Document:

Amendment No. 2 to Credit Agreement

 Exhibit 10.2 
 AMENDMENT NO. 2 
 TO 
 CREDIT AGREEMENT 
 This AMENDMENT NO. 2 TO CREDIT AGREEMENT, dated as of
January 19, 2007 (this “Amendment”), is entered into among Intelsat Intermediate Holding Company, Ltd. (“Holdings”), Intelsat Subsidiary Holding Company, Ltd. (“Borrower”), Citicorp USA, Inc.,
in its capacity as administrative agent for the Lenders and as agent for the Secured Parties (in such capacity, the “Administrative Agent”), Credit Suisse, Cayman Islands Branch, as syndication agent (the “Syndication
Agent”) and Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC and Lehman Brothers Inc., as joint lead arrangers and joint bookrunners (the “Joint Lead Arrangers”), and amends
the Credit Agreement dated as of July 3, 2006, among Holdings, Borrower, the Administrative Agent, the financial institutions or entities from time to time party thereto as lenders (the “Lenders”), the Syndication Agent and the
Joint Lead Arrangers. Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to them in the Credit Agreement. 
 W I T N E S S E T H: 
 WHEREAS, Borrower has requested that the Lenders amend the Credit Agreement to effect
the changes described below; 
 NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration (the receipt
and sufficiency of which is hereby acknowledged), the parties hereto hereby agree as follows: 
 Section 1. Amendments to the Credit
Agreement 
 The Credit Agreement is, effective as of the Amendment No. 2 Effective Date, hereby amended to: 
 (i) Delete the definition of “Applicable ABR Margin” and replace it with the following: 
 “Applicable ABR Margin” shall mean, at any date, the applicable percentage per annum set forth below based upon
the Status in effect on such date: 
  

					
	 Status
	  	 Applicable ABR Margin for
 Revolving Credit and
 Swingline
Loans
	 	 Applicable ABR Margin for
 Tranche B Term Loans

	 Level I Status
	  	1.25%	 	1.00%
	 Level II Status
	  	1.00%	 	0.75%

  

 Notwithstanding the foregoing, the “Applicable ABR Margin” shall mean:
(a) with respect to each ABR Loan, the percentage relating to the Status on the Closing Date set forth in a certificate of an Authorized Officer in the form of Exhibit A hereto (the “Closing Compliance Certificate”) and
determined on a pro forma basis after giving effect to the Transactions, during the period from and including the Closing Date to but excluding the first date following the Closing Date that financial statements are required to be delivered under
Section 9.1 for the first full fiscal quarter completed after the Closing Date; and (b) with respect to each ABR Loan that is a Tranche B Term Loan, the percentage relating to Level I Status during the period from and including the
Amendment No. 2 Effective Date to but excluding the first date following the Amendment No. 2 Effective Date that financial statements are required to be delivered under Section 9.1 for the fiscal quarter ending June 30, 2007.

 (ii) Delete the definition of “Applicable LIBOR Margin” and replace it with the following: 
 “Applicable LIBOR Margin” shall mean, at any date, with respect to each LIBOR Loan, the applicable percentage per
annum set forth below based upon the Status in effect on such date: 
  

					
	 Status
	  	 Applicable LIBOR
 Margin for
 Revolving Credit and
 Swingline Loans
	 	 Applicable LIBOR
 Margin for
 Tranche B Term Loans

	 Level I Status
	  	2.25%	 	2.00%
	 Level II Status
	  	2.00%	 	1.75%

 Notwithstanding the foregoing, the “Applicable LIBOR Margin”
shall mean: (a) with respect to each LIBOR Loan, the percentage relating to the Status on the Closing Date set forth in the Closing Compliance Certificate, and determined on a pro forma basis after giving effect to the Transactions, during the
period from and including the Closing Date to but excluding the first date following the Closing Date that financial statements are required to be delivered under Section 9.1 for the first full fiscal quarter completed after the Closing Date;
and (b) with respect to each LIBOR Loan that is a Tranche B Term Loan, the percentage relating to Level I Status during the period from and including the Amendment No. 2 Effective Date to but excluding the first date following the
Amendment No. 2 Effective Date that financial statements are required to be delivered under Section 9.1 for the fiscal quarter ending June 30, 2007. 
 (iii) Add the following definition: 
 “Amendment No. 2 Effective Date” shall mean January 19, 2007, the date of effectiveness of Amendment No.2 to this Agreement. 
  

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 Section 2. Conditions Precedent to the Effectiveness of this Amendment 
 This Amendment shall become effective as of the date first written above when, and only when, each of the following conditions precedent shall have been
satisfied or waived (the “Amendment No. 2 Effective Date”) by the Administrative Agent: 
 (a) Executed
Counterparts. The Administrative Agent shall have received this Amendment, duly executed by Holdings, Borrower, the Administrative Agent, the Syndication Agent, each Joint Lead Arranger, each Tranche B Term Loan Lender and the Required Lenders;

 (b) Corporate and Other Proceedings. All corporate and other proceedings, and all documents, instruments and other legal matters in
connection with the transactions contemplated by this Amendment shall be reasonably satisfactory in all respects to the Administrative Agent; 
 (c) No Default or Event of Default. After giving effect to this Amendment, no Default or Event of Default shall have occurred and be continuing, either on the date hereof or on the Amendment No. 2 Effective Date; and 

(d) Fees and Expenses Paid. Borrower shall have paid all reasonable out-of-pocket costs and expenses of the Administrative Agent in connection
with the preparation, reproduction, execution and delivery of this Amendment (including, without limitation, the reasonable fees and out-of-pocket expenses of counsel for the Administrative Agent with respect thereto) and all other costs, expenses
and fees in accordance with the Fee Letter dated as of January 19, 2007 among Borrower, Intelsat Corporation and the Administrative Agent (the “Fee Letter”) and under any Credit Document. 
 Section 3. Representations and Warranties 
 On and as of the Amendment No. 2 Effective Date, after giving effect to this Amendment, Borrower hereby represents and warrants to the Administrative Agent and each Lender as follows: 
 (a) this Amendment has been duly authorized, executed and delivered by Borrower and Holdings and constitutes the legal, valid and binding obligations of
each of Borrower and Holdings, enforceable against Borrower and Holdings in accordance with its terms; and the Credit Agreement as amended by this Amendment constitutes the legal, valid and binding obligation of each of Borrower and Holdings,
enforceable against Borrower and Holdings in accordance with its terms; in each case, except to the extent that enforceability may be subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the
enforcement of creditors’ rights generally and by general equitable principles; 
  

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 (b) each of the representations and warranties contained in Section 8 of the Credit Agreement
and each other Credit Document is true and correct in all material respects (or, in the case of any representation or warranty that by its terms is qualified by materiality or by reference to a Material Adverse Effect or by any concept of similar
import, each such representation and warranty is true and correct in all respects) on and as of the Amendment No. 2 Effective Date, as if made on and as of such date and except to the extent that such representations and warranties specifically
relate to a specific date, in which case such representations and warranties were true and correct in all material respects (or, in the case of any representation or warranty that by its terms is qualified by materiality or by reference to a
Material Adverse Effect or by any concept of similar import, each such representation and warranty was true and correct in all respects) as of such specific date; provided, however, that references therein to the “Credit
Agreement” shall be deemed to refer to the Credit Agreement as amended hereby and after giving effect to the consents and waivers set forth herein; and 
 (c) no Default or Event of Default has occurred and is continuing. 
 Section 4. Fees and Expenses

 The Borrower and each other Credit Party agrees to pay on demand in accordance with the terms of Section 14.5 of the
Credit Agreement all reasonable out-of-pocket costs and expenses of the Administrative Agent in connection with the preparation, reproduction, execution and delivery of this Amendment (including, without limitation, the reasonable fees and
out-of-pocket expenses of counsel for the Administrative Agent with respect thereto). 
 Section 5. Reference to the Effect on the Credit
Documents 
 (a) As of the Amendment No. 2 Effective Date, each reference in the Credit Agreement to “this Agreement,”
“hereunder,” “hereof,” “herein,” or words of like import, and each reference in the other Credit Documents to the Credit Agreement (including, without limitation, by means of words like “thereunder”,
“thereof” and words of like import), shall mean and be a reference to the Credit Agreement as amended hereby, and this Amendment and the Credit Agreement shall be read together and construed as a single instrument. Each of the table of
contents and lists of Exhibits and Schedules of the Credit Agreement shall be amended to reflect the changes made in this Amendment as of the Amendment No. 2 Effective Date. 
 (b) Except as expressly amended hereby or specifically waived above, all of the terms and provisions of the Credit Agreement and all other Credit
Documents are and shall remain in full force and effect and are hereby ratified and confirmed. 
 (c) The execution, delivery and
effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of the Lenders, Borrower, any other Credit Party, the Joint Lead Arrangers or any Agent under any 

  

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of the Credit Documents, nor constitute a waiver or amendment of any other provision of any of the Credit Documents or for any purpose except as expressly
set forth herein. 
 (d) This Amendment shall constitute a Credit Document. 
 Section 6. Execution in Counterparts 
 This Amendment may be executed in any number of counterparts and by different parties in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the
same agreement. Signature pages may be detached from multiple separate counterparts and attached to a single counterpart so that all signature pages are attached to the same document. Delivery of an executed counterpart by telecopy shall be
effective as delivery of a manually executed counterpart of this Amendment. 
 Section 7. Governing Law 
 This Amendment shall be governed by and construed in accordance with the law of the State of New York. 
 Section 8. Section Titles 
 The
section titles contained in this Amendment are and shall be without substantive meaning or content of any kind whatsoever and are not a part of the agreement between the parties hereto, except when used to reference a section. 
 Section 9. Notices 
 All
communications and notices hereunder shall be given as provided in the Credit Agreement. 
 Section 10. Severability 
 The fact that any term or provision of this Agreement is held invalid, illegal or unenforceable as to any person in any situation in any jurisdiction
shall not affect the validity, enforceability or legality of the remaining terms or provisions hereof or the validity, enforceability or legality of such offending term or provision in any other situation or jurisdiction or as applied to any person.

 Section 11. Successors 
 The terms of this Amendment shall be binding upon, and shall inure to the benefit of, the parties hereto and their respective successors and assigns. 
  

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 Section 12. Waiver of Jury Trial 
 Each of the parties hereto irrevocably waives trial by jury in any action or proceeding with respect to this Amendment or any other Credit Document.

 [SIGNATURE PAGES FOLLOW] 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this
Amendment to be executed by their respective officers and general partners thereunto duly authorized, as of the date first written above. 
  

			
	 INTELSAT INTERMEDIATE HOLDING
         COMPANY, LTD,

		
	By:	 	 /s/ GLORIA DILL

	Name:	 	GLORIA DILL
	Title:	 	SECRETARY
	
	 INTELSAT SUBSIDIARY HOLDING
         COMPANY, LTD,

		
	By:	 	 /s/ GLORIA DILL

	Name:	 	GLORIA DILL
	Title:	 	SECRETARY

			
	 CITICORP USA, INC.,
 as Administrative Agent and Lender

		
	By:	 	 /s/ Edward T. Crook

	Name:	 	Edward T. Crook
	Title:	 	Managing Director
	
	 CITIGROUP GLOBAL MARKETS INC.,
 as Joint Lead Arranger and Joint Bookrunner

		
	By:	 	 /s/ Edward T. Crook

	Name:	 	Edward T. Crook
	Title:	 	Managing Director

			
	 CREDIT SUISSE, CAYMAN ISLANDS BRANCH,
 as Syndication Agent

		
	By:	 	 /s/ CASSANDRA DROOGAN

	Name:	 	CASSANDRA DROOGAN
	Title:	 	VICE PRESIDENT
		
	By:	 	 /s/ MIKHAIL FAYBUSOVICH

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

		
	By:	 	 /s/ JEFFREY COHEN

	Name:	 	JEFFREY COHEN
	Title:	 	MANAGING DIRECTOR

			
	 DEUTSCHE BANK SECURITIES INC.,
 as Joint Lead Arranger and Joint Bookrunner

		
	By:	 	 /s/ CATHERINE MADIGAN

	Name:	 	CATHERINE MADIGAN
	Title:	 	MANAGING DIRECTOR
		
	By:	 	 /s/ JOHN EYDENBERG

	Name:	 	JOHN EYDENBERG
	Title:	 	MANAGING DIRECTOR

			
	 LEHMAN BROTHERS INC.,
 as Joint Lead Arranger and Joint Bookrunner

		
	By:	 	 /s/ Michael E. Masters

	Name:	 	Michael E. Masters
	Title:	 	Authorized SignatorySupplemental Indenture, dated as of January 25, 2007

 Exhibit 4.2 
 SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”) dated as of January 25, 2007, among PanAmSat Satellite Galaxy 16, Inc., a Delaware corporation (the “New Guarantor”), a
subsidiary of INTELSAT CORPORATION (or its successor), a Delaware corporation (the “Issuer”), the Issuer, the other Guarantors (as defined in the Indenture referred to herein) and THE BANK OF NEW YORK, as trustee under the indenture
referred to below (the “Trustee”). 
 W I T N E S S E T H: 
 WHEREAS the Issuer and the existing Guarantors have heretofore executed and delivered to the Trustee an Indenture (as amended, supplemented or otherwise
modified, the (“Indenture”) dated as of August 20, 2004, providing for the issuance of the Issuer’s 9% Senior Notes due 2014 (the “Notes”); 
 WHEREAS the Indenture provides that under certain circumstances the New Guarantor shall execute and deliver to the Trustee a supplemental indenture
pursuant to which the New Guarantor shall unconditionally guarantee all the Issuer’s obligations under the Notes and the Indenture pursuant to a Guarantee on the terms and It conditions set forth herein; 
 WHEREAS the Indenture provides that in connection with this Supplemental Indenture, the Issuer shall have delivered to the Trustee an Officers’
Certificate and an Opinion of Counsel, and such Officers’ Certificate and Opinion of Counsel have been delivered to the Trustee on the date hereof; and 
 WHEREAS pursuant to Sections 901 and 903 of the Indenture, the Trustee and the Issuer are authorized to execute and deliver this Supplemental Indenture; 
 NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the New
Guarantor and the Trustee mutually covenant and agree for the equal and ratable benefit of the holders of the Notes as follows: 
 1.
Defined Terms. As used in this Supplemental Indenture, terms defined in the Indenture or in the preamble or recital hereto are used herein as therein defined, except that the term “Holders” in this Supplemental Indenture
shall refer to the term “Holders” as defined in the Indenture and the Trustee acting on behalf of and for the benefit of such Holders. The words “herein,” “hereof” and “hereby” and other words of
similar import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any particular section hereof. 
 2. Agreement to Guarantee. The New Guarantor hereby agrees, jointly and severally with all existing Guarantors, to unconditionally guarantee the Issuer’s obligations under the Notes on the terms and subject to the conditions set
forth in the Guarantee and the Indenture, including but not limited to Article 12 of the Indenture, and to be bound by all other applicable provisions of the Indenture and the Notes applying to a Guarantor and to perform all of the obligations
and agreements of a Guarantor under the Indenture. 

 3. Notices. All notices or other communications to the New Guarantor shall be given as provided in
Section 106 of the Indenture. 
 4. Ratification of Indenture; Supplemental Indentures Part of Indenture. Except as expressly
amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental Indenture shall form a part of the Indenture for all purposes, and
every holder of Notes heretofore or hereafter authenticated and delivered shall be bound hereby. 
 5. Waiver of Claims. The New
Guarantor waives and shall not in any manner whatsoever claim or take the benefit or advantage of any rights of reimbursement, indemnity or subrogation or any other rights against the Issuer or any other Guarantor as a result of any payment by such
Guarantor under its Guarantee; 
 6. No Recourse Against Others. No past, present or future director, officer, employee, incorporator,
stockholder or agent of the New Guarantor, as such, shall have any liability for any obligations of the Company or any existing Guarantor under the Notes, any Guarantees, the Indenture or this Supplemental Indenture or for any claim based on, in
respect of, or by reason of, such obligations or their creation. Each Holder of the Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. Such waiver may not
be effective to waive liabilities under the federal securities laws and it is the view of the SEC that such a waiver is against public policy. 
 7. Governing Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 8. The Trustee. The Trustee makes no representation as to the validity or sufficiency of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same
agreement. 
 9. Counterparts. The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an
original, but all of them together represent the same agreement. 
 10. Effect of Headings. The Section headings herein are for
convenience only and shall not effect the construction thereof. 

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

			
	PANAMSAT SATELLITE GALAXY 16, INC.
		
	By:	 	 /s/ Anita Beier

	Name:	 	Anita Beier
	Title:	 	Controller
	
	INTELSAT CORPORATION
		
	By:	 	 /s/ Anita Beier

	Name:	 	Anita Beier
	Title:	 	Controller
	
	 EACH OF THE ENTITIES LISTED ON
 SCHEDULE I
HERETO

		
	By:	 	 /s/ Anita Beier

	Name:	 	Anita Beier
	Title:	 	Controller/Manager
	
	THE BANK OF NEW YORK, as Trustee
		
	By:	 	 /s/ Carlos R. Luciano

	Name:	 	Carlos R. Luciano
	Title:	 	Vice President

 [Supplemental Indenture] 

 Schedule I 
 Guarantors 
  

			
	 Name
	 	 Jurisdiction of Incorporation

	 AccessPas, Inc.
	 	Delaware
		
	 PanAmSat Asia Carrier Services, Inc.
	 	Delaware
		
	 PanAmSat Capital Corp.
	 	Delaware
		
	 PanAmSat Communications Carrier Services, Inc.
	 	California
		
	 PanAmSat Communications Japan, Inc.
	 	California
		
	 PanAmSat Communications Services, Inc.
	 	California
		
	 PanAmSat Europe Corporation
	 	Delaware
		
	 PanAmSat H-2 Licensee Corp.
	 	Delaware
		
	 PanAmSat India Marketing, L.L.C.
	 	Delaware
		
	 PanAmSat India, Inc.
	 	Delaware
		
	 PanAmSat International Holdings, LLC
	 	Delaware
		
	 PanAmSat International Sales, Inc.
	 	Delaware
		
	 PanAmSat International Systems Marketing, L.L.C.
	 	Delaware
		
	 PanAmSat International Systems, LLC
	 	Delaware
		
	 PanAmSat Licensee Corp.
	 	Delaware
		
	 PanAmSat Satellite Galaxy 10R, Inc.
	 	Delaware
		
	 PanAmSat Satellite Galaxy 11, Inc.
	 	Delaware
		
	 PanAmSat Satellite Galaxy 12, Inc.
	 	Delaware
		
	 PanAmSat Satellite Galaxy 13, Inc.
	 	Delaware
		
	 PanAmSat Satellite Galaxy 14, Inc.
	 	Delaware
		
	 PanAmSat Satellite Galaxy 15, Inc.
	 	Delaware
		
	 PanAmSat Satellite Galaxy 1R, Inc.
	 	Delaware
		
	 PanAmSat Satellite Galaxy 3C, Inc.
	 	Delaware
		
	 PanAmSat Satellite Galaxy 3R, Inc.
	 	Delaware

			
	 PanAmSat Satellite Galaxy 4R, Inc.
	 	Delaware
		
	 PanAmSat Satellite Galaxy 5, Inc.
	 	Delaware
		
	 PanAmSat Satellite Galaxy 9, Inc.
	 	Delaware
		
	 PanAmSat Satellite HGS 3, Inc.
	 	Delaware
		
	 PanAmSat Satellite HGS 5, Inc.
	 	Delaware
		
	 PanAmSat Satellite Leasat F5, Inc.
	 	Delaware
		
	 PanAmSat Satellite PAS 10, Inc.
	 	Delaware
		
	 PanAmSat Satellite PAS 1R, Inc.
	 	Delaware
		
	 PanAmSat Satellite PAS 2, Inc.
	 	Delaware
		
	 PanAmSat Satellite PAS 3, Inc.
	 	Delaware
		
	 PanAmSat Satellite PAS 4, Inc.
	 	Delaware
		
	 PanAmSat Satellite PAS 5, Inc.
	 	Delaware
		
	 PanAmSat Satellite PAS 6B, Inc.
	 	Delaware
		
	 PanAmSat Satellite PAS 7, Inc.
	 	Delaware
		
	 PanAmSat Satellite PAS 8, Inc.
	 	Delaware
		
	 PanAmSat Satellite PAS 9, Inc.
	 	Delaware
		
	 PanAmSat Satellite SBS 6, Inc.
	 	Delaware
		
	 PanAmSat Services, Inc.
	 	Delaware
		
	 PAS International Employment, Inc.
	 	Delaware
		
	 PAS International, LLC
	 	Delaware
		
	 Service and Equipment Corporation
	 	Delaware
		
	 Southern Satellite Corp.
	 	Connecticut
		
	 Southern Satellite Licensee Corporation
	 	Delaware
		
	 USHI, LLC
	 	Delaware

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