On September 4, 2007, Loral Skynet Corporation, a wholly owned subsidiary of Loral Space & Communications Inc., entered into a Loan and Security Agreement with Valley National Bank. The purpose of the Loan Agreement is to make available to Skynet a loan to fund the redemption of Skynet’s 14 percent Senior Secured Cash/PIK Notes due 2015. Pursuant to the Loan Agreement, Valley National made the Loan in a single advance of $141,050,000, which Skynet used to fund the Note Redemption on September 4, 2007. Amounts outstanding under the Loan bear interest at a rate of 4.10 percent per annum. The Loan Agreement permits Skynet to prepay all or a portion of the amounts outstanding under the Loan at any time prior to maturity without penalty or premium.
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