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SECURITY AGREEMENT

by

ORBIMAGE HOLDINGS INC.,

as Pledgor

and

THE GUARANTORS PARTY HERETO

THE BANK OF NEW YORK,

as Collateral Agent

 

Dated as of June 29, 2005

 

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	PREAMBLE
	 	 	1	 
	RECITALS
	 	 	1	 
	AGREEMENT
	 	 	2	 
	 
	 	 	 	 
	ARTICLE I

	 
	 	 	 	 
	DEFINITIONS AND INTERPRETATION

	 
	 	 	 	 
	SECTION 1.1. Definitions
	 	 	2	 
	SECTION 1.2. Interpretation
	 	 	9	 
	SECTION 1.3. Resolution of Drafting Ambiguities
	 	 	9	 
	SECTION 1.4. Perfection Certificate
	 	 	9	 
	 
	 	 	 	 
	ARTICLE II

	 
	 	 	 	 
	GRANT OF SECURITY AND SECURED OBLIGATIONS

	 
	 	 	 	 
	SECTION 2.1. Grant of Security Interest
	 	 	10	 
	SECTION 2.2. Filings
	 	 	11	 
	 
	 	 	 	 
	ARTICLE III

	 
	 	 	 	 
	PERFECTION; SUPPLEMENTS; FURTHER ASSURANCES;

USE OF PLEDGED COLLATERAL
	 
	 	 	 	 
	SECTION 3.1. Delivery of Certificated Securities Collateral
	 	 	12	 
	SECTION 3.2. Perfection of Uncertificated Securities Collateral
	 	 	12	 
	SECTION 3.3. Financing Statements and Other Filings; Maintenance of Perfected Security Interest
	 	 	13	 
	SECTION 3.4. Other Actions
	 	 	13	 
	SECTION 3.5. Joinder of Additional Guarantors
	 	 	16	 
	SECTION 3.6. Supplements; Further Assurances
	 	 	17	 
	 
	 	 	 	 
	ARTICLE IV

	 
	 	 	 	 
	REPRESENTATIONS, WARRANTIES AND COVENANTS

	 
	 	 	 	 
	SECTION 4.1. Title
	 	 	17	 
	SECTION 4.2. Validity of Security Interest
	 	 	17	 
	SECTION 4.3. Defense of Claims; Transferability of Pledged Collateral
	 	 	18	 
	SECTION 4.4. Other Financing Statements
	 	 	18	 

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	 	 	Page	 
	SECTION 4.5. Chief Executive Office; Change of Name; Jurisdiction of Organization
	 	 	18	 
	SECTION 4.6. Location of Inventory and Equipment
	 	 	19	 
	SECTION 4.7. Due Authorization and Issuance
	 	 	19	 
	SECTION 4.8. Consents, etc.
	 	 	19	 
	SECTION 4.9. Pledged Collateral
	 	 	19	 
	SECTION 4.10. Insurance
	 	 	19	 
	 
	 	 	 	 
	ARTICLE V

	 
	 	 	 	 
	CERTAIN PROVISIONS CONCERNING SECURITIES COLLATERAL

	 
	 	 	 	 
	SECTION 5.1. Pledge of Additional Securities Collateral
	 	 	20	 
	SECTION 5.2. Voting Rights; Distributions; etc.
	 	 	20	 
	SECTION 5.3. Defaults, etc.
	 	 	21	 
	SECTION 5.4. Certain Agreements of Pledgors as Issuers and Holders of Equity Interests
	 	 	22	 
	 
	 	 	 	 
	ARTICLE VI

	 
	 	 	 	 
	CERTAIN PROVISIONS CONCERNING INTELLECTUAL

PROPERTY COLLATERAL
	 
	 	 	 	 
	SECTION 6.1. Grant of Intellectual Property License
	 	 	22	 
	SECTION 6.2. Protection of Collateral Agent’s Security
	 	 	22	 
	SECTION 6.3. After-Acquired Property
	 	 	23	 
	SECTION 6.4. Litigation
	 	 	23	 
	 
	 	 	 	 
	ARTICLE VII

	 
	 	 	 	 
	CERTAIN PROVISIONS CONCERNING RECEIVABLES

	 
	 	 	 	 
	SECTION 7.1. Maintenance of Records
	 	 	24	 
	SECTION 7.2. Legend
	 	 	24	 
	 
	 	 	 	 
	ARTICLE VIII

	 
	 	 	 	 
	TRANSFERS

	 
	 	 	 	 
	SECTION 8.1. Transfers of Pledged Collateral
	 	 	24	 
	 
	 	 	 	 
	ARTICLE IX

	 
	 	 	 	 
	REMEDIES

	 
	 	 	 	 
	SECTION 9.1. Remedies
	 	 	24	 
	SECTION 9.2. Notice of Sale
	 	 	26	 

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	 	 	Page	 
	SECTION 9.3. Waiver of Notice and Claims
	 	 	27	 
	SECTION 9.4. Certain Sales of Pledged Collateral
	 	 	27	 
	SECTION 9.5. No Waiver; Cumulative Remedies
	 	 	29	 
	SECTION 9.6. Certain Additional Actions Regarding Intellectual Property
	 	 	29	 
	SECTION 9.7. Certain Regulatory Requirements
	 	 	29	 
	SECTION 9.8. Control by Majority
	 	 	30	 
	 
	 	 	 	 
	ARTICLE X

	 
	 	 	 	 
	APPLICATION OF PROCEEDS

	 
	 	 	 	 
	SECTION 10.1. Application of Proceeds
	 	 	30	 
	 
	 	 	 	 
	ARTICLE XI

	 
	 	 	 	 
	MISCELLANEOUS

	 
	 	 	 	 
	SECTION 11.1. Concerning Collateral Agent
	 	 	31	 
	SECTION 11.2. Collateral Agent May Perform; Collateral Agent Appointed Attorney-in-Fact
	 	 	35	 
	SECTION 11.3. Continuing Security Interest; Assignment
	 	 	35	 
	SECTION 11.4. Termination; Release
	 	 	36	 
	SECTION 11.5. Additional Secured Obligations
	 	 	36	 
	SECTION 11.6. Modification in Writing
	 	 	37	 
	SECTION 11.7. Notices
	 	 	37	 
	SECTION 11.8. Governing Law; Consent to Jurisdiction and Service of Process
	 	 	37	 
	SECTION 11.9. Severability of Provisions
	 	 	37	 
	SECTION 11.10. Execution in Counterparts
	 	 	37	 
	SECTION 11.11. Business Days
	 	 	38	 
	SECTION 11.12. No Credit for Payment of Taxes or Imposition
	 	 	38	 
	SECTION 11.13. No Claims Against Collateral Agent
	 	 	38	 
	SECTION 11.14. No Release
	 	 	38	 
	SECTION 11.15. Control
	 	 	38	 
	SECTION 11.16. Obligations Absolute
	 	 	39	 
	SECTION 11.17. Jury Trial Waiver
	 	 	39	 
	 
	 	 	 	 
	SIGNATURES
	 	 	S-1	 
	SIGNATURES
	 	 	S-2	 

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	EXHIBIT 1 Form of Issuer’s Acknowledgment
	 	 	 	 
	EXHIBIT 2 Form of Securities Pledge Amendment
	 	 	 	 
	EXHIBIT 3 Form of Joinder Agreement
	 	 	 	 
	EXHIBIT 4 Form of Control Agreement Concerning Securities Accounts
	 	 	 	 
	EXHIBIT 5 Form of Control Agreement Concerning Deposit Accounts
	 	 	 	 
	EXHIBIT 6 Form of Copyright Security Agreement
	 	 	 	 
	EXHIBIT 7 Form of Patent Security Agreement
	 	 	 	 
	EXHIBIT 8 Form of Trademark Security Agreement
	 	 	 	 
	EXHIBIT 9 Form of Landlord Access Agreement
	 	 	 	 
	EXHIBIT 10 Form of Acknowledgment
	 	 	 	 

-iv-

 

SECURITY AGREEMENT

          This SECURITY AGREEMENT dated as of June 29, 2005 (as amended, amended and restated,
supplemented or otherwise modified from time to time in accordance with the provisions hereof, this
“Agreement”) made by ORBIMAGE HOLDINGS, INC., a Delaware corporation (the “Pledgor”
or “Issuer”), and the Guarantors from to time to time party hereto (the
“Guarantors”), as pledgors, assignors and debtors (the Issuer, together with the
Guarantors, and together with any successors, the “Pledgors,” and each, a
“Pledgor”), in favor of The Bank of New York, as Trustee under the Indenture (as
hereinafter defined) in its capacity as collateral agent, as pledgee, assignee and secured party
(in such capacities and together with any successors in such capacities, the “Collateral
Agent”).

R E C I T A L S :

          A. The Pledgor is the sole owner of all of the issued and outstanding capital stock of
ORBIMAGE, INC., a Delaware corporation (“Company”);

          B. The Issuer is issuing $250,000,000 aggregate principal amount of its Senior Secured
Floating Rate Notes due 2012 (together with any additional Senior Secured floating rate Notes due
2012 of the Issuer issued pursuant to the Indenture (as defined below) including, without
limitation, in exchange for outstanding notes, the “Notes”) pursuant to an indenture (the
“Indenture”) dated as of June 29, 2005, among the Issuer and The Bank of New York, as
trustee (the “Trustee”) on behalf of the holders of the Notes (the “Holders”);

          C. To secure the due and prompt payment and performance by the Pledgor of the Obligations
under the Indenture, the Holders required the Pledgor to execute and deliver a security agreement
(the “Agreement”) to the Collateral Agent and to pledge the security herein referred to;

          D. Each Guarantor has or will, pursuant to the Indenture, unconditionally guarantee the
Secured Obligations;

          E. The Issuer and each Guarantor will receive substantial benefits from the execution,
delivery and performance of the obligations under the Indenture and the Notes and each is,
therefore, willing to enter into this Agreement;

          F. This Agreement is given by each Pledgor in favor of the Collateral Agent for the benefit of
the Secured Parties (as hereinafter defined) to secure the payment and performance of all of the
Secured Obligations; and

          G. It is a condition to the issuance of the Notes that each Pledgor execute and deliver the
applicable Security Documents, including this Agreement.

 

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A G R E E M E N T :

          NOW THEREFORE, in consideration of the foregoing premises and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, each Pledgor and the
Collateral Agent hereby agree as follows:

ARTICLE I

DEFINITIONS AND INTERPRETATION

          SECTION 1.1. Definitions.

          (a) Unless otherwise defined herein or in the Indenture, capitalized terms used herein that
are defined in the UCC shall have the meanings assigned to them in the UCC; provided that
in any event, the following terms shall have the meanings assigned to them in the UCC:

          “Accounts”; “Bank”; “Chattel Paper”; “Commercial Tort Claim”;
“Commodity Account”; “Commodity Contract”; “Commodity Intermediary”;
“Documents”; “Electronic Chattel Paper”; “Entitlement Order”;
“Equipment”; “Financial Asset”; “Fixtures”; “Goods”;
“Inventory”; “Letter-of-Credit Rights”; “Letters of Credit”;
“Money”; “Payment Intangibles”; “Proceeds”; “ Records”;
“Securities Account”; “Securities Intermediary”; “Supporting Obligations”;
and “Tangible Chattel Paper.”

          (b) Terms used but not otherwise defined herein that are defined in the Indenture shall have
the meanings given to them in the Indenture. Sections 10.01 through 10.12 of the Indenture shall
apply herein mutatis mutandis.

          (c) The following terms shall have the following meanings:

          “Account Debtor” shall mean each person who is obligated on a Receivable or Supporting
Obligation related thereto.

          “Agreement” shall have the meaning assigned to such term in the Preamble hereof.

          “Collateral Agent” shall have the meaning assigned to such term in the Preamble
hereof.

          “Collateral Support” shall mean all property (real or personal) assigned, hypothecated
or otherwise securing any Pledged Collateral and shall include any security agreement or other
agreement granting a lien or security interest in such real or personal property.

 

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          “Commodity Account Control Agreement” shall mean a control agreement in a form that is
reasonably satisfactory to the Collateral Agent establishing the Collateral Agent’s Control with
respect to any Commodity Account.

          “Communications Laws” shall mean the Communications Act of 1934, as amended, and the
rules, regulations and published policies of the Federal Communications Commission promulgated
thereunder.

          “Contracts” shall mean, collectively, with respect to each Pledgor, all sale, service,
performance, equipment or property lease contracts, agreements and grants and all other contracts,
agreements or grants (in each case, whether written or oral, or third party or intercompany),
between such Pledgor and any third party, and all assignments, amendments, restatements,
supplements, extensions, renewals, replacements or modifications thereof.

          “Control” shall mean (i) in the case of each Deposit Account, “control,” as such term
is defined in Section 9-104 of the UCC, (ii) in the case of any Security Entitlement, “control,” as
such term is defined in Section 8-106 of the UCC, and (iii) in the case of any Commodity Contract,
“control,” as such term is defined in Section 9-106 of the UCC.

          “Control Agreements” shall mean, collectively, the Deposit Account Control Agreement,
the Securities Account Control Agreement and the Commodity Account Control Agreement.

          “Copyright Security Agreement” shall mean an agreement substantially in the form of
Exhibit 6 hereto.

          “Copyrights” shall mean, collectively, with respect to each Pledgor, all copyrights
established or registered in the United States and all copyright registrations and applications
made by such Pledgor, in each case, whether now owned or hereafter created or acquired by or
assigned to such Pledgor, together with any and all (i) rights and privileges arising under
applicable law with respect to such Pledgor’s use of such copyrights, (ii) reissues, renewals,
continuations and extensions thereof and amendments thereto, (iii) income, fees, royalties,
damages, claims and payments now or hereafter due and/or payable with respect thereto, including
damages and payments for past, present or future infringements thereof, (iv) rights corresponding
thereto throughout the world and (v) rights to sue for past, present or future infringements
thereof.

          “Deposit Account Control Agreement” shall mean an agreement substantially in the form
of Exhibit 5 hereto or such other form that is reasonably satisfactory to the Collateral
Agent establishing the Collateral Agent’s Control with respect to any Deposit Account.

          “Deposit Accounts” shall mean, collectively, with respect to each Pledgor, all
“deposit accounts” as such term is defined in the UCC and shall include all cash, funds, checks,
notes and instruments from time to time on deposit in any of the deposit accounts.

 

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          “Distributions” shall mean, collectively, with respect to each Pledgor, all dividends,
cash, options, warrants, rights, instruments, distributions, returns of capital or principal,
income, interest, profits and other property, interests (debt or equity) or proceeds, including as
a result of a split, revision, reclassification or other like change of the Pledged Securities,
from time to time received, receivable or otherwise distributed to such Pledgor in respect of or in
exchange for any or all of the Pledged Securities or Intercompany Notes.

          “Event of Default” shall mean, any Event of Default under the Indenture and any
default under any Hedging Agreement.

          “Excluded Property” shall mean Equipment owned by any Pledgor on the date hereof or
hereafter acquired that is subject to a Lien securing a Purchase Money Obligation or Capitalized
Lease Obligation permitted to be incurred pursuant to the provisions of the Indenture if the
contract or other agreement in which such Lien is granted (or the documentation providing for such
Purchase Money Obligation or Capitalized Lease Obligation validly prohibits the creation of any
other Lien on such Equipment; provided, however, that Excluded Property shall not
include any Proceeds, substitutions or replacements of any Excluded Property referred to in clause
(a) or (b) (unless such Proceeds, substitutions or replacements would constitute Excluded Property
referred to in clause (a) or (b)).

          “FCC Licenses” shall mean those licenses and authorizations issued by the Federal
Communications Commission held by any Pledgor.

          “General Intangibles” shall mean, collectively, with respect to each Pledgor, all
“general intangibles,” as such term is defined in the UCC, of such Pledgor and, in any event, shall
include (i) all of such Pledgor’s rights, title and interest in, to and under all Contracts and
insurance policies (including all rights and remedies relating to monetary damages, including
indemnification rights and remedies, and claims for damages or other relief pursuant to or in
respect of any Contract), (ii) all know-how and warranties relating to any of the Pledged
Collateral or the Mortgaged Property, (iii) any and all other rights, claims, choses-in-action and
causes of action of such Pledgor against any other person and the benefits of any and all
collateral or other security given by any other person in connection therewith, (iv) all
guarantees, endorsements and indemnifications on, or of, any of the Pledged Collateral or any of
the Mortgaged Property, (v) all lists, books, records, correspondence, ledgers, printouts, files
(whether in printed form or stored electronically), tapes and other papers or materials containing
information relating to any of the Pledged Collateral or any of the Mortgaged Property, including
all customer or tenant lists, identification of suppliers, data, plans, blueprints, specifications,
designs, drawings, appraisals, recorded knowledge, surveys, studies, engineering reports, test
reports, manuals, standards, processing standards, performance standards, catalogs, research data,
computer and automatic machinery software and programs and the like, field repair data, accounting
information pertaining to such Pledgor’s operations or any of the Pledged Collateral or any of the
Mortgaged Property and all media in which or on which any of the information or knowledge or data
or records may be recorded or stored and all computer programs used for the compilation or printout
of such information, knowledge, records or data, (vi) all licenses, consents, permits, variances,
certifications, authorizations and approvals, however characterized, now or hereafter acquired or
held by

 

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such Pledgor, including building permits, certificates of occupancy, environmental
certificates, industrial permits or licenses and certificates of operation and (vii) all rights to
reserves, deferred payments, deposits, refunds, indemnification of claims and claims for tax or
other refunds against any Governmental Authority.

     “Goodwill” shall mean, collectively, with respect to each Pledgor, the goodwill
connected with such Pledgor’s business including all goodwill connected with (i) the use of and
symbolized by any Trademark or Intellectual Property License with respect to any Trademark in which
such Pledgor has any interest, (ii) all know-how, trade secrets, customer and supplier lists,
proprietary information, inventions, methods, procedures, formulae, descriptions, compositions,
technical data, drawings, specifications, name plates, catalogs, confidential information and the
right to limit the use or disclosure thereof by any person, pricing and cost information, business
and marketing plans and proposals, consulting agreements, engineering contracts and such other
assets which relate to such goodwill and (iii) all product lines of such Pledgor’s business.

    
     “Guarantors” shall have the meaning assigned to such term in the Preamble hereof.
    “Hedging Agreement” shall mean any swap, cap, collar, forward purchase or similar
agreement or arrangement entered into to protect any Pledgor against fluctuations in interest rates
under the indebtedness represented by the Notes.

    
     “Hedging Counterparty” shall mean any person (other than a Pledgor) who is a party to
any Hedging Agreement.

    
     “Holders” shall have the meaning assigned to such term in Recital A hereof.

    
     “Indenture” shall have the meaning assigned to such term in Recital A hereof.

    
     “Instruments” shall mean, collectively, with respect to each Pledgor, all
“instruments,” as such term is defined in Article 9, rather than Article 3, of the UCC, and shall
include all promissory notes, drafts, bills of exchange or acceptances.

    
     “Intellectual Property Collateral” shall mean, collectively, the Patents, Trademarks,
Copyrights, Intellectual Property Licenses and Goodwill.

         “Intellectual Property Licenses” shall mean, collectively, with respect to each
Pledgor, all license and distribution agreements with, and covenants not to sue, any other party
with respect to any Patent, Trademark or Copyright or any other patent, trademark or copyright,
whether such Pledgor is a licensor or licensee, distributor or distributee under any such license
or distribution agreement, together with any and all (i) renewals, extensions, supplements and
continuations thereof, (ii) income, fees, royalties, damages, claims and payments now and hereafter
due and/or payable thereunder and with respect thereto including damages and payments for past,
present or future infringements or violations thereof, (iii) rights to sue for past, present and

 

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future infringements or violations thereof and (iv) other rights to use, exploit or practice
any or all of the Patents, Trademarks or Copyrights or any other patent, trademark or copyright.

     

“Intercompany Notes” shall mean, with respect to each Pledgor, all intercompany notes
described in Schedule 11 to the Perfection Certificate and intercompany notes hereafter
acquired by such Pledgor and all certificates, instruments or agreements evidencing such
intercompany notes, and all assignments, amendments, restatements, supplements, extensions,
renewals, replacements or modifications thereof to the extent permitted pursuant to the terms
hereof.

     “Investment Property” shall mean a security, whether certificated or uncertificated,
Security Entitlement, Securities Account, Commodity Contract or Commodity Account, excluding,
however, the Securities Collateral.

     “Issuer” shall have the meaning assigned to such term in the Preamble hereof.

     “Joinder Agreement” shall mean an agreement substantially in the form of Exhibit
3 hereto.

     “Landlord Access Agreement” shall be an agreement in form substantially similar to
Exhibit 9 hereto or such other form reasonably acceptable to the Collateral Agent.

     “Material Intellectual Property Collateral” shall mean any Intellectual Property
Collateral that is material (i) to the use and operation of the Pledged Collateral or Mortgaged
Property or (ii) to the business, results of operations, prospects or condition, financial or
otherwise, of any Pledgor.

     “Mortgaged Property” shall have the meaning assigned to such term in the Mortgages.

     “NOAA Licenses” shall mean those licenses and authorizations issued by the National
Oceanic and Atmospheric Administration held by any Pledgor.

     “NOAA Rules” shall mean all the rules, regulations and published policies of the
National Oceanic and Atmosphere Administration, including without limitation those governing the
licensing and operation of private land remote-sensing space systems published at 15 CFR § 960 et
seq.

     “Patents” shall mean, collectively, with respect to each Pledgor, all patents issued
or assigned to, and all patent applications and registrations made by, such Pledgor registered or
recorded in the United States, together with any and all (i) rights and privileges arising under
applicable law with respect to such Pledgor’s use of any patents, (ii) inventions and improvements
described and claimed therein, (iii) reissues, divisions, continuations, renewals, extensions and
continuations-in-part thereof and amendments thereto, (iv) income, fees, royalties, damages, claims
and payments now or hereafter due and/or payable thereunder and with respect thereto

 

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including damages and payments for past, present or future infringements thereof, (v) rights
corresponding thereto throughout the world and (vi) rights to sue for past, present or future
infringements thereof.

          “Perfection Certificate” shall mean that certain perfection certificate dated June 29,
2005 executed and delivered by each Pledgor in favor of the Collateral Agent for the benefit of the
Secured Parties, and each other Perfection Certificate (which shall be in form and substance
reasonably acceptable to the Collateral Agent) executed and delivered by the applicable Guarantor
in favor of the Collateral Agent for the benefit of the Secured Parties contemporaneously with the
execution and delivery of each Joinder Agreement executed in accordance with Section 3.5
hereof.

          “Permitted Credit Facilities Indebtedness” shall have the meaning assigned to such
term in Section 11.5 hereof.

          “Pledge Amendment” shall have the meaning assigned to such term in Section 5.1
hereof.

          “Pledged Collateral” shall have the meaning assigned to such term in Section
2.1 hereof.

          “Pledged Securities” shall mean, collectively, with respect to each Pledgor, (i) all
issued and outstanding Equity Interests of each issuer set forth on Schedules 10(a) and
10(b) to the Perfection Certificate as being owned by such Pledgor and all options,
warrants, rights, agreements and additional Equity Interests of whatever class of any such issuer
acquired by such Pledgor (including by issuance), together with all rights, privileges, authority
and powers of such Pledgor relating to such Equity Interests in each such issuer or under any
Organizational Document of each such issuer, and the certificates, instruments and agreements
representing such Equity Interests and any and all interest of such Pledgor in the entries on the
books of any financial intermediary pertaining to such Equity Interests, (ii) all Equity Interests
of any issuer, which Equity Interests are hereafter acquired by such Pledgor (including by
issuance) and all options, warrants, rights, agreements and additional Equity Interests of whatever
class of any such issuer acquired by such Pledgor (including by issuance), together with all
rights, privileges, authority and powers of such Pledgor relating to such Equity Interests or under
any Organizational Document of any such issuer, and the certificates, instruments and agreements
representing such Equity Interests and any and all interest of such Pledgor in the entries on the
books of any financial intermediary pertaining to such Equity Interests, from time to time acquired
by such Pledgor in any manner, and (iii) all Equity Interests issued in respect of the Equity
Interests referred to in clause (i) or (ii) upon any consolidation or merger of any issuer of such
Equity Interests; provided, however, that Pledged Securities shall not include any
Equity Interests which are not required to be pledged pursuant to Section 5.11(b) of the
Indenture.

          “Pledgor” shall have the meaning assigned to such term in the Preamble hereof.

 

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     “Receivables” shall mean all (i) Accounts, (ii) Chattel Paper, (iii) Payment
Intangibles, (iv) General Intangibles, (v) Instruments and (vi) other rights to payment, whether or
not earned by performance, for goods or other property sold, leased, licensed, assigned or
otherwise disposed of, or services rendered or to be rendered, regardless of how classified under
the UCC together with all of Grantors’ rights, if any, in any goods or other property giving rise
to such right to payment and all Collateral Support and Supporting Obligations related thereto and
all Records relating thereto.

     “Secured Obligations” shall mean (i) all obligations, liabilities and indebtedness
(including, without limitation, principal, premium, interest (including, without limitation, all
interest that accrues after the commencement of any case, proceeding or other action relating to
the bankruptcy, insolvency, reorganization or similar proceeding of any Pledgor at the rate
provided for in the respective documentation, whether or not a claim for post-petition interest is
allowed in any such proceeding)) owing to the Collateral Agent, the Trustee and the Holders under
the Notes, the Indenture and the Security Documents and the due performance and compliance by the
Pledgors with all of the terms, conditions and agreements contained in the Notes, the Indenture and
in Security Documents; (ii) any and all sums advanced by the Collateral Agent in accordance with
the Indenture or any of the Security Documents in order to preserve the Pledged Collateral or
preserve its security interest in the Pledged Collateral; (iii) in the event of any proceeding for
the collection or enforcement of any indebtedness, obligations, or liabilities of the Pledgors
referred to in clause (i) above, the reasonable expenses of retaking, holding, preparing for sale
or lease, selling or otherwise disposing of or realizing on the Pledged Collateral, or of any
exercise by the Collateral Agent of its rights hereunder, together with reasonable attorneys’ fees
and court costs; and (iv) all obligations, liabilities and indebtedness (including, without
limitation, principal, premium, interest (including, without limitation, all interest that accrues
after the commencement of any case, proceeding or other action relating to the bankruptcy,
insolvency, reorganization or similar proceeding of any Pledgor at the rate provided for in the
respective documentation, whether or not a claim for post-petition interest is allowed in any such
proceeding)) owing to any holder of Permitted Credit Facilities Indebtedness (that has been
designated as Secured Obligations pursuant to Section 11.5) under such Permitted Credit
Facilities Indebtedness or owing to any Hedging Counterparty under any Hedging Agreement (that has
been designated as Secured Obligations pursuant to Section 11.5); provided that
notwithstanding anything to the contrary herein in no event shall any obligations under the Hedging
Agreements be or become Secured Obligations under this Agreement until such time that the Company
shall have (i) redeemed its Senior Subordinate Notes due 2008, (ii) issued a Guarantee under the
Notes and (iii) become a party to this Agreement.

     “Secured Parties” shall mean, collectively, the Trustee, the Collateral Agent, the
Holders of any Notes, the Hedging Counterparty and the holders of any other Secured Obligations.

     “Secured Party Officer” shall mean any officer or other authorized Person of a Secured
Party.

 

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     “Secured Party Officer Certificate” shall mean a certificate executed by a Secured
Party Officer of a Secured Party or by its agent or other representative.

     “Securities Account Control Agreement” shall mean an agreement substantially in the
form of Exhibit 4 hereto or such other form that is reasonably satisfactory to the
Collateral Agent establishing the Collateral Agent’s Control with respect to any Securities
Account.

     “Securities Collateral” shall mean, collectively, the Pledged Securities, the
Intercompany Notes and the Distributions.

     “Trademark Security Agreement” shall mean an agreement substantially in the form of
Exhibit 8 hereto.

     “Trademarks” shall mean, collectively, with respect to each Pledgor, all trademarks
(including service marks), slogans, logos, certification marks, trade dress, uniform resource
locations (URL’s), domain names, corporate names and trade names, whether registered or
unregistered, owned by or assigned to such Pledgor and all registrations and applications for the
foregoing, together with any and all (i) rights and privileges arising under applicable law with
respect to such Pledgor’s use of any trademarks, (ii) reissues, continuations, extensions and
renewals thereof and amendments thereto, (iii) income, fees, royalties, damages and payments now
and hereafter due and/or payable thereunder and with respect thereto, including damages, claims and
payments for past, present or future infringements thereof, (iv) rights corresponding thereto
throughout the world and (v) rights to sue for past, present and future infringements thereof.

     “UCC” shall mean the Uniform Commercial Code as in effect from time to time in the
State of New York; provided, however, that, at any time, if by reason of mandatory
provisions of law, any or all of the perfection or priority of the Collateral Agent’s and the
Secured Parties’ security interest in any item or portion of the Pledged Collateral is governed by
the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York, the
term “UCC” shall mean the Uniform Commercial Code as in effect, at such time, in such other
jurisdiction for purposes of the provisions hereof relating to such perfection or priority and for
purposes of definitions relating to such provisions.

     SECTION 1.2. Interpretation. The rules of interpretation specified in the Indenture
(including Section 1.04 thereof) shall be applicable to this Agreement.

     SECTION 1.3. Resolution of Drafting Ambiguities. Each Pledgor acknowledges and agrees
that it was represented by counsel in connection with the execution and delivery hereof, that it
and its counsel reviewed and participated in the preparation and negotiation hereof and that any
rule of construction to the effect that ambiguities are to be resolved against the drafting party
(i.e., the Collateral Agent) shall not be employed in the interpretation hereof.

          SECTION 1.4. Perfection Certificate. The Collateral Agent and each Secured Party
agree that the Perfection Certificate and all descriptions of Pledged Collateral, schedules,
amendments and supplements thereto are and shall at all times remain a part of this Agreement.

 

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ARTICLE II

GRANT OF SECURITY AND SECURED OBLIGATIONS

          SECTION 2.1. Grant of Security Interest. As collateral security for the payment and
performance in full of all the Secured Obligations, each Pledgor hereby pledges and grants to the
Collateral Agent for the benefit of the Secured Parties, a lien on and security interest in all of
the right, title and interest of such Pledgor in, to and under the following property, wherever
located, and whether now existing or hereafter arising or acquired from time to time (collectively,
the “Pledged Collateral”):

          (i) all Accounts;

          (ii) all Goods, including Equipment, Inventory and Fixtures;

          (iii) the Satellites and associated equipment, including all ground segment equipment
for tracking, telemetry, control and monitoring of the Satellites and any agreement relating
to any of the Satellites or associated equipment (including any agreement for the
construction and/or purchase of any Satellite and any policy of insurance covering risk of
loss or damage to any Satellite);

          (iv) all Documents, Instruments and Chattel Paper;

          (v) all Letters of Credit and Letter-of-Credit Rights;

          (vi) all Securities Collateral;
(vii) all Investment Property;
(viii) all Intellectual Property Collateral;

          (ix) the Commercial Tort Claims described on Schedule 13 to the Perfection
Certificate;

          (x) all General Intangibles;

          (xi) all Money and all Deposit Accounts;

          (xii) all Supporting Obligations;

          (xiii) all rights of such Pledgor under or relating to the FCC Licenses and the
proceeds of any FCC Licenses, provided that such security interest does not include
at any time any FCC Licenses to the extent (but only to the extent) that at such time such
Pledgor may not validly grant a security interest therein pursuant to the Communications
Laws, as in effect at such time, but such security interest does include, to the maximum

 

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extent permitted by law, all rights incident or appurtenant to the FCC Licenses and the
right to receive all proceeds derived from or in connection with the sale, assignment or
transfer of the FCC Licenses;

          (xiv) all books and records relating to the Pledged Collateral; and

          (xv) to the extent not covered by clauses (i) through (xiv) of this sentence, all other
personal property of such Pledgor, whether tangible or intangible, and all Proceeds and
products of each of the foregoing (including the proceeds of any FCC License) and all
accessions to, substitutions and replacements for, and rents, profits and products of, each
of the foregoing, any and all Proceeds of any insurance, indemnity, warranty or guaranty
payable to such Pledgor from time to time with respect to any of the foregoing.

          Notwithstanding anything herein to the contrary, in no event shall the Collateral include, and
no Pledgor shall be deemed to have granted a security interest in (i) any FCC License, except at
such times and to the extent set forth in clause (xiii) above, (ii) any lease, license (other than
FCC Licenses), permit, contract, property right or agreement to which any Pledgor is a party or
under which any Pledgor has any right or interest if and only for so long as the grant of a
security interest hereunder shall constitute or result in a breach, termination or default under
any such lease, license, permit, contract, property right or agreement (other than to the extent
that any such term would be rendered ineffective under Sections 9-406, 9-407, 9-408 or 9-409 of the
UCC or any other applicable law or principle of equity); provided, however, that
such security interest shall attach immediately to any portion of such lease, license, permit,
contract, property rights or agreement that does not result in any of the consequences specified
above, (iii) any real property leasehold, unless a Pledgor has executed a leasehold mortgage or
leasehold deed of trust covering such real property leasehold, or (iv) Equity Interests that
represent more than 66% of the voting power of all classes of stock of a controlled foreign
corporation.

          SECTION 2.2. Filings.

          (a) Each Pledgor hereby irrevocably authorizes the Collateral Agent at any time and from time
to time to file in any relevant jurisdiction any financing statements (including fixture filings)
and amendments thereto that contain the information required by Article 9 of the Uniform Commercial
Code of each applicable jurisdiction for the filing of any financing statement or amendment
relating to the Pledged Collateral, including (i) whether such Pledgor is an organization, the type
of organization and any organizational identification number issued to
such Pledgor, (ii) any financing or continuation statements or other documents without the
signature of such Pledgor where permitted by law, including the filing of a financing statement
describing the Pledged Collateral as “all assets now owned or hereafter acquired by the Pledgor or
in which Pledgor otherwise has rights” and (iii) in the case of a financing statement filed as a
fixture filing or covering Pledged Collateral constituting minerals or the like to be extracted or
timber to be cut, a sufficient description of the real property to which such Pledged Collateral
relates. Each Pledgor agrees to provide all information described in the immediately preceding
sentence to the Collateral Agent promptly upon request by the Collateral Agent.

 

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          (b) Each Pledgor hereby ratifies its authorization for the Collateral Agent to file in any
relevant jurisdiction any financing statements relating to the Pledged Collateral if filed prior to
the date hereof.

          (c) Each Pledgor hereby further authorizes the Collateral Agent to file filings with the
United States Patent and Trademark Office or United States Copyright Office (or any successor
office or any similar office in any other country), including this Agreement, the Copyright
Security Agreement, the Patent Security Agreement and the Trademark Security Agreement, or other
documents for the purpose of perfecting, confirming, continuing, enforcing or protecting the
security interest granted by such Pledgor hereunder, without the signature of such Pledgor, and
naming such Pledgor, as debtor, and the Collateral Agent, as secured party.

ARTICLE III

PERFECTION; SUPPLEMENTS; FURTHER ASSURANCES;

USE OF PLEDGED
COLLATERAL

          SECTION 3.1. Delivery of Certificated Securities Collateral. Each Pledgor represents
and warrants that all certificates, agreements or instruments representing or evidencing the
Securities Collateral in existence on the date hereof have been delivered to the Collateral Agent
in suitable form for transfer by delivery or accompanied by duly executed instruments of transfer
or assignment in blank and that the Collateral Agent has a perfected first priority security
interest therein. Each Pledgor hereby agrees that all certificates, agreements or instruments
representing or evidencing Securities Collateral acquired by such Pledgor after the date hereof
shall promptly (but in any event within five days after receipt thereof by such Pledgor) be
delivered to and held by or on behalf of the Collateral Agent pursuant hereto. All certificated
Securities Collateral shall be in suitable form for transfer by delivery or shall be accompanied by
duly executed instruments of transfer or assignment in blank, all in form and substance
satisfactory to the Collateral Agent. The Collateral Agent shall have the right, at any time upon
the occurrence and during the continuance of any Event of Default, to endorse, assign or otherwise
transfer to or to register in the name of the Collateral Agent or any of its nominees or endorse
for negotiation any or all of the Securities Collateral, without any indication that such
Securities Collateral is subject to the security interest hereunder. In addition,
upon the occurrence and during the continuance of an Event of Default, the Collateral Agent
shall have the right at any time to exchange certificates representing or evidencing Securities
Collateral for certificates of smaller or larger denominations.

          SECTION 3.2. Perfection of Uncertificated Securities Collateral. Each Pledgor
represents and warrants that the Collateral Agent has a perfected first priority security interest
in all uncertificated Pledged Securities pledged by it hereunder that are in existence on the date
hereof. Each Pledgor hereby agrees that if any of the Pledged Securities are at any time not
evidenced by certificates of ownership, then each applicable Pledgor shall, to the extent permitted
by applicable law, use commercially reasonable efforts to, (i) cause the issuer to execute

 

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and
deliver to the Collateral Agent an acknowledgment of the pledge of such Pledged Securities
substantially in the form of Exhibit 1 hereto or such other form that is reasonably
satisfactory to the Collateral Agent, (ii) if necessary or desirable to perfect a security interest
in such Pledged Securities, cause such pledge to be recorded on the equityholder register or the
books of the issuer, execute any customary pledge forms or other documents necessary or appropriate
to complete the pledge and give the Collateral Agent the right to transfer such Pledged Securities
under the terms hereof, and (iii) after the occurrence and during the continuance of any Event of
Default, upon request by the Collateral Agent, (A) cause the Organizational Documents of each such
issuer that is a Subsidiary of the Issuer to be amended to provide that such Pledged Securities
shall be treated as “securities” for purposes of the UCC and (B) cause such Pledged Securities to
become certificated and delivered to the Collateral Agent in accordance with the provisions of
Section 3.1.

          SECTION 3.3. Financing Statements and Other Filings; Maintenance of Perfected Security
Interest. Each Pledgor represents and warrants that all financing statements, agreements,
instruments and other documents necessary to perfect the security interest granted by it to the
Collateral Agent in respect of the Pledged Collateral have been filed, or it will cause all such
financing statements, agreements, instruments and other documents to be filed, in each
governmental, municipal or other office specified in Schedule 7 to the Perfection
Certificate. Each Pledgor agrees that at the sole cost and expense of the Pledgors, such Pledgor
will maintain the security interest created by this Agreement in the Pledged Collateral as a
perfected first priority security interest subject only to Permitted Liens.

          SECTION 3.4. Other Actions. In order to further ensure the attachment, perfection and
priority of, and the ability of the Collateral Agent to enforce, the Collateral Agent’s security
interest in the Pledged Collateral, each Pledgor represents and warrants (as to itself) as follows
and agrees, in each case at such Pledgor’s own expense, to take the following actions with respect
to the following Pledged Collateral:

     (a) Instruments and Tangible Chattel Paper. As of the date hereof, no amounts
payable under or in connection with any of the Pledged Collateral are evidenced by any
Instrument or Tangible Chattel Paper other than such Instruments and Tangible Chattel Paper
listed in Schedule 11 to the Perfection Certificate. Each Instrument and each item
of Tangible Chattel Paper listed in Schedule 11 to the Perfection Certificate has
been properly endorsed, assigned and delivered to the Collateral Agent, accompanied by
instruments of transfer or assignment duly executed in blank. If any amount then payable
under or in connection with any of the Pledged Collateral shall be evidenced by any
Instrument or Tangible Chattel Paper, and such amount, together with all amounts payable
evidenced by any Instrument or Tangible Chattel Paper not previously delivered to the
Collateral Agent exceeds $500,000 in the aggregate for all Pledgors, the Pledgor acquiring
such Instrument or Tangible Chattel Paper shall promptly (but in any event within thirty
days after receipt thereof) endorse, assign and deliver the same to the Collateral Agent,
accompanied by such instruments of transfer or assignment duly executed in blank as the
Collateral Agent may from time to time specify.

 

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     (b) Deposit Accounts. As of the date hereof, no Pledgor has any Deposit
Accounts other than the accounts listed in Schedule 14 to the Perfection
Certificate. The Collateral Agent has a first priority security interest in each such
Deposit Account, which security interest is perfected by Control, except, in each case, for
Deposit Accounts maintained by any Pledgor within 60 days following the date hereof with
Bank of America, N.A. for (i) payroll purposes (which account or accounts shall at no time
have deposits in excess of $2,000,000) (the “Payroll Account”) or (ii) operations
(which account or accounts shall at no time after 10 business days following the date
hereof have deposits in excess of $3,000,000 (the “Operational Account”
and, together with the Payroll Account, the “Bank of America Accounts”)). Pledgor
agrees to replace the Bank of America Accounts with bank accounts in which the Collateral
Agent is perfected by Control within 60 days following the date hereof. No Pledgor shall
hereafter establish and maintain any Deposit Account unless (1) it shall give the Collateral
Agent prompt written notice of its intention to establish such new Deposit Account with a
Bank, and (2) such Bank and such Pledgor shall have duly executed and delivered to the
Collateral Agent a Deposit Account Control Agreement with respect to such Deposit Account.
The Collateral Agent agrees with each Pledgor that the Collateral Agent shall not give any
instructions directing the disposition of funds from time to time credited to any Deposit
Account or withhold any withdrawal rights from such Pledgor with respect to funds from time
to time credited to any Deposit Account unless an Event of Default has occurred and is
continuing. No Pledgor shall grant Control of any Deposit Account to any person other than
the Collateral Agent. The Collateral Agent shall have no obligation to execute and deliver
any Deposit Account Control Agreement that imposes any indemnity or other obligation on the
Collateral Agent.

     (c) Securities Accounts and Commodity Accounts. (i) As of the date hereof, no
Pledgor has any Securities Accounts or Commodity Accounts other than those listed in
Schedule 14 to the Perfection Certificate. The Collateral Agent has a first
priority security interest in each such Securities Account and Commodity Account, which security
interest is perfected by Control. No Pledgor shall hereafter establish and maintain any
Securities Account or Commodity Account with any Securities Intermediary or Commodity
Intermediary unless (1) it shall give the Collateral Agent prompt written notice of its
intention to establish such new Securities Account or Commodity Account with such Securities
Intermediary or Commodity Intermediary, and (2) such Securities Intermediary or Commodity
Intermediary, as the case may be, and such Pledgor shall duly execute and deliver a Control
Agreement with respect to such Securities Account or Commodity Account, as the case may be
within 60 days of the establishment of such Securities Account or Commodity Account, as the
case may be. Each Pledgor shall accept any cash and Investment Property in trust for the
benefit of the Collateral Agent and within five (5) Business Days of actual receipt thereof,
deposit any and all cash and Investment Property received by it into a Deposit Account or
Securities Account subject to Collateral Agent’s Control. The Collateral Agent agrees with
each Pledgor that the Collateral Agent shall not give any Entitlement Orders or instructions
or directions to any issuer of uncertificated securities, Securities Intermediary or
Commodity Intermediary, and shall not withhold

 

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its consent to the exercise of any withdrawal
or dealing rights by such Pledgor, unless an Event of Default has occurred and is continuing
or, after giving effect to any such investment and withdrawal rights, would occur. No
Pledgor shall grant Control over any Investment Property to any person other than the
Collateral Agent unless otherwise permitted by the Collateral Agent. The Collateral Agent
shall have no obligation to execute and deliver any Control Agreement that imposes any
indemnity or other obligation on the Collateral Agent.

     (ii) As between the Collateral Agent and the Pledgors, the Pledgors shall bear the
investment risk with respect to the Investment Property and Pledged Securities, and the risk
of loss of, damage to, or the destruction of the Investment Property and Pledged Securities,
whether in the possession of, or maintained as a Security Entitlement or deposit by, or
subject to the Control of, the Collateral Agent, a Securities Intermediary, a Commodity
Intermediary, any Pledgor or any other person.

     (d) Electronic Chattel Paper and Transferable Records. As of the date hereof,
no amount under or in connection with any of the Pledged Collateral is evidenced by any
Electronic Chattel Paper or any “transferable record” (as that term is defined in Section
201 of the Federal Electronic Signatures in Global and National Commerce Act, or in Section
16 of the Uniform Electronic Transactions Act as in effect in any relevant jurisdiction)
other than such Electronic Chattel Paper and transferable records listed in Schedule
11 to the Perfection Certificate. If any amount payable under or in connection with any
of the Pledged Collateral shall be evidenced by any Electronic Chattel Paper or any
transferable record, the Pledgor acquiring such Electronic Chattel Paper or transferable
record shall promptly notify the Collateral Agent thereof and shall take such action as the
Collateral Agent may reasonably request to vest in the Collateral Agent control of such
Electronic Chattel Paper under Section 9-105 of the UCC or control under Section 201 of the
Federal Electronic Signatures in Global and National Commerce Act or, as the case
may be, Section 16 of the Uniform Electronic Transactions Act, as so in effect in such
jurisdiction, of such transferable record. The requirement in the preceding sentence shall
not apply to the extent that such amount, together with all amounts payable evidenced by
Electronic Chattel Paper or any transferable record in which the Collateral Agent has not
been vested control within the meaning of the statutes described in the immediately
preceding sentence, does not exceed $500,000 in the aggregate for all Pledgors. The
Collateral Agent agrees with such Pledgor that the Collateral Agent will, at the request and
expense of the Pledgor, arrange, pursuant to procedures satisfactory to the Collateral Agent
and so long as such procedures will not result in the Collateral Agent’s loss of control,
for the Pledgor to make alterations to the Electronic Chattel Paper or transferable record
permitted under Section 9-105 of the UCC or, as the case may be, Section 201 of the Federal
Electronic Signatures in Global and National Commerce Act or Section 16 of the Uniform
Electronic Transactions Act for a party in control to allow without loss of control. The
Pledgor will not make any such request if an Event of Default has occurred and is continuing
or would occur after taking into account any action by such Pledgor with respect to such
Electronic Chattel Paper or transferable record.

 

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     (e) Letter-of-Credit Rights. If any Pledgor is at any time a beneficiary under
a Letter of Credit now or hereafter issued, such Pledgor shall promptly notify the
Collateral Agent thereof and such Pledgor shall use it commercial reasonable efforts to
either (i) arrange for the issuer and any confirmer of such Letter of Credit to consent to
an assignment to the Collateral Agent of the proceeds of any drawing under the Letter of
Credit or (ii) arrange for the Collateral Agent to become the transferee beneficiary of such
Letter of Credit, with the Collateral Agent agreeing, in each case, that the proceeds of any
drawing under the Letter of Credit are to be applied as provided in the Indenture. The
actions in the preceding sentence shall not be required to the extent that (A) the amount of
any such Letter of Credit, together with the aggregate amount of all other Letters of Credit
for which the actions described above in clauses (i) and (ii) have not been taken, does not
exceed $500,000 in the aggregate for all Pledgors or (B) such Letter of Credit is issued by
a non-domestic customer of any Pledgor solely to support payment mechanisms in the ordinary
course of business.

     (f) Commercial Tort Claims. As of the date hereof, each Pledgor hereby
represents and warrants that it holds no Commercial Tort Claims other than those listed in
Schedule 13 to the Perfection Certificate. If any Pledgor shall at any time hold or
acquire a Commercial Tort Claim, such Pledgor shall immediately notify the Collateral Agent
in writing signed by such Pledgor of the brief details thereof and grant to the Collateral
Agent in such writing a security interest therein and in the Proceeds thereof, all upon the
terms of this Agreement, with such writing to be in form and substance reasonably
satisfactory to the Collateral Agent. The requirement in the preceding sentence shall not
apply to the extent that the amount of such Commercial Tort Claim, together with the amount
of all other Commercial Tort Claims held by any Pledgor in which the Collateral Agent does
not have a security interest, does not exceed $500,000 in the aggregate for all Pledgors.

     (g) Landlord’s Access Agreements. Each Pledgor shall use its commercially
reasonable efforts to obtain as soon as practicable after the date hereof with respect to
each location set forth in Schedule 3.4(g) hereto, where such Pledgor maintains
Pledged Collateral, a Landlord Access Agreement, and use commercially reasonable efforts to
obtain a Landlord Access Agreement from all such landlords who from time to time have
possession of any Pledged Collateral. A Landlord Access Agreement shall not be required if
the value of the Pledged Collateral held at any such location is less then $250,000. The
Collateral Agent shall have no obligation to execute and deliver any Landlord Access
Agreement that imposes any indemnity or other obligation on the Collateral Agent.

          SECTION 3.5. Joinder of Additional Guarantors. The Pledgors shall cause each
Subsidiary of the Issuer which, from time to time, after the date hereof shall be required to
pledge any assets to the Collateral Agent for the benefit of the Secured Parties pursuant to the
provisions of the Indenture, to execute and deliver to the Collateral Agent a Joinder Agreement
substantially in the form of Exhibit 3 hereto within thirty (30) days of the date on which
it was acquired or created, and upon such execution and delivery, such Subsidiary shall constitute
a

 

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“Guarantor” and a “Pledgor” for all purposes hereunder with the same force and effect as if
originally named as a Guarantor and Pledgor herein. The execution and delivery of such Joinder
Agreement shall not require the consent of any Pledgor hereunder. The rights and obligations of
each Pledgor hereunder shall remain in full force and effect notwithstanding the addition of any
new Guarantor and Pledgor as a party to this Agreement.

          SECTION 3.6. Supplements; Further Assurances. Each Pledgor shall take such further
actions, and execute and/or deliver to the Collateral Agent such additional financing statements,
amendments, assignments, agreements, supplements, powers and instruments, as the Collateral Agent
may in its reasonable judgment deem necessary in order to create and perfect, the security interest
in the Pledged Collateral as provided herein and the rights and interests granted to the Collateral
Agent hereunder, to carry into effect the purposes hereof or better to assure and confirm the
validity, enforceability and priority of the Collateral Agent’s security interest in the Pledged
Collateral or permit the Collateral Agent to exercise and enforce its rights, powers and remedies
hereunder with respect to any Pledged Collateral, including the filing of financing statements,
continuation statements and other documents (including this Agreement) under the Uniform Commercial
Code (or other similar laws) in effect in any jurisdiction with respect to the security interest
created hereby and the execution and delivery of Control Agreements, all in form reasonably
satisfactory to the Collateral Agent and in such offices (including the United States Patent and
Trademark Office and the United States Copyright Office) wherever required by law to perfect,
continue and maintain the validity, enforceability and priority of the security interest in the
Pledged Collateral as provided herein and to preserve the other rights and interests granted to the
Collateral Agent hereunder, as against third parties, with respect to the Pledged Collateral. If
an Event of Default has occurred and is continuing, the Collateral Agent may institute and
maintain, in its own name or in the name of any Pledgor, such suits and proceedings as the
Collateral Agent may be advised by
counsel shall be necessary or expedient to prevent any impairment of the security interest in
or the perfection thereof in the Pledged Collateral. All of the foregoing shall be at the sole
cost and expense of the Pledgors.

ARTICLE IV

REPRESENTATIONS, WARRANTIES AND COVENANTS

          Each Pledgor represents, warrants and covenants as follows:

          SECTION 4.1. Title. Except for the security interest granted to the Collateral Agent for
the ratable benefit of the Secured Parties pursuant to this Agreement and Permitted Liens, such
Pledgor owns and has rights and, as to Pledged Collateral acquired by it from time to time after
the date hereof, will own and have rights in each item of Pledged Collateral pledged by it
hereunder, free and clear of any and all Liens or claims of others, except for Permitted Liens.

          SECTION 4.2. Validity of Security Interest. The security interest in and Lien on the
Pledged Collateral granted to the Collateral Agent for the benefit of the Secured Parties

 

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hereunder
constitutes (a) a legal and valid security interest in all the Pledged Collateral securing the
payment and performance of the Secured Obligations, and (b) subject to the filings and other
actions described in Schedule 7 to the Perfection Certificate (to the extent required to be
listed on the schedules to the Perfection Certificate as of the date this representation is made or
deemed made), a perfected security interest in all the Pledged Collateral. The security interest
and Lien granted to the Collateral Agent for the benefit of the Secured Parties pursuant to this
Agreement in and on the Pledged Collateral will at all times constitute a perfected, continuing
security interest therein, prior to all other Liens on the Pledged Collateral except for Permitted
Liens. Notwithstanding anything to the contrary herein, no Pledgor shall be required to undertake
any actions outside of the United States to perfect a Collateral Agent’s security interest in any
Pledged Collateral located outside of the United States.

          SECTION 4.3. Defense of Claims; Transferability of Pledged Collateral. Each Pledgor
shall, at its own cost and expense, defend title to the Pledged Collateral pledged by it hereunder
and the security interest therein and Lien thereon granted to the Collateral Agent and the priority
thereof against all claims and demands of all persons, at its own cost and expense, at any time
claiming any interest therein materially adverse to the Collateral Agent or any other Secured Party
other than Permitted Liens. There is no agreement, order, judgment or decree, and no Pledgor shall
enter into any agreement or take any other action, that
would restrict the transferability of any of the Pledged Collateral or otherwise materially
impair or conflict with such Pledgor’s obligations or the rights of the Collateral Agent hereunder.

          SECTION 4.4. Other Financing Statements. It has not filed, nor authorized any third
party to file (nor will there be), any valid or effective financing statement (or similar
statement, instrument of registration or public notice under the law of any jurisdiction) covering
or purporting to cover any interest of any kind in the Pledged Collateral, except such as have been
filed in favor of the Collateral Agent pursuant to this Agreement (or any other agreement with
Collateral Agent) or in favor of any holder of a Permitted Lien with respect to such Permitted Lien
or financing statements or public notices relating to the termination statements listed on
Schedule 9 to the Perfection Certificate.

          SECTION 4.5. Chief Executive Office; Change of Name; Jurisdiction of Organization.

          (a) No Pledgor will effect any change (i) to its legal name, (ii) in its identity or
organizational structure, (iii) in its organizational identification number, if any, or (iv) in its
jurisdiction of organization (in each case, including by merging with or into any other entity,
reorganizing, dissolving, liquidating, reorganizing or organizing in any other jurisdiction),
unless (A) it shall have given the Collateral Agent promptly but in any event within 10 days after
such change, written notice clearly describing such change and providing such other information in
connection therewith as the Collateral Agent may reasonably request and (B) it shall take all
action necessary to maintain the perfection and priority of the security interest of the Collateral
Agent for the benefit of the Secured Parties in the Collateral.

 

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          (b) The Collateral Agent shall have no duty to inquire about any of the changes described in
clause (a) above, the parties acknowledging and agreeing that each Pledgor is solely responsible to
take all action described in Section 4.5(a)(B) above.

          SECTION 4.6. Location of Inventory and Equipment. It shall not move any Equipment or
Inventory (excluding any satellite in connection with its launch) to any location outside of the
United States; except for any Equipment or Inventory (A) outside the United States for the purpose
of constructing ground stations or (B) otherwise with a value in the aggregate not in excess of
$500,000 during the term of this Agreement.

          SECTION 4.7. Due Authorization and Issuance. All of the Pledged Securities existing
on the date hereof have been, and to the extent any Pledged Securities are hereafter issued, such
Pledged Securities will be, upon such issuance, duly authorized, validly issued and fully paid and
non-assessable to the extent applica
ble. There is no amount or other obligation owing by any Pledgor to any issuer of the Pledged
Securities in exchange for or in connection with the issuance of the Pledged Securities or any
Pledgor’s status as a partner or a member of any issuer of the Pledged Securities.

          SECTION 4.8. Consents, etc. In the event that the Collateral Agent desires to exercise any
remedies, voting or consensual rights or attorney-in-fact powers set forth in this Agreement and
determines it necessary to obtain any approvals or consents of any Governmental Authority or any
other person therefor, then, upon the reasonable request of the Collateral Agent, such Pledgor
agrees to use commercially reasonable efforts to assist and aid the Collateral Agent to obtain as
soon as practicable any necessary approvals or consents for the exercise of any such remedies,
rights and powers.

          SECTION 4.9. Pledged Collateral. All information set forth herein, including the
schedules hereto, and all information contained in any documents, schedules and lists heretofore
delivered to any Secured Party, including the Perfection Certificate and the schedules thereto, in
connection with this Agreement, in each case, relating to the Pledged Collateral, is accurate and
complete in all material respects. The Pledged Collateral described on the schedules to the
Perfection Certificate constitutes all of the property of such type of Pledged Collateral owned or
held by the Pledgors.

          SECTION 4.10. Insurance. In the event that the proceeds of any insurance claim are
paid to any Pledgor after the Collateral Agent has exercised its right to foreclose after an Event
of Default, such Net Cash Proceeds shall be held in trust for the benefit of the Collateral Agent
and immediately after receipt thereof shall be paid to the Collateral Agent for application in
accordance with the Indenture.

 

 

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ARTICLE V

CERTAIN PROVISIONS CONCERNING SECURITIES COLLATERAL

          SECTION 5.1. Pledge of Additional Securities Collateral. Each Pledgor shall, upon obtaining any Pledged Securities or Intercompany Notes of any person, accept the same in trust for
the benefit of the Collateral Agent and promptly (but in any event within 30 days after receipt
thereof) deliver to the Collateral Agent a pledge amendment, duly executed by such Pledgor, in
substantially the form of Exhibit 2 hereto (each, a “Pledge Amendment”), and the
certificates and other documents required under Section 3.1 and Section 3.2 hereof
in respect of the additional Pledged Securities or Intercompany Notes which are to be pledged
pursuant to this Agreement, and confirming the attachment of the Lien hereby created on and in
respect of such additional Pledged Securities or Intercompany Notes. Each Pledgor hereby authorizes the Collateral Agent to attach each Pledge Amendment to this
Agreement and agrees that all Pledged Securities or Intercompany Notes listed on any Pledge
Amendment delivered to the Collateral Agent shall for all purposes hereunder be considered Pledged
Collateral.

          SECTION 5.2. Voting Rights; Distributions; etc.

          (a) So long as no Event of Default shall have occurred and be continuing:

     (i) Each Pledgor shall be entitled to exercise any and all voting and other consensual
rights pertaining to the Securities Collateral or any part thereof for any purpose not
inconsistent with the terms or purposes hereof, the Indenture or any other document
evidencing the Secured Obligations; provided, however, that no Pledgor shall
in any event exercise such rights in any manner which could reasonably be expected to have a
Material Adverse Effect.

     (ii) Each Pledgor shall be entitled to receive and retain, and to utilize free and
clear of the Lien hereof, any and all Distributions, but only if and to the extent made in
accordance with the provisions of the Indenture; provided, however, that any
and all such Distributions consisting of rights or interests in the form of securities shall
be forthwith delivered to the Collateral Agent to hold as Pledged Collateral and shall, if
received by any Pledgor, be received in trust for the benefit of the Collateral Agent, be
segregated from the other property or funds of such Pledgor and be promptly (but in any
event within five days after receipt thereof) delivered to the Collateral Agent as Pledged
Collateral in the same form as so received (with any necessary endorsement).

          (b) So long as no Event of Default shall have occurred and be continuing, the Collateral Agent
shall be deemed without further action or formality to have granted to each Pledgor all necessary
consents relating to voting rights and shall, if necessary, upon written request of any Pledgor and
at the sole cost and expense of the Pledgors, from time to time execute and deliver (or cause to be
executed and delivered) to such Pledgor all such instruments as such Pledgor may reasonably request
in order to permit such Pledgor to exercise the voting and other

 

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rights which it is entitled to exercise pursuant to Section 5.2(a)(i) hereof and to receive the Distributions which it is
authorized to receive and retain pursuant to Section 5.2(a)(ii) hereof.

          (c) Upon the occurrence and during the continuance of any Event of Default:

     (i) All rights of each Pledgor to exercise the voting and other consensual rights it
would otherwise be entitled to exercise pursuant to Section 5.2(a)(i) hereof shall
immediately cease, and all such rights shall thereupon become vested in the Collateral
Agent, which shall thereupon have the sole right to exercise such voting and other
consensual rights.

     (ii) All rights of each Pledgor to receive Distributions which it would otherwise be
authorized to receive and retain pursuant to Section 5.2(a)(ii) hereof shall
immediately cease and all such rights shall thereupon become vested in the Collateral Agent,
which shall thereupon have the sole right to receive and hold as Pledged Collateral such
Distributions.

          (d) Each Pledgor shall, at its sole cost and expense, from time to time execute and deliver to
the Collateral Agent appropriate instruments as the Collateral Agent may request in order to permit
the Collateral Agent to exercise the voting and other rights which it may be entitled to exercise
pursuant to Section 5.2(a)(i) hereof and to receive all Distributions which it may be
entitled to receive under Section 5.2(a)(ii) hereof.

          (e) All Distributions which are received by any Pledgor contrary to the provisions of
Section 5.2(a)(ii) hereof shall be received in trust for the benefit of the Collateral
Agent, shall be segregated from other funds of such Pledgor and shall immediately be paid over to
the Collateral Agent as Pledged Collateral in the same form as so received (with any necessary
endorsement).

          SECTION 5.3. Defaults, etc. Such Pledgor is not in default in the payment of any portion of any mandatory capital contribution, if any, required to be made under any agreement to
which such Pledgor is a party relating to the Pledged Securities pledged by it, and such Pledgor is
not in violation of any other provisions of any such agreement to which such Pledgor is a party, or
otherwise in default or violation thereunder. No Securities Collateral pledged by such Pledgor is
subject to any defense, offset or counterclaim, nor have any of the foregoing been asserted or
alleged against such Pledgor by any person with respect thereto, and as of the date hereof, there
are no certificates, instruments, documents or other writings (other than the Organizational
Documents and certificates representing such Pledged Securities that have been delivered to the
Collateral Agent) which evidence any Pledged Securities of such Pledgor.

 

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          SECTION 5.4. Certain Agreements of Pledgors as Issuers and Holders of Equity
Interests.

          (a) In the case of each Pledgor which is an issuer of Securities Collateral, such Pledgor
agrees to be bound by the terms of this Agreement relating to the Securities Collateral issued by
it and will comply with such terms insofar as such terms are applicable to it.

          (b) In the case of each Pledgor which is a partner, shareholder or member, as the case may be,
in a partnership, limited liability company or other entity, such Pledgor hereby consents to the
extent required by the applicable Organizational Document to the pledge by each other Pledgor,
pursuant to the terms hereof, of the Pledged Securities in such partnership, limited liability
company or other entity and, upon the occurrence and during the continuance of an Event of Default, to the transfer of such Pledged Securities to the Collateral Agent or its
nominee and to the substitution of the Collateral Agent or its nominee as a substituted partner,
shareholder or member in such partnership, limited liability company or other entity with all the
rights, powers and duties of a general partner, limited partner, shareholder or member, as the case
may be.

ARTICLE VI

CERTAIN PROVISIONS CONCERNING INTELLECTUAL

PROPERTY COLLATERAL

          SECTION
6.1. Grant of Intellectual Property License. For the purpose of enabling the Collateral Agent, during the continuance of an Event of Default, to exercise rights and remedies
under Article IX hereof at such time as the Collateral Agent shall be lawfully entitled to
exercise such rights and remedies, and for no other purpose, each Pledgor hereby grants to the
Collateral Agent, to the extent assignable, an irrevocable, non-exclusive license to use, assign,
license or sublicense any of the Intellectual Property Collateral now owned or hereafter acquired
by such Pledgor, wherever the same may be located, but only to the extent that the grant of such
license does not result in a default or forfeiture of such Pledgor’s interest in such Intellectual
Property Collateral. Such license shall include access to all media in which any of the licensed
items may be recorded or stored and to all computer programs used for the compilation or printout
hereof.

          SECTION 6.2. Protection of Collateral Agent’s Security. On a continuing basis, each Pledgor shall, at its sole cost and expense, (i) maintain all Material Intellectual Property
Collateral as presently used and operated, except as could reasonably be expected to have a
material adverse effect on the Intellectual Property Collateral taken as a whole, (ii) not permit
to lapse or become abandoned any Material Intellectual Property Collateral, and not settle or
compromise any pending or future litigation or administrative proceeding with respect to any such
Material Intellectual Property Collateral, in either case except as shall be consistent with
commercially reasonable business judgment, and, in either case, except as could not reasonably be
expected to have a material adverse effect on the Intellectual Property Collateral taken as a

 

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whole, (iii) diligently keep adequate records respecting all Intellectual Property Collateral and
(iv) furnish to the Collateral Agent from time to time upon the Collateral Agent’s request therefor
reasonably detailed statements and amended schedules further identifying and describing the
Intellectual Property Collateral and such other materials evidencing or reports pertaining to any
Intellectual Property Collateral as the Collateral Agent may from time to time request.

          SECTION 6.3. After-Acquired Property. If any Pledgor shall at any time after the date hereof (i) obtain any rights to any
additional Intellectual Property Collateral or (ii) become entitled to the benefit of any
additional Intellectual Property Collateral or any renewal or extension thereof, including any
reissue, division, continuation, or continuation-in-part of any Intellectual Property Collateral,
or any improvement on any Intellectual Property Collateral, the provisions hereof shall
automatically apply thereto and any such item enumerated in the preceding clause (i) or (ii) shall
automatically constitute Intellectual Property Collateral as if such would have constituted
Intellectual Property Collateral at the time of execution hereof and be subject to the Lien and
security interest created by this Agreement without further action by any party. Each Pledgor
shall promptly provide to the Collateral Agent written notice of any of the foregoing and confirm
the attachment of the Lien and security interest created by this Agreement to any rights described
in clauses (i) and (ii) above by execution of and filing of any instruments or statements as shall
be reasonably necessary to create, preserve, protect or perfect the Collateral Agent’s security
interest in such Intellectual Property Collateral.

          SECTION 6.4. Litigation. Unless there shall occur and be continuing any Event of
Default, each Pledgor shall have the right to commence and prosecute in its own name, as the party
in interest, for its own benefit and at the sole cost and expense of the Pledgors, such
applications for protection of the Intellectual Property Collateral and suits, proceedings or other
actions to prevent the infringement, counterfeiting, unfair competition, dilution, diminution in
value or other damage as are necessary to protect the Intellectual Property Collateral. Upon the
occurrence and during the continuance of any Event of Default, the Collateral Agent shall have the
right but shall in no way be obligated to file applications for protection of the Intellectual
Property Collateral and/or bring suit in the name of any Pledgor, the Collateral Agent or the
Secured Parties to enforce the Intellectual Property Collateral and any license thereunder. In the
event of such suit, each Pledgor shall, at the reasonable request of the Collateral Agent, do any
and all lawful acts and execute any and all documents reasonably requested by the Collateral Agent
in aid of such enforcement and the Pledgors shall promptly reimburse and indemnify the Collateral
Agent for all costs and expenses incurred by the Collateral Agent in the exercise of its rights
under this Section 6.4 in accordance with Section 7.07 of the Indenture. In the
event that the Collateral Agent shall elect not to bring suit to enforce the Intellectual Property
Collateral, each Pledgor agrees, at the reasonable request of the Collateral Agent, to take all
commercially reasonable actions necessary, whether by suit, proceeding or other action, to prevent
the infringement, counterfeiting, unfair competition, dilution, diminution in value of or other
damage to any of the Intellectual Property Collateral by any person.

 

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ARTICLE VII

CERTAIN PROVISIONS CONCERNING RECEIVABLES

          SECTION 7.1. Maintenance of Records. Each Pledgor shall keep and maintain at its own cost and expense complete records of each
Receivable, in a manner consistent with prudent business practice, including records of all
payments received, all credits granted thereon, all merchandise returned and all other
documentation relating thereto. Each Pledgor shall, at such Pledgor’s sole cost and expense, upon
the Collateral Agent’s demand made at any time after the occurrence and during the continuance of
any Event of Default, deliver all tangible evidence of Receivables, including all documents
evidencing Receivables and any books and records relating thereto to the Collateral Agent or to its
representatives (copies of which evidence and books and records may be retained by such Pledgor).
Upon the occurrence and during the continuance of any Event of Default, the Collateral Agent may
transfer a full and complete copy of any Pledgor’s books, records, credit information, reports,
memoranda and all other writings relating to the Receivables to and for the use by any person that
has acquired or is contemplating acquisition of an interest in the Receivables or the Collateral
Agent’s security interest therein without the consent of any Pledgor.

          SECTION 7.2. Legend. During the continuance of an Event of Default, each Pledgor
shall legend, at the request of the Collateral Agent (acting at the direction of the Holders of the
Notes pursuant to the Indenture) and in form and manner satisfactory to the Collateral Agent, the
Receivables and the other books, records and documents of such Pledgor evidencing or pertaining to
the Receivables with an appropriate reference to the fact that the Receivables have been assigned
to the Collateral Agent for the benefit of the Secured Parties and that the Collateral Agent has a
security interest therein.

ARTICLE VIII

TRANSFERS

          SECTION 8.1. Transfers of Pledged Collateral. No Pledgor shall sell, convey, assign
or otherwise dispose of, or grant any option with respect to, any of the Pledged Collateral pledged
by it hereunder except as expressly permitted by the Indenture.

ARTICLE IX

REMEDIES

	 	 	SECTION 9.1. Remedies. Upon the occurrence and during the continuance of any Event of
Default, the Collateral Agent may from time to time exercise in respect of the

 

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Pledged Collateral,in addition to the other rights and remedies provided for herein or otherwise available to it, the
following remedies:

     (i) Personally, or by agents or attorneys, immediately take possession of the Pledged
Collateral or any part thereof, from any Pledgor or any other person who then has possession
of any part thereof with or without notice or process of law, and for that purpose may enter
upon any Pledgor’s premises where any of the Pledged Collateral is located, remove such
Pledged Collateral, remain present at such premises to receive copies of all communications
and remittances relating to the Pledged Collateral and use in connection with such removal
and possession any and all services, supplies, aids and other facilities of any Pledgor;

     (ii) Demand, sue for, collect or receive any money or property at any time payable or
receivable in respect of the Pledged Collateral including instructing the obligor or
obligors on any agreement, instrument or other obligation constituting part of the Pledged
Collateral to make any payment required by the terms of such agreement, instrument or other
obligation directly to the Collateral Agent, and in connection with any of the foregoing,
compromise, settle, extend the time for payment and make other modifications with respect
thereto; provided, however, that in the event that any such payments are
made directly to any Pledgor, prior to receipt by any such obligor of such instruction, such
Pledgor shall segregate all amounts received pursuant thereto in trust for the benefit of
the Collateral Agent and shall promptly (but in no event later than one (1) Business Day
after receipt thereof) pay such amounts to the Collateral Agent;

     (iii) Sell, assign, grant a license to use or otherwise liquidate, or direct any
Pledgor to sell, assign, grant a license to use or otherwise liquidate, any and all
investments made in whole or in part with the Pledged Collateral or any part thereof, and
take possession of the proceeds of any such sale, assignment, license or liquidation;

     (iv) Take possession of the Pledged Collateral or any part thereof, by directing any
Pledgor in writing to deliver the same to the Collateral Agent at any place or places so
designated by the Collateral Agent, in which event such Pledgor shall at its own expense:
(A) forthwith cause the same to be moved to the place or places designated by the Collateral
Agent and therewith delivered to the Collateral Agent, (B) store and keep any Pledged
Collateral so delivered to the Collateral Agent at such place or places pending further
action by the Collateral Agent and (C) while the Pledged Collateral shall be so stored and
kept, provide such security and maintenance services as shall be necessary to protect the
same and to preserve and maintain them in good condition. Each Pledgor’s obligation to
deliver the Pledged Collateral as contemplated in this Section 9.1(iv) is of the
essence hereof. Upon application to a court of equity having jurisdiction, the Collateral
Agent shall be entitled to a decree requiring specific performance by any Pledgor of such
obligation;

 

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     (v) Withdraw all moneys, instruments, securities and other property in any bank,
financial securities, deposit or other account of any Pledgor constituting Pledged
Collateral for application to the Secured Obligations as provided in Article X
hereof;

     (vi) Retain and apply the Distributions to the Secured Obligations as provided in
Article X hereof;

     (vii) Exercise any and all rights as beneficial and legal owner of the Pledged
Collateral, including perfecting assignment of and exercising any and all voting, consensual
and other rights and powers with respect to any Pledged Collateral; and

     (viii) Exercise all the rights and remedies of a secured party on default under the
UCC, and the Collateral Agent may also in its sole discretion, without notice except as
specified in Section 9.2 hereof, sell, assign or grant a license to use the Pledged
Collateral or any part thereof in one or more parcels at public or private sale, at any
exchange, broker’s board or at any of the Collateral Agent’s offices or elsewhere, for cash,
on credit or for future delivery, and at such price or prices and upon such other terms as
the Collateral Agent may deem commercially reasonable. The Collateral Agent or any other
Secured Party or any of their respective Affiliates may be the purchaser, licensee, assignee
or recipient of the Pledged Collateral or any part thereof at any such sale and shall be
entitled, for the purpose of bidding and making settlement or payment of the purchase price
for all or any portion of the Pledged Collateral sold, assigned or licensed at such sale, to
use and apply any of the Secured Obligations owed to such person as a credit on account of
the purchase price of the Pledged Collateral or any part thereof payable by such person at
such sale. Each purchaser, assignee, licensee or recipient at any such sale shall acquire
the property sold, assigned or licensed absolutely free from any claim or right on the part
of any Pledgor, and each Pledgor hereby waives, to the fullest extent permitted by law, all
rights of redemption, stay and/or appraisal which it now has or may at any time in the
future have under any rule of law or statute now existing or hereafter enacted. The
Collateral Agent shall not be obligated to make any sale of the Pledged Collateral or any
part thereof regardless of notice of sale having been given. The Collateral Agent may
adjourn any public or private sale from time to time by announcement at the time and place
fixed therefor, and such sale may, without further notice, be made at the time and place to
which it was so adjourned. Each Pledgor hereby waives, to the fullest extent permitted by
law, any claims against the Collateral Agent arising by reason of the fact that the price at
which the Pledged Collateral or any part thereof may have been sold, assigned or licensed at
such a private sale was less than the price which might have been obtained at a public sale,
even if the Collateral Agent accepts the first offer received and does not offer such
Pledged Collateral to more than one offeree.

          SECTION 9.2. Notice of Sale. Each Pledgor acknowledges and agrees that, to the extent
notice of sale or other disposition of the Pledged Collateral or any part thereof shall be required
by law, ten (10) days’ prior notice to such Pledgor of the time and place of any public sale or of
the time after which any private sale or other intended disposition is to take place shall be commercially
reasonable notification of such matters. No notification need be given to

 

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any Pledgor if it has signed, after the occurrence of an Event of Default, a statement renouncing or modifying any right
to notification of sale or other intended disposition.

          SECTION 9.3. Waiver of Notice and Claims. Each Pledgor hereby waives, to the fullest
extent permitted by applicable law, notice or judicial hearing in connection with the Collateral
Agent’s taking possession or the Collateral Agent’s disposition of the Pledged Collateral or any
part thereof, including any and all prior notice and hearing for any prejudgment remedy or remedies
and any such right which such Pledgor would otherwise have under law, and each Pledgor hereby
further waives, to the fullest extent permitted by applicable law: (i) all damages occasioned by
such taking of possession, (ii) all other requirements as to the time, place and terms of sale or
other requirements with respect to the enforcement of the Collateral Agent’s rights hereunder and
(iii) all rights of redemption, appraisal, valuation, stay, extension or moratorium now or
hereafter in force under any applicable law. The Collateral Agent shall not be liable for any
incorrect or improper payment made pursuant to this Article IX in the absence of gross
negligence or willful misconduct on the part of the Collateral Agent. Any sale of, or the grant of
options to purchase, or any other realization upon, any Pledged Collateral shall operate to divest
all right, title, interest, claim and demand, either at law or in equity, of the applicable Pledgor
therein and thereto, and shall be a perpetual bar both at law and in equity against such Pledgor
and against any and all persons claiming or attempting to claim the Pledged Collateral so sold,
optioned or realized upon, or any part thereof, from, through or under such Pledgor.

          SECTION 9.4. Certain Sales of Pledged Collateral.

          (a) Each Pledgor recognizes that, by reason of certain prohibitions contained in law, rules,
regulations or orders of any Governmental Authority, the Collateral Agent may be compelled, with
respect to any sale of all or any part of the Pledged Collateral, to limit purchasers to those who
meet the requirements of such Governmental Authority. Each Pledgor acknowledges that any such
sales may be at prices and on terms less favorable to the Collateral Agent than those obtainable
through a public sale without such restrictions, and, notwithstanding such circumstances, agrees
that any such restricted sale shall be deemed to have been made in a commercially reasonable manner
and that, except as may be required by applicable law, the Collateral Agent shall have no
obligation to engage in public sales.

          (b) Each Pledgor recognizes that, by reason of certain prohibitions contained in the
Securities Act, and applicable state securities laws, the Collateral Agent may be compelled, with
respect to any sale of all or any part of the Securities Collateral and Investment Property, to
limit purchasers to persons who will agree, among other things, to acquire such Securities
Collateral or Investment Property for their own account, for investment and not with a view to the
distribution or resale thereof. Each Pledgor acknowledges that any such private sales
may be at prices and on terms less favorable to the Collateral Agent than those obtainable
through a public sale without such restrictions (including a public offering made pursuant to a
registration statement under the Securities Act), and, notwithstanding such circumstances, agrees
that any such private sale shall be deemed to have been made in a commercially reasonable manner
and that the Collateral Agent shall have no obligation to engage in public sales and no obligation
to delay the sale of any Securities Collateral or Investment Property for the period of time

 

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necessary to permit the issuer thereof to register it for a form of public sale requiring
registration under the Securities Act or under applicable state securities laws, even if such
issuer would agree to do so.

          (c) Notwithstanding the foregoing, each Pledgor shall, upon the occurrence and during the
continuance of any Event of Default, at the reasonable request of the Collateral Agent, for the
benefit of the Collateral Agent, cause any registration, qualification under or compliance with any
Federal or state securities law or laws to be effected with respect to all or any part of the
Securities Collateral as soon as practicable and at the sole cost and expense of the Pledgors.
Each Pledgor will use its commercially reasonable efforts to cause such registration to be effected
(and be kept effective) and will use its commercially reasonable efforts to cause such
qualification and compliance to be effected (and be kept effective) as may be so requested and as
would permit or facilitate the sale and distribution of such Securities Collateral including
registration under the Securities Act (or any similar statute then in effect), appropriate
qualifications under applicable blue sky or other state securities laws and appropriate compliance
with all other requirements of any Governmental Authority. Each Pledgor shall use its commercially
reasonable efforts to cause the Collateral Agent to be kept advised in writing as to the progress
of each such registration, qualification or compliance and as to the completion thereof, shall
furnish to the Collateral Agent such number of prospectuses, offering circulars or other documents
incident thereto as the Collateral Agent from time to time may request, and shall indemnify and
shall cause the issuer of the Securities Collateral to indemnify the Collateral Agent and all
others participating in the distribution of such Securities Collateral against all claims, losses,
damages and liabilities caused by any untrue statement (or alleged untrue statement) of a material
fact contained therein (or in any related registration statement, notification or the like) or by
any omission (or alleged omission) to state therein (or in any related registration statement,
notification or the like) a material fact required to be stated therein or necessary to make the
statements therein not misleading.

          (d) If the Collateral Agent determines to exercise its right to sell any or all of the
Securities Collateral or Investment Property, upon written request, the applicable Pledgor shall
from time to time furnish to the Collateral Agent all such information as the Collateral Agent may
request in order to determine the number of securities included in the Securities Collateral or
Investment Property which may be sold by the Collateral Agent as exempt transactions under the
Securities Act and the rules of the Securities and Exchange Commission thereunder, as the same are
from time to time in effect.

          (e) Each Pledgor further agrees that a breach of any of the covenants contained in this
Section 9.4 will cause irreparable injury to the Collateral Agent and the other Secured
Parties, that the Collateral Agent and the other Secured Parties have no adequate remedy at
law in respect of such breach and, as a consequence, that each and every covenant contained in
this Section 9.4 shall be specifically enforceable against such Pledgor, and such Pledgor
hereby waives and agrees not to assert any defenses against an action for specific performance of
such covenants except for a defense that no Event of Default has occurred and is continuing.

 

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          SECTION 9.5. No Waiver; Cumulative Remedies.

          (a) No failure on the part of the Collateral Agent to exercise, no course of dealing with
respect to, and no delay on the part of the Collateral Agent in exercising, any right, power or
remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any
such right, power, privilege or remedy hereunder preclude any other or further exercise thereof or
the exercise of any other right, power, privilege or remedy; nor shall the Collateral Agent be
required to look first to, enforce or exhaust any other security, collateral or guaranties. All
rights and remedies herein provided are cumulative and are not exclusive of any rights or remedies
provided by law or otherwise available.

          (b) In the event that the Collateral Agent shall have instituted any proceeding to enforce any
right, power, privilege or remedy under this Agreement or any other Security Document by
foreclosure, sale, entry or otherwise, and such proceeding shall have been discontinued or
abandoned for any reason or shall have been determined adversely to the Collateral Agent, then and
in every such case, the Pledgors, the Collateral Agent and each other Secured Party shall be
restored to their respective former positions and rights hereunder with respect to the Pledged
Collateral, and all rights, remedies, privileges and powers of the Collateral Agent and the other
Secured Parties shall continue as if no such proceeding had been instituted.

          SECTION 9.6. Certain Additional Actions Regarding Intellectual Property. If any Event
of Default shall have occurred and be continuing, upon the written demand of the Collateral Agent,
each Pledgor shall promptly execute and deliver to the Collateral Agent an assignment or
assignments of the registered Patents, Trademarks and/or Copyrights and Goodwill and such other
documents as are necessary or appropriate to carry out the intent and purposes hereof.

          SECTION 9.7. Certain Regulatory Requirements

          (a) Notwithstanding any other provision of this Agreement, any foreclosure on, sale, transfer
or other disposition of, or the exercise of any rights to vote or consent with respect to any of
the Collateral as provided herein or any other action taken by the Collateral Agent or any other
Secured Party hereunder shall be in compliance with the Communications Laws and the NOAA Rules and
to the extent required thereby, subject to the prior approval of the FCC and NOAA.

          (b) It is the intention of the parties hereto that the Liens in favor of the Collateral Agent
on the Collateral shall in all relevant aspects be subject to and governed by said statutes, rules
and regulations and that nothing in this Agreement shall be construed to diminish the control
exercised by the Pledgor except in accordance with the provisions of such statutory requirements,
rules and regulations. Each Pledgor agrees that upon the request from time to time by the
Collateral Agent it will actively pursue obtaining any governmental, regulatory or third party
consents, approvals or authorizations referred to in this Article IX, including, upon any request
of the Collateral Agent following an Event of Default, the preparation, signing and filing with (or
causing to be prepared, signed and filed with) the FCC or NOAA of any application or

 

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application for consent to the assignment of the FCC Licenses or the NOAA Licenses or transfer of control
required to be signed by the Borrower or any of its Subsidiaries necessary or appropriate under the
Communications Laws or the NOAA Rules for approval of any sale or transfer of any of the Pledged
Collateral or the assets of the Borrower or any of its Subsidiaries or any transfer of control in
respect of any FCC License or any NOAA License.

          SECTION 9.8. Control by Majority. The Holders of a majority in aggregate principal
amount of the Notes outstanding (and upon and at all times following the payment in full of the
Notes and the satisfaction of all Obligations under the Indenture, the remaining Secured Parties
holding a majority of the principal amount of all outstanding Secured Obligations) may direct the
time, method and place of conducting any proceeding for any remedy available to the Collateral
Agent under this Agreement. However, the Collateral Agent may refuse to follow any direction that
conflicts with law or this Agreement or the Indenture or that the Collateral Agent determines is
unduly prejudicial to the rights of any other Holder (or upon and at all times following the
payment in full of the Notes and the satisfaction of all Obligations under the Indenture, any other
holder of the remaining Secured Obligations) that would involve the Collateral Agent in personal
liability; provided, however, that the Collateral Agent may take any other action
deemed proper by the Collateral Agent that is not inconsistent with such direction. Prior to
taking any action under this Agreement, the Collateral 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.

ARTICLE X

APPLICATION OF PROCEEDS

          SECTION 10.1. Application of Proceeds. The proceeds received by the Collateral Agent
in respect of any sale of, collection from or other realization upon all or any part of the Pledged
Collateral pursuant to the exercise by the Collateral Agent of its remedies shall be applied,
together with any other sums then held by the Collateral Agent pursuant to this Agreement, by the
Collateral Agent as follows:

     (i) First, to the payment of all reasonable costs and expenses, fees,
commissions and taxes of such sale, collection or other realization including compensation
to the Collateral Agent and the Trustee and its agents and counsel, and all expenses,
liabilities and advances made or incurred by the Collateral Agent and the Trustee in
connection therewith and all indemnities and other amounts for which each of the Collateral
Agent and the Trustee is entitled pursuant to the provisions of the Indenture or this
Agreement;

     (ii) Second, to the payment of all other reasonable costs and expenses of such
sale, collection or other realization including compensation to the other Secured Parties
and their agents and counsel and all costs, liabilities and advances made or incurred by the
other Secured Parties in connection therewith, in each case equally and ratably in

 

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accordance with the respective amounts thereof due and owing as set forth in one or more
Secured Party Certificates delivered to the Collateral Agent; provided that Secured
Party Certificates shall not be required from any Holder of a Note with respect to
obligations owed to it under the Notes;

     (iii) Third, without duplication of amounts applied pursuant to clauses (i) and
(ii) above, to the payment of all interest and other amounts constituting Secured
Obligations and any fees, premiums and scheduled periodic payments due under any Hedging
Agreement or any Permitted Credit Facilities constituting Secured Obligations and any
interest accrued thereon, in each case equally and ratably in accordance with the respective
amounts thereof then due and owing as set forth in one or more Secured Party Certificates
delivered to the Collateral Agent; provided that Secured Party Certificates shall
not be required from any holder of a Note with respect to obligations owed to it under the
Notes;

     (iv) Fourth, to the payment of the principal amount of the Secured Obligations
and any breakage, termination or other payments under any Hedging Agreement or any Permitted
Credit Facilities constituting Secured Obligations, in each case equally and ratably in
accordance with the respective amounts thereof due and owing as set forth in one or more
Secured Party Certificates delivered to the Collateral Agent; provided that Secured
Party Certificates shall not be required from any Holder of a Note with respect to
obligations owed to it under the Notes; and

     (v) Fifth, the balance, if any, to the person lawfully entitled thereto or as a
court of competent jurisdiction may direct.

          In the event that any such proceeds are insufficient to pay in full the items described in
clauses (i) through (v) of this Section 10.1, the Pledgors shall remain liable, jointly and
severally, for any deficiency.

ARTICLE XI

MISCELLANEOUS

          SECTION 11.1. Concerning Collateral Agent.

          (a) The Collateral Agent has been appointed by the Holders as collateral agent pursuant to the
Indenture and shall be vested with all of the rights, powers, benefits, privileges and protections
of the Trustee set forth in the Indenture, all of which are incorporated herein, mutatis mutandis,
as if a part hereof. Each holder of Secured Obligations by accepting the benefits of this
Agreement hereby appoints The Bank of New York (or any of its successors or assigns hereunder) as
its collateral agent under this Agreement. The actions of the Collateral Agent hereunder are
subject to the provisions of the Indenture. The Collateral Agent shall have the

 

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right hereunder to make demands, to give notices, to exercise or refrain from exercising any rights, and to take or
refrain from taking action (including the release or substitution of the Pledged Collateral), in
accordance with this Agreement and the Indenture. The Collateral Agent may employ agents and
attorneys-in-fact in connection herewith and shall not be liable for the negligence or misconduct
of any such agents or attorneys-in-fact selected by it in good faith. The Collateral Agent may
resign and a successor Collateral Agent may be appointed in the manner provided in the Indenture.
Upon the acceptance of any appointment as the Collateral Agent by a successor Collateral Agent,
that successor Collateral Agent shall thereupon succeed to and become vested with all the rights,
powers, privileges and duties of the retiring Collateral Agent under this Agreement, and the
retiring Collateral Agent shall thereupon be discharged from its duties and obligations under this
Agreement. After any retiring Collateral Agent’s resignation, the provisions hereof shall inure to
its benefit as to any actions taken or omitted to be taken by it under this Agreement while it was
the Collateral Agent.

          (b) The Collateral Agent shall be deemed to have exercised reasonable care in the custody and
preservation of the Pledged Collateral in its possession if such Pledged Collateral is accorded
treatment substantially equivalent to that which the Collateral Agent, in its individual capacity,
accords its own property consisting of similar instruments or interests, it being understood that
neither the Collateral Agent nor any of the Secured Parties shall have responsibility for (i)
ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or
other matters relating to any Securities Collateral, whether or not the Collateral Agent or any
other Secured Party has or is deemed to have knowledge of such matters or (ii) taking any necessary
steps to preserve rights against any person with respect to any Pledged Collateral.

          (c) The Collateral Agent shall be entitled to rely upon any written notice, statement,
certificate, order or other document or any telephone message believed by it to be genuine and
correct and to have been signed, sent or made by the proper person, and, with respect to all matters pertaining to this Agreement and its duties hereunder, upon advice of
counsel selected by it.

          (d) If any item of Pledged Collateral also constitutes collateral granted to the Collateral
Agent under any other deed of trust, mortgage, security agreement, pledge or instrument of any
type, in the event of any conflict between the provisions hereof and the provisions of such other
deed of trust, mortgage, security agreement, pledge or instrument of any type in respect of such
collateral, the Collateral Agent, in its sole discretion, shall select which provision or
provisions shall control.

          (e) The powers conferred on the Collateral Agent hereunder are solely to protect the interests
of the Collateral Agent in the Pledged Collateral and shall not impose any duty upon the Collateral
Agent to exercise any such powers.

          (f) Neither the Collateral Agent nor any of its officers, directors, employees or agents shall
be liable for failure to demand, collect or realize upon any of the Pledged Collateral or for any
delay in doing so or shall be under any obligation to sell or otherwise dispose of

 

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any Pledged Collateral upon the request of any Pledgor or any other person or to take any other action
whatsoever with regard to the Pledged Collateral or any part thereof. The Collateral Agent shall
be accountable only for amounts that it actually receives as a result of the exercise of such
powers, and neither it nor any of its officers, directors, employees or agents shall have any duty
or liability or be responsible to any Pledgor for any act or failure to act hereunder, except for
its own gross negligence or willful misconduct. The Collateral Agent shall have no duty or
liability as to the taking of any necessary steps to preserve or protect the Pledged Collateral or
to preserve rights against prior parties. Nothing contained in this Agreement shall be construed
as requiring or obligating the Collateral Agent, and the Collateral Agent shall not be required or
obligated, to (i) present or file any claim or notice or take any action with respect to any
Pledged Collateral or in connection therewith or (ii) notify any Pledgor of any decline in the
value of any Pledged Collateral. The Collateral Agent shall have no duty as to the collection of
any Pledged Collateral in its possession or control or in the possession or control of any agent or
nominee of the Collateral Agent, or any income thereon or any other rights pertaining thereto.

          (g) Neither the Collateral Agent nor any of its directors, officers, employees or agents shall
be liable for failure to demand, collect or realize upon all or any part of the Pledged Collateral
or for any delay in doing so or shall be under any obligation to sell or otherwise dispose of any
Pledged Collateral upon the request of a Pledgor or otherwise.

          (h) The Collateral Agent shall not be responsible for perfecting or maintaining the perfection
of any security interest granted to it under this Agreement or for filing, refilling, recording,
re-recording or continuing any document, financing statement, notice or instrument in any public
office at any time or times and shall not be responsible for seeing to the provision of insurance
on or the payment of any taxes with respect to any property subject to this Agreement.

          (i) No provision of this Agreement shall be deemed to impose any duty or obligation on the
Collateral Agent to perform any act or acts, receive or obtain any interest in property or exercise any interest in property, or exercise any right, power, duty or obligation
conferred or imposed on it in any jurisdiction in which it shall be illegal, or in which the
Collateral Agent shall be unqualified or incompetent in accordance with applicable law, to perform
any such act or acts, to receive or obtain any such interest in property or to exercise any such
right, power, duty or obligation; and no permissive or discretionary power or authority available
to the Collateral Agent shall be construed to be a duty.

          (j) The Collateral Agent shall have the right hereunder to make demands, to give notices, to
exercise or refrain from exercising any rights, and to make or refrain from taking action
(including without limitation, the release or substitution of Pledged Collateral), in each case in
accordance with this Agreement and the Indenture.

          (k) Upon retiring, the Collateral Agent shall thereupon be discharged from its duties and
obligations under this Agreement. After any retiring Collateral Agent’s resignation, the
provisions of this Agreement shall inure to its benefit as to any actions taken or omitted to be
taken by it under this Agreement while it was the Collateral Agent.

 

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          (l) The Collateral Agent shall not have any liability hereunder except for its own gross
negligence or willful misconduct and under no circumstances shall the Collateral Agent be liable
for any special, punitive, exemplary or consequential damages.

          (m) (i) Each Pledgor jointly and severally agrees to defend, protect, indemnify and hold the
Collateral Agent and its officers, employees, shareholders, directors, successors, assigns, agents,
legal advisors, and financial advisors (each individually, an “Indemnitee” and
collectively, the “Indemnitees”) harmless from and against any and all damages, losses,
liabilities, obligations, penalties, fees, costs and expenses (including, without limitation,
reasonable legal fees, costs and expenses of counsel) to the extent that they arise out of or
otherwise result from this Agreement (including, without limitation, enforcement of this
Agreement); provided, however, that the Pledgors shall not have any obligation
under this Section 11.1(m) to any Indemnitee to the extent caused by such Person’s gross
negligence or willful misconduct.

          (ii) Each Pledgor jointly and severally agrees to pay to the Collateral Agent upon demand the
amount of any and all costs and expenses, including the reasonable fees, costs, expenses and
disbursements of counsel for the Collateral Agent and of any experts and agents, which the
Collateral Agent may incur in connection with (A) the preparation, negotiation, execution,
delivery, recordation, administration, amendment, waiver or other modification or termination of
this Agreement, (B) the custody, preservation, use or operation of, or the sale of, collection
from, or other realization upon, any Pledged Collateral, (C) the exercise or enforcement of any of
the rights of the Collateral Agent hereunder, or (D) the failure by any Pledgor to perform or
observe any of the provisions hereof.

          (iii) Without limited the application of Section 11.1(m)(i) or (ii) hereof,
each Pledgor agrees to pay, or reimburse the Collateral Agent for, any and all third party fees,
costs and expenses of whatever kind or nature incurred in connection with the creation,
preservation or protection of the Collateral Agent’s security interest in the Pledge Collateral,
including, without limitation, all fees and taxes in connection with the recording or filing of instruments and
documents in public offices, payment or discharge or any taxes or Lien upon or in respect of the
Pledged Collateral, premiums for insurance with respect to the Pledged Collateral and all other
fees, costs and expenses in connection with protecting, maintaining or preserving the Pledged
Collateral and the Collateral Agent’s interest therein, whether through judicial proceedings or
otherwise, or in defending or prosecuting any actions, suits or proceedings arising out of or
relating to the Pledged Collateral.

          (iv) If and to the extent that the obligations of a Pledgor under this Section
11.1(m) are unenforceable for any reason, such Pledgor hereby agrees to make the maximum
contribution to the payment and satisfaction of such obligations that is permissible under
applicable law.

          (n) The permissive right of the Collateral Agent to take or refrain from taking any actions in
this Agreement shall not be construed as a duty.

 

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          SECTION 11.2. Collateral Agent May Perform; Collateral Agent Appointed
Attorney-in-Fact. If any Pledgor shall fail to perform any covenants contained in this
Agreement (including such Pledgor’s covenants to (i) pay the premiums in respect of all required
insurance policies hereunder, (ii) pay and discharge any taxes, assessments and special
assessments, levies, fees and governmental charges imposed upon or assessed against, and
landlords’, carriers’, mechanics’, workmen’s, repairmen’s, laborers’, materialmen’s, suppliers’ and
warehousemen’s Liens and other claims arising by operation of law against, all or any portion of
the Pledged Collateral, (iii) make repairs, (iv) discharge Liens or (v) pay or perform any
obligations of such Pledgor under any Pledged Collateral) or if any representation or warranty on
the part of any Pledgor contained herein shall be breached, the Collateral Agent may (but shall not
be obligated to) do the same or cause it to be done or remedy any such breach, and may expend funds
for such purpose; provided, however, that the Collateral Agent shall in no event be
bound to inquire into the validity of any tax, Lien, imposition or other obligation which such
Pledgor fails to pay or perform as and when required hereby and which such Pledgor does not contest
in accordance with the provisions of the Indenture. Any and all amounts so expended by the
Collateral Agent shall be paid by the Pledgors in accordance with the provisions of Section
7.07 of the Indenture. Neither the provisions of this Section 11.2 nor any action
taken by the Collateral Agent pursuant to the provisions of this Section 11.2 shall prevent
any such failure to observe any covenant contained in this Agreement nor any breach of
representation or warranty from constituting an Event of Default. Each Pledgor hereby appoints the
Collateral Agent its attorney-in-fact, with full power and authority in the place and stead of such
Pledgor and in the name of such Pledgor, or otherwise, from time to time in the Collateral Agent’s
discretion to take any action and to execute any instrument consistent with the terms of the
Indenture, the Notes, this Agreement and the other Security Documents which the Collateral Agent
may deem necessary or advisable to accomplish the purposes hereof, except for applications or other
filings with the Federal Communications Commission or such other instruments which may not be
lawfully executed by attorneys-in-fact (but the Collateral Agent shall not be obligated to and
shall have no liability to such Pledgor or any third party for failure to so do or take action). The foregoing grant of
authority is a power of attorney coupled with an interest and such appointment shall be irrevocable
for the term hereof. Each Pledgor hereby ratifies all that such attorney shall lawfully do or
cause to be done by virtue hereof.

          SECTION 11.3. Continuing Security Interest; Assignment. This Agreement shall create a
continuing security interest in the Pledged Collateral and shall (i) be binding upon the Pledgors,
their respective successors and assigns and (ii) inure, together with the rights and remedies of
the Collateral Agent hereunder, to the benefit of the Collateral Agent and the other Secured
Parties and each of their respective successors, transferees and assigns. No other persons
(including any other creditor of any Pledgor) shall have any interest herein or any right or
benefit with respect hereto. Without limiting the generality of the foregoing clause (ii), any
Secured Party may assign or otherwise transfer any indebtedness held by it secured by this
Agreement to any other person, and such other person shall thereupon become vested with all the
benefits in respect thereof granted to such Secured Party, herein or otherwise, subject however, to
the provisions of the Indenture.

 

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          SECTION 11.4. Termination; Release. When all the Secured Obligations have been paid
in full this Agreement shall terminate. Upon termination of this Agreement the Pledged Collateral
shall be released from the Lien of this Agreement. Upon such release or any release of Pledged
Collateral or any part thereof in accordance with the provisions of the Indenture, the Collateral
Agent shall, upon the request and at the sole cost and expense of the Pledgors, assign, transfer
and deliver to Pledgor, against receipt and without recourse to or warranty by the Collateral Agent
except as to the fact that the Collateral Agent has not encumbered the released assets, such of the
Pledged Collateral or any part thereof to be released (in the case of a release) as may be in
possession of the Collateral Agent and as shall not have been sold or otherwise applied pursuant to
the terms hereof, and, with respect to any other Pledged Collateral, proper documents and
instruments (including UCC-3 termination financing statements or releases) acknowledging the
termination hereof or the release of such Pledged Collateral, as the case may be.

          SECTION 11.5. Additional Secured Obligations.

          (a) Pledgor may from time to time designate indebtedness permitted under clause 4.03(c)(i) of
the Indenture (“Permitted Credit Facilities Indebtedness”) or indebtedness under a Hedging
Agreement as an additional Secured Obligation for the purposes hereof by delivering to the
Collateral Agent (A) a certificate signed by an Officer that (i) identifies such indebtedness and
the material terms thereof and (ii) states that the obligations thereunder are designated as
Secured Obligations for the purposes hereof and (B) an acknowledgment from the holders of such
Permitted Credit Facilities Indebtedness (or an agent acting on their behalf) or from the
applicable Hedging Counterparty in the form of Exhibit 10 hereto; provided that the
amount of Permitted Credit Facilities Indebtedness designated under this Agreement and any
other Security Document shall at no time exceed an aggregate principal amount of $25,000,000
outstanding at any one time.

          (b) The holders of any Permitted Credit Facilities Indebtedness or any Hedging Counterparty
under any Hedging Agreement shall not have any right whatsoever to do any of the following: (i)
exercise any rights or remedies with respect to the Pledged Collateral, including, without
limitation, the right to (A) enforce any Liens or sell or otherwise foreclose on any portion of the
Pledged Collateral, (B) request any action, institute any proceedings, exercise any voting rights,
give any instructions, make any election, notice to account debtors or make collections with
respect to all or any portion of the Pledged Collateral or (C) object to a release of any Guarantor
under the Indenture or release of any Pledged Collateral from the Liens of any Security Document or
consent to or otherwise approve any such release; (ii) demand, accept or obtain any Lien on any
Collateral (except for Liens arising under, and subject to the terms of, this Agreement); (iii)
vote in any Bankruptcy Case or similar proceeding in respect of the Pledgor or any of its
Subsidiaries (any such proceeding, for purposes of this clause (a), a “Bankruptcy”) with
respect to, or take any other actions concerning the Pledged Collateral; (iv) receive any proceeds
from any sale, transfer or other disposition of any of the Pledged Collateral (except in accordance
with this Agreement); (v) oppose any sale, transfer or other disposition of the Pledged Collateral;
or (vi) seek, or object to the holders of the Notes seeking, on an equal and ratable basis, any
adequate protection or relief from the automatic stay with respect to the Pledged Collateral in any
Bankruptcy; provided, however, that at such time as the Notes have been paid in
full

 

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and all Obligations under the Indenture have been satisfied the Collateral Agent shall act at
the direction of the remaining Secured Parties holding a majority of the principal amount of all
outstanding Secured Obligations. Notwithstanding anything to the contrary contained herein, upon
or at any time following the payment in full of the Notes and the satisfaction of all Obligations
under the Indenture, the Collateral Agent may resign by giving 10 days’ notice to the remaining
Secured Parties.

          SECTION 11.6. Modification in Writing. No amendment, modification, supplement,
termination or waiver of or to any provision hereof, nor consent to any departure by any Pledgor
therefrom, shall be effective unless the same shall be made in accordance with the terms of the
Indenture and unless in writing and signed by the Collateral Agent. Any amendment, modification or
supplement of or to any provision hereof, any waiver of any provision hereof and any consent to any
departure by any Pledgor from the terms of any provision hereof in each case shall be effective
only in the specific instance and for the specific purpose for which made or given. Except where
notice is specifically required by this Agreement or any other document evidencing the Secured
Obligations, no notice to or demand on any Pledgor in any case shall entitle any Pledgor to any
other or further notice or demand in similar or other circumstances.

          SECTION 11.7. Notices. Unless otherwise provided herein or in the Indenture, any notice or other communication
herein required or permitted to be given shall be given in the manner and become effective as set
forth in the Indenture, as to any Pledgor, addressed to it at the address of the Issuer set forth
in the Indenture, as to the Collateral Agent, addressed to it at the address set forth in the
Indenture, and as to any Hedging Counterparty or any holder of Permitted Credit Facilities
Indebtedness, addressed to it in its acknowledgement delivered to the Collateral Agent pursuant to
Section 11.5(a), or in each case at such other address as shall be designated by such party in a
written notice to the other party complying as to delivery with the terms of this Section
11.7.

          SECTION 11.8. Governing Law; Consent to Jurisdiction and Service of Process.
Sections 12.09 and 12.10 of the Indenture are incorporated herein, mutatis
mutandis, as if a part hereof.

          SECTION 11.9. Severability of Provisions. Any provision hereof which is invalid,
illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the
extent of such invalidity, illegality or unenforceability without invalidating the remaining
provisions hereof or affecting the validity, legality or enforceability of such provision in any
other jurisdiction.

          SECTION 11.10. Execution in Counterparts. This Agreement and any amendments, waivers,
consents or supplements hereto may be executed in any number of counterparts and by different
parties hereto in separate counterparts, each of which when so executed and delivered shall be
deemed to be an original, but all such counterparts together shall constitute one and the same
agreement.

 

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          SECTION 11.11. Business Days. In the event any time period or any date provided in
this Agreement ends or falls on a day other than a Business Day, then such time period shall be
deemed to end and such date shall be deemed to fall on the next succeeding Business Day, and
performance herein may be made on such Business Day, with the same force and effect as if made on
such other day.

          SECTION 11.12. No Credit for Payment of Taxes or Imposition. Such Pledgor shall not
be entitled to any credit against the principal, premium, if any, or interest payable under the
Indenture, and such Pledgor shall not be entitled to any credit against any other sums which may
become payable under the terms thereof or hereof, by reason of the payment of any Tax on the
Pledged Collateral or any part thereof.

          SECTION 11.13. No Claims Against Collateral Agent. Nothing contained in this Agreement shall constitute any consent or request by the
Collateral Agent, express or implied, for the performance of any labor or services or the
furnishing of any materials or other property in respect of the Pledged Collateral or any part
thereof, nor as giving any Pledgor any right, power or authority to contract for or permit the
performance of any labor or services or the furnishing of any materials or other property in such
fashion as would permit the making of any claim against the Collateral Agent in respect thereof or
any claim that any Lien based on the performance of such labor or services or the furnishing of any
such materials or other property is prior to the Lien hereof.

          SECTION 11.14. No Release. Nothing set forth in this Agreement or any other Security
Document, nor the exercise by the Collateral Agent of any of the rights or remedies hereunder,
shall relieve any Pledgor from the performance of any term, covenant, condition or agreement on
such Pledgor’s part to be performed or observed under or in respect of any of the Pledged
Collateral or from any liability to any person under or in respect of any of the Pledged Collateral
or shall impose any obligation on the Collateral Agent or any other Secured Party to perform or
observe any such term, covenant, condition or agreement on such Pledgor’s part to be so performed
or observed or shall impose any liability on the Collateral Agent or any other Secured Party for
any act or omission on the part of such Pledgor relating thereto or for any breach of any
representation or warranty on the part of such Pledgor contained in this Agreement, the Indenture
or the other Security Documents, or under or in respect of the Pledged Collateral or made in
connection herewith or therewith. Anything herein to the contrary notwithstanding, neither the
Collateral Agent nor any other Secured Party shall have any obligation or liability under any
contracts, agreements and other documents included in the Pledged Collateral by reason of this
Agreement, nor shall the Collateral Agent or any other Secured Party be obligated to perform any of
the obligations or duties of any Pledgor thereunder or to take any action to collect or enforce any
such contract, agreement or other document included in the Pledged Collateral hereunder. The
obligations of each Pledgor contained in this Section 11.14 shall survive the termination
hereof and the discharge of such Pledgor’s other obligations under this Agreement, the Indenture
and the other Security Documents.

          SECTION 11.15. Control. Notwithstanding anything herein to the contrary, prior to the
occurrence of an Event of Default, this Agreement and the transactions contemplated

 

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hereby do not and will not constitute, create, or have the effect of constituting or creating, directly or
indirectly, actual or practical ownership of any Pledgor by the Collateral Agent or any Secured
Party, or affirmative or negative, direct or indirect control by the Collateral Agent or any
Secured Party over the management or any other aspect of the operation of the Pledgors, which
ownership and control remains exclusively and at all times in those Pledgors.

          SECTION 11.16. Obligations Absolute . All obligations of each Pledgor hereunder shall be absolute and unconditional irrespective
of:

          (i) any bankruptcy, insolvency, reorganization, arrangement, readjustment, composition,
liquidation or the like of any other Pledgor;

          (ii) any lack of validity or enforceability of the Indenture, the Notes or any Security
Document, or any other agreement or instrument relating thereto;

          (iii) any change in the time, manner or place of payment of, or in any other term of, all or
any of the Secured Obligations, or any other amendment or waiver of or any consent to any departure
from the Indenture or any Security Document or any other agreement or instrument relating thereto;

          (iv) any pledge, exchange, release or non-perfection of any other collateral, or any release
or amendment or waiver of or consent to any departure from any guarantee, for all or any of the
Secured Obligations;

          (v) any exercise, non-exercise or waiver of any right, remedy, power or privilege under or in
respect hereof, the Indenture or any Security Document except as specifically set forth in a waiver
granted pursuant to the provisions of Section 11.5 hereof; or

          (vi) any other circumstances which might otherwise constitute a defense available to, or a
discharge of, any Pledgor.

          SECTION 11.17. Jury Trial Waiver. Each of the Pledgors and the Secured Parties hereby
irrevocably and unconditionally waives any right it may have to a trial by jury in respect of any
litigation based on, arising out of, under or in connection with this Agreement.

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

 

S-1

          IN WITNESS WHEREOF, each Pledgor and the Collateral Agent have caused this Agreement to be
duly executed and delivered by their duly authorized officers as of the date first above written.

	 	 	 	 	 
	 	ORBIMAGE HOLDINGS, INC.,

as Pledgor

 	 
	 	By:  	 	 
	 	 	 	 
	 	 	Title:  	 	  
	 	 	Name:  	 	  

 

S-2

	 	 	 	 	 

	 	 	 	 	 
	 	THE BANK OF NEW YORK,

as Collateral Agent

 	 
	 	By:  	 	 
	 	 	 	 
	 	 	Title:  	 	  
	 	 	Name:  	 	  
	 

 

 

EXHIBIT 1

[Form of]

ISSUER’S ACKNOWLEDGMENT

          The undersigned hereby (i) acknowledges receipt of the Security Agreement (as amended, amended
and restated, supplemented or otherwise modified from time to time the “Security
Agreement”; capitalized terms used but not otherwise defined herein shall have the meanings
assigned to such terms in the Security Agreement), dated as of June [ ], 2005 made by ORBIMAGE
Holdings, Inc., a Delaware corporation (the “Issuer”), the Guarantors from time to time
party thereto and The Bank of New York, as collateral agent (in such capacity and together with any
successors in such capacity, the “Collateral Agent”), (ii) agrees promptly to note on its
books the security interests granted to the Collateral Agent and confirmed under the Security
Agreement, (iii) agrees that it will comply with instructions of the Collateral Agent with respect
to the applicable Securities Collateral without further consent by the applicable Pledgor, (iv)
agrees to notify the Collateral Agent upon obtaining knowledge of any interest in favor of any
person in the applicable Securities Collateral that is materially adverse to the interest of the
Collateral Agent therein and (v) waives any right or requirement at any time hereafter to receive a
copy of the Security Agreement in connection with the registration of any Securities Collateral
thereunder in the name of the Collateral Agent or its nominee or the exercise of voting rights by
the Collateral Agent or its nominee.

	 	 	 	 	 
	 	 	ORBIMAGE HOLDINGS, INC.
	 
	 	 	 	 
	 

	 	By:
	 	                                                            
	 

	 	 	 	Name:
	 

	 	 	 	Title:

 

 

EXHIBIT 2

[Form of]

SECURITIES PLEDGE AMENDMENT

          This Securities Pledge Amendment, dated as of June [ ], 2005, is delivered pursuant to
Section 5.1 of the Security Agreement (as amended, amended and restated, supplemented or
otherwise modified from time to time, the “Security Agreement”; capitalized terms used but
not otherwise defined herein shall have the meanings assigned to such terms in the Security
Agreement), dated as of June 29, 2005 made by ORBIMAGE Holdings, Inc., a Delaware corporation (the
“Issuer”), the Guarantors from time to time party thereto and The Bank of New York, as
collateral agent (in such capacity and together with any successors in such capacity, the
“Collateral Agent”). The undersigned hereby agrees that this Securities Pledge Amendment
may be attached to the Security Agreement and that the Pledged Securities and/or Intercompany Notes
listed on this Securities Pledge Amendment shall be deemed to be and shall become part of the
Pledged Collateral and shall secure all Secured Obligations.

PLEDGED SECURITIES

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	NUMBER OF	 	PERCENTAGE OF
	 	 	CLASS	 	 	 	 	 	SHARES	 	ALL ISSUED CAPITAL
	 	 	OF STOCK	 	PAR	 	CERTIFICATE	 	OR	 	OR OTHER EQUITY
	ISSUER	 	OR INTERESTS	 	VALUE	 	NO(S).	 	INTERESTS	 	INTERESTS OF ISSUER
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 

 

 

-2-

INTERCOMPANY NOTES

	 	 	 	 	 	 	 	 	 
	 	 	PRINCIPAL	 	DATE OF	 	INTEREST	 	MATURITY
	ISSUER	 	AMOUNT	 	ISSUANCE	 	RATE	 	DATE
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 
	 	 	 	 	ORBIMAGE HOLDINGS INC.,

as Pledgor
	 
	 	 	 	 	 	 
	 

	 	 	 	By:
	 	                                                            
	 

	 	 	 	 	 	Name:
	 

	 	 	 	 	 	Title:
	 
	 	 	 	 	 	 
	AGREED TO AND ACCEPTED:	 	 	 	 
	 
	 	 	 	 	 	 
	THE BANK OF NEW YORK,

as Collateral Agent	 	 	 	 
	 
	 	 	 	 	 	 
	By:

	 	                                                            	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:	 	 	 	 

 

 

EXHIBIT 3

[Form of]

JOINDER AGREEMENT

[                     ]

	 	 	 
	[Date]
	 	 
	 
	 	 
	 

	 	 
	 
	 	 
	 

	 	 
	 
	 	 
	 

	 	 
	 
	 	 
	 

	 	 

Ladies and Gentlemen:

          Reference is made to the Security Agreement (as amended, amended and restated, supplemented or
otherwise modified from time to time, the “Security Agreement”; capitalized terms used but
not otherwise defined herein shall have the meanings assigned to such terms in the Security
Agreement), dated as of June 29, 2005, made by ORBIMAGE Holdings Inc., a Delaware corporation (the
“Issuer”), the Guarantors from time to time party thereto and The Bank of New York, as
collateral agent (in such capacity and together with any successors in such capacity, the
“Collateral Agent”).

          This Joinder Agreement supplements the Security Agreement and is delivered by the undersigned,
[     ] (the “New Pledgor”), pursuant to Section 3.5 of the Security
Agreement. The New Pledgor hereby agrees to be bound as a Guarantor and as a Pledgor party to the
Security Agreement by all of the terms, covenants and conditions set forth in the Security
Agreement to the same extent that it would have been bound if it had been a signatory to the
Security Agreement on the date of the Security Agreement. Without limiting the generality of the
foregoing, the New Pledgor hereby grants and pledges to the Collateral Agent, as collateral
security for the full, prompt and complete payment and performance when due (whether at stated
maturity, by acceleration or otherwise) of the Secured Obligations, a Lien on and security interest
in, all of its right, title and interest in, to and under the Pledged Collateral and expressly
assumes all obligations and liabilities of a Guarantor and Pledgor thereunder. The New Pledgor
hereby makes each of the representations and warranties and agrees to each of the covenants
applicable to the Pledgors contained in the Security Agreement.

 

 

-2-

          Annexed hereto are supplements to each of the schedules to the Security Agreement with respect
to the New Pledgor. Such supplements shall be deemed to be part of the Security Agreement.

          This Joinder Agreement and any amendments, waivers, consents or supplements hereto may be
executed in any number of counterparts and by different parties hereto in separate counterparts,
each of which when so executed and delivered shall be deemed to be an original, but all such
counterparts together shall constitute one and the same agreement.

          THIS JOINDER AGREEMENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE
WITH, THE LAW OF THE STATE OF NEW YORK.

 

 

-3-

          IN WITNESS WHEREOF, the New Pledgor has caused this Joinder Agreement to be executed and
delivered by its duly authorized officer as of the date first above written.

	 	 	 	 	 	 	 
	 	 	 	 	[                     ]
	 
	 	 	 	 	 	 
	 

	 	 	 	By:
	 	                                                            
	 

	 	 	 	 	 	Name:
	 

	 	 	 	 	 	Title:
	 
	 	 	 	 	 	 
	AGREED TO AND ACCEPTED:	 	 	 	 
	 
	 	 	 	 	 	 
	THE BANK OF NEW YORK,

as Collateral Agent	 	 	 	 
	 
	 	 	 	 	 	 
	By:

	 	                                                            	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:	 	 	 	 

[Schedules to be attached]

 

 

EXHIBIT 4

[Form of]

CONTROL AGREEMENT CONCERNING SECURITIES ACCOUNTS

          This Control Agreement Concerning Securities Accounts (this “Control Agreement”),
dated as of June [ ], 2005, by and among ORBIMAGE Holdings, Inc. (the “Pledgor”), The Bank
of New York, as Collateral Agent (the “Collateral
Agent”), and [    ] (the
“Securities Intermediary”), is delivered pursuant to Section 3.4(c) of that certain
security agreement (as amended, amended and restated, supplemented or otherwise modified from time
to time, the “Security Agreement”), dated as of June 29, 2005, made by the Pledgor and each
of the Guarantors from time to time party thereto in favor of The Bank of New York, as collateral
agent, as pledgee, assignee and secured party (the “Collateral Agent”). This Control
Agreement is for the purpose of perfecting the security interests of the Secured Parties granted by
the Pledgor in the Designated Accounts described below. All references herein to the “UCC” shall
mean the Uniform Commercial Code as in effect from time to time in the State of New York.
Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the
Security Agreement.

          Section 1. Confirmation of Establishment and Maintenance of Designated
Accounts. The Securities Intermediary hereby confirms and agrees that (i) the Securities
Intermediary has established for the Pledgor and maintains the account(s) listed in [Schedule
I] annexed hereto (such account(s), together with each such other securities account maintained
by the Pledgor with the Securities Intermediary collectively, the “Designated Accounts” and
each a “Designated Account”), (ii) each Designated Account will be maintained in the manner
set forth herein until termination of this Control Agreement, (iii) this Control Agreement is the
valid and legally binding obligation of the Securities Intermediary, (iv) the Securities
Intermediary is a “securities intermediary” as defined in Article 8-102(a)(14) of the UCC, (v) each
of the Designated Accounts is a “securities account” as such term is defined in Section 8-501(a) of
the UCC and (vi) all securities or other property underlying any financial assets which are
credited to any Designated Account shall be registered in the name of the Securities Intermediary,
endorsed to the Securities Intermediary or in blank or credited to another securities account
maintained in the name of the Securities Intermediary and in no case will any financial asset
credited to any Designated Account be registered in the name of the Pledgor, payable to the order
of the Pledgor or specially endorsed to the Pledgor, except to the extent the foregoing have been
specially endorsed to the Securities Intermediary or in blank.

          Section 2. “Financial Assets” Election. All parties hereto agree that each item of
Investment Property and all other property held in or credited to any Designated Account (the
“Account Property”) shall be treated as a “financial asset” within the meaning of
Section 8-102(a)(9) of the UCC.

 

 

-2-

          Section 3. Entitlement Order. If at any time the Securities Intermediary shall
receive an “entitlement order” (within the meaning of Section 8-102(a)(8) of the UCC) issued by the
Collateral Agent and relating to any financial asset maintained in one or more of the Designated
Accounts, the Securities Intermediary shall comply with such entitlement order without further
consent by the Pledgor or any other person. The Securities Intermediary shall also comply with
instructions directing the Securities Intermediary with respect to the sale, exchange or transfer
of any Account Property held in each Designated Account originated by a Pledgor, or any
representative of, or investment manager appointed by, a Pledgor until such time as the Collateral
Agent delivers a Notice of Sole Control pursuant to Section 9(i) to the Securities
Intermediary. The Securities Intermediary shall comply with, and is fully entitled to rely upon,
any entitlement order from the Collateral Agent, even if such entitlement order is contrary to any
entitlement order that the Pledgor may give or may have given to the Securities Intermediary.

          Section 4. Subordination of Lien; Waiver of Set-Off. The Securities Intermediary
hereby agrees that any security interest in, lien on, encumbrance, claim or (except as provided in
the next sentence) right of setoff against, any Designated Account or any Account Property it now
has or subsequently obtains shall be subordinate to the security interest of the Collateral Agent
in the Designated Accounts and the Account Property therein or credited thereto. The Securities
Intermediary agrees not to exercise any present or future right of recoupment or set-off against
any of the Designated Accounts or to assert against any of the Designated Accounts any present or
future security interest, banker’s lien or any other lien or claim (including claim for penalties)
that the Securities Intermediary may at any time have against or in any of the Designated Accounts
or any Account Property therein or credited thereto; provided, however, that the
Securities Intermediary may set off all amounts due to the Securities Intermediary in respect of
its customary fees and expenses for the routine maintenance and operation of the Designated
Accounts, including overdraft fees and amounts advanced to settle authorized transactions.

          Section 5. Choice of Law. Both this Control Agreement and the Designated Accounts
shall be governed by the laws of the State of New York. Regardless of any provision in any other
agreement, for purposes of the UCC, New York shall be deemed to be the Securities Intermediary’s
jurisdiction and the Designated Accounts (as well as the security entitlements related thereto)
shall be governed by the laws of the State of New York.

          Section 6. Conflict with Other Agreements; Amendments. As of the date hereof, there
are no other agreements entered into between the Securities Intermediary and the Pledgor with
respect to any Designated Account or any security entitlements or other financial assets credited
thereto (other than standard and customary documentation with respect to the establishment and
maintenance of such Designated Accounts). The Securities Intermediary and the Pledgor will not
enter into any other agreement with respect to any Designated Account unless the Collateral Agent
shall have received prior written notice thereof. The Securities Intermediary and the Pledgor have
not and will not enter into any other agreement with respect to (i) creation or perfection of any
security interest in or (ii) control of security entitlements
maintained

 

 

-3-

 in any of the Designated Accounts or purporting to limit or condition the obligation of
the Securities Intermediary to comply with entitlement orders with respect to any Account Property
held in or credited to any Designated Account as set forth in Section 3 hereof without the
prior written consent of the Collateral Agent acting in its sole discretion. In the event of any
conflict with respect to control over any Designated Account between this Control Agreement (or any
portion hereof) and any other agreement now existing or hereafter entered into, the terms of this
Control Agreement shall prevail. No amendment or modification of this Control Agreement or waiver
of any rights hereunder shall be binding on any party hereto unless it is in writing and is signed
by all the parties hereto.

          Section 7. Certain Agreements.

          (i) As of the date hereof, the Securities Intermediary has furnished to the Collateral Agent
the most recent account statement issued by the Securities Intermediary with respect to each of the
Designated Accounts and the financial assets and cash balances held therein, identifying the
financial assets held therein in a manner acceptable to the Collateral Agent. Each such statement
accurately reflects the assets held in such Designated Account as of the date thereof.

          (ii) The Securities Intermediary will, upon its receipt of each supplement to the Security
Agreement signed by the Pledgor and identifying one or more financial assets as “Pledged
Collateral,” enter into its records, including computer records, with respect to each Designated
Account a notation with respect to any such financial asset so that such records and reports
generated with respect thereto identify such financial asset as “Pledged.”

          Section 8. Notice of Adverse Claims. Except for the claims and interest of the
Collateral Agent and of the Pledgor in the Account Property held in or credited to the Designated
Accounts, the Securities Intermediary on the date hereof does not know of any claim to, security
interest in, lien on, or encumbrance against, any Designated Account or Account Property held in or
credited thereto and does not know of any claim that any person or entity other than the Collateral
Agent has been given “control” (within the meaning of Section 8-106 of the UCC) of any Designated
Account or any such Account Property. If the Securities Intermediary becomes aware that any person
or entity is asserting any lien, encumbrance, security interest or adverse claim (including any
writ, garnishment, judgment, warrant of attachment, execution or similar process or any claim of
control) against any of the Account Property held in or credited to any Designated Account, the
Securities Intermediary shall promptly notify the Collateral Agent and the Pledgor thereof.

          Section 9. Maintenance of Designated Accounts. In addition to the obligations of the
Securities Intermediary in Section 3 hereof, the Securities Intermediary agrees to maintain
the Designated Accounts as follows:

 

 

-4-

     (i) Notice of Sole Control. If at any time the Collateral Agent delivers to
the Securities Intermediary a notice instructing the Securities Intermediary to terminate
Pledgor’s access to any Designated Account (the “Notice of Sole Control”), the
Securities Intermediary agrees that, after receipt of such notice, it will take all
instructions with respect to such Designated Account solely from the Collateral Agent,
terminate all instructions and orders originated by the Pledgor with respect to the
Designated Accounts or any Account Property therein, and cease taking instructions from
Pledgor, including, without limitation, instructions for investment, distribution or
transfer of any financial asset maintained in any Designated Account. Permitting settlement
of trades pending at the time of receipt of such notice shall not constitute a violation of
the immediately preceding sentence.

     (ii) Voting Rights. Until such time as the Securities Intermediary receives a
Notice of Sole Control, the Pledgor, or an investment manager on behalf of the Pledgor,
shall direct the Securities Intermediary with respect to the voting of any financial assets
credited to any Designated Account.

     (iii) Statements and Confirmations. The Securities Intermediary will provide
to the Collateral Agent, upon the Collateral Agent’s request therefor from time to time, a
statement of the market value of each financial asset maintained in each Designated Account.
The Securities Intermediary shall not change the name or account number of any Designated
Account without the prior written consent of the Collateral Agent.

     (iv) Perfection in Certificated Securities. The Securities Intermediary
acknowledges that, in the event that it should come into possession of any certificate
representing any security or other Account Property held in or credited to any of the
Designated Accounts, the Securities Intermediary shall retain possession of the same on
behalf and for the benefit of the Collateral Agent and such act shall cause the Securities
Intermediary to be deemed holding such certificate for the Collateral Agent, if necessary to
perfect the Collateral Agent’s security interest in such securities or assets. The
Securities Intermediary hereby acknowledges its receipt of a copy of the Security Agreement,
which shall also serve as notice to the Securities Intermediary of a security interest in
collateral held on behalf and for the benefit of the Collateral Agent.

          Section 10. Successors; Assignment. The terms of this Control Agreement shall be
binding upon, and shall inure to the benefit of, the parties hereto and their respective corporate
successors and permitted assignees.

          Section 11. Notices. Any notice, request or other communication required or permitted
to be given under this Control Agreement shall be in writing and deemed to have been properly given
when delivered in person, or when sent by telecopy or other electronic means and electronic
confirmation of error free receipt is received or two (2) days after being sent by certified or
registered United States mail, return receipt requested, postage prepaid, addressed to the

 

 

-5-

party at the address set forth below, provided that notices to the Collateral Agent shall not
be deemed properly given unless actually received by the Collateral Agent at its office set forth
below.

	 	 	 	 	 
	 

	 	Pledgor:
	 	ORBIMAGE Holdings, Inc.
	 

	 	 	 	21700 Atlantic Boulevard
	 

	 	 	 	Dulles, Virginia 20166
	 

	 	 	 	Attention:
	 

	 	 	 	Telecopy:
	 

	 	 	 	Telephone:
	 
	 	 	 	 
	 

	 	 	 	with copy to:
	 
	 	 	 	 
	 

	 	 	 	[ORBIMAGE Inc.
	 

	 	 	 	21700 Atlantic Boulevard
	 

	 	 	 	Dulles, Virginia 20166]
	 

	 	 	 	Attention:
	 

	 	 	 	Telecopy:
	 

	 	 	 	Telephone:
	 
	 	 	 	 
	 

	 	Securities	 	 
	 

	 	Intermediary:
	 	
[                          ]
	 

	 	 	 	[Address]
	 

	 	 	 	Attention:
	 

	 	 	 	Telecopy:
	 

	 	 	 	Telephone:
	 

	 	Collateral	 	 
	 

	 	Agent:
	 	[                          ]
	 

	 	 	 	[Address]
	 

	 	 	 	Attention:
	 

	 	 	 	Telecopy:
	 

	 	 	 	Telephone:

          Any party may change its address for notices in the manner set forth above.

          Section 12. Termination.

          (i) Except as otherwise provided in this Section 12, the obligations of the Securities
Intermediary hereunder and this Control Agreement shall continue in effect until the security
interests of the Collateral Agent in the Designated Accounts and any and all Account Property held
therein or credited thereto have been terminated pursuant to the
terms of the Security

 

 

-6-

Agreement and the Collateral Agent has notified the Securities Intermediary of such
termination in writing.

          (ii) The Securities Intermediary, acting alone, may terminate this Control Agreement at any
time and for any reason by written notice delivered to the Collateral Agent and the Pledgor not
less than thirty (30) days prior to the effective termination date.

          (iii) Prior to any termination of this Control Agreement pursuant to this Section 12, the
Securities Intermediary hereby agrees that it shall promptly take, at Pledgor’s sole cost and
expense, all reasonable actions necessary to facilitate the transfer of any Account Property in or
credited to the Designated Accounts as follows: (i) in the case of a termination of this Control
Agreement under Section 12(i), to the institution designated in writing by Pledgor; and
(ii) in all other cases, to the institution designated in writing by the Collateral Agent.

          Section 13. Fees and Expenses. The Securities Intermediary agrees to look solely to
the Pledgor for payment of any and all reasonable fees, costs, charges and expenses incurred or
otherwise relating to the Designated Accounts and services provided by the Securities Intermediary
hereunder (collectively, the “Account Expenses”), and the Pledgor agrees to pay such
Account Expenses to the Securities Intermediary within 30 days after receipt of a reasonably
detailed written invoice therefor. The Pledgor acknowledges and agrees that it shall be, and at
all times remains, solely liable to the Securities Intermediary for all Account Expenses.

          Section 14. Severability. If any term or provision set forth in this Control
Agreement shall be invalid or unenforceable, the remainder of this Control Agreement, other than
those provisions held invalid or unenforceable, shall be construed in all respects as if such
invalid or unenforceable term or provision were omitted.

          Section 15. Counterparts. This Control Agreement may be executed in any number of
counterparts, all of which shall constitute one and the same instrument, and any party hereto may
execute this Control Agreement by signing and delivering one or more counterparts.

[signature page follows]

 

 

S-1

	 	 	 	 	 
	 	 	ORBIMAGE HOLDINGS INC.,

as Pledgor
	 
	 	 	 	 
	 

	 	By:
	 	                                                            
	 

	 	 	 	Name:
	 

	 	 	 	Title:
	 
	 	 	 	 
	 	 	THE BANK OF NEW YORK,

as Collateral Agent
	 
	 	 	 	 
	 

	 	By:
	 	                                                            
	 

	 	 	 	Name:
	 

	 	 	 	Title:
	 
	 	 	 	 
	 	 	[                         ],

as Securities Intermediary
	 

	 	By:
	 	                                                            
	 

	 	 	 	Name:
	 

	 	 	 	Title:

 

 

SCHEDULE I

Designated Account(s)

 

 

EXHIBIT 5

[Form of]

CONTROL AGREEMENT CONCERNING DEPOSIT ACCOUNTS

          This CONTROL AGREEMENT CONCERNING DEPOSIT ACCOUNTS (this “Control Agreement”), dated
as of June [ ], 2005, by and among ORBIMAGE Holdings Inc. (the “Pledgor”), The Bank of New
York, as Collateral Agent (the “Collateral Agent”),
and [     ] (the
“Bank”), is delivered pursuant to Section 3.4(b) of that certain security agreement
(as amended, amended and restated, supplemented or otherwise modified from time to time, the
“Security Agreement”), dated as of June 29, 2005, made by the Pledgor and each of the
Guarantors from time to time party thereto in favor of The Bank of New York, as collateral agent,
as pledgee, assignee and secured party (the “Collateral Agent”). This Control Agreement is
for the purpose of perfecting the security interests of the Secured Parties granted by the Pledgor
in the Designated Accounts described below. All references herein to the “UCC” shall mean the
Uniform Commercial Code as in effect from time to time in the State of New York. Capitalized terms
used but not defined herein shall have the meanings assigned to such terms in the Security
Agreement.

          Section 1. Confirmation of Establishment and Maintenance of Designated
Accounts. The Bank hereby confirms and agrees that (i) the Bank has established for the
Pledgor and maintains the deposit account(s) listed in Schedule I annexed hereto (such
account(s), together with each such other deposit account maintained by the Pledgor with the Bank
collectively, the “Designated Accounts” and each, a “Designated Account”), (ii)
each Designated Account will be maintained in the manner set forth herein until termination of this
Control Agreement, (iii) the Bank is a “bank,” as such term is defined in the UCC, (iv) this
Control Agreement is the valid and legally binding obligation of the Bank and (v) each Designated
Account is a “deposit account” as such term is defined in Article 9 of the UCC.

          Section 2. Control. The Pledgor hereby authorizes and directs the Bank to comply, and
the Bank hereby accepts such authorization and direction, and the Bank agrees that it shall comply
with instructions originated by the Collateral Agent without further consent of the Pledgor or any
person acting or purporting to act for the Pledgor being required, including, without limitation,
directing disposition of the funds in each Designated Account. The Bank shall also comply with
instructions directing the disposition of funds in each Designated Account originated by the
Pledgor or its authorized representatives until such time as the Collateral Agent delivers a Notice
of Sole Control pursuant to Section 8(i) hereof to the Bank. The Bank shall comply with,
and is fully entitled to rely upon, any instruction from the Collateral Agent, even if such
instruction is contrary to any instruction that the Pledgor may give or may have given to the Bank.

 

 

  -2-

          Section 3. Subordination of Lien; Waiver of Set-Off. The Bank hereby agrees that any
security interest in, lien on, encumbrance, claim or (except as provided in the next sentence)
right of setoff against, any Designated Account or any funds therein it now has or subsequently
obtains shall be subordinate to the security interest of the Collateral Agent in the Designated
Accounts and the funds therein or credited thereto. The Bank agrees not to exercise any present or
future right of recoupment or set-off against any of the Designated Accounts or to assert against
any of the Designated Accounts any present or future security interest, banker’s lien or any other
lien or claim (including claim for penalties) that the Bank may at any time have against or in any
of the Designated Accounts or any funds therein; provided, however, that the Bank
may set off (i) all amounts due to the Bank in respect of its customary fees and expenses for the
routine maintenance and operation of the Designated Accounts, including overdraft fees, and (ii)
the face amount of any checks or other items which have been credited to any Designated Account but
are subsequently returned unpaid because of uncollected or insufficient funds).

          Section 4. Choice of Law. Both this Control Agreement and the Designated Accounts
shall be governed by the laws of the State of New York. Regardless of any provision in any other
agreement, for purposes of the UCC, New York shall be deemed to be the Bank’s jurisdiction and the
Designated Account(s) shall be governed by the law of the State of New York.

          Section 5. Conflict with Other Agreements; Amendments. As of the date hereof, there
are no other agreements entered into between the Bank and the Pledgor with respect to any
Designated Account or any funds credited thereto (other than standard and customary documentation
with respect to the establishment and maintenance of such Designated Accounts). The Bank and the
Pledgor will not enter into any other agreement with respect to any Designated Account unless the
Collateral Agent shall have received prior written notice thereof. The Bank and the Pledgor have
not and will not enter into any other agreement with respect to control of the Designated Accounts
or purporting to limit or condition the obligation of the Bank to comply with any orders or
instructions with respect to any Designated Account as set forth in Section 2 hereof
without the prior written consent of the Collateral Agent acting in its sole discretion. In the
event of any conflict with respect to control over any Designated Account between this Control
Agreement (or any portion hereof) and any other agreement now existing or hereafter entered into,
the terms of this Control Agreement shall prevail. No amendment or modification of this Control
Agreement or waiver of any right hereunder shall be binding on any party hereto unless it is in
writing and is signed by all the parties hereto.

 

 

  -3-

          Section 6. Certain Agreements. As of the date hereof, the Bank has furnished to the
Collateral Agent the most recent account statement issued by the Bank with respect to each of the
Designated Accounts and the cash balances held therein. Each such statement accurately reflects
the assets held in such Designated Account as of the date thereof.

          Section 7. Notice of Adverse Claims. Except for the claims and interest of the
Secured Parties and of the Pledgor in the Designated Accounts, the Bank on the date hereof does not
know of any claim to, security interest in, lien on, or encumbrance against, any Designated Account
or in any funds credited thereto and does not know of any claim that any person or entity other
than the Collateral Agent has been given control (within the meaning of Section 9-104 of the UCC)
of any Designated Account or any such funds. If the Bank becomes aware that any person or entity
is asserting any lien, encumbrance, security interest or adverse claim (including any writ,
garnishment, judgment, warrant of attachment, execution or similar process or any claim of control)
against any funds in any Designated Account, the Bank shall promptly notify the Collateral Agent
and the Pledgor thereof.

          Section 8. Maintenance of Designated Accounts. In addition to the obligations of the
Bank in Section 2 hereof, the Bank agrees to maintain the Designated Accounts as follows:

          (i) Notice of Sole Control. If at any time the Collateral Agent delivers to
the Bank a notice instructing the Bank to terminate Pledgor’s access to any Designated
Account (the “Notice of Sole Control”), the Bank agrees that, after receipt of such
notice, it will take all instruction with respect to such Designated Account solely from the
Collateral Agent, terminate all instructions and orders originated by the Pledgor with
respect to the Designated Accounts or any funds therein, and cease taking instructions from
the Pledgor, including, without limitation, instructions for distribution or transfer of any
funds in any Designated Account.

          (ii) Statements and Confirmations. The Bank will promptly provide to the
Collateral Agent, upon request therefor from time to time a statement of the cash balance in
each Designated Account. The Bank shall not change the name or account number of any
Designated Account without the prior written consent of the Collateral Agent.

          Section 9. Successors; Assignment. The terms of this Control Agreement shall be
binding upon, and shall inure to the benefit of, the parties hereto and their respective corporate
successors and permitted assignees.

          Section 10. Notices. Any notice, request or other communication required or permitted
to be given under this Control Agreement shall be in writing and deemed to have been properly given
when delivered in person, or when sent by telecopy or other electronic means and electronic
confirmation of error free receipt is received or two (2) days after being sent by certified or
registered United States mail, return receipt requested, postage prepaid, addressed to the

 

 

  -4-

party at the address set forth below, provided that notices to the Collateral Agent shall not
be deemed properly given unless actually received by the Collateral Agent at its office set forth
below.

	 	 	 	 	 
	 

	 	Pledgor:
	 	ORBIMAGE Holdings, Inc.
	 

	 	 	 	21700 Atlantic Boulevard
	 

	 	 	 	Dulles, Virginia 20166
	 

	 	 	 	Attention:
	 

	 	 	 	Telecopy:
	 

	 	 	 	Telephone:

	 

	 	 	 	 
	 

	 	 	 	with copy to:
	 

	 	 	 	 
	 

	 	 	 	ORBIMAGE Inc.
	 

	 	 	 	21700 Atlantic Boulevard
	 

	 	 	 	Dulles, Virginia 20166
	 

	 	 	 	Attention:
	 

	 	 	 	Telecopy:
	 

	 	 	 	Telephone:

	 	 	 	 	 	 	 
	 

	 	Bank:
	 	[
	 	]
	 

	 	 	 	[

[

Attention:
	 	]

]
	 

	 	 	 	Telecopy:	 	 
	 

	 	 	 	Telephone:	 	 

	 	 	 	 	 	 	 
	 

	 	Collateral	 	 	 	 
	 

	 	Agent:
	 	[
	 	]
	 

	 	 	 	[Address]	 	 
	 

	 	 	 	Attention:	 	 
	 

	 	 	 	Telecopy:	 	 
	 

	 	 	 	Telephone:	 	 

          Any party may change its address for notices in the manner set forth above.

          Section 11. Termination.

          (i) Except as otherwise provided in this Section 11, the obligations of the Bank
hereunder and this Control Agreement shall continue in effect until the security interests of the
Collateral Agent in the Designated Accounts and any and all funds therein have been terminated
pursuant to the terms of the Security Agreement and the Collateral Agent has notified the Bank of
such termination in writing.

 

 

  -5-

          (ii) The Bank, acting alone, may terminate this Control Agreement at any time and for any
reason by written notice delivered to the Collateral Agent and the Pledgor not less than thirty
(30) days prior to the effective termination date.

          (iii) Prior to any termination of this Control Agreement pursuant to this Section 11, the Bank
hereby agrees that it shall promptly take, at Pledgor’s sole cost and expense, all reasonable
actions necessary to facilitate the transfer of any funds in the Designated Accounts as follows:
(a) in the case of a termination of this Control Agreement under Section 11(i), to the
institution designated in writing by Pledgor; and (b) in all other cases, to the institution
designated in writing by the Collateral Agent.

          Section 12. Fees and Expenses. The Bank agrees to look solely to the Pledgor for
payment of any and all reasonable fees, costs, charges and expenses incurred or otherwise relating
to the Designated Accounts and services provided by the Bank hereunder (collectively, the
“Account Expenses”), and the Pledgor agrees to pay such Account Expenses to the Bank within
30 days after receipt of a reasonably detailed written invoice therefor. The Pledgor acknowledges
and agrees that it shall be, and at all times remains, solely liable to the Bank for all Account
Expenses.

          Section 13. Severability. If any term or provision set forth in this Control
Agreement shall be invalid or unenforceable, the remainder of this Control Agreement, other than
those provisions held invalid or unenforceable, shall be construed in all respects as if such
invalid or unenforceable term or provision were omitted.

          Section 14. Counterparts. This Control Agreement may be executed in any number of
counterparts, all of which shall constitute one and the same instrument, and any party hereto may
execute this Control Agreement by signing and delivering one or more counterparts.

[signature page follows]

 

 

  S-1

	 	 	 	 	 
	 	 	ORBIMAGE HOLDINGS INC.
	 
	 	 	 	 
	 

	 	By:	 	 
	 	 	 	 	 
	 

	 	 	 	Name:
	 

	 	 	 	Title:
	 
	 	 	 	 
	 	 	THE BANK OF NEW YORK,

as Collateral Agent

	 	 	 	 	 	 	 
	 

	 	 	 	[
	 	],
	 

	 	 	 	as Bank	 	 

	 	 	 	 	 
	 

	 	By:	 	 
	 	 	 	 	 
	 

	 	 	 	Name:
	 

	 	 	 	Title:

 

 

SCHEDULE I

Designated Account(s)

 

 

EXHIBIT 6

[Form of]

Copyright Security Agreement

          Copyright Security Agreement, dated as of June [ ], 2005, by ORBIMAGE Holdings, Inc. and
ORBIMAGE Inc. (individually, a “Pledgor”, and, collectively, the “Pledgors”), in
favor of The Bank of New York, as Trustee under the Indenture, in its capacity as collateral agent
pursuant to the Indenture (in such capacity, the “Collateral Agent”).

Wi t n e s s e t h:

          Whereas, the Pledgors are party to a Security Agreement of even date herewith (the
“Security Agreement”) in favor of the Collateral Agent pursuant to which the Pledgors are
required to execute and deliver this Copyright Security Agreement;

          Now, Therefore, in consideration of the premises and to induce the Collateral Agent,
for the benefit of the Secured Parties, to enter into the Indenture, the Pledgors hereby agree with
the Collateral Agent as follows:

          SECTION 1. Defined Terms. Unless otherwise defined herein, terms defined in the
Security Agreement and used herein have the meaning given to them in the Security Agreement.

          SECTION 2. Grant of Security Interest in Copyright Collateral. Each Pledgor hereby
pledges and grants to the Collateral Agent for the benefit of the Secured Parties a lien on and
security interest in and to all of its right, title and interest in, to and under all the following
Pledged Collateral of such Pledgor:

          (a) Copyrights of such Pledgor listed on Schedule I attached hereto; and

          (b) all Proceeds of any and all of the foregoing (other than Excluded Property).

          SECTION 3. Security Agreement. The security interest granted pursuant to this
Copyright Security Agreement is granted in conjunction with the security interest granted to the
Collateral Agent pursuant to the Security Agreement and Pledgors hereby acknowledge and affirm that
the rights and remedies of the Collateral Agent with respect to the security interest in the
Copyrights made and granted hereby are more fully set forth in the Security Agreement, the terms
and provisions of which are incorporated by reference herein as if fully set forth herein. In the
event that any provision of this Copyright Security Agreement is deemed to conflict with the

 

 

  -2-

Security Agreement, the provisions of the Security Agreement shall control unless the
Collateral Agent shall otherwise determine.

          SECTION 4. Termination. Upon the payment in full of the Secured Obligations and
termination of the Security Agreement, the Collateral Agent shall execute, acknowledge, and deliver
to the Pledgors an instrument in writing in recordable form releasing the collateral pledge, grant,
assignment, lien and security interest in the Copyrights under this Copyright Security Agreement.

          SECTION 5. Counterparts. This Copyright Security Agreement may be executed in any
number of counterparts, all of which shall constitute one and the same instrument, and any party
hereto may execute this Copyright Security Agreement by signing and delivering one or more
counterparts.

[signature page follows]

 

 

  -3-

          In Witness Whereof, each Pledgor has caused this Copyright Security Agreement to be
executed and delivered by its duly authorized offer as of the date first set forth above.

	 	 	 	 	 
	 	 	Very truly yours,
	 
	 	 	 	 
	 	 	ORBIMAGE HOLDINGS INC.1
	 
	 	 	 	 
	 

	 	By:	 	 
	 	 	 	 	 
	 

	 	 	 	Name:
	 

	 	 	 	Title:
	 
	 	 	 	 
	 	 	ORBIMAGE INC.2
	 
	 	 	 	 
	 

	 	By:	 	 
	 	 	 	 	 
	 

	 	 	 	Name:
	 

	 	 	 	Title:

Accepted and Agreed:

THE BANK OF NEW YORK,

as Collateral Agent

	 	 	 	 	 
	By:

	 	 	 	 
	 	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 

 

	1	 	This document needs only to be executed
by the Issuer and/or any Guarantor which owns a pledged Copyright.
	 
	2	 	This document needs only to be executed
by the Issuer and/or any Guarantor which owns a pledged Copyright.

 

 

-4-

SCHEDULE I

to

COPYRIGHT SECURITY AGREEMENT

COPYRIGHT REGISTRATIONS AND COPYRIGHT APPLICATIONS

Copyright Registrations:

	 	 	 	 	 
	 	 	registration	 	 
	owner	 	number	 	title
	 
	 	 	 	 

Copyright Applications:

	 	 	 	 	 
	owner	 	title	 
	 
	 	 	 	 

 

 

EXHIBIT 7

[Form of]

Patent Security Agreement

          Patent
Security Agreement, dated as of June [ ], 2005, by
ORBIMAGE Holdings, Inc. and [     ]
([individually, a “Pledgor” and, collectively,
the “Pledgors”]), in
favor of The Bank of New York, as Trustee under the Indenture, in its capacity as collateral agent
pursuant to the Indenture (in such capacity, the “Collateral Agent”).

W
i t n e s s e t  h:

          Whereas, the Pledgors are party to a Security Agreement of even date herewith (the
“Security Agreement”) in favor of the Collateral Agent pursuant to which the Pledgors are
required to execute and deliver this Patent Security Agreement;

          Now, Therefore, in consideration of the premises and to induce the Collateral Agent,
for the benefit of the Secured Parties, to enter into the Indenture, the Pledgors hereby agree with
the Collateral Agent as follows:

          SECTION 1. Defined Terms. Unless otherwise defined herein, terms defined in the
Security Agreement and used herein have the meaning given to them in the Security Agreement.

          SECTION 2. Grant of Security Interest in Patent Collateral. Each Pledgor hereby
pledges and grants to the Collateral Agent for the benefit of the Secured Parties a lien on and
security interest in and to all of its right, title and interest in, to and under all the following
Pledged Collateral of such Pledgor:

	 	(a)	 	Patents of such Pledgor listed on Schedule I attached hereto; and
	 
	 	(b)	 	all Proceeds of any and all of the foregoing (other than Excluded Property).

          SECTION 3. Security Agreement. The security interest granted pursuant to this Patent
Security Agreement is granted in conjunction with the security interest granted to the Collateral
Agent pursuant to the Security Agreement and Pledgors hereby acknowledge and affirm that the rights
and remedies of the Collateral Agent with respect to the security interest in the Patents made and
granted hereby are more fully set forth in the Security Agreement, the terms and provisions of
which are incorporated by reference herein as if fully set forth herein. In the event that any
provision of this Patent Security Agreement is deemed to conflict
with the Security

 

 

-2-

Agreement, the provisions of the Security Agreement shall control unless the Collateral
Agent shall otherwise determine.

          SECTION 4. Termination. Upon the payment in full of the Secured Obligations and
termination of the Security Agreement, the Collateral Agent shall execute, acknowledge, and deliver
to the Pledgors an instrument in writing in recordable form releasing the collateral pledge, grant,
assignment, lien and security interest in the Patents under this Patent Security Agreement.

          SECTION 5. Counterparts. This Patent Security Agreement may be executed in any number
of counterparts, all of which shall constitute one and the same instrument, and any party hereto
may execute this Patent Security Agreement by signing and delivering one or more counterparts.

[signature page follows]

 

 

-3-

          In Witness Whereof, each Pledgor has caused this Patent Security Agreement to be
executed and delivered by its duly authorized offer as of the date first set forth above.

	 	 	 	 	 
	 	 	Very truly yours,
	 
	 	 	 	 
	 	 	ORBIMAGE HOLDINGS
INC.3
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Name:
	 

	 	 	 	Title:

Accepted and Agreed:

THE BANK OF NEW YORK,

as Collateral Agent

	 	 	 	 	 
	By:

	 	 	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 

 

	3	 	This document needs only to be executed
by the Issuer and/or any Guarantor which owns a pledged Patent.

 

 

-4-

SCHEDULE I

to

PATENT SECURITY AGREEMENT

PATENT REGISTRATIONS AND PATENT APPLICATIONS

Patent Registrations:

	 	 	 	 	 	 	 	 	 
	 	 	registration	 	 	 	 
	owner	 	number	 	 	name	 
	 
	 	 	 	 	 	 	 	 

Patent Applications:

	 	 	 	 	 	 	 	 	 
	 	 	application	 	 	 	 
	owner	 	number	 	 	name	 
	 
	 	 	 	 	 	 	 	 

 

 

EXHIBIT 8

[Form of]

Trademark Security Agreement

     Trademark Security Agreement, dated as of June [ ], 2005, by ORBIMAGE Holdings, Inc. and
[______] ([individually, a
“Pledgor” and, collectively, the
“Pledgors”]), in
favor of The Bank of New York, as Trustee under the Indenture, in its capacity as collateral agent
pursuant to the Indenture (in such capacity, the “Collateral Agent”).

W i t n e s s e t h:

     Whereas, the Pledgors are party to a Security Agreement of even date herewith (the
“Security Agreement”) in favor of the Collateral Agent pursuant to which the Pledgors are
required to execute and deliver this Trademark Security Agreement;

     Now, Therefore, in consideration of the premises and to induce the Collateral Agent,
for the benefit of the Secured Parties, to enter into the Indenture, the Pledgors hereby agree with
the Collateral Agent as follows:

     SECTION 1. Defined Terms. Unless otherwise defined herein, terms defined in the
Security Agreement and used herein have the meaning given to them in the Security Agreement.

     SECTION 2. Grant of Security Interest in Trademark Collateral. Each Pledgor hereby
pledges and grants to the Collateral Agent for the benefit of the Secured Parties a lien on and
security interest in and to all of its right, title and interest in, to and under all the following
Pledged Collateral of such Pledgor:

	 	(a)	 	Trademarks of such Pledgor listed on Schedule I attached hereto;
	 
	 	(b)	 	all Goodwill associated with such Trademarks; and
	 
	 	(c)	 	all Proceeds of any and all of the foregoing (other than Excluded Property).

     SECTION 3. Security Agreement. The security interest granted pursuant to this
Trademark Security Agreement is granted in conjunction with the security interest granted to the
Collateral Agent pursuant to the Security Agreement and Pledgors hereby acknowledge and affirm that
the rights and remedies of the Collateral Agent with respect to the security interest in the
Trademarks made and granted hereby are more fully set forth in the Security Agreement, the

 

 

-2-

terms and provisions of which are incorporated by reference herein as if fully set forth
herein. In the event that any provision of this Trademark Security Agreement is deemed to conflict
with the Security Agreement, the provisions of the Security Agreement shall control unless the
Collateral Agent shall otherwise determine.

     SECTION 4. Termination. Upon the payment in full of the Secured Obligations and
termination of the Security Agreement, the Collateral Agent shall execute, acknowledge, and deliver
to the Pledgors an instrument in writing in recordable form releasing the collateral pledge, grant,
assignment, lien and security interest in the Trademarks under this Trademark Security Agreement.

     SECTION 5. Counterparts. This Trademark Security Agreement may be executed in any
number of counterparts, all of which shall constitute one and the same instrument, and any party
hereto may execute this Trademark Security Agreement by signing and delivering one or more
counterparts.

[signature page follows]

 

 

-3-

     In Witness Whereof, each Pledgor has caused this Trademark Security Agreement to be
executed and delivered by its duly authorized offer as of the date first set forth above.

	 	 	 	 	 
	 	 	Very truly yours,
	 
	 	 	 	 
	 	 	ORBIMAGE HOLDINGS INC.
4
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Name:
	 

	 	 	 	Title:

Accepted and Agreed:

[          ],

as Collateral Agent

	 	 	 	 	 
	By:
	 	 	 	 
	 

	 	

	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 

 

	4	 	This document needs only to be executed
by the Issuer and/or any Guarantor which owns a pledged Trademark.

 

 

-4-

SCHEDULE I

to

TRADEMARK SECURITY AGREEMENT

TRADEMARK REGISTRATIONS AND TRADEMARK APPLICATIONS

Trademark Registrations:

	 	 	 	 	 	 	 	 	 
	 	 	registration	 	 	 	 
	owner	 	number	 	 	TRADEMARK	 
	 
	 	 	 	 	 	 	 	 

Trademark Applications:

	 	 	 	 	 	 	 	 	 
	 	 	application	 	 	 	 
	owner	 	number	 	 	trademark	 
	 
	 	 	 	 	 	 	 	 

 

 

EXHIBIT 9

FORM OF LANDLORD ACCESS AGREEMENT

 

 

EXHIBIT 10

[Form of Acknowledgment]

Collateral Agent

[address]

     Reference is made to the Security Agreement dated as of June 29, 2005, among ORBIMAGE Holdings
Inc., as the Issuer, the Guarantors named therein and the Bank of New York, as the Collateral Agent
(the “Security Agreement”). By executing and delivering this acknowledgment the
undersigned hereby (i) agrees to be bound by all the terms and provisions of the Security Agreement
and (ii) appoints Collateral Agent as its collateral agent under the Security Agreement. Any
notices under the Security Agreement can be sent to the undersigned at its address set forth below.

     This acknowledgment shall be construed in accordance with and governed by the laws of the
State of New York.

	 	 	 
	 

	 	                                                                                                    

Date:                                        

Address for Notices:

Acknowledged and agreed:

                                                            

[Collateral Agent]exv4w4

 

Exhibit 99.4

 

REGISTRATION RIGHTS AGREEMENT

Dated as of June 29, 2005

Among

ORBIMAGE HOLDINGS, INC.,

as Issuer,

and

THE INITIAL PURCHASERS NAMED HEREIN

Senior Secured Floating Rate Notes due 2012

 

 

 

REGISTRATION RIGHTS AGREEMENT

          This Registration Rights Agreement (this “Agreement”) is dated as of June 29, 2005,
among ORBIMAGE HOLDINGS, INC., a Delaware corporation (the “Issuer”), and the Initial
Purchasers named herein, as initial purchasers (the “Initial Purchasers”).

          This Agreement is entered into in connection with the Purchase Agreement, dated as of June 22,
2005, among the Issuer and the Initial Purchasers (the “Purchase Agreement”), which
provides for, among other things, the sale by the Issuer to the Initial Purchasers of $245,000,000
aggregate principal amount of the Issuer’s Senior Secured Floating Rate Notes due 2012 (the
“Notes”). In order to induce the Initial Purchasers to enter into the Purchase Agreement,
the Issuer has agreed to provide the registration rights set forth in this Agreement for the
benefit of the Initial Purchasers and any subsequent holder or holders of the Notes. The execution
and delivery of this Agreement is a condition to the Initial Purchasers’ obligation to purchase the
Notes under the Purchase Agreement.

          The parties hereby agree as follows:

     1. Definitions

          As used in this Agreement, the following terms shall have the following meanings:

          Additional Interest: See Section 4(a) hereof.

          Advice: See the last paragraph of Section 5 hereof.

          Applicable Period: See the second paragraph of Section 2(a) hereof.

          Board of Directors: means (1) with respect to a corporation, the board of directors of
the corporation; (2) with respect to a partnership, the Board of Directors of the general partner
or manager of the partnership; and (3) with respect to any other Person, the board or committee of
such Person serving a similar function.

          Effectiveness Date: The 240th day after the Issue Date; provided,
however, that with respect to any Shelf Registration, the Effectiveness Date shall be the
240th day after the delivery of a Shelf Notice as required pursuant to Section 2(c) hereof;
provided, further, that, in the event that applicable law or interpretations of the
staff of the SEC do not permit the Issuer to file a Registration Statement covering the exchange of
the Notes or to complete the Exchange Offer, the Effectiveness Date shall be extended by 30 days.

          Effectiveness Period: See the second paragraph of Section 3(a) hereof.

          Event Date: See Section 4(b) hereof.

          Exchange Act: The Securities Exchange Act of 1934, as amended, and the rules and
regulations of the SEC promulgated thereunder.

 

 

          Exchange Notes: See Section 2(a) hereof.

          Exchange Offer: See Section 2(a) hereof.

          Exchange Offer Registration Statement: See Section 2(a) hereof.

          Filing Date: (A) If no Exchange Offer Registration Statement has been filed by the
Issuer pursuant to Section 2(a) hereof, the 180th day after the Issue Date; and (B) with respect to
a Shelf Registration, the 90th day after the delivery of a Shelf Notice as required pursuant to
Section 2(c) hereof.

          Holder: As the context requires, means any holder of a Registrable Note or
Registrable Notes.

          Indemnified Person: See Section 7(c) hereof.

          Indemnifying Person: See Section 7(c) hereof.

          Indenture: The Indenture, dated as of June 29, 2005, between the Issuer and The Bank
of New York, as trustee, pursuant to which the Notes are being issued, as the same may be amended
or supplemented from time to time in accordance with the terms thereof.

          Initial Purchasers: See the introductory paragraphs hereto.

          Initial Shelf Registration: See Section 3(a) hereof.

          Inspectors: See Section 5(m) hereof.

          Issue Date: June 29, 2005, the date of original issuance of the Notes.

          Issuer: See the introductory paragraphs hereto.

          NASD: See Section 5(r) hereof.

          Offering Memorandum: The final offering memorandum of the Issuer dated June 22, 2005,
in respect of the offering of the Notes.

          Participant: See Section 7(a) hereof.

          Participating Broker-Dealer: See Section 2(b) hereof.

          Person: An individual, trustee, corporation, partnership, limited liability company,
joint stock company, trust, unincorporated association, union, business association, firm or other
legal entity.

          Private Exchange: See Section 2(b) hereof.

          Private Exchange Notes: See Section 2(b) hereof.

-2-

 

          Prospectus: The prospectus included in any Registration Statement (including, without
limitation, any prospectus subject to completion and a prospectus that includes any information
previously omitted from a prospectus filed as part of an effective registration statement in
reliance upon Rule 430A promulgated under the Securities Act and any term sheet filed pursuant to
Rule 434 under the Securities Act), as amended or supplemented by any prospectus supplement, and
all other amendments and supplements to the Prospectus, including post-effective amendments, and
all material incorporated by reference or deemed to be incorporated by reference in such
Prospectus.

          Purchase Agreement: See the introductory paragraphs hereof.

          Records: See Section 5(m) hereof.

          Registrable Notes: Each Note upon its original issuance and at all times subsequent
thereto, each Exchange Note as to which Section 2(c)(iv) hereof is applicable upon original
issuance and at all times subsequent thereto and each Private Exchange Note upon original issuance
thereof and at all times subsequent thereto, until (i) a Registration Statement (other than, with
respect only to any Exchange Note as to which Section 2(c)(iv) hereof is applicable, the Exchange
Offer Registration Statement) covering such Note, Exchange Note or Private Exchange Note has been
declared effective by the SEC and such Note, Exchange Note or such Private Exchange Note, as the
case may be, has been disposed of in accordance with such effective Registration Statement, (ii)
such Note has been exchanged pursuant to the Exchange Offer for an Exchange Note or Exchange Notes
that may be resold without restriction under state and federal securities laws, (iii) such Note,
Exchange Note or Private Exchange Note, as the case may be, ceases to be outstanding for purposes
of the Indenture or (iv) such Note, Exchange Note or Private Exchange Note, as the case may be, may
be resold without restriction pursuant to Rule 144 (or any similar provision then in force) under
the Securities Act.

          Registration Statement: Any registration statement of the Issuer that covers any of
the Notes, the Exchange Notes or the Private Exchange Notes filed with the SEC under the Securities
Act, including the Prospectus, amendments and supplements to such registration statement, including
post-effective amendments, all exhibits, and all material incorporated by reference or deemed to be
incorporated by reference in such registration statement.

          Rule 144: Rule 144 promulgated under the Securities Act, as such Rule may be amended
from time to time, or any similar rule (other than Rule 144A) or regulation hereafter adopted by
the SEC providing for offers and sales of securities made in compliance therewith resulting in
offers and sales by subsequent holders that are not affiliates of the issuer of such securities
being free of the registration and prospectus delivery requirements of the Securities Act.

          Rule 144A: Rule 144A promulgated under the Securities Act, as such Rule may be
amended from time to time, or any similar rule (other than Rule 144) or regulation hereafter
adopted by the SEC.

          Rule 415: Rule 415 promulgated under the Securities Act, as such Rule may be amended
from time to time, or any similar rule or regulation hereafter adopted by the SEC.

          SEC: The Securities and Exchange Commission.

-3-

 

          Securities: See the introductory paragraphs hereto.

          Securities Act: The Securities Act of 1933, as amended, and the rules and regulations
of the SEC promulgated thereunder.

          Shelf Blackout Period: See Section 3(d) hereof.

          Shelf Notice: See Section 2(c) hereof.

          Shelf Registration: See Section 3(a) hereof.

          Subsequent Shelf Registration: See Section 3(b) hereof.

          Subsidiary: ORBIMAGE, Inc., a Delaware corporation.

          TIA: The Trust Indenture Act of 1939, as amended.

          Trustee: The trustee under the Indenture and the trustee (if any) under any indenture
governing the Exchange Notes and Private Exchange Notes.

          Underwritten registration or underwritten offering: A registration in which
securities of the Issuer are sold to an underwriter for reoffering to the public.

     2. Exchange Offer

          (a) To the extent not prohibited by any applicable law or applicable interpretation of the
staff of the SEC, the Issuer shall file with the SEC, no later than the Filing Date, a Registration
Statement (the “Exchange Offer Registration Statement”) on an appropriate registration form
with respect to a registered offer (the “Exchange Offer”) to exchange any and all of the
Registrable Notes for a like aggregate principal amount of notes of the Issuer that are identical
in all material respects to the Notes (the “Exchange Notes”), except that (i) the Exchange
Notes shall contain no restrictive legend thereon and (ii) interest thereon shall accrue (A) from
the latter of (x) the last interest payment date on which interest was paid on the Note surrendered
in exchange therefor, or (y) if the Note is surrendered for exchange on a date in a period which
includes the record date for an interest payment date to occur on or after the date of such
exchange and as to which interest will be paid, the date of such interest payment date or (B) if no
interest has been paid on such Note, from the Issue Date, and which are entitled to the benefits of
the Indenture or a trust indenture which is identical in all material respects to the Indenture
(other than such changes to the Indenture or any such trust indenture as are necessary to comply
with the TIA) and which, in either case, has been qualified under the TIA. The Exchange Offer
shall comply with all applicable tender offer rules and regulations under the Exchange Act and
other applicable law. The Issuer shall use its reasonable best efforts to (x) cause the Exchange
Offer Registration Statement to be declared effective under the Securities Act on or before the
Effectiveness Date; (y) keep the Exchange Offer open for not less than 30 days (or longer if
required by applicable law) after the date that notice of the Exchange Offer is mailed to Holders;
and (z) consummate the Exchange Offer on or prior to the 270th day after the Issue Date. If, after
the Exchange Offer Registration Statement is initially declared effective by the SEC, the Exchange
Offer or the issuance of the Exchange Notes thereunder is interfered with by any stop order, in

-4-

 

junction or other order or requirement of the SEC or any other governmental agency or court,
the Exchange Offer Registration Statement shall be deemed not to have become effective for purposes
of this Agreement during the period of such interference, until the Exchange Offer may legally
resume.

          Each Holder that participates in the Exchange Offer will be required, as a condition to its
participation in the Exchange Offer, to represent to the Issuer in writing (which may be contained
in the applicable letter of transmittal) that: (i) any Exchange Notes to be received by it will be
acquired in the ordinary course of its business, (ii) at the time of the commencement of the
Exchange Offer such Holder has no arrangement or understanding with any Person to participate in
the distribution (within the meaning of the Securities Act) of the Exchange Notes in violation of
the Securities Act and at the time of consummation of the Exchange Offer such Holder will have no
such arrangement or understanding, (iii) such Holder is not an affiliate (as defined in Rule 405
promulgated under the Securities Act) of the Issuer, (iv) if such Holder is not a broker-dealer,
that it is not engaged in, and does not intend to engage in, the distribution of Exchange Notes,
(v) if such Holder is a Participating Broker-Dealer (as defined below) that will receive Exchange
Notes for its own account in exchange for Notes that were acquired as a result of market-making or
other trading activities, that it will deliver a prospectus in connection with any resale of such
Exchange Notes and (vi) the Holder is not acting on behalf of any persons or entities who could not
truthfully make the foregoing representations. Such Holder will also be required to make such
other representations as may be necessary under applicable SEC rules, regulations or
interpretations to render available the use of Form S-4 or any other appropriate form under the
Securities Act.

          Upon consummation of the Exchange Offer in accordance with this Section 2, the provisions of
this Agreement shall continue to apply solely with respect to Registrable Notes that are Private
Exchange Notes, Exchange Notes as to which Section 2(c)(iv) is applicable and Exchange Notes held
by Participating Broker-Dealers (as defined below), and the Issuer shall have no further obligation
to register Registrable Notes (other than Private Exchange Notes and other than in respect of any
Exchange Notes as to which clause 2(c)(iv) hereof applies) pursuant to Section 3 hereof. No
securities other than the Exchange Notes shall be included in the Exchange Offer Registration
Statement.

          (b) The Issuer shall include within the Prospectus contained in the Exchange Offer
Registration Statement a section entitled “Plan of Distribution,” reasonably acceptable to the
Initial Purchasers, which shall contain a summary statement of the positions taken or policies made
by the staff of the SEC with respect to the potential “underwriter” status of any broker-dealer
that is the beneficial owner (as defined in Rule 13d-3 under the Exchange Act) of Exchange Notes
received by such broker-dealer in the Exchange Offer (a “Participating Broker-Dealer”),
whether such positions or policies have been publicly disseminated by the staff of the SEC or such
positions or policies represent the prevailing views of the staff of the SEC. Such “Plan of
Distribution” section shall also expressly permit, to the extent permitted by applicable policies
and regulations of the SEC, the use of the Prospectus by all Persons subject to the prospectus
delivery requirements of the Securities Act, including, to the extent permitted by applicable
policies and regulations of the SEC, all Participating Broker-Dealers, and include a statement
describing the means by which Participating Broker-Dealers may resell the Exchange Notes in
compliance with the Securities Act.

-5-

 

          The Issuer shall use its reasonable best efforts to keep the Exchange Offer Registration
Statement effective and to amend and supplement the Prospectus contained therein in order to permit
such Prospectus to be lawfully delivered by all Persons subject to the prospectus delivery
requirements of the Securities Act for such period of time as is necessary to comply with
applicable law in connection with any resale of the Exchange Notes covered thereby,
provided, however, that such period shall not be required to exceed 180 days, or
such longer period if extended pursuant to the last sentence of Section 5 (the “Applicable
Period”).

          If, prior to consummation of the Exchange Offer, the Initial Purchasers hold any Notes
acquired by them that have the status of an unsold allotment in the initial distribution, the
Issuer upon the request of the Initial Purchasers shall simultaneously with the delivery of the
Exchange Notes in the Exchange Offer, issue and deliver to the Initial Purchasers, in exchange (the
“Private Exchange”) for such Notes held by the Initial Purchasers, a like principal amount
of notes (the “Private Exchange Notes”) of the Issuer that are identical in all material
respects to the Exchange Notes except for the placement of a restrictive legend on such Private
Exchange Notes. The Private Exchange Notes shall be issued pursuant to the same indenture as the
Exchange Notes and bear the same CUSIP number as the Exchange Notes.

          In connection with the Exchange Offer, the Issuer shall:

     (1) mail, or cause to be mailed, to each Holder of record entitled to participate in
the Exchange Offer a copy of the Prospectus forming part of the Exchange Offer Registration
Statement, together with an appropriate letter of transmittal and related documents;

     (2) use its reasonable best efforts to keep the Exchange Offer open for not less than
30 days after the date that notice of the Exchange Offer is mailed to Holders (or longer if
required by applicable law);

     (3) utilize the services of a depositary for the Exchange Offer with an address in the
Borough of Manhattan, The City of New York;

     (4) permit Holders to withdraw tendered Notes at any time prior to the close of
business, New York time, on the last business day on which the Exchange Offer shall remain
open; and

     (5) otherwise comply in all material respects with all applicable laws, rules and
regulations.

          As soon as reasonably practicable after the close of the Exchange Offer or the Private
Exchange, as the case may be, the Issuer shall:

     (1) accept for exchange all Registrable Notes validly tendered and not validly
withdrawn pursuant to the Exchange Offer or the Private Exchange, if any;

     (2) deliver to the Trustee for cancellation all Registrable Notes so accepted for
exchange; and

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     (3) cause the Trustee to authenticate and deliver promptly to each Holder of Notes,
Exchange Notes or Private Exchange Notes, as the case may be, equal in principal amount to
the Notes of such Holder so accepted for exchange.

          The Exchange Offer and the Private Exchange shall not be subject to any conditions, other than
that (i) the Exchange Offer or the Private Exchange, as the case may be, does not violate
applicable law or any applicable interpretation of the staff of the SEC, (ii) no action or
proceeding shall have been instituted or threatened in any court or by any governmental agency
which might materially impair the ability of the Issuer to proceed with the Exchange Offer or the
Private Exchange, (iii) all governmental approvals shall have been obtained, which approvals the
Issuer deems necessary for the consummation of the Exchange Offer or the Private Exchange, (iv)
there has not been any material change, or development involving a prospective material change, in
the business or financial affairs of the Issuer which, in the reasonable judgment of the Issuer,
would materially impair the Issuer’s ability to consummate the Exchange Offer or the Private
Exchange, and (v) there has not been proposed, adopted or enacted any law, statute, rule or
regulation which, in the reasonable judgment of the Issuer, would materially impair the Issuer’s
ability to consummate the Exchange Offer or the Private Exchange or have a material adverse effect
on the Issuer if the Exchange Offer or the Private Exchange was consummated. In the event that the
Issuer is unable to consummate the Exchange Offer or the Private Exchange due to any event listed
in clauses (i) through (v) above, the Issuer shall not be deemed to have breached any covenant
under this Section 2.

          The Exchange Notes and the Private Exchange Notes shall be issued under (i) the Indenture or
(ii) an indenture identical in all material respects to the Indenture and which, in either case,
has been qualified under the TIA or is exempt from such qualification and shall provide that (1)
the Exchange Notes shall not be subject to the transfer restrictions set forth in the Indenture and
(2) the Private Exchange Notes shall be subject to the transfer restrictions set forth in the
Indenture. The Indenture or such indenture shall provide that the Exchange Notes, the Private
Exchange Notes and the Notes shall vote and consent together on all matters as one class and that
none of the Exchange Notes, the Private Exchange Notes or the Notes will have the right to vote or
consent as a separate class on any matter.

          (c) If (i) because of any change in law or in currently prevailing interpretations of the
staff of the SEC, the Issuer is not permitted to effect the Exchange Offer, (ii) the Exchange Offer
is not consummated within 270 days of the Issue Date (provided that if the Exchange Offer shall be
consummated after such 270 day period, then the Issuer’s obligation under this clause (ii) arising
from the failure of the Exchange Offer to be consummated within such 270-day period shall
terminate), (iii) a Holder of Private Exchange Notes notifies the Issuer in writing at any time
after the consummation of the Private Exchange or (iv) in the case of any Holder that participates
in the Exchange Offer, such Holder does not receive Exchange Notes on the date of the exchange
that may be sold without restriction under state and federal securities laws (other than due solely
to the status of such Holder as an affiliate of the Issuer within the meaning of the Securities
Act), then in the case of each of clauses (i) to and including (iv) of this sentence, the Issuer
shall promptly deliver to the Holders and the trustee written notice thereof (the “Shelf
Notice”) and shall file a Shelf Registration pursuant to Section 3 hereof.

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     3. Shelf Registration

          If at any time a Shelf Notice is delivered as contemplated by Section 2(c) hereof, then:

          (a) Shelf Registration. The Issuer shall file with the SEC a Registration Statement
for an offering to be made on a continuous basis pursuant to Rule 415 covering all of the
Registrable Notes not exchanged in the Exchange Offer, Private Exchange Notes and Exchange Notes as
to which Section 2(c)(iv) is applicable (the “Initial Shelf Registration”). The Issuer
shall file with the SEC the Initial Shelf Registration on or before the applicable Filing Date.
The Initial Shelf Registration shall be on Form S-1 or Form S-3 or another appropriate form
permitting registration of such Registrable Notes for resale by Holders in the manner or manners
designated by them (including, without limitation, one or more underwritten offerings). The Issuer
shall not permit any securities other than the Registrable Notes to be included in the Initial
Shelf Registration or any Subsequent Shelf Registration (as defined below).

          The Issuer shall, subject to applicable law or applicable interpretation of the staff of the
SEC, use its reasonable best efforts to cause the Initial Shelf Registration to be declared
effective under the Securities Act on or prior to the Effectiveness Date and to keep the Initial
Shelf Registration continuously effective under the Securities Act until the date which is two
years from the Issue Date or such shorter period ending when (i) all Registrable Notes covered by
the Initial Shelf Registration have been sold in the manner set forth and as contemplated in the
Initial Shelf Registration or cease to be outstanding, (ii) all Registrable Notes are eligible to
be sold to the public pursuant to Rule 144(k) under the Securities Act or (iii) a Subsequent Shelf
Registration covering all of the Registrable Notes covered by and not sold under the Initial Shelf
Registration or an earlier Subsequent Shelf Registration has been declared effective under the
Securities Act (the “Effectiveness Period”), provided, however, that the
Effectiveness Period in respect of the Initial Shelf Registration shall be extended to the extent
required to permit dealers to comply with the applicable prospectus delivery requirements of Rule
174 under the Securities Act and as otherwise provided herein.

          No Holder of Registrable Notes may include any of its Registrable Notes in any Shelf
Registration pursuant to this Agreement unless and until such Holder furnishes to the Issuer in
writing, within 15 business days after receipt of a request therefor, such information concerning
such Holder required to be included in any Shelf Registration or Prospectus or preliminary
prospectus included therein. No holder of Registrable Notes shall be entitled to Additional
Interest pursuant to Section 4 hereof unless and until such Holder shall have provided all such
information, if so requested. Each Holder of Registrable Notes as to which any Shelf Registration
is being effected agrees to furnish promptly to the Issuer all information required to be disclosed
so that the information previously furnished to the Issuer by such Holder not materially
misleading.

          (b) Subsequent Shelf Registrations. If the Initial Shelf Registration or any
Subsequent Shelf Registration ceases to be effective for any reason at any time during the
Effectiveness Period (other than because of the sale of all of the securities registered
thereunder), the Issuer shall use its reasonable best efforts to obtain the prompt withdrawal of
any order suspending the effectiveness thereof, and in any event shall within 30 days of such
cessation of effec-

-8-

 

tiveness amend the Initial Shelf Registration in a manner to obtain the withdrawal of the
order suspending the effectiveness thereof, or file an additional “shelf” Registration Statement
pursuant to Rule 415 covering all of the Registrable Notes covered by and not sold under the
Initial Shelf Registration or an earlier Subsequent Shelf Registration (each, a “Subsequent
Shelf Registration”). If a Subsequent Shelf Registration is filed, the Issuer shall use its
reasonable best efforts to cause the Subsequent Shelf Registration to be declared effective under
the Securities Act as soon as practicable after such filing and to keep such subsequent Shelf
Registration continuously effective for a period equal to the number of days in the Effectiveness
Period less the aggregate number of days during which the Initial Shelf Registration or any
Subsequent Shelf Registration was previously continuously effective. As used herein the term
“Shelf Registration” means the Initial Shelf Registration and any Subsequent Shelf
Registration.

          (c) Supplements and Amendments. The Issuer shall promptly supplement and amend any
Shelf Registration if required by the rules, regulations or instructions applicable to the
registration form used for such Shelf Registration, if required by the Securities Act, or if
reasonably requested by the Holders of a majority in aggregate principal amount of the Registrable
Notes covered by such Registration Statement or by any underwriter of such Registrable Notes.

          (d) Notwithstanding the foregoing, the Issuer, upon advising the Initial Purchasers, may
suspend the use of the prospectus included in any Shelf Registration in the event that, and for a
period of time (the “Shelf Blackout Period”) not to exceed an aggregate of sixty days in
any twelve-month period, (i) the Board of Directors of the Issuer determines in good faith that the
premature disclosure of a material event at such time would have a material adverse effect on the
business, operations or prospects of the Issuer or the Subsidiary or (ii) the disclosure otherwise
relates to a material business transaction which has not been publicly disclosed and the Board of
Directors of the Issuer determines in good faith that any such disclosure would jeopardize the
success of such transaction; provided that, upon the termination of such Shelf Blackout Period, the
Issuer promptly shall advise the Initial Purchasers that such Shelf Blackout Period has been
terminated.

     4. Additional Interest

          (a) The Issuer and the Initial Purchasers agree that the Holders of Registerable Notes will
suffer damages if the Issuer fails to fulfill its obligations under Section 2 or Section 3 hereof
and that it would not be feasible to ascertain the extent of such damages with precision.
Accordingly, the Issuer agrees to pay, as liquidated damages, additional interest on the Notes
(“Additional Interest”) under the circumstances and to the extent set forth below (each of
which shall be given independent effect):

     (i) if (A) neither the Exchange Offer Registration Statement nor the Initial Shelf
Registration has been filed with the SEC on or prior to the applicable Filing Date or (B)
notwithstanding that the Issuer has consummated or will consummate the Exchange Offer, the
Issuer is required to file a Shelf Registration and such Shelf Registration is not filed on
or prior to the Filing Date applicable thereto, then, commencing on the day after any such
Filing Date, Additional Interest shall accrue on the principal amount of the Notes at a rate
of 25% per annum for the first 90 days immediately following each such

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Filing Date, and such Additional Interest rate shall increase by an additional 0.25%
per annum at the beginning of each subsequent 90-day period; or

     (ii) if (A) neither the Exchange Offer Registration Statement nor the Initial Shelf
Registration is declared effective by the SEC on or prior to the applicable Effective Date
or (B) notwithstanding that the Issuer has consummated or will consummate the Exchange
Offer, the Issuer is required to file a Shelf Registration and such Shelf Registration is
not declared effective by the SEC on or prior to the Effectiveness Date in respect of such
Shelf Registration, then, commencing on the day after such Effectiveness Date, Additional
Interest shall accrue on the principal amount of the Notes at a rate of 0.25% per annum for
the first 90 days immediately following such Effectiveness Date, and such Additional
Interest rate shall increase by an additional 0.25% per annum at the beginning of each
subsequent 90-day period; or

     (iii) if (A) the Issuer has not exchanged Exchange Notes for all Notes validly tendered
in accordance with the terms of the Exchange Offer on or prior to the 30th day after the
date on which the applicable Exchange Offer Registration Statement or Shelf Registration is
declared effective or (B) if applicable, a Shelf Registration has been declared effective
and such Shelf Registration ceases to be effective at any time prior to the second
anniversary of the Issue Date (other than after such time as all Notes have been disposed of
thereunder or all Notes are eligible to be sold pursuant to Rule 144(k)), except in the case
of a Shelf Blackout Period, then Additional Interest shall accrue on the principal amount of
the Notes at a rate of 0.25% per annum for the first 90 days commencing on (x) the 46th day
after such effective date, in the case of (A) above, or (y) the day such Shelf Registration
ceases to be effective, in the case of (B) above, and such Additional Interest rate shall
increase by an additional 0.25% per annum at the beginning of each such subsequent 90-day
period;

provided, however, that the Additional Interest rate on the Notes may not accrue
under more than one of the foregoing clauses (i) through (iii) of this Section 4(a) at any one time
and at no time shall the aggregate amount of Additional Interest accruing exceed in the aggregate
1.00% per annum; provided, further, that if the Shelf Registration ceases to be
effective in the case of clause (iii)(B) above on account of a Shelf Blackout Period, Additional
Interest will cease to accrue during such Shelf Blackout Period; provided, further,
however, that (1) upon the filing of the applicable Exchange Offer Registration Statement
or the applicable Shelf Registration as required hereunder (in the case of clause (i) above of this
Section 4(a)), (2) upon the effectiveness of the Exchange Offer Registration Statement or the
applicable Shelf Registration as required hereunder (in the case of clause (ii) of this Section
4(a)), or (3) upon the exchange of the applicable Exchange Notes for all Notes tendered (in the
case of clause (iii)(A) of this Section 4(a)), or upon the effectiveness of the applicable Shelf
Registration which had ceased to remain effective (in the case of (iii)(B) of this Section 4(a)),
Additional Interest on the Notes as a result of such clause (or the relevant subclause thereof), as
the case may be, shall cease to accrue.

          (b) The Issuer shall notify the Trustee within three business days after each and every date
on which an event occurs in respect of which Additional Interest is required to be paid (an
“Event Date”). Any amounts of Additional Interest due pursuant to clauses (a)(i), (a)(ii)
or (a)(iii) of this Section 4 will be payable in cash semiannually on each [      ] and [     ] (to

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the holders of record on the [     ] and [     ] immediately preceding such dates),
commencing with the first such date occurring after any such Additional Interest commences to
accrue. The amount of Additional Interest will be determined by multiplying the applicable
Additional Interest rate by the principal amount of the Registrable Notes, multiplied by a
fraction, the numerator of which is the number of days such Additional Interest rate was applicable
during such period (determined on the basis of a 360-day year comprised of twelve 30-day months
and, in the case of a partial month, the actual number of days elapsed), and the denominator of
which is 360.

     5. Registration Procedures

          In connection with the filing of any Registration Statement pursuant to Sections 2 or 3
hereof, the Issuer shall effect such registrations to permit the sale of the securities covered
thereby in accordance with the intended method or methods of disposition thereof, and pursuant
thereto and in connection with any Registration Statement filed by the Issuer hereunder the Issuer
shall:

          (a) Prepare and file with the SEC on or prior to the applicable Filing Date, a Registration
Statement or Registration Statements as prescribed by Sections 2 or 3 hereof, and use its
reasonable best efforts to cause each such Registration Statement to become effective and remain
effective as provided herein; provided, however, that, if (1) such filing is
pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer Registration
Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act
by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period
relating thereto, before filing any Registration Statement or Prospectus or any amendments or
supplements thereto, the Issuer shall furnish to and afford the Holders of the Registrable Notes
covered by such Registration Statement or each such Participating Broker-Dealer, as the case may
be, their counsel and the managing underwriters, if any, a reasonable opportunity to review copies
of all such documents (including copies of any documents to be incorporated by reference therein
and all exhibits thereto) proposed to be filed (in each case at least three days prior to such
filing). The Issuer shall not file any Registration Statement or Prospectus or any amendments or
supplements thereto if the Holders of a majority in aggregate principal amount of the Registrable
Notes covered by such Registration Statement, their counsel, or the managing underwriters, if any,
shall reasonably object on a timely basis.

          (b) Use its reasonable best efforts to prepare and file with the SEC such amendments and
post-effective amendments to each Shelf Registration or Exchange Offer Registration Statement, as
the case may be, as may be necessary to keep such Registration Statement continuously effective for
the Effectiveness Period or the Applicable Period, as the case may be; cause the related Prospectus
to be supplemented by any prospectus supplement required by applicable law, and as so supplemented
to be filed pursuant to Rule 424 (or any similar provisions then in force) promulgated under the
Securities Act; and comply with the provisions of the Securities Act and the Exchange Act
applicable to it with respect to the disposition of all securities covered by such Registration
Statement as so amended or in such Prospectus as so supplemented and with respect to the subsequent
resale of any securities being sold by a Participating Broker-Dealer covered by any such
Prospectus. The Issuer shall be deemed not to have used its reasonable best efforts to keep a
Registration Statement effective during the Effectiveness Period or the Applicable Period, as the
case may be, relating thereto if the Issuer voluntarily takes any action

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that would result in selling Holders of the Registrable Notes covered thereby or Participating
Broker-Dealers seeking to sell Exchange Notes not being able to sell such Registrable Notes or such
Exchange Notes during that period unless such action is required by applicable law or permitted by
this Agreement.

          (c) If (1) a Shelf Registration filed pursuant to Section 3 hereof, or (2) a Prospectus
contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is
required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to
sell Exchange Notes during the Applicable Period relating thereto from whom the Issuer has received
written notice that it will be a Participating Broker-Dealer in the Exchange Offer, notify the
selling Holders of Registrable Notes, or each such Participating Broker-Dealer, as the case may be,
and their counsel promptly (but in any event within two business days), and confirm such notice in
writing, (i) when a Prospectus or any Prospectus supplement or post-effective amendment has been
filed, and, with respect to any applicable Registration Statement or any post-effective amendment,
when the same has become effective under the Securities Act (including in such notice a written
statement that any Holder may, upon request in writing, obtain, at the sole expense of the Issuer,
one conformed copy of such Registration Statement or post-effective amendment including financial
statements and schedules, documents incorporated or deemed to be incorporated by reference and
exhibits), (ii) of the issuance by the SEC of any stop order suspending the effectiveness of a
Registration Statement or of any order preventing or suspending the use of any preliminary
prospectus or the initiation of any proceedings for that purpose, (iii) if at any time when a
prospectus is required by the Securities Act to be delivered in connection with sales of the
Registrable Notes or resales of Exchange Notes by Participating Broker-Dealers the representations
and warranties of the Issuer contained in any agreement (including any underwriting agreement)
contemplated by Section 5(l) hereof cease to be true and correct in all material respects, (iv) of
the receipt by the Issuer of any notification with respect to the suspension of the qualification
or exemption from qualification of a Registration Statement or any of the Registrable Notes or the
Exchange Notes to be sold by any Participating Broker-Dealer for offer or sale in any jurisdiction,
or the initiation or written threat of any proceeding for such purpose, (v) of the happening of any
event, the existence of any condition or any information becoming known that makes any statement
made in such Registration Statement or related Prospectus or any document incorporated or deemed to
be incorporated therein by reference untrue in any material respect or that requires the making of
any material changes in or amendments or supplements to such Registration Statement, Prospectus or
documents so that, in the case of the Registration Statement, it will not contain an untrue
statement of a material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein not misleading, and that in the case of the Prospectus, it
will not contain an untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary to make the statements therein, in light of the circumstances
under which they were made, not misleading, and (vi) of the Issuer’s determination that a
post-effective amendment to a Registration Statement would be appropriate.

          (d) If (1) a Shelf Registration is filed pursuant to Section 3 hereof, or (2) a Prospectus
contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is
required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to
sell Exchange Notes during the Applicable Period, use its reasonable best efforts to prevent the
issuance of any order suspending the effectiveness of a Registration Statement or of

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any order preventing or suspending the use of a Prospectus or suspending the qualification (or
exemption from qualification) of any of the Registrable Notes or the Exchange Notes to be sold by
any Participating Broker-Dealer, for sale in any jurisdiction, and, if any such order is issued, to
use its reasonable best efforts to obtain the withdrawal of any such order at the earliest possible
moment.

          (e) If a Shelf Registration is filed pursuant to Section 3 and if requested by the managing
underwriter or underwriters (if any), the Holders of a majority in aggregate principal amount of
the Registrable Notes being sold in connection with an underwritten offering or any Participating
Broker-Dealer, (i) as promptly as reasonably practicable incorporate in a prospectus supplement or
post-effective amendment such information as the managing underwriter or underwriters (if any),
such Holders, any Participating Broker-Dealer or counsel for any of them reasonably request to be
included therein, (ii) make all required filings of such prospectus supplement or such
post-effective amendment as soon as reasonably practicable after the Issuer has received
notification of the matters to be incorporated in such prospectus supplement or post-effective
amendment, and (iii) supplement or make amendments to such Registration Statement; provided,
however, that the Issuer shall not be required to take any action pursuant to this Section 5(e)
that would, in the opinion of counsel for the Issuer, violate applicable law.

          (f) If (1) a Shelf Registration is filed pursuant to Section 3 hereof, or (2) a Prospectus
contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is
required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to
sell Exchange Notes during the Applicable Period, furnish to each selling Holder of Registrable
Notes and to each such Participating Broker-Dealer who so requests in writing and to its counsel at
the sole expense of the Issuer, one conformed copy of the Registration Statement or Registration
Statements and each post-effective amendment thereto, including financial statements and schedules,
and, if requested in writing, all documents incorporated or deemed to be incorporated therein by
reference and all exhibits.

          (g) If (1) a Shelf Registration is filed pursuant to Section 3 hereof, or (2) a Prospectus
contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is
required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to
sell Exchange Notes during the Applicable Period, deliver to each selling Holder of Registrable
Notes, or each such Participating Broker-Dealer and its counsel, as the case may be, at the sole
expense of the Issuer, as many copies of the Prospectus or Prospectuses (including each form of
preliminary prospectus) and each amendment or supplement thereto and if requested in writing, any
documents incorporated by reference therein as such Persons may reasonably request in writing; and,
subject to the last paragraph of this Section 5, the Issuer hereby consents to the use of such
Prospectus and each amendment or supplement thereto (provided the manner of such use complies with
any limitations resulting from any applicable state securities “Blue Sky” laws as provided in
writing to such Holders by the Issuer and subject to the provisions of this Agreement) by each of
the selling Holders of Registrable Notes or each such Participating Broker-Dealer, as the case may
be, and the underwriters or agents, if any, and dealers (if any), in connection with the offering
and sale of the Registrable Notes covered by, or the sale by Participating Broker-Dealers of the
Exchange Notes pursuant to, such Prospectus and any amendment or supplement thereto.

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          (h) Prior to any public offering of Registrable Notes or Exchange Notes or any delivery of a
Prospectus contained in the Exchange Offer Registration Statement by any Participating
Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, use its reasonable
best efforts to register or qualify, and to cooperate with the selling Holders of Registrable Notes
or each such Participating Broker-Dealer, as the case may be, in connection with the registration
or qualification (or exemption from such registration or qualification) of such Registrable Notes
for offer and sale under the securities or Blue Sky laws of such jurisdictions within the United
States as any selling Holder or Participating Broker-Dealer, reasonably request in writing;
provided, however, that where Exchange Notes held by Participating Broker-Dealers
or Registrable Notes are offered other than through an underwritten offering, the Issuer agrees to
cause its counsel to perform Blue Sky investigations and file registrations and qualifications
required to be filed pursuant to this Section 5(h), use its reasonable best efforts to keep each
such registration or qualification (or exemption therefrom) effective during the period such
Registration Statement is required to be kept effective and do any and all other acts or things
reasonably necessary or advisable to enable the disposition in such jurisdictions of the Exchange
Notes held by Participating Broker-Dealers or the Registrable Notes covered by the applicable
Registration Statement; provided, however, that the Issuer shall not be required to
(A) qualify generally to do business in any jurisdiction where it is not then so qualified, (B)
take any action that would subject it to general service of process in any such jurisdiction where

it is not then so subject or (C) subject itself to taxation in any such jurisdiction where it is
not then so subject.

          (i) If a Shelf Registration is filed pursuant to Section 3 hereof, cooperate with the selling
Holders of Registrable Notes to facilitate the timely preparation and delivery of certificates
representing Registrable Notes to be sold, which certificates shall not bear any restrictive
legends and shall be in a form eligible for deposit with The Depository Trust Company; and enable
such Registrable Notes to be in such denominations and registered in such names as the selling
Holders may reasonably request.

          (j) If (1) a Shelf Registration is filed pursuant to Section 3 hereof, or (2) a Prospectus
contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is
required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to
sell Exchange Notes during the Applicable Period, upon the occurrence of any event contemplated by
paragraph 5(c)(v) or 5(c)(vi) hereof, as promptly as practicable (except, in the case of a Shelf
Registration, during a Shelf Blackout Period) prepare and (subject to Section 5(a) hereof) file
with the SEC, at the sole expense of the Issuer, a supplement or post-effective amendment to the
Registration Statement or a supplement to the related Prospectus or any document incorporated or
deemed to be incorporated therein by reference, or file any other required document so that, as
thereafter delivered to the purchasers of the Registrable Notes being sold thereunder or to the
purchasers of the Exchange Notes to whom such Prospectus will be delivered by a Participating
Broker-Dealer, any such Prospectus will not contain an untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary to make the statements therein,
in light of the circumstances under which they were made, not misleading. Notwithstanding the
foregoing, the Issuer shall not be required to amend or supplement a Registration Statement, any
related Prospectus or any document incorporated therein by reference, in the event that, and for a
period not to exceed an aggregate of 60 days in any calendar year if, (i) an event occurs and is
continuing as a result of which the Shelf Registration would, in the good faith judgment of the
Issuer, contain an untrue statement of a material fact or

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omit to state a material fact necessary in order to make the statements therein, in the light
of the circumstances under which they were made, not misleading, and (ii) (a) the Issuer determines
in its good faith judgment that the disclosure of such event at such time would have a material
adverse effect on the business, operations or prospects of the Issuer or (b) the disclosure
otherwise relates to a pending material business transaction that has not yet been publicly
disclosed.

          (k) Prior to the effective date of the first Registration Statement relating to the
Registrable Notes, (i) provide the Trustee with certificates for the Registrable Notes in a form
eligible for deposit with The Depository Trust Company and (ii) provide a CUSIP number for the
Registrable Notes.

          (l) In connection with any underwritten offering of Registrable Notes pursuant to a Shelf
Registration, enter into an underwriting agreement as is customary in underwritten offerings of
debt securities similar to the Notes in form and substance reasonably satisfactory to the Issuer
and take all such other actions as are reasonably requested by the managing underwriter or
underwriters in order to expedite or facilitate the registration or the disposition of such
Registrable Notes and, in such connection, (i) make such representations and warranties to, and
covenants with, the underwriters with respect to the business of the Issuer and the subsidiaries of
the Issuer (including any acquired business, properties or entity, if applicable) and the
Registration Statement, Prospectus and documents, if any, incorporated or deemed to be incorporated
by reference therein, in each case, as are customarily made by issuers to underwriters in
underwritten offerings of debt securities similar to the Notes, and confirm the same in writing if
and when requested in form and substance reasonably satisfactory to the Issuer; (ii) upon the
request of any underwriter use its reasonable best efforts to obtain the written opinions of
counsel to the Issuer and written updates thereof in form, scope and substance reasonably
satisfactory to the managing underwriter or underwriters, addressed to the underwriters covering
the matters customarily covered in opinions reasonably requested in underwritten offerings and such
other matters as may be reasonably requested by the managing underwriter or underwriters; (iii)
upon the request of any underwriter use its reasonable best efforts to obtain “cold comfort”
letters and updates thereof in form, scope and substance reasonably satisfactory to the managing
underwriter or underwriters from the independent public accountants of the Issuer (and, if
necessary, any other independent public accountants of the Issuer, any subsidiary of the Issuer or
of any business acquired by the Issuer for which financial statements and financial data are, or
are required to be, included or incorporated by reference in the Registration Statement), addressed
to each of the underwriters, such letters to be in customary form and covering matters of the type
customarily covered in “cold comfort” letters in connection with underwritten offerings of debt
securities similar to the Notes and such other matters as reasonably requested by the managing
underwriter or underwriters as permitted by the Statement on Auditing Standards No. 72; and (iv) if
an underwriting agreement is entered into, cause the same to contain indemnification provisions and
procedures no less favorable to the sellers and underwriters, if any, than those set forth in
Section 7 hereof (or such other provisions and procedures acceptable to Holders of a majority in
aggregate principal amount of Registrable Notes covered by such Registration Statement and the
managing underwriter or underwriters or agents, if any). The above shall be done at each closing
under such underwriting agreement, or as and to the extent required thereunder.

          (m) If (1) a Shelf Registration is filed pursuant to Section 3 hereof, or (2) a Prospectus
contained in the Exchange Offer Registration Statement filed pursuant to Section 2

-15-

 

hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer
who seeks to sell Exchange Notes during the Applicable Period, make available for inspection by any
selling Holder of such Registrable Notes being sold, or each such Participating Broker-Dealer, as
the case may be, any underwriter participating in any such disposition of Registrable Notes, if
any, and any attorney, accountant or other agent retained by any such selling Holder or each such
Participating Broker-Dealer, as the case may be, or underwriter (collectively, the
“Inspectors”), at the offices where normally kept, during reasonable business hours on days
when the Issuer is open for business at its headquarters without materially interfering in the
business of the Issuer, all financial and other relevant records, pertinent corporate documents and
instruments of the Issuer and subsidiaries of the Issuer (collectively, the “Records”) as
shall be reasonably necessary to enable them to exercise any applicable due diligence
responsibilities, and cause the officers, directors and employees of the Issuer and any of its
subsidiaries to supply all information reasonably requested in writing by any such Inspector in
connection with such Registration Statement and Prospectus. The foregoing inspection and
information gathering shall be coordinated on behalf of the other parties by one counsel designated
by such parties as described in Section 6(b) hereof. Each Inspector shall agree in writing that it
will keep the Records confidential and that it will not disclose any of the Records that the Issuer
determines, in good faith, to be confidential unless (i) the release of such Records is ordered
pursuant to a subpoena or other order from a court of competent jurisdiction, or (ii) the
information in such Records has been made generally available to the public other than through the
acts of such Inspector; provided, however, that prior notice shall be provided as
soon as practicable to the Issuer of the potential disclosure of any information by such Inspector
pursuant to clause (i) of this sentence to permit the Issuer to obtain a protective order or take
other appropriate action to prevent the disclosure of such information at the Issuer’s sole expense
(or waive the provisions of this paragraph (m)) and that such Inspector shall take such actions as
are reasonably necessary to protect the confidentiality of such information (if practicable) to the
extent such action is otherwise not inconsistent with, an impairment of or in derogation of the
rights and interests of the Holder or any Inspector.

          (n) Provide an indenture trustee for the Registrable Notes or the Exchange Notes, as the case
may be, and cause the Indenture or the trust indenture provided for in Section 2(a) hereof, as the
case may be, to be qualified under the TIA not later than the effective date of the first
Registration Statement relating to the Registrable Notes; and in connection therewith, cooperate
with the trustee under any such indenture and the Holders of the Registrable Notes to effect such
changes to such indenture as may be required for such indenture to be so qualified in accordance
with the terms of the TIA; and execute, and use its reasonable best efforts to cause such trustee
to execute, all documents as may be required to effect such changes, and all other forms and
documents required to be filed with the SEC to enable such indenture to be so qualified in a timely
manner.

          (o) Comply with all applicable rules and regulations of the SEC and make generally available
to its securityholders with regard to any applicable Registration Statement, a consolidated
earnings statement satisfying the provisions of Section 11(a) of the Securities Act and Rule 158
thereunder (or any similar rule promulgated under the Securities Act) no later than 60 days after
the end of any fiscal quarter (or 120 days after the end of any 12-month period if such period is a
fiscal year) (i) commencing at the end of any fiscal quarter in which Registrable Notes are sold to
underwriters in a firm commitment or best efforts underwritten offering and (ii) if not sold to
underwriters in such an offering, commencing on the first day of the first fiscal

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quarter of the Issuer after the effective date of a Registration Statement, which statements
shall cover said 12-month periods.

          (p) Upon consummation of the Exchange Offer or a Private Exchange, obtain an opinion of
counsel to the Issuer (which counsel may be internal counsel of the Issuer), in a form customary
for underwritten transactions, addressed to the Trustee for the benefit of all Holders of
Registrable Notes participating in the Exchange Offer or the Private Exchange, as the case may be,
that the Exchange Notes or Private Exchange Notes, as the case may be, the related guarantee and
the related indenture constitute legal, valid and binding obligations of the Issuer, enforceable
against it in accordance with their respective terms, subject to customary exceptions and
qualifications.

          (q) If the Exchange Offer or a Private Exchange is to be consummated, upon delivery of the
Registrable Notes by Holders to the Issuer (or to such other Person as directed by the Issuer) in
exchange for the Exchange Notes or the Private Exchange Notes, as the case may be, the Issuer shall
mark, or cause to be marked, on such Registrable Notes that such Registrable Notes are being
canceled in exchange for the Exchange Notes or the Private Exchange Notes, as the case may be; in
no event shall such Registrable Notes be marked as paid or otherwise satisfied.

          (r) Cooperate with each seller of Registrable Notes covered by any Registration Statement and
each underwriter, if any, participating in the disposition of such Registrable Notes and their
respective counsel in connection with any filings required to be made with the National Association
of Securities Dealers, Inc. (the “NASD”).

          (s) Use its reasonable best efforts to take all other steps reasonably necessary to effect the
registration of the Registrable Notes covered by a Registration Statement contemplated hereby.

          The Issuer may require each seller of Registrable Notes as to which any registration is being
effected to furnish to the Issuer such information regarding such seller and the distribution of
such Registrable Notes as the Issuer may, from time to time, reasonably request. The Issuer may
exclude from such registration the Registrable Notes of any seller so long as such seller fails to
furnish such information within a reasonable time after receiving such request. Each seller as to
which any Shelf Registration is being effected agrees to furnish promptly to the Issuer all
information required to be disclosed so that the information previously furnished to the Issuer by
such seller is not materially misleading and does not omit to state a material fact required to be
stated therein or necessary in order to make the statements therein not misleading in the light of
the circumstances under which they were made.

          Each Holder of Registrable Notes and each Participating Broker-Dealer agrees by its
acquisition of such Registrable Notes or Exchange Notes to be sold by such Participating
Broker-Dealer, as the case may be, that, upon actual receipt of any notice from the Issuer of the
happening of any event of the kind described in Section 5(c)(ii), 5(c)(iv), 5(c)(v), or 5(c)(vi)
hereof, such Holder will forthwith discontinue disposition of such Registrable Notes covered by
such Registration Statement or Prospectus or Exchange Notes to be sold by such Holder or
Participating Broker-Dealer, as the case may be, until such Holder’s or Participating Broker-

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Dealer’s receipt of the copies of the supplemented or amended Prospectus contemplated by
Section 5(j) hereof, or until it is advised in writing (the “Advice”) by the Issuer that
the use of the applicable Prospectus may be resumed, and has received copies of any amendments or
supplements thereto. In the event that the Issuer shall give any such notice, each of the
Applicable Period and the Effectiveness Period shall be extended by the number of days during such
periods from and including the date of the giving of such notice to and including the date when
each seller of Registrable Notes covered by such Registration Statement or Exchange Notes to be
sold by such Participating Broker-Dealer, as the case may be, shall have received (x) the copies of
the supplemented or amended Prospectus contemplated by Section 5(j) hereof or (y) the Advice.

     6. Registration Expenses

          (a) All fees and expenses incident to the performance of or compliance with this Agreement by
the Issuer (other than any underwriting discounts or commissions) shall be borne by the Issuer,
including, without limitation, (i) all registration and filing fees (including, without limitation,
(A) fees with respect to filings required to be made with the NASD in connection with an
underwritten offering and (b) reasonable fees and expenses of compliance with state securities or
Blue Sky laws (including, without limitation, fees and disbursements of counsel in connection with
Blue Sky qualifications of the Registrable Notes or Exchange Notes and determination of the
eligibility of the Registrable Notes or Exchange Notes for investment under the laws of such
jurisdictions (x) where the holders of Registrable Notes are located, in the case of the Exchange
Notes, or (y) as provided in Section 5(h) hereof, in the case of Registrable Notes or Exchange
Notes to be sold by a Participating Broker-Dealer during the Applicable Period)), (ii) printing
expenses, including, without limitation, expenses of printing certificates for Registrable Notes or
Exchange Notes in a form eligible for deposit with The Depository Trust Company and of printing
prospectuses if the printing of prospectuses is requested by the managing underwriter or
underwriters, if any, by the Holders of a majority in aggregate principal amount of the Registrable
Notes included in any Registration Statement or in respect of Registrable Notes or Exchange Notes
to be sold by any Participating Broker-Dealer during the Applicable Period, as the case may be,
(iii) reasonable messenger, telephone and delivery expenses, (iv) fees and disbursements of counsel
for the Issuer, (v) fees and disbursements of all independent certified public accountants referred
to in Section 5(l)(iii) hereof (including, without limitation, the expenses of any special audit
and “cold comfort” letters required by or incident to such performance), (vi) Securities Act
liability insurance, if the Issuer desires such insurance, (vii) fees and expenses of all other
Persons retained by the Issuer, (viii) internal expenses of the Issuer (including, without
limitation, all salaries and expenses of officers and employees of the Issuer performing legal or
accounting duties), (ix) the expense of any annual audit, (x) any fees and expenses incurred in
connection with the listing of the securities to be registered on any securities exchange, and the
obtaining of a rating of the securities, in each case, if applicable, and (xi) the expenses
relating to printing, word processing and distributing all Registration Statements, underwriting
agreements, indentures and any other documents necessary in order to comply with this Agreement.

          (b) The Issuer shall reimburse the Holders of the Registrable Notes being registered in a
Shelf Registration for the reasonable fees and disbursements of not more than one counsel chosen by
the Holders of a majority in aggregate principal amount of the Registrable Notes to be included in
such Registration Statement. In addition, the Issuer shall reimburse the

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Initial Purchasers for the reasonable fees and expenses of one counsel in connection with the
Exchange Offer, which shall be Cahill Gordon & Reindel llp, and shall not be required to
pay any other legal expenses in connection therewith.

     7. Indemnification

          (a) The Issuer agrees to indemnify and hold harmless each Holder of Registrable Notes and each
Participating Broker-Dealer selling Exchange Notes during the Applicable Period, the affiliates,
officers, directors, representatives, employees and agents of each such Person, and each Person, if
any, who controls any such Person within the meaning of either Section 15 of the Securities Act or
Section 20 of the Exchange Act (each, a “Participant”), from and against any and all
losses, claims, damages, judgments, liabilities and expenses (including, without limitation, the
reasonable legal fees and other expenses actually incurred in connection with any suit, action or
proceeding or any claim asserted) caused by, arising out of or based upon any untrue statement or
alleged untrue statement of a material fact contained in any Registration Statement (or any
amendment thereto) or Prospectus (as amended or supplemented if the Issuer shall have furnished any
amendments or supplements thereto) or any preliminary prospectus, or caused by, arising out of or
based upon any omission or alleged omission to state therein a material fact required to be stated
therein or necessary to make the statements therein, in the case of the Prospectus in light of the
circumstances under which they were made, not misleading, except that the Issuer will not
be required to indemnify a Participant if such losses, claims, damages or liabilities are caused by
any untrue statement or omission or alleged untrue statement or omission made in reliance upon and
in conformity with information relating to any Participant furnished to the Issuer in writing by or
on behalf of such Participant expressly for use therein and with respect to any preliminary
Prospectus, or except to the extent that any such loss, claim, damage or liability arises solely
from the fact that any Participant sold Notes to a person to whom there was not sent or given a
copy of the Prospectus (as amended or supplemented) at or prior to the written confirmation of such
sale if the Issuer shall have previously furnished copies thereof to the Participant in accordance
herewith and the Prospectus (as amended or supplemented) would have corrected any such untrue
statement or omission.

          (b) Each Participant agrees, severally and not jointly, to indemnify and hold harmless the
Issuer, its affiliates, officers, directors, representatives, employees and agents of the Issuer
and each Person who controls the Issuer within the meaning of Section 15 of the Securities Act or
Section 20 of the Exchange Act to the same extent (but on a several, and not joint, basis) as the
foregoing indemnity from the Issuer to each Participant, but only with reference to information
relating to such Participant furnished to the Issuer in writing by or on behalf of such Participant
expressly for use in any Registration Statement or Prospectus, any amendment or supplement thereto,
or any preliminary prospectus or with respect to any untrue statement or representation made by
such Participant in writing to the Issuer. The liability of any Participant under this paragraph
shall in no event exceed the proceeds received by such Participant from sales of Registrable Notes
or Exchange Notes giving rise to such obligations.

          (c) If any suit, action, proceeding (including any governmental or regulatory investigation),
claim or demand shall be brought or asserted against any Person in respect of which indemnity may
be sought pursuant to either of the two preceding paragraphs, such Person (the “Indemnified
Person”) shall promptly notify the Persons against whom such indemnity may

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be sought (the “Indemnifying Persons”) in writing, and the Indemnifying Persons, upon
request of the Indemnified Person, shall retain counsel reasonably satisfactory to the Indemnified
Person to represent the Indemnified Person and any others entitled to indemnification pursuant to
this Section 7 that the Indemnifying Person may reasonably designate in such proceeding and shall
pay the reasonable fees and expenses actually incurred by such counsel related to such proceeding;
provided, however, that the failure to so notify the Indemnifying Persons will not
relieve it from any liability under paragraph (a) or (b) above unless and to the extent such
failure results in the forfeiture by the Indemnifying Person of substantial rights and defenses and
the Indemnifying Person was not otherwise aware of such action or claim. In any such proceeding,
any Indemnified Person shall have the right to retain its own counsel, but the fees and expenses of
such counsel shall be at the expense of such Indemnified Person unless (i) the Indemnifying Persons
and the Indemnified Person shall have mutually agreed to the contrary, (ii) the Indemnifying
Persons shall have failed within a reasonable period of time to retain counsel reasonably
satisfactory to the Indemnified Person or (iii) the named parties in any such proceeding (including
any impleaded parties) include both any Indemnifying Person and the Indemnified Person and
representation of both parties by the same counsel would be inappropriate due to actual or
potential differing interests between them. It is understood that the Indemnifying Persons shall
not, in connection with such proceeding or separate but substantially similar related proceeding in
the same jurisdiction arising out of the same general allegations, be liable for the fees and
expenses of more than one separate firm (in addition to any local counsel) for all Indemnified
Persons, and that all such fees and expenses shall be reimbursed promptly as they are incurred.
Any such separate firm for the Participants and such control Persons of Participants shall be
designated in writing by Participants who sold a majority in interest of Registrable Notes and
Exchange Notes sold by all such Participants and shall be reasonably acceptable to the Issuer, and
any such separate firm for the Issuer, its affiliates, officers, directors, representatives,
employees and agents and such control Persons of the Issuer shall be designated in writing by the
Issuer and shall be reasonably acceptable to the Holders.

          The Indemnifying Person shall not be liable for any settlement of any proceeding effected
without its prior written consent (which consent shall not be unreasonably withheld or delayed),
but if settled with such consent or if there be a final non-appealable judgment for the plaintiff
for which the Indemnified Person is entitled to indemnification pursuant to this Agreement, each
Indemnifying Person agrees to indemnify and hold harmless each Indemnified Person from and against
any loss or liability by reason of such settlement or judgment. No Indemnifying Person shall,
without the prior written consent of the Indemnified Person (which consent shall not be
unreasonably withheld or delayed), effect any settlement or compromise of any pending or threatened
proceeding in respect of which any Indemnified Person is or could have been a party, and indemnity
could have been sought hereunder by such Indemnified Person, unless such settlement (A) includes an
unconditional written release of such Indemnified Person, in form and substance reasonably
satisfactory to such Indemnified Person, from all liability on claims that are the subject matter
of such proceeding and (B) does not include any statement as to an admission of fault, culpability
or failure to act by or on behalf of any Indemnified Person.

          (d) If the indemnification provided for in the first and second paragraphs of this Section 7
is for any reason unavailable to, or insufficient to hold harmless, an Indemnified Person in
respect of any losses, claims, damages or liabilities referred to therein, then each Indemnifying
Person under such paragraphs, in lieu of indemnifying such Indemnified Person

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thereunder and in order to provide for just and equitable contribution, shall contribute to
the amount paid or payable by such Indemnified Person as a result of such losses, claims, damages
or liabilities in such proportion as is appropriate to reflect the relative fault of the
Indemnifying Person or Persons on the one hand and the Indemnified Person or Persons on the other
in connection with the statements or omissions or alleged statements or omissions that resulted in
such losses, claims, damages or liabilities (or actions in respect thereof) as well as any other
relevant equitable considerations. The relative fault of the parties shall be determined by
reference to, among other things, whether the untrue or alleged untrue statement of a material fact
or the omission or alleged omission to state a material fact relates to information supplied by the
Issuer on the one hand or such Participant or such other Indemnified Person, as the case may be, on
the other, the parties’ relative intent, knowledge, access to information and opportunity to
correct or prevent such statement or omission, and any other equitable considerations appropriate
in the circumstances.

          (e) The parties agree that it would not be just and equitable if contribution pursuant to this
Section 7 were determined by pro rata allocation (even if the Participants were treated as one
entity for such purpose) or by any other method of allocation that does not take account of the
equitable considerations referred to in the immediately preceding paragraph. The amount paid or
payable by an Indemnified Person as a result of the losses, claims, damages, judgments, liabilities
and expenses referred to in the immediately preceding paragraph shall be deemed to include, subject
to the limitations set forth above, any reasonable legal or other expenses actually incurred by
such Indemnified Person in connection with investigating or defending any such action or claim.
Notwithstanding the provisions of this Section 7, in no event shall a Participant be required to
contribute any amount in excess of the amount by which proceeds received by such Participant from
sales of Registrable Notes or Exchange Notes, as the case may be, exceeds the amount of any damages
that such Participant has otherwise been required to pay or has paid by reason of such untrue or
alleged untrue statement or omission or alleged omission. No Person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from any Person who was not guilty of such fraudulent misrepresentation.

          (f) Any losses, claims, damages, liabilities or expenses for which an indemnified party is
entitled to indemnification or contribution under this Section 7 shall be paid by the Indemnifying
Person to the Indemnified Person as such losses, claims, damages, liabilities or expenses are
incurred. The indemnity and contribution agreements contained in this Section 7 and the
representations and warranties of the Issuer set forth in this Agreement shall remain operative and
in full force and effect, regardless of (i) any investigation made by or on behalf of any Holder or
any person who controls a Holder, the Issuer, its directors, officers, employees or agents or any
person controlling the Issuer, and (ii) any termination of this Agreement.

          (g) The indemnity and contribution agreements contained in this Section 7 will be in addition
to any liability which the Indemnifying Persons may otherwise have to the Indemnified Persons
referred to above.

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     8. Rules 144 and 144A

          The Issuer covenants and agrees that it will file the reports required to be filed by it under
the Securities Act and the Exchange Act and the rules and regulations adopted by the SEC thereunder
in a timely manner in accordance with the requirements of the Securities Act and the Exchange Act
and, for so long as any Registrable Notes remain outstanding, and if the Issuer is not required to
file such reports, the Issuer will, upon the request of any Holder or beneficial owner of
Registrable Notes, make available such information of the type specified in Sections 13 and 15(d)
of the Exchange Act. The Issuer further covenants and agrees, for so long as any Registrable Notes
remain outstanding, to make available to any Holder or beneficial owner of Registrable Notes in
connection with any sale thereof and any prospective purchaser of such Registrable Notes from such
Holder or beneficial owner the information required by Rule 144A(d)(4) and 144(c) under the
Securities Act in order to permit resales of such Registrable Notes pursuant to Rule 144A and Rule
144(k).

     9. Underwritten Registrations

          If any of the Registrable Notes covered by any Shelf Registration are to be sold in an
underwritten offering, the investment banker or investment bankers and manager or managers that
will manage the offering will be selected by the Holders of a majority in aggregate principal
amount of such Registrable Notes included in such offering and shall be reasonably acceptable to
the Issuer.

          No Holder of Registrable Notes may participate in any underwritten registration hereunder
unless such Holder (a) agrees to sell such Holder’s Registrable Notes on the basis provided in any
underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements
and (b) completes and executes all questionnaires, powers of attorney, indemnities, underwriting
agreements and other documents required under the terms of such underwriting arrangements.

     10. Miscellaneous

          (a) No Inconsistent Agreements. The Issuer has not, as of the date hereof, and the
Issuer shall not, after the date of this Agreement, enter into any agreement with respect to any of
its securities that is inconsistent with the rights granted to the Holders of Registrable Notes in
this Agreement or otherwise conflicts with the provisions hereof. The rights granted to the
Holders hereunder do not in any way conflict with and are not inconsistent with the rights granted
to the holders of the Issuer’s other issued and outstanding securities under any such agreements.
The Issuer shall not, after the date of this agreement, enter into any agreement with respect to
any of the Issuer’s securities which will grant to any Person piggy-back registration rights with
respect to any Registration Statement.

          (b) Adjustments Affecting Registrable Notes. The Issuer shall not, directly or
indirectly, take any action with respect to the Registrable Notes as a class that would adversely
affect the ability of the Holders of Registrable Notes to include such Registrable Notes in a
registration undertaken pursuant to this Agreement.

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          (c) Amendments and Waivers. The provisions of this Agreement may not be amended,
modified or supplemented, and waivers or consents to departures from the provisions hereof may not
be given, otherwise than with the prior written consent of (I) the Issuer and (II) (A) the Holders
of not less than a majority in aggregate principal amount of the then outstanding Registrable Notes
and (B) in circumstances that would adversely affect the Participating Broker-Dealers,
Participating Broker-Dealers holding not less than a majority in aggregate principal amount of the
Exchange Notes held by all Participating Broker-Dealers; provided, however, that
Section 7 and this Section 10(c) may not be amended, modified or supplemented without the prior
written consent of each Holder and each Participating Broker-Dealer (including any person who was a
Holder or Participating Broker-Dealer of Registrable Notes or Exchange Notes, as the case may be,
disposed of pursuant to any Registration Statement) affected by any such amendment, modification or
supplement. Notwithstanding the foregoing, a waiver or consent to depart from the provisions
hereof with respect to a matter that relates exclusively to the rights of Holders of Registrable
Notes whose securities are being sold pursuant to a Registration Statement and that does not
directly or indirectly affect, impair, limit or compromise the rights of other Holders of
Registrable Notes may be given by Holders of at least a majority in aggregate principal amount of
the Registrable Notes being sold pursuant to such Registration Statement.

          (d) Notices. All notices and other communications (including, without limitation, any
notices or other communications to the Trustee) provided for or permitted hereunder shall be made
in writing by hand-delivery, registered first-class mail, next-day air courier or facsimile:

     (i) if to a Holder of the Registrable Notes or any Participating Broker-Dealer, at the
most current address of such Holder or Participating Broker-Dealer, as the case may be, set
forth on the records of the registrar under the Indenture.

     (ii) if to the Issuer, at the address as follows:

ORBIMAGE Holdings Inc.

21700 Atlantic Boulevard

Dulles, VA 20166

Facsimile No.: (703) 450-9570

Attention: General Counsel

with copies to:

Latham & Watkins LLP

555 Eleventh Street, N.W.

Suite 1000

Washington, D.C. 20004

Facsimile No.: (202) 637-2201

Attention: William P. O’Neill, Esq.

          All such notices and communications shall be deemed to have been duly given: when delivered
by hand, if personally delivered; five business days after being deposited in the

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mail, postage prepaid, if mailed; one business day after being timely delivered to a next-day
air courier; and when transmission is confirmed, if sent by facsimile.

          Copies of all such notices, demands or other communications shall be concurrently delivered by
the Person giving the same to the Trustee at the address and in the manner specified in such
Indenture.

          (e) Successors and Assigns. This Agreement shall inure to the benefit of and be
binding upon the successors and assigns of each of the parties hereto, the Holders and the
Participating Broker-Dealers; provided, however, that nothing herein shall be
deemed to permit any assignment, transfer or other disposition of Registrable Notes in violation of
the terms of the Purchase Agreement or the Indenture and provided further, that this Agreement
shall not inure to the benefit of or be binding upon a successor or assign of a Holder unless and
to the extent such successor or assign holds Registrable Securities.

          (f) Counterparts. This Agreement may be executed in any number of counterparts and by
the parties hereto 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.

          (g) Headings. The headings in this Agreement are for convenience of reference only
and shall not limit or otherwise affect the meaning hereof.

          (h)
Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED ENTIRELY WITHIN
THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. EACH OF THE PARTIES
HERETO AGREES TO SUBMIT TO THE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK IN ANY ACTION OR
PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT.

          (i) Severability. If any term, provision, covenant or restriction of this Agreement
is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the
remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in
full force and effect and shall in no way be affected, impaired or invalidated, and the parties
hereto shall each use its reasonable best efforts to find and employ an alternative means to
achieve the same or substantially the same result as that contemplated by such term, provision,
covenant or restriction. It is hereby stipulated and declared to be the intention of the parties
that they would have executed the remaining terms, provisions, covenants and restrictions without
including any of such that may be hereafter declared invalid, illegal, void or unenforceable.

          (j) Notes Held by the Issuer or Its Affiliates. Whenever the consent or approval of
Holders of a specified percentage of Registrable Notes is required hereunder, Registrable Notes
held by the Issuer or its affiliates (as such term is defined in Rule 405 under the Securities Act)
shall not be counted in determining whether such consent or approval was given by the Holders of
such required percentage.

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          (k) Third-Party Beneficiaries. Holders of Registrable Notes and Participating
Broker-Dealers are intended third-party beneficiaries of this Agreement, and this Agreement may be
enforced by such Persons.

          (l) Entire Agreement. This Agreement, together with the Purchase Agreement and the
Indenture, is intended by the parties as a final and exclusive statement of the agreement and
understanding of the parties hereto in respect of the subject matter contained herein and therein
and any and all prior oral or written agreements, representations, or warranties, contracts,
understandings, correspondence, conversations and memoranda between the Holders on the one hand and
the Issuer on the other, or between or among any agents, representatives, parents, subsidiaries,
affiliates, predecessors in interest or successors in interest with respect to the subject matter
hereof and thereof are merged herein and replaced hereby.

[Signature page follows]

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          WITNESS the due execution hereof by the respective duly authorized officers of the undersigned
as of the date first written above.

	 	 	 	 	 
	 	ORBIMAGE HOLDINGS INC.,

    as Issuer

 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

The foregoing Agreement is hereby confirmed

and accepted by the Initial Purchasers

as of the date first above written.

	 	 	 	 	 
	DEUTSCHE BANK SECURITIES INC.	 	 
	 
	 	 	 	 
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	CREDIT SUISSE FIRST BOSTON LLC	 	 
	 
	 	 	 	 
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S-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00087-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00087-of-00352.parquet"}]]