Document:

Exhibit 4.3

 Exhibit 4.3 
 THIRD SUPPLEMENTAL INDENTURE (this “Third Supplemental Indenture”), dated as of October 3, 2012, by and between INTELSAT JACKSON HOLDINGS S.A. (f/k/a Intelsat Jackson Holdings,
Ltd.), a société anonyme existing under the laws of Luxembourg (the “Issuer”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as trustee under the Indenture referred to below (the
“Trustee”). 
 W I T N E S S E T H: 

WHEREAS, the Issuer, Intelsat (Luxembourg) S.A. (f/k/a/ Intelsat (Bermuda), Ltd.), Intelsat S.A. (f/k/a Intelsat,
Ltd.) and the Trustee are parties to an Indenture, dated as of July 3, 2006, as supplemented by the First Supplemental Indenture, dated as of February 4, 2008, and as further supplemented by the Second Supplemental Indenture, dated as of
February 4, 2008 (as so supplemented, the “Indenture”), pursuant to which the Issuer issued $1,330,000,000 aggregate principal amount of its 11  1/4% Senior Notes due 2016 (the “Notes”); 
 WHEREAS, the
Board of Directors of the Issuer has authorized the proposed amendments to the Indenture and the Notes contemplated by this Third Supplemental Indenture (the “Proposed Amendments”); 

WHEREAS, Section 9.02 of the Indenture provides, inter alia, that in certain circumstances the Issuer and the Trustee
may amend the Indenture and the Notes with the written consent of the Holders of at least a majority in principal amount of the Notes then outstanding voting as a single class; 

WHEREAS, the Issuer has distributed an Offer to Purchase and Consent Solicitation Statement, dated September 19, 2012 (the
“Statement”), and an accompanying Consent and Letter of Transmittal to the Holders of the Notes in connection with the Proposed Amendments as described in the Statement; 

WHEREAS, the Holders of a majority in principal amount of the Notes outstanding voting as a single class have consented to the Proposed
Amendments; 
 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; 

WHEREAS, the Indenture provides that in connection with this Third Supplemental Indenture, the Issuer shall have delivered to the Trustee
an Officers’ Certificate and an Opinion of Counsel, and such Officers’ Certificate and Opinion of Counsel have been delivered to the Trustee on the date hereof; and 
 WHEREAS, pursuant to Section 9.02 of the Indenture, the Issuer and the Trustee are authorized to execute and deliver this Third Supplemental Indenture. 

NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby
acknowledged, the Issuer and the Trustee mutually covenant and agree for the equal and ratable benefit of all Holders of the Notes as follows: 

 ARTICLE 1 
 AMENDMENTS TO ARTICLE ONE—DEFINITIONS AND INCORPORATION BY 

REFERENCE 

SECTION 1.01. For purposes of this Third Supplemental Indenture, the terms defined in the recitals shall have the meanings therein
specified; any capitalized terms used and not defined herein shall have the same respective meanings as assigned to them in the Indenture; and references to Articles or Sections shall, unless the context indicates otherwise, be references to
Articles or Sections of the Indenture. 
 SECTION 1.02. Any definitions used exclusively in the provisions of the Indenture or
Notes that are deleted pursuant to the amendments set forth under this Third Supplemental Indenture, and any definitions used exclusively within such definitions, are hereby deleted in their entirety from the Indenture and the Notes, and all
references in the Indenture and the Notes to paragraphs, Sections, Articles or other terms or provisions of the Indenture that have been otherwise deleted pursuant to this Third Supplemental Indenture are hereby deleted in their entirety. The words
“herein,” “hereof” and “hereby” and other words of similar import used in this Third Supplemental Indenture refer to this Third Supplemental Indenture as a whole and not to any particular section hereof. 

ARTICLE 2 

AMENDMENTS TO ARTICLE FOUR—COVENANTS 
 SECTION 2.01. Section 4.02 of the Indenture is hereby deleted and amended to read in its entirety as set forth below: 
 SECTION 4.02. [Intentionally omitted]. 
 SECTION 2.02. Section 4.03 of the
Indenture is hereby deleted and amended to read in its entirety as set forth below: 
 SECTION 4.03. [Intentionally omitted].

 SECTION 2.03. Section 4.04 of the Indenture is hereby deleted and amended to read in its entirety as set forth below:

 SECTION 4.04. [Intentionally omitted]. 
 SECTION 2.04. Section 4.05 of the Indenture is hereby deleted and amended to read in its entirety as set forth below: 
 SECTION 4.05. [Intentionally omitted]. 

  
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 SECTION 2.05. Section 4.06 of the Indenture is hereby deleted and amended to read in
its entirety as set forth below: 
 SECTION 4.06. [Intentionally omitted]. 

SECTION 2.06. Section 4.07 of the Indenture is hereby deleted and amended to read in its entirety as set forth below: 

SECTION 4.07. [Intentionally omitted]. 
 SECTION 2.07. Section 4.08 of the Indenture is hereby deleted and amended to read in its entirety as set forth below: 
 SECTION 4.08. [Intentionally omitted]. 
 SECTION 2.08. Section 4.09 of the
Indenture is hereby deleted and amended to read in its entirety as set forth below: 
 SECTION 4.09. [Intentionally omitted].

 SECTION 2.09. Section 4.10 of the Indenture is hereby deleted and amended to read in its entirety as set forth below:

 SECTION 4.10. [Intentionally omitted]. 
 SECTION 2.10. Section 4.11 of the Indenture is hereby deleted and amended to read in its entirety as set forth below: 
 SECTION 4.11. [Intentionally omitted]. 
 SECTION 2.11. Section 4.12 of the
Indenture is hereby deleted and amended to read in its entirety as set forth below: 
 SECTION 4.12. [Intentionally omitted].

 SECTION 2.12. Section 4.14 of the Indenture is hereby deleted and amended to read in its entirety as set forth below:

 SECTION 4.14. [Intentionally omitted]. 
 SECTION 2.13. Section 4.15 of the Indenture is hereby deleted and amended to read in its entirety as set forth below: 
 SECTION 4.15. [Intentionally omitted]. 
 SECTION 2.14. Section 4.16 of the
Indenture is hereby deleted and amended to read in its entirety as set forth below: 
 SECTION 4.16. [Intentionally omitted].

  
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 ARTICLE 3 
 AMENDMENTS TO ARTICLE FIVE—SUCCESSOR COMPANY 
 SECTION 3.01.
Section 5.01 of the Indenture is hereby deleted and amended to read in its entirety as set forth below: 
 SECTION 5.01.
[Intentionally omitted]. 
 ARTICLE 4 
 AMENDMENTS TO ARTICLE SIX—DEFAULTS AND REMEDIES 
 SECTION 4.01.
Section 6.01(c) of the Indenture is hereby deleted and amended to read in its entirety as set forth below: 
 (c)
[Intentionally omitted]. 
 SECTION 4.02. Section 6.01(d) of the Indenture is hereby deleted and amended to read in its
entirety as set forth below: 
 (d) [Intentionally omitted]. 

SECTION 4.03. Section 6.01(e) of the Indenture is hereby deleted and amended to read in its entirety as set forth below: 

(e) [Intentionally omitted]. 
 SECTION 4.04. Section 6.01(f) of the Indenture is hereby deleted and amended to read in its entirety as set forth below: 
 (f) [Intentionally omitted]. 
 SECTION 4.05. Section 6.01(g) of the Indenture
is hereby deleted and amended to read in its entirety as set forth below: 
 (g) [Intentionally omitted]. 

SECTION 4.06. Section 6.02 of the Indenture is hereby amended by deleting the phrase “(other than an Event of Default specified
in Section 6.01(e) or (f) with respect to the Issuer)” in the first sentence of the first paragraph thereof, deleting the third sentence in the first paragraph thereof and deleting the second paragraph thereof. 

  
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 ARTICLE 5 
 AMENDMENTS TO ARTICLE SEVEN—TRUSTEE 
 SECTION 5.01. Section 7.04
of the Indenture is hereby amended by deleting the phrase “of any Default or Event of Default under Section 6.01(c), (d), (e), (f) or (g) or” in the last sentence thereof. 

SECTION 5.02. Section 7.07 of the Indenture is hereby amended by deleting the second sentence to the third paragraph thereof.

 ARTICLE 6 
 AMENDMENTS TO ARTICLE EIGHT—DISCHARGE OF INDENTURE; 
 DEFEASANCE

 SECTION 6.01. The second and third paragraphs of Section 8.01 of the Indenture are hereby deleted and amended to
read in their entirety as set forth below: 
 Subject to Sections 8.01(c) and 8.02, the Issuer at any time may
terminate all of its obligations under the Notes and this Indenture (with respect to such Notes) (“legal defeasance option”). In the event that the Issuer terminates all of its obligations under the Notes and this Indenture (with
respect to such Notes) by exercising its legal defeasance option, the obligations of each Guarantor under its Guarantee of such Notes shall be terminated simultaneously with the termination of such obligations. 

If the Issuer exercises its legal defeasance option, payment of the Notes may not be accelerated because of an Event of
Default with respect thereto. 
 SECTION 6.02. Section 8.02 of the Indenture is hereby deleted and amended to read in its
entirety as set forth below: 
 SECTION 8.02. Conditions to Defeasance. 

(a) The Issuer may exercise its legal defeasance option only if: 

 

	 	(i)	the Issuer irrevocably deposits in trust with the Trustee cash in U.S. Dollars or U.S. Government Obligations, the principal of and the interest on which will be
sufficient, or a combination thereof sufficient, to pay the principal of, and premium (if any) and interest on the applicable Notes when due at maturity or redemption, as the case may be, including interest thereon to maturity or such redemption
date; 

  

	 	(ii)	 the Issuer delivers to the Trustee a certificate from a nationally recognized firm of independent accountants expressing their opinion that the
payments of principal and interest when due and without reinvestment on the deposited U.S. Government Obligations, plus any deposited money without investment, will provide cash at such times

  
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and in such amounts as will be sufficient to pay principal, premium, if any, and interest when due on all the Notes to maturity or redemption, as the case may be; 

 

	 	(iii)	[Intentionally omitted]; 

  

	 	(iv)	[Intentionally omitted]; 

  

	 	(v)	[Intentionally omitted]; 

  

	 	(vi)	[Intentionally omitted]; 

  

	 	(vii)	[Intentionally omitted]; and 

  

	 	(viii)	[Intentionally omitted]. 

 (b)
[Intentionally omitted]. 
 (c) Before or after a deposit, the Issuer may make arrangements satisfactory to the
Trustee for the redemption of such Notes at a future date in accordance with Article 3. 
 ARTICLE 7 

AMENDMENTS TO ARTICLE TEN—GUARANTEES 
 SECTION 7.01. Section 10.02(b)(ii) and (iii) of the Indenture are hereby deleted and amended to read in their entirety as set forth below and the second to last sentence of Section 10.02(b)
is hereby deleted: 
  

	 	(ii)	[Intentionally omitted], or 

  

	 	(iii)	[Intentionally omitted], or 

SECTION 7.02. Section 10.06 of the Indenture is hereby deleted and amended to read in its entirety as set forth below: 

SECTION 10.06. [Intentionally omitted]. 
 ARTICLE 8 
 AMENDMENTS TO ARTICLE ELEVEN—MISCELLANEOUS

 SECTION 8.01. Section 11.05 of the Indenture is hereby amended by deleting the phrase “(other than pursuant to
Section 4.09)”. 

  
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 ARTICLE 9 
 AMENDMENTS TO THE NOTES, EXHIBIT C AND EXHIBIT G 
 SECTION 9.01. Each of
the Notes and Exhibit C are hereby amended by deleting the fifth and sixth sentences of the second paragraph under paragraph 4 on the reverse side thereof. 
 SECTION 9.02. Each of the Notes and Exhibit C are hereby amended by deleting and amending paragraph 8 in its entirety on the reverse side thereof to read as set forth below: 

8. [Intentionally omitted]. 
 SECTION 9.03. Each of the Notes and Exhibit C are hereby amended by deleting the section entitled “OPTION OF HOLDER TO ELECT PURCHASE.” 

SECTION 9.04. Exhibit G of the Indenture is hereby deleted in its entirety. 

ARTICLE 10 

EFFECTIVENESS 
 SECTION 10.01. This Third 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 Issuer notifies the Trustee and Global Bondholder Services Corporation, in its capacity as depositary for the Notes in connection with the Offer and the Consent Solicitation (each as defined in the
Statement), that the validly tendered Notes are accepted for purchase pursuant to, and subject to the conditions set forth in, the Statement. 
 ARTICLE 11 
 MISCELLANEOUS 

SECTION 11.01. Amendments to the Indenture pursuant to this Third 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. 
 SECTION
11.02. The Trustee accepts the trusts created by the Indenture, as amended and supplemented by this Third Supplemental Indenture, and agrees to perform the same upon the terms and conditions of the Indenture, as amended and supplemented by this
Third Supplemental Indenture. 
 SECTION 11.03. When the Proposed Amendments set forth herein shall become operative as provided
in Article 10 above, the terms and conditions of this Third Supplemental Indenture shall be part of the terms and conditions of the Indenture for any and all purposes, and 

  
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all the terms and conditions of both shall be read together as though they constitute one and the same instrument, except that in the case of conflict, the provisions of this Third Supplemental
Indenture will control. 
 SECTION 11.04. Except as expressly amended hereby, the Indenture is in all respects ratified and
confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Third Supplemental Indenture shall form a part of the Indenture for all purposes, and every holder of Notes heretofore or hereafter
authenticated and delivered shall be bound hereby. 
 SECTION 11.05. All covenants and agreements in this Third Supplemental
Indenture by the Issuer or the Trustee shall bind their respective successors and assigns, whether so expressed or not. 

SECTION 11.06. In case any provisions in this Third 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 11.07.
Nothing in this Third 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 11.08. The parties may sign any number of copies of this Third 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 Third Supplemental Indenture. 
 SECTION 11.09. This Third Supplemental Indenture shall be governed by, and construed in accordance with, the laws of the State of New York. 

SECTION 11.10. All provisions of this Third Supplemental Indenture shall be deemed to be incorporated in, and made a part of, the
Indenture, and the Indenture, as amended and supplemented by this Third Supplemental Indenture, shall be read, taken and construed as one and the same instrument. 
 SECTION 11.11. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Third Supplemental Indenture or for or in respect of the recitals
contained herein, all of which are made solely by the Issuer. 
 SECTION 11.12. The Section headings herein are for convenience
only and shall not affect the construction thereof. 

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

			
	INTELSAT JACKSON HOLDINGS S.A.
		
	By:	 	/s/ Phillip Spector
	Name:   Phillip Spector
	Title:     Deputy Chairman and Assistant Secretary

 [Third Supplemental Indenture (Jackson 11  1/4% Senior Notes due 2016)] 

			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,
 as Trustee

		
	By:	 	/s/ Martin Reed
	Name: Martin Reed
	Title: Vice President

 [Third Supplemental Indenture (Jackson 11  1/4% Senior Notes due 2016)]Exhibit 10.1

 Exhibit 10.1 
 AMENDMENT AND JOINDER AGREEMENT, dated as of October 3, 2012 (this “Agreement”), among INTELSAT (LUXEMBOURG) S.A., a public limited liability company (société
anonyme) existing as société anonyme under the laws of the Grand Duchy of Luxembourg, having its registered office at 4, rue Albert Borschette, L-1246 Luxembourg and registered with the Luxembourg trade and companies'
register under number B149.942 (“Holdings”), INTELSAT JACKSON HOLDINGS S.A., a public limited liability company (société anonyme) existing as société anonyme under the laws of the Grand
Duchy of Luxembourg, having its registered office at 4, rue Albert Borschette, L-1246 Luxembourg and registered with the Luxembourg trade and companies' register under number B149.959 (the “Borrower”), the Subsidiary Guarantors
party hereto, BANK OF AMERICA, N.A., as administrative agent for the Lenders and collateral agent for the Secured Parties (in such capacities, the “Agent”), the Lenders party hereto and the Tranche B-1 Term Loan Lenders (as defined
below) party hereto, to the Credit Agreement, dated as of January 12, 2011 (as amended, supplemented, amended and restated or otherwise modified from time to time) (the “Credit Agreement”), among the Borrower, Holdings, the
Agent and the Lenders party thereto. Capitalized terms used and not otherwise defined herein shall have the meanings assigned to them in the Credit Agreement. 
 WHEREAS, the Borrower has notified the Agent that it is requesting Incremental Tranche B Term Loans pursuant to Section 2.14 of the Credit Agreement; 

WHEREAS, pursuant to Section 2.14 of the Credit Agreement, the Borrower may establish Incremental Tranche B Term Loans by, among
other things, entering into one or more Joinder Agreements pursuant to the terms and conditions of the Credit Agreement with each Incremental Tranche B Term Loan Lender agreeing to provide such Incremental Tranche B Term Loans; 

WHEREAS, the Borrower has requested the borrowing of $3,218,000,000 of Incremental Tranche B Term Loans (such borrowing, the
“Incremental Borrowing”, and such Incremental Tranche B Term Loans, the “Tranche B-1 Term Loans”) for the repayment of all outstanding Tranche B Term Loans on the Effective Date and the payment of fees and expenses
related to the foregoing and related to the Amendments (as defined below); 
 WHEREAS, the parties identified on the signature
pages hereto as Tranche B-1 Term Loan Lenders (the “Tranche B-1 Term Loan Lenders”) have agreed to make the Tranche B-1 Term Loans on the terms set forth in Section 1 hereto and subject to the conditions set forth herein;

 WHEREAS, pursuant to Section 14.1 of the Credit Agreement, the relevant Credit Parties and the Required Lenders may
amend the Credit Agreement and the other Credit Documents for certain purposes; 
 WHEREAS, the Borrower desires to amend the
Credit Agreement on the terms set forth in Section 2 hereto (the “Amendments”) and subject to the conditions set forth herein; 

 NOW, THEREFORE, in consideration of the premises and covenants contained herein and for
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows: 

Section 1. Incremental Joinder. Subject to the satisfaction of the conditions set forth in Section 4 below
(provided that the Incremental Borrowing and the application of proceeds of the Tranche B-1 Term Loans shall be deemed to occur immediately prior to the Amendments): 

(a) Each of the Tranche B-1 Term Loan Lenders agrees (i) that it shall be considered a Lender for all purposes under
the Credit Agreement and the other Credit Documents and agrees to be bound by the terms thereof and (ii) to make Tranche B-1 Term Loans to the Borrower on the Effective Date in an aggregate principal amount equal to the amount indicated on such
Tranche B-1 Term Loan Lender’s signature page hereto as its Tranche B-1 Term Loan Commitment (or such lesser amount allocated to such Tranche B-1 Term Loan Lender by the Agent, as notified to such Tranche B-1 Term Loan Lender by the Agent). The
aggregate principal amount of the Tranche B-1 Term Loans made under this Agreement on the Effective Date shall be $3,218,000,000. The Borrower shall use the proceeds of the Tranche B-1 Term Loans as set forth in the recitals to this Agreement. After
giving effect to the application of the proceeds of the Tranche B-1 Term Loans, no Tranche B Term Loans shall remain outstanding. 
 (b) All references in the Credit Agreement and the other Credit Documents to “Tranche B Term Loans”, “Tranche B Term Loan Lenders”, “Tranche B Term Loan Maturity Date” and
“Required Tranche B Term Loan Lenders” shall be replaced with “Tranche B-1 Term Loans”, “Tranche B-1 Term Loan Lenders”, “Tranche B-1 Term Loan Maturity Date” and “Required Tranche B-1 Term Loan
Lenders”, respectively. In addition, all references in the Credit Agreement and the other Credit Documents to “Tranche B Term Loan Commitments” (other than those references in the defined term “Tranche B Term Loan
Commitments” in the Credit Agreement, Section 2.1(a) of the Credit Agreement and Section 4.3(a) of the Credit Agreement) shall be replaced with “Tranche B-1 Term Loan Commitments”. 

(c) The Tranche B-1 Term Loans will be a separate Series from the existing Tranche B Term Loans outstanding prior to the
Effective Date. The terms and provisions of the Tranche B-1 Term Loans shall be identical to the Tranche B Term Loans, except that: 
 (i) the Applicable ABR Margin and the Applicable LIBOR Margin with respect to the Tranche B-1 Term Loans shall be as set forth in Section 2(b) below; 

(ii) prepayments of the Tranche B-1 Term Loans in connection with a Repricing Transaction (as defined below) within one
year of the Effective Date shall be subject to a prepayment premium as set forth in Section 2(e) below; 

  
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 (iii) the Borrower shall repay to the Administrative Agent, in Dollars, for
the benefit of the Lenders of Tranche B-1 Term Loans, on each date set forth below, the principal amount of the Tranche B-1 Term Loans equal to (x) the outstanding principal amount of Tranche B-1 Term Loans immediately after the Effective Date
multiplied by (y) the percentage set forth below opposite such repayment date: 
  

					
	 Number of Months
From January 11, 2011
	  	Tranche B-1
     
           Repayment Amount                	 
	 24
	  	 	0.25	% 
	 27
	  	 	0.25	% 
	 30
	  	 	0.25	% 
	 33
	  	 	0.25	% 
	 36
	  	 	0.25	% 
	 39
	  	 	0.25	% 
	 42
	  	 	0.25	% 
	 45
	  	 	0.25	% 
	 48
	  	 	0.25	% 
	 51
	  	 	0.25	% 
	 54
	  	 	0.25	% 
	 57
	  	 	0.25	% 
	 60
	  	 	0.25	% 
	 63
	  	 	0.25	% 
	 66
	  	 	0.25	% 
	 69
	  	 	0.25	% 
	 72
	  	 	0.25	% 
	 75
	  	 	0.25	% 
	 78
	  	 	0.25	% 
	 81
	  	 	0.25	% 
	 84
	  	 	0.25	% 
	 Tranche B-1 Term Loan Maturity Date
	  	 	94.75	% 

 (iv) for the avoidance of doubt, with respect to the Tranche B-1 Term Loans, the
Applicable ABR Margin and the Applicable LIBOR Margin referred to in the penultimate paragraph of Section 2.14 of the Credit Agreement and in Section 10.2(k) of the Credit Agreement shall be the Applicable ABR Margin and the Applicable
LIBOR Margin with respect to the Tranche B-1 Term Loans. 
 (d) Each Tranche B-1 Term Loan Lender, by signing
this Agreement, consents to the Amendments provided for in Section 2 hereof. 

  
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 (e) Any Tranche B-1 Term Loan Lender that is a Tranche B Term Loan Lender
immediately prior to the Effective Date may elect for a “cashless roll” of its Tranche B Term Loans into Tranche B-1 Term Loans by indicating such election on its signature page hereto (such electing Tranche B-1 Term Loan Lenders, the
“Rollover Lenders”). It is understood and agreed that (i) simultaneously with the making of Tranche B-1 Term Loans by each Rollover Lender, the Tranche B Term Loans of such Rollover Lender in the aggregate principal amount set
forth on the signature page of such Rollover Lender to this Agreement (or such lesser amount allocated to such Tranche B-1 Term Loan Lender by the Agent, as notified to such Tranche B-1 Lender by the Agent) (the “Rollover Amount”)
shall be deemed to be extinguished, repaid and no longer outstanding and such Rollover Lender shall thereafter hold a Tranche B-1 Term Loan in an aggregate principal amount equal to such Rollover Lender’s Rollover Amount and (ii) no
Rollover Lender shall receive any prepayment being made to other Tranche B Term Loan Lenders holding Tranche B Term Loans from the proceeds of the Tranche B-1 Term Loans to the extent of such Rollover Lender’s Rollover Amount. 

Section 2. Amendments to the Credit Agreement. Subject to (x) the satisfaction of the conditions set forth in
Section 4 below and (y) the receipt of commitments from Tranche B-1 Term Loan Lenders to make Tranche B-1 Term Loans (including the Tranche B-1 Term Loans of the Rollover Lenders) in an aggregate principal amount of $3,218 million, the
Credit Agreement is hereby amended in the following respects (provided that the Incremental Borrowing and the application of proceeds of the Tranche B-1 Term Loans shall be deemed to occur immediately prior to the Amendments): 

(a) The following defined terms shall be added to Section 1.01 of the Credit Agreement in appropriate alphabetical
order: 
 (i) “Amendment and Joinder Agreement” shall mean the Amendment and Joinder Agreement,
dated as of the Amendment Effective Date, by and among Holdings, the Borrower, the Guarantors party thereto, the Administrative Agent, the Collateral Agent and the Lenders party thereto. 

(ii) “Amendment Effective Date” shall mean October 3, 2012. 

(iii) “Eligible IPO” shall mean any underwritten public offering of the Voting Stock of the Borrower or
any direct or indirect parent entity thereof, so long as the gross proceeds thereof, together with all other substantially contemporaneous equity issuances in respect of the Voting Stock of the Borrower or such parent entity, is equal to or greater
than $750,000,000. 
 (iv) “Material Acquisition” shall mean any acquisition by the Borrower or
any of the Restricted Subsidiaries that would require the filing of any financial statements of the acquired business pursuant to Rule 3-05 of Regulation S-X under the Securities Act of 1933. 

  
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 (v) “Tranche B-1 Term Loan Commitment” shall mean,
(a) in the case of each Lender that is a Lender on the Effective Date, the amount of such Lender’s commitment to make Tranche B-1 Term Loans pursuant to and in accordance with the Amendment and Joinder Agreement on the Amendment Effective
Date and (b) in the case of any Lender that is not covered by clause (a) of this definition and becomes a Lender after the Closing Date, the amount specified as such Lender’s “Tranche B-1 Term Loan Commitment” in the
Assignment and Acceptance pursuant to which such Lender renewed a portion of the Tranche B-1 Term Loan Commitment, as the case may be, in each case as the same may be changed from time to time pursuant to the terms hereof. 

(b) Section 1.01 of the Credit Agreement shall be further amended as follows: 

(i) the definition of ABR shall be amended by deleting “1.50%” and replacing it with “1.25%”.

 (ii) the definition of “Applicable ABR Margin” shall be amended and restated in its entirety as
follows: 
 “Applicable ABR Margin” shall mean, at any date, with respect to each ABR Loan that is a Tranche B-1
Term Loan, Revolving Credit Loan or a Swingline Loan, 2.25% per annum; provided that, upon written notice from the Borrower to the Administrative Agent certifying that the corporate family rating of the Borrower from Moody’s
then in effect has been raised to B3 (stable) or better, such rate shall be decreased to 2.00% per annum for so long as such corporate family rating of the Borrower from Moody’s remains B3 (stable) or better and has not been
withdrawn by Moody’s; provided, further, that the Borrower shall notify the Administrative Agent promptly (and in any event within 3 Business Days) after receiving notice that the corporate family rating of the Borrower from
Moody’s then in effect has been lowered to B3 (negative) or worse or has been withdrawn by Moody’s. 

(iii) the definition of “Applicable LIBOR Margin” shall be amended and restated in its entirety as follows:

 “Applicable LIBOR Margin” shall mean, at any date, with respect to each LIBOR Loan that is a Tranche B-1 Term
Loan, Revolving Credit Loan or a Swingline Loan, 3.25% per annum; provided that, upon written notice from the Borrower to the Administrative Agent certifying that the corporate family rating of the Borrower from Moody’s then
in effect has been raised to B3 (stable) or better, such rate shall be decreased to 3.00% per annum for so long as such corporate family rating of the Borrower from Moody’s remains B3 (stable) or better and has not been withdrawn by
Moody’s; provided, further, that the Borrower shall notify the Administrative Agent promptly (and in any event within 3 Business Days) after receiving notice that the corporate family rating of the Borrower from Moody’s then
in effect has been lowered to B3 (negative) or worse or has been withdrawn by Moody’s. 

  
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 (iv) the definition of “Consolidated EBITDA” shall be amended by
deleting the phrase “and for determining the Status of the Borrower” in the two places where it occurs therein. 
 (v) the definition of “Level I Status” shall be deleted in its entirety. 
 (vi) the definition of “Level II Status” shall be deleted in its entirety. 
 (vii) the definition of “LIBOR Rate” shall be amended by deleting “1.50%” and replacing it with “1.25%”. 

(viii) the definition of “Permitted Holders” shall be amended and restated in its entirety as follows:

 “Permitted Holders” shall mean (i) the Sponsors, (ii) the Management Investors, (iii) any FSS
Operator; provided that, in the case of this clause (iii), (a) a Rating Decline shall not have occurred in connection with the transaction (including any incurrence of indebtedness used to finance the acquisition thereof) involving such
FSS Operator that causes a Change of Control to occur and (b) immediately after giving pro forma effect to the transaction (including any incurrence of indebtedness used to finance the acquisition thereof) involving such FSS Operator that
causes a Change of Control to occur, the Consolidated Secured Debt to Consolidated EBITDA Ratio of the Borrower and its Restricted Subsidiaries and the Consolidated Total Debt to Consolidated EBITDA Ratio of the Borrower and its Restricted
Subsidiaries shall not be greater than immediately prior to such transaction and (iv) any group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor provision), the members of which include
any of the Permitted Holders specified in clauses (i), (ii) and/or (iii) above, that (directly or indirectly) holds or acquires beneficial ownership of the Voting Stock of the Borrower or any parent of the Borrower (a “Permitted
Holder Group”), so long as no Person or other “group” (other than Permitted Holders specified in clauses (i) through (iii) above) beneficially owns more than 50% on a fully diluted basis of the Voting Stock held by such
Permitted Holder Group. 
 (ix) the definition of “Status” shall be deleted in its entirety.

 (c) Section 5.1(a) of the Credit Agreement shall be amended by adding the phrase “(or, in the case
of LIBOR Loans, three Business Days)” immediately following the phrase “one Business Day” in subclause (a)(i) thereto. 

  
 -6-

 (d) Section 5.1(b) of the Credit Agreement shall be amended and
restated in its entirety as follows: 
 (b) In the event that, on or prior to the first anniversary of the Amendment Effective
Date, there shall become effective (A) any amendment, amendment and restatement or other modification of this Agreement which reduces the Applicable ABR Margin or Applicable LIBOR Margin with respect to the Tranche B-1 Term Loans or
(B) any optional prepayment or refinancing of the Tranche B-1 Term Loans with proceeds of the substantially concurrent incurrence of new long-term Indebtedness having lower applicable rates than the Applicable ABR Margin or Applicable LIBOR
Margin for the Tranche B-1 Term Loans then in effect (other than, in each case, (x) concurrently with, or within 90 days after, an Eligible IPO or (y) in connection with any Material Acquisition) each such amendment, amendment and
restatement, modification, prepayment or refinancing pursuant to clause (A) or (B), as the case may be, shall be accompanied by a fee or prepayment premium, as applicable, equal to 1.0% of the principal amount of (i) the Tranche B-1 Term
Loans outstanding on the effective date of such amendment with respect to which the Applicable ABR Margin or Applicable LIBOR Margin thereon has been reduced or (ii) the Tranche B-1 Term Loans that are so repaid or refinanced, as applicable;
provided, that in determining the Applicable ABR Margin or Applicable LIBOR Margin applicable to the Tranche B-1 Term Loans and such Indebtedness, (x) original issue discount (“OID”) or upfront fees (which shall be
deemed to constitute like amounts of OID) payable by the Borrower to the Lenders of the Tranche B-1 Term Loans or such Indebtedness in the primary syndication thereof shall be included (with OID being equated to interest based on an assumed
four-year life to maturity) and (y) any underwriting or arrangement fees payable to the arrangers or their Affiliates in connection with the Tranche B-1 Term Loans and such Indebtedness shall be excluded. For the avoidance of doubt, the
requirements of this clause (b) shall not apply with respect to any amendment, amendment and restatement or other modification of this Agreement that requires or permits a transaction that results in a change in the Borrower’s corporate
credit rating from Moody’s resulting in a decrease in the Applicable ABR Margin or the Applicable LIBOR Margin, but does not otherwise amend the Applicable ABR Margin or the Applicable LIBOR Margin with respect to the Tranche B-1 Term Loans.

 (e) Section 9.1(d)(iii) shall be deleted in its entirety. 

(f) Section 10.2(k) of the Credit Agreement shall be amended by deleting “(i)” in the first proviso
thereto, by deleting the phrase “, and” immediately prior to clause (ii) of the first proviso thereto and by deleting clause (ii) of the first proviso thereto in its entirety. 

Section 3. Representations and Warranties. The Credit Parties represent and warrant to the Lenders (including the Tranche
B-1 Term Loan Lenders) as of the Effective Date that: 
 (a) no Default or Event of Default exists on the
Effective Date before or after giving effect to the Incremental Borrowing, the Amendments and the application of proceeds of the Tranche B-1 Term Loans; 

  
 -7-

 (b) on the Effective Date, before and after giving effect to the Incremental
Borrowing, the Amendments and the application of proceeds of the Tranche B-1 Term Loans, all representations and warranties made by any Credit Party contained in Section 8 of the Credit Agreement or in the other Credit Documents shall be true
and correct in all material respects with the same effect as though such representations and warranties had been made on and as of the Effective Date (except where such representations and warranties expressly relate to an earlier date, in which
case such representations and warranties shall have been true and correct in all material respects as of such earlier date); and 
 (c) the Borrower and its Subsidiaries shall be in pro forma (giving effect to the Incremental Borrowing, the Amendments and the application of proceeds of the Tranche B-1 Term Loans) compliance with the
covenants set forth in Section 11 of the Credit Agreement as of June 30, 2012 after giving effect to the Incremental Borrowing, the Amendments and the application of proceeds of the Tranche B-1 Term Loans. 

Section 4. Conditions to Effectiveness. This Agreement shall become effective on the date (the “Effective
Date”) on which each of the following conditions is satisfied or waived: 
 (a) Certain
Documents. The Agent shall have received each of the following, each dated the Effective Date unless otherwise indicated or agreed to by the Agent and each in form and substance reasonably satisfactory to the Agent: 

(i) this Agreement executed by the Tranche B-1 Term Loan Lenders, the Required Lenders (provided that the
determination of the Required Lenders for purposes of the Amendments provided for in Section 2 shall be made after giving effect to the Incremental Borrowing and the application of proceeds of the Tranche B-1 Term Loans), each Lender that has a
Revolving Credit Commitment, the Borrower, the other Credit Parties and the Agent; 
 (ii) certified copies of
resolutions of the board of directors of each Credit Party approving the execution, delivery and performance of this Agreement and the other documents to be executed in connection herewith; 

(iii) a certificate of the secretary or assistant secretary of each Credit Party dated the Effective Date, certifying
(A) that attached thereto is a true and complete copy of each organizational document of such Credit Party and that either (x) such organizational documents have not been altered since delivery of such documents on the Effective Date
(including certification, if any, by the Secretary of State of the state of its organization delivered on the Effective Date) or (y) such organizational document are in full force and effect on the date hereof, (B) that attached thereto is
a true and complete copy of resolutions duly adopted by the Board of Directors of such Credit Party authorizing the execution, delivery and performance of this Agreement and, in the case of the Borrower, the borrowings

  
 -8-

 
of the Tranche B-1 Term Loans referenced herein, and that such resolutions have not been modified, rescinded or amended and are in full force and effect and (C) as to the incumbency and
specimen signature of each officer executing this Agreement or any other document delivered in connection herewith on behalf of such Credit Party (together with a certificate of another officer as to the incumbency and specimen signature of the
secretary or assistant secretary executing the certificate in this clause (iii)); 
 (iv) a certificate as
to the good standing of each Credit Party, to the extent requested by the Agent (in so-called “long-form” if available), as of a recent date, from such Secretary of State (or other applicable Governmental Authority); 

(v) a certificate of an Authorized Officer of the Borrower to the effect that each of the conditions set forth in
Section 7.1 of the Credit Agreement and this Section 4 have been satisfied; and 
 (vi) a favorable
opinion of (a) Paul, Weiss, Rifkind, Wharton & Garrison LLP, counsel to the Borrower, (b) Elvinger, Hoss & Prussen, Luxembourg counsel to the Borrower, (c) Baker & McKenzie, special U.K. counsel to the
Borrower and (d) Triay Stagnetto Niesh, special Gibraltar counsel to the Borrower, each in form and substance reasonably satisfactory to the Agent. 
 (b) Fees and Expenses Paid. The Lead Arrangers (as defined below) and the Agent shall have received all fees and other amounts due and payable on or prior to the Effective Date, including, to the
extent invoiced at least one Business Day prior to the Effective Date, reimbursement or payment of all out-of-pocket expenses (including the legal fees and expenses payable pursuant to Section 6 hereof) required to be reimbursed or paid by the
Borrower on or prior to the Effective Date hereunder or under any other Credit Document. 
 Section 5. Extension of
Loan. The Tranche B-1 Term Loan Lenders shall make their respective Tranche B-1 Term Loans available to the Borrower on the Effective Date. 
 Section 6. Expenses. Borrower agrees to reimburse the Agent for its and the BANA’s reasonable out-of-pocket expenses incurred by them in connection with this Agreement, including
the reasonable fees, charges and disbursements of Cahill Gordon & Reindel LLP, and local counsel in each applicable jurisdiction. 
 Section 7. Counterparts. This Agreement may be executed in any number of counterparts and by different parties hereto on separate counterparts, each of which when so executed and delivered
shall be deemed to be an original, but all of which when taken together shall constitute a single instrument. Delivery of an executed counterpart of a signature page of this Agreement by facsimile transmission or by email in Adobe “.pdf”
format shall be effective as delivery of a manually executed counterpart hereof. 

  
 -9-

 Section 8. Applicable Law. The validity, interpretation and enforcement of
this Agreement and any dispute arising out of the relationship between the parties hereto, whether in contract, tort, equity or otherwise, shall be governed by the internal laws of the State of New York but excluding any principles of conflicts of
law or other rule of law that would cause the application of the law of any jurisdiction other than the laws of the State of New York. 
 Section 9. Headings. The headings of this Agreement are for purposes of reference only and shall not limit or otherwise affect the meaning hereof. 

Section 10. Effect of Incremental Amendment. Except as expressly set forth herein, this Agreement shall not alter,
modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other provision of the Credit Agreement or any other Credit Document, all of which are ratified and
affirmed in all respects and shall continue in full force and effect. As of the 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 Document 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 Agreement and the Credit Agreement shall be read together and construed as a single instrument. This Agreement shall constitute a Credit Document.

 Section 11. Acknowledgement and Affirmation. Each of Holdings, the Borrower and each Subsidiary
Guarantor hereby (i) expressly acknowledges the terms of the Credit Agreement as amended hereby, (ii) ratifies and affirms, after giving effect to this Agreement, its obligations under the Credit Documents (including guarantees and
security agreements) executed by Holdings, the Borrower and/or such Subsidiary Guarantor and (iii) after giving effect to this Agreement, acknowledges, renews and extends its continued liability under all such Credit Documents and agrees such
Credit Documents remain in full force and effect. 
 Section 12. Roles. It is agreed that each of Bank of
America, N.A. (“BANA”), Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC will act as joint lead arrangers for the Incremental Borrowing and the Amendments (collectively, the “Lead Arrangers”).

 [signature pages follow] 

  
 -10-

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

			
	INTELSAT JACKSON HOLDINGS S.A.
		
	By:	 	/s/ Flavien Bachabi
		 	Name: Flavien Bachabi
		 	Title: Chairman & Chief Executive Officer
	
	INTELSAT (LUXEMBOURG) S.A.
		
	By:	 	/s/ Flavien Bachabi
		 	Name: Flavien Bachabi
		 	Title: Chairman & Chief Executive Officer

  
 [Signature
page to Incremental Amendment] 

 
			
	 ACCESSPAS, INC.
 INTELSAT ASIA CARRIER SERVICES, INC.
 INTELSAT GLOBAL SERVICE LLC

INTELSAT INTERNATIONAL EMPLOYMENT, INC.
 INTELSAT
SERVICE AND EQUIPMENT CORPORATION
 PANAMSAT CAPITAL CORPORATION
 PANAMSAT EUROPE CORPORATION
 PANAMSAT INDIA, INC.

PANAMSAT SERVICES, INC.
 SOUTHERN SATELLITE
CORP.
 SOUTHERN SATELLITE LICENSEE CORPORATION
 PANAMSAT INTERNATIONAL SALES, LLC

		
	By:	 	/s/ Patricia Casey
		 	Name: Patricia Casey
		 	Title: Senior Vice President, General Counsel & Secretary
	
	INTELSAT CORPORATION
		
	By:	 	/s/ Patricia Casey
		 	Name: Patricia Casey
		 	Title: Senior Vice President, Deputy General Counsel & Secretary
	
	 INTELSAT USA LICENSE LLC
 INTELSAT USA SALES LLC

		
	By:	 	/s/ Patricia Casey
		 	Name: Patricia Casey
		 	Title: Secretary

  
 [Signature
page to Incremental Amendment] 

 
			
	 INTELSAT (GIBRALTAR) LIMITED
 INTELSAT NEW DAWN (GIBRALTAR) LIMITED
 INTELSAT SUBSIDIARY (GIBRALTAR) LIMITED

		
	By:	 	/s/ Jean-Philippe Gillet
		 	Name: Jean-Philippe Gillet
		 	Title: Director

  
 [Signature
page to Incremental Amendment] 

 
			
	INTELSAT LUXEMBOURG INVESTMENT S.A.R.L.
		
	By:	 	/s/ Jean-Philippe Gillet
		 	Name: Jean-Philippe Gillet
		 	Title: Manager
	
	INTELSAT GLOBAL SALES & MARKETING LTD.
		
	By:	 	/s/ Jean-Philippe Gillet
		 	Name: Jean-Philippe Gillet
		 	Title: Chairman
	
	INTELSAT UK FINANCIAL SERVICES LTD.
		
	By:	 	/s/ Jean-Philippe Gillet
		 	Name: Jean-Philippe Gillet
		 	Title: Chairman
	
	 INTELSAT HOLDINGS LLC
 INTELSAT LICENSE LLC
 INTELSAT LICENSE HOLDINGS LLC

INTELSAT SATELLITE LLC

		
	By:	 	/s/ Flavien Bachabi
		 	Name: Flavien Bachabi
		 	Title: Deputy Chairman
	
	INTELSAT OPERATIONS S.A.
		
	By:	 	/s/ Flavien Bachabi
		 	Name: Flavien Bachabi
		 	Title: Chairman & Chief Executive Officer

  
 [Signature
page to Incremental Amendment] 

 
			
	 INTELSAT INTERNATIONAL SYSTEMS LLC
 PANAMSAT INDIA MARKETING, L.L.C.
 PANAMSAT INTERNATIONAL HOLDINGS, LLC

PANAMSAT INTERNATIONAL SYSTEMS MARKETING, L.L.C.

PAS INTERNATIONAL LLC

		
	By:	 	/s/ Patricia Casey
		 	Name: Patricia Casey
		 	Title: Manager

  
 [Signature
page to Incremental Amendment] 

 
			
	 BANK OF AMERICA, N.A.,
 as Agent

		
	By:	 	/s/ Paley Chen
		 	 Name: Paley Chen
 Title:
  Vice President

  
 [Signature
page to Incremental Amendment] 

 The undersigned Tranche B-1 Term Loan Lender hereby commits to provide Tranche B-1 Term Loans on the
Effective Date in the amount set forth below (or such lesser amount allocated to such Tranche B-1 Term Loan Lender by the Agent, as notified to such Tranche B-1 Lender by the Agent) and consents to the Amendments: 

 

			
	 [        ],
 as a Tranche B-1 Term Loan Lender

		
	By:	 	 
		 	Name:
		 	Title:

 For any institution requiring a second signatory: 

 

			
	
		
	By:	 	 
		 	Name:
		 	Title:

 Amount of Tranche B-1 Term Loan Commitment:
$             
 Cashless Roll Election: 

 

	 ̈	By checking the box to the left, the above-signed Tranche B-1 Term Loan Lender hereby elects to convert the Rollover Amount of its Tranche B Term Loans to Tranche B-1
Term Loans in a like principal amount. 

  
 [Signature
page to Incremental Amendment] 

 The undersigned Revolving Facility Lender hereby consents to the Amendments: 

 

			
	 [        ],
 as a Lender

		
	By:	 	 
		 	Name:
		 	Title:

 For any institution requiring a second signatory: 

 

			
	By:	 	 
		 	Name:
		 	Title:

  
 [Signature
page to Incremental Amendment]

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