INTELSAT LTD
ASSUMPTION AND AFFIRMATION AGREEMENT, DATED AS OF FEBRUARY 4, 2007
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<TYPE>EX-10.5
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<FILENAME>dex105.htm
<DESCRIPTION>ASSUMPTION AND AFFIRMATION AGREEMENT, DATED AS OF FEBRUARY 4, 2007
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<TITLE>Assumption and Affirmation Agreement, dated as of February 4, 2007</TITLE>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>Exhibit 10.5 </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="right"><FONT
FACE="Times New Roman" SIZE="2">EXECUTION COPY </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">ASSUMPTION AND AFFIRMATION AGREEMENT (this &#147;<U>Assumption and Affirmation
Agreement</U>&#148;) dated as of February&nbsp;4, 2008, among Intelsat (Bermuda), Ltd., a Bermuda exempted company (the &#147;<U>Borrower</U>&#148;), Intelsat Jackson Holdings, Ltd., a Bermuda exempted company (the &#147;<U>Successor</U>&#148;),
Intelsat, Ltd. (the &#147;<U>Parent Guarantor</U>&#148;), Intelsat Subsidiary Holding Company, Ltd., Intelsat Holdings LLC, Intelsat LLC, Intelsat Global Sales&nbsp;&amp; Marketing Ltd., Intelsat USA Sales Corp., Intelsat USA License Corp., Intelsat
Global Service Corporation and Intelsat UK Financial Services Ltd. (collectively, the &#147;<U>Subsidiary Guarantors</U>&#148;, and together with the Parent Guarantor, the &#147;<U>Guarantors</U>&#148;) and Bank of America, N.A., in its capacity as
administrative agent for the Lenders (in such capacity, the &#147;<U>Administrative Agent</U>&#148;). </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">W I T N E S S E T H : </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">WHEREAS the Borrower and the Parent Guarantor have heretofore executed and delivered to the Administrative Agent a $1,000,000,000 Senior Unsecured Credit
Agreement (as amended, supplemented or otherwise modified, the &#147;<U>Credit Agreement</U>&#148;) dated as of February&nbsp;2, 2007, and the Subsidiary Guarantors have heretofore executed and delivered to the Administrative Agent a Guarantee dated
as of February&nbsp;2, 2007 providing for the guarantee of the Borrower&#146;s obligations under the Credit Agreement and the Loans; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">WHEREAS, on the date hereof, the Borrower has transferred certain of its assets and liabilities to the Successor (the &#147;<U>Transfe</U>r&#148;); </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">WHEREAS Section&nbsp;10.10 of the Credit Agreement provides that in connection with the Transfer, the Successor is required to execute and deliver to the Administrative Agent a document pursuant to which the Successor
expressly assumes all of the obligations of the Borrower under the Credit Agreement and the Loans on the terms and conditions set forth herein; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">WHEREAS Section&nbsp;10.10 of the Credit Agreement provides that in connection with the Transfer, the Successor is required to be a corporation, partnership or limited liability company organized or existing under the laws of the United
States, any state thereof, the District of Columbia, or any territory thereof, under the laws of the jurisdiction of organization of the Borrower or under the laws of Bermuda or any country that is a member of the European Union; </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">WHEREAS the Successor is incorporated under the laws of Bermuda; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">WHEREAS Section&nbsp;10.10 of the Credit Agreement provides that in connection with the Transfer the Borrower is required to cause the Guarantors to execute and deliver to the Administrative Agent a document pursuant
to which each Guarantor shall confirm that its guarantee shall apply to the Successor&#146;s obligations under the Credit Agreement and the Loans; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">WHEREAS pursuant to Section&nbsp;10.11 of the Credit Agreement, concurrently with the Transfer in accordance with or permitted by Section&nbsp;10.10 of the Credit Agreement, the Successor shall succeed to and be substituted for, and may
exercise every right and power of, the Borrower under the Credit Agreement with the same effect as if such Successor had been named as the Borrower in the Credit Agreement, and the Borrower shall thereby be released of its obligations under the
Credit Agreement and the Loans; </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">WHEREAS in accordance with Section&nbsp;14.1(a)(ii) of the Credit Agreement, the parties hereto desire to
amend the Credit Agreement as described below; and </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">WHEREAS pursuant to Section&nbsp;14.1(a)(ii) of the Credit Agreement, the Borrower and
the Administrative Agent are authorized to execute and deliver this Assumption and Affirmation Agreement; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">NOW THEREFORE, in consideration
of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Borrower, the Successor, the Guarantors, and the Administrative Agent mutually covenant and agree for the equal and ratable benefit of
the Lenders as follows: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1. <U>Defined Terms</U>. As used in this Assumption and Affirmation Agreement, capitalized terms defined in the
Credit Agreement and not otherwise defined herein have the meanings assigned such terms in the Credit Agreement. The words &#147;herein,&#148; &#147;hereof&#148; and hereby and other words of similar import used in this Assumption and Affirmation
Agreement refer to this Assumption and Affirmation Agreement as a whole and not to any particular section hereof. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">2. <U>Agreement to
Assume Obligations</U>. The Successor hereby agrees to assume the Borrower&#146;s obligations under the Credit Agreement and the Loans on the terms and subject to the conditions set forth in the Credit Agreement and the Loans, and succeed to and be
substituted for, and may exercise every right and power of, the Borrower under the Credit Agreement and the Loans with the same effect as if such Successor has been named as the Borrower in the Credit Agreement and the Loans, and the Borrower shall
thereby be released of its obligations under the Credit Agreement and the Loans. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">3. <U>Confirmation of Guarantee</U>. Each of the
Guarantors hereby confirms that its guarantee shall apply to the Successor&#146;s obligations under the Credit Agreement and the Loans on the terms and subject to the conditions set forth in the Credit Agreement and the Loans. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">4. <U>Notices</U>. All notices or other communications to the Successor or a Guarantor shall be in writing and delivered in person, via facsimile or
mailed by first-class mail addressed as follows: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Intelsat Jackson Holdings, Ltd. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">c/o Intelsat, Ltd. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%;padding-bottom:3px;line-Height:95%; vertical-align:top"><FONT FACE="Times New Roman" SIZE="2">Wellesley House North, 2<SUP>nd</SUP> Floor </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">90 Pitts Bay Road </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">Pembroke, Bermuda HM 08 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">5. <U>Miscellaneous</U>. For any periods or dates which the Successor does not have historical financial
statements available, it shall be entitled to use and rely on the financial statements of its predecessor or successor, as the case may be. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">6. <U>Ratification of Credit Agreement; Assumption and Affirmation </U> </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<FONT FACE="Times New Roman" SIZE="2"><U>Agreement Part of Credit Agreement</U>. Except as expressly amended hereby, the Credit Agreement is in all respects ratified and confirmed and all the
terms, conditions and provisions thereof shall remain in full force and effect. This Assumption and Affirmation Agreement shall form a part of the Credit Agreement for all purposes, and every Lender shall be bound hereby. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">7. <U>Governing Law</U>. <B>THIS ASSUMPTION AND AFFIRMATION AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
NEW&nbsp;YORK.</B> </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">8. <U>Administrative Agent Makes No Representation</U>. The Administrative Agent makes no representation as to the
validity or sufficiency of this Assumption and Affirmation Agreement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">9. <U>Counterparts</U>. The parties may sign any number of copies of
this Assumption and Affirmation Agreement. Each signed copy shall be an original, but all of them together represent the same agreement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">10. <U>Effect of Headings</U>. The Section headings herein are for convenience only and shall not effect the construction thereof. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">IN WITNESS WHEREOF, the parties hereto have caused this Assumption and Affirmation Agreement to be duly
executed as of the date first above written. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="bottom" COLSPAN="3"><FONT FACE="Times New Roman" SIZE="2">INTELSAT JACKSON HOLDINGS, LTD.</FONT></TD></TR>
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<TD VALIGN="top" COLSPAN="3"><FONT FACE="Times New Roman" SIZE="2">INTELSAT (BERMUDA), LTD.</FONT></TD></TR>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">[Assumption and Affirmation Agreement Signature Page] </FONT></P>


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<TD VALIGN="top" COLSPAN="3"><FONT FACE="Times New Roman" SIZE="2">INTELSAT GLOBAL SALES&nbsp;&amp; MARKETING LTD.</FONT></TD></TR>
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<TD VALIGN="top" COLSPAN="3"><FONT FACE="Times New Roman" SIZE="2">INTELSAT USA LICENSE CORP.</FONT></TD></TR>
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<TD VALIGN="top" COLSPAN="3"><FONT FACE="Times New Roman" SIZE="2">INTELSAT UK FINANCIAL SERVICES LTD.</FONT></TD></TR>
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<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">By:</FONT></TD>
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<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Name:</FONT></TD>
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<TD VALIGN="bottom" COLSPAN="3"><FONT FACE="Times New Roman" SIZE="2">BANK OF AMERICA, N.A., AS<BR>ADMINISTRATIVE AGENT</FONT></TD></TR>
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<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Name:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Title:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">[Assumption and Affirmation Agreement Signature Page] </FONT></P>

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