Exhibit 10.8

AGREEMENT OF DISCLOSED PLEDGE

between

NEW SKIES HOLDING B.V.

as Pledgor

and

DEUTSCHE BANK AG, NEW YORK BRANCHE

as Pledgee

Subordinated Intercompany Loan Receivables

Stibbe N.V.

Strawinskylaan 2001

Amsterdam

INDEX

1		DEFINITIONS AND INTERPRETATION
2		PLEDGE
3		ACCESSORY RIGHTS AND ANCILLARY RIGHTS
4		REPRESENTATIONS AND WARRANTIES
5		UNDERTAKINGS
6		CONSENT
7		ENFORCEMENT AND POWER OF ATTORNEY
8		TERMINATION
9		ASSIGNMENT AND INFORMATION
10		RECORDS OF PLEDGEE
11		COSTS
12		NOTICES
13		SUSPENSION OF RIGHTS AND INDEMNITY
14		LIABILITY
15		LIMITATION; WAIVER
16		SECURITY INTEREST ABSOLUTE
17		AMENDMENT OF THIS AGREEMENT
18		GOVERNING LAW AND JURISDICTION
19		SEVERABILITY OF PROVISIONS
20		REMEDIES AND PREVALENCE
21		REGULATORY MATTERS
22		REGISTRATION
23		COUNTERPARTS

ANNEX 1

FORM OF DEFAULT NOTICE

THIS AGREEMENT OF DISCLOSED PLEDGE OF SUBORDINATED INTERCOMPANY LOAN RECEIVABLES IS DATED 2 NOVEMBER 2004

BETWEEN:

1 New Skies Holding B.V., a private company with limited liability (besloten vennootschap), incorporated and existing under the laws of The Netherlands, with corporate seat in Amsterdam, The Netherlands, having its registered address at Rokin 55, 1012 KK Amsterdam, The Netherlands, registered with the Commercial Register under number 34134365 (the “Pledgor”);

2 Deutsche Bank AG, New York Branch, with its principal place of business at 60 Wall Street, New York, New York 10005, United States of America, acting for itself and as Collateral Agent for the Secured Parties, as such term is defined in the Credit Agreement (as defined below), pursuant to the terms of the Credit Agreement (the “Pledgee”).

WHEREAS:

(a) on 2 November 2004, amongst others, New Skies Holding B.V., the Pledgor, the Lenders party thereto, the Pledgee (as Administrative Agent and as Collateral Agent for the Secured Parties), ABN AMRO Bank N.V. (as Syndication Agent) and Deutsche Bank Securities Inc. and ABN AMRO Incorporated (as Joint Lead Arrangers) entered into a USD 535,000,000 Credit Agreement (the “Credit Agreement”);

(b) on the terms and subject to the conditions set forth in the Credit Agreement the Lenders are willing to extend senior secured credit to the Borrowers (as defined in the Credit Agreement);

(c) as a condition to the (continuing) availability of such credit the Pledgor and the Pledgee have entered into the Holdings Guarantee (the “Guarantee”) dated 2 November 2004 pursuant to which the Pledgor guarantees the Guaranteed Obligations (as defined in the Guarantee) in favour of the Pledgee (as Collateral Agent); and

(d) in order to secure and provide for the payment and discharge of, inter alia, the obligations of the Pledgor under or pursuant to the Guarantee, the Pledgor and the Pledgee have agreed that the Pledgor shall enter into this Agreement of Disclosed Pledge of Subordinated Intercompany Loan Receivables.

IT IS HEREBY AGREED AS FOLLOWS:

1 DEFINITIONS AND INTERPRETATION

1.1 All capitalised terms used in this Agreement of Disclosed Pledge of Subordinated Intercompany Loan Receivables (the “Agreement”), including the recitals, and not otherwise defined herein shall have the meaning assigned to them in the Credit Agreement or the Guarantee.

1.2 a. Headings are for convenience of reference only.

b. Where the context so permits, the singular includes the plural and vice versa.

c. Save where the contrary is indicated, any reference in this Agreement to the parties or a party to this Agreement shall be construed so as to include its or their respective successors, transferees and assigns from time to time and any successor of such a successor, transferee or assign in accordance with their respective interests.

d. A “Clause” and a “subclause” shall, subject to any indication to the contrary, be construed as a reference to a clause and subclause hereof.

e. References to the Credit Agreement, the Facility, the (other) Loan Documents, the Guarantee, this Agreement, the Swap Agreements or any other agreement or document shall, where applicable, be deemed to be references to such Credit Agreement, the Facility, the (other) Loan Documents, the Guarantee, this Agreement, the Swap Agreements or such other agreement or document as the same may have been, or may from time to time be, extended, prolonged, amended, restated, supplemented, renewed or novated, as persons may accede thereto as a party or withdraw therefrom as a party in part or in whole or be released thereunder in part or in whole, and as facilities and financial services are or may from time to time be granted, extended, prolonged, increased, reduced, cancelled, withdrawn, amended, restated, supplemented, renewed or novated thereunder.

f. A statute or statutory provision shall be construed as a reference to such statute or statutory provision as the same may have been, or may from time to time be, amended or re-enacted and all instruments, orders, plans, regulations, by-laws, permissions and directions at any time made thereunder.

g. References to the Dutch Civil Code are references to het Nederlands Burgerlijk Wetboek, references to the Dutch Bankruptcy Act are references to de Nederlandse Faillissementswet.

1.3 In this Agreement the following words and expressions shall have the following meaning:

“Debtor” means New Skies Satellites B.V.;

“Default Notice” means the default notice substantially in the form of Annex 1 hereto;

“Equivalent Sum” has the meaning ascribed thereto in Clause 6.4 below;

“Original Payment” has the meaning ascribed thereto in Clause 6.4 below;

“Pledged Collateral” means the Receivables;

“Receivables” means any and all receivables of the Pledgor against New Skies Satellites B.V. under or pursuant to the USD 153,000,000 Subordinated Intercompany Loan Agreement between the Pledgor as Lender and New Skies Satellites B.V. as Borrower whether now existing or hereafter created or arising;

“Rights of Pledge” means the rights of pledge created under this Agreement;

“Secured Obligations” means any and all (monetary) obligations of the Pledgor under or pursuant to the Guarantee (whether now existing or hereafter created or arising) together with all monies and liabilities payable or to be discharged by the Pledgor pursuant to the terms of this Agreement; and

“Security Period” means the period beginning on the date hereof and ending on the earlier date upon which (a) all Secured Obligations have been irrevocably paid and discharged, or have ceased to exist, no Swap Agreements are outstanding and all Commitments under the Credit Agreement have been terminated and (b) all Rights of Pledge have been released and discharged by the Pledgee in accordance with Clause 8.2 below.

2 PLEDGE

2.1 The Pledgor hereby agrees with the Pledgee and hereby undertakes that the Pledgor shall grant to the Pledgee the rights of pledge purported to be granted under and pursuant to this Agreement.

2.2 As security for the payment and discharge in full, when due (whether at stated maturity, by acceleration or otherwise), of the Secured Obligations, the Pledgor hereby grants, for the duration of the Security Period, to the Pledgee a first ranking disclosed right of pledge (openbaar pandrecht eerste in rang), over all Receivables and, to the extent it concerns future Receivables, hereby grants in advance (verpanden bij voorbaat) to the Pledgee a first ranking right of pledge over such future Receivables and the Pledgee hereby accepts such rights of pledge.

2.3 The Pledgee hereby notifies the Debtor of the Right of Pledge required pursuant to section 3:236 (2) in conjunction with section 3:94 of the Dutch Civil Code and the Debtor hereby acknowledges such notification by countersigning this Agreement.

2.4 The Pledgor irrevocably and unconditionally undertakes to take such action (including the execution of documents to be made up in form and substance satisfactory to the Pledgee) as and when the Pledgee deems necessary in its reasonable opinion from time to time to create, perfect and maintain a valid and enforceable first priority right of pledge in favour of the Pledgee with respect to the Receivables, including, if required, the registration and filing of this Agreement with the Belastingdienst Amsterdam Afdeling Registratie Unit no later than 10 business days after the date of this Agreement, and the payment of any stamp, registration, notary or other taxes and fees in connection therewith. As soon as reasonably practicable after such registration or filing, the Pledgee will be provided with a copy of this Agreement together with proof of registration or filing, as the case may be.

2.5 Each of the Rights of Pledge is one and indivisible (één en ondeelbaar). Partial fulfilment of any of the Secured Obligations shall not extinguish the Rights of Pledge proportionally.

3 ACCESSORY RIGHTS AND ANCILLARY RIGHTS

3.1 The Rights of Pledge include all accessory rights (afhankelijke rechten) and all ancillary rights (nevenrechten) attached to the Receivables.

4 REPRESENTATIONS AND WARRANTIES

4.1 The Pledgor represents and warrants that the following is true and correct on the date of this Agreement and each time any future Receivable will be pledged to the Pledgee:

(i) the Pledgor holds full and exclusive title to the Receivables existing at the time the representation is made from time to time and is authorised (beschikkingsbevoegd) to create a right of pledge thereover; and

(ii) except for the Rights of Pledge created pursuant to this Agreement and any encumbrances or liens permitted by the Credit Agreement, the Receivables have not been encumbered with any attachment (beslag) or any rights in rem (beperkte rechten), none of the Receivables have been assigned or pledged in advance and all Receivables can be pledged to the Pledgee.

5 UNDERTAKINGS

5.1 Except to the extent permitted pursuant to the Credit Agreement, the Pledgor undertakes not to waive without the prior written consent of the Pledgee (not to be unreasonably withheld or delayed), any accessory rights (afhankelijke rechten) or ancillary rights (nevenrechten) attached to the Receivables and in general not to perform any acts which result or could result in a material reduction of the value of the Receivables.

5.2 Except to the extent permitted pursuant to the Credit Agreement, the Pledgor shall not, without the prior written consent of the Pledgee (not to be unreasonably withheld or delayed), transfer or further pledge or otherwise encumber any of the Receivables, or agree to a court settlement or an out-of-court settlement (gerechtelijk or buitengerechtelijk akkoord) in respect of the Receivables.

5.3 The Pledgor shall, at the Pledgee’s first request acting reasonably, provide in the English language the Pledgee all information and supporting documentation relating to the Receivables and allow the Pledgee to inspect its administrative records during office hours, all of the foregoing to the extent required by the Pledgee acting reasonably for the purpose of this Agreement.

5.4 The Pledgor shall forthwith inform the Pledgee of any attachment (beslag) over any of the Receivables with an individual or joint value of EUR 50,000 or more. The Pledgor shall:

(i) send the Pledgee a copy of the relevant attachment or seizure documentation as well as all other documents required under applicable law for challenging the attachment or seizure (if and to the extent possible);

(ii) notify the third party or the court process server acting on behalf of such third party in writing of the Pledgee’s interest over the Receivables; and

(iii) take such measures as may reasonably be required to protect the Pledgee’s interest over the Receivables.

5.5 The Pledgor covenants for the benefit of the Pledgee throughout the Security Period to co-operate with the Pledgee in the collection and recovery of the Receivables and to render all reasonable assistance as may be required pursuant to any exchange regulations and/or foreign statutory rules or other rules, including the taking of any legal action that the Pledgee may deem necessary in connection therewith after the issuance of a Default Notice to it.

5.6 In addition and without prejudice to the obligations of the Pledgor pursuant to Clauses 5.3 and 5.4 above, the Pledgor shall notify the Pledgee promptly of any event or circumstance which

could reasonably be of importance to the Pledgee with a view to the preservation and exercise of the Pledgee’s rights under or pursuant to this Agreement.

6 CONSENT

6.1 In accordance with section 3:246 of the Dutch Civil Code, the Pledgee is entitled to demand the performance judicially and extra-judicially of and to receive payment with respect to, the Receivables. The Pledgee hereby revocably authorises the Pledgor to demand the performance judicially and extra-judicially of and to receive payment from the Debtor with respect to, the Receivables. The Pledgee hereby notifies the Debtor of this authorisation and the Debtor hereby acknowledges such notification by countersigning this Agreement.

6.2 Upon the issuance of the Default Notice to the Pledgor, the authorisation granted to the Pledgor to demand the performance judicially and extra-judicially of and to receive payment will terminate. In such case, the Pledgee will notify the Debtor by sending it a copy of the Default Notice. The Pledgor shall give its prompt and full co-operation in connection herewith.

6.3 If the Pledgee has the right to demand the performance judicially and extra-judicially of and to receive payment with respect to, an Receivables, it shall also have the right to enter into court settlement or out-of-court settlement (gerechtelijk of buitengerechtelijk akkoord) regarding such Receivables.

6.4 If the Debtor makes any payment (the “Original Payment”) to the Pledgor in respect of a Receivable after it has been notified by the Pledgee that the authorisation granted pursuant to Clause 6.1 above has terminated, the Pledgor shall immediately transfer to the Pledgee a sum equal to the amount paid by the Debtor (the “Equivalent Sum”) to the Pledgor, without prejudice to any remedy which the Pledgee may have against the Debtor, provided, however, that to the extent the Pledgee has received payment of any part of the Equivalent Sum from the Pledgor, the Debtor will as a result be released for such part of its payment obligation towards the Pledgee in respect of the Original Payment.

7 ENFORCEMENT AND POWER OF ATTORNEY

7.1 Without prejudice to any other right or remedy available to the Pledgee, the Pledgee, by issuing the Default Notice upon the occurrence of an Event of Default to the Pledgor, may declare the Rights of Pledge immediately enforceable against the Pledgor without any notice of default being required and the Pledgee may immediately exercise in respect of any and all of the Receivables any and all of its rights and powers set out in this Agreement (subject to restrictions following from mandatory provisions of law) irrespective of whether the Pledgee

or any of the Secured Parties shall have proceeded against or claimed payment from any party liable for any of the Guaranteed Obligations.

7.2 To the extent necessary, the Pledgor agrees for the benefit of the Pledgee that upon a default in the performance of any of the Guaranteed Obligations, it shall be deemed to be in default (verzuim) in respect of its Secured Obligations within the meaning of section 3:248 (1) and 6:81 of the Dutch Civil Code without any further notice or action being necessary. For the avoidance of doubt, a default in the performance of the Guaranteed Obligations shall have occurred, inter alia, upon the taking by the Administrative Agent of any of the actions referred to in the final paragraph of section 7.01 of the Credit Agreement.

7.3 To the fullest extent permitted by law, the Pledgor waives (which waiver the Pledgee hereby accepts) any right it may have (i) pursuant to section 3:234 of the Dutch Civil Code to demand, in the event that the Pledgee enforces the Rights of Pledge, that the Pledgee shall also enforce any of the security interests (zekerheidsrechten) granted by any other Loan Parties and (ii) of requiring the Pledgee to firstly proceed against or claim payment from any person or entity or enforce any guarantee or security granted by any other person or entity before enforcing the Rights of Pledge and/or any other rights under this Agreement.

7.4 The Pledgor will not be entitled to request the summary proceedings judge (voorzieningenrechter) of the district court to order that (i) the Receivables shall be sold in a manner deviating from the provision of section 3:250 of the Dutch Civil Code or (ii) it is entitled to exercise its rights with respect to the Receivables pursuant to section 3:246 (4) of the Dutch Civil Code.

7.5 In the event that the Pledgee forecloses or intends to foreclose the Rights of Pledge, it will not be obliged to give notice (thereof) (as provided in section 3:249 and section 3:252 of the Dutch Civil Code) to the Pledgor or any person having the benefit of an encumbrance on Receivables comprised in such Rights of Pledge (save as may be otherwise provided in the Credit Agreement).

7.6 The Pledgee shall apply the proceeds of the Receivables and the foreclosure of the Rights of Pledge or any of them in satisfaction of the Secured Obligations and/or the Guaranteed Obligations, in each case in accordance with Section 9.23 of the Credit Agreement.

7.7 In addition to the undertakings contained in Clause 2.4 above, the Pledgor shall at any time, upon written request of the Pledgee after the issuance of a Default Notice to the Pledgor, execute and cause to be filed, at the Pledgor’s expense, such documents and instruments, and do such other acts and things, as the Pledgee may reasonably deem desirable in obtaining the full benefits of this Agreement (including the protection and preservation of its rights) and of

the rights and powers granted hereunder or granted to a pledgee under the laws of the Netherlands.

7.8 The Pledgor hereby grants to the Pledgee (and any of its delegates) an irrevocable power of attorney in accordance with section 3:74 (1) of the Dutch Civil Code to, following the issuance of a Default Notice to it and during the continuance of an Event of Default, perform all acts and execute all documents in order to perfect or implement this Agreement on its behalf, and to take all actions which are necessary for the Pledgee (and any of its delegates) to create, maintain, protect, preserve and exercise its rights under this Agreement. The parties agree that section 3:68 (Selbsteintritt) of the Dutch Civil Code will not apply and to the extent necessary, the Pledgor hereby waives any rights it may have under section 3:68 of the Dutch Civil Code, which waiver the Pledgee hereby accepts.

8 TERMINATION

8.1 The Pledgee is entitled to terminate (opzeggen) in whole or in part any Right of Pledge and the contractual arrangements set forth herein. Notice of termination must be given in writing by the Pledgee to the Pledgor.

8.2 The Rights of Pledge or any of them shall terminate by operation of law when all Secured Obligations have been unconditionally and irrevocably paid and discharged in full, no Letters of Credit or Swap Agreements are outstanding and all Commitments under the Credit Agreement have terminated. At the request of the Pledgor, the Pledgee shall confirm such termination to the Pledgor in writing and will execute all documents reasonably requested by the Pledgor in relation thereto (at the expense of the Pledgor).

9 ASSIGNMENT AND INFORMATION

9.1 Subject to the relevant provisions of the Credit Agreement, the Pledgee (but not, for the avoidance of doubt, the Pledgor) shall be entitled to assign and/or transfer all or part of its rights and obligations under this Agreement to any assignee and/or transferee.

9.2 The Pledgor hereby in advance gives its irrevocable consent to (geeft toestemming bij voorbaat) within the meaning of section 6:156 of the Dutch Civil Code and hereby in advance irrevocably co-operates with (verleent bij voorbaat medewerking aan), within the meaning of sections 6:159 and 6:156 of the Dutch Civil Code, any such assignment and/or transfer executed in accordance with the relevant provisions of the Credit Agreement, including by means of an assumption of debt (schuldoverneming) or transfer of agreement (contractsoverneming), as the case may be, hereunder.

9.3 The Pledgee shall be entitled to impart any information concerning the Pledgor to any successor or proposed successor, subject to the confidentiality provisions of the Credit Agreement.

10 RECORDS OF PLEDGEE

Subject to proof to the contrary, the records of the Pledgee shall be conclusive evidence (dwingend bewijs) of the existence and amount of the Secured Obligations and the Guaranteed Obligations, subject to and in accordance with the terms of the Credit Agreement.

11 COSTS

Subject to any provision to the contrary herein, all costs incurred in connection with the creation of the Rights of Pledge and the performance by the parties of their rights and obligations under this Agreement shall be for the account of the persons or entities designated in clause 9.05 of the Credit Agreement and shall be settled in accordance therewith.

12 NOTICES

Any notices and other communications under or in connection with this Agreement shall be given in accordance with clause 9.01 of the Credit Agreement.

13 SUSPENSION OF RIGHTS AND INDEMNITY

13.1 Throughout the Security Period, the Pledgor shall not:

(i) receive, claim or have the benefit of any payment, distribution or security from or on account of any Loan Party under any indemnity or otherwise or exercise its rights of defence, suspension, retention, set off or counter claim as against any Loan Party;

(ii) take recourse (verhaal) or take any other step to enforce any right against any Loan Party or its respective assets; and

(iii) claim or vote in competition with the Pledgee or any of the other Secured Parties in the bankruptcy, suspension of payment or liquidation or analogous circumstance of any Loan Party,

in each case, except in such manner and upon such terms as the Pledgee, acting reasonably, may require. Any payment, distribution or security received by the Pledgor contrary to the

provisions of this Agreement shall be received and held by the Pledgor as custodian (bewaarnemer) (or, if possible under applicable law, on trust) for the benefit of the Pledgee and the other Secured Parties and shall, pending payment or transfer to the Pledgee, to the extent legally possible, be segregated from the other assets of the Pledgor and shall be forthwith paid over or transferred to the Pledgee. If notwithstanding the above the Pledgor exercises any right of defence, suspension, retention, set off or counter claim in respect of any amount, it shall forthwith pay an amount equal to such amount to the Pledgee.

14 LIABILITY

The Pledgee shall not be liable to the Pledgor under or pursuant to this Agreement except for its wilful misconduct (opzet) or gross negligence (grove schuld).

15 LIMITATION; WAIVER

The Pledgor waives, to the fullest extent permitted by law, its right (i) to dissolve this Agreement, pursuant to section 6:265 of the Dutch Civil Code or on any other ground or (ii) to avoid this Agreement, including but not limited to error (dwaling), which waiver the Pledgee hereby accepts.

16 SECURITY INTEREST ABSOLUTE

16.1 All rights of the Pledgee, the Rights of Pledge and all obligations of the Pledgor hereunder shall be absolute and unconditional irrespective of:

(i) any change in the time, manner or place of payment of the Guaranteed Obligations and/or the Secured Obligations or any change of or amendment to any other Loan Document and any other document related thereto, or any other agreement or instrument relating to any of them; or

(ii) any exchange, release or non perfection of any other collateral, or any release or amendment or waiver of or consent to any departure from any other collateral for the Guaranteed Obligations and/or the Secured Obligations.

17 AMENDMENT OF THIS AGREEMENT

This Agreement may only be amended by a written agreement between the Pledgor and the Pledgee (with the consent of the Required Secured Parties).

18 GOVERNING LAW AND JURISDICTION

18.1 This Agreement shall be governed by and construed in accordance with the laws of The Netherlands.

18.2 The Pledgor consents to the exclusive jurisdiction of the courts of Amsterdam, The Netherlands. The Pledgor hereby waives any objection that it may now or hereafter have to the jurisdiction of such courts, which waiver the Pledgee hereby accepts. This Clause is for the benefit of the Pledgee only and shall not limit its right to bring proceedings against the Pledgor in connection with this Agreement or any Loan Document in any other court of competent jurisdiction or (to the extent allowed by law) concurrently in more than one jurisdiction.

19 SEVERABILITY OF PROVISIONS

19.1 Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or affecting the validity or enforceability of such provision in any other jurisdiction.

19.2 The parties hereto agree that they will negotiate in good faith to replace any provision hereof held invalid, illegal or unenforceable as set out in Clause 19.1 above with a valid provision which is as similar as possible in substance to the invalid, illegal or unenforceable provision.

20 REMEDIES AND PREVALENCE

20.1 The rights and remedies of the Pledgee herein, and the obligations, representations and warranties of the Pledgor herein, are cumulative and are not exclusive of any rights or remedies of the Pledgee, or obligations, representations or warranties of the Pledgor, conferred or imposed by law, the Credit Agreement, the Guarantee or any other Loan Document.

20.2 To the extent there is a conflict between the provisions of the Credit Agreement and the provisions of this Agreement, the provisions of the Credit Agreement shall prevail (but only to the extent that the validity and enforceability of the pledges created pursuant this Agreement and the powers of attorney given pursuant this Agreement are not affected as a consequence).

21 REGULATORY MATTERS

21.1 Notwithstanding anything to the contrary contained in this Agreement or any of the other Security Documents, the rights of the Pledgee and the other Secured Parties hereunder and

under the other Security Documents are subject to all applicable rules and regulations of the FCC and other Governmental Authorities with jurisdiction over Debtor and its subsidiaries. Without limiting the foregoing, the Pledgee will not take any action (or authorize any other party to take any action on its behalf) which would constitute or result in an assignment or change of control of any governmental permits, licenses, or other authorizations, including without limitation those issued by the FCC, now held by or to be issued to Debtor or any of its subsidiaries which would require prior notice to or approval from any Governmental Authority, or otherwise take action hereunder which would require prior notice to or approval from any Governmental Authority, in each case without first providing such notice or obtaining such prior approval of the relevant Governmental Authorities.

21.2 Upon and after the issuance of a Default Notice, the Debtor shall take any action which the Pledgee may reasonably request in the exercise of its rights and remedies under this Agreement in order to transfer or assign the Collateral to the Pledgee or to such one or more third parties as the Pledgee may designate, or to a combination of the foregoing. To enforce the provisions of this Clause 21, upon and after the issuance of a Default Notice, the Pledgee is empowered to seek from the FCC and any other Governmental Authority, to the extent required, consent to or approval of any involuntary assignment or transfer of control of any entity whose Collateral is subject to this Agreement for the purpose of seeking a bona fide purchaser to whom the Collateral will be assigned and control will ultimately be transferred. Debtor agrees to cooperate with any such purchaser and with the Pledgee in the preparation, execution and filing of any applications and other documents and providing any information that may be necessary or helpful in obtaining the FCC’s or such other Governmental Authority’s consent to the assignment to such purchaser of the Collateral. Debtor hereby agrees to consent to any such an involuntary transfer of control upon the request of the Pledgee upon and after the issuance of a Default Notice and, without limiting any rights of the Pledgee under this Agreement, to authorize the Pledgee to nominate a trustee or receiver to assume control of the Collateral, subject only to required judicial, FCC or other consent required by Governmental Authorities, in order to effectuate the transactions contemplated in this Clause 21. Such trustee or receiver shall have all the rights and powers as provided to it by law or court order, or to the Pledgee under this Agreement. Debtor shall cooperate fully in obtaining the consent of the FCC and the approval or consent of each other Governmental Authority required to effectuate the foregoing.

21.3 Upon and after the issuance of a Default Notice, Debtor shall use its best efforts to assist in obtaining consent or approval of the FCC and any other Governmental Authority, if required, for any action or transactions contemplated by this Agreement, including, without limitation, the preparation, execution and filing with the FCC of the transferor’s or assignor’s portion of any application or applications for consent to the transfer of control or assignment necessary or appropriate under the FCC’s rules and regulations for approval of the transfer or assignment of any portion of the Collateral.

21.4 Debtor hereby acknowledges and agrees that the Collateral is a unique asset and that a violation of Debtor’s covenant to cooperate with respect to any regulatory consents would result in irreparable harm to the Pledgee for which monetary damages are not readily ascertainable. Debotr further agrees that, because of the unique nature of its undertaking in this subclause 21.4, the same may be specifically enforced, and it hereby waives, and agrees to waive, any claim or defense that the Pledgee would have an adequate remedy at law for the breach of this undertaking.

21.5 Without limiting the obligations of Debtor hereunder in any respect, Debtor further agrees that if Debtor, upon and after the issuance of a Default Notice, should fail or refuse to execute any application or other document necessary or appropriate to obtain any governmental consent necessary or appropriate for the exercise of any right of the Pledgee hereunder, Debtor agrees, to the extent consistent with applicable law, that such application or other document may be executed on Debtor’s behalf by the clerk of any court or other forum in any competent jurisdiction without notice to the Debtor.

22 REGISTRATION

22.1 The Pledgee is irrevocably authorised to present this Agreement and any agreement pursuant hereto for registration to the Belastingdienst Amsterdam Afdeling Registratie Unit in The Netherlands.

23 COUNTERPARTS

23.1 This Agreement may be executed in any number of counterparts and by way of facsimile exchange or email of executed signature pages, all of which taken together shall constitute one and the same agreement.

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This Agreement has been entered into on 2 November 2004.

THE PLEDGOR


NEW SKIES HOLDING B.V.


/s/ Wladi Rabiej
By: Wladi Rabiej
Title: attorney in fact


THE PLEDGEE

DEUTSCHE BANK AG, NEW YORK BRANCH


/s/ Philip Phoelich
By: Philip Phoelich
Title: attorney in fact


THE DEBTOR

NEW SKIES SATELLITES B.V.


/s/ Wladi Rabiej
By: Wladi Rabiej
Title: attorney in fact