Document:

EXECUTION COPY

 

ASSIGNMENT AND ASSUMPTION AGREEMENT

 

THIS ASSIGNMENT AND ASSUMPTION AGREEMENT, dated May 31, 2006, is entered into by and between Credit Suisse Securities (USA) LLC, a Delaware company (“Assignor”), and Credit Suisse First Boston Mortgage Securities Corp., a Delaware corporation (“Assignee”).

For and in consideration of the sum of TEN DOLLARS ($10.00) and other valuable consideration the receipt and sufficiency of which hereby are acknowledged, and of the mutual covenants herein contained, the parties hereto hereby agree as follows:

1.            The Assignor hereby grants, transfers and assigns to Assignee all of the right, title and interest of Assignor in, to and under the Depositor’s Adjustable Rate Mortgage Trust 2006-2, Adjustable Rate Mortgage Backed Pass-Through Certificates, Series 2006-2, Class 2-A-1 Certificates (the “Underlying Certificates”).

	
             
 	
            2.
 	
            The Assignor warrants and represents to, and covenants with, the Assignee that:
 

(a)          The Assignor is the lawful owner of the Underlying Certificates with the full right to transfer the Underlying Certificates free from any and all claims and encumbrances whatsoever;

(b)          The Assignor has not received notice or, and has no knowledge of, any offsets, counterclaims or other defenses with respect to the Underlying Certificates;

(c)          The Assignor has not waived or agreed to any waiver under, or agreed to any amendment or other modification of, the Underlying Certificates.  The Assignor has no knowledge of, and has not received notice of, any waivers under or amendments or other modifications of, or assignments of rights or obligations under or defaults under, the Underlying Certificates; and

(d)          Neither the Assignor nor anyone acting on its behalf has offered, transferred, pledged, sold or otherwise disposed of the Underlying Certificates, any interest in the Underlying Certificates or any other similar security to, or solicited any offer to buy or accept a transfer, pledge or other disposition of the Underlying Certificates, any interest in the Underlying Certificates or any other similar security from, or otherwise approached or negotiated with respect to the Underlying Certificates, any interest in the Underlying Certificates or any other similar security with, any person in any manner, or made by general solicitation by means of general advertising or in any other manner, or taken any other action which would constitute a distribution of the Underlying Certificates under the
Securities Act of 1933 (the “1933 Act”) or which would render the disposition of the Underlying Certificates a violation of Section 5 of the 1933 Act or require registration pursuant thereto.

 

 

 

 

 

	
             
 	
            3.
 	
            The Assignee warrants and represents to, and covenants with, the Assignor that:
 

(a)          The Assignee is a corporation duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation, and has all requisite corporate power and authority to acquire, own and purchase the Underlying Certificates;

(b)          The Assignee has full corporate power and authority to execute, deliver and perform under this Assignment and Assumption Agreement, and to consummate the transactions set forth herein.  The execution, delivery and performance of the Assignee of this Assignment and Assumption Agreement, and the consummation by it of the transactions contemplated hereby, have been duly authorized by all necessary corporate action of the Assignee.  This Assignment and Assumption Agreement has been duly executed and delivered by the Assignee and constitutes the valid and legally binding obligation of the Assignee enforceable against the Assignee in accordance with its respective terms;

(c)          To the best of Assignee’s knowledge, no material consent, approval, order or authorization of, or declaration, filing or registration with, any governmental entity is required to be obtained or made by the Assignee in connection with the execution, delivery or performance by the Assignee of this Assignment and Assumption Agreement, or the consummation by it of the transactions contemplated hereby;

(d)          The Assignee agrees to be bound, as Purchaser, by all of the terms, covenants and conditions of the Underlying Certificates, and from and after the date hereof, the Assignee assumes for the benefit of the Assignor all of the Assignor’s obligations as Purchaser thereunder, with respect to the Underlying Certificates;

(e)          The purchase price being paid by the Assignee for the Underlying Certificates is in excess of $250,000 and will be paid by cash remittance of the full purchase price within sixty (60) days of the sale;

(f)           The Assignee is acquiring the Underlying Certificates for investment for its own account only and not for any other person;

(g)          The Assignee considers itself a substantial, sophisticated institutional investor having such knowledge and financial and business matters that it is capable of evaluating the merits and the risks of investment in the Underlying Certificates;

(h)          The Assignee has been furnished with all information regarding the Underlying Certificates that it has requested from the Assignor;

(i)           Neither the Assignee nor anyone acting on its behalf has offered, transferred, pledged, sold or otherwise disposed of the Underlying Certificates, an interest in the Underlying Certificates or any other similar security to, or solicited any offer to buy or accept a transfer, pledge or other disposition of the Underlying Certificates, any interest in the Underlying Certificates or any other similar security from, or otherwise approached or negotiated with respect to the Underlying Certificates, any interest in the Underlying Certificates or any other similar security with, any person in any manner, or made any general solicitation by means of general advertising or in any other manner, or taken any other action which would constitute a 

 

	
            
 	
            2
 

 

 

distribution of the Underlying Certificates under the 1933 Act or which would render the disposition of the Underlying Certificates a violation of Section 5 of the 1933 Act or require registration pursuant thereto, nor will it act, nor has it authorized or will it authorize any person to act, in such manner with respect to the Underlying Certificates; and

(j)           Either: (1) the Assignee is not an employee benefit plan (“Plan”) within the meaning of section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) or a plan (also “Plan”) within the meaning of Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (“Code”), and the Assignee is not directly or indirectly purchasing the Underlying Certificates on behalf of, investment manager of, as named fiduciary of, as Trustee of, or with assets of, a Plan; or (2) the Assignee’s purchase of the Underlying Certificates will not result in a prohibited transaction under section 406 of ERISA or Section 4975 of the Code.

 

[SIGNATURES BEGIN ON FOLLOWING PAGE]

 

 

	
            
 	
            3
 

 

 

 

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

	
            Credit Suisse Securities (USA) LLC,

as Assignor

 

By:                                                               

Name: 

Title:  
 	
            CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.,

as Assignee

By:                                                               

Name: 

Title:  
 
	
             
 	
             
 
	
            Taxpayer Identification Number: 050546650
 	
            Taxpayer Identification Number: 13-3460894Exhibit 10.1

                                                                              EXECUTION
COPY

PANAMSAT
HOLDING CORPORATION

103⁄8% SENIOR
DISCOUNT NOTES DUE 2014

 

 

 

FIRST
SUPPLEMENTAL INDENTURE

DATED AS OF June 14, 2006

 

 

 

 

 

 

 

 

THE BANK OF NEW YORK,

AS TRUSTEE

 

 

 

FIRST
SUPPLEMENTAL INDENTURE, dated as of June 14, 2006 (this “First
Supplemental Indenture”), between PANAMSAT HOLDING CORPORATION, a Delaware
corporation (the “Company”), and THE BANK OF NEW YORK, a New York banking
corporation, as trustee (the “Trustee”).

WHEREAS,
the Company and the Trustee are parties to an Indenture, dated as of October 19,
2004 (the “Indenture”), pursuant to which the Company issued its 103⁄8%
Senior Discount Notes Due 2014 (the “Notes”);

WHEREAS,
the Board of Directors of the Company has authorized the proposed amendments to
the Indenture contemplated by this First Supplemental Indenture (the “Proposed
Amendments”);

WHEREAS,
Section 902 of the Indenture provides, inter alia, that in certain
circumstances the Company and the Trustee may amend or supplement the Indenture
and the Notes with the consent of the Holders of not less than a majority in
aggregate principal amount at maturity of the Notes then outstanding;

WHEREAS,
the Company has distributed an Offer to Purchase and Consent Solicitation
Statement, dated May 30, 2006 (the “Solicitation Statement”), and
accompanying Consent and Letter of Transmittal to the Holders of the Notes in
connection with the Proposed Amendments as described in the Solicitation
Statement;

WHEREAS,
the Holders of not less than a majority in aggregate principal amount at
maturity of the Notes outstanding have approved the Proposed Amendments to the
provisions of the Indenture and the Notes; and

WHEREAS,
the execution and delivery of this instrument has been duly authorized and all
conditions and requirements necessary to make this instrument a valid and
binding agreement have been duly performed and complied with;

NOW,
THEREFORE, for and in consideration of the premises and other good and valuable
consideration, the receipt and sufficiency of which hereby are acknowledged, it
is mutually covenanted and agreed, for the equal proportionate benefit of all
Holders of the Notes, as follows:

	
  ARTICLE 1

  	
  AMENDMENTS TO ARTICLE ONE—DEFINITIONS AND OTHER

           PROVISIONS OF GENERAL APPLICATION

  

 

Section 1.01.          Section 102 of the Indenture is
hereby amended by deleting the following definitions:  “Acceptable Exclusions,” “Acquired
Indebtedness,” “Adjusted EBITDA,” “Affiliate Transaction,” “Asset Sale,” “Asset
Sale Offer,” “Capital Lease Obligation,” “Change of Control,” “Change of
Control Offer,” “Change of Control Payment,” “Change of Control Payment Date,” “Consolidated
Depreciation and Amortization Expense,” “Consolidated Income Tax Expense,” “Consolidated
Interest Expense,” “Consolidated Net Income,” “Consolidated Secured Debt Ratio,”
“Consolidated Total Indebtedness,” “Cumulative Credit,” “Cumulative Interest
Expense,” “Debt to Adjusted EBITDA Ratio,” “Designated Non-Cash Consideration,”

 1
 

 

“Designated Preferred Stock,” “Domestic Subsidiary,” “Excluded
Contributions,” “Event of Loss,” “Event of Loss Proceeds,” “Excess Proceeds,” “Excluded
Satellite,” “Existing Indebtedness,” “Existing Notes,” “Historical Adjustments,”
“incur,” “incurrence,” “Independent Financial Advisor,” “In-Orbit Insurance,” “In-orbit
Spare Satellite,” “Investment Grade Rating,” “Permitted Asset Swap,” “Permitted
Holders,” “Permitted Investments,” “Permitted Liens,” “Rating Agencies,” “Receivables
Facility,” “Receivables Fees,” “Refinancing Indebtedness,” “Refinancing Capital
Stock,”  “Related Business Assets,” “Restricted
Investment,” “Restricted Payments,” “Retired Capital Stock,” and “Weighted
Average Life to Maturity.”

Section 1.02.          Section 102 of the Indenture is
hereby amended by deleting the phrase “(provided that
such increase in borrowings is permitted under Section 1011)” in the
definition of “Credit Facilities” thereof.

Section 1.03.          Section 102 of the Indenture is
hereby amended by deleting and amending clause (2) of the definition “Equity
Offering” thereof to read in its entirety as set forth below:

(2)           [Intentionally omitted].

Section 1.04.          Section 102 of the Indenture is
hereby amended by deleting the definition “Guarantor” thereof and replacing
such definition to read in its entirety as follows:

“Guarantor” means any Subsidiary of the Company that
guarantees the Notes in accordance with the terms of this Indenture.

Section 1.05.          Section 102 of the Indenture is
hereby amended by deleting the phrase “(provided that
such increase in borrowings is permitted under Section 1011)” in the
definition of “Senior Credit Facilities” thereof.

Section 1.06.          Section 102 of the Indenture is
hereby amended by deleting the phrase “such designation complies with Section 1010”
in clause (2) of the second paragraph of the definition of “Unrestricted
Subsidiary” and replacing such phrase with the following:

“[Intentionally
omitted]”.

Section 1.07.          Section 102 of the Indenture is
hereby amended by deleting the third paragraph of the definition of “Unrestricted
Subsidiary” and replacing it in its entirety with the following:

The Board of
Directors of the Company may designate any Unrestricted Subsidiary to be a
Restricted Subsidiary.

Section 1.08.          Section 103 of the Indenture is
hereby amended by deleting the phrase “(other than pursuant to Section 1008(a))”
in the second paragraph thereof.

Section 1.09.          To the extent not expressly deleted
pursuant to the amendments set forth under this Article 1, (a) any
definitions used exclusively in the provisions of the Indenture deleted
pursuant to the amendments set forth under this First Supplemental Indenture
are hereby

 2
 

 

deleted in their entirety from the Indenture and the
Notes and (b) all references made to a definition deleted from the
Indenture pursuant to this Article 1 are hereby deleted in their entirety
under this Article 1.

	
  ARTICLE 2

  	
  AMENDMENTS TO ARTICLE THREE—THE NOTES

  

 

Section 2.01.          Section 301 of the Indenture is
hereby amended by replacing the phrase “Sections 202 and 1011” with “Section 202”
in the first paragraph thereof.

Section 2.02.          Section 301 of the Indenture is
hereby amended by deleting the fourth paragraph thereof.

Section 2.03.          Section 303 of the Indenture is
hereby amended by deleting the phrase “pursuant to Section 1002,” in the
second sentence of the last paragraph thereof.

Section 2.04.          Section 304 of the Indenture is
hereby amended by deleting the phrase “pursuant to Section 1002” in the
first sentence of the first paragraph thereof.

Section 2.05.          Section 304 of the Indenture is
hereby amended by deleting the phrase “pursuant to Section 1002” in the
second paragraph thereof.

Section 2.06.          Section 304 of the Indenture is
hereby amended by deleting the phrase “1017, 1018,” in the last paragraph
thereof.

Section 2.07.          Section 306(a) of the
Indenture is hereby amended by deleting the phrase “pursuant to Section 1002”
in the first sentence thereof.

Section 2.08.          Section 312 of the Indenture is
hereby amended by deleting the phrase “, subject to Section 1011 of this
Indenture,” in the first sentence thereof.

	
  ARTICLE 3

  	
  AMENDMENTS TO ARTICLE FIVE—REMEDIES

  

 

Section 3.01.          Section 501(3) of
the Indenture is hereby deleted and amended to read in its entirety as set
forth below:

(3)           [Intentionally omitted].

Section 3.02.          Section 501(4) of the
Indenture is hereby deleted and amended to read in its entirety as set forth
below:

(4)           [Intentionally omitted].

Section 3.03.          Section 501(5) of the
Indenture is hereby deleted and amended to read in its entirety as set forth
below:

(5)           [Intentionally omitted].

 3
 

 

Section 3.04.          Section 501(6) of the
Indenture is hereby deleted and amended to read in its entirety as set forth
below:

(6)           [Intentionally omitted].

Section 3.05.          Section 501(7) of the
Indenture is hereby deleted and amended to read in its entirety as set forth
below:

(7)           [Intentionally omitted].

Section 3.06.          Section 501(8) of the
Indenture is hereby deleted and amended to read in its entirety as set forth
below:

(8)           [Intentionally omitted].

Section 3.07.          Section 502(a) of the
Indenture is hereby amended by deleting the phrase “(other than an Event of
Default specified in Section 501(8) above)” in the first sentence
thereof.

Section 3.08. Section 502(b) of the Indenture is
hereby amended by deleting the phrase “an Event of Default specified in Section 501(8) above
occurs” in the last sentence thereof and replacing it with the phrase “a
voluntary or involuntary case has been commenced against the Company under any
Bankruptcy Law”.

Section 3.09.          Section 502(d) of the
Indenture is hereby deleted and amended to read in its entirety as set forth
below:

(d)           [Intentionally omitted].

	
  ARTICLE 4

  	
  AMENDMENTS TO ARTICLE SIX—THE TRUSTEE

  

 

Section 4.01.          Section 607 of the Indenture is
hereby amended by deleting the phrase “an Event of Default specified in Section 501(8)”
in the third paragraph thereof and replacing it with the phrase “a voluntary or
involuntary case commenced against the Company under any Bankruptcy Law”.

	
  ARTICLE 5

  	
  AMENDMENTS TO ARTICLE EIGHT—MERGER,
  CONSOLIDATION

           OR SALE OF
  ALL OR SUBSTANTIALLY ALL ASSETS

  

 

Section 5.01.          Section 801 of the Indenture is
hereby deleted and amended to read in its entirety as set forth below:

Section 801. [Intentionally
omitted].

Section 5.02.          Section 802 of the Indenture is
hereby amended by deleting the phrase “in accordance with Section 801
hereof” in the first sentence thereof.

 4
 

 

 

	
  ARTICLE 6

  	
  AMENDMENTS TO ARTICLE TEN—COVENANTS

  

 

Section 6.01.          Section 1002 of the Indenture is
hereby deleted and amended to read in its entirety as set forth below:

Section 1002.
[Intentionally omitted].

Section 6.02.          Section 1004 of the Indenture is
hereby deleted and amended to read in its entirety as set forth below:

Section 1004.
[Intentionally omitted].

Section 6.03.          Section 1005 of the Indenture is
hereby deleted and amended to read in its entirety as set forth below:

Section 1005.
[Intentionally omitted].

Section 6.04.          Section 1006 of the Indenture is
hereby deleted and amended to read in its entirety as set forth below:

Section 1006.
[Intentionally omitted].

Section 6.05.          Section 1007 of the Indenture is
hereby deleted and amended to read in its entirety as set forth below:

Section 1007.
[Intentionally omitted].

Section 6.06.          Section 1008 of the Indenture is
hereby deleted and amended to read in its entirety as set forth below:

Section 1008.
[Intentionally omitted].

Section 6.07.          Section 1009 of the Indenture is
hereby deleted and amended to read in its entirety as set forth below:

Section 1009.
[Intentionally omitted].

Section 6.08.          Section 10010 of the Indenture is
hereby deleted and amended to read in its entirety as set forth below:

Section 1010.
[Intentionally omitted].

Section 6.09.          Section 1011 of the Indenture is
hereby deleted and amended to read in its entirety as set forth below:

Section 1011.
[Intentionally omitted].

 5
 

 

 

Section 6.10.          Section 1012 of the Indenture is
hereby deleted and amended to read in its entirety as set forth below:

Section 1012.
[Intentionally omitted].

Section 6.11.          Section 1013 of the Indenture is
hereby deleted and amended to read in its entirety as set forth below:

Section 1013.
[Intentionally omitted].

Section 6.12.          Section 1014 of the Indenture is
hereby deleted and amended to read in its entirety as set forth below:

Section 1014.
[Intentionally omitted].

Section 6.13.          Section 1015 of the Indenture is
hereby deleted and amended to read in its entirety as set forth below:

Section 1015.
[Intentionally omitted].

Section 6.14.          Section 1016 of the Indenture is
hereby deleted and amended to read in its entirety as set forth below:

Section 1016.
[Intentionally omitted].

Section 6.15.          Section 1017 of the Indenture is
hereby deleted and amended to read in its entirety as set forth below:

Section 1017.
[Intentionally omitted].

Section 6.16.          Section 1018 of the Indenture is
hereby deleted and amended to read in its entirety as set forth below:

Section 1018.
[Intentionally omitted].

Section 6.17.          Section 1019 of the Indenture is
hereby deleted and amended to read in its entirety as set forth below:

Section 1019.
[Intentionally omitted].

Section 6.18.          Section 1020 of the Indenture is
hereby deleted and amended to read in its entirety as set forth below:

Section 1020.
[Intentionally omitted].

 6
 

 

 

	
  ARTICLE 7

  	
  AMENDMENTS TO ARTICLE ELEVEN—REDEMPTION OF NOTES

  

 

Section 7.01.          Section 1108 of the Indenture is
hereby amended by deleting the phrase “pursuant to Section 1002”.

	
  ARTICLE 8

  	
  AMENDMENTS TO ARTICLE THIRTEEN—LEGAL DEFEASANCE

  AND COVENANT DEFEASANCE

  

 

Section 8.01.          Section 1302 of the Indenture is
hereby amended by deleting the phrase “,1002” in number (2) thereof.

Section 8.02.          Section 1303 of the Indenture is
hereby amended by deleting the paragraph following the section heading in its
entirety and replacing it with the following paragraph:

“Upon the Company’s
exercise under Section 1301 of the option applicable to this Section 1303,
each of the Company and the Guarantors, if any, shall be released from its obligations
under any covenant contained in Section 802 with respect to the
Outstanding Notes on and after the date the conditions set forth below are
satisfied (hereinafter, “Covenant Defeasance”), and the Notes shall thereafter
be deemed not to be “Outstanding” for the purposes of any direction, waiver,
consent or declaration or Act of Holders (and the consequences of any thereof)
in connection with such covenants, but shall continue to be deemed “Outstanding”
for all other purposes hereunder. For this purpose, such Covenant Defeasance
means that, with respect to the Outstanding Notes, the Company may omit to
comply with and shall have no liability in respect of any term, condition or
limitation set forth in any such covenant in Section 802, whether directly
or indirectly, by reason of any reference elsewhere herein to any such covenant
or by reason of any reference in any such covenant to any other provision
herein or in any other document and such omission to comply shall not
constitute a Default or an Event of Default, but except as specified above, the
remainder of the Indenture and such Notes shall be unaffected thereby.”

Section 8.03.          Section 1304(2) of the
Indenture is hereby deleted and amended to read in its entirety as set forth
below:

(2)           [Intentionally omitted];

Section 8.04.          Section 1304(3) of the
Indenture is hereby deleted and amended to read in its entirety as set forth
below:

(3)           [Intentionally omitted];

Section 8.05.          Section 1304(4) of the
Indenture is hereby deleted and amended to read in its entirety as set forth
below:

(4)           [Intentionally omitted];

 7
 

 

 

Section 8.06.          Section 1304(5) of the
Indenture is hereby deleted and amended to read in its entirety as set forth
below:

(5)           [Intentionally omitted];

Section 8.07.          Section 1304(6) of the
Indenture is hereby deleted and amended to read in its entirety as set forth
below:

(6)           [Intentionally omitted];

Section 8.08.          Section 1304(7) of the
Indenture is hereby deleted and amended to read in its entirety as set forth
below:

    (7)       [Intentionally
omitted]; and

Section 8.09.          Section 1304(8) of the
Indenture is hereby deleted and amended to read in its entirety as set forth
below:

(8)           [Intentionally omitted].

	
  ARTICLE 9

  	
  AMENDMENTS TO THE RULE 144A/REGULATION S/IAI
  APPENDIX

  

 

Section 9.01.          Section 2.2 of the Rule 144A/Regulation
S/IAI Appendix to the Indenture is hereby amended by deleting the phrase “and,
in the case of any issuance of Additional Notes pursuant to Section 313 of
the Indenture, shall certify that such issuance is in compliance with Section 1011
of the Indenture” in the last sentence thereof.

Section 9.02.          Exhibit 1 of the Rule 144A/Regulation
S/IAI Appendix to the Indenture is hereby amended by deleting the section:

“OPTION
OF HOLDER TO ELECT PURCHASE

If you want to elect to have this Note purchased by the Company
pursuant to Section 1017 or 1018 of the Indenture, check the box: o

o  If
you want to elect to have only part of this Note purchased by the Company
pursuant to Section 1017 or 1018 of the Indenture, state the amount in
principal amount: $

Dated:  __________________                                                                                         Your
Signature:  _____________________________

(Sign exactly as your name appears 

on the other side of this Note.)

Signature Guarantee: 
_________________________________________________________

(Signature must be
guaranteed)

Signatures must be
guaranteed by an “eligible guarantor institution” meeting the requirements of
the Notes Registrar, which requirements include membership or participation in
the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature
guarantee program” as

 8
 

 

may be determined by the
Notes Registrar in addition to, or in substitution for, STAMP, all in
accordance with the Securities Exchange Act of 1934, as amended.”

Section 9.03.          Exhibit 1 of the Rule 144A/Regulation
S/IAI Appendix to the Indenture and the Notes are hereby amended by deleting
and amending paragraph 6 thereof to read in its entirety as set forth below:

6.                                       [Intentionally
omitted].

Section 9.04.          Exhibit 1 of the Rule 144A/Regulation
S/IAI Appendix to the Indenture and the Notes are hereby amended by deleting
and amending paragraph 12 thereof to read in its entirety as set forth below:

12.                                 [Intentionally
omitted].

Section 9.05.          Exhibit A of the Rule 144A/Regulation
S/IAI Appendix to the Indenture is hereby amended by deleting the section:

“OPTION OF HOLDER TO ELECT
PURCHASE

 

If you want to elect to have this Note purchased by the Company
pursuant to Section 1017 or 1018 of the Indenture, check the box: £

£  If
you want to elect to have only part of this Note purchased by the Company
pursuant to Section 1017 or 1018 of the Indenture, state the amount in
principal amount: $

Dated:  __________________                                                                                         Your
Signature:  _____________________________

(Sign exactly as your name appears 

on the other side of this Note.)

Signature Guarantee: 
_________________________________________________________

(Signature must be
guaranteed)

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

Section 9.06.          Exhibit A of the Rule 144A/Regulation
S/IAI Appendix to the Indenture is hereby amended by deleting and amending
paragraph 6 thereof to read in its entirety as set forth below:

6.                                       [Intentionally
omitted].

 9
 

 

 

Section 9.07.          Exhibit A of the Rule 144A/Regulation
S/IAI Appendix to the Indenture is hereby amended by deleting and amending
paragraph 12 thereof to read in its entirety as set forth below:

12.                                 [Intentionally
omitted].

Section 9.08.          Exhibit C of the Rule 144A/Regulation
S/IAI Appendix to the Indenture is hereby amended by deleting the second
paragraph under the Section “WITNESSETH:” thereof.

Section 9.09.          Exhibit C of the Rule 144A/Regulation
S/IAI Appendix to the Indenture is hereby amended by adding the word “and”
after the semi-colon in the first paragraph under the Section “WITNESSETH:”
thereof.

Section 9.10.          Exhibit C of the Rule 144A/Regulation
S/IAI Appendix to the Indenture is hereby amended by deleting and amending Section 204(i)(b) to
read in its entirety as set forth below:

	
  

  	
  (b)

  	
  the Company designating such Guarantor to be an

  Unrestricted Subsidiary is in accordance with the

  definition of “Unrestricted Subsidiary”;

  

 

Section 9.13.          Exhibit C of the Rule 144A/Regulation
S/IAI Appendix to the Indenture is hereby amended by deleting and amending Section 204(i)(c) to
read in its entirety as set forth below:

	
  

  	
  (c)

  	
  [Intentionally omitted];

  

 

	
  ARTICLE 10

  	
  EFFECTIVENESS

  

 

Section 10.01.        This First Supplemental Indenture shall
become a binding agreement between the parties hereto when executed by the
parties hereto. The Proposed Amendments set forth herein shall become operative
at the time and date at which the Company notifies the Trustee, in its capacity
as depositary for the Notes in connection with the Offer and the Consent
Solicitation (each as defined in the Solicitation Statement), that the validly
tendered Notes are accepted for purchase pursuant to, and subject to the
conditions set forth in, the Solicitation Statement.

	
  ARTICLE 11

  	
  MISCELLANEOUS

  

 

Section 11.01.        To the extent not expressly deleted
pursuant to the amendments set forth in this First Supplemental Indenture, all
references to a provision of the Indenture deleted from the Indenture pursuant
to this First Supplemental Indenture are hereby deleted.

Section 11.02.        Amendments to the Indenture pursuant to
this First Supplemental Indenture shall also apply to the Notes, including
without limitation, provisions of the Notes amended as set forth in the
amendments to the Exhibits to the Indenture.

 10
 

 

 

Section 11.03.        The Trustee accepts the trusts created
by the Indenture, as amended and supplemented by this First Supplemental
Indenture, and agrees to perform the same upon the terms and conditions of the
Indenture, as amended and supplemented by this First Supplemental Indenture.

Section 11.04.        All capitalized terms used and not
defined herein shall have the respective meanings assigned to them in the
Indenture.

Section 11.05.        When
the Proposed Amendments set forth herein shall become operative as provided in Article 10
above, the terms and conditions of this First Supplemental Indenture shall be
part of the terms and conditions of the Indenture for any and all purposes, and
all the terms and conditions of both shall be read together as though they
constitute one and the same instrument, except that in case of conflict, the
provisions of this First Supplemental Indenture will control.

Section 11.06.        Each of the Company and the Trustee
hereby confirms and reaffirms the Indenture in every particular, except as
provided by this First Supplemental Indenture.

Section 11.07.        All covenants and agreements in this
First Supplemental Indenture by the Company or the Trustee shall bind their
respective successors and assigns, whether so expressed or not.

Section 11.08.        In case any provisions in this First
Supplemental Indenture shall be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remaining provisions shall not in
any way be affected or impaired thereby.

Section 11.09.        Nothing in this First Supplemental
Indenture, express or implied, shall give to any Person, other than the parties
hereto and their successors under the Indenture and the Holders of the Notes,
any benefit or any legal or equitable right, remedy or claim under the
Indenture.

Section 11.10.        The parties may sign any number of
copies of this First Supplemental Indenture. Each signed copy shall be an
original, but all of them together shall represent the same agreement. One
signed copy is enough to prove this First Supplemental Indenture.

Section 11.11.        This First Supplemental Indenture shall
be governed by and construed in accordance with, the laws of the State of New
York.

Section 11.12.        If any provision of this First
Supplemental Indenture limits, qualifies or conflicts with another provision of
this First Supplemental Indenture or the Indenture or the Notes that is
required to be included by the Trust Indenture Act of 1939, as amended, as in
force at the date this First Supplemental Indenture is executed, the provision
required by said Act shall control.

Section 11.13.        All provisions of this First
Supplemental Indenture shall be deemed to be incorporated in, and made a part
of, the Indenture; and the Indenture, as amended and

 11
 

 

supplemented by this
First Supplemental Indenture, shall be read, taken and construed as one and the
same instrument. 

Section 11.14.        The Trustee shall not be responsible in
any manner whatsoever for or in respect of the validity or sufficiency of this
First Supplemental Indenture or for or in respect of the recitals contained
herein, all of which are made solely by the Company.

 12
 

 

 

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

 

	
  

  	
  PANAMSAT HOLDING CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ James W. Cuminale

  
	
   

  	
   

  	
  Name: 

  	
  James W. Cuminale

  
	
   

  	
   

  	
  Title:

  	
  Executive Vice President, General

  Counsel and Secretary

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  THE BANK OF NEW YORK

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Geovanni Barris

  
	
   

  	
   

  	
  Name:

  	
  Geovanni Barris

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  

 

 13

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