Interest on the 2024 Lux Notes will accrue at the rate of 12.50% per annum and be payable semi-annually in arrears on May 15 and November 15 of each year, commencing on May 15, 2017. On or after June 1, 2017, Intelsat Luxembourg may redeem all or a portion of the 2024 Lux Notes at any time at a price equal to 100% of the principal amount of the 2024 Lux Notes redeemed, together with accrued and unpaid interest to, but excluding, the redemption date. Prior to June 1, 2017, Intelsat Luxembourg may redeem all or a portion of the 2024 Lux Notes at any time at a price equal to 101.688% of the principal amount of the 2024 Lux Notes redeemed, together with accrued and unpaid interest to, but excluding, the redemption date.