Document:

Indenture, dated as of February 14, 2007

Table of Contents

 Exhibit 10.1 
 Execution Copy 
  

 TERRESTAR NETWORKS INC. 
 $500,000,000 15% Senior Secured PIK Notes due 2014

 INDENTURE 
 Dated
as of February 14, 2007 
 U.S. BANK NATIONAL ASSOCIATION, 
 As Trustee 
  

Table of Contents

 
TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
		
	 ARTICLE 1 DEFINITIONS AND INCORPORATION BY REFERENCE
	  	1
			
	 SECTION 1.01
	  	 Definitions
	  	1
	 SECTION 1.02
	  	 Other Definitions
	  	30
	 SECTION 1.03
	  	 Trust Indenture Act Provisions
	  	31
	 SECTION 1.04
	  	 Rules of Construction
	  	31
		
	 ARTICLE 2 THE SECURITIES
	  	32
			
	 SECTION 2.01
	  	 Form, Dating and Denominations
	  	32
	 SECTION 2.02
	  	 Execution and Authentication; Additional Notes
	  	33
	 SECTION 2.03
	  	 Registrar and Paying Agent
	  	34
	 SECTION 2.04
	  	 Paying Agent to Hold Money in Trust
	  	35
	 SECTION 2.05
	  	 Noteholder Lists
	  	36
	 SECTION 2.06
	  	 Replacement Notes
	  	36
	 SECTION 2.07
	  	 Outstanding Notes
	  	36
	 SECTION 2.08
	  	 Temporary Notes
	  	37
	 SECTION 2.09
	  	 Cancellation
	  	37
	 SECTION 2.10
	  	 CUSIP Numbers
	  	37
	 SECTION 2.11
	  	 Registration, Transfer and Exchange
	  	37
	 SECTION 2.12
	  	 Restrictions on Transfer and Exchange
	  	40
	 SECTION 2.13
	  	 Temporary Regulation S Global Notes
	  	42
	 SECTION 2.14
	  	 Defaulted Interest
	  	42
	 SECTION 2.15
	  	 Payment of Interest
	  	43
		
	 ARTICLE 3 REDEMPTION
	  	43
			
	 SECTION 3.01
	  	 Notices to Trustee
	  	43
	 SECTION 3.02
	  	 Selection
	  	43
	 SECTION 3.03
	  	 Notice
	  	44
	 SECTION 3.04
	  	 Effect of Notice of Redemption
	  	45
	 SECTION 3.05
	  	 Deposit of Redemption Price
	  	45
	 SECTION 3.06
	  	 Notes Redeemed in Part
	  	45
	 SECTION 3.07
	  	 Optional Redemption
	  	45
	 SECTION 3.08
	  	 No Sinking Fund
	  	46
	 SECTION 3.09
	  	 Repurchase Offers
	  	46
		
	 ARTICLE 4 AFFIRMATIVE COVENANTS
	  	49
			
	 SECTION 4.01
	  	 Reports
	  	49
	 SECTION 4.02
	  	 Payment of Obligations
	  	49
	 SECTION 4.03
	  	 Corporate Existence
	  	50
	 SECTION 4.04
	  	 FCC License Subsidiary; Licenses
	  	50
	 SECTION 4.05
	  	 Compliance Certificates
	  	50

  

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Table of Contents

 Table of Contents 
 (Continued) 
  

					
	 	  	 	  	Page
	 SECTION 4.06
	  	 Designation of Unrestricted Subsidiaries
	  	50
	 SECTION 4.07
	  	 Additional Guarantees and Collateral
	  	51
	 SECTION 4.08
	  	 Maintenance of Insurance
	  	54
	 SECTION 4.09
	  	 Covenants with Respect to the Canadian Entities
	  	54
		
	 ARTICLE 5 NEGATIVE COVENANTS
	  	55
			
	 SECTION 5.01
	  	 Indebtedness
	  	55
	 SECTION 5.02
	  	 Limitation on Liens
	  	60
	 SECTION 5.03
	  	 Merger, Consolidation and Sale of Assets
	  	60
	 SECTION 5.04
	  	 Restricted Payments
	  	62
	 SECTION 5.05
	  	 Transactions with Affiliates
	  	67
	 SECTION 5.06
	  	 Limitation on Lines of Business
	  	69
	 SECTION 5.07
	  	 Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries
	  	69
	 SECTION 5.08
	  	 Asset Sales and Recovery Events
	  	71
	 SECTION 5.09
	  	 Change of Control
	  	76
	 SECTION 5.10
	  	 Payments for Consent
	  	76
		
	 ARTICLE 6 DEFAULTS AND REMEDIES
	  	76
			
	 SECTION 6.01
	  	 Events of Default and Remedies
	  	76
	 SECTION 6.02
	  	 Acceleration
	  	79
	 SECTION 6.03
	  	 Other Remedies
	  	80
	 SECTION 6.04
	  	 Rescission of Acceleration; Waiver of Past Defaults
	  	80
	 SECTION 6.05
	  	 Control by Majority
	  	80
	 SECTION 6.06
	  	 Limitation on Suits
	  	80
	 SECTION 6.07
	  	 Rights of Holders to Receive Payment
	  	81
	 SECTION 6.08
	  	 Collection Suit by Trustee
	  	81
	 SECTION 6.09
	  	 Trustee May File Proofs of Claim
	  	81
	 SECTION 6.10
	  	 Priorities
	  	81
	 SECTION 6.11
	  	 Undertaking for Costs
	  	82
	 SECTION 6.12
	  	 Waiver of Stay or Extension Laws
	  	82
	 SECTION 6.13
	  	 Rights and Remedies Cumulative
	  	82
	 SECTION 6.14
	  	 Delay or Omission Not Waiver
	  	82
		
	 ARTICLE 7 TRUSTEE
	  	82
			
	 SECTION 7.01
	  	 Duties of Trustee
	  	82
	 SECTION 7.02
	  	 Rights of Trustee
	  	83
	 SECTION 7.03
	  	 Individual Rights of Trustee
	  	85
	 SECTION 7.04
	  	 Trustee’s Disclaimer
	  	85
	 SECTION 7.05
	  	 Notice of Defaults
	  	85
	 SECTION 7.06
	  	 Compensation and Indemnity
	  	86

  

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Table of Contents

 Table of Contents 
 (Continued) 
  

					
	 	  	 	  	Page
	 SECTION 7.07
	  	 Replacement of Trustee
	  	87
	 SECTION 7.08
	  	 Successor Trustee by Merger, Etc.
	  	87
	 SECTION 7.09
	  	 Eligibility; Disqualification
	  	88
	 SECTION 7.10
	  	 Preferential Collection of Claims against the Issuer
	  	88
	 SECTION 7.11
	  	 Disqualification; Conflicting Interests
	  	88
	 SECTION 7.12
	  	 Acknowledgement of Trustee
	  	88
		
	 ARTICLE 8 DISCHARGE OF INDENTURE; DEFEASANCE
	  	88
			
	 SECTION 8.01
	  	 Legal Defeasance and Covenant Defeasance
	  	88
	 SECTION 8.02
	  	 Conditions to Legal or Covenant Defeasance
	  	89
	 SECTION 8.03
	  	 Satisfaction and Discharge of Indenture
	  	91
	 SECTION 8.04
	  	 Deposited Money and Government Notes to Be Held in Trust; Miscellaneous Provisions
	  	92
	 SECTION 8.05
	  	 Repayment to Issuer
	  	92
	 SECTION 8.06
	  	 Reinstatement
	  	92
		
	 ARTICLE 9 AMENDMENTS
	  	93
			
	 SECTION 9.01
	  	 Without Consent of Holders
	  	93
	 SECTION 9.02
	  	 With Consent of Holders
	  	94
	 SECTION 9.03
	  	 Revocation and Effect of Consents and Waivers
	  	95
	 SECTION 9.04
	  	 Notation on or Exchange of Notes
	  	96
	 SECTION 9.05
	  	 Trustee to Sign Amendments
	  	96
	 SECTION 9.06
	  	 Compliance with TIA
	  	96
		
	 ARTICLE 10 GUARANTEES
	  	96
			
	 SECTION 10.01
	  	 Guarantee
	  	96
	 SECTION 10.02
	  	 Limitation on Liability
	  	98
	 SECTION 10.03
	  	 Successors and Assigns
	  	98
	 SECTION 10.04
	  	 No Waiver
	  	98
	 SECTION 10.05
	  	 Modification
	  	98
	 SECTION 10.06
	  	 Execution and Delivery of the Guarantee
	  	98
	 SECTION 10.07
	  	 Release of Guarantees
	  	99
		
	 ARTICLE 11 COLLATERAL AND SECURITY
	  	99
			
	 SECTION 11.01
	  	 Security Agreements
	  	99
	 SECTION 11.02
	  	 Release of Collateral
	  	100
	 SECTION 11.03
	  	 Certificates of the Company
	  	102
	 SECTION 11.04
	  	 Authorization of Actions to be Taken by the Trustee under the Security Agreements
	  	103

  

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 Table of Contents 
 (Continued) 
  

					
	 	  	 	  	Page
	 SECTION 11.05
	  	 Authorization of Receipt of Funds by the Trustee under the Security Agreements
	  	103
	 SECTION 11.06
	  	 Certain Limitations Upon Actions by the Collateral Agent
	  	103
		
	 ARTICLE 12 MISCELLANEOUS
	  	104
			
	 SECTION 12.01
	  	 Notices
	  	104
	 SECTION 12.02
	  	 Certificate and Opinion as to Conditions Precedent
	  	105
	 SECTION 12.03
	  	 Statements Required in Certificate or Opinion
	  	105
	 SECTION 12.04
	  	 When Notes Disregarded
	  	105
	 SECTION 12.05
	  	 Rules by Trustee, Paying Agent and Registrar
	  	105
	 SECTION 12.06
	  	 Legal Holidays
	  	106
	 SECTION 12.07
	  	 GOVERNING LAW
	  	106
	 SECTION 12.08
	  	 No Recourse Against Others
	  	106
	 SECTION 12.09
	  	 Successors
	  	106
	 SECTION 12.10
	  	 Multiple Originals
	  	106
	 SECTION 12.11
	  	 Table of Contents; Headings
	  	106
	 SECTION 12.12
	  	 Severability
	  	106
	 SECTION 12.13
	  	 No Adverse Interpretation of Other Agreements
	  	106
	 SECTION 12.14
	  	 Trust Indenture Act Controls
	  	106
	 SECTION 12.15
	  	 Communications by Holders with other Holders
	  	107
	 SECTION 12.16
	  	 Submission to Jurisdiction; Agent for Service of Process
	  	107

  

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 EXHIBITS 
  

			
		
	EXHIBIT A	 	FORM OF NOTE
		
	EXHIBIT B	 	DTC LEGEND
		
	EXHIBIT C	 	REGULATION S LEGEND
		
	EXHIBIT D	 	RULE 144A LEGEND
		
	EXHIBIT E	 	REGULATION S CERTIFICATE
		
	EXHIBIT F	 	RULE 144A CERTIFICATE
		
	EXHIBIT G	 	INSTITUTIONAL ACCREDITED INVESTOR CERTIFICATE
		
	EXHIBIT H	 	FORM OF CERTIFICATE OF BENEFICIAL OWNERSHIP
		
	EXHIBIT I	 	TEMPORARY REGULATION S GLOBAL NOTE LEGEND
		
	EXHIBIT J	 	FORM OF SUPPLEMENTAL INDENTURE
		
	EXHIBIT K	 	FORM OF U.S. SECURITY AGREEMENT
		
	EXHIBIT L	 	FORM OF CANADIAN SECURITY AGREEMENT
		
	EXHIBIT M	 	FORM OF INTERCREDITOR AGREEMENT

  

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 INDENTURE dated as of February 14, 2007, among TERRESTAR NETWORKS INC., a Delaware corporation (the
“Issuer”), the guarantors from time to time party hereto and U.S. BANK NATIONAL ASSOCIATION, a national banking association organized under the laws of the United States (or any successor trustee, the “Trustee”).

 Each party agrees as follows for the benefit of the other parties and for the equal and ratable benefit of the Holders of (i) the
Issuer’s Senior Secured PIK Notes due 2014 issued on the Issue Date and (ii) any Additional Notes (as defined herein) that may be issued on any other issue date: 
 ARTICLE 1 
 DEFINITIONS AND INCORPORATION BY REFERENCE 
 SECTION 1.01 Definitions. 
 “2 GHz MSS S-Band Spectrum”: any spectrum between 1 GHz and 3 GHz that can be used to provide mobile satellite service. 
 “Acquired Debt”: with respect to any specified Person, 
  

	 	(1)	Indebtedness of any other Person existing at the time such other Person is merged with or into or became a Subsidiary of such specified Person, whether or not such Indebtedness is
incurred in connection with, or in contemplation of, such other Person merging with or into, or becoming a Subsidiary of, such specified Person; and 

  

	 	(2)	Indebtedness secured by a Lien encumbering any asset acquired by such specified Person. 

 “Additional Assets”: 
  

	 	(1)	all or substantially all of the assets of another Permitted Business; 

  

	 	(2)	Capital Stock of another Permitted Business if the Permitted Business is or, after giving effect to such acquisition, becomes a Restricted Subsidiary of the Issuer;

  

	 	(3)	capital expenditures relating to an asset used or useful in a Permitted Business; or 

  

	 	(4)	other assets that are not classified as current assets under GAAP and that are used or useful in a Permitted Business. 

 “Additional Notes”: any Notes issued under this Indenture in addition to the Initial Notes, having the same terms in all respects as the
Initial Notes except that interest will accrue on the Additional Notes from their issue date. 
 “Additional Secured
Obligations”: Pari Passu Indebtedness of the Issuer or any Restricted Subsidiary permitted to be incurred under clauses (1) and (16) of Section 5.01(b) and 

  

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designated in writing by the Issuer as Indebtedness to be secured on a pari passu basis by a Lien granted to the Collateral Agent on the Collateral
which is permitted by this Indenture; provided that the representative of such Additional Secured Obligations executes the Intercreditor Agreement agreeing to be bound thereby. 
 “Affiliate”: with respect to any specified Person, any other Person directly or indirectly controlling or controlled by or under direct
or indirect common control with such specified Person. For purposes of this definition, “control,” as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the
management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise; provided that beneficial ownership of 10% or more of the Voting Stock of a Person shall be deemed to be control. For
purposes of this definition, the terms “controlling,” “controlled by” and “under common control with” have correlative meanings. 
 “Agent”: any Registrar, Paying Agent or Authenticating Agent. 
 “Agent
Member”: a member of, or a participant in, the Depositary. 
 “Applicable Premium”: with respect to a Note at any
date of redemption, the greater of (i) 1.0% of the principal amount of such Note and (ii) the excess of (A) the present value at such date of redemption of (1) the principal amount of such Note at February 15, 2014 plus
(2) all remaining required interest payments due on such Note through February 15, 2014 (excluding accrued but unpaid interest to the date of redemption), computed using a discount rate equal to the Treasury Rate plus 50 basis points, over
(B) the principal amount of such Note. 
 “Asset Sale”: 
  

	 	(1)	the sale, lease, conveyance or other disposition of any assets or rights; provided that the sale, lease, conveyance or other disposition of all or substantially all of the
assets of the Issuer and its Restricted Subsidiaries taken as a whole will be governed by Sections 5.03 and 5.09 and not by Section 5.08; and 

  

	 	(2)	the issuance of Equity Interests in any of the Issuer’s Restricted Subsidiaries or the sale of Equity Interests in any of its Restricted Subsidiaries. 

Notwithstanding the preceding, none of the following items will be deemed to be an Asset Sale: 
  

	 	(1)	any single transaction or series of related transactions that involves assets having a fair market value of less than $10.0 million; 

  

	 	(2)	 a disposition of assets between or among the Issuer and any Guarantors; provided that in the case of a sale of Collateral, the transferee shall cause such
amendments, supplements or other instruments to be executed, filed, and recorded in such jurisdictions as may be required by applicable law to preserve and protect the Lien on the Collateral owned by or transferred to the transferee, together with
such financing statements or comparable documents as may be required to perfect any security interests in such Collateral which may be perfected by the filing of a 

  

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financing statement or a similar document under the Uniform Commercial Code or other similar statute or regulation of the relevant states or jurisdictions;

  

	 	(3)	a transfer of assets between or among Restricted Subsidiaries that are not Guarantors or from a Restricted Subsidiary that is not a Guarantor to the Issuer or a Guarantor;

  

	 	(4)	an issuance of Equity Interests by a Restricted Subsidiary of the Issuer to the Issuer or to another Restricted Subsidiary of the Issuer; 

  

	 	(5)	the sale, lease or other disposition of equipment, inventory or products in the ordinary course of business and any sale or other disposition of damaged, worn-out, uneconomic or
obsolete assets in the ordinary course of business; 

  

	 	(6)	the creation of a Permitted Lien and dispositions in connection with Permitted Liens; 

  

	 	(7)	the licensing or sublicensing of intellectual property or other general intangibles and licenses, leases or subleases of other property; 

  

	 	(8)	foreclosure on assets, except to the extent that the value of the assets exceeds the amount of the obligation secured; 

  

	 	(9)	the sale or other disposition of cash or Cash Equivalents; provided that, if such cash or Cash Equivalents arise as the result of an Asset Sale or Recovery Event, such sale
or disposition is in accordance with the provisions of this Indenture; 

  

	 	(10)	the sale or other disposition of Equity Interests in Unrestricted Subsidiaries; 

  

	 	(11)	a Restricted Payment that is permitted by Section 5.04 or a Permitted Investment; and 

  

	 	(12)	any transfer contemplated by the Transfer Agreements. 

 “Attributable Debt”: in respect of a Sale/Leaseback Transaction, at the time of determination, the present value of the obligation of the lessee for net rental payments during the remaining term of the lease included in
such Sale/Leaseback Transaction including any period for which such lease has been extended or may, at the option of the lessor, be extended. Such present value shall be calculated using a discount rate equal to the rate of interest implicit in such
transaction, determined in accordance with GAAP; provided, however, that if such Sale/Leaseback Transaction results in a Capital Lease Obligation, the amount of Indebtedness represented thereby will be determined in accordance with the
definition of “Capital Lease Obligation.” 
 “Authenticating Agent”: a Person engaged to authenticate the Notes in
the stead of the Trustee. 
  

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 “Bankruptcy Law”: Title 11, United States Code, or any similar federal or state
law for the relief of debtors. 
 “Beneficial Owner”: as defined in Rule 13d-3 and Rule 13d-5 under the Exchange
Act, except that in calculating the beneficial ownership of any particular “person” (as that term is used in Section 13(d)(3) of the Exchange Act), such “person” will be deemed to have beneficial ownership of all securities
that such “person” has the right to acquire by conversion or exercise of other securities, whether such right is currently exercisable, or is exercisable only upon the occurrence of a subsequent condition. The term “Beneficially
Own” has a corresponding meaning. 
 “Board of Directors”: 
  

	 	(1)	with respect to a corporation, the board of directors of the corporation or any committee thereof duly authorized to act on behalf of such Person; 

  

	 	(2)	with respect to a partnership, the board of directors of the general partner of the partnership; 

  

	 	(3)	with respect to a limited liability company, the managing member or members or any controlling committee of managing members thereof; and 

  

	 	(4)	with respect to any other Person, the board of directors or committee of such Person serving a similar function. 

 “Business Day”: each day that is not a Saturday, Sunday or other day on which banking institutions in New York, New York are authorized
or required by law to close. 
 “Canadian Entities”: TerreStar Canada Holdings and TerreStar Canada. 
 “Canadian Communications Statutes”: the Radiocommunication Act (Canada), the Telecommunications Act (Canada) and the rules, regulations,
policies and decisions of Industry Canada and the Canadian Radio–television and Telecommunications Commission promulgated or made thereunder. 
 “Canadian Security Agreement”: the Security Agreement dated of even date herewith by the Canadian Entities in favor of the Collateral Agent, substantially in the form attached hereto as Exhibit L. 
 “Capital Lease Obligation”: at the time any determination is to be made, the amount of the liability in respect of a capital lease that
would at that time be required to be capitalized on a balance sheet prepared in accordance with GAAP, and the Stated Maturity thereof shall be the date of the last payment of rent or any other amount due under such lease prior to the first date upon
which such lease may be prepaid by the lessee without payment of a penalty. 
  

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 “Capital Stock”: 
  

	 	(1)	in the case of a corporation, corporate stock; 

  

	 	(2)	in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock;

  

	 	(3)	in the case of a partnership or limited liability company, partnership or membership interests (whether general or limited); and 

  

	 	(4)	any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person, but
excluding from all of the foregoing any debt securities convertible into Capital Stock, whether or not such debt securities include any right of participation with Capital Stock. 

 “Cash Equivalents”: 
  

	 	nited	States dollars and in the case of any Foreign Subsidiary that is a Restricted Subsidiary, such local currencies held by them from time to time in the ordinary course of business;

  

	 	(2)	securities issued or directly and fully guaranteed or insured by the United States or the Canadian government or any agency or instrumentality of the United States or the Canadian
government (provided that the full faith and credit of the United States or Canada, as applicable, is pledged in support of those securities) having maturities of not more than twelve months from the date of acquisition;

  

	 	(3)	marketable general obligations issued by any state of the United States or province of Canada, or any political subdivision of any such state or province or any public
instrumentality thereof maturing within one year from the date of acquisition (provided that the full faith and credit of the United States or Canada, as applicable, is pledged in support thereof) and, at the time of acquisition, having a
credit rating of “A” or better from either S&P or Moody’s; 

  

	 	(4)	certificates of deposit and eurodollar time deposits with maturities of twelve months or less from the date of acquisition, bankers’ acceptances with maturities not exceeding
twelve months and overnight bank deposits with any U.S. domestic or Canadian commercial bank having capital and surplus in excess of $500.0 million and a Thomson Bank Watch Rating of “B” or better; 

  

	 	(5)	repurchase obligations with a term of not more than seven days for underlying securities of the types described in clauses (2), (3) and (4) above entered into with any
financial institution meeting the qualifications specified in clause (3) above; 

  

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	 	(6)	commercial paper having a rating of at least A-3 from Moody’s Investors Service, Inc. or P-3 from Standard & Poor’s Rating Services and in each case maturing
within nine months after the date of acquisition; and 

  

	 	(7)	money market funds at least 95% of the assets of which constitute Cash Equivalents of the kinds described in clauses (1) through (6) of this definition.

 “Certificate of Beneficial Ownership”: a certificate substantially in the form of Exhibit H.

 “Certificated Note”: a Note in registered individual form without interest coupons. 
 “Change of Control”: the occurrence of any of the following: 
  

	 	(1)	the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or
substantially all of the properties or assets of the Issuer and its Restricted Subsidiaries taken as a whole to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) other than a Permitted Holder;

  

	 	(2)	the adoption of a plan relating to the liquidation or dissolution of the Issuer; 

  

	 	(3)	any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) becomes the Beneficial Owner, directly or indirectly, of more than 50% of the Voting Stock
of Motient or the Issuer, other than a Permitted Holder, measured by voting power rather than number of shares; or 

  

	 	(4)	the first day on which a majority of the members of the Board of Directors of the Issuer are not Continuing Directors. 

 “Collateral”: all property and assets, whether now owned or hereafter acquired, in which Liens are, from time to time, purported to be
granted to secure the Notes pursuant to the terms of the Security Agreements or any other Collateral Documents. 
 “Collateral
Agent”: U.S. Bank National Association, acting as the Collateral Agent under the Collateral Documents. 
 “Collateral
Documents”: the Security Agreements, the mortgages, deeds of trust, deeds to secure debt, security agreements, pledge agreements, agency agreements and other instruments and documents executed and delivered pursuant to this Indenture or any
of the foregoing, as the same may be amended, supplemented or otherwise modified from time to time and pursuant to which Collateral is pledged, assigned or granted to or on behalf of the Collateral 

  

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Agent for the ratable benefit of the Holders of the Notes and the Additional Secured Obligations and the Trustee or notice of such pledge, assignment or
grant is given. 
 “Commission”: the Securities and Exchange Commission or any successor agency. 
 “Consolidated EBITDA”: for any period means, without duplication, the Consolidated Net Income for such period, plus the following to the
extent deducted in calculating such Consolidated Net Income: 
  

	 	(1)	Consolidated Interest Expense; plus 

  

	 	(2)	Consolidated Income Taxes; plus 

  

	 	(3)	consolidated depreciation expense; plus 

  

	 	(4)	consolidated amortization expense or impairment charges recorded in connection with the application of Financial Accounting Standard No. 142 “Goodwill and Other
Intangibles” and Financial Accounting Standard No. 144 “Accounting for the Impairment or Disposal of Long Lived Assets”; plus  

  

	 	(5)	the amount of any restructuring charges or reserves (including, without limitation, for retention, severance, contract termination costs, and costs to consolidate facilities and
relocate employees); plus 

  

	 	(6)	other non-cash charges reducing Consolidated Net Income (excluding any such non-cash charge to the extent it represents amortization of a prepaid cash expense that was paid in a
prior period not included in the calculation); plus 

  

	 	(7)	any net gain resulting from Hedging Obligations; less 

  

	 	(8)	non-cash items increasing Consolidated Net Income of such Person for such period (excluding any items which represent the reversal of any accrual of, or reserve for, anticipated
cash charges made in any prior period); less 

  

	 	(9)	any net loss resulting from Hedging Obligations. 

 Notwithstanding the
preceding sentence, clauses (2) through (7) relating to amounts of a Restricted Subsidiary of a Person will be added to Consolidated Net Income to compute Consolidated EBITDA of such Person only to the extent (and in the same proportion)
that the net income (loss) of such Restricted Subsidiary was included in calculating the Consolidated Net Income of such Person and, to the extent the amounts set forth in clauses (2) through (7) are in excess of those necessary to offset
a net loss of such Restricted Subsidiary or if such Restricted Subsidiary has net income for such period included in Consolidated Net Income, only if a corresponding amount would be permitted at the date of determination to be dividended to the
Issuer by such Restricted Subsidiary without prior approval (that has not been obtained), pursuant to the terms of its charter and all agreements, instruments, judgments, decrees, orders, statutes, rules and governmental regulations applicable to
that Restricted Subsidiary or its stockholders. 
  

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 “Consolidated Income Taxes”: with respect to any Person for any period, taxes imposed
upon such Person or other payments required to be made by such Person by any governmental authority which taxes or other payments are calculated by reference to the income or profits (including franchise taxes) of such Person or such Person and its
Restricted Subsidiaries (to the extent such income or profits were included in computing Consolidated Net Income for such period), regardless of whether such taxes or payments are required to be remitted to any governmental authority. 
 “Consolidated Interest Expense”: for any period, the total interest expense of the Issuer and its consolidated Restricted Subsidiaries,
whether paid or accrued, plus, (a) to the extent not included in such interest expense: 
  

	 	(1)	interest expense attributable to Capital Lease Obligations and the interest component of any deferred payment obligations; 

  

	 	(2)	amortization of original issue discount, non-cash interest payments (other than imputed interest as a result of purchase accounting); 

  

	 	(3)	commissions, discounts and other fees and charges owed with respect to letters of credit and bankers’ acceptance financing; 

  

	 	(4)	the interest expense on Indebtedness of another Person that is Guaranteed by such Person or one of its Restricted Subsidiaries or secured by a Lien on assets of such Person or one
of its Restricted Subsidiaries; 

  

	 	(5)	costs associated with Hedging Obligations (excluding amortization of fees) provided, however, that if Hedging Obligations result in net benefits rather than costs, such
benefits shall be credited to reduce Consolidated Interest Expense unless, pursuant to GAAP, such net benefits are otherwise reflected in Consolidated Net Income; 

  

	 	(6)	the consolidated interest expense of such Person and its Restricted Subsidiaries that was capitalized during such period, whether paid or accrued; 

  

	 	(7)	the product of (a) all dividends paid or payable, in cash, Cash Equivalents or Indebtedness or accrued during such period on any series of Disqualified Stock of such Person or
on preferred stock of its Restricted Subsidiaries that are not Guarantors payable to a party other than the Company or a wholly-owned Subsidiary, times (b) a fraction, the numerator of which is one and the denominator of which is one minus the
then current combined federal, state, provincial and local statutory tax rate of such Person, expressed as a decimal, in each case, on a consolidated basis and in accordance with GAAP; and 

  

	 	(8)	the cash contributions to any employee stock ownership plan or similar trust to the extent such contributions are used by such plan or trust to pay interest or fees to any Person
(other than the Issuer and its Restricted Subsidiaries) in connection with Indebtedness incurred by such plan or trust; 

  

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 less (b) interest income actually received in cash for such period. 
 Notwithstanding anything to the contrary contained herein, commissions, discounts, yield and other fees and charges Incurred in connection with any
transaction pursuant to which the Issuer or its Restricted Subsidiaries may sell, convey or otherwise transfer or grant a security interest in any accounts receivable or related assets shall be included in Consolidated Interest Expense. 

“Consolidated Net Income”: with respect to any Person for any period, the aggregate of the Net Income of such Person and its
Restricted Subsidiaries for such period, on a consolidated basis, determined in accordance with GAAP; provided that: 
  

	 	(1)	the Net Income (but not loss) of any specified Person that is not a Restricted Subsidiary or that is accounted for by the equity method of accounting shall be included only to the
extent of the amount of dividends or similar distributions paid in cash to the specified Person or a Restricted Subsidiary of such Person; 

  

	 	(2)	the Net Income of any Restricted Subsidiary (other than a Guarantor) shall be excluded to the extent that the declaration or payment of dividends or similar distributions by that
Restricted Subsidiary of that Net Income is not at the date of determination permitted without any prior governmental approval (that has not been obtained) or, directly or indirectly, by operation of the terms of its charter or any agreement,
instrument, judgment, decree, order, statute, rule or governmental regulation applicable to that Restricted Subsidiary or its shareholders or members, except as permitted by Section 5.07; and 

  

	 	(3)	the cumulative effect of a change in accounting principles shall be excluded (effected either through cumulative effect adjustment or a retroactive application, in each case in
accordance with GAAP). 

 Notwithstanding the foregoing, for the purpose of Section 5.04 only (other than clause (3)(c) thereof),
there shall be excluded from Consolidated Net Income any income arising from any sale or other disposition of Restricted Investments made by the Issuer and its Restricted Subsidiaries, in each case only to the extent such amounts increase the amount
of Restricted Payments permitted under such covenant pursuant to clause (3)(c) thereof. 
 “Consolidated Total Assets”:
the total assets of the Issuer and its consolidated Restricted Subsidiaries, as shown on the most recent balance sheet of the Issuer, determined on a consolidated basis in accordance with GAAP. 
 “Continuing Directors”: as of any date of determination, any member of the Board of Directors of the Issuer who: 
  

	 	(1)	was a member of such Board of Directors on the Issue Date; or 

  

	 	(2)	was nominated for election or elected to such Board of Directors with the approval of a majority of the Continuing Directors who were members of such Board of Directors at the time
of such nomination or election or by the Permitted Holders. 

  

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 “Corporate Trust Office”: the office of the Trustee specified in Section 12.01 or
any other office specified by the Trustee from time to time pursuant to such Section. 
 “Credit Facilities”: with respect
to the Issuer or any Restricted Subsidiary, one or more debt facilities, commercial paper facilities or Debt Issuances with banks, investment banks, insurance companies, mutual funds, other institutional lenders, institutional investors or any of
the foregoing providing for revolving credit loans, term loans, receivables financing (including through the sale of receivables to such lenders, other financiers or to special purpose entities formed to borrow from (or sell such receivables to)
such lenders or other financiers against such receivables), letters of credit, bankers’ acceptances, other borrowings or Debt Issuances, in each case, as amended, restated, modified, renewed, extended, refunded, replaced or refinanced (in each
case, without limitation as to amount), in whole or in part, from time to time (including through one or more Debt Issuances) and any agreements and related documents governing Indebtedness or Obligations incurred to refinance amounts then
outstanding or permitted to be outstanding, whether or not with the original administrative agent, lenders, investment banks, insurance companies, mutual funds, other institutional lenders, institutional investors or any of the foregoing and whether
provided under the original agreement, indenture or other documentation relating thereto). 
 “Debt Issuances”: with respect
to the Issuer or any Restricted Subsidiary, one or more issuances after the Issue Date of Indebtedness evidenced by notes, debentures, bonds or other similar securities or instruments. 
 “Default”: any event that is, or with the passage of time or the giving of notice or both would be, an Event of Default. 
 “Depositary”: the depositary of each Global Note, which will initially be DTC. 
 “Designated Equity Contributions”: Net Proceeds received by the Issuer (to the extent the net proceeds thereof are contributed to the
equity capital of the Issuer (other than in the form of Disqualified Stock) or are used to purchase Capital Stock of the Issuer (other than Disqualified Stock)) from the issuance or sales of its Capital Stock (other than Disqualified Stock)
subsequent to the Issue Date and designated in an Officer’s Certificate as Designated Equity Contributions executed by the principal financial officer of the Issuer. 
 “Designated Equity Election”: the delivery to the Trustee of an Officer’s Certificate stating that the Issuer elects to include Designated Equity Contributions in Section 5.04(a)(4)(C)(ii).

 “Disqualified Stock”: any Capital Stock that, by its terms (or by the terms of any security into which it is convertible,
or for which it is exchangeable, in each case at the option of the holder of the Capital Stock), or upon the happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable at the
option of the holder of the Capital Stock, in whole or in part, prior to the date that is 91 days after the date on which the Notes mature. Notwithstanding the preceding sentence, any Capital Stock that 

  

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would constitute Disqualified Stock solely because the holders of the Capital Stock have the right to require the Issuer to repurchase such Capital Stock
upon the occurrence of a change of control or an asset sale will not constitute Disqualified Stock if the terms of such Capital Stock provide that the Issuer may not repurchase or redeem any such Capital Stock pursuant to such provisions unless such
repurchase or redemption complies with Section 5.04. 
 “Domestic Subsidiary”: any Restricted Subsidiary of the Issuer
that was formed under the laws of the United States or any state of the United States or the District of Columbia. 
 “DTC”:
The Depository Trust Company, a New York corporation, and its successors. 
 “DTC Legend”: the legend set forth in
Exhibit B. 
 “Equity Interests”: Capital Stock and all warrants, options or other rights to acquire Capital Stock (but
excluding any debt security that is convertible into, or exchangeable for, Capital Stock). 
 “Equity Offering”: any public
offering for cash on a primary basis by the Issuer (or of any direct or indirect parent of the Issuer to the extent the Net Proceeds therefrom are contributed to the equity capital of the Issuer) of Capital Stock (other than Disqualified Stock)
after the Issue Date, other than (a) any issuance pursuant to employee benefit plans or otherwise in compensation to officers, directors or employees or (b) any offering of Capital Stock issued in connection with a transaction that
constitutes a Change of Control. 
 “Event of Default”: any of the events specified in Section 6.01; provided
that any requirement for the giving of notice, the lapse of time, or both, has been satisfied. 
 “Exchange Act”: the
Securities Exchange Act of 1934, as amended. 
 “Excluded Property”: as set forth in the Security Agreements. 
 “Existing Indebtedness”: Indebtedness of the Issuer and the Restricted Subsidiaries in existence on the Issue Date, until such amounts
are repaid. 
 “FCC”: the U.S. Federal Communications Commission, or any successor thereto. 
 “FCC License”: any license, authorization, approval, or permit granted by the FCC pursuant to the Communications Act of 1934, as
amended, to the Issuer or its Subsidiaries. 
 “FCC License Subsidiary”: a wholly-owned subsidiary of the Issuer which will
be organized after the Issue Date to hold any and all of the Issuer’s FCC Licenses. 
 “Foreign Subsidiary”: any
Restricted Subsidiary of the Issuer that is not a Domestic Subsidiary. 
 “Full In-Orbit Insurance”: insurance coverage of
satellites following the period of time that is customarily covered by launch insurance that provides coverage against partial losses, constructive total losses and complete losses. 
  

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 “GAAP”: generally accepted accounting principles set forth in the opinions and
pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board of the Public Company Accounting Oversight Board or in such
other statements by such other entity as have been approved by a significant segment of the accounting profession in the United States, which are in effect from time to time. 
 “Global Note”: a Note in registered global form without interest coupons. 
 “Government Notes”: non-redeemable, direct obligations (or certificates representing an ownership interest in such obligations) of, or
obligations guaranteed by, the United States of America (including any agency or instrumentality thereof) for the payment of which guarantee or obligations the full faith and credit of the United States is pledged. 
 “Guarantee”: a guarantee other than by endorsement of negotiable instruments for collection in the ordinary course of business, direct
or indirect, in any manner including by way of a pledge of assets or through letters of credit or reimbursement agreements in respect thereof, of all or any part of any Indebtedness (whether arising by virtue of partnership arrangements, or by
agreements to keep-well, to purchase assets, goods, securities or services, to take or pay or to maintain financial statement conditions or otherwise). 
 Unless the context otherwise indicates, “Guarantee” shall mean a guarantee by a Guarantor of the Issuer’s payment Obligations pursuant to the terms of this Indenture and the Notes. 
 “Guarantor”: any Person that guarantees the Notes; provided that upon the release or discharge of such Person from its Guarantee
in accordance with the provisions of this Indenture, such Person shall cease to be a Guarantor. 
 “Hedging Obligations”:
with respect to any specified Person, the obligations of such Person incurred in the ordinary course of business and not for speculative purposes under: 
  

	 	(1)	interest rate swap agreements (whether from fixed to floating or from floating to fixed), interest rate cap agreements and interest rate collar agreements; 

 

	 	(2)	foreign exchange contracts and currency protection agreements entered into with one of more financial institutions and designed to protect the person or entity entering into the
agreement against fluctuations in currency exchanges rates with respect to Indebtedness incurred; and 

  

	 	(3)	other agreements or arrangements designed to protect such Person against fluctuations in interest rates or currency exchange rates. 

 “Holder” or “Noteholder”: the Person in whose name a Note is registered on the Registrar’s books. 
  

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 “Indebtedness”: (without duplication), with respect to any specified Person, any
indebtedness of such Person (excluding accrued expenses and trade payables), whether or not contingent: 
  

	 	(1)	in respect of borrowed money; 

  

	 	(2)	evidenced by bonds, notes, debentures or similar instruments; 

  

	 	(3)	in respect of letters of credit, banker’s acceptances or other similar instruments; 

  

	 	(4)	representing Capital Lease Obligations and Attributable Debt; 

  

	 	(5)	representing the balance deferred and unpaid of the purchase price of any property or services due more than 12 months after such property is acquired or such services are
completed; 

  

	 	(6)	all obligations of such Person with respect to the redemption, repayment or other repurchase of any Disqualified Stock or, with respect to any Subsidiary that is not a Guarantor,
any preferred stock (but excluding, in each case, any accrued dividends); or 

  

	 	(7)	representing any Hedging Obligations; 

 provided, however,
that Indebtedness shall be deemed not to include (1) Guarantees incurred in the ordinary course of business and not in respect of borrowed money; (2) obligations to make payments to one or more insurers under satellite insurance policies
in respect of premiums or the requirement to remit to such insurer(s) a portion of the future revenues generated by a satellite which has been declared a constructive total loss, in each case in accordance with the terms of the insurance policies
relating thereto; (3) any obligations to make progress or incentive payments under any satellite manufacturing contract or to make payments under satellite launch contracts in respect of launch services provided thereunder, in each case, to the
extent not overdue by more than 90 days; (4) obligations of such Person arising from agreements of such Person providing for indemnities, guarantees of performance, adjustments of purchase price, contingency payment obligations based on
the performance of acquired or disposed assets or similar obligations, in each case, incurred or assumed in connection with the acquisition or disposition of any business, assets or Subsidiary, other than guarantees of Indebtedness incurred by any
Person acquiring all or any portion of such business, assets or Subsidiary for the purpose of financing such acquisition; or (5) purchase price holdbacks in connection with purchasing in the ordinary course of business of such Person;
provided, however, that: (a) in the case of clauses (1) and (4), such obligations are not reflected on the balance sheet of such Person (contingent obligations referred to in a footnote to financial statements and not otherwise
reflected on the balance sheet will not be deemed to be reflected on such balance sheet for purposes of this definition); (b) in the case of clauses (2) and (3), such amounts are not required by GAAP to be treated as indebtedness on the
balance sheet of such Person; and (c) in the case of clause (4), the maximum assumable liability in respect of all such obligations shall at no time exceed the gross proceeds including non-cash proceeds (the fair market value of such non-cash
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measured at the time received and without giving effect to any subsequent changes in value) actually received by such Person in connection with such
disposition. 
 In addition, the term “Indebtedness” includes all Indebtedness secured by a Lien on any asset of the specified
Person (whether or not such Indebtedness is assumed by the specified Person) and, to the extent not otherwise included, the Guarantee by the specified Person of any Indebtedness of any other Person. 
 The amount of any Indebtedness outstanding as of any date will be: 
  

	 	(1)	the accreted value of the Indebtedness, in the case of any Indebtedness issued with original issue discount; 

  

	 	(2)	in the case of any Disqualified Stock of the specified Person or any Guarantor or preferred stock of a Restricted Subsidiary that is not a Guarantor, the repurchase price calculated
in accordance with the terms of such Disqualified Stock or preferred stock as if such Disqualified Stock or preferred stock were repurchased on the date on which Indebtedness is required to be determined pursuant to this Indenture; provided
that if such Disqualified Stock or preferred stock is not then permitted to be repurchased, the greater of the liquidation preference and the book value of such Disqualified Stock or preferred stock; 

  

	 	(3)	in the case of Indebtedness of others secured by a Lien on any asset of the specified Person, the lesser of (A) the fair market value of such asset on the date on which
Indebtedness is required to be determined pursuant to this Indenture and (B) the amount of the Indebtedness so secured; 

  

	 	(4)	in the case of the guarantee by the specified Person of any Indebtedness of any other Person, the maximum liability to which the specified Person may be subject upon the occurrence
of the contingency giving rise to the obligation; 

  

	 	(5)	in the case of any Hedging Obligations, the net amount payable if such Hedging Obligations were terminated at that time due to default by such Person (after giving effect to any
contractually permitted set-off); and 

  

	 	(6)	the principal amount of the Indebtedness, together with any interest on the Indebtedness that is more than 30 days past due, in the case of any other Indebtedness.

 “Indenture”: this Indenture as amended or supplemented from time to time. 
 “Industry Canada”: the Canadian Federal Department of Industry or any successor thereto. 
 “Industry Canada License”: the Approval in Principle issued by Industry Canada to TMI Communications and Company, Limited Partnership,
dated May 6, 2002, as amended, which is to be transferred to TerreStar Canada, subject to applicable Industry Canada approvals, and 

  

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which authorizes TMI Communications and Company, Limited Partnership to operate a 2GHz MSS satellite in a Canadian orbital position and to use associated
service, feeder link and telemetry, telecommand and control radio spectrum. 
 “Initial Notes”: the Notes issued on the
Issue Date and any Notes issued in replacement thereof. 
 “Intercreditor Agreement”: the Intercreditor Agreement
substantially in the form of Exhibit M hereto to be entered into among the Issuer, the Guarantors, the Collateral Agent, on behalf of itself and the Holders of the Notes, and the holders of Additional Secured Obligations (or any agent or trustee on
their behalf), as the same may be amended, supplemented or otherwise modified from time to time. 
 “Invested Capital”: at
any time of determination, the sum of, without duplication, (i) total consolidated Indebtedness of the Issuer, its Restricted Subsidiaries and, to the extent they are required to be consolidated with the Issuer under GAAP, the Canadian
Entities, in each case determined in accordance with GAAP; (ii) cash capital contributions in the aggregate amount of $307.0 million made by Motient and its Subsidiaries other than the Issuer or any Subsidiaries of the Issuer to the Issuer
prior to the Issue Date; (iii) Net Proceeds received by the Issuer since the Issue Date from the sale of Equity Interests of the Issuer (other than proceeds of Disqualified Stock) or capital contributions by Motient or any Subsidiary of Motient
other than the Issuer or any Subsidiaries of the Issuer or any other Person other than the Issuer or any Subsidiaries of the Issuer; and (iv) in respect of the Motient Funding Agreement, the greater of $95.0 million and (x) the sum of the
amount of cash contributed plus (y) the net value (determined as of the date of contribution after deducting estimated expenses of sale) of shares of SkyTerra common stock contributed to the Issuer pursuant thereto. 
 “Investments”: with respect to any Person, all direct or indirect investments by such Person in other Persons (including Affiliates) in
the forms of loans (excluding Guarantees or other obligations), advances or capital contributions (excluding commission, travel and similar advances to officers and employees made in the ordinary course of business), purchases or other acquisitions
for consideration of Indebtedness, Equity Interests or other securities, together with all items that are or would be classified as investments on a balance sheet prepared in accordance with GAAP. If the Issuer or any Restricted Subsidiary of the
Issuer sells or otherwise disposes of any Equity Interests of any direct or indirect Subsidiary of the Issuer such that, after giving effect to any such sale or disposition, such Person is no longer a Restricted Subsidiary of the Issuer, the Issuer
will be deemed to have made an Investment on the date of any such sale or disposition in an amount equal to the fair market value of the Equity Interests of such Subsidiary not sold or disposed of in an amount determined as provided in
Section 5.04(c). The acquisition by the Issuer or any Restricted Subsidiary of a Person that holds an Investment in a third Person will be deemed to be an Investment made by the Issuer or such Restricted Subsidiary in such third Person in an
amount equal to the fair market value of the Investment held by the acquired Person in such third Person on the date of any such acquisition in an amount determined as provided in Section 5.04(c). Except as otherwise provided in this Indenture,
the amount of an Investment will be determined at the time the Investment is made and without giving effect to subsequent changes in value. 
  

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 “IRU Agreement”: the Indefeasible Right of Use Agreement that the Issuer has agreed to
enter into with TerreStar Canada as such agreement may be modified from time to time in a manner not materially disadvantageous to the Holders of the Notes. 
 “Issue Date”: the date on which the Initial Notes are originally issued. 
 “Issuer”: the party named as such in this Indenture until a successor replaces it and, thereafter, means the successor. 
 “Leverage Ratio”: as of any date of determination, means the ratio of: 
  

	 	(1)	the sum of the aggregate outstanding Indebtedness of the Issuer and its Restricted Subsidiaries as of the date of calculation on a consolidated basis in accordance with GAAP to

  

	 	(2)	Consolidated EBITDA of the Issuer and its Restricted Subsidiaries for the most recent fiscal quarter ended prior to the date of such determination for which internal financial
statements are available, multiplied by four; 

 provided, however, that: 
  

	 	(a)	if the Issuer or any Restricted Subsidiary: 

  

	 	(i)	has incurred any Indebtedness since the beginning of such period that remains outstanding on such date of determination or if the transaction giving rise to the need to calculate
the Leverage Ratio is an incurrence of Indebtedness, Consolidated EBITDA and Consolidated Interest Expense will be calculated after giving effect on a pro forma basis to such Indebtedness (but excluding any Indebtedness incurred on such date
pursuant to Section 5.01(b)) as if such Indebtedness had been incurred on the first day of such period (except that in making such computation, the amount of Indebtedness under any revolving credit facility outstanding on the date of such
calculation will be deemed to be: 

  

	 	(A)	the average daily balance of such Indebtedness during the relevant fiscal quarters or such shorter period for which such facility was outstanding or 

  

	 	(B)	if such facility was created after the end of such period, the average daily balance of such Indebtedness during the period from the date of creation of such facility to the date of
such calculation) 

 and the discharge of any other Indebtedness repaid, repurchased, defeased or otherwise discharged with the
proceeds of such new Indebtedness as if such discharge had occurred on the first day of such period; or 
  

	 	(ii)	 has repaid, repurchased, defeased or otherwise discharged any Indebtedness since the beginning of the period that is no longer 

  

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outstanding on such date of determination or if the transaction giving rise to the need to calculate the Leverage Ratio involves a discharge of Indebtedness
(in each case other than Indebtedness Incurred under any revolving credit facility unless such Indebtedness has been permanently repaid and the related commitment terminated), Indebtedness, Consolidated EBITDA and Consolidated Interest Expense for
such period will be calculated after giving effect on a pro forma basis to such discharge of such Indebtedness, including with the proceeds of such new Indebtedness, as if such discharge had occurred on the first day of such period;

  

	 	(b)	if since the beginning of such period the Issuer or any Restricted Subsidiary will have made any Asset Sale or disposed of any company, division, operating unit, segment, business,
group of related assets or line of business or if the transaction giving rise to the need to calculate the Leverage Ratio is such an Asset Sale: 

  

	 	(i)	Indebtedness at the end of such period will be reduced by an amount equal to the Indebtedness discharged, defeased or retired with the Net Proceeds of such Asset Sale and the
assumption of Indebtedness by the Transferee; 

  

	 	(ii)	Consolidated EBITDA for such period will be reduced by an amount equal to Consolidated EBITDA (if positive) directly attributable to the assets which are the subject of such Asset
Sale for such period or increased by an amount equal to the Consolidated EBITDA (if negative) directly attributable thereto for such period; and 

  

	 	(iii)	Consolidated Interest Expense for such period will be reduced by an amount equal to the Consolidated Interest Expense directly attributable to any Indebtedness of the Issuer or any
Restricted Subsidiary repaid, repurchased, defeased or otherwise discharged with respect to the Issuer and its continuing Restricted Subsidiaries in connection with such Asset Sale for such period (or, if the Capital Stock of any Restricted
Subsidiary is sold, the Consolidated Interest Expense for such period directly attributable to the Indebtedness of such Restricted Subsidiary to the extent the Issuer and its continuing Restricted Subsidiaries are no longer liable for such
Indebtedness after such sale); 

  

	 	(c)	if since the beginning of such period the Issuer or any Restricted Subsidiary (by merger or otherwise) will have made an Investment in any Restricted Subsidiary (or any Person which
becomes a Restricted Subsidiary or is merged with or into the Issuer) or an acquisition of assets, including any acquisition of assets occurring in connection with a transaction causing a calculation to be made hereunder, which constitutes all or
substantially all of a company, division, operating unit, segment, business or group of related assets or line of business, Indebtedness, Consolidated EBITDA and Consolidated Interest Expense for such period will be calculated after giving pro forma
effect thereto (including the Incurrence of any Indebtedness) as if such Investment or acquisition occurred on the first day of such period; and 

  

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	 	(d)	if since the beginning of such period any Person (that subsequently became a Restricted Subsidiary or was merged with or into the Issuer or any Restricted Subsidiary since the
beginning of such period) will have incurred any Indebtedness or discharged any Indebtedness or made any Asset Sale or any Investment or acquisition of assets that would have required an adjustment pursuant to clause (a), (b) or (c) above
if made by the Issuer or a Restricted Subsidiary during such period, Indebtedness, Consolidated EBITDA and Consolidated Interest Expense for such period will be calculated after giving pro forma effect thereto as if such Incurrence of Indebtedness
or Asset Sale or Investment occurred on the first day of such period. 

 The pro forma calculations will be determined in good
faith by one of the Issuer’s responsible financial or accounting officers (including the pro forma effect of net cost savings from operating improvements or synergies reasonably expected to result from any acquisition, merger or
disposition as determined in good faith by such officer to be realizable within 12 months following such acquisition, merger or disposition). If any Indebtedness bears a floating rate of interest and is being given pro forma effect, the interest
expense on such Indebtedness will be calculated as if the rate in effect on the date of determination had been the applicable rate for the entire period (taking into account any interest rate agreement applicable to such Indebtedness if such
interest rate agreement has a remaining term in excess of 12 months). If any Indebtedness that is being given pro forma effect bears an interest rate at the Issuer’s option, the interest rate shall be calculated by applying such optional
rate chosen by the Issuer. 
 “Lien”: with respect to any asset, any mortgage, lien, hypothec, pledge, charge, security
interest or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement or any lease in the nature thereof.

 “Moody’s”: Moody’s Investors Service, Inc. or any successor to the rating agency business thereof. 

“Mortgages”: the mortgages, deeds of trust, deeds to secure Indebtedness or other similar documents securing Liens on the Premises,
as well as the other Collateral secured by and described in the mortgages, deeds of trust, deeds to secure Indebtedness or other similar documents. 
 “Motient”: Motient Corporation, a Delaware corporation. 
 “Motient Funding Agreement”: the
agreement to be entered into in connection with the offering of the Notes among Motient and Motient Ventures Holding Inc. in favor of the Issuer relating to certain funding commitments to the Issuer. 
 “Net Award”: any awards or proceeds in respect of any condemnation or other eminent domain proceeding. 
  

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 “Net Income”: with respect to any specified Person and its Restricted Subsidiaries, the
net income (loss) of such Person, determined in accordance with GAAP and before any reduction in respect of preferred stock dividends, excluding, however: 
  

	 	(1)	any gain (or loss), together with any related provision for taxes on such gain (or loss), realized in connection with (a) any Asset Sale (including dispositions pursuant to
Sale/Leaseback Transactions) or (b) the disposition of any securities by such Person or any of its Restricted Subsidiaries or the extinguishment of any Indebtedness of such Person or any of its Restricted Subsidiaries; 

 

	 	(2)	any extraordinary or non-recurring gain (or loss), together with any related provision for taxes on such extraordinary or non-recurring gain (or loss); 

  

	 	(3)	any after-tax effect of income (or loss), from the early extinguishment of Indebtedness or Hedging Obligations or other derivative instruments; 

  

	 	(4)	any impairment charge or asset write-off, in each case, pursuant to GAAP and the amortization of intangibles pursuant to GAAP; 

  

	 	(5)	any non-cash compensation expense recorded from grants of stock appreciation or similar rights, stock options, restricted stock or other rights; and 

  

	 	(6)	expenses related to the offering of the Notes. 

 “Net Insurance Proceeds”: any awards or proceeds in respect of any casualty insurance or title insurance claim. 
 “Net Proceeds”: (i) with respect to any Asset Sale or Recovery Event, the aggregate cash proceeds received by the Issuer or any of the Restricted Subsidiaries in respect of such Asset Sale (including any cash received
upon the sale or other disposition of any non-cash consideration received in any such Asset Sale) or any such Recovery Event (including any Net Insurance Proceeds in respect thereof), net of the direct costs relating to such Asset Sale or Recovery
Event, including legal, accounting and investment banking fees, and sales commissions, and any relocation expenses incurred as a result of the Asset Sale or Recovery Event, taxes paid or payable as a result of the Asset Sale or Recovery Event, in
each case, after taking into account any available tax credits or deductions and any tax sharing arrangements, amounts required to be applied to the repayment of Indebtedness, and any reserve for adjustment in respect of the sale price of such asset
or assets established in accordance with GAAP, and any deduction of appropriate amounts to be provided by the Issuer or any Restricted Subsidiary as a reserve in accordance with GAAP against any liabilities associated with the asset disposed of in
such Asset Sale and retained by the Issuer and/or any Restricted Subsidiary and (ii) with respect to any issuance or sale of Capital Stock or Indebtedness, or any capital contribution, the proceeds of such issuance, sale or capital
contribution, net of attorneys’ fees, accountants’ fees, underwriters’ or placement agents’ fees, discounts or commissions and brokerage, consultant or other fees actually incurred in connection with such issuance, sale or
capital contribution, and net of taxes paid or payable as a result thereof. 
  

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 “Non-Recourse Debt”: Indebtedness, 
  

	 	(1)	as to which neither the Issuer nor any of its Restricted Subsidiaries (a) provides credit support of any kind (including any undertaking, agreement or instrument that would
constitute Indebtedness), (b) is directly or indirectly liable as a guarantor or otherwise, or (c) is the lender; 

  

	 	(2)	no default with respect to which (including any rights that the holders of the Indebtedness may have to take enforcement action against an Unrestricted Subsidiary) would permit upon
notice, lapse of time or both any holder of any other Indebtedness of the Issuer or any of its Restricted Subsidiaries to declare a default on such other Indebtedness or to cause the payment of the Indebtedness to be accelerated or payable prior to
its Stated Maturity; and 

  

	 	(3)	as to which the lenders have been notified in writing that they will not have any recourse to the stock or assets of the Issuer or any of its Restricted Subsidiaries.

 “Noteholder”: any Holder of Notes. 
 “Notes”: any securities authenticated and delivered under this Indenture. From and after the issuance of any Additional Notes (but not
for purposes of determining whether such issuance is permitted hereunder), “Notes” shall include such Additional Notes for purposes of this Indenture. All Notes, including any such Additional Notes, shall vote together as one series of
Notes under this Indenture. 
 “Obligations”: any principal, premium, if any, interest (including interest accruing on or
after the filing of any petition in bankruptcy or for reorganization, whether or not a claim for post-filing interest is allowed in such proceeding), penalties, fees, charges, expenses, indemnifications, reimbursement obligations, damages,
guarantees, and other liabilities or amounts payable under the documentation governing any Indebtedness or in respect thereto. 
 “Offering Memorandum”: the Issuer’s offering memorandum dated February 8, 2007 related to the offering of the Notes. 
 “Officers”: any of the Chairman, President, Chief Executive Officer, Treasurer, Chief Financial Officer, Executive Vice President, Senior Vice President, Vice President, Assistant Vice President,
Secretary or Assistant Secretary. 
 “Officers’ Certificate”: a certificate signed by two Officers or by one Officer
and any Assistant Treasurer or Assistant Secretary of the Issuer and which complies with the provisions of this Indenture. 
 “Opinion of Counsel”: a signed written opinion from legal counsel. The counsel may be an employee of or counsel to the Issuer, any Guarantor or the Trustee. As to matters of fact, an Opinion of Counsel may conclusively rely
on an Officers’ Certificate, without any independent investigation. 
  

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 “Pari Passu Indebtedness”: any Indebtedness of the Issuer or any Restricted Subsidiary
that ranks pari passu in right of payment with the Notes or the Guarantees and in the case of any Indebtedness of the Issuer or a Guarantor, is equally and ratably secured by the Collateral. 
 “Permanent Regulation S Global Note”: a Regulation S Global Note that does not bear the Temporary Regulation S Global Note Legend.

 “Permitted Business”: the lines of business conducted by the Issuer and its Restricted Subsidiaries on the Issue Date and
any business incidental or reasonably related thereto or which is a reasonable extension thereof as determined in good faith by the Issuer’s Board of Directors and set forth in an Officers’ Certificate delivered to the Trustee. 

“Permitted Holder”: each of Motient, Motient Ventures Holding Inc. and MVH Holdings Inc. 
 “Permitted Investments”: 
  

	 	(1)	any Investment in the Issuer or any Restricted Subsidiary of the Issuer; 

  

	 	(2)	any Investment in cash and Cash Equivalents; 

  

	 	(3)	any Investment by the Issuer or any Restricted Subsidiary of the Issuer in a Person, if as a result of such Investment: 

  

	 	(a)	such Person becomes a Restricted Subsidiary of the Issuer; or 

  

	 	(b)	such Person is merged, consolidated or amalgamated with or into, or transfers or conveys substantially all of its assets to, or is liquidated into, the Issuer or a Restricted
Subsidiary of the Issuer; 

  

	 	(4)	any Investment made as a result of the receipt of non-cash consideration from an Asset Sale or Recovery Event that was made pursuant to and in compliance with Section 5.08 or
any non-cash consideration received in connection with a disposition of assets excluded from the definitions of “Asset Sale” and “Recovery Event”; 

  

	 	(5)	workers’ compensation, utility, lease and similar deposits and prepaid expenses in the ordinary course of business and endorsements of negotiable instruments and documents in
the ordinary course of business; 

  

	 	(6)	loans or advances to employees (other than executive officers) made in the ordinary course of business of the Issuer or such Restricted Subsidiary in an aggregate amount not to
exceed $2.5 million at any one time outstanding; 

  

	 	(7)	 any Investments received in compromise or resolution of (A) obligations of trade creditors or customers that were incurred in the ordinary course of business
of the Issuer or any of its Restricted Subsidiaries, including 

  

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pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of any trade creditor or customer, or (B) litigation,
arbitration or other disputes with Persons who are not Affiliates; 

  

	 	(8)	Hedging Obligations; 

  

	 	(9)	advances or extensions of credit on terms customary in the industry in the form of accounts or other receivables incurred, and loans and advances made in settlement of such accounts
receivable, all in the ordinary course of business; 

  

	 	(10)	Investments existing on the Issue Date; 

  

	 	(11)	advances, loans or extensions of credit to suppliers and vendors in the ordinary course of business; 

  

	 	(12)	Investments in the Canadian Entities required to be made by the Issuer under the Transfer Agreements; and 

  

	 	(13)	other Investments in any Person having an aggregate fair market value (measured on the date each such Investment was made and without giving effect to subsequent changes in value),
when taken together with all other Investments made pursuant to this clause (13) that are at the time outstanding, not to exceed $10.0 million in any calendar year and $60.0 million in the aggregate since the Issue Date.

 “Permitted Liens”: 
  

	 	(1)	Liens to secure Additional Secured Obligations permitted to be incurred under clause (1) or (16) of Section 5.01(b); provided that with the incurrence of such
Liens on assets that do not constitute Collateral, effective provision is made to secure all payments due under this Indenture and the Notes or the applicable Subsidiary Guarantee on an equal and ratable basis with the additional senior secured
Indebtedness so secured; 

  

	 	(2)	Liens in favor of the Issuer or any Guarantor; 

  

	 	(3)	Liens on property of a Person existing at the time such Person is merged with or into or consolidated with the Issuer or any Restricted Subsidiary of the Issuer or becomes a
Restricted Subsidiary of the Issuer; provided that such Liens were in existence prior to and not incurred in connection with the contemplation of such merger or consolidation and do not extend to any assets other than those of the Person
merged into or consolidated with the Issuer or the Restricted Subsidiary; 

  

	 	(4)	Liens on property (including Capital Stock) existing at the time of acquisition of the property by the Issuer or any Restricted Subsidiary; provided that such Liens were in
existence prior to such acquisition and not incurred in contemplation of such acquisition; 

  

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	 	(5)	Liens to secure the performance of statutory obligations, surety or appeal bonds, performance bonds or other obligations of a like nature incurred in the ordinary course of
business; 

  

	 	(6)	Liens existing on the Issue Date; 

  

	 	(7)	Liens securing Hedging Obligations so long as the related Indebtedness is, and is permitted to be under this Indenture, secured by a Lien on the same property securing such Hedging
Obligation; 

  

	 	(8)	Liens to secure Indebtedness (including Capital Lease Obligations) permitted by clause (4), clause (5) (with respect to Indebtedness refinancing Indebtedness initially incurred
pursuant to clause (4) or clause (18)), clause (6) or clause (18) of Section 5.01(b) covering only the assets acquired with or financed by such Indebtedness; 

  

	 	(9)	statutory Liens or landlords and carriers’, warehouseman’s, mechanics’, suppliers’, materialmen’s, repairmen’s or other like Liens arising in the
ordinary course of business; 

  

	 	(10)	Liens for taxes, assessments or governmental charges or claims that are not yet delinquent or that are being contested in good faith by appropriate proceedings promptly instituted
and diligently conducted and if a reserve or other appropriate provision, if any, as shall be required in conformity with GAAP shall have been made therefor; 

  

	 	(11)	Liens incurred or deposits made in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other types of social security, in
connection with satellite construction agreements and the related escrow agreements (including the satellite construction agreements in existence on the Issue Date and the related escrow agreements) or in connection with launch services agreements;

  

	 	(12)	survey exceptions, easements or reservations of, or rights of others for, licenses, rights-of-way, sewers, electric lines, telegraph and telephone lines and other similar purposes,
or zoning or other restrictions as to the use of real property that were not incurred in connection with Indebtedness and that do not in the aggregate materially adversely affect the value of said properties or materially impair their use in the
operation of the business of such Person; 

  

	 	(13)	Liens created for the benefit of (or to secure) the Notes or the Guarantees or any obligations owing to the Trustee or the Collateral Agent under this Indenture or the Collateral
Documents; 

  

	 	(14)	rights of banks to set off deposits against debts owed to said bank; 

  

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	 	(15)	Liens upon specific items of inventory or other goods and proceeds of the Issuer or its Subsidiaries securing the Issuer’s or any Restricted Subsidiary’s Obligations in
respect of bankers’ acceptances issued or created for the account of any such Person to facilitate the purchase, shipment or storage of such inventory or other goods; 

  

	 	(16)	Liens securing reimbursement obligations with respect to letters of credit which encumber documents and other property relating to such letters of credit and the products and
proceeds thereof; 

  

	 	(17)	Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the importation of goods;

  

	 	(18)	Liens encumbering property or assets under construction arising from progress or partial payments by a customer of the Issuer or any of its Subsidiaries relating to such property or
assets; 

  

	 	(19)	Liens to secure Indebtedness permitted by clause (14) of Section 5.01(b) which lien is not applicable to any property or assets other than the property or assets financed
thereby; 

  

	 	(20)	Liens on 2 GHz S-MSS Band Spectrum in North America leased under Capital Lease Obligations or purchased with Purchase Money Indebtedness permitted to be incurred under clause
(15) of Section 5.01(b) which lien is not applicable to any property or assets other than the property or assets financed thereby; 

  

	 	(21)	Liens to secure any Permitted Refinancing Indebtedness permitted to be incurred under this Indenture; provided, however, that: 

  

	 	(a)	the new Lien shall be limited to all or part of the same property and assets that secured or, under the written agreements pursuant to which the original Lien arose, could secure
the original Lien (plus improvements and accessions to, such property or proceeds or distributions thereof); 

  

	 	(b)	the Indebtedness secured by the new Lien is not increased to any amount greater than the sum of (x) the outstanding principal amount, or, if greater, committed amount, of the
Permitted Refinancing Indebtedness and (y) an amount necessary to pay any fees and expenses, including premiums, related to such renewal, refunding, refinancing, replacement, defeasance or discharge; 

  

	 	(22)	Liens to secure any Indebtedness permitted by clause (16) of Section 5.01(b); 

  

	 	(23)	Liens on assets of Foreign Subsidiaries to secure any Indebtedness permitted by clause (11) of Section 5.01(b); 

  

	 	(24)	Liens securing Guarantees permitted to be incurred under clause (7) of Section 5.01(b), to the extent such Guarantees relate to Indebtedness permitted to be secured by
clauses (1), (7), (8), (19), (20) or (21) of this definition; and 

  

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	 	(25)	Liens securing the Notes and Guarantees. 

 “Permitted Refinancing Indebtedness”: any Indebtedness of the Issuer or any of its Restricted Subsidiaries issued in exchange for, or the net proceeds of which are used to extend, refinance, renew, replace, defease, refund
or discharge other Indebtedness of the Issuer or any of its Subsidiaries (other than intercompany Indebtedness); provided that: 
  

	 	(1)	the principal amount (or accreted value, if applicable) of such Permitted Refinancing Indebtedness does not exceed the principal amount (or accreted value, if applicable) of the
Indebtedness extended, refinanced, renewed, replaced, defeased, refunded or discharged (plus all accrued interest on the Indebtedness and the amount of all fees and expenses and premiums incurred in connection therewith); 

 

	 	(2)	(a) if the Stated Maturity of the Indebtedness being refinanced is the same as or earlier than the Stated Maturity of the Notes, such Permitted Refinancing Indebtedness has a Stated
Maturity no earlier than the Stated Maturity of the Indebtedness being refinanced or (b) if the Stated Maturity of the Indebtedness being refinanced is later than the Stated Maturity of the Notes, such Permitted Refinancing Indebtedness has a
Stated Maturity at least 91 days later than the Stated Maturity of the Notes; 

  

	 	(3)	such Permitted Refinancing Indebtedness has a Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness being extended,
refinanced, renewed, replaced, defeased, refunded or discharged; 

  

	 	(4)	if the Indebtedness being extended, refinanced, renewed, replaced, defeased, refunded or discharged is subordinated in right of payment to the Notes or any Subsidiary Guarantee,
such Permitted Refinancing Indebtedness is subordinated in right of payment to the Notes or the Subsidiary Guarantees, as the case may be, on terms at least as favorable to the Holders of the Notes as those contained in the documentation governing
the Indebtedness being extended, refinanced, renewed, replaced, defeased, refunded or discharged; and 

  

	 	(5)	such Indebtedness is incurred either by the Issuer, a Guarantor or by a Restricted Subsidiary that is the obligor on the Indebtedness being extended, refinanced, renewed, replaced,
defeased, refunded or discharged. 

 “Person”: any individual, corporation, partnership, joint venture,
association, joint-stock company, trust, unincorporated organization, limited liability company or government or other entity. 
  

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 “Purchase Money Indebtedness”: Indebtedness, 
  

	 	(1)	consisting of the deferred purchase price of an asset, conditional sale obligations, obligations under any title retention agreement and other purchase money obligations, in each
case where the maturity of such Indebtedness does not exceed the anticipated useful life of the asset being financed; and 

  

	 	(2)	incurred to finance the acquisition, lease or construction by the Issuer or a Restricted Subsidiary of such asset, including additions and improvements; 

 provided, however, that such Indebtedness is incurred within 180 days after the acquisition, or the completion of construction or improvement by the Issuer
or such Restricted Subsidiary of such asset. 
 “Recovery Event”: any event, occurrence, claim or proceeding that results in
any Net Award or Net Insurance Proceeds of $10.0 million or more. 
 “Regulation S”: Regulation S under the Securities Act.

 “Regulation S Certificate”: a certificate substantially in the form of Exhibit E hereto. 
 “Regulation S Global Note”: a Global Note containing the Regulation S Legend and representing Notes issued and sold pursuant to
Regulation S (or Additional Notes issued in payment of interest on any such Notes). 
 “Regulation S Legend”: the legend set
forth in Exhibit C hereto. 
 “Restoration”: has the meaning ascribed to it in the applicable Collateral Document.

 “Restricted Entities”: the Restricted Subsidiaries and the Canadian Entities. 
 “Restricted Investment”: an Investment other than a Permitted Investment. 
 “Restricted Legend”: the Regulation S Legend or the Rule 144A Legend. 
 “Restricted Period”: the relevant 40-day distribution compliance period as defined in Regulation S. 
 “Restricted Subsidiary”: with respect to a Person, any Subsidiary of the referent Person that is not an Unrestricted Subsidiary. Unless
otherwise specified, “Restricted Subsidiary” refers to a Restricted Subsidiary of the Issuer. 
 “Rule 144A”:
Rule 144A under the Securities Act. 
 “Rule 144A Certificate”: (i) a certificate substantially in the form
of Exhibit F hereto or (ii) a written certification addressed to the Issuer and the Trustee to the effect that the Person making such certification (x) is acquiring such Note (or beneficial interest) for its own account or one or more
accounts with respect to which it exercises sole investment discretion and that it and 

  

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each such account is a qualified institutional buyer within the meaning of Rule 144A, (y) is aware that the transfer to it or exchange, as
applicable, is being made in reliance upon the exemption from the provisions of Section 5 of the Securities Act provided by Rule 144A, and (z) acknowledges that it has received such information regarding the Issuer as it has requested
pursuant to Rule 144A(d)(4) or has determined not to request such information. 
 “Rule 144A Global Note”: a Global
Note containing the Rule 144A Legend and representing Notes issued and sold pursuant to Rule 144A of the Securities Act (or Additional Notes issued in payment of interest on any such Notes). 
 “Rule 144A Legend”: the legend set forth in Exhibit D hereto. 
 “S&P”: Standard & Poor’s Ratings Group, Inc., or any successor to the rating agency business thereof. 
 “Sale/Leaseback Transaction”: an arrangement relating to property or assets owned by the Issuer or a Restricted Subsidiary on the Issue
Date or thereafter acquired by the Issuer or a Restricted Subsidiary whereby the Issuer or a Restricted Subsidiary transfers such property or assets to a Person (other than the Issuer or a Restricted Subsidiary of the Issuer) and the Issuer or a
Restricted Subsidiary leases such property or assets from such Person. 
 “Securities Act”: the Securities Act of 1933, as
amended. 
 “Security Agreements”: the U.S. Security Agreement and the Canadian Security Agreement. 
 “Significant Subsidiary”: any Restricted Subsidiary that would be a “significant subsidiary” as defined in Article 1,
Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act, as such Regulation is in effect on the Issue Date. 
 “SkyTerra”: SkyTerra Communications, Inc. 
 “Stated Maturity”: with respect to any installment of
interest or principal on any series of Indebtedness, the date on which the payment of interest or principal was scheduled to be paid in the documentation governing such Indebtedness as of the Issue Date, and will not include any contingent
obligations to repay, redeem or repurchase any such interest or principal prior to the date originally scheduled for the payment thereof. 
 “Subsidiary”: with respect to any specified Person, 
  

	 	(1)	 any corporation, association or other business entity of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the
occurrence of any contingency and after giving effect to any voting agreement or stockholders’ agreement that effectively transfers voting power) to vote in the election of directors, managers or trustees of the corporation, association or
other business entity is at the time owned or 

  

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controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person (or a combination thereof); and

  

	 	(2)	any partnership (a) the sole general partner or the managing general partner of which is such Person or a Subsidiary of such Person or (b) the only general partners of
which are that Person or one or more Subsidiaries of that Person (or any combination thereof). 

 Unless otherwise specified,
“Subsidiary” refers to a Subsidiary of the Issuer. 
 “Subsidiary Guarantee”: any Guarantee by a Subsidiary of the
Issuer’s payment Obligations pursuant to the terms of this Indenture and the Notes. 
 “Subsidiary Guarantor”: any
Subsidiary of the Issuer that is a Guarantor, which term does not refer to the Canadian Entities. 
 “Temporary Regulation S Global
Note”: Regulation S Global Note that bears the Temporary Regulation S Global Note Legend. 
 “Temporary Regulation S Global
Note Legend”: the legend set forth in Exhibit I. 
 “TerreStar-1”: the main satellite designed for the
Issuer’s communications system and currently under construction. 
 “TerreStar Canada”: TerreStar Networks (Canada)
Inc., a corporation incorporated under the laws of the province of Ontario. 
 “TerreStar Canada Holdings”: TerreStar
Networks Holdings (Canada) Inc., a corporation incorporated under the laws of the province of Ontario. 
 “TerreStar Shareholders
Agreement”: the Amended and Restated Shareholders Agreement dated as of May 6, 2006 between TMI, the Issuer, TerreStar Canada Holdings and TerreStar Canada, as amended from time to time in a manner not materially disadvantageous to the
Holders of the Notes. 
 “TMI”: TMI Communications and Company, Limited Partnership, a limited partnership formed under, and
governed by, the laws of the Province of Quebec, or any successor thereto. 
 “Transfer Agreements”: the Master Agreement
dated as of October 24, 2006 by and among Telesat Canada, BCE Inc., the Issuer, TerreStar Canada Holdings, TerreStar Canada, TMI Communications and Company, Limited Partnership and Motient, along with the series of agreements attached thereto
that the parties thereto have negotiated and, subject to applicable regulatory approvals, agreed to enter into, including a Shareholders Agreement of TerreStar Canada Holdings, a Rights and Services Agreement, a Tax Indemnity Agreement, a TerreStar
Canada Guarantee in favor of Loral, a TerreStar Canada Guarantee in favor of the Issuer, a security agreement, a Release and Indemnity Agreement, a Guarantee and Share Pledge Agreement in favor of the Issuer, a Satellite Delivery Agreement, an
Indefeasible Right of Use 

  

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Agreement and an Intellectual Property License Agreement, as such agreements may be modified from time to time in a manner not materially disadvantageous to
the Holders. 
 “Treasury Rate”: the yield to maturity at the time of computation of United States Treasury securities with
a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) which has become publicly available at least two Business Days prior to the date fixed for redemption (or, if such Statistical
Release is no longer published, any publicly available source for similar market data)) most nearly equal to the then remaining term of the Notes to February 15, 2014; provided, however, that if the then remaining term of the Notes to
February 15, 2014 is not equal to the constant maturity of a United States Treasury security for which a weekly average yield is given, the Treasury Rate will be obtained by linear interpolation (calculated to the nearest one-twelfth of a year)
from the weekly average yields of United States Treasury securities for which such yields are given, except that if the then remaining term of the Notes to February 15, 2014 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. 
 “Trust Officer”: when used
with respect to the Trustee or Paying Agent, any officer within the corporate trust department of the Trustee or Paying Agent, as applicable, including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust
officer or any other officer of the Trustee or Paying Agent who customarily performs functions similar to those performed by the persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because
of such person’s knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of this Indenture. 
 “Trustee”: the party named as such in this Indenture until a successor replaces it, and, thereafter, means the successor. 
 “Uniform Commercial Code”: the New York Uniform Commercial Code as in effect from time to time. 
 “United States”: the United States of America. 
 “Unrestricted Subsidiary”: any Subsidiary of the
Issuer that is designated by the Board of Directors of the Issuer as an Unrestricted Subsidiary pursuant to a resolution of the Board of Directors, but only to the extent that such Subsidiary: 
  

	 	(1)	has no Indebtedness other than Non-Recourse Debt; 

  

	 	(2)	except as permitted by Section 5.05, is not party to any agreement, contract, arrangement or understanding with the Issuer or any Restricted Subsidiary of the Issuer unless the
terms of any such agreement, contract, arrangement or understanding are no less favorable to the Issuer or such Restricted Subsidiary than those that might be obtained at the time from Persons who are not Affiliates of the Issuer;

  

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	 	(3)	is a Person with respect to which neither the Issuer nor any of its Restricted Subsidiaries has any direct or indirect obligation (a) to subscribe for additional Equity
Interests or (b) to maintain or preserve such Person’s financial condition or to cause such Person to achieve any specified levels of operating results; and 

  

	 	(4)	has not guaranteed or otherwise directly or indirectly provided credit support for any Indebtedness of the Issuer or any of its Restricted Subsidiaries. 

 “U.S. FCC Letter of Intent Authorization”: the reservation of spectrum granted to TMI Communications and Company, Limited Partnership
for a 2 GHz mobile satellite system pursuant to a letter of intent authorization reinstated by the FCC on June 29, 2004, as modified. 
 “U.S. Security Agreement”: the Security Agreement dated of even date herewith by the Issuer and any entities that become Guarantors under this Indenture and the Notes in the future in favor of the Collateral Agent,
substantially in the form attached hereto as Exhibit K. 
 “Voting Stock”: of any specified Person as of any date, the
Capital Stock of such Person that is at the time entitled to vote in the election of the Board of Directors of such Person. 
 “Weighted Average Life to Maturity”: when applied to any Indebtedness at any date, the number of years obtained by dividing: 
  

	 	(1)	the sum of the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund, serial maturity or other required payments of principal,
including payment at final maturity, in respect of the Indebtedness, by (b) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment; by 

  

	 	(2)	the then outstanding principal amount of such Indebtedness. 

 SECTION 1.02 Other Definitions. 
  

			
	 Affiliate Transaction
	  	5.05(a)
	 Change of Control Offer
	  	3.09(a)
	 Change of Control Payment
	  	5.09(a)
	 Collateral Sale Offer
	  	5.08(a)(4)(i)
	 Covenant Defeasance
	  	8.01(c)
	 Covered Transaction
	  	4.09
	 Excess Collateral Proceeds
	  	5.08(a)(4)
	 Excess Proceeds
	  	5.08(b)(4)
	 Excess Proceeds Offer
	  	5.08(b)(4)(i)
	 Guaranteed Obligations
	  	10.01(a)
	 Indemnified Party
	  	7.06
	 Interest Step-Ups
	  	Notes
	 Issuer
	  	Preamble
	 Legal Defeasance
	  	8.01(b)

  

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	 Legal Holiday
	  	12.06
	 Offer Amount
	  	3.09(a)(1)(ii)
	 Paying Agent
	  	2.03
	 protected purchaser
	  	2.06
	 Purchase Date
	  	3.09(a)(1)(ii)
	 Register
	  	2.11(a)
	 Registrar
	  	2.03
	 Released Collateral
	  	11.03(a)
	 Repurchase Offer
	  	3.09(a)
	 Restricted Payments
	  	5.04(a)(4)
	 retiring Trustee
	  	7.07
	 Secured Obligations
	  	11.01(b)
	 Successor Person
	  	5.03(a)(1)
	 TIA
	  	1.03
	 Trustee
	  	Preamble

 SECTION 1.03 Trust Indenture Act Provisions. Whenever this Indenture refers to a provision
of the Trust Indenture Act of 1939, as amended (the “TIA“), that provision is incorporated by reference in and made a part of this Indenture. This Indenture shall also include those provisions of the TIA required to be included
herein by the provisions of the Trust Indenture Reform Act of 1990. The following TIA terms used in this Indenture have the following meanings: 
 “indenture securities” means the Notes; 
 “indenture security holder” mean a Noteholder;

 “indenture to be qualified” means this Indenture; 
 “indenture trustee” or “institutional trustee” means the Trustee; and 
 “obligor” on the indenture securities means the Issuer or any other obligor on the Notes. 
 All other terms used in this Indenture that are defined in the TIA, defined by TIA reference to another stature or defined by any rule of the Commission
and not otherwise defined herein have the meanings assigned to them therein. 
 SECTION 1.04 Rules of Construction. Unless the context
otherwise requires: 
 (a) a term has the meaning assigned to it; 
 (b) an accounting term not otherwise defined has the meaning assigned to it, and all accounting determinations shall be made, in
accordance with GAAP; 
 (c) “or” is not exclusive; 
  

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 (d) “including” means (whether or not expressly stated) “including without
limitation”; 
 (e) words in the singular include the plural and words in the plural include the singular; 
 (f) unsecured Indebtedness shall not be deemed to be subordinate or junior to secured Indebtedness merely by virtue of its nature as
unsecured Indebtedness; 
 (g) all references to “principal” of the Notes include redemption price; and 

(h) all exhibits are incorporated by reference herein and expressly made a part of this Indenture. 
 ARTICLE 2 
 THE SECURITIES

 SECTION 2.01 Form, Dating and Denominations. 
 (a) The Notes and the Trustee’s certificate of authentication will be substantially in the form attached as Exhibit A. The terms
and provisions contained in the form of the Notes annexed as Exhibit A constitute, and are hereby expressly made, a part of this Indenture (except as otherwise provided herein). The Initial Notes and any Additional Notes subsequently issued
under this Indenture will have the same terms and will be treated as a single class. The Notes may have notations, legends or endorsements required by law, rules of or agreements with national securities exchanges to which the Issuer is subject, or
usage. Each Note will be dated the date of its authentication. The Notes will be issuable in denominations of $2,000 in principal amount and any multiple of $1,000 in excess thereof, except that Additional Notes issued in payment of interest may be
issued in other denominations. The Initial Notes will be issued in the form of Global Notes. 
 (b) (1) Each Global Note will
bear the DTC Legend. 
 (2) Each Regulation S Global Note will bear the Regulation S Legend and be issued as provided in
Section 2.13. 
 (3) Each Rule 144A Global Note will bear the Rule 144A Legend. 
 (4) Each Temporary Regulation S Global Note and each Additional Note issued in payment of interest on the Regulation S Global Notes or any
Temporary Regulation S Global Note will bear the Temporary Regulation S Global Note Legend. 
 (c) (1) If the Issuer
determines (upon the advice of counsel and such other certifications and evidence as the Issuer may reasonably require) that a Note is eligible for resale pursuant to Rule 144(k) under the Securities Act (or a successor provision) and that a
Restricted Legend is no longer necessary or appropriate in order to ensure that subsequent transfers of the Note (or a beneficial interest therein) are effected in compliance with the Securities Act, or 
  

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 (2) after an Initial Note or any Additional Note is sold pursuant to an effective
registration statement under the Securities Act, the Issuer may instruct the Trustee to cancel the Note and issue to the Holder thereof (or to its transferee) a new Note of like tenor and amount, registered in the name of the Holder thereof (or its
transferee), that does not bear a Restricted Legend, and the Trustee will comply with such instruction. 
 (d) By its
acceptance of any Note bearing a Restricted Legend (or any beneficial interest in such a Note), each Holder thereof and each owner of a beneficial interest therein acknowledges the restrictions on transfer of such Note (and any such beneficial
interest) set forth in this Indenture and in a Restricted Legend and agrees that it will transfer such Note (and any such beneficial interest) only in accordance with this Indenture and such legend. 
 SECTION 2.02 Execution and Authentication; Additional Notes. 
 (a) An Officer shall execute the Notes for the Issuer by facsimile or manual signature in the name and on behalf of the Issuer. If an
Officer whose signature is on a Note no longer holds that office at the time the Note is authenticated, the Note will still be valid. 
 (b) A Note will not be valid until the Trustee manually signs the certificate of authentication on the Note, with the signature conclusive evidence that the Note has been authenticated under this Indenture.

 (c) At any time and from time to time after the execution and delivery of this Indenture, the Issuer may deliver Notes
executed by the Issuer to the Trustee for authentication. The Trustee will authenticate and deliver: 
 (1) Initial Notes for
original issue in the initial aggregate principal amount not to exceed $500,000,000; and 
 (2) Additional Notes not issued in
payment of interest on the Notes from time to time for original issue in aggregate principal amounts specified by the Issuer; provided that no Additional Notes referred to in this Section 2.02(c) shall be issued without the written
consent of the Canadian Entities, 
 in each case, after receipt by the Trustee of an Officers’ Certificate specifying: 
 (i) the principal amount of each of the Notes to be authenticated and the date on which the Notes are to be authenticated; 
 (ii) the registered Holder of each of the said Notes; 
 (iii) delivery instructions for each such Note; 
 (iv) whether the Notes are to be Initial Notes or Additional Notes; 
  

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 (v) in the case of Additional Notes not issued in payment of interest on the Notes, that
the issuance of such Notes does not contravene any provision of Section 5.01; 
 (vi) whether the Notes are to be issued
as one or more Global Notes or Certificated Notes; and 
 (vii) other information the Issuer may determine to include or the
Trustee may reasonably request. 
 (d) The Issuer shall deliver to the Trustee and the Paying Agent, no later than two
Business Days prior to each interest payment date occurring on or prior to February 15, 2011 (i) with respect to Notes that are in certificated form, the required amount of new Certificated Additional Notes and an order to authenticate and
deliver such Additional Notes or (ii) with respect to Notes that are in the form of Global Notes, an order to increase the principal amount of such Global Notes by the relevant amount on such interest payment date (or, if necessary, to
authenticate new Global Notes executed by the Issuer with such increased principal amounts). On each interest payment date on which the Issuer pays interest in the form of Additional Notes, the Trustee will, at the Issuer’s request,
authenticate and deliver Additional Notes for original issuance to the Holders of the Notes on the relevant record date, as shown in the records of the registrar, in the aggregate principal amount required to pay such interest. Any Additional Note
so issued will be dated the applicable interest payment date, will bear interest from and after such date, will mature on February 15, 2014 and will be governed by, and subject to the terms, provisions and conditions of, this Indenture, except
as otherwise provided herein, and will have the same rights and benefits as the Initial Notes and will bear the same Restricted Legend as the Note with respect to which the Additional Note is being issued, provided that any Additional Note
representing interest on any Note bearing the Regulation S Legend shall bear the Temporary Regulation S Legend. 
 SECTION 2.03 Registrar
and Paying Agent. The Issuer shall maintain an office or agency where Notes may be presented for registration of transfer or for exchange (the “Registrar”) and an office or agency where Notes may be presented for payment (the
“Paying Agent”) and where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served. The Registrar shall keep a register of the Notes and of their transfer and exchange. The Issuer may have
one or more co-registrars and one or more additional paying agents. The term “Paying Agent” includes any additional paying agent. 
 The Issuer shall give prompt written notice to the Trustee of the location, and any change in the location, of any such office or agency. If at any time the Issuer shall fail to maintain any such required office or agency or shall fail to
furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the address of the Trustee set forth in Section 12.01. 
 The Issuer may also from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for any or all such
purposes and may from time to time rescind such designations. The Issuer shall give prompt notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 
  

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 The Issuer initially designates the Corporate Trust Office as such office of the Issuer in accordance
with this Section 2.03. 
 The Issuer shall enter into an appropriate agency agreement with any Registrar, Paying Agent or co-registrar
not a party to this Indenture. The agreement shall implement the provisions of this Indenture that relate to such agent. The Issuer shall notify the Trustee of the name and address of any such agent. If the Issuer fails to maintain a Registrar or
Paying Agent, the Trustee shall act as such and shall be entitled to appropriate compensation therefor pursuant to Section 7.06. The Issuer may change the Registrar or Paying Agent without prior notice to the Noteholders. The Issuer or any of
its Subsidiaries may act as Paying Agent, Registrar, co-registrar or transfer agent. 
 The Issuer initially appoints the Trustee as
Registrar and Paying Agent in connection with the Notes. 
 Upon issuance of any Global Notes, the Issuer shall appoint The Depository Trust
Company (“DTC”) to act as Depositary with respect to the Global Notes, and the Trustee shall initially be the securities custodian with respect to any Global Notes. 
 The Issuer may remove any Registrar or Paying Agent upon written notice to such Registrar or Paying Agent and to the Trustee, provided that no
such removal shall become effective until (1) acceptance of an appointment by a successor as evidenced by an appropriate agreement entered into by the Issuer and such successor Registrar or Paying Agent, as the case may be, and delivered to the
Trustee or (2) notification to the Trustee that the Trustee shall serve as Registrar or Paying Agent until the appointment of a successor in accordance with clause (1) above. The Registrar or Paying Agent may resign at any time upon not
less than 10 Business Days’ prior written notice to the Issuer; provided, however, that the Trustee may resign as Paying Agent or Registrar only if the Trustee also resigns as Trustee in accordance with Section 7.07.

 SECTION 2.04 Paying Agent to Hold Money in Trust. By 10:00 a.m. on each due date of the principal and cash interest on any Note,
the Issuer shall deposit with the Paying Agent (or if the Issuer or any of its Subsidiaries is acting as Paying Agent, segregate and hold in trust for the benefit of the Persons entitled thereto) a sum sufficient to pay such principal and interest
when so becoming due. The Issuer shall require each Paying Agent (other than the Trustee) to agree in writing that the Paying Agent shall hold in trust for the benefit of Noteholders or the Trustee all money held by the Paying Agent for the payment
of principal of or interest on the Notes and shall notify the Trustee in writing of any default by the Issuer in making any such payment within one Business Day thereof. If the Issuer or any of its Subsidiaries acts as Paying Agent, it shall
segregate the money held by it as Paying Agent and hold it as a separate trust fund. The Issuer at any time may require a Paying Agent to pay all money held by it to the Trustee and to account for any funds disbursed by the Paying Agent. Upon
complying with this Section, the Paying Agent shall have no further liability for the money delivered to the Trustee. 
  

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 Any money deposited with any Paying Agent, or then held by the Issuer or a permitted Subsidiary in trust
for the payment of principal or interest on any Note and remaining unclaimed for two years after such principal and interest has become due and payable shall be paid to the Issuer at its request, or, if then held by the Issuer or a permitted
Subsidiary, shall be discharged from such trust; and the Noteholders shall thereafter, as general unsecured creditors, look only to the Issuer for payment thereof, and all liability of the Paying Agent with respect to such money, and all liability
of the Issuer or such permitted Subsidiary as trustee thereof, shall thereupon cease. 
 SECTION 2.05 Noteholder Lists. The 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 Noteholders. If the Trustee is not the Registrar, the Issuer shall furnish, or cause the Registrar to furnish, to the
Trustee, in writing at least five Business Days before each interest payment date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses
of Noteholders. 
 SECTION 2.06 Replacement Notes. If a mutilated Note is surrendered to the Registrar or if the Holder of a Note
claims that the Note has been lost, destroyed or wrongfully taken, the Issuer shall issue and the Trustee shall authenticate a replacement Note if the requirements of Section 8-405 of the Uniform Commercial Code are met, such that the Holder
(i) notifies the Issuer or the Trustee within a reasonable time after he has notice of such loss, destruction or wrongful taking and the Registrar does not register a transfer prior to receiving such notification, (ii) makes such request
to the Issuer or the Trustee prior to the Note being acquired by a protected purchaser as defined in Section 8-303 of the Uniform Commercial Code (a “protected purchaser”) and (iii) satisfies any other reasonable
requirements of the Trustee and the Issuer including evidence of the destruction, loss or theft of the Note. Such Holder shall furnish an indemnity bond sufficient in the judgment of the Trustee to protect the Issuer, the Trustee, the Paying Agent,
the Registrar and any co-registrar from any cost, expense or loss that any of them may suffer if a Note is replaced and subsequently presented or claimed for payment. The Issuer and the Trustee may charge the Holder for their expenses in replacing a
Note including the payment of a sum sufficient to cover any tax or other governmental charge that may be required. In the event any such mutilated, lost, destroyed or wrongfully taken Note has become or is about to become due and payable, the Issuer
in its discretion may pay such Note instead of issuing a new Note in replacement thereof. 
 Every replacement Note is an additional
obligation of the Issuer. 
 The provisions of this Section 2.06 are exclusive and shall preclude (to the extent lawful) all other
rights and remedies with respect to the replacement or payment of mutilated, lost, destroyed or wrongfully taken Notes. 
 SECTION 2.07
Outstanding Notes. Notes outstanding at any time are all Notes authenticated by the Trustee under this Indenture (including Additional Notes) except for those canceled by it, those delivered to it for cancellation and those described in this
Section as not outstanding. Subject to Section 12.04, a Note does not cease to be outstanding because the Issuer or an Affiliate of the Issuer holds the Note. 
  

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 If a Note is replaced pursuant to Section 2.06, it ceases to be outstanding unless the Trustee and
the Issuer receive proof satisfactory to them that the replaced Note is held by a protected purchaser. 
 If the Paying Agent segregates and
holds in trust, in accordance with this Indenture, on a redemption date, repurchase date or maturity date money sufficient to pay all principal and interest payable on that date with respect to the Notes (or portions thereof) to be redeemed or
repurchased or maturing, as the case may be, and the Paying Agent is not prohibited from paying such money to the Noteholders on that date pursuant to the terms of this Indenture, then on and after that date such Notes (or portions thereof) cease to
be outstanding and interest on them ceases to accrue. 
 SECTION 2.08 Temporary Notes. Until definitive Notes are ready for delivery,
the Issuer may prepare and the Trustee shall authenticate and deliver temporary Notes. Temporary Notes shall be substantially in the form of definitive Notes but may have variations that the Issuer considers appropriate for temporary Notes. Without
unreasonable delay, the Issuer shall prepare and the Trustee shall authenticate definitive Certificated Notes or Global Notes, as the case may be, and deliver them in exchange for temporary Notes upon surrender of such temporary Notes at the office
or agency of the Issuer, without charge to the Holder. 
 SECTION 2.09 Cancellation. The Issuer at any time may deliver Notes to the
Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee any Notes surrendered to them for transfer, exchange, redemption, purchase or payment. The Trustee and no one else shall cancel, in accordance with the
Trustee’s customary procedures, all Notes surrendered for registration of transfer, exchange, redemption, purchase, payment or cancellation and deliver canceled Notes to the Issuer, or if the Issuer so agrees, may destroy canceled Notes, in
accordance with the Trustee’s customary procedures. The Issuer shall not issue new Notes to replace Notes that have been redeemed, paid or delivered to the Trustee for cancellation. The Trustee shall not authenticate Notes in place of canceled
Notes other than pursuant to the terms of this Indenture. 
 SECTION 2.10 CUSIP Numbers. The Issuer in issuing the Notes may use one
or more “CUSIP” numbers (if then generally in use) and, if so, the Trustee shall use “CUSIP” numbers in notices of redemption or purchase as a convenience to Holders; provided, however, that any such notice may state that
no representation is made as to the correctness of such numbers either as printed on the Notes or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Notes, and any such
redemption shall not be affected by any defect in or omission of such numbers. The Issuer shall promptly notify the Trustee of any change in “CUSIP” numbers. 
 SECTION 2.11 Registration, Transfer and Exchange. 
 (a) The Notes will be issued in
registered form only, without interest coupons, and the Issuer shall cause the Trustee to maintain a register (the “Register”) of the Notes, for registering the record ownership of the Notes by the Holders and transfers and
exchanges of the Notes. 
  

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 (b) (1) Each Global Note will be registered in the name of the Depositary or its nominee
and, so long as DTC is serving as the Depositary thereof, will bear the DTC Legend. 
 (2) Each Global Note will be delivered
to the Trustee as custodian for the Depositary. Transfers of a Global Note (but not a beneficial interest therein) will be limited to transfers thereof in whole, but not in part, to the Depositary, its successors or their respective nominees, except
(i) as set forth in Section 2.11(b)(4) and (ii) transfers of portions thereof in the form of Certificated Notes may be made upon request of an Agent Member (for itself or on behalf of a beneficial owner) by written notice given to the
Trustee by or on behalf of the Depositary in accordance with customary procedures of the Depositary and in compliance with this Section and Section 2.12. 
 (3) Agent Members will have no rights under this Indenture with respect to any Global Note held on their behalf by the Depositary, and the
Depositary may be treated by the Issuer, the Trustee and any agent of the Issuer or the Trustee as the absolute owner and Holder of such Global Note for all purposes whatsoever. Notwithstanding the foregoing, the Depositary or its nominee may grant
proxies and otherwise authorize any Person (including any Agent Member and any Person that holds a beneficial interest in a Global Note through an Agent Member) to take any action which a Holder is entitled to take under this Indenture or the Notes,
and nothing herein will impair, as between the Depositary and its Agent Members, the operation of customary practices governing the exercise of the rights of a Holder of any security. 
 (4) If (x) the Depositary notifies the Issuer that it is unwilling or unable to continue as Depositary for a Global Note and a
successor depositary is not appointed by the Issuer within 90 days of the notice or (y) an Event of Default has occurred and is continuing and the Trustee has received a request from the Depositary, the Trustee will promptly exchange each
beneficial interest in the Global Note for one or more Certificated Notes in authorized denominations having an equal aggregate principal amount registered in the name of the owner of such beneficial interest, as identified to the Trustee by the
Depositary, and thereupon the Global Note will be deemed canceled. If such Note does not bear a Restricted Legend, then the Certificated Notes issued in exchange therefor will not bear a Restricted Legend. If such Note bears a Restricted Legend,
then the Certificated Notes issued in exchange therefor will bear a Restricted Legend. 
 (c) Each Certificated Note will be
registered in the name of the Holder thereof or its nominee. 
 (d) A Holder may transfer a Note (or a beneficial interest
therein) to another Person or exchange a Note (or a beneficial interest therein) for another Note or Notes of any authorized denomination by presenting to the Trustee a written request therefor stating the name of the proposed transferee or
requesting such an exchange, accompanied by any certification, opinion or other document required by Section 2.12. The Trustee will promptly register any transfer or exchange that meets the requirements of this Section by noting the same in the
register maintained by the Trustee for such purpose; provided that 
 (1) no transfer or exchange will be effective
until it is registered in such register; and 
  

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 (2) the Trustee will not be required (i) to issue, register the transfer of or
exchange any Note for a period of 15 days before a selection of Notes to be redeemed or purchased pursuant to a Repurchase Offer, (ii) to register the transfer of or exchange any Note so selected for redemption or purchase in whole or in part,
except, in the case of a partial redemption or purchase, that portion of any Note not being redeemed or purchased, or (iii) if a redemption or a purchase pursuant to a Repurchase Offer is to occur after a regular record date but on or before
the corresponding interest payment date, to register the transfer of or exchange any Note on or after the regular record date and before the date of redemption or purchase. Prior to the registration of any transfer, the Issuer, the Trustee and their
agents will treat the Person in whose name the Note is registered as the owner and Holder thereof for all purposes (whether or not the Note is overdue), and will not be affected by notice to the contrary. 
 From time to time the Issuer will execute and the Trustee will authenticate additional Notes as necessary in order to permit the registration of a
transfer or exchange in accordance with this Section. 
 No service charge will be imposed in connection with any transfer or exchange of any
Note, but the Issuer and the Trustee/Registrar may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than a transfer tax or other similar governmental charge payable
upon exchange pursuant to subsection (b)(4)). 
 (e) (1) Global Note to Global Note. If a beneficial interest in a
Global Note is transferred or exchanged for a beneficial interest in another Global Note, the Trustee will (x) record a decrease in the principal amount of the Global Note being transferred or exchanged equal to the principal amount of such
transfer or exchange and (y) record a like increase in the principal amount of the other Global Note. Any beneficial interest in one Global Note that is transferred to a Person who takes delivery in the form of an interest in another Global
Note, or exchanged for an interest in another Global Note, will, upon transfer or exchange, cease to be an interest in such Global Note and become an interest in the other Global Note and, accordingly, will thereafter be subject to all transfer and
exchange restrictions, if any, and other procedures applicable to beneficial interests in such other Global Note for as long as it remains such an interest. 
 (2) Global Note to Certificated Note. If a beneficial interest in a Global Note is transferred or exchanged for a Certificated
Note, the Trustee will (x) record a decrease in the principal amount of such Global Note equal to the principal amount of such transfer or exchange and (y) deliver one or more new Certificated Notes in authorized denominations having an
equal aggregate principal amount to the transferee (in the case of a transfer) or the owner of such beneficial interest (in the case of an exchange), registered in the name of such transferee or owner, as applicable. 
  

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 (3) Certificated Note to Global Note. If a Certificated Note is transferred or
exchanged for a beneficial interest in a Global Note, the Trustee will (x) cancel such Certificated Note, (y) record an increase in the principal amount of such Global Note equal to the principal amount of such transfer or exchange and
(z) in the event that such transfer or exchange involves less than the entire principal amount of the canceled Certificated Note, deliver to the Holder thereof one or more new Certificated Notes in authorized denominations having an aggregate
principal amount equal to the untransferred or unexchanged portion of the canceled Certificated Note, registered in the name of the Holder thereof. 
 (4) Certificated Note to Certificated Note. If a Certificated Note is transferred or exchanged for another Certificated Note, the Trustee will (x) cancel the Certificated Note being transferred or
exchanged, (y) deliver one or more new Certificated Notes in authorized denominations having an aggregate principal amount equal to the principal amount of such transfer or exchange to the transferee (in the case of a transfer) or the Holder of
the canceled Certificated Note (in the case of an exchange), registered in the name of such transferee or Holder, as applicable, and (z) if such transfer or exchange involves less than the entire principal amount of the canceled Certificated
Note, deliver to the Holder thereof one or more Certificated Notes in authorized denominations having an aggregate principal amount equal to the untransferred or unexchanged portion of the canceled Certificated Note, registered in the name of the
Holder thereof. 
 SECTION 2.12 Restrictions on Transfer and Exchange. 
 (a) The transfer or exchange of any Note (or a beneficial interest therein) may only be made in accordance with this Section and
Section 2.11 and, in the case of a Global Note (or a beneficial interest therein), the applicable rules and procedures of the Depositary. The Trustee shall refuse to register any requested transfer or exchange that does not comply with the
preceding sentence. 
 (b) Subject to paragraph (c), the transfer or exchange of any Note (or a beneficial interest therein)
of the type set forth in column A below for a Note (or a beneficial interest therein) of the type set forth opposite in column B below may only be made in compliance with the certification requirements (if any) described in the clause of this
paragraph set forth opposite in column C below. 
  

					
	 A
	  	 B
	  	C
	 Rule 144A Global Note
	  	 Rule 144A Global Note
	  	(1)
	 Rule 144A Global Note
	  	 Regulation S Global Note
	  	(2)
	 Rule 144A Global Note
	  	 Certificated Note
	  	(3)
	 Regulation S Global Note
	  	 Rule 144A Global Note
	  	(4)
	 Regulation S Global Note
	  	 Regulation S Global Note
	  	(1)
	 Regulation S Global Note
	  	 Certificated Note
	  	(5)
	 Certificated Note
	  	 Rule 144A Global Note
	  	(4)
	 Certificated Note
	  	 Regulation S Global Note
	  	(2)
	 Certificated Note
	  	 Certificated Note
	  	(3)

  

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 (1) No certification is required. 
 (2) The Person requesting the transfer or exchange must deliver or cause to be delivered to the Trustee a duly completed Regulation S
Certificate; provided that if the requested transfer or exchange is made by the Holder of a Certificated Note that does not bear a Restricted Legend, then no certification is required. 
 (3) The Person requesting the transfer or exchange must deliver or cause to be delivered to the Trustee (x) a duly completed
Rule 144A Certificate, (y) a duly completed Regulation S Certificate or (z) a duly completed Institutional Accredited Investor Certificate, and/or an Opinion of Counsel and such other certifications and evidence as the Issuer may
reasonably require in order to determine that the proposed transfer or exchange is being made in compliance with the Securities Act and any applicable securities laws of any state of the United States; provided that if the requested transfer
or exchange is made by the Holder of a Certificated Note that does not bear a Restricted Legend, then no certification is required. In the event that (i) the requested transfer or exchange takes place after the Restricted Period and a duly
completed Regulation S Certificate is delivered to the Trustee or (ii) a Certificated Note that does not bear a Restricted Legend is surrendered for transfer or exchange, upon transfer or exchange the Trustee will deliver a Certificated Note
that does not bear a Restricted Legend. 
 (4) The Person requesting the transfer or exchange must deliver or cause to be
delivered to the Trustee a duly completed Rule 144A Certificate. 
 (5) Notwithstanding anything to the contrary
contained herein, no such exchange is permitted if the requested exchange involves a beneficial interest in a Temporary Regulation S Global Note. If the requested transfer or exchange involves a beneficial interest in a Permanent Regulation S Global
Note, no certification is required and the Trustee will deliver a Certificated Note that does not bear a Restricted Legend. 
 (c) No certification is required in connection with any transfer or exchange of any Note (or a beneficial interest therein) 
 (1) after such Note is eligible for resale pursuant to Rule 144(k) under the Securities Act (or a successor provision); provided that the Issuer has provided the Trustee with an Officers’ Certificate to that effect, and the
Issuer may require from any Person requesting a transfer or exchange in reliance upon this clause (1) an opinion of counsel and any other reasonable certifications and evidence in order to support such certificate; or 
 (2) sold pursuant to an effective registration statement. 
 Any Certificated Note delivered in reliance upon this paragraph will not bear a Restricted Legend. 
 (d) The Trustee will retain copies of all certificates, opinions and other documents received in connection with the transfer or exchange of a Note (or a beneficial interest therein), and the Issuer will have the right to inspect and make
copies thereof at any reasonable time upon written notice to the Trustee. 
  

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 SECTION 2.13 Temporary Regulation S Global Notes. 
 (a) Each Note originally sold in reliance upon Regulation S will be evidenced by one or more Regulation S Global Notes that bear the
Temporary Regulation S Global Note Legend. 
 (b) An owner of a beneficial interest in a Temporary Regulation S Global Note
(or a Person acting on behalf of such an owner) may provide to the Trustee (and the Trustee will accept) a duly completed Certificate of Beneficial Ownership at any time after the Restricted Period (it being understood that the Trustee will not
accept any such certificate during the Restricted Period). Promptly after acceptance of a Certificate of Beneficial Ownership with respect to such a beneficial interest, the Trustee will cause such beneficial interest to be exchanged for an
equivalent beneficial interest in a Permanent Regulation S Global Note, and will (x) permanently reduce the principal amount of such Temporary Regulation S Global Note by the amount of such beneficial interest and (y) increase the
principal amount of such Permanent Regulation S Global Note by the amount of such beneficial interest. 
 (c) Notwithstanding
paragraph (b), if after the Restricted Period any Initial Purchaser owns a beneficial interest in a Temporary Regulation S Global Note, such Initial Purchaser may, upon written request to the Trustee accompanied by a certification as to its status
as an Initial Purchaser, exchange such beneficial interest for an equivalent beneficial interest in a Permanent Regulation S Global Note, and the Trustee will comply with such request and will (x) permanently reduce the principal amount of such
Temporary Regulation S Global Note by the amount of such beneficial interest and (y) increase the principal amount of such Permanent Regulation S Global Note by the amount of such beneficial interest. 
 (d) Notwithstanding anything to the contrary contained herein, any owner of a beneficial interest in a Temporary Regulation S Global Note
shall not be entitled to receive payment of principal or interest on such beneficial interest or other amounts in respect of such beneficial interest until such beneficial interest is exchanged for an interest in a Permanent Regulation S Global Note
or transferred for an interest in another Global Note or a Certificated Note. 
 SECTION 2.14 Defaulted Interest. If the Issuer
defaults in a payment of interest on the Notes, the Issuer shall pay the defaulted interest (plus interest on such defaulted interest to the extent lawful) in any lawful manner (including, if accrued prior to February 15, 2011, in the form of
Additional Notes). The Issuer may pay the defaulted interest to the persons who are Noteholders on a subsequent special record date. The Issuer shall fix or cause to be fixed any such special record date and payment date to the reasonable
satisfaction of the Trustee and shall promptly mail or cause to be mailed to each Noteholder a notice that states the special record date, the payment date and the amount of defaulted interest to be paid. 
 The Issuer may make payment of any defaulted interest in any other lawful manner not inconsistent with the requirements (if applicable) of any securities
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may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Issuer to the Trustee of the proposed payment pursuant
to this paragraph, such manner of payment shall be deemed practicable by the Trustee. 
 SECTION 2.15 Payment of Interest. Interest
accruing on the Notes and payable on or before February 15, 2011 shall be paid in the form of Additional Notes as provided in Section 2.02(d). Notwithstanding anything else in this Indenture or the Notes to the contrary, all interest shall
accrue and be payable in cash and not in Additional Notes commencing on the earliest of (i) February 16, 2011, (ii) acceleration of the Notes pursuant to Section 6.02 (unless such acceleration shall be rescinded in accordance
with Section 6.04, in which case this clause (ii) shall not apply ab initio and such interest shall be payable in Additional Notes, subject to clauses (i) and (iii) of this paragraph) and (iii) the occurrence of an
Event of Default under Section 6.01(9) (with respect to the Issuer or any of its Restricted Subsidiaries). In addition, interest payable on any Notes in connection with a redemption or repurchase under this Indenture shall be paid in cash.

 ARTICLE 3 
 REDEMPTION 
 SECTION 3.01 Notices to Trustee. If the Issuer elects to redeem Notes pursuant to
Section 3.07, it shall notify the Trustee in writing of the redemption date and the principal amount of Notes to be redeemed. 
 The
Issuer shall give the notice to the Trustee provided for in this Section not less than 30 nor more than 60 days before the redemption date unless the Trustee consents to a shorter period. Such notice shall be accompanied by an Officers’
Certificate and an Opinion of Counsel from the Issuer to the effect that such redemption shall comply with the conditions herein. If fewer than all the Notes are to be redeemed, the record date relating to such redemption shall be selected by the
Issuer and given to the Trustee, which record date shall be not fewer than 30 days after the date of notice to the Trustee, unless the Trustee otherwise agrees. Any such notice may be canceled at any time prior to notice of such redemption being
mailed to any Holder and shall thereby be void and of no effect. 
 SECTION 3.02 Selection. If less than all of the Notes are to be
redeemed at any time, the Trustee will select Notes for redemption as follows: 
 (a) if the Notes are listed on any national
securities exchange, in compliance with the requirements of the principal national securities exchange on which the Notes are listed; or 
 (b) if the Notes are not listed on any national securities exchange, on a pro rata basis, by lot or by such method as the Trustee shall deem fair and appropriate; 
 provided that no Notes of $2,000 or less shall be redeemed in part, except that (a) Additional Notes issued in payment of interest may be redeemed in other
denominations and (b) if all of the Notes of a Holder are to be redeemed, the entire outstanding amount of Notes held by such Holder, even if not a multiple of $1,000, shall be redeemed. If any Note is to be redeemed in part only, the notice of
redemption that relates to such Note shall state the portion of the principal 

  

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amount thereof to be redeemed. On and after the redemption date, unless the Issuer defaults in payment of the redemption price or the Paying Agent is
prohibited from making such payment pursuant to the terms of this Indenture, interest will cease to accrue on the Notes or portions of the Notes called for redemption. 
 SECTION 3.03 Notice. Notices of redemption shall be mailed by first class mail at least 30 but not more than 60 days before the redemption date to each Holder of Notes to be redeemed at its registered address,
except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge of this Indenture. Notices of redemption may not be
conditional. 
 The notice shall identify the Notes to be redeemed and shall state: 
 (a) the redemption date and any conditions to the occurrence thereof; 
 (b) the redemption price; 
 (c) the name and address of the Paying Agent; 
 (d) that Notes called for redemption must be
presented and surrendered to the Paying Agent to collect the redemption price; 
 (e) if any Note is being redeemed in part,
the portion of the principal amount of such Note to be redeemed and that, after the redemption date, upon presentation and surrender of such Note, a new Note or Notes in aggregate principal amount equal to the unredeemed portion thereof will be
issued in the name of the Holder thereof upon cancellation of the original Note; 
 (f) that, unless the Issuer defaults in
making such redemption payment or the Paying Agent is prohibited from making such payment pursuant to the terms of this Indenture, interest will cease to accrue on the Notes (or portion thereof) called for redemption on and after the redemption
date; 
 (g) that the Notes called for redemption are being redeemed pursuant to Section 3.07; 
 (h) the CUSIP number, if any, printed on the Notes being redeemed; and 
 (i) that no representation is made as to the correctness or accuracy of the CUSIP number, if any, listed in such notice or printed on the
Notes. 
 At the Issuer’s request (which may be revoked at any time in writing prior to the time at which the Trustee shall have given
such notice to the Holders) made at least 30 days prior to the redemption date, the Trustee shall give the notice of redemption in the Issuer’s name and at the Issuer’s expense. In such event, the Issuer shall provide the Trustee with the
information required by this Section and shall prepare the text of the notice of redemption. 
  

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 SECTION 3.04 Effect of Notice of Redemption. Once notice of redemption is mailed, Notes called for
redemption become due and payable on the date fixed for redemption and at the redemption price stated in the notice. Upon surrender to the Paying Agent, such Notes shall be paid at the redemption price stated in the notice, plus accrued interest to
the redemption date; provided that if the redemption date is after a regular record date and on or prior to the interest payment date, the accrued and unpaid interest shall be payable to the Noteholder of the redeemed Notes registered at the
close of business on the relevant record date. On and after the redemption date, interest will cease to accrue on Notes or portions of Notes called for redemption. If mailed in the manner herein, the notice shall be conclusively presumed to have
been given whether or not the Holder receives such notice. Failure to give notice or any defect in the notice to any Holder shall not affect the validity of the notice to any other Holder. 
 SECTION 3.05 Deposit of Redemption Price. By 12:00 noon on the redemption date, the Issuer shall deposit with the Paying Agent (or, if the Issuer
or a wholly-owned Subsidiary is the Paying Agent, shall segregate and hold in trust) money sufficient to pay the redemption price of and accrued interest on all Notes to be redeemed on the redemption date other than Notes or portions of Notes called
for redemption that have been delivered by the Issuer to the Trustee for cancellation. If the redemption date is on or after an interest record date and on or before the related interest payment date, the accrued and unpaid interest will be paid to
the Person in whose name a Note is registered at the close of business on such record date. 
 SECTION 3.06 Notes Redeemed in Part.
Upon surrender of a Note that is redeemed in part, the Issuer shall execute and the Trustee shall authenticate for the Holder (at the Issuer’s expense) a new Note equal in principal amount to the unredeemed portion of the Note surrendered.

 SECTION 3.07 Optional Redemption. 
 (a) At any time prior to February 15, 2010, the Issuer may on any one or more occasions redeem up to 35% of the aggregate principal amount of the Notes issued under this Indenture (including Additional Notes) at
a redemption price of 115% of the principal amount thereof on the redemption date, with the net cash proceeds of one or more Equity Offerings; provided that: 
 (1) at least 65% of the aggregate principal amount of Notes issued under this Indenture (excluding Notes held by the Issuer and its
Subsidiaries but including Additional Notes) remains outstanding immediately after the occurrence of such redemption; and 
 (2) the redemption occurs within 180 days of the date of the closing of such Equity Offering. 
 (b) At any time, the
Issuer may redeem all or part of the Notes at a redemption price equal to the sum of (i) 100% of the principal amount on the redemption date of the Notes redeemed plus (ii) the Applicable Premium as of the date of redemption.

 (c) Except pursuant to clauses (a) and (b) of this Section 3.07, the Notes will not be redeemable at the
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 (d) Unless the Issuer 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. If the redemption date is on or after an interest payment record date and on or before the related interest payment date, the accrued and
unpaid interest will be paid to the Holder of record at the close of business on such record date. 
 SECTION 3.08 No Sinking Fund.
There shall be no sinking fund for the payment of principal on the Notes to the Noteholders. 
 SECTION 3.09 Repurchase Offers.

 (a) If the Issuer shall be required to commence an offer to all Holders to purchase Notes (a “Repurchase
Offer”) pursuant to Section 5.09 (a “Change of Control Offer”), Section 5.08(a)(4) (a Collateral Sale Offer) or Section 5.08(b)(4) (an Excess Proceeds Offer), the Issuer shall follow the procedures specified
in this Section 3.09: 
 (1) (A) Within 10 days after a Change of Control (unless (1) the Issuer is not required to
make such offer pursuant to Section 5.09(b) or (2) all Notes have been called for redemption pursuant to Section 3.07(b)), or (B) on the date on which the Issuer is required to make a Repurchase Offer pursuant to
Section 5.08(a)(4) or Section 5.08(b)(4), the Issuer shall commence a Repurchase Offer, which shall remain open for a period of at least 20 Business Days following its commencement, by sending a notice to the Trustee and each of the
Holders, by first class mail, which notice shall contain all instructions and materials necessary to enable the Holders to tender Notes pursuant to such Repurchase Offer. Such notice, which shall govern the terms of the Repurchase Offer, shall
describe the transaction or transactions that constitute the Change of Control or otherwise require the Repurchase Offer and shall state: 
 (i) that the Repurchase Offer is being made pursuant to Section 5.08(a)(4), Section 5.08(b)(4) or Section 5.09, as the case may be, and this Section 3.09; 
 (ii) the principal amount of Notes the Issuer is required to offer to repurchase or that the Issuer is required to offer to purchase all
of the outstanding principal amount of Notes (such amount, the “Offer Amount”), the purchase price and that on the date specified in such notice (the “Purchase Date”), which date shall be no earlier than 30 days and
no later than 60 days from the date such notice is mailed, the Issuer shall repurchase an Offer Amount of Notes validly tendered and not withdrawn pursuant to Section 5.08(a)(4), Section 5.08(b)(4) or Section 5.09, as the case may be,
and this Section 3.09; 
 (iii) that any Note not tendered or accepted for payment shall continue to accrue interest;

 (iv) that, unless the Issuer defaults in making such payment, Notes accepted for payment pursuant to the Repurchase Offer
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 (v) that Holders electing to have a Note purchased pursuant to a Repurchase Offer may
elect to have all or any portion of such Note purchased; 
 (vi) that Holders electing to have a Note purchased pursuant to
any Repurchase Offer shall be required to surrender the Note, with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Note, or such other customary documents of surrender and transfer as the Issuer may reasonably
request, duly completed, or transfer the Note by book-entry transfer, to the Issuer, the Depositary, or the Paying Agent at the address specified in the notice prior to the Purchase Date; 
 (vii) that Holders shall be entitled to withdraw their election if the Issuer, the Depositary or the Paying Agent, as the case may be, in
each case with a copy to the Trustee, receives, not later than the Purchase Date, a telegram, facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Note the Holder delivered for purchase and a statement
that such Holder is withdrawing its election to have such Note purchased; 
 (viii) that Holders whose Notes are purchased
only in part shall be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered (or transferred by book-entry transfer); and 
 (ix) the CUSIP number, if any, printed on the Notes being repurchased and that no representation is made as to the correctness or
accuracy of the CUSIP number, if any, listed in such notice or printed on the Notes. 
 (2) On the Purchase Date, the Issuer
shall, to the extent lawful, (A) accept for payment, on a pro rata basis to the extent necessary in the case of a Repurchase Offer that is not a Change of Control Offer, the Notes or portions thereof properly tendered pursuant to the Repurchase
Offer and not theretofore withdrawn and shall deliver to the Trustee an Officers’ Certificate stating that such Notes or portions thereof were accepted for payment by the Issuer in accordance with the terms of this Section 3.09,
(B) deposit with the Paying Agent an amount equal to the payment required in respect of all Notes or portions thereof so tendered and (C) deliver or cause to be delivered to the Trustee the Notes properly accepted together with an
Officers’ Certificate stating the aggregate principal amount of the Notes or portions thereof being purchased by the Issuer. The Issuer, the Depositary or the Paying Agent, as the case may be, shall promptly (but in any case not later than five
days after the Purchase Date) mail or deliver to each tendering Holder an amount equal to the Change of Control Payment (or other payment due in respect of such Repurchase Offer if not a Change of Control Offer) with respect to the Notes tendered by
such Holder and accepted by the Issuer for purchase, and the Issuer shall promptly issue a new Note, and the Trustee, upon written request from the Issuer, shall authenticate and mail or deliver (or cause to be transferred by book entry) such new
Note to such Holder, in a principal amount equal to any unpurchased portion of the Notes so surrendered, provided that each such new Note shall be in a minimum principal amount of $2,000 or an integral multiple of $1,000 in excess thereof
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denominations). Any Note not so accepted shall be promptly mailed or delivered by the Issuer to the Holder thereof. On the Purchase Date, all Notes purchased
by the Issuer shall be delivered to the Trustee for cancellation. All Notes or portions thereof purchased pursuant to the Repurchase Offer shall be canceled by the Trustee. The Issuer shall publicly announce the results of the Repurchase Offer on or
as soon as practicable after the Purchase Date, but in no case more than five Business Days thereafter. For the purposes of the preceding sentence, it shall be sufficient for the Issuer to publish the results of the Repurchase Offer on its website
on the world wide web. 
 If the Issuer complies with the provisions of the preceding paragraph, on and after the Purchase Date interest
shall cease to accrue on the Notes or the portions of Notes repurchased. If a Note is repurchased on or after an interest payment record date but on or before the related interest payment date, then any accrued and unpaid interest shall be paid to
the Holder in whose name such Note was registered at the close of business on such record date and no other interest will be payable to Holders who tender pursuant to the Repurchase Offer. If any Note called is not repurchased upon surrender because
of the failure of the Issuer to comply with the preceding paragraph, interest shall be paid on the unpaid principal, from the Purchase Date until such principal is paid, and to the extent lawful on any interest not paid on such unpaid principal, in
each case at the rate provided in the Notes. 
 (b) The Issuer shall comply with the requirements of Rule 14e-1 under the
Exchange Act and any other securities laws and regulations to the extent such laws and regulations are applicable in connection with a Change of Control Offer, a Collateral Sale Offer or an Excess Proceeds Offer. To the extent that the provisions of
any applicable securities laws or regulations conflict with this Section 3.09, the Issuer shall comply with such securities laws and regulations and shall not be deemed to have breached its obligations under this Section 3.09 by virtue
thereof. 
 (c) Once notice of repurchase is mailed in accordance with this Section 3.09, all Notes validly tendered and
not withdrawn (or, in the case of a Repurchase Offer that is not a Change of Control Offer, if the Issuer is not required to repurchase all of such Notes then the pro rata portion of such Notes that the Issuer may be required to repurchase) become
irrevocably due and payable on the Purchase Date at the purchase price specified herein. A notice of repurchase may not be conditional. 
 (d) Other than as specifically provided in this Section 3.09 or Sections 5.08 or 5.09, any purchase pursuant to this Section 3.09, Section 5.08(a)(4) or Section 5.08(b)(4) shall be made
pursuant to Sections 3.02 and 3.06. 
  

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 ARTICLE 4 
 AFFIRMATIVE COVENANTS 
 So long as any Note remains outstanding: 
 SECTION 4.01 Reports. The Issuer shall furnish to the Trustee and, upon written request, to Holders of the Notes a copy of all of the information
and reports referred to in clauses (1) and (2) below: 
 (1) (a) within 120 days after the end of each fiscal year,
annual audited financial statements for such fiscal year (along with customary comparative results) and (b) within 60 days of the end of each of the first three fiscal quarters of every fiscal year, unaudited financial statements for the
interim period as of, and for the period ending on, the end of such fiscal quarter (along with comparative results for the corresponding interim period in the prior year), in each case, including a “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” with respect to the periods presented and, with respect to the annual information only, a report on the annual financial statements by the Issuer’s certified independent accountants (all of
the foregoing financial information to be prepared on a basis substantially consistent with the corresponding financial information included in the Offering Memorandum or the then applicable Commission requirements); and 
 (2) within five Business Days of the occurrence of an event required to be therein reported, such other reports containing substantially
the same information required to be contained in a Current Report on Form 8-K under the Exchange Act (other than Items 3.01 (Notice of delisting or failure to satisfy a continued listing rule or standard; transfer of listing), 3.02 (Unregistered
sales of equity securities), 3.03 (Modification of rights of security holders), 5.01 (Change of control) and 5.04 (Temporary suspension of trading under registrant’s employee benefit plans) thereof); provided that if the Issuer becomes
subject to the reporting requirements of Section 13 or Section 15(d) of the Exchange Act, in lieu of the foregoing requirements, the Issuer will file all reports in the time periods specified in the Commission’s rules and regulations.

 If the Issuer has designated any of its Subsidiaries as Unrestricted Subsidiaries, then the quarterly and annual financial information
required by this Section 4.01 shall include a reasonably detailed presentation, either on the face of the financial statements or in the footnotes thereto, and in “Management’s Discussion and Analysis of Financial Condition and
Results of Operations,” of the financial condition and results of operations of the Issuer and its Restricted Subsidiaries separate from the financial condition and results of operations of its Unrestricted Subsidiaries to the extent such
information would be required if the Issuer was subject to the periodic reporting requirements of the Exchange Act. 
 In addition, for so
long as any Notes remain outstanding, if at any time the Issuer and the Guarantors are not required to file with the Commission the reports required by the preceding paragraphs, the Issuer and the Guarantors shall furnish to the Holders of Notes and
prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act. 
 SECTION 4.02 Payment of Obligations. The Issuer shall, and shall cause each of its Restricted Subsidiaries to, pay or discharge or cause to be paid or discharged, before the same shall become delinquent, (i) all material taxes,
assessments and governmental charges levied or imposed upon the Issuer or any Restricted Subsidiary or upon the income, profits or property of the Issuer or any Restricted Subsidiary and (ii) all lawful claims for labor, materials and supplies,
which, if unpaid, might by law become a material liability or Lien upon the property of the Issuer or any Restricted Subsidiary; provided, however, that the Issuer shall not be required to pay or discharge or cause to be paid or
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amount, applicability or validity of which is being contested in good faith by appropriate proceedings and for which appropriate reserves, if necessary (in
the good faith judgment of management of the Issuer), are being maintained in accordance with GAAP or where the failure to effect such payment will not be materially disadvantageous to the Holders. 
 SECTION 4.03 Corporate Existence. Except as otherwise permitted in this Indenture, the Issuer and the Guarantors shall do or cause to be done all
things necessary to preserve and keep in full force and effect their corporate existences and the corporate, partnership, limited liability company or other existence of any Restricted Subsidiary in accordance with their respective organizational
documents (as the same may be amended from time to time). 
 SECTION 4.04 FCC License Subsidiary; Licenses. 
 (a) All FCC Licenses acquired after the Issue Date shall, as soon as practicable after receipt thereof, be held by the FCC License
Subsidiary, except as required by law or administrative action. All Industry Canada Licenses in existence on the Issue Date or acquired after the Issue Date shall be held by TerreStar Canada or another entity designated by the Issuer that becomes a
Guarantor, except as required by law or administrative action. The Issuer shall not transfer or dispose of any Capital Stock it directly or indirectly owns in each of the Canadian Entities; provided, that the Issuer may dispose of its Capital
Stock of any of the Canadian Entities in compliance with Section 5.08 if such disposition does not adversely affect the rights of the Issuer under the IRU Agreement or result in the loss of the orbital slot granted by Industry Canada for
TerreStar-1. 
 (b) After the FCC License Subsidiary has been formed, the Issuer shall maintain direct ownership of all of the
Capital Stock of the FCC License Subsidiary. 
 SECTION 4.05 Compliance Certificates. 
 (a) The Issuer shall deliver to the Trustee, within 120 days after the end of each fiscal year of the Issuer (beginning with the
fiscal year ending December 31, 2007), an Officers’ Certificate as to the signers’ knowledge of the Issuer’s compliance with all conditions and covenants on its part contained in this Indenture and stating whether or not the
signer knows of any Default or Event of Default. For the purposes of this Section 4.05, compliance shall be determined without regard to any grace period or requirement of notice provided pursuant to the terms of this Indenture. 
 (b) The Issuer shall promptly deliver to the Trustee and in any event within five Business Days of any Officer becoming aware of the
occurrence of any Default or Event of Default, an Officers’ Certificate setting forth the details of such Default or Event of Default and the action which the Issuer is taking or proposes to take to remedy the same. 
 SECTION 4.06 Designation of Unrestricted Subsidiaries. 
 (a) The Board of Directors of the Issuer may designate any Restricted Subsidiary to be an Unrestricted Subsidiary if that designation
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of all outstanding Investments owned by the Issuer and its Restricted Subsidiaries in the Subsidiary properly designated as an Unrestricted Subsidiary will
be deemed to be an Investment made as of the time of the designation and will reduce the amount available for Restricted Payments under Section 5.04(a) (or clause (9) of Section 5.04(b)) or under one or more clauses of the definition
of Permitted Investments, as determined by the Issuer. Such designation will only be permitted if the Investment would be permitted at that time and if the Restricted Subsidiary otherwise meets the definition of an Unrestricted Subsidiary. The Board
of Directors of the Issuer may redesignate any Unrestricted Subsidiary to be a Restricted Subsidiary if the redesignation would not cause a Default or an Event of Default. 
 All Subsidiaries of Unrestricted Subsidiaries shall be automatically deemed to be Unrestricted Subsidiaries. 
 (b) Any designation of a Subsidiary of the Issuer as an Unrestricted Subsidiary shall be evidenced to the Trustee by filing with the
Trustee a certified copy of a resolution of the Board of Directors of the Issuer giving effect to such designation and an Officers’ Certificate certifying that such designation complied with clause (a) of this Section 4.06 and was
permitted under Section 5.04. If, at any time, any Unrestricted Subsidiary would fail to meet the preceding requirements as an Unrestricted Subsidiary, it will thereafter cease to be an Unrestricted Subsidiary for purposes of this Indenture and
any Indebtedness of such Subsidiary will be deemed to be incurred by a Restricted Subsidiary of the Issuer as of such date and, if such Indebtedness is not permitted to be incurred as of such date under Section 5.01, the Issuer will be in
default of such covenant. The Board of Directors of the Issuer may at any time designate any Unrestricted Subsidiary to be a Restricted Subsidiary of the Issuer; provided that such designation will be deemed to be an incurrence of Indebtedness by a
Restricted Subsidiary of the Issuer of any outstanding Indebtedness of such Unrestricted Subsidiary and such designation will only be permitted if (1) such Indebtedness is permitted under Section 5.01, calculated on a pro forma basis as if
such designation had occurred at the beginning of the applicable quarterly reference period; and (2) no Default or Event of Default would be in existence following such designation. 
 SECTION 4.07 Additional Guarantees and Collateral. 
 (a) With respect to the following property acquired after the Issue Date by the Issuer or any Guarantor (1) any assets, including, but not limited to, after-acquired real property (but excluding (i) any
leased real property, other than a ground lease with an individual fair market value that exceeds $1,000,000 and (ii) any owned real property with an individual fair market value of $1,000,000 or less) or any equipment or fixtures which
constitute accretions, additions or technological upgrades to the equipment or fixtures that form part of the Collateral or (2) any Additional Assets in compliance with Section 5.08 (but excluding, in either case Excluded Property (as
defined in the Security Agreements)), the Issuer or such Guarantor shall (x) execute and deliver such amendments to the Security Agreements, mortgages or deeds of trust and such other documents as the Collateral Agent reasonably deems necessary
or advisable to grant to the Holders a security interest in such property and (y) file any financing statement or mortgages or deeds of trust and deliver any stock certificates and accompanying powers necessary to grant to the Holders a
perfected first priority security interest (subject only to Permitted Liens) in such property, and thereupon all provisions of this Indenture and the 

  

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Intercreditor Agreement relating to the Collateral shall be deemed to relate to such after-acquired property to the same extent and with the same force and
effect. Notwithstanding anything herein to the contrary, if granting or perfecting any Lien to secure the Notes on any Collateral that consists of rights that are licensed or leased from a third-party requires the consent of such third party
pursuant to the terms of an applicable license or lease agreement, and such terms are enforceable under applicable law, the Issuer or the relevant Guarantor, as the case may be, shall use all commercially reasonable efforts to obtain such consent
with respect to the granting or perfecting of such Lien, but if the third party does not consent to the granting or perfecting of such Lien after the use of commercially reasonable efforts, none of the Issuer or the Guarantors will be required to do
so. 
 (b) If the Issuer or any Restricted Subsidiary acquires or creates another Domestic Subsidiary (other than a Domestic
Subsidiary that is a Subsidiary, directly or indirectly, of a Foreign Subsidiary) after the Issue Date, such newly acquired or created Domestic Subsidiary shall, on the date on which it is acquired or created, become a Guarantor by executing and
delivering to the Trustee a supplemental indenture in the form of Exhibit J hereto, pursuant to which such Domestic Subsidiary will guarantee, on a joint and several basis, the full and prompt payment of the principal of, premium, if any, and
interest on the Notes on a senior secured basis. 
 (c) If any Restricted Subsidiary that is not a Guarantor shall Guarantee
any Indebtedness of the Issuer or any Guarantor while the Notes are outstanding, then such Subsidiary shall become a Guarantor under this Indenture and shall execute and deliver to the Trustee a supplemental indenture in the form of Exhibit J
hereto. 
 (d) The Issuer may elect to make any Foreign Subsidiary or any Affiliate a Guarantor, with the consent of any such
party, by causing such Person to execute and deliver to the Trustee a supplemental indenture in the form of Exhibit J hereto. 
 (e) Each Guarantor shall become a party to the Collateral Documents applicable to it and, to the extent that such Guarantor elects to guarantee any Additional Secured Obligations, the Intercreditor Agreement. The Issuer (i) shall cause
each Subsidiary Guarantor to become a party to the Collateral Documents and the Intercreditor Agreement and (ii) shall, or shall cause each Subsidiary Guarantor to, file any financing statement or deliver any stock certificates and accompanying
powers necessary to grant to the Collateral Agent, for the benefit of itself and the Holders, perfected first priority security interests (subject only to Permitted Liens) in any Collateral held by such Guarantor, to the extent a security interest
therein can be perfected by the filing of a financing statement or the delivery of stock certificates and accompanying powers. 
 (f) Each Guarantor shall, and the Issuer shall, and shall cause each of its Subsidiaries that is a Guarantor to, promptly grant to the Holders security interests and Mortgages in such owned real property or ground lease interest in real
property of the Issuer or any such Guarantor as is acquired after the Issue Date by the Issuer or such Guarantor and that, together with any improvements thereon, individually has a value in excess of $1,000,000 (“Premises”), as
additional security for the obligations of the Issuer and each of the Guarantors under this Indenture, the Guarantees, the Collateral Documents and, in the case of the Issuer and 

  

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the Guarantors party thereto, the Intercreditor Agreement (unless the subject property is already mortgaged to a third party to the extent permitted by
Section 5.02, constitutes Excluded Property or has been owned by the Issuer or such Guarantor for less than three months and shall be sold pursuant to a sale and lease back transaction within three months of the date of acquisition by the
Issuer or such Guarantor). With respect to such Premises, the Issuer shall deliver to the Collateral Agent, as mortgagee or beneficiary, as applicable, fully executed counterparts of Mortgages, each dated as of a date no later than 60 days after the
date of acquisition of such Premises, duly executed by the Issuer or the applicable Guarantor, together with evidence of the completion or satisfactory arrangements for the completion (such as delivery to a reputable title insurance company for
recording and filing) of all recordings and filings of such Mortgages (and payment of any taxes or fees in connection therewith) as may be necessary to create a valid, perfected Lien, subject to Permitted Liens and on a shared basis with any
Additional Secured Obligations, against the Premises purported to be covered thereby. With respect to any Premises that have a fair market value in excess of $10,000,000, the Issuer shall also deliver to the Collateral Agent mortgagee’s title
insurance policies in favor of the Collateral Agent, as mortgagee for the ratable benefit of itself and the Holders (on a shared basis with any Additional Secured Obligations), in the amount of the fair market value of such Premises as determined in
good faith by the Issuer’s senior management and in the form necessary, with respect to the property purported to be covered by such Mortgage, to ensure that title to such property is marketable and that the interests created by the Mortgage
constitute valid Liens thereon free and clear of all Liens, defects and encumbrances, other than Permitted Liens, and such policies shall be accompanied by evidence of the payment in full of all premiums thereon and such fixture filings, surveys,
instruments, certificates, agreements and/or other documents and such local counsel opinions as the Collateral Agent and its counsel shall reasonably request. 
 (g) Any Guarantee given by any Restricted Subsidiary that was required to be given by Section 4.07(c) hereof shall be automatically
released upon the release by the Holders of the Indebtedness described in Section 4.07(c) or the guarantee thereof by such Restricted Subsidiary (including any deemed release upon payment in full of all obligations under such Indebtedness),
which resulted in the Notes being guaranteed by such Restricted Subsidiary, at such time as (a) no other Indebtedness of the Issuer and the other Guarantors has been guaranteed by such Restricted Subsidiary or (b) the holders of all such
other Indebtedness which is guaranteed by such Restricted Subsidiary also release their guarantee by such Restricted Subsidiary (including any deemed release upon payment in full of all obligations under such Indebtedness). 
 (h) The FCC License Subsidiary shall, promptly after the FCC License has been transferred to it, become a Guarantor and execute a
supplemental indenture hereto in substantially the form of Exhibit J hereto pursuant to which it will guarantee, on a joint and several basis, the full and prompt payment of the principal of, premium, if any, and interest on the Notes on a senior
secured basis. 
 (i) The Issuer shall cause the FCC License Subsidiary to become a party to the Collateral Documents and, if
applicable, the Intercreditor Agreement and take such actions necessary or advisable to grant to the Collateral Agent, for the benefit of itself and the Holders of the Notes, a perfected security interest in any Collateral held by the FCC License
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 (j) The Collateral Agent shall execute an appropriate instrument prepared by the Issuer
evidencing the release of a Guarantor from its obligations under its Guarantee, the Collateral Documents and the Intercreditor Agreement upon receipt of an Officer’s Certificate by the Issuer or such Guarantor stating that all conditions set
forth in Section 4.07(g), 5.03(f), 11.02(a)(1), 11.02(a)(2), 11.02(a)(3) or 11.02(a)(5), as applicable, have been satisfied or that the Capital Stock of such Guarantor has been disposed of in accordance with the provisions of this Indenture.

 (k) The foregoing provisions shall not apply to Subsidiaries that have been properly designated as Unrestricted
Subsidiaries in accordance with Section 4.06 for so long as they continue to constitute Unrestricted Subsidiaries. 
 SECTION 4.08
Maintenance of Insurance. 
 (a) The Issuer shall obtain, or cause to be obtained, prior to the launch of each
satellite and shall maintain, or cause to be maintained, launch insurance with respect to each satellite launch covering the period from the launch to 180 days or more following the launch of each satellite on such terms (including coverage period,
exclusions, limitations on coverage, co-insurance, deductibles and coverage amount) as is customary in the industry for similar persons at the time of such launch. 
 (b) The Issuer shall procure and maintain, or cause to be procured and maintained, Full In-Orbit Insurance for each satellite;
provided that such Full In-Orbit Insurance shall only be required if, and to the extent and on such terms (including coverage period, exclusions, limitations on coverage, co-insurance, deductibles and coverage amount) as is determined by the
Board of Directors of the Issuer to be in the best interests of the Issuer as evidenced by a resolution of the Board of Directors. 
 (c) Insurance policies required by the foregoing paragraphs obtained or renewed after the Issue Date shall: 
 (1)
contain no exclusions other than customary exclusions and such specific exclusions applicable to the performance of the satellite (or portion thereof, or the type of satellite or portion thereof, as applicable) being insured as are acceptable to the
Board of Directors of the Issuer in order to obtain insurance for a price that is, and on other terms and conditions that are, commercially reasonable; and 
 (2) subject to the proviso in clause (b) of this Section 4.08, provide coverage for all risks of loss and damage to the satellite. 
 (d) In the event that the Issuer or any Guarantor receives Net Insurance Proceeds relating to any satellite, the Issuer or such Guarantor
shall apply such Net Insurance Proceeds in the manner provided under Section 5.08. 
 SECTION 4.09 Covenants with Respect to the
Canadian Entities. At all times after the Transfer Agreements have become effective, the Issuer will exercise its rights under such Transfer Agreements so as not to permit the Canadian Entities to (each, a “Covered
Transaction”): 
 (a) engage in (i) any sale, lease, transfer or other disposition of any assets or rights; or
(ii) the issuance of any Equity Interests in a Canadian Entity or the sale of any Equity Interests of a Canadian Entity; 
  

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 (b) incur any Indebtedness; or 
 (c) directly or indirectly, create, incur, assume or otherwise cause or suffer to exist or become effective any Lien, other than Liens on
their respective assets having an aggregate value of $500,000 or less, 
 unless, in each case, a Subsidiary Guarantor would be permitted to engage in such
Covered Transaction in compliance with Sections 5.01, 5.02 and 5.08; provided, however, that in the case of an Asset Sale or Recovery Event of a Canadian Entity, any fair market value determination required to be made in connection therewith
may be made by the Board of Directors of such entity. 
 For purposes of compliance with the preceding sentence of this
Section 4.09, 
 (i) any Covered Transaction engaged in by a Canadian Entity shall be deemed to be a transaction by a
Restricted Subsidiary of the Issuer that is a Subsidiary Guarantor and has provided a Subsidiary Guarantee; and 
 (ii) each
Canadian Entity shall be considered to be Restricted Subsidiary and Subsidiary Guarantor for purposes of such defined terms used in Sections 5.01, 5.02 and 5.08. 
 Furthermore, for purposes of determining compliance with Sections 5.01, 5.02 and 5.08 following the occurrence of one or more Covered
Transactions, effect shall be given to such Covered Transactions as if they had been transactions by Restricted Subsidiaries and Subsidiary Guarantors, including, but not limited to, for purposes of determining basket usage under
Section 5.01(b). Nothing in this Section 4.09 shall be deemed to alter or amend the terms of the Transfer Agreements. 
 ARTICLE
5 
 NEGATIVE COVENANTS 
 So long as any Note remains outstanding: 
 SECTION 5.01 Indebtedness. 
 (a) The Issuer shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly, create, incur, issue, assume,
guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “incur”) any Indebtedness (including Acquired Debt); provided, however, that the Issuer and any Subsidiary
Guarantor may incur Indebtedness (including Acquired Debt) if the Issuer’s Leverage Ratio as of the date on which such additional Indebtedness is incurred would not be greater than 6.75 to 1.0, determined on a pro forma basis (including a pro
forma application of the net proceeds therefrom), as if the additional Indebtedness had been incurred at the beginning of the quarterly reference period. 
  

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 (b) The provisions of clause (a) of this Section 5.01 will not apply to any of
the following items of Indebtedness: 
 (1) the incurrence of $1.00 of additional senior secured or unsecured Indebtedness by
the Issuer or any Subsidiary Guarantor for each $4.00 of Net Proceeds received by the Issuer after the Issue Date from the issue or sale of Capital Stock of the Issuer or cash capital contributions to the Issuer (in each case, other than proceeds of
Disqualified Stock, sales of Capital Stock to the Issuer or any of its Restricted Subsidiaries or cash or securities contributed to the Issuer pursuant to the Motient Funding Agreement); provided that, prior to any Incurrence of Indebtedness
under this clause (1), the Issuer shall have received at least $150.0 million of Net Proceeds after the Issue Date from the issue or sale of Capital Stock of the Issuer or cash contributed to the capital of the Issuer (in each case other than
proceeds of Disqualified Stock or sales of Capital Stock to the Issuer or any of its Restricted Subsidiaries or cash or securities contributed to the Issuer pursuant to the Motient Funding Agreement); and provided, further that any Net
Proceeds received by the Issuer or cash contributions to the Issuer’s capital and used to incur Indebtedness pursuant to this clause (1) shall be excluded from the calculation of Net Proceeds under Section 5.04(a)(4)(C)(ii);

 (2) Existing Indebtedness; 
 (3) the incurrence by the Issuer and the Subsidiary Guarantors of Indebtedness represented by the Notes (other than Additional Notes not issued in payment of interest or the Notes), Additional Notes issued in payment
of interest on the Notes and the related Guarantees to be issued on the Issue Date and additional Guarantees issued after the Issue Date pursuant to Section 4.07; 
 (4) the incurrence by the Issuer or any Subsidiary Guarantor of Indebtedness represented by Capital Lease Obligations, mortgage financings
or Purchase Money Indebtedness with respect to assets other than Capital Stock or other Investments, including the incurrence of Indebtedness representing the financing of installments of Full In-Orbit Insurance, launch insurance premiums or launch
services, in each case, incurred for the purpose of financing all or any part of the purchase price or cost of design, construction, installation or improvement of property, plant or equipment used in a Permitted Business, and Attributable Debt, in
an aggregate principal amount not to exceed $50.0 million at any time outstanding; 
 (5) the incurrence by the Issuer or any
of its Restricted Subsidiaries of Permitted Refinancing Indebtedness in exchange for, or the net proceeds of which are used to renew, refund, refinance, discharge, defease or replace Indebtedness (other than intercompany Indebtedness) that was
permitted by this Indenture to be incurred under Section 5.01(a) or under any other clause of this Section 5.01(b) (excluding clause (6)), provided that for purposes of any limit contained in any such other clause the aggregate

  

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amount of Indebtedness incurred pursuant to this clause (5) outstanding at any one time shall be treated as outstanding pursuant to such other clause;

 (6) the incurrence by the Issuer or any of its Restricted Subsidiaries of intercompany Indebtedness between or among the
Issuer and any of its Restricted Subsidiaries; provided, however, that: 
 (i) if the Issuer or any Subsidiary
Guarantor is the obligor on such Indebtedness and the payee is not the Issuer or a Subsidiary Guarantor, such Indebtedness shall be expressly subordinated to the prior payment in full in cash of all Obligations with respect to the Notes, in the case
of the Issuer, or such Subsidiary Guarantee, in the case of a Subsidiary Guarantor; and 
 (ii) (A) any subsequent issuance
or transfer of Equity Interests or any other event that results in any such Indebtedness being beneficially held by a Person other than the Issuer or a Restricted Subsidiary (B) any sale or other transfer of any such Indebtedness to a Person
that is neither the Issuer nor a Restricted Subsidiary or (C) the designation of a Restricted Subsidiary which holds Indebtedness as an Unrestricted Subsidiary will be deemed, in each case, to constitute an incurrence of such Indebtedness by
the Issuer or such Restricted Subsidiary, as the case may be, that was not permitted by this clause (6); 
 (7) the incurrence
by the Issuer or any of its Restricted Subsidiaries of Hedging Obligations; 
 (8) the Guarantee by the Issuer or any of the
Subsidiary Guarantors of Indebtedness of the Issuer or any Restricted Subsidiary that was permitted to be incurred by another provision of this Section 5.01(b); provided that if the Indebtedness being guaranteed is (A) pari
passu in right of payment to the Notes or any Subsidiary Guarantee, then the Guarantee related to such Indebtedness shall rank equally in right of payment to the Notes or such Subsidiary Guarantee, as the case may be, or (B) subordinated in
right of payment to the Notes or any Subsidiary Guarantee, then the Guarantee of such Indebtedness shall be subordinated in right of payment to the same extent to the Notes or such Subsidiary Guarantee, as the case may be; 
 (9) the incurrence of Indebtedness by the Issuer or any of its Restricted Subsidiaries arising from the honoring by a bank or other
financial institution of a check, draft or similar instrument (except in the case of daylight overdrafts) in the ordinary course of business inadvertently drawn against insufficient funds, provided, however, that such Indebtedness is
extinguished within five Business Days of incurrence; 
 (10) the incurrence of Indebtedness by the Issuer or any of its
Restricted Subsidiaries incurred in respect of workers’ compensation claims, self-insurance obligations, bankers’ acceptances, performance, surety and similar bonds and completion guarantees provided by the Issuer or any Restricted
Subsidiary, in each case, in the ordinary course of business; 
  

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 (11) the incurrence of Indebtedness by one or more Foreign Subsidiaries of the Issuer in
an aggregate principal amount outstanding at any one time not to exceed the greater of (a) $30.0 million or (b) 2.5% of Consolidated Total Assets; 
 (12) Indebtedness of a Restricted Subsidiary incurred and outstanding on the date on which such Restricted Subsidiary was acquired by, or
merged into, the Issuer or any Restricted Subsidiary (other than Indebtedness incurred (A) to provide all or any portion of the funds utilized to consummate the transaction or series of related transactions pursuant to which such Restricted
Subsidiary became a Restricted Subsidiary or was otherwise acquired by the Issuer or (B) otherwise in connection with, or in contemplation of, such acquisition); provided, however, that at the time such Restricted Subsidiary is acquired
by the Issuer, the Issuer would have been able to incur $1.00 of additional Indebtedness pursuant to Section 5.01(a) after giving effect to the incurrence of such Indebtedness pursuant to this clause (12); 
 (13) the incurrence of additional Indebtedness by the Issuer or any Subsidiary Guarantor in an aggregate principal amount which, when
taken together with all other Indebtedness incurred pursuant to this clause (13) and then outstanding, does not exceed the greater of (A) $500.0 million and (B) an amount equal to 150% of the Net Proceeds received by the Issuer since
the Issue Date from the issue or sale of Capital Stock of the Issuer or cash contributed to the capital of the Issuer (in each case other than proceeds of Disqualified Stock or sales of Capital Stock to the Issuer or any of its Restricted
Subsidiaries); provided, however, that any Indebtedness incurred under this clause (13) shall have a Weighted Average Life to Maturity that is greater than the then remaining Weighted Average Life to Maturity of the Notes;
provided further that any Net Proceeds received by the Issuer or cash contributions to the Issuer’s capital and used to incur Indebtedness pursuant to this clause (13) shall be excluded from the calculation of Net Proceeds under
Section 5.04(a)(4)(C)(ii); 
 (14) the incurrence of Purchase Money Indebtedness constituting Indebtedness by the Issuer
or any Subsidiary Guarantor to finance the procurement, construction and launch of one or more satellites and/or ground-based beam-forming earth stations in an amount at any time outstanding not to exceed $100.0 million; 
 (15) the incurrence of Capital Lease Obligations or Purchase Money Indebtedness of the Issuer or any Subsidiary Guarantor incurred to
finance the lease or purchase of wireless communications spectrum in North America; provided that in the case of Capital Lease Obligations, the rights of the lessor under such Capital Lease Obligations shall be limited to the wireless communications
spectrum leased and, in the case of Purchase Money Indebtedness, the lenders of such Purchase Money Indebtedness shall only have recourse to the wireless communications spectrum purchased (or any Restricted Subsidiary that owns no material assets
other than such spectrum) and shall have no other claim against the Issuer and its other Restricted Subsidiaries; provided, further, that the Issuer shall have received at least $500.0 million of Designated Equity Contributions prior to any
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 (16) the incurrence by the Issuer or any Subsidiary Guarantor of additional Indebtedness,
which may be secured on an equal and ratable basis with the Notes or otherwise in accordance with the terms of this Indenture, together with all other Indebtedness incurred pursuant to this clause (16) that is at the time outstanding, in an
aggregate principal amount (or accreted value, as applicable) at any time outstanding not to exceed $50.0 million; 
 (17) the
incurrence of subordinated Obligations by the Issuer or any Subsidiary Guarantor, which, when added together with the amount of all other subordinated Obligations incurred pursuant to this clause (17) and then outstanding, does not exceed
$250.0 million; provided, however, that any Indebtedness incurred under this clause (17) shall have a Weighted Average Life to Maturity that is greater than the then remaining Weighted Average Life to Maturity of the Notes and a final
maturity date that is later than the date that is 91 days after the Stated Maturity of the Notes; and 
 (18) the incurrence
of Indebtedness by the Issuer or any Subsidiary Guarantor to finance the purchase or construction of property (real or personal) or equipment that is used for the construction of the Issuer’s terrestrial network so long as, at the time of
incurrence thereof, the ratio of total consolidated Indebtedness of the Issuer and its Restricted Subsidiaries determined in accordance with GAAP (including Indebtedness under all financings under this clause (18)) to Invested Capital does not
exceed 75%. 
 (c) The Issuer shall not permit any of the Unrestricted Subsidiaries to incur any Indebtedness other than
Non-Recourse Debt. If any Non-Recourse Debt of an Unrestricted Subsidiary shall at any time cease to constitute Non-Recourse Debt or such Unrestricted Subsidiary shall be redesignated a Restricted Subsidiary, such event will be deemed to constitute
an incurrence of Indebtedness by a Restricted Subsidiary. 
 (d) For purposes of determining compliance with this
Section 5.01: 
 (1) in the event that any Indebtedness meets the criteria of more than one of the categories described
in clauses (1) through (18) of Section 5.01(b), the Issuer, in its sole discretion, will be permitted to classify (or later reclassify in whole or in part) such item of Indebtedness in any manner that complies with this
Section 5.01; 
 (2) the accrual of interest, the accretion or amortization of original issue discount, the payment of
interest on any Indebtedness in the form of additional Indebtedness with the same, or less onerous, terms, the reclassification of preferred stock of the Issuer or any Subsidiary Guarantor as Indebtedness due to a change in accounting principles,
and the payment of dividends on Disqualified Stock or preferred stock in the form of additional shares of the same class of Disqualified Stock or preferred stock, the accrual of dividends on Disqualified Stock or preferred stock and the accretion of
the liquidation preference of Disqualified Stock or preferred stock will not be deemed to be an incurrence of Indebtedness for purposes of this Section 5.01; 
  

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 (3) Indebtedness permitted by this Section 5.01 need not be permitted solely by
reference to one provision permitting such Indebtedness, but may be permitted in part by one such provision and in part by one or more other provisions of this Section 5.01 permitting such Indebtedness; and 
 (4) for the purposes of determining compliance with any U.S. dollar-denominated restriction on the incurrence of Indebtedness denominated
in a foreign currency, the dollar-equivalent principal amount of such Indebtedness incurred pursuant thereto shall be calculated based on the relevant currency exchange rate in effect on the earlier of the date that such Indebtedness was incurred,
in the case of term Indebtedness, or first committed, in the case of revolving credit Indebtedness; provided that if such Indebtedness is incurred to refinance other Indebtedness denominated in a foreign currency, and such refinancing would
cause the applicable U.S. dollar-dominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such U.S. dollar-dominated restriction shall be deemed not to have been exceeded so
long as the principal amount of such refinancing Indebtedness does not exceed the principal amount of such Indebtedness being refinanced. Notwithstanding any other provision of this Section 5.01, the maximum amount of Indebtedness that the
Issuer or any Restricted Subsidiary may incur pursuant to this Section 5.01 shall not be deemed to be exceeded solely as a result of fluctuations in the exchange rate of currencies. The principal amount of any Indebtedness incurred to refinance
other Indebtedness, if incurred in a different currency from the Indebtedness being refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which such refinancing Indebtedness is denominated that is in
effect on the date of such refinancing. 
 SECTION 5.02 Limitation on Liens. The Issuer shall not, and shall not permit any of its
Restricted Subsidiaries to, directly or indirectly, create, incur, assume or otherwise cause or suffer to exist or become effective any Lien of any kind securing Indebtedness or trade payables (other than Permitted Liens) upon any of their property
or assets, now owned or hereafter acquired. 
 SECTION 5.03 Merger, Consolidation and Sale of Assets. 
 (a) The Issuer shall not, directly or indirectly: (x) consolidate or merge with or into another Person (whether or not the Issuer is
the surviving corporation); or (y) sell, assign, transfer, convey, lease or otherwise dispose of all or substantially all of the properties or assets of the Issuer and its Restricted Subsidiaries taken as a whole, in one or more related
transactions, to another Person unless: 
 (1) either: (A) the Issuer is the surviving corporation; or (B) the
Person formed by or surviving any such consolidation or merger (if other than the Issuer) or to which such sale, assignment, transfer, conveyance, lease or other disposition has been made (the “Successor Person”) is an entity
organized or existing under the laws of the United States, any state of the United States or the District of Columbia; provided that if such surviving person is not a corporation, a corporate wholly-owned Restricted 

  

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Subsidiary of such Person organized under the laws of the United States, any state or the District of Columbia becomes a co-issuer of the Notes in connection
therewith; 
 (2) the Successor Person (if other than the Issuer) expressly assumes all the obligations of the Issuer under
the Notes, this Indenture, the Collateral Documents (as applicable) and the Intercreditor Agreement pursuant to agreements reasonably satisfactory to the Trustee and shall cause such amendments, supplements or other instruments to be executed, filed
and recorded in such jurisdictions as may be required by applicable law to preserve and protect the Lien on the Collateral owned by or transferred to the Successor Person, together with such financing statements or comparable documents as may be
required to perfect any security interests in such Collateral which may be perfected by the filing of a financing statement or a similar document under the Uniform Commercial Code or other similar statute or regulation of the relevant states or
jurisdictions; 
 (3) immediately after such transaction, no Default or Event of Default exists; 
 (4) (A) the Issuer or the Successor Person (if other than the Issuer) shall, on the date of such transaction after giving pro forma effect
thereto and any related financing transactions as if the same had occurred at the beginning of the applicable annualized quarterly period, be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Leverage Ratio test set forth
in Section 5.01(a); or (B) the Leverage Ratio on the date of such transaction after giving pro forma effect thereto and the related financing transaction would be equal to or less than the Leverage Ratio for the Issuer and its Restricted
Subsidiaries immediately prior to such transaction; and 
 (5) the Issuer shall have delivered to the Trustee an
Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger, sale, assignment, transfer, conveyance, lease or other disposition complies with the provisions of this Indenture. 
 (b) For purposes of this Section 5.03, the sale, assignment, transfer, conveyance, lease or other disposition of all or substantially
all of the properties and assets of one or more Restricted Subsidiaries of the Issuer, which properties and assets, if held by the Issuer instead of such Restricted Subsidiaries, would constitute all or substantially all of the properties and assets
of the Issuer on a consolidated basis, shall be deemed to be the transfer of all or substantially all of the properties and assets of the Issuer. 
 (c) The Successor Person shall succeed to, and be substituted for, and may exercise every right and power of, the Issuer under this Indenture, the Collateral Documents and the Intercreditor Agreement but, in the case
of a lease of all or substantially all its assets, the Issuer will note be released from the obligation to pay the principal of and interest on the Notes. 
 (d) Notwithstanding the preceding, (x) any Restricted Subsidiary may consolidate with, merge into, sell, assign, convey, lease or otherwise transfer all or part of its properties and assets to the Issuer or to
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Affiliate formed solely for the purpose of re-forming the Issuer in another jurisdiction or changing the Issuer’s form of organization; provided
that if the form of the Issuer’s organization is changed, then a corporate wholly-owned Restricted Subsidiary of the Issuer organized under the laws of the United States, any state or the District of Columbia becomes a co-issuer of the Notes.

 (e) A Guarantor may not consolidate, amalgamate or merge with or into (whether or not such Guarantor is the surviving
Person) another Person, other than the Issuer or another Guarantor, unless: 
 (1) immediately after giving effect to such
transaction, no Default or Event of Default exists; and 
 (2) subject to the provisions of Section 5.03(f), the Person
formed by or surviving any such consolidation, amalgamation or merger (if other than the Guarantor) assumes all the obligations of such Guarantor under this Indenture (including its Guarantee), the Collateral Documents and, if applicable, the
Intercreditor Agreement to which such Guarantor is a party pursuant to agreements reasonably satisfactory to the Trustee and the Collateral Agent. 
 (f) In the event of: 
 (1) a sale or disposition of all or substantially all of the assets of
any Guarantor by way of merger, consolidation, amalgamation or otherwise; or 
 (2) the sale or other disposition of Capital
Stock of any Guarantor if, in the case of a Guarantor that is a Subsidiary, as a result of such disposition, such Person ceases to be a Subsidiary of the Issuer or, in the case of any of the Canadian Entities, the Issuer ceases to hold any direct or
indirect interest in the Equity Interests of such Canadian Entity, 
 then the Person acquiring such assets (in the case of clause (c)(1)) or
such Guarantor (in the case of clause (c)(2)) will be automatically released and relieved of any obligations under its Guarantee; provided, that such sale or other disposition complies with Section 5.08. 
 SECTION 5.04 Restricted Payments. 
 (a) The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly: 
 (1) declare or pay any dividend or make any other payment or distribution on or in respect of the Issuer’s or any of its Restricted Subsidiaries’ Equity Interests (including any payment in connection with
any merger or consolidation involving the Issuer or any of its Restricted Subsidiaries) or to the direct or indirect holders of the Issuer’s or any of its Restricted Subsidiaries’ Equity Interests in their capacity as such (other than
dividends or distributions payable in Equity Interests (other than Disqualified Stock) of the Issuer and other than dividends or distributions payable to the Issuer or a Restricted Subsidiary of the Issuer); 
  

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 (2) purchase, redeem or otherwise acquire or retire for value (including in connection
with any merger or consolidation involving the Issuer) any Equity Interests of the Issuer or any direct or indirect parent of the Issuer; 
 (3) make any principal payment on or with respect to, or purchase, redeem, defease or otherwise acquire or retire for value any Indebtedness of the Issuer or any Guarantor (other than Indebtedness among the Issuer and
the Guarantors) that is contractually subordinated to the Notes or to any Guarantee, except a payment of principal at the Stated Maturity thereof, or within one year prior to such Stated Maturity; or 
 (4) make any Restricted Investment (all such payments and other actions set forth in these clauses (1) through (4) above being
collectively referred to as “Restricted Payments”), unless, at the time of and after giving effect to such Restricted Payment: 
 (A) no Default or Event of Default has occurred and is continuing or would occur as a consequence of such Restricted Payment; 
 (B) the Issuer would, at the time of such Restricted Payment and after giving pro forma effect thereto as if such Restricted Payment had
been made at the beginning of the applicable quarterly period, have been permitted to incur at least $1.00 of additional Indebtedness pursuant to the Leverage Ratio test set forth in Section 5.01(a); and 
 (C) such Restricted Payment, together with the aggregate amount of all other Restricted Payments declared or made by the Issuer and its
Restricted Subsidiaries after the Issue Date, is less than the sum, without duplication, of: 
 (i) 100% of Consolidated
EBITDA accrued during the period (treated as one accounting period) from the beginning of the first fiscal quarter during which the Issuer generates positive Consolidated EBITDA to the end of the most recent fiscal quarter for which internal
financial statements are available less 1.4 times the Consolidated Interest Expense of the Issuer for the same period (if such amount in this clause (i) is a negative amount, minus the amount by which such amount is less than
zero), plus 
 (ii) 100% of the aggregate Net Proceeds received by the Issuer since the Issue Date as a contribution
to its common equity capital or from the issue or sale of Equity Interests (other than Disqualified Stock) of the Issuer or from the issue or sale of convertible or exchangeable Disqualified Stock or convertible or exchangeable debt securities of
the Issuer that have been converted into or exchanged for such Equity Interests (other than Equity Interests or Disqualified Stock or debt securities) sold to a Subsidiary of the Issuer or an employee stock ownership plan, option plan or similar
trust to the extent such sale to an employee stock ownership plan or similar trust is financed by loans from or guaranteed by the Issuer or any Restricted Subsidiary unless such loans have been 

  

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repaid with cash on or prior to the date of determination); provided, however, that there shall be excluded from the calculation of Net
Proceeds under this clause (ii) any Net Proceeds received by the Issuer from the issue or sale of its Capital Stock or cash capital contributions received by the Issuer and which is deemed to be used to incur Indebtedness pursuant to clauses
(1) and (13) of Section 5.01(b); until and except to the extent any such Indebtedness incurred pursuant to such clause in respect of such Net Proceeds has been redesignated to another clause of Section 5.01(b); provided,
further that Designated Equity Contributions shall be excluded from the calculation of Net Proceeds under this clause (ii) unless the Issuer has made a Designated Equity Election, in which case the amount by which such Designated Equity
Contributions exceeds the net present value of all payments to be made under Capital Lease Obligations and Purchase Money Indebtedness incurred pursuant to clause (15) of Section 5.01(b) shall be permitted to be included in the calculation
of Net Proceeds under this clause (ii), plus  
 (iii) 100% of the aggregate Net Proceeds received by the Issuer or a
Restricted Subsidiary since the Issue Date from (A) Restricted Investments, whether through interest payments, principal payments, dividends or other distributions and payments, or the sale or other disposition (other than to the Issuer or a
Restricted Subsidiary) thereof made by the Issuer and its Restricted Subsidiaries and (B) a cash dividend from, or the sale (other than to the Issuer or a Restricted Subsidiary) of the stock of, an Unrestricted Subsidiary, in each case to the
extent not otherwise included in Consolidated Net Income of the Issuer for such period; plus 
 (iv) to the extent
that any Unrestricted Subsidiary of the Issuer designated as such after the Issue Date is redesignated as a Restricted Subsidiary after the Issue Date, the fair market value of the Issuer’s Investment in such Subsidiary as of the date of such
redesignation. 
 (b) So long as no Default has occurred and is continuing or would be caused thereby, the preceding
provisions will not prohibit: 
 (1) the payment of any dividend or the consummation of any irrevocable redemption within 60
days after the date of declaration of the dividend or giving of the redemption notice, as the case may be, if at the date of declaration or notice the dividend or redemption payment would have complied with the provisions of this Indenture;

 (2) the making of any Restricted Payment in exchange for, or out of the net cash proceeds of the substantially concurrent
sale (other than to a Subsidiary of the Issuer) of, Equity Interests of the Issuer (other than Disqualified Stock and other than Equity Interests issued or sold to an employee stock ownership plan or similar trust to the extent such sale to an
employee stock ownership plan or similar trust is financed by loans from or guaranteed by the Issuer or any Restricted Subsidiary unless such loans have been repaid with cash on or prior to the date of determination) or from the substantially

  

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concurrent contribution of common equity capital to the Issuer; provided that the amount of any such net cash proceeds that are utilized for any such
Restricted Payment will be excluded from clause (a)(4)(C)(ii) of Section 5.04; provided, further that payments of amounts pursuant to this clause shall be excluded from subsequent calculations of the amount of Restricted Payments;

 (3) the defeasance, redemption, repurchase or other acquisition or retirement for value of Indebtedness of the Issuer or
any Guarantor that is contractually subordinated to the Notes or to any Guarantee in exchange for, or out of the net cash proceeds of the substantially concurrent incurrence of, Permitted Refinancing Indebtedness (other than to a Subsidiary of the
Issuer); provided that payments of amounts pursuant to this clause shall be excluded from subsequent calculations of the amount of Restricted Payments; 
 (4) the payment of any dividend or distribution by a Restricted Subsidiary of the Issuer to the holders of its Equity Interests on a
pro rata basis; provided that payments of amounts to the Issuer or any of its Restricted Subsidiaries pursuant to this clause (4) shall be excluded from subsequent calculations of the amount of Restricted Payments; 
 (5) the repurchase, redemption or other acquisition or retirement for value of any Equity Interests of the Issuer or any Restricted
Subsidiary of the Issuer or any direct or indirect parent of the Issuer held by any current or former officer, director or employee of the Issuer or any of its Restricted Subsidiaries or their estates or heirs pursuant to any equity subscription
agreement, stock option agreement, shareholders’ agreement or similar agreement; provided that the aggregate price paid for all such Equity Interests repurchased, redeemed, acquired or retired pursuant to this clause may not exceed $2.5
million in the aggregate since the Issue Date; provided further that cancellation in connection with a repurchase of Equity Interests of the Issuer of Indebtedness owing to the Issuer from employees, directors, officers or consultants of the
Issuer or any of its Subsidiaries incurred to finance the acquisition of such Equity Interests by such individuals shall not be deemed to constitute a Restricted Payment; provided, further that payments of amounts pursuant to this clause
shall be excluded from subsequent calculations of the amount of Restricted Payments; 
 (6) repurchases of Equity Interests
deemed to occur upon the exercise of stock options, warrants or other convertible securities to the extent such Equity Interests represent a portion of the exercise price thereof; provided that payments of amounts pursuant to this clause
shall be excluded from subsequent calculations of the amount of Restricted Payments; 
 (7) the declaration and payment of
regularly scheduled or accrued dividends to holders of any class or series of Disqualified Stock of the Issuer or any Restricted Subsidiary of the Issuer issued on or after the Issue Date in accordance with the Leverage Ratio test set forth in
Section 5.01(a); provided that payments pursuant to this clause shall be excluded from subsequent calculations of Restricted Payments; 
  

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 (8) the declaration and payment of dividends by the Issuer to, or the making of loans to,
any direct or indirect parent in amounts required for any direct or indirect parent to pay: 
 (i) franchise taxes and other
fees, taxes and expenses required to maintain their corporate existence; provided that payments of amounts pursuant to this clause (i) shall be excluded from subsequent calculations of the amount of Restricted Payments; 
 (ii) federal, state and local income taxes, to the extent such income taxes are attributable to the income of the Issuer and its
Subsidiaries; provided that payments of amounts pursuant to this clause (ii) shall be excluded from subsequent calculations of the amount of Restricted Payments; 
 (iii) (A) reasonable salary, bonus and other benefits payable to directors, officers and employees of any direct or indirect parent
company of the Issuer to the extent such salaries, bonuses and other benefits are substantially attributable to the ownership or operation of the Issuer and its Restricted Subsidiaries and (B) general corporate overhead expenses of any direct
or indirect parent company of the Issuer to the extent such expenses are substantially attributable to the ownership or operation of the Issuer and its Restricted Subsidiaries; provided that payments of amounts pursuant to this clause (iii),
up to a maximum of $5.0 million for any fiscal year of the Issuer, shall be excluded from subsequent calculations of the amount of Restricted Payments; 
 (iv) costs, fees and expenses incident to a private placement or public offering of any securities of such parent, so long as all of the net proceeds of such offering (if it is completed) are contributed to the
Issuer; provided that payments of amounts pursuant to this clause (iv) shall be excluded from subsequent calculations of the amount of Restricted Payments; and 
 (v) taxes payable by any direct or indirect parent in connection with a contribution of shares of SkyTerra common stock to the Issuer
pursuant to the Motient Funding Agreement provided that such taxes relate to increases in the value of such shares after their issuance to Motient Ventures Holding Inc., and provided, further that payments of amounts pursuant to this
clause (v) shall be excluded from subsequent calculations of the amount of Restricted Payments; 
 (9) other Restricted
Payments in an aggregate amount since the Issue Date not to exceed $5.0 million; and 
 (10) Restricted Payments made pursuant
to the Transfer Agreements; provided that payments of amounts pursuant to this clause shall be excluded from subsequent calculations of the amount of Restricted Payments. 
 (c) The amount of all Restricted Payments (other than cash) will be the fair market value on the date of the Restricted Payment of the
asset(s) or securities proposed to be transferred or issued by the Issuer or such Restricted Subsidiary, as the case may be, pursuant to 

  

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the Restricted Payment. The fair market value of any non-cash Restricted Payment that is required to be valued by this covenant shall be determined by the
Board of Directors of the Issuer acting in good faith, whose resolution with respect thereto will be delivered to the Trustee. The Board of Directors’ determination must be based upon an opinion or appraisal issued by an accounting, appraisal
or investment banking firm of national standing if the fair market value exceeds $25.0 million. 
 SECTION 5.05 Transactions with
Affiliates. 
 (a) The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, directly or
indirectly, make any payment to, or sell, lease, transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction, contract, agreement, understanding, loan,
advance or guarantee with, or for the benefit of, any Affiliate of the Issuer (each, an “Affiliate Transaction”), unless: 
 (1) the Affiliate Transaction is on terms that are no less favorable to the Issuer or the relevant Restricted Subsidiary than those that would have been obtained in a comparable transaction in arm’s-length
dealings by the Issuer or such Restricted Subsidiary with a Person who is not an Affiliate; and 
 (2) the Issuer delivers to
the Trustee: 
 (a) with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate
consideration in excess of $10.0 million, a written resolution of the Board of Directors of the Issuer set forth in an Officers’ Certificate certifying that a majority of the disinterested members of the Board of Directors, if any, have
approved such Affiliate Transaction and determined that such Affiliate Transaction complies with this Section 5.05; and 
 (b) with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of $15.0 million, a written opinion as to the fairness to the Issuer or such Restricted Subsidiary of such
Affiliate Transaction from a financial point of view issued by an independent accounting, appraisal or investment banking firm of national standing. 
 (b) Notwithstanding the foregoing, none of the following shall be prohibited by Section 5.05(a) or be deemed to be Affiliate Transactions: 
 (1) reasonable and customary (A) directors’ fees and indemnification and similar arrangements, (B) consulting fees in an
amount not to exceed $250,000 per fiscal year, (C) employee salaries, bonuses and employment agreements (including indemnification arrangements) and (D) compensation or employee benefit arrangements and incentive arrangements with any
officer, director or employee entered into in the ordinary course of business (including customary benefits thereunder) and payments pursuant thereto; 
  

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 (2) transactions between or among the Issuer and/or any of its Restricted Subsidiaries
and Guarantees issued by and other transactions of the Issuer or any of its Restricted Subsidiaries for the benefit of the Issuer or any of its Restricted Subsidiaries, as the case may be; 
 (3) transactions with a Person (other than an Unrestricted Subsidiary of the Issuer) that is an Affiliate of the Issuer or any Restricted
Subsidiary solely because the Issuer or any Restricted Subsidiary owns an Equity Interest in, or controls, such Person; 
 (4)
the pledge of Equity Interests of Unrestricted Subsidiaries to support the Indebtedness thereof; 
 (5) issuances and sales of
Equity Interests (other than Disqualified Stock) of the Issuer to Affiliates of the Issuer and the granting of registration and other customary rights in connection therewith, or the receipt of capital contributions from Affiliates of the Issuer
that are not Restricted Subsidiaries of he Issuer solely in exchange for Equity Interests (other than Disqualified Stock) of the Issuer; 
 (6) Restricted Payments that are permitted by Section 5.04 and Permitted Investments (other than pursuant to clause (1) or clause (3) of the definition of “Permitted Investments”); 

(7) the performance of obligations of the Issuer or any of its Restricted Subsidiaries under the terms of any agreement to which the
Issuer or any Restricted Subsidiaries is a party as of or on the Issue Date and to the extent described in the Offering Memorandum, substantially as described therein, as these agreements may be amended, modified, supplemented, extended or renewed
from time to time; provided, however, that any future amendment, modification, supplement, extension or renewal entered into after the Issue Date will be permitted to the extent that its terms are not materially more disadvantageous to the
Holders than the terms of the agreements in effect on the Issue Date; 
 (8) the performance of obligations of the Issuer or
any of its Subsidiaries under the terms of the Transfer Agreements, the Motient Funding Agreement and the TerreStar Shareholders Agreement on the terms described in the Offering Memorandum, as these agreements may be amended, modified, supplemented,
extended or renewed from time to time; provided, however, that any future amendment, modification, supplement, extension or renewal entered into after the Issue Date will be permitted to the extent that its terms are not more disadvantageous
in any material respect to the Holders of the Notes than the terms of the agreements in effect on the Issue Date or described in the Offering Memorandum; 
 (9) any transaction in which the Issuer or any of its Restricted Subsidiaries delivers to the Trustee a letter issued by an investment banking, appraisal or accounting firm of national standing stating that such
transaction is fair from a financial point of view or meets the requirements of clause (1) of Section 5.05(a); and 
  

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 (10) transactions with customers, clients, suppliers, or purchasers or sellers of goods
or services, in each case in the ordinary course of business and otherwise in compliance with the terms of this Indenture which are fair to the Issuer and its Restricted Subsidiaries, in the reasonable determination of the Board of Directors or the
senior management of the Issuer, or are on terms at least as favorable as might reasonably have been obtained at such time from an unaffiliated party. 
 SECTION 5.06 Limitation on Lines of Business. The Issuer shall not, and shall not permit any Restricted Subsidiary to, engage in any business other than Permitted Businesses, except to such extent as would not
be material to the Issuer and its Subsidiaries taken as a whole. 
 SECTION 5.07 Dividend and Other Payment Restrictions Affecting
Restricted Subsidiaries. 
 (a) The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, directly
or indirectly, create or permit to exist or become effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary to: 
 (1) pay dividends or make any other distributions on its Capital Stock to the Issuer or any of its Restricted Subsidiaries (it being understood that the priority of any preferred stock in receiving dividends or
liquidating distributions prior to dividends or liquidating distributions being paid on common stock shall not be deemed a restriction on the ability to make distributions on Capital Stock) or pay any Indebtedness owed to the Issuer or any of its
Restricted Subsidiaries; 
 (2) make loans or advances to the Issuer or any of its Restricted Subsidiaries (it being
understood that the subordination of loans or advances made to the Issuer or any of its Restricted Subsidiaries to other Indebtedness incurred by the Issuer or any of its Restricted Subsidiaries shall not be deemed a restriction on the ability to
make loans or advances); or 
 (3) sell, lease or transfer any of its properties or assets to the Issuer or any of its
Restricted Subsidiaries. 
 (b) The preceding restrictions will not apply to encumbrances or restrictions existing under or by
reason of: 
 (1) agreements governing Existing Indebtedness and Credit Facilities as in effect on the Issue Date and any
amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of those agreements; provided that the amendments, modifications, restatements, renewals, increases, supplements, refundings,
replacements or refinancings are no more restrictive in any material respect, taken as a whole, with respect to such dividend and other payment restrictions than those contained in those agreements on the Issue Date; 
 (2) this Indenture, the Notes, the related Guarantees, the Collateral Documents, the Intercreditor Agreement and the Transfer Agreements;

  

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 (3) applicable law or any applicable rule, regulation or order; 
 (4) any instrument governing Indebtedness or Capital Stock of a Person acquired by the Issuer or any of its Restricted Subsidiaries as in
effect at the time of such acquisition (except to the extent such Indebtedness or Capital Stock was incurred in connection with or in contemplation of such acquisition), which encumbrance or restriction is not applicable to any Person, or the
properties or assets of any Person, other than the Person, or the property or assets of the Person, so acquired, including any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of any
such agreements or instruments; provided that the amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings are no more restrictive in any material respect, taken as a whole, than
those contained in the agreements governing such original agreement or instrument; provided, further, that, in the case of Indebtedness, such Indebtedness was permitted by Section 5.01; 
 (5) in the case of Section 5.07(a)(3): 
 (i) a lease, license or similar contract that restricts in a customary manner the subletting, assignment or transfer of any subject property or asset, or the assignment or transfer of any such lease, license or other
contract; 
 (ii) mortgages, pledges or other security agreements otherwise permitted under this Indenture securing
Indebtedness of the Issuer or any of its Restricted Subsidiaries to the extent such encumbrances or restrictions restrict the transfer of the property subject to such mortgages, pledges or other security agreements; or 
 (iii) reciprocal easement agreements of the Issuer or any of its Restricted Subsidiaries containing customary provisions restricting
dispositions of the subject real property interests; 
 (6) leases and other agreements containing net worth provisions
entered into by the Issuer or any Restricted Subsidiary in the ordinary course of business; 
 (7) Purchase Money Indebtedness
for property acquired in the ordinary course of business and Capital Lease Obligations permitted under this Indenture that, in each case, impose restrictions on the property purchased or leased of the nature described in Section 5.07(a)(3);

 (8) any agreement for the sale or other disposition of assets or Capital Stock of a Restricted Subsidiary permitted under
this Indenture that restricts the sale of assets, distributions or loans by that Restricted Subsidiary pending its sale or other disposition; 
  

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 (9) Permitted Refinancing Indebtedness; provided that the restrictions contained
in the agreements governing such Permitted Refinancing Indebtedness are no more restrictive in any material respect, taken as a whole, than those contained in the agreements governing the Indebtedness being refinanced; 
 (10) Liens securing Indebtedness otherwise permitted to be incurred under Section 5.02 that limit the right of the debtor to dispose
of the assets subject to such Liens; 
 (11) provisions with respect to the disposition or distribution of assets or property
in joint venture agreements and other similar agreements entered into in the ordinary course of business; provided that such restrictions apply only to the assets or property subject to such agreements; 
 (12) any agreement or instrument entered into after the Issue Date, provided that the encumbrances or restrictions in such agreement or
instrument are not materially more restrictive, taken as a whole, than those contained in this Indenture, the Notes or the Collateral Documents; 
 (13) any Indebtedness permitted to be incurred or issued subsequent to the Issue Date pursuant to clause (11) of Section 5.01(b); provided that the Board of Directors of the Issuer determines (as
evidenced by a resolution of the Board of Directors) in good faith at the time such encumbrances or restrictions are created that such encumbrances or restrictions would not reasonably be expected to impair the ability of the Issuer to make payments
of interest and scheduled payments of principal on the Notes in each case as and when due; and 
 (14) restrictions on cash or
other deposits or net worth under contracts or leases entered into in the ordinary course of business. 
 SECTION 5.08 Asset Sales and
Recovery Events. 
 (a) (1) The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, consummate
an Asset Sale of Collateral unless: 
 (i) the Issuer or such Restricted Subsidiary, as the case may be, receives
consideration at least equal to the fair market value of the Collateral sold or otherwise disposed of (such fair market value to be determined as of the date of contractually agreeing to such Asset Sale); 
 (ii) the fair market value is determined in good faith by the Issuer’s Board of Directors; 
 (iii) at least 75% of the consideration received in the Asset Sale by the Issuer or such Restricted Subsidiary is in the form of cash or
Cash Equivalents and 100% of the Net Proceeds therefrom is deposited directly into a deposit account constituting Collateral; provided that the amount of any consideration that is not in the form of cash or Cash Equivalents, taken together
with all consideration not in the form of cash or Cash Equivalents received pursuant to this clause (iii) at the time of determination, shall not exceed an amount equal to the greater of (x) $25.0 million and (y) 2.5% of Consolidated
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 (iv) the remaining consideration from such Asset Sale that is not in the form of cash or
Cash Equivalents is promptly following its acquisition pledged as Collateral to secure the Notes. 
 (2) Within 360 days of
receipt of any Net Proceeds from an Asset Sale or Recovery Event relating to Collateral, the Issuer or any of its Restricted Subsidiaries may apply such Net Proceeds to invest in Additional Assets, which Additional Assets are upon their acquisition
added to the Collateral securing the Notes. 
 (3) All of the Net Proceeds received by the Issuer or such Restricted
Subsidiary, as the case may be, from any Recovery Event shall be deposited directly into an account pledged under the Collateral Documents and may be withdrawn by the Issuer or such Restricted Subsidiary to be invested in Additional Assets (which
may include performance of a Restoration of the affected Collateral) in accordance with this clause (3) within 360 days of the date of such Recovery Event. 
 (4) Any Net Proceeds from Asset Sales of Collateral or Recovery Events relating to Collateral that are not applied or invested as provided
in Section 5.08(a) or in accordance with the Collateral Documents shall constitute “Excess Collateral Proceeds.” 
 Subject to clause (5) of this Section 5.08(a), no later than the 365th day after the Asset Sale or Recovery Event pursuant to this Section 5.08(a) (or, at the Issuer’s option, at any
earlier date), if the aggregate amount of Excess Collateral Proceeds exceeds $10.0 million, the Issuer shall: 
 (i) make an
offer (a “Collateral Sale Offer”) to all Holders of Notes; and 
 (ii) prepay, purchase or redeem (or make an
offer to do so) any other Indebtedness of the Issuer that is pari passu in right of payment with the Notes in accordance with provisions governing such Indebtedness requiring the Issuer to prepay, purchase or redeem such Indebtedness with the
proceeds from any Asset Sales (of offer to do so), 
 pro rata in proportion to the aggregate principal amount of the Notes and the
respective principal amounts of such other Indebtedness (or, in the case of Indebtedness issued at a discount, the accreted value thereof) required to be prepaid, purchased or redeemed or tendered for, in the case of the Notes pursuant to such
Collateral Sale Offer, to purchase the maximum aggregate principal amount of Notes that may be purchased out of such pro rata portion of the Excess Collateral Proceeds, at an offer price in cash in an amount equal to 100% of their aggregate
principal amount plus accrued and unpaid interest (if any) to the date of purchase subject to the right of Holders of record on a record date to receive interest on the relevant interest payment date in accordance with the procedures set forth in
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100% of the aggregate principal amount of the Notes, and the aggregate principal amount outstanding of such other Pari Passu Indebtedness (or, in the case of
Indebtedness issued at a discount, the accreted value thereof), plus accrued and unpaid interest, if any, to, but excluding, the date of purchase, and shall be payable in cash, in each case, in minimum denominations of $2,000 and integral multiples
of $1,000 in excess thereof, except that if a premium is to be paid to the holders of such other Indebtedness, such premium shall not be paid with the Net Proceeds from Asset Sales. If any Excess Collateral Proceeds remain after consummation of a
Collateral Sale Offer, the Issuer may use those Excess Collateral Proceeds for any purpose not otherwise prohibited by this Indenture. If the aggregate principal amount of Notes and aggregate principal amount (or, in the case of Indebtedness issued
at a discount, the accreted value thereof) outstanding of the Pari Passu Indebtedness tendered in such Collateral Sale Offer exceeds the amount of Excess Collateral Proceeds, the portion of each Note and Pari Passu Indebtedness to be purchased shall
be determined by the Trustee on a pro rata basis among the holders of such Notes and Pari Passu Indebtedness with appropriate adjustments such that the Notes may only be purchased in minimum denominations of $2,000 and integral multiples of
$1,000 in excess thereof. Upon completion of each Collateral Sale Offer or the application of Excess Collateral Proceeds pursuant to this Section 5.08(a)(4), the amount of Excess Proceeds will be reset at zero. 
 (5) Notwithstanding the foregoing, the Issuer or such Restricted Subsidiary shall be deemed to have applied Net Proceeds from an Asset
Sale or Recovery Event if, within such 360-day period, the Issuer or such Restricted Subsidiary has entered into a binding commitment or agreement to invest such Net Proceeds and continues to use all commercially reasonable efforts to so apply such
Net Proceeds as soon as practicable thereafter, and no Collateral Sale Offer needs to be launched unless there occurs any abandonment or termination of such commitment or agreement after such 360-day period, in which case the Net Proceeds not
applied will constitute Excess Proceeds at such time. 
 (b) (1) The Issuer shall not, and shall not permit any of its
Restricted Subsidiaries to, directly or indirectly, consummate an Asset Sale (other than an Asset Sale of Collateral) unless: 
 (i) the Issuer or such Restricted Subsidiary, as the case may be, receives consideration at least equal to the fair market value of the assets or Equity Interests issued or sold or otherwise disposed of (such fair market value to be
determined on the date of contractually agreeing to such Asset Sale); 
 (ii) the fair market value is determined by the
Issuer’s Board of Directors and evidenced by a resolution of such Board of Directors set forth in an Officers’ Certificate delivered to the Trustee; and 
 (iii) at least 75% of the consideration received in the Asset Sale by the Issuer or such Restricted Subsidiary is in the form of cash or
Cash Equivalents. 
  

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 (2) Within 360 days after the receipt of any Net Proceeds from an Asset Sale (other than
an Asset Sale of Collateral) or a Recovery Event (other than a Recovery Event involving Collateral), the Issuer or any Restricted Subsidiary may apply such Net Proceeds at its option to: 
 (i) repay, purchase or otherwise retire the Notes or other Indebtedness (and to correspondingly reduce commitments with respect thereto)
that is pari passu in right of payment with the Notes; provided that the Issuer shall also equally and ratably reduce Obligations under the Notes by making an offer (in accordance with the procedures set forth in
Section 5.08(b)(4) for an Excess Proceeds Offer) to all Holders of Notes to purchase the pro rata principal amount of Notes (on the basis of the aggregate principal amount of the Notes and the principal amount of other Pari Passu
Indebtedness tendered in such Excess Proceeds Offer) at a purchase price equal to 100% of the principal amount thereof, plus the amount of accrued but unpaid interest, if any, to the repurchase date (subject to the right of the Holders of record on
the relevant record date to receive interest due on the relevant interest payment date); 
 (ii) repay or repurchase
Indebtedness of a Restricted Subsidiary that is not a Guarantor, other than Indebtedness owed to the Issuer or another of its Restricted Subsidiaries; or 
 (iii) acquire or invest in Additional Assets. 
 (3) Notwithstanding the foregoing, the Issuer
or such Restricted Subsidiary shall be deemed to have applied Net Proceeds from an Asset Sale or Recovery Event within such 360-day period if, within such 360-day period, the Issuer or such Restricted Subsidiary has entered into a binding commitment
or agreement to invest such Net Proceeds and continues to use all commercially reasonable efforts to so apply such Net Proceeds as soon as practicable thereafter, and no Excess Proceeds Offer needs to be launched unless there occurs any abandonment
or termination of such commitment or agreement after such 360-day period, in which case the Net Proceeds not so applied will constitute Excess Proceeds at such time. 
 (4) Any Net Proceeds from Asset Sales (other than Asset Sales of Collateral) or Recovery Events (other
than Recovery Events relating to Collateral) that are not applied or invested as provided in Section 5.08(b)(3) will constitute “Excess Proceeds.” Subject to Section 5.08(b)(3), no later than the 365th day after the Asset Sale or Recovery Event (or, at the Issuer’s option, an earlier date), if the aggregate amount of
Excess Proceeds exceeds $10.0 million, the Issuer shall: 
 (i) make an offer (an “Excess Proceeds Offer”) to
all Holders of Notes; and 
 (ii) prepay, purchase or redeem (or make an offer to do so) any other Indebtedness of the Issuer
that is pari passu in right of payment with the Notes in accordance with provisions governing such Indebtedness requiring the Issuer to prepay, purchase or redeem such Indebtedness with the proceeds from any Asset Sales (of offer to do so),

  

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 pro rata in proportion to the principal amount of the Notes and the respective principal or
accreted amounts of such other Indebtedness required to be prepaid, purchased or redeemed or tendered for, in the case of the Notes pursuant to such Excess Proceeds Offer, to purchase the maximum aggregate principal amount of Notes that may be
purchased out of such pro rata portion of the Excess Proceeds, at an offer price in cash in an amount equal to 100% of their aggregate principal amount plus accrued and unpaid interest, if any, to the date of purchase subject to the right of
Holders of record on a record date to receive interest on the relevant interest payment date in accordance with the procedures set forth in Section 3.09(a). The offer price in any Excess Proceeds Offer will be equal to 100% of the aggregate
principal amount of the Notes and such other Pari Passu Indebtedness, plus accrued and unpaid interest if any, to, but excluding, the date of purchase, and will be payable in cash, in each case, in minimum denominations of $2,000 and integral
multiples of $1,000 in excess thereof, except that if a premium is to be paid to the Holders of such other Indebtedness, such premium shall not be paid with the Net Proceeds from Asset Sales. If any Excess Proceeds remain after consummation of an
Excess Proceeds Offer, the Issuer may use those Excess Proceeds for any purpose not otherwise prohibited by this Indenture. If the aggregate principal amount of Notes and the principal amount or accreted value of the other Pari Passu Indebtedness
tendered in such Excess Proceeds Offer exceeds the amount of Excess Proceeds, the Excess Proceeds will be allocated by the Issuer to the Notes and such other Pari Passu Indebtedness on a pro rata basis as nearly as practicable (on the basis
of the aggregate principal amount of the Notes and the principal amount of other Pari Passu Indebtedness tendered in such Excess Proceeds Offer) and the portion of each Note to be purchased will thereafter be determined by the Trustee on a pro
rata basis among the Holders of such Notes with appropriate adjustments such that the Notes may only be purchased in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. Upon completion of each Excess Proceeds
Offer, the amount of Excess Proceeds will be reset at zero. 
 (c) If the purchase date of a Collateral Sale Offer or Excess
Proceeds Offer is on or after an interest payment record date and on or before the related interest payment date, any accrued and unpaid interest, if any, will be paid to the Holder in whose name a Note is registered at the close of business on such
record date, and no interest will be payable to Holders who tender Notes pursuant to the Collateral Sale Offer or Excess Proceeds Offer. 
 (d) Pending the final application of any Net Proceeds from an Asset Sale or Recovery Event, the Issuer and its Restricted Subsidiaries may temporarily reduce revolving credit borrowings or otherwise invest the Net
Proceeds in any manner that is not prohibited by this Indenture. 
  

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 (e) For purposes of this Section 5.08, each of the following shall be deemed to be
cash: 
 (1) the amount of any liabilities, as shown on the most recent consolidated balance sheet or in the notes thereto, of
the Issuer or such Restricted Subsidiary (other than contingent liabilities and liabilities that are by their terms subordinated to the Notes or any Subsidiary Guarantee) that are assumed by the transferee of any such assets, provided that the
Issuer or such Restricted Subsidiary is released from further liability; 
 (2) any securities, Notes or other obligations
received by the Issuer or any such Restricted Subsidiary from such transferee that are converted by the Issuer or such Restricted Subsidiary into cash or Cash Equivalents (to the extent of the cash or Cash Equivalents received in that conversion)
within 180 days of receipt thereof; and 
 (3) any stock or assets received as consideration for such Asset Sale that would
otherwise constitute a permitted application of Net Proceeds (or other cash in such amount) under clauses (1), (2) or (4) of the definition of “Additional Assets.” 
 SECTION 5.09 Change of Control. 
 (a) If a Change of Control occurs, unless all Notes have been called for redemption pursuant to Section 3.07, the Issuer shall make an offer to each Holder to repurchase all or any part of such Holder’s
Notes pursuant to a Change of Control Offer made pursuant to Section 3.09 at an offer price in cash (the “Change of Control Payment”) equal to 101% of the principal amount of the Notes repurchased, plus accrued and unpaid
interest, if any, thereon to, but excluding, the date of purchase. 
 (b) The Issuer shall not be required to make a Change of
Control Offer upon a Change of Control if (1) a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in Section 3.09 applicable to a Change of Control Offer
made by the Issuer and purchases all Notes properly tendered and not withdrawn under such Change of Control Offer or (2) notice of redemption has been given pursuant to Section 3.07 unless and until there is a default in payment of the
applicable redemption price. 
 SECTION 5.10 Payments for Consent. The Issuer shall not, and shall not permit any of its Subsidiaries
to, directly or indirectly, pay or cause to be paid any consideration to or for the benefit of any Holder of Notes for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of this Indenture, the Notes, or the
Collateral Documents or the Intercreditor Agreement unless such consideration is offered to be paid and is paid to all Holders of the Notes that consent, waive or agree to amend in the time frame set forth in the solicitation documents relating to
such consent, waiver or agreement. 
 ARTICLE 6 
 DEFAULTS AND REMEDIES 
 SECTION 6.01 Events of Default and Remedies. 
 (a) Each of the following is an “Event of Default” under this Indenture: 
 (1) default for 30 days in the payment when due of interest on the Notes (including the failure to deliver to the Holders of the Notes
properly authorized and authenticated Additional Notes issued in payment of interest and including any additional interest payable pursuant to Interest Step-Ups); 
  

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 (2) default in the payment when due (at maturity, upon redemption or otherwise) of the
principal of or premium, if any, on, the Notes; 
 (3) failure by the Issuer or any of its Restricted Subsidiaries to comply
with Section 5.03; 
 (4) failure by the Issuer or any of its Restricted Subsidiaries for 30 days after notice to the
Issuer by the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding to comply with (a) Section 3.09 or Articles 4 or 5 or (b) any of its obligations under the Collateral Documents;

 (5) failure by the Issuer or any Restricted Entity for 60 days after notice to the Issuer by the Trustee or the Holders of
at least 25% in aggregate principal amount of the Notes then outstanding to comply with any of the other covenants or agreements in this Indenture; 
 (6) failure to pay at final maturity principal of any Indebtedness of the Issuer or of any Restricted Entity (including Guarantees by the Issuer or any Restricted Entity), whether such Indebtedness or Guarantee now
exists or is created after the Issue Date, prior to the expiration of the grace period after final maturity provided in such Indebtedness or any such Indebtedness is accelerated by the Holders thereof, in each case if the principal amount of all
such Indebtedness aggregates $10.0 million or more; 
 (7) failure by the Issuer or any Restricted Entity to pay final
judgments entered by a court or courts of competent jurisdiction (not subject to appeal) aggregating in excess of $10.0 million (net of any amounts which a reputable and creditworthy insurance company has acknowledged liability for in writing),
which judgments are not paid, discharged or stayed for a period of 60 days after the date on which the right to appeal has expired; 
 (8) except as permitted by this Indenture, any Subsidiary Guarantee of a Guarantor that is a Significant Subsidiary or is the FCC License Subsidiary, or the Guarantee of a Canadian Entity, shall be held in any judicial proceeding to be
unenforceable or invalid or shall cease for any reason to be in full force and effect, or the Issuer or any Guarantor that is a Significant Subsidiary or is the FCC License Subsidiary, or is a Canadian Entity, or any Person acting on behalf of the
Issuer or any such Guarantor, shall deny or disaffirm its obligations under its Guarantee and in the case of the Guarantee of a Canadian Entity, such Guarantee has not been reinstated within 120 days of such event; 
  

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 (9) (i) the Issuer, any Restricted Subsidiary that is a Significant Subsidiary, any group
of Restricted Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary, the FCC License Subsidiary or any Canadian Entity (unless such Canadian Entity has ceased to be a Guarantor at such time) shall commence any case,
proceeding or other action (A) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors seeking to have an order for relief entered with respect to it, or
seeking to adjudicate it as bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts, or (B) seeking appointment of a receiver,
trustee, custodian or other similar official for it or for all or any substantial part of its assets, or the Issuer, any Restricted Subsidiary that is a Significant Subsidiary, any group of Restricted Subsidiaries that, taken as a whole, would
constitute a Significant Subsidiary, the FCC License Subsidiary, or any Canadian Entity (unless such Canadian Entity is not a Guarantor at such time) shall make a general assignment for the benefit of its creditors; or (ii) there shall be
commenced against the Issuer, any Restricted Subsidiary that is a Significant Subsidiary, any group of Restricted Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary, the FCC License Subsidiary, or any Canadian Entity
(unless such Canadian Entity is not a Guarantor at such time) any case, proceeding or other action of a nature referred to in clause (i) above which (A) results in the entry of an order for relief or any such adjudication or appointment or
(B) remains undismissed, undischarged or unbonded for a period of 60 days; or (iii) there shall be commenced against the Issuer, any Restricted Subsidiary that is a Significant Subsidiary, any group of Restricted Subsidiaries that, taken
as a whole, would constitute a Significant Subsidiary, the FCC License Subsidiary, or any Canadian Entity (unless such Canadian Entity is not a Guarantor at such time) any case, proceeding or other action seeking issuance of a warrant of attachment,
execution, distraint or similar process against all or any substantial part of its assets which results in the entry of an order for any such relief which shall not have been vacated, discharged, or stayed or bonded pending appeal within 60 days
from the entry thereof; or (iv) the Issuer, any Restricted Subsidiary that is a Significant Subsidiary, any group of Restricted Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary, the FCC License Subsidiary, or any
Canadian Entity (unless such Canadian Entity is not a Guarantor at such time) shall generally not, or shall be unable to, or shall admit in writing its inability to, pay its debts as they become due; and 
 (10) (a) failure by the Issuer and the Guarantors to receive the U.S. FCC Letter of Intent Authorization by July 31, 2008; or
(b) a revocation, cancellation or relinquishment of (i) the U.S. FCC Letter of Intent Authorization or (ii) any FCC authorization held by the Issuer or a Restricted Subsidiary of the Issuer to operate ancillary terrestrial component
facilities, unless the revocation, cancellation or relinquishment (x) remains subject to reconsideration, review, or appeal at the FCC or any court, provided that during the pendency of such reconsideration, review or appeal the Issuer is
permitted to utilize the related spectrum and continues to conduct its business in the ordinary course, or (y) is accompanied by the issuance of a substitute or successor license, permit, or authorization of substantially equivalent utility;

 (11) a revocation, cancellation or relinquishment of the Industry Canada License, which results in a loss of the orbital
slot for TerreStar-1 or any replacement satellite for TerreStar-1, unless such revocation, cancellation or relinquishment (x) remains subject to reconsideration, review or appeal of Industry Canada or any court, 

  

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provided that during the pendency of such reconsideration, review or appeal the Issuer continues to conduct its businesses in the ordinary course or
(y) is accompanied by the issuance of a substitute or successor license, permit, or authorization of substantially equivalent utility; and 
 (12) (a) any of the Collateral Documents at any time for any reason is declared null and void, or shall cease to be effective in all material respects to give the Collateral Agent, the Liens with the priority
purported to be created thereby subject to no other Liens with the priority purported to be created thereby (in each case, other than as expressly permitted by this Indenture and the applicable Collateral Documents or by reason of the termination of
this Indenture or the applicable Collateral Document in accordance with its terms), or there occurs any enforcement action against the Collateral or (b) with respect to any Collateral having a fair market value in excess of $10.0 million, the
Issuer or any Guarantor asserts, in any pleading in any court of competent jurisdiction, that any such security interest is invalid or unenforceable. 
 (b) The foregoing shall constitute Events of Default whatever the reason for any such Event of Default and whether it is voluntary or involuntary or is effected by operation of law or pursuant to any judgment, decree
or order of any court or any order, rule or regulation of any administrative or governmental body. 
 SECTION 6.02 Acceleration.

 (a) In the case of an Event of Default specified in clause (9) of Section 6.01 with respect to the Issuer, any
Restricted Subsidiary of the Issuer that is a Significant Subsidiary, the FCC License Subsidiary, any group of Restricted Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary or any Canadian Entity, all outstanding Notes
will become due and payable immediately without further action or notice. If any other Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the then outstanding Notes, by notice in
writing to the Trustee and the Issuer, may declare all the Notes to be due and payable. Notwithstanding anything contained in this Indenture or the Notes to the contrary, upon such a declaration, the principal of, premium, if any, and accrued and
unpaid interest, if any, on the Notes will become immediately due and payable. 
 (b) In the event of a declaration of
acceleration of the Notes because an Event of Default described in clause (6) of Section 6.01 has occurred and is continuing, the declaration of acceleration of the Notes shall be automatically annulled if the event of default or payment
default triggering such Event of Default pursuant to clause (6) of Section 6.01 shall be remedied or cured by the Issuer or a Restricted Entity or waived by the Holders of the relevant Indebtedness within 20 days after the declaration of
acceleration with respect thereto and if (i) the annulment of the acceleration of the Notes would not conflict with any judgment or decree of a court of competent jurisdiction and (ii) all existing Events of Default, except nonpayment of
principal, premium or interest on the Notes that became due solely because of the acceleration of the Notes, have been cured or waived. 
  

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 SECTION 6.03 Other Remedies. If an Event of Default occurs and is continuing, the Trustee may
pursue any available remedy to collect the payment of principal of or interest on the Notes or to enforce the performance of any provision of the Notes, the Guarantees, the Collateral Documents or the Intercreditor Agreement. 
 The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission
by the Trustee or any Noteholder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. No remedy is exclusive of any other remedy.
All available remedies are cumulative (to the extent permitted by law). 
 SECTION 6.04 Rescission of Acceleration; Waiver of Past
Defaults. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes rescind an acceleration or waive any existing Default or Event of Default
and its consequences under this Indenture except a continuing Default or Event of Default in the payment of principal of, or interest or premium, if any, on the Notes. When a Default is waived, it is deemed cured and ceases to exist and any Event of
Default arising therefrom shall be deemed to have been cured and waived for every purpose under this Indenture, but no such waiver shall extend to any subsequent or other Default or impair any consequent right. 
 SECTION 6.05 Control by Majority. The Holders of a majority in aggregate principal amount of the Notes may direct the time, method and place of
conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee by this Indenture. However, the Trustee may refuse to follow any direction (a) that conflicts with law, (b) that
conflicts with the provisions of this Indenture, (c) if the board of directors or trustees, or executive committee, or trust committee of directors or trustees or trust officers of the Trustee determines in good faith that the action or
proceeding so directed would involve the Trustee in personal liability or expense for which it is not adequately indemnified (as determined by such body) or (d) subject to Section 7.01, that the Trustee determines is unduly prejudicial to
the rights of other Noteholders; provided, however, that the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction. Prior to taking any action hereunder, the Trustee shall be
entitled to indemnification satisfactory to it in its sole discretion against all liability, losses and expenses caused by taking or not taking such action. 
 SECTION 6.06 Limitation on Suits. Except to enforce the right to receive payment of principal, premium, if any, or interest when due, no Noteholder may pursue any remedy with respect to this Indenture, the
Notes, any Guarantee, the Collateral Documents or the Intercreditor Agreement unless: 
 (a) such Holder has previously given
the Trustee notice that an Event of Default is continuing; 
 (b) Holders of at least 25% in aggregate principal amount of the
then outstanding Notes have requested the Trustee to pursue the remedy; 
  

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 (c) such Holders have offered the Trustee reasonable security or indemnity against any
loss, liability or expense; 
 (d) the Trustee has not complied with such request within 60 days after the receipt of the
request and the offer of security or indemnity; and 
 (e) the Holders of a majority in aggregate principal amount of the then
outstanding Notes have not given the Trustee a direction inconsistent with such request within such 60-day period. 
 A Noteholder shall not
use this Indenture to prejudice the rights of another Noteholder or to obtain a preference or priority over another Noteholder. 
 SECTION
6.07 Rights of Holders to Receive Payment. Notwithstanding any other provision of this Indenture, the right of any Holder to receive payment of principal of and interest on the Notes held by such Holder, on or after the respective due dates
expressed in the Notes, or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such Holder. 
 SECTION 6.08 Collection Suit by Trustee. If an Event of Default specified in Section 6.01(a)(1) or (2) occurs and is continuing, the
Trustee may obtain judgment in its own name and as trustee of an express trust against the Issuer for the whole amount then due and owing (together with interest on any unpaid interest to the extent lawful) and the amounts provided for in
Section 7.06. 
 SECTION 6.09 Trustee May File Proofs of Claim. The Trustee may file such proofs of claim and other papers or
documents as may be necessary or advisable in order to have the claims of the Trustee and the Noteholders allowed in any judicial proceedings relative to the Issuer, any Subsidiary or any Guarantor, their creditors or their property and, unless
prohibited by law or applicable regulations, may vote on behalf of the Holders in any election of a trustee in bankruptcy or other Person performing similar functions, and any Custodian in any such judicial proceeding is hereby authorized by each
Holder to make payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and its counsel, and any other amounts due the Trustee under Section 7.06. 
 SECTION 6.10
Priorities. If the Trustee collects any money or property pursuant to this Article 6, it shall pay out the money or property in the following order: 
 FIRST: to the Trustee for amounts due under Section 7.06; 
 SECOND: to Noteholders for amounts due and unpaid on the Notes for principal and interest, ratably, without preference or priority of any
kind, according to the amounts due and payable on the Notes for principal and interest, respectively; and 
 THIRD: to the
Issuer. 
  

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 The Trustee may fix a record date and payment date for any payment to Noteholders pursuant to this
Section. At least 15 days before such record date, the Trustee shall mail to each Noteholder and the Issuer a notice that states the record date, the payment date and amount to be paid. 
 SECTION 6.11 Undertaking for Costs. In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee
for any action taken or omitted by it as Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs,
including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section does not apply to a suit by the
Trustee, a suit by a Holder pursuant to Section 6.06 or a suit by Holders of more than 10% in principal amount of the Notes. 
 SECTION
6.12 Waiver of Stay or Extension Laws. Neither the Issuer nor any Guarantor (to the extent they may lawfully do so) shall at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or
extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and the Issuer and each Guarantor (to the extent that they may lawfully do so) hereby expressly waive all
benefit or advantage of any such law, and shall not hinder, delay or impede the execution of any power herein granted to the Trustee, but shall suffer and permit the execution of every such power as though no such law had been enacted. 

SECTION 6.13 Rights and Remedies Cumulative. No right or remedy conferred or reserved to the Trustee or to the Holders under this Indenture is
intended to be exclusive of any other right or remedy, and all such rights and remedies are, to the extent permitted by law, cumulative and in addition to every other right and remedy hereunder or now or hereafter existing at law or in equity or
otherwise. The assertion or exercise of any right or remedy hereunder, or otherwise, will not prevent the concurrent or subsequent assertion or exercise of any other right or remedy. 
 SECTION 6.14 Delay or Omission Not Waiver. No delay or omission of the Trustee or of any Holder to exercise any right or remedy accruing upon any
Event of Default will impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article 6 or by law to the Trustee or to the Holders may be exercised from
time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be. 
 ARTICLE 7 

TRUSTEE 
 SECTION 7.01
Duties of Trustee. 
 (a) If an Event of Default has occurred and is continuing, the Trustee shall exercise 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 Person would exercise or use under the circumstances in the conduct of such Person’s own affairs. 
  

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 (b) Except during the continuance of an Event of Default: 
 (1) the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and no implied
covenants or obligations shall be read into this Indenture against the Trustee; and 
 (2) in the absence of bad faith on its
part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon statements, certificates or opinions furnished to the Trustee and conforming to the requirements of this
Indenture. However, in the case of any such statements, certificates or opinions that by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall examine the statements, certificates and opinions to determine
whether or not they conform on their face to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein). 
 (c) The Trustee shall not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful
misconduct, except that: 
 (1) this paragraph does not limit the effect of Section 7.01(b); 
 (2) the Trustee shall not be liable for any error of judgment made in good faith by a Trust Officer or Trust Officers unless it is proved
that the Trustee was negligent in ascertaining the pertinent facts; and 
 (3) the Trustee shall not be liable with respect to
any action it takes or omits to take in good faith in accordance with a direction received by it from any party authorized to direct the Trustee under this Indenture. 
 (d) Every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b) and (c) of this
Section. 
 (e) The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in
writing with the Issuer. 
 (f) Money held in trust by the Trustee need not be segregated from other funds except to the
extent required by law. 
 (g) No provision of this Indenture shall require the Trustee to expend or risk its own funds or
otherwise incur any potential or actual liability or expense (financial or otherwise) in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe that repayment
of such funds or adequate indemnity against such risk or liability or expense is not reasonably assured to it. 
 SECTION 7.02 Rights of
Trustee. Subject to Section 7.01: 
 (a) The Trustee may conclusively rely, and shall be protected in acting or
refraining from acting, upon any document believed by it to be genuine and to have been signed or presented by the proper person. The Trustee need not investigate any fact or matter stated in any such document. 
  

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 (b) Before the Trustee acts or refrains from acting, it may require an Officers’
Certificate or an Opinion of Counsel. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion of Counsel. 
 (c) The Trustee may act through agents and shall not be responsible for the misconduct or negligence of any agent appointed with due care;
provided, that such agent’s conduct does not constitute willfull misconduct or gross negligence with respect to Canadian Communications Statutes that restrict or prohibit such action. 
 (d) The Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized or within
its rights or powers; provided, however, that the Trustee’s conduct does not constitute willful misconduct or gross negligence. 
 (e) The Trustee may consult with counsel of its selection, and the advice or opinion of such counsel with respect to legal matters relating to this Indenture and the Notes shall be full and complete authorization and
protection from liability in respect to any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel. 
 (f) The 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, consent, order, approval, bond, debenture, note or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see
fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Issuer, personally or by agent or attorney at the sole cost of the Issuer and shall incur
no liability or additional liability of any kind by reason of such inquiry or investigation. 
 (g) The Trustee shall not be
required to give any note, bond or surety in respect of the execution of the trusts and powers under this Indenture. 
 (h)
The permissive rights of the Trustee to take any action enumerated in this Indenture shall not be construed as a duty to take such action. 
 (i) The rights, privileges, protections, immunities and benefits given to the Trustee, including its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities
hereunder, including as the Collateral Agent under the Security Agreements, and to each agent, custodian and other Person employed to act hereunder. 
 (j) The Trustee may request that the Issuer deliver an Officers’ Certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this
Indenture, which Officers’ Certificate may be signed by any person authorized to sign an Officers’ Certificate, including any person specified as so authorized in any such certificate previously delivered and not superseded. 
  

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 (k) Unless otherwise specifically provided in this Indenture, any demand, request,
direction or notice from the Issuer will be sufficient if signed by an Officer of the Issuer. 
 (l) [Reserved]. 

(m) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or
direction of any of the Holders, unless such Holders shall have offered to the Trustee reasonable security or indemnity against the costs, expenses and liabilities that might be incurred by it in compliance with such request or direction.

 (n) In no event shall the 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 Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 
 (o) The Trustee shall not be responsible or liable for any failure or delay in the performance of its obligations under this Indenture
arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including acts of God, earthquakes, fire, flood, terrorism, wars and other military disturbances, sabotage, epidemics, riots, interruptions, loss or
malfunction of utilities, computer (hardware or software) or communications services, accidents, labor disputes, acts of civil or military authorities and governmental action. 
 (p) The Trustee shall have no duty to inquire as to the performance of the Issuer with respect to the covenants contained in Articles 4 or
5. Delivery of reports, information and documents to the Trustee under Article 4 is for informational purposes only, and the Trustee’s receipt of the foregoing shall not constitute constructive notice of any information contained therein or
determinable from information contained therein, including Issuer’s compliance with any of its covenants hereunder. 
 SECTION 7.03
Individual Rights of Trustee. The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuer or its Affiliates with the same rights it would have if it were not Trustee.
However, the Trustee is subject to Sections 7.09 and 7.10. 
 SECTION 7.04 Trustee’s Disclaimer. The Trustee shall not be
responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, it shall not be accountable for the Issuer’s use of the proceeds from the Notes, and it shall not be responsible for any statement of the
Issuer in this Indenture or in any document issued in connection with the sale of the Notes or in the Notes other than the Trustee’s certificate of authentication. 
 SECTION 7.05 Notice of Defaults. If a Default occurs and is continuing and is known to the Trustee, the Trustee shall mail to each Holder notice of the Default. Except in the case of a Default in the payment of
principal of, premium, if any, or interest on any Note, the Trustee may withhold notice if and so long as a committee of its Trust Officers in good faith determines that withholding notice is in the interests of Noteholders. The Issuer shall deliver
to the Trustee, forthwith upon any Officer obtaining actual knowledge of any Default, written notice of any event which would constitute such Default, its status and what action the Issuer is taking or proposes to take in respect thereof.
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in this Indenture, the Trustee shall not be deemed to have knowledge of any Default or Event of Default hereunder, except in the case of an Event of Default
under Section 6.01(a)(1) or (2) (provided that the Trustee is Paying Agent), unless and until a Trust Officer receives written notice thereof at its Corporate Trust Office, from the Issuer or a Holder that such Default has occurred
and such notice references this Indenture and the Notes. 
 SECTION 7.06 Compensation and Indemnity. The Issuer shall pay to the
Trustee from time to time such compensation as is agreed to in writing by the Trustee and Issuer for the Trustee’s services hereunder. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express
trust. The Issuer shall reimburse the Trustee upon request for all reasonable out-of-pocket disbursements, advances and expenses incurred or made by it, including but not limited to costs of collection, in addition to the compensation for its
services. Such expenses shall include the reasonable compensation and expenses of the Trustee’s agents, counsel, accountants and experts. The Issuer and each Guarantor, jointly but not severally, shall indemnify and defend the Trustee and its
officers, directors, shareholders, agents and employees (each, an “Indemnified Party”) for and hold each Indemnified Party harmless against any and all loss, damage, claims, liability or expense (including reasonable attorneys’
fees and expenses) including taxes (other than taxes based upon, measured by or determined by the income of the Trustee) incurred by them without negligence or bad faith on their part arising out of or in connection with the acceptance or
administration of this Indenture or the Notes and the performance of their duties hereunder, including the cost and expense of enforcing this Indenture against the Issuer (including this Section 7.06), and defending itself against or
investigating any claim or liability (whether asserted by a Holder or any other person). The Trustee, in its capacity as Paying Agent, Collateral Agent, Registrar, Custodian and agent for service of notice and demands, and the Trustee’s
officers, directors, shareholders, agents and employees, when acting in such other capacity, shall have the full benefit of the foregoing indemnity as well as all other benefits, rights and privileges accorded to the Trustee in this Indenture when
acting in such other capacity. The Trustee shall notify the Issuer of any claim for which it may seek indemnity promptly upon obtaining actual knowledge thereof; provided that any failure so to notify the Issuer shall not relieve the Issuer
or any Guarantor of its indemnity obligations hereunder. The Issuer shall defend the claim and the Indemnified Parties shall provide reasonable cooperation at the Issuer’s expense in the defense. Such Indemnified Parties may have separate
counsel and the Issuer shall pay the fees and expenses of such counsel; provided that the Issuer shall not be required to pay such fees and expenses if it assumes such Indemnified Parties’ defense and, in such Indemnified Parties’
reasonable judgment, there is no conflict of interest between the Issuer and such parties in connection with such defense. The Issuer need not reimburse any expense or indemnify against any loss, liability or expense incurred by an Indemnified Party
through such party’s own willful misconduct, negligence or bad faith. The Issuer need not pay any settlement made without its consent (which consent shall not be unreasonably withheld). 
 The Trustee’s right to receive payment of any amounts due under this Indenture shall not be subordinated to any other Indebtedness of the Issuer,
and the Notes shall be subordinate to the Trustee’s rights to receive such payment. 
 The Issuer’s payment obligations pursuant to
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Law or the resignation or removal of the Trustee. When the Trustee incurs expenses after the occurrence of a Default specified in Section 6.01(a)(9)
with respect to the Issuer, the expenses are intended to constitute expenses of administration under the Bankruptcy Law. 
 SECTION 7.07
Replacement of Trustee. The Trustee may resign at any time by so notifying the Issuer in writing. The Holders of a majority in principal amount of the Notes may remove the Trustee by so notifying the Trustee and the Issuer in writing and may
appoint a successor Trustee. The Issuer shall remove the Trustee if: 
 (a) the Trustee is adjudged bankrupt or insolvent;

 (b) a receiver or other public officer takes charge of the Trustee or its property; or 
 (c) the Trustee otherwise becomes incapable of acting. 
 If the Trustee resigns, is removed by the Issuer or by the Holders of a majority in principal amount of the Notes and such Holders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the
office of Trustee for any reason (the Trustee in such event being referred to herein as the “retiring Trustee”), the Issuer shall promptly appoint a successor Trustee. 
 A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Issuer. Thereupon the resignation or removal
of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to Noteholders. The retiring
Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee. 
 If a successor Trustee does not take office
within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee or the Holders of at least 10% in aggregate principal amount of the Notes may petition any court of competent jurisdiction for the appointment of a successor
Trustee at the expense of the Issuer. 
 Notwithstanding the replacement of the Trustee pursuant to this Section, the Issuer’s and
Guarantors’ obligations under Section 7.06 shall continue for the benefit of the retiring Trustee. 
 SECTION 7.08 Successor
Trustee by Merger, Etc. If the Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or
transferee corporation without any further act shall be the successor Trustee, provided, that such Person shall be qualified and eligible under this Article 7. 
 In case at the time such successor or successors by consolidation, merger, conversion or transfer shall succeed to the trusts created by this Indenture,
any of the Notes shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee, and deliver such Notes so authenticated; and in case at that time any of the
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authenticate such Notes either in the name of any predecessor hereunder or in the name of the successor to the Trustee; and in all such cases such
certificate shall have the full force which it is anywhere in the Notes or this Indenture provided that the certificate of the Trustee shall have. 
 SECTION 7.09 Eligibility; Disqualification. The Trustee shall always satisfy the requirements of paragraphs (1), (2) and (5) of TIA Section 310(a). The Trustee (or its parent holding company) shall have a combined
capital and surplus of at least $50,000,000. If at any time the Trustee shall cease to satisfy any such requirements, it shall resign immediately in the manner and with the effect specified in this Article 7. The Trustee shall be subject to the
provisions of TIA Section 310(b). Nothing herein shall prevent the Trustee from filing with the Commission the application referred to in the penultimate paragraph of TIA Section 310(b). 
 SECTION 7.10 Preferential Collection of Claims against the Issuer. The Trustee shall comply with TIA Section 311(a), excluding any creditor
relationship listed in TIA Section 311(b). A Trustee who has resigned or been removed shall be subject to TIA Section 311(a) to the extent indicated therein. 
 SECTION 7.11 Disqualification; Conflicting Interests. If the Trustee has or shall acquire a conflicting interest within the meaning of the TIA, the Trustee shall either eliminate such interest or resign, to the
extent and in the manner provided by, and subject to the provisions of, the TIA and this Indenture. 
 SECTION 7.12 Acknowledgement of
Trustee. The Trustee acknowledges that it has received a copy of the Registration Rights Agreement, dated as of September 25, 2006 (the “Registration Rights Agreement”), by and between Motient and SkyTerra and agrees, upon
its becoming owner of, or obtaining dispositive authority with respect to or in connection with any disposition of the Resale Shares (as defined in the Registration Rights Agreement) to be bound by the provisions of the Registration Rights
Agreement, in connection with any right it may have to dispose of any such Resale Shares. Further, the Trustee agrees to become bound by Section 4.7 of the Exchange Agreement dated as of May 6, 2006 (the “Exchange
Agreement”) by and among Motient, Motient Ventures Holding Inc. and SkyTerra. SkyTerra shall be a third party beneficiary of this provision. 
 ARTICLE 8 
 DISCHARGE OF INDENTURE; DEFEASANCE 
 SECTION 8.01 Legal Defeasance and Covenant Defeasance. 
 (a) The Issuer may, at the option of its Board of Directors evidenced by a resolution set forth in an Officers’ Certificate, at any
time, elect to have either Section 8.01(b) or 8.01(c) be applied to all outstanding Notes upon compliance with the conditions set forth below in this Article 8. 
 (b) Upon the Issuer’s exercise under Section 8.01(a) of the option applicable to this Section 8.01(b), the Issuer and each
Guarantor shall, subject to the satisfaction of the conditions set forth in Section 8.02, be deemed to have been discharged from their obligations with respect to the Notes, the Collateral Documents and any Guarantee on the date the conditions
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Defeasance means that the Issuer and each Guarantor shall be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes
and any Guarantee, which Notes and Guarantee shall thereafter be deemed to be “outstanding” only for the purposes of Section 8.04 and the other Sections of this Indenture referred to in (i) and (ii) below, and to have
satisfied all their other obligations under the Notes and this Indenture (and the Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging the same), except for the following provisions which shall
survive until otherwise terminated or discharged hereunder: (i) the rights of Holders of outstanding Notes to payments in respect of the principal of, or interest or premium, if any, on such Notes when such payments are due from the funds in
the trust described in this Article 8, (ii) the Issuer’s obligations with respect to the Notes concerning issuing temporary Notes, registration of Notes, mutilated, destroyed, lost or stolen Notes and the maintenance of an office or agency
for payment and money for security payments held in trust; (iii) the rights, powers, trusts, duties and immunities of the Trustee, and the Issuer’s and the Guarantor’s obligations in connection therewith and (iv) this
Section 8.01 and Section 8.02. Subject to compliance with this Article 8, the Issuer may exercise its Legal Defeasance option notwithstanding the prior exercise of its Covenant Defeasance option. 
 (c) Upon the Issuer’s exercise under Section 8.01(a) of the option applicable to this Section 8.01(c) subject to the
satisfaction of the conditions set forth in Section 8.02, each Guarantor shall be released from its Guarantee and the Issuer and each Guarantor shall be released from their obligations under Sections 4.01 through 4.09 and 5.01 through 5.10
with respect to the outstanding Notes on and after the date the conditions set forth below are satisfied (hereinafter, “Covenant Defeasance”), and the Notes shall thereafter be deemed not “outstanding” for the purposes of
any direction, waiver, consent or declaration of act of Holders (and the consequences of any thereof) in connection with such Sections, but shall continue to be deemed “outstanding” for all the other purposes hereunder. For this purpose,
Covenant Defeasance means that, with respect of any term, condition or limitation set forth in any such Section, whether directly or indirectly, by reason of any reference elsewhere herein to any such Section or by reason of any reference in any
such Section to any other provision herein or in any other document and such omission to comply shall not constitute a Default or Event of Default, but, except as specified above, the remainder of this Indenture and such Notes shall be unaffected
thereby. In addition, upon the Issuer’s exercise of its Covenant Defeasance option, subject to the satisfaction of the conditions set forth in Section 8.02, Sections 6.01(a)(3) (solely as it relates to Section 5.03(a)(4)),
6.01(a)(4) (other than with respect to compliance with Section 4.01), 6.01(a)(5), 6.01(a)(6), 6.01(a)(7), 6.01(a)(10), 6.01(a)(11) and 6.01(a)(12) shall not constitute Events of Default with respect to the Notes and the Guarantees. 

SECTION 8.02 Conditions to Legal or Covenant Defeasance. In order to exercise either Legal Defeasance or Covenant Defeasance: 
 (a) the Issuer must irrevocably deposit with the Trustee (or another qualifying trustee; for purposes of this Section 8.02 and
Section 8.04, the term “Trustee” shall include such other qualifying trustee), in trust, for the benefit of the Holders, cash in U.S. dollars, non-callable Government Notes, or a combination thereof, in such amounts as shall be
sufficient (without reinvestment), in the opinion of a nationally recognized firm of independent public accountants, to pay the principal of, premium, if any, and interest on the outstanding Notes on the Stated 

  

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Maturity or on the applicable redemption date, as the case may be, and the Issuer must specify whether the Notes are being defeased to maturity or to a
particular redemption date; 
 (b) in the case of Legal Defeasance, the Issuer shall have delivered to the Trustee an Opinion
of Counsel in the United States reasonably acceptable to the Trustee confirming, subject to customary assumptions and exclusions, that: (A) the Issuer has received from, or there has been published by, the U.S. Internal Revenue Service a ruling
or (B) since the Issue Date, there has been a change in the applicable federal income tax law, in either case to the effect that, the Holders of the outstanding Notes will not recognize income, gain or loss for federal income tax purposes as a
result of such Legal Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred; 
 (c) in the case of Covenant Defeasance, the Issuer shall have delivered to the Trustee an Opinion of Counsel in the United States,
reasonably acceptable to the Trustee confirming, subject to customary assumptions and exclusions, that the Holders of the outstanding Notes will not recognize income, gain or loss for federal income tax purposes as a result of such Covenant
Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 
 (d) no Default or Event of Default (other than a Default or Event of Default resulting from the
borrowing of funds to be applied to such deposit and the grant of any Lien securing such borrowing) shall have occurred and be continuing on the date of such deposit and the deposit or such Lien shall not result in a breach or violation of, or
constitute a default under, any other instrument to which the Issuer or any Guarantor is a party or by which the Issuer or any Guarantor is bound or insofar as Events of Default from bankruptcy or insolvency events are concerned, at any time in the
period ending on the 91st day after the date of deposit; 
 (e) such Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under, any material
agreement or instrument (other than this Indenture) to which the Issuer or any of its Restricted Subsidiaries is a party or by which the Issuer or any of its Restricted Subsidiaries is bound; 
 (f) the Issuer shall have delivered to the Trustee an Opinion of Counsel to the effect that after the
91st day following the deposit, no trust funds shall be subject to the effect of Section 547 of the United
States Bankruptcy Code or any analogous New York State law provision or any other applicable bankruptcy, insolvency, reorganization or similar laws affecting creditors’ rights generally; 
 (g) the Issuer shall have delivered to the Trustee an Officers’ Certificate stating that the deposit was not made by the Issuer with
the intent of preferring the Holders over the other creditors of the Issuer or with the intent of defeating, hindering, delaying or defrauding creditors of the Issuer or others; and 
 (h) the Issuer shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel (which Opinion of Counsel may
be subject to customary assumptions and exclusions), each stating that all conditions precedent relating to the Legal Defeasance or the Covenant Defeasance have been complied with. 
  

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 SECTION 8.03 Satisfaction and Discharge of Indenture. Upon the request of the Issuer, this
Indenture shall cease to be of further effect (except as to surviving rights of registration of transfer or exchange of the Notes, as expressly provided for herein or pursuant hereto), the Issuer and the Guarantors shall be discharged from their
obligations under the Notes and the Guarantees, and the Trustee, at the expense of the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture, the Guarantees and the Notes when: 
 (a) either (i) all the Notes theretofore authenticated and delivered (other than mutilated, destroyed, lost or stolen Notes that have
been replaced or paid) have been delivered to the Trustee for cancellation or (ii) all Notes not theretofore delivered to the Trustee for cancellation (A) have become due and payable by reason of the mailing of a notice of redemption or
otherwise, (B) will become due and payable at maturity within one year or (C) are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name,
and at the expense, of the Issuer, and the Issuer, in the case of each of (A), (B) or (C) above, has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders, cash in
U.S. dollars, non-callable Government Notes, or a combination of cash in U.S. dollars and non-callable Government Notes, in amounts as will be sufficient without consideration of any reinvestment of interest, to pay and discharge the entire
Indebtedness on the Notes not theretofore delivered to the Trustee for cancellation for principal and premium, if any, and accrued interest to the date of such deposit (in the case of Notes that have become due and payable) or to the Stated Maturity
or redemption date, as the case may be; 
 (b) no Default or Event of Default has occurred and is continuing on the date of
the deposit or will occur as a result of such deposit (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit and the grant of any Lien to secure such borrowing) and the deposit will not result
in breach or violation of, or constitute a default under, any other instrument to which the Issuer or any Guarantor is a party or by which the Issuer or any Guarantor is bound; 
 (c) the Issuer or any Guarantor has paid or caused to be paid all sums payable under this Indenture by the Issuer or any Guarantor;

 (d) the Issuer has delivered irrevocable instructions to the Trustee under this Indenture to apply the deposited money
toward the payment of the Notes at maturity or on the redemption date, as the case may be; and 
 (e) the Issuer has delivered
to the Trustee an Officers’ Certificate and an Opinion of Counsel (which Opinion of Counsel may be subject to customary assumptions and exclusions), each stating that all conditions precedent provided in this Indenture relating to the
satisfaction and discharge of this Indenture, the Guarantees and the Notes have been complied with. 
  

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 Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Issuer to the
Trustee under Section 7.06 and, if money shall have been deposited with the Trustee pursuant to clause (a)(ii) of this Section, the obligations of the Trustee and the Paying Agent under Section 8.04 and Section 2.04 shall survive.

 SECTION 8.04 Deposited Money and Government Notes to Be Held in Trust; Miscellaneous Provisions. Subject to Section 8.05, all
money and Government Notes (including the proceeds thereof) deposited with the Trustee pursuant to Section 8.02 or 8.03 in respect of the outstanding Notes shall be held in trust and applied by the Trustee, in accordance with the provisions of
such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Issuer acting as Paying Agent) as the Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect
of principal, premium, if any, and interest, but such money need not be segregated from other funds except to the extent required by law. 
 Anything in this Article 8 to the contrary notwithstanding, the Trustee shall deliver or pay to the Issuer from time to time upon the request of the Issuer any money or Government Notes held by it as provided in Section 8.02 or
8.03 which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 8.02(a)), are in excess of the
amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance. 
 SECTION 8.05
Repayment to Issuer. Any money deposited with the Trustee or any Paying Agent, or then held by the Issuer, in trust for the payment of the principal of, premium or interest on any Note and remaining unclaimed for two years after such
principal, premium or interest has become due and payable shall be paid to the Issuer on its request or (if then held by the Issuer) shall be discharged from such trust; and the Holder of such Note shall thereafter, as an unsecured general creditor,
look only to the Issuer for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Issuer as trustee thereof, shall thereupon cease; provided, however, that the
Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Issuer, cause to be published once, in the New York Times (national edition) and the Wall Street Journal (national edition), notice that such
money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such notification or publication, any unclaimed balance of such money then remaining shall be repaid to the Issuer. 

SECTION 8.06 Reinstatement. If the Trustee or Paying Agent is unable to apply any U.S. dollars or Government Notes in accordance with this
Article 8 by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Issuer’s obligations under this Indenture and the Notes shall be revived and
reinstated as though no deposit had occurred pursuant to this Article 8 until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with this Article 8; provided, however, that, if the
Issuer or any Guarantor makes any payment of principal of, premium or interest on any Note following the reinstatement of its obligations, the Issuer or any Guarantor, as the case may be, shall be subrogated to the rights of the Holders of such
Notes to receive such payment from the money held by the Trustee or Paying Agent. 
  

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 ARTICLE 9 
 AMENDMENTS 
 SECTION 9.01 Without Consent of Holders. The Issuer, the Guarantors and
the Trustee may amend or supplement this Indenture, the Notes, the Guarantees, the Collateral Documents or the Intercreditor Agreement without notice to or consent of any Holder of Notes to: 
 (a) cure any ambiguity, defect or inconsistency; 
 (b) provide for uncertificated Notes in addition to or in place of certificated Notes; 
 (c) provide for the assumption of the Issuer’s or any Guarantor’s obligations to Holders of Notes and Guarantees in the case of
a merger, consolidation or sale of all or substantially all of the Issuer’s or such Guarantor’s assets, as applicable; 
 (d) make any change that would provide any additional rights or benefits to the Holders of Notes or that does not adversely affect the legal rights of any such Holder under this Indenture, the Notes, the Guarantees, the Collateral Documents
or the Intercreditor Agreement, in any material respect; 
 (e) provide for the issuance of Additional Notes in accordance
with the provisions set forth in this Indenture; 
 (f) evidence and provide for the acceptance of an appointment of a
successor trustee; 
 (g) conform the text of this Indenture, the Notes, the Guarantees, the Collateral Documents or the
Intercreditor Agreement to any provision of the “Description of notes” in the Offering Memorandum, to the extent that such provision was intended to be a verbatim recitation of a provision of this Indenture, the Notes, the Guarantees, the
Collateral Documents or the Intercreditor Agreement; 
 (h) release a Guarantor from its obligations under its Guarantee, the
Notes or this Indenture in accordance with the applicable provisions of this Indenture; 
 (i) add Guarantees with respect to
the Notes; 
 (j) add additional Collateral to secure the Notes; 
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 (l) comply with the rules of any applicable securities depositary or, if required, with
the requirements of the Commission in order to effect or maintain the qualification of this Indenture under the TIA; or 
 (m)
provide for the accession or succession of any parties to the Collateral Documents and/or to the Intercreditor Agreement (and other amendments that are administrative or ministerial in nature) in connection with an amendment, renewal, extension,
substitution, refinancing, restructuring, replacement, supplementing or other modification from time to time of a Credit Facility or any other agreement or action that is not prohibited by this Indenture or to permit the Liens with respect to
Indebtedness that is permitted by this Indenture to be equally and ratably secured. 
 After an amendment under this Section becomes
effective, the Issuer shall mail to the Holders a notice briefly describing such amendment. The failure to give such notice to all the Holders, or any defect therein, shall not impair or affect the validity of an amendment under this Section.

 SECTION 9.02 With Consent of Holders. The Issuer, the Guarantors and the Trustee may amend or supplement this Indenture, the Notes,
the Guarantees, the Collateral Documents or the Intercreditor Agreement without notice to any Holder but with the written consent of the Holders of at least a majority in aggregate principal amount of the Notes then outstanding (including consents
obtained in connection with a purchase of, or tender offer or exchange offer for, Notes), and any existing Default or Event of Default or compliance with any provision of this Indenture, the Notes or the Guarantees may be waived with the consent of
the Holders of a majority in aggregate principal amount, of the then outstanding Notes (including consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes). Notwithstanding the foregoing, without the consent
of each Holder affected, an amendment or waiver shall not (with respect to any Notes held by a non-consenting Holder): 
 (a)
reduce the principal amount of the Notes whose Holders must consent to an amendment, supplement or waiver; 
 (b) reduce the
principal of (or premium on) or change the fixed maturity of any Note, reduce any premium payable upon, or change the dates (to earlier dates) of, redemption of any Note (other than Section 5.08 or 5.09); 
 (c) reduce the rate of or change the time for payment of interest on any Note; 
 (d) waive a Default or Event of Default in the payment of principal of or interest or premium, if any, on, the Notes (except a rescission
of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the then outstanding Notes and a waiver of the payment default that resulted from such acceleration); 
 (e) make any Note payable in currency other than that stated in the Notes; 
 (f) make any change in the provisions of this Indenture relating to waivers of past Defaults or the rights of Holders of Notes to receive
payments of principal of, or interest or premium, if any, on, the Notes or to institute suit for the enforcement of any payment on or with respect to such Holder’s Notes; 
  

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 (g) release any Guarantor that is a Significant Subsidiary from any of its obligations
under its Subsidiary Guarantee or this Indenture, except in accordance with the terms of this Indenture; 
 (h) modify any
Collateral Document or the provisions in this Indenture dealing with the Collateral Documents or application of trust moneys in any manner adverse to the Holders of the Notes or otherwise release any material Collateral other than in accordance with
this Indenture, the Collateral Documents and the Intercreditor Agreement; 
 (i) modify the Intercreditor Agreement in any
manner adverse to the Holders of the Notes in any material respect other than in accordance with the terms of this Indenture, the Collateral Documents and the Intercreditor Agreement; 
 (j) make any change in Section 9.01 or this Section 9.02; or 
 (l) except as permitted by the Security Agreements or Section 11.06, release all or substantially all of the Collateral. 

It shall not be necessary for the consent of the Holders under this Section 9.02 to approve the particular form of any proposed amendment or
waiver, but it shall be sufficient if such consent approves the substance thereof. A consent to any amendment or waiver under this Indenture by any Holder of Notes given in connection with a tender of such Holder’s Notes will not be rendered
invalid by such tender. 
 After an amendment under this Section becomes effective, the Issuer shall mail to the Holders a notice briefly
describing such amendment. However, the failure to give such notice to all the Holders, or any defect therein, shall not impair or affect the validity of an amendment under this Section. 
 SECTION 9.03 Revocation and Effect of Consents and Waivers. A consent to an amendment or a waiver by a Holder of a Note shall bind the Holder and
every subsequent Holder of that Note or portion of the Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent or waiver is not made on the Note. However, any such Holder or subsequent Holder may
revoke the consent or waiver as to such Holder’s Note or portion of the Note if the Trustee receives written notice of revocation before the date the requisite number of consents are received by the Issuer or the Trustee. After an amendment or
waiver becomes effective, it shall bind every Noteholder. An amendment or waiver becomes effective once the requisite number of consents are received by the Issuer or the Trustee and any other conditions to effectiveness of such consent specified in
the amendment or waiver are satisfied. 
 The Issuer may, but shall not be obligated to, fix a record date for the purpose of determining the
Noteholders entitled to give their consent or take any other action described above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then notwithstanding the immediately preceding paragraph, those Persons
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give such consent or to revoke any consent previously given or to take any such action, whether or not such Persons continue to be Holders after such record
date. 
 SECTION 9.04 Notation on or Exchange of Notes. If an amendment changes the terms of a Note, the Trustee may require the
Holder of the Note to deliver it to the Trustee. The Trustee may place an appropriate notation on the Note regarding the changed terms and return it to the Holder. Alternatively, if the Issuer or the Trustee so determines, the Issuer in exchange for
the Note shall issue and the Trustee shall authenticate a new Note that reflects the changed terms. Failure to make the appropriate notation or to issue a new Note shall not affect the validity of such amendment. 
 SECTION 9.05 Trustee to Sign Amendments. The Trustee shall sign any amendment authorized pursuant to this Article 9 if the amendment does not
adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may but need not sign it. In signing such amendment the Trustee shall be entitled to receive indemnity reasonably satisfactory to it and to
receive, and (subject to Section 7.01) shall be fully protected in relying upon, an Officers’ Certificate and an Opinion of Counsel stating that such amendment is authorized or permitted by this Indenture that such amendment is the legal,
valid and binding obligation of the Issuer and the Guarantors enforceable against them in accordance with its terms, subject to customary exceptions, and complies with the provisions hereof. 
 SECTION 9.06 Compliance with TIA. Every amendment to or supplement of this Indenture or the Notes shall comply with the TIA, if required, as in
effect at the date of such amendment or supplement. 
 ARTICLE 10 
 GUARANTEES 
 SECTION 10.01 Guarantee. 
 (a) Each Guarantor hereby jointly and severally (and, in respect of the Canadian Entities, severally but not jointly and severally each as
to 100% of the Guaranteed Obligations) unconditionally and irrevocably guarantees, as a primary obligor and not merely as a surety, to each Holder and to the Trustee and its successors and assigns (i) the full and punctual payment of principal
of, premium, if any, and interest on the Notes when due, whether at maturity, by acceleration, by redemption or otherwise, subject to any applicable grace period, and all other monetary obligations of the Issuer under this Indenture (including
obligations to the Trustee) and the Notes and (ii) the full and punctual performance within applicable grace periods of all other obligations of the Issuer, whether for expenses, indemnification or otherwise under this Indenture and the Notes
(all of the foregoing being hereinafter collectively called the “Guaranteed Obligations”). Each Guarantor further agrees that the Guaranteed Obligations may be extended or renewed, in whole or in part, without notice or further
assent from each such Guarantor, and that each such Guarantor shall remain bound under this Article 10 notwithstanding any extension or renewal of any Guaranteed Obligation. 
 (b) Each Guarantor waives presentation to, demand of, payment from and protest to the Issuer of any of the Guaranteed Obligations and also
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nonpayment. Each Guarantor waives notice of any default under the Notes or the Guaranteed Obligations. The obligations of each Guarantor hereunder shall not
be affected by (i) the failure of any Holder or the Trustee to assert any claim or demand or to enforce any right or remedy against the Issuer or any other Person under this Indenture, the Notes or any other agreement or otherwise;
(ii) any extension or renewal of any Guaranteed Obligations; (iii) any rescission, waiver, amendment or modification of any of the terms or provisions of this Indenture, the Notes or any other agreement; (iv) the release of any
security held by any Holder or the Trustee for the Guaranteed Obligations or any of them; (v) the failure of any Holder or Trustee to exercise any right or remedy against any other guarantor of the Guaranteed Obligations; or (vi) any
change in the ownership of such Guarantor, except as provided in Section 5.03. 
 (c) Each Guarantor further agrees that
its Guarantee herein constitutes a Guarantee of payment, performance and compliance when due (and not a guarantee of collection) and waives any right to require that any resort be had by any Holder or the Trustee to any security held for payment of
the Guaranteed Obligations. Each Guarantor irrevocably waives acceptance hereof, presentment, demand, protest and any notice not provided for herein, as well as any requirement that at any time any action be taken by any Person against the Issuer or
any other Person. The obligations of each Guarantor hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason, including any claim of waiver, release, surrender, alteration or compromise, and shall not be
subject to any defense of setoff, counterclaim, recoupment or termination whatsoever or by reason of the invalidity, illegality or unenforceability of the Guaranteed Obligations or otherwise. Without limiting the generality of the foregoing, the
obligations of each Guarantor herein shall not be discharged or impaired or otherwise affected by the failure of any Holder or the Trustee to assert any claim or demand or to enforce any remedy under this Indenture, the Notes or any other agreement,
by any waiver or modification of any thereof, by any default, failure or delay, willful or otherwise, in the performance of the Guaranteed Obligations, or by any other act or thing or omission or delay to do any other act or thing which may or might
in any manner or to any extent vary the risk of any Guarantor or would otherwise operate as a discharge of any Guarantor as a matter of law or equity. 
 (d) Each Guarantor further agrees that its Guarantee herein shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of principal of or interest on any
Guaranteed Obligation is rescinded or must otherwise be restored by any Holder or the Trustee upon the bankruptcy or reorganization of the Issuer or otherwise. 
 (e) In furtherance of the foregoing and not in limitation of any other right which any Holder or the Trustee has at law or in equity
against any Guarantor by virtue hereof, upon the failure of the Issuer to pay the principal of or premium, if any, or interest on any Guaranteed Obligation when and as the same shall become due, whether at maturity, by acceleration, by redemption or
otherwise, or to perform or comply with any other Guaranteed Obligation, each Guarantor hereby promises to and shall, upon receipt of written demand by the Trustee, forthwith pay, or cause to be paid, in cash, to the Holders or the Trustee an amount
equal to the sum of (i) the unpaid principal amount of such Guaranteed Obligations, (ii) accrued and unpaid interest or premium, if any, on such Guaranteed Obligations (but only to the extent not prohibited by law) and (iii) all other
monetary Guaranteed Obligations of the Issuer to the Holders and the Trustee. 
  

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 (f) Each Guarantor agrees that it shall not be entitled to any right of subrogation in
relation to the Holders in respect of any Guaranteed Obligations guaranteed hereby until payment in full of all Guaranteed Obligations. Each Guarantor further agrees that, as between it, on the one hand, and the Holders and the Trustee, on the other
hand, (x) the maturity of the Guaranteed Obligations guaranteed hereby may be accelerated as provided in Article 6 for the purposes of any Guarantee herein, notwithstanding any stay, injunction or other prohibition preventing such
acceleration in respect of the Guaranteed Obligations guaranteed hereby, and (y) in the event of any declaration of acceleration of such Guaranteed Obligations as provided in Article 6, such Guaranteed Obligations (whether or not due and
payable) shall forthwith become due and payable by such Guarantor for the purposes of this Section. 
 SECTION 10.02 Limitation on
Liability. Any term or provision of this Indenture to the contrary notwithstanding, the maximum aggregate amount of the obligations guaranteed hereunder by any Guarantor shall not exceed the maximum amount that can be guaranteed without
rendering this Indenture and the respective Guarantee, as it relates to such Guarantor, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer or similar laws affecting the rights of creditors generally. 

SECTION 10.03 Successors and Assigns. This Article 10 shall be binding upon each Guarantor and its successors and assigns and shall inure
to the benefit of the successors and assigns of the Trustee and the Holders and, in the event of any transfer or assignment of rights by any Holder or the Trustee, the rights and privileges conferred upon that party in this Indenture and in the
Notes shall automatically extend to and be vested in such transferee or assignee, all subject to the terms and conditions of this Indenture. 
 SECTION 10.04 No Waiver. Neither a failure nor a delay on the part of either the Trustee or the Holders in exercising any right, power or privilege under this Article 10 shall operate as a waiver thereof, nor shall a single or
partial exercise thereof preclude any other or further exercise of any right, power or privilege. The rights, remedies and benefits of the Trustee and the Holders herein expressly specified are cumulative and not exclusive of any other rights,
remedies or benefits which either may have under this Article 10 at law, in equity, by statute or otherwise. 
 SECTION 10.05
Modification. No modification, amendment or waiver of any provision of this Article 10, nor the consent to any departure by any Guarantor therefrom, shall in any event be effective unless the same shall be in writing and signed by the
Trustee, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No notice to or demand on any Guarantor in any case shall entitle such Guarantor to any other or further notice or demand
in the same, similar or other circumstances. 
 SECTION 10.06 Execution and Delivery of the Guarantee. The execution by each Guarantor
of this Indenture (or a supplemental indenture in the form of Exhibit J hereto) evidences the Guarantee of such Guarantor, whether or not the person signing as an officer of the Guarantor still holds that office at the time of authentication of
any Note. The delivery of any Note after authentication by the Trustee constitutes due delivery of the Guarantee set forth in this Indenture on behalf of each Guarantor. 
  

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 SECTION 10.07 Release of Guarantees. 
 (a) The Guarantee of a Guarantor will be automatically released: 
 (i) in accordance with the provisions in Section 4.07(g), 5.03(f), 11.02(a)(1), 11.02(a)(2), 11.02(a)(3) or 11.02 (a)(5); 

(ii) with respect to any Foreign Subsidiary, if the other Guarantee which resulted in the creation of the Guarantee pursuant to
Section 4.07(c) is released or discharged, except a discharge or release by or as a result of payment under such Guarantee; 
 (iii) if the Issuer designates such Guarantor as an Unrestricted Subsidiary in accordance with the applicable provisions of this Indenture; or 
 (iv) upon the Legal or Covenant Defeasance or satisfaction and discharge of the Notes and the Subsidiary Guarantees as provided under Sections 8.01, 8.02 and 8.03. 
 ARTICLE 11 
 COLLATERAL AND
SECURITY 
 SECTION 11.01 Security Agreements. All obligations of (a) the Issuer under this Indenture and the Notes,
including due and punctual payment of the principal of and interest on the Notes when and as the same shall be due and payable, whether on an interest payment date, at maturity, by acceleration, repurchase, redemption or otherwise, and interest on
the overdue principal of and interest on the Notes and the prompt payment and performance of all other obligations of the Issuer to the Holders of Notes or the Trustee under this Indenture and the Notes and (b) each Guarantor under this
Indenture, including its guarantee under Article 10 of this Indenture or under any Guarantee of the obligations of the Issuer, including the prompt payment of the principal of, premium and interest on, the Notes in full when due, whether at
maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of and interest on the Notes, if any, if lawful, and the prompt payment or performance of all other obligations of the Issuer to the Holders or the Trustee
under this Indenture or under the Notes, all according to the terms hereunder or thereunder (all such obligations, collectively, the “Secured Obligations“), are secured as provided in the Security Agreements which the Issuer and the
Guarantors have entered into simultaneously with the execution of this Indenture and which are attached as Exhibit K and Exhibit L hereto (it being understood and agreed that, notwithstanding anything that may be to the contrary herein, neither this
Indenture nor the Security Agreements shall require or create a pledge of or other security interest in Excluded Property. Each Holder of Notes, by its acceptance thereof, consents and agrees to the terms of the Security Agreements (including the
provisions providing for foreclosure and release of Collateral) as the same may be in effect or may be amended from time to time in accordance with their terms and authorizes and directs the Collateral Agent to enter into the Security Agreements and
to perform its obligations and exercise its rights thereunder in accordance therewith. The Issuer will deliver to the Trustee copies of all documents, agreements and instruments delivered to the Collateral Agent pursuant to the Security Agreements,
and will do or cause to be done all such acts and things as may be necessary or proper, or as may be required by the provisions of the Security Agreements, to 

  

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assure and confirm to the Trustee and the Collateral Agent the security interest in the Collateral contemplated hereby, by the Security Agreements or any
part thereof, as from time to time constituted, so as to render the same available for the security and benefit of this Indenture and of the Notes secured hereby, according to the intent and purposes herein expressed. The Issuer and the Guarantors
may grant security for Pari Passu Indebtedness with an equal priority to the security granted to the Holders of the Notes. The Issuer shall take, and shall cause its Restricted Subsidiaries to take, and the Guarantors shall take, at their sole
expense, upon request of the Trustee, any and all actions reasonably required to cause the Security Agreements to create and maintain, as security for the obligations of the Issuer and the Guarantors hereunder, a valid and enforceable perfected
first priority Lien in and on all the Collateral, in favor of the Collateral Agent for the benefit of the Holders of Notes superior to and prior to the rights of all third Persons (subject to Permitted Liens) and subject to no Liens other than
Permitted Liens. Upon the issuance of any Pari Passu Indebtedness, the Trustee shall enter into an Intercreditor Agreement in substantially the form of Exhibit M hereto, on behalf of the Holders of Notes, with the holders, or trustee or agent for
such holders, of such Pari Passu Indebtedness and take such other actions as the Issuer shall request to ensure that the holders of Pari Passu Indebtedness have a valid and perfected lien on the Collateral provided by the signatories to the
Intercreditor Agreement, with the same priority as the Holders. 
 SECTION 11.02 Release of Collateral. 
 (a) The Liens on the Collateral will be released with respect to the Notes: 
 (1) in whole, upon payment in full of the principal of, accrued and unpaid interest and premium, if any, on the Notes; 
 (2) in whole, upon satisfaction and discharge of this Indenture as set forth under Section 8.03; 
 (3) in whole, upon a Legal Defeasance or Covenant Defeasance as set forth under Section 8.01; 
 (4) in part, as to any property constituting Collateral (A) that is sold or otherwise disposed of by the Issuer or any Guarantor in a
transaction permitted by Section 5.08 or by the Collateral Documents, to the extent of the interest sold or disposed of; (B) that is disposed of in a transaction of the nature described in clause (1), clause (5), clause (7), clause
(8) (except to the extent of any excess proceeds remaining after satisfaction of the obligation being satisfied through such foreclosure), clause (9), clause (10) or clause (11) of the second paragraph in the definition of “Asset
Sale,” and is subject to a disposition as therein provided; (C) that constitutes Excess Collateral Proceeds that remain unexpended after the conclusion of a Collateral Sale Offer conducted in accordance with this Indenture; (D) that
is owned or at any time acquired by a Guarantor that has been released from its Guarantee in accordance with this Indenture, concurrently with the release thereof; (E) that is Capital Stock of a Subsidiary of the Issuer to the extent necessary
for such Subsidiary not to be subject to any requirement pursuant to Rule 3-16 or Rule 3-10 of Regulation S-X under the Securities Act, due to the fact that such Subsidiary’s Capital Stock secures the Notes, to file separate financial 

  

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statements with the Commission (or any other governmental agency); (F) with respect to TerreStar-1, upon transfer of TerreStar-1 from the Issuer to
TerreStar Canada in compliance with Section 5.04(b)(10); (G) that is used to make a Restricted Payment or Permitted Investment permitted by this Indenture; (H) that becomes Excluded Property; (I) that is owned by a Subsidiary
that is designated as an Unrestricted Subsidiary; or (J) otherwise in accordance with, and as expressly provided for under, this Indenture; 
 (5) with the consent of each Holder of the Notes affected thereby (including, without limitation, consents obtained in connection with a tender offer or exchange offer for, or purchase of, Notes); 
 provided, that, in the case of any release in whole pursuant to clause (1) above, all amounts owing to the Trustee under this Indenture, the Notes, the
Guarantees, the Collateral Documents and the Intercreditor Agreement have been paid. 
 Upon compliance by the Issuer or the Guarantors, as
the case may be, with the conditions precedent set forth above, the Trustee or the Collateral Agent shall promptly cause to be released and reconveyed to the Issuer, or its Guarantors, as the case may be, the released Collateral. 
 (b) The Issuer shall comply with Section 313(b) of the TIA, relating to reports, and Section 314(d) of the TIA, relating to the
release of property and to the substitution therefor of any property to be pledged as Collateral for the Notes. Any certificate or opinion required by Section 314(d) of the TIA may be made by an Officer of the Issuer except in cases where
Section 314(d) requires that such certificate or opinion be made by an independent engineer, appraiser or other expert, who shall be reasonably satisfactory to the Trustee. Notwithstanding anything to the contrary in this paragraph, each of the
Issuer and the Guarantors shall not be required to comply with all or any portion of Section 314(d) of the TIA if it determines, in good faith based on advice of counsel, that under the terms of Section 314(d) and/or any interpretation or
guidance as to the meaning thereof of the Commission and its staff, including “no action” letters or exemptive orders, all or any portion of Section 314(d) is inapplicable. 
 (c) The Issuer and the Guarantors may, among other things, without any release or consent by the Trustee, conduct ordinary course
activities with respect to Collateral, including, without limitation, (i) selling or otherwise disposing of, in any transaction or series of related transactions, any property subject to the Lien of the Collateral Documents which has become
worn out, defective or obsolete or not used or useful in the business; (ii) abandoning, terminating, canceling, releasing or making alterations in or substitutions of any leases (other than the IRU Agreement) or contracts subject to the Lien of
this Indenture or any of the Collateral Documents; (iii) surrendering or modifying any franchise, license (excluding any FCC License or Industry Canada License) or permit subject to the Lien of this Indenture or any of the Collateral Documents
which it may own or under which it may be operating; altering, repairing, replacing, changing the location or position of and adding to its structures, machinery, systems, equipment, fixtures and appurtenances; (iv) granting a license of any
intellectual property; (v) selling, transferring or otherwise disposing of inventory in the ordinary course of business; (vi) making cash payments (including for the repayment of Indebtedness or interest) from cash that is at any time part
of the Collateral in the ordinary course of business that are not otherwise 

  

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prohibited by this Indenture and the Collateral Documents; and (vii) abandoning any intellectual property which is no longer used or useful in the
Issuer’s business. The Issuer and the Guarantors shall deliver to the Collateral Agent, within 60 days following the end of the first three fiscal quarters of every fiscal year or within 120 days following the end of the fiscal year, an
Officers’ Certificate to the effect that all releases and withdrawals during the preceding three-month period (or since the Issue Date, in the case of the first such certificate) with respect to which no release or consent of the Collateral
Agent was obtained in the ordinary course of the Issuer’s and the Guarantors’ business and were not prohibited by this Indenture. 
 (d) Other than pursuant to Sections 4.07(g), 5.03(f), 11.02(a)(4)(B), (C), (G), (H) and (I) and 11.02(c) of this Indenture and Section 5.12 of the U.S. Security Agreement and Section 5.12 of the
Canadian Security Agreement, no Collateral may be released from the Lien and security interest created by the Security Agreements pursuant to the provisions of the Security Agreements unless the requirements of Section 11.03 have been
satisfied. 
 (e) At any time when a Default or Event of Default has occurred and is continuing and the maturity of the Notes
has been accelerated (whether by declaration or otherwise) and the Trustee has delivered a notice of acceleration to the Collateral Agent, no release of Collateral pursuant to the provisions of the Security Agreements will be effective as against
the Holders of Notes. 
 (f) The release of any Collateral from the terms of this Indenture and the Collateral Documents will
not be deemed to impair the security under this Indenture in contravention of the provisions hereof if and to the extent the Collateral is released pursuant to the terms of this Indenture or the Collateral Documents. 
 SECTION 11.03 Certificates of the Company. Subject to Section 11.02(d), the Issuer will furnish to the Trustee and the Collateral Agent,
prior to each proposed release of Collateral pursuant to this Indenture and the Collateral Documents: 
 (a) a notice from the
Issuer describing the Collateral proposed to be released (the “Released Collateral“) and requesting release of the Released Collateral; 
 (b) an Officers’ Certificate certifying that: 
 (1) the release of such Released
Collateral complies with the terms and conditions of this Indenture; 
 (2) all conditions precedent in this Indenture and the
Collateral Documents to such release have been complied with; and 
 (3) no Default or Event of Default pursuant to clause
(1) or (2) of Section 6.01(a) hereof is in effect or continuing on the date thereof or would result therefrom; 
 (c) an Opinion of Counsel substantially to the effect that all conditions precedent herein and under the Collateral Documents relating to the release of the Released Collateral have been complied with; and 
  

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 (d) all documents required by §314(d) of the TIA, the Collateral Documents, the
Intercreditor Agreement and this Indenture. 
 SECTION 11.04 Authorization of Actions to be Taken by the Trustee under the Security
Agreements. Subject to the provisions of Sections 7.01 and 7.02, the Trustee may, in its sole discretion and without the consent of the Holders of Notes, direct, on behalf of the Holders of Notes, the Collateral Agent to take all actions it
deems necessary or appropriate in order to: 
 (1) enforce any of the terms of the Security Agreements; and 
 (2) collect and receive any and all amounts payable in respect of the obligations of the Issuer hereunder. 
 The Trustee will have power to institute and maintain such suits and proceedings as it may deem expedient to prevent any impairment of the Collateral by any acts that
may be unlawful or in violation of the Security Agreements or this Indenture, and such suits and proceedings as the Trustee may deem expedient to preserve or protect its interests and the interests of the Holders in the Collateral (including power
to institute and maintain suits or proceedings to restrain the enforcement of or compliance with any legislative or other governmental enactment, rule or order that may be unconstitutional or otherwise invalid if the enforcement of, or compliance
with, such enactment, rule or order would impair the security interest hereunder or be prejudicial to the interests of the Holders or of the Trustee). 
 SECTION 11.05 Authorization of Receipt of Funds by the Trustee under the Security Agreements. The Trustee is authorized to receive any funds for the benefit of the Holders distributed under the Security
Agreements, and to make further distributions of such funds to the Holders of Notes according to the provisions of this Indenture. 
 SECTION
11.06 Certain Limitations Upon Actions by the Collateral Agent. Notwithstanding anything in this Indenture or the Collateral Documents to the contrary, the Collateral Agent will not be permitted to take any action under this Indenture that
would constitute or result in any transfer of control or assignment of any FCC License or Industry Canada License without obtaining all necessary FCC, Industry Canada and other governmental authority approvals, and all voting rights in any
Collateral representing control rights in the holders of any FCC License or Industry Canada License shall remain with the Issuer and the Guarantors notwithstanding the occurrence of any Event of Default until such required consents of the FCC or
Industry Canada shall have been obtained (and, in that connection, the Collateral Agent and the Holders of the Notes shall be entitled to rely on the advice of FCC or Industry Canada counsel selected by the Collateral Agent to determine whether FCC
or Industry Canada approval or other governmental authority approvals are required). Notwithstanding anything to the contrary in this Indenture, the Collateral Agent shall not foreclose on, sell, assign, transfer or otherwise dispose of, or exercise
any right to control any FCC License or Industry Canada License or take any other action that would affect the operational, voting, or other control of the Issuer and the Guarantors, unless such action is taken in accordance with the provisions of
the Communications Act of 1934, as from time to time amended, and the rules, regulations and policies of the FCC, Industry Canada and any other governmental authority. 
  

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 ARTICLE 12 
 MISCELLANEOUS 
 SECTION 12.01 Notices. Any notice or communication shall be in writing
and delivered in person or mailed by first-class mail addressed as follows: 
 if to the Issuer: or a Subsidiary Guarantor 
 TerreStar Networks Inc. 
 12010 Sunset Hills Road, 6th Floor 
 Reston, VA 20190 
 Attn: Jeffrey W. Epstein

 with a copy to: 
 Gibson,
Dunn & Crutcher LLP 
 200 Park Avenue 
 New York, NY 10166 
 Attention: Joerg H. Esdorn 
 If to a Canadian Entity: 
 c/o TMI
Communications Inc. 
 1601 Telesat Court 
 Gloucester, Ontario K1B5P4 
 Canada 
 with a copy to: 
 Fraser Milner Casgrain LLP 
 1420-99 Bank Street 
 Ottowa, Ontario K1P1H4

 Canada 
 Attention: David
Little 
 if to the Trustee: 
 U.S. Bank National Association 
 EP-MN-WS3C 
 60 Livingston Avenue 
 St. Paul MN 55107-1419 
 Attn: Corporate Trust Services 
 Fax:
(651) 495-8097 
 The Issuer or the Trustee by notice to the other may designate additional or different addresses for subsequent
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 Failure to mail a notice or communication to a Noteholder or any defect in it shall not affect its
sufficiency with respect to other Noteholders. If a notice or communication is mailed in the manner provided above, it is duly given, whether or not the addressee receives it. 
 SECTION 12.02 Certificate and Opinion as to Conditions Precedent. Upon any request or application by the Issuer to the Trustee to take or refrain
from taking any action under this Indenture, at the request of the Trustee the Issuer shall furnish to the Trustee: 
 (a) an
Officers’ Certificate in form and substance reasonably satisfactory to the Trustee (which shall include the statements set forth in Section 12.03) stating that, in the opinion of the signers, all conditions precedent, if any, provided for
in this Indenture relating to the proposed action have been complied with; and 
 (b) an Opinion of Counsel in form and
substance reasonably satisfactory to the Trustee (which shall include the statements set forth in Section 12.03) stating that, in the opinion of such counsel, all such conditions precedent have been complied with. 
 SECTION 12.03 Statements Required in Certificate or Opinion. Each certificate or opinion with respect to compliance with a covenant or condition
provided for in this Indenture shall include: 
 (a) a statement that the individual making such certificate or opinion has
read such covenant or condition; 
 (b) a brief statement as to the nature and scope of the examination or investigation upon
which the statements or opinions contained in such certificate or opinion are based; 
 (c) a statement that, in the opinion
of such individual, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with or satisfied; and 
 (d) a statement as to whether or not, in the opinion of such individual, such covenant or condition has been complied with. 
 SECTION 12.04 When Notes Disregarded. In determining whether the Holders of the required principal amount of Notes have concurred in any
direction, waiver or consent, Notes owned by the Issuer or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Issuer shall be disregarded and deemed not to be outstanding, except
that, for the purpose of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Notes which the Trustee actually knows are so owned shall be so disregarded. Also, subject to the foregoing, only
Notes outstanding at the time shall be considered in any such determination. 
 SECTION 12.05 Rules by Trustee, Paying Agent and
Registrar. The Trustee may make reasonable rules for action by or a meeting of Noteholders. The Registrar and the Paying Agent may make reasonable rules for their functions. 
  

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 SECTION 12.06 Legal Holidays. A “Legal Holiday” is a Saturday, a Sunday or a day
on which banking institutions are not required to be open in the State of New York or the state where the Corporate Trust Office is located. If a payment date is a Legal Holiday, payment shall be made on the next succeeding day that is not a Legal
Holiday, and no interest shall accrue for the intervening period. If a regular record date is a Legal Holiday, the record date shall not be affected. 
 SECTION 12.07 GOVERNING LAW. THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 SECTION 12.08 No Recourse Against Others. A director, officer, incorporator, employee or stockholder of the Issuer or any Guarantor, as such,
shall not have any liability for any obligations of the Issuer or any Guarantor under the Notes, this Indenture, the Guarantees, the Collateral Documents, the Intercreditor Agreement or for any claim based on, in respect of, or by reason of, such
obligations or their creation. By accepting a Note, each Noteholder waives and releases all such liability. The waiver and release shall be part of the consideration for the issue of the Notes. 
 SECTION 12.09 Successors. All agreements of the Issuer and each Guarantor in this Indenture and the Notes shall bind their successors. All
agreements of the Trustee in this Indenture shall bind its successors. 
 SECTION 12.10 Multiple Originals. The parties may sign any
number of copies of this Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. One signed copy is enough to prove this Indenture. 
 SECTION 12.11 Table of Contents; Headings. The table of contents, cross-reference sheet and headings of the Articles and Sections of this
Indenture have been inserted for convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof. 
 SECTION 12.12 Severability. In case any one or more of the provisions in this Indenture, in the Notes or in the Guarantee shall be held invalid,
illegal or unenforceable, in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions shall not in any way be affected or impaired thereby, it being intended
that all of the provisions hereof shall be enforceable to the full extent permitted by law. 
 SECTION 12.13 No Adverse Interpretation of
Other Agreements. This Indenture may not be used to interpret another indenture, loan or debt agreement of the Issuer or any of its Subsidiaries. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 

SECTION 12.14 Trust Indenture Act Controls. If any provision hereof limits, qualifies or conflicts with another provision of the TIA which is
required hereunder to be a part of and govern this Indenture, the required provision shall control. 
  

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 SECTION 12.15 Communications by Holders with other Holders. Noteholders may communicate pursuant
to Section 312(b) of the TIA with other Noteholders with respect to their rights under this Indenture or the Notes. The Trustee shall comply with Section 312(b) of the TIA relating to Noteholder communications. The Issuer, the Trustee, the
Registrar and any other person shall have the protection of Section 312(c) of the TIA. 
 SECTION
12.16 Submission to Jurisdiction; Agent for Service of Process. Any legal action or proceeding with respect to this Indenture, the Notes, the Guarantees, the Security Agreements, the Intercreditor Agreement or any Collateral Document may be
instituted in the federal courts of the United States of America located in the City of New York or the courts of the State of New York in each case located in the Borough of Manhattan in the City of New York and by execution and delivery of this
Indenture, each of the Issuer, the Guarantors and the Trustee consents, for itself and in respect of its property, to the non-exclusive jurisdiction of those courts. Each of the Issuer, the Guarantors and the Trustee irrevocably waives any
objection, including an objection to the laying of venue or based on the grounds of forum non conveniens, which it may now or hereafter have to the bringing of any action or proceeding in such jurisdiction in respect of this Indenture, the
Notes, the Guarantees, the Security Agreements, the Intercreditor Agreement or any Collateral Document or any other document related thereto. Each of the Issuer, the Guarantors and the Trustee agrees that service of any process, summons, notice or
document by mail to such party’s address set forth above shall be effective service of process for any lawsuit, action or other proceeding brought in any such court. Each party not located in the United States hereby irrevocably appoints CT
Corporation System, which currently maintains a New York City office at 111 Eighth Avenue-13th Floor, New York, New
York 10011, United States of America, as its agent to receive service of process or other legal summons for purposes of any such action or proceeding that may be instituted in any state or federal court in the City and State of New York. 

 

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

			
	TERRESTAR NETWORKS INC.
		
	By:	 	/s/ Neil L. Hazard

					
		 	Name:	 	Neil L. Hazard
		 	Title:	 	Chief Financial Officer

  

			
	TERRESTAR NETWORKS HOLDINGS (CANADA) INC.
		
	By:	 	/s/ Steven Nichols

					
		 	Name:	 	Steven Nichols
		 	Title:	 	Executive Vice President Operations

  

			
	TERRESTAR NETWORKS (CANADA) INC.
		
	By:	 	/s/ Steven Nichols

					
		 	Name:	 	Steven Nichols
		 	Title:	 	Executive Vice President Operations

 [Indenture Signature Page] 

Table of Contents

			
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	/s/ Richard Prokosch

					
		 	Name:	 	Richard Prokosch
		 	Title:	 	Vice President

 [Indenture Signature Page] 

Table of Contents

 EXHIBIT A 
 [FACE OF NOTE] 
 TERRESTAR NETWORKS INC. 
 15% Senior Secured PIK Note due 2014 
 [CUSIP] [CINS]
                     
  

			
	 No.
                    
	  	$                    

 TerreStar Networks Inc., a Delaware corporation (the
“Issuer,” which term includes any successor under the Indenture hereinafter referred to), for value received, promises to pay to
                    , or its registered assigns, the principal sum of
                     DOLLARS ($            ) [or such other amount as
indicated on the Schedule of Increases and Decreases of Notes attached hereto]1 on February 15, 2014.

 Interest Rate: As set forth on the reverse hereof. 
 Interest Payment Dates: February 15 and August 15. 
 Regular Record Dates: February 1 and
August 1. 
 Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which will for all
purposes have the same effect as if set forth at this place. 

	 1
	 For Global Securities only 

  

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 IN WITNESS WHEREOF, the Issuer has caused this Note to be signed manually or by facsimile by its duly
authorized officers. 
  

									
	Date:	 		 	TERRESTAR NETWORKS INC.
					
		 		 		 	By:	 	  
		 		 		 		 	Name:
		 		 		 		 	Title:

  

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Table of Contents

 (Form of Trustee’s Certificate of Authentication) 
 This is one of the 15% Senior Secured PIK Note due 2014 described in the Indenture referred to in this Note. 
  

			
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	  
		 	Authorized Signatory

  

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 [REVERSE SIDE OF SECURITY] 
 TERRESTAR NETWORKS INC. 
 15% Senior Secured PIK Note due 2014 
  

	 	1.	Principal and Interest. 

 The Issuer promises to pay
the principal of this Note on February 15, 2014. 
 The Issuer promises to pay interest on the principal amount of this Note as follows:

 (a) Interest on this Note will accrue at a rate of 15% per annum [from the Issue
Date]4 and will be payable semi-annually in arrears on each Interest Payment Date as set forth on the face of this
Note commencing on August 15, 2007 to the Holders of record on the Regular Record Date set forth on the face of this Note immediately preceding each Interest Payment Date; 
 (b) until and including February 15, 2011, accrued interest on this Note will be payable in Additional Notes; and 
 (c) after February 15, 2011, accrued interest on this Note will be payable in cash; 
 (d) notwithstanding clause (a) above, 
 (i) if by the date which is 60 days after the adoption of the Congressional budget resolution regarding the U.S. federal government’s budget for its 2009 fiscal year (the “Government Contract Milestone
Date”) the Issuer has not certified to the Trustee that the Issuer has entered into a bona fide binding agreement with a department, agency or instrumentality of the U.S. federal government pursuant to which the Issuer will provide
telecommunications services during a multi-year period and will receive compensation therefor, then commencing as of the Government Contract Milestone Date and continuing through the date, if any, on which such certification is provided to the
Trustee, the Issuer will pay additional interest on this Note, which additional interest shall equal an increase in the annual interest rate on this Note (in addition to any increases required pursuant to clause (ii) and/or (iii) of this
paragraph) by 0.5% per annum; 
 (ii) if by October 1, 2008 (the “Commercial Contract Milestone
Date”) the Issuer has not certified to the Trustee that the Issuer has entered into a bona fide binding agreement with a non-governmental entity pursuant to which the Issuer will provide telecommunications services during a multi-year
period and will receive compensation 

	 4
	 For Additional Securities, should be the date of their original issue. 

  

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 therefor, then commencing as of the Commercial Contract Milestone Date and continuing through the date,
if any, on which such certification is provided to the Trustee, the Issuer will pay additional interest on this Note, which additional interest shall equal an increase in the annual interest rate on this Note (in addition to any increases required
pursuant to clause (i) and/or (iii) of this paragraph) by 0.5% per annum; 
 (iii) if by December 31, 2008
(the “ATC Milestone Date”), the Issuer has not certified to the Trustee that the Issuer has been authorized by the FCC to provide an Ancillary Terrestrial Component in combination with the Issuer’s MSS, then commencing as of
the ATC Milestone Date and continuing through the date, if any, on which such certification is provided to the Trustee, the Issuer will pay additional interest on this Note, which additional interest shall equal an increase in the annual interest
rate on this Note (in addition to any increases required pursuant to clause (i) and/or (ii) of this paragraph) by 0.5% per annum; and 
 (iv) any certification required by the foregoing clauses (i), (ii) or (iii) shall be in the form of an Officers’ Certificate provided to the Trustee signed by the Issuer’s Chief Executive Officer
and Chief Financial Officer. 
 Interest on this Note will accrue from the most recent date to which
interest has been paid on this Note (or, if there is no existing default in the payment of interest and if this Note is authenticated between a Regular Record Date and the next Interest Payment Date, from such Interest Payment Date) or, if no
interest has been paid, from [the Issue Date/the date this Note was issued].4 Interest will be computed on the basis
of a 360-day year of twelve 30-day months. 
 Interest not paid when due and any interest on principal, premium or interest not paid when due
will be paid to the Persons that are Holders on a special record date determined in accordance with the Indenture. 
 If the payment of
interest as set forth in the preceding would be usurious under applicable law, then, in that event, notwithstanding anything to the contrary in this Note, the Indenture, any Guarantee, the Collateral Documents or the Intercreditor Agreement or any
other agreement entered into in connection with or as security for this Note, the Indenture, any Guarantee, the Collateral Documents or the Intercreditor Agreement, it is agreed that the aggregate of all consideration which constitutes interest
under applicable law that is contracted for, taken, reserved, charged or received by any Holder under this Note, the Indenture, any Guarantee, the Collateral Documents or the Intercreditor Agreement or under any other agreement entered into in
connection with or as security for this Note, the Indenture, any Guarantee, the Collateral Documents or the Intercreditor Agreement shall under no circumstances exceed the maximum amount allowed by such applicable law and any excess shall be
canceled automatically and, if theretofore paid, shall be refunded by each applicable Holder to the Issuer. 

	 4
	 For Additional Securities, should be the date of their original issue. 

  

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	 	2.	Indenture; Guarantee. 

 This is one of the Notes
issued under an Indenture dated as of February 14, 2007 (as amended from time to time, the “Indenture”), among the Issuer, the guarantors from time to time party thereto and U.S. Bank National Association, as Trustee.
Capitalized terms used herein are used as defined in the Indenture unless otherwise indicated. The terms of the Notes include those stated in the Indenture. The Notes are subject to all such terms, and Holders are referred to the Indenture for a
statement of all such terms. To the extent permitted by applicable law, in the event of any inconsistency between the terms of this Note and the terms of the Indenture, the terms of the Indenture will control. 
 The Notes are senior secured obligations of the Issuer. Subject to certain conditions, Additional Notes may be issued pursuant to the Indenture, and the
originally issued Notes and all such Additional Notes vote together for all purposes as a single class. This Note is guaranteed by the Guarantors as set forth in the Indenture. 
  

	 	3.	Redemption and Repurchase; Discharge or Defeasance Prior to Redemption or Maturity. 

 This Note is subject to optional redemption, and may be the subject of a Repurchase Offer, as further described in the Indenture. Except for certain
required Repurchase Offers, there is no sinking fund or mandatory redemption applicable to this Note. 
 If the Issuer deposits with the
Trustee money or Government Notes sufficient to pay the then outstanding principal of, premium, if any, and accrued interest on the Notes to redemption or maturity, each of the Issuer and the Guarantors may in certain circumstances be discharged
from the Indenture, the Notes and the Collateral Documents or may be discharged from certain of its obligations under certain provisions of the Indenture. 
  

	 	4.	Registered Form; Denominations; Transfer; Exchange. 

 The Notes are in registered form without coupons in denominations of $2,000 principal amount and any multiple of $1,000 in excess thereof, except that Additional Notes in payment of interest may be issued in other denominations. A Holder
may register the transfer or exchange of Notes in accordance with the Indenture. The Trustee may require a Holder to furnish appropriate endorsements and transfer documents and to pay any taxes and fees required by law or permitted by the Indenture.
Pursuant to the Indenture, there are certain periods during which the Trustee will not be required to issue, register the transfer of or exchange any Note or certain portions of a Note. 
  

	 	5.	Defaults and Remedies. 

 If an Event of Default, as
defined in the Indenture, occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the Notes may declare all the Notes to be due and payable. If a bankruptcy or insolvency default with respect to the Issuer, any
Restricted Subsidiary of the Issuer that is a Significant Subsidiary, any group of Restricted Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary, the FCC License Subsidiary or any Canadian Entity occurs and is continuing,
the Notes automatically become due and payable. 

  

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Holders may not enforce the Indenture or the Notes except as provided in the Indenture. The Trustee may require indemnity satisfactory to it before it
enforces the Indenture or the Notes. Subject to certain limitations, Holders of a majority in principal amount of the Notes then outstanding may direct the Trustee in its exercise of remedies. 
  

	 	6.	Amendment and Waiver. 

 Subject to certain
exceptions, the Indenture and the Notes may be amended, and defaults may be waived, with the consent of the Holders of a majority in principal amount of the outstanding Notes. Without notice to or the consent of any Holder, the Issuer and the
Trustee may amend or supplement the Indenture or the Notes to, among other things, cure any ambiguity, defect or inconsistency. 
  

	 	7.	Authentication. 

 This Note is not valid until the
Trustee (or Authenticating Agent) signs the certificate of authentication on the other side of this Note. 
  

	 	8.	Governing Law. 

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

	 	9.	Abbreviations. 

 Customary abbreviations may be used
in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian) and U/G/M/A/ (= Uniform Gifts
to Minors Act). 
 The Issuer will furnish a copy of the Indenture to any Holder upon written request and without charge. 

 

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 [FORM OF TRANSFER NOTICE] 
 FOR VALUE RECEIVED the undersigned registered Holder hereby sell(s), assign(s) and transfer(s) unto 
 Insert
Taxpayer Identification No. 
  

  

 Please print or typewrite name and address including zip code of assignee 
 the within Note and all rights thereunder, hereby irrevocably constituting and appointing 
  
  

 attorney to transfer said Note on the books of the Issuer with full power of substitution in the premises. 
  

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 [THE FOLLOWING PROVISION TO BE INCLUDED 
 ON ALL SECURITIES BEARING A RESTRICTED LEGEND] 
 In connection with any transfer of
this Note occurring prior to                     , the undersigned confirms that such transfer is made without utilizing any general
solicitation or general advertising and further as follows:   ̈ 
 Check One 
  

	 ̈	(1) This Note is being transferred to a “qualified institutional buyer” in compliance with Rule 144A under the Securities Act of 1933, as amended, and certification
in the form of Exhibit F to the Indenture is being furnished herewith. 

  

	 ̈	(2) This Note is being transferred to a non-U.S. person in compliance with the exemption from registration under the Securities Act of 1933, as amended, provided by Regulation S
thereunder, and certification in the form of Exhibit E to the Indenture is being furnished herewith. 

 or

  

	 ̈	(3) This Note is being transferred other than in accordance with (1) or (2) above and documents are being furnished which comply with the conditions of transfer set forth
in this Note and the Indenture. 

 If none of the foregoing boxes is checked, the Trustee is not obligated to register this
Note in the name of any Person other than the Holder hereof unless and until the conditions to any such transfer of registration set forth herein and in the Indenture have been satisfied. 
  

									
	Date:                     	 		 	  
		 		 	Seller
					
		 		 		 	By:	 	  
		 		 		 		 	

 NOTICE: The signature to this assignment must correspond with the name as written upon the face of
the within mentioned instrument in every particular, without alteration or any change whatsoever. 
  

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	Signature Guarantee:5	 	  	 	  
			
		 	By:	 	  
		 		 	To be executed by an executive officer

	 5
	 Signatures must be guaranteed by an “eligible guarantor institution” meeting the
requirements of the Registrar, which requirements include membership or participation in the Securities Transfer Association Medallion Program (“STAMP”) or such other “signature guarantee program” as may be
determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

  

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 OPTION OF HOLDER TO ELECT PURCHASE 
 If you wish to have all of this Note purchased by the Issuer pursuant to Section 3.09 of the Indenture, check the box:   ̈ 
 If you wish to have a portion of this Note
purchased by the Issuer pursuant to Section 3.09 of the Indenture, state the amount (in original principal amount) below: 
 $                            . 
 Date:                      
  

			
		
	Your Signature:	 	  
	(Sign exactly as your name appears on the other side of this Note)

  

			
		
	Signature Guarantee:1	 	  

	 1
	 Signatures must be guaranteed by an “eligible guarantor institution” meeting the
requirements of the Registrar, which requirements include membership or participation in the Securities Transfer Association Medallion Program (“STAMP”) or such other “signature guarantee program” as may be
determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

  

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 SCHEDULE OF INCREASES AND DECREASES OF NOTES1 
 The following
increases or decreases of the principal amount of this Global Note have been made: 
  

									
	 Date of increase
 or decrease
	 	 Amount of decrease
in principal amount
of this Global
Note
	 	 Amount of increase
in principal amount
of this Global
Note
	 	 Principal amount of
this Global Note
following
such
decrease (or increase)
	 	 Signature
of
authorized officer of
Trustee

		 		 		 		 	
		 		 		 		 	

	 1
	 For Global Securities 

  

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 EXHIBIT B 
 DTC LEGEND 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS A BENEFICIAL INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL NOTE ARE
LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF CEDE & CO. OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE ARE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE TRANSFER
PROVISIONS OF THE INDENTURE. 
  

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 EXHIBIT C 
 REGULATION S LEGEND 
 THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE
ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS
PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS 40 DAYS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE ISSUER
OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY), ONLY (A) TO THE ISSUER, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR
SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR
ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF
REGULATION S UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS AN INSTITUTIONAL ACCREDITED INVESTOR ACQUIRING THE
SECURITY FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF SUCH AN INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF THE SECURITIES OF $250,000, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO OR FOR OFFER OR SALE IN CONNECTION
WITH ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE ISSUER’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER,
SALE OR TRANSFER PURSUANT TO CLAUSES (D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER
THE RESALE RESTRICTION TERMINATION DATE. BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN
ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT. 
  

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 EXHIBIT D 
 RULE 144A LEGEND 
 THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH
REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED
SECURITIES, TO OFFER, SELL OR OTHER WISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS TWO YEARS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE ISSUER OR ANY
AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY), ONLY (A) TO THE ISSUER, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG
AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN
ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF
REGULATION S UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS AN INSTITUTIONAL ACCREDITED INVESTOR ACQUIRING THE
SECURITY FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF SUCH AN INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF THE SECURITIES OF $250,000, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO OR FOR OFFER OR SALE IN CONNECTION
WITH ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE ISSUER’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER,
SALE OR TRANSFER PURSUANT TO CLAUSES (D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER
THE RESALE RESTRICTION TERMINATION DATE. 
  

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 EXHIBIT E 
 REGULATION S CERTIFICATE 
                 ,      
 U.S.
Bank National Association 
 EP-MN-WS3C 
 60 Livingston Avenue

 St. Paul MN 55107-1419 
 Attn: Corporate Trust Services

  

	Re:	TerreStar Networks Inc. 15% Senior Secured PIK Notes due 2014 (the “Notes”) issued under the Indenture (the “Indenture”) dated as of February 14, 2007

 Ladies and Gentlemen: 
 Terms
are used in this certificate as used in Regulation S (“Regulation S”) under the Securities Act of 1933, as amended (the “Securities Act”), except as otherwise stated herein. 
 [CHECK A OR B AS APPLICABLE.] 
  

	 ̈ A.	This certificate relates to our proposed transfer of $             principal amount of Notes issued under the
Indenture. We hereby certify as follows: 

  

	 	1.	The offer and sale of the Notes was not and will not be made to a person in the United States (unless such person is excluded from the definition of “U.S. Person” pursuant
to Rule 902(k)(2)(vi) or the account held by it for which it is acting is excluded from the definition of “U.S. Person” pursuant to Rule 902(k)(2)(i) under the circumstances described in Rule 902(h)(3)) and such offer and
sale was not and will not be specifically targeted at an identifiable group of U.S. citizens abroad. 

  

	 	2.	Unless the circumstances described in the parenthetical in paragraph 1 above are applicable, either (a) at the time the buy order was originated, the buyer was outside the
United States or we and any person acting on our behalf reasonably believed that the buyer was outside the United States or (b) the transaction was executed in, on or through the facilities of a designated offshore securities market, and
neither we nor any person acting on our behalf knows that the transaction was pre-arranged with a buyer in the United States. 

  

	 	3.	Neither we, any of our affiliates, nor any person acting on our or their behalf has made any directed selling efforts in the United States with respect to the Notes.

  

	 	4.	The proposed transfer of Notes is not part of a plan or scheme to evade the registration requirements of the Securities Act. 

  

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	 	5.	If we are a dealer or a person receiving a selling concession, fee or other remuneration in respect of the Notes, and the proposed transfer takes place during the Restricted Period
(as defined in the Indenture), or we are an officer or director of the Issuer or an Initial Purchaser (as defined in the Indenture), we certify that the proposed transfer is being made in accordance with the provisions of Rule 904(b) of
Regulation S. 

  

	 ̈ B.	This certificate relates to our proposed exchange of $             principal amount of Notes issued under the
Indenture for an equal principal amount of Notes to be held by us. We hereby certify as follows: 

  

	 	1.	At the time the offer and sale of the Notes was made to us, either (i) we were not in the United States or (ii) we were excluded from the definition of “U.S.
person” pursuant to Rule 902(k)(2)(vi) or the account held by us for which we were acting was excluded from the definition of “U.S. person” pursuant to Rule 902(k)(2)(i) under the circumstances described in
Rule 902(h)(3); and we were not a member of an identifiable group of U.S. citizens abroad. 

  

	 	2.	Unless the circumstances described in paragraph 1(ii) above are applicable, either (a) at the time our buy order was originated, we were outside the United States or
(b) the transaction was executed in, on or through the facilities of a designated offshore securities market and we did not pre-arrange the transaction in the United States. 

  

	 	3.	The proposed exchange of Notes is not part of a plan or scheme to evade the registration requirements of the Securities Act. 

 You and the Issuer are entitled to rely upon this certificate and are irrevocably authorized to produce this certificate or a copy hereof to any
interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby. 
  

			
	Very truly yours,
	
	[NAME OF SELLER (FOR TRANSFERS) OR OWNER (FOR EXCHANGES)]
		
	By:	 	  

					
		 	Name:	 	
		 	Title:	 	
		 	Address:	 	

 Date:
                     
  

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 EXHIBIT F 
 RULE 144A CERTIFICATE 
                 ,      
 U.S.
Bank National Association 
 EP-MN-WS3C 
 60 Livingston Avenue

 St. Paul MN 55107-1419 
 Attn: Corporate Trust Services

  

	Re:	TerreStar Networks Inc. 15% Senior Secured PIK Notes due 2014 (the “Notes”) issued under the Indenture (the “Indenture”) dated as of February 14, 2007

 Ladies and Gentlemen: 
 This
certificate relates to: 
 [CHECK A OR B AS APPLICABLE.] 
  

	 ̈ A.	Our proposed purchase of $             principal amount of Notes issued under the Indenture.

  

	 ̈ B.	Our proposed exchange of $             principal amount of Notes issued under the Indenture for an equal principal
amount of Notes to be held by us. 

 We and, if applicable, each account for which we are acting in the aggregate owned and
invested more than $100,000,000 in securities of issuers that are not affiliated with us (or such accounts, if applicable), as of                 ,
20    , which is a date on or since the close of our most recent fiscal year. We and, if applicable, each account for which we are acting, are a qualified institutional buyer within the meaning of Rule 144A
(“Rule 144A”) under the Securities Act of 1933, as amended (the “Securities Act”). If we are acting on behalf of an account, we exercise sole investment discretion with respect to such account. We are aware that the transfer
of Notes to us, or such exchange, as applicable, is being made in reliance upon the exemption from the provisions of Section 5 of the Securities Act provided by Rule 144A. Prior to the date of this certificate we have received such
information regarding the Issuer as we have requested pursuant to Rule 144A(d)(4) or have determined not to request such information. 
 You and the Issuer are entitled to rely upon this certificate and are irrevocably authorized to produce this certificate or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to
the matters covered hereby. 
  

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	Very truly yours,
	
	[NAME OF PURCHASER (FOR TRANSFERS) OR OWNER (FOR EXCHANGES)]
		
	By:	 	  

					
		 	Name:	 	
		 	Title:	 	
		 	Address:	 	

 Date:
                     
  

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 EXHIBIT G 
 INSTITUTIONAL ACCREDITED INVESTOR CERTIFICATE1 
 U.S. Bank National Association 
 EP-MN-WS3C 
 60 Livingston Avenue 
 St. Paul MN 55107-1419 
 Attn: Corporate Trust Services 
  

	Re:	TerreStar Networks Inc. 15% Senior Secured PIK Notes due 2014 (the “Notes”) issued under the Indenture (the “Indenture”) dated as of February 14, 2007

 Ladies and Gentlemen: 
 This
certificate relates to: 
 [CHECK A OR B AS APPLICABLE.] 
  

	 ̈ A.	Our proposed purchase of $             principal amount of Notes issued under the Indenture.

  

	 ̈ B.	Our proposed exchange of $             principal amount of Notes issued under the Indenture for an equal principal
amount of Notes to be held by us. 

 We hereby confirm that: 
  

	 	1.	We are an institutional “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act of 1933, as amended (the
“Securities Act”) (an “Institutional Accredited Investor”). 

  

	 	2.	Any acquisition of Notes by us will be for our own account or for the account of one or more other Institutional Accredited Investors as to which we exercise sole investment
discretion. 

  

	 	3.	We have such knowledge and experience in financial and business matters that we are capable of evaluating the merits and risks of an investment in the Notes and we and any accounts
for which we are acting are able to bear the economic risks of and an entire loss of our or their investment in the Notes. 

  

	 	4.	We are not acquiring the Notes with a view to any distribution thereof in a transaction that would violate the Securities Act or the securities laws of any State of the United
States or any other applicable jurisdiction; provided that the disposition of our property and the property of any accounts for which we are acting as fiduciary will remain at all times within our and their control. 

 

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	 	5.	We acknowledge that the Notes have not been registered under the Securities Act and that the Notes may not be offered or sold within the United States or to or for the benefit of
U.S. persons except as set forth below. 

  

	 	6.	The principal amount of Notes to which this certificate relates is at least equal to $250,000. 

 We agree for the benefit of the Issuer, on our own behalf and on behalf of each account for which we are acting, that such Notes may be offered, sold,
pledged or otherwise transferred only in accordance with the Securities Act and any applicable securities laws of any State of the United States and only (a) to the Issuer, (b) pursuant to a registration statement which has become
effective under the Securities Act, (c) to a qualified institutional buyer in compliance with Rule 144A under the Securities Act, (d) in an offshore transaction in compliance with Rule 904 of Regulation S under the Securities
Act, (e) in a principal amount of not less than $250,000, to an Institutional Accredited Investor that, prior to such transfer, delivers to the Trustee a duly completed and signed certificate (the form of which may be obtained from the Trustee)
relating to the restrictions on transfer of the Notes or (f) pursuant to an exemption from registration provided by Rule 144 under the Securities Act or any other available exemption from the registration requirements of the Securities
Act. 
 Prior to the registration of any transfer in accordance with (c) or (d) above, we acknowledge that a duly completed and
signed certificate (the form of which may be obtained from the Trustee) must be delivered to the Trustee. Prior to the registration of any transfer in accordance with (e) or (f) above, we acknowledge that the Issuer reserves the right to
require the delivery of such legal opinions, certifications or other evidence as may reasonably be required in order to determine that the proposed transfer is being made in compliance with the Securities Act and applicable state securities laws. We
acknowledge that no representation is made as to the availability of any Rule 144 exemption from the registration requirements of the Securities Act. 
 We understand that the Trustee will not be required to accept for registration of transfer any Notes acquired by us, except upon presentation of evidence satisfactory to the Issuer and the Trustee that the foregoing
restrictions on transfer have been complied with. We further understand that the Notes acquired by us will be in the form of definitive physical certificates and that such certificates will bear a legend reflecting the substance of the preceding
paragraph. We further agree to provide to any person acquiring any of the Notes from us a notice advising such person that resales of the Notes are restricted as stated herein and that certificates representing the Notes will bear a legend to that
effect. 
 We agree to notify you promptly in writing if any of our acknowledgments, representations or agreements herein ceases to be
accurate and complete. 
 We represent to you that we have full power to make the foregoing acknowledgments, representations and agreements
on our own behalf and on behalf of any account for which we are acting. 
  

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 You and the Issuer are entitled to rely upon this certificate and are irrevocably authorized to produce
this certificate or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby. 
  

			
	Very truly yours,
	
	[NAME OF PURCHASER (FOR TRANSFERS) OR OWNER (FOR EXCHANGES)]
		
	By:	 	  

					
		 	Name:	 	
		 	Title:	 	
		 	Address:	 	

 Date:
                     
  

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 Upon transfer, the Notes would be registered in the name of the new beneficial owner as follows:

  

			
		
	By:	 	  

			
		
	Date:	 	  

			
		
	Taxpayer ID number:	 	  

  

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 EXHIBIT H 
 [COMPLETE FORM I OR FORM II AS APPLICABLE.] 
 [FORM I] 
 CERTIFICATE OF BENEFICIAL OWNERSHIP 
 U.S. Bank National
Association 
 EP-MN-WS3C 
 60 Livingston Avenue 
 St. Paul MN 55107-1419 
 Attn: Corporate Trust Services 
  

	Re:	TerreStar Networks Inc. 15% Senior Secured PIK Notes due 2014 (the “Notes”) issued under the Indenture (the “Indenture”) dated as of February 14, 2007

 Ladies and Gentlemen: 
 We are
the beneficial owner of $             principal amount of Notes issued under the Indenture and represented by a Temporary Regulation S Global Note (as defined in the Indenture).

 We hereby certify as follows: 
 [CHECK A OR B AS APPLICABLE.] 
  

	 ̈ A.	We are a non-U.S. person (within the meaning of Regulation S under the Securities Act of 1933, as amended). 

  

	 ̈ B.	We are a U.S. person (within the meaning of Regulation S under the Securities Act of 1933, as amended) that purchased the Notes in a transaction that did not require registration
under the Securities Act of 1933, as amended. 

 You and the Issuer are entitled to rely upon this certificate and are
irrevocably authorized to produce this certificate or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby. 
  

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	Very truly yours,
	
	[NAME OF BENEFICIAL OWNER]
		
	By:	 	  

					
		 	Name:	 	
		 	Title:	 	
		 	Address:	 	

 Date:
                     
  

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 [FORM II] 
 CERTIFICATE OF BENEFICIAL OWNERSHIP 
 U.S. Bank National Association 
 EP-MN-WS3C 
 60 Livingston Avenue 
 St. Paul MN 55107-1419 
 Attn: Corporate Trust Services 
  

	Re:	TerreStar Networks Inc. 15% Senior Secured PIK Notes due 2014 (the “Notes”) issued under the Indenture (the “Indenture”) dated as of February 14, 2007

 Ladies and Gentlemen: 
 This is
to certify that based solely on certifications we have received in writing, by tested telex or by electronic transmission from Institutions appearing in our records as persons being entitled to a portion of the principal amount of Notes represented
by a Temporary Regulation S Global Note issued under the above-referenced Indenture, that as of the date hereof, $             principal amount of Notes represented by the Temporary
Regulation S Global Note being submitted herewith for exchange is beneficially owned by persons that are either (i) non-U.S. persons (within the meaning of Regulation S under the Securities Act of 1933, as amended) or (ii) U.S. persons
that purchased the Notes in a transaction that did not require registration under the Securities Act of 1933, as amended. 
 We further
certify that (i) we are not submitting herewith for exchange any portion of such Temporary Regulation S Global Note excepted in such certifications and (ii) as of the date hereof we have not received any notification from any Institution
to the effect that the statements made by such Institution with respect to any portion of such Temporary Regulation S Global Note submitted herewith for exchange are no longer true and cannot be relied upon as of the date hereof. 
 You and the Issuer are entitled to rely upon this certificate and are irrevocably authorized to produce this certificate or a copy hereof to any
interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby. 
  

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	Yours faithfully,
	
	[Name of DTC Participant]
		
	By:	 	  

					
		 	Name:	 	
		 	Title:	 	
		 	Address:	 	

 Date:
                     
  

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 EXHIBIT I 
 TEMPORARY REGULATION S GLOBAL NOTE LEGEND 
 THIS NOTE IS A TEMPORARY GLOBAL NOTE. PRIOR TO THE EXPIRATION OF
THE RESTRICTED PERIOD APPLICABLE HERETO, BENEFICIAL INTERESTS HEREIN MAY NOT BE HELD BY ANY PERSON OTHER THAN (1) A NON-U.S. PERSON OR (2) A U.S. PERSON THAT PURCHASED SUCH INTEREST IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE U.S.
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). BENEFICIAL INTERESTS HEREIN ARE NOT EXCHANGEABLE FOR PHYSICAL NOTES OTHER THAN A PERMANENT GLOBAL NOTE IN ACCORDANCE WITH THE TERMS OF THE INDENTURE. TERMS IN THIS LEGEND ARE USED
AS USED IN REGULATION S UNDER THE SECURITIES ACT. 
 NO BENEFICIAL OWNERS OF THIS TEMPORARY GLOBAL NOTE SHALL BE ENTITLED TO RECEIVE PAYMENT
OF PRINCIPAL OR INTEREST HEREON UNTIL SUCH BENEFICIAL INTEREST IS EXCHANGED OR TRANSFERRED FOR AN INTEREST IN ANOTHER NOTE. 
  

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 EXHIBIT J 
 SUPPLEMENTAL INDENTURE 
 dated as of
            ,          
 among 
 TERRESTAR NETWORKS INC., 
 The Guarantor(s) Party Hereto 
 and 
 U.S. BANK NATIONAL ASSOCIATION, 
 as Trustee 
  

 15% Senior Secured PIK Notes due 2014

  

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 THIS SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), entered into as of
            ,         , among TERRESTAR NETWORKS INC., a Delaware corporation (the “Issuer”), the existing
Guarantors party thereto, [insert each new Guarantor executing this Supplemental Indenture and its jurisdiction of incorporation] (each an “Undersigned”) and U.S. BANK NATIONAL ASSOCIATION, as trustee (the
“Trustee”). 
 RECITALS 
 WHEREAS, the Issuer and the Trustee entered into the Indenture, dated as of February 14, 2007 (the “Indenture”), relating to the Issuer’s 15% Senior Secured PIK Notes due 2014 (the
“Notes”); 
 WHEREAS, as a condition to the Trustee entering into the Indenture and the purchase of the Notes by the
Holders, the Issuer agreed pursuant to the Indenture to cause any newly acquired or created Domestic Subsidiaries to provide Guarantees, except in certain circumstances. 
 AGREEMENT 
 NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained
and intending to be legally bound, the parties to this Supplemental Indenture hereby agree as follows: 
 Section 1. Capitalized teams
used herein and not otherwise defined herein are used as defined in the Indenture. 
 Section 2. Each Undersigned, by its execution of
this Supplemental Indenture, agrees to be a Guarantor under the Indenture and to be bound by the terms of the Indenture applicable to Guarantors, including, but not limited to, Article 10 thereof. 
 Section 3. This Supplemental Indenture shall be governed by and construed in accordance with the laws of the State of New York. 
 Section 4. This Supplemental Indenture may be signed in various counterparts which together will constitute one and the same instrument. 

Section 5. This Supplemental Indenture is an amendment supplemental to the Indenture and the Indenture and this Supplemental Indenture will
henceforth be read together. 
  

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

			
	TERRESTAR NETWORKS INC., as Issuer
		
	By:	 	  

					
		 	Name:	 	
		 	Title:	 	

  

			
	[GUARANTORS]
		
	By:	 	  

					
		 	Name:	 	
		 	Title:	 	

  

			
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	  

					
		 	Name:	 	
		 	Title:	 	

  

 J-3U.S. Security Agreement, dated as of February 14, 2007

 Exhibit 10.2 
 Execution Copy 
 U.S. SECURITY AGREEMENT 
 SECURITY AGREEMENT dated as of February 14, 2007, among TerreStar Networks Inc., a Delaware corporation (the “Issuer”), and any
entities that may become Guarantors in the future under the Indenture (as defined below) (the foregoing, collectively, the “Grantors”) in favor of U.S. Bank National Association, as the trustee and collateral agent for the Holders
under the Indenture referred to below (in such capacity, together with its successors in such capacity, the “Collateral Agent”). 
 The Grantors and U.S. Bank National Association, as trustee, are parties to an Indenture dated as of February 14, 2007 (as modified and supplemented and in effect from time to time, the “Indenture”), providing, subject
to the terms and conditions thereof, for purchase by the Holders of the Notes (as defined in the Indenture) issued by the Issuer and a guarantee by the Guarantors of the obligations as described in Article 10 of the Indenture. 
 To induce said Holders to purchase the Notes under the Indenture and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Grantors have agreed to pledge and grant a security interest in the Collateral (as hereinafter defined) as security for the Secured Obligations (as hereinafter defined). Accordingly, the parties hereto agree as follows:

 Section 1. Definitions, Etc. 
 1.01. Terms Generally. Terms used herein and not otherwise defined herein are used herein as defined in the Indenture. 
 1.02. Certain UCC Terms. The terms “Accounts,” “Chattel Paper,” “Commercial Tort Claims,” “Deposit Accounts,” “Document,” “Electronic Chattel Paper,” “Equipment,”
“General Intangible,” “Goods,” “Instrument,” “Inventory,” “Investment Property,” “Letter of Credit Rights,” “Payment Intangible,” “Proceeds” and “Software”
have the respective meanings ascribed thereto in Article 9 of the NYUCC. The term “Securities Account” has the meaning ascribed thereto in Article 8 of the NYUCC. 
 1.03. Additional Definitions. In addition, as used herein: 
 “Arianespace Agreement” means the Launch Services Agreement dated November 8, 2006, between the Issuer and Arianespace, a company organized under the laws of France. 
 “ATC License” means the Second Amended and Restated Intellectual Property Assignment and License Agreement dated as of November 21,
2006 and effective as of October 1, 2006 by and between ATC Technologies, LLC, a Delaware limited liability company, and the Issuer. 
 “Cash Deposit Account” means account number 7900296 maintained with SunTrust Bank. 
 “Collateral”
has the meaning ascribed thereto in Section 3. 

 “Copyright Collateral” means all Copyrights, whether now owned or hereafter acquired by
the Grantors, including each Copyright identified in Annex 4 (Part C) and all Copyright Licenses, excluding Excluded Property. 
 “Copyrights” means all domestic and foreign copyrights and works of authorship fixed in any tangible media, whether registered or not, anywhere in the world, whether now or hereafter owned, developed, acquired or used by
the Grantors, including, without limitation, all applications, registrations and recordings thereof (including, without limitation, applications, registrations and recordings in the United States Copyright Office or in any similar office of any
other country or any political subdivision thereof), software, programs and databases (including, without limitation, source code, object code and all related applications and data files, firmware and documentation and materials relating thereto,
and any substitutions, replacements, improvements, error corrections, updates and new versions of any of the foregoing, but excluding, “shrink-wrap” computer software, programs and databases), writings and internet site content.

 “Copyright Licenses” means any written agreement providing for the grant to any Grantor of any right under any Copyright,
including, without limitation, the grant of rights to manufacture, distribute, exploit and sell materials derived from any Copyright. 
 “Excluded Property” means (i) assets securing Purchase Money Indebtedness or Capital Lease Obligations permitted to be incurred under the Indenture to the extent such Purchase Money Indebtedness or Capital Lease
Obligations prohibit granting a security interest in such assets, (ii) subject to Section 5.04(e), any general intangibles to the extent containing an enforceable restriction against the granting of a security interest therein,
(iii) any leasehold interest in real property other than a ground lease with a fair market value, together with any improvements thereon, greater than $1,000,000, (iv) any fee interest in real property having an aggregate value, together
with any improvements thereon, that is not greater than $1,000,000, (v) interests in site hosting agreements related to ground-based beam-forming earth stations not related to either TerreStar-1 or any satellite constituting a replacement for
TerreStar-1, (vi) cash securing letters of credit that are issued in support of performance bonds required by the FCC or applicable law, (vii) voting stock of any Foreign Subsidiary in excess of 65% of such Foreign Subsidiary’s voting
stock, (viii) any property or assets subject to a Lien permitted by clauses (3), (4), (5), (8), (11), (15), (16), (19) and (20) of the definition of “Permitted Liens,” (ix) any assets of a Foreign Subsidiary,
(x) any Motor Vehicles, (xi) any Equity Interests to the extent that the pledge thereof results in the Issuer being required to file separate financial statements of any of its Subsidiaries with the Commission pursuant to Rule 3-10 or Rule
3-16 of Regulation S-X under the Securities Act (but such Equity Interests shall be deemed to be “Excluded Property” pursuant to this clause (xi) only to the extent necessary for the Issuer not to be subject to such filing
requirement) and (xii) any other assets not set forth under the preceding clauses (i) through (xi) which are excluded from the grant of Collateral under Section 3 by clauses (A), (B) and (C) of Section 3.

 “FCC” means the Federal Communications Commission. 
 “FCC License” means any license, authorization, approval, or permit granted by the FCC pursuant to the Communications Act of 1934, as
amended, to the Issuer or its Restricted Subsidiaries, or assigned or transferred to the Issuer or its Subsidiaries pursuant to FCC consent, 

  

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in each case for or in connection with the construction and/or operation of any satellite system. “FCC License” includes the U.S. FCC Letter of
Intent. “FCC License Rights” means any right, title or interest in, to or under any FCC License, whether directly or indirectly held, including, without limitation, any rights owned, granted, approved or issued directly or indirectly by
the FCC or held, leased, licensed or otherwise acquired from or through any party. 
 “Financing Documents” means this
Agreement, the Indenture, the Notes and the Canadian Security Agreement dated as of the date hereof among TerreStar Networks Holdings (Canada) Inc. and TerreStar Networks (Canada) Inc. in favor of the Collateral Agent. 
 “Hughes License” means the Intellectual Property License Agreement between TerreStar Networks Inc. and Hughes Network Systems LLC for
the TerreStar S-Band Satellite Beam Access Subsystem dated January 19, 2007. 
 “IP Collateral” means, collectively,
(a) all Copyright Collateral, (b) all Patent Collateral, (c) all Trademark Collateral, (d) all confidential and proprietary information, including, without limitation, know-how, trade secrets, manufacturing and production
processes and techniques, inventions, research and development information, databases and data, (e) all tangible embodiments of any of the foregoing and all rights corresponding thereto throughout the world, and (f) any and all claims for
damages and injunctive relief for past, present and future infringement, dilution, misappropriation, violation, misuse or breach with respect to any of the foregoing, with the right, but not the obligation, to sue for and collect, or otherwise
recover, such damages (excluding Excluded Property). 
 “Material Adverse Effect” means a material adverse effect on the
business, assets, financial condition, results of operations or prospects of the Issuer and its Subsidiaries taken as a whole. 
 “Motor Vehicles” means motor vehicles, tractors, trailers and other like property whether or not the title thereto is governed by a certificate of title or ownership. 
 “Nevada Site Hosting Agreement” means the Contract for Site Hosting Services to be Provided at North Las Vegas Facility, dated
December 13, 2006, between the Issuer and Hughes Network Systems, LLC. 
 “NYUCC” means the Uniform Commercial Code as
in effect from time to time in the State of New York. 
 “Patent Collateral” means all Patents, whether now owned or
hereafter acquired by the Grantors, including each Patent identified in Annex 4 and all Patent Licenses (excluding Excluded Property). 
 “Patent License” means any written agreement providing for the grant to any Grantor of any right to manufacture, use or sell any invention covered in whole or in part by a Patent, including, without limitation, any of the
foregoing identified in Annex 4. 
 “Patents” means all patents, patent applications, and inventions claimed or disclosed
therein and all improvements thereto, all registrations and applications for registration for any of the foregoing, together with all reissues, divisions, continuations, continuations-in-part, extensions and reexaminations thereof. 
  

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 “Pledged Equity” means the Equity Interests in the Share Issuers (as supplemented from
time to time pursuant to any supplement effecting such pledge) held or owned under the name of the Grantors and all other shares of capital stock, or partnership and other ownership interest, of whatever class or character of any Share Issuer, now
or hereafter owned by the Grantors, and all certificates evidencing the same (but excluding Excluded Property). 
 “Satellite
Construction Agreement” means the Second Amended and Restated Contract dated August 16, 2005, between the Issuer and Space Systems/Loral, Inc., a Delaware Corporation, as the same may be waived, amended, modified or supplemented from
time to time. 
 “SBN Agreement” means the Contract dated January 19, 2007, between the Issuer and Space Systems/Loral,
Inc. for the TerreStar Space-Based Network and Satellite Beam Access Subsystem. 
 “Secured Obligations” means all
obligations of every nature of each Grantor from time to time owed to the Collateral Agent, the Trustee or any Holder under any Financing Document, whether for principal, interest (including interest which, but for the filing of a petition in
bankruptcy with respect to such Grantor, would have accrued on any obligation, whether or not a claim is allowed against such Grantor for such interest in the related bankruptcy proceeding), expenses, indemnities or any other amount. 
 “Share Issuer” means any Person in which a Grantor owns Equity Interests, whether now or hereafter existing or acquired, including,
without limitation, the respective corporations, partnerships or other entities identified next to the names of the Grantors on Annex 3 under the caption “Share Issuer.” 
 “Trademark Collateral” means all Trademarks, whether now owned or hereafter acquired by the Grantors, including each Trademark
identified in Annex 4, together, in each case, with the goodwill of the business connected with the use of, and symbolized by, each such trade name, trademark and service mark and all Trademark Licenses, excluding any United States “intent to
use” applications for which a “Statement of Use” or “Amendment to Allege Use” has not yet been filed with and accepted by the United States Patent and Trademark Office. Notwithstanding the foregoing, the Trademark Collateral
does not and shall not include any Trademark that would be rendered invalid, abandoned, void or unenforceable by reason of its being included as part of the Trademark Collateral (excluding Excluded Property). 
 “Trademark License” means any written agreement providing for the grant to any Grantor of any right to use any Trademark, including,
without limitation, any of the foregoing identified in Annex 4. 
 “Trademarks” means all domestic and foreign trade names,
trademarks and service marks, logos, domain names, trade dress, designs, slogans, business names, corporate names and other source identifiers, whether registered or unregistered, all registrations and applications for registration for any of the
foregoing, together with all modifications, extensions and renewals thereof. 
  

 4 

 Section 2. Representations and Warranties. Each Grantor represents and warrants to the
Holders as of the date hereof that: 
 (a) Title. Each Grantor is the legal and beneficial owner, lessee or licensee of
the Collateral in which it purports to grant a security interest pursuant to Section 3 and no Lien exists upon such Collateral, except for (i) the pledge and security interest in favor of the Collateral Agent for the benefit of the Holders
created or provided for herein and (ii) Liens permitted under the Indenture. Upon filing of the appropriate financing statements, the pledge and security interest in favor of the Collateral Agent for the benefit of the Holders created or
provided for herein will constitute a valid first priority perfected pledge and security interest in and to all of such Collateral to the extent a security interest can be perfected by filing. 
 (b) Names, Etc. The full and correct legal name, type of organization, jurisdiction of organization, organizational ID number (if
applicable) and mailing address of the Grantors as of the date hereof (or on the date that such Grantor becomes a party hereto) are correctly set forth in Annex 1. Annex 1 correctly specifies the place of business of the Grantors or, if a Grantor
has more than one place of business, the location of the chief executive office of such Grantor. 
 (c) Changes in
Circumstances. Such Grantor has not (i) within the period of four months prior to the date hereof (or on the date that such Grantor becomes a party hereto), changed its location (as defined in Section 9-307 of the NYUCC),
(ii) except as specified in Annex 1, heretofore changed its name, or (iii) except as specified in Annex 2, heretofore become a “new debtor” (as defined in Section 9-102(a)(56) of the NYUCC) with respect to a currently
effective security agreement previously entered into by any other Person. 
 (d) Pledged Equity. The Pledged Equity
identified in Annex 3 hereto constitutes all of the issued and outstanding Equity Interests of all classes of Equity Interests of each Share Issuer beneficially owned by each Grantor on the date hereof (or will be updated to correctly identify at
such time on the date such Grantor becomes a party hereto to correctly identify at such time) (but (A) not in excess of 65% of the issued and outstanding shares of any class of the Equity Interests of any Foreign Subsidiary and
(B) excluding the Excluded Property), whether or not registered in the name of the Grantor (or, in the case of any supplement to said Annex 3 upon the execution and delivery of a supplement effecting such pledge, as of the date of such
supplement). Annex 3 hereto correctly identifies, as at the date hereof (or on the date such Grantor becomes a party hereto), with respect to each Share Issuer, (i) each class of Equity Interests to the extent that it constitutes Collateral,
(ii) the number of shares, units or other divisions of interests of such Equity Interests that are authorized and outstanding, (iii) whether such Equity Interests are certificated, a description of any such certificates and the number of
shares, units or other interests represented by such certificates and (iv) the registered owner, or other owner or holder thereof. The Pledged Equity identified under the name of each Grantor in Annex 3 is, and all other Pledged Equity in which
the Grantors shall hereafter grant a security interest pursuant to this Agreement or any supplement hereto will be (A) duly authorized, validly existing, fully paid and non-assessable (in the case of any equity interest in a corporation),
(B) legal, valid and binding obligations of the Grantors (in the case of any equity interest in a partnership) and (C) duly issued and outstanding (in the case of any equity interest in any other entity). 
  

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 (e) Intellectual Property. Annex 4 (Part A) hereto sets forth a complete and
correct list of all registered (and applications for registration of) Trademarks owned by the Grantors on the date hereof. Annex 4 (Part B) hereto sets forth a complete and correct list of all granted (and applications for grant of) Patents owned by
the Grantors on the date hereof. Annex 4 (Part C) hereto sets forth a complete and correct list of all registered (and applications for registration of) Copyrights owned by the Grantors on the date hereof. Except to the extent as would not have a
Material Adverse Effect and except pursuant to licenses and other agreements entered into by the Grantors in the ordinary course of business, each Grantor is either the owner of all right, title and interest in and to its IP Collateral or has been
granted legal and valid license rights in and to its IP Collateral and, except for trademark applications based on intent-to-use which have not yet been allowed by the U.S. Patent and Trademark Office, is entitled to use all its IP Collateral.
Except to the extent as would not have a Material Adverse Effect, all of the IP Collateral, to the Grantor’s knowledge, is valid and enforceable and, except as may be set forth in said Annex 4 and except to the extent as would not have a
Material Adverse Effect, all registrations, to the best of such Grantor’s knowledge, listed in Annex 4 are valid, subsisting and in full force and effect. With respect to each material item of IP Collateral owned by any Grantor and as each
Grantor deems necessary, in its reasonable business judgment, for the conduct of its business, each Grantor has made or performed all commercially reasonable filings, recordings and other acts and has paid all required fees and taxes necessary to
maintain and protect its interest in full force and effect where required for its business, and to protect and maintain its interest therein. To the best of such Grantor’s knowledge, the operation of each Grantor’s business as currently
conducted or as contemplated to be conducted and the use of the IP Collateral in connection therewith do not conflict with, infringe, misappropriate, dilute, misuse or otherwise violate the intellectual property rights of any third party in any
material respect, except to the extent that would not have a Material Adverse Effect. Except as described in Annex 4, (A) no claim, action, suit, arbitration, investigation, judgment, injunction, order, litigation or proceeding is pending or,
to the knowledge of each Grantor, threatened that is (i) seeking to challenge, cancel, limit or restrict the validity, enforceability, ownership or use of the IP Collateral owned by the Grantor, (ii) alleging that the Grantor’s rights
in or use of the IP Collateral owned by the Grantor, including any services provided by, processes used by, or products manufactured or sold by the Grantor that incorporate or use the IP Collateral owned by the Grantor, infringe, misappropriate,
dilute, misuse or otherwise violate any Patent, Trademark, Copyright or any other intellectual property right of any third party or (iii) alleging that the IP Collateral owned by the Grantor is being licensed, sublicensed or assigned in
violation or contravention of the terms of any license or other agreement and (B) to the knowledge of the Grantor, no claim, action, suit, arbitration, investigation, judgment, injunction, order, litigation or proceeding is pending or
threatened that is (i) seeking to challenge, cancel, limit or restrict the validity, enforceability, ownership or use of the IP Collateral not owned by the Grantor, (ii) alleging that the Grantor’s rights in or use of the IP
Collateral not owned by the Grantor, including any services provided by, processes used by, or products manufactured or sold by the Grantor that incorporate or use the IP Collateral owned by the Grantor, infringe, misappropriate, dilute, misuse or
otherwise violate any Patent, Trademark, Copyright or any other intellectual property right of any third party or (iii) alleging that the IP Collateral not owned by the Grantor is being licensed, sublicensed or assigned in violation or
contravention of the terms of any license or other agreement. 
 (f) Material Licenses. Annex 4 (Part D) hereto sets
forth a complete and correct list of all material licenses included in the IP Collateral on the date hereof. 
  

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 (g) Commercial Tort Claims. Annex 5 sets forth a complete and correct list of all
Commercial Tort Claims of the Grantors in existence on the date hereof. 
 Section 3. Collateral. As collateral security for the
prompt payment in full when due (whether at stated maturity, by acceleration or otherwise) of the Secured Obligations, each of the Grantors hereby pledges and grants to the Collateral Agent for the ratable benefit of the Holders, a security interest
in all of such Grantor’s right, title and interest in the following, whether now owned or hereafter acquired by such Grantor and whether now existing or hereafter coming into existence and wherever located (all of the following being
collectively referred to herein as “Collateral”): 
 (a) all Accounts, Instruments, Documents, Chattel Paper
(whether tangible or electronic), Inventory, Equipment, Goods, Letter of Credit Rights, Payment Intangibles, Software and other General Intangibles (including, without limitation, the Motient Funding Agreement, the Transfer Agreements, the ATC
License, the Hughes License, the Satellite Construction Agreement, the Arianespace Agreement, the SBN Agreement and the Nevada Site Hosting Agreement); 
 (b) all Investment Property, including all Pledged Equity; 
 (c) all IP Collateral, and the
right to recover for past, present and future infringements or misappropriations thereof and all other rights of any kind whatsoever accruing thereunder or pertaining thereto; 
 (d) all Payment Intangibles, Software and all other General Intangibles whatsoever not covered by the preceding clauses of this
Section 3; 
 (e) all Commercial Tort Claims arising out of the events described in Annex 5; 
 (f) all FCC License Rights, whether now owned or held or hereafter acquired or held by a Grantor, including all FCC Licenses, including,
without limitation, the right to receive monies, proceeds, or other consideration in connection with the sale, assignment, transfer, or other disposition of any FCC Licenses, the proceeds from the sale of any FCC Licenses or any goodwill or other
intangible rights or benefits associated therewith, including without limitation all right of each Grantor to (A) transfer, assign or otherwise dispose of its rights, title and interests, if any, under or in respect of such FCC Licenses,
(B) exercise any rights, demands and remedies against the lessor, licensor or other parties thereto, and (C) all rights of such Grantor to receive proceeds of any insurance, indemnities, warranties, guaranties or claims for damages in
connection therewith; provided, that such security interest does not include at any time any FCC License to the extent (but only to the extent) that at such time the Collateral Agent may not validly possess a security interest directly in the FCC
License pursuant to applicable Federal law, including the Communications Act of 1934, as amended, and the rules, regulations and policies promulgated thereunder, as in effect at such time, but such security interest does include at all times all
proceeds of the FCC Licenses, and the right to receive all monies, consideration and proceeds derived from or in connection with the sale, assignment, transfer, or other disposition of the FCC Licenses; 
  

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 (g) all Deposit Accounts, all Securities Accounts and all cash and Investment Property
from time to time credited thereto; 
 (h) Any cash or securities contributed to the Issuer pursuant to the Motient Funding
Agreement; 
 (i) to the extent related to any of the foregoing, all books, correspondence, credit files, records, invoices
and other papers (including without limitation all tapes, cards, computer runs and other papers and documents in the possession or under the control of the Grantors or any computer bureau or service company from time to time acting for the
Grantors); and 
 (j) all Proceeds, products, offspring, accessions, rents, profits, income, benefits, royalties and other
payments now or hereafter due and payable with respect to, and supporting obligations relating to, any and all of the Collateral, and all substitutions and replacements of and to any of the Collateral, including, without limitation, proceeds,
collateral and supporting obligations that constitute property of the types described in clauses (a) through (h) of this Section 3. 
 IT BEING UNDERSTOOD, HOWEVER, that: 
 (A) in no event shall the security interest granted under this Section 3 attach to any
lease, license, contract, Intellectual Property or agreement to which any Grantor is a party (or to any of its rights or interests thereunder) or Investment Property to the extent that the grant of such security interest would: (x) constitute
or result in either (i) the abandonment, invalidation or unenforceability of any right, title or interest of the Grantors therein; or (ii) a breach or termination pursuant to the terms of, or a default under, any such lease, license,
contract, Intellectual Property or agreement (other than, to the extent that any such term would be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the NYUCC); or (y) require the consent of any third party; 

(B) to the extent that the terms of any Indebtedness incurred to finance the acquisition of any property (other than any property obtained pursuant to
the Satellite Construction Agreement or the Arianespace Agreement) expressly prohibits the pledge, assignment or transfer thereof, or the grant of a security interest therein, the applicable Grantor’s right, title and interest in such property
shall be excluded from the Collateral for so long as such prohibition continues; 
 (C) no security interest shall attach to or be granted in
United States intent to use trademark applications to the extent that the grant of a security interest therein would impair the validity or enforceability of such intent to use trademark applications under applicable U.S. federal law; and

 (D) no security interest shall attach to any Excluded Property (and the definition of “Collateral” shall not include any such
Excluded Property); 
 provided, that, notwithstanding anything to the contrary, clause (A) shall apply only to the extent that any
provisions providing for the breach, termination or default with respect to such lease, license, contract, Intellectual Property or agreement were not in contemplation of this Agreement or any of the transactions contemplated by the Indenture; and
provided further that immediately 

  

 8 

 
upon the ineffectiveness, lapse or termination of any such prohibition on the grant of such security interest or lien, the Collateral shall include, and such
Grantor shall be deemed to have granted a security interest in, all such right, title and interests as if such prohibition had never been in effect. 
 Section 4. Proceeds of Accounts. If so requested by the Collateral Agent at any time after the occurrence and during the continuance of an Event of Default, the Grantors shall instruct all account debtors in
respect of Accounts, Chattel Paper and General Intangibles and all obligors on Instruments to make all payments in respect thereof either (i) directly to the Collateral Agent (by instructing that such payments be remitted to a post office box
which shall be in the name and under the control of the Collateral Agent) or (ii) to one or more other banks in the United States of America (by instructing that such payments be remitted to a post office box which shall be in the name and
under the control of the Collateral Agent) under arrangements, in form and substance satisfactory to the Collateral Agent, pursuant to which the Grantors shall have irrevocably instructed such other bank (and such other bank shall have agreed) to
remit all proceeds of such payments directly to the Collateral Agent. 
 Section 5. Further Assurances; Remedies. In furtherance of
the grant of the pledge and security interest pursuant to Section 3, each Grantor hereby agrees with each Holder and the Collateral Agent as follows: 
 5.01. Delivery and Other Perfection. Each Grantor shall: 
 (a) if any of the Pledged
Equity or other Investment Property pledged by the Grantors under clause (b) of Section 3 in an aggregate amount in excess of $1,000,000 is received by the Grantors, forthwith either (x) deliver to the Collateral Agent such Pledged
Equity or other Investment Property (together with the certificates or instruments for any such Pledged Equity or other Investment Property duly endorsed in blank or accompanied by such instruments of assignment and transfer in such form and
substance as the Collateral Agent may request), all of which thereafter shall be held by the Collateral Agent, pursuant to the terms of this Agreement, as part of the Collateral, (y) cause the applicable securities intermediary or securities
intermediaries to enter into account control agreements with the Collateral Agent in form and substance reasonably satisfactory to the Collateral Agent or cause all securities accounts to be maintained with the financial institution acting as
Collateral Agent or (z) take such other action as the Collateral Agent shall reasonably deem necessary or appropriate to duly record or otherwise perfect the Lien created hereunder in such Pledged Equity or other Investment Property pursuant to
said clause (b) under the law of the United States or a jurisdiction thereof; 
 (b) deliver and pledge to the Collateral
Agent any and all Instruments (excluding Excluded Property) in an aggregate amount in excess of $1,000,000, endorsed and/or accompanied by such instruments of assignment and transfer in such form and substance as the Collateral Agent may reasonably
request; provided, that (other than in the case of any intercompany notes) so long as no Event of Default shall have occurred and be continuing, the Grantors may retain for collection in the ordinary course any Instruments received by the
Grantors in the ordinary course of business and the Collateral Agent shall, promptly upon request of either Grantor, make appropriate arrangements for making any Instrument pledged by the Grantors available to the Grantors, for purposes of
presentation, collection or renewal (any such arrangement to be effected, to the extent deemed appropriate by the Collateral Agent, against trust receipt or like document); 
  

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 (c) give, execute, deliver, file, record, authorize or obtain all such financing
statements, notices, instruments, documents, agreements or consents or other papers and take all such other actions as may be necessary or desirable (in the reasonable judgment of the Collateral Agent) and reasonably requested by the Collateral
Agent to create, preserve, perfect or validate the security interest in the Collateral granted pursuant hereto under the law of the United States or a jurisdiction thereof or to enable the Collateral Agent to exercise and enforce its rights
hereunder with respect to such pledge and security interest, including, without limitation, (i) (A) making filings, registrations and recordations with the U.S. Patent and Trademark Office and the U.S. Copyright Office, (B) delivery
of all original certificates representing Pledged Equity, together with indorsements, stock powers or other appropriate instruments of transfer, duly executed or endorsed in blank, and (C) taking all such action as may be required by the
Uniform Commercial Code then in effect in any applicable jurisdiction in order to effect the same, and (ii) following the occurrence and during the continuance of an Event of Default, (A) causing any or all of the Pledged Equity to be
transferred of record into the name of the Collateral Agent or its nominee (and the Collateral Agent agrees that if any Pledged Equity is transferred into its name or the name of its nominee, the Collateral Agent will thereafter promptly give to the
Grantors copies of any notices and communications received by it with respect to the Pledged Equity pledged by the Grantors hereunder) and (B) if requested by the Collateral Agent, using commercially reasonable efforts to obtain any consents,
authorization and approvals of the FCC in connection with any transfer or disposition of any FCC License or the Equity Interests of any Share Issuer that owns or holds any rights with respect to any FCC License, including, without limitation, as
provided in Section 6.09; 
 (d) keep full and accurate books and records relating to the Collateral; 
 (e) if any Event of Default shall have occurred and be continuing, permit representatives of the Collateral Agent, upon reasonable notice,
at any time during normal business hours to inspect and make abstracts from its books and records pertaining to the Collateral, and permit representatives of the Collateral Agent to be present at the Grantors’ respective places of business to
receive copies of all communications and remittances relating to the Collateral, and forward copies of any notices or communications received by the Grantors with respect to the Collateral, all in such manner as the Collateral Agent may require;

 (f) execute and deliver and, subject to the execution thereof by the Collateral Agent, upon request of the Collateral Agent
cause to be filed, such continuation statements, and do such other acts and things as the Collateral Agent may reasonably request, as may be necessary to maintain the perfection of the security interest granted pursuant hereto under the law of the
United States or a jurisdiction therein; and 
 (g) upon the occurrence and during the continuance of any Default, upon
request of the Collateral Agent, promptly notify (and the Grantors hereby authorize the Collateral Agent so to notify) each account debtor in respect of any Accounts or Instruments that such Collateral has been assigned to the Collateral Agent
hereunder, and that any payments due or to become due in respect of such Collateral are to be made directly to the Collateral Agent. 
  

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 5.02. Other Financing Statements and Liens. Except as otherwise permitted under the Indenture, no
Grantor shall file or suffer to be on file, or authorize or permit to be filed or to be on file, in any jurisdiction, any financing statement or like instrument with respect to the Collateral in which the Collateral Agent is not named as the sole
secured party for the benefit of the Holders. 
 5.03. Preservation of Rights. The Collateral Agent shall not be required to take
steps necessary to preserve any rights against prior parties to any of the Collateral. 
 5.04. Special Provisions Relating to Certain
Collateral. 
 (a) Special Provisions Relating to Pledged Equity. 
 (i) The Grantors will cause the Pledged Equity to constitute at all times 100% of all Equity Interests of each Share Issuer then
outstanding owned by the Grantors (but no more than 65% of each class of the outstanding Equity Interests of any Foreign Subsidiary of the Grantors and excluding the Excluded Property). 
 (ii) So long as no Event of Default shall have occurred and be continuing, the Grantors shall have the right to exercise all voting,
consensual and other powers of ownership pertaining to the Pledged Equity for all purposes not inconsistent with the terms of this Agreement, the Indenture or any document, agreement, supplement or other instrument or agreement referred to herein or
therein or contemplated thereby or hereby, and the Collateral Agent shall execute and deliver to the Grantors or cause to be executed and delivered to the Grantors all such proxies, powers of attorney, dividend and other orders, and all such
instruments, without recourse, as the Grantors may reasonably request for the purpose of enabling the Grantors to exercise the rights and powers which they are entitled to exercise pursuant to this Section 5.04(a)(ii). 
 (iii) Unless and until an Event of Default shall have occurred and be continuing, or the principal of and interest on the Notes, and all
other amounts outstanding under the Indenture shall have been declared (or become) due and payable, the Grantors shall be entitled to receive and retain any dividends, distributions or proceeds on the Pledged Equity paid in cash out of earned
surplus. 
 (iv) If any Event of Default shall have occurred and be continuing, and whether or not the Holders exercise any
available right to declare any Secured Obligations due and payable or seek or pursue any other relief or remedy available to them under applicable law or under this Agreement, the Financing Documents or any other agreement relating to such Secured
Obligation, upon request by the Collateral Agent, all dividends and other distributions on the Pledged Equity shall be paid directly to the Collateral Agent, and, if the Collateral Agent shall so request in writing, the Grantors jointly and
severally agree to execute and deliver to the Collateral Agent appropriate additional dividend, distribution and other orders and documents to that end, provided that if such Event of Default is cured, any such dividend or distribution theretofore
paid to the Collateral Agent shall, upon request of any Grantor (except to the extent theretofore applied to the Secured Obligations), be returned by the Collateral Agent to the Grantors. 
  

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 (b) Special Provisions Relating to IP Collateral. 
 (i) For the purpose of enabling the Collateral Agent to exercise rights and remedies under Section 5.05 at such time as the
Collateral Agent shall be lawfully entitled to exercise such rights and remedies, and for no other purpose, the Grantors hereby grant to the Collateral Agent, to the extent assignable, an irrevocable, non-exclusive license (exercisable without
payment of royalty or other compensation to the Grantors) to use, assign, license or sublicense any of the IP Collateral now owned or hereafter acquired by the Grantors, wherever the same may be located, including in all cases with reasonable access
to all media in which any of the licensed items may be recorded or stored and to all computer programs used for the compilation or printout thereof. 
 (ii) Notwithstanding anything contained herein to the contrary, but subject to the provisions of the Indenture that limit the right of the Grantors to dispose of their property, so long as no Event of Default shall
have occurred and be continuing, the Grantors will be permitted to exploit, use, enjoy, protect, license, sublicense, assign, sell, dispose of or take other actions with respect to the IP Collateral in the ordinary course of the business of the
Grantors. In furtherance of the foregoing, unless an Event of Default shall have occurred and be continuing the Collateral Agent shall from time to time, upon the request of any Grantor, execute and deliver any instruments, certificates or other
documents, in the form so requested, that the Grantors shall have certified are appropriate (in their judgment) to allow them to take any action permitted above (including relinquishment of the license provided pursuant to clause
(i) immediately above as to any specific IP Collateral). Further, upon the payment in full of all of the Secured Obligations, or earlier expiration of this Agreement or release of the Collateral, the license granted pursuant to clause
(i) immediately above shall automatically terminate. The exercise of rights and remedies under Section 5.05 by the Collateral Agent shall not terminate the rights of the holders of any licenses or sublicenses theretofore granted by the
Grantors in accordance with the first sentence of this clause (ii). 
 (c) Special Provisions Relating to the Cash Deposit
Account and Other Deposit and Securities Accounts. Upon the date hereof, the Issuer is delivering to the Collateral Agent a control agreement covering the Cash Deposit Account. Unless an Event of Default has occurred hereunder or under the
Indenture, the Issuer shall be entitled to manage the funds in the Cash Deposit Account, including the right to withdraw any funds from such Account. If any Event of Default shall have occurred and be continuing, and whether or not the Holders
exercise any available right to declare any Secured Obligations due and payable or seek or pursue any other relief or remedy available to them under applicable law or under this Agreement, the Financing Documents or any other agreement relating to
such Secured Obligations, the Issuer shall have no right to withdraw any funds from the Cash Deposit Account or give any instructions with respect to the management or investments of any funds held therein. As soon as practicable after the Issue
Date, the Issuer shall use commercially reasonable efforts to establish a control agreement over any deposit or securities account (other than the Cash Deposit Account) that contains $2,500,000 or more for more than one calendar week; provided,
that if any deposit or securities account subject to a control agreement contains less than $2,500,000 for any 30 calendar day period or is closed, then such control agreement may be terminated by the 

  

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Issuer. Notwithstanding anything to the contrary in this Agreement, no control agreements shall be required except those required by this
Section 5.04(c). 
 (d) Special Provision Relating to Commercial Tort Claims. If any Grantor shall obtain an
interest in any Commercial Tort Claim with a potential value in excess of $1,000,000, such Grantor shall within 30 days of obtaining such interest sign and deliver documentation acceptable to the Collateral Agent granting a security interest under
the terms and provisions of this Agreement in and to such Commercial Tort Claim. 
 (e) Limitation on Restrictions in
Future Agreements. The Issuer and each Guarantor will use commercially reasonable efforts to ensure that any agreement, arrangement or instrument entered into after the Issue Date will not contain any restriction which may have a material
adverse effect on the Holders and which relates, directly or indirectly, to its rights (i) to own or acquire any license or spectrum granted by the FCC, (ii) under the Transfer Agreements, (iii) of ownership of Equity Interests in
TerreStar Networks (Canada) Inc., TerreStar Networks Holdings (Canada) Inc., the FCC License Subsidiary and each Restricted Subsidiary or (iv) under the Motient Funding Agreement, the ATC License, the Hughes License, the Satellite Construction
Agreement, the Arianespace Agreement, the SBN Agreement, the Nevada Site Hosting Agreement and any similar agreements; provided, that (I) the Transfer Agreements may contain any such provisions as have been described in the Offering
Memorandum, (II) this clause (e) shall not restrict the parties to the Transfer Agreements from exercising any of their rights thereunder and (III) this clause (e) shall not prohibit any changes to the Transfer Agreements as are required
by Industry Canada. 
 5.05. Events of Default, Etc. During the period during which an Event of Default shall have occurred and be
continuing: 
 (a) the Grantors shall, at the request of the Collateral Agent, assemble the Collateral owned by them at such
place or places, reasonably convenient to the Collateral Agent and the Grantors, designated in the Collateral Agent’s request; 
 (b) the Collateral Agent may make any reasonable compromise or settlement deemed desirable with respect to any of the Collateral and may extend the time of payment, arrange for payment in installments, or otherwise modify the terms of, any
of the Collateral; 
 (c) the Collateral Agent shall have all of the rights and remedies with respect to the Collateral of a
secured party under the NYUCC (whether or not the Uniform Commercial Code is in effect in the jurisdiction where the rights and remedies are asserted) and such additional rights and remedies to which a secured party is entitled under the laws in
effect in any jurisdiction where any rights and remedies hereunder may be asserted, including, without limitation, the right, to the maximum extent permitted by law, to exercise all voting, consensual and other powers of ownership pertaining to the
Collateral as if the Collateral Agent were the sole and absolute owner thereof (and the Grantors agree to take all such action as may be appropriate to give effect to such right); 
 (d) the Collateral Agent in its discretion may, in its name or in the name of the Grantors or otherwise, demand, sue for, collect or
receive any money or property at any time payable or receivable on account of or in exchange for any of the Collateral, but shall be under no obligation to do so; and 
  

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 (e) the Collateral Agent may, upon 10 Business Days’ prior written notice to the
Grantors of the time and place (which the Grantors agree constitutes reasonable prior notice), with respect to the Collateral or any part thereof which shall then be or shall thereafter come into the possession, custody or control of the Collateral
Agent, the holders of the Secured Obligations or any of their respective agents, sell, lease, assign or otherwise dispose of all or any part of such Collateral, at such place or places as the Collateral Agent deems best, and for cash or for credit
or for future delivery (without thereby assuming any credit risk), at public or private sale, without demand of performance or notice of intention to effect any such disposition or of the time or place thereof (except such notice as is required
above or by applicable statute and cannot be waived), and the Collateral Agent or any holder of any Secured Obligation or anyone else may be the purchaser, lessee, assignee or recipient of any or all of the Collateral so disposed of at any public
sale (or, to the extent permitted by law, at any private sale) and thereafter hold the same absolutely, free from any claim or right of whatsoever kind, including any right or equity of redemption (statutory or otherwise), of the Grantors, any such
demand, notice and right or equity being hereby expressly waived and released. In the event of any sale, assignment, or other disposition of any of the IP Collateral, the goodwill connected with and symbolized by the IP Collateral subject to such
disposition shall be included. The Collateral Agent may, without notice or publication, adjourn any public or private sale or cause the same to be adjourned from time to time by announcement at the time and place fixed for the sale, and such sale
may be made at any time or place to which the sale may be so adjourned. The proceeds of each collection, sale or other disposition under this Section 5.05, including by virtue of the exercise of the license granted to the Collateral Agent in
Section 5.04(b), shall be applied in accordance with Section 5.08. The Grantors recognize that, by reason of certain prohibitions contained in the Securities Act of 1933, as amended, and applicable state securities laws, the Collateral
Agent may be compelled, with respect to any sale of all or any part of the Collateral, to limit purchasers to those who will agree, among other things, to acquire the Collateral for their own account, for investment and not with a view to the
distribution or resale thereof. The Grantors acknowledge that any such private sales may be at prices and on terms less favorable to the Collateral Agent than those obtainable through a public sale without such restrictions, and, notwithstanding
such circumstances, agree that any such private sale shall be deemed to have been made in a commercially reasonable manner and that the Collateral Agent shall have no obligation to engage in public sales and no obligation to delay the sale of any
Collateral for the period of time necessary to permit the respective issuer thereof to register it for public sale. The Collateral Agent shall not be required to marshal any present or future collateral security (including, but not limited to, this
Agreement and the Collateral) for, or other assurances of payment of, the Secured Obligations or any of them or to resort to such collateral security or other assurances of payment in any particular order, and all of the Collateral Agent’s
rights hereunder and in respect of such collateral security and other assurances of payment shall be cumulative and in addition to all other rights, however existing or arising. To the extent that each Grantor lawfully may, the Grantor hereby agrees
that it will not invoke any law relating to the marshalling of collateral which might cause delay in or impede the enforcement of the Collateral Agent’s rights under this Agreement or under any other instrument creating or evidencing any of the
Secured Obligations or under which any of the Secured Obligations is outstanding or by which any of the Secured Obligations is secured or payment thereof is otherwise assured, and, to the extent that it lawfully may, the Grantor hereby irrevocably
waives the benefits of all such laws. Each Grantor hereby 

  

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acknowledges that if the Collateral Agent complies with any applicable state, provincial, or federal law requirements in connection with a disposition of the
Collateral, such compliance will not adversely affect the commercial reasonableness of any sale or other disposition of the Collateral. 
 5.06. Locations; Names. Without at least 10 days’ prior written notice to the Collateral Agent, no Grantor shall change its location (as defined in Section 9-307 of the Uniform Commercial Code) or change its name from the
name shown as its current legal name on Annex 1. 
 5.07. Private Sale. The Collateral Agent and the Holders shall incur no
liability as a result of the sale of the Collateral, or any part thereof, at any private sale pursuant to Section 5.05 conducted in a commercially reasonable manner. 
 5.08. Application of Proceeds. Except as otherwise herein expressly provided and except as provided below in this Section 5.08, the Proceeds of any collection, sale or other realization of all or any part
of the Collateral pursuant hereto, and any other cash at the time held by the Collateral Agent under Section 4 or this Section 5, shall be applied by the Collateral Agent: 
 First, to the payment of the reasonable costs and expenses of such collection, sale or other realization, including reasonable out-of-pocket costs
and expenses of the Collateral Agent and the reasonable fees and expenses of its agents and counsel, and all out -of-pocket expenses incurred and advances made by the Collateral Agent in connection therewith; 
 Next, to the payment in full of the Secured Obligations, in each case equally and ratably in accordance with the respective amounts thereof then
due and owing or as the Holders holding the same may otherwise agree; and 
 Finally, to the payment to the respective Grantors, or
their respective successors or assigns, or as a court of competent jurisdiction may direct, of any surplus then remaining. 
 5.09.
Attorney-in-Fact. Without limiting any rights or powers granted by this Agreement to the Collateral Agent while no Event of Default has occurred and is continuing, the Collateral Agent is hereby appointed the attorney-in-fact of the Grantors
to, upon the occurrence and during the continuance of any Event of Default, carry out the provisions of this Section 5 and take any action and execute any instruments that the Collateral Agent may deem necessary or advisable to accomplish the
purposes hereof, which appointment as attorney-in-fact is irrevocable and coupled with an interest; provided that, Collateral Agent shall not execute on behalf of Grantors any application or other instrument to be submitted to the FCC except to the
extent permitted by applicable law. Without limiting the generality of the foregoing, so long as the Collateral Agent shall be entitled under this Section 5 to make collections in respect of the Collateral, the Collateral Agent shall have the
right and power to receive, endorse and collect all checks made payable to the order of the Grantors representing any dividend, payment or other distribution in respect of the Collateral or any part thereof and to give full discharge for the same.

  

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 5.10. Perfection and Recordation. Except as otherwise provided below, prior to or concurrently
with the execution and delivery of this Agreement, the Grantors shall: 
 (a) file such financing statements in such offices
as the Collateral Agent may reasonably request to perfect the security interests granted by Section 3 of this Agreement (it being understood that in no event shall financing statements be filed against fixtures in the local jurisdictions of
their location), 
 (b) deliver to the Collateral Agent all certificates evidencing any of the Pledged Equity, accompanied by
undated stock or other powers duly executed in blank, 
 (c) deliver the originals of any of the promissory notes referred to
in Section 3, accompanied by undated allonges or other powers duly executed in blank, 
 (d) cause each Share Issuer
(other than an Share Issuer the ownership interests in which are evidenced by certificates) that is a Subsidiary to agree that it will comply with instructions regarding perfection and recordation originated by the Collateral Agent, and 

(e) execute, deliver and record such short form security agreements relating to IP Collateral as the Collateral Agent may reasonably
request and make such filings, registrations and recordations thereof with the U.S. Patent and Trademark Office and the U.S. Copyright Office, as applicable, as the Collateral Agent may reasonably request. 
 Without limiting the foregoing, the Grantors consent that Uniform Commercial Code financing statements may be filed describing the Collateral as
“all assets” or “all personal property” of the Grantors (provided that no such description shall be deemed to modify the description of Collateral set forth in Section 3). 
 5.11. Termination. Upon the payment of all Secured Obligations in full or release of the Collateral in full in accordance with Section 5.12,
this Agreement shall terminate, and the Collateral Agent shall forthwith cause to be assigned, transferred and delivered, against receipt but without any recourse, warranty or representation whatsoever, any remaining Collateral and money received in
respect thereof, to or on the order of the respective Grantors and to be released and canceled all licenses and rights referred to in Section 5.04(b). 
 5.12. Release. The Liens on the Collateral under this Agreement will be released: (i) in whole, upon payment in full of the principal of, accrued and unpaid interest and premium, if any, on the Notes;
(ii) in whole, upon satisfaction and discharge of the Indenture as set forth under Section 8.03 thereof; (iii) in whole, upon a Legal Defeasance or Covenant Defeasance as set forth under Section 8.01 of the Indenture;
(iv) in part, as to any property constituting Collateral (A) that is sold or otherwise disposed of by the Issuer or any Guarantor in a transaction permitted by Section 5.08 of the Indenture or by the Collateral Documents, to the
extent of the interest sold or disposed of; (B) that is disposed of in a transaction of the nature described in clause (1), clause (5), clause (7), clause (8) (except to the extent of any excess proceeds remaining after satisfaction of the
obligation being satisfied through such foreclosure), clause (9), clause (10) or clause (11) of the second paragraph in the definition of “Asset Sale,” and is subject to a disposition as therein provided; (C) that
constitutes Excess Collateral Proceeds that remain unexpended after the conclusion of a Collateral Sale Offer conducted in accordance with the Indenture; (D) that is owned or at any time acquired by a Guarantor that has been released from its
Guarantee in accordance with the Indenture, concurrently with the release thereof; (E) that is Capital Stock of a Subsidiary of the Issuer to the extent necessary for such Subsidiary not to be 

  

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subject to any requirement pursuant to Rule 3-16 or Rule 3-10 of Regulation S-X under the Securities Act, due to the fact that such Subsidiary’s Capital
Stock secures the Notes, to file separate financial statements with the Commission (or any other governmental agency); (F) with respect to TerreStar-1, upon transfer of TerreStar-1 from the Issuer to TerreStar Canada in compliance with
Section 5.04(b)(10) of the Indenture; (G) that is used to make a Restricted Payment or Permitted Investment permitted by the Indenture; (H) that becomes Excluded Property; (I) that is owned by a Subsidiary that is designated as
an Unrestricted Subsidiary; or (J) otherwise in accordance with, and as expressly provided for under, the Indenture; (v) with the consent of each Holder of the Notes affected thereby (including, without limitation, consents obtained in
connection with a tender offer or exchange offer for, or purchase of, Notes); provided, that, in the case of any release in whole pursuant to clause (i) above, all amounts owing to the Trustee under the Indenture, the Notes, the
Guarantees, the Collateral Documents and the Intercreditor Agreement have been paid. Upon compliance by the Issuer or the Guarantors, as the case may be, with the conditions precedent set forth above, the Trustee or the Collateral Agent shall
promptly cause to be released and reconveyed to the Issuer, or its Guarantors, as the case may be, the released Collateral. In addition, the Collateral Agent shall, at the expense of the Grantors, execute and deliver to the appropriate Grantors such
Uniform Commercial Code termination statements or amendments to effect and evidence the release of the Liens on such Collateral and execute any other documentation to effect or evidence such Lien termination as may be requested by the Grantors.

 5.13. Further Assurances. Each Grantor agrees that, from time to time upon the written request of the Collateral Agent, at the
expense of such Grantor and, subject to the terms hereof, such Grantor will promptly execute and use commercially reasonable efforts to deliver, or otherwise authenticate, all further instruments and documents, and take all further commercially
reasonable action that the Collateral Agent may reasonably request in order to perfect and protect any pledge or security interest granted or purported to be granted by such Grantor hereunder or to enable the Collateral Agent to exercise and enforce
its rights and remedies hereunder with respect to any Collateral of such Grantor and do such other acts and things as the Collateral Agent may reasonably request in order fully to effect the purposes of this Agreement, including, without limitation,
taking any other action contemplated by this Article 5. In addition, each Grantor will furnish to the Collateral Agent from time to time statements and schedules (or update any schedules and annexes hereto) further identifying and describing the
Collateral of such Grantor and such other reports in connection with such Collateral as the Collateral Agent may reasonably request, all in reasonable detail. 
 Section 6. Miscellaneous. 
 6.01. Notices. All notices, requests, consents and demands
hereunder shall be in writing and telecopied or delivered to the intended recipient at its “Address for Notices” specified pursuant to Section 12.01 of the Indenture. 
 6.02. No Waiver. No failure on the part of the Collateral Agent or any Holder to exercise, and no course of dealing with respect to, and no delay
in exercising, any right, power or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise by the Collateral Agent or any Holder of any right, power or remedy hereunder preclude any other or further exercise
thereof or the exercise of any other right, power or remedy. The remedies herein are cumulative and are not exclusive of any remedies provided by law. 
  

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 6.03. Amendments, Etc. 
 (a) The terms of this Agreement may be waived, altered or amended in accordance with Article 9 of the Indenture and only by an instrument
in writing duly executed by the Grantors and the Collateral Agent, provided that any provision of this Agreement may be waived by the Collateral Agent in a letter or agreement executed by the Collateral Agent or by facsimile transmission from the
Collateral Agent. Any such amendment or waiver shall be binding upon the Collateral Agent and each Holder, each holder of any of the Secured Obligations and the Grantors. 
 (b) Upon the execution and delivery by any Person of a security agreement supplement in substantially the form of Exhibit A hereto, such
Person shall be and become a Grantor hereunder, and each reference in this Agreement and the other Financing Documents to “Grantor” shall also mean and be a reference to such Person, each reference in this Agreement and the other Financing
Documents to the “Collateral” shall also mean and be a reference to the Collateral granted by such Person and each reference in this Agreement to an Annex shall also mean and be a reference to the annexes attached to such security
agreement supplement. 
 6.04. Expenses. The Issuer agrees to reimburse the Collateral Agent for all reasonable out-of-pocket costs
and expenses of the Collateral Agent (including, without limitation, the reasonable fees and expenses of one legal counsel) in connection with (i) the administration of this Agreement and the custody, preservation, use or operation of, or the
sale of, collection from or other realization upon, any of the Collateral of any Grantor, (ii) any Event of Default and any enforcement or collection proceeding resulting therefrom, including, without limitation, all manner of participation in
or other involvement with (w) performance by the Collateral Agent of any obligations of the Grantors in respect of the Collateral that the Grantors have failed or refused to perform, (x) bankruptcy, insolvency, receivership, foreclosure,
winding up or liquidation proceedings, or any actual or attempted sale, or any exchange, enforcement, collection, compromise or settlement in respect of any of the Collateral, and for the care of the Collateral and defending or asserting rights and
claims of the Collateral Agent in respect thereof, by litigation or otherwise, including expenses of insurance, (y) judicial or regulatory proceedings and (z) workout, restructuring or other negotiations or proceedings (whether or not the
workout, restructuring or transaction contemplated thereby is consummated) and (iii) the enforcement of this Section 6.04, and all such costs and expenses shall be Secured Obligations entitled to the benefits of the collateral security
provided pursuant to Section 3. 
 6.05. Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of
the respective successors and assigns of the Grantors, the Collateral Agent, the Holders and each holder of any of the Secured Obligations (provided that no Grantor shall assign or transfer its rights or obligations hereunder without the prior
written consent of the Collateral Agent). 
 6.06. Counterparts. This Agreement may be executed in any number of counterparts, all of
which taken together shall constitute one and the same instrument and any of the parties hereto may execute this Agreement by signing any such counterpart. 
 6.07. Governing Law. This Agreement shall be governed by, and construed in accordance with, the law of the State of New York. 
  

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 6.08. Captions. The captions and section headings appearing herein are included solely for
convenience of reference and are not intended to affect the interpretation of any provision of this Agreement. 
 6.09. Certain Regulatory
Requirements. 
 (a) Cooperation by Grantors. At any time after the occurrence and during the continuance of an
Event of Default, each Grantor shall take all lawful action that the Collateral Agent may reasonably request in the exercise of its rights and remedies hereunder, which include the right to require such Grantor to transfer or assign any FCC License
Rights held by it or any of its Subsidiaries to any party or parties to facilitate an arms’-length public or private sale for the benefit of the Collateral Agent. In furtherance of this right, the Grantors shall (i) cooperate fully with
the Collateral Agent in obtaining all approvals and consents from the FCC and each other Governmental Authority and from any third parties that the Collateral Agent may deem necessary or advisable to accomplish any such transfer or assignment, and
(ii) prepare, execute and file with the FCC and any other Governmental Authority any application, request for consent, certificate or instrument that the Collateral Agent may deem necessary or advisable to accomplish any such transfer or
assignment. If the Grantors fail to execute such applications, requests for consent, certificates or instruments, the clerk of any court that has jurisdiction over the Financing Documents may, upon an ex parte request by the Collateral Agent,
execute and file the same on behalf of the Grantors for purposes of placing such request before the FCC, except to the extent as would not be permissible under applicable law. 
 (b) Actions by Collateral Agent. To enforce the provisions of Section 5.05, the Collateral Agent is authorized to request the
consent or approval of the FCC or any other Governmental Authority to a voluntary or an involuntary transfer of control of the Grantors or the voluntary or involuntary assignment of any FCC License Rights held by the Grantors. In connection with the
exercise of its remedies under this Agreement, the Collateral Agent may obtain the appointment of a trustee or receiver to assume control of the Grantors, subject to any required prior approval of the FCC or any other Governmental Authority. Such
trustee or receiver shall have all rights and powers provided to it by law or by court order or provided to the Collateral Agent under this Agreement. 
 (c) Certain Limitations Upon Actions by Collateral Agent. Notwithstanding anything to the contrary contained in this Agreement, 
 (i) the Collateral Agent will not take any action hereunder that would constitute or result in any transfer of control or assignment of
the FCC Licenses without obtaining all necessary FCC and other Governmental Authority approvals, and all voting rights in any Collateral representing control rights in the holders of any FCC License shall remain with the Grantors notwithstanding the
occurrence of any Event of Default until such required consents of the FCC shall have been obtained (and, in that connection, the Collateral Agent and the Holders shall be entitled to rely on the advice of FCC counsel selected by the Collateral
Agent to determine whether FCC approval or other Governmental Authority approvals are required), and 
 (ii) the Collateral
Agent shall not foreclose on, sell, assign, transfer or otherwise dispose of, or exercise any right to control the FCC Licenses as provided 

  

 19 

 
herein or take any other action that would affect the operational, voting, or other control of the Grantors, unless such action is taken in accordance with
the provisions of the Communications Act of 1934, as from time to time amended, and the rules, regulations and policies of the FCC and any other Governmental Authority. 
 (d) Acknowledgement by Grantors. Each Grantor acknowledges that the approval of the FCC and each other appropriate Governmental
Authority to the assignment of the FCC License Rights is integral to the Collateral Agent’s realization of the value of the Collateral, including, without limitation, the FCC Licenses, that there is no adequate remedy at law for failure by the
Grantor to comply with the provisions of this Section 6.09 and that such failure could not be adequately compensable in damages. Therefore, the Grantors agree that the provisions of this Section 6.09 may be specifically enforced, without
any requirement to post bond (such rights being fully waived by Grantors) and without regard to the adequacy of any remedies available at law (the defense of the adequacy of remedies at law being fully waived by the Grantors). 
 6.10. Agents and Attorneys-in-Fact. The Collateral Agent may employ agents and attorneys-in-fact in connection herewith and shall not be
responsible for the negligence or misconduct of any such agents or attorneys-in-fact selected by it in good faith. 
 6.11.
Severability. If any provision hereof is invalid and unenforceable in any jurisdiction, then, to the fullest extent permitted by law, (a) the other provisions hereof shall remain in full force and effect in such jurisdiction and
(b) the invalidity or unenforceability of any provision hereof in any jurisdiction shall not affect the validity or enforceability of such provision in any other jurisdiction. 
 6.12. No Senior Liens. Except as permitted under the Indenture, Grantors shall not grant to any party any lien or security interest (other than
Permitted Liens) in any of the Collateral that is superior to the interest granted to the Collateral Agent hereunder regardless of whether such security interest could be held by, exercised by, or granted to Collateral Agent under applicable law. To
the extent that, by reason of changes in law or regulations or for any other reason Grantors may grant to Collateral Agent additional rights with respect to the FCC Licenses or rights facilitating Collateral Agent’s ability to foreclose upon,
acquire and/or dispose of such interests upon the occurrence of an Event of Default, Grantors agree, upon notice from Collateral Agent, to amend this agreement to provide such rights or such assurance to Collateral Agent. 
 6.13. Transfer Agreements. Notwithstanding anything to the contrary in this Agreement, nothing in this Agreement shall restrict the ability of any
Grantor to fulfill its obligations under the Transfer Agreements 
 6.14. Canadian Entities. Nothing in this Agreement shall create
any liability or obligations on the part of the Canadian Entities or any of them. 
 [The remainder of this page has been intentionally left
blank.] 
  

 20 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered as of
the day and year first above written. 
  

					
	TERRESTAR NETWORKS INC.
		
	By:	 	/s/ Jeffrey W. Epstein
		 	Name:	 	Jeffrey W. Epstein
		 	Title:	 	Acting General Counsel and Secretary

 [Security Agreement Signature Page] 

 ANNEX 1 
 FILING DETAILS 
  

									
	 Grantor
	 	 Type of
 Organization
	 	 Jurisdiction
 of
 Organization
	 	 Organizational
 ID Number
	 	 Current Mailing
 Address

	 TerreStar Networks Inc.
	 	Corporation	 	Delaware	 	3491967	 	12010 Sunset Hills Road, 6th Floor Reston,
VA 20190

 ANNEX 2 
 NEW DEBTOR EVENTS 
 None. 

 ANNEX 3 
 PLEDGED EQUITY 
  

							
	 Share Issuer
	 	 Authorized
 Shares
	 	 Outstanding
 Shares
	 	 Grantor(s) and Number of Shares
Owned Thereby

	 TerreStar Networks (Canada) Inc.
	 	Unlimited	 	1,000 Common Shares	 	Issuer (200 Common Shares under Certificate No. C-1)
				
	 TerreStar Networks Holdings (Canada) Inc.
	 	Unlimited	 	999 Common Shares	 	Issuer (1 Common Share under Certificate No. C-1 and 332 Common Shares under Certificate No. C-4)

 ANNEX 4 
 INTELLECTUAL PROPERTY 
 A. Registered Trademarks and Applications Owned by Any Grantor 
  

							
	 Trademark
	 	 Serial/
 Registration
 Number
	 	 Filing Date
	 	 Owner

	 TERRESTAR
	 	78/184,270	 	11/12/2002	 	Terrestar Networks, Inc.
	 UNIVERSAL CHIPSET
	 	77/029359	 	10/25/2006	 	Terrestar Networks, Inc.
	 TERRESTAR
	 	77/029351	 	10/25/2006	 	Terrestar Networks, Inc.
	 TERRESTAR UNIVERSAL CHIPSET
	 	77/029348	 	10/25/2006	 	Terrestar Networks, Inc.

 B. Registered Patents and Applications Owned by Any Grantor 
 None 
 C. Registered Copyrights and
Applications Owned by Any Grantor 
 None 
 D. Material Intellectual Property In-bound Licenses 
 The Grantors are parties to certain licenses including but not limited to the Second Amended
and Restated Intellectual Property Assignment and License Agreement between TerreStar Networks Inc. and ATC Technologies, LLC dated November 21, 2006 and effective as of October 1, 2006; the Second Amended and Restated Contract Between
TerreStar Networks Inc. and Space Systems/Loral, Inc. dated August 16, 2005 and the Intellectual Property License Agreement between TerreStar Networks Inc. and Hughes Network Systems LLC dated January 19, 2007. 

 ANNEX 5 
 LIST OF COMMERCIAL TORT CLAIMS 
 None. 

 EXHIBIT A 
 FORM OF ADDITIONAL GRANTOR SUPPLEMENT 
 This ADDITIONAL GRANTOR SUPPLEMENT, dated
                    ,              (the “Additional Grantor
Supplement”), is delivered pursuant to the Security Agreement, dated as of February 12, 2007 (as it may be from time to time amended, the “Security Agreement”), among Terrestar Networks Inc., a
Delaware corporation (the “Issuer”), each of the other parties named therein as a grantor and any entities that may become grantors in the future (the foregoing, collectively, the “Grantors”) in favor
of U.S. Bank National Association, as the Collateral Agent (in such capacity, together with its successors in such capacity, the “Collateral Agent”). Capitalized terms used herein not otherwise defined herein shall have the
meanings ascribed thereto in the Security Agreement. 
 Section 1. Grant of Security Interest. The undersigned
(the “Additional Grantor”) hereby grants to the Collateral Agent a security interest in and to all of its right, title and interest in, to and under all property of the undersigned that constitutes “Collateral” as
defined in the Security Agreement. 
 Section 2. Security for Obligations. The grant of the security interest
under this Additional Grantor Supplement secures, and the Collateral is collateral security for, the prompt and complete payment or performance in full when due, whether at stated maturity, by required prepayment, declaration, acceleration, demand
or otherwise (including the payment of amounts that would become due but for the operation of the automatic stay under Section 362(a) of the Bankruptcy Code, 11 U.S.C. §362(a) (and any successor provision thereof)), of all
Secured Obligations of the Additional Grantor. 
 Section 3. Supplements to Security Agreement Annexes. The
undersigned has attached hereto supplemental Annexes to Annexes, respectively, to the Security Agreement, and the undersigned hereby certifies, as of the date first above written, that such supplemental schedules are complete and correct in all
material respects. 
 Section 4. Representations and Warrants and Covenants. The Additional Grantor hereby makes
each representation and warranty and covenant set forth in the Security Agreement (as supplemented by the attached supplemental annexes) to the same extent as each other Grantor. 
 Section 5. Obligations Under the Security Agreement. The undersigned hereby agrees, as of the date first written above, to be
bound as a Grantor by all of the terms and provisions of the Security Agreement to the same extent as each of the other Grantors. The undersigned further agrees, as of the date first written above, that each reference in the Security Agreement to a
“Grantor” shall also mean and be a reference to the undersigned. 
 Section 6. Governing Law. This
Additional Grantor Supplement shall be governed by, and construed in accordance with, the law of the State of New York. 

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

			
	[NAME OF ADDITIONAL GRANTOR]
		
	By:	 	  
	Name:	 	
	Title:

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