Document:

Amendment  No.  1 to  Credit  Agreement

 Exhibit 10.1 
 AMENDMENT NO. 1 
 TO 
 CREDIT AGREEMENT 
 This AMENDMENT NO. 1 TO CREDIT AGREEMENT, dated as of JANUARY
19, 2007 (this “Amendment”), is entered into among INTELSAT CORPORATION (formerly known as PanAmSat Corporation), a Delaware corporation (the “Borrower”), CITICORP USA, INC., a Delaware corporation, in its capacity
as administrative agent for the Lenders (in such capacity, the “Administrative Agent”), Credit Suisse, Cayman Islands Branch, in its capacity as syndication agent for the Lenders (the “Syndication
Agent”) and Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC and Lehman Brothers Inc. as joint lead arrangers and joint bookrunners (the “Joint Lead Arrangers”) and amends the
Credit Agreement dated as of August 20, 2004, as amended and restated as of March 22, 2005 and as further amended and restated on July 3, 2006 (as amended to the date hereof and as the same may be further amended, supplemented or otherwise modified
from time to time, the “Credit Agreement”) entered into among the Borrower, the institutions from time to time party thereto as Lenders (the “Lenders”), the Administrative Agent, the Syndication Agent and the Joint
Lead Arrangers. Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to them in the Credit Agreement. 
 W I T N E S S E T H: 
 WHEREAS, the Borrower has requested that the Lenders amend the Credit Agreement to effect the changes
described below; 
 NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration (the receipt and
sufficiency of which is hereby acknowledged), the parties hereto hereby agree as follows: 
 Section 1. Amendments to the
Credit Agreement 
 The Credit Agreement is, effective as of the Amendment No. 1 Effective Date, hereby amended to:

 (i) Delete the definition of “Applicable ABR Margin” and replace it with the following: 
 “Applicable ABR Margin” shall mean, at any date, (a) with respect to each ABR Loan that is a Term Loan,
(i) 1.00% per annum at any time that clause (a)(ii) does not apply and (ii) 0.75% per annum if Level V Status is in effect as of the Test Period last ended and (b) with respect to each ABR Loan that is Revolving
Credit Loan or a Swingline Loan, the applicable percentage per annum set forth below based upon the Status in effect on such date: 
  

				
	 Status
	  	 Applicable ABR Margin for
 Revolving Credit and Swingline Loans
	 
	 Level I Status
	  	1.875	%
	 Level II Status
	  	1.625	%
	 Level III Status
	  	1.375	%
	 Level IV Status
	  	1.125	%

  

 Notwithstanding the foregoing, the “Applicable ABR Margin” shall mean: (a) with
respect to each ABR Loan, the percentage relating to the Status on the Amendment Effective Date set forth in a certificate of an Authorized Officer in the form of Exhibit A hereto (the “Closing Compliance Certificate”) and
determined on a pro forma basis after giving effect to the New Transactions, during the period from and including the Amendment Effective Date to but excluding the first date following the Amendment Effective Date that financial statements are
required to be delivered under Section 9.1 for the first full fiscal quarter completed after the Amendment Effective Date; and (b) with respect to each ABR Loan that is a Term Loan, 1.00% during the period from and including the Amendment No. 1
Effective Date to but excluding the first date following the Amendment No. 1 Effective Date that financial statements are required to be delivered under Section 9.1 for the fiscal quarter ending June 30, 2007. 
 (ii) Delete the definition of “Applicable LIBOR Margin” and replace it with the following: 
 “Applicable LIBOR Margin” shall mean, at any date, (a) with respect to each LIBOR Loan that is a Term Loan,
(i) 2.00% per annum at any time that clause (a)(ii) does not apply and (ii) 1.75% per annum if Level V Status is in effect as of the Test Period last ended and (b) with respect to each LIBOR Loan that is a Revolving
Credit Loan or a Swingline Loan, the applicable percentage per annum set forth below based upon the Status in effect on such date: 
  

				
	 Status
	  	 Applicable LIBOR Margin for
 Revolving Credit and Swingline Loans
	 
	 Level I Status
	  	2.875	%
	 Level II Status
	  	2.625	%
	 Level III Status
	  	2.375	%
	 Level IV Status
	  	2.125	%

 Notwithstanding the foregoing, the “Applicable LIBOR Margin” shall mean:
(a) with respect to each LIBOR Loan, the percentage relating to the Status on the Amendment Effective Date set forth in the Closing Compliance Certificate, and determined on a pro forma basis after giving effect to the New Transactions, during the
period from and including the Amendment Effective Date to but excluding the first date following the Amendment Effective Date that financial statements are required to 

  

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be delivered under Section 9.1 for the first full fiscal quarter completed after the Amendment Effective Date; and (b) with respect to each LIBOR Loan that
is a Term Loan, 2.00% during the period from and including the Amendment No. 1 Effective Date to but excluding the first date following the Amendment No. 1 Effective Date that financial statements are required to be delivered under Section 9.1 for
the fiscal quarter ending June 30, 2007. 
 Section 2. Conditions Precedent to the Effectiveness of this
Amendment 
 This Amendment shall become effective as of the date first written above when, and only when, each of the
following conditions precedent shall have been satisfied or waived (the “Amendment No. 1 Effective Date”) by the Administrative Agent: 
 (a) Executed Counterparts. The Administrative Agent shall have received this Amendment, duly executed by the Borrower, the Administrative Agent, the Syndication Agent, each Joint Lead Arranger, each Tranche
A—3 Term Loan Lender, each Tranche B—2 Term Loan Lender and the Required Lenders; 
 (b) Corporate and Other Proceedings.
All corporate and other proceedings, and all documents, instruments and other legal matters in connection with the transactions contemplated by this Amendment shall be reasonably satisfactory in all respects to the Administrative Agent; 

(c) No Default or Event of Default. After giving effect to this Amendment, no Default or Event of Default shall have occurred and be
continuing, either on the date hereof or on the Amendment No. 1 Effective Date; and 
 (d) Fees and Expenses Paid. The Borrower
shall have paid all reasonable out-of-pocket costs and expenses of the Administrative Agent in connection with the preparation, reproduction, execution and delivery of this Amendment (including, without limitation, the reasonable fees and
out-of-pocket expenses of counsel for the Administrative Agent with respect thereto) and all other costs, expenses and fees due in accordance with the Fee Letter dated as of January 19, 2007 among Borrower, Intelsat Subsidiary Holding Company,
Ltd. and the Administrative Agent (the “Fee Letter”) and under any Credit Document. 
 Section 3.
Representations and Warranties 
 On and as of the Amendment No. 1 Effective Date, after giving effect to this Amendment,
the Borrower hereby represents and warrants to the Administrative Agent and each Lender as follows: 
 (a) this Amendment has been duly
authorized, executed and delivered by the Borrower and constitutes the legal, valid and binding obligations of the Borrower enforceable against the Borrower in accordance with its terms and the Credit Agreement as amended by this Amendment
constitutes the legal, valid and binding obligation of the 

  

 -3- 

 Borrower enforceable against the Borrower in accordance with its terms; in each case, except to the extent that
enforceability may be subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles; 
 (b) each of the representations and warranties contained in Section 8 of the Credit Agreement and each other Credit Document is true and correct in
all material respects (or, in the case of any representation or warranty that by its terms is qualified by materiality or by reference to a Material Adverse Effect or by any concept of similar import, each such representation and warranty is true
and correct in all respects) on and as of the Amendment No. 1 Effective Date, as if made on and as of such date and except to the extent that such representations and warranties specifically relate to a specific date, in which case such
representations and warranties were true and correct in all material respects (or, in the case of any representation or warranty that by its terms is qualified by materiality or by reference to a Material Adverse Effect or by any concept of similar
import, each such representation and warranty was true and correct in all respects) as of such specific date; provided, however, that references therein to the “Credit Agreement” shall be deemed to refer to the Credit
Agreement as amended hereby and after giving effect to the consents and waivers set forth herein; and 
 (c) no Default or Event of Default
has occurred and is continuing. 
 Section 4. Fees and Expenses 
 The Borrower and each other Credit Party agrees to pay on demand in accordance with the terms of Section 14.5 of the Credit Agreement all reasonable
out-of-pocket costs and expenses of the Administrative Agent in connection with the preparation, reproduction, execution and delivery of this Amendment (including, without limitation, the reasonable fees and out-of-pocket expenses of counsel for the
Administrative Agent with respect thereto). 
 Section 5. Reference to the Effect on the Credit Documents

 (a) As of the Amendment No. 1 Effective Date, each reference in the Credit Agreement to “this Agreement,”
“hereunder,” “hereof,” “herein,” or words of like import, and each reference in the other Credit Documents to the Credit Agreement (including, without limitation, by means of words like
“thereunder”, “thereof” and words of like import), shall mean and be a reference to the Credit Agreement as amended hereby, and this Amendment and the Credit Agreement shall be read together and construed as a
single instrument. Each of the table of contents and lists of Exhibits and Schedules of the Credit Agreement shall be amended to reflect the changes made in this Amendment as of the Amendment No. 1 Effective Date. 
 (b) Except as expressly amended hereby or specifically waived above, all of the terms and provisions of the Credit Agreement and all other Credit
Documents are and shall remain in full force and effect and are hereby ratified and confirmed. 
  

 -4- 

 (c) The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided
herein, operate as a waiver of any right, power or remedy of the Lenders, the Borrower, any other Credit Party, the Joint Lead Arrangers or any Agent under any of the Credit Documents, nor constitute a waiver or amendment of any other provision of
any of the Credit Documents or for any purpose except as expressly set forth herein. 
 (d) This Amendment shall constitute a Credit
Document. 
 Section 6. Execution in Counterparts 
 This Amendment may be executed in any number of counterparts and by different parties in separate counterparts, each of which when so executed shall be
deemed to be an original and all of which taken together shall constitute one and the same agreement. Signature pages may be detached from multiple separate counterparts and attached to a single counterpart so that all signature pages are attached
to the same document. Delivery of an executed counterpart by telecopy shall be effective as delivery of a manually executed counterpart of this Amendment. 
 Section 7. Governing Law 
 This Amendment shall be governed by and construed
in accordance with the law of the State of New York. 
 Section 8. Section Titles 
 The section titles contained in this Amendment are and shall be without substantive meaning or content of any kind whatsoever and are not a part of the
agreement between the parties hereto, except when used to reference a section. 
 Section 9. Notices

 All communications and notices hereunder shall be given as provided in the Credit Agreement. 
 Section 10. Severability 
 The fact that any term or provision of this Agreement is held invalid, illegal or unenforceable as to any person in any situation in any jurisdiction shall not affect the validity, enforceability or legality of the
remaining terms or provisions hereof or the validity, enforceability or legality of such offending term or provision in any other situation or jurisdiction or as applied to any person. 
 Section 11. Successors 
 The terms of this Amendment shall be binding upon, and shall inure to the benefit of, the parties hereto and their respective successors and assigns. 
  

 -5- 

 Section 12. Waiver of Jury Trial 
 EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES
TRIAL BY JURY IN ANY ACTION OR PROCEEDING WITH RESPECT TO THIS
AMENDMENT OR ANY OTHER CREDIT DOCUMENT. 
 [SIGNATURE PAGES FOLLOW] 
  

 -6- 

 IN WITNESS WHEREOF, the parties hereto have caused this
Amendment to be executed by their respective officers and general partners thereunto duly authorized, as of the date first written above. 
  

			
	INTELSAT CORPORATION, as the Borrower
		
	By:	 	 /s/ Linda Kokal

	Name:	 	Linda Kokal
	Title:	 	SVP & Treasurer

  

			
	CITICORP USA, INC.,
	        as Administrative Agent and Lender
		
	By:	 	 /s/ Edward T. Crook

	Name:	 	Edward T. Crook
	Title:	 	Managing Director
	
	 CITIGROUP GLOBAL MARKETS INC.,
         as Joint Lead Arranger and Joint
         Bookrunning Manager

		
	By:	 	 /s/ Edward T. Crook

	Name:	 	Edward T. Crook
	Title:	 	Managing Director

  

			
	 CREDIT SUISSE, CAYMAN ISLANDS BRANCH
         as Syndication Agent and Lender

		
	By:	 	 /s/ CASSANDRA DROOGAN

	Name:	 	CASSANDRA DROOGAN
	Title:	 	VICE PRESIDENT
		
	By:	 	 /s/ MIKHAIL FAYBUSOVICH

	Name:	 	MIKHAIL FAYBUSOVICH
	Title:	 	ASSOCIATE
	
	 CREDIT SUISSE SECURITIES (USA) LLC.,
     as Joint Lead Arranger and Joint
     Bookrunning Manager

		
	By:	 	 /s/ JEFFREY COHEN

	Name:	 	JEFFREY COHEN
	Title:	 	MANAGING DIRECTOR

  

			
	 DEUTSCHE BANK SECURITIES INC.,
         as Joint Lead Arranger and Joint
         Bookrunning Manager

		
	By:	 	 /s/ Catherine Madigan

	Name:	 	Catherine Madigan
	Title:	 	Managing Director
		
	By:	 	 /s/ David S. Balley

	Name:	 	David S. Balley
	Title:	 	Managing Director

  

			
	 LEHMAN BROTHERS INC.,
         as Joint Lead Arranger and Joint
         Bookrunning Manager

		
	By:	 	 /s/ Michael E. Masters

	Name:	 	Michael E. Masters
	Title:	 	Authorized SignatoryAmendment  No. 1 to Credit Agreement

 Exhibit 10.1 
 AMENDMENT NO. 1 
 TO 
 CREDIT AGREEMENT 
 This AMENDMENT NO. 1 TO CREDIT AGREEMENT, dated as of
January 19, 2007 (this “Amendment”), is entered into among Intelsat Intermediate Holding Company, Ltd. (“Holdings”), Intelsat Subsidiary Holding Company, Ltd. (“Borrower”) and Citicorp USA,
Inc., in its capacity as administrative agent for the lenders and as agent for the Secured Parties (in such capacity, the “Administrative Agent”), and amends the Credit Agreement dated as of July 3, 2006, among Holdings,
Borrower, the Administrative Agent, the financial institutions or entities from time to time party thereto as Lenders (the “Lenders”), Credit Suisse, Cayman Islands Branch, as syndication agent and Citigroup Global Markets Inc.,
Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC and Lehman Brothers Inc., as joint lead arrangers and joint bookrunners. Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to them in the
Credit Agreement. 
 W I T N E S S E T H: 
 WHEREAS, Borrower has requested that the Required Lenders amend the Credit Agreement to effect the changes described below; 
 NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration (the receipt and sufficiency of which is hereby acknowledged), the parties hereto hereby agree as follows: 
 Section 1.    Amendments to the Credit Agreement 
 The Credit Agreement is, effective as of the Amendment No. 1 Effective Date, hereby amended as follows: 
 (a)    The following definitions are added to Section 1.1: 
 “Intelsat Bermuda 2007 Credit Agreement” shall mean the Credit Agreement, dated as of February, 2007, among Intelsat Bermuda, as
borrower, Intelsat, Ltd., as guarantor, the several lenders from time to time party thereto, Bank of America, N.A., as administrative agent, Deutsche Bank Securities Inc., as syndication agent, and Banc of America Securities LLC, Deutsche Bank
Securities Inc., Credit Suisse Securities (USA) LLC and Morgan Stanley & Co. Incorporated, as joint bookrunners, as the same may be amended, modified or supplemented from time to time. 
 “Intelsat Bermuda 2007 Term Loan” shall mean that certain term loan incurred by Intelsat Bermuda in a principal amount of up to $1,000.0
million, made pursuant to the Intelsat Bermuda 2007 Credit Agreement. 

 (b)    The word “and” at the end of Section 10.5(u) is deleted;
the period at the end of Section 10.5(v) is deleted and replaced with “; and”; and the following clauses are added as Sections 10.5(w) and (x): 
 “(w)    Guarantee Obligations of Borrower and any Guarantor in respect of the Intelsat Bermuda 2007 Term Loan and any Permitted
Refinancing Indebtedness in respect thereof; provided that the net proceeds from the Intelsat Bermuda 2007 Term Loan are contributed to the common equity of Borrower; and 
 (x)    Guarantee Obligations of Borrower and any Guarantor in respect of the Intelsat Bermuda Guaranteed Fixed Rate Notes and any
Permitted Refinancing Indebtedness in respect thereof.” 
 (c)    The following item is added to Schedule
10.1 to the Credit Agreement: 
 “The Senior Notes (as defined in the Credit Agreement).” 
 Section 2.    Conditions Precedent to the Effectiveness of this Amendment 
 This Amendment shall become effective as of the date first written above when, and only when, each of the following conditions precedent shall have been
satisfied or waived (the “Amendment No. 1 Effective Date”) by the Administrative Agent: 
 (a)    Executed Counterparts. The Administrative Agent shall have received this Amendment, duly executed by Holdings, Borrower, the Administrative Agent, and the Required Lenders; 
 (b)    Corporate and Other Proceedings. All corporate and other proceedings, and all documents, instruments and other legal
matters in connection with the transactions contemplated by this Amendment shall be reasonably satisfactory in all respects to the Administrative Agent; 
 (c)    Funding. The Intelsat Bermuda 2007 Term Loan shall have been funded and Intelsat Bermuda shall have contributed (directly or indirectly) the net proceeds therefrom to Borrower as
common equity. 
 (d)    No Default or Event of Default. After giving effect to this Amendment, no Default or
Event of Default shall have occurred and be continuing, either on the date hereof or on the Amendment No. 1 Effective Date; and 
 (e)    Fees and Expenses Paid. Borrower shall have paid all reasonable out-of-pocket costs and expenses of the Administrative Agent in connection with the preparation, reproduction, execution and delivery of this
Amendment (including, without limitation, the reasonable fees and out-of-pocket expenses of counsel for the Administrative Agent with respect thereto) and all other costs, expenses and fees due under any Credit Document. 
  

 2 

 Section 3.    Representations and Warranties 
 On and as of the Amendment No. 1 Effective Date, after giving effect to this Amendment, Borrower hereby represents and warrants to the
Administrative Agent and each Lender as follows: 
 (a)    this Amendment has been duly authorized, executed and
delivered by Borrower and Holdings and constitutes the legal, valid and binding obligations of each of Borrower and Holdings, enforceable against Borrower and Holdings in accordance with its terms; and the Credit Agreement as amended by this
Amendment, constitutes the legal, valid and binding obligation of each of Borrower and Holdings, enforceable against Borrower and Holdings in accordance with its terms; 
 (b)    each of the representations and warranties contained in Section 8 of the Credit Agreement and each other Credit Document is true and correct in all material respects (or, in the
case of any representation or warranty that by its terms is qualified by materiality or by reference to a Material Adverse Effect or by any concept of similar import, each such representation and warranty is true and correct in all respects) on and
as of the Amendment No. 1 Effective Date, as if made on and as of such date and except to the extent that such representations and warranties specifically relate to a specific date, in which case such representations and warranties were true
and correct in all material respects (or, in the case of any representation or warranty that by its terms is qualified by materiality or by reference to a Material Adverse Effect or by any concept of similar import, each such representation and
warranty was true and correct in all respects) as of such specific date; provided, however, that references therein to the “Credit Agreement” shall be deemed to refer to the Credit Agreement as amended hereby and after giving
effect to the consents and waivers set forth herein; and 
 (c)    no Default or Event of Default has occurred and is
continuing. 
 Section 4.    Fees and Expenses 
 The Borrower and each other Credit Party agrees to pay on demand in accordance with the terms of Section 14.5 of the Credit Agreement all
reasonable out-of-pocket costs and expenses of the Administrative Agent in connection with the preparation, reproduction, execution and delivery of this Amendment (including, without limitation, the reasonable fees and out-of-pocket expenses of
counsel for the Administrative Agent with respect thereto). 
 Section 5.    Reference to the Effect on the Credit
Documents 
 (a)    As of the Amendment No. 1 Effective Date, each reference in the Credit Agreement to
“this Agreement,” “hereunder,” “hereof,” “herein,” or words of like import, and each reference in the other Credit Documents to the Credit Agreement (including, without limitation, by means of words like
“thereunder”, “thereof” and words of like import), shall mean and be a reference to the Credit Agreement as amended hereby, and this Amendment and the Credit Agreement shall be read together and construed as a single 

  

 3 

 
instrument. Each of the table of contents and lists of Exhibits and Schedules of the Credit Agreement shall be amended to reflect the changes made in this
Amendment as of the Amendment No. 1 Effective Date. 
 (b)    Except as expressly amended hereby or specifically
waived above, all of the terms and provisions of the Credit Agreement and all other Credit Documents are and shall remain in full force and effect and are hereby ratified and confirmed. 
 (c)    The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a
waiver of any right, power or remedy of the Lenders, Borrower, any other Credit Party, the Joint Lead Arrangers or any Agent under any of the Credit Documents, nor constitute a waiver or amendment of any other provision of any of the Credit
Documents or for any purpose except as expressly set forth herein. 
 (d)    This Amendment shall constitute a Credit
Document. 
 Section 6.    Execution in Counterparts 
 This Amendment may be executed in any number of counterparts and by different parties in separate counterparts, each of which when so executed shall be
deemed to be an original and all of which taken together shall constitute one and the same agreement. Signature pages may be detached from multiple separate counterparts and attached to a single counterpart so that all signature pages are attached
to the same document. Delivery of an executed counterpart by telecopy shall be effective as delivery of a manually executed counterpart of this Amendment. 
 Section 7.    Governing Law 
 This Amendment shall be governed by and construed
in accordance with the law of the State of New York. 
 Section 8.    Section Titles 
 The section titles contained in this Amendment are and shall be without substantive meaning or content of any kind whatsoever and are not a part of the
agreement between the parties hereto, except when used to reference a section. 
 Section 9.    Notices

 All communications and notices hereunder shall be given as provided in the Credit Agreement. 
 Section 10.    Severability 
 The fact that any term or provision of this Agreement is held invalid, illegal or unenforceable as to any person in any situation in any jurisdiction shall not affect the validity, 

  

 4 

 
enforceability or legality of the remaining terms or provisions hereof or the validity, enforceability or legality of such offending term or provision in any
other situation or jurisdiction or as applied to any person. 
 Section 11.    Successors 
 The terms of this Amendment shall be binding upon, and shall inure to the benefit of, the parties hereto and their respective successors and assigns.

 Section 12.    Waiver of Jury Trial 
 EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES
TRIAL BY JURY IN ANY ACTION OR PROCEEDING WITH RESPECT TO THIS
AMENDMENT OR ANY OTHER CREDIT DOCUMENT. 
 [SIGNATURE PAGES FOLLOW] 
  

 5 

 IN WITNESS WHEREOF, the parties hereto have caused this
Amendment to be executed by their respective officers and general partners thereunto duly authorized, as of the date first written above. 
  

			
	 INTELSAT INTERMEDIATE HOLDING COMPANY, LTD.

		
	By:	 	 /s/ Gloria Dill

	Name:	 	Gloria Dill
	Title:	 	Secretary
	
	 INTELSAT SUBSIDIARY HOLDING
COMPANY, LTD.

		
	BY:	 	 /s/ Gloria Dill

	Name:	 	Gloria Dill
	Title:	 	Secretary

  

			
	 CITICORP USA, INC.,
 as Administrative Agent and Lender

		
	By:	 	 /s/ Edward T. Crook

	Name:	 	Edward T. Crook
	Title:	 	Managing Director

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