In-orbit acceptance and the repayment profile
A satellite earns nothing until it is launched, tested in orbit and accepted from the manufacturer. Export credit and construction loans therefore tie the start of repayment to in-orbit acceptance, with a long-stop date in case acceptance is late.
2 filed extracts and the negotiating points for each side are for subscribers.
Launch delay, rebooking and termination
Launch contracts allocate the risk of a missed launch window. Rideshare terms in particular protect the launch provider: if the satellite is late, the rocket flies without it and the price is kept, while the customer's remedy for the provider's own delay may only arrive after a year.
3 filed extracts and the negotiating points for each side are for subscribers.
Launch insurance and in-orbit cover
Lenders require launch insurance bound well before launch, covering the satellite from ignition through a test period in orbit, for an amount at least equal to the replacement cost. Constellation financings may then stop requiring insurance on each satellite once the launch cover ends.
5 filed extracts and the negotiating points for each side are for subscribers.
Loss payee and insurer notices
Insurance only protects lenders if claims are paid to them and the policy cannot lapse without warning. The facility therefore names the security agent as first loss payee and requires insurers to notify the agent of any cancellation or change.
2 filed extracts and the negotiating points for each side are for subscribers.
Total loss and partial loss prepayment
If the satellite is lost, the insurance proceeds repay the loan. Partial loss proceeds above a threshold also repay the loan unless they are used to restore or replace the lost capacity.
3 filed extracts and the negotiating points for each side are for subscribers.
Security over FCC licences and their proceeds
A US lender cannot take a security interest in an FCC licence itself, but can take security over the proceeds of a sale of the licence and the rights that go with it. Security agreements say exactly that.
2 filed extracts and the negotiating points for each side are for subscribers.
Enforcement subject to FCC and export approvals
Lenders can only take control of a licensed satellite operator with the regulators' consent. Security agreements keep voting rights with the owner until the FCC approves a transfer, and require the operator to help with the filings.
3 filed extracts and the negotiating points for each side are for subscribers.
Guide: Security over satellites and the Cape Town Space Protocol
The rest of this tool covers the filed wording for every clause with a link to the document, and the negotiating points for lenders and for operators. It is free with a work email, along with the full guides and the register downloads.
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General information on public documents and law as at 28 Oct 2026, not legal advice on any transaction. Filed wording is quoted from the public document linked to it.