Document:

AMENDMENT N° 7

 

 

TO THE

 

 

FULL SCALE SYSTEM DEVELOPMENT CONTRACT

 

No. IS-10-021

 

Between

 

Iridium
Satellite LLC

 

And

 

THALES ALENIA SPACE FRANCE

 

for the

 

IRIDIUM NEXT SYSTEM

    	 

    	 

    

PREAMBLE

 

This Amendment N° 7 (the “Amendment”)
to the Full Scale System Development Contract No. IS-10-021 signed on June 1, 2010 between Iridium Satellite LLC and Thales Alenia
Space France for the Iridium Next System, as amended, (the “Contract”) is entered into on this 12th
day of March, 2012 by and between Thales Alenia Space France, a company organized and existing under the laws of France, having
its registered office at 26 avenue Jean François Champollion 31100 Toulouse – FRANCE (“Contractor”), and
Iridium Satellite LLC, a limited liability company organized under the laws of Delaware, having an office at 1750 Tysons Boulevard,
Suite 1400, McLean, VA 22102 - USA (“Purchaser”).

 

RECITALS

 

WHEREAS, the Parties have agreed
to implement a [***] into the Satellite design to [***];

 

WHEREAS, the Parties have agreed
to share equally the total cost to implement such [***]; and

 

WHEREAS, the Parties wish to clarify
the description of a “[***]”, as that term is used in the SOW.

 

NOW, THEREFORE, in consideration
of the premises and for good and valuable consideration, the receipt and adequacy of which are hereby expressly acknowledged, and
intending to be legally bound, the Parties hereby agree as follows:

 

		Article 1:	Capitalized terms used but not defined in this Amendment
shall have the meanings ascribed thereto in the Contract or any amendments thereto, as the case may be.

 

		Article 2:	Customer’s portion of the cost to implement the [***]
in the Satellite design, [***] U.S. Dollars (US$[***]), shall be deducted from the Adjustment leaving a remaining Adjustment balance
of [***] U.S. Dollars (US$[***]).

 

		Article 3:	Article 1 of the Contract is hereby revised to add the following
new definition.

 

“[***]” means the
[***] established by Customer and Contractor to [***].”

 

		Article 4:	The Parties agree that the [***] to be developed and approved
by the [***] of the Parties shall be the baseline for the NEXT System.

 

		Article 5:	Customer agrees that Contractor shall not be responsible
for the cost of future change(s) to the Satellite design if solely required for compliance with [***].

 

		Article 6:	The Parties agree to amend  Note 1 in Appendix C of the SOW to add the following qualifications to the description of a
                                                                                                   “[***]”, as that term is used in paragraph  4.7.8.1 of the SOW:

 

[***]

 

		Article 7:	If the Launch date of the first Satellite Batch is delayed
solely due to implementation of the [***], the Grace Period of the first Satellite Batch will be extended by [***] days.

 

 

 

Iridium / Thales Alenia Space
Confidential & Proprietary

CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY REQUEST. OMISSIONS
ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	1

    	 

    

 

		Article 8:	This Amendment may be executed and delivered (including
via facsimile or other electronic means) in one or more counterparts, each of which shall be deemed to be an original, but all
of which shall constitute one and the same agreement.

 

		Article 9:	All other provisions of the Contract not expressly referred
to in this Amendment remain in full force and effect.

 

 

IN WITNESS WHEREOF, the Parties
have executed this Amendment by their duly authorized officers as of the date set forth in the Preamble.

 

 

	IRIDIUM SATELLITE LLC	 	THALES ALENIA SPACE FRANCE
	 	 	 
	/s/ S. Scott Smith	 	/s/ Nathalie Smirnov
	S. Scott Smith	 	Nathalie Smirnov
	Executive Vice President,	 	Senior Vice President,
	Satellite Development & Operations	 	System & Payload – Telecom

 

 

Iridium / Thales Alenia Space
Confidential & Proprietary

CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY REQUEST. OMISSIONS
ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 

    	2AMENDMENT N° 8

 

 

TO THE

 

 

FULL SCALE SYSTEM DEVELOPMENT CONTRACT

 

No. IS-10-021

 

Between

 

Iridium
Satellite LLC

 

And

 

THALES ALENIA SPACE FRANCE

 

for the

 

IRIDIUM NEXT SYSTEM

 

 

    	 

    	 

    

PREAMBLE

 

This Amendment N° 8 (the “Amendment”)
to the Full Scale System Development Contract No. IS-10-021 signed on June 1, 2010 between Iridium Satellite LLC and Thales Alenia
Space France for the Iridium Next System, as amended, (the “Contract”) is entered into on this 13th
day of March, 2012 by and between Thales Alenia Space France, a company organized and existing under the laws of France, having
its registered office at 26 avenue Jean François Champollion 31100 Toulouse – FRANCE (“Contractor”), and
Iridium Satellite LLC, a limited liability company organized under the laws of Delaware, having an office at 1750 Tysons Boulevard,
Suite 1400, McLean, VA 22102 - USA (“Purchaser”).

 

RECITALS

 

WHEREAS, the Parties have agreed
to implement the [***] as set forth in [***] into the Satellite design;

 

WHEREAS, Purchaser authorized Contractor
to proceed with incorporation of the [***] into the Satellite design by letter dated 12 January 2012; and

 

NOW, THEREFORE, in consideration
of the premises and for good and valuable consideration, the receipt and adequacy of which are hereby expressly acknowledged, and
intending to be legally bound, the Parties hereby agree as follows:

 

		Article 1:	Capitalized terms used but not defined in this Amendment
shall have the meanings ascribed thereto in the Contract or any amendments thereto, as the case may be.

 

		Article 2:	Customer’s cost to implement the [***] into the Satellite
design, [***] U.S. Dollars (US$[***]), shall be deducted from the Adjustment leaving a remaining Adjustment balance of [***] U.S.
Dollars (US$[***]).

 

		Article 3:	This Amendment may be executed and delivered (including
via facsimile or other electronic means) in one or more counterparts, each of which shall be deemed to be an original, but all
of which shall constitute one and the same agreement.

 

		Article 4:	All other provisions of the Contract not expressly referred
to in this Amendment remain in full force and effect.

 

 

IN WITNESS WHEREOF, the Parties
have executed this Amendment by their duly authorized officers as of the date set forth in the Preamble.

 

 

	IRIDIUM SATELLITE LLC	 	THALES ALENIA SPACE FRANCE
	 	 	 
	/s/ S. Scott Smith	 	/s/ Nathalie Smirnov
	S. Scott Smith	 	Nathalie Smirnov
	Executive Vice President,	 	Senior Vice President,
	Satellite Development & Operation	 	System & Payload – Telecom

 

 

Iridium / Thales Alenia Space
Confidential & Proprietary

CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY REQUEST. OMISSIONS
ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.Exhibit 10.1

 

 

 

 

 

INCREMENTAL ASSUMPTION AGREEMENT

 

dated as of May 3, 2012,

 

made by

 

DORAL BANK,

as Assuming Lender

 

relating to the

 

SENIOR SECURED REVOLVING CREDIT AGREEMENT

 

dated as of August 4, 2011,

 

among

 

MEDLEY CAPITAL CORPORATION,

as Borrower,

 

The Several Lenders and Agents

from Time to Time Parties Thereto,

 

and

 

ING CAPITAL LLC,

as Administrative Agent and Collateral Agent

 

 

 

 

 

    	 

    	 	

    

 

INCREMENTAL ASSUMPTION AGREEMENT, dated as of May 3, 2012
(this “Assumption Agreement”), by and among MEDLEY CAPITAL CORPORATION (the “Borrower”),
MOF I BDC LLC (the “Subsidiary Guarantor”), ING CAPITAL LLC, in its capacity as Administrative Agent (the “Administrative
Agent”), and DORAL BANK, as assuming lender (the “Assuming Lender”),
relating to the SENIOR SECURED REVOLVING CREDIT AGREEMENT, dated as of August 4, 2011 (as amended, supplemented or otherwise modified
from time to time, the “Credit Agreement”), among the Borrower, the Administrative Agent and the several banks
and other financial institutions or entities from time to time party to the Credit Agreement.

 

A.The Borrower has
requested that the Assuming Lender provide an additional Commitment in an aggregate amount equal to $10,000,000 (the “Incremental
Commitment”) pursuant to Section 2.06(f) of the Credit Agreement.

 

B.The Assuming Lender
is willing to make such an Incremental Commitment to the Borrower on the terms and subject to the conditions set forth herein and
in the Credit Agreement.

 

Accordingly, in consideration
of the mutual agreements herein contained and other good and valuable consideration, the sufficiency and receipt of which are hereby
acknowledged, the parties hereto agree as follows:

 

SECTION 1. Defined
Terms; Interpretation; Etc. Capitalized terms used and not defined herein shall have the meanings assigned to such terms
in the Credit Agreement. The rules of construction set forth in Section 1.03 of the Credit Agreement shall apply equally to
this Assumption Agreement. This Assumption Agreement shall be a “Loan Document” for all purposes of the Credit Agreement
and the other Loan Documents.

 

SECTION 2. Incremental
Commitment. a) Pursuant to Section 2.06(f) of the Credit Agreement and subject to the terms and conditions hereof, the Assuming
Lender hereby agrees to make the Incremental Commitment to the Borrower effective on and as of the Effective Date (as defined below).
The Incremental Commitment shall constitute an additional “Commitment” for all purposes of the Credit Agreement and
the other Loan Documents.

 

(b)The terms
of the Incremental Commitment shall be the same as the other Commitments made under the Credit Agreement.

 

(c)On
the Effective Date, in connection with the adjustments to any outstanding Loans and participation
interests contemplated by Section 2.06(f)(iv) of the Credit Agreement, the Assuming Lender shall make a payment to the Administrative
Agent, for account of the other Lenders, in an amount calculated by the Administrative Agent in accordance with such section, so
that after giving effect to such payment and to the distribution thereof to the other Lenders in accordance with such section,
the Loans are held ratably by the Lenders in accordance with the respective Commitments of such Lenders (after giving effect to
the Incremental Commitment and any other Commitment Increases, if any, occurring on the date hereof).

 

    	 

    	 	

    

 

(d)As of the
Effective Date, the Assuming Lender shall become a Lender under the Credit Agreement and shall have all rights of a Lender under
the Credit Agreement and any other documents or instruments delivered pursuant thereto.

 

SECTION 3. Conditions
Precedent to Incremental Commitment. This Assumption Agreement, and the obligations of the Assuming Lender to make the Incremental
Commitment, shall become effective on and as of the Business Day (the “Effective Date”) occurring on or before
May 3, 2012 on which the following conditions precedent have been satisfied:

 

(a)the Administrative
Agent shall have received counterparts of this Assumption Agreement that, when taken together, bear the signatures of the Borrower,
the Subsidiary Guarantor, the Administrative Agent and the Assuming Lender;

 

(b)on the
date hereof, each of the conditions set forth or referred to in Section 2.06(f)(i) of the Credit Agreement shall be satisfied,
and pursuant to Section 2.06(f)(ii)(x) of the Credit Agreement, the Administrative Agent shall have received a certificate of a
duly authorized officer of the Borrower dated the date hereof certifying as to the foregoing;

 

(c)the Administrative
Agent shall have received for the account of the Lenders the amounts, if any, payable under Section 2.13 of the Credit Agreement
as a result of the adjustments of Borrowings pursuant to Section 2(c) of this Assumption Agreement;

 

(d)the Assuming
Lender shall have received an up-front fee in the amount of $75,000, due to the Assuming Lender on the date hereof; and

 

(e)the Administrative
Agent shall have received all other documented fees and expenses related to this Assumption Agreement owing on the date hereof.

 

SECTION 4. Representations
and Warranties of the Borrower. To induce the other parties hereto to enter into this Assumption Agreement, the Borrower represents
and warrants to the Administrative Agent and the Assuming Lender that, as of the date hereof:

 

(a)This Assumption
Agreement has been duly authorized, executed and delivered by the Borrower and the Subsidiary Guarantor, and constitutes a legal,
valid and binding obligation of the Borrower and the Subsidiary Guarantor in accordance with its terms, except as enforceability
may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’
rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law).

 

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(b)Each of
the representations and warranties made by the Borrower and the Subsidiary Guarantor in or pursuant to the Loan Documents are true
and correct in all material respects as if made on such date (except to the extent they relate specifically to an earlier date,
in which case they are true and correct in all material respects as of such earlier date, and unless a representation or warranty
is already qualified by materiality or by Material Adverse Effect, in which case it is true and correct in all respects).

 

(c)No Default
or Event of Default has occurred and is continuing on the date hereof or shall result from the Incremental Commitment.

 

SECTION 5. Representations,
Warranties and Covenants of the Assuming Lender. The Assuming Lender (a) represents and warrants that (i) from and after the
Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of the Incremental
Commitment, shall have the obligations of a Lender thereunder, and (ii) it has received a copy of the Credit Agreement, together
with copies of the consolidated statement of assets and liabilities and the related consolidated statements of operations, changes
in net assets and cash flows and related schedule of investments of the Borrower and its Subsidiaries as of and for the fiscal
year ended September 30, 2011, delivered pursuant to Section 5.01(a) thereof, and such other documents and information as it has
deemed appropriate to make its own credit analysis and decision to enter into this Assumption Agreement and to make the Incremental
Commitment on the basis of which it has made such analysis and decision independently and without reliance on the Administrative
Agent or any other Lender; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent or any
other Lender, 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 Loan Documents, and (ii) it will perform in accordance with their terms all
of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender.

 

SECTION 6. Consent
and Reaffirmation. (a)  The Subsidiary Guarantor hereby consents to this Assumption Agreement and the transactions contemplated
hereby, (b) the Borrower and the Subsidiary Guarantor agree that, notwithstanding the effectiveness of this Assumption Agreement,
the Guarantee and Security Agreement and each of the other Security Documents continue to be in full force and effect, (c) the
Borrower and the Subsidiary Guarantor acknowledge that the terms “Credit Agreement Obligations,” “Guaranteed
Obligations” and “Secured Obligations” (each as defined in the Guarantee and Security Agreement) include any
and all Loans made now or in the future by the Assuming Lender in respect of the Incremental Commitment and all interest and other
amounts owing in respect thereof under the Loan Documents (including all interest and expenses accrued or incurred subsequent to
the commencement of any bankruptcy or insolvency proceeding with respect to the Borrower, whether or not such interest or expenses
are allowed as a claim in such proceeding), and (d) the Subsidiary Guarantor confirms its guarantee of the Guaranteed Obligations
and the Borrower and the Subsidiary Guarantor confirm their grant of a security interest in their assets as Collateral for the
Secured Obligations, all as provided in the Loan Documents as originally executed (and amended prior to the date hereof and supplemented
hereby).

 

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SECTION 7. Notices.
All notices hereunder shall be given in accordance with the provisions of Section 9.01 of the Credit Agreement.

 

SECTION 8. Expenses.
The Borrower agrees to pay all reasonable and documented out-of-pocket expenses incurred by the Administrative Agent in connection
with this Assumption Agreement in accordance with the Credit Agreement, including the reasonable and documented fees, charges and
disbursements of one outside counsel for the Administrative Agent.

 

SECTION 9. Counterparts.
This Assumption Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts,
each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but
one and the same contract. Delivery of an executed counterpart of a signature page of this Assumption Agreement by facsimile or
electronic transmission shall be as effective as delivery of a manually executed counterpart hereof.

 

SECTION 10.
Applicable Law; Jurisdiction; Consent to Service of Process; Other. THIS ASSUMPTION AGREEMENT AND THE RIGHTS AND OBLIGATIONS
OF THE PARTIES UNDER THIS ASSUMPTION AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW
OF THE STATE OF NEW YORK. THE PROVISIONS OF SECTION 9.09 OF THE CREDIT AGREEMENT (AND ALL OTHER APPLICABLE PROVISIONS OF ARTICLE
IX OF THE CREDIT AGREEMENT) ARE HEREBY INCORPORATED BY REFERENCE.

 

SECTION 11.
Headings. The headings of this Assumption Agreement are for purposes of reference only and shall not limit or otherwise
affect the meaning hereof.

 

SECTION 12.
No Third Party Beneficiaries. This Assumption Agreement is intended to be solely for the benefit of the parties hereto and
is not intended to confer any benefits upon, or create any rights in favor of, any other person or entity. No person or entity
other than the parties hereto shall have any rights under or be entitled to rely upon this Assumption Agreement.

 

[Remainder of page intentionally left
blank]

 

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IN WITNESS WHEREOF, the
parties hereto have caused this Assumption Agreement to be duly executed and delivered by their proper and duly authorized representatives
as of the day and year first above written.

 

 

	 	 	MEDLEY CAPITAL CORPORATION,
	 	 	as Borrower	 
	 	 	 	 
	 	 	 	 
	 	 	/s/ Richard T. Allorto, Jr.	 
	 	 	Name: Richard T. Allorto, Jr.	 
	 	 	Title:   Chief Financial Officer	 
	 	 	 	 
	 	 	 	 
	 	 	MOF I BDC LLC, as Subsidiary Guarantor
	 	 	 	 
	 	 	 	 
	 	 	/s/ Richard T. Allorto, Jr.	 
	 	 	Name: Richard T. Allorto, Jr.	 
	 	 	Title:   Chief Financial Officer	 

 

    	 

    	 	

    

 

	 	 	ING CAPITAL LLC, as Administrative Agent 
	 	 	/s/ Patrick Frisch
	 	 	Name:	Patrick Frisch
	 	 	Title:  	Managing Director

    	 

    	 	

    

	 	 	DORAL BANK,
	 	 	as Assuming Lender
	 	 	 
	 	 	 
	 	 	/s/ Christopher Poulton
	 	 	Name:	Christopher Poulton
	 	 	Title:  	Executive Vice President

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