Document:

Exhibit 10.4

 Exhibit 10.4 
 EXECUTION COPY 
 GUARANTY 
 THIS GUARANTY (this “Guaranty”) dated as of February 13, 2007, is made by XM Satellite Radio Holdings Inc., a Delaware corporation
(“Holdings”); XM Equipment Leasing LLC, a Delaware limited liability company (“XM Leasing”); XM Radio Inc., a Delaware corporation (“XM License”) and each additional guarantor that has executed a Counterpart Agreement
in the Form of Annex A hereto (“Additional Guarantor”) (Holdings, XM Leasing, XM License and the Additional Guarantors being referenced to herein collectively as “Guarantors”). 
 W I T N E S S E T H : 
 WHEREAS, pursuant to the
provisions of a Trust Agreement, dated as of the date hereof between Wells Fargo Bank Northwest, National Association, a national banking association (in its individual capacity, “Trust Company” and solely in its capacity as trustee
thereunder, “Owner Trustee”), and the Owner Participant identified in Schedule I hereto (“Owner Participant”), Owner Participant authorized Owner Trustee to enter into agreements for the purchase, leasing and servicing of
Buyer’s Transponders (such term and all other capitalized terms used herein and not otherwise defined having the meaning specified in Appendix A to the Participation Agreement hereinafter referred to); 
 WHEREAS, Owner Trustee, as Lessor, currently intends to enter into a Lease Agreement (as amended, modified or supplemented from time to time, the
“Lease” and, together with the Participation Agreement, Consent and Agreement, Tax Indemnification Agreement, Purchase Agreement, Bill of Sale, Service Agreement, any Deferred Payment Note and other consents and agreements and bills of
sale as specifically provided in any of the XM Agreements or Operative Documents, in each case as amended, modified or supplemented from time to time, hereinafter referred to as the “Documents” and singly as a “Document”) to be
dated as of the Closing Date, with XM Satellite Radio Inc., a Delaware corporation and a wholly-owned subsidiary of Holdings and the parent company of XM Leasing and XM License, as lessee (“Lessee”), providing for the lease by Lessee from
Owner Trustee of Buyer’s Transponders; 
 WHEREAS, concurrently herewith, Owner Trustee has entered into a Transponder Service Agreement
(as amended, modified or supplemented from time to time, the “Service Agreement”) with XM Satellite Radio Inc., a Delaware corporation and wholly-owned subsidiary of Holdings and the parent company of XM Leasing and XM License, as service
provider (“Service Provider”), providing for the performance by Service Provider of certain operational services for Owner Trustee; 
 WHEREAS, subject to the terms and conditions of that certain Participation Agreement, dated as of February 13, 2007 (as amended or modified from time to time, the “Participation Agreement”), among Owner Participant, Holdings,
XM and the other parties named therein, Owner Participant has agreed to make an equity investment in Buyer’s Transponders; 

 NOW, THEREFORE, in consideration of the foregoing premises and other good and valuable consideration,
receipt of which is hereby acknowledged, Guarantors hereby agree for the benefit of each of the Indemnitees (collectively, the “Guaranteed Parties,” and individually, a “Guaranteed Party”) as follows: 
 1. Guaranty. 
 (a) Guarantors hereby
jointly and severally unconditionally guarantee to each Guaranteed Party (i) the punctual payment when due of each and every obligation for the payment of money (including, without limitation, pursuant to any indemnity provision) of Lessee or
Service Provider to such Guaranteed Party to the extent of such Guaranteed Party’s rights to such payments under any Document now or hereafter arising under any such Document (as such payment obligations are set forth therein and which
obligations are subject to any and all terms, conditions and limitations now or hereafter set forth therein), (ii) the due and punctual payment of any and all money damages for breach or default by Lessee or Service Provider in respect of their
respective representations, warranties, covenants and other obligations now or hereafter arising under any Document (“Damages”) and (iii) any and all reasonable fees and expenses (including, without limitation, reasonable
attorneys’ fees subject to the same limitations, if any, imposed on such fees and expenses in the Documents) incurred by each Guaranteed Party in enforcing any rights of each Guaranteed Party under this Guaranty. In the event that any of the
foregoing obligations for the payment of money or liabilities for Damages of Lessee or Service Provider, as the case may be, under any of the Documents, shall not be paid when due, Guarantors will immediately pay such obligations (to the extent that
such obligations have not been paid when due by the Lessee or Service Provider) for the payment of money or liabilities for Damages; provided that in the event that the payment of an obligation for the payment of money or liability for
Damages is required of Guarantors hereunder, Guarantors may cause such obligation or liability to be paid on their behalf by any entity affiliated with them. Such obligations for the payment of money and liabilities for Damages are collectively
referred to herein as the “Guaranteed Obligations.” For purposes of this Guaranty, the terms “Lessee” and “Service Provider” shall mean each of Lessee and Service Provider, as such terms are respectively defined in
Appendix A to the Participation Agreement, and each successor to or assignee or delegate of any of their respective obligations under any Document. As used herein, Lessee shall also include any Assignee or User of Lessee pursuant to
Section 6(c) of the Lease. 
 (b) This Guaranty is a guarantee of payment and not of collectibility, is in no way conditioned or
contingent upon any attempt to collect from Lessee or the Service Provider, as the case may be, or upon any other event, contingency or circumstance whatsoever. 
 (c) Notwithstanding anything contained herein to the contrary, this Guaranty is a guarantee of payment and not of performance. 
 2. Security Interest. In addition to the provisions of Section 1, Holdings hereby grants to the Owner Trustee, its successors and assigns, a first priority security interest and lien on the Satellite, all
in accordance with the terms of Annex B (the “Security Annex”), the provisions of which are hereby incorporated by reference herein. 
  

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 3. Security for Owner Trustee’s Obligations to Indenture Trustee. In order to secure the
indebtedness evidenced by the Notes and all obligations secured by the Indenture, the Owner Trustee provides in the Indenture, among other things, for the assignment (to the extent provided therein) by the Owner to the Indenture Trustee of all of
the Owner’s right, title and interest in and to this Guaranty, the Security Annex incorporated herein and the Satellite Security and for the creation of a Lien and security interest to the extent permitted by Applicable Laws in favor of the
Indenture Trustee for the benefit of the Noteholders in and to the Indenture Estate as described in the granting clauses of the Indenture. Guarantors hereby consent to such assignment and to the creation of such Lien and security interest and
acknowledge receipt of copies of the Indenture. Guarantors and the Owner Trustee hereby acknowledge that, for so long as the Lien of the Indenture shall be in effect, (i) this Guaranty constitutes a “Granting Clause Document” under
the Indenture and (ii) the Indenture Trustee is, and is intended to be, a third party beneficiary of this Guaranty (including as to the representations and warranties, the covenants and the indemnification obligations of the Guarantors
hereunder). In no event shall the Owner Trustee grant or consent to any waiver, amendment, modification or supplement to this Guaranty (except with respect to Excepted Payments) without the prior written consent of the Indenture Trustee, until the
Lien of the Indenture shall have been terminated or discharged. The Owner Trustee agrees that it shall not otherwise assign or convey its right, title and interest in and to this Guaranty, except as permitted by and subject to the provisions of this
Guaranty, Participation Agreement and the Indenture. 
 4. Guaranty Absolute. The liability of Guarantors under this Guaranty with
respect to each and all of the Guaranteed Obligations shall be irrevocable and shall be absolute and unconditional irrespective of, and shall not be released, discharged or in any way affected by, any circumstance, condition or matter (whether or
not any Guarantor, Lessee or Service Provider shall have any knowledge or notice thereof), including, without limitation: 
 (a) any waiver,
extension, renewal or modification of, or any consent to departure from, any Document, including, without limitation, any waiver or consent involving a change in the amount, time, manner or place of payment of all or any of the Guaranteed
Obligations contained in any Document; 
 (b) any exchange, release or nonperfection of any collateral, or any release or amendment or waiver
of or consent or departure from any other guaranty or security agreement, for all or any of the Guaranteed Obligations contained in any Document; 
 (c) as to any Guaranteed Party, any failure on the part of any other Person to perform its obligations under any XM Agreement, Operative Document or other Document, as the case may be; 
 (d) any extension of the time for payment by Lessee or Service Provider, as the case may be, or any other Person of any Guaranteed Obligation under any
Document; 
 (e) any failure, omission or delay by any Guaranteed Party to enforce, assert or exercise any right, power or remedy conferred
on or available to it; 
  

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 (f) any inability of Lessee or Service Provider to perform any agreement, covenant, term or condition
contained in any Document for any reason (whether or not any Guarantor shall have any knowledge or notice thereof); 
 (g) the voluntary or
involuntary liquidation, dissolution, sale of assets, marshalling of assets and liabilities, receivership, conservatorship, custodianship, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization, arrangement, composition or
readjustment of or similar proceeding affecting, Lessee, Service Provider, any Guarantor, any Guaranteed Party or any other Person or any of their respective properties or creditors, or any action taken by any trustee or receiver or by any court in
any such proceeding; 
 (h) any discharge, termination, cancellation, frustration, irregularity, invalidity or unenforceability, in whole or
in part, of any liabilities or obligations of any Person under any Document, the Guaranteed Obligations, any collateral security for the Guaranteed Obligations or any other guarantee of the Guaranteed Obligations or any other agreement, instrument,
guarantee or security with respect to the Guaranteed Obligations or any term of any thereof; 
 (i) any defect in the title, compliance with
specifications, condition, design, operation or fitness for use of, or any damage to or loss or destruction of, or any interruption or cessation in the use of Buyer’s Transponders or of the Satellite for any reason whatsoever (including,
without limitation, any governmental prohibition or restriction, condemnation, requisition, seizure or any other act on the part of any governmental or military authority, or any act of God or of the public enemy) regardless of the duration thereof;

 (j) any merger or consolidation of Lessee, Service Provider or any Guarantor into or with any Person or any sale, lease or transfer of any
of the assets of Lessee, Service Provider or any Guarantor to any other Person; 
 (k) any counterclaim, set off, deduction or defense
Guarantors may have against any Guaranteed Party or any other Person; provided, however, that to the extent that Lessee or Service Provider has a counterclaim, set off, deduction or defense against any Guaranteed Party, this clause
shall not be applicable with respect to such counterclaim, set off, deduction or defense; provided, however that the foregoing shall not apply with respect to any counterclaim, set off, deduction or defense relating to (x) any
bankruptcy or insolvency proceeding involving the Lessee or Service Provider or (y) to the validity and enforceability of the Documents; and 
 (l) any other circumstance whatsoever, whether similar or dissimilar to the foregoing, which might otherwise constitute a legal or equitable defense available to, or a discharge of, any Guarantor in respect of this Guaranty;
provided, however, that nothing contained in this Section 4 shall prevent any Guarantor from bringing an action for damages suffered by Guarantor as a result of the breach by any Person of any obligation owed by it to Lessee,
Service Provider or any Guarantor or for equitable relief to obtain compliance with such. This Guaranty shall continue to be effective or be reinstated, as the case may be, with respect to any Guaranteed Party, if at any time any payment of any of
the Guaranteed Obligations owed such Guaranteed Party is rescinded or must otherwise be returned by such Guaranteed Party, as 

  

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the case may be, upon the insolvency, bankruptcy or reorganization of Lessee, Service Provider or any Guarantor or otherwise, all as though such payment had
not been made. If the payment of any sum required to be made by Lessee or Service Provider under any Document shall at any time be prevented by reason of a case or proceeding under bankruptcy, insolvency or other similar law, Guarantors agree that,
for purposes of this Guaranty and their obligations hereunder, such sum shall be deemed to be payable in accordance with the terms of such Document, and Guarantors shall immediately pay such sum and any other amounts guaranteed hereunder without
further notice or demand (and, for purposes hereof, if Lessor’s exercise of remedies under Section 16 of the Lease is stayed or otherwise limited in connection with any such case or proceeding with respect to Lessee, Lessee shall be deemed
to owe an amount equal to the maximum amount Lessor would be entitled to demand from Lessee in the absence of such stay or other limitations). 
 Notwithstanding anything in this Guaranty to the contrary, to the extent that Lessee or Service Provider has a counterclaim, set off, deduction or defense against any Guaranteed Party, the Guarantors shall be entitled to raise such
counterclaim, set off, deduction or defense prior to the making of any payment with respect to that portion of the Guaranteed Obligations comprising or relating to any such counterclaim, set off, deduction or defense; provided, however
that the foregoing shall not apply with respect to any counterclaim, set off, deduction or defense relating to (x) any bankruptcy or insolvency proceeding involving the Lessee or Service Provider or (y) to the validity and enforceability
of the Documents. 
 5. Disaffirmance of Documents in Bankruptcy. Notwithstanding the rejection or disaffirmance of any Document by
Lessee or Service Provider or their respective trustees in bankruptcy or similar representatives pursuant to the Federal bankruptcy law or any other law affecting creditors’ rights, including, without limitation, in the event of disaffirmance
or rejection of any Document pursuant to Section 365(a) of the Bankruptcy Code or any similar provision of applicable law now or hereafter in effect, Guarantors shall remain liable, to the extent set forth herein, with respect to the payment
obligations and liabilities for Damages of Lessee or Service Provider, as the case may be, under all of the Documents to the same extent as if there had been no such rejection or disaffirmance, and Guarantors will confirm their obligations hereunder
upon or after such rejection or disaffirmance. 
 6. Waiver. Guarantors hereby unconditionally waive, as to any Guaranteed Party, to
the greatest extent permitted by applicable law, (a) any and all notice of the creation, renewal, extension or accrual of any of the Guaranteed Obligations and notice of or proof of reliance by any Guaranteed Party upon this Guaranty, or
acceptance of this Guaranty, and the Guaranteed Obligations, (b) any requirement that any Guaranteed Party exhaust any right or take any action against Lessee, Service Provider, any other Guarantor or any other Person or any collateral,
(c) any and all rights which Guarantor may have or which at any time hereafter may be conferred upon it, by statute (including but not limited to any statute of limitations), regulation or otherwise, to terminate or cancel this Guaranty,
(d) all notices which may be required by statute, rule of law or otherwise to preserve any rights against Guarantors hereunder, including, without limitation, any demand, presentment, protest, proof or notice of nonpayment of any amounts
payable under or in respect of the Documents, and notice of any failure on the part of Lessee or Service Provider to perform and comply with any term or condition of any Document, (e) any 

  

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rights to the enforcement, assertion or exercise of any right, remedy, power or privilege under or in respect of any of the Documents, (f) any
requirement of diligence and (g) notice of acceptance of this Guaranty. Each Guaranteed Party shall have the right to bring suit directly against any or all of the Guarantors with respect to the Guaranteed Obligations owed such Guaranteed
Party, either prior to or concurrently with any lawsuit against, or without bringing suit against, Lessee or Service Provider, as the case may be. Each Guarantor assumes all responsibility for being and keeping itself informed of the Lessee’s
and each other Guarantor’s financial condition, affairs and assets, and of all other circumstances bearing upon the Guarantor’s risk hereunder. Each Guarantor acknowledges and agrees that the Guaranteed Parties shall have no obligation to
investigate the financial condition or affairs of the Lessee or any other Guarantor for the benefit of such Guarantor or to advise such Guarantor of any fact respecting, or any change in, the financial condition, assets or affairs of the Lessee or
any other Guarantor that might become known to any Guaranteed Party. 
 7. Amendments, Etc. No amendment or waiver of any provision of
this Guaranty shall in any event be effective with respect to any Guaranteed Party unless the same shall be in writing and signed by such Guaranteed Party. 
 8. No Waiver, Remedies. No failure on the part of any Guaranteed Party to exercise, and no delay in any Guaranteed Party’s exercise of, any right hereunder shall operate as a waiver thereof; nor shall any
single or partial exercise of any right hereunder by any Guaranteed Party preclude any other or further exercise thereof or the exercise of any other right by such Guaranteed Party. Any Guaranteed Party may specifically waive any breach of this
Guaranty by a Guarantor; provided that no such waiver shall be effective or binding unless in writing, and that no such waiver shall constitute a continuing waiver of similar or other breach, or any breach by any other Guarantor; and
provided, further, that no such waiver by any Guaranteed Party shall in any manner or to any extent constitute or be deemed to constitute a waiver by any other Guaranteed Party. 
 GUARANTORS’ SOLE OBLIGATION TO ANY GUARANTEED PARTY HEREUNDER SHALL BE AS GUARANTORS OF THE GUARANTEED OBLIGATIONS OF LESSEE AND SERVICE PROVIDER
UNDER THE DOCUMENTS, SUBJECT TO ALL OF THE SPECIFIC LIMITATIONS ON SUCH GUARANTEED OBLIGATIONS EXPRESSLY PROVIDED IN SUCH DOCUMENTS (EXCEPT FOR SUCH LIMITATIONS AS ARISE AS THE RESULT OF AUTHORITY OR POWER, OR A BANKRUPTCY, INSOLVENCY OR
REORGANIZATION PROCEEDING). 
 9. Continuing Guaranty. This Guaranty is a continuing guaranty and shall (a) remain in full force
and effect in accordance with the terms hereof until all of the Guaranteed Obligations owed each Guaranteed Party have been paid in full and are not subject to rescission or return, (b) be binding upon Guarantors, their respective successors
and assigns, and (c) inure to the benefit of and be enforceable by the successors, transferees and assigns of each Guaranteed Party permitted by the applicable Document. Each Guarantor agrees that in the discharge of its obligations hereunder
no judgment, order, or exhaustion need be obtained and no action, suit or proceeding need be brought, and no other remedies need be exhausted against Lessee, Service Provider or any other Person for performance by Guarantor of its obligations
hereunder. 
  

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 10. Merger or Consolidation. Except as set forth in Section 11 hereof, no Guarantor shall
consolidate with or merge into any other Person or convey, transfer or lease all or substantially all of its assets as an entirety to any Person unless: 
 (a) the successor entity formed by such consolidation or into which it is merged or the successor entity which acquires by conveyance, transfer or lease all or substantially all of its assets as an entirety shall be
an entity organized and existing under the laws of the United States of America, any State thereof or the District of Columbia which has a substantial part of its properties and assets located within, and operates substantially within, the United
States of America; 
 (b) such successor entity shall expressly assume in writing by instrument or instruments enforceable against it
reasonably satisfactory in form and substance to Owner Trustee, the due and punctual payment of all obligations of such Guarantor under this Guaranty with the same effect as if such entity had originally been named Guarantor herein or had been a
party hereto; 
 (c) immediately after giving effect to such transaction, no Bankruptcy Default or Event of Default, to the extent it relates
to such Guarantor, shall exist; and 
 (d) Guarantor shall have delivered to Owner Trustee and Indenture Trustee, an opinion of counsel in
scope and substance reasonably satisfactory to the Owner Trustee and Indenture Trustee stating that such consolidation, merger, conveyance, transfer or lease meet the requirements of clauses (a) and (c) above and the assumption agreement
is enforceable as required by clause (b) above. 
 11. Merger, Consolidation of Subsidiary Guarantors. 
 (a) Nothing contained in this Guaranty or in any of the XM Agreements or Operative Documents shall prevent any consolidation or merger of XM Leasing, XM
License or an Additional Guarantor (each, a “Subsidiary Guarantor”) with or into Lessee or another Subsidiary Guarantor, or shall prevent the transfer of all or substantially all of the assets of a Subsidiary Guarantor to Lessee or another
Subsidiary Guarantor. Upon any such consolidation, merger, transfer or sale, the Guaranty of the Subsidiary Guarantor being consolidated or merged (or the assets of which are being so transferred) shall no longer have any force or effect.

 (b) Nothing contained in this Guaranty or in any of the XM Agreements or Operative Documents shall prevent any consolidation or merger of
a Subsidiary Guarantor with or into another entity or entities including the Lessee or another Subsidiary Guarantor, or successive consolidations or mergers in which a Subsidiary Guarantor or its successor or successors shall be a party or parties,
or shall prevent the transfer of all or substantially all of the assets of a Subsidiary Guarantor, to another entity including the Lessee or another Subsidiary Guarantor authorized to acquire and operate the same in the event that such
consolidation, 

  

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merger or transfer complies with the terms and conditions of this Guaranty, the XM Agreements and the Operative Documents and in the event that the entity or
entities acquiring the assets in any such sale or disposition or the entity or entities formed by or surviving any such consolidation(s) or merger(s) unconditionally assumes all the obligations of such Subsidiary Guarantor under this Guaranty on the
terms set forth herein. 
 (c) Concurrently with any sale or other disposition of all or substantially all of the assets of a Subsidiary
Guarantor or all of the equity interests of a Subsidiary Guarantor (in each case other than XM License or any Subsidiary Guarantor into which XM License has consolidated or merged or to which XM License has transferred its assets) to a party that is
not an Affiliate of XM or Holdings, in each case, in compliance with the terms hereof, then such Subsidiary Guarantor (in the event of a sale or other disposition of all of the equity interests of such Subsidiary Guarantor) or the non-Affiliate
entity acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of a Subsidiary Guarantor) shall be released from and relieved of its obligations under this Guaranty. Neither XM License nor any
Subsidiary Guarantor that is a transferee of any material assets of XM License or a successor by merger, consolidation or otherwise to XM License may transfer assets to or consolidate or merge into any entity that is not a Subsidiary Guarantor or
does not, in connection with such transaction, enter into a guarantee identical in all material respects to this Guaranty. 
 12. Notices,
Etc. All notices, demands, requests, consents, approvals and other instruments hereunder shall be in writing and shall be deemed to have been properly given if given as provided for in Section 13.03 of the Participation Agreement to the
address of Holdings as set forth therein. 
 13. Severability of This Guaranty. In case any term or provision of this Guaranty or any
application thereof to any circumstance shall, in any circumstances or jurisdiction and to any extent, be invalid, illegal or unenforceable, such term or provision shall be ineffective as to such jurisdiction to the extent of such invalidity,
illegality or unenforceability without invalidating or rendering unenforceable any remaining terms and provisions hereof or the application of such term or provision to circumstances or jurisdictions other than those as to which it is held invalid,
illegal or unenforceable. To the extent permitted by Applicable Law, each Guarantor hereby waives any provision of law that renders any term or provision hereof invalid, illegal or unenforceable in any respect. 
 14. Further Assurances. Each Guarantor hereby agrees to execute and deliver all such instruments and take all such action as any Guaranteed Party
may from time to time reasonably request in order to fully effectuate the purposes of this Guaranty. 
 15. Headings. The headings
contained in this Guaranty are for convenience of reference only and shall not modify, define or limit any of the terms or provisions hereof. 
 16. Governing Law. This Guaranty shall be governed by, and construed in accordance with, the laws of the State of New York applicable to agreements made and to be performed entirely within such State. 
  

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 17. Representations and Warranties of Guarantor. Each Guarantor represents and warrants to each
Guaranteed Party that: 
 (a) It is a corporation or limited liability company duly organized, validly existing and in good standing under the
laws of the state of its organization, and has all requisite power and authority to operate and own or hold under lease the properties it purports to operate and own or hold under lease, to transact the business it transacts and to otherwise enter
into and perform its obligations under this Guaranty. Such Guarantor is duly qualified to do business and is in good standing in each jurisdiction wherein the failure to do so would have a material adverse effect on its financial condition, the
conduct of its business and operations as presently conducted or on its ability to perform its obligations under this Guaranty. 
 (b) This
Guaranty has been duly authorized by all necessary corporate or limited liability company action on the part of such Guarantor, and has been or on or prior to the Closing Date (or in the case of an Additional Guarantor has been or on or prior to the
date of the applicable Counterpart Agreement (as delivered in accordance with Section 5.01(h) of the Participation Agreement)) will be duly executed and delivered by it, and neither the execution and delivery thereof, nor the consummation by it
of the transactions contemplated thereby, nor compliance by it with any of the terms and provisions hereof or thereof (i) requires any approval of stockholders or members or consent of any trustee or holders of any of its indebtedness or
obligations, (ii) contravenes any law, judgment, governmental rule or regulation or Order of any Governmental Body applicable to or binding on it or any of its properties, the contravention of which could reasonably be expected to have a
material adverse effect on its financial condition, the conduct of its business and operations as presently conducted or the performance of its obligations under this Guaranty, (iii) contravenes or results in any breach of, or constitutes any
default under, any indenture, mortgage, chattel mortgage, deed of trust, conditional sales contract, bank loan or credit agreement for borrowed money, contract or other agreement or instrument to which it is a party or by which it or any of its
properties may be bound or affected, the contravention, breach or default of which could reasonably be expected to have a material adverse effect on its financial condition, the conduct of its business and operations as presently conducted or the
performance of its obligations under this Guaranty, (iv) contravenes its charter, by-laws or operating agreement or (v) results in the creation of any Lien (other than Permitted Liens) upon Buyer’s Transponders or any Satellite
Security. 
 (c) Neither the execution, delivery and performance by Guarantors of this Guaranty nor the consummation of any of the
transactions contemplated hereby requires the consent, approval or authorization of, the giving of notice to, or the registration, recording or filing of any document with, or the taking of any other action in respect of any Governmental Body;
provided, that , the parties acknowledge compliance with Export Control Laws (including ITAR) would be required of Persons or entities other than Guarantors (and their current outsourcers and contractors) that may in the future have or seek to have
access to equipment, information or services controlled under such Export Control Laws, including, without limitation, certain of the Satellite Security. 
 (d) This Guaranty constitutes the legal, valid and binding obligation of each Guarantor, enforceable against such Guarantor in accordance with its terms, except as such enforcement may be subject to Bankruptcy Laws
affecting creditors’ rights generally and to general principles of equity. 
  

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 (e) Except as disclosed in the Legal and Regulatory Disclosures or as disclosed in writing to Indenture
Trustee, Owner Trustee, Owner Participant and Note Purchasers prior to the execution of this Guaranty, there are no actions, suits, investigations or other proceedings pending against any Guarantor in any court or before any arbitrator of any kind
or before or by any Governmental Body, or to the knowledge of any Guarantor threatened, which question the legality or validity of this Guaranty or which, individually or in the aggregate, if adversely determined, could reasonably be expected to
have an Adverse Effect. 
 (f) Except as disclosed in the Legal and Regulatory Disclosures or as disclosed in writing to Indenture Trustee,
Owner Trustee, Owner Participant and Note Purchasers prior to the execution of this Guaranty, it is not in violation of any Applicable Law or the Order of any Governmental Body, which violation could reasonably be expected have an Adverse Effect.

 (g) It is not an “investment company” or a company “controlled” by an “investment company,” within the
meaning of the Investment Company Act of 1940, as amended. 
 (h) It has filed all Federal tax returns required to be filed by it, and all
other required tax returns in respect of which the failure to file would have a material adverse effect on the financial condition of Holdings and its subsidiaries taken as a whole or on the ability of any Guarantor to perform its obligations
hereunder, and has paid, or made provision for the payment of, all taxes shown to be due and payable on such returns before they have become delinquent. 
 (i)(A) Holdings has delivered to Owner Trustee, Indenture Trustee, Owner Participant and Note Purchasers copies of the consolidated balance sheet of Holdings and its consolidated subsidiaries as of December 31,
2005, and related statements of consolidated income and cash flow and stockholders’ equity for the fiscal year then ended, accompanied by the report of KPMG, independent accountants. Such statements fairly present in all material respects, in
accordance with GAAP, the financial position of Holdings and its consolidated subsidiaries as of such date and the results of their operations and changes in their financial position for such fiscal year. 
 (B) Holdings has delivered to Owner Trustee, Indenture Trustee, Owner Participant and Note Purchasers copies of the unaudited consolidated
balance sheet of Guarantor and its consolidated subsidiaries as of September 30, 2006, and the related unaudited statements of consolidated income and cash flow and stockholders’ equity for the nine-month period then ended. Such statements
have been prepared on a basis consistent with that employed in preparation of the financial statements described in subparagraph (A) above, except as may otherwise be noted therein, and in the opinion of management reflect all adjustments which
are necessary for a fair presentation of the results for the interim periods presented. 
  

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 (C) Since September 30, 2006, there has been no material adverse change in
Holdings’ consolidated financial condition, operations, business or properties other than as disclosed in the quarterly report on Form 10-Q for the quarter ended September 30, 2006, filed by Holdings with the Securities and Exchange
Commission. 
 18. FCC Subsidiary. Notwithstanding anything herein to the contrary, XM License, in its capacity as a Guarantor
hereunder, shall be obligated to perform its Guaranteed Obligations hereunder solely to the extent permitted under Applicable Law, including rules and regulations of the Federal Communications Commission. 
 19. Maximum Liability of Guarantor. Notwithstanding anything herein to the contrary, if and to the extent required in order for the Guaranteed
Obligations to be enforceable against a Guarantor under applicable federal, state and other laws relating to the insolvency of debtors, the maximum liability of such Guarantor hereunder shall be limited to the greatest amount which can lawfully be
guaranteed by such Guarantor under such laws. 
  

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 IN WITNESS WHEREOF, Guarantors have caused this Guaranty to be executed by its officers thereunder duly
authorized. 
  

			
	XM SATELLITE RADIO HOLDINGS INC.
		
	By:	 	 /s/ Joseph J. Euteneuer

	Name:	 	Joseph J. Euteneuer
	Title:	 	EVP, CFO
	
	XM EQUIPMENT LEASING LLC
		
	By:	 	 /s/ Joseph J. Euteneuer

	Name:	 	Joseph J. Euteneuer
	Title:	 	EVP, CFO
	
	XM RADIO INC.
		
	By:	 	 /s/ Joseph J. Euteneuer

	Name:	 	Joseph J. Euteneuer
	Title:	 	EVP, CFO

  

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 SCHEDULE I 
 OWNER
PARTICIPANT 
 SATELLITE LEASING (702-4), LLC 
  

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 ANNEX A TO 
 GUARANTY 
 FORM OF COUNTERPART AGREEMENT 
 This COUNTERPART AGREEMENT, dated
                    , 20    (the “Counterpart Agreement”) is delivered pursuant to that certain Guaranty
dated as of                     , 2007 (as it may be amended, supplemented or otherwise modified, the “Guaranty”; the terms
defined therein and not otherwise defined herein being used herein as therein defined), by and among XM Satellite Radio Holdings Inc., a Delaware corporation (“Holdings”); XM Equipment Leasing LLC, a Delaware limited liability company
(“XM Leasing”); XM Radio Inc., a Delaware corporation (“XM License”) and certain other additional guarantors party thereto from time to time pursuant to Section 5.01(h) of the Participation Agreement. 
 Section 1. Agreement. Pursuant to Section 5.01(h) of the Participation Agreement, the undersigned hereby: 
 (a) agrees that this Counterpart Agreement may be attached to the Guaranty and that by the execution and delivery hereof, the undersigned becomes a
Guarantor for all purposes under the Guaranty and agrees to be bound by all of the terms thereof and that the undersigned shall be one of the “Additional Guarantors” referred to in the Guaranty; 
 (b) represents and warrants that each of the representations and warranties set forth in the Guaranty and applicable to the undersigned is true and
correct both before and after giving effect to this Counterpart Agreement, except to the extent that any such representation and warranty relates solely to any earlier date, in which case such representation and warranty is true and correct as of
such earlier date; and 
 (c) agrees to irrevocably and unconditionally guaranty the due and punctual payment in full of all Guaranteed
Obligations when the same shall become due, and shall not be released, discharged or in any way affected by, any circumstance, condition or matter (whether or not any Guarantor, Lessee or Service Provider shall have any knowledge or notice thereof).

 Section 2. Governing Law. This Counterpart Agreement shall be governed by, and construed in accordance with, the laws of the
State of New York applicable to agreements made and to be performed entirely within such State. 
 [SIGNATURE PAGES IMMEDIATELY FOLLOW]

  

 14 

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

			
	[NAME OF SUBSIDIARY]
		
	By:	 	  

	Name:	 	
	Title:	 	

 Address for Notices: 
 _________________________________________
 
 _________________________________________
 
 _________________________________________ 
 Attention: 
 Telecopier 
 with a copy
to: 
 _________________________________________ 
 _________________________________________ 
 _________________________________________ 
 Attention: 
 Telecopier 
  

 15 

 ANNEX B TO 
 GUARANTY 
 GRANT OF SECURITY INTEREST IN SATELLITE 
 1. Additional Definitions. 
 “Buyer’s
Transponders” shall mean the Transponders (including the redundant components incorporated therein and certain other equipment) and the equipment designated and described in Appendix A to the Purchase Agreement. 
 “Exclusive Unique Operational Equipment” shall mean Unique Operational Equipment that relates exclusively to and that is associated exclusively with the
Satellite and that is not also associated with one or more other satellites of Holdings, Service Provider or any of their Affiliates. 
 “Exclusive
Unique Operational Information” shall mean Unique Operational Information that relates exclusively to and that is associated exclusively with the Satellite and that is not also associated with one or more other satellites of Holdings,
Service Provider or any of their Affiliates 
 “Intellectual Property Rights” means the following intellectual property rights existing
anywhere in the world (i) inventions, patents, patent applications and patent disclosures, together with reissuances, continuations, continuations-in-part, divisions, revisions, extensions and reexaminations thereof; (ii) copyrights and
copyrightable works and all applications, registrations and renewals of any of the foregoing; (iii) mask works, and all applications and registrations of mask works; and (iv) database rights; and (iv) trade secrets and rights to
proprietary information. 
 “Location” of Holdings, shall mean Holdings’ “location” as determined pursuant to
Section 9-307 of the UCC as in effect on the date hereof in the State of New York. 
 “Permanent Orbital Location” shall mean the
orbital position of 115° West Longitude. 
 “Proceeds” shall mean the following property: (1) whatever is acquired upon the sale,
lease, license, exchange or other disposition of the Satellite Security and (2) whatever is collected on, or distributed on account of, the Satellite Security. 
 “Purchase Agreement” shall mean the Transponder Purchase Agreement dated as of the Closing Date, between Owner Trustee and Holdings, relating to Buyer’s Transponders, in substantially the form of
Exhibit B to the Participation Agreement. 
 “Satellite” shall mean (a) for purposes of the definition of “Satellite
Security,” those portions of XM-4 other than Buyer’s Transponders, and (b) for all other purposes, XM-4 in its entirety, or those portions of XM-4 other than Buyer Transponders, as the extent that the context may require. 

 “Satellite License” shall mean XM’s (or its Affiliates’) license from the FCC to operate the
Satellite for satellite digital audio radio services, including the authority required to place the Satellite in its Permanent Orbital Location and to operate the Satellite at that location. 
 “Satellite Security” shall mean the Satellite and all of Holdings’ right, title and interest in any Exclusive Unique Operational Equipment and any
Exclusive Unique Operational Information (including, for the avoidance of doubt, all Holdings’ Intellectual Property Rights therein to the extent the same constitutes Exclusive Unique Operational Equipment or Exclusive Unique Operational
Information), in each case whether now owned or hereafter from time to time acquired by Holdings, to the extent that a grant of a security interest therein is permitted by Applicable Law and subject to the receipt of any necessary prior Governmental
Authority approvals, and any Proceeds in respect of the foregoing. For the avoidance of doubt, in no event shall the Satellite Security include any Unique Operational Information or Unique Operational Equipment that is also associated with one or
more other satellites in use by Holdings, Service Provider or any of their Affiliates. 
 “Secured Obligations” shall mean any obligation of
Holdings under the Guarantee Agreement relating to the payment of Rent by Lessee. 
 “Security Annex” shall mean this Annex B. 

“Security Event” shall mean any exercise of dispossessory remedies under Section 16 of the Lease as a result of an Event of Default. 

“Service Agreement” shall mean the Transponder Service Agreement relating to Buyer’s Transponders, substantially in the form of Exhibit F
to the Participation Agreement, dated as of the Closing Date, between Service Provider and Owner Trustee. 
 “Service Provider” shall mean
XM Satellite Radio Inc., a Delaware corporation. 
 “Services” shall mean the satellite operational services described in Section 1.2
of the Service Agreement. 
 “Termination Date” shall mean the earliest of (i) the date on which the Satellite is sold to Lessor
pursuant to Section 11.03 of the Purchase Agreement, (ii) the date on which Buyer’s Transponders are sold to Holdings pursuant to Section 11.03 of the Purchase Agreement, (iii) the date on which Buyer’s Transponders are
sold to Lessee pursuant to Section 19(a)(i), 19(a)(ii) or 19(a)(iii) of the Lease (other than in connection with a Substitution) (iv) the date on which the options contemplated by Sections 11.03 and 11.04 of the Purchase Agreement shall
have terminated in accordance with the terms of the Purchase Agreement or (v) the date on which Lessor (or Indenture Trustee as assignee of Lessor) sells the Satellite Security pursuant to Section 4(c) of this Security Annex. 

 

 17 

 “UCC” shall mean the Uniform Commercial Code as in effect from time to time in the relevant
jurisdiction. 
 “Unique Operational Equipment” shall mean the equipment, including any Intellectual Property Rights therein, which is
reasonably necessary to perform any of Service Provider’s obligations under the Service Agreement and which equipment is not otherwise commercially available at reasonable cost. 
 “Unique Operational Information” shall mean all engineering, operating and other information, including any Intellectual Property Rights in the foregoing, reasonably necessary to operate the Satellite
and provide the Services and which is not otherwise known and which cannot otherwise be obtained, using reasonable diligence, at a reasonable cost and on a timely basis from a Person other than Service Provider or its Affiliates, which shall include
but is not limited to: 
 (A) All documents, logs, records and other information relating to the manufacture, launch,
operation and maintenance of the Satellite and Buyer’s Transponders, which information shall include: (i) any ad hoc reports describing anomaly investigations and the resolutions thereof; (ii) historical satellite control and
operational logs; (iii) activity planning documents and schedules of events; (iv) any periodic status reports; (v) propellant consumption information and other record keeping regarding fuel; (vi) satellite configuration records,
including records showing the status of each component of the Satellite; (vii) historical tracking, telemetry and control records; (viii) information regarding any Satellite conditions that are critical or require special commanding
provisions; and (ix) any communications with the FCC or any other Governmental Authority relating to the Satellite (as distinct from the Satellite License); 
 (B) Any proprietary software and codes necessary to, or reasonably desirable for, the operation or maintenance of the Satellite;

 (C) Any intellectual property licenses relating to the intellectual property owned or licensed by Service Provider or
Holdings and necessary to, or reasonably desirable for, the operation or maintenance of the Satellite; and 
 (D) Any other
data, manuals, computer programs or information not listed above that is required or, if it is then currently or anticipated to be used by Service Provider or the Outsource Service Provider, reasonably desirable to operate the Satellite and provide
the Services. 
 “XM-4” means the communications satellite, model Boeing 702-2000, known as XM-4 launched October 30, 2006 with the
designated Permanent Orbital Location. 
 Capitalized terms defined herein shall only be applicable to this Security Annex. Unless otherwise defined herein,
capitalized terms shall, for all purposes hereof, have the respective meanings assigned thereto in Appendix A to the Participation Agreement, which also contains rules as to usage that shall be applicable herein. 
  

 18 

 2. Grant of Security Interests. 
 (a) As security for the prompt and complete performance of all of the Secured Obligations, Holdings does hereby grant to Lessor, its successors and assigns, a continuing security interest in all of the right, title
and interest of Holdings (now or hereafter acquired) in, to and under the Satellite Security, whether consisting of equipment, general intangibles, the proceeds thereof, or otherwise. 
 (b) Holdings hereby irrevocably authorizes Lessor, or its agent, to file with the United States Patent and Trademark Office, United States Copyright
Office (or any successor office or any similar office in any other country) or any UCC filing office such documents (including, without limitation, UCC financing statements) as may be necessary or advisable for the purpose of perfecting, confirming,
continuing, enforcing or protecting the security interest, without the signature of Holdings, and naming Holdings as the grantor or debtor and Lessor as secured party and any such UCC financing statements may describe the collateral covered thereby
in any manner (including descriptions that are broader than set forth herein) the Lessor deems necessary or appropriate to perfect its security interest herein. 
 (c) Notwithstanding Section 2(a) of this Security Annex or the definition of Satellite Security, with respect to any lease, license, contract, property right or agreement or any of its rights or interests
thereunder included within Exclusive Unique Operational Information or Exclusive Unique Operational Equipment, 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
the terms of any such lease, license, contract, property right or agreement (other than to the extent that any such term would be rendered ineffective pursuant to Section 9-406, 9-407, 9-408 or 9-409 of the UCC of any relevant jurisdiction or
any other Applicable Law or principles of equity) such lease, license, contract, property right or agreement shall be excluded from Satellite Security; provided, however, that such security interest shall attach immediately to any
portion of such lease, license, contract, property rights or agreement that does not result in any of the consequences specified above; provided further, that at any time any applicable term thereof is repealed, terminated, rendered
unenforceable or deemed ineffective (whether pursuant to the terms thereof or Applicable Law), Holdings shall be deemed to have granted without further action, a security interest pursuant to this Security Annex in any such lease, license, contract,
property right or agreement. 
 3. Representations, Warranties and Covenants of Holdings. 
 Holdings represents, warrants and covenants to Lessor as follows: 
 (a) Necessary Filings. The security interests purported to be granted pursuant hereto, upon filing of the financing statements, shall constitute valid, binding, enforceable and perfected security interests in the Satellite Security
in favor of Lessor, subject to no other Liens except for Permitted Liens. 
  

 19 

 (b) No Liens. Holdings is, and as to all Satellite Security acquired by it from time to time after
the date hereof Holdings will be, the owner of such Satellite Security free from any Lien (except for Permitted Liens) or other right, title or interest of any Person (other than the rights of Lessor under the Purchase Agreement and the Lien created
by this Security Annex), and Holdings shall defend, at Holdings’ expense, the Satellite Security against all claims and demands of all Persons at any time claiming the same or any interest therein adverse to Lessor. 
 (c) Other Financing Statements. As of the date hereof, there is no financing statement (or similar statement or instrument of registration under
the law of any jurisdiction in the United States) covering or purporting to cover any interest of any kind in the Satellite Security, and Holdings will not execute or authorize to be filed in any public office any financing statement (or similar
statement or instrument of registration under the law of any jurisdiction) or statements relating to the Satellite Security, except financing statements filed or to be filed in respect of and covering the security interests granted hereby by
Holdings and financing statements filed or to be filed in respect of and covering the security interests granted by Holdings in the Satellite Security pursuant to Appendix C of the Purchase Agreement or the Security Agreement. 
 (d) Information About Holdings; Changes Thereto; etc. Holdings’ exact legal name is XM Satellite Radio Holdings Inc., and Holdings’
Location is the State of Delaware. Holdings shall not change its legal name or its Location, except that any such changes shall be permitted (so long as not in violation of the applicable requirements of any of the Operative Documents or XM
Agreements and so long as the same do not involve Holdings changing its jurisdiction of organization or Location from the United States or a State thereof to a jurisdiction of organization or Location, as the case may be, that is neither the United
States nor a State thereof) if (i) it shall have given to Lessor not less than thirty (30) days’ prior written notice of each such change, together with a statement of the corrected information, and (ii) in connection with such
change or changes, it shall have taken all action reasonably requested in writing by Lessor to maintain the security interests of Lessor in the Satellite Security intended to be granted hereby at all times fully perfected and in full force and
effect. 
 (e) Trade Names; Etc. Holdings does not have or operate in any jurisdiction under, or in the preceding five years has not
had or operated in any jurisdiction under, any trade name, fictitious names or other names except its legal name as specified in Section 3(d) above. 
 (f) Further Actions. Holdings will, at its own expense, make, execute, endorse, acknowledge, file and/or deliver to Lessor from time to time such lists, descriptions and designations of its Satellite Security,
documents of title, vouchers, invoices, schedules, confirmatory assignments, conveyances, financing statements, transfer endorsements, certificates, reports and other assurances or instruments and take such further steps relating to the Satellite
Security, as Lessor may reasonably request in order to perfect, preserve, protect or enforce its security interest in the Satellite Security and to fully effect the purposes of this Security Annex, including any actions required to be consistent
with 

  

 20 

 
present and future practices of secured parties intending to perfect security interests in satellites. Holdings shall take, or cause it Affiliates and
Subsidiaries to take, at Holdings’ expense, any action that Lessor may reasonably request in order to obtain from the FCC, or any other applicable Governmental Authority, such approvals as may, at any time, be necessary (i) to enable
Lessor to exercise and enjoy the full rights and benefits granted to Lessor by this Security Annex and (ii) for any action or transaction contemplated by this Security Annex for which such approval is or shall be required by Applicable Law.

 Without limiting the generality of the preceding paragraph, Holdings agrees to deliver to Lessor such financing statements, in form
reasonably satisfactory to Lessor, as Lessor may from time to time reasonably request to establish and maintain a valid, enforceable, perfected security interest in the Satellite Security as provided herein and the other rights and security
contemplated hereby. Holdings will pay any applicable filing fees, recordation taxes and related expenses relating to its Satellite Security. Holdings hereby authorizes Lessor to file any such financing statements without the signature of Holdings
where permitted by law. 
 (g) Protection of Lessor’s Security. Except to the extent expressly permitted by the Operative
Documents or XM Agreements, Holdings will do nothing to impair the rights of Lessor with respect to Lessor’s security interest in the Satellite Security. Holdings assumes all liability and responsibility in connection with the Satellite
Security, and the liability of Holdings to perform the Secured Obligations shall in no way be affected or diminished by reason of the fact that such Satellite Security may be lost, destroyed, stolen, damaged or for any reason whatsoever unavailable
to Holdings. 
 (h) Costs and Expenses. Without limiting the application of any other indemnity under the Operative Documents or XM
Agreements (but without duplication), Holdings agrees to pay or reimburse Lessor for any and all reasonable fees, costs and expenses of whatever kind or nature incurred in connection with the creation, preservation or protection of Liens of Lessor
on, and security interest in, the Satellite Security, including all fees and taxes in connection with the recording or filing of instruments and documents in public offices, payment or discharge of any taxes or Liens upon or in respect of the
Satellite Security and all other fees, costs and expenses in connection with protecting, maintaining or preserving the Satellite Security and Lessor’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 Satellite Security. 
 4. Power of Attorney; Remedies Upon Occurrence of a
Security Event. 
 (a) Power of Attorney. Holdings hereby constitutes and appoints Lessor its true and lawful attorney,
irrevocably, with full power after the occurrence of and during the continuance of a Security Event (in the name of Holdings or otherwise) to act, require, demand, receive, compound and give acquittance for any and all moneys and claims for moneys
due or to become due to Holdings under or arising out of the Satellite Security, to endorse any checks or other instruments or orders in connection therewith and to file any claims or take any action or institute any proceedings that Lessor may deem
to be necessary or advisable to protect its interests, which appointment as attorney is coupled with an interest. 
  

 21 

 (b) Remedies; Obtaining the Satellite Security Upon Default. Holdings agrees that, if any Security
Event shall have occurred and be continuing, then and in every such case, Lessor, in addition to any rights now or hereafter existing under Applicable Law and under the provisions of the Operative Documents and XM Agreements, shall have all rights
as a secured creditor under the Uniform Commercial Code, and such additional rights and remedies to which a secured creditor is entitled under the laws, in effect in any jurisdiction where any rights and remedies hereunder may be asserted and may:

 (i) to the fullest extent permitted by Applicable Law, personally, or by agents or attorneys, immediately take possession or control of the
Satellite Security or any part thereof, from Holdings or any other Person who then has possession or control of any part thereof with or without notice or process of law; 
 (ii) sell, assign or otherwise liquidate any or all of the Satellite Security or any part thereof in accordance with Section 4(c) of this Security Annex, or direct Holdings to sell, assign or otherwise liquidate
any or all of the Satellite Security or any part thereof, and in each case, take possession of the proceeds of any such sale or liquidation; and/or 
 (iii) take any other action as specified in clauses (1) through (3), inclusive, of Section 9-607(a) of the UCC; 
 subject,
in the case of any Exclusive Unique Operational Equipment and Exclusive Unique Operational Information, to compliance with the ITAR, in the case of the use of such Exclusive Unique Operational Equipment and Exclusive Unique Operational Information,
to other approval requirements described in Section 10.4(g) of the Service Agreement, and in general, to receipt of any necessary prior Governmental Authority approvals. 
 The parties hereto acknowledge that it is understood that Holdings’ obligation so to deliver such Satellite Security is of the essence of this
Agreement, the Operative Documents and the other XM Agreements and that, accordingly, upon application to a court of equity having jurisdiction, Lessor shall be entitled to a decree requiring specific performance by Holdings of said obligation.

 (c) Remedies; Disposition of the Satellite Security. If any Security Event shall have occurred and be continuing, then any Satellite
Security may be sold, assigned, leased or otherwise disposed of under one or more contracts or as an entirety, without the necessity of gathering at the place of sale the property to be sold, and in general in such manner, at such time or times, at
such place or places and on such terms as Lessor may, in compliance with any mandatory requirements of Applicable Law, determine to be commercially reasonable. Any such sale, lease or other disposition may be effected by means of a public
disposition or private disposition, effected in accordance with the applicable requirements (in each case if and to the extent applicable) of Sections 9-610 

  

 22 

 
through 9-613 of the UCC and/or such other mandatory requirements of Applicable Law as may apply to the respective disposition. Lessor may, without notice or
publication, adjourn any public or private disposition or cause the same to be adjourned from time to time by announcement at the time and place fixed for the disposition, and such disposition may be made at any time or place to which the
disposition may be so adjourned. To the extent permitted by Applicable Law, Lessor may bid for and become the purchaser (and may pay all or any portion of the purchase price by crediting Secured Obligations against the purchase price) of the
Satellite Security or any item thereof, offered for disposition in accordance with this Section 4(c) of this Security Annex. Holdings agrees to do or cause to be done all such other acts and things as may be reasonably necessary to make such
disposition or dispositions of all or any portion of the Satellite Security valid and binding and in compliance with any and all Applicable Laws, regulations, orders, writs, injunctions, decrees or awards of any and all courts, arbitrators or
governmental instrumentalities, domestic or foreign, having jurisdiction over any such sale or sales, all at Holdings’ expense. 
 To the
extent permitted by Applicable Law and upon receipt of any necessary prior Governmental Authority approvals, any sale of, or the grant of options to purchase, or any other realization upon, any Satellite Security in accordance with the terms hereof
shall operate to divest all right, title, interest, claim and demand, either at law or in equity, of Holdings therein and thereto and shall be a perpetual bar both at law and in equity against Holdings and against any and all Persons claiming or
attempting to claim the Satellite Security so sold, optioned or realized upon, or any part thereof, from, through, and under Holdings. 
 (d)
Remedies Cumulative. Each and every right, power and remedy hereby specifically given to Lessor shall be in addition to every other right, power and remedy specifically given to Lessor under this Security Annex, the Operative Documents or the
XM Agreements or now or hereafter existing at law, in equity or by statute and each and every right, power and remedy whether specifically herein given or otherwise existing may be exercised from time to time or simultaneously and as often and in
such order as may be deemed expedient by Lessor. All such rights, powers and remedies shall be cumulative and the exercise or the beginning of the exercise of one shall not be deemed a waiver of the right to exercise any other or others. No delay or
omission of Lessor in the exercise of any such right, power or remedy and no renewal or extension of any of the Secured Obligations shall impair any such right, power or remedy or shall be construed to be a waiver of any Default or Security Event or
an acquiescence thereof. No notice to or demand on Holdings in any case shall entitle it to any other or further notice or demand in similar or other circumstances or constitute a waiver of any of the rights of Lessor to any other or further action
in any circumstances without notice or demand. In the event that Lessor shall bring any suit to enforce any of its rights hereunder and shall be entitled to judgment, then in such suit Lessor may recover, to the fullest extent permitted by
Applicable Law, reasonable expenses, including reasonable attorneys’ fees, and the amounts thereof shall be included in such judgment. 
  

 23 

 5. Miscellaneous. 
 (a) Obligations Absolute. The obligations of Holdings hereunder shall remain in full force and effect without regard to, and shall not be impaired by, (i) any bankruptcy, insolvency, reorganization,
arrangement, readjustment, composition, liquidation or the like of Holdings; (ii) any exercise or non-exercise, or any waiver of, any right, remedy, power or privilege under or in respect of any Operative Document or XM Agreement; or
(iii) any amendment to or modification of any Operative Document or XM Agreement or any security for any of the Secured Obligations; whether or not Holdings shall have notice or knowledge of any of the foregoing. 
 (b) Duties of Holdings and Lessor. It is expressly agreed, anything contained in the Agreement to the contrary notwithstanding, that Holdings shall
remain liable to perform all of the obligations, if any, assumed by it with respect to the Satellite Security, and Lessor shall not have any obligations or liabilities with respect to any Satellite Security by reason of or arising out of this
Agreement, nor shall Lessor be required or obligated in any manner to perform or fulfill any of the obligations of any Holdings under or with respect to any Satellite Security. 
 (c) Termination; Release. After the Termination Date, the effectiveness of the provisions of this Security Annex shall automatically terminate, and
Lessor, at the written request and expense of Holdings, will promptly execute and deliver to Holdings a proper instrument or instruments acknowledging the satisfaction and termination of the provisions of this Security Annex (including UCC
termination statements and instruments of satisfaction and discharge), and will duly assign, transfer and deliver to Holdings (without recourse and without any representation or warranty) such of the Satellite Security as may be in the possession of
Lessor and as has not theretofore been sold or otherwise applied or released pursuant to this Security Annex. 
 Upon the completion of a
Substitution and the grant and perfection, in a manner reasonably satisfactory to Lessor, of a security interest in the Substitute Satellite in favor of Lessor, Lessor’s security interest in the Satellite replaced by such Substitution shall
automatically terminate and Lessor, at the request and expense of Holdings, will promptly release from the security interest created hereby (and will execute and deliver such documentation, including UCC-3 termination or partial release statements,
instruments of satisfaction and discharge and the like in connection therewith) the Satellite replaced by such Substitution. 
 [Remainder of
page left blank intentionally] 
  

 24Exhibit 10.5

 Exhibit 10.5 
 EXECUTION VERSION 
  

 INDENTURE 
 dated as of 
 February 13, 2007 
 between

 WELLS FARGO BANK NORTHWEST, NATIONAL ASSOCIATION, 
 not in its individual capacity (except as otherwise expressly set forth herein), 
 but solely as
Owner Trustee, 
 and 
 THE BANK OF NEW YORK, 
 not in its individual capacity (except as otherwise expressly set forth herein), 
 but solely as Indenture Trustee, 
  

 10.00% Notes Due 2013 
  

 Buyer’s Transponders 
 aboard XM-4 Communications Satellite 
  

 TABLE OF CONTENTS 
 Page 

					
	 Section 1.
	  	Definitions	  	3
			
	 Section 1.1.
	  	 Special Definitions
	  	3
	 Section 1.2.
	  	 Reference to Other Definitions
	  	6
			
	 SECTION 2.
	  	The Notes	  	7
			
	 Section 2.1.
	  	 Notes
	  	7
	 Section 2.2.
	  	 Limitations with Respect to Obligations of the Owner Trustee
	  	8
	 Section 2.3.
	  	 Refinancing
	  	10
	 Section 2.4.
	  	 Mandatory Full or Partial Redemption Following Event of Loss or Similar Event
	  	10
	 Section 2.5.
	  	 Additional Redemptions
	  	12
	 Section 2.6.
	  	 Note Register; Private Placement Legend; Transfer of Notes; Replacement Notes
	  	14
	 Section 2.7.
	  	 Mutilated, Destroyed, Lost or Stolen Notes
	  	16
	 Section 2.8.
	  	 Payment of Expenses on Transfer
	  	16
	 Section 2.9.
	  	 Option To Purchase Notes
	  	17
	 Section 2.10.
	  	 Notices of Redemptions, Purchases or Exchange
	  	18
	 Section 2.11.
	  	 Exchange of Obligations of Owner Trustee or the Lessee
	  	18
	 Section 2.12.
	  	 Appointment to Fill a Vacancy in Office of Indenture Trustee
	  	20
	 Section 2.13.
	  	 Paying Agents
	  	20
	 Section 2.14.
	  	 Holder Lists; Ownership of Notes
	  	21
			
	 SECTION 3.
	  	Covenants and Representations and Warranties of Owner Trustee, etc	  	21
			
	 Section 3.1.
	  	 Certain Agreements of Owner Trustee
	  	21
	 Section 3.2.
	  	 Notice of Indenture Event of Default; Furnishing Copies of Documents
	  	21
	 Section 3.3.
	  	 Certain Limitations on Actions of Owner Trustee, etc
	  	22
	 Section 3.4.
	  	 Payment of Moneys to Indenture Trustee
	  	22
	 Section 3.5.
	  	 Further Assurances; Financing Statements
	  	23
	 Section 3.6.
	  	 Appointment of Indenture Trustee as Attorney-in-Fact
	  	23
	 Section 3.7.
	  	 Liability of Owner Trustee Under Granting Clause Documents;
Absence of Liability of Indenture Trustee
	  	23
	 Section 3.8.
	  	 Representations and Warranties
	  	23
	 Section 3.9.
	  	 Owner Trustee Not Acting in Individual Capacity; Successor Owner Trustee
	  	24
	 Section 3.10.
	  	 Trust Agreement
	  	25
			
	 SECTION 4.
	  	No Credit for Payment of Taxes	  	25
			
	 SECTION 5.
	  	Application of Proceeds from Indenture Estate	  	25

  

 i 

					
	 Section 5.1.
	  	 Application of Proceeds Prior to Default
	  	25
	 Section 5.2.
	  	 Application of Other Amounts Held by Indenture Trustee upon Rent Default
	  	26
	 Section 5.3.
	  	 Retention of Amounts by the Indenture Trustee
	  	26
	 Section 5.4.
	  	 Application of Payments upon an Event of Loss, Termination or Purchase of Buyer's Transponders; Other Redemptions
	  	27
	 Section 5.5.
	  	 Payments After Indenture Event of Default
	  	27
	 Section 5.6.
	  	 Application of Certain Other Payments
	  	29
	 Section 5.7.
	  	 Other Payments
	  	29
	 Section 5.8.
	  	 Excepted Payments
	  	29
	 Section 5.9.
	  	 Payments to Owner Trustee
	  	29
	 Section 5.10.
	  	 Withholding Taxes
	  	29
			
	 SECTION 6.
	  	Indenture Event of Default; Declaration of Notes Due	  	29
			
	 SECTION 7.
	  	Remedies, etc	  	32
			
	 Section 7.1.
	  	 Legal Proceedings
	  	32
	 Section 7.2.
	  	 Cost of Collection
	  	32
	 Section 7.3.
	  	 Notice of Claimed Default
	  	32
	 Section 7.4.
	  	 No Waiver
	  	32
	 Section 7.5.
	  	 Foreclosure
	  	32
	 Section 7.6.
	  	 Power of Sale
	  	33
	 Section 7.7.
	  	 Indenture Trustee Authorized To Execute Deeds, etc
	  	33
	 Section 7.8.
	  	 Purchase of the Indenture Estate by Indenture Trustee or Noteholders
	  	34
	 Section 7.9.
	  	 Receipt a Sufficient Discharge to Purchaser
	  	34
	 Section 7.10.
	  	 Waiver of Appraisement, Valuation, etc
	  	34
	 Section 7.11.
	  	 Sale a Bar
	  	34
	 Section 7.12.
	  	 Application of Proceeds of Sale
	  	34
	 Section 7.13.
	  	 Appointment of Receiver
	  	34
	 Section 7.14.
	  	 Possession, Management and Income
	  	35
	 Section 7.15.
	  	 Right of Indenture Trustee To Perform Covenants, etc
	  	35
	 Section 7.16.
	  	 Remedies, etc., Cumulative
	  	35
	 Section 7.17.
	  	 Quiet Enjoyment
	  	36
	 Section 7.18.
	  	 Waiver of Existing Defaults
	  	36
	 Section 7.19.
	  	 No Waiver of Certain Obligations
	  	36
			
	 SECTION 8.
	  	No Assumption of Obligations under Assigned Documents	  	36
			
	 SECTION 9.
	  	Indenture Trustee	  	36
			
	 Section 9.1.
	  	 Duties of Indenture Trustee
	  	36
	 Section 9.2.
	  	 Certain Actions Upon Instructions, etc
	  	39
	 Section 9.3.
	  	 Action upon Payment of Notes or Transfer of Buyer's Transponders
	  	41
	 Section 9.4.
	  	 Notices, etc
	  	42

  

 ii 

					
	 Section 9.5.
	  	 Indenture Trustee's Compensation, Expenses, etc
	  	42
	 Section 9.6.
	  	 Representations and Warranties
	  	43
	 Section 9.7.
	  	 Resignation, Removal and Replacement of Indenture Trustee
	  	43
	 Section 9.8.
	  	 Successor Indenture Trustee by Merger, Consolidation, etc
	  	44
	 Section 9.9.
	  	 Appointment of Additional and Separate Trustees
	  	44
	 Section 9.10.
	  	 Establishment of Indenture Account; Investment of Funds
	  	46
	 Section 9.11.
	  	 Election Under Section 1111(b)(l)(A)(i)
	  	49
			
	 SECTION 10.
	  	Termination of Indenture	  	49
			
	 SECTION 11.
	  	Additional Security	  	49
			
	 SECTION 12.
	  	Assigned Agreements	  	49
			
	 SECTION 13.
	  	Amendments and Supplements to Indenture and Other Documents	  	49
			
	 Section 13.1.
	  	 Supplements and Amendments with Consent
	  	49
	 Section 13.2.
	  	 Supplemental Indentures, etc
	  	52
	 Section 13.3.
	  	 Indenture Trustee Protected
	  	53
	 Section 13.4.
	  	 Form of Request
	  	54
	 Section 13.5.
	  	 Documents Mailed to Holder
	  	54
			
	 SECTION 14.
	  	Notices, etc	  	54
			
	 SECTION 15.
	  	After-Acquired Property	  	55
			
	 SECTION 16.
	  	Rights of Owner Trustee To Cure Certain Lease Events of Default, etc	  	55
			
	 Section 16.1.
	  	 Cure Rights
	  	55
	 Section 16.2.
	  	 No Impairment of Indenture Estate; Subrogation
	  	56
	 Section 16.3.
	  	 Limitation on Exercise of Remedies After Lease is Declared in Default
	  	57
	 Section 16.4.
	  	 Certain Other Rights of the Owner Trustee and the Owner Participant
	  	57
			
	 SECTION 17.
	  	Terms Subject to Applicable Laws; Governing Law	  	58
			
	 SECTION 18.
	  	Indenture a Security Agreement with Respect to Personal Property	  	59
			
	 SECTION 19.
	  	Repayment of Moneys Held by Paying Agent	  	59
			
	 SECTION 20.
	  	Transfer of Moneys Held by Indenture Trustee and Paying Agent
Unclaimed for Two Years and Eleven Months	  	59

  

 iii 

					
			
	 SECTION 21.
	  	Miscellaneous	  	59
			
	 SECTION 22.
	  	Force Majeure	  	60
			
	 SECTION 23.
	  	Assignment of Rights, Not Assumption of Duties	  	60
			
	 ANNEX I
	  	Schedule of Terms of Notes	  	
	 EXHIBIT A
	  	Form of Note	  	

  

 iv 

 INDENTURE dated as of February 13, 2007, between WELLS FARGO BANK NORTHWEST, NATIONAL ASSOCIATION, a
national banking association, not in its individual capacity, except as otherwise expressly set forth herein, but solely as Owner Trustee under the Trust Agreement, and THE BANK OF NEW YORK, a New York banking corporation, not in its individual
capacity, except as otherwise expressly set forth herein, but solely as Indenture Trustee under this Indenture. 
 The Owner Participant and
the Trust Company have entered into the Trust Agreement, whereby, among other things, (a) a statutory trust under the Connecticut Statutory Trust Act has been established for the use and benefit of the Owner Participant, (b) provision has
been made for the payment by or on behalf of the Owner Trustee to the Owner Participant of amounts distributable thereunder to the Owner Participant and (c) the Owner Trustee has been authorized and directed to execute and deliver this
Indenture. 
 The Owner Trustee desires by this Indenture, among other things, (a) to provide for the issuance by the Owner Trustee of
the Notes evidencing the making of loans as provided herein and in the Participation Agreement and (b) to provide for the deposit, mortgage and pledge by the Owner Trustee and the Trust with the Indenture Trustee, as part of the Indenture
Estate hereunder, among other things, of all the Owner Trustee’s and the Trust’s estate, right, title and interest in and to Buyer’s Transponders, the Satellite and the Granting Clause Documents (as hereinafter defined), in each case,
except as otherwise is hereinafter specified, and all payments and other amounts received hereunder or under the Lease or the Guarantee Agreement or certain provisions of the Participation Agreement or the Purchase Agreement in accordance with the
terms hereof or thereof (excluding Excepted Payments), in trust, as security for the obligations of the Owner Trustee and the Trust under the Notes and this Indenture and for the obligations secured hereby to the Indenture Trustee. 
 If the Lease is entered into, the Owner Trustee has agreed to deliver to the Indenture Trustee the executed original counterpart of the Lease.

 NOW, THEREFORE, in consideration of the premises, the Owner Trustee agrees with the Indenture Trustee for the benefit of the holders from
time to time of the Notes as follows: 
 TO SECURE the payment when and as due and payable of the principal of, and Premium Amount (if any),
any other premium and interest on, the Notes issued or to be issued under this Indenture by the Owner Trustee, the payment of all other indebtedness that this Indenture by its terms secures and compliance with all the terms hereof and of the Notes,
the performance and observance by the Owner Trustee of its agreements and the conditions applicable to it contained herein or in any of the other Operative Documents or the XM Agreements: 
 GRANTING CLAUSE 
 Each of the Owner Trustee and the Trust do hereby now, as security,
grant, bargain, sell, mortgage, pledge, assign, transfer and convey, and grant a security interest in, with power of sale, to the Indenture Trustee and to its successors and assigns, the following property, rights and privileges described in this
Granting Clause (the “Indenture Estate”): 
  

 1 

 (a) all estate, right, title and interest now held or hereafter acquired by the Owner Trustee or the
Trust in and to Buyer’s Transponders, any Substitute Transponders, the Satellite and any Substitute Satellites (including, without limitation, any bill of sale, purchase agreement, service agreement, use agreement, sublease and lease with
respect thereto, collectively, the “Additional Documents”); 
 (b) all estate, right, title and interest now held or
hereafter acquired by the Owner Trustee or the Trust in, to and under the Lease, the Guarantee Agreement, the Bill of Sale, the Consent and Agreement and the XM Agreements (and any Substitute Service Agreement) (collectively, together with the
Additional Documents, the “Granting Clause Documents” and, together with the Operative Documents not referred to in this paragraph (b), the “Transaction Documents”), and (i) all amounts of Rent under the Lease
for or with respect to Buyer’s Transponders, proceeds and payments received pursuant to the exercise of any of the remedies provided in Section 16 of the Lease, Stipulated Loss Value payments and payments of the EBO Amount and
payments under Article XI of the Participation Agreement and (ii) all rights of the Owner Trustee or the Trust (except as provided in Sections 9.2, 13.1 and 16.4 hereof (the “Excepted Rights”)) to
exercise any election or option or to make any decision or determination or to give or receive any notice, consent, waiver or approval or to take any other action under or in respect of any Granting Clause Document or to accept any surrender or
redelivery of any of Buyer’s Transponders or any part thereof, as well as (except as provided in Sections 9.2, 13.1 and 16.4 hereof (the “Excepted Rights, Powers and Remedies”)) all the rights, powers and
remedies on the part of the Owner Trustee or the Trust, whether acting under any such Granting Clause Document or by statute or at law or in equity, or otherwise, arising out of any Lease Default or Lease Event of Default; 
 (c) all estate, right, title and interest now held or hereafter acquired by the Owner Trustee or the Trust in and to all tolls, rents, issues, profits,
products, revenues and other income, and in and to all proceeds and payments, from or on account of the property, rights and privileges subjected or required to be subjected to the Lien of this Indenture; 
 (d) all insurance and requisition proceeds with respect to Buyer’s Transponders and the Satellite payable to the Owner Trustee, the Trust and/or the
Indenture Trustee, including but not limited to the insurance required under Section 9 of the Lease; 
 (e) all estate, right,
title and interest now held or hereafter acquired by the Owner Trustee or the Trust in and to any right to restitution from the Lessee or the Guarantors in respect of any determination of invalidity of any Granting Clause Document; 
 (f) the Indenture Account and all moneys and securities now or hereafter paid or deposited or required to be paid or deposited to or with the Indenture
Trustee by or for the account of the Owner Trustee or the Trust pursuant to any term of any Granting Clause Document and held or required to be held by the Indenture Trustee hereunder (which such moneys and securities shall be deposited in the
Indenture Account in accordance with Section 9.10 hereof); and 
 (g) all proceeds of the foregoing; BUT 
  

 2 

 EXCLUDING, for all purposes of this Granting Clause, (i) all Excepted Payments, (ii) all
Excepted Rights and all Excepted Rights, Powers and Remedies, and (iii) all of the estate, right, title and interest held by the Owner Trustee or the Trust that was granted to the Owner Trustee or the Trust pursuant to Section 2.04
or 11.03 of the Purchase Agreement and Appendix C thereto (without, in any case, affecting any estate, right, title or interest held by the Owner Trustee or the Trust in the same property that may have been granted to the Owner Trustee
or the Trust pursuant to any other agreement) (the “Excluded Satellite Interest”); it being agreed that the term “Indenture Estate” shall not include (x) Excepted Payments, (y) Excepted Rights or Excepted
Rights, Powers and Remedies or (z) the Excluded Satellite Interest; 
 TO HAVE AND TO HOLD the same unto the Indenture Trustee, its
successors and assigns, forever. 
 IN TRUST, NEVERTHELESS, upon the terms and trusts herein set forth, for the equal and proportionate
benefit and security of the holders from time to time of the Notes, without preference of any of such Notes over any others for any reason. 
 IT IS HEREBY COVENANTED by the parties hereto that the Indenture Estate is to be held and applied subject to the further terms herein set forth; and the Indenture Trustee hereby agrees to accept the trusts and duties herein set forth, and
the Owner Trustee, for itself and its successors and assigns, hereby covenants and agrees with the Indenture Trustee for the equal and proportionate benefit and security of the holders from time to time of the Notes, as follows: 
 Section 1. Definitions 
 Section 1.1.
Special Definitions. For all purposes of this Indenture, the following terms shall have the following meanings (such definitions to be equally applicable to both the singular and plural forms of the terms defined): 
 “Additional Documents” shall have the meaning specified in clause (a) of the Granting Clause herein. 
 “Applicable Rate” shall mean with respect to any Note, a rate per annum equal to 10.00%. 
 “Change of Law Obsolescence Termination” shall mean a termination of the Lease pursuant to Section 8(a)(i) or
8(a)(ii) of the Lease as a result of (a) Buyer’s Transponders having become uneconomic, obsolete or surplus to the Lessee’s requirements or (b) replacement transponders having become reasonably necessary for the
Lessee’s service to remain competitive with other satellite or digital service providers or advisable to assure Continuity of Service described in Section 13(c)(ii) of the Lease, in each case, as a result of (i) a change in
law, regulation or tariff of general application or (ii) the imposition by the FCC or any other Governmental Authority of any conditions or requirements upon the initial issuance, continued effectiveness or renewal of any license required for
the operation or ownership of Buyer’s Transponders. 
  

 3 

 “Corporate Trust Office” shall mean the office of the Indenture Trustee identified as
Item 3 on Schedule II to the Participation Agreement, as such office may be changed in accordance with Section 13.03 of the Participation Agreement. 
 “Covered Defaults and Covered Events of Default” shall have the meaning specified in Section 5.1(b) hereof. 
 “Dollars” and “$” shall mean lawful currency of the United States of America. 
 “Excepted Rights” shall have the meaning specified in the Granting Clause herein. 
 “Excepted Rights,
Powers and Remedies” shall have the meaning specified in the Granting Clause herein. 
 “Exchange” shall have the
meaning specified in Section 2.11 hereof. 
 “Exchange Date” shall have the meaning specified in
Section 2.11 hereof. 
 “Excluded Satellite Interest” shall have the meaning specified in the Granting Clause
herein. 
 “Federal Funds Rate” shall mean, for any day, the rate per annum (rounded upwards, if necessary, to the nearest
1/100 of 1%) equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the
Business Day next succeeding such day, provided that if the day for which such rate is to be determined is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as
so published on the next succeeding Business Day (or if not so published, the next succeeding Business Day so published). 
 “Granting Clause Documents” shall have the meaning specified in paragraph (b) of the Granting Clause herein. 
 “Indenture Account” shall have the meaning specified in Section 9.10(b). 
 “Indenture
Estate” shall have the meaning specified in the Granting Clause herein. 
 “Indenture Event of Default” shall have
the meaning specified in Section 6 hereof. 
 “Instruction Certificate” shall mean a certificate delivered to
the Indenture Trustee and signed by a Responsible Officer of the Owner Trustee and a Responsible Officer of the Lessee. 
 “Interest
Payment Date” shall mean with respect to any Note, each June 1 and December 1, commencing June 1, 2007. 
 “Interest Period” shall mean (a) initially the period commencing on the date of the initial issuance of the Notes and ending on May 31, 2007 and (b) thereafter, each successive 

  

 4 

 
semi-annual period commencing on the Interest Payment Date immediately following the end of the previous interest period and ending on the day preceding the
next succeeding Interest Payment Date. Notwithstanding the foregoing, the last scheduled Interest Period in respect of the Notes shall end on the Maturity Date (as specified in Annex I hereto). 
 “Lessee OP Restricted Period” means any period during which both (A) the Lessee or an Affiliate thereof owns the Beneficial
Interest and (B) no Deferred Payment Note is issued and outstanding. 
 “Majority Interest of Noteholders” shall
mean, as of any date of determination, the holders of more than 50% in aggregate unpaid principal amount of all Notes then Outstanding as of such date. For purposes of the foregoing definition and Section 13 hereof, and in determining as
of such date of determination, the aggregate unpaid principal amount of the Notes then Outstanding, there shall not be counted as Outstanding any Note held by the Owner Trustee, the Owner Participant, the Lessee, any Guarantor or any of their
respective Affiliates (unless the Owner Trustee, the Owner Participant, the Lessee or any Guarantor or their respective Affiliates, as the case may be, collectively shall own all of the Notes then Outstanding). 
 “New York UCC” shall mean the Uniform Commercial Code as from time to time in effect in the State of New York. 
 “Note Co-Registrars” shall have the meaning specified in Section 2.6 hereof. 
 “Note Register” shall have the meaning specified in Section 2.6 hereof. 
 “Note Registrar” shall have the meaning specified in Section 2.6 hereof. 
 “Outstanding” shall mean, with respect to the Notes, as of the date of determination, all Notes theretofore authenticated and delivered
under this Indenture, except: 
 (i) Notes theretofore cancelled by the Note Registrar or delivered to the Indenture Trustee
or the Note Registrar for cancellation; and 
 (ii) all of the Notes if money in the amount required to make a distribution
in full with respect to such Notes has been theretofore deposited with the Indenture Trustee in trust for the Noteholders as provided in Section 2.5 or Section 6 hereof pending such distribution of such money to such
Noteholders. 
 “Overdue Rate” shall mean, at any time, with respect to any Note, 1% in excess of the Applicable Rate with
respect to such Note. 
 “Participation Agreement” shall mean the Participation Agreement, dated as of February 13,
2007, among XM Satellite Radio Holdings Inc., as Seller, XM Satellite Radio Inc., as Lessee, Satellite Leasing (702-4), LLC, as Owner Participant, the Owner Trustee, the Indenture Trustee and the Note Purchasers (as defined therein), as the same may
be amended, modified and supplemented from time to time in accordance with the terms hereof and thereof. 
  

 5 

 “Paying Agent” shall have the meaning specified in Section 2.6 hereof.

 “Premium Amount” shall mean, with respect to any Note, and as specified or contemplated herein to be applicable to the
redemption, purchase or acceleration of such Note, (a) if such Note is redeemed, purchased or accelerated at any time prior to May 1, 2010, an amount equal to the excess, if any, of (i) the discounted present value, as of the date of
the relevant redemption, purchase or acceleration of such Note, of the respective installments of principal of and interest on such Note that, but for such redemption, purchase or acceleration, would have been payable on the Interest Payment Date
after such redemption, purchase or acceleration (assuming for this purpose no changes in the Applicable Rate for such Note from that in effect with respect to the relevant redemption, purchase or acceleration), over (ii) the principal amount of
and accrued interest on such Note then being redeemed; such present value shall be computed using a discount rate equal to the Treasury Rate as of the date of such prepayment plus 50 basis points, (b) if such Note is redeemed, purchased or
accelerated during the twelve-month period beginning on May 1, 2010, 5.00% of the principal amount thereof, (c) if such Note is redeemed, purchased or accelerated during the twelve-month period beginning on May 1, 2011, 2.50% of the
principal amount thereof and (d) if such Note is redeemed, purchased or accelerated thereafter, 0.000% of the principal amount thereof. 
 “Requisite Percentage of Noteholders” shall mean, as of any date of determination, the holders of at least 25% in aggregate unpaid principal amount of all Notes Outstanding as of such date. For purposes of the
foregoing definition and in determining as of such date of determination the aggregate unpaid principal amount of the Notes Outstanding, there shall not be counted as Outstanding any Note held by the Owner Trustee, the Owner Participant, the Lessee,
any Guarantor, or any of their respective Affiliates (unless the Owner Trustee, the Owner Participant, the Lessee or any Guarantor or their respective Affiliates, as the case may be, collectively shall own all of the Notes then Outstanding).

 “Securities Act” shall mean the Securities Act of 1933, as amended. 
 “Securities Intermediary” shall have the meaning specified in Section 9.10(a). 
 “Transaction Documents” shall have the meaning specified in paragraph (b) of the Granting Clause herein. 
 “Treasury Rate” shall mean, as of the date of any redemption, purchase or acceleration with respect to which Premium Amount shall be
calculated, the yield to maturity as of such date of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly available at
least two business days prior to such date (or, if such Statistical Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from such date to May 1, 2010; provided,
however, that, if the period from such date to May 1, 2010, is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year will be used. 
 Section 1.2. Reference to Other Definitions. Capitalized terms used but not defined herein shall have the respective meanings assigned thereto in
Appendix A to the 
  

 6 

 
Participation Agreement for all purposes hereof (and the rules as to construction contained in such Appendix A shall also be applicable herein).

 Section 2. The Notes 
 Section 2.1. Notes. (a) Generally. Except for Notes issued pursuant to Section 2.6 or 2.7 hereof, Notes may be issued only on the Closing Date. On the Closing Date, the Notes to be issued on such date
pursuant to Section 2.03(b) of the Participation Agreement shall be duly executed by the Owner Trustee, duly authenticated and delivered by the Indenture Trustee and registered in the name of the Noteholder or its nominee to which such
Note is being issued and shall have attached thereto the Debt Amortization Schedule for such Note. Receipt by the Indenture Trustee of Notes duly executed by the Owner Trustee shall constitute instructions to the Indenture Trustee to authenticate,
register and deliver such Notes on the Closing Date without further act on the part of the Owner Trustee. 
 (b) Terms of Notes. The
Notes shall: 
 (i) be limited in aggregate original principal amount to the amount specified in Annex I hereto;

 (ii) be issuable only as registered Notes in denominations of at least $1,000, or integral multiples thereof (or, with the
consent of the Owner Trustee and the Indenture Trustee, integral multiples of $100 but in no event shall any Note be for an amount less than $1,000); 
 (iii) be dated the Closing Date; 
 (iv) bear interest on the unpaid principal amount thereof
from the date of the authentication of such Note at the Applicable Rate (computed on the basis of a 360-day year consisting of twelve 30-day months); 
 (v) provide for payments of interest on Interest Payment Dates and otherwise be due and payable as to principal and interest as specified herein and therein; 
 (vi) be prepayable or redeemable only as provided in this Section 2; 
 (vii) be substantially of the tenor and in the form set forth in Exhibit A hereto; and 
 (viii) be of the same series. 
 (c) Execution; Authentication. Each Note shall be signed on behalf of the Owner Trustee by a Responsible Officer of the Owner Trustee, manually or in facsimile. No Note shall be secured by or entitled to any benefit under this
Indenture, or be valid for any purpose, unless and until there appears thereon a certificate of authentication executed by or on behalf of the Indenture Trustee by the manual signature of a Responsible Officer of the Indenture 

  

 7 

 
Trustee, and such certificate on any Note shall be conclusive evidence that such Note has been duly authenticated and delivered hereunder. 
 (d) The principal of the Notes shall be due and payable on such dates and in such installments, if any, as may be set forth in any Note issued under this
Indenture. The principal and interest so payable on any date as aforesaid will be paid to the Person in whose name the Note is registered at the close of business on the date which is 15 days preceding such date on which principal or interest is
payable. 
 (e) To the extent specified therein, each Note shall bear interest at the applicable Overdue Rate on any principal thereof and,
to the extent permitted by Applicable Laws, interest and any other amount due with respect thereto set forth in such Note or any schedule thereto, not paid when due (whether at stated maturity, by acceleration or otherwise), for any period during
which the same shall be overdue. 
 (f) No Note is subject to prepayment or redemption, in whole or in part, except as provided in
Sections 2.3, 2.4 and 2.5 hereof and no Note is subject to purchase without consent of the holder thereof except as provided in Section 2.9 hereof. Subject to Section 5.10 hereof, any Noteholder shall be
entitled to the principal of, and Premium Amount (if any) (and any other premium thereon), and interest on such Note free and clear from all rights of set-off or counterclaims of the Owner Trustee, the Indenture Trustee or any prior holder of such
Note. 
 (g) All Notes at any time Outstanding under this Indenture shall be equally and ratably secured by this Indenture, without
preference, priority or distinction on account of the date or dates of the actual time or times of the issue of such Notes, so that all Notes at any time issued or Outstanding hereunder shall have the same right, lien, security, preference and
priority by virtue of this Indenture. 
 Section 2.2. Limitations with Respect to Obligations of the Owner Trustee. All payments,
including payments of principal, the Premium Amount (if any) (and any other premium thereon) and interest, to be made by the Owner Trustee on the Notes and under this Indenture (other than pursuant to Section 2.9 hereof) shall be made
only from the income and proceeds from the Indenture Estate and only to the extent that the Owner Trustee shall at any time and from time to time have received sufficient income or proceeds from the Indenture Estate to make such payments in
accordance with the terms hereof, and all payments to be made by the Indenture Trustee under the Notes and under this Indenture shall be made only from the income and proceeds from the Indenture Estate and only to the extent that the Indenture
Trustee shall at any time and from time to time have sufficient income or proceeds from the Indenture Estate to make such payments in accordance with the terms hereof. Each Noteholder (and each assignee of such Person), by acceptance of any Note,
shall be deemed to have agreed that it will look solely to the income and proceeds from the Indenture Estate to the extent available for distribution to such holder as herein provided (except in connection with a purchase under
Section 2.9 herein). None of the Owner Participant or the Owner Trustee shall be personally liable to the Indenture Trustee or any Noteholder for any amounts payable under the Notes or this Indenture or any other Transaction Document;
provided, however, the foregoing shall not limit the liability of either the Trust Company or the Owner Participant for its representations, warranties and covenants in Section 3.8 hereof and Sections 4.03,
4.04, 4.05, 4.07(b), 4.07(e), 
  

 8 

 
5.02 (other than Section 5.02(f)), 5.03 and 5.05(b) of the Participation Agreement, as applicable. In furtherance of the
foregoing, to the fullest extent permitted by law, each Noteholder (and each assignee of such Person), by its acceptance of a Note, agrees that neither it nor the Indenture Trustee will exercise any statutory right to negate the agreements set forth
in this paragraph. 
 The principal of, and Premium Amount (if any) and interest on, any Note and any other amount due with respect thereto
set forth in such Note or any schedule thereto shall be payable in Dollars in immediately available funds no later than 12 Noon (New York time), on, subject to the last two sentences of this paragraph, the due date thereof, to the Indenture Trustee
at the Indenture Trustee Office and the Indenture Trustee shall, subject to the terms and conditions of this Indenture, remit all such amounts so received by it to such account or accounts at such financial institution or institutions as the holder
thereof shall have designated to the Indenture Trustee in writing pursuant to the immediately following sentence, the wire transfer of such payment (unless so specified to be made by mailing a check or upon presentation) to be commenced prior to
3:00 P.M. (New York time) on the due date thereof. The principal of and Premium Amount (if any) and interest on, each Note and any other amount due with respect thereto set forth in such Note or any schedule thereto shall be remitted by the
Indenture Trustee in Dollars in immediately available funds at the Indenture Trustee Office or at any office or agency maintained for such purpose pursuant to Section 2.6 hereof on presentment thereof to the Indenture Trustee by the
Person in whose name such Note was registered on the record date for payment, except that any Noteholder may, by notice to the Indenture Trustee, direct the Indenture Trustee either to credit any amount due thereon to an account maintained by such
Noteholder or a nominee of such Noteholder with the Indenture Trustee or an Affiliate thereof or to pay such amount by whichever of the following methods shall be specified by notice from such Noteholder to the Indenture Trustee: (a) by making
such payment to such Noteholder in immediately available funds at the Indenture Trustee Office, (b) by transferring such amount by wire transfer in immediately available funds to such bank in the United States (for the account of such
Noteholder) as shall be designated in such notice, with telephonic or written confirmation of payment, to the extent specified by such Noteholder, or (c) by mailing a check for such amount to such Noteholder at such address as such Noteholder
shall designate by notice to the Indenture Trustee, in all cases without any presentment or surrender of any Note. Each payment of principal of, and Premium Amount (if any) and interest on, any Note and any other amount due with respect thereto
shall be made by the Owner Trustee in immediately available funds on the scheduled date on which such payment shall be due, unless such scheduled date shall not be a Business Day, in which case such payment shall be due and payable on the
immediately succeeding Business Day with the same force and effect as if made on such scheduled date, and (provided such payment is made on such next succeeding Business Day) no interest shall accrue on the amount of such payment from and after such
scheduled date; provided that, in the event that the Maturity Date (as set forth on Annex I hereto) is not a Business Day and payment on the Notes is made on the next succeeding Business Day, interest shall accrue at the Applicable
Rate from the Maturity Date (as set forth on Annex I hereto) to such next succeeding Business Day and shall be paid on such next succeeding Business Day. Any payment made after such time shall be deemed to have been paid on the next Business
Day. 
 All payments by the Owner Trustee and the Indenture Trustee shall be made free and clear of, and without reduction for or on account
of, all wire or other like charges. 
  

 9 

 In the case of each Note, each payment of principal and interest thereon shall be applied, first,
to the payment of accrued but unpaid interest on such Note (as well as any interest on overdue principal and, to the extent permitted by Applicable Laws, overdue interest), to but excluding the date of such payment, and second, the balance,
if any, remaining thereafter, to the payment of the principal amount of such Note then due thereunder. 
 A Noteholder shall have no further
interest in, or other right with respect to, the Indenture Estate when and if the principal of and interest on all Notes held by such Noteholder, and all other sums payable to such Noteholder hereunder or under such Notes shall have been paid in
full. 
 Section 2.3. Refinancing . Upon any refinancing of the Notes pursuant to Section 11.01 (other than pursuant to
Section 11.07(c) of the Participation Agreement, which redemption pursuant to such refinancing shall be addressed in Section 2.5(a)(v) hereof) of the Participation Agreement (subject to satisfaction of the conditions in
Section 11.02 of the Participation Agreement), the Owner Trustee shall redeem the Notes, in whole but not in part, at a redemption price equal to 100% of the principal amount of Notes redeemed plus the Premium Amount, if any, as of the
applicable redemption date. Unless the Owner Trustee defaults in the payment of the redemption price, interest will cease to accrue on the Notes or portions thereof called for redemption on the applicable redemption date. Any redemption pursuant to
this Section 2.3 will be made pursuant to the provisions of Sections 2.5(b), 2.10 (it being acknowledged and agreed that the delivery of notices contemplated by clause (b) of Section 2.10 shall be the
responsibility of the Indenture Trustee and not the Owner Trustee) and, to the extent applicable, 2.11 hereof. 
 Section 2.4.
Mandatory Full or Partial Redemption Following Event of Loss or Similar Event. 
 (a) Upon the occurrence of an Event of Loss (other
than a Regulatory Loss) with respect to Buyer’s Transponders with respect to which the Lessee has not, by notice given by the Lessee to the Owner Trustee and the Indenture Trustee pursuant to Section 12(a) of the Lease on or prior
to the date specified therefor in the Lease, chosen to provide the Owner Trustee with Substitute Transponders pursuant to Section 7(e) of the Lease, the Notes Outstanding shall be redeemed in whole but not in part at a redemption price
equal to 100% of the principal amount of Notes redeemed. Such redemption shall be made on the date specified in Section 12(a) of the Lease (i) for the payment of Stipulated Loss Value if the proviso to the second sentence of such
Section 12(a) shall not be applicable, or (ii) on the dates specified in said proviso for the payments to be made pursuant to said proviso if said proviso shall be applicable, and shall be applied in accordance with
Section 5.4 hereof. 
 (b) If, in connection with an Event of Loss (other than a Regulatory Event of Loss) with respect to
Buyer’s Transponders, (i) the Lessee has, by notice given by the Lessee to the Owner Trustee and the Indenture Trustee pursuant to Section 12(a) of the Lease on or prior to the date specified therefor in the Lease, chosen to
provide the Owner Trustee with Substitute Transponders pursuant to Section 7(e) of the Lease and (ii) the Lessee fails to provide the Owner Trustee with Substitute Transponders, or elects not to continue with such Substitution,
within 180 days after the occurrence of the applicable Event of Loss, the Owner Trustee shall, on the 

  

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181st day after such
occurrence, redeem the Notes Outstanding in whole but not in part at a redemption price equal to 100% of the principal amount of Notes redeemed 
 (c) If, in connection with an Event of Loss (other than a Regulatory Event of Loss) with respect to Buyer’s Transponders, (i) the Lessee has, by notice given by the Lessee to the Owner Trustee and the Indenture Trustee pursuant to
Section 12(a) of the Lease on or prior to the date specified therefor in the Lease, chosen to provide the Owner Trustee with Substitute Transponders pursuant to Section 7(e) of the Lease and (ii) subsequent to the giving
of such notice, the Owner Trustee has accepted the Lessee’s offer to purchase Buyer’s Transponders pursuant to clause (x)(B) or (xi) of the second paragraph of Section 7(e) of the Lease, unless the Lessee shall have
exercised its right, subject to Section 2.5(a)(viii) below, to Exchange such Notes pursuant to Section 19(c) of the Lease and Section 2.11 hereof, the Notes Outstanding shall be redeemed in whole but not in part
at a redemption price equal to 100% of the principal amount of Notes redeemed, such redemption to occur on the date Buyer’s Transponders are purchased pursuant to such Section 7(e). For the avoidance of doubt, the redemption
contemplated by this clause (c) does not apply if the Lessee has elected to purchase the Beneficial Interest pursuant to Section 10.01(e) of the Participation Agreement. Any redemption upon the acceptance by the Owner Trustee of a
Repurchase Offer pursuant to Section 10.06 of the Participation Agreement shall be consummated in accordance with Section 2.5(a)(vi) below. 
 (d) Upon the occurrence of a Partial Loss with respect to which the Lessee has not, by notice given by the Lessee to the Owner Trustee and the Indenture Trustee pursuant to Section 12(c) of the Lease on or
prior to the date specified therefor in the Lease, chosen to provide the Owner Trustee with Substitute Transponders pursuant to Section 7(e) of the Lease, the Owner Trustee shall redeem such principal amount of the Notes Outstanding as
shall be equal to the portion of Applicable Portion of Stipulated Loss Value (as defined in Section 12(c) of the Lease) covered by Partial Loss Proceeds (as specified in Section 12(c) of the Lease), at a redemption price
equal to 100% of such unpaid principal amount of the Notes to be redeemed. Such partial prepayment of the Notes shall be applied pro rata to the unpaid principal amount of the Notes Outstanding. 
 (e) If, in connection with a Partial Loss, (i) the Lessee has, by notice given by the Lessee to the Owner
Trustee and the Indenture Trustee pursuant to Section 12(c) of the Lease on or prior to the date specified therefor in the Lease, chosen to provide the Owner Trustee with Substitute Transponders pursuant to Section 7(e) of
the Lease and (ii) the Lessee fails to provide the Owner Trustee with Substitute Transponders, or elects not to continue with such Substitution, within 180 days after the occurrence of the applicable event of Partial Loss, the Owner Trustee
shall, on the 181st day after such occurrence, redeem such principal amount of the Notes Outstanding as shall be
equal to the portion of Applicable Portion of Stipulated Loss Value (as defined in Section 12(c) of the Lease) covered by Partial Loss Proceeds (as specified in Section 12(c) of the Lease), at a redemption price equal to 100%
of such unpaid principal amount of the Notes to be redeemed. Such partial prepayment of the Notes shall be applied pro rata to the unpaid principal amount of the Notes Outstanding. 
 (f) If, in connection with a Partial Loss, (i) the Lessee has, by notice given by the Lessee to the Owner Trustee and the Indenture Trustee pursuant
to Section 12(c) of the Lease on or prior to the date specified therefor in the Lease, chosen to provide the Owner Trustee with 

  

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Substitute Transponders pursuant to Section 7(e) of the Lease and (ii) subsequent to the giving of such notice, the Owner Trustee has
accepted the Lessee’s offer to purchase Buyer’s Transponders pursuant to clause (x)(B) or (xi) of the second paragraph of Section 7(e) of the Lease, unless the Lessee shall have exercised its right, subject to
Section 2.5(a)(viii) below, to Exchange such Notes pursuant to Section 19(c) of the Lease and Section 2.11 hereof, the Notes Outstanding shall be redeemed in whole but not in part at a redemption price equal to
100% of the principal amount of Notes redeemed, such redemption to occur on the date Buyer’s Transponders are purchased pursuant to such Section 7(e). For the avoidance of doubt, the redemption contemplated by this clause
(f) does not apply if the Lessee has elected to purchase the Beneficial Interest pursuant to Section 10.01(f) of the Participation Agreement. Any redemption upon the acceptance by the Owner Trustee of a Repurchase Offer pursuant to
Section 10.06 of the Participation Agreement shall be consummated in accordance with Section 2.5(a)(vi) below. 
 Section 2.5. Additional Redemptions 
 (a) The Notes shall be redeemed in any of the following circumstances: 
 (i) Upon the purchase of Buyer’s Transponders pursuant to Section 19(a)(ii) of the Lease, the Notes then Outstanding
shall be redeemed in whole but not in part, on the EBO Date, at a redemption price equal to 100% of the principal amount of Notes redeemed plus the Premium Amount as of the EBO Date, unless the Lessee shall have exercised its right, subject to
Section 2.5(a)(viii) below, to Exchange such Notes pursuant to Section 19(c) of the Lease and Section 2.11 hereof and such Exchange shall have been consummated by the EBO Date. For the avoidance of doubt, the
redemption contemplated by this clause (i) does not apply if the Lessee has elected to purchase the Beneficial Interest pursuant to Section 10.01(a) of the Participation Agreement. Such redemption, if any, shall be consummated in
accordance with Section 2.5(a)(vi) below. 
 (ii) Upon the purchase of Buyer’s Transponders pursuant to
Section 19(a)(iii) of the Lease, the Notes then Outstanding shall be redeemed in whole but not in part, on the date specified in such Section 19(a)(iii), at a redemption price equal to 100% of the principal amount of Notes
redeemed, unless the Lessee shall have exercised its right, subject to Section 2.5(a)(viii) below, to Exchange such Notes pursuant to Section 19(c) of the Lease and Section 2.11 hereof and such Exchange shall have
been consummated by the date specified in such Section 19(a)(iii). For the avoidance of doubt, the redemption contemplated by this clause (ii) does not apply if the Lessee has elected to purchase the Beneficial Interest pursuant to
Section 10.01(e) of the Participation Agreement. Such redemption, if any, shall be consummated in accordance with Section 2.5(a)(vi) below. 
 (iii) Upon termination of the Lease pursuant to Section 8(a) thereof, the Notes then Outstanding shall be redeemed in whole
but not in part, at a redemption price equal to (x) if such termination (or such offer to purchase) is in respect of a Change of Law Obsolescence Termination, 100% of the principal 

  

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amount of Notes redeemed, and (y) if such termination (or such offer to purchase) is not in respect of a Change of Law Obsolescence Termination, 100% of
the principal amount of Notes redeemed plus the Premium Amount as of the applicable redemption date, such redemption to be made on the date specified in Section 8(a) of the Lease for such termination. 
 (iv) If the Owner Trustee has accepted the Lessee’s offer to purchase Buyer’s Transponders pursuant to clause (x)(B) or
(xi) of the second paragraph of Section 7(e) of the Lease as a result of a failed Substitution in respect of a Substitution Event under clause (iii) or (iv) of the definition thereof, unless the Lessee shall have exercised
its right, subject to Section 2.5(a)(viii) below, to Exchange such Notes pursuant to Section 19(c) of the Lease and Section 2.11 hereof, the Notes then Outstanding shall be redeemed in whole but not in part, at a
redemption price equal to 100% of the principal amount of Notes redeemed plus the Premium Amount as of the applicable redemption date, such redemption to be made on the date the Lessee purchases Buyer’s Transponders as a result of such failed
Substitution. For the avoidance of doubt, the redemption contemplated by this clause (iv) does not apply if the Lessee has elected to purchase the Beneficial Interest pursuant to Section 10.01(f) of the Participation Agreement. Any
redemption upon the acceptance by the Owner Trustee of a Repurchase Offer pursuant to Section 10.06 of the Participation Agreement shall be consummated in accordance with Section 2.5(a)(vi) below. 
 (v) Upon the acceptance by the Owner Trustee of an Offer to Purchase or Refinance pursuant to Section 11.07(c) of the
Participation Agreement, if the Majority Interest of Noteholders have accepted the Offer to Purchase or Refinance, as provided therein, the Notes then Outstanding shall be redeemed in whole but not in part, on the date for redemption set forth in
the redemption notice delivered pursuant to Section 2.10 hereof (which shall not, in any event, be later than the date by which the Lessee is required by Section 11.07(g) of the Participation Agreement to consummate the Offer
to Purchase or Refinance), at a redemption price equal to 101% of the principal amount of the Notes; 
 (vi) Upon the
acceptance by the Owner Trustee of a Repurchase Offer pursuant to Section 10.06 (other than Section 10.06(f)) of the Participation Agreement (which Repurchase Offer is either binding when made or has become non-contingent in
accordance with the applicable provision of such Section 10.06), as provided therein, the Notes then Outstanding shall be redeemed in whole but not in part, on the date for redemption set forth in the redemption notice delivered pursuant
to Section 2.10 hereof (which shall be the date on which the Beneficial Interest is purchased by the Lessee or, if applicable, the principal amount of the Deferred Payment Note is paid, in each case, in accordance with the applicable
provisions of Article X of the Participation Agreement), at a redemption price equal to 100% of the principal amount of the Notes; 
  

 (vii) Upon the acceptance by the Owner Trustee of a Repurchase Offer pursuant to
Section 10.06(f) of the Participation Agreement, as provided therein, the Notes then Outstanding shall be redeemed in whole but not in part, on the date for redemption set forth in the redemption notice delivered pursuant to
Section 2.10 hereof (which shall be the date on which the Beneficial Interest is purchased by the Lessee in accordance with Section 10.06(f) of the Participation Agreement), at a redemption price equal to 100% of the
principal amount of the Notes plus the Premium Amount as of the applicable redemption date; and 
 (viii) Upon the acceptance
by the Owner Trustee of an offer to redeem pursuant to Section 11.08 of the Participation Agreement, as provided therein, the Notes then Outstanding shall be redeemed in whole but not in part, on the date for redemption set forth in the
redemption notice delivered pursuant to Section 2.10 hereof (which shall be the date on which Buyer’s Transponders are purchased by the Lessee in accordance with Section 19(a)(ii) or (ii]i), as applicable, of the
Lease), at a redemption price equal to 100% of the principal amount of the Notes. 
 (b) Each redemption pursuant to Section 2.3
hereof, Section 2.4 hereof or this Section 2.5 shall be accompanied by accrued interest on the principal amount of Notes being redeemed to but excluding the date of such redemption, together with the Premium Amount, if any,
that is stated to be applicable to such redemption pursuant to such Section 2.3, 2.4 or 2.5. 
 Notice of
redemption having been given as set forth in Section 2.10(a) hereof, which notice shall be irrevocable, the amount to be paid as determined in accordance with Section 2.3 hereof, Section 2.4 hereof or this
Section 2.5, as applicable, shall become due and payable on the date fixed for redemption. For the avoidance of doubt, any notices in respect of redemptions (other than notices delivered pursuant to Section 2.10(a) hereof
which shall indicate that there is a binding and irrevocable obligation to redeem the Notes) shall be revocable to the extent provided, if any, provided in the Participation Agreement or the Lease. 
 On the date fixed for redemption immediately available funds in Dollars shall be deposited by the Owner Trustee in the Indenture Account by the time and
otherwise in the manner provided in Section 2.2 hereof, in an amount equal to the full amount to be redeemed determined in accordance with this Section 2.5. Upon presentation or surrender of any such Notes for redemption,
such Notes shall be paid the full amount to be prepaid. 
 If any Note to be redeemed shall not be redeemed upon presentation or surrender
thereof for redemption, as the case may be, the principal shall, unless the amount required for payment thereof was paid to the Indenture Trustee on or prior to the relevant redemption date, continue to bear interest from the date fixed for
redemption at the interest rate applicable to such Note. 
 Section 2.6. Note Register; Private Placement Legend; Transfer of Notes;
Replacement Notes. The Owner Trustee shall cause to be maintained at the Indenture Trustee Office a register for the Notes that identifies the owners of the Notes for the purpose of registering transfers and exchanges of Notes in which provision
shall be made for the 
  

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denomination or denominations thereof and the name, address and taxpayer identification numbers of the holders of the Notes; provided, that, so long
as the Notes remain Outstanding, the Indenture Trustee will maintain the following: (a) an office or agency where the Notes may be presented for payment (the “Paying Agent”) and (b) a facility or agency where the Notes may
be presented for registration of transfer and for exchange as provided in this Indenture (the “Note Registrar”). The Note Registrar shall keep a register (the “Note Register”) with respect to the Notes and their
transfer and exchange. The Indenture Trustee may appoint one or more co-registrars (“Note Co-Registrars”) for the Notes and may terminate any such appointment at any time upon written notice. The term “Note
Registrar” includes any Note Co-Registrar. The Indenture Trustee shall initially act as Note Registrar and Paying Agent. 
 The
Person in whose name a Note shall be registered shall be deemed and regarded as the absolute owner thereof for all purposes and the Owner Trustee and the Indenture Trustee shall not be affected by any notice to the contrary, and payment of or on
account of either principal or interest on the Note shall be made only to the registered holder thereof on the applicable record date for payment. All such payments shall be valid and effective to satisfy and discharge the liability upon the Note to
the extent of the sums so paid. 
 Upon due presentation for registration of transfer of any Note at the Indenture Trustee Office, the Owner
Trustee shall execute and the Indenture Trustee shall authenticate and deliver in the name of the transferee or transferees a new Note or Notes, with the same maturity and interest rate, and in an equal aggregate principal amount and dated the same
date and bearing identification numbers not contemporaneously or previously Outstanding. Prior to the Indenture Trustee effecting any registration of transfer of any Note, the Noteholder seeking such registration shall be required to certify to the
Indenture Trustee that such transfer has been registered under the Securities Act or is exempt from such registration pursuant to an exemption under the Securities Act, including, without limitation, Rule 144A thereunder, and, if requested by the
Indenture Trustee, shall be required to deliver an Opinion of Counsel satisfactory to the Indenture Trustee to such effect. 
 Any Note or
Notes may be exchanged for a Note or Notes, with the same maturity and interest rate, and in an equal aggregate principal amount and dated the same date. Notes to be exchanged shall be surrendered at the Indenture Trustee Office or at any office or
agency to be maintained by the Indenture Trustee for the purpose as provided herein, and the Owner Trustee shall execute, and the Indenture Trustee shall authenticate and deliver in exchange therefor, the Note or Notes which the Noteholder making
the exchange shall be entitled to receive, bearing identification numbers not contemporaneously or previously Outstanding, and shall make a notation thereon of the amount of all payments or prepayments of principal previously made on the old Note
with respect to which such new Note is issued and the date to which interest on such old Note has been paid. Each Note presented or surrendered for issue and registration of a new Note or Notes shall be duly endorsed, or shall be accompanied by a
written instrument of transfer fully executed by, the Noteholder or its attorney duly authorized in writing. 
 All Notes issued upon any
registration of transfer of Notes shall be the valid obligations of the Owner Trustee evidencing the same respective obligations, and entitled to the same right, lien, security, preference and priority by virtue of this Indenture, as the Notes
surrendered upon such registration of transfer. The Indenture Trustee shall not be required to 

  

 15 

 
register the transfer of any surrendered Note as above provided during the 15-day period preceding the due date of any payment on such Note. 
 All Notes shall at original issuance thereof and at any time thereafter bear the following legend: 
 THE SECURITIES REPRESENTED BY THIS NOTE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE TRANSFERRED WITHOUT REGISTRATION UNDER THE SECURITIES ACT OR STATE SECURITIES LAWS OR AN OPINION OF COUNSEL, SATISFACTORY TO THE LESSEE (THE ISSUER OF THE SECURITIES REPRESENTED BY THIS
NOTE), THAT SUCH REGISTRATION IS NOT REQUIRED. 
 Except as set forth in Section 2.9 hereof, none of the Trust Company, the Owner
Trustee, the Indenture Trustee (in either case except in a fiduciary capacity) or the Lessee shall be permitted to acquire any Note. 
 Section 2.7. Mutilated, Destroyed, Lost or Stolen Notes. If any Note shall become mutilated, destroyed, lost or stolen, the Owner Trustee shall, upon the written request of the holder of such Note, execute and deliver in replacement
thereof a new Note, with the same terms, including maturity, interest rate, and principal amount and dated the same date and bearing identification numbers not contemporaneously or previously Outstanding, as the Note so mutilated, destroyed, lost or
stolen. If the Note being replaced had become mutilated, such Note shall be surrendered to the Indenture Trustee for cancellation. If, notwithstanding the last sentence of Section 2.6 hereof, the Owner Trustee shall acquire any of the
Notes, such acquisition shall not operate as a prepayment, redemption or satisfaction of the indebtedness represented by such Notes unless and until the same are delivered to the Indenture Trustee for cancellation. If the Note being replaced has
been destroyed, lost or stolen, the holder of such Note shall furnish to the Owner Trustee, the Owner Participant and the Indenture Trustee such security or indemnity as may be reasonably required by them to save the Owner Trustee, the Owner
Participant and the Indenture Trustee harmless and shall furnish evidence satisfactory to the Owner Trustee and the Indenture Trustee of the destruction, loss or theft of such Note and the ownership thereof; provided, however, that if
the holder of such Note shall be an insurance company or other financial institution with combined capital and surplus of not less than the greater of $50,000,000 or four times the aggregate principal amount of Notes held by such holder, the written
undertaking of such holder delivered to the Owner Trustee and the Indenture Trustee shall be sufficient security and indemnity. The Indenture Trustee shall authenticate each new Note on written request by the Owner Trustee and shall make a notation
thereon of the amount of all payments or prepayments of principal previously made on the old Note with respect to which such new Note is issued and the date to which interest on such old Note has been paid. 
 Section 2.8. Payment of Expenses on Transfer. Upon the execution, authentication and delivery of any new Note or Notes pursuant to
Section 2.6 or 2.7 hereof, the Owner Trustee and the Indenture Trustee each may require from the party requesting such new Note or Notes payment of a sum to reimburse the Owner Trustee and the Indenture Trustee for, 
  

 16 

 
or to provide funds for, the payment of any tax or other governmental charge in connection therewith or any charges and expenses connected with such tax or
other governmental charge paid or payable by the Owner Trustee or the Indenture Trustee. Except as aforesaid, no service charge will be made to any Noteholder by the Owner Trustee or Indenture Trustee in connection with any transfer or exchange of
any Note. 
 Section 2.9. Option To Purchase Notes. Each holder of Notes, by accepting a Note, has thereby agreed that if an Indenture
Event of Default which results from a Lease Event of Default shall have occurred and be continuing, the Owner Trustee or the Owner Participant may give written notice to the Indenture Trustee of its intention to purchase all of the Notes then
Outstanding in accordance with this Section 2.9, which notice, in order to be effective, shall state that it is irrevocable and shall designate a date as the date for such purchase. Upon receipt of such notice by the Indenture Trustee,
on the purchase date specified in such notice: (a) if (i) the Indenture Trustee has not sought to exercise any of the remedies set forth in Section 7.5, 7.6, 7.7, 7.13 or 7.14 hereof, sought to
dispossess the Lessee of Buyer’s Transponders or sought to terminate the Lease or given notice to the Owner Trustee of its intention to exercise any of the foregoing remedies, (ii) the Indenture Trustee has not declared all the Notes due
and payable pursuant to Section 6 hereof, and (iii) 180 days have not elapsed since the occurrence of such Indenture Event of Default, the Owner Participant or the Owner Trustee, as the case may be, will purchase all of the Notes
then Outstanding for an amount equal to the aggregate unpaid principal amount of all Notes, plus the Premium Amount (if any), together with accrued but unpaid interest thereon (at the Applicable Rate but not any Overdue Rate) to but excluding the
date of such receipt, or (b) if clause (a) of this Section 2.9 is not applicable, the Owner Participant or the Owner Trustee, as the case may be, will purchase all of the Notes then Outstanding for an amount equal to the
aggregate unpaid principal amount of all Notes, together with accrued but unpaid interest thereon (at the Applicable Rate but not any Overdue Rate) to but excluding the date of such receipt, and, in each case, each Noteholder will forthwith sell,
assign, transfer and convey to the Owner Trustee (without recourse or warranty of any kind other than of title to the Notes so conveyed), all the right, title and interest of such Noteholder in and to the Indenture Estate, this Indenture and all
Notes held by such Noteholder, and the Owner Trustee or the Owner Participant, as the case may be, shall thereupon assume all such Noteholder’s rights and obligations under this Indenture and such Notes; provided, however, that no
such Noteholder shall be required so to convey the Notes held by it unless (x) all other Notes at the time Outstanding shall be simultaneously purchased (other than Notes not tendered by any Noteholder in default of its obligations under this
Section 2.9 or not tendered by reason of the application of clause (y) of this proviso) by the Owner Trustee or the Owner Participant, as the case may be, pursuant to this Section 2.9 and (y) such conveyance shall
not be in violation of any Applicable Laws. All charges and expenses required to be paid pursuant to Section 2.8 hereof in connection with the execution, delivery or authentication of any new Notes pursuant to this
Section 2.9 shall be borne by the Person requesting such new Notes. The Indenture Trustee shall not commence the exercise of any remedy under Section 7 hereof or under Section 16 of the Lease without having given
20 days’ prior written notice thereof to the Owner Trustee and the Owner Participant. For the avoidance of doubt, the purchase price for any purchase of Notes made pursuant to this Section 2.9 as a result of an Indenture Event of
Default which results from a Lease Event of Default under Section 15(j) of the Lease shall include the then-applicable Premium Amount. Notwithstanding anything to the contrary contained herein, the rights of the 
  

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Owner Trustee and the Owner Participant set forth in this (b) of this Section 2.9 shall be suspended during any Lessee OP Restricted Period.

 Section 2.10. Notices of Redemptions, Purchases or Exchange. (a) Promptly, and in any event within one (1) Business Day,
after the Owner Trustee receives written notice from the Lessee which indicates that there is a binding and irrevocable obligation to redeem the Notes under Section 2.3 hereof, Section 2.4 hereof or Section 2.5
hereof or an Exchange to be made under Section 2.11 hereof, the Owner Trustee, the Owner Trustee shall give written notice to the Indenture Trustee of any such redemption or Exchange. It is acknowledged and agreed that, pursuant to the
Participation Agreement, the Lessee is required to give written notice to the Owner Trustee (with a copy to the Indenture Trustee and the Noteholders) of any such redemption or Exchange on the first date on which the Lessee’s obligation to
consummate such redemption or Exchange becomes binding and irrevocable in accordance with the applicable provisions of the Participation Agreement or the Lease, such date to be, in any event, at least ten (10) days prior to the date such
redemption or Exchange is to be consummated. In addition, if the Owner Trustee or the Owner Participant intends and is permitted to exercise its rights to purchase the Notes under Section 2.9 hereof, the Owner Trustee shall give written
notice of such purchase to the Indenture Trustee at least 20 days prior to the date of purchase. 
 (b) After receipt of any notice of
redemption, purchase or Exchange under Section 2.10(a) hereof (which shall indicate that there is a binding and irrevocable obligation to redeem the Notes), the Indenture Trustee shall give notice to all Noteholders by delivery by hand
or by first-class registered or certified mail, postage prepaid, of any redemption of the Notes under Section 2.3, 2.4 or 2.5 hereof, any purchase of Notes pursuant to Section 2.9 hereof or any Exchange under
Section 2.11 hereof, such notice to be given within one (1) Business Days after such receipt by the Indenture Trustee. 
 All notices of redemption, purchase or Exchange shall be prepared by the Lessee (or in the case of any purchase pursuant to Section 2.9 hereof, the Owner Trustee) and shall state: 
 (1) the date of redemption, purchase or Exchange, 
 (2) the Section and clause of this Indenture pursuant to which the redemption, the purchase or the Exchange is being made, 
 (3) with respect to redemption, purchases or Exchanges in whole of Notes issued hereunder on the date of redemption, purchase or
Exchange, the amount which will or has become due and payable or will be or has been exchanged with respect to such Notes, and 
 (4) the place or places where such Notes are to be surrendered or presented for redemption, purchase or Exchange. 
 Section 2.11.
Exchange of Obligations of Owner Trustee or the Lessee. The Lessee may, subject to Section 11.08 of the Participation Agreement and Section 2.5(a)(viii) hereof, elect to satisfy all of the rights and obligations of the
Owner Trustee under this Indenture with respect to the redemption of the Notes pursuant to Section 2.4(c), 2.4(f), 2.5(a)(i), 2.5(a)(ii) and 2.5(a)(iv) hereof by in effect assuming such obligations as provided in
this Section 2.11 in 
  

 18 

 
lieu of redeeming the Notes. In addition, to the extent permitted and required by Section 10.02(d) or Section 11.07(h) of the
Participation Agreement, the Lessee shall, subject to the conditions set forth below in this Section 2.11, assume the Owner Trustee’s obligations under the Notes. Upon the occurrence of any event contemplated by the first two
sentences of this Section 2.11, the Notes shall be mandatorily exchanged for secured, full recourse notes of the Lessee to be issued under a new indenture, as described below (an “Exchange”). Such notes will be issued on
the date specified in the notice given pursuant to Section 2.10 hereof with respect to an Exchange (any such date being the same date on which such redemption would otherwise occur and being referred to hereinafter as the
“Exchange Date”). The following shall be conditions to the issuance of any new notes in exchange for the Notes: 
 (a) the
Lessee shall have paid all amounts of Rent (if applicable) and any other amounts then due by it under the Transaction Documents; 
 (b) the
notes issued in exchange for the Notes shall bear interest from the date which interest was last paid on the Notes and shall be issued in the then current principal amount, bear the same interest rate, be payable in installments in the same manner,
mature in the same installments (if any), have the same final maturity and otherwise have substantially the same terms as the Notes being exchanged therefor; 
 (c) the Lessee shall have delivered to the Indenture Trustee a certificate, dated the Exchange Date, of a Responsible Officer of the Lessee stating that the Lessee has paid to the Owner Trustee all amounts required to
be paid by it to the Owner Trustee pursuant to the Transaction Documents in connection with such Exchange and all the conditions provided for in this Section 2.11 have been satisfied; 
 (d) the new notes shall be issued under an indenture substantially in the form of this Indenture with such changes as may be appropriate to reflect the
issuance of secured notes on a full recourse basis against the Lessee for its obligations thereunder and as approved by the Majority Interest of Noteholders and the Lessee; 
 (e) each of the Guarantors shall have executed and delivered a guarantee, substantially in the form of the Guarantee Agreement with such changes as may
be appropriate to reflect the issuance, and guarantee, of secured notes on a full recourse basis against the Lessee and as approved by the Majority Interest of Noteholders and the Lessee; 
 (f) the Indenture Trustee shall have received, on or prior to the Exchange Date, evidence of all corporate action referred to in the Opinion or Opinions
of Counsel referred to below; 
 (g) the Indenture Trustee and the Owner Trustee shall have received an Opinion or Opinions of Counsel for
the Lessee dated the Exchange Date, which without unusual qualification shall be (i) to the effect that, after giving effect to the new indenture referred in Section 2.11(d) hereof, such indenture and the notes being issued
thereunder constitute legal, valid and binding obligations of the Lessee enforceable against the Lessee in accordance with their respective terms, except as the same may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or
similar laws affecting the rights of creditors generally and by 

  

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general principles of equity, and (ii) to such other effect as shall be customary in opinions delivered to such Persons in connection with the issuance
of similar secured notes and as approved by the Indenture Trustee and the Lessee; 
 (h) the Indenture Trustee and the Owner Trustee shall
have received an Opinion or Opinions of Counsel for the Guarantors dated the Exchange Date, which without unusual qualification shall be (ii) to the effect that, after giving effect to the new guarantees referred to in
Section 2.11(e) hereof, such guarantees constitute the legal, valid and binding obligations of the Guarantors, enforceable against the Guarantors, in accordance with their terms, except as the same may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the rights of creditors generally and by general principles of equity, and (y) to such other effect as shall be customary in opinions delivered to such Persons in
connection with the issuance of a guarantee of similar secured notes and as approved by the Indenture Trustee and the Lessee; and 
 (i) the
new notes shall be secured by first priority security interests in Buyer’s Transponders and the Satellite, the XM Agreements (or replacements of the XM Agreements to the extent necessary or advisable to permit operation and service of
Buyer’s Transponders and the Satellite in the event the Indenture Trustee forecloses on the Lien of the Indenture Estate) and all other relevant collateral constituting part of the Indenture Estate. 
 If all of the foregoing conditions are satisfied, then, automatically and without the requirement of further action by any Person, effective as of the Exchange Date, the
Owner Trustee shall be released from all of its obligations under this Indenture in respect of the exchanged Notes (other than any obligations or liabilities of the Owner Trustee in its individual capacity incurred on or prior to the Exchange Date
or arising out of or based upon events that occurred on or prior to the Exchange Date and are not solely attributable to any default by the Lessee, Holdings or any Guarantor, individually or in any combination, under any Operative Document, which
obligations and liabilities shall remain the sole responsibility of the Owner Trustee). Any Notes which are not actually surrendered and canceled shall be deemed to have been so surrendered and canceled and exchanged for the new notes issued in
accordance with this Section 2.11. 
 Section 2.12. Appointment to Fill a Vacancy in Office of Indenture Trustee. The
Owner Trustee, whenever necessary to avoid or fill a vacancy in the office of Indenture Trustee, will, with the consent of the Lessee, appoint, in the manner provided in Section 9.7 hereof, an Indenture Trustee, so that there shall at
all times be an Indenture Trustee hereunder; provided, however, that no such consent of the Lessee shall be required if a Payment Default, Bankruptcy Default or Lease Event of Default has occurred and is continuing. 
 Section 2.13. Paying Agents. Whenever the Indenture Trustee in its sole discretion shall appoint a Paying Agent, it will cause the Paying Agent to
execute and deliver an instrument in which the Paying Agent shall agree with the Indenture Trustee, subject to the provisions of this Section 2.13: 
 (a) that it will hold all sums received by it as such agent for the payment of the principal of, and interest and Premium Amount, if any, and all other amounts due and owing with respect to the Notes as set forth in
such Notes or any schedule thereto (whether such sums 

  

 20 

 
have been paid to it by the Indenture Trustee or the Owner Trustee) in trust for the benefit of the Noteholders or of the Indenture Trustee; and 

(b) that it will give the Indenture Trustee notice of any failure by the Owner Trustee to make any payment of the principal of or interest or Premium
Amount or any other amount due and owing on the Notes as set forth in such Notes or any schedule thereto when the same shall be due and payable. 
 Anything in this Section 2.13 to the contrary notwithstanding, the Owner Trustee may at any time for the purpose of obtaining a satisfaction and discharge of this Indenture or for any other reason, pay or cause to be paid to the
Indenture Trustee all sums held in trust by the Owner Trustee or any paying agent hereunder, such sums to be held by the Indenture Trustee in trust as provided herein. 
 Anything in this Section 2.13 to the contrary notwithstanding, the agreements to hold in trust as provided in this Section 2.13 are subject to the provisions of Sections 19 and 20
hereof. 
 Section 2.14. Holder Lists; Ownership of Notes. The Indenture Trustee shall preserve in as current a form as is reasonably
practicable the most recent list available to it of the names and addresses of the Noteholders. If the Indenture Trustee is not the Note Registrar, the Note Registrar shall furnish to the Indenture Trustee semi-annually not more than five days after
each record date of payment, as of such record date of payment, or at such other times as the Indenture Trustee may request in writing, a list, in such form and as of such date as the Indenture Trustee may reasonably require, containing all the
information in the possession or control of the Note Registrar as to the names and addresses of the Noteholders and the amounts of the Notes held by such Noteholders. Ownership of the Notes shall be proved by the Note Register kept by the Note
Registrar. 
 Section 3. Covenants and Representations and Warranties of Owner Trustee, etc 
 Section 3.1. Certain Agreements of Owner Trustee. The trust for which the Owner Trustee serves as trustee under the Trust Agreement will not
directly or indirectly: (a) engage in any business or activity other than the carrying out of the business, activities and transactions contemplated by the Transaction Documents; (b) by affirmative act, create, incur, assume, guaranty,
agree to purchase or repurchase or provide funds in respect of any indebtedness, liability or obligation other than (i) indebtedness evidenced by the Notes, (ii) all other indebtedness at any time secured by this Indenture and
(iii) as expressly permitted by the Transaction Documents; or (c) purchase or agree to purchase any property or asset (other than as expressly contemplated by the Transaction Documents); provided that, the agreement of the Owner
Trustee in this Section 3.1 shall not in any way impact the activities of the Owner Trustee (in any capacity other than as trustee under the Trust Agreement in respect of the trust) or the Trust Company. 
 Section 3.2. Notice of Indenture Event of Default; Furnishing Copies of Documents. Promptly upon the Lease being executed by the parties thereto,
the Owner Trustee 
  

 21 

 
will deliver to the Indenture Trustee the original executed counterpart thereof, which shall be identified as such as provided in Section 22 of
the Lease. If the Owner Trustee shall have Actual Knowledge of an Event of Loss or Indenture Event of Default, the Owner Trustee shall give prompt notice thereof by telecopier, telex or telephone (confirmed in the case of notice by telephone by
written notice sent in the manner provided in Section 14 hereof) to the Indenture Trustee describing in reasonable detail the action, if any, the Owner Trustee is taking or proposes to take with respect thereto. For all purposes of this
Indenture, in the absence of Actual Knowledge on the part of the Owner Trustee, the Owner Trustee shall not be deemed to have knowledge of an Event of Loss or Indenture Event of Default. The Owner Trustee shall furnish to the Indenture Trustee
(provided, in the case of any successor to the Indenture Trustee, that such successor has agreed to the provisions of Sections 13.01 and 13.15 of the Participation Agreement), promptly upon receipt thereof, a duplicate or copy of all
reports, notices, requests, demands, certificates, financial statements and other instruments furnished to the Owner Trustee under any Transaction Document, to the extent that any of the same shall not state on its face or otherwise that it has
already been distributed to the Indenture Trustee. 
 Section 3.3. Certain Limitations on Actions of Owner Trustee, etc. The Owner
Trustee will not take any action expressly prohibited by the terms of this Indenture or any other Operative Document with respect to any part of the Indenture Estate that might adversely affect the Indenture Trustee or any Noteholder except with the
prior written concurrence of the Indenture Trustee and such other consents as are required by the terms of this Indenture. The Owner Trustee represents and warrants that it has not assigned, pledged or otherwise disposed of, and hereby covenants
that it will not assign, pledge or otherwise dispose of, so long as this Indenture shall remain in effect, any of its estate, right, title or interest subject to this Indenture to anyone other than the Indenture Trustee (except as expressly
permitted under the applicable provisions of the Transaction Documents). The Owner Trustee further covenants that it will not, except with the prior written concurrence of the Indenture Trustee or as expressly provided in or permitted by
Section 13.1 or 16.4 hereof or any other provision of this Indenture or with respect to any property not constituting part of the Indenture Estate, (a) exercise any election or option, or give any notice, consent, waiver or
approval, or take any other action, under or in respect of any Granting Clause Document (except in respect of Excepted Payments); (b) accept any payment (other than any Excepted Payment) from, or settle or compromise any claim against, the
Lessee under any Granting Clause Document (except in respect of Excepted Payments); (c) submit or consent to the submission to arbitration of any dispute, difference or other matter arising under or in respect of any Granting Clause Document
(unless the rights of the Indenture Trustee and the Noteholders are not adversely affected thereby) other than in respect of Excepted Payments; (d) take any action expressly prohibited by the terms of this Indenture or any other Operative
Documents, the taking of which might result in an alteration or impairment of any Note or any Granting Clause Document (except in respect of Excepted Payments) or any of the rights or security created or effected thereby; or (e) cancel,
terminate, amend or modify, or consent to the same in respect of, any Granting Clause Document. 
 Section 3.4. Payment of Moneys to
Indenture Trustee. The Owner Trustee agrees that promptly on receipt thereof it will transfer to the Indenture Trustee any and all moneys from time to time received by it (other than from the Indenture Trustee) constituting part of the Indenture
Estate, for distribution or retention by the Indenture Trustee pursuant to this Indenture. 
  

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 Section 3.5. Further Assurances; Financing Statements. At any time and from time to time, upon the
request of the Indenture Trustee, the Owner Trustee shall promptly and duly execute and deliver any and all such further instruments and documents presented to it as the Indenture Trustee may reasonably deem necessary or desirable in obtaining the
full benefits of the Lien created or intended to be created hereby and of the rights and powers herein granted. Upon the instructions at any time and from time to time of the Indenture Trustee, the Owner Trustee shall execute and file any financing
statement (and any continuation statement with respect to any such financing statement), or any other similar document relating to the Lien of this Indenture, presented to it for signing or filing as may be specified in such instructions.

 Section 3.6. Appointment of Indenture Trustee as Attorney-in-Fact. The Owner Trustee hereby unconditionally appoints and
constitutes the Indenture Trustee the true and lawful attorney-in-fact of the Owner Trustee, irrevocably, with full power (in the name of the Owner Trustee or otherwise) to ask, require, demand and receive any and all moneys and claims for moneys
due and to become due that are part of the Indenture Estate under or arising out of any Granting Clause Document and to endorse any checks or other instruments or orders in connection therewith that are part of the Indenture Estate. 
 Section 3.7. Liability of Owner Trustee Under Granting Clause Documents; Absence of Liability of Indenture Trustee. Anything herein to the
contrary notwithstanding, the Owner Trustee shall remain liable under each Granting Clause Document to which it is a party to perform all the obligations (if any) assumed by it thereunder, all in accordance with and pursuant to the terms and
provisions thereof. The Indenture Trustee shall not have any obligation or liability under any Granting Clause Document by reason of or arising out of the assignment of any Granting Clause Document assigned pursuant to this Indenture nor shall the
Indenture Trustee be required or obligated in any manner, except as herein expressly provided, to perform or fulfill any obligation of the Owner Trustee or the Lessee under or pursuant to any such Granting Clause Document or, except as herein
expressly provided, make any payment, or make any inquiry as to the nature or sufficiency of any payment received by it, or present or file any claim, or take any action to collect or enforce the payment of any amounts that may have been assigned to
it or to which it may be entitled at any time or times. 
 Section 3.8. Representations and Warranties. NONE OF TRUST COMPANY, THE
OWNER TRUSTEE OR THE OWNER PARTICIPANT MAKES ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, AS TO THE TITLE, VALUE, COMPLIANCE WITH SPECIFICATIONS, CONDITION, MERCHANTABILITY, DESIGN, QUALITY, DURABILITY, OPERATION OR FITNESS FOR USE OR PURPOSE
OF THE SATELLITE, ANY OF BUYER’S TRANSPONDERS OR ANY PART THEREOF, OR ANY OTHER REPRESENTATION OR WARRANTY WHATSOEVER, EXPRESS OR IMPLIED, WITH RESPECT TO THE SATELLITE, ANY OF BUYER’S TRANSPONDERS OR ANY PART THEREOF OR OTHERWISE, except
that Trust Company hereby represents, warrants and covenants to the Indenture Trustee for the benefit of each Noteholder that (a) the Owner Trustee shall have received on the Closing Date whatever title to Buyer’s Transponders as was
granted and conveyed to it, free and clear of Lessor Liens created by or attributable to Trust Company, (b) the Transaction Documents to which Trust Company is a party have been duly authorized, and have been duly executed and delivered by one
or more of its officers and each such Transaction Document (to the extent of Trust Company’s representations, warranties, 
  

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covenants and other agreements made therein) constitutes the legal, valid and binding obligation of Trust Company enforceable against Trust Company in
accordance with the terms thereof subject, as to enforcement, to bankruptcy, reorganization, insolvency, receivership, moratorium and other laws of general application relating to or affecting the enforcement of creditors’ rights generally and
to general equitable principles, and (c) each of Trust Company and (assuming the due authorization, execution and delivery of the Trust Agreement by the Owner Participant) the Owner Trustee, has (or, in the case of the Lease, the Owner Trustee
will have) the corporate authority to enter into and perform its duties and obligations under the Transaction Documents to which it is (or, in the case of the Lease, the Owner Trustee will be) a party. The Owner Trustee hereby represents, warrants
and covenants to the Indenture Trustee for the benefit of each Noteholder, that (assuming the due authorization, execution and delivery of the Trust Agreement by the Owner Participant) each Transaction Document to which it is (or, in the case of the
Lease, will be) a party (to the extent of the Owner Trustee’s representations, warranties, covenants and other agreements made (or, in the case of the Lease, that will be made) thereunder) constitutes (or, in the case of the Lease, will
constitute) the legal, valid and binding obligation of the Owner Trustee enforceable against the Owner Trustee in accordance with the terms thereof, subject, as to enforcement, to bankruptcy, reorganization, insolvency, receivership, moratorium and
other laws of general application relating to or affecting the enforcement of creditors’ rights generally and to general equitable principles. The Owner Trustee makes no representation or warranty as to the validity, legality or enforceability
of any Transaction Document in respect of any other party thereto or as to the correctness of any statement contained in any thereof (unless any such statement is expressly made therein by the Owner Trustee) except as expressly set forth in the
Participation Agreement. 
 Section 3.9. Owner Trustee Not Acting in Individual Capacity; Successor Owner Trustee. The Indenture
Trustee and each Noteholder (by its acceptance of a Note) acknowledge that the Trust Company is entering into this Indenture solely as the Owner Trustee under the Trust Agreement and not in its individual capacity, and in no case whatsoever shall it
(or any entity acting as successor Owner Trustee under the Trust Agreement) or the Owner Participant be personally liable for, or for any loss in respect of, any of the statements, representations, warranties, agreements or obligations of the Owner
Trustee hereunder, as to all of which the Indenture Trustee and the Noteholders agree to look solely to the Indenture Estate, except that Trust Company (and not the Lessor’s Estate or the Indenture Estate) shall be liable (a) for its own
willful misconduct or gross negligence; (b) in the case of the inaccuracy of any of its representations or warranties or the failure to perform any covenant of Trust Company contained in or referred to in Section 3.8 hereof or in
Sections 4.04, 5.03 and 5.05(b) of the Participation Agreement (to the extent applicable to Trust Company); and (c) for the failure to use ordinary care in the distribution of moneys received by it in accordance with the
provisions hereof. If a successor Owner Trustee shall be appointed in accordance with the terms of the Trust Agreement such successor Owner Trustee shall, without any further act, succeed to all the rights, duties, immunities and obligations of the
Owner Trustee hereunder and the predecessor Owner Trustee shall be released from all further duties and obligations hereunder. In the case of any appointment of a successor to the Owner Trustee pursuant to the Trust Agreement or any merger,
consolidation or transfer of substantially all the corporate trust business of the Owner Trustee, the successor Owner Trustee in its individual capacity shall give prompt written notice thereof to the Indenture Trustee and the Noteholders, except if
the Owner Trustee shall be the survivor of any such merger or consolidation. 
  

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 Section 3.10. Trust Agreement. The Owner Trustee agrees that, so long as any of the Notes shall be
Outstanding, it shall not enter into any amendment or supplement to the Trust Agreement (other than an amendment or supplement solely for the purpose of appointing a successor trustee or a co-trustee pursuant to Article VIII thereof or any
other amendment which does not adversely affect the interests of the Noteholders) without the prior approval of the Indenture Trustee. This Indenture shall not be affected by any amendment or supplement to the Trust Agreement requiring such approval
and not so approved. No such approval shall be required for any amendment or supplement pursuant to which a transfer is effected pursuant to Article XII of the Participation Agreement, pursuant to any requirement of an Operative Document or
pursuant to any Equity Wrap Document; provided such transfer is effected in accordance with any requirement of such Article XII, or such Operative Document or Equity Wrap Document (as amended, waived or modified only in accordance
therewith) for the benefit of the Noteholders or the Indenture Trustee. The Owner Trustee covenants and warrants that it will not take any action to terminate or revoke the Trust Agreement so long as any of the Notes or any unpaid obligations under
or secured by this Indenture shall remain Outstanding, except with the prior approval of the Indenture Trustee. 
 Section 4. No Credit
for Payment of Taxes. The Owner Trustee shall not be entitled to any credit against the principal of or interest payable on the Notes, or any other sums that may become payable under the terms thereof or hereof, by reason of the payment of any
tax on any of Buyer’s Transponders or any part thereof; provided that the Owner Trustee shall not be obligated to reimburse the Indenture Trustee or any Noteholder for amounts required to be withheld by the Indenture Trustee for any
taxes and no Indenture Default or Indenture Event of Default shall occur as a result of any such withholding. 
 Section 5. Application of
Proceeds from Indenture Estate. All moneys received and other amounts realized by the Indenture Trustee as provided by any Transaction Document shall be applied or distributed as hereinafter provided in this Section 5. 
 Section 5.1. Application of Proceeds Prior to Default. Except as otherwise provided in Sections 5.3 and 5.5 hereof, the Indenture
Trustee shall apply all payments in respect of Base Rent and of Supplemental Rent under Sections 3(b)(ii), 3(b)(iv) and 3(c) of the Lease as well as any payment in respect of interest on any overdue amount of Base Rent or of
such Supplemental Rent received by it as follows: 
 (a) so much of such payments as shall be required to pay in full the aggregate amount of
principal of, and Premium Amount (if any), interest on, and any other amounts then due on the Notes then Outstanding (including any interest at the Overdue Rate on overdue principal and to the extent permitted by Applicable Laws, overdue interest
and Premium Amount) shall be applied to the payment of such principal, Premium Amount, interest and other amounts, such application to be made in accordance with the terms of the Notes ratably, without priority of one over the other, in the
proportion that the amount then due and payable in respect of each Note bears to the aggregate amount then due and payable in respect of all Notes then Outstanding; and 
 (b) the balance, if any, of such payments remaining thereafter shall be remitted by the Indenture Trustee to the Owner Trustee; provided that if a Lease Event of Default 

  

 25 

 
or an Indenture Default arising from a Bankruptcy Default under the Lease or an Indenture Default arising under Section 6(f), 6(g) or
6(h) hereof (collectively, the “Covered Defaults and Covered Events of Default”), shall have occurred and be continuing, then such balance shall not be distributed to the Owner Trustee pursuant to the provision in this
paragraph (b) found prior to this proviso, but shall be held by the Indenture Trustee as part of the Indenture Estate until whichever of the following shall first occur: 
 (i) All such Covered Defaults or Covered Events of Default shall have been cured, waived or discontinued, in which event such balance
shall be distributed as provided in clause (b) above; 
 (ii) Such Covered Defaults or Covered Events of Default shall
have continued for a period of 180 days, in which event such balance shall be distributed as provided in clause (b) above; and 
 (iii) Section 5.5 hereof shall be applicable in which event such balance shall be distributed in accordance with the provisions thereof. 
 Section 5.2. Application of Other Amounts Held by Indenture Trustee upon Rent Default. Except as otherwise provided in Section 5.5 hereof, if as a result of (a) any failure by the Lessee to pay
any installment of Base Rent or of Supplemental Rent under Section 3(b)(ii), 3(b)(iv) or 3(c) of the Lease on any day when such installment is due or (b) any Indenture Default or Indenture Event of Default, there shall
not have been distributed on any Rent Payment Date the full amount then distributable pursuant to clause (a) of Section 5.1 hereof, the Indenture Trustee shall apply other payments of the character referred to in
Section 5.7(a) hereof then held by it or thereafter received by it to the Notes to the extent necessary to make the payments then due pursuant to such clause (a) of Section 5.1 hereof. 
 Section 5.3. Retention of Amounts by the Indenture Trustee. If at the time of receipt by the Indenture Trustee
of any payment in respect of Base Rent or of Supplemental Rent under Sections 3(b)(ii), 3(b)(iv) or 3(c) of the Lease (whether or not then overdue) or of any payment in respect of interest on any overdue installment of Base Rent
or of Supplemental Rent, or of any payment otherwise distributable pursuant to Section 5.6 or 5.7(a) hereof, there shall have occurred and be continuing a Covered Default or Covered Event of Default of which the Indenture Trustee
shall have Actual Knowledge, the Indenture Trustee shall retain such amount (to the extent not required to be applied pursuant to clause (a) of Section 5.1 hereof) as part of the Indenture Estate and invest such amount in accordance
with the terms of Section 9.10 hereof, and at such time as there shall not be continuing a Covered Default or Covered Event of Default of which the Indenture Trustee shall have Actual Knowledge, the Indenture Trustee shall distribute
such amount pursuant to clause (b) of Section 5.1 hereof (or as provided in Section 5.6 or 5.7(a) hereof in the case of any payment distributed pursuant to either such Section); provided, however,
that, except during a Lessee OP Restricted Period, any such amounts must be distributed by the Indenture Trustee pursuant to clause (b) of Section 5.1 hereof (or as provided in Section 5.6 or 5.7(a) hereof in the
case of any payment distributed pursuant to either such Section) within 180 days after the occurrence of such Covered Default or Covered Event of Default (or upon receipt of such amounts, if received thereafter) unless, on or prior to such
180th day, (1) the Indenture Trustee shall have declared the Notes, or the Notes shall be deemed to 

 

 26 

 
have been declared, due and payable pursuant to Section 6 hereof or (2) the Indenture Trustee shall have declared the Lease to be in default
pursuant to Section 16 thereof and shall have commenced the enforcement of its rights and remedies under such Section 16. 
 Section 5.4. Application of Payments upon an Event of Loss, Termination or Purchase of Buyer’s Transponders; Other Redemptions 
 (a) Except as otherwise provided in Section 5.5 hereof, the Indenture Trustee shall apply all moneys received by it under Sections 2.3, 2.4 and 2.5 hereof, under Sections 8, 12(a),
12(b), 12(d), 19(a) and 19(b) of the Lease, under Articles X and XI of the Participation Agreement, to the redemption of the Notes in the following order of priority: 
 (i) first, in the manner provided in Section 5.5(a)(i), 
 (ii) second, in the manner provided in Section 5.5(a)(ii), 
 (iii) third, in the manner provided in Section 5.5(a)(iii), 
 (iv) fourth, in the manner provided in Section 5.5(a)(iv), and 
 (v) fifth, in the manner provided in Section 5.5(a)(v), 
 provided, that if, in the case of an Event of Loss, the proviso to the first sentence of Section 12(a) of the Lease shall be applicable, with the result that two payments shall be made pursuant to
such Section, the Indenture Trustee shall apply each such payment, to the extent thereof, in accordance with this paragraph (a) but the aggregate amount distributed pursuant to subparagraph (i) or (ii) of this paragraph (a) out
of both such payments shall not exceed the aggregate amount distributable under such subparagraph in respect of such Event of Loss. 
 (b)
Except as otherwise provided in Section 5.5 hereof, any amounts received directly or indirectly from any governmental authority, insurer or other party pursuant to any provision of Section 9 or 12 of the Lease as a
result of loss or damage not constituting an Event of Loss with respect to any Transponder, or as a result of such loss or damage constituting an Event of Loss, if and to the extent that such amounts would at the time be required to be paid to the
Lessee pursuant to such Section 12 but for the fact that a Lease Event of Default, a Payment Default or a Bankruptcy Default shall have occurred and be continuing, shall be held by the Indenture Trustee as security for the obligations of
the Lessee under the Lease and the Participation Agreement and shall be invested in accordance with the terms of Section 9.10 hereof, and at such time as the conditions for payment to the Lessee specified in such Section 9 or
12, as the case may be, shall be fulfilled and there shall not be continuing any Lease Event of Default, Payment Default or Bankruptcy Default, such amount, and the proceeds of any investment thereof, shall, to the extent not theretofore
applied, be paid to the Lessee to the extent provided in the Lease. 
 Section 5.5. Payments After Indenture Event of Default. (a) The Indenture
Trustee shall apply all moneys received and amounts held or realized by it (including any amounts realized by the Indenture Trustee pursuant to the exercise of any of the remedies pursuant to this Indenture or Section 16 of the Lease) after
either (x) the Lease shall have been 
  

 27 

 
declared in default pursuant to Section 16 thereof or (y) the outstanding principal of the Notes shall have been declared or deemed to have been
declared to be immediately due and payable pursuant to Section 6 hereof and all moneys then held or thereafter received by it under this Indenture or under any Granting Clause Document as part of the Indenture Estate, in the following order of
priority: 
 (i) first, so much of such payments and amounts as shall be required to reimburse the Indenture Trustee
for any tax or other expense (including, without limitation, the reasonable expenses and disbursements of its agents and reasonable legal fees and expenses) incurred or paid by it with its own funds (to the extent incurred in connection with its
duties as the Indenture Trustee and to the extent reimbursable and not previously reimbursed) and to provide (to the extent not theretofore paid by the Lessee pursuant to Section 9.02(b) of the Participation Agreement) reasonable
compensation for its services hereunder shall be paid to the Indenture Trustee for application to itself; 
 (ii)
second, so much of such payments or amounts remaining as shall be required to reimburse the then existing or prior Noteholders for indemnity obligations incurred pursuant to Section 9.1(c) hereof (to the extent not previously
reimbursed) shall be distributed to such then existing or prior Noteholders in accordance with the amount of any payments or deposits made by each such then existing or prior Noteholder pursuant to Section 9.1(c) hereof; and in case the
aggregate amount so to be paid to all such existing and prior Noteholders shall be insufficient to pay all such amounts as aforesaid, then, ratably, without priority of one such Noteholder over any other, in the proportion that the amount of such
payments to which each such Noteholder is entitled bears to the aggregate amount of such payments to which all such Noteholders are entitled; 
 (iii) third, so much of such payments and amounts remaining as shall be required to pay in full the aggregate unpaid principal amount of the Notes then Outstanding, plus any accrued but unpaid interest thereon
to the date of distribution (including, to the extent applicable and permitted by Applicable Laws, interest at the Overdue Rate thereon) and Premium Amount, if any, shall be paid to each Noteholder ratably, without priority of one over any other, in
the proportion that the unpaid principal of its Notes, plus any such accrued but unpaid interest (including such interest at the Overdue Rate, if any) thereon and Premium Amount, if any, bears to the aggregate unpaid principal amount of all Notes
then Outstanding plus any such accrued but unpaid interest (including such interest at the Overdue Rate, if any) thereon and Premium Amount, if any; 
 (iv) fourth, so much of such payments and amounts remaining shall be required to pay in full any other indebtedness secured by this Indenture to be paid shall be applied to payment of such indebtedness; and

 (v) fifth, the balance, if any, of such payments and amounts remaining thereafter shall be distributed to the Owner
Trustee for distribution pursuant to the Trust Agreement. 
  

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 (b) Each payment on a Note shall be applied, first, to the payment of accrued interest on and
Premium Amount, if any, with respect to such Note to the date of such payment, and second, to the payment of any principal on such Note then due thereunder. 
 Section 5.6. Application of Certain Other Payments. Except as otherwise provided in Section 5.1, 5.2, 5.3, 5.4 or 5.5 hereof, any moneys received by the Indenture Trustee
for which provision as to the application thereof is made in the Lease or the Participation Agreement or any other Granting Clause Document, but not elsewhere in this Indenture, shall be applied forthwith to the purpose for which such payment was
made in accordance with the terms of the Lease or the Participation Agreement or such other Granting Clause Document, as the case may be. 
 Section 5.7. Other Payments. Except as otherwise provided in Section 5.1, 5.2, 5.3, 5.4, 5.5 or 5.6 hereof, 
 (a) any moneys received and amounts realized by the Indenture Trustee for which no provision as to the application thereof is made in any Transaction Document or elsewhere in this Section 5 shall be
distributed forthwith by the Indenture Trustee to the Owner Trustee; and 
 (b) any moneys received and amounts realized by the Indenture
Trustee under the Lease, this Indenture or otherwise with respect to the Indenture Estate after payment in full of the principal of, interest on and Premium Amount, if any (including interest at the Overdue Rate, if any), on all the Notes and all
other amounts due with respect to the Notes as set forth in such Notes or any schedule thereto and all other amounts due to the Indenture Trustee, as well as any other amounts remaining as part of the Indenture Estate after such payment in full,
shall be distributed forthwith by the Indenture Trustee to the Owner Trustee. 
 Section 5.8. Excepted Payments. Anything contained
herein or in any other Transaction Document to the contrary notwithstanding, any Excepted Payments at any time received by the Indenture Trustee shall be paid over by the Indenture Trustee to the Owner Trustee or other Person entitled thereto as
promptly as reasonably practicable. 
 Section 5.9. Payments to Owner Trustee. Any amount distributable hereunder by the Indenture
Trustee to the Owner Trustee shall be paid to the Owner Trustee by wire transfer of immediately available funds at such office and to such account or accounts of such Person or Persons as shall be designated from time to time by written notice from
the Owner Trustee to the Indenture Trustee. 
 Section 5.10. Withholding Taxes. The Indenture Trustee shall withhold any taxes
required to be withheld on payments to any Noteholder who is not a “United States person”, within the meaning of the Code, except to the extent that such Noteholder has furnished evidence satisfactory to the Indenture Trustee of any
exemption from withholding claimed by such Noteholder and under no circumstances shall the failure of any such Noteholder to receive any amounts so withheld constitute an Indenture Default or an Indenture Event of Default. 
 Section 6. Indenture Event of Default; Declaration of Notes Due. If one or more of the following events (individually called an “Indenture
Event of Default” and 
  

 29 

 collectively called “Indenture Events of Default”) shall occur and be continuing, whether such
occurrence shall be voluntary or involuntary, or come about or be effected by operation of law or pursuant to or in compliance with any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental
body, subject, however, to the Owner Trustee’s rights under Sections 2.9 and 16 hereof: 
 (a) a Lease Event of Default
(other than, unless the Owner Trustee shall at its sole option so determine and give notice to such effect to the Indenture Trustee, one arising from the failure to make an Excepted Payment when due or arising from a failure by the Lessee to perform
or observe any covenant, condition or agreement to be performed or observed by it under the Tax Indemnification Agreement) shall occur and be continuing; or 
 (b) unless arising as a result of a Lease Default or Lease Event of Default, the Owner Trustee shall, for a period of 15 Business Days, fail to make a payment of the principal of, Premium Amount, if any, interest on,
or any other amount due on any Note after the same shall have become due and payable (whether at maturity or on a date fixed for any installment payment of principal and/or interest or a date fixed for any required redemption or by acceleration,
declaration, demand or otherwise); or 
 (c) the Owner Trustee shall default in the due performance or observance by it of any of the terms
of Section 3.1, 3.3 or 3.10 hereof in any material respect and any such default shall continue for more than 30 days after the Owner Trustee shall have been given written notice of such default by the Indenture Trustee; or
the Owner Participant Guarantee Agreement shall cease to be valid and binding or in full force and effect (other than as a result of a transfer in accordance with the Operative Documents or the Equity Wrap Documents); or 
 (d) the Owner Participant or Owner Trustee shall default in any material respect in the due performance or observance by it of any other of their
respective obligations hereunder, under any Note or under the Participation Agreement, and any such default shall continue for more than 30 days after the Owner Trustee or the Owner Participant, as the case may be, shall have been given written
notice of such default by the Indenture Trustee, provided that if such default is capable of cure but cannot be cured by payment of money or by diligent efforts within such 30-day period (the “cure period”) but such
diligent efforts shall be properly commenced within the cure period and the Owner Trustee or the Owner Participant, as the case may be, is diligently pursuing, and shall continue diligently to pursue, a remedy of such default, the cure period shall
be extended for an additional period of time as may be necessary to cure, not to exceed 90 days; or 
 (e) any representation or warranty
made by the Owner Participant or the Owner Trustee (in its individual capacity or as the Owner Trustee) pursuant to Sections 4.03, 4.04 and 4.05, respectively, of the Participation Agreement (or any certificate issued confirming
any such representation or warranty) or any representation or warranty made by the Owner Trustee (in its individual capacity or as the Owner Trustee) hereunder or under any Note or made by the Owner Participant Guarantor in the Owner Participant
Guarantee Agreement shall prove to have been false or incorrect in any material respect on the date as of which made and remain so for more than 30 days after the Owner Trustee, the Owner Participant or the Owner Participant Guarantor, as the case
may be, shall have been given written notice thereof by the 
  

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Indenture Trustee, provided that if such condition cannot be cured by the payment of money or by diligent efforts within such 30-day period (the
“cure period”) but such diligent efforts shall be properly commenced within the cure period and the Owner Trustee, the Owner Participant or the Owner Participant Guarantor, as the case may be, is diligently pursuing, and shall
continue diligently to pursue, a remedy of such condition, the cure period shall be extended for an additional period of time as may be necessary to cure, not to exceed 90 days; or 
 (f) either the Lessor’s Estate or the Owner Trustee with respect thereto (and not in its individual capacity) or, if at any time the Lessor’s
Estate is adversely affected thereby, the Owner Participant or the Owner Participant Guarantor shall (i) file, or consent by answer or otherwise to the filing against it of a petition for relief or reorganization or arrangement or any other
petition in bankruptcy, for liquidation or to take advantage of any bankruptcy or insolvency law of any jurisdiction, (ii) make an assignment for the benefit of its creditors, (iii) consent to the appointment of a custodian, receiver,
trustee or other officer with similar powers with respect to itself or with respect to any substantial part of its property, or (iv) take corporate or comparable action for the purpose of any of the foregoing; or 
 (g) a court or governmental authority of competent jurisdiction shall enter an order appointing, without consent by the Owner Trustee or the Owner
Participant or the Owner Participant Guarantor, as the case may be, a custodian, receiver, trustee or other officer with similar powers with respect to the Lessor’s Estate or the Owner Trustee with respect thereto (and not in its individual
capacity) or, if at any time the Lessor’s Estate is adversely affected thereby, the Owner Participant or the Owner Participant Guarantor, as the case may be, or with respect to any substantial part of its property, or constituting an order for
relief or approving a petition for relief or reorganization of any other petition in bankruptcy or for liquidation or to take advantage of any bankruptcy or insolvency law of any jurisdiction, or ordering the dissolution, winding-up or liquidation
of the Lessor’s Estate or the Owner Trustee with respect thereto (and not in its individual capacity) or, subject as aforesaid, the Owner Participant or the Owner Participant Guarantor, as the case may be, and such order shall remain in force
undismissed, unstayed or unvacated for a period of 60 days after the date of entry thereof; or 
 (h) any petition for any relief specified
in the foregoing paragraph (g) shall be filed against the Lessor’s Estate or the Owner Trustee with respect thereto (and not in its individual capacity) or, if at any time the Lessor’s Estate is adversely affected thereby, the Owner
Participant or the Owner Participant Guarantor, as the case may be, and such petition shall not be dismissed within 60 days; 
 then, and in any such event,
the Indenture Trustee may, and if instructed by the Requisite Percentage of Noteholders shall, at any time thereafter (unless all Indenture Events of Default shall theretofore have been remedied or waived and all costs and expenses, including,
without limitation, legal fees and expenses, incurred by or on behalf of the Indenture Trustee or any such Noteholder or Noteholders, shall have been paid by the Owner Trustee) but subject to Section 16.3 hereof, by written notice or
notices to the Owner Trustee, declare the principal of all the Notes to be due and payable (except that, in the case of paragraphs (f), (g) and (h) hereof, the principal of the Notes shall be deemed to have been declared automatically to
be due and payable), whereupon the same shall forthwith become due and payable, together with interest (including interest at the Overdue Rate, if any) accrued thereon and all other amounts payable 
  

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with respect to the Notes as set forth in the Notes or any schedule thereto, without presentment, demand, protest or notice, all of which are hereby waived.
At any time after such declaration and prior to the sale or disposition of the Indenture Estate, a Majority Interest of Noteholders, by notice to the Indenture Trustee, the Owner Trustee and the Owner Participant, may rescind such a declaration and
thereby annul its consequences. 
 If any default or any false or incorrect representation or warranty with respect to the Owner Trustee
referred to in paragraph (d) or (e) of this Section 6 can be cured or remedied, either alone or together with other actions, by the removal of the Owner Trustee and the appointment of a successor Owner Trustee pursuant to
Article VIII of the Trust Agreement, such removal and appointment, together with any such other actions, shall be deemed to cure and remedy such default or such false or incorrect representation or warranty, as the case may be. If any default
with respect to the Trust Company referred to in paragraph (f), (g) or (h) of this Section 6 can be cured or remedied, alone, by the substitution of the Trust Company with a new entity, such substitution shall be deemed to cure
and remedy such default. 
 SECTION 7. Remedies, etc 
 Section 7.1. Legal Proceedings. If any one or more Indenture Events of Default shall have occurred and be continuing, the Indenture Trustee may, and if instructed by the Requisite Percentage of Noteholders,
shall, subject to Section 9.1(c) hereof, proceed to protect and enforce the right of the Noteholders by an action at law, suit in equity or other appropriate proceeding, whether for the specific performance of any agreement contained
herein, or for an injunction against the violation of any of the terms hereof, or in aid of the exercise of any power granted hereby or by law. 
 Section 7.2. Cost of Collection. If the Owner Trustee shall fail to pay any principal of, interest (including interest at the Overdue Rate, if any) on or Premium Amount, if any, or any other amount due with respect to any Note as set
forth in such Note or any schedule thereto, the Owner Trustee will, so far as may be lawful, pay to the holder of such Note and the Indenture Trustee such further amounts as shall be sufficient to cover the cost and expense of collection, including,
without limitation, legal fees and expenses. 
 Section 7.3. Notice of Claimed Default. If any Noteholder shall serve any notice or
demand or take any other action in respect of a claimed default, the Owner Trustee will forthwith give written notice thereof to the Indenture Trustee and the Owner Participant describing the notice, demand or action and the nature of the claimed
default. 
 Section 7.4. No Waiver. Neither failure nor delay on the part of the Indenture Trustee or any Noteholder to exercise any
right, remedy, power or privilege provided for herein, in any Note or in any other Transaction Document or by statute or at law or in equity or otherwise shall operate as a waiver thereof, nor shall any single or partial exercise of any such right,
remedy, power or privilege preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. 
 Section 7.5. Foreclosure. If any Indenture Event of Default shall have occurred and be continuing, the Indenture Trustee may, at any time, at its election, proceed at law or in 
  

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equity or otherwise to enforce the payment of the Notes at the time Outstanding in accordance with the terms hereof and thereof, and if the Indenture Trustee
is in compliance with the provisos to this Section 7.5, to foreclose the Lien of this Indenture in one or more proceedings as against all or, to the extent permitted by Applicable Laws, any part of the Indenture Estate, or any interest
in any part thereof, and to have the same sold under the judgment or decree of a court of competent jurisdiction or proceed to take either of such actions; provided that if a Lease Event of Default shall have occurred and be continuing, and
as long as no Indenture Event of Default which is not also (or results from) a Lease Event of Default shall have occurred and be continuing, Indenture Trustee may not foreclose the Lien of this Indenture or exercise any of the remedies set forth in
Sections 7.6, 7.7, 7.13 and 7.14 hereof, or any similar remedy contemplated by Section 7.16, unless it is simultaneously seeking to exercise a remedy to dispossess the Lessee of Buyer’s Transponders and
to terminate the Lease; and provided, further, that the requirements of the immediately preceding proviso shall be inapplicable if the Indenture Trustee is involuntarily stayed or prohibited by Applicable Law, governmental authority or
court order from exercising such remedies under the Lease and such involuntary stay or prohibition shall have continued for a period of at least 90 consecutive days and the Indenture Trustee has not breached its obligations under the succeeding
sentence during such 90-day period. During such period, the Owner Trustee or Owner Participant shall have the right (but not the obligation) to take such action as is necessary, appropriate or advisable to lift such involuntary stay or prohibition
and the Indenture Trustee shall, upon the reasonable request of the Owner Trustee or the Owner Participant, cooperate with the Owner Trustee on such terms as the Indenture Trustee may reasonably request (including, without limitation,
indemnification from the Owner Trustee in form and substance reasonably satisfactory to the Indenture Trustee); provided that, any such action taken pursuant to the penultimate sentence of this Section 7.5 shall be at the sole
expense of the Owner Trustee. Nothing in this Section 7.5 is intended to derogate from the provisions of Section 7.17 hereof. 
 Section 7.6. Power of Sale. If an Indenture Event of Default shall have occurred and be continuing, then, subject to compliance with the provisos to Section 7.5 hereof, the Indenture Trustee may
(and shall, subject to Section 9.1(c) hereof, upon written request of a Majority Interest of Noteholders) sell, assign, transfer and deliver the whole or, from time to time, to the extent permitted by Applicable Laws, any part of the
Indenture Estate or any interest in any part thereof, at any private sale or public auction, with or without demand, advertisement or notice of the date, time or place of sale and any adjournment thereof, or as may be required by Applicable Laws,
for cash or credit or for other property, for immediate or future delivery, and for such price or prices and on such terms as the Indenture Trustee in its sole discretion may determine, or as may be required by Applicable Laws, even though it shall
not have taken possession of Buyer’s Transponders and shall not have possession thereof at the time of such sale. 
 Section 7.7.
Indenture Trustee Authorized To Execute Deeds, etc. The Owner Trustee hereby unconditionally and irrevocably appoints the Indenture Trustee its true and lawful attorney-in-fact, with full power of substitution, to the extent permitted by
Applicable Laws, in its name and stead and on its behalf, for the purpose of effectuating any sale, assignment, transfer or delivery hereunder, if an Indenture Event of Default shall have occurred and be continuing, but subject to compliance with
the provisos to Section 7.5 hereof, to execute and deliver all such deeds, bills of sale, assignments, releases and other proper instruments as the Indenture Trustee may consider necessary or appropriate, the Owner Trustee hereby
ratifying and confirming all 
  

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that such attorney or any substitute shall lawfully do by virtue hereof. If so requested by the Indenture Trustee or any purchaser, the Owner Trustee shall
ratify and confirm any such lawful sale, assignment, transfer or delivery by executing and delivering to the Indenture Trustee or such purchaser, without representation or warranty (express or implied) by the Owner Trustee (except as to the absence
of Lessor Liens), and without recourse, all deeds, bills of sale, assignments, releases and other proper instruments to effect such ratification and confirmation as may be designated in any such request. 
 Section 7.8. Purchase of the Indenture Estate by Indenture Trustee or Noteholders. The Indenture Trustee or any Noteholder may be a purchaser of
the Indenture Estate or of any part thereof or of any interest therein at any sale thereof, whether pursuant to foreclosure or power of sale or otherwise hereunder, and may apply to the purchase price the indebtedness secured hereby owing to such
purchaser to the extent of such purchaser’s share of the purchase price. Any such purchaser shall, upon any such purchase, acquire title to the properties so purchased, free of the Lien of this Indenture. 
 Section 7.9. Receipt a Sufficient Discharge to Purchaser. Upon any sale of the Indenture Estate or any part thereof of any interest therein,
whether pursuant to foreclosure or power of sale or otherwise hereunder, the receipt of the officer making the sale under judicial proceedings or of the Indenture Trustee shall be sufficient discharge to the purchaser for the purchase money, and
such purchaser shall not be obliged to see to the application thereof. 
 Section 7.10. Waiver of Appraisement, Valuation, etc. The
Owner Trustee hereby waives, to the full extent it may do so, the benefit of all appraisement, valuation, stay, extension and redemption laws now or hereafter in force and all rights of marshalling in the event of any sale of the Indenture Estate or
any part thereof or any interest therein. 
 Section 7.11. Sale a Bar. Any sale of the Indenture Estate or any part thereof or any
interest therein, whether pursuant to foreclosure or power of sale or otherwise hereunder, shall be a perpetual bar against the Owner Trustee after the expiration of the period, if any, during which the Owner Trustee shall have the benefit of any
redemption laws that may not be waived pursuant to Section 7.10 hereof. 
 Section 7.12. Application of Proceeds of Sale.
The proceeds of any sale of the Indenture Estate or any part thereof or any interest therein, whether pursuant to foreclosure or power of sale or otherwise, together with any moneys at the time held by the Indenture Trustee as part of the Indenture
Estate, shall be applied as provided in Section 5.5 hereof. 
 Section 7.13. Appointment of Receiver. If an Indenture
Event of Default shall have occurred and be continuing, the Indenture Trustee shall, subject to compliance with the provisos to Section 7.5 hereof, to the extent permitted by Applicable Laws, be entitled to the appointment of a receiver
for all or any part of the Indenture Estate whether such receivership be incidental to a proposed sale of the Indenture Estate or otherwise, and the Owner Trustee hereby consents to the appointment of such receiver and will not oppose any such
appointment, so long as the provisos to Section 7.5 hereof have been complied with in all material respects by the Indenture Trustee. 
  

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 Section 7.14. Possession, Management and Income. If an Indenture Event of Default shall have
occurred and be continuing, the Indenture Trustee, without further notice, to the extent permitted by Applicable Laws, may (but shall in no event be required to), subject to compliance with the provisos to Section 7.5 hereof, take
possession of the Indenture Estate or any part thereof without judicial process, by summary proceedings or otherwise, and may remove the Owner Trustee and any and all property therefrom, and may hold, operate and manage the same and receive all
earnings, income, rents, issues and proceeds accruing with respect thereto or any part thereof. The Indenture Trustee shall be under no liability for or by reason of any such taking of possession, removal or holding, operation or management, except
that any amounts so received by the Indenture Trustee shall be applied to pay: 
 (a) all costs and expenses of so taking possession of,
holding, operating and managing the Indenture Estate or any part thereof, all other fees and expenses of the Indenture Trustee hereunder, and any Taxes, assessments or other charges, prior to the Lien of this Indenture which the Indenture Trustee
may consider it necessary or desirable to pay; and 
 (b) thereafter, as provided in the priorities set forth in clauses (ii), (iii),
(iv) and (v) of Section 5.5 hereof. 
 Section 7.15. Right of Indenture Trustee To Perform Covenants, etc. If
the Owner Trustee shall fail to make any payment or perform any act required to be made or performed by it hereunder or by it (and not the Lessee) under any other Transaction Document or if the Owner Trustee shall fail to release any Lien affecting
the Indenture Estate that it is required to release by the terms of this Indenture, the Indenture Trustee upon five days’ notice to the Owner Trustee and the Owner Participant and without waiving or releasing any obligation or default, may (but
shall be under no obligation to) at any time thereafter make such payment or perform such act for the account and at the expense of the Owner Trustee and may take all such action with respect thereto as, in the Indenture Trustee’s opinion, may
be necessary or appropriate therefor. All sums so paid by the Indenture Trustee and all costs and expenses (including, without limitation legal fees and expenses) so incurred, together with interest thereon at the Overdue Rate, from the date of
payment or incurrence, shall constitute additional indebtedness secured by this Indenture and shall be paid from the Indenture Estate (to the extent not paid by the Lessee) to the Indenture Trustee on demand. The Indenture Trustee shall not be
liable for any damages resulting from any such payment or action unless such damages shall be a consequence of willful misconduct or gross negligence on the part of the Indenture Trustee. 
 Section 7.16. Remedies, etc., Cumulative. Each right, power and remedy of the Indenture Trustee provided for in this Indenture or now or hereafter
existing at law or in equity or by statute or otherwise shall be cumulative and concurrent and shall be in addition to every other right, power or remedy provided in this Indenture or now or hereafter existing at law or in equity or by statute or
otherwise, and the exercise or beginning of the exercise by the Indenture Trustee of any one or more of the rights, powers or remedies provided for in this Indenture or now or hereafter existing at law or in equity or by statute or otherwise, or the
exercise of any such right, power or remedy with respect to any part of the Indenture Estate, shall not preclude the simultaneous or later exercise by the Indenture Trustee of any or all such other rights, powers or remedies, or the simultaneous or
later exercise by the Indenture Trustee of any such right, power or remedy with respect to any other part of the Indenture Estate. 
  

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 Section 7.17. Quiet Enjoyment. Notwithstanding any other provision of this Indenture or the timing
of entering into the Lease, neither the Owner Trustee nor the Indenture Trustee nor any Noteholder shall, unless a Lease Event of Default shall have occurred and be continuing, take any action that would interfere with the rights and leasehold of
the Lessee under the Lease, including the right to quiet and peaceful possession and use or non-use of Buyer’s Transponders, except in accordance with the express provisions of the Lease or applicable sections of the Participation Agreement,
and in the event of any sale or foreclosure or exercising of any remedy by the Indenture Trustee under the Indenture, the Indenture Trustee, shall not, unless a Lease Event of Default shall have occurred and be continuing, disturb, interfere with,
or deprive the Lessee of its possession or its right to possession of Buyer’s Transponders or its use of or right to use Buyer’s Transponders under or by virtue of the Lease or any right or privilege granted to or inuring to the benefit of
the Lessee (or any person or entity claiming through or under the Lessee) under or by virtue of the Lease or, if prior to the Closing Date, interfere with the rights of the Lessee under the Participation Agreement, including the right to enter into
the Lease. So long as no Lease Event of Default has occurred and is continuing, the Indenture Trustee shall not seek to terminate or extinguish rights and privileges of the Lessee under or by virtue of the Lease. Any sale of Buyer’s
Transponders pursuant to the exercise of any remedies under the Lease shall be made expressly subject to the Lessee’s right of peaceable and quiet use, occupancy and possession of Buyer’s Transponders under or by virtue of the Lease or, if
prior to the Closing Date, shall be made expressly subject to the Lessee’s rights under the Participation Agreement, including the right to enter into the Lease. 
 Section 7.18. Waiver of Existing Defaults. A Majority Interest of Noteholders by notice to the Indenture Trustee may waive on behalf of all of the Noteholders an existing Indenture Default or Indenture Event of
Default and its consequences except (i) an Indenture Default or Indenture Event of Default in the payment of the principal of or Premium Amount, if any, or interest on any Note or any other amount due with respect to such Note set forth in such
Note or any schedule thereto or (ii) in respect of a covenant or provision hereof which pursuant to Section 13.1 hereof cannot be amended or modified without the consent of each Noteholder. 
 Section 7.19. No Waiver of Certain Obligations. Nothing in this Section 7 shall be deemed a waiver by the Owner Trustee or the Owner
Participant of any obligation of the Indenture Trustee under Applicable Law relating to the protection and preservation of the value of any property included in the Indenture Estate. 
 Section 8. No Assumption of Obligations under Assigned Documents. Except as expressly provided in the Consent and Agreement with respect to the
Indenture Trustee, neither this Indenture nor any action or inaction on the part of the Indenture Trustee or any Noteholder shall constitute an assumption on the part of the Indenture Trustee or such Noteholder of any obligation under the Lease. No
action or inaction on the part of the Owner Trustee shall adversely affect or limit in any way the rights of the Indenture Trustee or any Noteholder under this Indenture or under the Lease. 
 Section 9. Indenture Trustee 
 Section 9.1. Duties of Indenture Trustee 
 . 
  

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 (a) In the event the Indenture Trustee shall have Actual Knowledge of an Indenture Event of Default, it
shall give (i) prompt telex, telegraphic or telephonic notice (confirmed in writing) of such Indenture Event of Default to each Noteholder, (ii) within 30 days after it occurs, notice of such Indenture Event of Default by delivery by hand
or by first-class registered or certified mail, postage prepaid, to each Noteholder, and (iii) prompt notice of such Indenture Event of Default to the Owner Trustee and Owner Participant, by written notice sent in the manner provided in
Section 14 hereof, which notice shall set forth in reasonable detail the circumstances known to it with respect to such Indenture Event of Default; provided, however, that, for all purposes hereof, in the absence of Actual
Knowledge, the Indenture Trustee shall not be deemed to have knowledge of, and shall have no obligation to take any action as a consequence of, the existence of any Indenture Event of Default; and provided, further, however,
that the failure of the Indenture Trustee to give any such notice to the Owner Trustee or the Owner Participant under this Section 9.1 shall not in any way affect the validity of any action taken by the Indenture Trustee or any
Noteholder pursuant to the exercise of any of the remedies provided in Section 7 hereof, except that the period set forth in Section 16.1 hereof shall be extended by the number of days that both the Owner Trustee and the
Owner Participant were unaware of any Indenture Event of Default constituting a Lease Event of Default. Subject to the terms of Section 9.1(c) hereof, the Indenture Trustee shall take such action, or refrain from taking such action, with
respect to an Indenture Event of Default, not inconsistent with the provisions of this Indenture, as the Indenture Trustee shall be instructed in writing by a Majority Interest of Noteholders. If the Indenture Trustee shall not have received
instructions as above provided within 20 days after mailing notice of such Indenture Event of Default to the Noteholders, the Indenture Trustee may, subject to complying to the extent feasible with instructions thereafter received pursuant to the
preceding sentence, take such action, not inconsistent with the provisions of this Indenture, or refrain from taking such action, but shall be under no duty to, and shall have no liability for its failure or refusal to, take or refrain from taking
any such action, with respect to such Indenture Event of Default, as it shall deem advisable and in the best interest of the Noteholders. 
 (b) The Indenture Trustee accepts the trusts created hereunder and agrees to perform the same but only upon the terms of the Transaction Documents applicable to it. The Indenture Trustee also agrees to receive and disburse in accordance
with the terms of this Indenture all moneys actually received by it and, in doing so, to exercise the same degree of care and skill as is customarily exercised by similar institutions in the receipt and disbursement of money under similar
circumstances. 
 (c) The Indenture Trustee shall not be obligated to take any action or refrain from taking any action under any Transaction
Document that might in its reasonable judgment involve it in any expense or liability unless it shall have been furnished with an indemnity, in form and substance satisfactory to the Indenture Trustee, which indemnity may be furnished by any
Noteholder. 
 (d) Prior to the occurrence of an Indenture Event of Default and after the curing or waiving of all Indenture Events of
Default which may have occurred, the Indenture Trustee shall not have any duty or obligation to manage, control, use, operate, store, lease, sell, dispose of or otherwise deal with Buyer’s Transponders or any part of the Indenture Estate, or to
otherwise take or refrain from taking any action under, or in connection with, any of the 

  

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Transaction Documents to which the Indenture Trustee is a party except as expressly provided by the terms hereof or any other Transaction Document or as
expressly provided in written instructions furnished pursuant to the terms of this Section 9.1 or Section 9.2 hereof; and this Indenture shall not be interpreted (except as set forth in the next sentence) to contain any
implied duties or obligations on the part of the Indenture Trustee. In case an Indenture Event of Default has occurred (which has not been cured or waived), the Indenture Trustee shall exercise such of the rights and powers vested in it by this
Indenture, and use the same degree of care and skill in their exercise, as a prudent man would exercise or use under the circumstances in the conduct of his own affairs. 
 (e) Without limiting the generality of the foregoing paragraph (d), the Indenture Trustee shall have no duty (except as expressly provided in written instructions furnished pursuant to the terms of this
Section 9.1 or Section 9.2 hereof) (i) except to receive the original executed counterpart of the Lease as provided in the first sentence of Section 3.2 hereof, to see to any recording or filing of any of the
Transaction Documents, or any other documents, or of any notice or financing statement with respect thereto, or to see to the maintenance of any such recording or filing, (ii) to see to any insurance with respect to Buyer’s Transponders or
to effect or maintain any such insurance, (iii) except as otherwise provided in Section 5.04 of the Participation Agreement, to see to the payment or discharge of any tax, assessment or other governmental charge or any Lien owing
with respect to, or assessed or levied against, any part of the Indenture Estate, except with respect to amounts required to be withheld pursuant to Section 5.10 hereof, (iv) to confirm or verify any financial statements or
(v) except after receipt of notice or Actual Knowledge of Default, to ascertain or inquire as to the performance or observance of any of the covenants of Holdings or the Lessee under the Participation Agreement or the Lease. 
 (f) The Indenture Trustee shall not be liable for any error of judgment made in good faith (without gross negligence) unless it shall be proven that the
Indenture Trustee was grossly negligent in ascertaining the pertinent facts. 
 (g) The Indenture Trustee shall not be liable with respect to
any action taken or omitted to be taken by it in good faith and without gross negligence in accordance with the direction in writing at any time and from time to time of a Majority Interest of Noteholders relating to the time, method and place of
conducting any proceeding for any remedy, available to the Indenture Trustee, or exercising any right or power conferred upon the Indenture Trustee hereunder, and, subject to Section 9.1(c), shall not be obligated to perform any
discretionary act hereunder without the instructions in writing of a Majority Interest of Noteholders (or, where specified, the Requisite Percentage of Noteholders). 
 (h) The Indenture Trustee may at any time request written instructions from the Noteholders with respect to any interpretation of this Indenture or any other Transaction Document or any action to be taken or not to be
taken hereunder or thereunder and may withhold any action under this Indenture, or any other Transaction Document, and shall incur no liability for withholding any action, until, subject to Section 9.1(c), it shall have received such
written instructions from a Majority Interest of Noteholders (or, where specified, the Requisite Percentage of Noteholders). 
  

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 (i) The Indenture Trustee shall not incur any liability to anyone in acting upon, or in refraining from
acting upon, and shall not be bound to make any investigation into the facts or matters stated in, any instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond or other document or paper believed by it in good
faith to be genuine and believed by it in good faith to be signed or presented by the proper party or parties. The Indenture Trustee may request a copy of a resolution of the Board of Directors of the Lessee, certified by the Secretary or an
Assistant Secretary thereof as duly adopted and in full force and effect, as conclusive evidence that such resolution has been duly adopted by such Board and that the same is in full force and effect. As to any fact or matter the manner of
ascertainment of which is not specifically described herein, the Indenture Trustee may for all purposes hereof conclusively rely on an Officer’s Certificate of the Owner Trustee or an Instruction Certificate as to such fact or matter (unless it
has Actual Knowledge that the fact or matter stated in such certificate is untrue), and such Officer’s Certificate shall constitute full protection to the Indenture Trustee for any action taken or omitted to be taken by it in good faith in
reliance thereon. In the administration of the trusts hereunder, the Indenture Trustee may execute any of the trusts or powers hereof and perform its powers and duties hereunder directly or through agents or attorneys and may, at the expense of the
Indenture Estate, consult with counsel, accountants and other skilled persons to be selected and retained by it (other than persons regularly employed by it), and the Indenture Trustee shall not be liable for anything done, suffered or omitted in
good faith by it in accordance with the advice or opinion of any such counsel, accountants or other skilled persons, nor shall the Indenture Trustee be liable for any misconduct or negligence on the part of any agent or attorney appointed with due
care by it hereunder. 
 Section 9.2. Certain Actions Upon Instructions, etc. (a) Subject to the terms of Sections 9.1,
13.1 and 16.4 hereof, upon the written instructions at any time and from time to time of a Majority Interest of Noteholders (or, where specified, the Requisite Percentage of Noteholders), the Indenture Trustee shall take such of the
following actions as may be specified in such instruction: (i) give such notice, consent or direction, or exercise such right, remedy or power to take such action under this Indenture or any other Transaction Document, or in respect of any part
or all of the Indenture Estate as shall be specified in such instructions (including, without limitation, the exercise of all rights referred to in clause (b)(ii) of the Granting Clause hereof); (ii) take such action with respect to, or to
preserve or protect, the Indenture Estate (including the discharge of Liens) as shall be specified in such instructions; and (iii) approve as satisfactory to it all matters required by the terms of any Transaction Document to be satisfactory to
the Owner Trustee or the Indenture Trustee. The Indenture Trustee shall not enter into any indenture supplemental to this Indenture except as provided in Section 9.9 or Section 13 hereof. The Indenture Trustee shall execute
any financing statement (and any continuation statement with respect to any such financing statement) or any other similar document relating to the Lien of this Indenture or otherwise in respect of any Granting Clause Document presented to it for
signing pursuant to the provisions of this Indenture and believed by it to be in proper form, which financing statement or continuation statement shall be returned by the Indenture Trustee to the presenting party or as otherwise specified in written
instructions from the presenting party for filing, recording or otherwise perfecting the same. The Indenture Trustee, upon the instructions at any time and from time to time of any Noteholder or of counsel for any such Noteholder (or upon receipt of
a request from the Lessee stating that such action is necessary to enable it to comply with Section 20(a) of the Lease, which request shall be accompanied by an Opinion of 
  

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Counsel satisfactory in scope and substance to the Indenture Trustee and a Majority Interest of Noteholders to the effect that such requested action is
necessary to enable the Lessee to comply with such Section 20(a)), is hereby authorized by the Owner Trustee to execute and file any financing statement (and any continuation statement or other amendment with respect to any such
financing statement) or any other similar document relating to the Lien of this Indenture, as may be specified in such instructions (which instructions shall be accompanied by the form of such financing statement or such continuation statement, as
the case may be). Notwithstanding that the Indenture Trustee is authorized to file any such financing statement, any such financing statement or continuation statement or similar document shall be filed by the Lessee. Any financing statement may
describe the Indenture Estate covered thereby in the same manner as described herein or in any other manner as the Indenture Trustee, any Noteholder or its counsel feels is necessary or advisable to perfect the security interest granted hereunder.

 (b) Subject to the provisions of 9.1, 13.1 and 16.4 hereof: 
 (i) the Indenture Trustee may conclusively rely and shall be protected in acting or refraining from acting upon any resolution,
certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document believed by it to be genuine and to have been signed or presented by
the proper party or parties; 
 (ii) any request or direction of the Owner Trustee, the Lessee or the Owner Participant
mentioned herein shall be sufficiently evidenced by an Officer’s Certificate; 
 (iii) whenever in the administration of
this Indenture the Indenture Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Indenture Trustee (unless other evidence be herein specifically prescribed) may, in
the absence of bad faith, willful misconduct or gross negligence on its part, conclusively rely upon an Officer’s Certificate; 
 (iv) the Indenture Trustee may consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it
hereunder in good faith and in reliance thereon; 
 (v) the Indenture Trustee shall not be bound to make any investigation
into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Indenture
Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Indenture Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the
books, records and premises of the Owner Trustee, the Owner Participant or the Lessee, personally or by agent or attorney at the sole 

  

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 cost of the Lessee and shall incur no liability or additional liability of any kind by reason of such
inquiry or investigation; 
 (vi) the Indenture Trustee may execute any of the trusts or powers hereunder or perform any
duties hereunder either directly or by or through agents or attorneys and the Indenture Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder; 
 (vii) the Indenture Trustee shall not be liable for any action taken, suffered, or omitted to be taken by it in good faith and reasonably
believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture; 
 (viii)
in no event shall the Indenture Trustee be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Indenture Trustee has been
advised of the likelihood of such loss or damage and regardless of the form of action; 
 (ix) the Indenture Trustee shall
not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Indenture Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a default is received by the Indenture
Trustee at the Corporate Trust Office of the Indenture Trustee, and such notice references the Notes and this Indenture; 
 (x) the rights, privileges, protections, immunities and benefits given to the Indenture Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Indenture Trustee in each of its
capacities hereunder, and each agent, custodian and other Person employed to act hereunder; and 
 (xi) the Indenture Trustee
may request that the Owner Trustee, the Owner Participant and the Lessee deliver a certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture. 

Section 9.3. Action upon Payment of Notes or Transfer of Buyer’s Transponders. Upon termination of this Indenture pursuant to
Section 10 hereof, the Indenture Trustee shall execute and deliver to, or as directed in writing by, the Owner Trustee an appropriate instrument (in due form for recording, if necessary, prepared by the Owner Trustee) releasing
Buyer’s Transponders from the Lien of this Indenture and reassigning all estate, right, title and interest of the Indenture Trustee to the Owner Trustee in and to the Lease and the other Granting Clause Documents and releasing any other
property or rights subject to this Indenture. In the case of (a) any transfer or other disposition of any of Buyer’s Transponders pursuant to Section 8, 12(a) (other than a transfer in connection with the Substitution of
Substitute 
  

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Transponders upon the occurrence of a Substitution Event pursuant to Section 7(e) of the Lease) or 19 of the Lease or
Section 10.01 of the Participation Agreement or (b) any transfer or disposition of any of Buyer’s Transponders pursuant to Section 16 of the Lease, the Indenture Trustee shall, upon the written request of, and at
the expense of, the Owner Trustee (but only if in the case of the event specified in the preceding clause (a), no Lease Event of Default shall have occurred and be continuing, or, in the case of the event specified in the preceding clause (b), the
Indenture Trustee shall not theretofore have exercised any of its remedies pursuant to Section 7 hereof and, in the case of the event specified in the preceding clause (b), if the Indenture Trustee shall, acting at the direction of the
Majority Interest of Noteholders, have approved such transfer or disposition free of the Lien of this Indenture), execute and deliver or as directed in writing by, the Owner Trustee an appropriate instrument (in due form for recording, if necessary,
prepared by or on behalf of the Owner Trustee), releasing the Buyer’s Transponders then being transferred or otherwise disposed of from the Lien of this Indenture, provided the principal of, and Premium Amount (if any) and interest on, all of
the Notes and all other amounts then due with respect to the Notes as set forth in the Notes and the schedules thereto related to the Buyer’s Transponders being disposed of shall first have been paid in full. 
 Section 9.4. Notices, etc. The Indenture Trustee shall deliver to each registered holder of a Note, promptly upon receipt thereof, duplicates or
copies of all notices, requests, financial statements and other instruments received by it in connection with Buyer’s Transponders or under or pursuant to any Transaction Document, to the extent that the same shall have not been furnished
pursuant thereto or hereto to such Noteholders. Where this Indenture expressly provides for notice to Noteholders, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class registered
or certified mail, postage prepaid, or delivered by hand to each Noteholder entitled thereto, at its last address as it appears in the Note Register. In any case where notice to the Noteholders is given by mail, neither the failure to mail such
notice, nor any defect in any notice so mailed, to any particular Noteholder shall affect the sufficiency of such notice with respect to other Noteholders. Where this Indenture provides for notice in any manner, such notice may be waived in writing
by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the Indenture Trustee, but such filing shall not be a
condition precedent to the validity of any action taken in reliance upon such waiver. 
 In case, by reason of the suspension of or
irregularities in regular mail service, it shall be impracticable to mail notice to the Noteholders when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall be satisfactory
to the Indenture Trustee shall be deemed to be a sufficient giving of such notice. 
 Section 9.5. Indenture Trustee’s Compensation,
Expenses, etc. Except as to matters covered by the indemnity furnished pursuant to Section 9.1(c) hereof, the Indenture Trustee in its individual capacity (as distinguished from the Indenture Estate) shall be entitled to:
(i) payment from the Indenture Estate (to the extent not paid by the Lessee) for all of its reasonable expenses hereunder, including, without limitation, the reasonable fees and expenses of its counsel and of agents not regularly in its employ;
and (ii) indemnification from the Indenture Estate for any claim, liability, expense or obligation with respect to the payment, failure to pay or delay in payment of any stamp or other similar taxes (including interest and 
  

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penalties) in respect of the issue of any Notes to the extent that such stamp or similar taxes are indemnified against by the Lessee pursuant to Article
VII of the Participation Agreement (it being agreed that the Indenture Trustee shall look first to the Lessee for payment of such taxes pursuant to such Article VII), such indemnity to survive payment of the Notes, and any resignation,
removal or replacement of the Indenture Trustee. The Indenture Trustee shall have no right against the Noteholders or, except as provided in Section 5 hereof, the Indenture Estate for any fee as compensation for its services under this
Indenture; it being agreed that the Indenture Trustee shall look first to the Lessee for payment for such services pursuant to Section 9.02(b) of the Participation Agreement. 
 Section 9.6. Representations and Warranties. THE INDENTURE TRUSTEE MAKES NO REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, AS TO THE TITLE,
VALUE, COMPLIANCE WITH SPECIFICATIONS, CONDITION, MERCHANTABILITY, DESIGN, QUALITY, DURABILITY, OPERATION OR FITNESS FOR USE OR PURPOSE OF THE SATELLITE, ANY OF BUYER’S TRANSPONDERS OR ANY PART THEREOF, OR ANY OTHER REPRESENTATION OR WARRANTY
WHATSOEVER, EXPRESS OR IMPLIED, WITH RESPECT TO THE SATELLITE, ANY OF BUYER’S TRANSPONDERS OR ANY PART THEREOF OR OTHERWISE WITH RESPECT THERETO. The Indenture Trustee makes no representation or warranty as to the sufficiency, validity,
legality, or enforceability of any Transaction Document or as to the correctness of any statement contained in any thereof, except as expressly set forth in the Participation Agreement. The Indenture Trustee makes no representation as to the value
or condition of the Indenture Estate or any part thereof, or as to the title thereto or as to the security afforded thereby or hereby, or as to the validity or genuineness of any securities at any time pledged and deposited with the Indenture
Trustee hereunder. Nothing in this Section 9.6 shall affect any representation or warranty made by the Indenture Trustee pursuant to Section 4.06 of the Participation Agreement. 
 Section 9.7. Resignation, Removal and Replacement of Indenture Trustee. The Indenture Trustee or any successor Indenture Trustee may resign at any
time by giving 30 days’ prior written notice of resignation to the Owner Trustee and to each Noteholder. A Majority Interest of Noteholders may at any time remove the Indenture Trustee for or without cause by an instrument or instruments in
writing delivered to the Indenture Trustee and the Owner Trustee. In case the Indenture Trustee at any time acting hereunder shall resign or shall be removed or otherwise shall become incapable of acting, a Majority Interest of Noteholders may
appoint a successor Indenture Trustee (which shall be a bank or a trust company reasonably acceptable to the Owner Participant and the Owner Trustee organized under the laws of the United States or any state thereof authorized to do a trust business
having combined capital and surplus as shown on its latest published statement of condition of not less than $100,000,000 if there be such an institution willing, able and legally qualified to perform the duties of the Indenture Trustee hereunder
upon reasonable or customary terms) by an instrument or instruments in writing delivered to such successor Indenture Trustee, the retiring Indenture Trustee and the Owner Trustee, whereupon such successor Indenture Trustee shall succeed to all the
rights and obligations of the retiring Indenture Trustee hereunder as if originally named herein. No resignation or removal of the Indenture Trustee or any successor Indenture Trustee and no appointment of a successor Indenture Trustee pursuant to
this Section 9.7 shall become effective until the acceptance of appointment by the successor Indenture Trustee. If an instrument or instruments in writing signed by a Majority Interest of Noteholders appointing a successor 
  

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Indenture Trustee has not been delivered to the retiring Indenture Trustee within 30 days after the Indenture Trustee has given written notice of its
resignation to each Noteholder, the retiring Indenture Trustee may petition any court of competent jurisdiction for the appointment of a successor Indenture Trustee, which successor Indenture Trustee need not meet the capital and surplus
requirements set forth in this Section 9.7. Any retiring Indenture Trustee, at the expense of the Owner Trustee (to the extent not paid by the Lessee), shall duly assign, transfer and deliver to its successor Indenture Trustee all the
rights, Notes and moneys at the time held by the retiring Indenture Trustee hereunder and shall execute and deliver such proper instruments as may be reasonably requested to evidence such assignment, transfer and delivery. 
 Section 9.8. Successor Indenture Trustee by Merger, Consolidation, etc. Any corporation into which the Indenture Trustee may be merged or with
which it may be consolidated, or any corporation resulting from any merger or consolidation to which the Indenture Trustee is a party, or any state or national bank or trust company in any manner succeeding to all or substantially all the corporate
trust business of the Indenture Trustee, shall automatically succeed to all the rights and obligations of the Indenture Trustee hereunder without further action on the part of any of the parties hereto. In no event shall the Owner Trustee be a party
to any such merger, consolidation or succession. Notwithstanding the foregoing, upon the request of the Owner Trustee, the Owner Participant or the Lessee, any such successor corporation referred to in this Section 9.8 shall deliver to
the Owner Trustee, the Owner Participant and the Lessee an instrument confirming its status as the Indenture Trustee hereunder and under the other Transaction Documents. 
 Section 9.9. Appointment of Additional and Separate Trustees. (a) If at any time or times the Indenture Trustee shall deem it necessary or prudent in order to conform to any Applicable Laws, or the
Indenture Trustee shall be advised pursuant to an Opinion of Counsel, that it is so necessary or prudent in the interest of the Noteholders, or a Majority Interest of Noteholders shall in writing so request, the Indenture Trustee and the Owner
Trustee shall execute and deliver an indenture supplemental hereto and all other instruments and agreements necessary or proper (in each case in form and substance reasonably satisfactory to the Owner Trustee) to constitute another bank or trust
company or one or more Persons approved by the Indenture Trustee and the Owner Trustee, either to act as additional trustee or trustees of all or any of the Indenture Estate, jointly with the Indenture Trustee originally named herein or any
successor or successors, or to act as separate trustee or trustees of any of the Indenture Estate, in any such case with such powers as may be provided in such supplemental indenture, and to vest in such bank, trust company or Person as such
additional trustee or separate trustee, as the case may be, any property, title, right or power of the Indenture Trustee deemed necessary or advisable by the Indenture Trustee, subject to the remaining provisions of this Section 9.9. In
the event the Owner Trustee shall not have joined in the execution of such supplemental indenture within 10 days after the receipt of a written request from a Majority Interest of Noteholders to do so, or in case an Indenture Event of Default shall
occur and be continuing, the Indenture Trustee may act under the foregoing provisions of this Section 9.9 without the concurrence of the Owner Trustee; and the Owner Trustee hereby makes, constitutes and appoints the Indenture Trustee
its agent and attorney-in-fact to act for it under the foregoing provisions of this Section 9.9 in either of such contingencies. The Indenture Trustee may execute, deliver and perform any deed, conveyance, assignment or other instrument
in writing as may be required by any additional trustee or separate trustee for more fully and certainly vesting in and confirming to it any 
  

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property, title, right or power that by the terms of such supplemental indenture are expressed to be conveyed or, conferred to or upon such additional
trustee or separate trustee and the Owner Trustee shall, upon the Indenture Trustee’s request, join therein and execute, acknowledge and deliver the same; and the Owner Trustee hereby makes, constitutes and appoints the Indenture Trustee its
agent and attorney-in-fact to execute, acknowledge and deliver in its name, place and stead any such deed, conveyance, assignment or other instrument in the event that the Owner Trustee shall not itself execute and deliver the same within 10 days
after receipt by it of such request so to do or in case an Indenture Event of Default shall occur and be continuing. 
 (b) Every additional
trustee and separate trustee hereunder shall, to the extent permitted by law, be appointed and act as and be such and the Indenture Trustee shall act as and be such, subject to the following provisions and conditions, namely, 
 (i) all powers, duties, obligations and rights conferred upon the Indenture Trustee in respect of the receipt, custody and payment of
moneys shall be exercised solely by the Indenture Trustee; 
 (ii) the powers, duties, obligations and rights hereby
conferred or imposed upon the Indenture Trustee shall be conferred or imposed and exercised or performed by the Indenture Trustee, or the Indenture Trustee and such additional trustee or trustees and separate trustee or trustees jointly, as shall be
provided in the instrument appointing such additional trustee or trustees and separate trustee or trustees, or with consent of, Indenture Trustee, except to the extent that under any law of any jurisdiction in which any particular act or acts are to
be performed the Indenture Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations shall be exercised and performed by such additional trustee or trustees or separate
trustee or trustees; and 
 (iii) no trustee hereunder shall be personally liable by reason of any act or omission of any
other trustee hereunder. 
 (c) If at any time the Indenture Trustee shall deem it no longer necessary or prudent in order to conform to any
such law or shall be advised by an Opinion of Counsel that it is no longer so necessary or prudent in the interest of the Noteholders, or if a Majority Interest of Noteholders shall in writing so request, the Indenture Trustee and the Owner Trustee
shall execute and deliver an indenture supplemental hereto and all other instruments and agreements necessary or proper to remove any additional trustee or separate trustee. In the event that the Owner Trustee shall not have joined in the execution
of such instruments and documents within 10 days after receipt by it of such request so to do or if an Indenture or Indenture Default shall have occurred and be continuing, the Indenture Trustee may act on behalf of the Owner Trustee to the same
extent provided above. 
 (d) Any additional trustee or separate trustee may at any time by an instrument in writing constitute the Indenture
Trustee its or his agent or attorney-in-fact, with full power and authority, to the extent permitted by Applicable Laws, to do all acts and things and exercise all discretion that it or he is authorized or permitted to do or exercise, for and in its
or 

  

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his behalf and in its or his name. In case any such additional trustee or separate trustee shall die, become incapable of acting, resign or be removed, all
the assets, property, rights, powers, trusts, duties and obligations of such additional trustee or separate trustee, as the case may be, to the extent permitted by Applicable Laws, shall vest in and be exercised by the Indenture Trustee, without the
appointment of a new successor to such additional trustee or separate trustee unless and until a successor is appointed in the manner hereinbefore provided. 
 (e) Any request, approval or consent in writing by the Indenture Trustee to any additional trustee or separate trustee shall be sufficient warrant to such additional trustee or separate trustee, as the case may be, to
take such action as may be so requested, approved or consented to. 
 (f) Each additional trustee and separate trustee appointed pursuant to
this Section 9.9 shall be subject to, and shall have the benefit of any provision hereof insofar as it applies to the Indenture Trustee. 
 (g) Notwithstanding any other provision of this Section 9.9, the powers of any additional trustee or separate trustee appointed pursuant to this Section 9.9 shall not in any case exceed those
of the Indenture Trustee hereunder. 
 (h) All costs and expenses in connection with any additional trustee or separate trustee appointed
pursuant to this Section 9.9 shall be charged against the Indenture Estate to the extent not paid by the Lessee pursuant to the Participation Agreement. 
 Section 9.10. Establishment of Indenture Account; Investment of Funds. (a) The Owner Trustee hereby agrees that the Indenture Trustee shall act as “securities intermediary” (as defined within the
meaning of Articles 8 and 9 of the New York UCC), with respect to the Indenture Account hereunder, with such powers as are expressly delegated to the Indenture Trustee, in such capacity, by the terms of this Section 9.10, and the
Indenture Trustee hereby accepts such appointment and agrees to act in such capacities (in such capacity, the “Securities Intermediary”). 
 (b) The Securities Intermediary is authorized by the Owner Trustee and the Indenture Trustee to and hereby establishes at its office located at New York, New York, a special, segregated and irrevocable non-interest
bearing account in the name of the Owner Trustee for the benefit of the Noteholders entitled the “Indenture Account for the benefit of The Bank of New York, as Indenture Trustee” (the “Indenture Account”) to be maintained
with the Securities Intermediary, having account number 659214 (and such account shall be a “securities account” as such term is defined in Section 8-501(a) of the New York UCC). 
 (c) The Securities Intermediary hereby agrees to act as securities intermediary and to accept all amounts, cash equivalents and other property (whether
cash, cash equivalents, instruments, investments, investment property, securities, financial assets, security entitlements, deposit accounts or other) received or held by the Securities Intermediary pursuant to the terms of this Section 9.10
and to promptly deposit or credit all such amounts, cash equivalents and other property received into the Indenture Account. Any amounts, cash equivalents and other property (whether cash, cash equivalents, instruments, investments, investment
property, 

  

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securities, financial assets, security entitlements, deposit accounts or other) received or held by the Indenture Trustee hereunder as part of the Indenture
Estate shall, until paid out by the Indenture Trustee as herein provided, be deposited in, or credited to, the Indenture Account. 
 (d) The
Indenture Account is and will be maintained as a “securities account” as such term is defined in Section 8-501(a) of the New York UCC. The Securities Intermediary shall treat the amounts, cash equivalents and other property (whether
cash, cash equivalents, instruments, investments, investment property, securities, financial assets, security entitlements, deposit accounts or other), and all rights related thereto, now or hereafter deposited in or credited to the Indenture
Account as “financial assets” (as defined in Section 8-102(a)(9) of the New York UCC), to be held by the Securities Intermediary. The Indenture Trustee is an “entitlement holder” (as defined in Section 8-102(a)(7) of
the New York UCC) with respect to the “financial assets” (as defined in Section 8-102(a)(9) of the New York UCC) credited to the Indenture Account. The “security intermediary’s jurisdiction” (as defined in
Section 8-110(e) of the New York UCC) shall be the State of New York. 
 (e) All such amounts, cash equivalents and other property
(whether cash, cash equivalents, instruments, investments, investment property, securities, financial assets, security entitlements, deposit accounts or other) on deposit in or credited to the Indenture Account shall constitute a part of the
Indenture Estate and shall not constitute payment of any indebtedness or any other obligation of the Owner Trustee until applied as herein provided. The Indenture Account shall at all times be under the exclusive dominion and control of the
Securities Intermediary. The Owner Trustee agrees that its rights to amounts, cash equivalents and any other property (whether cash, cash equivalents, instruments, investments, investment property, securities, financial assets, security
entitlements, deposit accounts or other) on deposit in or credited to the Indenture Account are subject to and controlled by the terms of this Indenture. 
 (f) Notwithstanding anything to the contrary set forth herein or in any other Transaction Document, the Securities Intermediary hereby agrees that it will comply with instructions regarding the disposition of funds
and “entitlement orders” (within the meaning of Section 8-102(a)(8) of the New York UCC), issued by the Indenture Trustee and relating to the Indenture Account without the requirement of further consent by the Owner Trustee or any
other Person. The Securities Intermediary hereby represents that it has not entered into any other agreement with the Owner Trustee or the Indenture Trustee purporting to limit or condition the obligation of the Securities Intermediary to comply
with entitlement orders as set forth in this Section 9.10(f). 
 (g) The Indenture Account shall be in the name of the Owner
Trustee. All amounts, cash equivalents and other property (whether cash, cash equivalents, instruments, investments, investment property, securities, financial assets, security entitlements, deposit accounts or other) from time to time on deposit in
or credited to the Indenture Account shall be (i) registered in the name of the Securities Intermediary including, with respect to cash equivalents that are held in or through a “clearing corporation” (as defined in
Section 8-102(a)(5) of the New York UCC), registered in the name of such clearing corporation (or its nominee) and credited to the account of the Securities Intermediary with such clearing corporation or (ii) endorsed to the Securities
Intermediary or in blank or credited to another account maintained in the name of the Securities Intermediary. In no event will any amounts, cash equivalents or other property 

  

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(whether cash, cash equivalents, instruments, investments, investment property, securities, financial assets, security entitlements, deposit accounts or
other) deposited in or credited to the Indenture Account be registered in the name of the Owner Trustee, payable to the order of the Owner Trustee or specially endorsed to the Owner Trustee, except to the extent the foregoing have been specially
endorsed to the Securities Intermediary or in blank. 
 (h) The Securities Intermediary agrees that all property delivered to it in its
capacity as Securities Intermediary under this Indenture will be promptly credited to the Indenture Account consistent with the Securities Intermediary’s normal operating procedures. 
 (i) The rights and powers granted herein to the Indenture Trustee have been granted in order to perfect its security interests in the Indenture Account,
are powers coupled with an interest and will neither be affected by the bankruptcy of the Owner Trustee nor by the lapse of time. 
 (j) The
Owner Trustee hereby irrevocably authorizes and directs the Indenture Trustee to direct the Securities Intermediary to transfer funds from the Indenture Account to make all payments at the time and in the manner required to be made under this
Indenture. 
 (k) Any amounts held in, or credited to the Indenture Account, shall be held uninvested by the Indenture Trustee;
provided, however, that if the Owner Participant shall have so requested the Indenture Trustee in writing and no Indenture Event of Default shall have occurred and be continuing, the Indenture Trustee shall invest such amounts, as
directed in writing by the Owner Participant, in (a) marketable direct obligations of the United States of America or marketable obligations directly guaranteed by the United States of America maturing, in each case, not later than one year
from the date of acquisition thereof, (b) repurchase obligations maturing not later than one year from the date of acquisition thereof in respect of obligations of the nature referred to in clause (a) issued by commercial banks organized
and existing under the laws of the United States of America or any state thereof and having combined capital, surplus and undivided profits of not less than $100,000,000, (c) certificates of deposit and bankers’ acceptances issued by
commercial banks organized and existing under the law of the United States of America or any state thereof and having combined capital, surplus and undivided profits of not less than $100,000,000 and (d) commercial paper not issued by the Owner
Participant or any Affiliate thereof and rated at least A-1 by Standard & Poor’s and P-1 by Moody’s, if (in any such case specified above in this proviso) the Indenture Trustee shall have received a written agreement of the Owner
Participant satisfactory to the Indenture Trustee that the Owner Participant will be personally liable for and will pay to the Indenture Trustee on demand an amount equal to any expense or loss (including any loss on such investment) incurred in
connection with any investment of funds pursuant to this proviso. Any income realized as a result of any investment pursuant to this Section 9.10 shall be deposited in, or credited to, the Indenture Account and shall be applied by
Indenture Trustee in the same manner as the payments held by the Indenture Trustee pursuant to the applicable section of this Indenture, and the Indenture Trustee shall have no liability for any loss resulting from any such investment. Any such
investment may be sold (without regard to maturity date or gain or loss on such sale) by the Indenture Trustee whenever necessary to make any distribution required by Section 5 hereof. 
  

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 Section 9.11. Election Under Section 1111(b)(l)(A)(i). The Indenture Trustee agrees that if
the Lessor’s Estate or the Owner Participant shall become, or any part of the Indenture Estate shall be or become the property of, a debtor subject to the reorganization provisions of Title 11 of the United States Code (or any successor
provision), and all of the Noteholders shall not have made pursuant to the terms of the Notes the election provided in 11 U.S.C. Section 1111(b)(1)(A)(i) (or any successor provision), the Indenture Trustee will make such election on its own
behalf and on behalf of the Noteholders. Each Noteholder, by acceptance of a Note, shall be deemed to have agreed to be bound by such an election. 
 Section 10. Termination of Indenture. This Indenture and the trusts created hereby shall terminate and this Indenture shall be of no further force or effect upon the earlier of (a) payment in full of the principal of, interest
(including interest at the Overdue Rate, if any), Premium Amount, if any, on all the Notes and all other amounts payable with respect to the Notes as set forth in the Note and the schedules thereto payable to any Noteholder and (ii) payment in
full of all amounts to the Indenture Trustee hereunder, under the Notes and under the Participation Agreement, or (b) the sale or other final disposition by the Indenture Trustee or the Owner Trustee, as the case may be, of the Indenture Estate
and the final distribution by the Indenture Trustee of all moneys or other property or proceeds constituting the Indenture Estate in accordance with the terms of Section 5 hereof; provided, however, that if at the time of
any such sale or disposition as provided in the foregoing clause (b) (unless the conditions set forth in clause (a) above have been satisfied) (i) a Lease Event of Default shall have occurred and be continuing or (ii) an
Indenture Event of Default shall have occurred and be continuing, then this Indenture and the trusts created hereby shall continue in full force and effect in accordance with the terms hereof until such time as such Lease Event of Default or
Indenture Event of Default shall have been remedied or waived. Upon such payment in full of all amounts referred to in clause (a) above, the Indenture Trustee shall pay all moneys or other properties or proceeds constituting part of the
Indenture Estate (the distribution of which is not otherwise provided for herein) to the Owner Trustee. Upon the termination of this Indenture, the Owner Trustee and the Indenture Trustee shall each execute and deliver such release, notice or other
document as any party to this Indenture may reasonably request for the purpose of evidencing such termination. 
 Section 11. Additional
Security. Without notice to or consent of the Owner Trustee, and without impairment of the Lien and rights created by this Indenture, the Indenture Trustee may accept (but the Owner Trustee shall not be obligated to furnish) additional security
for the Notes at the time Outstanding. Neither the giving of this Indenture nor the acceptance of any such additional security nor the invalidity or ineffectiveness of any security shall prevent the Indenture Trustee from resorting, first, to such
additional security, or first, to the security created by this Indenture, in any case without affecting the Lien of this Indenture. 
 Section 12. Assigned Agreements. The Owner Trustee will not amend, waive or otherwise modify any Granting Clause Document except with the written concurrence of the Indenture Trustee unless otherwise expressly permitted by
Section 13 or 16 hereof. 
 Section 13. Amendments and Supplements to Indenture and Other Documents 
 Section 13.1. Supplements and Amendments with Consent. At any time and from time to time (a) but only upon the written request of the Owner
Participant and the Owner 
  

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Trustee and with the written consent of a Majority Interest of Noteholders and subject to the provisions of Sections 13.2 and 13.3 hereof, the
Indenture Trustee shall enter into an indenture supplemental to this Indenture with the Owner Trustee, for the purpose of adding provisions hereto or eliminating, changing or otherwise modifying provisions hereof, or waive compliance with any
provisions hereof, as may be specified in such request, and (b) but only upon written request of a Majority Interest of Noteholders and with the written consent of the Owner Participant and the Owner Trustee, the Indenture Trustee shall enter
into or consent to, as the case may be, a supplement or amendment to the Lease or to any other Granting Clause Document or (with respect to any amendment, waiver or other modification thereof binding on the Indenture Trustee) the Participation
Agreement for the purpose of adding provisions thereto or eliminating, changing or otherwise modifying the provisions thereof, or waive compliance with any provisions thereof, as may be specified in such request and, in the case of any such
supplement the parties thereto may agree; provided, however, that without the consent of each Noteholder, no such indenture supplemental to this Indenture, or supplement or amendment to any of the documents referred to in the preceding
clause (b) and no such waiver of compliance with any of the provisions hereof or thereof, shall 
 (i) modify any of the
provisions of this Section 13.1 or of Section 3.1, 3.2, 3.3, 3.4, 3.10, 6, 7 or 13.2 hereof or the definitions of the terms “Excepted Payments”, “Lease
Default”, “Lease Event of Default”, “Indenture Default”, “Indenture Event of Default” (except to add additional Indenture Events of Default), “Event of Loss” (except to add
additional Events of Loss), “Partial Loss”, “Substitution”, “Substitution Event”, “Majority Interest of Noteholders”, “Premium Amount”, or “Requisite
Percentage of Noteholders” contained herein, in the Lease or in Appendix A to the Participation Agreement and as applicable hereto and to the other Transaction Documents, or the percentage of Noteholders required to
take or approve any action hereunder; 
 (ii) unless permitted by Section 13.2(v) hereof, change the amount or
the time of payment of any amount owing in respect of any Note or change the rate of interest payable in respect of any Note, 
 (iii) alter or modify the provisions of Section 5 hereof with respect to the manner of payment or the order of priorities in which applications or distributions thereunder shall be made, 
 (iv) reduce, modify or amend any indemnities in favor of any Noteholder, the Lessor Estate, the Indenture Estate, the Owner Trustee or
the Indenture Trustee (unless consented to by such Person), 
 (v) reduce the amount or change the time of payment of Base
Rent, Supplemental Rent, the amounts payable under Section 3(b)(ii), 3(b)(iv) or 3(c) of the Lease, Stipulated Loss Value or EBO Amount or any other payments in respect of Buyer’s Transponders as set forth in the Lease
or any other Granting Clause Document (other than pursuant to Section 4 of the Lease, and provided that Section 3(f) of the Lease shall be complied with), or 
  

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 (vi) modify, amend or supplement the Lease or consent to any assignment of the Lease so
as to release the Lessee from any of its obligations in respect of the payment of Base Rent, Supplemental Rent, the amounts payable under Section 3(b)(ii), 3(b)(iv) or 3(c) of the Lease, Stipulated Loss Value or EBO Amount
or any other payment in respect of Buyer’s Transponders or change the absolute and unconditional character of such obligations as set forth in the Lease, or 
 Notwithstanding the foregoing, without the consent of each Noteholder, no such indenture supplemental to this Indenture or waiver of compliance with the provisions hereof or any other instrument shall permit the
creation of any Lien on the Indenture Estate or any part thereof, except as herein expressly permitted, or deprive any Noteholder of the benefit of the Lien of this Indenture on the Indenture Estate enjoyed by such Noteholder immediately prior
thereto, except as herein expressly permitted. Notwithstanding the foregoing terms of this Section 13.1, but subject to the proviso to the first sentence of this Section 13.1, the Owner Trustee may at any time and from time
to time, without the consent of the Indenture Trustee or any Noteholder, 
 (i) so long as no Indenture Event of Default shall
have occurred and be continuing, enter into any agreement with the Lessee, the Seller and/or the Service Provider amending, waiving or otherwise modifying the Lease, the Purchase Agreement or the Service Agreement, provided that such amendment,
waiver or other modification shall only amend, waive or otherwise modify one or more of Section 3(a) (unless the result thereof would be to shorten the Basic Term to a period ending earlier than the final maturity date of any of the
Notes), 3(b)(i), 5(b) (if the Lessee’s or the Owner Trustee’s rights thereunder shall be thereby increased), 6 (provided that the interests of the Noteholders and the Indenture Trustee shall not be adversely affected
thereby), 7 (provided that the interests of the Noteholders and the Indenture Trustee shall not be adversely affected thereby), 8 (to impose additional requirements or restrictions on the Lessee), 10 (except with respect to a
redelivery pursuant to Section 16 of the Lease), 12 (to impose additional requirements on the Lessee), 15 (to impose additional or more stringent Lease Events of Default) or 16 (to impose additional remedies) of the
Lease, or any provision of the Purchase Agreement or the Service Agreement (provided that the interests of the Noteholders and the Indenture Trustee shall not be adversely affected thereby), or the definition of any term herein or in Appendix
A to the Participation Agreement as used in any of the foregoing provisions subject to the applicable limitations set forth above, or 
 (ii) whether or not an Indenture Event of Default shall have occurred and be continuing, enter into any agreement with the Lessee, the Seller and/or the Service Provider amending, waiving or otherwise modifying the
Lease, the Purchase Agreement or the Service Agreement, provided that any such amendment, waiver or other modification, 
 (v) shall only amend, waive or otherwise modify one or more of paragraphs (c), (d) and (e) of Section 3 of the Lease (to the extent relating to 

  

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amounts payable (whether directly or pursuant to this Indenture) to Persons other than the Noteholders or the Indenture Trustee in its individual capacity),
9(d) (insofar as it relates to the Owner Trustee or the Owner Participant), 11, 18, 19 (other than the lead-in clause of Section 19(a), and provided with respect to the options set forth in
subparagraphs (ii) and (iii) of Section 19(a) of the Lease, that Sections 3(d) and 3(f) of the Lease shall be complied with), 20(c) of the Lease, Section 2.01 of, and Appendix A to, the
Purchase Agreement (to amplify or expand the description of the property sold and conveyed pursuant to said Section 2.01), or Section 5 of the Purchase Agreement (with respect to the representations, warranties or agreements
of the Buyer), or the definitions of any term in Appendix A to the Participation Agreement as used in any of the foregoing, or 
 (w) shall only amend, waive or otherwise modify the provisions of the Lease or the Guarantee Agreement relating to Excepted Payments, or 
 (x) shall only apply to and be operative during the period after the principal of, and Premium Amount (if any) and interest on, all the
Notes and all other amounts then due with respect to the Notes as set forth in the Notes and the schedules thereto shall have been paid in full, or 
 (y) shall be an amendment or modification which implements an adjustment to Base Rent, Stipulated Loss Value or the EBO Amount under Section 4 of the Lease and Sections 11.05 and 11.06 of the
Participation Agreement (provided in each case that Section 3(f) of the Lease shall be complied with), or implements an increase to Base Rent, Stipulated Loss Value or the EBO Amount, provided, that Base Rent shall not be
reduced below a level sufficient to make scheduled payments of principal and interest on the Notes as the same become due, and Stipulated Loss Value and EBO Amount shall not be reduced below the amount required by Section 3(f) of the
Lease, or 
 (z) shall only amend, waive or otherwise modify any of said agreements in order to cure any ambiguity or to
correct or supplement any provisions thereof which may be inconsistent with any other provision thereof or of any provision of this Indenture, or to make any other provision with respect to matters or questions arising thereunder or under this
Indenture which shall not be inconsistent with the provisions of this Indenture, provided the making of any such other provision shall not adversely affect the interests of the Noteholders. The Indenture Trustee will not effect any waiver or
amendment of any provision of this Indenture or any Note pursuant to this Section 13.1 requiring the consent of each Noteholder unless each Noteholder (irrespective of the amount of the Note owned by it), shall be informed thereof by the
Indenture Trustee and shall be afforded the opportunity to consider the same and shall be supplied by the Indenture Trustee with sufficient information to enable it to make an informed decision with respect thereto. 
 Section 13.2. Supplemental Indentures, etc. Without Consent. Without the consent of any of the Noteholders, at any time and from time to time,
upon the request of the 
  

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Owner Trustee and subject to the provisions of Section 13.3 hereof, the Indenture Trustee shall join with the Owner Trustee in entering into
further Indenture supplements, for one or more of the following purposes: 
 (i) (A) to evidence the succession of a new
trustee as Owner Trustee in accordance with the terms of the Trust Agreement or (B) to evidence the succession of a new trustee as Indenture Trustee hereunder, the removal of the Indenture Trustee, or the appointment or removal of any separate
or additional trustee or trustees, in each case if done pursuant to the provisions of Section 9 hereof; 
 (ii)
to subject to the Lien of this Indenture any additional property; 
 (iii) to evidence the Substitution of Substitute
Transponders in compliance with Section 7(e), 8(a) or 12(a) of the Lease (and the related Substitution) and to subject the related Additional Documents to the Lien of this Indenture; 
 (iv) to effect an Exchange of any Note or Notes in accordance with Section 2.11 hereof; 
 (v) to adjust the Debt Amortization Schedule for the Notes in accordance with Section 11.05 or 11.06 of the
Participation Agreement but subject to compliance with the provisions of Section 2.3 hereof and of the Notes with respect thereto; 
 (vi) to cure any ambiguity or to correct or supplement any provision herein that is inconsistent with any other provision herein, or to make any other provisions with respect to matters arising under this Indenture
that shall not adversely affect the interests of the holders of any of the Notes then outstanding; 
 (vii) to include on the
Notes any legend as may be required by law; or 
 (viii) to effect the issuance of an additional Note or Notes or to modify or
amend the terms of the Notes or of the Indenture as expressly contemplated by any indenture supplement to this Indenture prior to the initial issuance of Notes. 
 Section 13.3. Indenture Trustee Protected. If any document required to be executed pursuant to the terms of Section 13.1 or 13.2 hereof shall adversely affect any interest, right, duty,
immunity or indemnity in favor of the Indenture Trustee under any Transaction Document, the Indenture Trustee may in its discretion decline to execute such document unless indemnified to its reasonable satisfaction. In executing any document
otherwise required to be executed by it pursuant to the terms of Section 13.1 or 13.2 hereof, the Indenture Trustee shall be entitled to receive, and shall be fully protected in relying on, an Officer’s Certificate of the

  

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Lessee and the Owner Trustee and an Opinion of Counsel satisfactory to it that the execution of such document is authorized or permitted by this Indenture.

 Section 13.4. Form of Request. It shall not be necessary for any written request of a Majority Interest of Noteholders furnished
pursuant to Section 13.1 hereof to specify the particular form of the proposed documents to be executed pursuant to such Section, but it shall be sufficient if such request shall indicate the substance thereof. 
 Section 13.5. Documents Mailed to Holder. Promptly after the execution by the Owner Trustee and the Indenture Trustee of any document entered into
pursuant to Section 13.1 or 13.2 hereof, the Indenture Trustee shall mail, by first-class registered or certified mail, postage prepaid, or any other manner specified herein pursuant to Section 14 hereof, a conformed
copy of each such document to each registered holder of a Note, and if the consent of a Majority Interest of Noteholders is required in connection with the execution of such document, copies of the document proposed to be executed shall be so mailed
or otherwise delivered to each registered holder of a Note at least five Business Days prior to the execution thereof. 
 Section 14.
Notices, etc. Unless otherwise expressly specified or permitted by the terms hereof, all notices and other communications hereunder shall be in writing and shall become effective when delivered by hand or received by telex or telecopier or
first-class registered or certified mail, postage prepaid, addressed (a) if to the Owner Trustee, in accordance with the Participation Agreement, or at such other address as the Owner Trustee shall have furnished to the Indenture Trustee and to
each registered holder of a Note in writing or (b) if to the Indenture Trustee, at the Indenture Trustee Office, or at such other address as the Indenture Trustee shall have furnished to the Owner Trustee and to each registered holder of a Note
in writing or (c) if to the Owner Participant, in accordance with the Participation Agreement or (d) if to any Noteholder, at such address as such Noteholder shall have furnished to the Owner Trustee and the Indenture Trustee in writing,
or, until an address is so furnished, to and at the address of the last holder of such Note so furnishing an address to the Owner Trustee and the Indenture Trustee; provided, however, where this Indenture provides for notice to
Noteholders, such notice shall be sufficiently given to Noteholders if in writing and mailed, first-class registered or certified mail, postage prepaid, or delivered by hand to each holder of a Note entitled thereto, at such holder’s last
address as it appears in the Note Register. In any case where notice to Noteholders is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Noteholder shall affect the sufficiency of such
notice with respect to other Noteholders. Where this Indenture provides for notice in any manner, such notice may be waived in writing by the person entitled to receive such notice, either before or after the event, and such waiver shall be the
equivalent of such notice. Waivers of notice by Noteholders shall be filed with the Indenture Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. 
 In case, by reason of the suspension of or irregularities in regular mail service, it shall be impracticable to mail notice to the Owner Trustee and
Noteholders when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall be satisfactory to the Indenture Trustee shall be deemed to be a sufficient giving of such notice.

  

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 Section 15. (a) After-Acquired Property. All property acquired by the Owner Trustee after the date
hereof, which by the terms hereof is required or intended to be required to be subjected to the Lien of this Indenture, shall, immediately upon the acquisition thereof by the Owner Trustee and without further mortgage, conveyance or assignment,
become subject to the Lien of this Indenture as fully as though now owned by the Owner Trustee and specifically described herein. Nevertheless, the Owner Trustee will do all such further acts and execute, acknowledge, deliver, record and file
indenture supplements, and all such further conveyances, financing statements and assurances as the Indenture Trustee may reasonably deem necessary effectively to subject such after-acquired property to the Lien of this Indenture. 
 (b) Substitution. If at any time the Lessee Substitutes Substitute Transponders for Buyer’s Transponders pursuant to
Section 7(e), 8(a) or 12(a) of the Lease upon the occurrence of a Substitution Event and the Lessee shall have fulfilled the conditions specified in Section 7(e) and, as applicable, Sections 8(a) and
12(a) of the Lease, as in effect on the Closing Date (together with any amendment or modification thereof permitted pursuant to Section 13.1 or 13.2 hereof, and any additional or more stringent conditions imposed on the
Lessee in any amendments to such Sections of the Lease subsequent to the Closing Date), then the Indenture Trustee shall, subject to compliance in full with the provisions of this Section 15(b) and upon the written request of, and at the
expense of, the Indenture Estate execute and deliver to, or as directed in writing by, the Owner Trustee an appropriate instrument (in due form for recording, if necessary, prepared by or on behalf of the Owner Trustee), releasing the Buyer’s
Transponders then being Substituted and any Transaction Documents being replaced by Additional Documents referred to below from the Lien of this Indenture and subjecting the Substitute Transponders to the Lien of this Indenture (to the extent any
such instrument is necessary). A financing statement or statements with respect to the Substitute Transponders and the related Additional Documents shall be filed by the Owner Trustee in such place or places as may be necessary or advisable and all
other action as may be necessary or advisable in order to perfect the security interest therein created by or pursuant to this Indenture shall be taken and an Opinion of Counsel with respect to the perfection thereof (to the extent that a security
interest in Buyer’s Transponders may be perfected) similar to the opinion with respect to perfection delivered on the Closing Date pursuant to Section 3.01(o) of the Participation Agreement shall be delivered to the Indenture
Trustee. The Owner Trustee shall deliver an Indenture supplement to the Indenture Trustee subjecting the Substitute Transponders and the related Additional Documents to the Lien of this Indenture. In such event, all provisions of this Indenture
relating to Buyer’s Transponders being replaced and the documents corresponding to the Additional Documents related thereto shall be applicable to such Substitute Transponders and the related Additional Documents with the same force and effect
as if such Substitute Transponders were the same Transponders as Buyer’s Transponders being replaced and the related Additional Documents being replaced thereby. 
 Section 16. Rights of Owner Trustee To Cure Certain Lease Events of Default, etc. 
 Section 16.1.
Cure Rights. If the Lessee shall fail to make any payment of Rent when the same shall have become due, or shall fail to perform any other obligations under the Lease, or the Seller shall fail to perform any of its obligations under the XM
Agreements, the Owner Trustee or the Owner Participant may (but shall not be required to), at any time prior to the expiration of seven Business Days after such failure shall become a Lease Event of Default 
  

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(x) pay to the Indenture Trustee an amount equal to any principal and interest (including, to the extent permitted by Applicable Law, interest at the Overdue
Rate) then due and payable on the Notes (without giving effect to any acceleration of the Notes) if such failure is a failure to pay Rent or (y) if capable of being cured, perform such other obligation the Lessee or the Seller, as the case may
be, shall have failed to perform, and such payment or performance by the Owner Trustee or the Owner Participant shall be deemed to cure (for the purpose only of the Indenture Trustee’s rights and remedies under this Indenture) any Lease Event
of Default that arose or would have arisen from such failure of payment or performance by the Lessee or by the Seller, as the case may be; provided, however, that anything herein or in the Lease or any other Transaction Document to the
contrary notwithstanding, in the case of failure by the Lessee to pay Base Rent when due, the Owner Trustee and the Owner Participant shall not be permitted to cure (a) more than six such failures of the Lessee to pay Base Rent or (b) any
such failure if the Lessee shall have failed to pay the three immediately preceding payments of Base Rent, so long as at least one Interest Payment Date has occurred during the period that such three immediately preceding payments of Rent were due.

 Section 16.2. No Impairment of Indenture Estate; Subrogation. Neither the Owner Trustee nor the Owner Participant, upon exercising
its rights under Section 16.1 hereof to cure the Lessee’s failure to pay Rent, shall obtain any Lien on any part of the Indenture Estate on account of such payment or performance or the costs and expenses incurred in connection
therewith nor, except as expressly provided in the immediately succeeding sentence, shall any claims of the Owner Trustee or the Owner Participant against the Lessee or any other party for the repayment thereof impair the prior right and security
interest of the Indenture Trustee in and to the Indenture Estate. Upon such payment or performance by the Owner Trustee or the Owner Participant, the Owner Trustee or the Owner Participant, as the case may be, shall, so long as no Indenture Event of
Default shall have occurred and be continuing, and if all principal and interest (including interest at the Overdue Rate, if any) due on the Notes shall have been paid and any other obligations then owing to the Noteholders under the Transaction
Documents shall have been performed, be entitled to receive the amount of such payment and the cost and expenses incurred in connection with such payment and performance thereof together with interest thereon from the Lessee or, if paid by the
Lessee to the Indenture Trustee, from the Indenture Trustee. If the Indenture Trustee shall receive any such payment or if the Owner Trustee or the Owner Participant shall receive such payment at a time when an Indenture Event of Default shall have
occurred and be continuing, the amount thereof shall be retained by or turned over to the Indenture Trustee, which shall hold such amounts until such time as all principal and interest then due and payable on the Notes and all other amounts then due
with respect to the Notes set forth in the Notes and the schedules thereto shall have been paid in full and no other Indenture Event of Default shall have occurred and be continuing, whereupon the Indenture Trustee shall remit such payment to the
Owner Trustee; provided, however, that if the Lease shall have been declared or deemed to have been declared in default pursuant to Section 16 thereof or if the outstanding principal amount of all the Notes shall have
theretofore been declared to be due and payable immediately pursuant to Section 6 hereof, such payment and interest shall not be remitted to the Owner Trustee but shall be distributed by the Indenture Trustee in the order of priorities
set forth in Section 5.5 hereof. Nothing contained in this Indenture shall prohibit the Owner Participant or any Affiliate thereof from making loans to or engaging in other financial transactions with the Lessee in the ordinary course of
its business at any time for any purpose. 
  

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 Section 16.3. Limitation on Exercise of Remedies After Lease is Declared in Default. Upon the
occurrence of any Lease Event of Default that may be cured by the Owner Trustee or the Owner Participant pursuant to Section 16.1 hereof, the Indenture Trustee, acting at the direction of the Majority Interest of Noteholders, may declare
the Lease to be in default as a result thereof but will not otherwise exercise any remedies hereunder or thereunder until the period in which such cure may be effected shall have expired. If, during the period in which such cure may be effected, the
Owner Trustee cures all such Lease Events of Default, any such declaration that the Lease is in default shall be deemed to be rescinded. If one or more but less than all such Lease Events of Default shall be cured prior to such expiration, the
Indenture Trustee shall have all rights with respect to such uncured Lease Events of Default conferred hereby and by the Lease. 
 Section
16.4. Certain Other Rights of the Owner Trustee and the Owner Participant. Notwithstanding any provision to the contrary in this Indenture (including, without limitation, the Granting Clause and Section 9.1 hereof): 
 (a) whether or not an Indenture Event of Default shall have occurred and be continuing, the Owner Trustee shall have the right, (i) to the exclusion
of the Indenture Trustee, (A) to consent to or make any determination of Fair Market Rental Value and Fair Market Sales Value (except with respect to the exercise of remedies pursuant to Section 16 of the Lease), and to take any
other action, or refrain from taking action, under Sections 10 (except in the case of a redelivery pursuant to Section 16 of the Lease), 11, 18, 19 and 20(c) of the Lease, provided that nothing
herein shall deprive the Indenture Trustee of any rights expressly given to it in any of said Sections, (B) until Indenture Trustee exercises its Dispossessory Rights(as defined in the Consent and Agreement), to take all actions specified to be
taken by the “Owner” pursuant to Sections 2.1(a) and 4.2 of the Service Agreement, (C) to declare a Lease Event of Default and demand payment of Stipulated Loss Value or any amounts determined by reference thereto based
on an Equity Wrap Event of Default, and (D) to exercise the purchase option under Section 11.03 of the Purchase Agreement, and (ii) not to the exclusion of the Indenture Trustee (A) to receive (and in the case of
Section 12.12 of the Purchase Agreement and Sections 7.1, 7.4 and 11.12 of the Service Agreement, to request) from the Lessee, the Seller, the Service Provider or such other Person all notices, reports, financial
statements, certificates, opinions of counsel and other documents and all information that the Lessee, the Seller, the Service Provider or such other Person, as the case may be, is permitted or required to give or furnish to the “Lessor”,
the “Buyer” or the “Owner” pursuant to the Lease, the Purchase Agreement or the Service Agreement, respectively, (B) to demand and receive reimbursement of its costs pursuant to the Lease, (C) to approve as satisfactory
to it instruments and opinions delivered pursuant to, and to exercise the other rights of the Owner Trustee contained in, Sections 6(c), 7(e), 8(a) and 13 of the Lease and Sections 10(b) and 10(d) of the
Guaranty Agreement (it being understood that any approval or consent required by such Sections must be given by both the Owner Trustee and the Indenture Trustee), (D) to exercise the inspection rights of the Owner Trustee pursuant to
Section 7.4 of the Service Agreement, (E) to give any notice of default under Section 15 of the Lease but only for the purpose of commencing any cure period, (F) to cause the Lessee, the Seller or the Service
Provider, as the case may be, to take any action and execute and deliver such documents and assurances as the “Lessor”, the “Buyer” or the “Owner”, respectively, may from time to time reasonably request pursuant to
Section 20(a) of the Lease, Section 12.10 of the Purchase Agreement, Section 9 of the Service Agreement, Section 14 of the Guaranty Agreement or 

  

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Section 7 of the Consent and Agreement (provided, that nothing herein shall deprive the Indenture Trustee of any rights expressly given it
in any of said Sections), as the case may be, or itself take action in respect thereof, (G) until the Indenture Trustee exercises its Dispossessory Rights (as defined in the Consent and Agreement), to terminate the Service Agreement and any
future obligations thereunder pursuant to Section 10.3 thereof (it being understood that any such action must be taken jointly by the Owner Trustee and the Indenture Trustee), (H) to approve as satisfactory to it any Use Agreement
entered into by the Lessee pursuant to Section 6(c) of the Lease (it being understood that any such action must be taken jointly by the Owner Trustee and the Indenture Trustee), (I) to exercise the rights of the “Lessor”
contained in Section 5(b)(ii) of the Lease (it being understood that any such action must be taken jointly by the Owner Trustee and the Indenture Trustee) and (J) to make any decision as to the alternative arrangements under
Section 9(b) of the Lease; 
 (b) whether or not an Indenture Event of Default shall have occurred and be continuing, the Owner
Trustee or the Owner Participant shall have the right, (i) to the exclusion of the Indenture Trustee, (A) to enforce performance by the Lessee of any covenants of the Lessee to pay Excepted Payments owed to such Persons and to recover
damages for the breach thereof, and to proceed against the Effective Equity Wrap maintained for the benefit of the Owner Participant; provided that neither the Owner Trustee nor the Owner Participant shall have any remedy or right with
respect to such default by the Lessee against the Indenture Estate, (B) to solicit bids pursuant to Section 8(a) of the Lease, (C) to take actions pursuant to Section 17 of the Lease; provided that such right
shall be exclusive of the right of the Indenture Trustee only during the applicable cure period specified in Section 16.1 hereof, and (D) to adjust Factors, Base Rent and the percentages relating to Stipulated Loss Value, EBO Amount
and ORR Payment Amount as provided in Section 4 of the Lease and Sections 11.05 and 11.06 of the Participation Agreement and (ii) not to the exclusion of the Indenture Trustee, (A) to carry separate insurance
pursuant to Section 9(d) of the Lease and to retain all rights with respect to any such separate insurance maintained by it and (B) so long as no Indenture Event of Default (which is not a Lease Event of Default or caused by a Lease
Default or Lease Event of Default) has occurred and is continuing, to determine and enforce compliance with the provisions of any Granting Clause Document, including the right to sue for specific performance thereof or for damages upon any breach
thereof but excluding, however, the right to exercise remedies pursuant to Section 16 of the Lease (other than to declare the Lease to be in default); provided that no such action shall adversely affect the Indenture
Trustee’s Lien or interfere with the Indenture Trustee’s own enforcement action; and 
 (c) provided no Indenture Event of Default
shall have occurred and be continuing, the Owner Trustee shall have the right, to the exclusion of the Indenture Trustee, (i) to elect to retain Buyer’s Transponders pursuant to Section 8(c) of the Lease and (ii) to
approve as reasonably satisfactory to it any Substitute Service Provider pursuant to Section 7(b) of the Lease. 
 Section 17.
Terms Subject to Applicable Laws; Governing Law. All rights, powers and remedies provided herein may be exercised only to the extent that the exercise thereof does not violate any Applicable Laws, and are intended to be limited to the extent
necessary so that they will not render this Indenture invalid, unenforceable or not entitled to be recorded, registered or filed under any Applicable Laws, and the validity of other terms of this 
  

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Indenture or any other application of such terms shall in no way be affected thereby. Where, however, the provisions of such Applicable Laws may be waived,
they are hereby waived by the Owner Trustee to the full extent permitted by law, to the end that this Indenture shall be a valid and binding agreement enforceable in accordance with its terms. This Indenture and the Notes shall be governed by, and
construed in accordance with, the laws of the State of New York. 
 Section 18. Indenture a Security Agreement with Respect to Personal
Property. To the extent permitted by Applicable Laws, with respect to the personal property herein described, this Indenture shall constitute a security agreement and, cumulative of all other rights of the Indenture Trustee hereunder, the
Indenture Trustee shall have for the benefit of the Noteholders all the rights conferred upon secured parties by the provisions of any applicable Uniform Commercial Code or other similar legislation. Subject to any restrictions herein expressly
contained, the Indenture Trustee may exercise for the benefit of the Noteholders any of or all the remedies of a secured party available to a secured party under the applicable provisions of any applicable Uniform Commercial Code or other similar
legislation with respect to such personal property and the Owner Trustee agrees that, if upon an Indenture Event of Default the Indenture Trustee should proceed to dispose of or utilize such personal property in accordance with the provisions of any
applicable Uniform Commercial Code, 10 days’ notice by the Indenture Trustee to the Owner Trustee shall be deemed to be reasonable notice under any provision of the Uniform Commercial Code requiring such notice. For all purposes of this
Indenture, the terms “Lien of this Indenture”, “Lien hereof”, “Lien created hereby” or words of similar import shall, unless the context otherwise requires, be deemed to include reference to the
security interest granted to the Indenture Trustee under this Indenture. 
 Section 19. Repayment of Moneys Held by Paying Agent. Upon
the satisfaction and discharge of this Indenture, all moneys then held by any Paying Agent under the provisions of this Indenture shall, upon demand of the Owner Trustee, be repaid to it or paid to the Indenture Trustee and thereupon such Paying
Agent shall be released from all further liability with respect to such moneys. 
 Section 20. Transfer of Moneys Held by Indenture
Trustee and Paying Agent Unclaimed for Two Years and Eleven Months. Any moneys paid to the Indenture Trustee or any Paying Agent for the payment of the principal of or interest or Premium Amount on any Note and not applied, but remaining
unclaimed for two years and eleven months after the date upon which such principal, interest or Premium Amount shall have become due and payable shall, unless otherwise required by mandatory provisions of applicable escheat or abandoned or unclaimed
property law, be paid to the Owner Trustee by the Indenture Trustee or such Paying Agent and the Noteholder, as a general unsecured creditor, shall, unless otherwise required by mandatory provisions of applicable escheat or abandoned or unclaimed
property laws, thereafter look only to the Owner Trustee for any payment which such Noteholder may be entitled to collect, and all liability of the Indenture Trustee and any Paying Agent with respect to such moneys shall thereupon cease. 

Section 21. Miscellaneous. (a) (A) Any provision of this Indenture that is prohibited or unenforceable in any jurisdiction shall, as to
such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or any provision in any other Transaction Document, and any such prohibition or 
  

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 unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other
jurisdiction. The provisions of this Indenture shall remain valid and enforceable notwithstanding the invalidity, unenforceability, impossibility or illegality of performance of any other Transaction Document. 
 (b) This Indenture shall be binding upon the Owner Trustee and its successors and assigns, and all Persons claiming under or through the Owner Trustee
and any such successor or assign, and shall inure to the benefit of and be enforceable by the Indenture Trustee, each Noteholder and the Owner Trustee and their respective successors and permitted assigns and, with respect to any rights expressly
conferred upon it hereby, the Owner Participant and its successors and permitted assigns, including any transferee permitted by Section 12.01 of the Participation Agreement. Any request, notice, direction, consent, waiver or other
instrument or action by any Noteholder shall bind the successors and assigns of such Noteholder and any request, notice, direction, consent, waiver or other instrument or action by the Owner Participant shall bind the successors and assigns of the
Owner Participant. The headings in this Indenture are for purposes of reference only and shall not limit or define the meaning hereof. This Indenture may be executed in any number of counterparts, each of which shall be an original, but all of which
together shall constitute one and the same instrument. 
 (c) Each Noteholder, by its acceptance of a Note, hereby authorizes and directs the
Indenture Trustee to enter into the Participation Agreement and the Consent and Agreement. 
 Section 22. Force Majeure. In no event
shall the Indenture Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes,
work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services;
it being understood that the Indenture Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances; provided, however, that any
failure or delay in the performance by the Indenture Trustee of its obligations contemplated by this Section 22 shall not, by itself, give rise to an Indenture Event of Default. 
 Section 23. Assignment of Rights, Not Assumption of Duties. Anything contained herein to the contrary notwithstanding, (a) each party shall
remain liable under each of the Transaction Documents to which it is a party to the extent set forth therein to perform all of its duties and obligations thereunder, (b) the exercise by the Indenture Trustee of any such party’s rights,
remedies or powers under any Transaction Document shall not release such party from any of its duties or obligations under the Transaction Documents to which it is a party, and (c) except as expressly provided herein or therein with respect to
the Indenture Trustee, the Indenture Trustee shall have no obligation or liability under any of the Transaction Documents by reason of or arising out of this Indenture, nor shall the Indenture Trustee be obligated to perform any of the obligations
or duties of any other party thereunder or to take any action to collect or enforce any claim for payment assigned hereunder or otherwise. 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be executed by their respective
officers thereunto duly authorized. 
     WELLS FARGO BANK NORTHWEST, NATIONAL ASSOCIATION, not in its
individual capacity, except as otherwise expressly set forth herein, but solely in its capacity as the Owner Trustee. The Owner Trustee is entering into this Indenture as trustee, under the Trust Agreement, of Satellite Leasing Trust (702-4), LLT
(the “Trust”), and by the Owner Trustee’s signature hereto, the Trust is made a party hereto. Each of the rights, obligations, representations and warranties of the Owner Trustee hereunder shall be deemed to be rights, obligations,
representations and warranties of the Trust. Each action to be performed by the Owner Trustee hereunder shall be performed by the Owner Trustee as trustee of the Trust. 
  

			
		
	By:	 	/S/            
		 	 Title:

     THE BANK OF NEW YORK, not in its individual
capacity (except as otherwise expressly set forth herein), but solely as Indenture Trustee 
  

			
		
	By:	 	/S/    REMO J. REALE        
		 	 Title: Vice President

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