Document:

Exhibit 10.3

 

 

Dated 5 June 2009

as amended and restated on 21 August
2013

 

COFACE Facility Agreement

 

 between

 

Globalstar,
Inc.

as Borrower,

 

BNP
Paribas

Société
Générale

Natixis

Crédit
Agricole Corporate and Investment Bank

Crédit
Industriel Et Commercial 

as Mandated Lead Arrangers,

 

BNP
Paribas

as the Security Agent

and the COFACE Agent

 

and

 

The
Banks and Financial Institutions

listed in Schedule 1

as the Original Lenders

 

White & Case LLP

5 Old Broad Street

London EC2N 1DW

 

    	 

    	 

    

 

Table of Contents

 

	 	 	Page
	 	 	 
	1.	Definitions and Interpretation	1
	2.	The Facilities	46
	3.	Purpose	47
	4.	Conditions of Utilisation	48
	5.	Utilisation	50
	6.	Repayment	53
	7.	Prepayment and Cancellation	53
	8.	Interest	61
	9.	Interest Periods	61
	10.	Changes to the Calculation of Interest	62
	11.	Fees	63
	12.	COFACE Insurance Premia and COFACE Additional Insurance Premium	65
	13.	Tax gross-up and Indemnities	67
	14.	Increased Costs	71
	15.	Other Indemnities	73
	16.	Mitigation by the Lenders	74
	17.	Costs and Expenses	75
	18.	Representations	76
	19.	Information Undertakings	86
	20.	Financial Covenants	96
	21.	Positive Undertakings	102
	22.	Negative Undertakings	114
	23.	Events of Default	124
	24.	Remedies Upon an Event of Default	130
	25.	Security	131
	26.	Changes to the Lenders	131
	27.	Changes to the Borrower	137
	28.	Role of the COFACE Agent, the Security Agent and the Mandated Lead Arrangers	137
	29.	Conduct of Business by the Finance Parties	144
	30.	Sharing among the Finance Parties	144
	31.	Payment Mechanics	146
	32.	Set-off	150
	33.	Notices	150
	34.	Calculations and Certificates	152
	35.	Partial Invalidity	152

 

    	(i)

    	 

    

 

	 	 	Page
	 	 	 
	36.	Remedies and Waivers	152
	37.	Amendments and Waivers	153
	38.	Counterparts	155
	39.	Governing Law	155
	40.	Enforcement	155
	41.	Confidentiality	156
	42.	Subrogation and Reimbursement	158

 

	Schedule 1	Lenders and Commitments	160
	Part 1   Facility A	160
	Part 2   Facility B	161
	Schedule 2	Conditions Precedent	162
	Schedule 3	Utilisation Request	169
	Schedule 4	Maximum Covenant Capital Expenditure	171
	Part A Maximum Covenant Capital Expenditures	171
	Part B Maximum Covenant Capital Expenditures for Excess Cash Flow Calculation	172
	Schedule 5	Form of Transfer Certificate and Assignment Agreement	173
	Part A Form of Transfer Certificate	173
	Part B Form of Assignment Agreement	175
	Schedule 6	The Security Agent	178
	Schedule 7	Know Your Customer Requirements	182
	Schedule 8	Form of Compliance Certificate	183
	Schedule 9	ERISA Plans	185
	Schedule 10	Form of Confidentiality Undertaking	186
	Schedule 11	Payment Terms	190
	Schedule 12	Material Contracts	191
	Schedule 13	Labour and Collective Bargaining Agreements	195
	Schedule 14	Financial Indebtedness and Guarantee Obligations	196
	Schedule 15	Communication Licences	197
	Schedule 16	Satellites	200
	Schedule 17	Existing Liens	202
	Schedule 18	Qualifying Certificate	204
	Schedule 19	Key Performance Indicators	206
	Schedule 20	Transactions with Affiliates	207
	Schedule 21	Existing Loans, Investments and Advances	210
	Schedule 22	Incentive Plan	211
	Schedule 23	Group Structure Chart	212

 

    	(ii)

    	 

    

 

	 	 	Page
	 	 	 
	Schedule 24	Disclosures	213
	Schedule 25	Form of Promissory Note	214
	Schedule 26	Subsidiary Guarantors	215
	Schedule 27	Investment Policy	216
	Schedule 28	Loss Payee Clause	218
	Schedule 29	Repayment Schedule	219
	Schedule 30	Form of Quarterly Health Report	220
	Part 1   Satellite Status	220
	Part 2   Band Status	221
	Part 3   Material Events	222
	Schedule 31	Satellite Performance Criteria	223
	Schedule 32	Form of Auditors Report	224

 

    	(iii)

    	 

    

  

This Agreement (the “Agreement”)
is dated 5 June 2009 (as amended and restated on 21 August 2013 by the Global Deed of Amendment and Restatement) and made

 

Between:

 

		(1)	Globalstar, Inc., a corporation duly organised and validly existing under the laws of the
State of Delaware, with its principal office located at 300 Holiday Square Boulevard, Covington, LA 70433, United States of America
(the “Borrower”);

 

		(2)	BNP Paribas, a société anonyme with a share capital of €2,488,925,578
organised and existing under the laws of the Republic of France, whose registered office is at 16 boulevard des Italiens,
75009 Paris, France registered under number 662 042 449 at the Commercial Registry of Paris, acting in its capacity
as facility agent and Chef de File for and on behalf of the Finance Parties (the “COFACE Agent”);

 

		(3)	BNP Paribas, Societe Generale, Natixis, Crédit Agricole Corporate
and Investment Bank (formerly known as Calyon) and Crédit Industriel et Commercial each acting in its capacity
as a mandated lead arranger (the “Mandated Lead Arrangers”);

 

		(4)	BNP Paribas, a société anonyme with a share capital of €2,488,925,578
organised and existing under the laws of the Republic of France, whose registered office is at 16 boulevard des Italiens,
75009 Paris, France registered under number 662 042 449 at the Commercial Registry of Paris, acting in its capacity
as the security agent (the “Security Agent”); and

 

		(5)	The Financial Institutions listed in Schedule 1 (Lenders and Commitments) as lenders
(the “Original Lenders”).

 

		1.	Definitions and Interpretation

 

		1.1	Definitions

 

In this Agreement:

 

“2013 Closing Commitment”
means the equity commitment made by Thermo in respect of the Borrower on or prior to the Effective Date pursuant to the Restructuring
Support and Consent Agreement in an aggregate amount of cash equal to US$20,000,000 less the aggregate amount of cash actually
received by the Borrower in connection with the Initial Minimum Cash Commitment (as such amount may be reduced by the amount of
any proceeds received by the Borrower from any financing pursuant to third party Equity Issuances (but excluding any Equity
Issuance involving Terrapin)).

 

“2013 Year-End Commitment”
means the equity commitment made or to be made by Thermo or any other member of the Thermo Group in respect of the Borrower pursuant
to the Global Deed of Amendment and Restatement or the Thermo Group Undertaking Letter (as the case may be) to be funded on or
prior to 26 December 2013 as a condition precedent to the entry into Guarantee Obligations by the Subsidiary Guarantors under Clause
22.1(1) (Limitations on Financial Indebtedness), in an aggregate amount of cash equal to US$20,000,000 (as such amount may
be reduced by the amount of any proceeds received by the Borrower from any financing pursuant to third party Equity Issuances (but
excluding any Equity Issuance involving Terrapin)).

 

“2014 Anticipated Equity
Financing” means the equity commitment made or to be made by Thermo or any other member of the Thermo Group in respect
of the Borrower pursuant to the Global Deed of Amendment and Restatement or the Thermo Group Undertaking Letter (as the case may
be) to be funded on or prior to 31 December 2014 in an aggregate amount of cash equal to US$20,000,000 less the amount by which
the amount of cash actually received by the Borrower in connection with the Initial Minimum Cash Commitment, the 2013 Closing Commitment
and the 2013 Year-End Commitment exceeds US$40,000,000 (as such amount may be reduced by the amount of any proceeds received by
the Borrower from any financing pursuant to third party Equity Issuances (but excluding any Equity Issuance involving Terrapin)).

 

    	 

    	 

    

 

“5%
Notes” means the 5% convertible senior unsecured notes issued by the Borrower pursuant to the Original Indenture as supplemented
by the third supplemental indenture dated as of 14 June 2011.

 

“5.75%
Notes Term Sheet” means the term sheet attached as schedule 1 to the Restructuring, Support and Consent Agreement
in respect of the restructuring of the 5.75% notes which were exchanged or redeemed in full by the Borrower on or prior to 26 June
2013.

 

“8%
New Notes” means the 8% convertible senior notes issued by the Borrower pursuant to the Original Indenture as supplemented
by the Fourth Supplemental Indenture.

 

“8%
Old Notes” means the 8% convertible senior unsecured notes issued by the Borrower pursuant to the Original Indenture
as supplemented by a second supplemental indenture dated 19 June 2011.

 

“Acceptable
Bank” means:

 

		(a)	a bank or financial institution which has a rating for its long-term unsecured and non credit-enhanced
debt obligations of AA- or higher by S&P or Fitch Ratings Ltd or Aa2 or higher by Moody’s or a comparable rating from
an internationally recognised credit rating agency;

 

		(b)	Union Bank, provided that, it has a rating for its long-term unsecured and non credit-enhanced
debt obligations of A or higher by S&P or A+ by Fitch Ratings Ltd or a comparable rating from an internationally recognised
credit rating agency; or

 

		(c)	any other bank or financial institution approved by the COFACE Agent.

 

“Acceptable Intercreditor
Agreement” means an intercreditor agreement in form and substance satisfactory to the COFACE Agent to be entered into
by the Borrower or any Subsidiary (as the case may be), the COFACE Agent (unless the COFACE Agent agrees otherwise) and the relevant
provider of Subordinated Indebtedness. Such Acceptable Intercreditor Agreement shall include, without limitation, the following
provisions, whereby the relevant Subordinated Indebtedness provider shall agree not to:

 

		(a)	seek direct or indirect recovery, payment or repayment of, nor permit direct or indirect payment
or repayment of any of the Subordinated Indebtedness or other amounts payable by the Borrower or any Subsidiary (as the case may
be) in respect thereof or of any other Subordinated Indebtedness of the Borrower or any Subsidiary (as the case may be);

 

		(b)	demand, sue for or accept from the Borrower or any Subsidiary (as the case may be) any payment
in respect of the Subordinated Indebtedness or take any other action to enforce its rights or to exercise any remedies in respect
of any Subordinated Indebtedness (whether upon the occurrence or during the occurrence of an event of default (howsoever described)
or otherwise) unless requested to do so by the COFACE Agent;

 

		(c)	file or join in any petition to commence any winding-up proceedings or an order seeking reorganisation
or liquidation of the Borrower or any Subsidiary (as the case may be), or take any other action for the winding-up, dissolution
or administration of the Borrower or any Subsidiary (as the case may be) or take, or agree to, any other action which could or
might lead to the bankruptcy, insolvency or similar process of the Borrower or any Subsidiary (as the case may be) unless requested
to do so by the COFACE Agent; and/or

 

    	2

    	 

    

 

		(d)	claim, rank or prove as a creditor of the Borrower or any Subsidiary (as the case may be) in competition
with any Finance Party.

 

“Account
Control Agreement” means:

 

		(a)	the account control agreement dated 22 June 2009 between the Deposit Account Bank (as such term
is defined in each Account Control Agreement), the Borrower and the Security Agent; and

 

		(b)	any other account control agreement entered into between any other deposit account bank, the Borrower
and the Security Agent in form and substance satisfactory to the COFACE Agent.

 

“Accounts
Agreement” means the accounts agreement dated 5 June 2009 (as amended and restated from time to time including pursuant
to the Global Deed of Amendment and Restatement) and, as of the Effective Date, made between the Borrower, the COFACE Agent, the
Offshore Account Bank and the Security Agent.

 

“Adjusted
Consolidated EBITDA” means, for any period, Consolidated EBITDA for such period provided that, for the purpose
of calculating the Consolidated Net Income component of Consolidated EBITDA, any cash revenue received in that period but not recognised
under GAAP shall be included, plus (in the case of paragraphs (a), (b) and (c) below only, to the extent deducted in
the calculation of Consolidated EBITDA (without double-counting)):

 

		(a)	non-cash stock compensation expenses;

 

		(b)	non-cash asset impairment charges; and

 

		(c)	one time non-cash non-recurring expenses,

 

but excluding the proceeds
of any Spectrum Cash Flow (save for, to the extent agreed in writing by the COFACE Agent (acting on the instructions of the Majority
Lenders), any such proceeds which replace revenue that had otherwise been projected in the then current Agreed Business Plan but
which has not been earned due to a change in the strategy of the Group).

 

“Adjusted
Consolidated EBITDA Reconciliation” means, for any period, a reconciliation statement prepared by the Borrower in a form
reasonably acceptable to the COFACE Agent showing a reconciliation of:

 

		(a)	cash revenue received in that period but not recognised under GAAP, as determined in accordance
with the definition of Adjusted Consolidated EBITDA; to

 

		(b)	revenues recognised for such period, as determined in accordance with GAAP.

 

“Advance
Payment” means an advance payment:

 

		(a)	in the case of the Launch Services Contract, of five per cent. (5%) of the total
Contract Price payable by the Borrower pursuant to the Launch Services Contract; and

 

		(b)	in the case of the Satellite Construction Contract, of fifteen per cent. (15%)
of the total Contract Price payable by the Borrower pursuant to the Satellite Construction Contract.

 

“Affiliate”
means, in relation to any person, a Subsidiary of that person or a Holding Company of that person or any other Subsidiary of that
Holding Company.

 

    	3

    	 

    

 

“Agreed
Business Plan” means the business plan:

 

		(a)	delivered to the COFACE Agent on or prior to the Effective Date pursuant to paragraph 13 of
schedule 3 (Conditions Precedent to the Effective Date) of the Global Deed of Amendment and Restatement; or

 

		(b)	as updated on an annual basis in accordance with Clause 19.3 (Annual Business Plan and Financial
Projections).

 

“ANFR”
means the Agence Nationale des Fréquences.

 

“Applicable
Law” means all applicable provisions of constitutions, laws, statutes, ordinances, rules, treaties, regulations, permits,
licences, approvals, interpretation and orders of courts or Governmental Authorities and all orders and decrees of all courts and
arbitrators.

 

“Applicable
Margin” means in respect of each Facility for any Interest Period commencing:

 

		(a)	any time prior to the Effective Date, two point two five per cent. (2.25%) per annum;

 

		(b)	from the Effective Date and prior to (but excluding) 1 July 2017, two point seven five per cent.
(2.75%) per annum;

 

		(c)	on (and including) 1 July 2017 and ending on 30 June 2018, three point two five per cent.
(3.25%) per annum;

 

		(d)	on (and including) 1 July 2018 and ending on 30 June 2019, three point seven five per cent.
(3.75%) per annum;

 

		(e)	on (and including) 1 July 2019 and ending on 30 June 2020, four point two five per cent.
(4.25%) per annum;

 

		(f)	on (and including) 1 July 2020 and ending on 30 June 2021, four point seven five per cent.
(4.75%) per annum;

 

		(g)	on (and including) 1 July 2021 and ending on 30 June 2022, five point two five per cent.
(5.25%) per annum; and

 

		(h)	on (and including) 1 July 2022 and thereafter, five point seven five per cent. (5.75%) per
annum.

 

“Applicable
Negative Excess Cash Flow” means:

 

		(a)	for all Payment Periods (except the Second Half 2017 Payment Period), the absolute value of such
negative Excess Cash Flow for such Payment Period provided that if such absolute value is greater than US$10,000,000 the
Applicable Negative Excess Cash Flow shall be deemed to be US$10,000,000; or

 

		(b)	for the Second Half 2017 Payment Period, the absolute value of such negative Excess Cash Flow for
such Payment Period provided that if such absolute value is greater than US$25,000,000 the Applicable Negative Excess Cash
Flow shall be deemed to be US$25,000,000.

 

“Asset
Disposition” means the disposition of any or all assets (including the Capital Stock of a Subsidiary or any ownership
interest in a joint venture) of any Obligor or any Subsidiary thereof whether by sale, lease, transfer or otherwise. The term “Asset
Disposition” shall not include any Equity Issuance or any Debt Issuance.

 

“Assignment
Agreement” means an agreement substantially in the form set out in Part B (Form of Assignment Agreement) of Schedule
5 (Form of Transfer Certificate and Assignment Agreement) or any other form agreed between the relevant assignor and assignee.

 

    	4

    	 

    

 

“Attributable Indebtedness”
means, on any date:

 

		(a)	in respect of any Capital Lease of any person, the capitalised amount thereof that would appear
on a balance sheet of such person prepared as of such date in accordance with GAAP; and

 

		(b)	in respect of any Synthetic Lease, the capitalised amount or principal amount of the remaining
lease payments under the relevant lease that would appear on a balance sheet of such person prepared as of such date in accordance
with GAAP if such lease were accounted for as a Capital Lease.

 

“Authorisation”
means an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation or registration (including all
Governmental Approvals).

 

“Authorised
Signatory” means, with respect to the Supplier and the Launch Services Provider, a person authorised to sign any document
on its behalf to be delivered pursuant to this Agreement.

 

“Availability
Period” means, subject to clause 7 (Other Provisions) of the Global Deed of Amendment and Restatement, the period
from and including the date of this Agreement to and including 31 December 2012.

 

“Available
Cash” means the sum of:

 

		(a)	the Borrower’s consolidated unrestricted cash balance at the beginning of the relevant Payment
Period less the minimum Liquidity threshold set out in Clause 20.2 (Minimum Liquidity);

 

		(b)	any Spectrum Cash Flow for the relevant Payment Period; and

 

		(c)	any Excess Cash Flow for the relevant Payment Period.

 

“Available
Commitment” means, in relation to a Facility, a Lender’s Commitment under that Facility minus:

 

		(a)	the amount of its participation in any outstanding Loans under that Facility; and

 

		(b)	in relation to any proposed Utilisation, the amount of its participation in any Loans that are
due to be made under that Facility on or before the proposed Utilisation Date.

 

“Available
Facility” means, in relation to a Facility, the aggregate for the time being of each Lender’s Available Commitment
in respect of that Facility.

 

“Borrower
Pledge of Bank Accounts” means the French law “Convention de Nantissement de Comptes Bancaires” dated
5 June 2009 between the Borrower, the Offshore Account Bank and the Security Agent.

 

“Borrower
Additional Pledge of Bank Accounts” means the French law “Convention de Nantissement de Comptes Bancaires”
dated on or around the Effective Date between the Borrower, the Offshore Bank and the Security Agent.

 

“Break
Costs” means the amount (if any) by which:

 

		(a)	the interest which a Lender should have received for the period from the date of receipt of all
or any part of its participation in a Loan or Unpaid Sum to the last day of the current Interest Period in respect of that Loan
or Unpaid Sum, had the principal amount or Unpaid Sum received been paid on the last day of that Interest Period;

 

exceeds:

 

    	5

    	 

    

 

		(b)	the amount which that Lender would be able to obtain by placing an amount equal to the principal
amount or Unpaid Sum received by it on deposit with a leading bank in the London interbank market for a period starting on the
Business Day following receipt or recovery and ending on the last day of the current Interest Period.

 

“Business
Day” means a day (other than a Saturday or Sunday) on which banks are open for general business in London, Paris and
New York City.

 

“Canadian
Dollars” means the lawful currency for the time being of Canada.

 

“Capital
Assets” means, with respect to the Borrower and its Subsidiaries:

 

		(a)	any asset that should, in accordance with GAAP, be classified and accounted for as a capital asset
on a Consolidated balance sheet of the Borrower and its Subsidiaries but excluding any capitalised interest; and

 

		(b)	non-capitalised cash payments attributable to any second generation Satellite Launch and ground
segment vendors.

 

“Capital
Expenditures” means with respect to the Borrower and its Subsidiaries for any period, the aggregate cost of all Capital
Assets acquired by the Borrower and its Subsidiaries during such period, as determined in accordance with GAAP.

 

“Capital
Lease” means any lease of any property by the Borrower or any of its Subsidiaries, as lessee, that should, in accordance
with GAAP, be classified and accounted for as a capital lease on a Consolidated balance sheet of the Borrower and its Subsidiaries.

 

“Capital
Stock” means:

 

		(a)	in the case of a corporation, capital stock;

 

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

 

		(c)	in the case of a partnership, partnership interests (whether general or limited);

 

		(d)	in the case of a limited liability company, membership interests; and

 

		(e)	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.

 

“Cash”
means, at any time, cash denominated in Dollars and the Dollar equivalent of Euros and Canadian Dollars, in hand or at bank and
(in the latter case) credited to an account in the name of an Obligor with an Acceptable Bank and to which an Obligor is alone
(or together with other Obligors) beneficially entitled and for so long as:

 

		(a)	that cash is repayable on demand;

 

		(b)	repayment of that cash is not contingent on the prior discharge of any other indebtedness of any
member of the Group or of any other person whatsoever or on the satisfaction of any other condition;

 

		(c)	there is no Lien over that cash except for Liens created pursuant to the Security Documents or
any Permitted Lien constituted by a netting or set-off arrangement entered into by members of the Group in the ordinary course
of their banking arrangements; and

 

		(d)	the cash is freely and immediately available to be applied in repayment or prepayment of the Facilities.

 

    	6

    	 

    

 

“Cash
Equivalent Instruments” means at any time:

 

		(a)	certificates of deposit maturing within one (1) year after the relevant date of calculation
and issued by an Acceptable Bank;

 

		(b)	any investment in marketable debt obligations issued or guaranteed by the government of the United States
of America, the United Kingdom, any member state of the European Economic Area or any Participating Member State or by an
instrumentality or agency of any of them having an equivalent credit rating, maturing within one (1) year after the relevant
date of calculation and not convertible or exchangeable to any other security;

 

		(c)	commercial paper not convertible or exchangeable to any other security:

 

		(i)	for which a recognised trading market exists;

 

		(ii)	issued by an issuer incorporated in the United States of America, the United Kingdom,
any member state of the European Economic Area or any Participating Member State;

 

		(iii)	which matures within one (1) year after the relevant date of calculation; and

 

		(iv)	which has a credit rating of either A-1 or higher by S&P or F1 or higher by Fitch Ratings Ltd
or P-1 or higher by Moody’s, or, if no rating is available in respect of the commercial paper, the issuer of which has, in
respect of its long-term unsecured and non-credit enhanced debt obligations, an equivalent rating;

 

		(d)	any investment in money market funds which:

 

		(i)	have a credit rating of either A-1 or higher by S&P or F1 or higher by Fitch Ratings Ltd or
P-1 or higher by Moody’s;

 

		(ii)	invest substantially all their assets in securities of the types described in paragraphs (a)
to (c) above; and

 

		(iii)	can be turned into cash on not more than thirty (30) days’ notice; or

 

		(e)	any other debt or marketable security approved by the Majority Lenders,

 

in each case, denominated in
Dollars and the Dollar equivalent of Euros and Canadian Dollars, and to which any Obligor is alone (or together with other Obligors)
beneficially entitled at that time and which is not issued or guaranteed by any member of the Group or subject to any Lien (other
than a Lien arising under the Security Documents).

 

“Change
in Control” has the meaning given to such term in Clause 7.2 (Mandatory Prepayment – Exit).

 

“Code”
means the US Internal Revenue Code of 1986, and the rules and regulations thereunder, each as amended or modified from time to
time.

 

“COFACE”
means La Compagnie Française d’Assurance pour le Commerce Extérieur a French société
anonyme whose registered office is at 1, place Costes et Bellonte, CS 20003, 92276 Bois-Colombes, France and registered at
the Registre du Commerce et des Societés of Nanterre with registered number 552 069 791.

 

“COFACE
Additional Insurance Premium” means the premium due to COFACE payable by the Borrower to the COFACE Agent (for the account
of COFACE) in accordance with Clause 12.1(c) (COFACE Insurance Premia and COFACE Additional Insurance Premium) in an
amount of US$20,000,000.

 

    	7

    	 

    

 

“COFACE
Insurance Policy” means each credit insurance policy (as amended from time to time) in respect of this Agreement to be
issued by COFACE for the benefit of the Lenders in respect of each Facility and as approved by the COFACE Agent (on behalf of the
Lenders) pursuant to articles L.432-1 to L.432-4 of the French Code des Assurances and signed by the COFACE Agent and
the Original Lenders.

 

“COFACE
Insurance Premia” means the premia due to COFACE payable by the Borrower to the COFACE Agent (for the account of COFACE)
on each Facility in accordance with Clause 12.1(b) (COFACE Insurance Premia and COFACE Additional Insurance Premium).

 

“Collateral”
means the collateral security for the Obligations pledged or granted pursuant to the Security Documents.

 

“Collateral
Agreement” means the security agreement dated 22 June 2009 (as supplemented by the Joinder Agreement and as amended and
restated by the Security Amendment and Restatement Agreement) between the Borrower, each Domestic Subsidiary and the Security Agent.

 

“Collection
Account” has the meaning given to such term in the Accounts Agreement.

 

“Commercial
Contracts” means:

 

		(a)	the Launch Services Contract; and

 

		(b)	the Satellite Construction Contract,

 

and, “Commercial
Contract” means either of the foregoing as the context requires.

 

“Commitment”
means a Facility A Commitment and/or a Facility B Commitment.

 

“Communication
Act” means the US Communications Act of 1934 (47 U.S.C. 151, et seq.) as amended.

 

“Communications
Licences” means the licences, permits, authorisations or certificates to construct, own, operate or promote the telecommunications
business of the Borrower and its Subsidiaries (including, without limitation, the launch and operation of Satellites) as granted,
or to be granted, by the FCC or the ANFR (and any other Governmental Authority), and all extensions, additions and renewals thereto
or thereof.

 

“Compliance
Certificate” means a certificate substantially in the form set out in Schedule 8 (Form of Compliance Certificate).

 

“Confidential
Information” means all information relating to the Borrower, any other Obligor, the Group, the Finance Documents or a
Facility of which a Finance Party becomes aware in its capacity as, or for the purpose of becoming, a Finance Party or which is
received by a Finance Party in relation to, or for the purpose of becoming a Finance Party under, the Finance Documents or a Facility
from either:

 

		(a)	any member of the Group or any of its advisers; or

 

		(b)	another Finance Party, if the information was obtained by that Finance Party directly or indirectly
from any member of the Group or any of its advisers,

 

in whatever form, and includes
information given orally and any document, electronic file or any other way of representing or recording information which contains
or is derived or copied from such information but excludes information that:

 

		(i)	is or becomes public information other than as a direct or indirect result of any breach by that
Finance Party of Clause 41 (Confidentiality); or

 

    	8

    	 

    

 

		(ii)	is identified in writing at the time of delivery as non-confidential by any member of the Group
or any of its advisers; or

 

		(iii)	is known by that Finance Party before the date the information is disclosed to it in accordance
with paragraphs (a) or (b) above or is lawfully obtained by that Finance Party after that date, from a source which is, as far
as that Finance Party is aware, unconnected with the Group and which, in either case, as far as that Finance Party is aware, has
not been obtained in breach of, and is not otherwise subject to, any obligation of confidentiality.

 

“Confidentiality
Undertaking” means a confidentiality undertaking substantially in the form set out in Schedule 10 (Form of Confidentiality
Undertaking) or in any other form agreed between the Borrower and the COFACE Agent.

 

“Consolidated”
means, when used with reference to financial statements or financial statement items of any person, such statements or items on
a consolidated basis in accordance with applicable principles of consolidation under GAAP.

 

“Consolidated
EBITDA” means, for any period, the sum of the following determined on a Consolidated basis, without duplication, for
the Borrower and its Subsidiaries in accordance with GAAP:

 

		(a)	Consolidated Net Income for such period; plus

 

		(b)	the sum of the following to the extent deducted in determining Consolidated Net Income:

 

		(i)	income and franchise taxes;

 

		(ii)	Consolidated Interest Expense;

 

		(iii)	amortisation, depreciation and other non-cash charges (except to the extent that such non-cash
charges are reserved for cash charges to be taken in the future);

 

		(iv)	extraordinary losses (other than from discontinued operations) and any losses on foreign currency
transaction; and

 

		(v)	any Transaction Costs (provided that, in no event shall the aggregate amount of Transaction
Costs relating to the negotiation of any Permitted Acquisitions or Permitted Joint Venture Investments which are not consummated
added back to net income during any four (4) consecutive fiscal quarter period exceed US$1,000,000), less

 

		(c)	interest income and any extraordinary gains and any gains on foreign currency transactions.

 

“Consolidated
Interest Expense” means, with respect to the Borrower and its Subsidiaries for any period, the gross interest expense
(including, interest expense attributable to Capital Leases, all net payment obligations pursuant to Hedging Agreements and cash
interest in respect of indebtedness (including vendor indebtedness) but excluding any non-cash interest) of the Borrower and its
Subsidiaries, all determined for such period on a Consolidated basis, without duplication, in accordance with GAAP.

 

    	9

    	 

    

 

“Consolidated
Net Income” means, with respect to the Borrower and its Subsidiaries, for any period of determination, the net income
(or loss) of the Borrower and its Subsidiaries for such period, determined on a Consolidated basis in accordance with GAAP, provided
that there shall be excluded (without double counting) from the calculation of income:

 

		(a)	the net income (or loss) of any person (other than a Subsidiary which shall be subject to paragraph (c)
below), in which the Borrower or any of its Subsidiaries has a joint interest with a third party, except to the extent such net
income is actually paid in cash to the Borrower or any of its Subsidiaries by dividend or other distribution during such period;

 

		(b)	the net income (or loss) of any person accrued prior to the date it becomes a Subsidiary of such
person or is merged into or consolidated with such person or any of its Subsidiaries or that person’s assets are acquired
by such person or any of its Subsidiaries except to the extent included pursuant to the foregoing paragraph (a);

 

		(c)	the net income (if positive) of any Subsidiary to the extent that the declaration or payment of
dividends or similar distributions by such Subsidiary to the Borrower or any of its Subsidiaries of such net income is not at the
time permitted by operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute rule or
governmental regulation applicable to such Subsidiary; and

 

		(d)	the proceeds of any Equity Issuances and/or Subordinated Indebtedness.

 

“Consultation
Period” has the meaning given to such term in Clause 19.3(c) (Annual Business Plan and Financial Projections).

 

“Contract
Price” means the aggregate price to be paid by the Borrower to:

 

		(a)	the Supplier under and in relation to the Satellite Construction Contract being an amount (in aggregate)
equal to €298,919,905 plus US$218,483,217.82; and

 

		(b)	the Launch Services Provider under and in relation to the Launch Services Contract being US$216,000,000.

 

“Convertible
Notes” means:

 

		(a)	the 5% Notes;

 

		(b)	the 8% New Notes;

 

		(c)	the 8% Old Notes; and

 

		(d)	any other convertible notes issued by the Borrower (or its Subsidiaries) after the Effective Date
in compliance with the terms of this Agreement.

 

“Covenant
Capital Expenditure” means any Capital Expenditure, including (but not limited to), for the avoidance of doubt, any Capital
Expenditure funded with the Net Cash Proceeds received in connection with:

 

		(a)	any Insurance and Condemnation Event;

 

		(b)	any Asset Disposition; and

 

		(c)	any Equity Issuance or funded by the issuance of Capital Stock of the Borrower to the seller (or
an affiliate thereof) of the related Capital Asset,

 

but excluding,
any Capital Expenditure funded with the Net Cash Proceeds received in connection with an Insurance and Condemnation Event or an
Asset Disposition provided that such Net Cash Proceeds are reinvested in “like-for-like” replacement
assets in accordance with Clause 7.5 (Mandatory Prepayment – Insurance and Condemnation Events) or Clause 7.6 (Mandatory
Prepayment – Asset Dispositions) (as the case may be).

 

    	10

    	 

    

 

“Current
Assets” has the meaning given to such term under GAAP but deducting Cash and Cash Equivalent Instruments (excluding
any Cash and Cash Equivalent Instruments subject to any Lien, including Liens created pursuant to the Security Documents).

 

“Current
Liabilities” has the meaning given to such term under GAAP but excluding the current portion of any long-term
Financial Indebtedness outstanding on the date of calculation.

 

“Debt
Issuance” means any issuance of any Financial Indebtedness for borrowed money by the Borrower or any of its Subsidiaries.
The term “Debt Issuance” shall not include any Equity Issuance or any Asset Disposition.

 

“Debt
Service” means the aggregate Dollar amount of principal, interest, and, if any, fees and other sums required to be paid
by the Borrower pursuant to the Finance Documents and pursuant to all the Borrower’s Financial Indebtedness incurred from
time to time, including all amounts which have become due and payable as at the date of calculation but which have not been paid
on such date for the Relevant Period.

 

“Debt
Service Account” has the meaning given to such term in the Accounts Agreement.

 

“Debt
Service Coverage Ratio” means, on any date, the ratio of:

 

		(a)	Adjusted Consolidated EBITDA (without double-counting),

 

		(i)	plus, any Liquidity (in an amount exceeding US$4,000,000) at the beginning of any relevant
period of calculation plus the cash proceeds of any Equity Issuance or Subordinated Indebtedness raised during the relevant
period not committed, or required to be applied, for any other purpose under the Finance Documents but including monies standing
to the credit of the Collection Account which are not required to be applied for any other purpose;

 

		(ii)	less the sum of the following (without double-counting);

 

		(A)	any Covenant Capital Expenditure;

 

		(B)	any changes in Working Capital; and

 

		(C)	any cash taxes,

 

to

 

		(b)	Debt Service,

 

in each case, during the relevant
period of calculation.

 

“Debt
Service Reserve Account” has the meaning given to such term in the Accounts Agreement.

 

“Default”
means an Event of Default or any event or circumstance specified in Clause 23 (Events of Default) which would (with
the expiry of a grace period, the giving of notice, the making of any determination under the Finance Documents or any combination
of any of the foregoing) be an Event of Default.

 

“Delegation
Agreement” means:

 

		(a)	the French law delegation agreement dated 5 June 2009 between the Borrower, the Supplier and the
Security Agent as amended by an amendment agreement to be entered into on or after the Effective Date pursuant to the Global Deed
of Amendment and Restatement between the Borrower, the Security Agent and the Supplier; and

 

    	11

    	 

    

 

		(b)	the French law delegation agreement dated 24 June 2009 between the Borrower, the Launch Services
Provider and the Security Agent as amended by an amendment agreement to be entered into on or after the Effective Date pursuant
to the Global Deed of Amendment and Restatement between the Borrower, the Security Agent and the Launch Services Provider.

 

“Disruption
Event” means either or both of:

 

		(a)	a material disruption to those payment or communications systems or to those financial markets
which are, in each case, required to operate in order for payments to be made in connection with a Facility (or otherwise in order
for the transactions contemplated by the Finance Documents to be carried out) which disruption is not caused by, and is beyond
the control of, any of the Parties; or

 

		(b)	the occurrence of any other event which results in a disruption (of a technical or systems-related
nature) to the treasury or payments operations of a Party preventing that, or any other Party:

 

		(i)	from performing its payment obligations under the Finance Documents; or

 

		(ii)	from communicating with other Parties in accordance with the terms of the Finance Documents,

 

and which (in either such case)
is not caused by, and is beyond the control of, the Party whose operations are disrupted.

 

“Dollar”
and “US$” means the lawful currency for the time being of the United States of America.

 

“Domestic
Subsidiary” means any Subsidiary organised under the laws of any state of the United States or the District of Colombia,
other than GCL Licensee LLC.

 

“DSA
Required Balance” has the meaning given to such term in the Accounts Agreement.

 

“DSRA
Required Balance” means an amount equal to US$37,913,900.

 

“Earth
Station” means any earth station (gateway) licenced for operation by the FCC or by a Governmental Authority outside the
United States that is owned and operated by the Borrower or any of its Subsidiaries.

 

“Effective
Date” means the “Effective Date” as such term is defined in the Global Deed of Amendment and Restatement.

 

“Effective
Date Commitment” means the equity commitment made by Thermo in respect of the Borrower prior to the Effective Date pursuant
to the Restructuring Support and Consent Agreement in an amount equal to US$25,000,000.

 

“Eligible
Amount” means:

 

		(a)	in the case of Facility A, an amount which is equivalent of eighty five per cent. (85%)
of the total cost of the Eligible Goods and Services which is at any time due and payable under and in accordance with the Satellite
Construction Contract; and

 

		(b)	in the case of Facility B, one hundred per cent. (100%) of the amount of US$21,600,000,
representing goods made in France and/or services performed in France under the Launch Services Contract.

 

    	12

    	 

    

 

“Eligible
Goods and Services” means:

 

		(a)	goods made in France and/or services performed in France; and

 

		(b)	goods and services (including transport and insurance of any nature) originating from countries
other than France and the United States, incorporated in the items delivered by the Supplier and/or the Launch Services Provider
and which have been sub-contracted by the Supplier and/or the Launch Services Provider and therefore remaining under its responsibility,
and recognised as being eligible by the French Authorities to be financed by this Agreement,

 

which are included in the aggregate
Contract Price within an amount of eligibility of:

 

		(i)	an amount equal to (in aggregate) €298,919,905 plus US$218,483,217.82 under the Satellite
Construction Contract; and

 

		(ii)	US$21,600,000 under the Launch Services Contract.

 

“Employee
Benefit Plan” means any employee benefit plan within the meaning of Section 3(3) of ERISA which:

 

		(a)	is maintained or contributed to by any Obligor or any ERISA Affiliate, or to which any Obligor
or ERISA Affiliate has an obligation to contribute; or

 

		(b)	has at any time within the preceding six (6) years been maintained or contributed to by any
Obligor or any current or former ERISA Affiliate, or with respect to which any Obligor or any such ERISA Affiliate has had an obligation
to contribute (or is deemed under Section 4069 of ERISA to have maintained or contributed, or to have had an obligation to
contribute, or otherwise to have liability).

 

“Environmental
Claims” means any and all administrative, regulatory or judicial actions, suits, demands, demand letters, claims, judgments,
liens, accusations, allegations, notices of non-compliance or violation, investigations (other than internal reports prepared by
any person in the ordinary course of trading and not in response to any third party action or request of any kind) or proceedings
relating in any way to any actual or alleged violation of or liability under any Environmental Law or relating to any Environmental
Permit issued, or any approval given, under any such Environmental Law, including any and all claims by Governmental Authorities
for enforcement, clean-up, removal, response, remedial or other actions or damages, contribution, indemnification cost recovery,
penalties, fines, compensation or injunctive relief resulting from Hazardous Materials or arising from alleged injury or threat
of injury to human health or the environment.

 

“Environmental
Laws” means any and all federal, foreign state, state, regional, provincial and local laws, statutes, ordinances, codes,
rules, standards and regulations, common law, permits, licences, approvals, interpretations and orders of courts or Governmental
Authorities, and amendments thereto, relating to the protection of human health or the environment, including, but not limited
to, requirements pertaining to the manufacture, processing, distribution, use, treatment, storage, disposal, transportation, handling,
reporting, licensing, permitting, emission, release or threatened release, investigation or remediation of Hazardous Materials.
For the purposes of this definition, the term “Environmental Laws” shall include but not be limited to:

 

		(a)	the US Comprehensive Environmental Response, Compensation and Liability Act, as amended (42 U.S.C.
Section 9601, et seq.); and

 

		(b)	the US Resource Conservation and Recovery Act, as amended (42 U.S.C. Section 6901, et
seq.).

 

    	13

    	 

    

 

“Environmental
Permits” means any permit and other Authorisation and the filing of any notification, report or assessment under any
Environmental Law for the operation of the business of any member of the Group conducted on or from the properties owned or used
by any member of the Group.

 

“Equity
Commitments” means:

 

		(a)	the Initial Minimum Cash Commitment;

 

		(b)	the Effective Date Commitment;

 

		(c)	the 2013 Closing Commitment;

 

		(d)	the 2013 Year-End Commitment; and

 

		(e)	the 2014 Anticipated Equity Financing.

 

“Equity
Cure Contribution” means cash funds contributed to the Borrower from the issuance of shares in the Borrower’s Capital
Stock and/or Subordinated Indebtedness (but excluding the Initial Equity) in the amounts as set out in Clause 23.2(c)
(Financial Covenants).

 

“Equity
Issuance” means any issuance by the Borrower or any Subsidiary to any person of:

 

		(a)	shares of its Capital Stock;

 

		(b)	any shares of its Capital Stock pursuant to the exercise of options or warrants; or

 

		(c)	any shares of its Capital Stock pursuant to the conversion of any debt securities to equity.

 

The term “Equity Issuance”
shall not include any Asset Disposition, any Debt Issuance, the conversion of any of the Convertible Notes or the issuance of any
other Capital Stock pursuant to the Fourth Supplemental Indenture in circumstances where the Borrower (or any Subsidiary) does
not receive any cash proceeds.

 

“Equity Linked Securities”
has the meaning given to such term in the Global Deed of Amendment and Restatement.

 

“Ericsson”
means Ericsson Federal Inc. a Delaware corporation with a place of business at 1595 Spring Hill Road, Vienna, VA 22182, United States.

 

“ERISA”
means the US Employee Retirement Income Security Act of 1974, and the rules and regulations thereunder, each as amended or modified
from time to time.

 

“ERISA
Affiliate” means any person who together with any Obligor is treated as a single employer within the meaning of Section 414(b),
(c), (m) or (o) of the Code or Section 4001(b) of ERISA.

 

“ERISA
Termination Event” means:

 

		(a)	a “Reportable Event” described in Section 4043 of ERISA with respect to
a Pension Plan for which the notice requirement has not been waived by the PBGC; or

 

		(b)	the withdrawal of any Obligor or any ERISA Affiliate from a Pension Plan during a plan year in
which it was a “substantial employer” as defined in Section 4001(a)(2) of ERISA; or

 

    	14

    	 

    

 

		(c)	the termination of a Pension Plan, the filing of a notice of intent to terminate a Pension Plan
or the treatment of a Pension Plan amendment as a termination, under Section 4041 of ERISA, if such termination would require
material additional contributions in order to be considered a standard termination within the meaning of Section 4041(b) of
ERISA, or the filing under Section 4041(a)(2) of ERISA of a notice of intent to terminate any Pension Plan or the termination
of any Pension Plan under Section 4041(c) of ERISA; or

 

		(d)	the institution of proceedings to terminate, or the appointment of a trustee with respect to, any
Pension Plan by the PBGC; or

 

		(e)	any other event or condition which would reasonably be expected to constitute grounds under Section 4042(a)
of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan; or

 

		(f)	the failure to make a required contribution to any Pension Plan that would reasonably be expected
to result in the imposition of a Lien or the provision of security under Section  430 of the Code or Section 303 or 4068
of ERISA, or the arising of such a Lien; the failure to satisfy the minimum funding standard under section 412 of the Code
or section 302 of ERISA, whether or not waived; or the filing of any request for or receipt of a minimum funding waiver under
Section 412 of the Code or Section 302 of ERISA with respect to any Pension Plan, or that such filing may be made; or
a determination that any Pension Plan is, or is expected to be, considered an at-risk plan within the meaning of Section 430
of the Code or Section 303 of ERISA; or

 

		(g)	the partial or complete withdrawal of any Obligor of any ERISA Affiliate from a Multiemployer Plan
if withdrawal liability is asserted by such plan; or

 

		(h)	any event or condition which results, or is reasonably expected to result, in the reorganisation
or insolvency of a Multiemployer Plan under Sections 4241 or 4245 of ERISA; or

 

		(i)	any event or condition which results, or is reasonably expected to result, in the termination of
a Multiemployer Plan under Section 4041A of ERISA or the institution by PBGC of proceedings to terminate a Multiemployer Plan
under Section 4042 of ERISA; or

 

		(j)	the receipt by any Obligor or any ERISA Affiliate of any notice, or the receipt by any Multiemployer
Plan from any Obligor or any ERISA Affiliate of any notice, that a Multiemployer Plan is in endangered or critical status under
Section 432 of the Code or Section 305 of ERISA.

 

“Euro”
or “€” means the single currency of the Participating Member States.

 

“Event
of Default” means any event or circumstance specified as such in Clause 23 (Events of Default).

 

“Exceptional
Items” means any material items of an unusual or non-recurring nature which represent gains or losses including those
arising on:

 

		(a)	the restructuring of the activities of an entity and reversals of any provisions for the cost of
restructuring;

 

		(b)	disposals, revaluations, write downs or impairment of non-current assets or any reversal of any
write down or impairment;

 

		(c)	disposals of assets associated with discontinued operations; or

 

		(d)	other exceptional terms reasonably determined by the COFACE Agent in good faith.

 

    	15

    	 

    

 

“Excess
Cash Flow” means, for any period of determination, the sum of the following determined on a Consolidated basis, without
duplication, for the Borrower and its Subsidiaries in accordance with GAAP:

 

		(a)	Adjusted Consolidated EBITDA for such period;

 

minus 

 

		(b)	(to the extent not already deducted in the calculation of Adjusted Consolidated EBITDA):

 

		(i)	cash taxes and Consolidated Interest Expense paid in cash for such period;

 

		(ii)	all scheduled principal payments made in respect of Financial Indebtedness during such period;

 

		(iii)	the lesser of:

 

		(A)	all Covenant Capital Expenditures made during the relevant period; and

 

		(B)	in respect of the calendar years:

 

		(1)	2013 through to 2016 (inclusive), the amount set out in column 2 (Maximum Covenant Capex
for Excess Cash Flow Calculation) of the table in Part B (Maximum Covenant Capital Expenditures for Excess Cash Flow Calculation)
of Schedule 4 (Maximum Covenant Capital Expenditures); or

 

		(2)	2017 and onwards, US$2,500,000 per relevant period,

 

(except in each case to the extent
funded directly through the incurrence of Financial Indebtedness or equity contributions or investments);

 

		(iv)	any increase in Working Capital during such period;

 

		(v)	any amount applied to fund any scheduled cash reserve required under the Finance Documents, including
the DSA Required Balance and the DSRA Required Balance in such period;

 

		(vi)	voluntary, mandatory and other non-scheduled principal payments with respect to any Loans or other
Financial Indebtedness in such period (except for any mandatory payments made pursuant to Clauses 7.3 (Mandatory Prepayment
– Cash Sweep of Spectrum Cash Flow), 7.4 (Mandatory Prepayment – Excess Cash Flow), 7.8 (Mandatory Prepayment
– Cash Sweep following Spectrum Sale) and 7.9 (Mandatory Prepayment – Cash Sweep following Equity Issuance and
Debt Issuance) and any payments that constitute or with the passage of time or giving of notice or both would constitute a
Default or an Event of Default);

 

		(vii)	to the extent included in Adjusted Consolidated EBITDA, Spectrum Cash Flow and any other monetization
of the Group’s Spectrum rights;

 

		(viii)	any cash payments in respect of the Restructuring Fee, and the COFACE Additional Insurance Premium;

 

		(ix)	any cash payments during such period in respect of any Exceptional Items;

 

		(x)	Transaction Costs during such period (solely to the extent added back to net income in the calculation
of Adjusted Consolidated EBITDA);

 

    	16

    	 

    

 

		(xi)	any non-cash income recognized during such period;

 

		(xii)	any cash utilized during such period in respect of amounts expensed in a prior period;

 

		(xiii)	any non-cash extraordinary losses and any losses on foreign currency transactions; and

 

		(xiv)	the portion of the purchase price and other reasonable acquisition related costs paid during such
period to make Permitted Acquisitions and investments, except to the extent financed with proceeds of Financial Indebtedness, Equity
Issuances or insurance or casualty payments,

 

plus

 

		(c)	(to the extent not already added in the calculation of Adjusted Consolidated EBITDA and without
double counting):

 

		(i)	any decrease in Working Capital during such period;

 

		(ii)	any amount received as a result of decreasing cash reserves required under the Finance Documents,
including the DSA Required Balance and the DSRA Required Balance in such period;

 

		(iii)	any cash receipts in respect of Exceptional Items;

 

		(iv)	any cash income whereby cash is received but the recognition of GAAP income is deferred during
such period to another period;

 

		(v)	any expense recognized during such period in respect of amounts paid in a prior period; and

 

		(vi)	any cash received during such period in respect of extraordinary gains and any gains on foreign
currency transactions.

 

“Exchange
Act” has the meaning given to such term in paragraph (i) of the definition of “Borrower Change of Control”
in Clause 7.2(a) (Mandatory Prepayment – Exit).

 

“Excluded
Purchase Agreement Amount” means US$19,500,000.

 

“Existing
Canadian Note” means the three (3) Month libor plus three point fifty per cent. (3.50%) notes issued
by Globalstar Canada Satellite Co. in favour of the Borrower.

 

“Facilities”
means:

 

		(a)	Facility A; and

 

		(b)	Facility B,

 

and, “Facility”
means either of the foregoing as the context requires.

 

“Facility
A” has the meaning given to such term in Clause 2.1(a) (Facility A and Facility B).

 

“Facility A
Commitment” means:

 

		(a)	in relation to an Original Lender, the amount in Dollars set opposite its name under the heading
“Facility A Commitments US$” in Part 1 (Facility A) of Schedule 1 (Lenders and Commitments)
and the amount of any other Facility A Commitment transferred to it under this Agreement; and

 

    	17

    	 

    

 

		(b)	in relation to any other Lender, the amount of any other Facility A Commitment transferred
to it under this Agreement,

 

to the extent not cancelled,
reduced or transferred by it under this Agreement.

 

“Facility A
Loan” means a loan made or to be made under Facility A or the principal amount outstanding for the time being of
that loan.

 

“Facility B”
has the meaning given to such term in Clause 2.1(b) (Facility A and Facility B).

 

“Facility B
Commitment” means:

 

		(a)	in relation to an Original Lender, the amount in Dollars set opposite its name under the heading
“Facility B Commitments US$” in Part 2 (Facility B) of Schedule 1 (Lenders and Commitments)
and the amount of any other Facility B Commitment transferred to it under this Agreement; and

 

		(b)	in relation to any other Lender, the amount of any other Facility B Commitment transferred
to it under this Agreement,

 

to the extent not cancelled,
reduced or transferred by it under this Agreement.

 

“Facility B
Loan” means a loan made or to be made under Facility B or the principal amount outstanding for the time being of
that loan.

 

“Facility
Office” means the office or offices notified by a Lender to the COFACE Agent in writing on or before the date it becomes
a Lender (or, following that date, by not less than five (5) Business Days’ written notice) as the office or offices
through which it will perform its obligations under this Agreement.

 

“FATCA”
means:

 

		(a)	sections 1471 to 1474 of the Code or any associated regulations or other official guidance;

 

		(b)	any treaty, law, regulation or other official guidance enacted in any other jurisdiction, or relating
to an intergovernmental agreement between the US and any other jurisdiction, which (in either case) facilitates the implementation
of paragraph (a) above; or

 

		(c)	any agreement pursuant to the implementation of paragraphs (a) or (b) above with the US Internal
Revenue Service, the US government or any governmental or taxation authority in any other jurisdiction.

 

“FATCA
Application Date” means, in relation to a:

 

		(a)	“withholdable payment” described in section 1473(1)(A)(i) of the Code (which
relates to payments of interest and certain other payments from sources within the US), 1 July 2014;

 

		(b)	“withholdable payment” described in section 1473(1)(A)(ii) of the Code (which
relates to “gross proceeds” from the disposition of property of a type that can produce interest from sources
within the U.S.), 1 January 2017; or

 

		(c)	“passthru payment” described in section 1471(d)(7) of the Code not falling within
paragraphs (a) or (b) above, 1 January 2017, or, in each case, such other date from which such payment may become subject to a
deduction or withholding required by FATCA as a result of any change in FATCA after the Effective Date.

 

    	18

    	 

    

 

“FATCA
Deduction” means a deduction or withholding from a payment under a Finance Document required by FATCA.

 

“FATCA
Exempt Party” means a Party that is entitled to receive payments free from any FATCA Deduction.

 

“FCC”
shall mean the Federal Communications Commission.

 

“FDIC”
means the Federal Deposit Insurance Corporation.

 

“Final
Discharge Date” has the meaning given to such term in the Accounts Agreement.

 

“Final
Maturity Date” means 31 December 2022.

 

“Final
In-Orbit Acceptance” means the date upon which each of the following has occurred:

 

		(a)	the twenty-fourth (24th) Satellite has reached its final altitude;

 

		(b)	the testing of the twenty-fourth (24th) Satellite has been completed and the
Borrower has provided to the COFACE Agent a certificate signed by a Responsible Officer certifying that the Borrower has delivered
to its relevant insurer a confirmation that the Satellite Performance Criteria have been successfully met in respect of the twenty-fourth (24th) Satellite
(and attaching a copy of such confirmation to such certificate); and

 

		(c)	each Satellite has drifted into its final orbital plane position,

 

as certified by the Borrower
in accordance with Clause 19.9 (Final In-Orbit Acceptance).

 

“Finance
Documents” means:

 

		(a)	this Agreement;

 

		(b)	the Global Deed of Amendment and Restatement;

 

		(c)	the Accounts Agreement;

 

		(d)	the Supplier Direct Agreement;

 

		(e)	the LSP Direct Agreement;

 

		(f)	each Security Document;

 

		(g)	the Security Amendment and Restatement Agreement;

 

		(h)	each Guarantee Agreement;

 

		(i)	any Transfer Certificate and/or Assignment Agreement;

 

		(j)	each Promissory Note;

 

		(k)	the Thermo Subordination Deed;

 

		(l)	the Subsidiary Guarantor Subordination Deed;

 

		(m)	the Thermo Group Undertaking Letter;

 

		(n)	the Restructuring Support and Consent Agreement (to the extent that the provisions thereof are
expressed to survive the termination of such document upon the occurrence of the Effective Date);

 

		(o)	the Joinder Agreement;

 

    	19

    	 

    

 

		(p)	the Defaults Side-Letter (as such term is defined in the Global Deed of Amendment and Restatement);

 

		(q)	to the extent not already covered by items (a) to (o) (inclusive) above, each Restructuring Document
(as such term is defined in the Global Deed of Amendment and Restatement); and

 

		(r)	any other document designated in writing as a “Finance Document” by the COFACE
Agent and the Borrower (acting reasonably),

 

and, “Finance Document”
means any of the foregoing as the context requires.

 

“Finance
Parties” means:

 

		(a)	the COFACE Agent;

 

		(b)	each Mandated Lead Arranger;

 

		(c)	the Security Agent; and

 

		(d)	the Lenders,

 

and, “Finance Party”
means any of the foregoing as the context requires.

 

“Financial
Advisor” means any financial advisor appointed pursuant to Clause 17.5(b)(iii) (Financial Advisory Appointment).

 

“Financial
Close” means the date on which each of the conditions precedent referred to in Clause 4.1 (Initial Conditions
Precedent) and Clause 4.2 (Further Conditions Precedent) have been satisfied or waived in accordance with the terms
of this Agreement.

 

“Financial
Conduct Authority” means the body responsible for regulating the financial services industry in the United Kingdom.

 

“Financial
Indebtedness” means, with respect to the Borrower and its Subsidiaries at any date and without duplication, the sum of
the following calculated in accordance with GAAP:

 

		(a)	all liabilities, obligations and indebtedness for borrowed money including, but not limited to,
obligations evidenced by bonds, debentures, notes or other similar instruments of any such person;

 

		(b)	all obligations of the Borrower or any of its Subsidiaries to pay the deferred purchase price of
property or services (including, without limitation, all obligations under non-competition, earn-out or similar agreements) and
any Permitted Vendor Indebtedness, in each case, to the extent classified as debt in accordance with GAAP, except trade payables
arising in the ordinary course of trading:

 

		(i)	not more than ninety (90) days past due; or

 

		(ii)	being duly contested by the Borrower in good faith;

 

		(c)	the Attributable Indebtedness of the Borrower or any of its Subsidiaries with respect to the
obligations of the Borrower or such Subsidiary in respect of Capital Leases and Synthetic Leases (regardless of whether accounted
for as indebtedness under GAAP);

 

		(d)	all Financial Indebtedness of any third party secured by a Lien on any asset owned or being purchased
by the Borrower or any of its Subsidiaries (including indebtedness arising under conditional sales or other title retention agreements),
whether or not such indebtedness shall have been assumed by the Borrower or any of its Subsidiaries or is limited in recourse;

 

    	20

    	 

    

 

		(e)	all Guarantee Obligations of the Borrower or any of its Subsidiaries;

 

		(f)	all obligations, contingent or otherwise, of the Borrower or any of its Subsidiaries relative to
the face amount of letters of credit, whether or not drawn, including without limitation, any banker’s acceptances issued
for the account of the Borrower of any of its Subsidiaries;

 

		(g)	all obligations of the Borrower or any of its Subsidiaries to redeem, repurchase exchange, defease
or otherwise make payments in respect of Capital Stock of such person; and

 

		(h)	all Net Hedging Obligations.

 

“First
Half Payment Period” means the period from 1 January to 30 June (inclusive) in any calendar year.

 

“First
Repayment Date” means 31 December 2014.

 

“Fiscal
Year” means the fiscal year of the Borrower and its Subsidiaries ending on 31 December.

 

“Foreign
Investment Limitation” means, as of any date of determination, an amount equal to the sum of:

 

		(a)	US$25,000,000; less

 

		(b)	the aggregate amount of Financial Indebtedness permitted pursuant to Clause 22.1(f)(iii) (Limitations
on Financial Indebtedness) outstanding as of such date of determination; less

 

		(c)	the aggregate amount of all investments in Foreign Subsidiaries (valued as of the initial date
of such investment without regard to any subsequent changes in value thereof) made after the date of this Agreement and prior to
such date of determination pursuant to Clause 22.3(a)(ii)(B) (Limitations on Loans, Investments and Acquisitions);
less

 

		(d)	the aggregate amount of all investments (valued as of the initial date of such investment without
regard to any subsequent changed in value thereof) in Foreign Subsidiaries (or any entities that would constitute Foreign Subsidiaries
if the Borrower or one of its Subsidiaries owned more than fifty per cent. (50%) of the outstanding Capital Stock of
such entity) made after the date of this Agreement and prior to such date of determination pursuant to Clause 22.3(c) (Limitations
on Loans, Investments and Acquisitions),

 

provided that, any investment
of non-cash consideration constituting stock in the Borrower (howsoever described):

 

		(i)	in the case of a single transaction, that does not exceed US$10,000,000 in value; and

 

		(ii)	which transactions in aggregate since the date of this Agreement do not exceed US$50,000,000 in
aggregate,

 

shall be excluded from the determination
of the Foreign Investment Limitation.

 

“Foreign
Subsidiary” means any Subsidiary that is not a Domestic Subsidiary.

 

“Fourth
Supplemental Indenture” means the fourth supplemental indenture dated 20 May 2013 in respect of the 8% New Notes between
the Borrower and U.S. Bank National Association.

 

    	21

    	 

    

 

“French
Authorities” means the “Direction Générale du Trésor et de la Politique Economiques (DGTPE)”
of the French Ministry of Finance, any successors thereto, or any other Governmental Authority in or of France involved in the
provision, management or regulation of the terms, conditions and issuance of export credits including, among others, such entities
to whom authority in respect of the extension or administration of export financing matters have been delegated, such as COFACE.

 

“French
Security Documents” has the meaning given to such term at Clause 28.2(a)(i) (Appointment of the Security Agent
(France)).

 

“GAAP”
means generally accepted accounting principles, as recognised by the American Institute of Certified Public Accountants and the
Financial Accounting Standards Board, consistently applied and maintained on a consistent basis for the Borrower and its Subsidiaries
throughout the period indicated and consistent with the prior financial practice of the Borrower and its Subsidiaries.

 

“Global
Deed of Amendment and Restatement” means the global deed of amendment and restatement dated prior to the Effective Date
between, among others, the Parties.

 

“Governmental
Approvals” means all authorisations, consents, approvals, permits, licences and exemptions of, registrations and filings
with, and reports to, all Governmental Authorities.

 

“Governmental
Authority” means the government of the United States or any other nation, or of any political subdivision thereof,
whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising
executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including
any supra-national bodies such as the European Union, the European Central Bank, or the International Telecommunications Union).

 

“Group”
means the Borrower and its Subsidiaries from time to time.

 

“Group
Structure Chart” means the group structure chart set out in Schedule 23 (Group Structure Chart).

 

“Guarantee
Agreement” means:

 

		(a)	the guarantee agreement dated 5 June 2009 (as amended and restated pursuant to the Global
Deed of Amendment and Restatement) and currently between the Security Agent and each Subsidiary Guarantor; and

 

		(b)	each guarantee agreement (to be in substantially the same form as the guarantee agreement referred
to in paragraph (a) above) to be entered into by a Subsidiary Guarantor in accordance with Clause 21.5 (Additional
Domestic Subsidiaries) and/or a Licence Subsidiary in accordance with Clause 22.12 (Nature of Business) (as the case
may be).

 

“Guarantee
Obligations” means, with respect to the Borrower and its Subsidiaries, without duplication, any obligation, contingent
or otherwise, of any such person pursuant to which such person has directly or indirectly guaranteed any Financial Indebtedness
of any other person and, without limiting the generality of the foregoing, any obligation, direct or indirect, contingent or otherwise,
of any such person:

 

		(a)	to purchase or pay (or advance or supply funds for the purchase or payment of) such Financial Indebtedness
(whether arising by virtue of partnership arrangements, by agreement to keep well, to purchase assets goods, securities or services
to take-or-pay, or to maintain financial statement condition or otherwise); or

 

    	22

    	 

    

 

		(b)	entered into for the purpose of assuring in any other manner the obligee of such Financial Indebtedness
of the payment thereof or to protect such obligee against loss in respect thereof (in whole or in part),

 

provided that,
the term Guarantee Obligation shall not include endorsements for collection or deposit in the ordinary course of trading. The amount
of any Guarantee Obligation shall be deemed equal to the lesser of the stated or determinable amount of the primary obligation
or the maximum liability of the person giving the Guarantee Obligation.

 

“Hazardous
Materials” means any substances or materials:

 

		(a)	which are or become defined as hazardous wastes, hazardous substances, pollutants, contaminants,
chemical substances or mixtures or toxic substances under any Environmental Law;

 

		(b)	which are toxic, explosive, corrosive, flammable, infectious, radioactive, carcinogenic, mutagenic
or otherwise harmful to human health or the environment and are or become regulated by any Governmental Authority;

 

		(c)	the presence of which require investigation or remediation under any Environmental Law;

 

		(d)	the possession, use, storage, discharge, emission or release of which requires a permit or licence
under any Environmental Law or other Authorisation;

 

		(e)	the presence of which could be deemed to constitute a nuisance or a trespass or threatens to pose
a health or safety hazard to persons or neighbouring properties;

 

		(f)	which consist of underground or above ground storage tanks, whether empty, filled or partially
filled with any substance; or

 

		(g)	which contain, without limitation, asbestos, polychlorinated biphenyls, urea formaldehyde foam
insulation, petroleum hydrocarbons, petroleum derived substances or waste, crude oil, nuclear fuel, natural gas or synthetic gas.

 

“Hedging
Agreement” means any agreement with respect to any Interest Rate Contract, forward rate agreement, commodity swap, forward
foreign exchange agreement, currency swap agreement, cross-currency rate swap agreement, currency option agreement or other agreement
or arrangement designed to alter the risks of any person arising from fluctuations in interest rates, currency values or commodity
prices, all as amended, restated, supplemented or otherwise modified from time to time.

 

“Hedging
Obligations” means all existing or future payment and other obligations owing by the Borrower under any Hedging Agreement
with any person approved by the COFACE Agent.

 

“Holding
Account” has the meaning given to such term in the Accounts Agreement.

 

“Holding
Account Pledge Agreement” means the French law “Convention de Nantissement de Compte Bancaire” entered
into by the Borrower and the Security Agent on or around the Effective Date.

 

“Holding
Company” means, in relation to a person, any other person in respect of which it is a Subsidiary.

 

“Hughes”
means Hughes Network Systems LLC a limited liability company organised under the laws of Delaware with its principal place of business
at 11717 Exploration Lance, Georgetown, Maryland 20876, USA.

 

    	23

    	 

    

 

“Incapacity”
means absence of the legal right to enter into binding contractual relations (other than pursuant to a civil or criminal sanction
(including without limitation, personal bankruptcy or analogous proceedings)).

 

“Individual
In-Orbit Acceptance” means the date upon which each of the following has occurred with respect to each individual Satellite:

 

		(a)	the relevant Satellite has reached its final altitude;

 

		(b)	the relevant Satellite is fully operational and properly integrated into the constellation;

 

		(c)	the testing of the relevant Satellite has been completed and the Borrower has provided to the COFACE
Agent a certificate signed by a Responsible Officer certifying that the Borrower has delivered to its relevant insurer a confirmation
that the Satellite Performance Criteria has been successfully met in respect of the relevant Satellite (and attaching a copy of
such confirmation to such certificate); and

 

		(d)	the relevant Satellite has drifted into its final orbital plane position,

 

as certified by the Borrower
in accordance with Clause 19.10 (Individual In-Orbit Acceptance).

 

“Initial
Equity” means the equity contributed by Thermo (or any other third party) pursuant to paragraph 11 (Equity contribution)
of Schedule 2 (Conditions Precedent) or issued to Thermo pursuant to paragraph 10 (Equity/subordinated debt)
of Schedule 2 (Conditions Precedent).

 

“Initial
Minimum Cash Commitment” means the equity commitment made by Thermo in respect of the Borrower to fund on or before the
Effective Date pursuant to the Restructuring Support and Consent Agreement an amount of up to US$20,000,000.

 

“Insurance
and Condemnation Event” means the receipt by the Borrower or any of its Subsidiaries of any cash insurance proceeds or
condemnation award payable by reason of theft, loss, physical destruction, damage or similar event with respect to any of their
respective property or assets.

 

“Insurances”
means the insurances required by Clause 21.4 (Insurance).

 

“Insurance
Consultant” means Jardine Lloyd Thompson Limited.

 

“Insurance
Proceeds Account” has the meaning given to such term in the Accounts Agreement.

 

“Intellectual
Property” has the meaning given to such term at Clause 18.7(a) (Intellectual Property Matters).

 

“Interest
Period” means:

 

		(a)	in relation to a Loan, each period determined in accordance with Clause 9 (Interest Periods);
and

 

		(b)	in relation to an Unpaid Sum, each period determined in accordance with Clause 8.3 (Default
Interest).

 

“Interest
Rate Cap Agreement” means each interest rate cap agreement to be entered into by the Borrower and the Original Lenders
which shall (without limitation) provide that monies payable to the Borrower under such agreements are paid directly to the Debt
Service Account.

 

    	24

    	 

    

 

“Interest
Rate Contract” means any interest rate swap agreement, interest rate cap agreement, interest rate floor agreement, interest
rate collar agreement, interest rate option or other agreement regarding the hedging of interest rate risk exposure executed in
connection with hedging the interest rate exposure of any person and any confirming letter executed pursuant to such agreement,
all as amended, restated, supplemented or otherwise modified from time to time.

 

“Invoice”
means any invoice or demand for payment issued by the Supplier and/or the Launch Services Provider pursuant to the Satellite Construction
Contract and/or Launch Services Contract, as the case may be.

 

“Joinder
Agreement” means the joinder agreement dated 5 August 2010 entered into by the Subsidiary Guarantors set out in
paragraphs 12 and 13 of Schedule 26 (Subsidiary Guarantors) in favour of the Security Agent in connection with the
Collateral Agreement and the Stock Pledge Agreement.

 

“Key
Agreements” means:

 

		(a)	each Material Contract set out in Schedule 12 (Material Contracts) other than those Material
Contracts referred to in paragraphs 8, 11 and 12 of Schedule 12 (Material Contracts); and

 

		(b)	each other Material Contract entered into after the Effective Date.

 

“Landlord
Waiver and Consent Agreements” means:

 

		(a)	any landlord waiver and consent agreement entered into between Four Sierra, LLC as landlord and
the Security Agent;

 

		(b)	any landlord waiver and consent agreement entered into between Orinda Equity Partners, LLC as landlord
and the Security Agent;

 

		(c)	any landlord waiver and consent agreement entered into between Sebring Airport Authority as landlord
and the Security Agent; and

 

		(d)	any other agreement or document which the Security Agent and the Borrower (acting reasonably) from
time to time designate as a “Landlord Waiver and Consent Agreement” for the purposes of this Agreement,

 

and, “Landlord Waiver
and Consent Agreement” means any of the foregoing, as the context requires.

 

“Launch”
means the disconnection of the lift-off plug of the SOYUZ launch vehicle, if such event follows the ignition of the first (strap-on
boosters) and second (core stage) stage liquid engines of the launch vehicle.

 

“Launch
Failure” has the meaning given to such term in the Launch Services Contract.

 

“Launch
Insurance” has the meaning given to such term at Clause 21.4(c)(ii) (Launch Insurance).

 

“Launch
Insurance Documentation” has the meaning given to such term at Clause 21.4(c)(ii) (Launch Insurance).

 

“Launch
Services Contract” means the launch services contract dated 5 September 2007 (as amended and restated on 9 March
2010 and from time to time and as further amended) and made between the Borrower and the Launch Services Provider for the launching
into low earth orbit of the Satellites through four (4) SOYUZ launch vehicles, with an option for four (4) other
similar launches.

 

    	25

    	 

    

 

“Launch
Services Provider” means Arianespace, a French société anonyme registered at the Registre du
Commerce et des Société of Evry under registration number 318 516 457, whose registered office
is at Boulevard de l’Europe, 91006 Evry, France.

 

“Lender”
means:

 

		(a)	any Original Lender; and

 

		(b)	any bank, financial institution, trust, fund or other entity which has become a Party in accordance
with Clause 26 (Changes to the Lenders),

 

which in each case has not ceased
to be a Party in accordance with the terms of this Agreement.

 

“LIBOR”
means, in relation to any Loan:

 

		(a)	the applicable Screen Rate; or

 

		(b)	(if no Screen Rate is available for Dollars for the Interest Period of that Loan) the Reference
Bank Rate,

 

as of 11:00 a.m. (London
time) on the Quotation Day for Dollars and for a period comparable to the Interest Period of that Loan provided that, if
the period from the beginning of the Interest Period or from the date of Utilisation until the end of the Interest Period is:

 

		(i)	a period shorter than one (1) Month, the reference shall be one (1) Month;
or

 

		(ii)	a period longer than one (1) Month and which does not correspond to an exact number of
Months, the relevant rate shall be determined by using a linear interpolation of the LIBOR according to usual practice in the international
monetary market,

 

and, if such
rate is below zero, LIBOR will be deemed to be zero.

 

“Licence
Subsidiary” shall mean any single purpose Wholly-Owned Subsidiary of the Borrower or of another Subsidiary of the Borrower,
the sole business and operations of which single purpose Subsidiary is to hold one (1) or more Communications Licences, except
where it is a mandatory condition of a Communications Licence in the relevant jurisdiction that any such entity is not such a vehicle
(provided that, this exception shall not apply to any Communications Licence issued by the FCC or the ANFR).

 

“Lien”
means, with respect to any asset, any mortgage, leasehold mortgage, lien, pledge, charge, security interest, hypothecation or encumbrance
of any kind in respect of such asset. For the purposes of this Agreement, a person shall be deemed to own subject to a Lien any
asset which it has acquired or holds subject to the interest of a vendor or lessor under any conditional sale agreement, Capital
Lease or other title retention agreement relating to such asset.

 

“Liquidity”
means the sum of Cash and Cash Equivalent Instruments held by any of the Obligors (other than Thermo), but excluding any amounts
held in:

 

		(a)	the Debt Service Reserve Account; and

 

		(b)	the Insurance Proceeds Account.

 

“Loans”
means:

 

		(a)	a Facility A Loan; and

 

		(b)	a Facility B Loan,

 

    	26

    	 

    

 

and, “Loan”
means either of the foregoing as the context requires.

 

“Loss
Payee” has the meaning given to such term at Clause 21.4(c)(ii) (Launch Insurance).

 

“Loss
Payee Clause” means a loss payee clause in substantially the same form as set out in Schedule 28 (Loss Payee Clause).

 

“LSP
Direct Agreement” means the direct agreement dated 24 June 2009 between the Borrower, the Launch Services Provider and
the Security Agent.

 

“Majority
Lenders” means:

 

		(a)	if there are no Loans then outstanding, a Lender or Lenders whose Commitments aggregate more than
seventy five per cent. (75%) of the Total Commitments (or, if the Total Commitments have been reduced to zero, aggregated
more than seventy five per cent. (75%) of the Total Commitments immediately prior to the reduction); or

 

		(b)	at any other time, a Lender or Lenders whose participations in the Loans then outstanding aggregate
more than seventy five per cent. (75%) of all the Loans then outstanding.

 

“Mandatory
Cost” means any fee or cost payable by banks arising from any regulation imposed by:

	 	 	 
	 	(a)	the
European Central Bank;
	 	 	 
		(b)	the Financial Conduct Authority; or

 

		(c)	the Prudential Regulation Authority,

 

in each case,
similar to those customarily considered to be “mandatory costs”.

 

“Material
Adverse Effect” means with respect to the Borrower or any of its Subsidiaries, a material adverse effect on:

 

		(a)	the properties, business, operations, prospects or condition (financial or otherwise) of the Borrower
and its Subsidiaries, taken as a whole; or

 

		(b)	the legality, validity or enforceability of any provision of any Transaction Document; or

 

		(c)	the rights and remedies of any Finance Party under any of the Finance Documents; or

 

		(d)	the security interests provided under the Security Documents or the value thereof; or

 

		(e)	its ability to perform any of its obligations under the Finance Documents,

 

provided that, existing
and future first-generation satellite constellation degradation or failure issues and the effects thereof (which, for the avoidance
of doubt, shall exclude any Satellite delivered under the Satellite Construction Contract) on the Borrower and its Subsidiaries,
taken individually or collectively, shall not constitute a Material Adverse Effect.

 

“Material
Communications Licence” shall mean any Communications Licence, the loss, revocation, modification, non-renewal, suspension
or termination of which, could be reasonably expected to have a Material Adverse Effect.

 

“Material
Contract” means:

 

		(a)	any contract or other agreement, written or oral, of the Borrower or any of its Subsidiaries involving
monetary liability of or to any such person in an amount in excess of US$10,000,000 per annum; or

 

    	27

    	 

    

 

		(b)	any other contract or agreement, written or oral, of the Borrower or any of its Subsidiaries the
failure to comply with which could reasonably be expected to have a Material Adverse Effect,

 

but excluding in either case
any contract or other agreement that the Borrower or such Subsidiary may terminate on less than ninety (90) days notice without
material liability.

 

“Material
Subsidiary” means:

 

		(a)	the Borrower;

 

		(b)	each Subsidiary Guarantor;

 

		(c)	Globalstar Canada Satellite Co.;

 

		(d)	each Licence Subsidiary (including, GCL Licensee LLC);

 

		(e)	any Subsidiary of the Borrower which, in the opinion of the COFACE Agent (acting reasonably), is
of material operational or strategic importance to the business of the Group;

 

		(f)	any Subsidiary of the Borrower which has gross assets (excluding intra group items) representing
ten per cent. (10%) or more of the gross assets of the Group; and

 

		(g)	any Subsidiary of the Borrower which has gross revenues per annum from all sources
including intra-company revenues which are allocated to such Subsidiary of US$10,000,000 or more in aggregate.

 

For the purpose of paragraphs (f)
and (g) above:

 

		(i)	subject to paragraph (ii) below:

 

		(A)	the contribution of a Subsidiary of the Borrower will be determined from its financial statements
which were consolidated into the latest relevant financial statements; and

 

		(B)	the financial condition of the Group will be determined from the latest relevant financial statements;

 

		(ii)	if a Subsidiary of the Borrower becomes a member of the Group after the date on which the latest
relevant financial statements were prepared:

 

		(A)	the contribution of the Subsidiary will be determined from its latest financial statements; and

 

		(B)	the financial condition of the Group will be determined from the latest relevant financial statements
but adjusted to take into account any subsequent acquisition or disposal of a business or a company (including that Subsidiary);

 

		(iii)	the contribution of a Subsidiary will, if it has Subsidiaries, be determined from its consolidated
financial statements;

 

		(iv)	if a Material Subsidiary disposes of all or substantially all of its assets to another member of
the Group, it will immediately cease to be a Material Subsidiary and the other member of the Group (if it is not the Borrower or
already a Material Subsidiary) will immediately become a Material Subsidiary;

 

    	28

    	 

    

 

		(v)	a Subsidiary of the Borrower (if it is not already a Material Subsidiary) will become a Material
Subsidiary on completion of any other intra-Group transfer or reorganisation if it would have been a Material Subsidiary had the
intra-Group transfer or reorganisation occurred on the date of the latest relevant financial statements; and

 

		(vi)	except as specifically mentioned in paragraph (iv) above, a member of the Group will remain
a Material Subsidiary until the next relevant financial statements show otherwise under paragraph (i) above.

 

If there is a dispute as to whether
or not a member of the Group is a Material Subsidiary, a determination by the COFACE Agent will be, in the absence of manifest
error, conclusive.

 

“Moody’s”
means Moody’s Investors Service, Inc. and any successor thereto.

 

“Month”
means a period starting on one day in a calendar month and ending on the numerically corresponding day in the next calendar month,
except that:

 

		(a)	(subject to paragraph (c) below) if the numerically corresponding day is not a Business Day,
that period shall end on the next Business Day in that calendar month in which that period is to end if there is one, or if there
is not, on the immediately preceding Business Day;

 

		(b)	if there is no numerically corresponding day in the calendar month in which that period is to end,
that period shall end on the last Business Day in that calendar month; and

 

		(c)	if an Interest Period begins on the last Business Day of a calendar month, that Interest Period
shall end on the last Business Day in the calendar month in which that Interest Period is to end.

 

The above rules will only apply
to the last Month of any period.

 

“Mortgages”
means the collective reference to each mortgage, deed of trust or other real property security document, encumbering all real property
now or hereafter owned by the Borrower or any Subsidiary, in each case, in form and substance reasonably satisfactory to the Security
Agent and executed by the Borrower or any Subsidiary in favour of the Security Agent (for and on behalf of itself and the other
Finance Parties), as any such document may be amended, restated, supplemented or otherwise modified from time to time.

 

“Multiemployer
Plan” means a “multiemployer plan” as defined in Section 4001(a)(3) of ERISA to which any Obligor
or any ERISA Affiliate is making, or is accruing an obligation to make, or has accrued an obligation to make contributions, and
each such plan for the six (6) year period immediately following the latest date on which any Obligor or ERISA Affiliate contributed
to or had an obligation to contribute to such plan.

 

“Net
Cash Proceeds” means, as applicable:

 

		(a)	with respect to any Equity Issuance, any Asset Disposition or any Debt Issuance, the gross cash
proceeds received by the Borrower or any of its Subsidiaries therefrom less all legal, underwriting, placement agents and
other commissions, discounts, premiums, fees and expenses incurred in connection therewith; and

 

		(b)	with respect to any Insurance and Condemnation Event, the gross cash proceeds received by the Borrower
or any of its Subsidiaries less the sum of:

 

		(i)	all fees and expenses in connection therewith; and

 

    	29

    	 

    

 

		(ii)	the principal amount of, premium, if any, and interest on any Financial Indebtedness secured by
a Lien on the asset (or a portion thereof) subject to such Insurance and Condemnation Event, which Financial Indebtedness is expressly
permitted under this Agreement and required to be repaid in connection therewith.

 

“Net
Debt” means, in respect of the Group at any time, the consolidated amount of Financial Indebtedness, in each case, in
cash and including:

 

		(a)	any vendor financings (howsoever described); and

 

		(b)	any Financial Indebtedness,

 

in each case,
with a stated maturity prior to the Final Maturity Date, but:

 

		(i)	deducting the aggregate amount of Liquidity at that time; and

 

		(ii)	excluding any Subordinated Indebtedness but including any Relevant Subordinated Indebtedness.

 

“Net
Hedging Obligations” means, as of any date, the Termination Value of any such Hedging Agreement on such date.

 

“New
Lender” has the meaning given to such term in Clause 26.1 (Assignments and Transfers by the Lenders).

 

“Obligations”
means, in each case, whether now in existence or hereafter arising:

 

		(a)	the principal of and interest on (including interest accruing after the filing of any bankruptcy
or similar petition) the Loans;

 

		(b)	all Hedging Obligations; and

 

		(c)	all other fees (including the Restructuring Fee and the COFACE Additional Insurance Premium) and
commissions (including attorneys’ fees), charges, indebtedness, loans, liabilities, financial accommodations, obligations,
covenants and duties owing by the Borrower or any of its Subsidiaries to the Finance Parties, in each case under any Finance Documents
or otherwise, with respect to any Loan direct or indirect, absolute or contingent, due or to become due, contractual or tortuous,
liquidated or unliquidated, and whether or not evidenced by any note.

 

“Obligors”
means:

 

		(a)	the Borrower;

 

		(b)	Thermo; and

 

		(c)	each Subsidiary Guarantor,

 

and, “Obligor”
means any of the foregoing as the context requires.

 

“OFAC”
means the US Department of the Treasury’s Office of Foreign Assets Control.

 

“Offshore
Account Bank” has the meaning given to such term in the Accounts Agreement.

 

“Onshore
Account Bank” has the meaning given to such term in the Accounts Agreement.

 

“Operating
Lease” means, as to any person as determined in accordance with GAAP, any lease of property (whether real, personal or
mixed) by such person as lessee which is not a Capital Lease.

 

    	30

    	 

    

 

“Original
Indenture” means the indenture dated as of 15 April 2008 between the Borrower as issuer and U.S. Bank National
Association as trustee.

 

“Original
Lenders” has the meaning given to such term in the Recitals.

 

“Participating
Member State” means any member state of the European Union that has the Euro as its lawful currency in accordance with
legislation of the European Union relating to Economic and Monetary Union, other than Slovakia, Slovenia, Malta and Cyprus.

 

“Party”
means a party to this Agreement.

 

“Payment
Date” has the meaning given to such term in the Accounts Agreement.

 

“Payment
Period” means a First Half Payment Period or a Second Half Payment Period, as the case may be.

 

“PBGC”
means the Pension Benefit Guaranty Corporation or any successor agency.

 

“Pension
Plan” means any Employee Benefit Plan, other than a Multiemployer Plan, which is subject to the provisions of Title IV
of ERISA or Section 412 of the Code or Section 302 of ERISA.

 

“Permitted
Acquisition” means any investment by the Borrower, any Subsidiary Guarantor or Globalstar Canada Satellite Co. in the
form of acquisition of all or substantially all of the business or a line of business (whether by the acquisition of Capital Stock,
assets or any combination thereof) of any other person (a “Target Company”) if each such acquisition meets each
of the following requirements:

 

		(a)	no less than fifteen (15) days prior to the proposed closing date of such acquisition, the
Borrower shall have delivered written notice and financial details of such acquisition to the COFACE Agent, which notice shall
include the proposed closing date of such acquisition;

 

		(b)	the Borrower shall have certified on or before the closing date of such acquisition, in writing
and in a form reasonably acceptable to the COFACE Agent (acting on the instructions of the Majority Lenders), that such acquisition
has been approved by the board of directors or equivalent governing body of the Target Company;

 

		(c)	the Target Company shall be in a substantially similar line of business as the Borrower and its
Subsidiaries pursuant to Clause 22.12 (Nature of Business) or a parallel business the acquisition of which would be
of commercial or strategic importance to such business;

 

		(d)	if such proposed transaction is a merger with respect to the Borrower or any Subsidiary Guarantor,
the Borrower shall have received the prior written consent of the COFACE Agent to such transaction;

 

		(e)	such proposed transaction shall not include or result in any actual or contingent liabilities that
could reasonably be expected to be material to the business, financial condition, operations or prospects of the Borrower and its
Subsidiaries, taken as a whole;

 

    	31

    	 

    

 

		(f)	if such proposed transaction is in respect of a Target Company which has negative Adjusted Consolidated
EBITDA, the prior written consent of the COFACE Agent shall be required unless:

 

		(i)	such proposed transaction:

 

		(A)	is in respect of a Target Company which is an international gateway operator; and

 

		(B)	the cash consideration of such transaction does not exceed US$5,000,000 in value,

 

provided that, the Borrower
shall only be permitted to enter into two (2) transactions of the type described in this paragraph (f)(i) in each Fiscal
Year; or

 

		(ii)	the relevant Target Company (other than an international gateway operator) has for the twelve (12) Month
period prior to the date of the proposed transaction a negative Adjusted Consolidated EBITDA no greater than US$2,000,000 in aggregate
when taking into account all other acquisitions with negative Adjusted Consolidated EBITDA made following the date of this Agreement.

 

For the purpose of the calculations
required to be made in respect of this paragraph (f) only:

 

		(A)	any reference to “the Borrower and its Subsidiaries” in the definitions of Consolidated
EBITDA, Consolidated Net Income, Equity Issuance, Subordinated Indebtedness, Consolidated Interest Expense and Capital Lease (and
any other definition used in the calculation of Adjusted Consolidated EBITDA) shall be construed as being a reference to “the
Target Company and its Subsidiaries”;

 

		(B)	any reference to “the Borrower” in the definitions of Consolidated EBITDA, Consolidated
Net Income, Equity Issuance, Subordinated Indebtedness, Consolidated Interest Expense and Capital Lease (and any other definition
used in the calculation of Adjusted Consolidated EBITDA) shall be construed as being a reference to “the Target Company”;
and

 

		(C)	any reference to “Subsidiary” in the definitions of Consolidated EBITDA, Consolidated
Net Income, Equity Issuance, Subordinated Indebtedness, Consolidated Interest Expense and Capital Lease (and any other definition
used in the calculation of Adjusted Consolidated EBITDA) shall be construed as being a reference to a Subsidiary of a Target Company;

 

		(g)	the Borrower shall have delivered to the COFACE Agent:

 

		(i)	no less than fifteen (15) days prior to the proposed closing date of such acquisition, forward
looking financial statements taking into account the proposed transaction and demonstrating to the satisfaction of the COFACE Agent,
compliance with each of the financial covenants set out in Clause 20 (Financial Covenants) on the proposed closing
date of such acquisition and on a twelve (12) Month projected basis; and

 

		(ii)	such other documents reasonably requested by the COFACE Agent; and

 

    	32

    	 

    

 

		(h)	no Event of Default shall have occurred and be continuing both before and after giving effect to
such acquisition.

 

“Permitted
Joint Venture Investments” means any investment by the Borrower, any Subsidiary Guarantor or Globalstar Canada Satellite
Co. in joint ventures and partnerships if each such investment meets all of the following requirements:

 

		(a)	no less than fifteen (15) days prior to the proposed closing date (in the case where the consent
of the COFACE Agent and the Majority Lenders is required) or after the closing date (in the case where no consent is required)
of any such investment of more than US$10,000,000, the Borrower shall have delivered written notice of such investment to the COFACE
Agent, which notice shall include the proposed closing date (or actual closing date, applicable) of such investment;

 

		(b)	such joint venture or partnership shall be in a substantially similar line of business as the Borrower
and its Subsidiaries pursuant to Clause 22.12 (Nature of Business) or a parallel business which is of commercial or
strategic importance to such business;

 

		(c)	the Borrower shall have delivered to the COFACE Agent:

 

		(i)	such documents reasonably requested by the COFACE Agent or any Finance Party (through the COFACE
Agent) pursuant to Clause 21.5 (Additional Domestic Subsidiaries) to be delivered at the time required pursuant to
Clause 21.5 (Additional Domestic Subsidiaries);

 

		(ii)	forward looking financial statements taking into account the proposed transaction and demonstrating
to the satisfaction of the COFACE Agent, compliance with each of the financial covenants set out in Clause 20 (Financial
Covenants) on the proposed closing date of such investment and on a twelve (12) Month projected basis;

 

		(d)	no Event of Default shall have occurred and be continuing both before and after giving effect to
such investment;

 

		(e)	if such investment is as a general partner, such investment shall be made by a Subsidiary that
has no assets other than such investment; and in any case, such investment shall not include or result in any contingent liabilities
that could reasonably be expected to be material to the business, financial condition, operations or prospects of the Borrower
and its Subsidiaries, taken as a whole; and

 

		(f)	the Borrower shall have obtained the prior written consent of the COFACE Agent and the Majority
Lenders prior to the consummation of such investment if the amount (including all cash and non-cash consideration paid by or on
behalf of the Borrower and its Subsidiaries in connection with such investment) of such investment (or series of related investments),
together with all other investments in joint ventures and partnerships consummated during the term of this Agreement, exceeds US$30,000,000
in aggregate (excluding any portion of such investment consisting of Capital Stock of the Borrower).

 

“Permitted
Liens” means the Liens permitted pursuant to Clause 22.2(a) to (t) (Limitations on Liens).

 

“Permitted
Supplier Indebtedness” means any Financial Indebtedness of the Borrower or any Subsidiary owing to the Supplier and relating
to the Satellite Construction Contract.

 

“Permitted
Vendor Indebtedness” means:

 

		(a)	any Permitted Supplier Indebtedness; and

 

    	33

    	 

    

 

		(b)	any Financial Indebtedness of the Borrower or any Subsidiary:

 

		(i)	owing to Ericsson pursuant to the purchase agreement between the Borrower and Ericsson dated 1
October 2008, as amended or any other agreement which replaces such agreement;

 

		(ii)	owing to Hughes pursuant to the agreement between the Borrower and Hughes dated 1 May 2008, as
amended or any other agreement which replaces such agreement;

 

		(iii)	owing to a Satellite vendor or Satellite launch vendor or Affiliate thereof (in each case, other
than the Supplier) for:

 

		(A)	the procurement, construction, launch and insurance of all or part of one or more Satellites or
Satellite launches for such Satellites; or

 

		(B)	a ground or in-orbit space intended for future use or associated improvements to the ground portion
of the network of the Borrower and its Subsidiaries;

 

		(iv)	owing to any other supplier or vendor in respect of any Capital Expenditure (but excluding
the Supplier); or

 

		(v)	otherwise approved in writing by the COFACE Agent (acting on the instructions of all the Lenders),

 

provided
that, in each case (other than paragraph (b)(v) above and unless stated to the contrary):

 

		(A)	in the case of paragraph (a) above only, such Permitted Supplier Indebtedness:

 

		(1)	does not exceed €17,530,000 (the “Relevant Amount”) and the Borrower must
have consented to the payment to the Supplier of the Relevant Amount (or any lesser amount), it being acknowledged that the Borrower
has no obligation to pay the Relevant Amount to the Supplier; and

 

		(2)	is on such terms as may be approved by the COFACE Agent (acting on the instructions of each Lender
in their absolute discretion);

 

		(B)	in the case of paragraphs (b)(i) to (iv) (inclusive) only, such Financial Indebtedness does not
exceed (either under any individual agreement or in aggregate) US$25,000,000 (unless approved in writing by the COFACE Agent (acting
on the instructions of all the Lenders));

 

		(C)	the issuance of such Financial Indebtedness shall not cause, and could not reasonably be expected
to cause, a Default;

 

		(D)	any interest payable in respect of such Financial Indebtedness does not exceed ten per cent.
(10%) per annum;

 

		(E)	such Financial Indebtedness is not evidenced by any promissory note; and

 

		(F)	such Financial Indebtedness is not secured by any Lien (other than a Permitted Lien) on any asset
or property of the Borrower or any Subsidiary thereof.

 

    	34

    	 

    

 

“PIK
Interest” means interest paid by the Borrower or any Subsidiary in respect of a debt instrument by the issuance of:

 

		(a)	shares in the Borrower’s Capital Stock issued for the sole purpose of a making a dividend
to the shareholders of the Borrower; and/or

 

		(b)	additional debt securities,

 

in each case:

 

		(i)	which debt securities will not mature or become payable prior to the maturity date of such instrument
and the Final Discharge Date (other than in the case of the 5% Notes and the 8% Old Notes); and

 

		(ii)	no cash payment is made by the Borrower or any Subsidiary prior to the Final Discharge Date.

 

“Project”
means:

 

		(a)	the supply of twenty five (25) Satellites plus the long lead items for six (6) subsequent
Satellites by the Supplier pursuant to the Satellite Construction Contract; and

 

		(b)	the launching of such Satellites by the Launch Services Provider pursuant to the terms of the Launch
Services Contract,

 

to form for the Borrower the
second generation satellite constellation.

 

“Project
Accounts” has the meaning given to such term in the Accounts Agreement.

 

“Promissory
Notes” means a promissory note made by the Borrower in accordance with Clause 31.2(c) (Evidence of Financial Indebtedness)
in substantially (and in all material respects in) the same form as set out in Schedule 25 (Form of Promissory Note) and
amendments, supplements and modifications thereto, any substitutes therefor, and any replacements, restatements, renewals or extension
thereof, in whole or in part.

 

“Property
All Risks Insurance” means the insurance to be procured by the Borrower in accordance with Clause 21.4(c)(i) (Insurance).

 

“Protected
Party” means a Finance Party which is or will be subject to any liability, or required to make any payment, for or on
account of Tax in relation to a sum received or receivable (or any sum deemed for the purposes of Tax to be received or receivable)
under a Finance Document.

 

“Prudential
Regulation Authority” means the Bank of England body responsible for the prudential regulation and supervision of banks,
building societies, credit unions, insurers and major investment firms.

 

“Purchase
Agreement” means the common stock purchase agreement dated as of 28 December 2012 between the Borrower and Terrapin.

 

“Purchase
Notice” has the meaning given to such term in the Fourth Supplemental Indenture.

 

“Qualifying
Certificate” means a certificate from the Supplier and/or the Launch Services Provider (as the case may be) substantially
in the form set out in Schedule 18 (Qualifying Certificate) and signed by an Authorised Signatory of such person.

 

“Qualifying
Lender” means a Lender which is:

 

		(a)	a United States person (as defined in Section 7701(a)(30) of the Code);

 

    	35

    	 

    

 

		(b)	engaged in a US trade or business with which such interest is “effectively connected”
within the meaning of the Code;

 

		(c)	entitled in respect of payments of interest receivable by it under this Agreement to the benefit
of a double taxation agreement with the United States which makes provision for full exemption from tax imposed by the United States
on interest; or

 

		(d)	entitled to the benefit of the “portfolio interest” exemption under Section 871(h)
or 881(c) of the Code.

 

“Quotation
Day” means, in relation to any period for which an interest rate is to be determined, two (2) Business Days before
the first day of that period unless market practice differs in the London interbank market in which case the Quotation Day will
be determined by the COFACE Agent in accordance with market practice in the London interbank market (and if quotations would normally
be given by leading banks in the London interbank market on more than one day, the Quotation Day will be the last of those days).

 

“Reference
Bank Rate” means the arithmetic mean of the rates (rounded upwards to four decimal places) as supplied to the COFACE
Agent at its request by the Reference Banks as the date at which the relevant Reference Bank could borrow funds in the London interbank
market in the relevant currency and for the relevant period, were it to do so by asking for and then accepting interbank offers
for deposits in reasonable market size in that currency and for that period.

 

“Reference
Banks” means the principal London offices of BNP Paribas, Société Générale, Crédit
Industriel et Commercial, Crédit Agricole Corporate and Investment Bank and Natixis or such other banks as may be appointed
by the COFACE Agent in consultation with the Borrower.

 

“Relevant
Period” means each period of six (6) Months or twelve (12) Months (as the case may be) referred to in each
of the columns titled “Column 1 – Relevant Period” in the tables contained in Clauses 20.1 (Maximum
Covenant Capital Expenditures), 20.3 (Adjusted Consolidated EBITDA), 20.4 (Debt Service Coverage Ratio) and 20.5
(Net Debt to Adjusted Consolidated EBITDA).

 

“Relevant
Subordinated Indebtedness” means any Subordinated Indebtedness the terms of which require the payment of:

 

		(a)	cash interest but excluding the payment of any cash interest under the 5% Notes or the 8%
Old Notes which may become due to the relevant noteholders under the 5% Notes or the 8% Old Notes (as the case may be) following
the maturity of, or the occurrence of a default pursuant to, and in accordance with, the terms of the indenture relating to the
relevant Convertible Notes; or

 

		(b)	any fees but excluding any fees payable to an administrative agent of, or trustee for, any
noteholders.

 

“Repayment
Date” has the meaning given to such term at Clause 6.1 (Repayment).

 

“Repayment
Schedule” means the repayment schedule set out at Schedule 29 (Repayment Schedule).

 

“Repeating
Representations” means each of the representations set out in Clauses 18.1 (Status), 18.2 (Binding Obligations),
18.3 (Non-Conflict with other Obligations), 18.4 (Power and Authority), 18.6 (Authorisations), 18.10 (Margin
Stock), 18.11 (Government Regulation), 18.13 (Employee Relations), 18.14 (Burdensome Provisions), 18.18
(Titles to Properties), 18.23(a) (Satellites), 18.26 (OFAC), 18.27 (Governing Law and Enforcement),
18.31 (No Misleading Information), 18.33 (No Immunity) and 18.36(a) and (b) (Notes and Purchase Agreement).

 

    	36

    	 

    

 

“Reservations”
means:

 

		(a)	the principle that equitable remedies may be granted or refused at the discretion of a court;

 

		(b)	the limitation of enforcement by laws relating to insolvency, reorganisation and other laws generally
affecting the rights of creditors;

 

		(c)	the time barring of claims under applicable statutes of limitation;

 

		(d)	the possibility that an undertaking to assume liability for or indemnify a person against non-payment
of stamp duty may be void;

 

		(e)	defences of set-off or counterclaim;

 

		(f)	a court construing a Lien expressed to be created by way of fixed security as being floating security;

 

		(g)	any additional interest imposed pursuant to any relevant agreement may be held to be irrecoverable
on the grounds that it is a penalty;

 

		(h)	an English court may not give effect to any indemnity for legal costs incurred by an unsuccessful
litigant; and

 

		(i)	equivalent principles, rights and defences under the laws of any relevant jurisdiction.

 

“Responsible
Officer” means the chief executive officer, president, chief financial officer, controller, treasurer or assistant treasurer
of an Obligor or any other officer of an Obligor reasonably acceptable to the COFACE Agent. Any document delivered under this Agreement
that is signed by a Responsible Officer of an Obligor shall be conclusively presumed to have been authorised by all necessary corporate,
partnership and/or other action on the part of such Obligor and such Responsible Officer shall be conclusively presumed to have
acted on behalf of such Obligor.

 

“Restructuring
Fee” has the meaning given to such term in Clause 11.5 (Restructuring Fee).

 

“Restructuring
Support and Consent Agreement” means the equity commitment, restructuring, support and consent agreement dated 20 May
2013 between the Borrower, the Subsidiary Guarantors, the Security Agent, the COFACE Agent, the Lenders and Thermo.

 

“S&P”
means Standard & Poor’s Rating Services, a division of The McGraw-Hill Companies, Inc. and any successor thereto.

 

“Sanctioned
Entity” means:

 

		(a)	an agency of the government of;

 

		(b)	an organisation directly or indirectly controlled by; or

 

		(c)	a person resident in a country,

 

that is subject to a sanctions
programme identified on the list maintained by OFAC and available at http://www.treas.gov/offices/enforcement/ofac/sanctions/index.html,
or as otherwise published from time to time as such programme may be applicable to such agency, organisation or person.

 

    	37

    	 

    

 

“Sanctioned
Person” shall mean a person named on the list of Specially Designated Nationals or Blocked Persons maintained by OFAC
available at http://www.treas.gov/offices/enforcement/ofac/sdn/index.html, or as otherwise published from time to time.

 

“Satellite”
shall mean any single non-geostationary satellite, or group of substantially identical non-geostationary satellites, delivered
or to be delivered by the Supplier to the Borrower pursuant to the Satellite Construction Contract and owned by, leased to or for
which a contract to purchase has been entered into by, the Borrower or any of its Subsidiaries, whether such satellite is in the
process of manufacture, has been delivered for Launch or is in orbit (whether or not in operational service) and including any
replacement satellite of the Borrower following a Launch Failure delivered or to be delivered by:

 

		(a)	the Supplier to the Borrower pursuant to the Satellite Construction Contract; or

 

		(b)	a French supplier (other than the Supplier) pursuant to an agreement entered into by the Borrower
with such French supplier which is permitted by the Finance Documents.

 

“Satellite
Construction Contract” means the satellite construction contract dated 30 November 2006 and made between the Borrower
and the Supplier for the construction of forty eight (48) satellites, as amended and supplemented from time to time (and as further
amended and restated on or about the date of this Agreement and delivered in satisfaction of the condition precedent set out at
paragraph 7 (Commercial contracts) of Schedule 2 (Conditions Precedent)) for the purpose of, among other things,
detailing a new phasing of the contract for the first twenty five (25) satellites and a final phase of twenty three (23) satellites.

 

“Satellite
Performance Criteria” means the criteria set out at Schedule 31 (Satellite Performance Criteria).

 

“SCF
Amount” has the meaning given to such term in Clause 7.3(a) (Mandatory Prepayment – Cash Sweep of Spectrum Cash
Flow).

 

“Scheduled
Launch Period” means the three (3) Month contractual period during which a Satellite is scheduled to be launched
in accordance with the Launch Services Contract.

 

“Screen
Rate” means the London interbank offered rate administered by the British Bankers’ Association (or any other person
which takes over the administration of that rate) for Dollars for the relevant period displayed on pages LIBOR01 or LIBOR02 of
the Reuters screen (or any replacement Reuters page which displays that rate) or on the appropriate page of such other information
service which publishes that rate from time to time in place of Reuters. If such page or service ceases to be available, the COFACE
Agent may specify another page or service displaying the relevant rate after consultation with the Borrower and the Lenders.

 

“Second
Half Payment Period” means the period from 1 July to 31 December (inclusive) in any calendar year.

 

“Second
Half 2017 Payment Period” means the Second Half Payment Period occurring in the calendar year of 2017.

 

“Security
Amendment and Restatement Agreement” means the amendment and restatement agreement in respect of the Collateral Agreement
and the Stock Pledge Agreement to be entered into prior to the Effective Date between the Borrower, each Domestic Subsidiary and
the Security Agent.

 

    	38

    	 

    

 

“Security
Documents” means:

 

		(a)	the Collateral Agreement;

 

		(b)	each Mortgage;

 

		(c)	the Borrower Pledge of Bank Accounts;

 

		(d)	the Borrower Additional Pledge of Bank Accounts;

 

		(e)	the Holding Account Pledge Agreement;

 

		(f)	each Account Control Agreement;

 

		(g)	the Stock Pledge Agreement;

 

		(h)	each Landlord Waiver and Consent Agreement;

 

		(i)	each Delegation Agreement;

 

		(j)	all other agreements conferring, or purporting to confer, security in favour of the Finance Parties
with respect to the obligations of the Borrower under the Finance Documents entered into after the date of this Agreement as required
by the terms of this Agreement;

 

		(k)	all agreements and other documents executed from time to time pursuant to any of the foregoing;
and

 

		(l)	any other agreement or document which the Security Agent and the Borrower (acting reasonably) from
time to time designate as a “Security Document” for the purposes of this Agreement,

 

and, “Security Document”
means any of the foregoing as the context requires.

 

“Shareholder
Distributions” means:

 

		(a)	any dividend paid, made or declared, other than a dividend paid exclusively in Capital Stock or
rights to acquire Capital Stock which, in each case, no cash payment is made by the Borrower;

 

		(b)	any payment by way of return on or repayment of share capital;

 

		(c)	any payment of cash interest or capitalised interest by the Borrower to any member of the Thermo
Group under any distribution (whether in cash or in kind), including, without limitation, any distribution of assets or other payment
whatsoever in respect of share capital whether directly or indirectly but excluding:

 

		(i)	any distributions or other payments pursuant to any employee stock incentive plan (howsoever described)
expressly permitted under the terms of this Agreement;

 

		(ii)	any PIK Interest relating to:

 

		(A)	the Thermo Loan Agreement; or

 

		(B)	any Convertible Note held by Thermo; and

 

		(iii)	any cash interest relating to any Convertible Note held by Thermo and permitted by the terms of
this Agreement;

 

    	39

    	 

    

 

		(d)	any redemption, cancellation or repurchase of the Borrower’s shares or any class of its shares
other than any conversion on mandatory repurchase or redemption of any of the Convertible Notes in accordance with their terms
or in connection with any employee stock incentive plan (howsoever described) expressly permitted under the terms of this Agreement;
and

 

		(e)	any payments under a subordinated loan (including interest and fees).

 

“Solvent”
and “Solvency” means, with respect to any person on any date of determination, that on such date:

 

		(a)	the fair value of the assets of such person is greater than the total amount of liabilities, including
contingent liabilities, of such person;

 

		(b)	the present fair saleable value of the assets of such person is not less than the amount that will
be required to pay the probable liability of such person on its debts as they become absolute and matured;

 

		(c)	such person does not intend to, and does not believe that it will, incur debts or liabilities beyond
such person’s ability to pay such debts and liabilities as they mature;

 

		(d)	such person is not engaged in business or a transaction, and is not about to engage in business
or a transaction, for which such person’s assets would constitute an unreasonably small capital; and

 

		(e)	such person is able to pay its debts and liabilities, contingent obligations and other commitments
as they mature in the ordinary course of business.

 

The amount
of contingent liabilities at any time shall be computed as the amount that, in the light of all the facts and circumstances existing
at such time, represents the amount that can reasonably be expected to become an actual or matured liability.

 

“Spectrum”
means spectrum in specific frequency bands that are subject to a Communications Licence issued to the Borrower or an Affiliate,
and in the case of spectrum licensed by the FCC, this refers to, without limitation, spectrum that is licensed to the Borrower
or an Affiliate in the 1610-1618.725 and the 2483.5 – 2500 MHz frequency bands.

 

“Spectrum
Cash Flow” means any cash received by a member of the Group from monetizing (howsoever defined) the Group’s Spectrum
rights, including, but not limited to, upfront payments, operating lease payments, and any other payments to a member of the Group
associated with the commercial use of any Spectrum by any third parties: less

 

		(a)	any capital or operating expenses incurred (or reasonably expected to be incurred) by the Borrower
in direct connection with such Spectrum Cash Flow; and

 

		(b)	any payments received by a member of the Group under such Spectrum Cash Flow which are to be “passed
through” to any third party,

 

provided
that all such deductions (including deducted expenses incurred and “passed through” payments) must:

 

		(i)	be directly related to the corresponding monetization of Spectrum rights;

 

		(ii)	be approved in good faith by the COFACE Agent (acting on the instructions of the Majority Lenders)
in the exercise of their commercially reasonable judgment; and

 

    	40

    	 

    

 

		(iii)	not have been deducted from the calculation of Excess Cash Flow (without double counting).

 

“Spectrum
Sale” means any sale or other disposition of title (legal or equitable) of any of the Group’s Spectrum rights.

 

“Spot
Rate of Exchange” means the exchange rate between Euros and Dollars as notified by the COFACE Agent to the Borrower and
calculated on the basis of the official fixing rate (as between Euros and Dollars) of the European Central Bank quoted on Reuter’s
page ECB37, more or less two (2) basis points, on the date that is two (2) Business Days prior to the relevant Utilisation
Date. If the agreed page is replaced or the service ceases to be available, the COFACE Agent may specify another page or service
displaying the appropriate rate.

 

“Stock
Pledge Agreement” means the stock pledge agreement dated 22 June 2009 (as supplemented by the Joinder Agreement and as
amended and restated by the Security Amendment and Restatement Agreement) between the Borrower, each Domestic Subsidiary and the
Security Agent.

 

“Subordinated
Indebtedness” means any Financial Indebtedness of the Borrower or any Subsidiary:

 

		(a)	subordinated in right and time of payment to the Obligations pursuant to an Acceptable Intercreditor
Agreement (including, for the avoidance of doubt, the provisions of any subordinated subsidiary guarantees provided in connection
with the 8% New Notes pursuant to the provisions of Clause 22.1(1) (Limitations on Financial Indebtedness) (provided
that the Borrower shall be entitled to pay PIK Interest);

 

		(b)	to be applied by the Borrower or the relevant Subsidiary (as the case may be) towards:

 

		(i)	financing costs directly arising from the construction and Launch of the Satellites or additional
satellites;

 

		(ii)	financing payments due by the Borrower to second generation ground segment vendors; and/or

 

		(iii)	payment of the Borrower’s working capital and general corporate purposes;

 

		(c)	containing such other terms and conditions, in each case as are reasonably satisfactory to the
COFACE Agent; and

 

		(d)	the issuance of such Financial Indebtedness shall not cause, and could not reasonably be expected
to cause, a Default.

 

“Subsidiary”
means, as to any person, any company of which more than fifty per cent. (50%) of the outstanding Capital Stock having
ordinary voting power to elect a majority of the board of directors or other managers of such person is at the time owned (directly
or indirectly) by, or the management is otherwise controlled by, such person (irrespective of whether, at the time, Capital Stock
of any other class or classes of such person shall have or might have voting power by reason of the occurrence of any contingency).
Unless otherwise qualified, references to “Subsidiary” or “Subsidiaries” in this Agreement
shall refer to those of the Borrower.

 

“Subsidiary
Guarantor” means each direct or indirect Domestic Subsidiary of the Borrower:

 

		(a)	set out in Schedule 26 (Subsidiary Guarantors); or

 

		(b)	which becomes a party to a Guarantee Agreement pursuant to Clause 21.5 (Additional Domestic
Subsidiaries).

 

    	41

    	 

    

 

“Subsidiary
Guarantor Subordination Deed” means the subordination deed dated on or around the Effective Date and made between the
Subsidiary Guarantors, the Borrower, the Security Agent and the COFACE Agent.

 

“Supplier”
means Thales Alenia Space France, a French société par actions simplifiée registered at the Registre
du Commerce et des Société of Toulouse under registration number 414 725 101, whose registered
office is at 26, Avenue Jean François Champollion, 31100 Toulouse, France.

 

“Supplier
Direct Agreement” means the direct agreement dated 5 June 2009 between the Borrower, the Supplier and the Security Agent.

 

“Synthetic
Lease” means any synthetic lease, tax retention operating lease, off-balance sheet loan or similar off-balance sheet
financing product where such transaction is considered borrowed money indebtedness for tax purposes but is classified as an Operating
Lease in accordance with GAAP.

 

“Target
Company” has the meaning given to such term in the definition of “Permitted Acquisition”.

 

“Tax”
means any tax, levy, impost, duty, fee, assessment or other charge or withholding of a similar nature (including any penalty or
interest payable in connection with any failure to pay or any delay in paying any of the same).

 

“Tax
Credit” means a credit against, relief or remission for, or repayment of any Tax.

 

“Tax
Deduction” means a deduction or withholding for or on account of Tax from a payment under a Finance Document, other than
a FATCA Deduction.

 

“Tax
Payment” means either the increase in a payment made by the Borrower to a Finance Party under Clause 13.1 (Tax
Gross-up) or a payment under Clause 13.2 (Tax Indemnity).

 

“Terrapin”
means Terrapin Opportunity, L.P.

 

“Termination
Value” means, in respect of any one (1) or more Hedging Agreements, after taking into account the effect of any
legally enforceable netting agreement relating to such Hedging Agreements:

 

		(a)	for any date on or after such Hedging Agreements have been closed out and termination value(s)
determined in accordance therewith, such termination value(s); and

 

		(b)	for any date prior to the date referenced in paragraph (a), the amount(s) determined as the
mark-to-market value(s) for such Hedging Agreements, as determined based upon one (1) or more mid-market or other readily
available quotations provided by any recognised dealer in such Hedging Agreements (which may include a Lender or an Affiliate of
a Lender).

 

“Thermo”
means Thermo Funding Company LLC.

 

“Thermo
Group” means:

 

		(a)	Globalstar Satellite LP;

 

		(b)	Thermo;

 

		(c)	FL Investment Holdings LLC (formerly known as Globalstar Holdings LLC); and

 

		(d)	Thermo Funding II LLC.

 

    	42

    	 

    

 

“Thermo
Group Undertaking Letter” means the undertaking letter dated on or around the Effective Date entered into by each of
the members of the Thermo Group in favour of the COFACE Agent.

 

“Thermo
Loan Agreement” means the loan agreement dated 25 June 2009 between the Borrower as borrower and Thermo as lender, as
the same may be amended from time to time, and the subordinated promissory note evidencing such loan.

 

“Thermo
Subordination Deed” means the subordination deed dated 22 June 2009 (as amended and restated pursuant to the Global Deed
of Amendment and Restatement) made between Thermo, the Borrower, the Security Agent and the COFACE Agent.

 

“Third
Parties Act” has the meaning given to such term in Clause 1.5(a) (Third Party Rights).

 

“Total
Commitments” means the aggregate of:

 

		(a)	the Total Facility A Commitments; and

 

		(b)	the Total Facility B Commitments.

 

“Total
Facility A Commitments” means the aggregate of the Facility A Commitments, being US$563,299,120 as at the date
of this Agreement.

 

“Total
Facility B Commitments” means the aggregate of the Facility B Commitments, being US$23,042,880 as at
the date of this Agreement.

 

“Transaction
Costs” means all transaction fees, charges and other amounts related to the Facilities or any transaction which, if consummated,
would be a Permitted Acquisition or a Permitted Joint Venture Investment (including, without limitation, any financing fees, merger
and acquisition fees, legal fees and expenses, due diligence fees or any other fees and expenses in connection therewith).

 

“Transaction
Documents” means:

 

		(a)	each Finance Document;

 

		(b)	each Commercial Contract;

 

		(c)	any Acceptable Intercreditor Agreement; and

 

		(d)	each Material Communications Licence,

 

and, “Transaction Document”
means any of the foregoing as the context requires.

 

“Transfer
Certificate” means a certificate substantially in the form set out in Part A (Form of Transfer Certificate) of
Schedule 5 (Form of Transfer Certificate and Assignment Agreement) or any other form agreed between the COFACE Agent and
the Borrower (acting reasonably).

 

“Transfer
Date” means, in relation to an assignment or a transfer, the later of:

 

		(a)	the proposed Transfer Date specified in the relevant Assignment Agreement or Transfer Certificate;
and

 

		(b)	the date on which the COFACE Agent executes the relevant Assignment Agreement or Transfer Certificate.

 

“UCC”
means the Uniform Commercial Code as in effect in the State of New York, as amended or modified from time to time.

 

    	43

    	 

    

 

“Unfunded
Pension Liability” of any Pension Plan means the excess of such Pension Plan’s benefit liabilities under Section 4001(a)(16)
of ERISA over the current value of such Pension Plan’s assets, determined in accordance with the assumptions used for funding
such Pension Plan pursuant to Section 412 of the Code for the applicable plan year.

 

“Unpaid
Sum” means any sum due and payable but unpaid by the Borrower under the Finance Documents.

 

“United States”
or “US” means the United States of America.

 

“US
Tax Obligor” means:

 

		(a)	a borrower which is resident for tax purposes in the United States of America; or

 

		(b)	an Obligor some or all of whose payments under the Finance Documents are from sources within the
United States for US federal income tax purposes.

 

“Utilisation”
means a utilisation of a Facility.

 

“Utilisation
Date” means the date of a Utilisation, being the date on which the relevant Loan is to be made.

 

“Utilisation
Request” means a notice substantially in the form set out in Schedule 3 (Utilisation Request).

 

“VAT”
means:

 

		(a)	any tax imposed in compliance with Council Directive of 28 November 2006 on the common system of
value added tax (EC Directive 2006/112); and

 

		(b)	any other tax of a similar nature, whether imposed in a member state of the European Union in substitution
for, or levied in addition to, such tax referred to in paragraph (a) above, or imposed elsewhere.

 

“Wholly-Owned”
means, with respect to a Subsidiary, that all the shares of the Capital Stock of such Subsidiary are, directly or indirectly, owned
or controlled by the Borrower and/or one (1) or more of its Wholly-Owned Subsidiaries (except for directors’ qualifying
shares or other shares required by Applicable Law to be owned by a person other than the Borrower).

 

“Withholding
Forms” means United States Internal Revenue Service (“IRS”) Form W-8BEN, W-8ECI
or W-9 (or, in each case, any successor form and, in each case, attached to an IRS Form W-8IMY if required) or any
other IRS form by which a person may claim an exemption from withholding of US federal income tax on interest payments to
that person and, in the case of a person claiming an exemption under the “portfolio interest exemption”, a statement
certifying that such person is not a “bank” within the meaning of Section 881(c)(3)(A) of the Internal
Revenue Code of 1986, as amended.

 

“Working
Capital” means, on any date, Current Assets less Current Liabilities.

 

		1.2	Construction

 

		(a)	Unless a contrary indication appears, any reference in this Agreement to:

 

		(i)	“annual” means a period of twelve (12) Months;

 

		(ii)	the “COFACE Agent”, any “Finance Party”, any “Lender”,
any “Mandated Lead Arranger”, an “Obligor”, any “Party” or the “Security
Agent” shall be construed so as to include its successors in title, permitted assigns and permitted transferees;

 

    	44

    	 

    

 

		(iii)	“assets” includes present and future properties, revenues and rights of every
description;

 

		(iv)	“determines” or “determined” means a determination made in
the absolute discretion of the person making the determination;

 

		(v)	the “equivalent” on any given date in one currency (the “first currency”)
of an amount denominated in another currency (the “second currency”) is a reference to the amount of the first
currency which could be purchased with the second currency at the Spot Rate of Exchange for the purchase of the first currency
with the second currency;

 

		(vi)	a “Finance Document” or any other agreement or instrument is a reference to
that Finance Document or other agreement or instrument as amended, novated, supplemented, extended or restated;

 

		(vii)	“guarantee” means any guarantee, letter of credit, bond, indemnity or similar
assurance against loss, or any obligation, direct or indirect, actual or contingent, to purchase or assume any indebtedness of
any person or to make an investment in or loan to any person or to purchase assets of any person where, in each case, such obligation
is assumed in order to maintain or assist the ability of such person to meet its indebtedness;

 

		(viii)	“include” or “including” are to be construed without limitation;

 

		(ix)	“indebtedness” includes any obligation (whether incurred as principal or as
surety) for the payment or repayment of money, whether present or future, actual or contingent;

 

		(x)	a “person” includes any individual, firm, company, corporation, government,
state or agency of a state or any association, trust, joint venture, consortium or partnership (whether or not having separate
legal personality);

 

		(xi)	a “regulation” includes any regulation, rule, official directive, request or
guideline (whether or not having the force of law) of any governmental, intergovernmental or supranational body, agency, department
or of any regulatory, self-regulatory or other authority or organisation;

 

		(xii)	a provision of law is a reference to that provision as amended or re-enacted;

 

		(xiii)	a time of day is a reference to Paris time; and

 

		(xiv)	the “date of this Agreement” shall be a reference to the original date of this
Agreement, being 5 June 2009.

 

		(b)	Section, Clause and Schedule headings are for ease of reference only.

 

		(c)	Unless a contrary indication appears, a term used in any other Finance Document or in any notice
given under or in connection with any Finance Document has the same meaning in that Finance Document or notice as in this Agreement.

 

		(d)	A Default (other than an Event of Default) is “continuing” if it has not been
remedied or waived and an Event of Default is “continuing” if it has not been waived.

 

    	45

    	 

    

 

		1.3	Accounting Terms

 

All accounting terms not specifically
or completely defined in this Agreement shall be construed in conformity with, and all financial data (including financial ratios
and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with, GAAP
applied on a consistent basis, as in effect from time to time, applied in a manner consistent with that used in preparing the audited
financial statements required by Clause 19.2 (Annual Financial Statements), except as otherwise specifically prescribed
in this Agreement.

 

		1.4	UCC Terms

 

Terms defined in the UCC in effect
on the date of this Agreement and not otherwise defined in this Agreement shall, unless the context otherwise indicates, have the
meanings provided by those definitions. Subject to the foregoing, the term “UCC” refers, as of any date of determination,
to the UCC then in effect.

 

		1.5	Third Party Rights

 

		(a)	Unless expressly provided to the contrary in a Finance Document a person who is not a Party has
no right under the Contracts (Rights of Third Parties) Act 1999 (the “Third Parties Act”) to enforce or
to enjoy the benefit of any term of this Agreement.

 

		(b)	Notwithstanding any term of any Finance Document the consent of any person who is not a Party is
not required to rescind or vary this Agreement at any time.

 

		2.	The Facilities

 

		2.1	Facility A and Facility B

 

Subject to the terms of this
Agreement and the Global Deed of Amendment and Restatement, the Lenders make available to the Borrower a:

 

		(a)	Dollar term loan facility in an aggregate amount equal to the Total Facility A Commitments
(“Facility A”); and

 

		(b)	Dollar term loan facility in an aggregate amount equal to the Total Facility B Commitments
(“Facility B”).

 

		2.2	Finance Parties’ Rights and Obligations

 

		(a)	The obligations of each Finance Party (other than the Lenders) under the Finance Documents are
several. Failure by a Finance Party (other than a Lender) to perform its obligations under the Finance Documents does not affect
the obligations of any other Party under the Finance Documents. No Finance Party (other than a Lender) is responsible for the obligations
of any other Finance Party (other than a Lender) under the Finance Documents.

 

		(b)	The obligations of each Lender under the Finance Documents are joint and several. Each Party agrees
that this Clause 2.2(b) is for the benefit of the Lenders only and the Borrower acknowledges that it has no rights of any
kind whatsoever under this Clause 2.2(b).

 

		(c)	The rights of each Finance Party under or in connection with the Finance Documents are separate
and independent rights and any debt arising under the Finance Documents to a Finance Party from an Obligor shall be a separate
and independent debt.

 

		(d)	A Finance Party may, except as otherwise stated in the Finance Documents, separately enforce its
rights under the Finance Documents.

 

    	46

    	 

    

 

 

		2.3	Commercial Contracts

 

Each Party acknowledges that
the Finance Parties shall have no responsibility or liability whatsoever regarding any performance or non-performance by any party
to a Commercial Contract and that the Finance Parties shall have no obligation to intervene in any dispute in connection with or
arising out of such performance or non-performance. Any such dispute shall not affect the Borrower’s performance under this
Agreement nor entitle the Borrower to any suspension or other claim towards the Finance Parties.

 

		3.	Purpose

 

		3.1	Purpose – Facility A

 

The Borrower shall apply all
amounts borrowed by it under Facility A towards:

 

		(a)	Payments to the Supplier

 

payment to the Supplier of the
Eligible Amounts in excess of such amounts already paid by the Borrower to the Supplier. Such Eligible Amount shall be payable
by way of direct disbursement to the Supplier in accordance with the terms of the Satellite Construction Contract;

 

		(b)	Reimbursement to the Borrower

 

reimbursement to the Borrower of
the Eligible Amounts already paid directly by the Borrower to the Supplier in excess of the Advance Payment. Such Eligible Amounts
shall be payable by way of direct disbursement to the Borrower. Subject to Clause 3.4(b) (Sub-Limits), any amounts
received by the Borrower by way of reimbursement may only be applied by the Borrower as follows:

 

		(i)	towards payment to the Launch Services Provider of amounts not funded by Facility B in an
amount not exceeding US$216,000,000;

 

		(ii)	towards payment to Hughes in an amount not exceeding US$87,000,000;

 

		(iii)	towards payment to Ericsson in an amount not exceeding US$8,000,000; and

 

		(iv)	towards payment of the Borrower’s working capital and general corporate purposes in an amount
not exceeding US$150,000,000,

 

and, in each case, such additional
amounts as COFACE may agree; and

 

		(c)	Payment of the COFACE Insurance Premia

 

payment to the COFACE Agent (for
the account of COFACE) of an amount equal to one hundred per cent. (100%) of the COFACE Insurance Premia with respect
to Facility A, being the amount specified by COFACE,

 

in each case, in accordance with
the terms of this Agreement.

 

		3.2	Purpose – Facility B

 

The Borrower shall apply all
amounts borrowed by it under Facility B towards:

 

		(a)	Payments to the Launch Services Provider

 

payment to the Launch Services
Provider of the Eligible Amounts. Such Eligible Amount shall be payable by way of direct disbursement to the Launch Services Provider
in accordance with the terms of the Launch Services Contract; and

 

    	47

    	 

    

 

		(b)	Payment of the COFACE Insurance Premia

 

payment to the COFACE Agent (for
the account of COFACE) of an amount equal to one hundred per cent. (100%) of the COFACE Insurance Premia with respect
to Facility B, being the amount specified by COFACE,

 

in each case, in accordance with
the terms of this Agreement.

 

		3.3	Monitoring

 

No Finance Party is bound to
monitor or verify the application of any amount borrowed pursuant to this Agreement.

 

		3.4	Sub-Limits

 

The aggregate amount that the
Borrower may utilise under:

 

		(a)	Clause 3.1(a) (Payments to the Supplier) and Clause 3.1(b) (Reimbursement
to the Borrower) shall not exceed US$528,026,844;

 

		(b)	Clause 3.1(b) (Reimbursement to the Borrower) shall not exceed US$309,543,626; and

 

		(c)	Clause 3.2(a) (Payments to the Launch Services Provider) shall not exceed US$21,600,000.

 

		4.	Conditions of Utilisation

 

		4.1	Initial Conditions Precedent

 

The Borrower shall not deliver
a Utilisation Request unless the COFACE Agent has received all of the documents and other evidence listed in Schedule 2 (Conditions
Precedent) in form and substance satisfactory to the COFACE Agent. The COFACE Agent shall notify the Borrower and the Lenders
promptly upon being so satisfied.

 

		4.2	Further Conditions Precedent

 

The Lenders will only be obliged
to comply with Clause 5.6 (Lenders’ Participation) if on the date of the Utilisation Request and on the proposed
Utilisation Date:

 

		(a)	no Default is continuing or would be likely to result from the proposed Loan;

 

		(b)	the Repeating Representations to be made by the Borrower are true in all material respects;

 

		(c)	the credit insurance cover under the COFACE Insurance Policy extended by COFACE in favour of the
Lenders in respect of each Facility is in full force and effect and has not been suspended or cancelled, and the COFACE Agent shall,
in its sole discretion, be satisfied that all conditions of the COFACE Insurance Policy and of the credit insurance cover with
respect to such COFACE Insurance Policy have been satisfied in full and that the credit insurance coverage will apply to such Utilisation;

 

		(d)	each Commercial Contract is in full force and effect and has not been suspended, interrupted, cancelled,
terminated, amended or modified in any material respect (otherwise than as authorised by the COFACE Agent) and no arbitration or
other legal proceedings have been initiated between the Borrower and the Supplier and/or Launch Services Provider (as the case
may be) in respect of a Commercial Contract;

 

    	48

    	 

    

 

		(e)	for any Utilisation Request made for the purpose referred to in Clause 3.1(b) (Reimbursement
to the Borrower), the COFACE Agent shall have received evidence that the payment to the Supplier of the corresponding Invoices
has been made;

 

		(f)	each of the documents, information and other evidence specified in and required to be enclosed
with each Utilisation Request and Qualifying Certificate, together with any other documents, information or evidence requested
by the COFACE Agent (on behalf of the Lenders) and/or the French Authorities from time to time, shall have been delivered to the
COFACE Agent (in form and substance satisfactory to the COFACE Agent);

 

		(g)	the Borrower shall have paid or arranged for payment when due:

 

		(i)	all fees, costs, expenses, charges and other amounts due and payable by it under this Agreement
on the Utilisation Date for such Utilisation; and

 

		(ii)	any and all other amounts due and payable under this Agreement on such Utilisation Date, and

 

		(iii)	the Borrower shall have delivered to the COFACE Agent such evidence of payment as the COFACE Agent
may reasonably request; and

 

		(h)	in respect of any payment to the Supplier, the Launch Services Provider and/or the Borrower in
accordance with Clauses 3.1(a) (Payments to the Supplier), 3.1(b) (Reimbursement to the Borrower) and 3.2(a)
(Payments to the Launch Services Provider), the Supplier and/or the Launch Services Provider (as the case may be) has delivered
to the COFACE Agent a Qualifying Certificate, which:

 

		(i)	conforms to the amount and payment timing specified in the relevant Utilisation Request; and

 

		(ii)	to the extent applicable, specifies whether such Loan is to be applied in payment:

 

		(A)	of a portion of the Contract Price directly to the Supplier or the Launch Services Provider (as
the case may be); or

 

		(B)	by reimbursement to the Borrower to the account directed by the Borrower in the Utilisation Request
of any portion of the Contract Price paid by the Borrower to the Supplier or the Launch Services Provider (as the case may be);

 

		(i)	a certificate from a Responsible Officer certifying that each of the eight (8) Satellites
referred to in Schedule 16 (Satellites) has been launched, is in-service and is fully operational (in form and substance
satisfactory to the COFACE Agent); and

 

		(j)	the conditions in Clause 5 (Utilisation) have been fulfilled.

 

The COFACE Agent shall notify
the Borrower and the Lenders promptly upon being so satisfied.

 

		4.3	Conditions Precedent to Certain Utilisations

 

The Lenders will only be obliged
to comply with Clause 5.6 (Lenders’ Participation) if on the date of the
Utilisation Request and on the proposed Utilisation Date:

 

		(a)	no later than one hundred and twenty (120) days prior to the first day of the Scheduled Launch
Period, the COFACE Agent shall have received the drafts of the Launch Insurance Documentation, in compliance with the provisions
of Clause 21.4 (Insurance) and in form and substance satisfactory to the COFACE Agent; and

 

    	49

    	 

    

 

		(b)	no later than ninety (90) days prior to each scheduled Launch date, the Borrower shall have
delivered to the COFACE Agent the Launch Insurance Documentation duly executed by each party thereto together with:

 

		(i)	the Loss Payee Clause;

 

		(ii)	each certificate in respect of the Launch Insurance Documentation referred to in Clause 21.4(c)(ii)
(Launch Insurance); and

 

		(iii)	evidence that all premia due at that time has been paid in full in compliance with Clause 21.4(c)(ii)
(Launch Insurance) and in form and substance satisfactory to the COFACE Agent.

 

		4.4	Failure to Satisfy Conditions Precedent

 

		(a)	The Borrower agrees that all the initial conditions precedent referred to in Clause 4.1 (Initial
Conditions Precedent) must be fulfilled within sixty (60) days of the date of this Agreement.

 

		(b)	Subject to paragraph (c) below, if the Borrower is unable to fulfil any such conditions precedent
within such sixty (60) day time period, each Lender’s Commitment shall be immediately cancelled and each Lender shall
have no further obligations under this Agreement.

 

		(c)	Each Lender’s Commitment shall not be cancelled pursuant to paragraph (b) above if each
of the initial conditions precedent has been satisfied by the Borrower except for the condition precedent referred to in paragraph 8
(COFACE Insurance Policy) of Schedule 2 (Conditions Precedent) but only to the extent that the COFACE Insurance Policy
has not been issued by COFACE for a reason not attributable to a breach by the Borrower of the terms of the COFACE Insurance Policy.

 

		5.	Utilisation

 

		5.1	Delivery of a Utilisation Request

 

		(a)	Subject to the terms of the Global Deed of Amendment and Restatement, the Borrower may utilise
a Facility by delivery to the COFACE Agent of a duly completed Utilisation Request not later than 11:00 a.m. (Paris time)
ten (10) Business Days prior to the proposed Utilisation Date.

 

		(b)	Each Utilisation Request shall instruct the COFACE Agent to remit the amount utilised on behalf
of the Borrower to:

 

		(i)	the Supplier and/or the Launch Services Provider’s account, as the case may be, as part of
the payment of the relevant Contract Price; or

 

		(ii)	in relation to a reimbursement to the Borrower under Facility A, such account as directed by the
Borrower in the Utilisation Request.

 

    	50

    	 

    

 

		5.2	Borrower’s Mandate

 

		(a)	The Borrower irrevocably authorises and mandates the COFACE Agent (on its behalf and for its account):

 

		(i)	in the case of Facility A:

 

		(A)	to pay the Supplier with respect to any Eligible Amount under the Satellite Construction Contract,
upon presentation of the documents set out in Schedule 11 (Payment Terms);

 

		(B)	to reimburse the Borrower for any payments in respect of Eligible Goods and Services under the
Satellite Construction Contract which exceed fifteen per cent. (15%) of the Satellite Construction Contract’s
Contract Price; and

 

		(C)	to pay to the COFACE Agent the COFACE Insurance Premia;

 

		(ii)	in the case of Facility B:

 

		(A)	to pay the Launch Services Provider with respect to any Eligible Amount under the Launch Services
Contract, upon presentation of the documents set out in Schedule 11 (Payment Terms); and

 

		(B)	to pay to the COFACE Agent the COFACE Insurance Premia.

 

		(b)	This mandate is irrevocable.

 

		(c)	The payment terms set out in Schedule 11 (Payment Terms) may only be amended with the prior
written consent of the COFACE Agent (acting on the instructions of all the Lenders).

 

		(d)	The Borrower agrees that any Utilisation made under or pursuant to this Clause 5 shall be
deemed to have been made to or for the benefit of the Borrower and the Borrower waives all rights of protest it may have to the
contrary.

 

		5.3	Examination of Documents

 

		(a)	The COFACE Agent’s role in examining the documents set out in Schedule 11 (Payment Terms)
shall be limited to verifying that such documents appear on their face to be what is indicated in such Schedule 11 (Payment
Terms) and the COFACE Agent shall bear no other responsibility in connection thereof. Such role shall be construed in accordance
with the terms of Article 14 of the Uniform Customs and Practice for Documentary Credits of the International Chamber of Commerce
2007 Revision (Publication 600).

 

		(b)	The COFACE Agent and the Lenders shall not be responsible for any delay in making available any
Loans resulting from any requirement for the delivery of further information or documents required by the COFACE Agent to confirm
the relevant conditions precedent in this Agreement have been met.

 

		5.4	Completion of a Utilisation Request

 

		(a)	Subject to the terms of the Global Deed of Amendment and Restatement, each Utilisation Request
is irrevocable and will not be regarded as having been duly completed unless:

 

		(i)	the proposed Utilisation Date is a Business Day within the Availability Period applicable to that
Facility; and

 

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		(ii)	the currency and amount of the Utilisation comply with Clause 5.5 (Currency and Amount).

 

		(b)	Only one (1) Loan may be requested in each Utilisation Request.

 

		(c)	The Borrower may only deliver one (1) Utilisation Request in each Month in respect of each
Facility.

 

		5.5	Currency and Amount

 

In the case of:

 

		(a)	Payments to the Supplier

 

any Utilisation to be made in accordance
with Clause 3.1(a) (Payments to the Supplier), the Loan requested in a Utilisation Request must be in Dollars. Each
payment to the Supplier by the COFACE Agent shall be made in Dollars;

 

		(b)	Payments to the Launch Services Provider

 

any Utilisation to be made in accordance
with Clause 3.2(a) (Payments to the Launch Services Provider), the Loan requested in a Utilisation Request must be
in Dollars. Each payment to the Launch Services Provider by the COFACE Agent shall be made in Dollars;

 

		(c)	Reimbursement to the Borrower

 

any Utilisation to be made in accordance
with Clause 3.1(b) (Reimbursement to the Borrower), the Loan requested in a Utilisation Request must be in Dollars.
The Borrower shall confirm in each such Utilisation Request that the requested Dollar amount is the Dollar equivalent of the relevant
Euro amount applying a Euro to Dollar exchange rate of one (1) Euro for US$1.34. Each Utilisation made pursuant to Clause 3.1(b)
(Reimbursement to the Borrower) shall be made in Dollars;

 

		(d)	Facility A – Payment of the COFACE Insurance Premia

 

any Utilisation to be made in accordance
with Clause 3.1(c) (Payment of the COFACE Insurance Premia), the Loan requested in a Utilisation Request must be, subject
to Clause 12.3(d) (Borrower’s Payment Obligations), US$35,272,276. Any payment to COFACE of the COFACE Insurance
Premia shall be made in Dollars;

 

		(e)	Facility B – Payment of the COFACE Insurance Premia:

 

any Utilisation to be made in accordance
with Clause 3.2(b) (Payment of the COFACE Insurance Premia), the Loan requested in a Utilisation Request must be, subject
to Clause 12.3(d) (Borrower’s Payment Obligations), US$1,442,880. Any payment to COFACE of the COFACE Insurance
Premia shall be made in Dollars;

 

		(f)	Facility A – Minimum Amount

 

Facility A, the amount of the proposed
Loan must be an amount which is not more than the Available Facility and which is a minimum of US$1,000,000 or, if less, the Available
Facility; and

 

		(g)	Facility B – Minimum Amount

 

Facility B, the amount of the proposed
Loan must be an amount which is not more than the Available Facility and which is a minimum of US$1,000,000 or, if less, the Available
Facility.

 

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		5.6	Lenders’ Participation

 

		(a)	If the conditions set out in this Agreement and the Global Deed of Amendment and Restatement have
been met, each Lender shall make its participation in each Loan available by the Utilisation Date through its Facility Office.

 

		(b)	The amount of each Lender’s participation in each Loan will be equal to the proportion borne
by its Available Commitment to the Available Facility immediately prior to making the Loan.

 

		(c)	Subject to the terms of the Global Deed of Amendment and Restatement, the COFACE Agent shall notify
each Lender of the amount of each Loan and the amount of its participation in that Loan by 11:00 a.m. (Paris time)
on a Business Day which is seven (7) Business Days prior to the proposed Utilisation Date for such Utilisation.

 

		5.7	Cancellation of Commitment

 

Subject to the terms of the Global
Deed of Amendment and Restatement, the Total Commitments which, at that time, are unutilised shall be immediately cancelled at
the end of the Availability Period.

 

		6.	Repayment

 

		6.1	Repayment

 

		(a)	Subject to paragraph (b) below, the Borrower shall
repay the Loans made to it in full by making the repayments as set out in the Repayment Schedule on the dates (each a “Repayment
Date”) and in the amounts set out opposite each Repayment Date in the Repayment Schedule
(each a “Principal Repayment Amount”). 

 

		(b)	If the Principal Repayment Amount scheduled to
be repaid by the Borrower on a Repayment Date is greater than the principal amount of the Loans outstanding on that Repayment Date
(the “Outstanding Amount”) then the relevant
Principal Repayment Amount will be reduced to the Outstanding Amount and the Borrower shall repay the relevant Outstanding Amount
on the relevant Repayment Date.

 

		6.2	Reborrowing

 

The Borrower may not reborrow
any part of a Facility which is repaid.

 

		7.	Prepayment and Cancellation

 

		7.1	Illegality

 

If in any applicable jurisdiction
it becomes unlawful for any Lender to perform any of its obligations as contemplated by this Agreement or to fund or maintain its
participation in any Loan or it becomes unlawful for any Affiliate of a Lender for that Lender to do so:

 

		(a)	that Lender shall promptly notify the COFACE Agent upon becoming aware of that event;

 

		(b)	upon the COFACE Agent notifying the Borrower, the Commitment of that Lender will be immediately
cancelled; and

 

		(c)	the Borrower shall repay that Lender’s participation in the Loans made to the Borrower on
the last day of the Interest Period for each Loan occurring after the COFACE Agent has notified the Borrower or, if earlier, the
date specified by the Lender in the notice delivered to the COFACE Agent (being no earlier than the last day of any applicable
grace period permitted by law).

 

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		7.2	Mandatory Prepayment - Exit

 

		(a)	For the purposes of this Clause 7.2:

 

“Acting in Concert”
means acting together pursuant to an agreement or understanding (formal or informal).

 

“Borrower Change of Control”
means:

 

		(i)	the Thermo Group shall at any time and for any reason fail to own and control (without being subject
to a voting trust, voting agreement, shareholders agreement or any other agreement limiting or affecting the voting of such stock
other than any agreement entered into among the members of Thermo Group and their Affiliates which agreement is not otherwise inconsistent
with this Agreement), free and clear of any Lien, at least fifty one per cent. (51%) of both the economic and voting
interests in the Borrower’s Capital Stock (assuming that all convertible instruments, warrants or options then outstanding
have been exercised); or

 

		(ii)	any “person” (other than the Thermo Group) together with its Affiliates owns
or acquires (together with all stock that such person or Affiliate has the right to acquire whether such right is exercisable immediately
or only after the passage of time), directly or indirectly, twenty five per cent. (25%) or more of the economic or
voting interests in the Borrower’s Capital Stock (assuming that all convertible instruments, warrants or options then outstanding
have been exercised); or

 

		(iii)	any “person” or “group” (as such terms are used in Sections 13(d)
and 14(d) of the US Securities Exchange Act of 1934 (the “Exchange Act”)), Acting in Concert or otherwise (other
than Thermo Group), is or shall become the “beneficial owner” (as defined in Rules 13(d)-3 and 13(d)-5
under the Exchange Act, except that a person shall be deemed to have beneficial ownership of all stock that such person has the
right to acquire whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of thirty
three per cent. (33%) or more of the economic or voting interests in the Borrower’s Capital Stock (assuming that
all convertible instruments, warrants or options then outstanding have been exercised); or

 

		(iv)	the board of directors of the Borrower shall cease to consist of a majority of Continuing Directors.

 

“Change of Control”
means either a Borrower Change of Control or a Thermo Change of Control.

 

“Continuing Directors”
means the directors of the Borrower and/or Thermo Group (as the case may be) on the date of this Agreement and each other director
if such director’s nomination for election to the board of directors of the Borrower and/or Thermo Group (as the case may
be) is recommended by a majority of the then Continuing Directors.

 

“Thermo Change of Control”
means:

 

		(i)	James Monroe III (or, in the event of his death or Incapacity, his executors, trustees, heirs
or legal representatives) shall at any time and for any reason fail to own and control (without being subject to a voting trust,
voting agreement, shareholders agreement or any other agreement limiting or affecting the voting of such stock), free and clear
of any Lien, at least fifty one per cent. (51%) of both the economic and voting interests in any member of the Thermo
Group’s Capital Stock (assuming that all convertible instruments, warrants or options then outstanding have been exercised);
or

 

    	54

    	 

    

 

		(ii)	any “person” or “group” (as such terms are used in the Exchange
Act, Acting in Concert or otherwise, other than James Monroe III (or, in the event of his death or Incapacity, his executors,
trustees, heirs or legal representatives), is or shall become the “beneficial owner” (as defined in Rules 13(d)-3
and 13(d)-5 under the Exchange Act, except that a person shall be deemed to have beneficial ownership of all stock that such person
has the right to acquire whether such right is exercisable immediately or only after the passage of time), directly or indirectly,
of twenty five per cent. (25%) or more of the economic or voting interests in any member of the Thermo Group’s
Capital Stock (assuming that all convertible instruments, warrants or options then outstanding have been exercised); or

 

		(iii)	the board of directors (or its equivalent) of any member of the Thermo Group shall cease to consist
of a majority of Continuing Directors; or

 

		(iv)	James Monroe III (or, in the event of his death or Incapacity, his executors, trustees, heirs
or legal representatives) shall cease to have the power to elect or remove a majority of the board of directors (or its equivalent)
of any member of the Thermo Group; or

 

		(v)	any “change of control” or similar event shall occur under any document with
respect to any equity or debt instrument issued or incurred by the Thermo Group.

 

		(b)	The Borrower must promptly notify the COFACE Agent if it becomes aware that the circumstances referred
to in paragraph (c) below have occurred or are likely to occur.

 

		(c)	Upon the occurrence of a Change of Control, the Total Commitments shall be cancelled and all outstanding
Loans, together with accrued interest and all other amounts accrued under the Finance Documents (including the COFACE Additional
Insurance Premium and the Restructuring Fee), shall become immediately due and payable.

 

		7.3	Mandatory Prepayment – Cash Sweep of Spectrum Cash Flow

 

		(a)	The Borrower shall prepay the Restructuring Fee, the COFACE Additional Premium and/or the Loans
(in the order set out in Clause 7.13 (Application of Mandatory Prepayments)) in an amount equal to seventy five per cent.
(75%) of any Spectrum Cash Flow received by the Group at any time (the “SCF Amount”), provided that if
the Excess Cash Flow for the Payment Period during which the Spectrum Cash Flow is realised is negative, the amount to be prepaid
by the Borrower shall be the greater of:

 

		(i)	an amount equal to the Available Cash; and

 

		(ii)	the SCF Amount minus the Applicable Negative Excess Cash Flow,

 

unless the Available
Cash referred to in paragraph (a)(i) above is greater than the SCF Amount, in which case, the amount to be prepaid by the Borrower
shall be the SCF Amount.

 

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		(b)	The prepayment referred to in paragraph (a) above shall be made within:

 

		(i)	forty-five (45) days following the end of a First Half Payment Period, if the Spectrum Cash Flow
is realised by a member of the Group during such First Half Payment Period; or

 

		(ii)	seventy-five (75) days following the end of a Second Half Payment Period if the Spectrum Cash Flow
is realised by a member of the Group during such Second Half Payment Period.

 

		(c)	Any mandatory prepayment arising as a result of any Spectrum Sale shall be made in accordance with
Clause 7.8 (Mandatory Prepayment – Cash Sweep following Spectrum Sale).

 

		7.4	Mandatory Prepayment –Excess Cash Flow

 

From (and including) 31 December
2013 and no later than:

 

		(a)	forty-five (45) days after the end of any First Half Payment Period; and

 

		(b)	seventy-five (75) days after the end of any Second Half Payment Period,

 

the Borrower
shall, in each case, apply fifty per cent. (50%) of all Excess Cash Flow calculated as of the last day of such Payment Period
in mandatory prepayment of the Restructuring Fee, the COFACE Additional Premium and/or the Loans (as the case may be).

 

		7.5	Mandatory Prepayment - Insurance and Condemnation Events

 

		(a)	Subject to Clause 7.5(b) below, the Borrower shall prepay the Restructuring Fee, the COFACE
Additional Premium and/or the Loans (in the order set out in Clause 7.13 (Application of Mandatory Prepayments)) in an amount
equal to one hundred per cent. (100%) of the aggregate Net Cash Proceeds from any Insurance and Condemnation Event
and other extraordinary recoveries by the Borrower or any of its Subsidiaries.

 

		(b)	Such prepayments shall be made within three (3) Business Days after receipt of the Net Cash
Proceeds from any Insurance and Condemnation Event by the Borrower or any of its Subsidiaries, provided that so long as
no Event of Default has occurred and is continuing (and so long as no action is being taken under Clause 24 (Remedies Upon
an Event of Default)), no prepayment shall be required:

 

		(i)	in connection with such Insurance and Condemnation Event yielding in aggregate less than US$500,000
in Net Cash Proceeds; or

 

		(ii)	with respect to any such Net Cash Proceeds which are committed by the Borrower to be reinvested
in replacement assets of French suppliers or the procurement or Launch of a Satellite or Satellites acquired or planned to be acquired
pursuant to the then current Agreed Business Plan of the Borrower (as evidenced by a contractual agreement for the purchase or
acquisition of assets) within six (6) Months after receipt of such Net Cash Proceeds and the proceeds arising out of the relevant
Insurance are placed into the Insurance Proceeds Account (such account to be secured in favour of the Security Agent (for and on
behalf of itself and the other Finance Parties)) and, provided that no action is being taken under Clause 24 (Remedies
Upon an Event of Default), will be applied by the COFACE Agent in payment to a supplier of such replacement asset or replacement
Satellite, any long lead items, launch services, insurances or other costs directly arising in relation to such purchase or Launch
in accordance with the terms and conditions agreed between the Borrower and the Supplier. Any excess in Net Cash Proceeds after
taking into account such payments and costs shall be transferred to the Collection Account in accordance with the Accounts Agreement.

 

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		7.6	Mandatory Prepayments – Asset Dispositions

 

		(a)	The Borrower shall prepay the Restructuring Fee, the COFACE Additional Premium and/or the Loans
(in the order set out in Clause 7.13 (Application of Mandatory Prepayments)) in an amount equal to one hundred per cent.
(100%) of the aggregate Net Cash Proceeds from any Asset Disposition by the Borrower or any of its Subsidiaries.

 

		(b)	Such prepayment shall be made within three (3) days after the date of receipt of the Net Cash
Proceeds of any such transaction by the Borrower or any of its Subsidiaries, provided that, so long as no Default has occurred
and is continuing, no prepayment shall be required pursuant to this Clause 7.6:

 

		(i)	in connection with such Asset Dispositions yielding less than US$50,000 per disposal in Net Cash
Proceeds (provided that any such disposal shall be deemed to include the Net Cash Proceeds from any related disposal or
series of disposals), and in any event subject to an annual aggregate of US$200,000 and a total aggregate of US$1,000,000; or

 

		(ii)	with respect to any such Net Cash Proceeds which are:

 

		(A)	reinvested within six (6) Months after receipt of such Net Cash Proceeds by such person in
replacement assets (useful to the Borrower and its Subsidiaries in the conduct of business in accordance with Clause 22.12
(Nature of Business)); or

 

		(B)	committed (as evidenced by a contractual agreement for the purchase or acquisition of assets with
a vendor of such assets) within six (6) Months after receipt of such Net Cash Proceeds by such person to be reinvested in
the procurement or Launch of a Satellite or Satellites acquired or to be acquired pursuant to the then current Agreed Business
Plan of the Borrower,

 

provided further that
the Borrower shall procure that all such Net Cash Proceeds referred to in this paragraph (b)(ii) shall, immediately upon receipt
thereof by the Borrower, be paid into the Holding Account.

 

		(c)	The Borrower irrevocably authorises the COFACE Agent to instruct the Offshore Account Bank to apply
amounts credited to the Holding Account (to the extent not applied in accordance with sub-paragraphs (A) and (B) above) in prepayment
of the Restructuring Fee, the COFACE Additional Premium and/or the Loans.

 

		(d)	Prior to any application of the Net Cash Proceeds in accordance with paragraphs (b)(ii)(A) and
(B) above, the Borrower shall deliver to the COFACE Agent a certificate satisfactory in all respects to the COFACE Agent and signed
by a Responsible Officer providing details of the intended use of such Net Cash Proceeds.

 

		(e)	Any application of the Net Cash Proceeds in accordance with paragraphs (b)(ii)(A) and (B) above
shall be made in a manner consistent with the then current Agreed Business Plan.

 

		(f)	Solely for the purposes of this Clause 7.6, the term Asset Disposition shall exclude any Spectrum
Sale and any disposal of inventory in the ordinary cause of trading (but shall include any disposal of obsolete, damaged, worn-out
or surplus assets).

 

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		7.7	Mandatory Prepayment – COFACE Insurance Policy

 

If the credit insurance cover
under the COFACE Insurance Policy is not in full force and effect for a reason not attributable to the Borrower, the COFACE Agent
shall, by not less than thirty (30) days’ notice to the Borrower, cancel the Total Commitments and declare all outstanding
Loans, together with accrued interest, and all other amounts accrued under the Finance Documents (including the Restructuring Fee
and the COFACE Additional Insurance Premium) immediately due and payable, whereupon the Total Commitments will be cancelled and
all such outstanding amounts will become immediately due and payable.

 

		7.8	Mandatory Prepayment – Cash Sweep following Spectrum Sale

 

		(a)	The Borrower shall prepay the Restructuring Fee, the COFACE Additional Premium and/or the Loans
(in the order set out in Clause 7.13 (Application of Mandatory Prepayments)) in an amount equal to one hundred per cent.
(100%) of the aggregate Net Cash Proceeds from any Spectrum Sale.

 

		(b)	Such prepayment shall be made within three (3) Business Days after receipt of the Net Cash Proceeds
from any Spectrum Sale by the Borrower or such other member of the Group.

 

		(c)	Any Liens held by the COFACE Agent in respect of any Spectrum which is the subject of a Spectrum
Sale shall only be released upon the COFACE Agent being satisfied that:

 

		(i)	all Net Cash Proceeds in respect of such Spectrum Sale have been applied in accordance with Clause 7.13
(Application of Mandatory Prepayments);

 

		(ii)	no amount being prepaid is, or shall be, the subject of any clawback or restitution claim; and

 

		(iii)	no Default is continuing (unless otherwise agreed by the COFACE Agent).

 

		7.9	Mandatory Prepayment – Cash Sweep following Equity Issuance and Debt Issuance

 

		(a)	Any Net Cash Proceeds raised by the Borrower pursuant to any Equity Issuance or any Debt Issuance
occurring on or after the Effective Date (but excluding any Net Cash Proceeds raised pursuant to any Equity Commitments
and the Excluded Purchase Agreement Amount) which exceed, in aggregate, an amount of US$145,000,000 shall be prepaid by the Borrower
in accordance with the provisions of Clause 7.13 (Application of Mandatory Prepayments) in the following amounts in
respect of any Net Cash Proceeds raised pursuant to any relevant:

 

		(i)	Equity Issuance (including any Equity Linked Securities), in an amount equal to fifty per cent.
(50%) of such Net Cash Proceeds; and

 

		(ii)	Debt Issuance, in an amount equal to seventy five per cent. (75%) of such Net Cash Proceeds.

 

		(b)	Any prepayment made in relation to this Clause 7.9 shall be made:

 

		(i)	in respect of any relevant Equity Issuance, within three (3) Business Days of the completion of
such Equity Issuance; or

 

		(ii)	in respect of any relevant Debt Issuance, simultaneously with the funding of such Debt Issuance.

 

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		7.10	Voluntary Cancellation

 

The Borrower may, if it:

 

		(a)	gives the COFACE Agent not less than twenty (20) Business Days’ (or such shorter period
as the Majority Lenders may agree) prior notice; and

 

		(b)	delivers to the COFACE Agent a certificate signed by a Responsible Officer demonstrating that the
Borrower has sufficient funds to finance the Project to the satisfaction of the COFACE Agent after any such cancellation,

 

cancel the whole or any part
(being a minimum amount of US$1,000,000) of the Available Facility. Any cancellation under this Clause 7.10 shall reduce the
Commitments of the Lenders in inverse order of maturity.

 

		7.11	Voluntary Prepayment of the Loans

 

		(a)	The Borrower may, if it gives the COFACE Agent not less than twenty (20) Business Days’
(or such shorter period as the Majority Lenders may agree) prior notice, prepay the whole or any part of the Loans (but, if in
part, being an amount that reduces the amount of the Loans by a minimum amount of US$1,000,000). The Borrower may make a prepayment
in accordance with this Clause 7.11 on a Repayment Date.

 

		(b)	If such a prepayment is made on a day other than the last day of an Interest Period, the Borrower
shall make that prepayment together with any Break Costs in accordance with Clause 10.4 (Break Costs), without premium
or penalty.

 

		(c)	The Loans may only be prepaid after the last day of the Availability Period (or, if earlier, the
day on which the Available Facility is zero (0)).

 

		(d)	Any prepayment under this Clause 7.11 shall be applied:

 

		(i)	first, pro rata against the obligation of the Borrower to pay:

 

		(A)	the Restructuring Fee (pursuant to the terms of the Global Deed of Amendment and Restatement);
and

 

		(B)	the COFACE Additional Insurance Premium; and

 

		(ii)	second: 

 

		(A)	pro rata among the Facilities and within each Facility; and

 

		(B)	in inverse order of maturity across the remaining scheduled repayments under each Facility.

 

		7.12	Right of Repayment and Cancellation in relation to a Single Lender

 

		(a)	If:

 

		(i)	any sum payable to any Lender by the Borrower is required to be increased under paragraph (c)
of Clause 13.1 (Tax Gross-up); or

 

		(ii)	any Lender claims indemnification from the Borrower under Clause 13.2 (Tax Indemnity)
or Clause 14.1 (Increased Costs),

 

the Borrower may, whilst the circumstance
giving rise to the requirement for indemnification continues, give the COFACE Agent notice of cancellation of the Commitment of
that Lender and its intention to procure the repayment of that Lender’s participation in the Loans.

 

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		(b)	On receipt of a notice of cancellation referred to in paragraph (a) above, the Commitment
of that Lender shall immediately be reduced to zero (0).

 

		(c)	On the last day of each Interest Period which ends after the Borrower has given notice of cancellation
under paragraph (a) above (or, if earlier, the date specified by the Borrower in that notice), the Borrower shall repay that
Lender’s participation in that Loan.

 

		7.13	Application of Mandatory Prepayments

 

Other than in respect of any
prepayment under Clause 7.1 (Illegality), all other mandatory prepayments under this Clause 7 (Prepayment and
Cancellation) shall be applied:

 

		(a)	first, pro rata against the obligation of the Borrower to pay:

 

		(i)	the Restructuring Fee (pursuant to the terms of the Global Deed of Amendment and Restatement);
and

 

		(ii)	the COFACE Additional Insurance Premium; and

 

		(b)	second:

 

		(i)	pro rata among the Facilities and within each Facility; and

 

		(ii)	in inverse order of maturity across the remaining scheduled repayments under each Facility.

 

		7.14	Restrictions

 

		(a)	Any notice of cancellation or prepayment given by the Borrower under this Clause 7 shall be
irrevocable and, unless a contrary indication appears in this Agreement, shall specify the date or dates upon which the relevant
cancellation or prepayment is to be made and the amount of that cancellation or prepayment.

 

		(b)	Any prepayment under this Agreement shall be made together with accrued interest on the amount
prepaid and, subject to any Break Costs, without premium or penalty.

 

		(c)	The Borrower may not reborrow any part of a Facility which is prepaid.

 

		(d)	The Borrower shall not repay or prepay all or any part of the Loans or cancel all or any part of
the Commitments except at the times and in the manner expressly provided for in this Agreement.

 

		(e)	No amount of the Total Commitments cancelled under this Agreement may be subsequently reinstated.

 

		(f)	If the COFACE Agent receives a notice under this Clause 7 it shall promptly forward a copy
of that notice to either the Borrower or the affected Lender, as appropriate.

 

		(g)	The Borrower shall promptly notify the COFACE Agent (but in any event no later than three (3) Business
Days) of any payment pursuant to this Clause 7, and the COFACE Agent shall promptly notify the Lenders (but in any event no
later than five (5) Business Days) of the same.

 

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		8.	Interest

 

		8.1	Calculation of Interest

 

The rate of interest on each
Loan for each Interest Period is the percentage rate per annum which is the aggregate of the:

 

		(a)	Applicable Margin; and

 

		(b)	LIBOR.

 

		8.2	Payment of Interest

 

The Borrower shall pay accrued
interest on each Loan on the last day of each Interest Period.

 

		8.3	Default Interest

 

		(a)	If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest
shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate
which, subject to paragraph (b) below, is two per cent. (2%) higher than the rate which would have been payable
if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive
Interest Periods, each of a duration selected by the COFACE Agent (acting reasonably). Any interest accruing under this Clause 8.3
shall be immediately payable by the Borrower on demand by the COFACE Agent.

 

		(b)	If any overdue amount consists of all or part of a Loan which became due on a day which was not
the last day of an Interest Period relating to that Loan:

 

		(i)	the first Interest Period for that overdue amount shall have a duration equal to the unexpired
portion of the current Interest Period relating to that Loan; and

 

		(ii)	the rate of interest applying to the overdue amount during that first Interest Period shall be
two per cent. (2%) higher than the rate which would have applied if the overdue amount had not become due.

 

		(c)	Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount
at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

 

		8.4	Notification of Rates of Interest

 

The COFACE Agent shall within
two (2) Business Days after a Quotation Day notify the Lenders and the Borrower of the determination of a rate of interest
under this Agreement.

 

		9.	Interest Periods

 

		9.1	Interest Periods

 

		(a)	The Interest Period for which any Loan is outstanding shall be divided into successive Interest
Periods each of which shall start on the last day of the preceding such Interest Period.

 

		(b)	The initial Interest Period for each Loan:

 

		(i)	shall start on (and include) the Utilisation Date of such Loan and end on (but excluding) the last
day of such Interest Period. Each subsequent Interest Period in respect of such Loan shall start on (and include) the last day
of the previous Interest Period and end on (but exclude) the last day of the relevant Interest Period provided that, the
Interest Period occurring prior to the First Repayment Date shall start (and include) on the last day of the previous Interest
Period and end on (but excluding) the First Repayment Date; and

 

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		(ii)	after the first Utilisation shall start on (and include) the Utilisation Date of the relevant Loan
and end on (but excluding) the last day of the current Interest Period for the first Utilisation.

 

		9.2	Duration

 

		(a)	The duration of each Interest Period shall, save as otherwise provided in this Agreement, be six
(6) Months or such other period as the COFACE Agent may agree, provided that any Interest Period that would otherwise
extend beyond a Repayment Date relating to any Loan shall be of such duration that it shall end on that Repayment Date.

 

		(b)	Notwithstanding anything to the contrary in this Agreement, if the Interest Period falling immediately
prior to the First Repayment Date would be shorter than ten (10) days (a “Relevant Interest Period”), then the
Interest Period falling immediately prior to the Relevant Interest Period shall be extended so that it shall end on the First Repayment
Date.

 

		(c)	Each Interest Period commencing after the First Repayment Date shall end on the following Repayment
Date.

 

		(d)	An Interest Period for a Loan shall not extend beyond the Final Maturity Date.

 

		9.3	Non-Business Days

 

If an Interest Period would otherwise
end on a day which is not a Business Day, that Interest Period will instead end on the next Business Day in that calendar month
(if there is one) or the preceding Business Day (if there is not).

 

		9.4	Consolidation of Loans

 

If two (2) or more Interest
Periods:

 

		(a)	relate to Loans; and

 

		(b)	end on the same date,

 

those Loans will be consolidated
into, and treated as, a single Loan on the last day of the Interest Period.

 

		10.	Changes to the Calculation of Interest

 

		10.1	Absence of Quotations

 

Subject to Clause 10.2 (Market
Disruption), if LIBOR is to be determined by reference to the Reference Banks but a Reference Bank does not supply a quotation
by 11:00 a.m. (London time) on the Quotation Day, the applicable LIBOR shall be determined on the basis of the quotations
of the remaining Reference Banks.

 

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		10.2	Market Disruption

 

		(a)	If a Market Disruption Event occurs in relation to a Loan for any Interest Period, then the rate
of interest on each Lender’s share of that Loan for the Interest Period shall be the percentage rate per annum which
is the sum of:

 

		(i)	the Applicable Margin; and

 

		(ii)	the rate notified to the COFACE Agent by that Lender as soon as practicable and in any event before
interest is due to be paid in respect of that Interest Period, to be that which expresses as a percentage rate per annum the
cost to that Lender of funding its participation in that Loan from whatever source it may reasonably select.

 

		(b)	In this Agreement “Market Disruption Event” means:

 

		(i)	at or about noon on the Quotation Day for the relevant Interest Period the Screen Rate is not available
and none or only one (1) of the Reference Banks supplies a rate to the COFACE Agent to determine LIBOR for Dollars for the
relevant Interest Period; or

 

		(ii)	before close of business in London on the Quotation Day for the relevant Interest Period, the COFACE
Agent receives notifications from a Lender or Lenders (whose participations in a Loan exceed thirty per cent. (30%)
of that Loan) that the cost to it or them of obtaining matching deposits in the London interbank market would be in excess of LIBOR.

 

		10.3	Alternative Basis of Interest or Funding

 

		(a)	If a Market Disruption Event occurs and the COFACE Agent or the Borrower so requires, the COFACE
Agent and the Borrower shall enter into negotiations (for a period of not more than thirty (30) days) with a view to agreeing
a substitute basis for determining the rate of interest.

 

		(b)	Any alternative basis agreed pursuant to paragraph (a) above shall, with the prior consent
of all the Lenders and the Borrower, be binding on all Parties.

 

		10.4	Break Costs

 

		(a)	The Borrower shall, within three (3) Business Days of demand by a Finance Party, pay to that
Finance Party its Break Costs attributable to all or any part of a Loan or Unpaid Sum being paid by the Borrower on a day other
than the last day of an Interest Period for that Loan or Unpaid Sum.

 

		(b)	Each Lender shall, as soon as reasonably practicable after a demand by the COFACE Agent, provide
a certificate confirming the amount of its Break Costs for any Interest Period in which they accrue.

 

		11.	Fees

 

		11.1	Commitment Fee

 

		(a)	The Borrower shall pay to the COFACE Agent (for the account of each Lender) a fee computed at the
rate of one point fifteen per cent. (1.15%) per annum on that Lender’s daily undrawn Available Commitment
under:

 

		(i)	Facility A for the Availability Period applicable to Facility A; and

 

		(ii)	Facility B for the Availability Period applicable to Facility B.

 

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		(b)	The accrued commitment fee is payable:

 

		(i)	on the last day of each successive period of six (6) Months which ends during the Availability
Period;

 

		(ii)	on the last day of the Availability Period; and

 

		(iii)	if cancelled in full, on the cancelled amount of the relevant Lender’s Commitment at the
time the cancellation is effective.

 

		11.2	Up-front Fee

 

		(a)	The Borrower shall pay to the COFACE Agent (for the account of each Mandated Lead Arranger) an
arrangement fee in an amount equal to two point eight per cent. (2.8%) of the aggregate principal amount of the Total
Commitments as at the date of this Agreement (the “Up-front Fee”).

 

		(b)	The Up-front Fee shall be due on the date of this Agreement and payable on the earlier of:

 

		(i)	sixty (60) days from the date of this Agreement; and

 

		(ii)	Financial Close.

 

		11.3	COFACE Agent Fees

 

		(a)	Subject to paragraph (b) below, the Borrower shall pay to the COFACE Agent (for its own account)
an annual agency fee of US$50,000 (the “COFACE Agent Fee”), which must be paid annually in advance in accordance
with paragraphs (b) and (c) below.

 

		(b)	Notwithstanding paragraph (a) above, the COFACE Agent Fee for 2013 payable on the Effective Date
shall be an amount equal to US$35,000.

 

		(c)	Each subsequent payment is payable on each anniversary of the date of this Agreement for as long
as any Commitment is in force or amount is outstanding under the Finance Documents.

 

		11.4	Security Agent Fees

 

		(a)	The Borrower shall pay to the Security Agent (for its own account) an annual agency fee of US$50,000
(the “Security Agent Fee”), which must be paid annually in advance in accordance with paragraphs (b) and
(c) below.

 

		(b)	Notwithstanding paragraph (a) above, the Security Agent Fee for 2013 payable on the Effective Date
shall be an amount equal to US$20,000.

 

		(c)	Each subsequent payment is payable on each anniversary of the date of this Agreement for as long
as any Commitment is in force or amount is outstanding under the Finance Documents.

 

		11.5	Restructuring Fee

 

		(a)	Pursuant to clause 4.1 (Restructuring Fee) of
the Global Deed of Amendment and Restatement, the Borrower is required to pay to the COFACE Agent (for the account of each Lender
pro rata to the proportion of each Lender’s Commitment) a restructuring fee in an amount equal to two point five
per cent. (2.5%) of the Total Commitments as at the Effective Date, being US$14,658,550 (the “Restructuring Fee”)
which amount shall become due on the Effective Date and shall be payable in accordance with paragraph (b) below.

 

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		(b)	Pursuant to clause 4.2 (Restructuring Fee Payment)
of the Global Deed of Amendment and Restatement, the Borrower has agreed to pay the Restructuring Fee on the following dates:

 

		(i)	an amount equal to forty per cent. (40%) of the Restructuring Fee (being US$5,863,420) on
or prior to the Effective Date as a condition precedent to the occurrence thereof; and

 

		(ii)	an amount equal to sixty per cent. (60%) of the Restructuring Fee (being US$8,795,130) on
31 December 2017 (or such earlier date as all principal, interest
and other amounts outstanding under this Agreement have been repaid in full).

 

		(c)	For the avoidance of doubt, the Restructuring Fee is payable in accordance with the Global Deed
of Amendment and Restatement and this Clause 11.5 does not create a separate obligation to pay such fee pursuant to this Agreement.

 

		11.6	Non-Refundable

 

Each of the fees set out in this
Clause 11 (Fees) once paid are non-refundable and non-creditable against other fees payable in connection with the
Project.

 

		12.	COFACE Insurance Premia and COFACE Additional Insurance Premium

 

		12.1	Payment by the Borrower

 

		(a)	The Borrower shall bear the cost of the COFACE Insurance Premia and the COFACE Additional Insurance
Premium payable in respect of, or in connection with, the COFACE Insurance Policy and shall pay all such amounts to the COFACE
Agent (for the account of COFACE).

 

		(b)	The COFACE Insurance Premia is due and payable in full to the COFACE Agent (for the account of
COFACE) on the Utilisation Date for the first Utilisation and such amounts have been paid by the Borrower.

 

		(c)	The COFACE Additional Insurance Premium is due to the COFACE Agent (for the account of COFACE)
on the Effective Date and shall be paid by the Borrower as follows:

 

		(i)	US$8,000,000 shall be paid on the Effective Date; and

 

		(ii)	US$12,000,000 shall be paid on 31 December 2017,

 

(or, if earlier,
in each case, the date on which the COFACE Additional Insurance Premium has been paid in full pursuant to any prepayments applied
against such COFACE Additional Insurance Premium under the terms of this Agreement).

 

		12.2	Financing with Proceeds of Loans

 

		(a)	Subject to all the other terms and conditions of this Agreement, the COFACE Insurance Premia shall
be financed from the first Utilisation under the Facilities.

 

		(b)	Loans made under a Facility on account of the COFACE Insurance Premia shall be included in the
principal amount of a Facility and repaid to the COFACE Agent in accordance with the relevant provisions in this Agreement and
the Borrower shall pay interest on such amount at the rates determined under, and in accordance with, Clause 8 (Interest)
and repay such amount together with all other principal as stated in Clause 6.1 (Repayment).

 

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		(c)	For the avoidance of doubt, the COFACE Additional Insurance Premium shall not be financed by the
proceeds of either Facility.

 

		12.3	Borrower’s Payment Obligations

 

		(a)	The Borrower acknowledges that the obligation to pay one hundred per cent. (100%) of
the COFACE Insurance Premia and the COFACE Additional Insurance Premium as and when they arise is absolute and unconditional.

 

		(b)	If the COFACE Insurance Premia due and payable is not financed or paid out of any Loans under this
Agreement or if the undrawn amount under a Facility is not sufficient to finance one hundred per cent. (100%) of the
COFACE Insurance Premia due to COFACE under the COFACE Insurance Policy, the Borrower shall pay directly to the COFACE Agent the
amount of any such COFACE Insurance Premia not so financed or paid.

 

		(c)	Subject to Clause 12.3(d) below, as of the date of this Agreement the premia due to COFACE
in respect of the COFACE Insurance Premia shall be calculated at a rate estimated to be six point sixty eight per cent.
(6.68%), and in an estimated amount being the aggregate of:

 

		(i)	US$35,272,276 in respect of Facility A; and

 

		(ii)	US$1,442,880 in respect of Facility B.

 

		(d)	The COFACE Agent will only be notified of the actual amount of the COFACE Insurance Premia on the
date of final issuance of each COFACE Insurance Policy.

 

		(e)	Following receipt of each COFACE Insurance Policy, the COFACE Agent shall promptly notify the Borrower
of the actual amount of the COFACE Insurance Premia. If the actual amount of the COFACE Insurance Premia is greater than the estimated
amount set out in paragraph (c) above, the Borrower shall be obliged to make payment of the actual amount of the COFACE Insurance
Premia. Accordingly, the estimated amount provided in Clauses 3.1(c) (Payment of the COFACE Insurance Premia) and 3.2(b)
(Payment of the COFACE Insurance Premia) shall be automatically increased or reduced by the amounts required to ensure the
payment of the premiums after adjustment by COFACE, which would result in an increase or reduction by a corresponding amount in
the Total Commitments subject to available Commitments).

 

		(f)	[Intentionally omitted]

 

		(g)	Notwithstanding the above, a minimum premium being, as of the date of this Agreement, in an amount
equal to the Dollar equivalent of €1,515 shall be paid to COFACE by the Borrower in respect of each COFACE Insurance Policy
upon the execution of the relevant COFACE Insurance Policy. Such amounts shall remain the property of COFACE and are accordingly
payable by the Borrower to COFACE in any event.

 

		(h)	Subject to paragraph (i) below, the Borrower shall not be entitled to claim any credit or
reimbursement of the COFACE Insurance Premia or the COFACE Additional Insurance Premium, including in the event of a cancellation,
an acceleration or a prepayment of any Loan under this Agreement.

 

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		(i)	Notwithstanding paragraph (h) above and subject to paragraph (j) below:

 

		(i)	with respect to any partial cancellation of any undisbursed amount of a Facility; and/or

 

		(ii)	immediately following the end of the Availability Period, where an Available Commitment remains
outstanding,

 

the Borrower shall be entitled
to submit a request to the COFACE Agent for reimbursement of any proportionate amount of the COFACE Insurance Premia, in an amount
up to one hundred per cent. (100%) of the total amount of the COFACE Insurance Premia, which relates to such cancelled
amount of any undisbursed portion of a Facility and/or outstanding Available Commitment referred to in paragraphs (i)(i) and
(ii) above, as the case may be, in each case such amount to be subject to the approval of the COFACE Agent. For the avoidance of
doubt, this paragraph (i) does not apply to the COFACE Additional Insurance Premium.

 

		(j)	No reimbursement of the COFACE Insurance Premia pursuant to paragraph (i) above shall be made by
the COFACE Agent if:

 

		(i)	a Default shall have occurred and be continuing; and

 

		(ii)	the COFACE Agent has not received funds from COFACE in an amount equal to the COFACE Insurance
Premia to be reimbursed.

 

		(k)	Notwithstanding anything to the contrary in this Agreement, the Parties acknowledge that the Borrower
has paid the COFACE Insurance Premia on or around Financial Close. This paragraph (k) does not apply to the COFACE Additional Insurance
Premium.

 

		13.	Tax gross-up and Indemnities

 

		13.1	Tax Gross-up

 

		(a)	The Borrower shall make all payments to be made by it without any Tax Deduction, unless a Tax Deduction
is required by law.

 

		(b)	The Borrower shall, promptly upon becoming aware that it must make a Tax Deduction (or that there
is any change in the rate or the basis of a Tax Deduction) notify the COFACE Agent accordingly. Similarly, a Lender shall notify
the COFACE Agent on becoming so aware in respect of a payment payable to that Lender. If the COFACE Agent receives such notification
from a Lender it shall notify the Borrower.

 

		(c)	If a Tax Deduction is required by law to be made by the Borrower, the amount of the payment due
from the Borrower shall be increased to an amount which (after making any Tax Deduction) leaves an amount equal to the payment
which would have been due if no Tax Deduction had been required.

 

		(d)	If the Borrower is required to make a Tax Deduction, it shall make that Tax Deduction and any payment
required in connection with that Tax Deduction within the time allowed and in the minimum amount required by law.

 

		(e)	Within thirty (30) days of making either a Tax Deduction or any payment required in connection
with that Tax Deduction, the Borrower making that Tax Deduction shall deliver to the COFACE Agent for the Finance Party entitled
to the payment evidence reasonably satisfactory to that Finance Party that the Tax Deduction has been made or (as applicable) any
appropriate payment paid to the relevant taxing authority.

 

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		(f)	A payment shall not be increased under paragraph (c) above by reason of a Tax Deduction on
account of Tax, if on the date on which the payment falls due:

 

		(i)	the payment could have been made to the relevant Lender without a Tax Deduction if the Lender had
been a Qualifying Lender, but on that date that Lender is not, or has ceased to be, a Qualifying Lender other than as a result
of any change after the date it became a Lender under this Agreement:

 

		(A)	in (or in the interpretation, administration, or application of) any law or double taxation agreement,
or any published practice or published concession of any relevant authority; or

 

		(B)	in the circumstance of the Borrower; or

 

		(ii)	the Borrower is able to demonstrate that the payment could have been made to the Lender without
the Tax Deduction had that Lender complied with its obligations under paragraph (g) below.

 

		(g)	Each Lender agrees to use reasonable efforts (consistent with legal and regulatory restrictions
and subject to overall policy considerations of such Lender) to file any Withholding Forms as requested by the Borrower that may
be necessary to establish an exemption from withholding of US federal income taxes.

 

		13.2	Tax Indemnity

 

		(a)	The Borrower shall (within three (3) Business Days of demand by the COFACE Agent) pay to a
Protected Party an amount equal to the loss, liability or cost which that Protected Party determines will be or has been (directly
or indirectly) suffered for or on account of Tax by that Protected Party in respect of a Finance Document.

 

		(b)	Paragraph (a) above shall not apply with respect to any Tax assessed on a Finance Party:

 

		(i)	under the law of the jurisdiction in which that Finance Party is incorporated or, if different,
the jurisdiction (or jurisdictions) in which that Finance Party is treated as resident for tax purposes; or

 

		(ii)	under the law of the jurisdiction in which that Finance Party’s Facility Office is located
in respect of amounts received or receivable in that jurisdiction,

 

if that Tax is imposed on or calculated
by reference to the net income received or receivable (but not any sum deemed to be received or receivable) by that Finance Party
or to the extent a loss, liability or cost:

 

		(A)	is compensated for by an increased payment under Clause 13.1 (Tax Gross-up);

 

		(B)	would have been compensated for by an increased payment under Clause 13.1 (Tax Gross-up)
but was not so compensated solely because one of the exclusions in paragraph (f) of Clause 13.1 (Tax Gross-up)
applied; or

 

		(C)	relates to a FATCA Deduction required to be made by a Party.

 

		(c)	A Protected Party making, or intending to make a claim under paragraph (a) above shall promptly
notify the COFACE Agent of the event which will give, or has given, rise to the claim, following which the COFACE Agent shall notify
the Borrower.

 

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		(d)	A Protected Party shall, on receiving a payment from the Borrower under this Clause 13.2,
notify the COFACE Agent.

 

		13.3	Tax Credit

 

If the Borrower makes a Tax Payment
and the relevant Finance Party determines that:

 

		(a)	a Tax Credit is attributable to an increased payment of which that Tax Payment forms part, to that
Tax Payment or to a Tax Deduction in consequence of which that Tax Payment was required; and

 

		(b)	that Finance Party has obtained and utilised that Tax Credit,

 

the Finance Party shall pay an
amount to the Borrower which that Finance Party determines will leave it (after that payment) in the same after-Tax position as
it would have been in had the Tax Payment not been required to be made by the Borrower provided that,

 

		(i)	any Finance Party may determine, in its sole discretion consistent with the policies of such Finance
Party, whether to seek a Tax Credit;

 

		(ii)	if such Tax Credit is subsequently disallowed or reduced, the Borrower shall indemnify the Finance
Party for such amount; and

 

		(iii)	nothing in this Clause 13.3 shall require a Finance Party to disclose any confidential information
to the Borrower (including, without limitation, its tax returns or its calculations).

 

		13.4	Stamp Taxes

 

The Borrower shall pay and, within
three (3) Business Days of demand, indemnify each Finance Party against any cost, loss or liability that Finance Party incurs
in relation to all stamp duty, registration and other similar Taxes payable in respect of any Finance Document.

 

		13.5	Value Added Tax

 

		(a)	All amounts expressed to be payable under a Finance Document by any Party to a Finance Party which
(in whole or in part) constitute the consideration for any supply for VAT purposes are deemed to be exclusive of any VAT which
is chargeable on that supply, and accordingly, subject to paragraph (b) below, if VAT is or becomes chargeable on any supply
made by any Finance Party to any Party under a Finance Document and such Finance Party is required to account to the relevant tax
authority for the VAT, that Party must pay to such Finance Party (in addition to and at the same time as paying the consideration
for such supply) an amount equal to the amount of the VAT (and such Finance Party must promptly provide an appropriate VAT invoice
to that Party).

 

		(b)	Where a Finance Document requires any Party to reimburse or indemnify a Finance Party for any cost
or expense, that Party shall reimburse or indemnify (as the case may be) such Finance Party for the full amount of such cost or
expense, including such part thereof as represents VAT, save to the extent that such Finance Party reasonably determines that it
is entitled to credit or repayment in respect of such VAT from the relevant tax authority.

 

		(c)	In relation to any supply made by a Finance Party to any Party under a Finance Document, if reasonably
requested by such Finance Party, that Party must promptly provide such Finance Party with details of that Party’s VAT registration
and such other information as is reasonably requested in connection with such Finance Party’s VAT reporting requirements
in relation to such supply.

 

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		13.6	Lender Status Confirmation

 

Each Lender which becomes a Party
to this Agreement after the date of this Agreement shall indicate, in the Transfer Certificate or Assignment Agreement which it
executes on becoming a Party, and for the benefit of the COFACE Agent and without liability to any Obligor, which of the following
categories it falls in:

 

		(a)	not a Qualifying Lender; or

 

		(b)	a Qualifying Lender.

 

If a New
Lender fails to indicate its status in accordance with this Clause 13.6 then such New Lender shall be treated for the purposes
of this Agreement (including by each Obligor) as if it is not a Qualifying Lender until such time as it notifies the COFACE Agent
which category applies (and the COFACE Agent, upon receipt of such notification, shall inform the Borrower). For the avoidance
of doubt, a Transfer Certificate or Assignment Agreement shall not be invalidated by any failure of a Lender to comply with this
Clause 13.6.

 

		13.7	FATCA Information

 

		(a)	Subject to paragraph (c) below, each Party shall, within ten (10) Business Days of a reasonable
request by another Party:

 

		(i)	confirm to that other Party whether it is:

 

		(A)	a FATCA Exempt Party; or

 

		(B)	not a FATCA Exempt Party; and

 

		(ii)	supply to that other Party such forms, documentation and other information relating to its status
under FATCA (including other information required under the US Treasury Regulations or other official guidance including intergovernmental
agreements) as that other Party reasonably requests for the purposes of that other Party’s compliance with FATCA.

 

		(b)	If a Party confirms to another Party pursuant to Clause
13.7(a)(i) above that it is a FATCA Exempt Party and it subsequently becomes aware that it is not, or has ceased to be a FATCA
Exempt Party, that Party shall notify that other Party reasonably promptly.

 

		(c)	Paragraph (a) above shall not oblige any Finance Party to do anything which would or might in its
reasonable opinion constitute a breach of:

 

		(i)	any law or regulation;

 

		(ii)	any fiduciary duty; or

 

		(iii)	any duty of confidentiality.

 

		(d)	If a Party fails to confirm its status or to supply forms, documentation or other information requested
in accordance with paragraph (a) above (including, for the avoidance of doubt, where paragraph (c) above applies), then if that
Party failed to confirm whether it is (and/or remains) a FATCA Exempt Party such Party shall be treated for the purposes of the
Finance Documents as if it is not a FATCA Exempt Party until such time as the Party in question provides the requested confirmation,
forms, documentation or other information.

 

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		(e)	If the Borrower is a US Tax Obligor, or where the COFACE Agent reasonably believes that its obligations
under FATCA require it, each Lender shall, within ten Business Days of:

 

		(i)	where the Borrower is a US Tax Obligor and the relevant Lender is an Original Lender, the date
of this Agreement;

 

		(ii)	where the Borrower is a US Tax Obligor and the relevant Lender is a New Lender, the relevant Transfer
Date; or

 

		(iii)	where the Borrower is not a US Tax Obligor, the date of a request from the COFACE Agent,

 

supply to
the COFACE Agent:

 

		(A)	a withholding certificate on Form W-8 or Form W-9 (or any successor form) (as applicable); or

 

		(B)	any withholding statement and other documentation, authorisations and waivers as the COFACE Agent
may require to certify or establish the status of such Lender under FATCA.

 

The COFACE
Agent shall provide any withholding certificate, withholding statement, documentation, authorisations and waivers it receives from
a Lender pursuant to this paragraph (e) to the Borrower and shall be entitled to rely on any such withholding certificate, withholding
statement, documentation, authorisations and waivers provided without further verification. The COFACE Agent shall not be liable
for any action taken by it under or in connection with this paragraph (e).

 

		(f)	Each Lender agrees that if any withholding certificate, withholding statement, documentation, authorisations
and waivers provided to the COFACE Agent pursuant to paragraph (e) above is or becomes materially inaccurate or incomplete, it
shall promptly update such withholding certificate, withholding statement, documentation, authorisations and waivers or promptly
notify the COFACE Agent in writing of its legal inability to do so. The COFACE Agent shall provide any such updated withholding
certificate, withholding statement, documentation, authorisations and waivers to the Borrower. The COFACE Agent shall not be liable
for any action taken by it under or in connection with this paragraph (f).

 

		13.8	FATCA Deduction

 

		(a)	Each Party may make any FATCA Deduction it is required to make by FATCA, and any payment required
in connection with that FATCA Deduction, and no Party shall be required to increase any payment in respect of which it makes such
a FATCA Deduction or otherwise compensate the recipient of the payment for that FATCA Deduction.

 

		(b)	Each Party shall promptly, upon becoming aware that it must make a FATCA Deduction (or that there
is any change in the rate or the basis of such FATCA Deduction) notify the Party to whom it is making the payment and, in addition,
shall notify the Borrower, the COFACE Agent and the other Finance Parties.

 

		14.	Increased Costs

 

		14.1	Increased Costs

 

		(a)	Subject to Clause 14.3 (Exceptions) the Borrower shall, within five (5) Business
Days of a demand by the COFACE Agent, pay for the account of a Finance Party the amount of any Increased Costs incurred by that
Finance Party or any of its Affiliates as a result of:

 

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		(i)	the introduction of or any change in (or in the interpretation, administration or application of)
any law or regulation;

 

		(ii)	compliance with any law or regulation made after the date of this Agreement; or

 

		(iii)	the implementation or application of or compliance with (including any change in the interpretation,
administration or application of) the Bank for International Settlements’ recommendations on banking laws and regulations
published by the Bank for International Settlements on 16 December 2010 in the form of the consultative documents entitled “A
global regulatory framework for more resilient banks and banking systems” and “International Framework for Liquidity
Risk Measurement, Standards and Monitoring” (collectively, commonly referred to as “Basel III”) or
any other law or regulation which implements Basel III (whether such implementation, application or compliance is by a government,
regulator, Finance Party or any of its Affiliates) (“Basel III”).

 

		(b)	In this Agreement “Increased Costs” means:

 

		(i)	a reduction in the rate of return from a Facility or on a Finance Party’s (or its Affiliate’s)
overall capital;

 

		(ii)	an additional or increased cost; or

 

		(iii)	a reduction of any amount due and payable under any Finance Document,

 

which is incurred or suffered by
a Finance Party or any of its Affiliates to the extent that it is attributable to that Finance Party having entered into its Commitment
or funding or performing its obligations under any Finance Document.

 

		(c)	For the purposes of this Clause 14 (Increased Costs), any regulation imposed by the European
Central Bank, the Financial Conduct Authority or the Prudential Regulation Authority in effect as of the Effective Date with respect
to fees and costs payable by banks similar to those customarily considered to be “Mandatory Costs” shall be
deemed to be an Applicable Law made after the Effective Date.

 

		14.2	Increased Cost Claims

 

		(a)	Subject to paragraphs (c) below, a Finance Party intending to make a claim pursuant to Clause 14.1
(Increased Costs) shall notify the COFACE Agent of the event giving rise to the claim, following which the COFACE Agent
shall promptly notify the Borrower.

 

		(b)	Each Finance Party shall, as soon as practicable after a demand by the COFACE Agent, provide a
certificate confirming the amount of its Increased Costs.

 

		(c)	A Finance Party intending to make a claim in relation to Mandatory Costs as contemplated by Clause 14.1(c)
(Increased Costs) shall notify (with a copy to the COFACE Agent) the Borrower of its claim in respect of such Mandatory
Costs.

 

		14.3	Exceptions

 

Clause 14.1 (Increased
Costs) does not apply to the extent any Increased Cost is:

 

		(a)	attributable to a Tax Deduction required by law to be made by the Borrower;

 

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		(b)	compensated for by Clause 13.2 (Tax Indemnity) (or would have been compensated
for under Clause 13.2 (Tax Indemnity) but was not so compensated solely because any of the exclusions in paragraph (b)
of Clause 13.2 (Tax Indemnity) applied);

 

		(c)	attributable to the wilful breach by the relevant Finance Party or its Affiliates of any law or
regulation; or

 

		(d)	attributable to a FATCA Deduction required to be made by a Party.

 

		15.	Other Indemnities

 

		15.1	Currency Indemnity

 

		(a)	If any sum due from an Obligor under the Finance Documents (a “Sum”), or any
order, judgment or award given or made in relation to a Sum, has to be converted from the currency (the “First Currency”)
in which that Sum is payable into another currency (the “Second Currency”) for the purpose of:

 

		(i)	making or filing a claim or proof against an Obligor;

 

		(ii)	obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration
proceedings,

 

the Borrower shall as an independent
obligation, within three (3) Business Days of demand, indemnify each Finance Party to whom that Sum is due against any cost,
loss or liability arising out of or as a result of the conversion including any discrepancy between:

 

		(A)	the rate of exchange used to convert that Sum from the First Currency into the Second Currency;
and

 

		(B)	the rate or rates of exchange available to that person at the time of its receipt of that Sum.

 

		(b)	The Borrower waives any right it may have in any jurisdiction to pay any amount under the Finance
Documents in a currency or currency unit other than that in which it is expressed to be payable.

 

		15.2	Other Indemnities

 

The Borrower shall, within five
(5) Business Days of demand, indemnify each Finance Party (and its Affiliates) against any cost, loss or liability incurred
by that Finance Party (or Affiliate) as a result of:

 

		(a)	the occurrence of any Event of Default;

 

		(b)	a failure by the Borrower to pay any amount due under a Finance Document on its due date, including
without limitation, any cost, loss or liability arising as a result of Clause 30 (Sharing among the Finance Parties);

 

		(c)	funding, or making arrangements to fund, its participation in a Loan requested by the Borrower
in a Utilisation Request but not made by reason of the operation of any one or more of the provisions of this Agreement (other
than by reason of default or negligence by that Lender alone);

 

		(d)	a Loan (or part of a Loan) not being prepaid in accordance with a notice of prepayment given by
the Borrower; or

 

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		(e)	the breach by the Borrower or any member of the Group of any applicable Environmental Laws or Environmental
Permits. Any Affiliate of a Finance Party may rely on this Clause 15.2(e).

 

		15.3	Indemnity to the COFACE Agent

 

The Borrower shall promptly indemnify
the COFACE Agent against any cost, loss or liability incurred by the COFACE Agent (acting reasonably) as a result of:

 

		(a)	investigating any event which it reasonably believes is a Default; or

 

		(b)	acting or relying on any notice, request or instruction which it reasonably believes to be genuine,
correct and appropriately authorised.

 

		15.4	Indemnity to the Security Agent

 

		(a)	The Borrower shall promptly indemnify the Security Agent against any cost, loss or liability incurred
by the Security Agent as a result of:

 

		(i)	the protection or enforcement of a Lien expressed to be created under a Security Document; or

 

		(ii)	the exercise of any of the rights, powers, discretions and remedies vested in it by the Finance
Documents or by law.

 

		(b)	The Security Agent may, in priority to any payment to other Finance Parties, indemnify itself out
of the assets subject to a Lien expressed to be created under the Security Documents in respect of, and pay and retain, all sums
necessary to give effect to the indemnity in this Clause 15.4.

 

		16.	Mitigation by the Lenders

 

		16.1	Mitigation

 

		(a)	Each Finance Party shall, in consultation with the Borrower, take all reasonable steps to mitigate
any circumstances which arise and which would result in any amount becoming payable under or pursuant to, or cancelled pursuant
to, any of Clause 7.1 (Illegality), Clause 13 (Tax gross-up and Indemnities) or Clause 14 (Increased
Costs) including (but not limited to) transferring its rights and obligations under the Finance Documents to another Affiliate
or Facility Office.

 

		(b)	Paragraph (a) above does not in any way limit the obligations of the Borrower under the Finance
Documents.

 

		16.2	Limitation of Liability

 

		(a)	The Borrower shall promptly indemnify each Finance Party for all costs and expenses reasonably
incurred by that Finance Party as a result of steps taken by it under Clause 16.1 (Mitigation).

 

		(b)	A Finance Party is not obliged to take any steps under Clause 16.1 (Mitigation) if,
in the opinion of that Finance Party (acting reasonably), to do so might be prejudicial to it.

 

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		17.	Costs and Expenses

 

		17.1	Transaction Expenses

 

The Borrower shall promptly on
demand pay the COFACE Agent, the Security Agent and each Mandated Lead Arranger the amount of all costs and expenses (including
legal fees) reasonably incurred by any of them in connection with the negotiation, preparation, printing, execution and syndication
of:

 

		(a)	this Agreement and any other documents referred to in this Agreement; and

 

		(b)	any other Finance Documents executed after the date of this Agreement.

 

		17.2	Amendment Costs

 

If:

 

		(a)	the Borrower requests an amendment, waiver or consent; or

 

		(b)	an amendment is required pursuant to Clause 31.10 (Change of Currency),

 

the Borrower shall, within three
(3) Business Days of demand, reimburse the COFACE Agent and the Security Agent for the amount of all costs and expenses (including
legal fees) incurred by the COFACE Agent and the Security Agent in responding to, evaluating, negotiating or complying with that
request or requirement.

 

		17.3	Enforcement Costs

 

The Borrower shall, within three
(3) Business Days of demand, pay to each Finance Party the amount of all costs and expenses (including legal fees) incurred
by that Finance Party in connection with the enforcement of, or the preservation of any rights under, any Finance Document.

 

		17.4	Security Agent Expenses

 

The Borrower shall, within three
(3) Business Days of demand, pay to the Security Agent the amount of all costs and expenses (including legal fees) incurred
by it in connection with the release of any Lien created pursuant to any Security Document.

 

		17.5	Financial Advisory Appointment

 

The Borrower shall, within three
(3) Business Days of demand, pay to the COFACE Agent all fees and expenses payable in connection with the appointment by the COFACE
Agent of FTI, Consulting, Inc., (or such other financial advisor acceptable to the COFACE Agent (acting on the instructions of
the Majority Lenders)):

 

		(a)	on and from the Effective Date (for so long as shall be required in order to complete any reports
required in connection with the financial year ending 2013), at agreed hourly rates, for the purposes of monitoring the Group’s
business and results of operations; and

 

		(b)	at any time following 31 December 2013 at agreed hourly rates if:

 

		(i)	an Event of Default as set out in Clauses 23.1 (Non-Payment), 23.2 (Financial
Covenants), 23.5 (Cross Default), 23.6 (Insolvency), 23.7 (Insolvency Proceedings) or 23.8 (Creditor’s
Process) has occurred;

 

		(ii)	the Finance Parties receive any request from the Borrower to adjust, or a Lender or COFACE requires
any adjustment of, the financial covenants as set out in Clause 20 (Financial Covenants);

 

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		(iii)	a new business plan is provided to replace the Agreed Business Plan; or

 

		(iv)	the Borrower (acting reasonably) agrees to any request for such appointment from the COFACE Agent.

 

		18.	Representations

 

Subject to the disclosures made
by the Borrower set out in Schedule 24 (Disclosures), the Borrower makes the representations and warranties set out in this
Clause 18 (Representations) to each Finance Party on the Effective Date.

 

		18.1	Status

 

		(a)	It is a corporation, duly incorporated and validly existing (and to the extent applicable, in good
standing) under the law of its jurisdiction of incorporation.

 

		(b)	It and each of its Subsidiaries has the power to own its assets and carry on its business as it
is being conducted.

 

		18.2	Binding Obligations

 

Subject to the Reservations:

 

		(a)	the obligations expressed to be assumed by it in each Transaction Document to which it is a party
are legal, valid, binding and enforceable obligations; and

 

		(b)	(without limiting the generality of paragraph (a) above), each Security Document to which
it is a party creates the security interests which that Security Document purports to create and those security interests are valid
and effective.

 

		18.3	Non-Conflict with other Obligations

 

The entry into and performance
by it of, and the transactions contemplated by, the Transaction Documents and the granting of the security interests contemplated
by the Security Documents do not and will not conflict with:

 

		(a)	any Applicable Law;

 

		(b)	the constitutional documents of any member of the Group; or

 

		(c)	any agreement or instrument binding upon it or any member of the Group or any of its, or any member
of the Group’s, assets or constitute a default or termination event (however described) under any such agreement or instrument,
where such conflict would have or is reasonably likely to have a Material Adverse Effect.

 

		18.4	Power and Authority

 

		(a)	It has the power to enter into, perform and deliver, and has taken all necessary action to authorise
its entry into, performance and delivery of, the Transaction Documents to which it is or will be a party and the transactions contemplated
by those Transaction Documents.

 

		(b)	No limit on its powers will be exceeded as a result of the borrowing, grant of security or giving
of guarantees or indemnities contemplated by the Transaction Documents to which it is a party.

 

		18.5	No Proceedings Pending or Threatened

 

No litigation, arbitration or
administrative proceedings of or before any court, arbitral body or agency which is not frivolous, vexatious or otherwise an abuse
of court process, and which, if adversely determined, could reasonably have a Material Adverse Effect (to the best of its knowledge
and belief) have been started against it or any of its Subsidiaries.

 

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		18.6	Authorisations

 

		(a)	Each of the Borrower and its Subsidiaries has all material Authorisations required:

 

		(i)	to enable it lawfully to enter into, exercise its rights and comply with its obligations in the
Transaction Documents to which it is a party; and

 

		(ii)	to make the Transaction Documents to which it is a party admissible in evidence in its jurisdiction
of incorporation,

 

have been obtained or effected
and are in full force and effect.

 

		(b)	Each of the Borrower and its Subsidiaries:

 

		(i)	has all Authorisations required for it to conduct its business as currently conducted, each of
which is in full force and effect, is final and not subject to review on appeal and is not the subject of any pending or, to the
best of its knowledge, threatened attack by direct or collateral proceeding;

 

		(ii)	is in compliance with each Authorisation applicable to it and in compliance with all other Applicable
Laws relating to it or any of its respective properties; and

 

		(iii)	has filed in a timely manner all material reports, documents and other materials required to be
filed by it under all Applicable Laws with any Governmental Authority and has retained all material records and documents required
to be retained by it under Applicable Law,

 

except in each case where the failure
to have done so, comply or file could not reasonably be expected to have a Material Adverse Effect.

 

		18.7	Intellectual Property Matters

 

		(a)	Each of the Borrower and its Subsidiaries owns or possesses rights to use all material franchises,
licences, copyrights, copyright applications, patents, patent rights or licences, patent applications, trademarks, trademark rights,
service marks, service mark rights, trade names, trade name rights, copyrights and other rights with respect to the foregoing which
are reasonably necessary to conduct its business as currently conducted (the “Intellectual Property”).

 

		(b)	No event has occurred which permits, or after notice or lapse of time or both would permit, the
revocation or termination of any such material rights, and, to the Borrower’s knowledge, neither the Borrower nor any Subsidiary
thereof is liable to any person for infringement under Applicable Law with respect to any such rights as a result of its business
operations except as could not reasonably be expected to have a Material Adverse Effect.

 

		18.8	Environmental Matters

 

		(a)	The properties owned, leased or operated by the Borrower and its Subsidiaries now or in the past
do not contain, and to their knowledge have not previously contained, any Hazardous Materials in amounts or concentrations which:

 

		(i)	constitute or constituted an unremediated violation of applicable Environmental Laws and Environmental
Permits; or

 

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		(ii)	could give rise to a material liability under applicable Environmental Laws and Environmental Permits.

 

		(b)	To the knowledge of the Borrower and its Subsidiaries, the Borrower, each of its Subsidiaries and
such properties and all operations conducted in connection therewith are in compliance, and, at all such times when such properties
have been owned or operated by the Borrower or any of its Subsidiaries have been in compliance, with all applicable Environmental
Laws and Environmental Permits, and there is no contamination at, under or about such properties or such operations which could
interfere with the continued operation of such properties or materially impair the fair saleable value thereof.

 

		(c)	Neither the Borrower nor any Subsidiary thereof has received any notice of violation, alleged violation,
non-compliance, liability or potential liability regarding environmental matters, Hazardous Materials, or compliance with Environmental
Laws or Environmental Permits, nor does the Borrower or any Subsidiary thereof have knowledge or reason to believe that any such
notice will be received or is being threatened.

 

		(d)	To the knowledge of the Borrower and its Subsidiaries, Hazardous Materials have not been transported
or disposed of to or from the properties owned, leased or operated by the Borrower and its Subsidiaries in violation of, or in
a manner or to a location which could give rise to material liability under, Environmental Laws or Environmental Permits, nor have
any Hazardous Materials been generated, treated, stored or disposed of at, on or under any of such properties in violation of,
or in a manner that could give rise to material liability under, any applicable Environmental Laws.

 

		(e)	No judicial proceedings or governmental or administrative action is pending or, to the knowledge
of the Borrower, threatened under any Environmental Law or Environmental Permits to which the Borrower or any Subsidiary thereof
is or will be named as a potentially responsible party, nor are there any consent decrees or other decrees, consent orders, administrative
orders or other orders, or other administrative or judicial requirements outstanding under any Environmental Law with respect to
the Borrower, any Subsidiary or properties owned, leased or operated by the Borrower or any Subsidiary, now or in the past, that
could reasonably be expected to have a Material Adverse Effect.

 

		(f)	There has been no release, nor to the best of the Borrower’s knowledge, threat of release,
of Hazardous Materials at or from properties owned, leased or operated by the Borrower or any Subsidiary, now or in the past, in
violation of or in amounts or in a manner that could give rise to liability under Environmental Laws or Environmental Permits that
could reasonably be expected to have a Material Adverse Effect.

 

		(g)	There are no facts, circumstances or conditions relating to the past or present business or operations
of the Borrower or any Subsidiary, including the disposal of any wastes, Hazardous Material or other materials, or to the past
or present ownership or use of any real property by the Borrower or any Subsidiary, that could reasonably be expected to give rise
to an Environmental Claim against or to liability (other than in an immaterial respect) of any Borrower or any Subsidiary under
any Environmental Laws or Environmental Permits.

 

		18.9	ERISA

 

		(a)	As of the date of this Agreement, neither an Obligor nor any ERISA Affiliate maintains or contributes
to, or has any obligation under, any Employee Benefit Plans other than those identified in Schedule 9 (ERISA Plans).

 

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		(b)	Each Employee Benefit Plan is in compliance in form and operation with its terms and with ERISA
and the Code (including Code provisions compliance with which is necessary for any intended favourable tax treatment) and all other
Applicable Laws, except where any failure to comply would not, individually or in the aggregate, reasonably be expected to result
in any material liability of any Obligor or ERISA Affiliate.

 

		(c)	Each Employee Benefit Plan that is intended to be qualified under Section 401(a) of the Code
has been determined by the Internal Revenue Service to be so qualified, and each trust related to such plan has been determined
by the Internal Revenue Service to be exempt under Section 501(a) of the Code, taking into account all applicable tax law
changes, and nothing has occurred since the date of each such determination that would reasonably be expected to adversely affect
such determination (or, in the case of an Employee Benefit Plan with no determination, nothing has occurred that would materially
adversely affect the issuance of a favourable determination by the Internal Revenue Service or otherwise materially adversely affect
such qualification).

 

		(d)	No liability has been incurred by any Obligor or any ERISA Affiliate which remains unsatisfied
for any taxes or penalties with respect to any Employee Benefit Plan or any Multiemployer Plan except for a liability that would
not, individually or in the aggregate, reasonably be expected to result in a material liability of such Obligor or ERISA Affiliate.

 

		(e)	Except where the failure of any of the following representations to be correct in all material
respects would not, individually or in the aggregate, reasonably be expected to result in a material liability of any Obligor or
any ERISA Affiliate, no Obligor or any ERISA Affiliate has:

 

		(i)	engaged in a non-exempt prohibited transaction described in Section 406 of ERISA or Section 4975
of the Code;

 

		(ii)	incurred any liability to the PBGC which remains outstanding, or reasonably expects to incur any
such liability other than the payment of premiums and there are no premium payments which are within the applicable time limits
prescribed by Applicable Law, due and unpaid;

 

		(iii)	failed to make a required contribution or payment to a Multiemployer Plan within the applicable
time limits prescribed by Applicable Law; or

 

		(iv)	failed to make a required instalment or other required payment under Section 412 of the Code
or Section 302 of ERISA.

 

		(f)	No ERISA Termination Event, which individually or in the aggregate would reasonably be expected
to result in a material liability of any Obligor or ERISA Affiliate has occurred or is reasonably expected to occur.

 

		(g)	Except where the failure of any of the following representations to be correct in all material
respects would not, individually or in the aggregate, reasonably be expected to result in a material liability of any Obligor or
any ERISA Affiliate, no proceeding, claim (other than a benefits claim in the ordinary course), lawsuit and/or investigation is
existing or, to the best knowledge of the Borrower after due inquiry, threatened concerning or involving any:

 

		(i)	employee welfare benefit plan (as defined in Section 3(1) of ERISA) currently maintained or
contributed to any Obligor or any ERISA Affiliate;

 

		(ii)	Pension Plan; or

 

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		(iii)	Multiemployer Plan.

 

		(h)	There exists no Unfunded Pension Liability with respect to any Pension Plan, except for any such
Unfunded Pension Liability that individually or together with any other positive Unfunded Pension Liabilities with respect to any
Pension Plans, is not reasonably expected to result in a material liability of any Obligor or ERISA Affiliate.

 

		(i)	If each Obligor and each ERISA Affiliate were to withdraw in a complete withdrawal from all Multiemployer
Plans as of the date this assurance is given or deemed given, the aggregate withdrawal liability that would be incurred would not
reasonably be expected to result in a material liability of any Obligor or ERISA Affiliate.

 

		(j)	No Pension Plan which is subject to Section 412 of the Code or Section 302 of ERISA has
applied for or received an extension of any amortization period, within the meaning of Section 412 of the Code or Section 302
or 304 of ERISA. No Obligor or ERISA Affiliate has ceased operations at a facility so as to become subject to the provisions of
Section 4062(e) of ERISA, withdrawn as a substantial employer so as to become subject to the provisions of Section 4063
of ERISA or ceased making contributions to any Pension Plan subject to Section 4064(a) of ERISA to which it made contributions.
No Lien imposed under the Code or ERISA on the assets of any Obligor or any ERISA Affiliate exists or is likely to arise on account
of any Pension Plan. No Obligor or ERISA Affiliate has any liability under Section 4069 or 4212(c) of ERISA.

 

		18.10	Margin Stock

 

		(a)	Neither the Borrower nor any Subsidiary of it is engaged principally or as one of its activities
in the business of extending credit for the purpose of “purchasing” or “carrying” any “margin
stock” (as each such term is defined or used, directly or indirectly, in Regulation U of the Board of Governors
of the Federal Reserve System).

 

		(b)	No part of the proceeds of the Loans will be used for purchasing or carrying margin stock or for
any purpose which violates, or which would be inconsistent with, the provisions of Regulation T, U or X of such Board of Governors.

 

		18.11	Government Regulation

 

Neither the Borrower nor any
Subsidiary is an “investment company” or a company “controlled” by an “investment
company” (as each such term is defined or used in the Investment Company Act of 1940, as amended) and neither the Borrower
nor any Subsidiary is, or after giving effect to any Utilisation will be, subject to regulation under the Interstate Commerce Act,
as amended, or any other Applicable Law which limits its ability to incur or consummate the transactions contemplated under this
Agreement.

 

		18.12	Material Contracts

 

		(a)	Schedule 12 (Material Contracts) contains a complete and accurate list of all Material Contracts
of the Borrower and its Subsidiaries in effect as of the Effective Date.

 

		(b)	Other than as set out in Schedule 12 (Material Contracts), each such Material Contract is,
and after giving effect to the consummation of the transactions contemplated by the Finance Documents will be, in full force and
effect in accordance with the terms thereof.

 

		(c)	The Borrower and its Subsidiaries have delivered to the COFACE Agent a true and complete copy of
each Material Contract required to be listed on Schedule 12 (Material Contracts) (including all amendments with respect
thereto).

 

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		(d)	Neither the Borrower nor any Subsidiary (nor, to the knowledge of the Borrower, any other party
thereto) is in breach of or in default under any Material Contract in any material respect.

 

		18.13	Employee Relations

 

		(a)	Each of the Borrower and its Subsidiaries has a work force in place adequate to conduct its business
as currently conducted and is not, as of the date of this Agreement, party to any collective bargaining agreement nor has any labour
union been recognised as the representative of its employees except as set out in Schedule 13 (Labour and Collective Bargaining
Agreements).

 

		(b)	The Borrower knows of no pending, threatened or contemplated strikes, work stoppage or other collective
labour disputes involving its employees or those of its Subsidiaries that could reasonably be expected to have a Material Adverse
Effect.

 

		18.14	Burdensome Provisions

 

No Subsidiary is party to any
agreement or instrument or otherwise subject to any restriction or encumbrance that restricts or limits its ability to make dividend
payments or other distributions in respect of its Capital Stock to the Borrower or any Subsidiary or to transfer any of its assets
or properties to the Borrower or any other Subsidiary in each case other than existing under or by reason of the Finance Documents
or Applicable Law.

 

		18.15	Financial Statements

 

		(a)	The audited and unaudited financial statements most recently delivered pursuant to Clause 19 (Information
Undertakings) are complete and correct and fairly present in all material respects on a Consolidated basis the assets, liabilities
and financial position of the Borrower and its Subsidiaries as at such dates, and the results of the operations and changes of
financial position for the periods that ended (other than the absence of footnotes and customary year-end adjustments for unaudited
financial statements).

 

		(b)	All such financial statements, including the related schedules and notes thereto, have been prepared
in accordance with GAAP.

 

		(c)	Such financial statements show all material indebtedness and other material liabilities, direct
or contingent, of the Borrower and its Subsidiaries as of the dates thereof, including material liabilities for taxes, material
commitments, and Financial Indebtedness, in each case, to the extent required to be disclosed under GAAP.

 

		18.16	No Material Adverse Change

 

Since 10 May 2013, there
has been no material adverse change in the properties, business, operations, prospects or condition (financial or otherwise) of
the Borrower and its Subsidiaries taken as a whole and no event has occurred or condition arisen that could reasonably be expected
to have a Material Adverse Effect.

 

		18.17	Solvency

 

As of the Effective Date and
after giving effect to each Loan, each Obligor (other than Globalstar Leasing LLC) will be Solvent.

 

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		18.18	Titles to Properties

 

Each of the Borrower and its
Subsidiaries has such title to the real property owned or leased by it as necessary to the conduct of its business as currently
conducted and valid and legal title to all of its personal property and assets, including, but not limited to, those reflected
on the most recently delivered Consolidated balance sheets of the Borrower and its Subsidiaries delivered pursuant to Clause 19
(Information Undertakings), except those which have been disposed of by the Borrower or its Subsidiaries subsequent to the
dates of such balance sheets which dispositions have been in the ordinary course of trading or as otherwise expressly permitted
under this Agreement.

 

		18.19	Insurance

 

The properties of the Borrower
and its Subsidiaries are insured with financially sound and reputable insurance companies which are not Affiliates of the Borrower,
in such amounts, with such deductibles and covering such risks as required by this Agreement.

 

		18.20	Liens

 

From Financial Close:

 

		(a)	none of the properties and assets of the Borrower or any Subsidiary thereof is subject to any Lien,
except Permitted Liens; and

 

		(b)	neither the Borrower nor any Subsidiary thereof has signed any financing statement or any security
agreement authorising any secured party thereunder to file any financing statements, except to perfect Permitted Liens.

 

		18.21	Financial Indebtedness and Guarantee Obligations

 

		(a)	Schedule 14 (Financial Indebtedness and Guarantee Obligations) is a complete and correct
listing of all Financial Indebtedness of the Borrower and its Subsidiaries as of the Effective Date in excess of US$1,000,000.

 

		(b)	As of the Effective Date, the amount of all Financial Indebtedness of the Borrower and its Subsidiaries
(and not set out in Schedule 14 (Financial Indebtedness and Guarantee Obligations)) is no greater than US$1,000,000.

 

		(c)	The Borrower and its Subsidiaries have performed and are in compliance with all of the material
terms of such Financial Indebtedness and all instruments and agreements relating thereto, and no default or event of default, or
event or condition which with notice or lapse of time or both would constitute such a default or event of default on the part of
the Borrower or any of its Subsidiaries exists with respect to any such Financial Indebtedness.

 

		18.22	Communication Licences

 

		(a)	Schedule 15 (Communication Licences) accurately and completely lists, as of the Effective
Date, for the Borrower and each of its Subsidiaries, all Material Communications Licences (and the expiration dates thereof) granted
or assigned to the Borrower or any Subsidiary, including, without limitation for:

 

		(i)	each Satellite owned by the Borrower or any of its Subsidiaries, all space station licences or
authorisations, including placement on the FCC’s “Permitted Space Station List” for operation of Satellites
with C-band links issued or granted by the FCC or the ANFR to the Borrower or any of its Subsidiaries; and

 

		(ii)	for each Earth Station of the Borrower and its Subsidiaries.

 

		(b)	The Communications Licences set out in Schedule 15 (Communication Licences) include all
material authorisations, licences and permits issued by the FCC, the ANFR or any other Governmental Authority that are required
or necessary for the operation and the conduct of the business of the Borrower and its Subsidiaries, as now conducted.

 

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		(c)	Each Communications Licence is expected to be renewed and the Borrower knows of no reason why such
Communications Licence would not be renewed.

 

		(d)	The Borrower and its Subsidiaries have filed all material applications with the FCC or the ANFR
necessary for the Launch and operation of the Borrower’s second-generation satellite constellation and the Borrower is not
aware of any reason why such applications should not be granted.

 

		(e)	Each Communications Licence set out in Schedule 15 (Communication Licences) is issued in
the name of the Subsidiary indicated on such schedule.

 

		(f)	Each Material Communications Licence is in full force and effect.

 

		(g)	The Borrower has no knowledge of any condition imposed by the FCC, the ANFR or any other Governmental
Authority as part of any Communications Licence which is neither set forth on the face thereof as issued by the FCC, the ANFR or
any other Governmental Authority nor contained in the rules and regulations of the FCC, the ANFR or any other Governmental Authority
applicable generally to telecommunications activities of the type, nature, class or location of the activities in question.

 

		(h)	Each applicable location of the Borrower or any of its Subsidiaries has been and is being operated
in all material respects in accordance with the terms and conditions of the Communications Licence applicable to it and Applicable
Law, including but not limited to the Communications Act and the rules and regulations issues thereunder.

 

		(i)	No proceedings are pending or, to the Borrower’s knowledge are, threatened which may result
in the loss, revocation, modification, non-renewal, suspension or termination of any Communications Licence, the issuance of any
cease and desist order or the imposition of any fines, forfeitures or other administrative actions by the FCC, the ANFR or any
other Governmental Authority with respect to any operations of the Borrower and its Subsidiaries, which in any case could reasonably
be expected to have a Material Adverse Effect.

 

		18.23	Satellites

 

		(a)	All Satellites are owned by the Borrower or a Subsidiary that is an Obligor.

 

		(b)	Schedule 16 (Satellites) accurately and completely lists as of the Effective Date, the flight
model number of each of the Satellites owned by the Borrower and its Subsidiaries, and for each Satellite whether it is operational
in-orbit or spare in-orbit.

 

		18.24	[Intentionally Omitted]

 

		18.25	Pari Passu Ranking

 

Each Obligor’s payment
obligations under the Finance Documents rank at least pari passu with the claims of all its unsecured and unsubordinated
creditors, except for obligations mandatorily preferred by law applying to companies generally.

 

		18.26	OFAC

 

		(a)	None of the Borrower, any member of the Thermo Group, any Subsidiary of the Borrower or any Affiliate
of the Borrower:

 

		(i)	is a Sanctioned Person;

 

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		(ii)	has more than ten per cent. (10%) of its assets in Sanctioned Entities; or

 

		(iii)	derives more than ten per cent. (10%) of its operating income from investments in,
or transactions with Sanctioned Persons or Sanctioned Entities.

 

		(b)	The proceeds of any Loan will not be used and have not been used to fund any operations in, finance
any investments or activities in, or make any payments to, a Sanctioned Person or a Sanctioned Entity.

 

		18.27	Governing Law and Enforcement

 

		(a)	Subject to the Reservations, the choice of governing law of the Finance Documents will be recognised
and enforced in its jurisdiction of incorporation.

 

		(b)	Subject to the Reservations, any judgment obtained in relation to a Finance Document in the jurisdiction
of the governing law of that Finance Document will be recognised and enforced in its jurisdiction of incorporation.

 

		18.28	No Filing or Stamp Taxes

 

Under:

 

		(a)	the laws of the Borrower’s or any of its Subsidiaries’ jurisdiction of incorporation;
and

 

		(b)	the federal laws of the United States,

 

it is not necessary that the
Finance Documents be filed, recorded or enrolled with any court or other authority in that jurisdiction or that any stamp, registration,
notarial or similar Taxes or fees be paid on or in relation to the Finance Documents or the transactions contemplated by the Finance
Documents other than:

 

		(i)	delivery of proper financing statements (Form UCC-1 or such other financing statements or similar
notices as shall be required by Applicable Law) fully executed for filing under the UCC or other appropriate filing offices of
each jurisdiction as may be necessary to perfect a Lien purported to be created by a Security Document; and

 

		(ii)	any recording with the United States Patent and Trademark Office and/or Copyright Office to
perfect the Liens on intellectual property created by the Collateral Agreement,

 

which registrations, filings and
fees will be made and paid promptly after the date of the relevant Finance Document.

 

		18.29	Deduction of Tax

 

It is not required to make any
deduction for or on account of Tax from any payment it may make under any Finance Document.

 

		18.30	No Default

 

		(a)	No Event of Default and, on the Effective Date, no Default is continuing or is reasonably likely
to result from the making of any Loan or the entry into, the performance of, or any transaction contemplated by, any Transaction
Document.

 

		(b)	No other event or circumstance is outstanding which constitutes (or, with the expiry of a grace
period, the giving of notice, the making of any determination or any combination of any of the foregoing, would constitute) a default
or termination event (however described) under the Transaction Documents, which has not been waived by the relevant parties hereto.

 

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		(c)	No other event or circumstance is outstanding which constitutes (or, with the expiry of a grace
period, the giving of notice, the making of any determination or any combination of any of the foregoing, would constitute) a default
or termination event (however described) under any other agreement or instrument which is binding on it or any of its Subsidiaries
or to which its (or any of its Subsidiaries) assets are subject which has or is reasonably likely to have a Material Adverse Effect.

 

		18.31	No Misleading Information

 

		(a)	All factual information provided in writing by it to the Lenders was true, complete and accurate
in all material respects to the best of its knowledge and belief as at the date it was provided or as at the date (if any) at which
it is stated.

 

		(b)	All financial projections provided by it have been prepared on the basis of recent historical information
and on the basis of reasonable assumptions (in the case of projections made by third parties, to the best of its knowledge and
belief).

 

		(c)	To the best of its knowledge and belief, no material information has been given or withheld by
it that results in any information provided to the Lenders by it being incomplete, untrue or misleading in any material respect.

 

		18.32	Group Structure Chart

 

The Group Structure Chart set
out at Schedule 23 (Group Structure Chart) is true, complete and accurate in all material respects.

 

		18.33	No Immunity

 

None of the members of the Group
or any of their assets is entitled to immunity from suit, execution, attachment or other legal process.

 

		18.34	Tax Returns and Payments

 

		(a)	Each of the Borrower and its Subsidiaries has timely filed with the appropriate taxing authority,
all returns, statements, forms and reports for taxes (the “Returns”) required to be filed by or with respect
to the income, properties or operations of the Borrower and/or any of its Subsidiaries.

 

		(b)	The Returns accurately reflect in all material respects all liability for taxes of the Borrower
and its Subsidiaries as a whole for the periods covered thereby.

 

		(c)	The Borrower and each of its Subsidiaries have paid all taxes payable by them other than those
contested in good faith and adequately disclosed and for which adequate reserves have been established in accordance with generally
accepted accounting principles.

 

		(d)	There is no action, suit, proceeding, investigation, audit, or claim now pending or, to the best
knowledge of the Borrower or any of its Subsidiaries, threatened by any authority regarding any taxes relating to the Borrower
or any of its Subsidiaries which, if adversely determined, could reasonably be expected to have a Material Adverse Effect.

 

		(e)	Neither the Borrower nor any of its Subsidiaries has entered into an agreement or waiver or been
requested to enter into an agreement or waiver extending any statute of limitations relating to the payment or collection of taxes
of the Borrower or any of its Subsidiaries, or is aware of any circumstances that would cause the taxable years or other taxable
periods of the Borrower or any of its Subsidiaries not to be subject to the normally applicable statute of limitations.

 

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		18.35	Commercial Contracts

 

As of the
Effective Date, the Borrower has not exercised the “Optional Launches” (as such term is defined in the Launch
Services Contract) pursuant to the Launch Services Contract.

 

		18.36	Notes and Purchase Agreement

 

		(a)	All obligations owed to the holders of the 8% Old Notes or the 5% Notes:

 

		(i)	are, subject to the Reservations, the legal, valid, binding and enforceable obligations of the
Borrower; and

 

		(ii)	are and shall remain fully subordinated to the repayment in full of the indebtedness under this
Agreement on the terms set out in the relevant documentation (irrespective of whether the maturity date of the relevant notes has
occurred and irrespective of whether the Final Maturity Date is amended from time to time) and such obligations have not been terminated
or otherwise cancelled by the relevant holders of such notes.

 

		(b)	The obligations of the Borrower and Terrapin under the Purchase Agreement:

 

		(i)	are, subject to the Reservations, the legal, valid, binding and enforceable obligations of the
Borrower, and, to the best of the Borrower’s knowledge, Terrapin; and

 

		(ii)	have not been repudiated, terminated or otherwise cancelled by the Borrower or Terrapin and there
is no breach thereunder by either party thereto.

 

		(c)	The Borrower represents that, to the best of its knowledge, the amount of notes held by each of
the Borrower, Thermo, any Subsidiary Guarantor and James Monroe III in respect of the 8% Old Notes and the 5% Notes has not changed
since the date of the Global Deed of Amendment and Restatement, and that no such party has entered into any written agreement,
side letter, undertaking or understanding relating to such person’s ownership of or control of any voting or economic rights
associated with the 8% Old Notes or the 5% Notes since the date of the Global Deed of Amendment and Restatement.

 

		18.37	Repetition

 

The Repeating Representations
are made by the Borrower by reference to the facts and circumstances then existing on:

 

		(a)	the date of each Utilisation Request;

 

		(b)	each Utilisation Date; and

 

		(c)	the first day of each Interest Period.

 

		19.	Information Undertakings

 

The undertakings in this Clause 19
(Information Undertakings) remain in force from the date of this Agreement for so long as any amount is outstanding under
the Finance Documents or any Commitment is in force. The Borrower will furnish, or cause to be furnished, to the COFACE Agent the
information required by this Clause 19 (Information Undertakings) in sufficient copies for all the Lenders.

 

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		19.1	Quarterly Financial Statements

 

		(a)	As soon as practicable and in any event within forty five (45) days after the end of each
of the first three (3) fiscal quarters of each Fiscal Year (and in the case of paragraph (v) only, after the end of each
fiscal quarter of each Fiscal Year) (or, if the date of any required public filing is earlier, no later than the date that is the
fifth Business Day immediately following the date of any required public filing thereof after giving effect to any extensions granted
with respect to such date):

 

		(i)	Form 10-Q;

 

		(ii)	an unaudited Consolidated balance sheet of the Borrower and its Subsidiaries as of the close of
such fiscal quarter;

 

		(iii)	the notes (if any) relating to any of the financial statements delivered under this Clause 19.1;

 

		(iv)	unaudited Consolidated statements of income, retained earnings and cash flows;

 

		(v)	a report with respect to the Borrower’s key performance indicators in substantially the same
form as Schedule 19 (Key Performance Indicators); and

 

		(vi)	a report containing management’s discussion and analysis of such financial statements for
the fiscal quarter then ended and that portion of the Fiscal Year then ended,

 

all in reasonable detail setting
forth in comparative form the corresponding figures as of the end of and for the corresponding period in the preceding Fiscal Year
and prepared by the Borrower in accordance with GAAP and, if applicable, containing disclosure of the effect on the financial position
or results of operations of any change in the application of accounting principles and practices during the period, and certified
by the chief financial officer of the Borrower to present fairly in all material respects the financial condition of the Borrower
and its Subsidiaries on a Consolidated basis as of their respective dates and the results of operations of the Borrower and its
Subsidiaries for the respective periods then ended, subject to normal year end adjustments.

 

		(b)	Upon request by the COFACE Agent and at the cost of the Borrower, the Borrower shall procure that
the Group’s management shall meet in person or by telephone (as the Lenders shall require) with the Lenders on a quarterly
basis in order to discuss key strategic, operational, Capital Expenditure, market pricing, customer, distributor and regulatory
issues.

 

		19.2	Annual Financial Statements

 

		(a)	As soon as practicable and in any event within ninety (90) days after the end of each Fiscal
Year (or, if the date of any required public filing is earlier, the date that is no later than the fifth Business Day immediately
following the date of any required public filing thereof after giving effect to any extensions granted with respect to such date):

 

		(i)	Form 10-K;

 

		(ii)	an audited Consolidated balance sheet of the Borrower and its Subsidiaries as of the close of such
Fiscal Year;

 

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		(iii)	the notes (if any) relating to any of the financial statements delivered under this Clause 19.2;

 

		(iv)	audited Consolidated statements of income, retained earnings and cash flows; and

 

		(v)	a report containing management’s discussion and analysis of such financial statements for
the Fiscal Year then ended,

 

all in reasonable detail setting
forth in comparative form the corresponding figures as of the end of and for the preceding Fiscal Year and prepared in accordance
with GAAP and, if applicable, containing disclosure of the effect on the financial position or results of operations of any change
in the application of accounting principles and practices during the year.

 

		(b)	Such annual financial statements shall be audited by the independent certified public accounting
firm separately notified to the COFACE Agent prior to the date of this Agreement or such other firm notified to the COFACE Agent
(and acceptable to the COFACE Agent), and accompanied by a report thereon by such certified public accountants that is not qualified
with respect to scope limitations imposed by the Borrower or any of its Subsidiaries or with respect to accounting principles followed
by the Borrower or any of its Subsidiaries not in accordance with GAAP.

 

		19.3	Annual Business Plan and Financial Projections

 

		(a)	As soon as practicable and in any event no later than 31 March in any calendar year, a draft updated
business plan of the Borrower and its Subsidiaries for the ensuing four (4) fiscal quarters (“Draft Business Plan”),
such Draft Business Plan to be in substantially the same form as the Agreed Business Plan delivered to the COFACE Agent on or prior
to the Effective Date and prepared, to the extent applicable, in accordance with GAAP and to include, on a quarterly basis, the
following:

 

		(i)	information relating to the amounts outstanding under the Convertible Notes;

 

		(ii)	an operating and capital budget in respect of the next three (3) succeeding Fiscal Years;

 

		(iii)	a projected income statement;

 

		(iv)	a statement of cash flows on a three (3) year projected basis (including, calculations (in
reasonable detail) demonstrating compliance with each of the financial covenants set out in Clause 20 (Financial Covenants))
and balance sheet; and

 

		(v)	a report setting forth management’s operating and financial assumptions underlying such projections.

 

		(b)	The COFACE Agent shall no later than twenty (20) Business Days after receipt of the Draft Business
Plan provide to the Borrower:

 

		(i)	any comments and/or proposed amendments to the Draft Business Plan; or

 

		(ii)	a confirmation that the Draft Business Plan is the Agreed Business Plan.

 

		(c)	Subject to paragraph (e) below, in the case of paragraph (b)(i) above, the Borrower shall, in good
faith, consider any such comments and/or proposed amendments to the Draft Business Plan and, within five (5) Business Days, confirm
to the COFACE Agent whether or not the comments and/or amendments proposed by the COFACE Agent have been accepted by the Borrower.
If such comments and/or proposed amendments are:

 

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		(i)	agreed by the Borrower, the Draft Business Plan shall constitute the then current Agreed Business
Plan; and

 

		(ii)	not agreed by the Borrower, then the Borrower, the Lenders and, to the extent applicable, any Financial
Advisor, shall consult, for a period not exceeding five (5) Business Days (the “Consultation Period”), in good
faith in order to agree the Draft Business Plan.

 

		(d)	Subject to paragraph (e) below, in the case of paragraph (c)(ii) above, following the end of the
Consultation Period the Draft Business Plan agreed to by the Borrower shall constitute the then current Agreed Business Plan.

 

		(e)	Any:

 

		(i)	projections contained in the Draft Business Plan and referred to in the definition of “Adjusted
Consolidated EBITDA”;

 

		(ii)	level of Permitted Vendor Indebtedness and cash paying Subordinated Indebtedness referred to in
Clause 20.5 (Net Debt to Adjusted Consolidated EBITDA) and contained in the Draft Business Plan;

 

		(iii)	material known contingent liability related to any litigation, arbitration, administrative, governmental,
regulatory or other investigations, proceedings or disputes referred to in Clause 23.13(b) (Litigation) contemplated by
the Draft Business Plan; and

 

		(iv)	change in a Draft Business Plan to the amount of Financial Indebtedness that may be incurred by
the Borrower in connection with cash paying Subordinated Indebtedness above the amounts set out in the Agreed Business Plan delivered
on or prior to the Effective Date,

 

must be satisfactory
in all respects to the COFACE Agent. Notwithstanding the foregoing, if following the end of the Consultation Period the Borrower
and the COFACE Agent are unable to agree on any of the items in the Draft Business Plan referred to in this paragraph (e) then
the matter shall be referred to a Financial Advisor in accordance with paragraph (f).

 

		(f)	If a dispute exists pursuant to paragraph (e) above then the outstanding issue will be resolved
by the Financial Advisor which shall:

 

		(i)	act as an expert and not as an arbitrator; and

 

		(ii)	be required to determine the matter referred to them within fifteen (15) Business Days of the referral
having been made.

 

		(g)	Upon the decision of a Financial Advisor, the Draft Business Plan shall be updated by the Borrower
to reflect such determination, and the revised Draft Business Plan shall constitute the Agreed Business Plan.

 

		(h)	Following the Draft Business Plan becoming the Agreed Business Plan, the Borrower shall deliver
promptly to the COFACE Agent the Agreed Business Plan accompanied by a certificate from a Responsible Officer of the Borrower to
the effect that, to the best of such officer’s knowledge, such projections are estimates made in good faith (based on reasonable
assumptions) of the financial condition and operations of the Borrower and its Subsidiaries for such four (4) fiscal quarter
period and in relation to the operating and capital budget, in respect of the next three (3) succeeding Fiscal Years.

 

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		19.4	Compliance Certificate

 

At each time:

 

		(a)	financial statements are delivered pursuant to Clause 19.1 (Quarterly Financial Statements)
or Clause 19.2 (Annual Financial Statements);

 

		(b)	the information and other documentation is delivered pursuant to Clause 19.3 (Annual Business
Plan and Financial Projections); and

 

		(c)	at such other times as the COFACE Agent shall reasonably request,

 

a Compliance Certificate signed
by a Responsible Officer and accompanied by a report from the auditors of the Borrower in substantially the form set out in Schedule
32 (Form of Auditors Report) or such other form as shall be acceptable to the COFACE Agent, confirming compliance by the
Borrower with each of the financial covenants set out in Clause 20 (Financial Covenants) together with, for the fiscal
period covered by such financial statements or information (as the case may be):

 

		(i)	an Adjusted Consolidated EBITDA Reconciliation;

 

		(ii)	a reconciliation of the Excess Cash Flow;

 

		(iii)	details of all Spectrum Cash Flow and Spectrum Sales;

 

		(iv)	details of all relevant amounts for the purposes of the calculation of the cash sweeps set out
in Clauses 7.3 (Mandatory Prepayment – Cash Sweep of Spectrum Cash Flow), 7.4 (Mandatory Prepayment
– Excess Cash Flow) 7.8 (Mandatory Prepayment – Cash Sweep Following Spectrum Sale) and 7.9 (Mandatory
Prepayment – Cash Sweep Following Equity Issuance and Debt Issuance); and

 

		(v)	details of the shareholders of record of the Borrower.

 

		19.5	Other Reports

 

		(a)	Upon request by the COFACE Agent, copies of all relevant public documents required by its independent
public accountants in connection with their auditing function, including, without limitation, any management report and any management
responses thereto.

 

		(b)	As soon as practicable and in any event no later than 31 March in any calendar year, and at any
time upon the reasonable request of the COFACE Agent, a Satellite health report prepared by the Borrower and certified by a Responsible
Officer setting forth the operational status of each Satellite (other than Satellites yet to be launched) based on reasonable assumptions
of the Borrower made in good faith and including such information with respect to the projected solar array life based on the total
Satellite power requirements, projected battery life based on total Satellite power requirements, projected Satellite life, information
concerning the availability of spare Satellites and such other information pertinent to the operation of such Satellite as the
COFACE Agent may reasonably request, it being understood that to the extent that any such Satellite health report contains any
forward looking statements, estimates or projections, such statements, estimates or projections are subject to significant uncertainties
and contingencies, many of which are beyond the Borrower’s control, and no assurance can be given that such forward looking
statements, estimates or projections will be realised, provided that nothing in this paragraph (b) shall require the
Borrower to delivery any information to any Lender to the extent delivery of such information is restricted by applicable law or
regulation.

 

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		(c)	No less than quarterly, a Satellite health report prepared by the Borrower and certified by a Responsible
Officer including the following:

 

		(i)	details of the operational status of each Satellite (other than Satellites yet to be launched)
based on reasonable assumptions of the Borrower made in good faith and in substantially the same form contained in Schedule 30
(Form of Quarterly Health Report); and

 

		(ii)	a letter providing details of any material or unusual events that have occurred with respect to
the Satellites since the delivery to the COFACE Agent of the last quarterly report.

 

		(d)	No later than the last day of each Month, a report prepared by the Borrower and certified by a
Responsible Officer with respect to the business of the Group including (but not limited to) details of the following matters:

 

		(i)	network service levels;

 

		(ii)	the status of all material processes and negotiations with the FCC and/or ANFR (as the case may
be) relating to terrestrial Authorisations;

 

		(iii)	any Asset Dispositions (but excluding any Spectrum Sale and any disposal of inventory in
the ordinary course of trading (but including any disposal of obsolete, damaged, worn-out or surplus assets)) from the previous
month;

 

		(iv)	any Spectrum Sale;

 

		(v)	any Equity Issuances, any Debt Issuances or any issuances of Subordinated Indebtedness;

 

		(vi)	any update on the status of any negotiations with the Supplier in connection with any material
dispute between the Borrower and the Supplier;

 

		(vii)	any planned new gateway or Earth Station developments;

 

		(viii)	further material expansion into the Latin American market;

 

		(ix)	updates with respect to any material new products;

 

		(x)	compliance with the Agreed Business Plan (as updated on an annual basis in accordance with Clause
19.3 (Annual Business Plan and Financial Projections));

 

		(xi)	any Material Contract that the Borrower has entered into (together with a copy thereof);

 

		(xii)	progress reports in respect of the Hughes and Ericsson ground station upgrades; and

 

		(xiii)	any other matters or events which are likely to have a material effect (positive or negative) on
the Group’s operations, prospects and results of operations provided that a failure to report on a matter pursuant
to this paragraph (d)(xii) shall not constitute an Event of Default if such failure does not have, or could not reasonably be expected
to have, a Material Adverse Effect.

 

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		(e)	Such other information regarding the operations, business affairs and financial condition of the
Borrower or any of its Subsidiaries as the COFACE Agent or any Lender may reasonably request, including, to the extent not already
provided, delivery by the Borrower of certified copies of all agreements, instruments, filings and other documents necessary, or
otherwise reasonably requested by the COFACE Agent, in order to effect the Equity Commitments in accordance with the provisions
of the Global Deed of Amendment and Restatement.

 

		19.6	Notice of Litigation and Other Matters

 

Promptly (but in no event later
than ten (10) Business Days after any Responsible Officer of the Borrower obtains knowledge thereof) written notice of:

 

		(a)	all documents dispatched by the Borrower to all of its stockholders (or any class thereof) or its
creditors generally at the same time as they are dispatched;

 

		(b)	the commencement of all proceedings and investigations by or before any Governmental Authority
and all actions and proceedings in any court or before any arbitrator against or involving the Borrower or any Subsidiary thereof
or any of their respective properties, assets or businesses that if adversely determined could reasonably be expected to result
in a Material Adverse Effect;

 

		(c)	any notice of any violation received by the Borrower or any Subsidiary thereof from any Governmental
Authority including, without limitation:

 

		(i)	any notice of violation of any Environmental Law and the details of any environmental claim, litigation,
arbitration or administrative proceedings which are current, threatened or pending against any member of the Group; and

 

		(ii)	any other notice of violation which in each case could reasonably be expected to have a Material
Adverse Effect;

 

		(d)	any labour controversy that has resulted in a strike or other work action against the Borrower
or any Subsidiary thereof which in each case could reasonably be expected to have a Material Adverse Effect;

 

		(e)	any attachment, judgment, lien, levy or order exceeding US$1,000,000 that has been assessed against
the Borrower or any Subsidiary thereof;

 

		(f)	any claim for force majeure (howsoever described) by a party under a Commercial Contract;

 

		(g)	details of:

 

		(i)	any delay which has a duration exceeding three (3) Months, to the construction and scheduled
delivery dates of the Satellites under the Satellite Construction Contract (as delivered pursuant to Schedule 2 (Conditions
Precedent));

 

		(ii)	any event which could reasonably be expected to result in the last Launch occurring later than
the fourth fiscal quarter of 2010; and

 

		(iii)	suspension, interruption, cancellation or termination of a Commercial Contract;

 

		(h)	any amendments or modifications to a Commercial Contract, together with a copy of such amendment;

 

		(i)	any Default or Event of Default;

 

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		(j)	any event which constitutes or which with the passage of time or giving of notice or both would
constitute a default or event of default under any Material Contract to which the Borrower or any of its Subsidiaries is a party
or by which the Borrower or any Subsidiary thereof or any of their respective properties may be bound which could reasonably be
expected to have a Material Adverse Effect;

 

		(k)	any unfavourable determination letter from the US Internal Revenue Service regarding the qualification
of an Employee Benefit Plan under Section 401(a) of the Code (along with a copy thereof);

 

		(l)	a copy of each Internal Revenue Service Form 5500 (including the Schedule B or such other
schedule as contains actuarial information) filed in respect of a Pension Plan with Unfunded Pension Liabilities;

 

		(m)	any Obligor or ERISA Affiliate obtaining knowledge or a reason to know that any ERISA Termination
Event has occurred or is reasonably expected to occur, a certificate of any Responsible Officer of the Borrower describing such
ERISA Termination Event and the action, if any, proposed to be taken with respect to such ERISA Termination Event and a copy of
any notice filed with the PBGC or the Internal Revenue Service pertaining to such ERISA Termination Event and any notices received
by such Obligor or ERISA Affiliate from the PBGC, any other governmental agency or any Multiemployer Plan sponsor with respect
thereto; provided that in the case of ERISA Termination Events under paragraph (c) of the definition thereof, in no event
shall notice be given later than the occurrence of the ERISA Termination Event;

 

		(n)	any Obligor or ERISA Affiliate obtaining knowledge or a reason to know of:

 

		(i)	a material increase in Unfunded Pension Liabilities (taking into account only Pension Plans with
positive Unfunded Pension Liabilities) since the date the representations hereunder are given or deemed given, or from any prior
notice, as applicable;

 

		(ii)	the existence of potential withdrawal liability under Section 4201 of ERISA, if each Obligor
and ERISA Affiliate were to withdraw completely from any and all Multiemployer Plans;

 

		(iii)	the adoption of, or the commencement of contributions to, any Pension Plan or Multiemployer Plan
by any Obligor or ERISA Affiliate, or

 

		(iv)	the adoption or amendment of any Pension Plan which results in a material increase in contribution
obligations of any Obligor or any ERISA Affiliate, a detailed written description thereof from any Responsible Officer of the Borrower;

 

		(o)	if, at any time after the date of this Agreement, any Obligor or any ERISA Affiliate maintains,
or contributes to (or incurs an obligation to contribute to), an Employee Benefit Plan or Multiemployer Plan which is not set forth
in Schedule 9 (ERISA Plans), then the Borrower shall deliver to the COFACE Agent an updated Schedule 9 as soon as practicable,
and in any event within ten (10) days after such Obligor or ERISA Affiliate maintains or contributes (or incurs an obligation
to contribute) thereto; and

 

		(p)	if, after the date of the Global Deed of Amendment and Restatement, and other than with respect
to any PIK Interest paid in compliance with the terms of this Agreement, James Monroe III, Thermo, the Borrower, any Subsidiary
Guarantor or any of such parties’ respective Affiliates (directly, indirectly or beneficially):

 

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		(i)	acquires ownership or control of any of the 8% New Notes, the 8% Old Notes or the 5% Notes; or

 

		(ii)	becomes a party to any written agreement, side-letter, undertaking or understanding relating to
such person’s ownership of or control of any voting or economic rights associated with the 8% New Notes, the 8% Old Notes
or the 5% Notes.

 

		19.7	Notices Concerning Communications Licences

 

Promptly (but in no event later
than ten (10) Business Days after any Responsible Officer of the Borrower obtains knowledge thereof) written notice of:

 

		(a)	(i) any citation, notice of violation or order to show cause issued by the FCC, the ANFR or any
Governmental Authority with respect to any Material Communications Licence; (ii) if applicable, a copy of any notice or application
by the Borrower requesting authority to or notifying the FCC, or the ANFR of its intent to cease telecommunications operations
for any period in excess of ten (10) days; or (iii) notice of any other action, proceeding or other dispute, which, if
adversely determined, could reasonably be expected to result in the loss or revocation of any Material Communications Licence;
and

 

		(b)	any lapse, loss, modification, suspension, termination or relinquishment of any Material Communications
Licence, permit or other authorisation from the FCC, the ANFR or other Governmental Authority held by the Borrower or any Subsidiary
thereof or any failure of the FCC, the ANFR or other Governmental Authority to renew or extend any such Material Communications
Licence, permit or other authorisation for the usual period thereof and of any complaint against the Borrower or any of its Subsidiaries
or other matter filed with or communicated to the FCC, the ANFR or other Governmental Authority.

 

		19.8	Convertible Notes

 

The Borrower shall:

 

		(a)	provide to the COFACE Agent upon its request information relating to the amounts outstanding under
any Convertible Notes issued by the Borrower; and

 

		(b)	promptly on request, supply to the COFACE Agent such further information regarding the Convertible
Notes as any Finance Party through the COFACE Agent may reasonably request.

 

		19.9	Final In-Orbit Acceptance

 

The Borrower shall:

 

		(a)	provide to the COFACE Agent a certificate signed by a Responsible Officer confirming that Final
In-Orbit Acceptance has occurred (such certificate to be in form and substance satisfactory to the COFACE Agent) within five (5) Business
Days following Final In-Orbit Acceptance; and

 

		(b)	promptly on request, supply to the COFACE Agent such further information regarding Final In-Orbit
Acceptance as any Finance Party through the COFACE Agent may reasonably request.

 

    	94

    	 

    

 

		19.10	Individual In-Orbit Acceptance

 

The Borrower shall provide to
the COFACE Agent a certificate signed by a Responsible Officer confirming that, in respect of the relevant Satellite:

 

		(a)	the testing of such Satellite has been completed and the Satellite Performance Criteria has been
successfully met in respect of the relevant Satellite, promptly after the completion of such tests; and

 

		(b)	Individual In-Orbit Acceptance has occurred not later than five (5) days after achieving Individual
In-Orbit Acceptance.

 

		19.11	Equity Cure Contribution

 

The Borrower shall promptly inform
the COFACE Agent when an Equity Cure Contribution is to be made (including the details of any Equity Issuance or Subordinated Indebtedness
being applied for such purpose).

 

		19.12	Use of Websites

 

		(a)	The Borrower may satisfy its obligation under this Agreement to deliver any information in relation
to those Lenders ( the “Website Lenders”) who accept this method of communication by posting this information
onto an electronic website designated by the Borrower and the COFACE Agent (the “Designated Website”) if:

 

		(i)	the COFACE Agent expressly agrees (after consultation with each of the Lenders) that it will accept
communication of the information by this method;

 

		(ii)	both the Borrower and the COFACE Agent are aware of the address of and any relevant password specifications
for the Designated Website; and

 

		(iii)	the information is in a format previously agreed between the Borrower and the COFACE Agent.

 

If any Lender (a “Paper
Form Lender”) does not agree to the delivery of information electronically then the COFACE Agent shall notify the Borrower
accordingly and the Borrower shall supply the information to the COFACE Agent (in sufficient copies for each Paper Form Lender)
in paper form. In any event the Borrower shall supply the COFACE Agent with at least one (1) copy in paper form of any information
required to be provided by it.

 

		(b)	The COFACE Agent shall supply each Website Lender with the address of and any relevant password
specifications for the Designated Website following designation of that website by the Borrower and the COFACE Agent.

 

		(c)	The Borrower shall promptly upon becoming aware of its occurrence notify the COFACE Agent if:

 

		(i)	the Designated Website cannot be accessed due to technical failure;

 

		(ii)	the password specifications for the Designated Website change;

 

		(iii)	any new information which is required to be provided under this Agreement is posted onto the Designated
Website;

 

		(iv)	any existing information which has been provided under this Agreement and posted onto the Designated
Website is amended; or

 

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		(v)	the Borrower becomes aware that the Designated Website or any information posted onto the Designated
Website is or has been infected by any electronic virus or similar software.

 

If the Borrower notifies the COFACE
Agent under paragraph (c)(i) or paragraph (c)(v) above, all information to be provided by the Borrower under this Agreement
after the date of that notice shall be supplied in paper form unless and until the COFACE Agent and each Website Lender is satisfied
that the circumstances giving rise to the notification are no longer continuing.

 

		(d)	Any Website Lender may request, through the COFACE Agent, one (1) paper copy of any information
required to be provided under this Agreement which is posted onto the Designated Website. The Borrower shall comply with any such
request within ten (10) Business Days.

 

		19.13	“Know your Customer” Checks

 

		(a)	If:

 

		(i)	the introduction of or any change in (or in the interpretation, administration or application of)
any Applicable Law made after the date of this Agreement;

 

		(ii)	any change in the status of any Obligor after the date of this Agreement; or

 

		(iii)	a proposed assignment or transfer by a Lender of any of its rights and obligations under this Agreement
to a party that is not a Lender prior to such assignment or transfer,

 

obliges the COFACE Agent or any
Lender (or, in the case of paragraph (iii) above, any prospective new Lender) to comply with “know your customer”
or similar identification procedures in circumstances where the necessary information is not already available to it, the Borrower
shall procure that each Obligor shall promptly upon the request of the COFACE Agent or any Lender supply, or procure the supply
of, such documentation and other evidence as is reasonably requested by the COFACE Agent (for itself or on behalf of any Lender)
or any Lender (for itself or, in the case of the event described in paragraph (iii) above, on behalf of any prospective new
Lender) in order for the COFACE Agent, such Lender or, in the case of the event described in paragraph (iii) above, any prospective
new Lender to carry out and be satisfied it has complied with all necessary “know your customer” or other similar
checks under all Applicable Laws pursuant to the transactions contemplated in the Finance Documents.

 

		(b)	Each Lender shall promptly upon the request of the COFACE Agent supply, or procure the supply of,
such documentation and other evidence as is reasonably requested by the COFACE Agent (for itself) in order for the COFACE Agent
to carry out and be satisfied it has complied with all necessary “know your customer” or other similar checks
under all Applicable Laws pursuant to the transactions contemplated in the Finance Documents.

 

		20.	Financial Covenants

 

		20.1	Maximum Covenant Capital Expenditures

 

		(a)	Subject to paragraph (b) below, the Borrower (and its Subsidiaries on a Consolidated basis) will
not permit the aggregate amount of all Covenant Capital Expenditures in any Relevant Period to exceed the amount set out in column 4
entitled “Maximum Capex Covenant” in the table contained in Schedule 4 (Maximum Covenant Capital Expenditures).

 

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		(b)	If, in any Relevant Period, the Covenant Capital Expenditures referred to in paragraph (a) above
are less than the permitted Covenant Capital Expenditures in that Relevant Period, any excess of the permitted amount over the
actual amount may be added to the maximum amount of permitted Covenant Capital Expenditures for the next (and subsequent) Relevant
Periods provided that the Borrower (and its Subsidiaries on a Consolidated basis) shall not, in any one year, rollover an
amount in excess of the amount set out in column 6 entitled “Capex Available for Rollover” in the table
contained in Schedule 4 (Maximum Covenant Capital Expenditures) or, for successive rollovers until 2017, shall not rollover
a cumulative amount in excess of the amount set out in column 7 entitled “Cumulative Rollover” in the table
set out in Schedule 4 (Maximum Covenant Capital Expenditure).

 

		20.2	Minimum Liquidity

 

		(a)	The Borrower shall at all times maintain a minimum Liquidity of US$4,000,000.

 

		(b)	At the end of each Month, the Borrower shall provide to the COFACE Agent a report detailing the
daily Liquidity amounts for such Month, which daily Liquidity amounts shall be not less than the minimum Liquidity set out in paragraph (a)
above.

 

		(c)	For the avoidance of doubt, if the Borrower fails to comply with paragraph (a) above it shall deliver
a notice to the COFACE Agent in accordance with Clause 19.6(i) (Notice of Litigation and Other Matters).

 

		20.3	Adjusted Consolidated EBITDA

 

The Borrower shall ensure that
the Adjusted Consolidated EBITDA in respect of any Relevant Period (including (without double-counting) in the calculation of Adjusted
Consolidated EBITDA any Equity Cure Contribution made during such period and the amount of any prior Equity Cure Contribution that
has not been required to be counted in the calculation of Adjusted Consolidated EBITDA to enable the Borrower to achieve the amount
set out in column 2 (Column 2 – Amount) for any prior Relevant Period specified in column 1 (Column 1
– Relevant Period) below) shall not be less than the amount set out in column 2 (Column 2 – Amount)
below opposite that Relevant Period.

 

	Column 1 – Relevant Period	 	Column 2 – Amount	 
	 	 	 	 
	Relevant Period commencing on 1 July 2013 and expiring 31 December 2013	 	US$	5,498,709	 
	 	 	 	 	 
	Relevant Period commencing on 1 January 2014 and expiring 30 June 2014	 	US$	9,915,905	 
	 	 	 	 	 
	Relevant Period commencing on 1 July 2014 and expiring 31 December 2014	 	US$	14,062,424	 
	 	 	 	 	 
	Relevant Period commencing on 1 January 2015 and expiring 30 June 2015	 	US$	16,957,844	 
	 	 	 	 	 
	Relevant Period commencing on 1 July 2015 and expiring 31 December 2015	 	US$	23,468,546	 
	 	 	 	 	 
	Relevant Period commencing on 1 January 2016 and expiring 30 June 2016	 	US$	24,502,077	 

 

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	Column 1 – Relevant Period	 	Column 2 – Amount	 
	 	 	 	 
	Relevant Period commencing on 1 July 2016 and expiring 31 December 2016	 	US$	32,426,136	 
	 	 	 	 	 
	Relevant Period commencing on 1 January 2017 and expiring 30 June 2017	 	US$	32,213,650	 
	 	 	 	 	 
	Relevant Period commencing on 1 July 2017 and expiring 31 December 2017	 	US$	40,646,025	 
	 	 	 	 	 
	Relevant Period commencing on 1 January 2018 and expiring 30 June 2018	 	US$	39,374,425	 
	 	 	 	 	 
	Relevant Period commencing on 1July 2018 and expiring 31 December 2018	 	US$	47,694,042	 
	 	 	 	 	 
	Relevant Period commencing on 1 January 2019 and expiring 30 June 2019	 	US$	45,509,317	 
	 	 	 	 	 
	Relevant Period commencing on 1 July 2019 and expiring 31 December 2019	 	US$	53,829,858	 
	 	 	 	 	 
	Relevant Period commencing on 1 January 2020 and expiring 30 June 2020	 	US$	50,789,693	 
	 	 	 	 	 
	Relevant Period commencing on 1 July 2020 and expiring 31 December 2020	 	US$	59,114,411	 
	 	 	 	 	 
	Relevant Period commencing on 1 January 2021 and expiring 30 June 2021	 	US$	54,976,659	 
	 	 	 	 	 
	Relevant Period commencing on 1 July 2021 and expiring 31 December 2021	 	US$	62,840,452	 
	 	 	 	 	 
	Relevant Period commencing on 1 January 2022 and expiring 30 June 2022	 	US$	58,018,907	 
	 	 	 	 	 
	Relevant Period commencing on 1 July 2022 and expiring 31 December 2022	 	US$	65,708,169	 

 

		20.4	Debt Service Coverage Ratio

 

The Borrower shall ensure that
the Debt Service Coverage Ratio in respect of any Relevant Period (including (without double-counting) any Equity Cure Contribution
made in accordance with Clause 23.2(c) (Financial Covenants) provided that any Equity Cure Contribution shall
only be counted in the calculation of Liquidity for such purpose) specified in column 1 (Column 1 – Relevant
Period) below shall not be less than the ratio set out in column 2 (Column 2 – Ratio) below opposite
that Relevant Period.

 

	Column 1 - Relevant Period	 	Column 2 - Ratio	 
	 	 	 	 	 
	Relevant Period commencing on 1 July 2013 and expiring 31 December 2013	 	 	1.00:1	 
	 	 	 	 	 
	Relevant Period commencing on 1 July 2013 and expiring 30 June 2014	 	 	1.00:1	 

 

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	Column 1 - Relevant Period	 	Column 2 - Ratio	 
	 	 	 	 	 
	Relevant Period commencing on 1 January 2014 and expiring 31 December 2014	 	 	1.00:1	 
	 	 	 	 	 
	Relevant Period commencing on 1 July 2014 and expiring 30 June 2015	 	 	1.00:1	 
	 	 	 	 	 
	Relevant Period commencing on 1 January 2015 and expiring 31 December 2015	 	 	1.00:1	 
	 	 	 	 	 
	Relevant Period commencing on 1 July 2015 and expiring 30 June 2016	 	 	1.00:1	 
	 	 	 	 	 
	Relevant Period commencing on 1 January 2016 and expiring 31 December 2016	 	 	1.00:1	 
	 	 	 	 	 
	Relevant Period commencing on 1 July 2016 and expiring 30 June 2017	 	 	1.00:1	 
	 	 	 	 	 
	Relevant Period commencing on 1 January 2017 and expiring 31 December 2017	 	 	1.00:1	 
	 	 	 	 	 
	Relevant Period commencing on 1 July 2017 and expiring 30 June 2018	 	 	1.00:1	 
	 	 	 	 	 
	Relevant Period commencing on 1 January 2018 and expiring 31 December 2018	 	 	1.00:1	 
	 	 	 	 	 
	Relevant Period commencing on 1 July 2018 and expiring 30 June 2019	 	 	1.00:1	 
	 	 	 	 	 
	Relevant Period commencing on 1 January 2019 and expiring 31 December 2019	 	 	1.00:1	 
	 	 	 	 	 
	Relevant Period commencing on 1 July 2019 and expiring 30 June 2020	 	 	1.00:1	 
	 	 	 	 	 
	Relevant Period commencing on 1 January 2020 and expiring 31 December 2020	 	 	1.00:1	 
	 	 	 	 	 
	Relevant Period commencing on 1 July 2020 and expiring 30 June 2021	 	 	1.00:1	 
	 	 	 	 	 
	Relevant Period commencing on 1 January 2021 and expiring 31 December 2021	 	 	1.00:1	 
	 	 	 	 	 
	Relevant Period commencing on 1 July 2021 and expiring 30 June 2022	 	 	1.00:1	 
	 	 	 	 	 
	Relevant Period commencing on 1 January 2022 and expiring 31 December 2022	 	 	1.00:1	 

 

		20.5	Net Debt to Adjusted Consolidated EBITDA

 

The Borrower shall ensure that
the ratio of Net Debt to Adjusted Consolidated EBITDA in respect of any Relevant Period (including (without double-counting) any
Equity Cure Contribution made in accordance with Clause 23.2(c) (Financial Covenants) provided that any Equity
Cure Contribution shall only be counted in the calculation of Liquidity for such purpose) specified in column 1 (Column 1
– Relevant Period) below shall not be greater than the ratio set out in column 2 (Column 2 – Ratio)
below opposite that Relevant Period.

 

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	Column 1 - Relevant Period	 	Column 2 - Ratio	 
	 	 	 	 	 
	Relevant Period commencing on 1 January 2013 and expiring 31 December 2013	 	 	62.00:1	 
	 	 	 	 	 
	Relevant Period commencing on 1 July 2013 and expiring 30 June 2014	 	 	42.00:1	 
	 	 	 	 	 
	Relevant Period commencing on 1 January 2014 and expiring 31 December 2014	 	 	27.00:1	 
	 	 	 	 	 
	Relevant Period commencing on 1 July 2014 and expiring 30 June 2015	 	 	20.50:1	 
	 	 	 	 	 
	Relevant Period commencing on 1 January 2015 and expiring 31 December 2015	 	 	15.75:1	 
	 	 	 	 	 
	Relevant Period commencing on 1 July 2015 and expiring 30 June 2016	 	 	13.00:1	 
	 	 	 	 	 
	Relevant Period commencing on 1 January 2016 and expiring 31 December 2016	 	 	10.50:1	 
	 	 	 	 	 
	Relevant Period commencing on 1 July 2016 and expiring 30 June 2017	 	 	9.00:1	 
	 	 	 	 	 
	Relevant Period commencing on 1 January 2017 and expiring 31 December 2017	 	 	7.25:1	 
	 	 	 	 	 
	Relevant Period commencing on 1 July 2017 and expiring 30 June 2018	 	 	6.00:1	 
	 	 	 	 	 
	Relevant Period commencing on 1 January 2018 and expiring 31 December 2018	 	 	5.00:1	 
	 	 	 	 	 
	Relevant Period commencing on 1 July 2018 and expiring 30 June 2019	 	 	4.25:1	 
	 	 	 	 	 
	Relevant Period commencing on 1 January 2019 and expiring 31 December 2019	 	 	3.50:1	 
	 	 	 	 	 
	Relevant Period commencing on 1 July 2019 and expiring 30 June 2020	 	 	3.00:1	 
	 	 	 	 	 
	Relevant Period commencing on 1 January 2020 and expiring 31 December 2020	 	 	2.50:1	 
	 	 	 	 	 
	Relevant Period commencing on 1 July 2020 and expiring 30 June 2021	 	 	2.50:1	 
	 	 	 	 	 
	Relevant Period commencing on 1 January 2021 and expiring 31 December 2021	 	 	2.50:1	 
	 	 	 	 	 
	Relevant Period commencing on 1 July 2021 and expiring 30 June 2022	 	 	2.50:1	 

 

    	100

    	 

    

 

	Column 1 - Relevant Period	 	Column 2 - Ratio	 
	 	 	 	 	 
	Relevant Period commencing on 1 January 2022 and expiring 31 December 2022	 	 	2.50:1	 

 

For the purposes of this
Clause 20.5, Permitted Vendor Indebtedness shall be assumed to be US$25,000,000 and cash paying Subordinated Indebtedness shall
be assumed to be at the levels set out in the then current Agreed Business Plan.

 

		20.6	Interest Coverage Ratio

 

The Borrower shall ensure that
the ratio of Adjusted Consolidated EBITDA to Consolidated Interest Expense in respect of any Relevant Period (including (without
double counting) any Equity Cure Contribution made in accordance with Clause 23.2 (Financial Covenants)) specified in column 1
(Column 1 – Relevant Period) below shall not be less than the ratio set out in column 2 (Column 2
– Ratio) below opposite that Relevant Period.

 

	Column 1 - Relevant Period	 	Column 2 - Ratio	 
	 	 	 	 	 
	Relevant Period commencing on 1 July 2013 and expiring 31 December 2013	 	 	0.45:1	 
	 	 	 	 	 
	Relevant Period commencing on 1 July 2013 and expiring 30 June 2014	 	 	0.60:1	 
	 	 	 	 	 
	Relevant Period commencing on 1 January 2014 and expiring 31 December 2014	 	 	0.95:1	 
	 	 	 	 	 
	Relevant Period commencing on 1 July 2014 and expiring 30 June 2015	 	 	1.25:1	 
	 	 	 	 	 
	Relevant Period commencing on 1 January 2015 and expiring 31 December 2015	 	 	1.50:1	 
	 	 	 	 	 
	Relevant Period commencing on 1 July 2015 and expiring 30 June 2016	 	 	1.75:1	 
	 	 	 	 	 
	Relevant Period commencing on 1 January 2016 and expiring 31 December 2016	 	 	2.00:1	 
	 	 	 	 	 
	Relevant Period commencing on 1 July 2016 and expiring 30 June 2017	 	 	2.45:1	 
	 	 	 	 	 
	Relevant Period commencing on 1 January 2017 and expiring 31 December 2017	 	 	2.75:1	 
	 	 	 	 	 
	Relevant Period commencing on 1 July 2017 and expiring 30 June 2018	 	 	3.00:1	 
	 	 	 	 	 
	Relevant Period commencing on 1 January 2018 and expiring 31 December 2018	 	 	3.50:1	 
	 	 	 	 	 
	Relevant Period commencing on 1 July 2018 and expiring 30 June 2019	 	 	3.75:1	 
	 	 	 	 	 
	Relevant Period commencing on 1 January 2019 and expiring 31 December 2019	 	 	4.00:1	 

 

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	Column 1 - Relevant Period	 	Column 2 - Ratio	 
	 	 	 	 	 
	Relevant Period commencing on 1 July 2019 and expiring 30 June 2020	 	 	4.50:1	 
	 	 	 	 	 
	Relevant Period commencing on 1 January 2020 and expiring 31 December 2020	 	 	5.00:1	 
	 	 	 	 	 
	Relevant Period commencing on 1 July 2020 and expiring 30 June 2021	 	 	5.00:1	 
	 	 	 	 	 
	Relevant Period commencing on 1 January 2021 and expiring 31 December 2021	 	 	5.00:1	 
	 	 	 	 	 
	Relevant Period commencing on 1 July 2021 and expiring 30 June 2022	 	 	5.00:1	 
	 	 	 	 	 
	Relevant Period commencing on 1 January 2022 and expiring 31 December 2022	 	 	5.00:1	 

 

		20.7	Financial Testing

 

The financial covenants set out
in this Clause 20 shall be tested by reference to the most recent set of financial statements delivered for the Relevant Period
pursuant to Clause 19 (Information Undertakings).

 

		21.	Positive Undertakings

 

The undertakings in this Clause 21
(Positive Undertakings) remain in force from the date of this Agreement for so long as any amount is outstanding under the
Finance Documents or any Commitment is in force. The Borrower shall, and shall cause each of its Subsidiaries, to comply with the
undertakings contained in this Clause 21.

 

		21.1	Compliance with Laws

 

		(a)	Observe and remain in compliance in all material respects with all Applicable Laws and maintain
in full force and effect all Authorisations, in each case applicable to the conduct of its business except where the failure to
do so could not reasonably be expected to have a Material Adverse Effect.

 

		(b)	Without limiting the foregoing, the Borrower shall, and shall cause each of its Subsidiaries to,
comply in all material respects with all terms and conditions of all Communications Licences and all federal, state and local laws,
all rules, regulations and administrative orders of the FCC, state and local commissions or authorities, the ANFR or any other
Governmental Authority that are applicable to the Borrower and its Subsidiaries or the telecommunications operations thereof; provided
that the Borrower or any Subsidiary may dispute in good faith the applicability or requirements of any such matter so long
as such dispute could not reasonably be expected to have a Material Adverse Effect.

 

		21.2	Environmental Laws

 

In addition to and without limiting
the generality of Clause 21.1 (Compliance with Laws):

 

		(a)	comply with, and use reasonable endeavours to ensure such compliance by all tenants and sub-tenants
with all applicable Environmental Laws and obtain, comply with and maintain, and use reasonable endeavours to ensure that all tenants
and subtenants, obtain, comply with and maintain, any and all Environmental Permits;

 

    	102

    	 

    

 

		(b)	conduct and complete all investigations, studies, sampling and testing, and all remedial, removal
and other actions required under Environmental Laws, and promptly comply with all lawful orders and directives of any Governmental
Authority regarding Environmental Laws; and

 

		(c)	defend, indemnify and hold harmless the Finance Parties, and their respective parents, Subsidiaries,
Affiliates, employees, agents, officers and directors, from and against any claims, demands, penalties, fines, liabilities, settlements,
judgments, damages, costs and expenses of whatever kind or nature known or unknown, contingent or otherwise, arising out of, or
in any way relating to the presence of Hazardous Materials, or the violation of, non-compliance with or liability under any Environmental
Laws by the Borrower or any such Subsidiary, or any orders, requirements or demands of Governmental Authorities related thereto,
including, without limitation, reasonable attorneys’ and consultants’ fees, investigation and laboratory fees, response
costs, court costs and litigation expenses, except to the extent that any of the foregoing directly result from the gross negligence
or wilful misconduct of the party seeking indemnification therefor, as determined by a court of competent jurisdiction by final
non-appealable judgment.

 

		21.3	Compliance with ERISA

 

In addition to and without limiting
the generality of Clause 21.1 (Compliance with Laws) except where the failure to comply could not, individually or
in aggregate, reasonably be expected to have a Material Adverse Effect:

 

		(a)	comply with all material applicable provisions of ERISA and the Code (including Code provisions
compliance with which is necessary for any intended favourable tax treatment) and the regulations and published interpretations
respectively thereunder with respect to all Employee Benefit Plans;

 

		(b)	not take any action or fail to take action the result of which could be a liability to the PBGC
or to a Multiemployer Plan provided that this does not require funding of the pension liabilities at a time or in an amount
other than as required by Applicable Law;

 

		(c)	not participate in any prohibited transaction that could result in any civil penalty under ERISA
or tax under the Code;

 

		(d)	operate each Employee Benefit Plan in such a manner that will not incur any tax liability under
Section 4980B of the Code or any liability to any qualified beneficiary as defined in Section 4980B of the Code; and

 

		(e)	furnish to the COFACE Agent upon the COFACE Agent’s request such additional information about
any Employee Benefit Plan as may be reasonably requested by the COFACE Agent.

 

		21.4	Insurance

 

		(a)	Maintain insurance with insurance companies and/or underwriters rated by S&P or AM Best’s
Rating Agency at no lower than A- against such risks and in such amounts as are:

 

		(i)	maintained in accordance with prudent business practice and corporate governance; and

 

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		(ii)	as may be required by Applicable Law with amounts and scope of coverage not less than those maintained
by the Borrower and its Subsidiaries as of the date of this Agreement.

 

		(b)	On the date of this Agreement and from time to time thereafter the Borrower shall deliver to the
COFACE Agent upon its request information in reasonable detail as to the insurance then in effect, stating the names of the insurance
companies, the amounts and rates of the insurance, the dates of the expiration thereof and the properties and risks covered thereby,
provided that, with respect to paragraph (a)(i) only, neither the Borrower nor any of its Subsidiaries shall be required
to obtain any insurance against the risk of loss of any in-orbit Satellites or against business interruption risks in addition
to or with a broader scope of coverage than is currently maintained by the Borrower and its Subsidiaries as at the date of this
Agreement.

 

		(c)	In addition to, and without limiting the foregoing, the Borrower will, and will cause each of its
Subsidiaries to, maintain insurance with respect to the Satellites as follows:

 

		(i)	Property All Risks Insurance

 

The Borrower will procure or
will cause the Supplier to procure at its own expense and maintain in full force and effect, at all times prior to the Launch of
any Satellite purchased by the Borrower or any of its Subsidiaries pursuant to the terms of the Satellite Construction Contract,
Property All Risks Insurance upon such terms and conditions satisfactory to the COFACE Agent and as are reasonably commercially
available and customary in the industry which shall cover any loss of, or damage to, the Satellites and the Satellite and Launch
specific ground components, including all components thereof, at all times during the manufacture, testing, storage and transportation
of the Satellites and the Satellite and Launch specific ground components up to the time of Launch of the Satellites and until
delivery to the Borrower of the Satellite and Launch specific ground components.

 

In no event shall the Borrower
or the Supplier be required to maintain or procure Property All Risks Insurance to insure risks that may be required to be insured
by, or that covers the same risk or period of coverage provided by the Supplier as the Launch Insurance (as defined below). The
Borrower shall cause the Supplier to name COFACE, the COFACE Agent and the Lenders as additional insured but only to the extent
of those persons’ interests in such Satellites; and

 

		(ii)	Launch Insurance

 

The Borrower will obtain, maintain
and keep in full force and effect with respect to each Satellite that is to be launched, space risk insurance against loss of or
damage to the Satellite (including any loss or damage which may occur to a Satellite during the period from Launch until Individual
In-Orbit Acceptance) such space risk insurance (hereinafter in this Clause 21.4 “Launch Insurance”). Launch
Insurance shall be bound no later than three (3) Months prior to the then scheduled Launch date of such Satellite.

 

The Launch Insurance shall include
in-orbit cover providing for:

 

		(x)	in the case of the first successful Launch of six (6) Satellites, a six (6) Month stabilisation
and performance test period for such six (6) Satellites; and

 

		(y)	in the case of each Launch following the first successful Launch, a three (3) Month stabilisation
and performance test period for each Satellite remaining to be launched for the first twenty-four (24) Satellites.

 

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Such Launch Insurance shall be
in accordance with terms commercially available and reasonably acceptable to the COFACE Agent (acting on the instructions of the
Majority Lenders) following consultation with the Insurance Consultant. The Borrower shall not be obliged to obtain, maintain or
keep in force space risk insurance on any Satellite after termination for that Satellite under the relevant Launch Insurance policy.
The Launch Insurance for each Satellite shall:

 

		(A)	commence from the time that is the earlier of (i) the time designated by the Launch Services Provider
during the launch sequence when the command to ignite is intentionally sent to one of the motors of the Launch Vehicle (as such
term is defined in the Launch Services Contract) for the purpose of Launch following a planned countdown; and (ii) the time that
the cover with respect to the relevant Satellite being launched expires under the insurance procured by the Supplier;

 

		(B)	be denominated in Dollars for an amount not less than US$190,900,000 until the date of the first
successful Launch, and thereafter, to be an amount equal to the higher of (i) the replacement cost of a Satellite (including, the
purchase price, Launch and Insurances) and (ii) US$146,585,500;

 

		(C)	name the applicable Obligor purchasing the Satellite as the named insured and the Security Agent
for and on behalf of the Lenders as additional insured and first loss payee in accordance with the Loss Payee Clause up to the
amount specified in Clause 21.4(c)(ii)(B) and provide that payments due thereunder shall be payable directly to the Security Agent
as first loss payee (“Loss Payee”) who, prior to an Event of Default, shall transfer to the Collection Account,
for and on behalf of the Lenders, who shall receive in full such payments to be applied in accordance with Clause 11 (Insurance
Proceeds Account) of the Accounts Agreement, including any accrued unpaid interest; provided that claims if any shall be adjusted
with the named insured and paid to the Loss Payee; and

 

		(D)	provide that it will not be cancelled or reduced (other than a reduction from the payment of a
claim) or amended without notice to the COFACE Agent. All such notices shall be sent by facsimile and e-mail to the COFACE Agent
by the insurers at the same time such notices are sent to the Borrower and shall be effective as stated in such notices provided
that, fifteen (15) days’ advance written notice shall be given in the event of notice of cancellation for non-payment of
premium.

 

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The Borrower shall submit evidence
of cover satisfactory to the COFACE Agent (acting in consultation with the Insurance Consultant), being either the broker’s
issued policy documentation cover note, binder or policy documents issued by the relevant Insurer (the “Launch Insurance
Documentation”) to the COFACE Agent at least ninety (90) days prior to the first scheduled Launch date or, upon written
request from the Borrower and subject to the approval of the COFACE Agent, such later mutually agreed date based on prevailing
market conditions.

 

The Borrower shall obtain from
its insurer providing the Launch Insurance waivers of any subrogation rights against the Supplier (or its sub-contractors) and
shall provide evidence of such waivers to the COFACE Agent sixty (60) days prior to the Launch of any Satellite and shall provide
the COFACE Agent with a certificate of such insurance coverage (including the percentage of risks given to such insurer) at the
COFACE Agent’s request.

 

		(iii)	Third Party Liability Insurance

 

The Borrower shall:

 

		(A)	cause the Supplier to subscribe before Launch and/or maintain in full force and effect a third
party liability insurance for liabilities arising from bodily injury and loss or damage to third party property (“Third
Party Liability Insurance”);

 

		(B)	cause the Launch Services Provider to subscribe for and maintain Third Party Liability Insurance
coverage for liabilities arising from bodily injury and loss or damage to third party property caused by Satellites after Launch
in an amount on an annual basis of not less than an aggregate amount equal to:

 

		(aa)	€60,980,000 in respect of a Launch from the Kourou launch site;

 

		(bb)	US$100,000,000 in respect of the risks covered under article 15.2.1(ii) of the Launch Services
Contract, for Launches from the Baїkonur launch site.

 

in each case, per occurrence, naming
COFACE, the COFACE Agent and the Lenders as additional insured thereunder. In accordance with the Satellite Construction Contract,
the Borrower shall use its best efforts to cause the Launch Services Provider to name the Supplier (and its sub-contractors) as
additional insureds under the Launch Services Provider’s Third Party Liability Insurance; and

 

		(C)	cause the Launch Services Provider to submit a copy of the Third Party Liability Insurance documentation
to the COFACE Agent as soon as practicable and in any event no less than thirty (30) days prior to the scheduled Launch date
for any Launch. Such insurance shall be in full force at the Launch date (as of Intentional Ignition (as such term is defined in
the Launch Services Contract)) and shall be maintained for a period equal to the lesser of:

 

		(aa)	twelve (12) Months; or

 

		(bb)	so long as all or any part of the Launch Vehicle (as such term is defined in the Launch Services
Contract), the Satellite(s) and/or their components remain in orbit.

 

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		(d)	Each insurance policy shall comply with the Lenders’ requirements set out in Clause 21.4(e)
below and shall be on reasonable terms and conditions and with acceptable exclusions and a reasonable level of deductible acceptable
to the COFACE Agent (acting on the instructions of the Majority Lenders).

 

		(e)	General Insurance Provisions and Requirements

 

The Borrower shall:

 

		(i)	provide, or as appropriate, request the Supplier and/or the Launch Services Provider to deliver
to the COFACE Agent, promptly after issuance of each relevant Insurance, certificate(s) of internationally recognised insurance
broker(s) usually involved in space risk insurance and approved by the Lenders, confirming that:

 

		(A)	the Property All Risks Insurance, the Launch Insurance and the Third Party Liability Insurance,
as appropriate, are in full force and effect on the date they are respectively required to be entered into force,

 

		(B)	the names and percentages of the relevant insurance companies;

 

		(C)	the sums insured and expiration dates of such Insurances;

 

		(D)	the premia for the Property All Risks Insurance, Launch Insurance and the Third Party Liability
Insurances shall be payable by the Borrower, the Supplier and the Launch Services Provider, as applicable, in accordance with the
terms of credit agreed for each such Insurance; and

 

		(E)	all premia due at the date of such certificate have been paid in full.

 

		(ii)	use reasonable efforts (having regard to the terms which are reasonably commercially available
in the insurance market) to obtain agreement to incorporate in the Insurances the following provisions or provisions substantially
similar in content:

 

		(A)	the insurers, either directly or via the insurance broker, and the broker shall also advise the
COFACE Agent (by facsimile and by e-mail) of any loss or of any default in the payment of any premium and of any event other act
or omission on the part of the Borrower, the Supplier and/or the Launch Services Provider, as applicable, of which the broker or
the insurers have knowledge and which might result in the invalidation, the lapse or the cancellation in whole or in part of such
Insurance;

 

		(B)	the COFACE Agent and/or the Lenders shall have the right (without any obligation) to pay the insurance
premia if the relevant party fails to or delays in making any such payment within the time periods specified in the relevant insurance
policies. If any payment of the premia is effected by the COFACE Agent and/or the Lenders, the Borrower shall on demand reimburse
the COFACE Agent and/or the Lenders the amount of any premia so paid and all related costs and expenses;

 

		(C)	if the Borrower, the Supplier and/or the Launch Services Provider (as applicable) fails or delays
in filing any notice of proof of loss, the COFACE Agent shall have the right to join the Borrower, the Supplier and/or the Launch
Services Provider (as applicable) in submitting a notice of proof of any loss within the time periods specified in the applicable
insurance policies;

 

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		(D)	the insurers waive:

 

		(aa)	all rights of set-off and counterclaim against COFACE, the COFACE Agent and the Lenders in connection
with their rights to make payments under such insurance; and

 

		(bb)	all rights of subrogation to the rights of the COFACE Agent and the Lenders against the Borrower;

 

		(E)	the insurance be primary and not excess to or contributory to any insurance or self-insurance maintained
by the Lenders;

 

		(F)	the Insurances shall not be permitted to lapse or to be cancelled, without written notice being
given by facsimile and e-mail to the COFACE Agent at the same time such notices are sent to the Borrower and shall be effective
as stated in such notices provided that, fifteen (15) days’ advance written notice shall be given by the Borrower
in the event of notice of cancellation for non-payment of premium; and

 

		(G)	the insurers will undertake, not to make any material modification or amendment to the terms of
such insurance policies without the prior written consent of the COFACE Agent (acting on the instructions of all the Lenders).
For the purpose of this paragraph (G), material modification means a modification such that the insurance as modified would
not meet any longer the terms and conditions set out in this Agreement.

 

		21.5	Additional Domestic Subsidiaries

 

Notify the COFACE Agent of the
creation or acquisition of any Domestic Subsidiary and promptly thereafter (and in any event within sixty (60) days), cause
such person to:

 

		(a)	become a Subsidiary Guarantor by delivering to the COFACE Agent a duly executed Guarantee Agreement
or such other document as the COFACE Agent shall deem appropriate for such purpose;

 

		(b)	pledge a security interest in all Collateral owned by such Subsidiary (provided that if
such Collateral consists of Capital Stock of a Foreign Subsidiary, such security interest will be limited to sixty-five per
cent. (65%) of such Capital Stock (subject to the provisions of clause 3.6 (Foreign Subsidiaries Security) of the
Stock Pledge Agreement)) by delivering to the COFACE Agent a duly executed supplement to each Security Document or such other document
as the COFACE Agent shall deem appropriate for such purpose and comply with the terms of each Security Document;

 

		(c)	deliver to the COFACE Agent such documents and certificates referred to in Schedule 2 (Conditions
Precedent) as may be reasonably requested by the COFACE Agent;

 

		(d)	deliver to the COFACE Agent such original Capital Stock or other certificates and stock or other
transfer powers evidencing the Capital Stock of such person;

 

		(e)	deliver to the COFACE Agent such updated schedules to the Finance Documents as requested by the
COFACE Agent with respect to such person; and

 

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		(f)	deliver to the COFACE Agent such other documents as may be reasonably requested by the COFACE Agent
(including, any “know your customer” information), all in form, content and scope reasonably satisfactory to
the COFACE Agent.

 

		21.6	Additional Foreign Subsidiaries

 

Notify the COFACE Agent at the
time that any person becomes a Foreign Subsidiary of the Borrower or any Subsidiary, and promptly thereafter (and in any event
within sixty (60) days after notification):

 

		(a)	with respect to any Subsidiary that is directly owned by an Obligor, cause the Borrower or the
applicable Subsidiary to deliver to the COFACE Agent a Security Document pledging sixty five per cent. (65%) of the
total outstanding Capital Stock of such new Foreign Subsidiary (subject to the provisions of clause 3.6 (Foreign Subsidiaries
Security) of the Stock Pledge Agreement) and a consent thereto executed by such new Foreign Subsidiary (including, without
limitation, if applicable, original stock certificates (or the equivalent thereof pursuant to the Applicable Laws and practices
of any relevant foreign jurisdiction) evidencing that the Capital Stock of such new Foreign Subsidiary, together with an appropriate
undated stock power for each certificate duly executed in blank by the registered owner thereof);

 

		(b)	cause such person to deliver to the COFACE Agent such documents and certificates referred to in
Schedule 2 (Conditions Precedent) as may be reasonably requested by the COFACE Agent;

 

		(c)	cause the Borrower to deliver to the COFACE Agent such updated schedules to the Finance Documents
as requested by the COFACE Agent with regard to such person; and

 

		(d)	cause such person to deliver to the COFACE Agent such other documents as may be reasonably requested
by the COFACE Agent, all in form, content and scope reasonably satisfactory to the COFACE Agent.

 

		21.7	Additional Communications Licences

 

Notify the COFACE Agent within
thirty (30) days after the acquisition of any Material Communications Licence and cause any Communications Licence issued
by the FCC or the ANFR that is acquired by the Borrower or any Subsidiary thereof after the date of this Agreement to be held by
a Licence Subsidiary.

 

		21.8	Owned Real Property

 

As soon as practical, and in
any event within thirty (30) days following Financial Close (as such date may be extended by the COFACE Agent in its reasonable
discretion), or at such later time as may be provided below, with respect to all owned real property (to the extent located in
the United States) of the Borrower or any of the other Subsidiaries as of the date of this Agreement:

 

		(a)	Mortgages

 

the COFACE Agent shall have received
a duly authorised, executed and delivered Mortgage in form and substance reasonably satisfactory to the COFACE Agent;

 

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		(b)	Title Insurance

 

the COFACE Agent shall have received
upon its written request therefor a marked-up commitment for a policy of title insurance, insuring the Finance Parties’ first
priority Liens and showing no Liens (other than those Liens set out in items 7 and 8 of Schedule 17 (Existing Liens)),
prior to the Finance Parties’ Liens other than for ad valorem taxes not yet due and payable, with title insurance
companies acceptable to the COFACE Agent on the property subject to a Mortgage with the final title insurance policy, being delivered
within sixty (60) days after the date of this Agreement, as such date may be extended by the COFACE Agent in its reasonable
discretion. Further, the Borrower agrees to provide or obtain any customary affidavits and indemnities as may be required or necessary
to obtain title insurance satisfactory to the COFACE Agent;

 

		(c)	Title Exceptions

 

the COFACE Agent shall have received
upon its written request therefor copies of all recorded documents creating exceptions to the title policy referred to in Clause 21.8(a)
(Mortgages);

 

		(d)	Matters Relating to Flood Hazard Properties

 

the COFACE Agent shall have received
upon its written request therefor a certification from the U.S. National Research Centre, or any successor agency thereto, regarding
each parcel of real property subject to a Mortgage; and

 

		(e)	Other Real Property Information

 

the COFACE Agent shall have received
such other certificates, documents and information as are reasonably requested by the COFACE Agent, including, without limitation,
engineering and structural reports, permanent certificates of occupancy and evidence of zoning compliance, each in form and substance
satisfactory to the COFACE Agent.

 

		21.9	Leased Real Property

 

The Borrower shall use reasonable
efforts to cause within thirty (30) days following the written request therefor by the COFACE Agent (as such date may be extended
by the COFACE Agent in its reasonable discretion), with respect to all leased real property (to the extent located in the United
States) of the Borrower or any of its Subsidiaries as of the date of this Agreement, the COFACE Agent to have received a duly authorized,
executed and delivered collateral assignment of lease and related landlord agreement, in each case, in form and substance satisfactory
thereto.

 

		21.10	After Acquired Real Property Collateral

 

Notify the COFACE Agent, within
ten (10) Business Days after the acquisition of any owned or leased real property by any Obligor that is not subject to the
existing Security Documents, and within ninety (90) days following request by the COFACE Agent, deliver or, in the case of
leased real property, use reasonable efforts to deliver, the corresponding documents, instruments and information required to be
delivered pursuant to:

 

		(a)	Clause 21.8 (Owned Real Property) if such real property is owned; or

 

		(b)	Clause 21.9 (Leased Real Property) if such real property is leased.

 

		21.11	Hedging Agreements

 

Not later than ninety (90) days
after the end of any fiscal quarter during which more than twenty five per cent. (25%) of revenues is originally denominated
in a single currency other than Dollars or Canadian Dollars, execute foreign currency exchange or swap Hedging Agreements with
the Original Lenders for such currency on terms and conditions reasonably acceptable to the COFACE Agent.

 

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		21.12	Taxation

 

		(a)	Each Obligor shall (and the Borrower shall ensure that each member of the Group will) pay and discharge
all Taxes imposed upon it or its assets within the time period allowed without incurring penalties unless and only to the extent
that:

 

		(i)	such payment is being contested in good faith;

 

		(ii)	adequate reserves are being maintained for those Taxes and the costs required to contest them which
have been disclosed in its latest financial statements delivered to the COFACE Agent under Clause 19 (Information Undertakings);
and

 

		(iii)	such payment can be lawfully withheld and failure to pay those Taxes does not have or is not reasonably
likely to have a Material Adverse Effect.

 

		(b)	No Obligor may change its residence for Tax purposes.

 

		21.13	Preservation of Assets

 

The Borrower shall (and shall
ensure that each member of the Group will) maintain in good working order and condition (ordinary wear and tear excepted) all of
its assets necessary in the conduct of its business.

 

		21.14	Pari Passu Ranking

 

The Borrower shall (and shall
ensure that each Obligor will):

 

		(a)	procure that its obligations under the Finance Documents to which it is a party do and will rank
at least pari passu with all its other present and future unsecured, unsubordinated obligations, save for obligations preferred
by operation of Applicable Law; and

 

		(b)	ensure that at all times the claims of each Finance Party against it under the Finance Documents
to which it is a party rank at least pari passu with the claims of all its unsecured creditors save those whose claims are
preferred by any bankruptcy, insolvency, liquidation or similar Applicable Laws of general application.

 

		21.15	Intellectual Property

 

The Borrower shall (and shall
ensure that each member of the Group will):

 

		(a)	preserve and maintain the subsistence and validity of the Intellectual Property necessary for the
business of the relevant Group member;

 

		(b)	use reasonable endeavours to prevent any infringement in any material respect of the Intellectual
Property;

 

		(c)	make registrations and pay all registration fees and taxes necessary to maintain the Intellectual
Property in full force and effect and record its interest in that Intellectual Property;

 

		(d)	not use or permit the Intellectual Property to be used in a way or take any step or omit to take
any step in respect of that Intellectual Property which may materially and adversely affect the existence or value of the Intellectual
Property or imperil the right of any member of the Group to use such property; and

 

		(e)	not discontinue the use of the Intellectual Property,

 

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where failure to do so, in the
case of paragraphs (a) and (b) above, or, in the case paragraphs (d) and (e) above, such use, permission to use, omission
or discontinuation, is reasonably likely to have a Material Adverse Effect.

 

		21.16	Access

 

If a Default is continuing or
the COFACE Agent reasonably suspects a Default is continuing or may occur, each Obligor shall, and the Borrower shall ensure that
each member of the Group will permit the COFACE Agent and/or the Security Agent and/or accountants or other professional advisers
and contractors of the COFACE Agent or Security Agent free access at all reasonable times and on reasonable notice at the risk
and cost of the Borrower to:

 

		(a)	the premises, assets, books, accounts and records of each member of the Group; and

 

		(b)	meet and discuss matters with management of the Group.

 

		21.17	Further Assurance

 

		(a)	The Borrower shall (and shall procure that each member of the Group will) promptly do all such
acts or execute all such documents (including assignments, transfers, mortgages, charges, notices and instructions) as the Security
Agent may reasonably specify (and in such form as the Security Agent may reasonably require in favour of the Security Agent or
its nominee(s)):

 

		(i)	to perfect a Lien created or intended to be created under or evidenced by the Security Documents
(which may include the execution of a mortgage, charge, assignment or other Lien over all or any of the assets which are, or are
intended to be, the subject of the Security Documents) or for the exercise of any rights, powers and remedies of the Security Agent
or the Finance Parties provided by or pursuant to the Finance Documents or by Applicable Law;

 

		(ii)	to confer on the Security Agent or confer on the Finance Parties a Lien over any property and assets
of the Group located in any jurisdiction equivalent or similar to a Lien intended to be conferred by or pursuant to the Security
Documents; and

 

		(iii)	to facilitate the realisation of the assets which are, or are intended to be, the subject of a
Lien.

 

		(b)	The Borrower shall (and shall procure that each member of the Group shall) take all such action
as is available to it (including making all filings and registrations) as may be necessary for the purpose of the creation, perfection,
protection or maintenance of any Lien conferred or intended to be conferred on the Security Agent or the Finance Parties by or
pursuant to the Finance Documents.

 

		(c)	The Borrower will, and shall procure that any member of the Thermo Group will, in the case of any
Subordinated Liabilities which are not evidenced by any instrument, upon the Security Agent’s request, ensure that such Subordinated
Liabilities shall be evidenced by an appropriate instrument or instruments.

 

		(d)	The Borrower shall, and shall procure that each of Thermo and the Subsidiary Guarantors shall,
promptly upon the request of the Security Agent, at its own cost, do all such acts or execute all such documents reasonably deemed
necessary or desirable by the Security Agent to confirm or establish the validity and enforceability of the subordination effected
by, and the obligations of the Borrower and such party under, the Thermo Subordination Deed or the Subsidiary Guarantor Subordination
Deed (as the case may be).

 

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		21.18	Payments under the Satellite Construction Contract

 

All payments to be made in accordance
with Exhibit F of the Satellite Construction Contract for the balance of phase 1 and 2 after EDC2 (as such term is defined
in the Satellite Construction Contract) shall be invoiced in Euros by the Supplier and paid in Dollars using the exchange rate
set out in the Supplier Direct Agreement.

 

		21.19	Equity Commitments

 

		(a)	The Borrower shall procure that each member of the Thermo Group complies with its obligations in
respect of the provision of the Equity Commitments under and in accordance with the provisions of the Global Deed of Amendment
and Restatement and the Thermo Group Undertaking Letter.

 

		(b)	The Borrower shall procure that any third party (other than Thermo) providing funds to the Group
for the purposes of satisfaction of all or a part of the Equity Commitments or pursuant to any other instrument of indebtedness
(equity linked or otherwise) shall, to the extent the Equity Commitment is evidenced by an instrument of indebtedness, enter into
an Acceptable Intercreditor Agreement.

 

		21.20	Key Agreements

 

The Borrower shall:

 

		(a)	duly and punctually perform and comply with its obligations under the Key Agreements, other than
any such failure to perform or comply which does not have or could not reasonably be expected to have, a Material Adverse Effect;
and

 

		(b)	take all commercially reasonable steps necessary or desirable to protect, maintain, exercise and
enforce all its rights with respect to any Key Agreement and use all its commercially reasonable efforts to procure the due performance
by each other party to such Key Agreements of such party’s respective material obligations under each such Key Agreement.

 

		21.21	New Subordinated Indebtedness

 

		(a)	The Borrower shall procure that any new Subordinated Indebtedness entered into by the Borrower
or any Subsidiary on or after the Effective Date shall:

 

		(i)	have a maturity that extends beyond the date on which all principal, interest and other amounts
due and owing under the Finance Documents have been paid in full; and

 

		(ii)	be subordinated to the rights of the Finance Parties pursuant to an Acceptable Intercreditor Agreement.

 

		(b)	The Borrower shall procure that upon the entry into any guarantee in respect of the 8% New Notes
by the Subsidiary Guarantors pursuant to Clause 22.1(1) (Limitations on Financial Indebtedness), a copy of such guarantee
is delivered to the COFACE Agent together with an opinion from Taft Stettinius & Hollister LLP (or such other law firm as may
be acceptable to the COFACE Agent) (in substantially the same form as the opinion delivered by Taft Stettinius & Hollister
LLP to the COFACE Agent as a condition precedent to the Effective Date) confirming that the subordination arrangements contained
therein are the legal, valid, binding and enforceable obligations of the parties to such guarantee. If any Subsidiary becomes a
Subsidiary Guarantor or a guarantor of any other notes issued under the Original Indenture and any supplemental indenture relating
thereto, such Subsidiary may execute a joinder to the document evidencing the Guarantee Obligations referred to in Clause 22.1(1)
(Limitations on Financial Indebtedness), subject to the other provisions of such Clause 22.1(1).

 

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		21.22	Second Generation Ground Station

 

The Borrower shall procure that
the second generation ground station updates are completed by Hughes and Ericsson no later than 31 December 2016.

 

		22.	Negative Undertakings

 

The undertakings in this Clause 22
(Negative Undertakings) remain in force from the date of this Agreement for so long as any amount is outstanding under the
Finance Documents or any Commitment is in force. The Borrower shall, and shall cause each of its Subsidiaries to, comply with the
undertakings contained in this Clause 22.

 

		22.1	Limitations on Financial Indebtedness

 

Not create, incur, assume or
suffer to exist any Financial Indebtedness except:

 

		(a)	the Obligations (excluding any Hedging Obligations permitted pursuant to Clause 22.1(c));

 

		(b)	Financial Indebtedness incurred in connection with the Interest Rate Cap Agreement;

 

		(c)	Financial Indebtedness incurred in connection with a Hedging Agreement required pursuant to Clause 21.11
(Hedging Agreements);

 

		(d)	Financial Indebtedness existing as at the Effective Date and not otherwise permitted under this
Clause 22.1 and set out in Schedule 14 (Financial Indebtedness and Guarantee Obligations);

 

		(e)	Guarantee Obligations in favour of the COFACE Agent for the benefit of the COFACE Agent and the
Finance Parties;

 

		(f)	unsecured:

 

		(i)	Subordinated Indebtedness owed by any Obligor to another Obligor;

 

		(ii)	Subordinated Indebtedness owed by any Obligor to a Foreign Subsidiary;

 

		(iii)	Financial Indebtedness owed by a Foreign Subsidiary to any Obligor; provided that the aggregate
amount of such Financial Indebtedness outstanding at any time pursuant to this paragraph (iii) shall not exceed the Foreign
Investment Limitation (calculated without regard to paragraph (b) of the definition of Foreign Investment Limitation and excluding
the Existing Canadian Note) as of any date of determination;

 

		(iv)	Financial Indebtedness owed by a Foreign Subsidiary to another Foreign Subsidiary; and

 

		(v)	Guarantee Obligations by the Borrower on behalf of any Obligor or Foreign Subsidiary not to exceed
US$1,000,000 in aggregate;

 

		(g)	Financial Indebtedness pursuant to the following paragraphs (i) to (v) (and any extension,
renewal, replacement or refinancing thereof, but not to increase the aggregate principal amount), provided that at the time
such Financial Indebtedness is incurred, the COFACE Agent and the Lenders shall have received from the Borrower a Compliance Certificate
in form and substance satisfactory to the COFACE Agent (including an Adjusted Consolidated EBITDA Reconciliation for the fiscal
period covered by such Compliance Certificate), demonstrating that, after giving effect to the incurrence of any such Financial
Indebtedness, the Borrower will be in pro forma compliance with the financial covenants set out in Clause 20 (Financial
Covenants) applicable at such time:

 

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		(i)	Financial Indebtedness of the Borrower and its Subsidiaries incurred in connection with Capital
Leases and/or purchase money Financial Indebtedness of the Borrower and its Subsidiaries in an aggregate amount not to exceed US$25,000,000
on any date of determination;

 

		(ii)	Financial Indebtedness of a person existing at the time such person became a Subsidiary or assets
were acquired from such person not exceeding US$10,000,000, to the extent such Financial Indebtedness was not incurred in connection
with or in contemplation of, such person becoming a Subsidiary or the acquisition of such assets, which transactions in aggregate
since the date of this Agreement do not exceed at any time US$25,000,000;

 

		(iii)	subject to paragraph (l) below, Guarantee Obligations with respect to Financial Indebtedness permitted
pursuant to paragraph (g) of this Clause 22.1;

 

		(iv)	Financial Indebtedness of Foreign Subsidiaries, not to exceed in the aggregate at any time outstanding
US$2,000,000; and

 

		(v)	Subordinated Indebtedness not otherwise permitted pursuant to this Clause 22.1 in an aggregate
amount outstanding not to exceed US$200,000,000 at any time, provided that, no Event of Default has occurred and
is continuing and subject to the prior agreement of an Acceptable Intercreditor Agreement. For the avoidance of doubt, neither
a Borrower nor a Subsidiary shall incur any Subordinated Indebtedness which permits any cash payment in respect of Subordinated
Indebtedness prior to the Final Maturity Date without the prior written consent of the COFACE Agent;

 

		(h)	Financial Indebtedness incurred in respect of workers’ compensation claims, self-insurance
obligations, bankers’ acceptances, performance, surety and similar bonds and completion guarantees provided by the Borrower
or one of its Subsidiaries in the ordinary course of trading, not to exceed in the aggregate at any time outstanding US$10,000,000;

 

		(i)	Financial Indebtedness arising from the honouring by a bank or other financial institution of a
cheque, draft or similar instrument in the ordinary course of trading inadvertently drawn against insufficient funds, provided
however, that such Financial Indebtedness is extinguished within five (5) Business Days and does not exceed in
the aggregate at any time outstanding US$10,000,000;

 

		(j)	Financial Indebtedness arising from any agreement by the Borrower or any of its Subsidiaries providing
for indemnities, guarantees, purchase price adjustments, holdbacks, contingency payment obligations based on the performances of
the acquired or disposed assets or similar obligations incurred by any person in connection with the acquisition or disposition
of assets or Capital Stock as permitted by this Agreement provided that such Financial Indebtedness does not exceed in the
aggregate at any time outstanding US$10,000,000;

 

		(k)	Financial Indebtedness incurred in connection with any Permitted Vendor Indebtedness;

 

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		(l)	Guarantee Obligations of the Subsidiary Guarantors in connection with the 8% New Notes provided
that:

 

		(i)	such Guarantee Obligations are subordinated to the provisions of the Finance Documents;

 

		(ii)	at the time that such Guarantee Obligations are entered into, no member of the Thermo Group is
in breach of any of its obligations in respect of the Equity Commitments;

 

		(iii)	the Borrower shall have received the 2013 Closing Commitment and the 2013 Year-End Commitment;

 

		(iv)	no Event of Default has occurred which is continuing;

 

		(v)	the terms of such Guarantee Obligations shall be consistent with, and no less favourable to the
Lenders than, the terms set out in the 5.75% Notes Term Sheet;

 

		(vi)	each Subsidiary Guarantor is a party to the Subsidiary Guarantor Subordination Deed; and

 

		(vii)	the Guarantee Obligations shall not be entered into prior to 26 December 2013; and

 

		(m)	Financial Indebtedness otherwise approved by the COFACE Agent in writing.

 

		22.2	Limitations on Liens

 

Not create, incur, assume or
suffer to exist, any Lien on or with respect to any of its assets or properties (including, without limitation, shares of Capital
Stock), real or personal, whether now owned or hereafter acquired, except:

 

		(a)	Liens of the Security Agent or the COFACE Agent (as the case may be) for the benefit of the Finance
Parties under the Finance Documents;

 

		(b)	Liens not otherwise permitted by this Clause 22 and in existence on the date of this Agreement
and described in Schedule 17 (Existing Liens);

 

		(c)	Liens for taxes, assessments and other governmental charges or levies not yet due or as to which
the period of grace if any, related thereto has not expired or which are being contested in good faith and by appropriate proceedings
if adequate reserves are maintained to the extent required by GAAP;

 

		(d)	the claims of material men, mechanics, carriers, warehousemen, processors or landlords for labour,
materials, supplies or rentals incurred in the ordinary course of trading:

 

		(i)	which are not overdue for a period of more than ninety (90) days; or

 

		(ii)	which are being contested in good faith and by appropriate proceedings if adequate reserves are
maintained to the extent required by GAAP;

 

		(e)	Liens consisting of deposits or pledges made in the ordinary course of trading in connection with,
or to secure payment of, obligations under workers’ compensation, unemployment insurance or similar legislation;

 

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		(f)	Liens constituting encumbrances in the nature of zoning restrictions, easements and rights or restrictions
of record on the use of real property, which in the aggregate are not substantial in amount and which do not, in any case, detract
from the value of such property or impair the use thereof in the ordinary conduct of trading;

 

		(g)	Liens existing on any asset of any person at the time such person becomes a Subsidiary or is merged
or consolidated with or into a Subsidiary which:

 

		(i)	were not created in contemplation of or in connection with such event; and

 

		(ii)	do not extend to or cover any other property or assets of the Borrower or any Subsidiary, so long
as any Financial Indebtedness related to any such Liens are permitted under Clause 22.1(g)(ii) (Limitations on Financial
Indebtedness):

 

		(h)	Liens securing Financial Indebtedness permitted under Clause 22.1(g)(i) (Limitations on
Financial Indebtedness) provided that:

 

		(i)	such Liens shall be created substantially simultaneously with the acquisition or lease of the related
asset;

 

		(ii)	such Liens do not at any time encumber any property other than the property financed by such Financial
Indebtedness;

 

		(iii)	the amount of Financial Indebtedness secured thereby is not increased; and

 

		(iv)	the principal amount of Financial Indebtedness secured by any such Lien shall at no time exceed
one hundred per cent. (100%) of the original purchase price or lease payment amount of such property at the time it
was acquired;

 

		(i)	Liens securing Financial Indebtedness permitted under Clause 22.1(g)(iv) (Limitations on
Financial Indebtedness) provided that such liens do not at any time encumber any property other than that of the applicable
Foreign Subsidiary obliged with respect to such Financial Indebtedness;

 

		(j)	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 trading;

 

		(k)	Liens incurred or deposits made in the ordinary course of trading in connection with workers’
compensation, unemployment insurance and other types of social security;

 

		(l)	rights of banks to set-off deposits against debts owed to such banks;

 

		(m)	Liens upon specific items of inventory or other goods and proceeds of the Borrower and its Subsidiaries
securing their obligations in respect of bankers’ acceptances issued or created for the account of any such person to facilitate
the purchase, storage or shipment of such inventory or other goods;

 

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

 

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

 

		(p)	Liens on assets that are the subject of a sale and leaseback transaction permitted by the provisions
of this Agreement;

 

		(q)	Liens securing Permitted Vendor Indebtedness, provided that such Lien does not attach or
encumber any asset or property of the Borrower or any Subsidiary thereof other than the asset or personal property which is the
subject of such obligation;

 

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		(r)	Liens securing Financial Indebtedness permitted by Clause 22.1(b) or (c) (Limitations on
Financial Indebtedness);

 

		(s)	Liens not otherwise permitted under this Agreement securing obligations not at any time exceeding
in aggregate US$5,000,000; and

 

		(t)	Liens otherwise approved by the COFACE Agent in writing.

 

		22.3	Limitations on Loans, Investments and Acquisitions

 

Not purchase, own, invest in
or otherwise acquire, directly or indirectly, any Capital Stock, interests in any partnership or joint venture (including, without
limitation, the creation or capitalisation of any Subsidiary), evidence of Financial Indebtedness or other obligation or security,
substantially all or a portion of the business or assets of any other person or any other investment or interest whatsoever in
any other person, or make or permit to exist, directly or indirectly, any loans, advances or extensions of credit to, or any investment
in cash or by delivery of property in, any person except:

 

		(a)	investments:

 

		(i)	existing on the date of this Agreement in Subsidiaries existing on the date of this Agreement;

 

		(ii)	after the date of this Agreement in:

 

		(A)	existing Subsidiaries; and/or

 

		(B)	Subsidiaries formed after the date of this Agreement, provided that, in each case:

 

		(x)	the Borrower and its Subsidiaries comply with the applicable provisions of Clause 21.5 (Additional
Domestic Subsidiaries); and

 

		(y)	the amount of any such investments in a Foreign Subsidiary shall not exceed the Foreign Investment
Limitation as of the date of such investment;

 

		(iii)	the other loans, advances and investments described on Schedule 21 (Existing Loans, Investments
and Advances) existing on the date of this Agreement;

 

		(iv)	by any Subsidiary in the Borrower;

 

		(b)	investments in:

 

		(i)	marketable direct obligations issued or unconditionally guaranteed by the United States or
any agency thereof maturing within one hundred and twenty (120) days from the date of acquisition thereof;

 

		(ii)	commercial paper maturing no more than one hundred and twenty (120) days from the date of
creation thereof and currently having the highest rating obtainable from either S&P or Moody’s;

 

		(iii)	certificates of deposit maturing no more than one hundred and twenty (120) days from the date
of creation thereof issued by commercial banks incorporated under the laws of the United States, each having combined capital,
surplus and undivided profits of not less than US$500,000,000 and having a rating of “A” or better from either
S&P or Moody’s; provided that the aggregate amount invested in such certificates of deposit shall not at any time
exceed US$5,000,000 for any one such certificate of deposit and US$10,000,000 for any one such bank;

 

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		(iv)	time deposits maturing no more than thirty (30) days from the date of creation thereof with
commercial banks or savings banks or savings and loan associations each having membership either in the FDIC or the deposits of
which are insured by the FDIC and in amounts not exceeding the maximum amounts of insurance thereunder; and

 

		(v)	other investments permitted by the Borrower’s investment policy as of the date hereof in
the form attached at Schedule 27 (Investment Policy);

 

		(c)	investments by the Borrower or any of its Subsidiaries in the form of Permitted Joint Venture Investments
or, with the prior written consent of the Lenders, Permitted Acquisitions;

 

		(d)	Hedging Agreements permitted pursuant to Clause 21.11 (Hedging Agreements) and any
Interest Rate Cap Agreement and investments in collateral accounts securing any Hedging Agreements and Interest Rate Cap Agreement;

 

		(e)	purchases of assets in the ordinary course of trading;

 

		(f)	investments in the form of loans and advances to employees in the ordinary course of trading, which,
in aggregate, do not exceed at any time US$500,000;

 

		(g)	intercompany Financial Indebtedness permitted pursuant to Clause 22.1(e) (Limitations on
Financial Indebtedness);

 

		(h)	loans to one (1) or more officers or other employees of the Borrower or its Subsidiaries in
connection with such officers’ or employees’ acquisition of Capital Stock of the Borrower in the ordinary course
of trading, consistent with the Borrower’s equity incentive plan, which, in aggregate, do not exceed at any time US$500,000;

 

		(i)	endorsement of cheques or bank drafts for deposit or collection in the ordinary course of trading;

 

		(j)	performance, surety and appeal bonds;

 

		(k)	investments consisting of non-cash consideration received by the Borrower or any of its Subsidiaries
from the sale of assets or Capital Stock of a Subsidiary as permitted by this Agreement; and

 

		(l)	investments in Globaltouch (West Africa) Limited provided that:

 

		(i)	the amount of such investment does not exceed US$5,000,000 including any such investment made prior
to the date of this Agreement;

 

		(ii)	the investment complies with paragraphs (b), (d) and (e) of the definition of Permitted Joint
Venture Investments; and

 

		(iii)	the Borrower shall deliver such information relating to the investment as the COFACE Agent may
reasonably request.

 

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		22.4	Limitations on Mergers and Liquidations

 

Not merge, consolidate or enter
into any similar combination with any other person or liquidate, wind-up or dissolve itself (or suffer any liquidation or dissolution)
except:

 

		(a)	any Wholly-Owned Subsidiary of the Borrower may be merged or consolidated with or into the Borrower
(provided that the Borrower shall be the continuing or surviving person) or with or into any Subsidiary Guarantor (provided
that the Subsidiary Guarantor shall be the continuing or surviving person);

 

		(b)	any Wholly-Owned Subsidiary may sell, lease, transfer or otherwise dispose of any or all of its
assets (upon voluntary liquidation or otherwise) to the Borrower or any other Wholly-Owned Subsidiary; (provided that if
the transferor in such a transaction is a Subsidiary Guarantor, then the transferee must either be the Borrower or a Subsidiary
Guarantor);

 

		(c)	any Wholly-Owned Subsidiary of the Borrower may merge with or into the person such Wholly-Owned
Subsidiary was formed to acquire in connection with a Permitted Acquisition; and

 

		(d)	any Subsidiary of the Borrower may wind-up into the Borrower or any Subsidiary Guarantor.

 

		22.5	Limitations on Asset Dispositions

 

Not make any Asset Disposition
(including, without limitation, the sale of any receivables and leasehold interests and any sale-leaseback or similar transaction)
except:

 

		(a)	the sale of inventory in the ordinary course of trading;

 

		(b)	the sale of obsolete, damaged, worn-out or surplus assets no longer needed in the business of the
Borrower or any of its Subsidiaries;

 

		(c)	any lease or sub-licence of spectrum subject to a Communications Licence provided that such
lease or sub-licence is on bona fide arms length terms at the time such agreement is entered into and does not have, and
could not reasonably expected to have, a Material Adverse Effect;

 

		(d)	the transfer of assets to the Borrower or any Subsidiary Guarantor pursuant to Clause 22.4
(Limitations on Mergers and Liquidations); and

 

		(e)	the sale or discount without recourse of accounts receivable arising in the ordinary course of
trading in connection with the compromise or collection thereof.

 

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		22.6	Limitations on Dividends and Distributions

 

Not (and shall procure that each
member of the Group shall not) pay or make any Shareholder Distribution without the prior written consent of all the Lenders (including
any repayment of the US$35,000,000 (or such higher amount to take into account accrued but unpaid interest) shareholder loan from
Thermo to the Borrower and all other amounts owing to Thermo under the Thermo Loan Agreement).

 

		22.7	Limitations on Exchange and Issuance of Capital Stock

 

Except as provided for in the
Borrower’s 2006 Equity Incentive Plan and the “Designated Executive Incentive Award Agreement”, not issue,
sell or otherwise dispose of any class or series of Capital Stock that, by its terms or by the terms of any security into which
it is convertible or exchangeable, is, or upon the happening of an event or passage of time would be:

 

		(a)	convertible or exchangeable into Financial Indebtedness; or

 

		(b)	required to be redeemed or repurchased prior to the date that is six (6) Months after the
Final Maturity Date, including at the option of the holder, in whole or in part, or has, or upon the happening of an event or passage
of time would have, a redemption or similar payment due.

 

		22.8	Transactions with Affiliates

 

Not directly or indirectly:

 

		(a)	make any loan or advance to, or purchase or assume any note or other obligation to or from, any
of its officers, directors, shareholders or other Affiliates, or to or from any member of the immediate family of any of its officers,
directors, shareholders or other Affiliates, or subcontract any operations to any of its Affiliates; or

 

		(b)	enter into, or be a party to, any other transaction not described in clause (a) above with
any of its Affiliates other than:

 

		(i)	transactions permitted by Clause 22.1 (Limitations on Financial Indebtedness), 22.3
(Limitations on Loans, Investments and Acquisitions), 22.4 (Limitations on Mergers and Liquidations) and 22.7 (Limitations
on Exchange and Issuance of Capital Stock);

 

		(ii)	transactions existing on the date of this Agreement and described in Schedule 20 (Transactions
With Affiliates);

 

		(iii)	normal compensation and reimbursement of reasonable expenses of officers and directors including
adoption of a restricted stock bonus or purchase plan;

 

		(iv)	other transactions in the ordinary course of trading on terms as favourable as would be obtained
by it on a comparable arms-length transaction with an independent, unrelated third party as determined in good faith by the board
of directors of the Borrower;

 

		(v)	subject to the provisions of Clause 22.14 (Employee Incentive Plans), the Borrower’s
incentive compensation plan described in Schedule 22 (Incentive Plan); and

 

		(vi)	transactions pursuant to the Finance Documents.

 

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		22.9	Certain Accounting Changes; Organisational Documents

 

		(a)	Not change its Fiscal Year end, or make any change in its accounting treatment and reporting practices
except as required by GAAP.

 

		(b)	Not amend, modify or change:

 

		(i)	its articles of incorporation (or corporate charter or other similar organizational documents);
or

 

		(ii)	its bylaws (or other similar documents),

 

in any such case, in any manner
adverse in any respect to the rights or interests of the Finance Parties.

 

		22.10	Amendments; Payments and Prepayments of Subordinated Indebtedness

 

		(a)	Not amend or modify (or permit the modification or amendment of) any of the terms or provisions
of any Subordinated Indebtedness without the consent of the COFACE Agent and the Lenders.

 

		(b)	Not cancel, forgive, make any payment or prepayment on, or redeem or acquire for value including,
without limitation:

 

		(i)	by way of depositing with any trustee with respect thereto money or securities before due for the
purpose of paving when due; and

 

		(ii)	at the maturity thereof any Subordinated Indebtedness, except refinancings, refundings, renewals,
extensions or exchange of any Subordinated Indebtedness permitted by Clause 22.1 (Limitations on Financial Indebtedness).

 

		22.11	Restrictive Agreements

 

Not enter into or permit to exist
any agreement which impairs or limits the ability of any Subsidiary of the Borrower to pay dividends to the Borrower.

 

		22.12	Nature of Business

 

Not alter in any material respect
the character or conduct of the business conducted by the Borrower and its Subsidiaries as of the date of this Agreement. Without
limiting the foregoing, the Borrower will not permit or cause any Licence Subsidiary to engage in any line of business or engage
in any other activity (including without limitation incurring liabilities) other than the ownership of one or more Communications
Licences; provided that, subject to any restrictions under Applicable Law with respect to Communications Licences, the Borrower
shall cause each of the Licence Subsidiaries to execute and deliver a Guarantee Agreement and each other Finance Document to which
such Licence Subsidiary is a party. In no event shall:

 

		(a)	any Licence Subsidiary own any assets other than one (1) or more Communications Licences (and
assets reasonably related thereto to the extent necessary to comply with all Applicable Law); and

 

		(b)	neither the Borrower nor any Subsidiary other than a Licence Subsidiary shall hold any Communications
Licence issued by the FCC or the ANFR.

 

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		22.13	Impairment of Liens

 

Not take or omit to take any
action, which might or would have the result of materially impairing the security interests created in favour of the COFACE Agent
with respect to the Collateral or grant to any person (other than the COFACE Agent for the benefit of itself and the Lenders pursuant
to the Security Documents) any interest whatsoever in the Collateral, except for Financial Indebtedness permitted under Clause 22.1
(Limitations on Financial Indebtedness), Permitted Liens and Asset Dispositions permitted under Clause 22.5 (Limitations
on Asset Dispositions).

 

		22.14	Employee Incentive Plans

 

Not (and shall procure that each
member of the Group shall not) make any payment in cash under any employee incentive plan unless approved in writing by the COFACE
Agent.

 

		22.15	No Hedging

 

		(a)	Other than in accordance with Clause 21.11 (Hedging Agreements) or by way of the Interest
Rate Cap Agreements, the Borrower shall not, without the consent of the COFACE Agent, enter into any Hedging Agreement.

 

		(b)	Hedging Agreements shall not be entered into with any parties other than the Original Lenders.

 

		22.16	Commercial Contracts

 

		(a)	Not amend or grant any waiver:

 

		(i)	in respect of any provision of any Commercial Contract relating to the first twenty four (24) Satellites,
if such amendment or waiver would or could reasonably be expected to adversely affect the Lenders; and

 

		(ii)	in respect of any other provision of any Commercial Contract not referred to in paragraph (a)(i)
above, if such amendment or waiver would or could reasonably be expected to have a Material Adverse Effect.

 

		(b)	Not exercise the option to order from the Supplier up to eighteen (18) additional recurring Spacecraft
(as such term is defined in the Satellite Construction Contract) pursuant to Article 29(B) (Options) of the Satellite
Construction Contract without the prior written consent of the COFACE Agent.

 

		22.17	No Amendments to Convertible Notes or Purchase Agreement

 

		(a)	Not amend, vary, modify, waive any provision of or agree to the amendment, variation, waiver or
modification of any documents relating to any of the Convertible Notes or the Purchase Agreement, in each case, without the prior
written consent of all the Lenders, save for any amendment in respect of the extension of the redemption date in respect of any
of the Convertible Notes.

 

		(b)	Not terminate (pursuant to a breach or default), or permit any termination of, such documents referred
to in paragraph (a) above, in each case without the prior written consent of all the Lenders.

 

		22.18	No Amendments to Key Agreements

 

Not amend, vary, modify, waive
any provision of or agree to the amendment, variation, waiver or modification of any Key Agreement unless such action:

 

		(a)	is required by Applicable Law;

 

		(b)	has not, or could not reasonably be expected to have, a material adverse effect on the ability
of the Borrower or relevant counterparty to such Key Agreement to perform its obligations under such Key Agreement or to comply
with its obligations under the Finance Documents; or

 

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		(c)	is permitted by the Finance Documents.

 

		23.	Events of Default

 

Each of the events or circumstances
set out in Clause 23 (Events of Default) is an Event of Default.

 

		23.1	Non-Payment

 

An Obligor does not pay on the
due date any amount payable pursuant to a Finance Document at the place and in the currency in which it is expressed to be payable
unless:

 

		(a)	its failure to pay is caused by:

 

		(i)	administrative or technical error; or

 

		(ii)	a Disruption Event; and

 

		(b)	payment is made within:

 

		(i)	in the case of paragraph (a)(i) above:

 

		(A)	in the case of payments of principal and interest, within two (2) Business Days of its due
date; or

 

		(B)	in the case of any other payment, within four (4) Business Days of its due date; and

 

		(ii)	in the case of paragraph (a)(ii) above:

 

		(A)	in the case of payments of principal and interest, within three (3) Business Days of the cessation
(or reasonable avoidance) of such Disruption Event; or

 

		(B)	in the case of any other payment, within five (5) Business Days of the cessation (or reasonable
avoidance) of such Disruption Event.

 

		23.2	Financial Covenants

 

		(a)	Any requirement of Clause 20 (Financial Covenants) is not satisfied.

 

		(b)	No Event of Default under paragraph (a) above will occur if the failure to comply is capable
of remedy and is remedied within thirty (30) days of the earlier of the COFACE Agent giving notice to the Borrower or the
Borrower becoming aware of the failure to comply.

 

		(c)	No Event of Default under paragraph (a) above will occur if no later than the date that is
thirty (30) days after the earlier of the COFACE Agent giving notice to the Borrower or the Borrower becoming aware of, in
each case, the breach of the relevant covenant, the Borrower has received an Equity Cure Contribution (a “Relevant Contribution”)
and the Borrower satisfies the relevant covenant recalculated to take into account all or part of such Relevant Contribution, provided
that, any such Equity Cure Contribution shall be in a minimum amount of US$10,000,000 and the Borrower may not cure a breach
of a relevant covenant as contemplated under this paragraph (c) where such breach is determined on any date falling after
30 June 2017 (unless for a period ending on 30 June 2017).

 

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		23.3	Other Obligations

 

		(a)	An Obligor does not comply with any provision of the Finance Documents (other than those referred
to in Clause 23.1 (Non-Payment), Clause 23.2 (Financial Covenants), Clause 21.22 (Second Generation
Ground Station), Clause 21.19 (Equity Commitments), Clause 23.23 (Convertible Notes), Clause 23.24
(Termination of Trading) and Clause 23.25 (Purchase Notice)).

 

		(b)	The Borrower does not comply with Clause 21.22 (Second Generation Ground Station), Clause
21.19 (Equity Commitments), Clause 23.23 (Convertible Notes), Clause 23.24 (Termination of Trading)
or Clause 23.25 (Purchase Notice).

 

		(c)	No Event of Default under paragraph (a) above will occur if the failure to comply is capable
of remedy and is remedied within ten (10) Business Days of the earlier of:

 

		(i)	the COFACE Agent giving notice to the Borrower; or

 

		(ii)	the Borrower becoming aware of the failure to comply.

 

		23.4	Misrepresentation

 

Any representation or statement
made by an Obligor in the Finance Documents or any other document delivered by or on behalf of an Obligor under or in connection
with any Finance Document is or proves to have been incorrect or misleading when made or deemed to be made and, if capable of remedy,
is not remedied within twenty (20) Business Days of the COFACE Agent giving notice to the Borrower or an Obligor becoming
aware of such misrepresentation.

 

		23.5	Cross Default

 

		(a)	Any Financial Indebtedness of any Material Subsidiary is not paid when due nor within any originally
applicable grace period.

 

		(b)	Any Financial Indebtedness of any Material Subsidiary is declared to be or otherwise becomes due
and payable prior to its specified maturity as a result of an event of default (however described).

 

		(c)	Any commitment for any Financial Indebtedness of any Material Subsidiary is cancelled or suspended
by a creditor of any Material Subsidiary as a result of an event of default (however described).

 

		(d)	Any creditor of any Material Subsidiary becomes entitled to declare any Financial Indebtedness
of any Material Subsidiary due and payable prior to its specified maturity as a result of an event of default (however described).

 

		(e)	No Event of Default will occur under this Clause 23.5 if the aggregate amount of Financial
Indebtedness or commitment for Financial Indebtedness falling within paragraphs (a) to (d) above is less than US$5,000,000
(or its equivalent in any other currency or currencies).

 

		23.6	Insolvency

 

Any Material Subsidiary shall:

 

		(a)	commence a voluntary case (or analogous motion) under the federal bankruptcy laws or under other
laws, domestic or foreign, relating to bankruptcy, insolvency, reorganisation, winding-up or adjustment of debts or analogous proceedings;

 

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		(b)	file a petition (or analogous motion) seeking to take advantage of any other laws, domestic or
foreign, relating to bankruptcy, insolvency, reorganisation, winding-up, composition for adjustment of debts or analogous proceedings;

 

		(c)	consent to or fail to contest in a timely and appropriate manner any petition filed against it
in an involuntary case under such bankruptcy laws or other laws;

 

		(d)	apply for or consent to, or fail to contest in a timely and appropriate manner, the appointment
of, or the taking of possession by, a receiver, custodian, trustee or liquidator of itself or of a substantial part of its property,
domestic or foreign;

 

		(e)	admit in writing its inability to pay its debts as they become due;

 

		(f)	make a general assignment for the benefit of creditors;

 

		(g)	take any corporate action for the purpose of authorising any of the foregoing; or

 

		(h)	suspend or threaten to suspend making payment on any of its debts or by reason of actual or anticipated
financial difficulties commences negotiations with one (1) or more of its creditors with a view to rescheduling any of its
indebtedness (other than the Finance Parties in connection with this Agreement).

 

		23.7	Insolvency Proceedings

 

A case or other proceeding shall
be commenced against a Material Subsidiary in any court of competent jurisdiction and such case or proceeding shall continue without
dismissal or stay for a period of sixty (60) consecutive days, seeking:

 

		(a)	relief under the federal bankruptcy laws or under other laws, domestic or foreign, relating to
bankruptcy, insolvency, reorganisation, winding-up or adjustment of debts or analogous proceedings; or

 

		(b)	the appointment of a trustee, receiver, custodian, liquidator or the like for a Material Subsidiary
or for all or any substantial part of their respective assets, domestic or foreign, or an order granting the relief requested in
such case or proceeding (including, but not limited to, an order for relief under such federal bankruptcy laws or under other laws,
domestic or foreign, relating to bankruptcy, insolvency, reorganisation, winding-up or adjustment of debts or analogous proceedings)
shall be entered.

 

		23.8	Creditors’ Process

 

Any attachment, sequestration,
distress or execution or any analogous process in any jurisdiction affects any asset or assets of a Material Subsidiary having
an aggregate value of US$1,000,000 and is not discharged within twenty (20) Business Days or such longer period of time if
such Material Subsidiary is contesting such process in good faith provided that, such process:

 

		(a)	is in any event discharged within one hundred and eighty (180) days; and

 

		(b)	does not have or could not reasonably be likely to have a Material Adverse Effect.

 

		23.9	Unlawfulness and Invalidity

 

		(a)	It is or becomes unlawful for an Obligor, or any other member of the Group or the Thermo Group
party to an Acceptable Intercreditor Agreement, to perform any of its obligations under the Transaction Documents or any Acceptable Intercreditor
Agreement to which it is a party or any Lien created or expressed to be created or evidenced by a Security Document ceases to be
effective or any subordination under any Acceptable Intercreditor Agreement is or becomes unlawful.

 

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		(b)	Any obligation or obligations of any Obligor under any Finance Document, or any other member of
the Group or the Thermo Group under an Acceptable Intercreditor Agreement, are not or cease to be legal, valid, binding or
enforceable and the cessation individually or cumulatively materially and adversely affects the interests of the Lenders under
the Finance Documents or Acceptable Intercreditor Agreement.

 

		(c)	Any Transaction Document is terminated or ceases to be in full force and effect or any Lien or
subordination created under a Security Document or an Acceptable Intercreditor Agreement ceases to be legal, valid, binding,
enforceable or effective or is alleged by a party to it (other than a Finance Party) to be ineffective.

 

		(d)	No Event of Default under paragraphs (b) and (c) above will occur in respect of a Finance
Document (other than this Agreement and an Acceptable Intercreditor Agreement) if the failure to comply is capable of remedy
and is remedied within three (3) Business Days of the COFACE Agent giving notice to the Borrower or the Borrower becoming
aware of the failure to comply.

 

		23.10	Material Adverse Change

 

Any event or circumstance occurs
which the Majority Lenders reasonably believe has or is reasonably likely to have a Material Adverse Effect provided that,
no Event of Default shall occur under this Clause 23.10 if such event or circumstance is capable of being remedied and is
remedied to the satisfaction of the COFACE Agent within thirty (30) days of the COFACE Agent giving notice to the Borrower
or the Borrower the becoming aware of the occurrence of such event or circumstance.

 

		23.11	Repudiation and Rescission of Agreements

 

An Obligor (or any other relevant
party) rescinds or purports to rescind or repudiates or purports to repudiate a Transaction Document or evidences an intention
to rescind or repudiate a Transaction Document, which has or is likely to have a Material Adverse Effect.

 

		23.12	Expropriation

 

The authority or ability of a
Material Subsidiary to conduct its business is limited or wholly or substantially curtailed by any seizure, expropriation, nationalisation,
intervention, restriction or other action by or on behalf of any governmental, regulatory or other authority or other person in
relation to any Material Subsidiary or any of its assets.

 

		23.13	Litigation

 

		(a)	Any litigation, arbitration, administrative, governmental, regulatory or other investigations,
proceedings or disputes are commenced, threatened or continued against any Material Subsidiary or its assets which has or is reasonably
likely to have a Material Adverse Effect unless such action is frivolous or vexatious.

 

		(b)	Any material contingent liability known to the Borrower and related to any litigation, arbitration,
administrative, governmental, regulatory or other investigations, proceedings or disputes exists (a “Relevant Liability”)
and:

 

		(i)	the Relevant Liability is reduced to final judgment or settlement and declared to be payable by
the Borrower; and

 

		(ii)	the payment of such Relevant Liability:

 

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		(A)	is not contemplated in the then current Agreed Business Plan (other than any Permitted Supplier
Indebtedness that is Permitted Vendor Indebtedness or amounts that might become due and that are approved by the COFACE Agent (acting
on the instructions of the Majority Lenders)); and

 

		(B)	would result in a material adverse change to the cash flows of the Borrower, save where appropriate
reserves have been allocated to the Relevant Liability.

 

		23.14	Audit Qualification

 

The auditors of the Group qualify
the audited annual consolidated financial statements of the Group in respect of the calendar year ending 31 December 2013
and all subsequent audited annual consolidated financial statements, to an extent that has or could reasonably be expected to have
a Material Adverse Effect.

 

		23.15	ERISA Termination Event

 

The occurrence of any of the
following events:

 

		(a)	any Obligor or any ERISA Affiliate fails to make full payment when due of all amounts which, under
the provisions of any Pension Plan or Multiemployer Plan or Section 412 of the Code, or Section 302 of ERISA, such Obligor
or ERISA Affiliate is required to pay as contributions thereto;

 

		(b)	the Borrower or any ERISA Affiliate as an employer under one (1) or more Multiemployer Plans
makes a complete or partial withdrawal from any such Multiemployer Plan and the plan sponsor of such Multiemployer Plan notifies
such withdrawing employer that such employer has incurred a withdrawal liability requiring payments in an amount exceeding US$2,500,000;
or

 

		(c)	   

  

		(i)	any ERISA Termination Event;

 

		(ii)	any Unfunded Pension Liability (taking into account only Pension Plans with positive Unfunded Pension
Liabilities); or

 

		(iii)	any potential withdrawal liability under Section 4201 of ERISA, if any Obligor or ERISA Affiliate
were to withdraw completely from any and all Multiemployer Plans,

 

and the events described in paragraphs 
(c)(i), (ii) and (iii), either individually or in the aggregate, have resulted, or would be reasonably expected to result, in a
material liability of any Obligor or any ERISA Affiliate.

 

		23.16	Environmental

 

Any one (1) or more Environmental
Claims shall have been asserted against the Borrower or any of its Subsidiaries; the Borrower or any of its Subsidiaries would
be reasonably likely to incur liability as a result thereof; and such liability would be reasonably likely, individually or in
the aggregate, to have a Material Adverse Effect.

 

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		23.17	Failure to Bring Satellites in Service

 

The Borrower has failed to achieve
Final In-Orbit Acceptance by 15 October 2013.

 

		23.18	Debt Service Reserve Account

 

At any time
the Debt Service Reserve Account is not fully funded with the DSRA Required Balance within five (5) Business Days of
any drawdown of such Project Account.

 

		23.19	[Intentionally omitted]

 

		23.20	COFACE Insurance Policy

 

The credit insurance cover under
the COFACE Insurance Policy extended by COFACE in favour of the Lenders in respect of each Facility ceases to be in full force
and effect for a reason attributable to the Borrower.

 

		23.21	Breach of Subordination Arrangements

 

		(a)	The Borrower breaches or repudiates any document relating to any notes issued by the Borrower (including
the Convertible Notes), including, but not limited to, any subordination arrangements relating to such notes.

 

		(b)	Any enforcement action is taken by any noteholder in violation of any subordination arrangement
relating to any of the Convertible Notes (but excluding any action in which the Borrower diligently defends itself, each
Finance Party and the subordination arrangement (as applicable) and which is dismissed within sixty (60) days or such longer period
as the COFACE Agent may agree) or any noteholder obtains an adverse judgment by a court of relevant jurisdiction (whether or not
subject to appeal) that has not been stayed as to the invalidity, unenforceability or other ineffectiveness of any subordination
arrangement in respect of any of the Convertible Notes.

 

		(c)	Any third party providing funds to the Group pursuant to an Equity Commitment breaches or repudiates
any subordination agreement entered into by such third party.

 

		23.22	Equity Commitments

 

		(a)	Any member of the Thermo Group (or any relevant third party) fails to make available to the Borrower
the Equity Commitments when required at the times and in the manner contemplated by the Global Deed of Amendment and Restatement
or the Thermo Group Undertaking Letter (as the case may be).

 

		(b)	Any member of the Thermo Group (or any relevant third party) terminates, breaches or repudiates
any document evidencing any Equity Commitment, provided that no Event of Default shall occur under this paragraph (b):

 

		(i)	in relation to any breach by a third party in circumstances where a member of the Thermo Group
assumes such third party’s obligations under such document within twenty (20) days and on no more onerous terms for the Borrower;
or

 

		(ii)	once the Equity Commitment has been fulfilled.

 

		23.23	Convertible Notes

 

		(a)	Other than as provided in paragraph (f) below, the Borrower or any Subsidiary makes a payment to
or for the benefit of any holder of any of the Convertible Notes in cash (rather than equity) or the Borrower exercises the call
right in respect of the 8% New Notes exercisable in December 2013 or in 2017, in each case, without the prior written consent of
the Majority Lenders.

 

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		(b)	Any Subsidiary enters into or delivers to the holders of the 8% New Notes a guarantee in a manner
or in circumstances inconsistent with the provisions of Clause 22.1(1) (Limitations on Financial Indebtedness).

 

		(c)	Any of the 8% Old Notes or the 5% Notes are redeemed (in whole or in part) prior to the Final Discharge
Date. For the avoidance of doubt, non-payment of the 8% Old Notes or the 5% Notes at maturity shall not constitute an Event of
Default for the purposes of Clause 23.5 (Cross Default).

 

		(d)	James Monroe III, Thermo, the Borrower, any Subsidiary Guarantor or any of their respective Affiliates
(directly, indirectly or beneficially) exercises any put option with respect to the 8% New Notes.

 

		(e)	Other than as provided in paragraph (f) below, any put option is exercised by the relevant noteholders
under the 8% New Notes, the 8% Old Notes or the 5% Notes as a result of the occurrence of a “Fundamental Change”
(as such term is defined in the Fourth Supplemental Indenture).

 

		(f)	For the avoidance of doubt, paragraphs (a) and (e) do not relate to the put options in respect
of the 8% New Notes which may be exercised in April 2018 or April 2023.

 

		23.24	Termination of Trading

 

			The occurrence of any “Termination of Trading” (as such term is defined in the
Fourth Supplemental Indenture).

 

		23.25	Purchase Notice

 

			Any Purchase Notice is delivered by James Monroe III, Thermo, any Subsidiary Guarantor or any of
their respective Affiliates pursuant to the terms of the Fourth Supplemental Indenture without any waiver of this provision from
the Majority Lenders.

 

		23.26	Certification

 

			Any certification by an Obligor under, or as required by, any of the Finance Documents is incorrect
in any material respect when delivered.

 

		24.	Remedies Upon an Event of Default

 

		24.1	Acceleration by Notice

 

On and at any time after the
occurrence of an Event of Default (other than an Event of Default as set out in Clauses 23.6(a), (b), (c), (d), (f) and (g) (Insolvency)
and 23.7(a) (Insolvency Proceedings)) which is continuing, the COFACE Agent may, and it shall if so directed by the Majority
Lenders, by notice to the Borrower:

 

		(a)	cancel the Total Commitments whereupon they shall immediately be cancelled and no further Utilisations
shall be requested or made under a Facility; and/or

 

		(b)	declare that all or part of the Loans, together with accrued interest, and all other amounts accrued
or outstanding under the Finance Documents be immediately due and payable, whereupon the same shall become immediately due and
payable; and/or

 

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		(c)	declare that all or part of the Loans are payable on demand, whereupon they shall become immediately
due and payable; and/or

 

		(d)	exercise or direct the Security Agent to exercise any or all of its rights, remedies, powers or
discretions under the Finance Documents; and/or

 

		(e)	exercise all other contractual and legal rights of the Finance Parties in respect of any Liens;
and/or

 

		(f)	take any other action and pursue any other remedies available under Applicable Law or under the
Finance Documents.

 

		24.2	Automatic Acceleration

 

Following the occurrence of
an Event of Default as set out in Clauses 23.6(a), (b), (c), (d), (f) and (g) (Insolvency), 23.7(a) (Insolvency Proceedings)
or upon the occurrence of a Change of Control, the obligations of the Borrower shall be automatically accelerated without any requirement
for notice from the Finance Parties whereupon:

 

		(a)	the Total Commitments shall be immediately cancelled and no further Utilisations shall be requested
or made under a Facility;

 

		(b)	the Loans, together with accrued interest and all other amounts accrued and outstanding under the
Finance Documents (including the COFACE Additional Insurance Premium and the Restructuring Fee) shall become immediately due and
payable;

 

		(c)	the Security Agent shall be entitled to exercise any or all of its right, remedies, powers or discretions
under the Finance Documents;

 

		(d)	the Finance Parties shall be entitled to exercise all other contractual and legal rights of the
Finance Parties in respect of any Liens; and

 

		(e)	the Finance Parties shall be entitled to take any other actions and pursue any other remedies available
under Applicable Law or under the Finance Documents.

 

		25.	Security

 

Unless expressly provided to
the contrary, the Security Agent holds any security created by a Security Document for the Finance Parties on the terms set out
in Schedule 6 (The Security Agent).

 

		26.	Changes to the Lenders

 

		26.1	Assignments and Transfers by the Lenders

 

Subject to this Clause 26
(Changes to the Lenders), a Lender (the “Existing Lender”) shall be entitled to assign any of its rights
or transfer any of its rights and obligations under the Finance Documents to any person (the “New Lender”) with
the prior written consent of:

 

		(a)	the Borrower (such consent not to be unreasonably withheld
or delayed in excess of five (5) Business Days commencing on the day upon which the Existing Lender requests such consent, after
which such consent shall be deemed to have been given); provided that, no such consent is required for an assignment or
transfer:

 

		(i)	required by any Applicable Law;

 

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		(ii)	to a Qualifying Lender or to an existing Lender (or any of its Affiliates);

 

		(iii)	to an Affiliate or other group member of that Lender;

 

		(iv)	to a trust, a special purpose securitisation vehicle or any other entity as part of a securitisation
or covered bond transaction;

 

		(v)	to a fund, financial institution or insurance company which is regularly engaged in or established
for the purpose of making, purchasing or investing in loans, securities or other financial assets;

 

		(vi)	while a Default is continuing; or

 

		(vii)	to COFACE; and

 

		(b)	COFACE.

 

		26.2	Conditions of Assignment or Transfer

 

		(a)	The consent of the Borrower to an assignment must not be withheld solely because the assignment
or transfer may result in an increase to the Mandatory Cost.

 

		(b)	An assignment will only be effective on:

 

		(i)	receipt by the COFACE Agent (whether in the Assignment Agreement or otherwise) of written confirmation
from the New Lender (in form and substance satisfactory to the COFACE Agent) that the New Lender will assume the same obligations
to the other Finance Parties as it would have been under if it was an Original Lender;

 

		(ii)	performance by the COFACE Agent of all necessary “know your customer” or other
similar checks under all applicable laws and regulations in relation to such assignment to a New Lender, the completion of which
the COFACE Agent shall promptly notify to the Existing Lender and the New Lender; and

 

		(iii)	when the COFACE Agent updates the Register (as defined in Clause 26.8 (Register) below)
in accordance with the provisions of Clause 26.8 (Register) below.

 

		(c)	A transfer will only be effective if the procedure set out in Clause 26.5 (Procedure for
Transfer or Assignment) is complied with.

 

		(d)	If:

 

		(i)	a Lender assigns or transfers any of its rights or obligations under the Finance Documents or changes
its Facility Office; and

 

		(ii)	as a result of circumstances existing at the date the assignment, transfer or change occurs, an
Obligor would be obliged to make a payment to the New Lender or Lender acting through its new Facility Office under Clause 13
(Tax gross-up and Indemnities) or Clause 14 (Increased Costs),

 

then the New Lender or Lender
acting through its new Facility Office is only entitled to receive payment under those Clauses to the same extent as the Existing
Lender or Lender acting through its previous Facility Office would have been if the assignment, transfer or change had not occurred.

 

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		(e)	Each New Lender, by executing the relevant Transfer Certificate or Assignment Agreement, confirms,
for the avoidance of doubt, that the COFACE Agent has authority to execute on its behalf any amendment or waiver that has been
approved by or on behalf of the requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which
the transfer or assignment becomes effective in accordance with this Agreement and that it is bound by that decision to the same
extent as the Existing Lender would have been had it remained a Lender.

 

		26.3	Assignment or Transfer Fee

 

The New Lender shall, on the
date upon which an assignment or transfer takes effect, pay to the COFACE Agent (for its own account) a fee of US$2,000.

 

		26.4	Limitation of Responsibility of Existing Lenders

 

		(a)	Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty
and assumes no responsibility to a New Lender for:

 

		(i)	the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents or any
other documents;

 

		(ii)	the financial condition of the Borrower or the status of the Project;

 

		(iii)	the performance and observance by the Borrower of its obligations under the Finance Documents or
any other documents; or

 

		(iv)	the accuracy of any statements (whether written or oral) made in or in connection with any Finance
Document or any other document,

 

and any representations or warranties
implied by law are excluded.

 

		(b)	Each New Lender confirms to the Existing Lender and the other Finance Parties that it:

 

		(i)	has made (and shall continue to make) its own independent investigation and assessment of the financial
condition and affairs of each Obligor and its related entities in connection with its participation in this Agreement and has not
relied exclusively on any information provided to it by the Existing Lender in connection with any Finance Document; and

 

		(ii)	will continue to make its own independent appraisal of the creditworthiness of each Obligor and
its related entities whilst any amount is or may be outstanding under the Finance Documents or any Commitment is in force.

 

		(c)	Nothing in any Finance Document obliges an Existing Lender to:

 

		(i)	accept a re-transfer or reassignment from a New Lender of any of the rights and obligations assigned
or transferred under this Clause 26; or

 

		(ii)	support any losses directly or indirectly incurred by the New Lender by reason of the non-performance
by any Obligor of its obligations under the Finance Documents or otherwise.

 

		26.5	Procedure for Transfer or Assignment

 

		(a)	In respect of any transfer:

 

		(i)	subject to the conditions set out in Clause 26.2 (Conditions of Assignment or Transfer)
a transfer is effected in accordance with paragraph (iii) below when the COFACE Agent executes an otherwise duly completed
Transfer Certificate delivered to it by the Existing Lender and the New Lender and updates the Register (as defined in Clause 26.8
(Register) below) in accordance with the provisions of Clause 26.8 (Register) below. The COFACE Agent shall,
subject to paragraph (ii) below, as soon as reasonably practicable after receipt by it of a duly completed Transfer Certificate
appearing on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement,
execute that Transfer Certificate

 

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		(ii)	The COFACE Agent shall only be obliged to execute a Transfer Certificate delivered to it by the
Existing Lender and the New Lender once it is satisfied it has complied with all necessary “know your customer”
or other similar checks under all applicable laws and regulations in relation to the transfer to such New Lender.

 

		(iii)	On the Transfer Date:

 

		(A)	to the extent that in the Transfer Certificate the Existing Lender seeks to transfer by novation
its rights and obligations under the Finance Documents each of the Obligors and the Existing Lender shall be released from further
obligations towards one another under the Finance Documents and their respective rights against one another under the Finance Documents
shall be cancelled (being the “Discharged Rights and Obligations”);

 

		(B)	the Borrower and the New Lender shall assume obligations towards one another and/or acquire rights
against one another which differ from the Discharged Rights and Obligations only insofar as that Obligor and the New Lender have
assumed and/or acquired the same in place of that Obligor and the Existing Lender;

 

		(C)	the COFACE Agent, the Security Agent, each Mandated Lead Arranger, the New Lender and other Lenders
shall acquire the same rights and assume the same obligations between themselves as they would have acquired and assumed had the
New Lender been an Original Lender with the rights and/or obligations acquired or assumed by it as a result of the transfer and
to that extent the COFACE Agent, each Mandated Lead Arranger, the Security Agent and the Existing Lender shall each be released
from further obligations to each other under the Finance Documents; and

 

		(D)	the New Lender shall become a Party as a “Lender”.

 

		(iv)	For the avoidance of doubt, for the purposes of article 1278 of the French Civil Code
and only in relation to the Borrower Pledge of Bank Accounts, the Borrower Additional Pledge of Bank Accounts and the Holding Account
Pledge Agreement it is expressly agreed that the Pledge of Bank Accounts shall be preserved for the benefit of the New Lender and
all other Finance Parties.

 

		(b)	In respect of any assignment:

 

		(i)	subject to the conditions set out in Clause  26.2 (Conditions of Assignment or Transfer)
an assignment may be effected in accordance with paragraph (iii) below when the COFACE Agent executes an otherwise duly completed
Assignment Agreement delivered to it by the Existing Lender and the New Lender. The COFACE Agent shall, subject to paragraph (ii)
below, as soon as reasonably practicable after receipt by it of a duly completed Assignment Agreement appearing on its face to
comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Assignment Agreement.

 

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		(ii)	The COFACE Agent shall only be obliged to execute an Assignment Agreement delivered to it by the
Existing Lender and the New Lender once it is satisfied it has complied with all necessary "know your customer"
or other similar checks under all applicable laws and regulations in relation to the assignment to such New Lender.

 

		(iii)	On the Transfer Date:

 

		(A)	the Existing Lender will assign absolutely to the New Lender the rights under the Finance Documents
expressed to be the subject of the assignment in the Assignment Agreement;

 

		(B)	the Existing Lender will be released by each Obligor and the other Finance Parties from the obligations
owed by it (the “Relevant Obligations”) and expressed to be the subject of the release in the Assignment Agreement;
and

 

		(C)	the New Lender shall become a Party as a “Lender” and will be bound by obligations
equivalent to the Relevant Obligations.

 

		(iv)	Lenders may utilise procedures other than those set out in this Clause 26.5 (Procedure for Transfer
or Assignment) to assign their rights under the Finance Documents (but not, without the consent of the relevant Obligor or
unless in accordance with this Clause 26.5 (Procedure for transfer), to obtain a release by that Obligor from the obligations
owed to that Obligor by the Lenders nor the assumption of equivalent obligations by a New Lender) provided that they comply
with the conditions set out in Clause 26.2 (Conditions of assignment or transfer).

 

		26.6	Copy of Transfer Certificate or Assignment Agreement to Borrower

 

The COFACE Agent shall, as soon
as reasonably practicable after it has executed a Transfer Certificate or an Assignment Agreement, send to the Borrower a copy
of that Transfer Certificate or Assignment Agreement.

 

		26.7	Disclosure of Information

 

Any Lender may disclose to any
of its Affiliates and any other person:

 

		(a)	to (or through) whom that Lender assigns or transfers (or may potentially assign or transfer) all
or any of its rights and obligations under this Agreement;

 

		(b)	with (or through) whom that Lender enters into (or may potentially enter into) any sub-participation
in relation to, or any other transaction under which payments are to be made by reference to, this Agreement or any Obligor; or

 

		(c)	to whom, and to the extent that, information is required to be disclosed by any applicable law
or regulation,

 

any information about the Borrower,
the Thermo Group, the Group and the Finance Documents as that Lender shall consider appropriate if, in relation to paragraphs (a)
and (b) above, the person to whom the information is to be given has entered into a Confidentiality Undertaking.

 

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		26.8	Register

 

		(a)	The Borrower hereby designates the COFACE Agent, and the COFACE Agent agrees, to serve as the Borrower’s
agent, solely for purposes of this Clause 26.8, to maintain a register (the “Register”) on which it will
record the Commitments from time to time of each of the Lenders and each repayment in respect of the principal amount of the Loans
of each Lender.

 

		(b)	Failure to make any such recordation, or any error in such recordation shall not affect the Borrower’s
obligations in respect of such Loans.

 

		(c)	With respect to any Lender, the transfer or assignment of the Commitments of such Lender and the
rights to the principal of, and interest on, any Loan made pursuant to such Commitments shall not be effective until:

 

		(i)	the Transfer Certificate has been executed by the COFACE Agent; and

 

		(ii)	such transfer is recorded on the Register maintained by the COFACE Agent with respect to ownership
of such Commitments and Loans. Prior to such recordation all amounts owing to the transferor with respect to such Commitments and
Loans shall remain owing to the transferor.

 

		(d)	The registration of an assignment or transfer of all or part of any Commitments and Loans shall
be recorded by the COFACE Agent on the Register only upon the acceptance by the COFACE Agent of a properly executed and delivered
Transfer Certificate pursuant to this Clause 26.8.

 

		(e)	The Borrower agrees to indemnify the COFACE Agent from and against any and all losses, claims,
damages and liabilities of whatsoever nature which may be imposed upon, asserted against or incurred by the COFACE Agent in performing
its duties under this Clause 26.8 except to the extent resulting from the gross negligence or wilful misconduct of the COFACE
Agent (as determined by a court of competent jurisdiction in a final and non-appealable decision).

 

		26.9	Liens over Lenders’ rights

 

		(a)	In addition to the other rights provided to Lenders under this Clause 26 (Changes to the
Lenders), each Lender may without consulting with or obtaining consent from the Borrower or the other Lenders, at any time
charge, assign or otherwise create a Lien in or over (whether by way of collateral or otherwise) all or any of its rights under
any Finance Document to secure obligations of that Lender including, without limitation:

 

		(i)	any charge, assignment or other Lien (including pursuant to Article L 211-38 et seq. of the French
monetary and financial code and pursuant to the European Financial Collateral Directive) to secure obligations to a federal reserve
or central bank, or to an Affiliate of a Lender or a special purpose vehicle or any entity set up in connection with a dedicated
refinancing scheme for buyer credits in the country of any Lender or in connection with covered bonds programs or to a fund, financial
institution or insurance company providing funds dedicated to export credits; and

 

		(ii)	in the case of any Lender which is a fund, any charge, assignment or other Lien granted to any
holders (or trustee or representatives of holders) of obligations owed, or securities issued, by that Lender as security for those
obligations or securities,

 

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except that no such charge, assignment
or Lien shall:

 

		(A)	release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary
of the relevant charge, assignment or Lien for the Lender as a party to any of the Finance Documents; or

 

		(B)	require any payments to be made by the Borrower or grant to any person any more extensive rights
than those required to be made or granted to the relevant Lender under the Finance Documents; provided that, this sub-clause
(ii) would not be applicable to any Borrower’s grossing-up obligation arising whenever an Affiliate of a Lender which would
be a “société de crédit foncier” would become a Lender further to the implementation of
a security interest granted in or over all or any rights of such Lender under any Finance Document in favour of such Affiliate.

 

		(b)	The Borrower undertakes to comply with all necessary formalities, if any, and take all necessary
steps in order for the assignment, charge or Lien over the relevant Lender’s rights to be created

 

		27.	Changes to the Borrower

 

The Borrower may not assign any
of its rights or transfer any of its rights or obligations under the Finance Documents.

 

		28.	Role of the COFACE Agent, the Security Agent and the Mandated Lead Arrangers

 

		28.1	Appointment of the COFACE Agent and the Security Agent

 

		(a)	Each other Finance Party (other than the Security Agent) appoints the COFACE Agent to act as its
agent under and in connection with the Finance Documents.

 

		(b)	Each other Finance Party (other than the COFACE Agent) appoints the Security Agent to act as its
security agent and security trustee under and in connection with the Finance Documents.

 

		(c)	Each other Finance Party authorises the COFACE Agent and the Security Agent to exercise the rights,
powers, authorities and discretions specifically given to the COFACE Agent and the Security Agent under or in connection with the
Finance Documents together with any other incidental rights, powers, authorities and discretions.

 

		(d)	Each other Finance Party (other than the COFACE Agent) appoints the Security Agent to enforce any
Security expressed to be created under the Security Documents as agent (or as otherwise provided) on its behalf, subject always
to the terms of the Finance Documents.

 

		28.2	Appointment of the Security Agent (France)

 

		(a)	Each Finance Party (other than the Security Agent) as “mandants” under French
law irrevocably:

 

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		(i)	appoints the Security Agent to act as its agent (“mandataire” under French law)
under and in connection with the Borrower Pledge of Bank Accounts, the Borrower Additional Pledge of Bank Accounts, each Delegation
Agreement, the Holding Account Pledge Agreement and any other Security Document governed by French law (the “French Security
Documents”); and

 

		(ii)	authorises the Security Agent to execute for and on its behalf the French Security Documents and
to perform the duties and to exercise the rights, powers and discretions that are specifically delegated to it under or in connection
with the French Security Documents, together with any other rights, powers and discretions which are incidental thereto and to
give a good discharge for any moneys payable under the French Security Documents.

 

		(b)	The Security Agent will act solely for itself and as agent for the other Finance Parties in carrying
out its functions as agent under the French Security Documents.

 

		(c)	The relationship between the Finance Parties (other than the Security Agent) and the Security Agent
is that of principal (“mandant” under French law) and agent (“mandataire” under French law)
only. The Security Agent shall not have, nor be deemed to have, assumed any obligations to, or trust or fiduciary relationship
with, any party to this Agreement other than those for which specific provision is made by the French Security Documents and, to
the extent permissible under French law, the other provisions of this Agreement, which shall be deemed to be incorporated in this
Clause 28.2, where reference is made to the French Security Documents.

 

		(d)	Notwithstanding Clause 39 (Governing Law), this Clause 28.2 shall be governed
by, and construed in accordance with, French law. Notwithstanding Clause 40.1 (Jurisdiction), any dispute arising out
of this Clause 28.2 shall be submitted to the Tribunal de Commerce de Paris.

 

		(e)	Each Finance Party, the Security Agent and the Borrower irrevocably acknowledge that the existence
and extent of the Security Agent’s authority resulting from this Clause 28.2 and the effects of the Security Agent’s
exercise of this authority shall be governed by French law.

 

		28.3	Duties of the COFACE Agent and the Security Agent

 

		(a)	Each of the COFACE Agent and the Security Agent shall promptly forward to a Party the original
or a copy of any document which is delivered to the COFACE Agent or the Security Agent for that Party by any other Party.

 

		(b)	Without prejudice to Clause 26.6 (Copy of Transfer Certificate or Assignment Agreement to Borrower),
paragraph (a) shall not apply to any Transfer Certificate or to any Assignment Agreement.

 

		(c)	Except where a Finance Document specifically provides otherwise, neither the COFACE Agent nor the
Security Agent is obliged to review or check the adequacy, accuracy or completeness of any document it forwards to another Party.

 

		(d)	If the COFACE Agent or the Security Agent receives notice from a Party referring to this Agreement,
describing a Default and stating that the circumstance described is a Default, it shall promptly notify the Finance Parties.

 

		(e)	If the COFACE Agent is aware of the non-payment of any principal, interest, commitment fee or other
fee payable to a Finance Party (other than the COFACE Agent, the Security Agent or a Mandated Lead Arranger) under this Agreement
it shall promptly notify the other Finance Parties.

 

		(f)	The COFACE Agent’s and the Security Agent’s duties under the Finance Documents are
solely mechanical and administrative in nature.

 

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		28.4	Role of the Mandated Lead Arrangers

 

Except as specifically provided
in the Finance Documents, no Mandated Lead Arranger has any obligations of any kind to any other Party under or in connection with
any Finance Document.

 

		28.5	No Fiduciary Duties

 

		(a)	Nothing in this Agreement constitutes the COFACE Agent, the Security Agent (except as expressly
provided in the Finance Documents) or a Mandated Lead Arranger as a trustee or fiduciary of any other person.

 

		(b)	Neither the COFACE Agent, the Security Agent (except as expressly provided in the Finance Documents)
nor the Mandated Lead Arrangers shall be bound to account to any Lender for any sum or the profit element of any sum received by
it for its own account.

 

		28.6	Business with the Group

 

The COFACE Agent, the Security
Agent and the Mandated Lead Arrangers may accept deposits from, lend money to and generally engage in any kind of banking or other
business with any member of the Group.

 

		28.7	Rights and Discretions of the COFACE Agent and the Security Agent

 

		(a)	Each of the COFACE Agent and the Security Agent may rely on:

 

		(i)	any representation, notice or document believed by it to be genuine, correct and appropriately
authorised; and

 

		(ii)	any statement made by a director, authorised signatory or employee of any person regarding any
matters which may reasonably be assumed to be within his knowledge or within his power to verify.

 

		(b)	Each of the COFACE Agent and the Security Agent may assume (unless it has received notice to the
contrary in its capacity as agent for the Lenders) that:

 

		(i)	no Default has occurred (unless it has actual knowledge of a Default arising under Clause 23.1
(Non-Payment));

 

		(ii)	any right, power, authority or discretion vested in any Party or the Majority Lenders has not been
exercised; and

 

		(iii)	any notice or request made by the Borrower (other than a Utilisation Request) is made on behalf
of and with the consent and knowledge of the Borrower.

 

		(c)	Each of the COFACE Agent and the Security Agent may engage, pay for and rely on the advice or services
of any lawyers, accountants, surveyors or other experts.

 

		(d)	Each of the COFACE Agent and the Security Agent may act in relation to the Finance Documents through
its personnel and agents.

 

		(e)	Each of the COFACE Agent and the Security Agent may disclose to any other Party any information
it reasonably believes it has received as agent under this Agreement.

 

		(f)	Notwithstanding any other provision of any Finance Document to the contrary, neither the COFACE
Agent, the Security Agent nor a Mandated Lead Arranger is obliged to do or omit to do anything if it would or might in its reasonable
opinion constitute a breach of any law or a breach of a fiduciary duty or duty of confidentiality.

 

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		(g)	Save as expressly otherwise provided in any Finance Document, the Security Agent may exercise its
trusts, powers and authorities under the Finance Documents in its absolute and unconditional discretion.

 

		28.8	Majority Lenders’ Instructions

 

		(a)	Unless a contrary indication appears in a Finance Document, each of the COFACE Agent and the Security
Agent shall:

 

		(i)	exercise any right, power, authority or discretion vested in it in accordance with any instructions
given to it by the Majority Lenders (or, if so instructed by the Majority Lenders, refrain from exercising any right, power, authority
or discretion vested in it); and

 

		(ii)	not be liable for any act (or omission) if it acts (or refrains from taking any action) in accordance
with an instruction of the Majority Lenders.

 

		(b)	Unless a contrary indication appears in a Finance Document, any instructions given by the Majority
Lenders will be binding on all the Finance Parties.

 

		(c)	Each of the COFACE Agent and the Security Agent may refrain from acting in accordance with the
instructions of the Majority Lenders (or, if appropriate, the Lenders) until it has received such security as it may require for
any cost, loss or liability (together with any associated VAT) which it may incur in complying with the instructions.

 

		(d)	In the absence of instructions from the Majority Lenders, (or, if appropriate, the Lenders) each
of the COFACE Agent and the Security Agent may act (or refrain from taking action) as it considers to be in the best interest of
the Lenders.

 

		(e)	Neither the COFACE Agent nor the Security Agent is authorised to act on behalf of a Lender (without
first obtaining that Lender’s consent) in any legal or arbitration proceedings relating to any Finance Document.

 

		(f)	The Security Agent may assume (unless it has received notice to the contrary in its capacity as
Security Agent) that all instructions given to it by the COFACE Agent, if required to be approved by the Majority Lenders, have
been so approved.

 

		28.9	Responsibility for Documentation

 

None of the COFACE Agent, the
Security Agent nor a Mandated Lead Arranger:

 

		(a)	is responsible for the adequacy, accuracy and/or completeness of any information (whether oral
or written) supplied by the COFACE Agent, the Security Agent, a Mandated Lead Arranger, the Borrower or any other person given
in or in connection with any Finance Document; or

 

		(b)	is responsible for the legality, validity, effectiveness, adequacy or enforceability of any Finance
Document or any other agreement, arrangement or document entered into, made or executed in anticipation of or in connection with
any Finance Document.

 

		28.10	Exclusion of Liability

 

		(a)	Without limiting paragraph (b), neither the COFACE Agent nor the Security Agent will be liable
(including, without limitation, for negligence or any other category of liability whatsoever) for any action taken by it under
or in connection with any Transaction Document, unless directly caused by its gross negligence or wilful misconduct.

 

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		(b)	No Party (other than the COFACE Agent or the Security Agent) may take any proceedings against any
officer, employee or agent of the COFACE Agent or the Security Agent in respect of any claim it might have against the COFACE Agent
or the Security Agent or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Finance
Document and any officer, employee or agent of the COFACE Agent or the Security Agent may rely on this Clause subject to Clause 1.5
(Third Party Rights) and the provisions of the Third Parties Act.

 

		(c)	Neither the COFACE Agent nor the Security Agent will be liable for any delay (or any related consequences)
in crediting an account with an amount required under the Finance Documents to be paid by it if it has taken all necessary steps
as soon as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or settlement
system used by it for that purpose.

 

		(d)	Nothing in this Agreement shall oblige the COFACE Agent, the Security Agent or a Mandated Lead
Arranger to carry out any “know your customer” or other checks in relation to any person on behalf of any Lender
and each Lender confirms to the COFACE Agent, the Security Agent and each Mandated Lead Arranger that it is solely responsible
for any such checks it is required to carry out and that it may not rely on any statement in relation to such checks made by the
COFACE Agent, the Security Agent and a Mandated Lead Arranger.

 

		28.11	Lenders’ Indemnity to the COFACE Agent and the Security Agent

 

Each Lender shall (in proportion
to its share of the Total Commitments or, if the Total Commitments are then zero, to its share of the Total Commitments immediately
prior to their reduction to zero) indemnify each of the COFACE Agent and the Security Agent, within three (3) Business Days
of demand, against any cost, loss or liability (including, without limitation, for negligence or any other category of liability
whatsoever) incurred by the COFACE Agent and the Security Agent (otherwise than by reason of its gross negligence or wilful misconduct)
notwithstanding its negligence, gross negligence or any other category of liability whatsoever but not including any claim based
on the fraud of the COFACE Agent or the Security Agent in acting as COFACE Agent or the Security Agent under the Finance Documents
(unless the COFACE Agent or the Security Agent has been reimbursed by the Borrower pursuant to a Finance Document).

 

		28.12	Resignation of the COFACE Agent and the Security Agent

 

		(a)	Each of the COFACE Agent and the Security Agent may resign and appoint one of its Affiliates as
successor by giving notice to the other Finance Parties and the Borrower.

 

		(b)	Alternatively each of the COFACE Agent and the Security Agent may resign by giving notice to the
other Finance Parties and the Borrower, in which case the Majority Lenders (after consultation with the Borrower) may appoint a
successor COFACE Agent or Security Agent (as the case may be).

 

		(c)	If the Majority Lenders have not appointed a successor COFACE Agent or Security Agent in accordance
with Clause 28.12(b) within thirty (30) days after notice of resignation was given, the COFACE Agent or the Security
Agent (after consultation with the Borrower) may appoint a successor COFACE Agent or Security Agent.

 

		(d)	The retiring COFACE Agent or Security Agent shall, at its own cost, make available to its successor
such documents and records and provide such assistance as its successor may reasonably request for the purposes of performing its
functions as COFACE Agent or Security Agent under the Finance Documents.

 

		(e)	The COFACE Agent’s resignation notice shall only take effect upon the appointment of a successor.

 

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		(f)	The Security Agent’s resignation notice shall only take effect upon:

 

		(i)	the appointment of a successor; and

 

		(ii)	the transfer of all of any Lien expressed to be created under the Security Documents to that successor.

 

		(g)	Upon the appointment of a successor, the retiring COFACE Agent or Security Agent shall be discharged
from any further obligation in respect of the Finance Documents but shall remain entitled to the benefit of this Clause 28.12.
Its successor and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had
if such successor had been an original Party.

 

		(h)	After consultation with the Borrower, the Majority Lenders may, by notice to the COFACE Agent or
the Security Agent (as the case may be), require it to resign in accordance with Clause 28.12(a). In this event, the COFACE
Agent or the Security Agent (as the case may be) shall resign in accordance with Clause 28.12(a).

 

		(i)	The COFACE Agent shall resign in accordance with paragraph (b) above (and, to the extent applicable,
shall use reasonable endeavours to appoint a successor COFACE Agent pursuant to paragraph (c) above) if on or after the date which
is three (3) months before the earliest FATCA Application Date relating to any payment to the COFACE Agent under the Finance Documents:

 

		(i)	the COFACE Agent fails to respond to a request under Clause 13.7 (FATCA Information) and
a Lender reasonably believes that the COFACE Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that
FATCA Application Date;

 

		(ii)	the information supplied by the COFACE Agent pursuant to Clause 13.7 (FATCA Information)
indicates that the COFACE Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application
Date; or

 

		(iii)	the COFACE Agent notifies the Borrower and the Lenders that the COFACE Agent will not be (or will
have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date,

 

and, in each
case, a Lender reasonably believes that a Party will be required to make a FATCA Deduction that would not be required if the COFACE
Agent were a FATCA Exempt Party, and that Lender, by written notice to the COFACE Agent, requires it to resign.

 

		28.13	Confidentiality

 

		(a)	In acting as agent for the Finance Parties, each of the COFACE Agent and the Security Agent shall
be regarded as acting through its agency division which shall be treated as a separate entity from any other of its divisions or
departments.

 

		(b)	If information is received by another division or department of the COFACE Agent or the Security
Agent, it may be treated as confidential to that division or department and neither the COFACE Agent nor the Security Agent shall
be deemed to have notice of it.

 

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		28.14	Relationship with the Lenders

 

The COFACE Agent may treat each
Lender as a Lender, entitled to payments under this Agreement and acting through its Facility Office unless it has received not
less than five (5) Business Days prior notice from that Lender to the contrary in accordance with the terms of this Agreement.

 

		28.15	Credit Appraisal by the Lenders

 

Without affecting the responsibility
of the Borrower for information supplied by it or on its behalf in connection with any Finance Document, each Lender confirms to
the COFACE Agent, the Security Agent and the Mandated Lead Arrangers that it has been, and will continue to be, solely responsible
for making its own independent appraisal and investigation of all risks arising under or in connection with any Finance Document
including but not limited to:

 

		(a)	the financial condition, status and nature of the Group;

 

		(b)	the legality, validity, effectiveness, adequacy or enforceability of any Finance Document and any
other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance
Document;

 

		(c)	whether that Lender has recourse, and the nature and extent of that recourse, against any Party
or any of its respective assets under or in connection with any Finance Document, the transactions contemplated by the Finance
Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection
with any Finance Document; and

 

		(d)	the adequacy, accuracy and/or completeness of any information provided by the COFACE Agent, the
Security Agent, any Party or by any other person under or in connection with any Finance Document, the transactions contemplated
by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under
or in connection with any Finance Document.

 

		28.16	Reference Banks

 

If a Reference Bank who is also
a Lender (or, if a Reference Bank is not a Lender, the Lender of which it is an Affiliate) ceases to be a Lender, the COFACE Agent
shall (in consultation with the Borrower) appoint another Lender or an Affiliate of a Lender to replace that Reference Bank.

 

		28.17	COFACE Agent’s and Security Agent’s Management Time

 

Any amounts payable to the COFACE
Agent or the Security Agent (as the case may be) under Clause 15.3 (Indemnity to the COFACE Agent), Clause 15.4
(Indemnity to the Security Agent) and Clause 17 (Costs and Expenses) shall include the cost of utilising the
COFACE Agent’s or the Security Agent’s management time or other resources and will be calculated on the basis of such
reasonable daily or hourly rates as the COFACE Agent or the Security Agent may notify to the Borrower and the Lenders.

 

		28.18	Deduction from Amounts Payable by the COFACE Agent and the Security Agent

 

If any Party owes an amount to
the COFACE Agent or the Security Agent under the Finance Documents, the COFACE Agent or the Security Agent (as the case may be)
may, after giving notice to that Party and provided that this will not result in breach of any applicable currency control
regulations by the Borrower, deduct an amount not exceeding that amount from any payment to that Party which the COFACE Agent or
the Security Agent would otherwise be obliged to make under the Finance Documents and apply the amount deducted in or towards satisfaction
of the amount owed. For the purposes of the Finance Documents, that Party shall be regarded as having received any amount so deducted.

 

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		28.19	Security Agent

 

		(a)	The provisions of Schedule 6 (The Security Agent) shall bind each Party.

 

		(b)	The Security Agent shall promptly transfer to the COFACE Agent any amounts received by it under
the Finance Documents for application by the COFACE Agent in accordance with the order set out in Clause 31.6 (Partial
Payments). The Security Agent shall be obliged to make such transfer only to the extent it has actually received such amount.

 

		(c)	At the request of the Security Agent, the COFACE Agent shall notify the Security Agent, and shall
provide a copy of such notification to the Borrower, of amounts due to any Party under this Agreement, and the due date for such
amounts. The Security Agent may accept such notifications as conclusive evidence of the matters to which they relate.

 

		28.20	No Independent Power

 

		(a)	The Lenders shall not have any independent power to enforce, or have recourse to, any of the Liens
expressed to be created under the Security Documents, or to exercise any rights or powers arising under the Security Documents
except through the Security Agent.

 

		(b)	This Clause is for the benefit of the Finance Parties only.

 

		29.	Conduct of Business by the Finance Parties

 

No provision of this Agreement
will:

 

		(a)	interfere with the right of any Finance Party to arrange its affairs (tax or otherwise) in whatever
manner it thinks fit;

 

		(b)	oblige any Finance Party to investigate or claim any credit, relief, remission or repayment available
to it or the extent, order and manner of any claim; or

 

		(c)	oblige any Finance Party to disclose any information relating to its affairs (tax or otherwise)
or any computations in respect of Tax.

 

		30.	Sharing among the Finance Parties

 

		30.1	Payments to Finance Parties

 

If a Finance Party (a “Recovering
Finance Party”) receives or recovers any amount from an Obligor other than in accordance with Clause 31 (Payment
Mechanics) and applies that amount to a payment due under the Finance Documents then:

 

		(a)	the Recovering Finance Party shall, within three (3) Business Days, notify details of the
receipt or recovery, to the COFACE Agent;

 

		(b)	the COFACE Agent shall determine whether the receipt or recovery is in excess of the amount the
Recovering Finance Party would have been paid had the receipt or recovery been received or made by the COFACE Agent and distributed
in accordance with Clause 31 (Payment Mechanics), without taking account of any Tax which would be imposed on the COFACE
Agent in relation to the receipt, recovery or distribution; and

 

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		(c)	the Recovering Finance Party shall, within three (3) Business Days of demand by the COFACE
Agent, pay to the COFACE Agent an amount (the “Sharing Payment”) equal to such receipt or recovery less any
amount which the Agent determines may be retained by the Recovering Finance Party as its share of any payment to be made, in accordance
with Clause 31.6 (Partial Payments).

 

		30.2	Redistribution of Payments

 

The COFACE Agent shall treat
the Sharing Payment as if it had been paid by the relevant Obligor and distribute it between the Finance Parties (other than the
Recovering Finance Party) (the “Sharing Finance Parties”) in accordance with Clause 31.6 (Partial Payments)
towards the obligations of that Obligor to the Sharing Finance Parties.

 

		30.3	Recovering Finance Party’s Rights

 

On a distribution
by the COFACE Agent under Clause 30.2 (Redistribution of Payments), of a payment received by a Recovering Finance Party
from an Obligor, as between the relevant Obligor and the Recovering Finance Party, an amount of the Recovered Amount equal to the
Sharing Payment will be treated as not having been paid by that Obligor.

 

		30.4	Reversal of Redistribution

 

If any part of the Sharing Payment
received or recovered by a Recovering Finance Party becomes repayable and is repaid by that Recovering Finance Party, then:

 

		(a)	each Sharing Finance Party shall, upon request of the COFACE Agent, pay to the COFACE Agent for
the account of that Recovering Finance Party an amount equal to the appropriate part of its share of the Sharing Payment (together
with an amount as is necessary to reimburse that Recovering Finance Party for its proportion of any interest on the Sharing Payment
which that Recovering Finance Party is required to pay) (the “Redistributed Amount”); and

 

		(b)	as between the relevant Obligor and each relevant Sharing Finance Party, an amount equal to the
relevant Redistributed Amount will be treated as not having been paid by that Obligor.

 

		30.5	Exceptions

 

		(a)	This Clause 30 shall not apply to the extent that the Recovering Finance Party would not,
after making any payment pursuant to this Clause, have a valid and enforceable claim against the relevant Obligor.

 

		(b)	A Recovering Finance Party is not obliged to share with any other Finance Party any amount which
the Recovering Finance Party has received or recovered as a result of taking legal or arbitration proceedings, if:

 

		(i)	it notified that other Finance Party of the legal or arbitration proceedings; and

 

		(ii)	that other Finance Party had an opportunity to participate in those legal or arbitration proceedings
but did not do so as soon as reasonably practicable having received notice and did not take separate legal or arbitration proceedings.

 

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		31.	Payment Mechanics

 

		31.1	Payments to the COFACE Agent

 

		(a)	On each date on which the Borrower or a Lender is required to make a payment under a Finance Document
(subject to Clause 31.12 (Payments to the Security Agent), the Borrower or Lender shall make the same available to
the COFACE Agent (unless a contrary indication appears in a Finance Document) for value on the due date at the time and in such
funds specified by the COFACE Agent as being customary at the time for settlement of transactions in the relevant currency in the
place of payment.

 

		(b)	All payments to be made by the Borrower under this Agreement shall be made in Dollars in immediately
available funds to the account of the COFACE Agent with account No. 20019409300136 with BNP Paribas S.A., The Equitable
Building, 787 Seventh Avenue, New York, SWIFT code BNPAUS3NXXX, in favour of BNP PARIBAS LSI-BOCI, 150, Rue du Faubourg
Poissonnière 75010 Paris, SWIFT code BNPAFRPPXXX, or to such other account as the COFACE Agent may from time to time
designate to the Borrower in writing.

 

		(c)	For any payment to be made by the Borrower, the Borrower shall ensure that the COFACE Agent receives
a swift advice of such payment from the Borrower’s bank no later than the Business Day immediately preceding the date of
such payment. The swift message shall be sent to BNPAFRPPACH attention BOCI Buyers Credits with references USA/GLOBALSTAR/Loan
Agreement dated 5 June 2009 or such other account in the principal financial centre of the country of that currency with such
bank as the COFACE Agent specifies.

 

		31.2	Evidence of Financial Indebtedness

 

		(a)	Each Loan made by a Lender shall be evidenced by one (1) or more accounts or records maintained
by such Lender and by the COFACE Agent in the ordinary course of business. The accounts or records maintained by the COFACE Agent
and each Lender shall be conclusive absent manifest error of the amount of any Loan made by the Lenders to the Borrower and the
interest and payments thereon.

 

		(b)	Any failure to so record or any error in doing so shall not, however, limit or otherwise affect
the obligation of the Borrower under this Agreement to pay any amount owing with respect to the Obligations. If there is any conflict
between the accounts and records maintained by any Lender and the accounts and records of the COFACE Agent in respect of such matters,
the accounts and records of the COFACE Agent shall prevail in the absence of manifest error.

 

		(c)	Upon the request of any Lender or COFACE made through the COFACE Agent,
the Borrower shall immediately execute and deliver to the COFACE Agent Promissory Notes which shall be in accordance with the Repayment
Schedule previously provided by the Borrower to the Lenders and shall evidence all outstanding Loans (including principal and interest).
Each Promissory Note shall be denominated in Dollars and be payable in accordance with Clause 31 (Payment Mechanics). The
Borrower shall ensure that each Promissory Note shall be governed by English or French law as selected by the COFACE Agent and
the Borrower waives any right of protest under any Promissory Note to the extent possible under applicable law. 

 

		(d)	Any payment which is due to be made under a Promissory Note that is
not a Business Day shall be made on the next Business Day in the same calendar month (if there is one) or the preceding Business
Day (if there is not).

 

		(e)	If paragraph (d) above applies, interest shall be payable on the principal
up to the date of actual payment by the Borrower.

 

		(f)	Neither the payment date nor the amount of principal and interest specified in the relevant Promissory
Note (if any) shall be modified. Notwithstanding that the Promissory Note shall not be modified, the Borrower shall be obliged
to make payment in full (including principal and accrued interest) to the COFACE Agent in accordance with the provisions of this
Clause 31 (Payment Mechanics). Notwithstanding the foregoing, the COFACE Agent and the Lenders hereby agree not to demand
payment under any Promissory Note prior to exercising its rights pursuant to Clause 24 (Remedies upon an Event of Default).

 

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		(g)	If paragraph (d) applies, at least thirty (30) days prior to any payment under a note the payment
date of which has been extended in accordance with paragraph (d) above, the COFACE Agent shall send to the Borrower a written statement
documenting the additional amount of interest owed by the Borrower at such payment date.

 

		(h)	Following the issue of Promissory Notes under this Clause 31.2, on or before each date on which
the Borrower makes a repayment or prepayment of any outstanding Loan, it shall execute and deliver to the COFACE Agent replacement
Promissory Notes. Each such replacement Promissory Note shall be issued on the terms as set out in paragraph (c) and shall, in
aggregate, have a face value equal to the principal amount outstanding in respect of the outstanding Loans following such repayment
or prepayment. Upon receipt of such replacement Promissory Notes, the COFACE Agent shall cancel and return to the Borrower all
the Promissory Notes held by it before such repayment or prepayment.

 

		31.3	Distributions by the COFACE Agent

 

Each payment received by the
COFACE Agent under the Finance Documents for another Party shall, subject to Clause 31.4 (Distributions to the Borrower)
and Clause 31.5 (Clawback) and Clause 31.12 (Payments to the Security Agent), be made available by the
COFACE Agent as soon as practicable after receipt to the Party entitled to receive payment in accordance with this Agreement (in
the case of a Lender, for the account of its Facility Office), to such account as that Party may notify to the COFACE Agent by
not less than five (5) Business Days’ notice with a bank in the principal financial centre of the country of that currency.

 

		31.4	Distributions to the Borrower

 

The COFACE Agent and the Security
Agent may (with the consent of the Obligor or in accordance with Clause 32 (Set-off)) apply any amount received by
it for that Obligor in or towards payment (on the date and in the currency and funds of receipt) of any amount due from that Obligor
under the Finance Documents or in or towards purchase of any amount of any currency to be so applied.

 

		31.5	Clawback

 

		(a)	Where a sum is to be paid to the COFACE Agent or the Security Agent under the Finance Documents
for another Party, the COFACE Agent is not obliged to pay that sum to that other Party (or to enter into or perform any related
exchange contract) until it has been able to establish to its satisfaction that it has actually received that sum.

 

		(b)	If the COFACE Agent or the Security Agent pays an amount to another Party and it proves to be the
case that the COFACE Agent had not actually received that amount, then the Party to whom that amount (or the proceeds of any related
exchange contract) was paid by the COFACE Agent or the Security Agent shall on demand refund the same to the COFACE Agent together
with interest on that amount from the date of payment to the date of receipt by the COFACE Agent or the Security Agent, calculated
by it to reflect its cost of funds.

 

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		31.6	Partial Payments

 

		(a)	If the COFACE Agent receives a payment that is insufficient to discharge all the amounts then due
and payable by an Obligor under the Finance Documents, the COFACE Agent shall apply that payment towards the obligations of that
Obligor under the Finance Documents in the following order:

 

		(i)	first, in or towards payment pro rata of any unpaid fees, costs and expenses
of the COFACE Agent, the Security Agent or the Mandated Lead Arrangers under the Finance Documents;

 

		(ii)	secondly, in or towards payment pro rata of any accrued interest, fee or commission
due to the Finance Parties but unpaid under this Agreement;

 

		(iii)	thirdly, in or towards payment pro rata of any principal due but unpaid under
this Agreement; and

 

		(iv)	fourthly, in or towards payment pro rata of any other sum due but unpaid under
the Finance Documents.

 

		(b)	The COFACE Agent shall, if so directed by the Majority Lenders, vary the order set out in paragraphs (a)(ii)
to (iv) above.

 

		(c)	Paragraphs (a) and (b) above will override any appropriation made by an Obligor.

 

		31.7	No set-off by the Borrower

 

All payments to be made by the
Borrower under the Finance Documents shall be calculated and be made without (and free and clear of any deduction for) set-off
or counterclaim.

 

		31.8	Business Days

 

		(a)	Any payment which is due to be made on a day that is not a Business Day shall be made on the next
Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not).

 

		(b)	During any extension of the due date for payment of any principal or Unpaid Sum under this Agreement
interest is payable on the principal or Unpaid Sum at the rate payable on the original due date.

 

		31.9	Currency of Account

 

		(a)	Subject to paragraphs (b) and (c) below, Dollars is the currency of account and payment for
any sum due from the Borrower under any Finance Document.

 

		(b)	Each payment in respect of costs, expenses or Taxes shall be made in the currency in which the
costs, expenses or Taxes are incurred.

 

		(c)	Any amount expressed to be payable in a currency other than Dollars shall be paid in that other
currency.

 

		31.10	Change of Currency

 

		(a)	Unless otherwise prohibited by law, if more than one currency or currency unit are at the same
time recognised by the central bank of any country as the lawful currency of that country, then:

 

		(i)	any reference in the Finance Documents to, and any obligations arising under the Finance Documents
in, the currency of that country shall be translated into, or paid in, the currency or currency unit of that country designated
by the COFACE Agent (after consultation with the Borrower); and

 

		(ii)	any translation from one currency or currency unit to another shall be at the official rate of
exchange recognised by the central bank for the conversion of that currency or currency unit into the other, rounded up or down
by the COFACE Agent (acting reasonably).

 

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		(b)	If a change in any currency of a country occurs, this Agreement will, to the extent the COFACE
Agent (acting reasonably and after consultation with the Borrower) specifies to be necessary, be amended to comply with any generally
accepted conventions and market practice in the London interbank market and otherwise to reflect the change in currency.

 

		31.11	Disruption to Payment Systems etc.

 

If either the COFACE Agent determines
(in its discretion) that a Disruption Event has occurred or the COFACE Agent is notified by the Borrower that a Disruption Event
has occurred:

 

		(a)	the COFACE Agent may, and shall if requested to do so by the Borrower, consult with the Borrower
with a view to agreeing with the Borrower such changes to the operation or administration of the Facility as the COFACE Agent may
deem necessary in the circumstances;

 

		(b)	the COFACE Agent shall not be obliged to consult with the Borrower in relation to any changes mentioned
in paragraph (a) if, in its opinion, it is not practicable to do so in the circumstances and, in any event, shall have no
obligation to agree to such changes;

 

		(c)	the COFACE Agent may consult with the Finance Parties in relation to any changes mentioned in paragraph (a)
but shall not be obliged to do so if, in its opinion, it is not practicable to do so in the circumstances;

 

		(d)	any such changes agreed upon by the COFACE Agent and the Borrower shall (whether or not it is finally
determined that a Disruption Event has occurred) be binding upon the Parties as an amendment to (or, as the case may be, waiver
of) the terms of the Finance Documents notwithstanding the provisions of Clause 37 (Amendments and Waivers);

 

		(e)	the COFACE Agent shall not be liable for any damages, costs or losses whatsoever (including, without
limitation for negligence, gross negligence or any other category of liability whatsoever but not including any claim based on
the fraud of the COFACE Agent) arising as a result of its taking, or failing to take, any actions pursuant to or in connection
with this Clause 31.11 (Disruption to Payment Systems etc.); and

 

		(f)	the COFACE Agent shall notify the Finance Parties of all changes agreed pursuant to paragraph (d)
above.

 

		31.12	Payments to the Security Agent

 

Notwithstanding any other provision
of any Finance Document, after a notice has been given to the Borrower under Clause 24 (Remedies Upon an Event of Default),
and at any time after any Liens created by or pursuant to any Security Document becomes enforceable, the Security Agent may require
the Borrower to pay all sums due under any Finance Document as the Security Agent may direct for application in accordance with
the terms of the Security Documents.

 

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		32.	Set-off

 

If an Event of Default has occurred
and is continuing, a Finance Party may set-off any matured obligation due from the Borrower under the Finance Documents (to the
extent beneficially owned by that Finance Party) against any matured obligation owed by that Finance Party to the Borrower, regardless
of the place of payment, booking branch or currency of either obligation. If the obligations are in different currencies, the Finance
Party may convert either obligation at a market rate of exchange in its usual course of business for the purpose of the set-off.
Following the exercise of a right of set-off under this Agreement, the relevant Finance Party shall notify the Borrower.

 

		33.	Notices

 

		33.1	Communications in Writing

 

Any communication to be made
under or in connection with the Finance Documents shall be made in writing and, unless otherwise stated, may be made by fax or
letter.

 

		33.2	Addresses

 

The address and fax number (and
the department or officer, if any, for whose attention the communication is to be made) of each Party for any communication or
document to be made or delivered under or in connection with the Finance Documents is:

 

		(a)	in the case of the Borrower:

 

		Address:	Globalstar, Inc.

300 Holiday Square Boulevard

Covington

LA 70433

United States of America

 

		Attention:	James Monroe III

 

		Facsimile:	+001 985 335-1900;

 

		(b)	in the case of each Lender, that notified in writing to the COFACE Agent on or prior to the date
on which it becomes a Party; and

 

		(c)	in the case of the COFACE Agent and the Security Agent:

 

		Address:	BNP Paribas

Asset Finance Export Finance

Commercial Support and Loan Implementation

ACI: CHDESA1

37, Place du Marché Saint Honoré

75031 Paris Cedex 01

France

 

		Attention:	Mrs Dominique Laplasse and Mrs Sylvie Caset Carricaburru

 

		Telephone:	+ 33 (0)1 43 16 81 79 / + 33(0)1 43 16 81 69

 

		Facsimile:	+ 33 (0)1 43 16 81 84

 

or any substitute address or
fax number or department or officer as the Party may notify to the COFACE Agent (or the COFACE Agent may notify to the other Parties,
if a change is made by the COFACE Agent) by not less than five (5) Business Days’ notice.

 

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		33.3	Delivery

 

		(a)	Any communication or document made or delivered by one person to another under or in connection
with the Finance Documents will only be effective:

 

		(i)	if by way of fax, when received in legible form; or

 

		(ii)	if by way of letter, when it has been left at the relevant address or five (5) Business Days
after being deposited in the post postage prepaid in an envelope addressed to it at that address;

 

and, if a particular department
or officer is specified as part of its address details provided under Clause 33.2 (Addresses), if addressed to that
department or officer.

 

		(b)	Any communication or document to be made or delivered to the COFACE Agent, the Security Agent or
the Mandated Lead Arrangers will be effective only when actually received by the COFACE Agent, the Security Agent or such Mandated
Lead Arranger and then only if it is expressly marked for the attention of the department or officer identified with the COFACE
Agent’s, the Security Agent’s or such Mandated Lead Arranger’s signature below (or any substitute department
or officer as the COFACE Agent, the Security Agent or such Mandated Lead Arranger shall specify for this purpose).

 

		(c)	All notices from or to an Obligor shall be sent through the COFACE Agent.

 

		(d)	Any communication or document made or delivered to the Borrower in accordance with this Clause
will be deemed to have been made or delivered to each of the Obligors.

 

		(e)	Any communications or document which becomes effective in accordance with paragraphs (a) to (d)
above, after 5:00 p.m. in the place of receipt shall be deemed only to become effective on the following day.

 

		33.4	Notification of Address and Fax Number

 

Promptly upon receipt of notification
of an address or fax number or change of address or fax number pursuant to Clause 33.2 (Addresses) or changing its
own address or fax number, the COFACE Agent shall notify the other Parties.

 

		33.5	Electronic Communication

 

		(a)	Any communication to be made between any two Parties under or in connection with the Finance Documents
may be made by electronic mail or other electronic means to the extent that these two Parties agree that, unless and until notified
to the contrary, this is to be accepted form of communication and if those two parties:

 

		(i)	notify each other in writing of their electronic mail address and/or any other information required
to enable the sending and receipt of information by that means; and

 

		(ii)	notify each other of any change to their address or any other such information supplied by them
by no less than five (5) Business Days’ notice.

 

		(b)	Any electronic communication made between those two Parties will be effective only when actually
received in readable form and in the case of any electronic communication made by a Party to the COFACE Agent only if it is addressed
in such a manner as the COFACE Agent shall specify for this purpose.

 

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		(c)	Any electronic communication which becomes effective, in accordance with paragraph (b) above, after
5.00pm in the place of receipt shall be deemed only to become effective on the following day.

 

		33.6	English Language

 

		(a)	Any notice given under or in connection with any Finance Document must be in English.

 

		(b)	All other documents provided under or in connection with any Finance Document must be:

 

		(i)	in English; or

 

		(ii)	if not in English, and if so required by the COFACE Agent, accompanied by a certified English translation
and, in this case, the English translation will prevail unless the document is a constitutional, statutory or other official document.

 

		34.	Calculations and Certificates

 

		34.1	Accounts

 

In any litigation or arbitration
proceedings arising out of or in connection with a Finance Document, the entries made in the accounts maintained by a Finance Party
are prima facie evidence of the matters to which they relate.

 

		34.2	Certificates and Determinations

 

Any certification or determination
by a Finance Party of a rate or amount under any Finance Document is, in the absence of manifest error, conclusive evidence of
the matters to which it relates.

 

		34.3	Day Count Convention

 

Any interest, commission or fee
accruing under a Finance Document will accrue from day to day and is calculated on the basis of the actual number of days elapsed
and a year of three hundred and sixty (360) days or, in any case where the practice in the London interbank market differs,
in accordance with that market practice.

 

		35.	Partial Invalidity

 

If, at any time, any provision
of the Finance Documents is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither
the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of such provision
under the law of any other jurisdiction will in any way be affected or impaired.

 

		36.	Remedies and Waivers

 

No:

 

		(a)	failure to exercise, nor any delay in exercising, on the part of any Finance Party, any right or
remedy under the Finance Documents shall operate as a waiver of any such right or remedy or constitute an election to affirm any
of the Finance Documents; and

 

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		(b)	election to affirm any of the Finance Documents on the part of any Finance Party shall be effective
unless it is in writing. No single or partial exercise of any right or remedy shall prevent any further or other exercise or the
exercise of any other right or remedy. The rights and remedies provided in this Agreement are cumulative and not exclusive of any
rights or remedies provided by law.

 

		37.	Amendments and Waivers

 

		37.1	Required Consents

 

		(a)	Subject to Clause 37.2 (Exceptions) any term of the Finance Documents may be amended
or waived only with the consent of the Majority Lenders and the Obligors and following consultation by the COFACE Agent with COFACE.
Any such amendment or waiver will be binding on all Parties.

 

		(b)	The COFACE Agent may effect, on behalf of any Finance Party, any amendment or waiver permitted
by this Clause 37.

 

		(c)	Unless otherwise agreed, no amendment or waiver may be made before the date falling ten (10) Business
Days after the terms of that amendment or waiver have been notified by the COFACE Agent to the Lenders. The COFACE Agent shall
notify the Lenders reasonably promptly of any amendments or waivers proposed by the Borrower.

 

		37.2	Exceptions

 

		(a)	An amendment or waiver that has the effect of changing or which relates to:

 

		(i)	the definition of “Majority Lenders” in Clause 1.1 (Definitions);

 

		(ii)	an extension to the date of payment of any amount under the Finance Documents;

 

		(iii)	a reduction in the Applicable Margin or a reduction in the amount of any payment of principal,
interest, fees or commission payable;

 

		(iv)	an increase in or an extension of any Commitment or any requirement that a cancellation of Commitments
reduces the Commitments of the Lenders rateably under the relevant Facility;

 

		(v)	a change to an Obligor;

 

		(vi)	any provision which expressly requires the consent of all the Lenders;

 

		(vii)	Clause 2.2 (Finance Parties’ Rights and Obligations), Clause 26 (Changes
to the Lenders) or this Clause 37;

 

		(viii)	the nature or scope of the assets of the Borrower which from time to time are, or are expressed
to be, the subject of a Lien under the Security Documents; or

 

		(ix)	the release of any Lien granted in accordance with the Security Documents or the granting of any
Lien required under the terms of this Agreement,

 

shall not be made without the prior
consent of all the Lenders.

 

		(b)	An amendment or waiver which relates to the rights or obligations of the COFACE Agent, the Security
Agent, and/or a Mandated Lead Arranger may not be effected without the consent of the COFACE Agent, the Security Agent, and/or
the Mandated Lead Arranger (as the case may be).

 

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		(c)	If the COFACE Agent or a Lender reasonably believes that an amendment or waiver may constitute
a “material modification” for the purposes of FATCA that may result (directly or indirectly) in a Party being
required to make a FATCA Deduction and the COFACE Agent or that Lender (as the case may be) notifies the Borrower and the COFACE
Agent accordingly, that amendment or waiver may not be effected without the consent of the COFACE Agent or that Lender (as the
case may be).

 

		37.3	Payment of Waiver or Amendment Fees

 

		(a)	Subject to paragraph (d) below, the Borrower shall pay to:

 

		(i)	the COFACE Agent (for the account of each Lender) a waiver fee in an amount equal to US$15,000
for each Lender; and

 

		(ii)	the COFACE Agent (for its own account) a waiver fee in an amount equal to US$10,000,

 

(each fee, a “Waiver Fee”)
if, following the Effective Date any amendments or waivers (howsoever described) are required in respect of the Finance Documents.

 

		(b)	Each Waiver Fee shall be due from the date on which the Borrower delivers the waiver and/or amendment
request to the COFACE Agent and is payable within thirty (30) days of such request.

 

		(c)	Each payment by the Borrower of a Waiver Fee shall be made in accordance with Clause 30 (Payment
Mechanics) and the other provisions of the Finance Documents.

 

		(d)	No Waiver Fee shall be payable in respect of any amendment requested by the Borrower in connection
with:

 

		(i)	the ability of the Borrower to incur additional Financial Indebtedness in connection with Permitted
Vendor Financings in an aggregate amount above the threshold set out in Clause 22.1(k) (Limitations on Financial Indebtedness);
or

 

		(ii)	the ability of the Borrower to incur additional Financial Indebtedness in connection with cash
paying Subordinated Indebtedness above the amounts as set out in the then current Agreed Business Plan; or

 

		(iii)	any adjustment to the numerator of the financial covenant set out in Clause 20.5 (Net Debt to
Adjusted Consolidated EBITDA) in order to take into account the revised levels of Financial Indebtedness permitted following
any amendment requests of the types set out in paragraphs (a) and (b) above (for which separate amendment requests shall be required).

 

		(e)	In connection with any requested amendment under paragraph (d)(iii) above in accordance with
the provisions of this Clause 37 (Amendments and Waivers), the Borrower shall provide to the COFACE Agent a substitute
table for the purposes of Clause 20.5 (Net Debt to Adjusted Consolidated EBITDA) on the same basis as the existing table
but reflecting the appropriate numerator for the financial covenant. Upon agreement by the Lenders and the Borrower with the substitute
table, the substitute table will be deemed to replace the then existing table applicable for the purposes of Clause 20.5 (Net
Debt to Adjusted Consolidated EBITDA) and all determinations in respect of compliance with such financial covenant shall be
made in accordance with the substitute table.

 

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		37.4	Voting

 

		(a)	The Lenders hereby acknowledge that, pursuant to the terms of the COFACE Insurance Policy, COFACE
shall be entitled to direct the manner in which voting rights or any other rights, powers, authorities and discretions held by
the Lenders with respect to the Facilities are exercised.

 

		(b)	The COFACE Agent shall seek the instructions of COFACE with respect to any matter on which any
Lender is entitled to vote or exercise any right, power, authority or discretion (whether under this Agreement, any other Finance
Document or any related agreements). The COFACE Agent shall notify the Lenders of the instructions of COFACE in respect thereof.

 

		38.	Counterparts

 

Each Finance Document may be
executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single
copy of the Finance Document.

 

		39.	Governing Law

 

Other than Clause 28.2 (Appointment
of Security Agent (France)), this Agreement and any non-contractual obligations arising out of or in connection with it are
governed by English law.

 

		40.	Enforcement

 

		40.1	Jurisdiction

 

		(a)	The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection
with this Agreement (including a dispute relating to the existence, validity or termination of this Agreement or any non-contractual
obligation arising out of or in connection with this Agreement) (a “Dispute”).

 

		(b)	The Parties agree that the courts of England are the most appropriate and convenient courts to
settle Disputes and accordingly no Party will argue to the contrary.

 

		(c)	This Clause 40.1 (Jurisdiction) is for the benefit of the Finance Parties only. As
a result, no Finance Party shall be prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction.
To the extent allowed by law, the Finance Parties may take concurrent proceedings in any number of jurisdictions.

 

		(d)	This Clause 40 does not apply to Clause 28.2 (Appointment of Security Agent (France)).

 

		40.2	Service of Process

 

Without prejudice to any other
mode of service allowed under any relevant law, the Borrower:

 

		(a)	irrevocably appoints WFW Legal Services Limited of 15 Appold Street, London EC2A 2HB as its
agent for service of process in relation to any proceedings before the English courts in connection with any Finance Document;
and

 

		(b)	agrees that failure by a process agent to notify the Borrower of the process will not invalidate
the proceedings concerned.

 

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		40.3	Waiver of Immunity

 

To the extent that the Borrower
may in any jurisdiction claim for itself or its assets or revenues immunity from suit, execution, attachment (whether in aid of
execution, before judgment or otherwise) or other legal process and to the extent that in any such jurisdiction there may be attributed
to itself, its assets or revenues such immunity (whether or not claimed), the Borrower irrevocably agrees not to claim, and irrevocably
waives, such immunity to the full extent permitted by the laws of such jurisdiction.

 

		41.	Confidentiality

 

		41.1	Confidential Information

 

Each
Finance Party agrees to keep all Confidential Information confidential and not to disclose it to anyone, save to the extent permitted
by Clause 41.2 (Disclosure of Confidential Information), and to ensure that all Confidential Information is
protected with security measures and a degree of care that would apply to its own confidential information.

 

		41.2	Disclosure of Confidential Information

 

Any Finance Party may disclose:

 

		(a)	to any of its Affiliates and any of its or their officers, directors, employees, professional advisers,
auditors and partners such Confidential Information as that Finance Party shall consider appropriate if any person to whom the
Confidential Information is to be given pursuant to this paragraph (a) is informed in writing of its confidential nature and that
some or all of such Confidential Information may be price-sensitive information except that there shall be no such requirement
to so inform if the recipient is subject to professional obligations to maintain the confidentiality of the information or is otherwise
bound by requirements of confidentiality in relation to the Confidential Information;

 

		(b)	to any person:

 

		(i)	to (or through) whom it assigns or transfers
(or may potentially assign or transfer) all or any of its rights and/or obligations under one or more Finance Documents
and to any of that person's Affiliates and professional advisers;

 

		(ii)	with (or through) whom it enters into (or may potentially enter into), whether directly or indirectly,
any sub-participation in relation to, or any other transaction under which payments are to be made or may be made by reference
to, one or more Finance Documents and/or one or more Obligors and to any of that person's Affiliates and professional advisers;

 

		(iii)	appointed by any Finance Party or by a person to whom paragraph (b)(i) or (ii) above applies to
receive communications, notices, information or documents delivered pursuant to the Finance Documents on its behalf;

 

		(iv)	who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly
or indirectly, any transaction referred to in paragraph (b)(i) or (b)(ii) above;

 

		(v)	to whom information is required or requested to be disclosed by any court of competent jurisdiction
or any governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock exchange
or pursuant to any applicable law or regulation;

 

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		(vi)	to whom information is required to be disclosed in connection with, and for the purposes of, any
litigation, arbitration, administrative or other investigations, proceedings or disputes;

 

		(vii)	who is a Party; or

 

		(viii)	with the consent of the Borrower;

 

in each case,
such Confidential Information as that Finance Party shall consider appropriate if:

 

		(A)	in relation to paragraphs (b)(i), (b)(ii) and b(iii) above, the person to whom the Confidential
Information is to be given has entered into a Confidentiality Undertaking except that there shall be no requirement for a Confidentiality
Undertaking if the recipient is a professional adviser and is subject to professional obligations to maintain the confidentiality
of the Confidential Information;

 

		(B)	in relation to paragraph (b)(iv) above, the person to whom the Confidential Information is to be
given has entered into a Confidentiality Undertaking or is otherwise bound by requirements of confidentiality in relation to the
Confidential Information they receive and is informed that some or all of such Confidential Information may be price-sensitive
information;

 

		(C)	in relation to paragraphs (b)(v), (b)(vi) above, the person to whom the Confidential Information
is to be given is informed of its confidential nature and that some or all of such Confidential Information may be price-sensitive
information except that there shall be no requirement to so inform if, in the opinion of that Finance Party, it is not practicable
so to do in the circumstances; and

 

		(D)	to any person appointed by that Finance Party or by a person to whom paragraph (b)(i) or (b)(ii)
above applies to provide administration or settlement services in respect of one or more of the Finance Documents including without
limitation, in relation to the trading of participations in respect of the Finance Documents, such Confidential Information as
may be required to be disclosed to enable such service provider to provide any of the services referred to in this paragraph (c)
if the service provider to whom the Confidential Information is to be given has entered into a confidentiality agreement substantially
in the form of the LMA Master Confidentiality Undertaking for Use With Administration/Settlement Service Providers or such other
form of confidentiality undertaking agreed between the Company and the relevant Finance Party.

 

		41.3	Entire agreement

 

This Clause 41 (Confidentiality)
constitutes the entire agreement between the Parties in relation to the obligations of the Finance Parties under the Finance Documents
regarding Confidential Information and supersedes any previous agreement, whether express or implied, regarding Confidential Information.

 

		41.4	Inside information

 

Each of the Finance Parties
acknowledges that some or all of the Confidential Information is or may be price-sensitive information and that the use of such
information may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market
abuse and each of the Finance Parties undertakes not to use any Confidential Information for any unlawful purpose.

 

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		41.5	Notification of disclosure

 

Each of the Finance Parties
agrees (to the extent permitted by law and regulation) to inform the Company:

 

		(a)	of the circumstances of any disclosure of Confidential Information made pursuant to paragraph (b)(v)
of Clause 41.2 (Disclosure of Confidential Information) except where such disclosure is made to any of the persons
referred to in that paragraph during the ordinary course of its supervisory or regulatory function; and

 

		(b)	upon becoming aware that Confidential Information has been disclosed in breach of this Clause 41
(Confidentiality).

 

		41.6	Continuing obligations

 

The obligations in this Clause 41
(Confidentiality) are continuing and, in particular, shall survive and remain binding on each Finance Party for a period
of twelve months from the earlier of:

 

		(a)	the date on which all amounts payable by the Obligors under or in connection with this Agreement
have been paid in full and all Commitments have been cancelled or otherwise cease to be available; and

 

		(b)	the date on which such Finance Party otherwise ceases to be a Finance Party.

 

		42.	Subrogation and Reimbursement

 

		42.1	COFACE Insurance Policy – Subrogation

 

The Parties acknowledge and agree
that:

 

		(a)	COFACE shall automatically be subrogated to the rights of the Lenders under this Agreement and
each other Finance Document (including its rights with respect to voting) upon, and to the extent of, any payment made by it under
or in respect of the COFACE Insurance Policy; and

 

		(b)	the Obligations in respect of which any such payment was made shall, notwithstanding such payment,
be treated as being outstanding to COFACE for the purposes of the Finance Documents until such time as they would have been discharged
had COFACE not made that payment.

 

		42.2	Subrogation

 

		(a)	Without prejudice to Clause 42.3 (Reimbursement) and any right of indemnification or subrogation
COFACE may have at law, in equity or otherwise, each Party agrees that COFACE will, subject to and in accordance with Clause 42.1
(COFACE Insurance Policy - Subrogation), be subrogated to the rights of the Lenders under this Agreement upon the making
of any payment by, or on behalf of, COFACE under the COFACE Insurance Policy and the Lenders shall act in accordance with the instructions
of COFACE in the enforcement of their rights under this Agreement and the other Finance Documents following such subrogation.

 

		(b)	The Parties agree that the right of subrogation under paragraph (a) above shall arise irrespective
of, and prevail over, any inconsistency with any right of subrogation arising under the COFACE Insurance Policy, or under the laws
of France, and notwithstanding any conduct on the part of COFACE or the Lenders.

 

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		42.3	Reimbursement

 

		(a)	Without prejudice to Clause 42.2 (Subrogation), the Borrower agrees that it will promptly
upon receipt of notice thereof reimburse COFACE for any payment made by COFACE under the COFACE Insurance Policy, whether by direct
payment or offset, in respect, and to the extent, of the Borrower’s obligations to the Lenders under this Agreement (such
amounts, the “COFACE Insurance Policy Payments”).

 

		(b)	The obligations of the Borrower to reimburse COFACE will be due and payable in the currency of
payment by COFACE within five (5) Business Days of written demand in an amount equal to (without double counting):

 

		(i)	the COFACE Insurance Policy Payments; and

 

		(ii)	all previously paid COFACE Insurance Policy Payments which remain unreimbursed, together with any
commission on any and all amounts remaining unreimbursed from and including the date on which such amounts become due until and
including the date on which such amounts are paid in full determined in accordance with Clause 8.3 (Default Interest).

 

This Agreement has been entered
into on the date stated at the beginning of this Agreement.

 

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Schedule
1

 

Lenders and Commitments

 

Part 1

Facility A

 

	Facility A Original Lenders	 	Facility A 

Commitments

US$	 
	BNP Paribas	 	 	140,356,164	 
	Société Générale	 	 	140,356,164	 
	Natixis	 	 	116,963,470	 
	Crédit Agricole Corporate and Investment Bank	 	 	93,570,776	 
	Crédit Industriel et Commercial	 	 	72,052,546	 
	Total:	 	 	563,299,120	 

 

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Part 2

Facility B

 

	Facility B Original Lenders	 	Facility B

 Commitments 

US$	 
	BNP Paribas	 	 	5,741,550	 
	Société Générale	 	 	5,741,550	 
	Natixis	 	 	4,784,626	 
	Crédit Agricole Corporate and Investment Bank	 	 	3,827,700	 
	Crédit Industriel et Commercial	 	 	2,947,454	 
	Total:	 	 	23,042,880	 

 

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Schedule
2

 

Conditions Precedent

 

		1.	Obligors

 

		(a)	A copy of the constitutional documents of each Obligor.

 

		(b)	A copy of a resolution of the board of directors of each Obligor:

 

		(i)	approving the terms of, and the transactions contemplated by, the Transaction Documents to which
it is a party and resolving that it execute the Transaction Documents to which it is a party;

 

		(ii)	authorising a specified person or persons to execute the Transaction Documents to which it is a
party on its behalf; and

 

		(iii)	authorising a specified person or persons, on its behalf, to sign and/or despatch all documents
and notices (including, if relevant, any Utilisation Request) to be signed and/or despatched by it under or in connection with
the Transaction Documents to which it is a party.

 

		(c)	A specimen of the signature of each person authorised by the resolution referred to in paragraph (b)
above.

 

		(d)	A certificate of each Obligor (other than Thermo) (signed by an authorised signatory) confirming
that the borrowing or guaranteeing, as appropriate, contemplated by the Finance Documents would not cause any borrowing, guaranteeing
or similar limit binding on any Obligor (other than Thermo) to be exceeded.

 

		(e)	A certificate from a Responsible Officer of the Borrower certifying that, as of Financial Close:

 

		(i)	each copy document relating to an Obligor specified in this Schedule 2 (Conditions Precedent)
is correct, complete and in full force and effect as at a date no earlier than the date of Financial Close;

 

		(ii)	all representations and warranties of the Obligors contained in the Finance Documents are true,
correct and complete in all material respects (provided that, any representation or warranty that is qualified by materiality
or by reference to Material Adverse Effect shall be true, correct and complete in all respects);

 

		(iii)	none of the Obligors is in violation of any of the covenants contained in the Finance Documents;

 

		(iv)	after giving effect to the transactions contemplated by this Agreement, no Default or Event of
Default has occurred and is continuing; and

 

		(v)	each of the Obligors has satisfied each of the conditions set out in this Schedule 2 (Conditions
Precedent) and Clause 4.2 (Further Conditions Precedent).

 

		(f)	Certificates as of a recent date of the good standing of each Obligor under the laws of its jurisdiction
of organisation and, to the extent requested by the COFACE Agent, each other jurisdiction where such Obligor is qualified to do
business.

 

    	162

    	 

    

 

		2.	Legal opinions

 

		(a)	A legal opinion of White & Case LLP (advisers to the Lenders) as to matters of the laws of
England and confirming, among other things, the validity and enforceability of the Finance Documents governed by English law).

 

		(b)	A legal opinion of White & Case LLP (advisers to the Lenders) as to matters of the laws of
France and confirming, among other things, the validity and enforceability of the French Security Documents.

 

		(c)	A legal opinion of Taft Stettinius & Hollister LLP (advisers to the Borrower) confirming, among
other things, the due authorisation of each Obligor, no conflict with the convertible notes, and confirming the validity and enforceability
of those Security Documents governed by New York law.

 

		(d)	A legal opinion of Haynes & Boone (advisers to the Lenders) as to matters of the laws of Texas
and confirming, among other things, the validity and enforceability of those Security Documents governed by Texas law.

 

		(e)	A legal opinion of K&L Gates (advisers to the Lenders) as to matters of the laws of Alaska
and confirming, among other things, the validity and enforceability of those Security Documents governed by Alaska law.

 

		(f)	A legal opinion of Wilmer Cutler Pickering Hale and Dorr LLP in respect of each Obligor’s
FCC Communications Licences.

 

		(g)	A legal opinion of in-house counsel or external counsel of the Supplier confirming, among other
things, that the Supplier has been duly authorised to enter into each of the Finance Documents to which it is a party.

 

		(h)	A legal opinion of in-house counsel or external counsel of the Launch Services Provider confirming,
among other things, that the Launch Services Provider has been duly authorised to enter into each of the Finance Documents to which
it is a party.

 

		(i)	Such other favourable legal opinions of counsel to the Obligors addressed to the COFACE Agent (for
and on behalf of itself and the other Finance Parties) with respect to the Obligors, the Finance Documents and such other matters
as the COFACE Agent shall reasonably request, including, without limitation, FCC matters.

 

		3.	Finance documents

 

An original (duly executed by
each of the parties thereto) of:

 

		(a)	this Agreement; and

 

		(b)	each of the other Finance Documents (other than the Mortgages and each Landlord Waiver and Consent
Agreement).

 

		4.	Personal property collateral

 

The COFACE Agent shall have received:

 

		(a)	original stock certificates and other certificates evidencing the Capital Stock pledged pursuant
to the Security Documents, together with an undated stock power for each such certificate duly executed in blank by the registered
owner thereof; and

 

		(b)	each original promissory note pledged pursuant to the Security Documents.

 

    	163

    	 

    

 

		5.	Security matters

 

		(a)	Certified copies of all notices of assignment and/or charge required to be delivered pursuant to
the Security Documents.

 

		(b)	Each Obligor shall have duly authorised, executed and delivered:

 

		(i)	proper financing statements (Form UCC-1 or such other financing statements or similar notices as
shall be required by local law) fully executed for filing under the UCC or other appropriate filing offices of each jurisdiction
as may be necessary to perfect a Lien purported to be created by the Security Documents;

 

		(ii)	certified copies of requests for information or copies (Form UCC-11), or equivalent reports, listing
all judgement liens, tax liens or effective financing statements that name the Obligors or any of their Subsidiaries, or a division
or other operating unit of any such person, as debtor and that are filed in the jurisdictions referred to in paragraph (i)
above, together with copies of such other financing statements evidencing any Lien permitted by Clause 22.2 (Limitations
on Liens);

 

		(iii)	evidence of the completion of all other recordings and filings of, or with respect to, the Security
Documents as may be necessary to perfect any Lien intended to be created by the Security Documents;

 

		(iv)	each irrevocable payment instruction (if any); and

 

		(v)	evidence that all other actions necessary to perfect and protect any Lien purported to be created
by the Security Document have been taken.

 

		6.	Governmental and other authorisations

 

The Borrower has obtained, and
provided to the COFACE Agent, certified copies of all Authorisations listed in Schedule 15 (Communication Licences) together
with:

 

		(a)	in the case of paragraphs (i), (iii) and (iv) below, all other Authorisations; and

 

		(b)	in the case of paragraph (ii) below, all other material Authorisations,

 

in each case, not listed in those
clauses that may become necessary for:

 

		(i)	each Loan;

 

		(ii)	the business of the Borrower as it is presently carried on and is contemplated to be carried out;

 

		(iii)	the due execution, delivery, validity and enforceability of, and performance by an Obligor of its
obligations under this Agreement and each other Transaction Document to which it is a party, and any other documents necessary
or desirable to the implementation of any of those agreements or documents; and

 

		(iv)	the remittance to any Finance Party (or its assigns) of all monies payable or owing to such Finance
Party (or its assigns) under any Finance Document in the currencies specified in such Finance Document,

 

and all those Authorisations
are in full force and effect.

 

    	164

    	 

    

 

		7.	Commercial contracts

 

The following documents shall
have been delivered to the COFACE Agent:

 

		(a)	a copy, certified as true and complete by an Authorised Signatory of the Supplier and the Launch
Services Provider, of each Commercial Contract;

 

		(b)	a certificate of incumbency and authority, signed by a director of the Supplier and the Launch
Services Provider specifying the names and titles of each of the Authorised Signatories of the Supplier and the Launch Services
Provider:

 

		(i)	whose signature(s) appear on each Commercial Contract and Transaction Document to which it is a
party; and

 

		(ii)	who shall sign all other certificates (including each Qualifying Certificate), notices and documents
referred to in this Agreement on behalf of the Supplier and the Launch Services Provider (as the case may be);

 

		(c)	a certificate, signed by an Authorised Signatory of the Supplier, certifying that the Satellite
Construction Contract is in full force and effect, with the date of such entry into full force and effect, and has not been suspended,
interrupted, cancelled or terminated, amended or modified and no arbitration or other legal proceedings have been initiated between
the Borrower and the Supplier in respect of the Satellite Construction Contract;

 

		(d)	a certificate, signed by an Authorised Signatory of the Launch Services Provider, certifying that
the Launch Services Contract is in full force and effect, with the date of such entry into full force and effect, and has not been
suspended, interrupted, cancelled or terminated, amended or modified and no arbitration or other legal proceedings have been initiated
between the Borrower and the Launch Services Provider in respect of the Launch Services Contract; and

 

		(e)	written evidence received from:

 

		(i)	the Supplier of the payment by the Borrower to the Supplier of the Advance Payment in respect of
the Satellite Construction Contract; and

 

		(ii)	the Launch Services Provider of the payment by the Borrower to the Launch Services Provider of
the Advance Payment in respect of the Launch Services Contract.

 

		8.	Coface insurance policy

 

Each COFACE Insurance Policy
is in full force and effect and is in form and substance satisfactory to the COFACE Agent (acting on the instructions of all the
Lenders) and the COFACE Agent (acting on the instructions of all the Lenders) is satisfied that all conditions of each COFACE Insurance
Policy are fulfilled and that all the requisite approvals of the French Authorities have been obtained.

 

		9.	No material adverse effect

 

Since the date of this Agreement
nothing has occurred which has or could reasonably be expected to have a Material Adverse Effect.

 

		10.	Equity / subordinated debt

 

Evidence that Thermo has converted
into share capital of the Borrower all of the Financial Indebtedness owed by the Borrower (including pursuant to the Thermo Facility Agreement),
together with a pay off letter (in form and substance satisfactory to the COFACE Agent) evidencing the termination of all obligations
under the Thermo Facility Agreement.

 

    	165

    	 

    

 

		11.	Equity contribution

 

		(a)	Evidence that prior to Financial Close, Thermo (or any other third party) has contributed to the
Borrower at least US$75,000,000 (in aggregate) of equity by way of share capital or subordinated shareholder loans, as follows:

 

		(i)	since the date of this Agreement, Thermo (or any other third party) has contributed to the Borrower
at least US$45,000,000 of equity by way of share capital or subordinated shareholder loans (excluding the equity issued to Thermo
as described in paragraph 10 (Equity / Subordinated Debt) above); and

 

		(ii)	since 1 December 2008 to the date of Financial Close, Thermo has contributed to the Borrower US$30,000,000
of equity by way of share capital.

 

		12.	Debt service reserve account

 

Evidence that the Debt Service
Reserve Account has been opened and is funded with the DSRA Required Balance.

 

		13.	Insurances

 

		(a)	A report from the Insurance Consultant.

 

		(b)	The insurance provisions in each of the Commercial Contracts have been amended in form and substance
satisfactory to the COFACE Agent (acting in consultation with the Insurance Consultant).

 

		(c)	The COFACE Agent shall have received:

 

		(i)	evidence of payment of all insurance premiums (as required within the applicable credit terms agreed
with insurers) for the current policy year of each Insurance (naming COFACE, the COFACE Agent and the Lenders as additional insured
on all certificates for “all risks property insurance” and also the Security Agent as first Loss Payee on the
Launch Insurance and as additional named insured on the Launch third party liability insurance);

 

		(ii)	in relation to the “all risks property insurance”, a certified copy of the Insurance
Documentation (including evidence of transit insurance), copies (certified by a Responsible Officer of the Supplier) in the form
required under the Security Documents and otherwise in form and substance reasonably satisfactory to the COFACE Agent; and

 

		(iii)	a certified copy of a certificate from the Supplier in respect of its third party liability insurance
in the same form to be provided pursuant to Article 31 of the Satellite Construction Contract.

 

		14.	Know your customer requirements

 

The COFACE Agent shall have received
each of the documents referred to in Schedule 7 (Know Your Customer Requirements).

 

		15.	No injunction, etc.

 

		(a)	No action, proceeding, investigation, regulation or legislation shall have been instituted, threatened
or proposed by any Governmental Authority to enjoin, restrain, or prohibit, or to obtain substantial damages in respect of, or
which is related to or arises out of the Finance Documents or the consummation of the transactions contemplated thereby, or which,
in the COFACE Agent’s sole discretion, would make it inadvisable to consummate the transactions contemplated by the Finance
Documents or the consummation of the transactions contemplated thereby.

 

    	166

    	 

    

 

		(b)	The COFACE Agent shall be reasonably satisfied that no proceeding shall be pending or threatened
which may result in the loss, revocation, material modification, non-renewal, suspension or termination of any Material Communications
Licence, the issuance of any cease or desist order or the imposition of any fines, forfeitures or other administrative actions
by the FCC with respect to any operations of the Borrower and its Subsidiaries.

 

		(c)	The COFACE Agent shall be reasonably satisfied that no proceeding shall be pending or threatened
which may result in the denial by the FCC of any pending material applications of the Borrower or any Subsidiary thereof, if such
denial could reasonably be expected to have a Material Adverse Effect.

 

		16.	Group structure chart

 

A certified copy of the Group
Structure Chart.

 

		17.	Accounts

 

Evidence that:

 

		(a)	the Project Accounts (other than the Collection Account) have each been opened and continue to
be maintained with the Offshore Account Bank; and

 

		(b)	the Collection Account has been opened and continues to be maintained with the Onshore Account
Bank.

 

		18.	Other documents and evidence

 

		(a)	Evidence that any process agent referred to in Clause 40.2 (Service of Process) (and
any other equivalent provision in the other Finance Documents) has accepted its appointment.

 

		(b)	A copy of any other Authorisation or other document, opinion or assurance which the Lender considers
to be necessary in connection with the entry into and performance of the transactions contemplated by any Finance Document or for
the validity and enforceability of any Finance Document.

 

		(c)	Copies of the following financial statements:

 

		(i)	the annual audited financial statements issued by the Borrower for the financial year ended 31 December
2008; and

 

		(ii)	the unaudited financial statements issued by the Borrower for the period ended 31 March 2009.

 

		(d)	Evidence that fees, costs and expenses as at the date of the first Utilisation due from the Borrower
pursuant to the Finance Documents have been paid or will be paid by the first Utilisation Date.

 

		(e)	Evidence that the Borrower has purchased the Interest Rate Cap Agreements with each Original Lender
in proportion to its Commitment.

 

		(f)	Evidence of the conversion of not less than US$78,200,000 of the 5.75% Notes.

 

    	167

    	 

    

 

		(g)	[Intentionally Omitted].

 

		(h)	[Intentionally Omitted]

 

		(i)	[Intentionally Omitted].

 

    	168

    	 

    

 

Schedule
3

 

Utilisation Request

 

		From:	[Borrower]

 

		To:	[COFACE Agent]

 

		Cc:	[the Supplier] / [the Launch Services Provider]

 

		Dated:	[●]

 

Dear Sirs,

 

COFACE Facility Agreement dated
5 June 2009 (as amended and restated from time to time) 

(the “Agreement”)

 

		1.	We refer to the Agreement. This is a Utilisation Request for a [disbursement] / [reimbursement].
Terms defined in the Agreement have the same meaning in this Utilisation Request unless given a different meaning in this Utilisation
Request.

 

		2.	We wish to borrow a [Facility A] / [Facility B] Loan on the following terms:

 

	Proposed Utilisation Date:	[●] (or, if that is not a Business Day, the next Business Day)
	 	 
	Amount:	[[●] [[Dollars] (US$[●])] or, if less, the Available Facility
	 	 
	Interest Period:	Six (6) Months
	 	 
	Use of Proceeds:	[US$[●] payable to Thales Alenia Space France for payment of the Invoice dated [●] in relation to the Satellite Construction Contract.]
	 	 
	 	[US$[●] payable to Arianespace for payment of the Invoice dated [●] in relation to the Launch Services Contract.]
	 	 
	 	[US$[●] payable to the Borrower as reimbursement for payment to the Supplier and to the Launch Services Provider in relation to part of the Eligible Amount according to the Invoices separately provided to the COFACE Agent.]
	 	 
	 	[[Dollars] (US$[●]) payable to the COFACE Agent for payment of the COFACE Insurance Premia.]

 

		3.	We confirm that each condition specified in Clause 4.2 (Further Conditions Precedent)
[and Clause 4.3 (Conditions Precedent to Certain Utilisations)] [is] [are] satisfied on the date of this Utilisation
Request.

 

		4.	The proceeds of this Loan should be credited to [insert relevant bank account details].

 

    	169

    	 

    

 

		5.	This Utilisation Request is irrevocable.

 

Yours faithfully

 

authorised signatory for

Globalstar, Inc.

 

    	170

    	 

    

 

Schedule
4

 

Maximum Covenant Capital Expenditure

 

Part A

Maximum Covenant Capital Expenditures

 

	1	 	 	2	 	 	 	3	 	 	 	4	 	 	 	5	 	 	 	6	 	 	 	7	 	 	 	8	 
	Relevant 

Period A	 	 	Business Plan 

Capex B	 	 	 	10% Buffer 

A + B = C	 	 	 	Maximum 

Capex 

Covenant D	 	 	 	Minimum 

Capex – Not 

Available for 

Rollover
 C – D = E	 	 	 	Capex 

Available for 

Rollover F	 	 	 	Cumulative 

                                                                                                        Rollover C 

+ F	 	 	 	Maximum 

Cumulative 

Capex	 
	2H 2013	 	$	31,305,815	 	 	$	3,130,582	 	 	$	34,436,397	 	 	$	20,000,000	 	 	$	14,436,397	 	 	$	0	 	 	$	34,436,397	 
	2014	 	$	38,466,992	 	 	$	3,846,699	 	 	$	42,313,691	 	 	$	30,000,000	 	 	$	12,313,691	 	 	$	14,436,397	 	 	$	56,750,088	 
	2015	 	$	17,090,846	 	 	$	1,709,085	 	 	$	18,799,931	 	 	$	10,000,000	 	 	$	8,799,931	 	 	$	26,750,088	 	 	$	45,550,018	 
	2016	 	$	12,000,000	 	 	$	1,200,000	 	 	$	13,200,000	 	 	$	5,000,000	 	 	$	8,200,000	 	 	$	35,550,018	 	 	$	48,750,018	 
	2017	 	$	2,400,000	 	 	 	N/A	 	 	$	15,000,000	 	 	 	N/A	 	 	 	N/A	 	 	$	43,750,018	 	 	$	58,750,018	 
	2018	 	$	2,400,000	 	 	 	N/A	 	 	$	15,000,000	 	 	 	N/A	 	 	 	N/A	 	 	 	N/A	 	 	$	15,000,000	 
	2019	 	$	2,400,000	 	 	 	N/A	 	 	$	15,000,000	 	 	 	N/A	 	 	 	N/A	 	 	 	N/A	 	 	$	15,000,000	 
	2020	 	$	2,400,000	 	 	 	N/A	 	 	$	15,000,000	 	 	 	N/A	 	 	 	N/A	 	 	 	N/A	 	 	$	15,000,000	 
	2021	 	$	2,400,000	 	 	 	N/A	 	 	$	15,000,000	 	 	 	N/A	 	 	 	N/A	 	 	 	N/A	 	 	$	15,000,000	 
	2022	 	$	2,400,000	 	 	 	N/A	 	 	$	15,000,000	 	 	 	N/A	 	 	 	N/A	 	 	 	N/A	 	 	$	15,000,000	 

 

 

    	171

    	 

    

 

Part B

Maximum Covenant Capital Expenditures
for Excess Cash Flow Calculation

 

	 	Relevant Period	 	 	Maximum Covenant Capex for Excess 
 Cash Flow Calculation
	 	2H 2013	 	 	US$	34,436,397
	 	1H 2014	 	 	US$	10,688,587
	 	2H 2014	 	 	US$	31,625,105
	 	1H 2015	 	 	US$	9,644,886
	 	2H 2015	 	 	US$	9,155.045
	 	1H 2016	 	 	US$	6,600.000
	 	2H 2016	 	 	US$	6,600.000
	 	1H 2017	 	 	US$	2,500.000
	 	2H 2017	 	 	US$	2,500.000
	 	1H 2018	 	 	US$	2,500.000
	 	2H 2018	 	 	US$	2,500.000
	 	1H 2019	 	 	US$	2,500.000
	 	2H 2019	 	 	US$	2,500.000
	 	1H 2020	 	 	US$	2,500.000
	 	2H 2020	 	 	US$	2,500.000
	 	1H 2021	 	 	US$	2,500.000
	 	2H 2021	 	 	US$	2,500.000
	 	1H 2022	 	 	US$	2,500.000
	 	2H 2022	 	 	US$	2,500.000

 

    	172

    	 

    

 

Schedule
5

 

Form of Transfer Certificate and Assignment Agreement

 

Part A

Form of Transfer Certificate

 

		To:	[●] as COFACE Agent

 

		From:	[The Existing Lender] (the “Existing
Lender”) and [The New Lender] (the “New Lender”)

 

		Dated:	[●]

 

COFACE Facility Agreement dated
5 June 2009 (as amended and restated from time to time) 

(the “Agreement”)

 

		1.	We refer to the Agreement. This is a Transfer Certificate. Terms defined in the Agreement have
the same meaning in this Transfer Certificate unless given a different meaning in this Transfer Certificate.

 

		2.	We refer to clause 26.5 (Procedure for Transfer or Assignment) of the Agreement:

 

		(a)	The Existing Lender and the New Lender agree to the Existing Lender transferring to the New Lender
by novation, and in accordance with clause 26.5 (Procedure for Transfer or Assignment), all of the Existing Lender’s
rights and obligations under the Agreement and the other Finance Documents which relate to that portion of the Existing Lender’s
Commitment(s) and participation in Loans under the Agreement as specified in the Schedule.

 

		(b)	The proposed Transfer Date is [●].

 

		(c)	The Facility Office and address, fax number and attention details for notices of the New Lender
for the purposes of clause 33.2 (Addresses) of the Agreement are set out in the Schedule.

 

		3.	The New Lender expressly acknowledges the limitations on the Existing Lender’s obligations
set out in paragraph (c) of clause 26.4 (Limitation of Responsibility of Existing Lenders) of the Agreement.

 

		4.	The New Lender confirms that the person beneficially entitled to interest payable to that Lender
in respect of an advance under a Finance Document is a Qualifying Lender.

 

		5.	This Transfer Certificate may be executed in any number of counterparts and this has the same
effect as if the signatures on the counterparts were on a single copy of this Transfer Certificate.

 

		6.	This Transfer Certificate and any non-contractual obligations arising out of or in connection with
it are governed by English law.

 

		7.	For the purposes of Article 1278 and seq. of the French Civil Code, it is agreed
that the security interest created pursuant to the Borrower Pledge of Bank Accounts, the Borrower Additional Pledge of Bank Accounts
and the Holding Account Pledge Agreement shall be preserved for the benefit of the New Lender and all other Finance Parties.

 

    	173

    	 

    

 

The Schedule

 

Commitment/rights and obligations to
be transferred

 

[insert relevant details]

[Facility Office address, fax number and attention details for notices and account details for payments,]

 

	[Existing Lender]	[New Lender]
	 	 
	By: [●]	By: [●]

 

This Transfer Certificate is accepted by
the COFACE Agent and the Transfer Date is confirmed as [●].

 

[COFACE Agent]

 

		By:	[●]

 

    	174

    	 

    

 

Part B

Form of Assignment Agreement

 

		To:	[●] as COFACE Agent and [●] as Borrower, for and on behalf of each Obligor

 

		From:	[the Existing Lender] (the “Existing Lender”) and [the New Lender] (the “New
Lender”)

 

		Dated:	[●]

 

[Borrower]
- [●] Facility Agreement

dated
[●] (the "Agreement")

 

		1.	We refer to the Agreement. This is an Assignment Agreement. Terms defined in the Agreement have
the same meaning in this Assignment Agreement unless given a different meaning in this Assignment Agreement.

 

		2.	We refer to clause 26.5 (Procedure for Transfer or Assignment):

 

		(a)	The Existing Lender assigns absolutely to the New Lender all the rights of the Existing Lender
under the Agreement and the other Finance Documents which relate to that portion of the Existing Lender's Commitment(s) and participations
in Loans under the Agreement as specified in the Schedule.

 

		(b)	The Existing Lender is released from all the obligations of the Existing Lender which correspond
to that portion of the Existing Lender's Commitment(s) and participations in Loans under the Agreement specified in the Schedule.

 

		(c)	The New Lender becomes a Party as a Lender and is bound by obligations equivalent to those from
which the Existing Lender is released under paragraph (b) above.

 

		3.	The proposed Transfer Date is [●].

 

		4.	On the Transfer Date the New Lender becomes Party to the Finance Documents as a Lender.

 

		5.	The Facility Office and address, fax number and attention details for notices of the New Lender
for the purposes of clause 33.2 (Addresses) are set out in the Schedule.

 

		6.	The New Lender expressly acknowledges the limitations on the Existing Lender's obligations set
out in paragraph (c) of clause 26.4 (Limitation of Responsibility of Existing Lenders).

 

		7.	The New Lender confirms, for the benefit of the COFACE Agent and without liability to any Obligor,
that it is:

 

		(a)	[a Qualifying Lender;]

 

		(b)	[not a Qualifying Lender].

 

		8.	This Assignment Agreement acts as notice to the COACE Agent (on behalf of each Finance Party) and,
upon delivery in accordance with clause 26.6 (Copy of Transfer Certificate or Assignment Agreement to Borrower), to the
Borrower (on behalf of each Obligor) of the assignment referred to in this Assignment Agreement.

 

		9.	This Assignment Agreement may be executed in any number of counterparts and this has the same effect
as if the signatures on the counterparts were on a single copy of this Assignment Agreement.

 

    	175

    	 

    

 

		10.	This Assignment Agreement and any non-contractual obligations arising out of or in connection with
it are governed by English law.

 

		11.	This Assignment Agreement has been entered into on the date stated at the beginning of this Assignment
Agreement.

 

    	176

    	 

    

 

THE SCHEDULE

Rights to be assigned and obligations
to be released and undertaken

 

[insert relevant details]

[Facility office address, fax number
and attention details for notices and account details for 

payments]

 

		[ExistingLender]	[New Lender]

 

		By:	By:

 

This Assignment Agreement is accepted by the COFACE Agent and
the Transfer Date is confirmed as [●].

 

Signature of this Assignment Agreement
by the COFACE Agent constitutes confirmation by the COFACE Agent of receipt of notice of the assignment referred to herein, which
notice the COFACE Agent receives on behalf of each Finance Party.

 

[COFACE Agent]

 

By:

 

    	177

    	 

    

 

Schedule
6

 

The Security Agent

 

		1.	Security agent as holder of liens

 

		(a)	In this Clause:

 

“Finance Party Claim”
means any amount which an Obligor owes to a Finance Party under or in connection with the Finance Documents; and

 

“Security Agent Claim”
means any amount which an Obligor owes to the Security Agent under this Clause.

 

		(b)	Unless expressly provided to the contrary in any Finance Document, the Security Agent holds:

 

		(i)	any security created by a Security Document governed by any relevant law;

 

		(ii)	the benefit of any Security Agent Claims; and

 

		(iii)	any proceeds of security,

 

for the benefit, and as the property,
of the Finance Parties.

 

		(c)	The Security Agent will separately identify in its records the property rights referred to in paragraph (b)
above.

 

		(d)	The Borrower must pay the Security Agent, as an independent and separate creditor, an amount equal
to each Finance Party Claim on its due date.

 

		(e)	The Security Agent may enforce performance of any Security Agent Claim in its own name as an independent
and separate right. This includes any suit, execution, enforcement of security, recovery of guarantees and applications for and
voting in respect of any kind of insolvency proceeding.

 

		(f)	Each Finance Party must, at the request of the Security Agent, perform any act required in connection
with the enforcement of any Security Agent Claim. This includes joining in any proceedings as co-claimant with the Security Agent.

 

		(g)	Unless the Security Agent fails to enforce a Security Agent Claim within a reasonable time after
its due date, a Finance Party may not take any action to enforce the corresponding Finance Party Claim unless it is requested to
do so by the Security Agent.

 

		(h)	The Borrower irrevocably and unconditionally waives any right it may have to require a Finance
Party to join in any proceedings as co-claimant with the Security Agent in respect of any Security Agent Claim.

 

		(i)	(A) Discharge by the Borrower of a Finance Party Claim will discharge the corresponding Security
Agent Claim in the same amount; and (B) Discharge by the Borrower of a Security Agent Claim will discharge the corresponding
Finance Party Claim in the same amount.

 

		(j)	The aggregate amount of the Security Agent Claims will never exceed the aggregate amount of Finance
Party Claims.

 

    	178

    	 

    

 

		(k)	(A) A defect affecting a Security Agent Claim against the Borrower will not affect any Finance
Party Claim; and (B) A defect affecting a Finance Party Claim against the Borrower will not affect any Security Agent Claim.

 

		(l)	If the Security Agent returns to the Borrower, whether in any kind of insolvency proceedings or
otherwise, any recovery in respect of which it has made a payment to a Finance Party, that Finance Party must repay an amount equal
to that recovery to the Security Agent.

 

		2.	Responsibility

 

		(a)	The Security Agent is not liable or responsible to any other Finance Party for:

 

		(i)	any failure in perfecting or protecting the security created by any Security Document; or

 

		(ii)	any other action taken or not taken by it in connection with any Security Document,

 

unless caused by its gross negligence
or wilful misconduct.

 

		(b)	The Security Agent is not responsible for:

 

		(i)	the right or title of any person in or to, or the value of, or sufficiency of any part of the security
created by the Security Documents;

 

		(ii)	the priority of any security created by the Security Documents; or

 

		(iii)	the existence of any other Lien affecting any asset secured under a Security Document.

 

		3.	Title

 

The Security Agent may accept,
without enquiry, the title (if any) the Borrower may have to any asset over which security is intended to be created by any Security
Document.

 

		4.	Possession of documents

 

The Security Agent is not obliged
to hold in its own possession any Security Document, title deed or other document in connection with any asset over which security
is intended to be created by a Security Document. Without prejudice to the above, the Security Agent may allow any bank providing
safe custody services or any professional adviser to the Security Agent to retain any of those documents in its possession.

 

		5.	Investments

 

Except as otherwise provided
in any Security Document, all moneys received by the Security Agent under a Security Document may be:

 

		(a)	invested in the name of, or under the control of, the Security Agent in any investment for the
time being authorised by any relevant law for the investment by trustees of trust money or in any other investments which may be
selected by the Security Agent with the consent of the Majority Lenders; or

 

		(b)	placed on deposit in the name of, or under the control of, the Security Agent at any bank or institution
(including any Finance Party) and on such terms as the Security Agent may agree.

 

    	179

    	 

    

 

		6.	Approval

 

Each Finance Party:

 

		(a)	confirms its approval of each Security Document; and

 

		(b)	authorises and directs the Security Agent (by itself or by such person(s) as it may nominate) to
enter into and enforce the Security Documents as trustee (or agent) or as otherwise provided (and whether or not expressly in the
names of the Finance Parties) on its behalf.

 

		7.	Conflict with security documents

 

If there is any conflict between
this Agreement and any Security Document with regard to instructions to, or other matters affecting, the Security Agent, this Agreement
will prevail.

 

		8.	Release of security

 

		(a)	If a disposal of any asset subject to security created by a Security Document is made to a person
(which is and will remain) outside the Group in the following circumstances:

 

		(i)	all the Lenders agree to the disposal;

 

		(ii)	the disposal is being made at the request of the Security Agent in circumstances where any security
created by the Security Documents has become enforceable;

 

		(iii)	the disposal is allowed by the terms of the Finance Documents and will not result or could not
reasonably be expected to result in any Default; and

 

		(iv)	the disposal is being effected by enforcement of a Security Document, the asset(s) being disposed
of will be released from any security over it created by a Security Document.

 

		(b)	Any release under this Subclause will not become effective until the date of the relevant disposal
or otherwise in accordance with the consent of all the Lenders.

 

		(c)	If a disposal is not made, then any release relating to that disposal will have no effect, and
the obligations of the Borrower under the Finance Documents will continue in full force and effect.

 

		(d)	If the Security Agent so requests pursuant to a release under this Subclause, (at the request and
expense of the Borrower) each Finance Party must enter into any document and do all such other things which are reasonably required
to achieve that release. Each other Finance Party irrevocably authorises the Security Agent to enter into any such document.

 

		9.	Co-security agent

 

		(a)	The Security Agent may appoint a separate security agent or a co-security agent in any jurisdiction:

 

		(i)	if the Security Agent considers that without the appointment the interests of the Lenders under
the Finance Documents might be materially and adversely affected;

 

		(ii)	for the purpose of complying with any law, regulation or other condition in any jurisdiction; or

 

    	180

    	 

    

 

		(iii)	for the purpose of obtaining or enforcing a judgment or enforcing any Finance Document in any jurisdiction.

 

		(b)	Any appointment under this Subclause will only be effective if the security agent or co-security
agent confirms to the Security Agent and the Borrower in form and substance satisfactory to the Security Agent that it is bound
by the terms of this Agreement as if it were the Security Agent.

 

		(c)	The Security Agent may remove any security agent or co-security agent appointed by it and may appoint
a new security agent or co-security agent in its place.

 

		10.	Information

 

Each Finance Party and the Borrower
must supply the Security Agent with any information that the Security Agent may reasonably specify as being necessary or desirable
to enable it to perform its functions under this Clause.

 

		11.	Perfection of security

 

Borrower must (at its own cost)
take any action and enter into and deliver any document which is required by the Security Agent so that a Security Document provides
for effective and perfected security in favour of any successor Security Agent.

 

    	181

    	 

    

 

Schedule
7

 

Know Your Customer Requirements

 

The Borrower shall provide the following
documents to the COFACE Agent, upon the request of a Finance Party, in original or certified copy form:

 

		1.	Formation Documents: original or certified copies of the certificate of commercial registration,
memorandum of association or any other equivalent formation documents in English that have been filed with the relevant business
registry in the jurisdiction of formation of the Borrower and any other trading names;

 

		2.	List of Directors: a certified list of all directors of the Borrower including:

 

		(a)	names;

 

		(b)	nationalities;

 

		(c)	dates of birth; and

 

		(d)	business addresses;

 

		3.	Passports: a certified copy of the passports of the persons signing each of the Finance
Documents for and on behalf of the Borrower;

 

		4.	Financials: most recent annual audited financial reports (if any) and the latest unaudited
statement of accounts; and

 

		5.	Listing: evidence that the Borrower is a listed entity.

 

    	182

    	 

    

 

Schedule
8

 

Form of Compliance Certificate

 

		To:	BNP Paribas as COFACE Agent

 

		From:	[Borrower]

 

		Dated:	[●]

 

Dear Sirs

 

Globalstar COFACE Facility Agreement
dated 5 June 2009 (as amended and restated from 

time to time) (the “Agreement”)

 

		1.	We refer to the Agreement. This is a Compliance Certificate. Terms defined in the Agreement have
the same meaning in this Compliance Certificate unless given a different meaning in this Compliance Certificate.

 

		2.	We confirm that: [Insert details of financial covenants in Clause 20 (Financial Covenants) to
be certified].

 

		3.	We confirm that the amounts as of the date of this Compliance Certificate in each of the Project
Accounts are as follows:

 

		(a)	the Collection Account – US$[●];

 

		(b)	the Debt Service Account – US$[●];

 

		(c)	the Debt Service Reserve Account – US$[●]; and

 

		(d)	the Insurance Proceeds Account – US$[●].

 

		4.	We confirm that: [insert details of any Spectrum Cash Flow and/or Spectrum Sale proceeds].

 

		5.	We confirm that: [insert detailed calculations for the purposes of calculating the amounts of
the cash sweeps in Clause 7 (Prepayment and Cancellation)].

 

		6.	We confirm that: [insert detailed calculation of the Adjusted Consolidated EBITDA Reconciliation
and the reconciliation of the Excess Cash Flow].

 

		7.	We confirm that since the date of the last Compliance Certificate no new Subsidiaries have been
created or equity interests issued other than as disclosed in writing to the COFACE Agent.

 

		8.	We confirm that the shareholders of record of the Borrower are as follows: [insert list of current
shareholders of record of the Borrower].

 

		9.	[We
                                                                                            confirm that no Default is continuing.]*

 

 

		*	If this statement cannot be made, the certificate should identify any Default that is continuing
and the steps, if any, being taken to remedy it.

 

 

    	183

    	 

    

 

	Signed:	 	 
	 	 	 
	 	Director	Director
	 	 	 
	 	Of	Of
	 	 	 
	 	[Borrower]	[Borrower]

 

    	184

    	 

    

 

Schedule
9

 

ERISA Plans

 

		1.	Globalstar, Inc. Savings Plan (401(k));

 

		2.	Globalstar, Inc. Pension Plan (Retirement); and

 

		3.	Globalstar, Inc. Comprehensive Welfare Benefits Plan
document.

 

    	185

    	 

    

 

Schedule
10

 

Form of Confidentiality Undertaking

 

To:

 

	
         

         

         

         
	[insert name of Potential Lender]

 

		Re:	The Facility

 

	
        Borrower:

         

        Amount:

         

        COFACE Agent:

         
	 

 

Dear Sirs,

 

We understand that you are considering
participating in the Facility. In consideration of us agreeing to make available to you certain information, by your signature
of a copy of this letter you agree as follows:

 

		1.	Confidentiality Undertaking

 

You undertake:

 

		(a)	to keep the Confidential Information confidential and not to disclose it to anyone except as provided
for by paragraph 2 below and to ensure that the Confidential Information is protected with security measures and a degree
of care that would apply to your own confidential information;

 

		(b)	to use the Confidential Information only for the Permitted Purpose; and

 

		(c)	to use all reasonable endeavours to ensure that any person to whom you pass any Confidential Information
(unless disclosed under paragraph 2(b) below) acknowledges and complies with the provisions of this letter as if that Person
were also a party to it.

 

		2.	Permitted Disclosure

 

We agree that you may disclose
Confidential Information:

 

		(a)	to members of the Participant Group and their officers, directors, employees and professional advisers
to the extent necessary for the Permitted Purpose and to any auditors of members of the Participant Group;

 

		(b)	(i) where requested or required by any court of competent jurisdiction or any competent judicial,
governmental, supervisory or regulatory body, (ii) where required by the rules of any stock exchange on which the shares or
other securities of any member of the Participant Group are listed or (iii) where required by the laws or regulations of any
country with jurisdiction over the affairs of any member of the Participant Group; or

 

		(c)	with the prior written consent of us and the Borrower.

 

    	186

    	 

    

 

		3.	Notification of Required or Unauthorised Disclosure

 

You agree (to the extent permitted
by law and except where disclosure is to be made to any competent supervisory or regulatory body during the ordinary course of
its supervisory or regulatory function over you) to inform us of the full circumstances of any disclosure under paragraph 2(b)
or upon becoming aware that Confidential Information has been disclosed in breach of this letter.

 

		4.	Return of Copies

 

If we so request in writing,
you shall return all Confidential Information supplied to you by us and destroy or permanently erase (to the extent technically
practicable) all copies of Confidential Information made by you and use all reasonable endeavours to ensure that anyone to whom
you have supplied any Confidential Information destroys or permanently erases (to the extent technically practicable) such Confidential
Information and any copies made by them, in each case save to the extent that you or the recipients are required to retain any
such Confidential Information by any applicable law, rule or regulation or by any competent judicial, governmental, supervisory
or regulatory body or in accordance with internal policy, or where the Confidential Information has been disclosed under paragraph 2(b)
above.

 

		5.	Continuing Obligations

 

The obligations in this letter
are continuing and, in particular, shall survive the termination of any discussions or negotiations between you and us. Notwithstanding
the previous sentence, the obligations in this letter shall cease on the earlier of (a) the date you become a party to or
otherwise acquire (by assignment, sub participation or otherwise) an interest, direct or indirect in the Facility and (b) twelve
(12) Months after you have returned all Confidential Information supplied to you by us and destroyed or permanently erased (to
the extent technically practicable) all copies of Confidential Information made by you (other than any such Confidential Information
or copies which have been disclosed under paragraph 2 above (other than sub-paragraph 2(a)) or which, pursuant to paragraph 4
above, are not required to be returned or destroyed).

 

		6.	No Representation; Consequences of Breach, etc

 

You acknowledge and agree that:

 

		(a)	neither we, nor any member of the Group nor any of our or their respective officers, employees
or advisers (each a “Relevant Person”) (i) make any representation or warranty, express or implied, as
to, or assume any responsibility for, the accuracy, reliability or completeness of any of the Confidential Information or any other
information supplied by us or the assumptions on which it is based or (ii) shall be under any obligation to update or correct
any inaccuracy in the Confidential Information or any other information supplied by us or be otherwise liable to you or any other
Person in respect to the Confidential Information or any such information; and

 

		(b)	we or members of the Group may be irreparably harmed by the breach of the terms of this letter
and damages may not be an adequate remedy; each Relevant Person may be granted an injunction or specific performance for any threatened
or actual breach of the provisions of this letter by you.

 

		7.	No Waiver; Amendments, etc

 

This letter sets out the full
extent of your obligations of confidentiality owed to us in relation to the information the subject of this letter. No failure
or delay in exercising any right, power or privilege under this letter will operate as a waiver thereof nor will any single or
partial exercise of any right, power or privilege preclude any further exercise thereof or the exercise of any other right, power
or privileges under this letter. The terms of this letter and your obligations under this letter may only be amended or modified
by written agreement between us.

 

    	187

    	 

    

 

		8.	Inside Information

 

You acknowledge that some or
all of the Confidential Information is or may be price-sensitive information and that the use of such information may be regulated
or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and you undertake
not to use any Confidential Information for any unlawful purpose.

 

		9.	Nature of Undertakings

 

The undertakings given by you
under this letter are given to us and (without implying any fiduciary obligations on our part) are also given for the benefit of
the Borrower and each other member of the Group.

 

		10.	Third Party Rights

 

		(a)	Subject to this paragraph 10 and to paragraph 6 and paragraph 9, a person who is
not a party to this letter has no right under the Contracts (Rights of Third Parties) Act 1999 (the “Third Parties
Act”) to enforce or enjoy the benefit of any term of this letter.

 

		(b)	The Relevant Persons may enjoy the benefit of paragraphs 6 and 9 subject to and in accordance
with this paragraph 10 and the provisions of the Third Parties Act.

 

		(c)	The parties to this letter do not require the consent of any Relevant Person to rescind or vary
this letter at any time.

 

		11.	Governing Law and Jurisdiction

 

This letter (including the agreement
constituted by your acknowledgement of its terms) shall be governed by and construed in accordance with the laws of England and
the parties submit to the non-exclusive jurisdiction of the English courts.

 

		12.	Definitions

 

In this letter (including the
acknowledgement set out below) terms defined in the Facility shall, unless the context otherwise requires, have the same meaning
and:

 

“Confidential Information”
means any information relating to the Borrower, the Group, and the Finance Documents, provided to you by us or any of our affiliates
or advisers, in whatever form, and includes information given orally and any document, electronic file or any other way of representing
or recording information which contains or is derived or copied from such information but excludes information that (a) is
or becomes public knowledge other than as a direct or indirect result of any breach of this letter or (b) is known by you
before the date the information is disclosed to you by us or any of our affiliates or advisers or is lawfully obtained by you after
that date, other than from a source which is connected with the Group and which, in either case, as far as you are aware, has not
been obtained in violation of, and is not otherwise subject to, any obligation of confidentiality;

 

“Group” means
the Borrower and each of its holding companies and subsidiaries and each subsidiary of each of its holding companies (as each such
term is defined in the Companies Act 1985);

 

    	188

    	 

    

 

“Participant Group”
means you, each of your holding companies and subsidiaries and each subsidiary of each of your holding companies (as each such
term is defined in the Companies Act 1985); and

 

“Permitted Purpose”
means considering and evaluating whether to enter into the Facility.

 

Please acknowledge your agreement to the
above by signing and returning the enclosed copy.

 

Yours faithfully

 

 

For and on behalf of

Mandated Lead Arranger

		To:	[Mandated Lead Arranger]

The Borrower and each other member of
the Group

We acknowledge and agree to the above:

 

 

For and on behalf of

[Potential Lender]

 

    	189

    	 

    

 

Schedule
11

 

Payment Terms

 

Each payment under this Agreement shall
be payable:

 

		(a)	to the Supplier and/or the Launch Services Provider,
as the case may be; or

 

		(b)	in the case of a reimbursement to the Borrower, to
the Borrower,

 

against presentation of:

 

		(i)	a copy of a duly certified Invoice and a Qualifying Certificate;

 

		(ii)	in the case of payments to the Supplier only, a certificate of completion, as provided for in the
Satellite Construction Contract, duly signed by the Borrower;

 

		(iii)	a Utilisation Request; and

 

		(iv)	in relation to a reimbursement to the Borrower, a certificate signed by a Responsible Officer of
the Borrower confirming to the COFACE Agent:

 

		(A)	that the Borrower has made the payment in respect of which the reimbursement is required; and

 

		(B)	the purpose for which the Loan shall be applied.

 

    	190

    	 

    

 

Schedule
12

 

Material Contracts

 

		1.	QUALCOMM Globalstar Satellite Products Supply Agreement by and between QUALCOMM Incorporated and
the Borrower (then named “New Operating Globalstar LLC”), dated as of 13 April 2004 (NOG-C-04-0137).

 

		(a)	Amendment Number 1 to QUALCOMM Globalstar Satellite Products Supply Agreement, dated as of 25 May
2005;

 

		(b)	Amendment Number 2 to QUALCOMM Globalstar Satellite Products Supply Agreement, dated as of 25 May
2005;

 

		(c)	Amendment Number 3 to QUALCOMM Globalstar Satellite Products Supply Agreement, dated as of 30 September
2005;

 

		(d)	Amendment Number 4 to QUALCOMM Globalstar Satellite Products Supply Agreement, dated as of 15 August
2006;

 

		(e)	Amendment Number 5 to QUALCOMM Globalstar Satellite Products Supply Agreement, dated as of 20 November
2007;

 

		(f)	Amendment Number 6 to QUALCOMM Globalstar Satellite Products Supply Agreement, dated as of 20 November
2007;

 

		(g)	Amendment Number 7 to QUALCOMM Globalstar Satellite Products Supply Agreement, dated as of 27 October
2008;

 

		(h)	Amendment Number 8 to QUALCOMM Globalstar Satellite Products Supply Agreement, dated as of 12 August
2009;

 

		(i)	Amendment Number 9 to QUALCOMM Globalstar Satellite Products Supply Agreement, dated as of 24 Feb
2010; and

 

		(j)	Assignment and Performance Guarantee dated 11 October 2006.

 

		2.	Satellite Construction Contract between the Borrower and the Supplier dated as of 30 November 2006.

 

		(a)	Amendment Number 1 to Satellite Construction Contract, dated as of 12 December 2006;

 

		(b)	Amendment Number 2 to Satellite Construction Contract, dated as of 31 October 2007;

 

		(c)	Amendment Number 3 to Satellite Construction Contract, dated as of 19 December 2007;

 

		(d)	Amendment Number 4 to Satellite Construction Contract, dated as of 17 July 2008;

 

		(e)	Amendment Number 5 to Satellite Construction Contract, dated as of 9 December 2008;

 

		(f)	Amendment Number 6 to Satellite Construction Contract, dated as of 5 February 2009;

 

		(g)	Amendment Number 7 to Satellite Construction Contract, dated as of 5 March 2009;

 

    	191

    	 

    

 

		(h)	Amendment Number 8 to Satellite Construction Contract, dated as of 9 April 2009;

 

		(i)	Amended and Restated Satellite Construction Contract dated as of 3 June 2009;

 

		(j)	Amendment Number 1 to Amended and Restated Satellite Construction Contract dated as of 3 June 2009;

 

		(k)	Amendment Number 2 to Amended and Restated Satellite Construction Contract dated as of 3 June 2009;
and

 

		(l)	Amendment Number 3 to Amended and Restated Satellite Construction Contract dated as of 3 June 2009.

 

		3.	Amended and Restated Launch Services Agreement between the Borrower and the Launch Services Provider
with retroactive effect from 5 September 2007, dated 9 March 2010.

 

		4.	Radio Access Network and User Terminal Subsystem Contract between the Borrower and Hughes, effective
as of 1 May 2008.

 

		(a)	Amendment No. 1 to Radio Access Network and User Terminal Subsystem Contract effective as of 16
June 2009.

 

		(b)	Amendment No. 2 to Radio Access Network and User Terminal Subsystem Contract effective as of 28
August 2009.

 

		(c)	Amendment No. 3 to Radio Access Network and User Terminal Subsystem Contract effective as of 21
September 2009.

 

		(d)	Amendment No. 4 to Radio Access Network and User Terminal Subsystem Contract effective as of 24
March 2010.

 

		(e)	Amendment No. 5 to Radio Access Network and User Terminal Subsystem Contract effective as of 5
April 2011.

 

		(f)	Amendment No. 6 to Radio Access Network and User Terminal Subsystem Contract effective as of 4
November 2011.

 

		(g)	Amendment No. 7 to Radio Access Network and User Terminal Subsystem Contract effective as of 1
February 2012.

 

		(h)	Amendment No. 8 to Radio Access Network and User Terminal Subsystem Contract effective as of 6
September 2012.

 

		(i)	Letter Agreements for deferral of payment under the Radio Access Network and User Terminal Subsystem
Contract dated 21 March 2011 as further amended on 14 October 2011, 30 December 2011, 30 March 2012, 26 June 2012, 27 September
2012, 20 December 2012 and 26 March 2013.

 

		(j)	Radio Access Network and User Terminal Subsystem Contract Exhibit A dated 6 September 2012.

 

		(k)	Radio Access Network and User Terminal Subsystem Contract Exhibit C dated 6 September 2012.

 

		5.	Core Network Purchase Agreement between the Borrower and Ericsson, dated as of 1 October 2008.

 

		(a)	Amendment No. 1 to Purchase Agreement effective as of 1 December 2009.

 

		(b)	Amendment No. 2 to Purchase Agreement effective as of 30 March 2010.

 

    	192

    	 

    

 

		(c)	Amendment No. 3 to Purchase Agreement effective as of 10 December 2010.

 

		(d)	Amendment No. 4 to Purchase Agreement effective as of 21 November 2011.

 

		(e)	Amendment No. 5 to Purchase Agreement effective as of 20 December 2011.

 

		(f)	Letter Agreements for deferral of payment under the Purchase Agreement dated 7 March 2011, 8 March
2012, 17 July 2012, 30 January 2013 and 1 June 2013.

 

		6.	Senior Indenture between the Borrower and U.S. Bank, National Association dated as of 15 April
2008.

 

		(a)	First Supplemental Indenture to Senior Indenture dated as of 15 April 2008;

 

		(b)	Amendment to First Supplemental Indenture dated as of 1 December 2008;

 

		(c)	Second Supplemental Indenture to Senior Indenture dated as of 19 June 2009;

 

		(d)	Third Supplemental Indenture to Senior Indenture dated as of 14 June 2011; and

 

		(e)	Fourth Supplemental Indenture to Senior Indenture dated as of 20 May 2013.

 

		7.	Pledge and Escrow Agreement between the Borrower and U.S. Bank National Association dated 15 April
2008.

 

		8.	The Finance Documents.

 

		9.	Settlement Agreement between the Borrower and the Launch Services Provider dated 18 September 2012.

 

		10.	Master Manufacturing and Supply Agreement between the Borrower and BYD (Huizhou) Co., Ltd effective
as of 10 June 2011.

 

		11.	Manufacturing Services Agreement between the Borrower and Jabil Circuit, Inc. dated 21 September
2010.

 

		12.	Gateway Operation and Maintenance Agreement between the Borrower and Singapore Telecommunications
Limited dated 7 May 2008.

 

		(a)	Supplemental Agreement to the Operation and Maintenance Agreement dated 9 September 2009.

 

		(b)	Supplemental Agreement No.2 to the Operation and Maintenance Agreement dated 1 September 2011.

 

		13.	Contingent Equity Agreement between the Borrower and Thermo dated as of 19 June 2009.

 

		14.	Settlement Agreement between the Borrower, Thales Alenia Space France, Thermo Funding Company dated
24 June 2012.

 

		15.	Common Stock Purchase Agreement between the Borrower and Terrapin Opportunity, L.P. dated as of
28 December 2012.

 

		16.	Registration of Rights Agreement between the Borrower and Terrapin Opportunity L.P. dated as of
28 December 2012.

 

		17.	Common Stock Purchase Agreement between the Borrower and Thermo dated as of 20 May 2013.

 

		18.	Intercreditor Agreement between the Borrower, U.S. Bank National Association, the COFACE Agent
and the Security Agent dated as of 19 June 2009.

 

    	193

    	 

    

 

		19.	Intercreditor Agreement between the Borrower, the Guarantors signatories thereto, U.S. Bank National
Association, the COFACE Agent and the Security Agent dated as of 14 June 2011.

 

		20.	Once entered into, the guaranty agreement to be entered into between the Borrower, certain subsidiaries
of the Borrower as Subsidiary Guarantors and U.S. Bank National Association.

 

		21.	The subscription agreement between the Borrower, the Guarantors signatories thereto and the Investors
signatories thereto dated as of 14 June 2011.

 

		22.	Thermo Loan Agreement.

 

    	194

    	 

    

 

Schedule
13

 

Labour and Collective Bargaining Agreements

 

A labour and collective bargaining agreement
dated 25 August 2008 and entered in between Sintte/RJ (Sindicato dos Trabalhadores em Empresas de Telecomunicações,
Transmissão de Dados e Correio Eletrônico, Telefonia Móvel Celular, Serviços Troncalizados de Comunicação,
Rádiochamadas, Telemarketing, Projeto, Construção, Instalação e Operação de Mesas
Telefônicas no Estado do Rio de Janeiro) and Globalstar do Brasil S.A..

 

    	195

    	 

    

 

Schedule
14

 

Financial Indebtedness and Guarantee Obligations

 

		1.	A letter agreement entered into between Hughes and the Borrower and dated 26 March 2013, in respect
of payment deferral arrangements. (see Schedule 12 item 4(i)).

 

		2.	A letter agreement entered into between Ericsson and the Borrower and dated 30 January 2013, in
respect of payment deferral arrangements. (see Schedule 12 item 5(f)).

 

		3.	Settlement Amendment between the Borrower and the Launch Services Provider dated as of 18 September
2012 (see Schedule 12, Item 9).

 

		4.	Open end promissory note in the maximum principal amount of US$10,000,000 dated 23 March 2006 from
Globalstar Canada Satellite Co. to Globalstar de Venezuela, C.A., having a balance outstanding of US$1,632,623.33 as of 31 March
2013

 

		5.	Open end line of credit promissory note in the maximum principal amount of US$50,000,000 dated
30 June 2007 and amended 31 December 2008 from Globalstar Canada Satellite Co. to the Borrower, having a balance outstanding of
US$113,648.23 as of 31 March 2013.

 

		6.	Contingent Equity Agreement between the Borrower and Thermo dated as of 19 June 2009.

 

		7.	5.75% Senior Convertible Notes of the Borrower due 2028, US$71,804,000 outstanding as of 31 March
2009.

 

		8.	Second Supplemental Indenture in respect of US$55,000,000 8.00% Convertible Senior Notes, dated
as of 19 June 2009.

 

		9.	Third Supplemental Indenture in respect of US$50,000,000 5.0% Convertible Senior Secured Notes
due 2021.

 

		10.	Common Stock Purchase Agreement dated as of 20 May 2013 between the Borrower and Thermo pursuant
to which Thermo acquired US$25,000,000 of shares of common stock in the Borrower.

 

		11.	Equity Commitment, Restructuring and Support Agreement dated as of 20 May 2013 between the parties
to this Agreement, Thermo and certain subsidiaries of the Borrower in respect of 5.75% Convertible Senior Notes due 2028.

 

		12.	Guaranty granted by certain subsidiaries of the Borrower in favour of U.S. Bank National Association
as Trustee in respect of the Third Supplemental Indenture.

 

		13.	Fourth Supplemental Indenture in respect of 8.00% Convertible Senior Notes due 2028, dated as of
20 May 2013.

 

		14.	Thermo Loan Agreement.

 

    	196

    	 

    

 

 

Schedule 15

 

Communication Licences

 

	LICENCEE 

(HOLDER)	 	CALL SIGN	 	FILE NO.	 	DESCRIPTION
	Globalstar

Licensee LLC	 	S2115	 	SAT-ASG-20060724-00078, SAT-A/O-199910603-00010 (formerly 19-DSS-P-91(48)), CSS-91-014)	 	1.6/2.4 GHz NGSO Licence; expires 4/21/13.
	 	 	 	 	 	 	 
	 	 	 	 	SAT-MOD-20091214-00152, SAT-STA-20100625-00147	 	ATC authority suspended pending compliance with FCC gating criteria.
	 	 	 	 	 	 	 
	 	 	 	 	Order FCC 10-1740	 	 
	 	 	 	 	 	 	 
	 	 	 	 	(Rel. Sept. 14, 2010)	 	 
	 	 	 	 	 	 	 
	 	 	 	 	SAT-STA-20081215-00231	 	Request withdrawn.
	 	 	 	 	 	 	 
	 	 	 	 	SAT-MOD-20080904-00165, SAT-AMD-20091221-00147	 	Authority to operate HIBLEO-X Constellation within United States granted.
	 	 	 	 	 	 	 
	 	 	 	 	Order FCC 11-520	 	 
	 	 	 	 	 	 	 
	 	 	 	 	(Rel. March 18, 2011)	 	 
	 	 	 	 	 	 	 
	Globalstar 

Licensee LLC	 	WC2XOF	 	0087-EX-RR-2008	 	Expired. 
	 	 	 	 	 	 	 
	Globalstar 

Licensee LLC	 	WC2XXD	 	0143-EX-RR-2007	 	Expired.
	 	 	 	 	 	 	 
	Globalstar	 	 	 	182-SAT-P/LA-97(64) etc.	 	Petition for reconsideration withdrawn.
	 	 	 	 	 	 	 
	GUSA

Licensee LLC	 	E000342	 	SES-MFS-20091221-01608	 	Modification of License to operate with HIBELO-X; granted 03/18/2011; expires 03/22/2026.
	 	 	 	 	 	 	 
	GUSA

Licensee LLC	 	E000343	 	SES-MFS-20091221-01609	 	Modification of License to operate with HIBELO-X; granted 03/18/2011; expires 03/22/2026.
	 	 	 	 	 	 	 
	GUSA

Licensee LLC	 	E000344	 	SES-MFS-20091221-01610	 	Modification of License to operate with HIBELO-X; granted 03/18/2011; expires 03/22/2026.
	 	 	 	 	 	 	 
	GUSA

Licensee LLC	 	E000345	 	SES-MFS-20091221-01611	 	Modification of License to operate with HIBELO-X; granted 03/18/2011; expires 03/22/2026.

 

    	197

    	 

    

 

	LICENCEE 

(HOLDER)	 	CALL SIGN	 	FILE NO.	 	DESCRIPTION
	GUSA

Licensee LLC	 	E970199	 	SES-MOD-20081023-01403	 	Modification of License to operate with HIBELO-X; granted 03/18/2011; expires 02/27/2023.
	 	 	 	 	 	 	 
	GUSA

Licensee LLC	 	E970381	 	SES-MFS-20091221-01602 & SES-MOD-20110303-00241	 	Modification of License to operate with HIBELO-X; granted 03/18/2011 and 08/02/2011 respectively; both expire 10/04/2024.
	 	 	 	 	 	 	 
	GUSA

Licensee LLC	 	E030266	 	SES-MFS-20091221-01601	 	Modification of License to operate with HIBELO-X; granted 03/18/2011; Exp10/14/20251.
	 	 	 	 	 	 	 
	GUSA

Licensee LLC	 	E050097	 	SES-MFS-20091221-01615 & SES-MFS-20101108-01412	 	Modification of License to operate with HIBELO-X; granted 03/18/2011 and 06/06/2011 respectively; both expire 01/04/2022.
	 	 	 	 	 	 	 
	GUSA

Licensee LLC	 	E050098	 	SES-MFS-20101108-01411 & SES-MFS-20091221-01616	 	Modification of License to operate with HIBLEO-X; granted 06/07/2011 and 03/18/2011 respectively; both expire 01/04/2022.
	 	 	 	 	 	 	 
	GUSA

Licensee LLC	 	E050099	 	SES-MFS-20091221-01617 & SES-MFS-20101108-01410	 	Modification of License to operate with HIBELO-X; granted 03/18/2011 and 06/07/2011 respectively; both expire 01/04/2022.
	 	 	 	 	 	 	 
	GUSA

Licensee LLC	 	E050100	 	SES-MFS-20101108-01409 & SES-MFS-20091221-01618	 	Modification of License to operate with HIBELO-X; granted 06/07/2011 and 03/18/2011 respectively; both expire 01/04/2022.
	 	 	 	 	 	 	 
	GUSA

Licensee LLC	 	E050345	 	SES-MFS-20091221-01614 & SES-MFS-20101108-01413	 	Modification of License to operate with HIBELO-X; granted 03/18/2011 and 06/07/2011 respectively; both expire 01/04/2022.
	 	 	 	 	 	 	 
	GUSA

Licensee LLC	 	E050346	 	SES-MFS-20101108-01414 & SES-MFS-20091221-01613	 	Modification of License to operate with HIBELO-X; granted 06/07/2011 and 03/18/2011 respectively; both expire 01/04/2022.

 

 

1      Grants
license to operate in-orbit test antenna at Clifton TX gateway.

 

 

    	198

    	 

    

 

	LICENCEE 

(HOLDER)	 	CALL SIGN	 	FILE NO.	 	DESCRIPTION
	GUSA

Licensee LLC	 	E050347	 	SES-MFS-20101108-01415 & SES-MFS-20091221-01612	 	Modification of License to operate with HIBELO-X; granted 06/07/2011 and 03/18/2011 respectively; both expire 01/04/2022.
	 	 	 	 	 	 	 
	GUSA	 	N/A	 	ITC-214-19990728-00484	 	Section 214 Certification – No expiration.
	 	 	 	 	 	 	 
	GUSA	 	N/A	 	ITC-214-19991229-00795	 	Section 214 Certification – No expiration.
	 	 	 	 	 	 	 
	GUSA	 	N/A	 	ITC-214-20000615-00356	 	Section 214 Certification – No expiration.
	 	 	 	 	 	 	 
	GCL

Licensee LLC	 	E990335	 	SES-MFS-20091221-01605 	 	Modification of License to operate with HIBELO-X; granted 03/18/2011; expires 06/23/2025.
	 	 	 	 	 	 	 
	GCL

Licensee LLC	 	E990336	 	SES-MFS-20091221-01604	 	Modification of License to operate with HIBELO-X; granted 03-18/2011; expires 06/23/2025.
	 	 	 	 	 	 	 
	GCL

Licensee LLC	 	E990337	 	SES-MFS-20091221-01603	 	Modification of License to operate with HIBELO-X; granted 03/18/2011; expires 06/23/2025.
	 	 	 	 	 	 	 
	GCL

Licensee LLC	 	E050237	 	SES-MFS-20091221-1606	 	Modification of License to operate with HIBELO-X; granted 03/18/2011; expires 10/17/2020.

 

    	199

    	 

    

 

Schedule 16

 

Satellites

 

	Orbital Plane

(8 total, A-H)	 	In-Plane Slot 

Location	 	Satellite Flight Model 

Number	 	Satellite Status as of 

27-Feb-09
	A	 	1	 	56	 	In-service
	 	 	2	 	63	 	In-service
	 	 	3	 	64	 	In-service
	 	 	4	 	3	 	In-service
	 	 	5	 	31	 	In-service
	B	 	1	 	60	 	In-service
	 	 	2	 	70	 	In-service
	 	 	3	 	59	 	In-service
	 	 	4	 	6	 	In-service
	 	 	5	 	15	 	In-service
	 	 	6	 	8	 	In-service
	C	 	1	 	69	 	In-service
	 	 	2	 	71	 	In-service
	 	 	3	 	44	 	In-service
	 	 	4	 	46	 	In-service
	 	 	5	 	45	 	In-service
	 	 	6	 	37	 	In-service
	D	 	1	 	62	 	In-service
	 	 	2	 	65	 	In-service
	 	 	3	 	47	 	In-service
	 	 	4	 	19	 	In-service
	 	 	5	 	25	 	In-service
	 	 	6	 	49	 	In-service
	 	 	7	 	52	 	In-service
	E	 	1	 	72	 	In-service
	 	 	2	 	51	 	In-service
	 	 	3	 	30	 	In-service
	 	 	4	 	39	 	In-service
	 	 	5	 	32	 	In-service
	 	 	6	 	42	 	In-service
	F	 	1	 	68	 	In-service
	 	 	2	 	26	 	In-service
	 	 	3	 	48	 	In-service
	 	 	4	 	43	 	In-service
	 	 	5	 	28	 	In-service
	 	 	6	 	34	 	In-service
	G	 	1	 	33	 	In-service
	 	 	2	 	66	 	In-service
	 	 	3	 	58	 	In-service
	 	 	4	 	24	 	In-service
	 	 	5	 	27	 	In-service
	 	 	6	 	38	 	In-service
	 	 	7	 	53	 	In-service
	H	 	1	 	67	 	In-service
	 	 	2	 	29	 	In-service
	 	 	3	 	36	 	In-service

 

    	200

    	 

    

 

	Orbital Plane

(8 total, A-H)	 	In-Plane Slot 

Location	 	Satellite Flight Model 

Number	 	Satellite Status as of 

27-Feb-09
	 	 	4	 	55	 	In-service
	 	 	5	 	40	 	In-service

 

    	201

    	 

    

 

Schedule 17

 

Existing Liens

 

		1.	Delaware - UCC-1 Financing Statements to name BNP Paribas, as the Agent, as secured party filed
June 18, 2009:

 

		(a)	Globalstar, Inc., 91950739;

 

		(b)	Globalstar USA, LLC, 91951547;

 

		(c)	Globalstar C, LLC, 91950895;

 

		(d)	Globalstar Leasing LLC, 91953501;

 

		(e)	Globalstar Security Services, LLC, 91951836;

 

		(f)	ATSS Canada, Inc., 91951976;

 

		(g)	GSSI, LLC, 91951281;

 

		(h)	Globalstar Licensee LLC, 91953584;

 

		(i)	GUSA Licensee LLC, 91951059;

 

		(j)	GCL Licensee LLC, 91951158; and

 

		(k)	Globalstar Brazil Holdings, L.P., 91951695.

 

		2.	Colorado Secretary of State UCC-1 Financing Statement 2009F052347 filed against Spot LLC, with
BNP Paribas as Agent, June 18, 2009.

 

		3.	Form 3C Personal Property Security Registrations filed against the Borrower and Subsidiary Guarantors
in favour of the administrative agent with the Ontario, Canada Ministry of Consumer and Business Services on 17 January 2008:

 

		(a)	Globalstar, Inc. <625298679;

 

		(b)	Globalstar USA, LLC <625298661;

 

		(c)	Globalstar C, LLC <625298607;

 

		(d)	Globalstar Leasing LLC <625298598;

 

		(e)	Globalstar Security Services, LLC <625298625;

 

		(f)	ATSS Canada, Inc. <625298643; and

 

		(g)	GSSI, LLC <625298634.

 

		4.	Delaware Secretary of State UCC-1 Financing Statement filed against Globalstar USA, LLC by U.S.
Bancorp related to certain described collateral filed August 11, 2008, 82743431.

 

		5.	Delaware Secretary of State UCC-1 Financing Statement filed against Globalstar USA, LLC by U.S.
Bancorp related to certain described collateral filed December 22, 2008, 84256721.

 

		6.	Delaware Secretary of State UCC-1 Financing Statement filed against Globalstar USA, LLC by U.S.
Bank Equipment Finance related to leased copiers filed June 30, 2011, 12537614.

 

		7.	Delaware Secretary of State UCC-1 Financing Statement filed against Globalstar Broadband Services
Inc., with BNP Paribas as agent filed June 25, 2012, 22445536.

 

    	202

    	 

    

 

		8.	Louisiana Secretary of State UCC-1 Financing Statement filed against Globalstar Media, L.L.C.,
with BNP Paribas as agent filed June 25, 2012, 52-64212.

 

		9.	United States Patent and Trademark Office filings against the Borrower's Patents.

 

		10.	United States Patent and Trademark Office filings against the Borrower's Trademarks.

 

		11.	Regarding the Clifton, Texas real property:

 

		(a)	Deed of Trust, Security Agreement, Assignment of Leases, Rents and Profits, Financing Statement
and Fixture Filing granted by Globalstar USA, LLC to BNP Paribas regarding Clifton, Texas real property dated as of 9 July 2009
and recorded on 28 July 2009 as Instrument No. 2009-00002393 with the County Clerk of Bosque County, Texas, as amended on or about
the date hereof by that certain Modification of Deed of Trust, Security Agreement, Assignment of Leases, Rents and Profits, Financing
Statement and Fixture Filing;

 

		(b)	mineral reservation as set forth in the deed dated 10 June 1954 and recorded in volume 172, page
298 of the Deed Records of Bosque County, Texas;

 

		(c)	the following oil and gas leases as recorded in the Deed Records of Bosque County, Texas: volume
16, page 439; volume 134, page 301; volume 14, page 370; volume 134, page 369; and

 

		(d)	items shown on the survey prepared by David Lane, RPLS #5233 dated 14 August 2006.

 

		12.	Regarding Wasilla, Alaska real property:

 

		(a)	Deed of Trust, Security Agreement, Assignment of Leases, Rents and Profits, Financing Statement
and Fixture Filing granted by Globalstar USA, LLC to BNP Paribas regarding Wasilla, Alaska real property dated as of 9 July 2009
and recorded on 29 July 2009 as Instrument No. 2009-016786-0 in Palmer Recording District, Alaska, as amended on or about the date
hereof by that certain Modification of Deed of Trust, Security Agreement, Assignment of Leases, Rents and Profits, Financing Statement
and Fixture Filing;

 

		(b)	reservations or exceptions in patents or in acts authorizing the issuance thereof, recorded 1 April
1963 at Book 45, page 284, Palmer Recording District, Alaska;

 

		(c)	items shown on the plats of Discovery Hill Subdivision filed under Plat Number 2003-46 and Plat
Number 98-134, Palmer Recording District, Alaska;

 

		(d)	items shown on the As-Built Survey prepared by John Shadrach, PLS dated 18 August 2005;

 

		(e)	Right of Way Easements granted to Matanuska Electric Association, Inc. recorded in Book 29, Page
86; Book 325, Page 353; Book 913, Page 542; as Serial Number 2005-029959-0, each in Palmer Recording District, Alaska; and

 

		(f)	Easement in favor of Enstar Natural Gas Company, recorded in Book 944, Page 145, Palmer Recording
District, Alaska.

 

    	203

    	 

    

 

Schedule 18

 

Qualifying Certificate

 

	To:	COFACE Agent
	 	 
	CC:	Borrower
	 	 
	From:	[Supplier] / [Launch Services Provider]
	 	 
	Date	[●]

 

Dear Sirs,

 

Re: COFACE Facility Agreement -
Globalstar

 

We refer to the facility agreement
dated 5 June 2009 (as amended and restated from time to time) and made between Globalstar Inc., as Borrower, BNP Paribas, Natixis,
Crédit Industriel et Commercial, Crédit Agricole Corporate and Investment Bank and Société Générale
as Mandated Lead Arrangers, BNP Paribas as COFACE Agent, the Lenders and others (the “COFACE Facility Agreement”).
Terms defined in the COFACE Facility Agreement have the same meanings herein.

 

		1.	We refer to the utilisation request issued by [the Borrower] and dated [●] (the “Utilisation
Request”).

 

		2.	We confirm that the copy of the [transportation documents / acceptance certificates] attached
to the Utilisation Request have been issued for the payment of the attached Invoices.

 

		3.	We confirm that:

 

		(a)	[We have received from the Borrower a payment of one hundred per cent. (100%) of the Invoices
in respect of the Eligible Portion to be reimbursed in accordance with the Utilisation Request and such amount does not include:

 

		(i)	any sum in respect of any payment you may already have made to us;

 

		(ii)	any amount in respect of which we have already issued a Qualifying Certificate; and

 

		(iii)	any sum in respect of goods and services which are not eligible for financing under the Facility.

 

We attach bank credit advice confirming
that a payment of one hundred per cent. (100%) of the attached Invoices have already been made.]

 

		(b)	All documents supplied by us in support of this Qualifying Certificate are true copies of the originals
and are in all material respects in conformity with the [Satellite Construction Contract] / [Launch Services Contract]
and you may rely on the accuracy and completeness of all information and documents contained in or supplied with this Qualifying
Certificate;

 

		(c)	The goods and services to be financed by the Loan requested in the Utilisation Request are goods
and services included in the attached Invoices, and:

 

		(i)	the portion of the amount referred to in paragraph 3(a) above attributable to goods and services
of French origin is [●].

 

    	204

    	 

    

 

		(ii)	the portion of the amount referred to in paragraph 3(a) above attributable to goods and services
of foreign origin eligible for financing under the limits and under the conditions determined by the French Authorities and which
have been approved for financing by the French Authorities is [●].

 

We attach corresponding supporting
documents.

 

		(d)	The [Satellite Construction Contract] / [Launch Services Contract] is in full force
and effect and no default by us has occurred and is continuing since the date of the last Utilisation Request (or, if none, the
date of the COFACE Facility Agreement);

 

		(e)	The amount referred to in paragraph 3(a) above does not include any amount in respect of any
matter which is the subject of any legal proceedings, nor to the best of our actual knowledge and belief will it become the subject
of legal proceedings; and

 

		(f)	We undertake to supply you with such information and documentation, and such clarification, as
you advise us is necessary in connection with the COFACE Insurance Policy and we agree we shall not hold you responsible for any
delay in meeting this request for a Loan occasioned by our making such request for information.

 

Yours faithfully,

 

For and on behalf of [Thales Alenia
Space, France] / [Arianespace, France]

 

	 	 
	(Authorised Signatory)	 

 

    	205

    	 

    

 

Schedule 19

 

Key Performance
Indicators

 

North America

 

	Key Performance Indicators	 	Quarter Ended
	Subscribers (by product line)	 	 
	 	 	 
	Gross Additions (by product line)	 	 
	 	 	 
	Net Additions (by product line)	 	 
	 	 	 
	Churn (by product line)	 	 
	 	 	 
	ARPU (by product line)	 	 
	 	 	 
	Minutes of Use	 	 

 

 

Rest of the World

 

	Key Performance Indicators	 	Quarter Ended
	Subscribers (by product line)	 	 
	 	 	 
	Gross Additions (by product line)	 	 
	 	 	 
	Net Additions (by product line)	 	 
	 	 	 
	Churn (by product line)	 	 
	 	 	 
	ARPU (by product line)	 	 
	 	 	 
	Minutes of Use	 	 

 

    	206

    	 

    

 

Schedule 20

 

Transactions with
Affiliates

 

		1.	See Schedule 22 for a description of the Equity Plan (defined therein).

 

		2.	Frank Bell’s option to purchase 250,000 shares of common stock of the Borrower at US$0.47
per share.

 

		3.	Leo Kutz, Jr’s option to purchase 500,000 shares of common stock of the Borrower at various
exercise prices.

 

		4.	Transactions with Thermo

 

		(a)	Subordinated Loan Transactions

 

		(i)	On June 25, 2009, the Borrower entered into a Loan Agreement with Thermo (as amended and restated
from time to time) whereby Thermo agreed to lend the Borrower $25 million for the purpose of funding the debt service reserve account
required under the Facility Agreement. As additional consideration for the loan, the Borrower issued Thermo a warrant to purchase
4,205,608 shares of common stock at $0.01 per share with a five-year exercise period.

 

		(ii)	In April 2011, an additional $7.6 million was loaned by Thermo to fund the Debt Service Reserve
Account.

 

		(iii)	In July 2011, an additional $4.9 million was loaned by Thermo to fund the Debt Service Reserve
Account.

 

		(iv)	The loan accrues interest at 12% per annum, which is capitalized and added to the outstanding principal
in lieu of cash payments. As of March, 31, 2013, $17.6 million of interest was outstanding.

 

		(v)	As of March 31, 2013 the total outstanding principal amount was $55.1 million.

 

		(b)	Contingent Equity Agreement Transactions

 

		(i)	On June 19, 2009, the Borrower entered into a Contingent Equity Agreement with Thermo whereby Thermo
agreed to deposit $60 million into a contingent equity account to fulfill a condition precedent for borrowing under the Facility
Agreement.

 

		(ii)	On June 19, 2009, the Borrower issued 4,379,562 warrants to Thermo for the availability fee at
origination of the agreement.

 

		(iii)	On December 31, 2009, the Borrower issued 2,516,990 warrants to Thermo due to the reset provisions
in the Contingent Equity Agreement.

 

		(iv)	On June 19, 2010, the Borrower issued 4,379,562 warrants to Thermo as annual availability fee.

 

		(v)	On June 19, 2011, the Borrower issued 5,000,000 warrants to Thermo as annual availability fee.

 

		(vi)	On June 19, 2011, the Borrower issued 620,438 warrants to Thermo due to the reset provisions in
the Contingent Equity Agreement.

 

    	207

    	 

    

 

		(vii)	On November 4, 2011, the Borrower drew $5,400,000 from the Contingent Equity Account and issued
11,376,404 shares of common stock to Thermo.

 

		(viii)	On November 30, 2011, the Borrower drew $8,800,000 from the Contingent Equity Account and issued
25,229,358 shares of common stock to Thermo.

 

		(ix)	On January 11, 2012, the Borrower drew $9,800,000 from the Contingent Equity Account and issued
22,546,012 shares of common stock to Thermo.

 

		(x)	On March 23, 2012, the Borrower drew $8,700,000 from the Contingent Equity Account and issued 14,135,615
shares of common stock to Thermo.

 

		(xi)	On May 30, 2012, the Borrower drew $4,500,000 from the Contingent Equity Account and issued 14,204,545
shares of common stock to Thermo.

 

		(xii)	On June 19, 2012, the Borrower issued 8,142,857 warrants to Thermo as annual availability fee.

 

		(xiii)	On June 19, 2012, the Borrower issued 16,428,571 warrants to Thermo due to the reset provisions
in the Contingent Equity Agreement.

 

		(xiv)	On October 15, 2012, the Borrower drew $7,300,000 from the Contingent Equity Account and issued
20,338,039 shares of common stock to Thermo.

 

		(xv)	On November 23, 2012, the Borrower drew $6,975,000 from the Contingent Equity Account and issued
25,141,538 shares of common stock to Thermo.

 

		(xvi)	On December 31, 2012, the Borrower drew $8,525,000 from the Contingent Equity Account and issued
27,944,712 shares of common stock to Thermo.

 

		(xvii)	As of March 31, 2013, the Borrower drew $60.0 million from this account; approximately $1.1 million
of interest earned from the funds previously held in this account was available to the Borrower.

 

		(c)	8% Convertible Senior Unsecured Notes

 

		(i)	On June 19, 2009, Thermo purchased $11.4 million of the Borrower’s 8% Convertible Senior
Unsecured Notes.

 

		(ii)	Interest on the 8.00% Notes is payable in the form of additional 8.00% Notes or in common stock
at the option of the holder. Approximately $3.5 million has been paid as interest in the form of new notes.

 

		(iii)	As of March 31, 2013 Thermo’s portion of the 8% Convertible Senior Unsecured Notes outstanding
was $14.9 million.

 

		(iv)	On April 14, 2011, 575,000 warrants were exercised for shares of voting common stock.

 

		(d)	5% Convertible Senior Unsecured Notes

 

		(i)	On June 14, 2011, Thermo purchased $20.0 million of the Borrower’s 5.0% Convertible Senior
Unsecured Notes.

 

		(ii)	Interest on the 5.0% Notes is payable in the form of additional 5.0% Convertible Senior Unsecured
Notes, common stock, or cash (subject to certain restrictions) at the option of the holder. Approximately $1.5 million has been
paid as interest in the form of new notes.

 

    	208

    	 

    

 

		(iii)	As of March 31, 2013 Thermo’s portion of the 5% Convertible Senior Unsecured Notes outstanding
was $21.5 million.

 

		(e)	New 8% Convertible Senior Notes/ Consent Agreement

 

		(i)	On May 20, 2013, in connection with the new 8% convertible notes, Thermo invested $25 million in
the Borrower for 78,125,000 shares of non-voting common stock.

 

		(ii)	On May 20, 2013, in connection with the Consent Agreement, Thermo invested $5 million in the Borrower
for 15,625,000 shares of non-voting common stock pursuant to a common stock purchase agreement of the same date.

 

		(f)	General & Administrative & Non-cash expenses

 

		(i)	For the years ended December 31, 2011 and 2012 and the three months ended March 31, 2013 the Borrower
recorded approximately $208,000, $180,000 and $30,000, respectively for general and administrative expenses incurred by Thermo
Capital Partners, L.L.C. on the Borrower’s behalf.

 

		(ii)	For the years ended December 31, 2011 and 2012 and the three months ended March 31, 2013, the Borrower
recorded $319,000, $529,000 and $137,000, respectively, of noncash expenses related to services provided by officers of Thermo
Capital Partners, L.L.C. and accounted for these expenses as a contribution of capital.

 

		(g)	Other

 

		(i)	In January 2010, a $2.3 million short-term Thermo loan was converted in to equity and 2,525,750
non-voting shares were issued to Thermo.

 

		(ii)	On June 28, 2013, in connection with the Consent Agreement, Thermo invested $9,000,000 in the Borrower
for 28,125,000 shares of non-voting common stock pursuant to a stock purchase agreement of the same date.

 

		(iii)	On July 29, 2013, in connection with the Consent Agreement, Thermo invested $6,000,000 in the Borrower
pursuant to the common stock purchase agreement of the same date. The share price for this investment is yet to be determined.

 

    	209

    	 

    

 

Schedule 21

 

Existing Loans,
Investments and Advances

 

		1.	Open end promissory note in the maximum principal amount of US$10,000,000 dated 23 March 2006 from
Globalstar Canada Satellite Co. to Globalstar de Venezuela, C.A., having a balance outstanding of US$1,632,623.33 as of 31 March
2013.

 

		2.	Open end line of credit promissory note in the maximum principal amount of US$50,000,000 dated
30 June 2007 and amended 31 December 2008 from Globalstar Canada Satellite Co. to the Borrower, having a balance outstanding of
US$113,648.23 as of 31 March 2013.

 

		3.	As of the Effective Date, the Borrower owned 225,000,000 ordinary shares of Globaltouch (West Africa)
Limited pursuant to a Share Purchase Agreement between the Borrower and Globaltouch (West Africa) Limited dated 16 October 2007.

 

		4.	The Borrower owns 90,909 common shares of GMC Guardian Mobility Corporation.

 

		5.	As of 21 January 2010, the Borrower entered into a joint venture with Arion Communications Co.

 

		6.	GMC Guardian Mobility Corporation has issued a convertible promissory note in favour of the Borrower
in the principal amount of US$283,083.96 with a term of 24 months from 31 July 2012.

 

		7.	As of 31 March 2013, the outstanding balance of the advance provided by the Borrower to QUALCOMM
was US$9,158,352.

 

		8.	On April 7, 2011, the Borrower purchased 1,000,000 Series B Convertible Preferred Stock and 250,000
warrants of TRAFFICCAST INTERNATIONAL, INC. at an Aggregate Purchase Price of US$500,000.

 

    	210

    	 

    

 

 

Schedule
22

Incentive Plan

 

Globalstar 2006 Equity Incentive
Plan - The Borrower’s 2006 Equity Incentive Plan (the “Equity Plan”) is a broad based, long-term
retention programme intended to attract and retain talented employees and align stockholder and employee interests. Approximately
100,000 and 2,100,000 restricted stock awards and restricted stock units (including grants to both employees and executives) were
granted during the three (3) and nine (9) months ended 30 September 2008, respectively. In January 2008,
the Borrower’s Board of Directors approved the addition of approximately 1,700,000 shares of the Borrower’s common
stock to the shares available for issuance under the Equity Plan. The Borrower’s stockholders approved the Amended and Restated
Equity Plan on 13 May 2008, which added an additional 3,000,000 shares of the Borrower’s common stock to the shares
available for issuance under the Equity Plan. In January 2009, approximately 2,700,000 shares of the Borrower’s common
stock were added to the shares available for issuance under the Equity Plan by its terms.

 

Designated Executive Award Agreement
- In August 2007, the Borrower terminated its Executive Incentive Compensation Plan with five of its executive officers
and entered into a new Designated Executive Award Agreement with each of those officers. Each award agreement provides that the
executive officer will receive awards of restricted shares of the Borrower’s common stock under the Equity Plan. Total benefits
per executive officer (valued at the grant date) are approximately US$6,000,000. These new award agreements extend the vesting
period by up to two (2) years through 2011 and provide for payment in shares of the Borrower’s common stock instead of cash.
One of the five (5) executive officers left the employ of the Borrower in January 2009 and agreed to provide consulting services
through the end of 2009. If he fulfils all the terms of his consulting agreement, he will receive all but US$750,000 of the original
award in accordance with a modified vesting schedule.

 

Globalstar 2012 Key Employee Cash
Bonus Plan

 

The Borrower’s 2012 Bonus Plan is
a retention program intended to attract and retain talented employees and align stockholder and employee interests. The pool available
for bonus distribution was determined based on the Borrower’s Adjusted EBITDA performance in excess of budget during the
2012 calendar year. The aggregate amount that could be distributed under the pool was 25% of the Borrower’s Adjusted EBITDA
in excess of the $9,000,000 forecasted in the Borrower’s 2012 budget; the total pool was $272,000 based on Adjusted EBITDA
of $10,086.000. The portion of the pool payable to each participant was recommended by the Borrower’s Chief Executive Officer
and amounts payable were approved by the Borrower’s Compensation Committee, acting in its sole discretion. To be eligible
for bonus compensation, each participant must be an employee on the payment date to receive the bonus, and payments could be made
in cash or stock. In line with the Borrower’s efforts to conserve cash, $20,000 worth of stock was distributed in May 2013
to certain key employees.

 

    	211

    	 

    

 

Schedule 23

 

Group Structure Chart

  

 

    	212

    	 

    

 

Schedule 24

 

Disclosures

 

The disclosures set out
in schedule 8 (Disclosures) of the Global Deed of Amendment and Restatement are incorporated by reference into this Schedule
24 (Disclosures).

  

    	213

    	 

    

  

Schedule 25

 

Form of Promissory
Note

 

	Note P  n° ____2	US$ __________
	 	(amount in figures)

 

_____, _____

(place and date of issue)

 

For ________

(date of payment)

 

We hereby agree to pay against this note
to the order of BNP PARIBAS__________________ __________________________ the amount of_________ US Dollars (amount in letters).

 

This note is expressly exempted from protest.

 

This note is governed by [English / French
law].

 

Issued under the COFACE Facility Agreement
dated June 5th, 2009 (as amended and restated from time to time)

 

	Issuer	 	 
	
        GLOBALSTAR, INC

        300 Holiday Square Boulevard,

        Covington LA 70433

        United States of America
	 	
         

         

        For : GLOBALSTAR, INC.

         

         

	Domiciliation	 	Name : ________________
	
         

         

        BNP PARIBAS

        16, bd des Italiens

        75009 Paris

        (France)

         

         
	 	
         

         

        Title :__________________”

 

 

2 Replace “P” with “I” for
promissory notes of interest

 

    	214

    	 

    

 

Schedule 26

 

Subsidiary Guarantors

 

		1.	GSSI, LLC, a limited liability company organised in Delaware, United States of America, with organisational
identification number 3732317 and whose chief executive office is at 300 Holiday Square Boulevard, Covington, LA 70433,
United States of America;

 

		2.	Globalstar Security Services, LLC, a limited liability company organised in Delaware, United States
of America, with organisational identification number 3747502 and whose chief executive office is at 300 Holiday Square
Boulevard, Covington, LA 70433, United States of America;

 

		3.	Globalstar C, LLC, a limited liability company organised in Delaware, United States of America,
with organisational identification number 3732313 and whose chief executive office is at 300 Holiday Square Boulevard,
Covington, LA 70433, United States of America;

 

		4.	Globalstar USA, LLC, a limited liability company organised in Delaware, United States of America,
with organisational identification number 2663064 and whose chief executive office is at 300 Holiday Square Boulevard,
Covington, LA 70433, United States of America;

 

		5.	Globalstar Leasing LLC, a limited liability company organised in Delaware, United States of America,
with organisational identification number 3731109 and whose chief executive office is at 300 Holiday Square Boulevard,
Covington, LA 70433, United States of America;

 

		6.	Spot LLC, a limited liability company organised in Colorado, United States of America, with organisational
identification number 20071321209 and whose chief executive office is at 300 Holiday Square Boulevard, Covington, LA 70433,
United States of America;

 

		7.	ATSS Canada, Inc., a corporation incorporated in Delaware, United States of America, with organisational
identification number 2706412 and whose chief executive office is at 300 Holiday Square Boulevard, Covington, LA 70433,
United States of America;

 

		8.	Globalstar Brazil Holdings, L.P., a limited partnership formed in Delaware, United States of America,
with organisational identification number 2453576 and whose chief executive office is at 300 Holiday Square Boulevard, Covington,
LA 70433, United States of America;

 

		9.	GCL Licensee LLC, a limited liability company organised in Delaware, United States of America,
with organisational identification number 4187922 and whose chief executive office is at 300 Holiday Square Boulevard,
Covington, LA 70433, United States of America;

 

		10.	GUSA Licensee LLC, a limited liability company organised in Delaware, United States of America,
with organisational identification number 4187919 and whose chief executive office is at 300 Holiday Square Boulevard,
Covington, LA 70433, United States of America;

 

		11.	Globalstar Licensee LLC, a limited liability company organised in Delaware, United States of America,
with organisational identification number 4187920 and whose chief executive office is at 300 Holiday Square Boulevard,
Covington, LA 70433, United States of America;

 

		12.	Globalstar Media, L.L.C., a limited liability company organised in Louisiana, United States of
America, with organisational identification number 40224959k and whose chief executive office is at 300 Holiday Square Boulevard,
Covington, LA 70433, United States of America; and

 

		13.	Globalstar Broadband Services Inc. a corporation incorporated in Delaware, United States of America,
with organisational identification number 4833062 and whose chief executive office is at 300 Holiday Square Boulevard, Covington,
LA 70433, United States of America.

  

    	215

    	 

    

  

Schedule 27

 

Investment Policy

 

		1.	Purpose

 

This document outlines the Borrower’s
Corporate Investment policy. The main objectives of the investment policy are:

 

		(a)	To ensure the safety and preservation of principal. The Borrower shall only invest in instruments
and accounts with the lowest level of default and volatility risk. The Borrower shall use other methods to minimize risk such as
diversifying the investment portfolio to minimize the adverse effects of the failure of any one issuer or broker.

 

		(b)	To coincide with its short-term liquidity needs. The Borrower’s investment policy contemplates
buying only the securities that have active secondary markets to provide immediate liquidity, when needed.

 

		(c)	To offer maximum return without compromising the Borrower’s stated investment objectives.

 

		(d)	To provide fiduciary control.

 

		2.	Approved Investment Vehicles

 

In order to meet the Borrower’s
stated investment objectives, it must choose between several different investment options available to it. The following options
have been identified for the Borrower for meeting its investment objectives as stated above.

 

		(a)	Corporate Savings Accounts. The account must be fully collateralized by instruments issued by the
US Treasury.

 

		(b)	Corporate Money Market Funds, Repurchase Agreements, and Commercial Paper. The funds must meet
the following criteria:

 

		(i)	the investment objectives and policies must be substantially similar to those set forth in this
guideline, i.e., principal preservation and risk mitigation;

 

		(ii)	the funds must offer immediate redemption of shares upon request; and

 

		(iii)	the funds load or sales charges are not excessive, relative to those of other potential investments
meeting the objectives.

 

		3.	US Government obligations

 

T-Bills or bonds of short-term
or medium-term maturity. At any given time, the Borrower may have invested in one or all of the above mentioned investment vehicles.
However, under no circumstances will the Borrower make investment decisions contrary to its investment objectives.

 

		4.	Credit Quality

 

Except for US Treasury,
all securities must be rated by S & P’s or Moody’s, and shall be of high credit quality (A-1 and P-1 or better).

 

    	216

    	 

    

  

		5.	Marketability

 

All holdings should be sufficient
in size and held in issues which are traded actively to facilitate timely transactions at a minimum cost and accurate market evaluation.

 

		6.	Trading

 

All purchases and sales shall
be executed at the best net price with principal dealers and banks in the particular securities. All securities purchased shall
be in the name of the Globalstar L.P. or its designate.

 

		7.	Responsibility and Authorization

 

The Chief Financial Officer has
reviewed this investment policy. Revisions to this policy will be initiated by the Chief Financial Officer and implemented upon
approval of the Borrower’s Chief Executive Officer and the President.

 

The Chief Financial Officer of
the Borrower shall have the authority to:

 

		(a)	open accounts with brokers, investment banks, commercial bank, and mutual funds companies;

 

		(b)	establish safekeeping accounts or other arrangements concerning the custody of the securities;
and

 

		(c)	execute documents to effect the above, as necessary.

 

In addition, the Chief Financial
Officer or his or her designate is expected to monitor the portfolio and cash management policy for suitably in light of then-current
corporate and market conditions. The Borrower may use the services of investment firms, brokers, or mutual funds companies for
its investment program. All investment firms, brokers, and mutual fund companies must be personally approved by the Chief Financial
Officer of the Borrower.

 

    	217

    	 

    

 

Schedule 28

 

Loss Payee Clause

 

Loss Payments

 

The insured irrevocably shall authorise
and instruct the insurer to pay, all claims, return premiums, ex gratia settlements and any other monies payable to the
insured, under or in relation to this policy, to the account in the name of the insured and opened on the books of the following
Account Bank:

 

	Bank	–	BNP Paribas
	 	 	 
	Account Name	–	Insurance Proceeds Account
	 	 	 
	Account Number	–	30004 05658 0000034085H 59

 

or to such other account as the Security
Agent, as loss payee may specify in writing, and that no instruction, whether by the insured or by any person other than the Security
Agent, to make any payment to any other person or account shall be honoured by the Security Agent and the insurer unless given
or countersigned by the Security Agent, or such other person as that the Security Agent may notify to the insurer in writing.

 

All such payments shall be made by the
insurer without any deduction or set-off on any account or of any kind, other than in respect of unpaid premiums. A payment to
the loss payee in accordance with this clause shall, to the extent of that payment, discharge the liability of the insurer to pay
the insured or other claimant insured party.

 

    	218

    	 

    

 

 

Schedule 29

 

Repayment Schedule

 

	Repayment Date	 	Principal Repayment	 	 	Cumulative – Principal Repayment	 
	 	 	US$	 	 	US$	 
	31 December 2014	 	 	4,045,759	 	 	 	4,045,759	 
	30 June 2015	 	 	3,224,880	 	 	 	7,270,640	 
	31 December 2015	 	 	3,224,880	 	 	 	10,495,520	 
	30 June 2016	 	 	16,417,573	 	 	 	26,913,094	 
	31 December 2016	 	 	16,417,573	 	 	 	43,330,667	 
	30 June 2017	 	 	21,694,651	 	 	 	65,025,317	 
	31 December 2017	 	 	54,060,724	 	 	 	119,086,041	 
	30 June 2018	 	 	38,933,103	 	 	 	158,019,144	 
	31 December 2018	 	 	38,933,103	 	 	 	196,952,247	 
	30 June 2019	 	 	47,435,060	 	 	 	244,387,307	 
	31 December 2019	 	 	47,435,060	 	 	 	291,822,367	 
	30 June 2020	 	 	50,000,000	 	 	 	341,822,367	 
	31 December 2020	 	 	50,000,000	 	 	 	391,822,367	 
	30 June 2021	 	 	50,000,000	 	 	 	441,822,367	 
	31 December 2021	 	 	50,000,000	 	 	 	491,822,367	 
	30 June 2022	 	 	52,500,000	 	 	 	544,322,367	 
	31 December 2022	 	 	42,019,550	 	 	 	586,341,917	 
	 	 	US$	586,341,917	 	 	US$	586,341,917	 

 

    	219

    	 

    

 

Schedule
30

Form of Quarterly Health Report

 

Part 1

Satellite Status

 

	Orbital Plane	 	
        In-Plane Slot 

        Location
	 	
        Satellite Flight 

        Model Number
	 	
        Satellite Status as of

        [●]

	[●]	 	[●]	 	[●]	 	[●]

 

    	220

    	 

    

 

Part 2

Band Status

 

	Satellite Flight

Model Number	 	L-Band Status	 	S-Band Status	 	Status of Command

Telemetery Receiver
	[●]	 	[●]	 	[●]	 	[●]

 

    	221

    	 

    

 

Part 3

Material Events

 

[Attached is a letter providing details
of material or unusual events that have occurred with respect to the Satellites since the delivery to the COFACE Agent of the last
quarterly report.]

 

    	222

    	 

    

  

Schedule 31

 

Satellite Performance
Criteria

 

IOT Criteria to Declare Satellite Stabilization

Bus

 

	Parameter	 	Status
	SHM acquisition- check satellite configuration	 	NOMINAL/FAIL	 	 
	Solar Array Wings Deployed	 	NOMINAL/FAIL	 	 
	Telemetry Transmitters “ON”	 	NOMINAL/FAIL	 	 
	Telemetry Tx EIRP (Nominal Unit) within 3dB of prediction	 	YES/NO	Value	 
	Telemetry Tx EIRP (Redundant Unit) within 3dB of prediction	 	YES/NO	Value	 
	Telemetry Signal Successfully Received by Ground Station	 	NOMINAL/FAIL	 	 
	Command Rx Sensitivity (Nominal Unit) with in 3dB of prediction	 	YES/NO	Value	 
	Command Rx Sensitivity (Redundant Unit) within 3dB of prediction	 	YES/NO	Value	 
	EAM acquisition after SHM	 	NOMINAL/FAIL	 	 
	NOM acquisition after EAM	 	NOMINAL/FAIL	 	 
	Heaters “ON”	 	NOMINAL/FAIL	 	 
	Successful orbit raising to 1414 km orbit (thruster check)	 	NOMINAL/FAIL	 	 
	Expended 100K or fewer thruster pulses; 90kg of propellant	 	YES/NO	Value	 
	Battery DOD less than 15%	 	YES/NO	Value	 
	PAYLOAD	 	 	 	 
	Good health check of transponders	 	Turn On	Nominal operations
	Test all 16 beams of C-S Transponder	 	1.1V	2.65V	4.0V
	X1	 	NOMINAL/FAIL	NOMINAL/FAIL	NOMINAL/FAIL
	X2	 	 	 	 
	X3	 	 	 	 
	X4	 	 	 	 
	X5	 	 	 	 
	X6	 	 	 	 
	X7	 	 	 	 
	X8	 	 	 	 
	Y1	 	 	 	 
	Y2	 	 	 	 
	Y3	 	 	 	 
	Y4	 	 	 	 
	Y5	 	 	 	 
	Y6	 	 	 	 
	Y7	 	 	 	 
	Y8	 	 	 	 
	Test all 16 beams of L-C Transponder	 	 	 	 
	X5	 	NOMINAL/FAIL	 	 
	X7	 	 	 	 
	Y1	 	 	 	 
	X3	 	 	 	 
	Y5	 	 	 	 
	X4	 	 	 	 
	Y7	 	 	 	 
	X1	 	 	 	 
	Y6	 	 	 	 
	X2	 	 	 	 
	Y4	 	 	 	 
	X8	 	 	 	 
	Y3	 	 	 	 
	X6	 	 	 	 
	Y2	 	 	 	 
	Y8	 	 	 	 

  

    	223

    	 

    

  

Schedule 32

 

Form of Auditors Report

 

To the Audit Committee and Management of
Globalstar, Inc.:

 

We have performed the procedures enumerated
below, which were agreed to by the audit committee, management of Globalstar Inc. (“Globalstar”) and the Finance
Parties (as such term is defined in the Facility Agreement) solely to assist you with respect to the [insert date] Compliance
Certificate required to be issued pursuant to clause 19.4 (Compliance Certificate) of the facility agreement dated September 5,
2009 (as amended and restated) (the “Facility Agreement”). Globalstar’s management is responsible for
the Compliance Certificate. This agreed-upon procedures engagement was conducted in accordance with attestation standards established
by the American Institute of Certified Public Accountants. The sufficiency of these procedures is solely the responsibility of
those parties specified in this report. Consequently, we make no representation regarding the sufficiency of the procedures described
below either for the purpose for which this report has been requested or for any other purpose.

 

Procedures performed:

 

		1.	Agreed the financial information contained in the Compliance Certificate to the general ledger
or underlying accounting records prepared by management.

 

		2.	Mathematically recomputed the calculations in the Compliance Certificate to make sure they are
arithmetically accurate.

 

		3.	Compared each individual financial component of the Compliance Certificate to the definition included
within the Facility Agreement.

 

We were not engaged to, and did not conduct
an examination, the objective of which would be the expression of an opinion on the Compliance Certificate. Accordingly, we do
not express such an opinion. Had we performed additional procedures, other matters might have come to our attention that would
have been reported to you.

 

This report is intended solely for the
information and use of the audit committee, management of Globalstar and the Finance Parties (as such term is defined in the Facility
Agreement) and is not intended to be and should not be used by anyone other than these specified parties.

 

[insert name of auditor]

 

[insert address of auditor and date]

 

    	224AMENDED
AND RESTATED LOAN AGREEMENT

 

Amended and Restated
Loan Agreement (this “Agreement”) dated as of 31 July 2013, between Globalstar, Inc., a Delaware corporation
(the "Borrower"), and Thermo Funding Company LLC, a Colorado limited liability company (the "Lender").

 

Recitals:

 

1.            The
Borrower is party to the COFACE Facility Agreement dated 5 June 2009 (as amended, the “COFACE Agreement”), between,
among others, the Borrower, BNP Paribas as the Security Agent ("Paribas") and the lenders thereunder, pursuant
to which the Borrower is indebted to the lenders in the principal amount of approximately $586,324,000 as of the date hereof.

 

2.            As
a condition precedent to any borrowings under the COFACE Agreement, the Borrower established an account with Paribas under the
Accounts Agreement (as defined in the COFACE Agreement) entitled the Debt Service Reserve Account (the "DSRA").

 

3.            Pursuant
to a Loan Agreement dated as of 25 June 2009 (the “Prior Agreement”), the Borrower is indebted to the Lender
as of the date hereof in the amount of $57,433,784, including accrued and capitalized interest (the “Loans”)
to fund the DSRA and for other corporate purposes.

 

4.            The
Borrower desires to enter into a Global Deed of Amendment and Restatement dated 31 July 2013 (the “GARA”) among
the Borrower, the Lender, certain subsidiaries of the Lender, Paribas and the other parties to the COFACE Agreement.

 

5.            Pursuant
to the GARA, the COFACE Agreement will be amended and restated in the form attached to the GARA (the “A&R COFACE Agreement”).

 

6.            The
COFACE Agreement previously permitted the Borrower to repay the Loans from Excess Cash Flow (as defined in the COFACE Agreement),
and the A&R COFACE Agreement prohibits the Borrower from repaying the Loans until all of its obligations under the A&R
COFACE Agreement have been paid in full.

 

7.            In
connection with the closing of the transactions contemplated by the GARA, the Borrower and the Lender desire to amend and restate
the Prior Agreement as set forth herein, pursuant to which the Loans will be evidenced by a note.

 

The Borrower and the
Lender hereby agree as follows:

 

1.            Amendment
and Restatement. The Prior Agreement is hereby amended and restated as set forth herein.

 

2.            Loans.

 

a.           Pursuant
to the Prior Agreement, the Borrower is currently indebted to the Lender in the amount of $57,433,784 million with respect to the
Loans.

 

    	 

    	 

    

 

b.           The
Loans shall be evidenced by a Subordinated Promissory Note in the form of Exhibit A hereto.

 

c.           The
Lender has no obligation to make any additional loans under this Agreement.

 

3.            Interest.

 

a.           The
outstanding principal amount of the Loans shall continue to bear interest at the rate of 12% per annum, accruing monthly in arrears
on the last day of each month.

 

b.           Interest
accruing on the Loans as provided in Section 3(a) shall not be payable currently but shall be capitalized and added to the outstanding
principal amount of the Loans.

 

4.            Payments.

 

a.             Payment
and receipt of any amount of the Loans are subject in all respects to the terms of the Subordination Deed (as defined below).

 

b.            The
Loans shall become immediately due and payable in full upon:

 

(i)          any
Borrower Change in Control (as defined in the A&R COFACE Agreement) or

 

(ii)         any
acceleration of the maturity of the indebtedness under the A&R COFACE Agreement,

 

provided that
the Lender will not take any action to recover any sum due in accordance with this clause 4(a) unless permitted by and in accordance
with the Subordination Deed.

 

c.           Unless
previously paid, the Loans shall be due and payable six months after all obligations under the A&R COFACE Agreement have been
paid in full.

 

d.           If
a Fundamental Change (as defined in the Fourth Supplemental Indenture by and among the Borrower and U.S. Bank National Association,
as Trustee, dated as of May 20, 2013 (the “Indenture”)) occurs prior to the repayment in full of the Loans,
the Borrower shall pay to the Lender, together with the repayment of the Loans, additional interest in an amount equal to the applicable
Fundamental Change Make-Whole Amount (as defined in the Indenture).

 

    	2

    	 

    

 

5.            Subordination.
All obligations of the Borrower to the Lender under this Agreement are subordinated to the Borrower’s obligations under the
A&R COFACE Agreement and are subject to the provisions of the Subordination Deed between the Borrower, the Lender and BNP Paribas,
as Security Agent, dated 5 June 2009, as amended and restated by a Global Deed of Amendment and Restatement dated 31 July 2013
(the “Subordination Deed”), a copy of which is attached hereto as Exhibit B. The Subordination Deed is
for the benefit of and enforceable by the lenders under the A&R COFACE Agreement, provided that the Lender may not require
the Borrower to do anything under this Agreement which is inconsistent with the obligations of the parties to the Subordination
Deed or seek any remedies for the failure of the Borrower to do anything under this Agreement that is inconsistent with the Borrower’s
obligations under the Subordination Deed or the other Finance Documents (as such term is defined in the A&R COFACE Agreement).

 

6.            Warrant.
As additional consideration for the Lender entering into the prior Agreement and making the Loans, on June 25, 2009, the Borrower
issued to the Lender a warrant (the “Warrant”). The Warrant shall remain in full force and effect in accordance
with its terms.

 

7.            Conversion,
et al.

 

a.             The
Lender may convert all or part of the Loans, including any accrued interest thereon, into shares of Common Stock (as defined in
the Indenture) of the Borrower upon the terms of Article IX of the Indenture as if the Loans were Securities (as defined in the
Indenture).

 

b.             Section
2.01(g) of the Indenture shall also apply to the Loans as if the Loans were Securities.

 

c.             Notwithstanding
the foregoing, Sections 9.06(b) and (c) and Section 9.9 of the Indenture shall not apply to any conversion of the Loans. Furthermore,
notwithstanding anything herein, and for the avoidance of doubt, nothing in this Agreement or the Promissory Note, and nothing
in the Indenture, shall permit the Lender to receive, or the Borrower to make, a cash payment on account of all or part of the
Loans (including any accrued interest thereon) or any shares of Common Stock into which all or part of the Loans (including any
accrued interest thereon) were converted unless such payment is permitted pursuant to the Subordination Deed.

 

d.            No
amendment to the terms of the Indenture after the date hereof shall be applicable to the terms of the Indenture as incorporated
in this Agreement without the prior written consent of the Lender.

 

e.            Any
reference in the terms of the Indenture incorporated in this Agreement to the “Trustee” or the “Conversion
Agent” shall be deemed to refer to the Borrower for the purposes of this Agreement.

 

f.              If
the issuance of shares of Common Stock to the Lender upon the conversion of the Loans would constitute a “Change of Control,”
“Default” or “Event of Default” under any agreement applicable to the Borrower, the Borrower shall issue
to the Lender, in lieu of such shares, an equal number of shares of its non-voting common stock.

 

8.            Representations
and Warranties of the Borrower. The Borrower represents and warrants to the Lender, with respect to the transactions contemplated
hereby (collectively, the “Transaction”) as of the date hereof, as follows:

 

    	3

    	 

    

 

a.           Organization
and Authority. The Borrower has all requisite power and authority to enter into this Agreement and to consummate the Transaction.
The Borrower is duly incorporated and validly existing under the laws of the State of Delaware. The execution and delivery by the
Borrower of this Agreement, the Note and the Warrant and the consummation by the Borrower of the Transaction have been duly authorized.
This Agreement, the Note and the Warrant, when duly executed and delivered by the Borrower, will constitute a legal, valid, and
binding obligations of the Borrower, enforceable against it in accordance with their respective terms; except as the enforcement
hereof may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium, or similar laws affecting the
enforcement of creditors' rights generally and general equitable principles whether in a proceeding in equity or at law.

 

b.           Noncontravention.
The execution and delivery of this Agreement, the Note and the Warrant, the consummation of the Transaction and the fulfillment
of and compliance with the terms and conditions hereof and thereof do not and will, not with the passing of time or giving of notice
(i) result in a violation of the organizational documents of the Borrower, (ii) violate any law, rule, regulation, provision of
any judicial or administrative order, award, judgment or decree applicable to the Borrower, or (iii) conflict with, result in a
breach of or right to cancel or constitute a default under any agreement, or instrument to which the Company is a party, by which
the Borrower is bound or to which the Borrower is subject.

 

c.           Title.
Upon exercise of the Warrant in accordance with its terms, or the conversion of the Loans in accordance with the terms of this
Agreement, the Lender will obtain good, valid and transferable title to the shares subject to the Warrant (the “Warrant
Shares”) or to the Note (the “Loan Shares”), as the case may be, free and clear of all liens, claims
and encumbrances whatsoever, and all of the Warrant Shares and Loan Shares when issued will be validly authorized, duly issued
and outstanding, fully paid and non-assessable.

 

d.           Shares.
The Borrower is issuing the Note, the Warrant and any Warrant Shares or Loan Shares pursuant to an exemption from registration
under Section 4(2) of the Securities Act of 1933 (the “Securities Act”).

 

e.           Broker.
No officer, director, employee or third party shall be entitled to receive any brokerage commissions or similar compensation in
connection with the Transaction based on any arrangement or agreement made by or on behalf of the Borrower.

 

f.            Acknowledgement.
The Borrower acknowledges that the Lender has not made any representations or warranties to it except to the extent of the representations
and warranties of the Lender in this Agreement.

 

9.            Representations
and Warranties of the Lender. The Lender hereby represents and warrants to the Borrower as follows:

 

    	4

    	 

    

 

a.           Organization
and Authority. The Lender has all requisite power and authority to enter this Agreement and to consummate the Transactions
contemplated hereby. The Lender is duly organized or formed and validly existing as a limited liability company and in good standing
under the laws of the State of Colorado. The execution and delivery by the Lender of this Agreement and the consummation by the
Lender of the Transaction have been duly authorized. This Agreement, when duly executed and delivered by the Lender will constitute
a legal, valid and binding obligation of the Lender in accordance with its terms, except as the enforcement thereof may be limited
by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or similar laws affecting the enforcement of creditors'
rights generally and general equitable principles whether in a proceeding in equity or at law.

 

b.           Noncontravention.
The execution and delivery of this Agreement, the consummation of the Transaction and the fulfillment of and compliance with the
terms and conditions hereof do not and will not with the passing of time or giving of notice (i) result in a violation of the organizational
documents of the Lender, (ii) violate any law, rule, regulation, provision of any judicial or administrative order, award, judgment
or decree applicable to the Lender or (iii) conflict with, result in a breach of or right to cancel or constitute a default under
any agreement or instrument to which the Lender is a party, by which the Lender is bound or to which the Lender is subject.

 

c.           Securities
Act. The Lender is acquiring the Note, the Warrant, any Warrant Shares and any Loan Shares for its own account for investment
only and not with any view towards the public sale or distribution thereof, except pursuant to sales registered or exempted under
the Securities Act.

 

d.           Lender's
Qualifications. The Lender is an "accredited investor” as defined in Regulation D under the Securities Act of 1933
(the “Securities Act”).

 

e.           Transfer
or Resale. The Lender understands that the Note, the Warrant and any Warrant Shares or Loan Shares have not been and are not
being registered under the Securities Act or any state securities laws and may not be offered for sale, sold, assigned or transferred
without registration under the Securities Act or an exemption therefrom, and that the exemption of the Transaction is Section 4(2)
of the Securities Act. The Lender understands that a legend restricting transfer except in compliance with the Securities Act will
be reflected on the certificates or records representing the Note, the Warrant and any Warrant Shares or Loan Shares.

 

f.            Broker.
No officer, director, employee or third party shall be entitled to receive any brokerage commissions or similar compensation in
connection with the Transaction contemplated by this Agreement based on any arrangement or agreement made by or on behalf of the
Lender.

 

g.           Acknowledgements.
The Lender acknowledges that the Borrower has not made any representations or warranties to it except to the extent of the representations
and warranties of the Borrower in this Agreement.

 

10.          Reporting.
Each party is responsible for making and shall make its own required reports with the Securities and Exchange Commission regarding
the Transaction.         

 

11.          Survival.
The representations and warranties of the Lender and the Borrower contained in Sections 8 and 9 and the covenant in Section 10
shall survive this Agreement.

 

    	5

    	 

    

 

12.          Successors
and Assigns. Neither party may assign this Agreement or its rights or obligations hereunder without the prior written consent
of the other party. Subject to the preceding, this Agreement shall be binding upon, inure to the benefit of and be enforceable
by the parties hereto and their respective successors and assigns.

 

13.          Severability.
If any provision of this Agreement is prohibited by law or otherwise determined to be invalid or unenforceable by a court of competent
jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended to apply to the
broadest extent that it would be valid and enforceable, and the invalidity or enforceability of such provision shall not affect
the validity of the remaining provisions of this Agreement so long as this Agreement as so modified continues to express, without
material change; the original intentions of the parties as to the subject matter hereof and the prohibited nature, invalidity or
enforceability of the provision(s) in question does not substantially impair the respective expectations or reciprocal obligations
of the parties or the practical realization of the benefits that would otherwise be conferred upon the parties. The parties will
endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s) with a valid provision(s),
the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable provision(s).

 

14.          Entire
Agreement; Amendment. This Agreement supersedes the Prior Agreement, and, except as specifically set forth herein, neither
the Lender nor the Borrower makes any other representation, warranty, covenant or undertaking to the other with respect to the
matters set forth herein. No provision of this Agreement or the Note shall be deemed to modify, amend or waive any of the terms
of, or rights and obligations arising from, the Subordination Deed. No provision of this Agreement may be amended, waived, terminated
or otherwise modified other than by an instrument in writing signed by the Lender and the Borrower. Any amendment to this Agreement
made in conformity with the provisions of this Section 14 shall be binding on all parties. No provision hereof may be waived other
than by an instrument in writing signed by the party granting such waiver.

 

15.          Binding
Effect. This Agreement shall be binding upon and inure to the benefit of the parties hereto and the respective successors,
legal representatives and assigns of each.

 

16.          Counterparts.
This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall be deemed
one and the .same instrument.

 

17.          Applicable
Law. This Agreement shall be governed by the laws of the State of Delaware, without regard to the choice of law rules thereof.

 

[signature
page follows]

 

    	6

    	 

    

 

IN WITNESS WHEREOF,
this Agreement has been duly executed by each of the parties hereto as of the date first above written.

 

	 	THERMO FUNDING COMPANY LLC
	 	 	 
	 	By:	/s/ Richard S. Roberts
	 	 	Printed Name: Richard S. Roberts
	 	 	Title:   Manager
	 	 	 
	 	GLOBALSTAR, INC.
	 	 	 
	 	By:	/s/ Richard S. Roberts
	 	 	Printed Name: Richard S. Roberts
	 	 	Title:  Corporate Secretary

 

    	7

    	 

    

 

Exhibit A

 

THE RIGHTS
OF PAYEE UNDER THIS NOTE ARE SUBJECT TO THE TERMS OF THE SUBORDINATION DEED DATED 22 JUNE 2009 AMONG PAYEE, MAKER, BNP PARIBAS,
AS COFACE AGENT, AND BNP PARIBAS, AS SECURITY AGENT, AS AMENDED AND RESTATED PURSUANT TO A GLOBAL DEED OF AMENDMENT AND RESTATEMENT
DATED 31 JULY 2013 (THE “sUBORDINATION DEED”)

 

SUBORDINATED
PROMISSORY NOTE

 

	$57,433,784	 	Dated as of July 31, 2013	 

 

FOR VALUE RECEIVED,
Globalstar, Inc., a Delaware corporation (“Maker”), promises to pay to the order of Thermo Funding Company
LLC, a Colorado limited liability company, or its assigns (“Payee”), in lawful money, the principal sum
of $57,433,784 or such other amount as it may be obligated to pay pursuant to the terms of the Agreement (as defined below).

 

This Promissory Note
(this “Note”) has been executed and delivered pursuant to that certain Amended and Restated Loan Agreement
dated as of July 31, 2013 by and between Payee and Maker, as the same may be amended, restated, supplemented, and/or renewed from
time to time (the “Agreement”), and is subject to the terms and conditions of the Agreement, which are,
by this reference, incorporated herein and made a part hereof. Capitalized terms used in this Note without definition shall have
the respective meanings set forth in the Agreement.

 

18.          PAYMENTS

 

a.           PRINCIPAL
AND INTEREST

 

The principal, and
all accrued interest thereon, represented by this Note shall be paid as and when provided in the Agreement. Interest on the principal
shall accrue and be capitalized as provided in the Agreement. Payment and receipt of any amount with respect to this Note are subject
in all respects to the terms of the Subordination Date.

 

b.           MANNER
OF PAYMENT

 

All payments of principal
and interest on this Note shall be made at Payee’s principal place of business in Denver, Colorado or at such other place
as Payee shall designate to Maker in writing. If any payment of principal or interest on this Note is due on a day that is not
a Business Day, such payment shall be due on the next succeeding Business Day, and such extension of time shall be taken into account
in calculating the amount of interest payable under this Note. “Business Day” means any day other than
a Saturday, Sunday, or legal holiday in the State of Colorado.

 

    	8

    	 

    

 

 

c.           PREPAYMENT

 

Subject to the provisions
of the Subordination Deed, without premium or penalty, and at any time and from time to time, Maker may prepay all or any portion
of the outstanding principal balance due under this Note. Any partial prepayments on this Note shall be applied first toward accrued
but unpaid interest and next toward principal payments in the inverse order of their maturity.

 

1.4.          SUBORDINATION

 

All of the rights of
Payee under this Note and the Agreement are subject to subordination as provided in the Agreement and the Subordination Deed.

 

1.5          CONVERSION

 

Payee may convert the
principal amount of, and any accrued interest under, this Note into equity securities of Maker as provided in the Agreement.

 

19.         DEFAULTS

 

a.            EVENTS
OF DEFAULT

 

The occurrence of any
one or more of the following events with respect to Maker shall constitute an event of default under this Note (“Event
of Default”):

 

(i)            If
Maker fails to pay when due any payment of principal or interest on this Note and such failure continues for fifteen (15) days
after Payee notifies Maker of such failure in writing.

 

(ii)         If,
pursuant to or within the meaning of the United States Bankruptcy Code or any other federal or state law relating to insolvency
or relief of debtors (a “Bankruptcy Law”), Maker: (i) commences a voluntary case or proceeding; (ii)
consents to the entry of an order for relief against it in an involuntary case; (iii) consents to the appointment of a trustee,
receiver, assignee, liquidator, or similar official; (iv) makes an assignment for the benefit of its creditors; or (v) admits in
writing its inability to pay its debts as they become due.

 

(iii)        If
a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: (i) is for relief against Maker in an
involuntary case; (ii) appoints a trustee, receiver, assignee, liquidator, or similar official for Maker or substantially all of
Maker’s properties; or (iii) orders the liquidation of Maker, and in any of the foregoing cases the order or decree is not
dismissed within 60 days.

 

b.             NOTICE
BY MAKER

 

Maker shall notify
Payee in writing within five days after the occurrence of any Event of Default of which Maker acquires knowledge.

 

    	9

    	 

    

 

c.           REMEDIES

 

If an Event of Default
occurs under this Note (unless all Events of Default have been cured or have been waived by Payee), Payee may, at its option: (i)
by written notice to Maker, declare the entire unpaid principal balance of this Note, together with all accrued interest hereon,
immediately due and payable , and which shall bear interest at the rate of 12% per annum, regardless of any prior forbearance,
and (ii) exercise any and all rights and remedies available to it under applicable law, including, without limitation, the right
to collect from Maker all sums due under this Note.

 

Maker shall pay all
reasonable costs and expenses incurred by or on behalf of Payee in connection with Payee’s exercise of any or all of its
rights and remedies under this Section 2.3, including, without limitation, reasonable attorneys’ fees.

 

20.          MISCELLANEOUS

 

a.           WAIVER

 

The rights and remedies
of Payee under this Note shall be cumulative and not alternative. No waiver by Payee of any right or remedy under this Note shall
be effective unless in a writing signed by Payee. No failure or delay in exercising, or single or partial exercise of, any right,
power, or privilege by Payee under this Note will operate as a waiver of such right, power, or privilege or will preclude any other
or further exercise of such right, power, or privilege or the exercise of any other right, power, or privilege. To the maximum
extent permitted by applicable law: (a) no claim or right of Payee arising out of this Note can be discharged by Payee, in whole
or in part, by a waiver or renunciation of the claim or right unless in a writing signed by Payee; (b) no waiver that may be given
by Payee will be applicable except in the specific instance for which it is given; and (c) no notice to or demand on Maker will
be deemed to be a waiver of any obligation of Maker or of the right of Payee to take further action without notice or demand as
provided in this Note. Maker hereby waives presentment, demand, protest, and notice of dishonor and protest.

 

b.           SEVERABILITY

 

If any provision of
this Note is held invalid or unenforceable by any court of competent jurisdiction, the other provisions of this Note will remain
in full force and effect. Any provision of this Note held invalid or unenforceable only in part or degree will remain in full force
and effect to the extent not held invalid or unenforceable.

 

c.           GOVERNING
LAW

 

This Note shall be
governed by and construed under the laws of the State of Delaware, without regard to conflicts-of-laws principles that would require
the application of any other law.

 

    	10

    	 

    

 

d.           PARTIES
IN INTEREST

 

This Note shall not
be assigned or transferred by Payee without the express prior written consent of Maker. Subject to the preceding sentence, this
Note will be binding in all respects upon Maker and inure to the benefit of Payee and its successors and assigns.

 

e.           SECTION
HEADINGS; CONSTRUCTION

 

The headings of sections
in this Note are provided for convenience only and will not affect its construction or interpretation.

 

[SIGNATURE PAGE FOLLOWS]

 

    	11

    	 

    

 

IN WITNESS WHEREOF,
Maker has executed and delivered this Note as of the date first stated above.

 

GLOBALSTAR, INC.

 

	By:	/s/ Richard S. Roberts	 
	 	 	 
	Name:	Richard S. Roberts	 
	 	 	 
	Title:	Corporate Secretary	 

 

    	12

    	 

    

 

Exhibit B

 

Subordination Deed – Filed with Exhibit 10.1 to Current
Report on Form 8-K dated August 22, 2013

 

    	13

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