Document:

Joinder Agreement dated As of February 4,2008

 Exhibit 10.3 
 EXECUTION VERSION 
 JOINDER AGREEMENT 
 JOINDER AGREEMENT, dated as of February 4, 2008 (this “Agreement”), by and among the Lenders executing this Joinder Agreement
(each, an “Incremental Tranche B-2 Term Loan Lender” and, collectively, the “Incremental Tranche B-2 Term Loan Lenders”), INTELSAT CORPORATION (formerly known as PanAmSat Corporation), a Delaware corporation (the
“Borrower”) and Credit Suisse, Cayman Island Branch, as Administrative Agent (the “Administrative Agent”). 
 RECITALS: 
 WHEREAS, reference is hereby made to the Credit Agreement, dated as of August 20, 2004, as amended
and restated as of March 22, 2005 and as further amended and restated as of July 3, 2006 (as amended, supplemented or otherwise modified from time to time, including Amendment No. 2 (as defined below), the “Credit
Agreement”), among the Borrower, the lending institutions from time to time parties thereto (each a “Lender” and, collectively, the “Lenders”), the Administrative Agent and the other parties thereto
(capitalized terms used but not defined herein having the meaning provided in the Credit Agreement); 
 WHEREAS, subject to the terms
and conditions of the Credit Agreement, the Borrower may establish Incremental Revolving Credit Commitments and/or Incremental Tranche B-2 Term Loan Commitments by, among other things, entering into one or more Joinder Agreements with Incremental
Tranche B-2 Term Loan Lenders and/or Incremental Revolving Loan Lenders, as applicable; and 
 WHEREAS, the Borrower has requested,
and each of the Incremental Tranche B-2 Term Loan Lenders has agreed, subject to the terms and conditions hereof, to provide, Incremental Tranche B-2 Term Loans comprised of 33.34% Incremental Tranche B-2-A Term Loans, 33.33% Incremental Tranche
B-2-B Term Loans and 33.33% Incremental Tranche B-2-C Term Loans and each Incremental Tranche B-2 Term Loan Lender shall be allocated an equal portion of each; 
 NOW, THEREFORE, in consideration of the premises and agreements, provisions and covenants herein contained, the parties hereto agree as follows: 
 Each Incremental Tranche B-2 Term Loan Lender party hereto hereby severally agrees to commit to provide its respective Incremental Tranche B-2 Term Loan
Commitment as set forth on Schedule A annexed hereto, on the terms and subject to the conditions set forth below. 
 Each Incremental
Tranche B-2 Term Loan Lender (i) confirms that it has received a copy of the Credit Agreement and the other Credit Documents, together with copies of the financial statements referred to therein and such other documents and information as it
has deemed appropriate to make its own credit analysis and decision to enter into this Agreement; (ii) agrees that it will, independently and without reliance upon the Administrative Agent or any other Incremental Tranche B-2 Term Loan Lender
or any other Lender or Agent and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement; (iii) appoints and
authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers under the Credit Agreement and the other Credit Documents as are delegated to the Administrative Agent by the terms thereof, together with
such powers as are reasonably incidental thereto; and (iv) agrees that it will perform in accordance with their terms all of the obligations which by the terms of the Credit Agreement are required to be performed by it as an Incremental Tranche
B-2 Term Loan Lender. 

 Each Incremental Tranche B-2 Term Loan Lender hereby agrees to make its respective Commitment on the
following terms and conditions: 
  

	1.	Applicable Margin. The Applicable ABR Margin and the Applicable LIBOR Margin shall have the same meaning as set forth in the Credit Agreement after giving effect to the
Amendment No. 2. 

  

	2.	Principal Payments. The Borrower shall make principal payments on the Incremental Tranche B-2 Term Loans as set forth in the proviso in Section 2.5(c) of the Credit
Agreement. 

  

	3.	Voluntary and Mandatory Prepayments. Scheduled installments of principal of the Incremental Tranche B-2 Term Loans set forth above shall be reduced in connection with any
voluntary or mandatory prepayments of the Incremental Tranche B-2 Term Loans in accordance with Sections 5.1 and 5.2 of the Credit Agreement, respectively. 

  

	4.	Proposed Borrowing. This Agreement represents the Borrower’s request to borrow Incremental Tranche B-2 Term Loans from the Incremental Tranche B-2 Term Loan Lenders as
follows (the “Proposed Borrowing”): 

  

	 	a.	Business Day of Proposed Borrowing: February 4, 2008 

  

	 	b.	Amount of Proposed Borrowing: $150,000,000 

  

	 	c.	Interest rate option: 

 LIBOR Loans 
 with an initial Interest 
 Period of 1 month

  

	5.	Incremental Tranche B-2 Term Loans. Each of the Incremental Tranche B-2 Term Loans shall consist of Incremental Tranche B-2-A Term Loans, Incremental Tranche B-2-B Term Loans
and Incremental Tranche B-2-C Term Loans, in each case, in the respective amounts of 33.34%, 33.33% and 33.33%, and each Incremental Tranche B-2 Term Loan Lender shall be allocated an equal portion of each, each of which shall be a separate Series
B-2-A-1, B-2-B-1 and B-2-C-1 and shall be maintained as such in the Register (and for the avoidance of doubt voluntary and mandatory prepayments shall be made in respect of each such Series on a pro rata basis with any prepayments of the
corresponding Tranche B-2-A Term Loans, Tranche B-2-B Term Loans and Tranche B-2-C Term Loans). 

  

	6.	Incremental Tranche B-2 Term Loan Lenders. Each Incremental Tranche B-2 Term Loan Lender acknowledges and agrees that upon its execution of this Agreement and the making of
Incremental Tranche B-2 Term Loans that such Incremental Tranche B-2 Term Loan Lender shall become a “Lender” under, and for all purposes of, the Credit Agreement and the other Credit Documents, and shall be subject to and bound by the
terms thereof, and shall perform all the obligations of and shall have all rights of a Lender thereunder. 

  

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	7.	Credit Agreement Governs. Except as set forth in this Agreement, the Incremental Tranche B-2 Term Loans shall otherwise be subject to the provisions of the Credit Agreement
and the other Credit Documents. 

  

	8.	Borrower’s Certifications. By its execution of this Agreement, the undersigned officer, to the best of his or her knowledge, and the Borrower hereby certify that:

  

	 	i.	the acquisition of Intelsat Holdings, Ltd. contemplated in the Share Purchase Agreement dated as of June 19, 2007 among Serafina Holdings Limited, Serafina Acquisition Limited
and certain shareholders of Intelsat Holdings, Ltd., as amended, has been consummated; 

  

	 	ii.	Amendment No. 2 to the Credit Agreement, dated as of January 25, 2008 (“Amendment No. 2”) has become effective; 

  

	 	iii.	the Borrower shall have paid all reasonable out-of-pocket costs and expenses in connection with the preparation, reproduction, execution and delivery of this Agreement (including,
without limitation, the reasonable fees and out-of-pocket expenses of counsel); 

  

	 	iv.	the Borrower shall have paid all fees that it separately has agreed to be paid in connection with this Agreement; 

  

	 	v.	the Borrower shall have delivered or caused to be delivered a legal opinion from Milbank, Tweed, Hadley & McCloy LLP, special New York counsel to the Borrower;

  

	 	vi.	the Borrower and its Subsidiaries are, and after giving pro forma effect to the Borrowing contemplated hereby (and the application of proceeds therefrom) will be, in compliance with
the covenant set forth in Section 11 of the Credit Agreement (without giving effect to any waiver pursuant to clause (a) thereto or any application of clause (b) thereto and regardless of whether or not the Renewed Revolving Credit
Commitment has been terminated) as of the last day of the most recently ended fiscal quarter for which financial statements have been prepared and delivered after giving effect to such Incremental Loan Commitments and any Investment to be
consummated in connection therewith; 

  

	 	vii.	the representations and warranties contained in the Credit Agreement and the other Credit Documents are true and correct in all material respects on and as of the date hereof to the
same extent as though made on and as of the date hereof, except to the extent such representations and warranties expressly relate to an earlier date, in which case such representations and warranties were true and correct in all material respects
on and as of such earlier date; 

  

	 	viii.	no event has occurred and is continuing or would result from the consummation of the proposed Borrowing contemplated hereby that would constitute a Default or an Event of Default
and each of the conditions set forth in Section 7 of the Credit Agreement has been satisfied; and 

  

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	 	ix.	the Borrower has performed in all material respects all agreements and satisfied all conditions which the Credit Agreement provides shall be performed or satisfied by it on or
before the date hereof. 

  

	9.	Eligible Assignee. By its execution of this Agreement, each Incremental Tranche B-2 Term Loan Lender represents and warrants that it is an Eligible Assignee.

  

	10.	Notice. For purposes of the Credit Agreement, the initial notice address of each Incremental Tranche B-2 Term Loan Lender shall be as set forth below its signature below.

  

	11.	Foreign Lenders. For each Incremental Tranche B-2 Term Loan Lender that is a Foreign Lender, delivered herewith to the Administrative Agent are such forms, certificates or
other evidence with respect to United States federal income tax withholding matters as such Incremental Tranche B-2 Term Loan Lender may be required to deliver to the Administrative Agent pursuant to subsection 5.4(d) of the Credit Agreement.

  

	12.	Recordation of the Incremental Loans. Upon execution and delivery hereof, the Administrative Agent will record the Incremental Tranche B-2 Term Loans made by each Incremental
Tranche B-2 Term Loan Lender in the Register. 

  

	13.	Amendment, Modification and Waiver. This Agreement may not be amended, modified or waived except by an instrument or instruments in writing signed and delivered on behalf of
each of the parties hereto. 

  

	14.	Entire Agreement. This Agreement, the Credit Agreement and the other Credit Documents constitute the entire agreement among the parties with respect to the subject matter
hereof and thereof and supersede all other prior agreements and understandings, both written and verbal, among the parties or any of them with respect to the subject matter hereof. 

  

	15.	GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK. 

  

	16.	Severability. Any term or provision of this Agreement which is invalid or unenforceable in any jurisdiction shall, as to that jurisdiction, be ineffective to the extent of
such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms and provisions of this Agreement or affecting the validity or enforceability of any of the terms or provisions of this Agreement in any other
jurisdiction. If any provision of this Agreement is so broad as to be unenforceable, the provision shall be interpreted to be only so broad as would be enforceable. 

  

	17.	Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed to be an original, but all of which shall constitute one and the same agreement.

  

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 IN WITNESS WHEREOF, each of the undersigned has caused its duly authorized officer to execute and
deliver this Joinder Agreement as of the date first above written. 
  

			
	INTELSAT CORPORATION
		
	By:	 	  

	 Name:
 Title:
	 	

  

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	CREDIT SUISSE, CAYMAN ISLANDS BRANCH
	as a Lender
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	Notice Address:
	 Attention:
 Telephone:
 Facsimile:

			
	BANK OF AMERICA, N.A.
	as a Lender
		
	By:	 	  

	 Name:
 Title:
	 	
	
	 Notice Address:
 Attention:
 Telephone:
 Facsimile:

  

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	MORGAN STANLEY SENIOR FUNDING, INC.
	as a Lender
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	Notice Address:
	 Attention:
 Telephone:
 Facsimile:

			
	Consented to by:
	
	 CREDIT SUISSE, CAYMAN ISLANDS BRANCH,
 as Administrative Agent

		
	By:	 	  

	 Name:
 Title:Assignment and Assumption Agreement, dated as of February 4, 2008

 Exhibit 10.4 
 EXECUTION COPY 
 ASSIGNMENT AND ASSUMPTION AGREEMENT 
 Assignment and Assumption Agreement (the “Agreement”) made as of February 4, 2008, by and among Intelsat (Bermuda), Ltd., a Bermuda
exempted company (“Transferor”), and Intelsat Jackson Holdings, Ltd., a Bermuda exempted company and wholly-owned subsidiary of the Transferor (the “Transferee”). 
 WHEREAS, Intelsat Holdings, Ltd. (“Intelsat Holdings”), the indirect parent of the Transferor, has entered into that certain
Share Purchase Agreement, dated June 19, 2007, by and among Intelsat Holdings, certain shareholders of Intelsat Holdings, Serafina Acquisition Limited (“Serafina”) and Serafina Holdings Limited (“Serafina
Holdings”, the parent of Serafina, formed by funds controlled by BC Partners Holdings Limited and certain other investors), pursuant to which Serafina and Serafina Holdings will acquire 100% of the primary equity ownership of Intelsat
Holdings (the “New Sponsors Acquisition Transactions”); 
 WHEREAS, immediately following the consummation of the New
Sponsors Acquisition Transactions, Serafina will transfer certain of its assets and liabilities, including all of its liabilities and obligations with respect to the Senior Bridge Loan Credit Agreements, to the Transferor (the “Serafina
Assignment”); 
 WHEREAS, Transferor is the obligor of the 11 1/4% Senior Notes due 2016 and Floating Rate Senior Notes due 2013, issued pursuant to that certain Indenture dated as of July 3,
2006 (the “Non-Guaranteed Notes”); the 9 1/4% Senior Notes due 2016, issued pursuant to that certain Indenture
dated as of July 3, 2006 (the “Guaranteed Notes”); the Floating Rate Senior Notes due 2015, issued pursuant to that certain Indenture dated as of January 12, 2007 (the “2015 Notes”, and together with the
Non-Guaranteed Notes and the Guaranteed Notes, the “Intelsat Bermuda Notes”); and the US$1,000,000,000 Senior Unsecured Credit Agreement dated February 2, 2007 (the “Senior Unsecured Credit Agreement”); 

 WHEREAS, Transferor is a guarantor of Intelsat Subsidiary Holding
Company, Ltd.’s 8 1/4% Senior Notes due 2013 and 8 5/8% Senior Notes Due 2015 issued pursuant to that certain Indenture dated as of January 28, 2005 (together, the “Acquisition Finance Notes”) and Intelsat Intermediate Holding
Company, Ltd.’s 9 1/4% Senior Discount Notes due 2015, issued pursuant to that certain Indenture dated as of
February 11, 2005 (the “Discount Notes”); 
 WHEREAS, it is proposed that, immediately
following the consummation of the New Sponsors Acquisition Transactions but prior to the Serafina Assignment (such time, the “Drop Down Effective Time”), Transferor transfer certain of its assets and liabilities (other than the
assets and liabilities of Transferor set forth on Schedules A and B hereto) to Transferee, and Transferee assume certain of Transferor’s liabilities, including its liabilities pursuant to the Intelsat Bermuda Notes and the Senior Unsecured
Credit Agreement and its guarantee of the Acquisition Finance Notes and Discount Notes, and that Transferor become a guarantor of the Intelsat Bermuda Notes, the Senior Unsecured Credit Agreement, the Acquisition Finance Notes and the Discount
Notes; 

 NOW THEREFORE, the Transferee and the Transferor, intending to be legally bound agree as follows:

 Section 1. Contribution of Assets. With effect at the Drop Down Effective Time, Transferor hereby contributes, sells,
transfers, conveys, assigns and delivers to Transferee, and Transferee hereby acquires, all of Transferor’s rights, title and interest in and to all of the properties, assets, contracts, rights, privileges, and interests of whatever kind or
nature, real or personal, tangible or intangible, of Transferor, wherever located (whether in possession of Transferor, its subsidiaries or affiliates or other third parties) (the “Contributed Assets”); provided, that the
Contributed Assets shall not include any of the assets listed on Schedule A (the “Excluded Assets”). 
 Section 2. Assumption of Liabilities. With effect at the Drop Down Effective Time, Transferee, in consideration of the contribution of the Contributed Assets, hereby expressly assumes and hereafter shall be responsible
for the payment, performance and discharge as and when due in accordance with their respective terms of all of the liabilities and obligations of the Transferor, other than the liabilities and obligations listed on Schedule B (the
“Excluded Liabilities”), whether known or unknown, liquidated, contingent, accrued or unaccrued, liquidated or unliquidated, absolute, contingent or otherwise and whether due or to become due, (the “Assumed
Liabilities”) and agrees to indemnify and to hold Transferor harmless from and against any and all losses, debts, dues, royalties, costs, charges, expenses, liabilities, settlement payments, awards, judgments, fines, penalties, damages,
demands, claims, actions, causes of action, assessments, amounts paid in settlement, or deficiencies incurred by Transferor in connection with the Assumed Liabilities. 
 Section 3. Certain Limitations. Notwithstanding anything in this Agreement to the contrary, if any of the assignments or assumptions pursuant
to Section 1 or Section 2 hereof, (a) is not permitted by applicable law or by the terms of any contract or (b) would otherwise constitute or result in any violation, breach or default of or under, or which would give another
person or persons the right to accelerate the performance of, or the right to cancel or terminate, or which would result in the loss of any benefit or rights under, any contract, or the creation or imposition of any lien or encumbrance on any of the
Contributed Assets, whether, in each case, following the expiration of any applicable grace period or the giving of any required notice (any of the contingencies set forth in the foregoing clauses (a) or (b) a “Default”),
such assignment or assumption shall automatically be deemed deferred and any such purported assignment or assumption shall be null and void until such time as all legal impediments are removed and all Defaults are eliminated. 
 Section 4. Further Assurances. Each of Transferor and Transferee agrees to execute any and all such further instruments of conveyance and
transfer and of assumption of liabilities and obligations and other documents and to take such further actions, as may be necessary or appropriate to vest in the Transferee all right, title and interest in and to, and obligation for, under
applicable law or otherwise, the Contributed Assets and the Assumed Liabilities, in each case with effect from and after the Drop Down Effective Time. 
 Section 5. Disclaimer of Representations and Warranties. Each of Transferor and Transferee understands and agrees that no party to this Agreement, or any other agreement or document contemplated by this
Agreement, or otherwise, is representing or warranting in any way as to the Contributed Assets or Assumed Liabilities transferred or assumed as contemplated hereby, as to any consents or approvals required in connection therewith, as to the value or
freedom from any liens, or any other matter concerning, any Contributed Assets, or as to the absence of any defenses or right of setoff or freedom from counterclaim with respect to any claim or other asset, of any party, or as to the legal
sufficiency of any assignment, document or instrument delivered hereunder to convey title to any asset 

  

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or thing of value upon the execution, delivery and filing hereof or thereof. The Contributed Assets are being transferred on an “as is”,
“where is” basis and the transferee shall bear the economic and legal risks that any conveyance shall prove to be insufficient to vest in the transferee good and marketable title, free and clear of any lien. 
 Section 6. No Assignment. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors
and permitted assigns; provided, that, other than by operation of law, neither the rights nor the obligations of any party may be assigned or delegated without the prior written consent of the other party. 
 Section 7. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of Bermuda. 
 Section 8. No Third Party Beneficiaries. This Agreement is not intended to be for the benefit of and shall not be enforceable by any person
or entity which is not a party hereto. 
 Section 9. Counterparts. This Agreement may be executed in any number of counterparts,
each of which shall be deemed to be an original, but all of which together shall constitute one instrument. Signatures delivered by telecopy shall have the same effect as the manual original signatures. 
  

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 IN WITNESS WHEREOF, the parties have caused this Assignment and Assumption Agreement to be
executed by their respective duly authorized officers as a deed, as of the date first above written. 
  

			
	 INTELSAT (BERMUDA), LTD.

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	
	 INTELSAT JACKSON HOLDINGS, LTD.

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

 [Signature Page to Assignment and Assumption Agreement (Intelsat Bermuda – Intelsat
Jackson)]

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