any Paying Agent and mailed on or prior to an Interest Payment
Date to the address of the Person entitled thereto as such address shall appear
in the Security Register.

     This Senior Note is one of a duly authorized issue of securities of the
Company (herein called the "Securities"), issued and to be issued under an
Indenture dated as of (.), (.) (the "Indenture"), between the Company and
Wilmington Trust Company, a Delaware banking corporation (herein called the
"Trustee", which term includes any successor Trustee under the Indenture), to
which Indenture and all Indentures supplemental thereto reference is hereby made
for a statement of the respective rights of the Company, the Trustee and the
Holders of the Securities, and the terms upon which the Securities are, and are
to be, authenticated and delivered. This Senior Note is one of a series of
Senior Notes of the Company designated as its (.)% Senior Notes Due (.) (herein
called the "Senior Notes"), initially limited in aggregate principal amount to
(.).

     The Senior Notes may not be redeemed prior to maturity.

     As provided in the Indenture and subject to certain limitations set forth
therein, the transfer of this Senior Note may be registered in the Security
Register of the Company upon surrender of this Senior Note for registration of
transfer at the office or agency of the Company in any place where the principal
of (and premium, if any) and interest on this Senior Note are payable, duly
endorsed by, or accompanied by, a written instrument of transfer in form
satisfactory to the Company, duly executed by the registered Holder hereof or
his attorney duly authorized in writing, and thereupon one or more new Senior
Notes, of authorized denominations and for the same aggregate principal amount,
will be issued to the designated transferee or transferees.

                                        2

<PAGE>

     The Senior Notes are issuable only as registered Senior Notes without
coupons in denominations of $1,000 and integral multiples of $1,000. As provided
in the Indenture, and subject to certain limitations set forth therein, this
Senior Note is exchangeable for a like aggregate principal amount of Senior
Notes of different authorized denominations, as requested by the Holder
surrendering the same.

     No service charge will be made for any such registration of transfer or
exchange, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

     Prior to due presentment for registration of transfer of this Senior Note,
the Company, the Trustee and any agent of the Company or the Trustee may treat
the Person in whose name this Senior Note is registered as the owner hereof for
the purpose of receiving payment as herein provided and for all other purposes,
whether or not this Senior Note be overdue, and neither the Company, the Trustee
nor any such agent shall be affected by notice to the contrary.

     If an Event of Default with respect to the Senior Notes shall occur and be
continuing, the principal hereof may be declared due and payable in the manner
and with the effect provided in the Indenture.

     The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Securities of each series to be
affected under the Indenture at any time by the Company and the trustee under
each series to be affected with the consent of the Holders of 66 2/3% in
principal amount of the Outstanding Securities of each series to be affected.
The Indenture also contains provisions permitting the Holders of specified
percentages in aggregate principal amount of the Outstanding Securities of any
series, on behalf of the Holders of all Securities of such series, to waive
compliance by the Company with certain provisions of the Indenture and certain
past defaults under the Indenture and their consequences. Any such consent or
waiver by the Holder of this Senior Note shall be conclusive and binding upon
such Holder and upon all future Holders of this Senior Note and of any Senior
Notes issued upon the registration of transfer hereof or in exchange herefor or
in lieu hereof whether or not notation of such consent or waiver is made upon
this Senior Note.

     No reference herein to the Indenture and no provision of this Senior Note
or of the Indenture shall alter or impair the obligation of the Company, which
is absolute and unconditional, to pay the principal of (and premium, if any) and
interest, if any, on this Senior Note at the times, place and rate, and in the
coin and currency, herein prescribed .

     All terms used in this Senior Note which are defined in the Indenture shall
have the meanings assigned to them in the Indenture.

                                        3

<PAGE>

     Unless the certificate of authentication hereon has been executed by the
Trustee, directly or through an authenticating agent, by the manual signature of
an authorized officer, this Senior Note shall not be entitled to any benefit
under the Indenture or be valid or obligatory for any purpose.

                                        4

<PAGE>

     IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed.

Dated:

                                      New York Community Bancorp, Inc.

                                      By:
                                          -------------------------------------
                                          Chairman, President, and Chief
                                            Executive Officer

     This is one of the Securities of the series designated herein referred to
in the within-mentioned Indenture.

                                      Wilmington Trust Company, not in its
                                      individual capacity, but solely as Trustee

                                      By:
                                          -------------------------------------
                                          Authorized Officer

                                        5

<PAGE>

                                   ASSIGNMENT

     FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto
PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

--------------------------------------------------------------------------------
Name and address of assignee, including zip code, must be printed or
typewritten)

--------------------------------------------------------------------------------
the within Senior Note, and all rights thereunder, hereby irrevocably

--------------------------------------------------------------------------------
constituting and appointing

--------------------------------------------------------------------------------
Attorney to transfer said Senior Note on the books of the within Company, with
full power of substitution in the premises.

Dated:
       ------------------------------     --------------------------------------

                                          NOTICE: The signature to this
                                                  assignment must correspond
                                                  with the name as it appears
                                                  upon the face of the within or
                                                  attached Senior Note in every
                                                  particular, without alteration
                                                  or enlargement or any change
                                                  whatever.

                                        6

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