JOINDER AGREEMENT

Exhibit 10.3

EXECUTION VERSION

JOINDER AGREEMENT

JOINDER AGREEMENT, dated as of February 4, 2008 (this “Agreement”), by and among the Lenders executing this Joinder Agreement (each, an “Incremental Tranche B-2 Term Loan Lender” and, collectively, the “Incremental Tranche B-2 Term Loan Lenders”), INTELSAT CORPORATION (formerly known as PanAmSat Corporation), a Delaware corporation (the “Borrower”) and Credit Suisse, Cayman Island Branch, as Administrative Agent (the “Administrative Agent”).

RECITALS:

WHEREAS, reference is hereby made to the Credit Agreement, dated as of August 20, 2004, as amended and restated as of March 22, 2005 and as further amended and restated as of July 3, 2006 (as amended, supplemented or otherwise modified from time to time, including Amendment No. 2 (as defined below), the “Credit Agreement”), among the Borrower, the lending institutions from time to time parties thereto (each a “Lender” and, collectively, the “Lenders”), the Administrative Agent and the other parties thereto (capitalized terms used but not defined herein having the meaning provided in the Credit Agreement);

WHEREAS, subject to the terms and conditions of the Credit Agreement, the Borrower may establish Incremental Revolving Credit Commitments and/or Incremental Tranche B-2 Term Loan Commitments by, among other things, entering into one or more Joinder Agreements with Incremental Tranche B-2 Term Loan Lenders and/or Incremental Revolving Loan Lenders, as applicable; and

WHEREAS, the Borrower has requested, and each of the Incremental Tranche B-2 Term Loan Lenders has agreed, subject to the terms and conditions hereof, to provide, Incremental Tranche B-2 Term Loans comprised of 33.34% Incremental Tranche B-2-A Term Loans, 33.33% Incremental Tranche B-2-B Term Loans and 33.33% Incremental Tranche B-2-C Term Loans and each Incremental Tranche B-2 Term Loan Lender shall be allocated an equal portion of each;

NOW, THEREFORE, in consideration of the premises and agreements, provisions and covenants herein contained, the parties hereto agree as follows:

Each Incremental Tranche B-2 Term Loan Lender party hereto hereby severally agrees to commit to provide its respective Incremental Tranche B-2 Term Loan Commitment as set forth on Schedule A annexed hereto, on the terms and subject to the conditions set forth below.

Each Incremental Tranche B-2 Term Loan Lender (i) confirms that it has received a copy of the Credit Agreement and the other Credit Documents, together with copies of the financial statements referred to therein and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Agreement; (ii) agrees that it will, independently and without reliance upon the Administrative Agent or any other Incremental Tranche B-2 Term Loan Lender or any other Lender or Agent 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 Credit Agreement; (iii) appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers under the Credit Agreement and the other Credit Documents as are delegated to the Administrative Agent by the terms thereof, together with such powers as are reasonably incidental thereto; and (iv) agrees that it will perform in accordance with their terms all of the obligations which by the terms of the Credit Agreement are required to be performed by it as an Incremental Tranche B-2 Term Loan Lender.

Each Incremental Tranche B-2 Term Loan Lender hereby agrees to make its respective Commitment on the following terms and conditions:

LIBOR Loans

with an initial Interest

Period of 1 month

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IN WITNESS WHEREOF, each of the undersigned has caused its duly authorized officer to execute and deliver this Joinder Agreement as of the date first above written.

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