Document:

Exhibit
10.38

 

 

 

FIRST AMENDMENT TO AGREEMENT OF DISCLOSED PLEDGE DATED 2

NOVEMBER 2004

 

 

between

 

NEW SKIES
SATELLITES B.V.

 

 

as Pledgor

 

and

 

 

DEUTSCHE BANK AG, NEW YORK BRANCH

 

as Pledgee

 

 

Credit

 

Balances on
Bank Accounts

 

 

Stibbe N.V.

Strawinskylaan 2001

Amsterdam

 

 

 

 

THIS FIRST AMENDMENT TO
AGREEMENT OF DISCLOSED PLEDGE OF CREDIT

BALANCES ON BANK ACCOUNTS IS DATED 22 FEBRUARY 2005

 

BETWEEN:

 

1                                          New Skies Satellites B.V., a private company with limited liability (besloten vennootschap), incorporated and existing under the
laws of The Netherlands, with corporate seat in Amsterdam, The Netherlands,
having its registered address at Rokin 55, 1012 KK Amsterdam, The Netherlands,
registered with the Commercial Register under number 30146277 (the “Pledgor”); and

 

2                                          Deutsche Bank AG, New York Branch,
with its principal place of business at 60 Wall Street, New York 10005, United
States of America, acting as Collateral Agent pro se
in its capacity as creditor under the Parallel Debt Obligations (as defined
below) and also for the Secured Parties, as such term is defined in the Credit
Agreement (as defined below), pursuant to the terms of the Credit Agreement
(the “Pledgee”).

 

WHEREAS:

 

(a)                                  on 2 November 2004,
amongst others, New Skies Holding B.V., the Pledgor, the Lenders party thereto,
the Pledgee (as Administrative Agent and as Collateral Agent for the Secured
Parties), ABN AMRO Bank N.V. (as Syndication Agent) and Deutsche Bank
Securities Inc. and ABN AMRO Incorporated (as Joint Lead Arrangers) entered
into a USD 535,000,000 Credit Agreement (the “Credit
Agreement”);

 

(b)                                 as a condition to
the (continuing) availability of the credit extended pursuant to the Credit
Agreement and in order to secure and provide for the payment and discharge of, inter alia, the Parallel Debt Obligations
(as defined in the Pledge of Assets -as defined below-), the Pledgor and the
Pledgee have entered into an Agreement of Disclosed Pledge of Credit Balances
on Bank Accounts dated 2 November 2004 (the “Pledge of
Assets”);

 

(c)                                  on 22 February 2005,
amongst others, New Skies Holding B.V., the Pledgor, the Lenders party thereto,
the Pledgee (as Administrative Agent and as Collateral Agent for the Secured
Parties), ABN AMRO Bank N.V. (as Syndication Agent) and Deutsche Bank
Securities Inc. and ABN AMRO Incorporated (as Joint Lead Arrangers) entered
into an amendment to the Credit Agreement (the “Amendment”);

 

(d)                                 the Amendment
envisages that certain assets of the Pledgor will be encumbered in favour of Boeing Satellite Systems International, Inc. the
encumbrances will include (i) a Liens in favour of Boeing on the Boeing Escrow
Amount and (ii) a Liens securing obligations to Boeing
pursuant to the NSS-8 Contract over NSS-8, accounts receivable relating to
NSS-8 and any bank accounts into which payments pursuant to such accounts
receivable are paid 

 

2

 

so long as no other accounts receivable are paid into such bank
accounts (all as defined in the
Amendment), and as a result thereof, Pledgor and Pledgee hereby wish to modify the
terms of the Pledge of Credit Balances on Bank Accounts by entering into this
First Amendment to the Pledge of Assets (this “Amendment to
the Pledge of Assets”); and

 

(e)                                  pursuant to Clause 17 of the Pledge on Credit Balances
on Bank Accounts, the Pledgor and the
Pledgee have the consent of the Required Secured Parties (as
defined in the Pledge of Credit Balances on Bank Accounts) pursuant to the
Amendment to enter into this Amendment to the Pledge of Credit Balances on Bank
Accounts.

 

 

IT IS HEREBY AGREED AS FOLLOWS:

 

The Pledgee agrees to release and hereby releases any right of pledge
created on the Exempt Accounts and the Pledgor agrees to and
accepts such release.

 

The
definition of “Account” in clause 1.3 of the Pledge of Credit Balances on Bank Accounts is hereby deleted in its entirety
and the following new definition is inserted:

 

“Account” means any
present and future bank account maintained by the Pledgor from time to time
with any Account Bank or administered with a branch office of any Account Bank
(including but not limited to the Accounts listed in Annex 1 hereto), but
excluding the Exempt Accounts for the period during which any Boeing Liens
(as defined in the Amendment) is vested on such Exempt Accounts. For the
avoidance of doubt, the definition of Account shall include the Exempt Accounts
once the Boeing Liens (as defined in the Amendment) on such Exempt Accounts
vested pursuant to the Amendment has ceased to exist in any way;

 

The following new definition in clause 1.3 of the Pledge of Credit
Balances on Bank Accounts is hereby inserted:

 

“Exempt Account” means (i) any account in which the Boeing Escrow Amount
(as defined in the Amendment) is held and (ii) any account into which payments
in respect of accounts receivable relating to NSS-8 (as defined in the
Amendment ) are paid, so long as no other accounts receivable are paid into
such account;

 

Clause
2.2 of the Pledge of Credit
Balances on Bank Accounts is hereby deleted in its entirety and the following new
clause 2.2 is inserted:

 

3

 

2.2                                 Subject to Clause 2.5 below, as security for the payment
and discharge in full, when due (whether at stated maturity, by acceleration or
otherwise), of the Secured Obligations, the Pledgor hereby grants, for the
duration of the Security Period, to the Pledgee a first ranking disclosed right
of pledge (openbaar pandrecht eerste in rang),
subject to permitted Liens
pursuant to the Credit Agreement over all
Receivables and, once the Boeing Liens (as defined in the Amendment) on the
Exempt Accounts has ceased to exist in any way, hereby grants in advance (verpanden bij voorbaat)
to the Pledgee a first ranking disclosed right of pledge (openbaar pandrecht eerste in rang) over
Receivables on such Exempt Accounts and, furthermore, to the extent it
concerns future Receivables, hereby grants in advance (verpanden bij voorbaat) to the Pledgee a
first ranking right of pledge over such future Receivables and the Pledgee
hereby accepts such rights of pledge.

 

Clause
4.1 of the Pledge of Credit
Balances on Bank Accounts is hereby deleted in its entirety and the following new
clause 4.1 is inserted:

 

4.1                                 The Pledgor represents and warrants that the following is true and
correct on the date of this Agreement, on the date the Boeing Liens on the
Exempt Accounts created pursuant to the Amendment ceases to exist in any way
and each time any future Receivables will be pledged to the Pledgee:

 

(i)   the
Pledgor holds full and exclusive title to the Receivables and is authorised (beschikkingsbevoegd) to create a right of pledge thereover; and

 

(ii)  except
for the Rights of Pledge created pursuant to this Agreement and any
encumbrances or liens permitted by the Credit Agreement, the Receivables have not
been encumbered with any attachment (beslag) or any
rights in rem (beperkte rechten), none of the
Receivables have been assigned or pledged in advance and all Receivables can be
pledged to the Pledgee.

 

[remainder of page
intentionally left blank]

 

4

 

This Amendment has been
entered into on 22 February 2005.

 

	
  THE PLEDGOR

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  NEW SKIES SATELLITES B.V.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/
  D.A. Vietor

  	
   

  	
   

  
	
  By: D.A. Vietor

  	
   

  
	
  Title: attorney in fact

  	
   

  
			

 

 

	
  THE PLEDGEE

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  DEUTSCHE BANK AG, NEW YORK BRANCH

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/
  Pieter Schutte

  	
   

  	
   

  
	
  By: Pieter Schutte

  	
   

  
	
  Title: attorney in fact

  	
   

  
			

 

5Exhibit 10.39

 

 

 

FIRST AMENDMENT TO AGREEMENT OF UNDISCLOSED PLEDGE DATED 2

NOVEMBER 2004

 

 

between

 

NEW SKIES SATELLITES B.V.

 

 

as Pledgor

 

and

 

 

DEUTSCHE BANK AG, NEW YORK BRANCH

 

as Pledgee

 

 

Third Party
Accounts Receivable

 

 

Stibbe N.V.

Strawinskylaan 2001

Amsterdam

 

 

 

 

THIS FIRST AMENDMENT TO
AGREEMENT OF UNDISCLOSED PLEDGE OF THIRD

PARTY ACCOUNTS RECEIVABLE IS DATED 22 FEBRUARY 2005

 

BETWEEN:

 

1                                          New Skies Satellites B.V., a private company with limited liability (besloten vennootschap), incorporated and existing under the
laws of The Netherlands, with corporate seat in Amsterdam, The Netherlands,
having its registered address at Rokin 55, 1012 KK Amsterdam, The Netherlands,
registered with the Commercial Register under number 30146277 (the “Pledgor”); and

 

2                                          Deutsche Bank AG, New York Branch,
with its principal place of business at 60 Wall Street, New York 10005, United
States of America, acting as Collateral Agent pro se
in its capacity as creditor under the Parallel Debt Obligations (as defined
below) and also for the Secured Parties, as such term is defined in the Credit
Agreement (as defined below), pursuant to the terms of the Credit Agreement
(the “Pledgee”).

 

WHEREAS:

 

(a)                                  on 2 November 2004,
amongst others, New Skies Holding B.V., the Pledgor, the Lenders party thereto,
the Pledgee (as Administrative Agent and as Collateral Agent for the Secured
Parties), ABN AMRO Bank N.V. (as Syndication Agent) and Deutsche Bank
Securities Inc. and ABN AMRO Incorporated (as Joint Lead Arrangers) entered
into a USD 535,000,000 Credit Agreement (the “Credit
Agreement”);

 

(b)                                 as a condition to
the (continuing) availability of the credit extended pursuant to the Credit
Agreement and in order to secure and provide for the payment and discharge of, inter alia, the Parallel Debt Obligations
(as defined in the Pledge of Third Part Accounts Receivable -as defined
below-), the Pledgor and the Pledgee have entered into an Agreement of
Undisclosed Pledge of Third Party Accounts Receivable dated 2 November 2004
(the “Pledge of Third Party Accounts Receivable”);

 

(c)                                  on 22 February 2005,
amongst others, New Skies Holding B.V., the Pledgor, the Lenders party thereto,
the Pledgee (as Administrative Agent and as Collateral Agent for the Secured
Parties), ABN AMRO Bank N.V. (as Syndication Agent) and Deutsche Bank
Securities Inc. and ABN AMRO Incorporated (as Joint Lead Arrangers) entered
into an amendment to the Credit Agreement (the “Amendment”);

 

(d)                                 the Amendment
envisages that certain assets of the Pledgor will be pledged to Boeing Satellite Systems International, Inc.
pursuant to, amongst others, an Agreement of Pledge of Third Party Accounts
Receivable relating to NSS-8, dated 22 February 2005 between New Skies
Satellites B.V. and Boeing Satellite Systems International, Inc. (the “NSS-8 

 

2

 

Third Party Accounts Receivable
Pledge”) and as a result
thereof, Pledgor and Pledgee hereby wish to modify the terms of the Pledge
of Third Party Accounts Receivable by entering into this First Amendment to the Pledge
of Third Party Accounts Receivable (this “Amendment to the Pledge of
Third Party Accounts Receivable”); and

 

(e)                                  pursuant to Clause 17 of the Pledge of Third Party
Accounts Receivable,
the Pledgor and the Pledgee have the consent of the Required Secured Parties (as
defined in the Pledge of Third Party Accounts Receivable) pursuant to the
Amendment to enter into this Amendment to the Pledge of Third Party Accounts
Receivable.

 

IT IS HEREBY AGREED AS FOLLOWS:

 

The Pledgee agrees to release and hereby releases any right of pledge
created on the Accounts Receivable (as defined in the NSS-8 Third Party
Accounts Receivable Pledge) relating to NSS-8 (such accounts receivable
relating to NSS-8 hereinafter: the “NSS-8 Accounts Receivable”)
and the Pledgor agrees to and accepts such release.

 

The
definition of “Accounts Receivable” in clause 1.3 of the Pledge of Third Party Accounts Receivable is hereby deleted in its
entirety and the following new definition is inserted:

 

“Accounts Receivable” means any
and all accounts receivable (vorderingen op naam)
of the Pledgor against any Third Party (as defined below), including but not
limited to the accounts receivable as listed in Annex 1 hereto, whether now
existing or hereafter created or arising, in each case if or to the extent that
these rights are capable of being pledged under the laws of the Netherlands at
the time of execution of this Agreement or any Supplemental Agreement (as
defined below), as the case may be, but excluding the NSS-8 Accounts Receivable for the
period during which a right of pledge is vested on the NSS-8 Accounts
Receivable pursuant to the NSS-8 Third Party Accounts Receivable Pledge. For
the avoidance of doubt, the definition of Accounts Receivables shall include the
NSS-8 Accounts Receivable once the right of pledge vested on the NSS-8 Accounts
Receivable pursuant to the NSS-8 Third Party Accounts Receivable Pledge has
ceased to exist in any way;

 

Clause
2.2 of the Pledge of Third Party
Accounts Receivable is hereby deleted in its entirety and the following new
clause 2.2 is inserted:

 

2.2                                 As security for the payment and discharge in full, when due
(whether at stated maturity, by acceleration or otherwise), of the Secured
Obligations, the Pledgor hereby grants, for the duration of the Security
Period, to the Pledgee a first ranking undisclosed right of pledge (stil pandrecht eerste in rang), over all
Accounts Receivable and, once the right of pledge 

 

3

 

on the NSS-8 Accounts Receivable has ceased to exist
in any way, hereby grants in advance (verpandt
bij voorbaat) to the Pledgee a first ranking undisclosed right of
pledge (stil pandrecht eerste in rang)
over the NSS-8 Accounts Receivable and furthermore, to the extent it concerns future Accounts Receivable,
hereby grants in advance (verpandt bij
voorbaat) to the Pledgee such future Accounts Receivable and the
Pledgee hereby accepts such rights of pledge.

 

Clause
4.1 of the Pledge of Third Party
Accounts Receivable is hereby deleted in its entirety and the following new
clause 4.1 is inserted:

 

4.1                                 The Pledgor represents and warrants that the following is true and
correct on the date of this Agreement, on the date the rights of pledge created
pursuant to the NSS-8 Third Party Accounts Receivable Pledge ceases to exist in any way and each time any future Assets
will be pledged to the Pledgee:

 

(i)   the
Pledgor holds full and exclusive title to the Accounts Receivable and is
authorised (beschikkingsbevoegd) to create a right of pledge
thereover; and

 

(ii)  except
for the Rights of Pledge created pursuant to this Agreement and any
encumbrances or liens permitted by the Credit Agreement, the Accounts
Receivable have not been encumbered with any attachment (beslag)
or any rights in rem (beperkte rechten),
none of the Accounts Receivable have been assigned or pledged in advance and
all Accounts Receivable can be pledged to the Pledgee.

 

[remainder of page
intentionally left blank]

 

4

 

This Amendment has been
entered into on 22 February 2005.

 

 

	
  THE PLEDGOR

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  NEW SKIES SATELLITES B.V.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ D.A. Vietor

  	
   

  	
   

  
	
  By: D.A. Vietor

  	
   

  
	
  Title: attorney in fact

  	
   

  
			

 

 

	
  THE PLEDGEE

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  DEUTSCHE BANK AG, NEW YORK BRANCH

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ Pieter Schutte

  	
   

  	
   

  
	
  By: Pieter Schutte

  	
   

  
	
  Title: attorney in fact

  	
   

  
			

 

5

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