Document:

Exhibit 10.48

 

	To:	Globalstar, Inc.
	 	300 Holiday Square Boulevard
	 	Covington, Louisiana 70433
	 	United States of America
	 	Attention: James Monroe III

 

	From:	BNP Paribas, as the COFACE Agent
	 	 
	Date:	21st November 2012

 

By Express Mail and E-mail

 

Dear Sirs,

 

Waiver Letter No.12 - COFACE Facility

 

 

	1.	We refer to:
	 	 
		(a)	the facility agreement dated 5 June 2009 between
Globalstar, Inc. as the Borrower, BNP Paribas, Societe Generale, Natixis, Credit Agricole Corporate and Investment Bank and Credit
Industriel et Commercial as the Mandated Lead Arrangers, BNP Paribas as the Security Agent and the COFACE Agent and the banks and
financial institutions listed in schedule 1 (Lenders and Commitments) thereto as the Original Lenders, as amended from time
to time (the "Facility Agreement");
	 	 	 

		(b)	the accounts agreement dated 5 June 2009 between
the Borrower, Thermo, the Offshore Account Bank, the Security Agent and the COFACE Agent (as amended and restated pursuant to the
deed of waiver and amendment No.7 dated 30 September 2011) (the "Accounts Agreement");
	 	 	 

		(c)	the reservation of rights letter dated 29 June 2012 from the COFACE
Agent to the Borrower (the "Reservation of Rights Letter");

		(d)	the amendment and waiver request letter dated
3 July 2012 from the Borrower to the COFACE Agent setting out, among other things, certain Defaults (the "Relevant Defaults");
and
	 	 	 

		(e)	the contingent equity funding notice dated
5 November 2012 from the Borrower to BNP Paribas and Thermo and an updated schedule delivered by the Borrower to the COFACE Agent
on 16 November 2012 setting out in detail the nature of the Deficiency (as such term is defined in the Accounts Agreement) (the
"Deficiency Schedule").

 

		2.	Unless otherwise defined herein, terms and expressions
defined in the Reservation of Rights Letter shall have the same meaning when used in this letter (the "Letter").

 

    	

    	 

    

 

		3.	We write to you in our capacity as COFACE Agent under
the Finance Documents acting in our capacity as facility agent and Chef de File for and on behalf of the Finance Parties.
	 	 	 
	 	4.	As at the date of this Letter, certain Events of Default
have occurred and are continuing.

 

 

		5.	Pursuant to clause 6.2 (Permitted Withdrawals from
the Thermo Contingent Equity Account and the Borrower Contingent Equity Account) of the Accounts Agreement, no amounts may
be withdrawn from the Thermo Contingent Equity Account in accordance with clause 6.3(a)(ii)(B) (Contingent Equity Funding)
of the Accounts Agreement if a Default has occurred and is continuing.

 

		6.	Notwithstanding that certain Events of Default have
occurred prior to the date of this Letter and are continuing, subject to the terms of this Letter the COFACE Agent (acting on
the instructions of the Majority Lenders) agrees to waive on a temporary basis until the earlier of:

 

(a)31 January 2013;
and

 

(b)the
occurrence of an Event of Default which arises after the date of this Letter, (such date, the "Waiver
End-Date") the requirement that, pursuant to clause 6.2 (Permitted Withdrawals from the Thermo Contingent Equity
Account and the Borrower Contingent Equity Account) of the Accounts Agreement, "no Default has occurred and is
continuing" solely for the purpose of permitting transfers from the Thermo Contingent Equity Account to the
Collection Account in accordance with the Accounts Agreement.

 

		7.	For the avoidance of doubt, no transfer from the Thermo
Contingent Equity Account to the Collection Account will be permitted unless the Borrower has complied with all the terms and
conditions set out in clause 6 (Thermo Contingency Equity Account) of the Accounts Agreement (other than the requirement
that "no Default has occurred and is continuing" which is waived subject to the terms of this Letter).

 

		8.	As a condition to the Lenders granting the temporary
waiver referred to in paragraph 6 above, the Lenders agree to permit a transfer from the Thermo Contingent Equity Account to the
Collection Account on a date no earlier than the date of this Letter in an aggregate amount not to exceed six million nine hundred
and seventy five thousand Dollars (US$6,975,000) of which:

 

		(a)	six million two hundred thousand Dollars (US$6,200,000) is to be
applied solely in payment of the Deficiencies identified in the Deficiency Schedule; and
	 	 	 

		(b)	seven hundred and seventy-five thousand Dollars (US$775,000) (the
"Advisors Fees Amount"), in relation to which:

(i)two
hundred and seventy five thousand Dollars (US$275,000) of the total aggregate amount of the Advisors Fees Amount shall be
held on an account to be held with, and in the name of, the COFACE Agent in respect of professional fees, costs and
expenses incurred, or anticipated to be incurred, by FTI Consulting; and

(ii)five hundred thousand Dollars (US$500,000)
of the total aggregate amount of the Advisors Fees Amount shall be held on an account to be held with, and in the name of, the
COFACE Agent in respect of professional fees, costs and expenses incurred, or anticipated to be incurred, by White & Case
LLP as legal advisors to the Finance Parties, in each case, prior to the Waiver End-Date.

 

    	2

    	 

    

 

 

		9.	If the professional fees, costs and expenses referred
to in paragraph 8 above amount to:

 

		(a)	in
the case of FTI Consulting only, less than two hundred and seventy five thousand Dollars (US$275,000);
	 	 	 

		(b)	in
the case of White & Case LLP only, less than five hundred thousand Dollars (US$500,000); and/or
	 	 	 

		(c)	in
the case of FTI Consulting and White & Case LLP together, less than the Advisors Fees Amount, as determined
by the COFACE Agent on the basis of the invoices submitted by FTI Consulting and White & Case LLP for their respective services
for the period up to and including the Waiver End-Date (such invoices to be submitted within ten (10) Business Days of the Waiver
End-Date) then, subject to the terms of the Finance Documents, the Borrower shall be entitled to a reimbursement of any unapplied
portion of the Advisors Fee Amount. Within ten (10) Business Days of receipt of such invoices, the COFACE Agent shall notify the
Borrower of the amount to be reimbursed to it, and shall transfer such amount from the relevant account to the Collection Account,

 

		10.	The granting of the temporary waiver referred to in
paragraph 6 above shall in no circumstances be construed to be, other than for the sole purpose described above, a waiver of:

 

		(a)	any Relevant Default; or
	 	 	 

		(b)	any
other Default which has occurred or which may occur in the future (and whether or not any Finance Party is aware of the same),
including, but not limited to, any rights which may arise under clause 24 (Remedies upon an Event of Default) of the Facility
Agreement.
	 	 	 
	11.	This Letter is provided without prejudice to:

 

		(a)	the Reservation of Rights Letter; and
	 	 	 

		(b)	each Obligor's continuing obligations under the Finance Documents
to which it is a party and which continuing obligations shall remain in full force and effect.

 

    	3

    	 

    

 

		12.	As a condition to the Lenders granting the temporary
waiver referred to in paragraph 6 above, the Borrower shall pay to the COFACE Agent and each COFACE Lender the "Waiver
Fees" (as such term is defined in the sixth amendment letter to the Facility Agreement dated 30 March 2011 and entered
into between, amongst others, the Obligors and certain other parties to the Facility Agreement) no later than the date that is
five (5) Business Days after the date of this Letter.
	 	 	 
	 	13.	Each Obligor confirms in favour of the COFACE Agent that:

 

		(a)	it hereby agrees to the terms and conditions of this Letter; and
	 	 	 

		(b)	notwithstanding this Letter, each Finance Document to which it is
a party remains in full force and effect and the rights, duties and obligations of each Obligor are not, except as expressly stated
to the contrary in this Letter, released, discharged or impaired by this Letter.

 

		14.	The following provisions of the Facility Agreement are
incorporated into this Letter, mutatis mutandis, as if set out in this Letter with references to "this Agreement"
being construed as references to this Letter: clauses 17 (Costs and Expenses), 35 (Partial Invalidity), 38 (Counterparts),
39 (Governing Law) and 40 (Enforcement).
	 	 	 
	 	15.	This Letter shall constitute a Finance Document.

		16.	Any failure by the Borrower to comply with this Letter
shall, subject to any applicable grace periods under the Finance Documents, constitute an Event of Default.

 

		17.	Other than as set out in this Letter, each Finance
Document shall remain in full force and effect. Each Finance Party reserves all other rights or remedies it may have now or in
the future.

 

		18.	Other than in respect of each Finance Party, a person
who is not a party to this Letter may not rely on it and the terms of the Contracts (Rights of Third Parties) Act 1999 are excluded.

 

Please confirm your acceptance of and agreement
to, the provisions of this Letter by signing and dating the enclosed copy of this Letter and returning it to the COFACE Agent.

 

Yours faithfully

 

/s/ Jean Philippe Poirier

 

/s/ E. Galzy

 

For and on behalf of

BNP Paribas

as COFACE Agent for and on behalf of the Finance Parties

 

    	4

    	 

    

 

Acknowledged and agreed

For and on behalf of

Globalstar, Inc.

as Borrower

 

/s/ James Monroe III

By: James Monroe III

Title: CEO

Date: 11/21/12

 

 

Acknowledged and agreed

For and on behalf of

Thermo Funding Company LLC

as Obligor

 

/s/ James Monroe III

By: James Monroe III

Title: Manager

Date: 11/21/12

 

Acknowledged and agreed

For and on behalf of

GSSI, LLC

as Subsidiary Guarantor

 

/s/ James Monroe III

By: James Monroe III

Title: CEO

Date: 11/21/12

 

Acknowledged and agreed

For and on behalf of

Globalstar Security Services, LLC

as Subsidiary Guarantor

 

/s/ James Monroe III

By: James Monroe III

Title: CEO

Date: 11/21/12

 

Acknowledged and agreed

For and on behalf of

Globalstar C, LLC

as Subsidiary Guarantor

 

/s/ James Monroe III

By: James Monroe III

Title: CEO

Date: 11/21/12

 

    	5

    	 

    

 

 

Acknowledged and agreed

For and on behalf of

Globalstar USA, LLC

as Subsidiary Guarantor

 

/s/ James Monroe III

By: James Monroe III

Title: CEO

Date: 11/21/12

 

Acknowledged and agreed

For and on behalf of

Globalstar Leasing LLC

as Subsidiary Guarantor

 

/s/ James Monroe III

By: James Monroe III

Title: CEO

Date: 11/21/12

 

Acknowledged and agreed

For and on behalf of

Spot LLC

as Subsidiary Guarantor

 

/s/ James Monroe III

By: James Monroe III

Title: CEO

Date: 11/21/12

 

Acknowledged and agreed

For and on behalf of

ATSS Canada, Inc.

as Subsidiary Guarantor

 

/s/ James Monroe III

By: James Monroe III

Title: CEO

Date: 11/21/12

 

Acknowledged and agreed

For and on behalf of

Globalstar Brazil Holdings, L.P.

as Subsidiary Guarantor

 

/s/ James Monroe III

By: James Monroe III

Title: CEO

Date: 11/21/12

 

    	6

    	 

    

 

 

Acknowledged and agreed

For and on behalf of

GCL Licensee LLC

as Subsidiary Guarantor

 

/s/ James Monroe III

By: James Monroe III

Title: CEO

Date: 11/21/12

 

Acknowledged and agreed

For and on behalf of

GUSA Licensee LLC

as Subsidiary Guarantor

 

/s/ James Monroe III

By: James Monroe III

Title: CEO

Date: 11/21/12

 

Acknowledged and agreed

For and on behalf of

Globalstar Licensee LLC

as Subsidiary Guarantor

 

/s/ James Monroe III

By: James Monroe III

Title: CEO

Date: 11/21/12

 

 

    	7THIS AGREEMENT
is made 17th day of May, 2012

 

BETWEEN:

 

TrioResources AG, a Ontario
corporation, (the “Purchaser”)

 

- and -

 

2023682 Ontario Inc. DBA Canamet
Resources and Jeffrey D. Reid,

 

(the “Vendor”)

 

The Purchaser and the
Vendor agree as follows:

 

1. The Purchaser shall
purchase from the Vendor and the Vendor shall sell to the Purchaser, as a going concern, the Vendor’s Assets (the “Assets”)
and all the assets and rights used in carrying on the Business other than cash on hand and in the bank or other similar depository
(the “Purchased Assets”) including:

 

		(a)	Property Parcel 1. PT E 1/2 of N 1/2 Lot 3 CON 4 as in NP 1503 S/T NL 10177 Coleman District of
Temiskaming

 

		(b)	Property Parcel 2. SW 1⁄4 of N 1⁄2 Lot 3 Con 4 as in NP1644 S/T NLT 17839 Coleman District
of Temiskaming

 

		(c)	Real Property Including the Two buildings, Office/locker room, 40 foot Storage Container, Portable
loading ramps

 

		(d)	Inventory of Cobalt/Silver feedstock on the property approximately 4,000 metric tons

 

		(e)	All Equipment including Cat 235B Excavator, 22x13 Jaw Crusher, Vibratory Screeners, 2 Cat Diesel
300 KVA Generators, Gehl Skid Steer 330, Lift Truck, Digital Scale, and High Speed bagging equipment but excluding Mill Equipment.

 

		(f)	Patented Claims 1831 NND and Patented Claim 3694NND.

 

    	 

    	 

    

 

		2	The purchase price payable for the Purchased Assets of $600,000 (the “Purchase Price”)
shall be allocated in accordance with Schedule A and shall be paid as follows:

 

		(i)	cash of $100,000.00 CDN (“Cash”); and

 

		(ii)	a Vendor Note representing $500,000 which shall be automatically convertible into common shares
of the Company upon the completion of a Go-Public Transaction. The convertible price of the shares shall be the average 5 day BID
price of the stock within 30 days of the company going public The Vendor Note shall bear interest at the rate of [3%] per annum
starting 12 months after closing. The interest shall be accrued and be added to the principal of the Vendor Note for the purposes
of determining the number of shares in on a Go-Public Transaction.

 

		3	The transaction shall be completed on 15th day of June, 2012 (the “Closing Date”)
at 12 a.m. at Pickering when the Purchaser shall pay the Cash to the Vendor by negotiable certified cheque or bank draft, subject
to the adjustments provided for herein, against delivery of the documents to be delivered by the Vendor to the Purchaser hereunder
on the Closing Date.

 

		4	Real property taxes, electricity, water, fuel and shall be appropriately adjusted between the Vendor
and the Purchaser as of the Closing Date.

 

		5	The Purchaser shall assume the Vendor’s obligations with respect to liabilities in respect
of which an adjustment is made pursuant to section 4. but shall not assume any other liabilities or obligations of the Vendor.
The Vendor shall indemnify and hold the Purchaser harmless against all loss, costs or damages which the Purchaser may suffer as
a result of the assertion against the Purchaser at any time after the Closing Date by any person, firm or corporation of any failure
or alleged failure of the Vendor to perform or satisfy any of its liabilities or obligations other than those assumed by the Purchaser
hereunder.

 

    	- 2 -

    	 

    

 

		6	On the Closing Date the Vendor shall deliver to the Purchaser:

 

		a.	all conveyances, bills of sale, transfers, assignments, consents and other documents necessary
to vest in the Purchaser good and marketable title, free and clear of all liens, charges and encumbrances, to the Purchased Assets;

 

		b.	evidence satisfactory to the Purchaser that the Vendor has complied with the Bulk Sales Act
(Ontario) and that all taxes payable by the Vendor under the Retail Sales Tax Act (Ontario) have been paid;

 

		c.	evidence satisfactory to the Purchaser that all necessary corporate action (including shareholder
approval) has been duly taken to approve this agreement and the sale of the Purchased Assets hereunder.

 

		7	From time to time after the Closing Date, the Vendor shall deliver to the Purchaser such further
documents and take such further action as the Purchaser may reasonably request to convey, transfer and assign the Purchased Assets
to the Purchaser.

 

		8	Until the Closing Date the Vendor shall:

 

		a.	conduct the Business in the ordinary course and maintain the goodwill of the Business;

 

		b.	not enter into any contract, commitment or transaction pertaining to the Business except as necessary
to conduct the Business in the ordinary course;

 

		c.	not increase wages, salaries or other compensation of any employee of the Business;

 

		d.	not sell, dispose of or encumber any of the Purchased Assets other than inventories used in the
ordinary course of the Business;

 

    	- 3 -

    	 

    

 

		e.	give to Purchaser’s representatives full access during business hours to all assets, agreements
and records relating to the Business and furnish them with such information as they may reasonably request.

 

		9	The Purchased Assets shall remain at the risk of the Vendor up to the Closing Date. If any of the
Purchased Assets are lost, damaged or destroyed the Purchaser may, at its option, either terminate this agreement or complete the
purchase and have all proceeds of insurance paid to it.

 

		a.	it owns and has good and marketable title, free and clear of all liens, charges and encumbrances
(except for liens for current taxes not yet due) to all of the Purchased Assets and has the right to sell them to the Purchaser;

 

		b.	it is a resident of Canada under the Income Tax Act (Canada);

 

		c.	all facts relating to the Business and the Purchased Assets which would be material to an intending
purchaser of the Purchased Assets and the Business have been disclosed to the Purchaser; and

 

		d.	the foregoing warranties will be true on and as of the Closing Date with the same effect as if
made on and as of the Closing Date.

 

		10	All representations, warranties and agreements contained herein shall survive the closing of the
transaction and shall continue for the applicable limitation period.

 

		11	All representations, warranties and agreements of the Vendor herein may, at the Purchaser’s
option, be treated as conditions, the breach of any of which will entitle the Purchaser to terminate this agreement.

 

		12	Time is of the essence of this agreement.

 

    	- 4 -

    	 

    

 

		13	This agreement shall be governed by and construed in accordance with the laws of the Province of
Ontario and the laws of Canada applicable therein.

 

	 	TrioResources AG
	 	 	 
	 	by:	/s/ Angelo Boujos
	 	 	Angelo Boujos
	 	 	President
	 	 	 
	 	2023682 Ontario Inc.
	 	 	 
	 	by:	/s/ Jeffrey Reid
	 	 	Jeffrey Reid
	 	 	President
	 	 	 
	 	DBA Canamet Resources.
	 	 	 
	 	by:	/s/ Jeffrey Reid
	 	 	Jeffrey Reid
	 	 	President
	 	 	 
	 	Jeffrey Reid.
	 	 	 
	 	by:	/s/ Jeffrey Reid
	 	 	Jeffrey Reid

 

    	- 5 -

    	 

    

 

SCHEDULE A

 

Purchased Assets

 

		 	A	Mining Equpt
	TrioResources AG Inc.	B	Moterized Equpt
	 	C	Generators/Furances
	 	D	Containers

 

	 	 	 	 	 	 	 	 	PURCHASE	 	 	 	 	 	AMORT/	 	 	 	 
	BREAKDOWN OF PURCHASE AND SALE AGREEMENT	 	 	 	 	PRICE	 	 	LIFE	 	 	YEAR	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Crusher	 	 	1	 	 	 	A	 	 	$	75,000	 	 	 	5	 	 	 	15000	 	 	 	1,250	 
	Generator	 	 	2	 	 	 	A	 	 	$	60,000	 	 	 	5	 	 	 	12000	 	 	 	1,000	 
	Cat Excavator 235B	 	 	1	 	 	 	B	 	 	$	45,000	 	 	 	5	 	 	 	9000	 	 	 	750	 
	Screener & Conveyor	 	 	1	 	 	 	A	 	 	$	40,000	 	 	 	5	 	 	 	8000	 	 	 	667	 
	Bagger	 	 	1	 	 	 	A	 	 	$	25,000	 	 	 	5	 	 	 	5000	 	 	 	417	 
	Digital Scale	 	 	1	 	 	 	A	 	 	$	5,000	 	 	 	5	 	 	 	1000	 	 	 	83	 
	Office/Locker Room	 	 	1	 	 	 	D	 	 	$	10,000	 	 	 	5	 	 	 	2000	 	 	 	167	 
	Storage Container	 	 	1	 	 	 	D	 	 	$	1,000	 	 	 	5	 	 	 	200	 	 	 	17	 
	Furnaces	 	 	2	 	 	 	C	 	 	$	16,000	 	 	 	5	 	 	 	3200	 	 	 	267	 
	Ball Mill	 	 	1	 	 	 	A	 	 	$	55,000	 	 	 	5	 	 	 	11000	 	 	 	917	 
	Lift Truck	 	 	1	 	 	 	B	 	 	$	3,000	 	 	 	5	 	 	 	600	 	 	 	50	 
	Skid Steer	 	 	1	 	 	 	B	 	 	$	30,000	 	 	 	5	 	 	 	6000	 	 	 	500	 
	Compressor	 	 	1	 	 	 	B	 	 	$	800	 	 	 	5	 	 	 	160	 	 	 	13	 
	Gas Generators	 	 	1	 	 	 	B	 	 	$	1,000	 	 	 	5	 	 	 	200	 	 	 	17	 
	Tools	 	 	1	 	 	 	E	 	 	$	10,000	 	 	 	5	 	 	 	2000	 	 	 	167	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	75360	 	 	 	6282	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	EQUIPMENT	 	 	 	 	 	 	 	 	 	$	376,800	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	BUILDING/CLAIMS	 	 	 	 	 	 	 	 	 	$	95,200	 	 	 	20	 	 	 	4,760	 	 	 	396.6667	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	INVENTORY	 	 	4000 MT @ $32	 	 	 	 	 	 	$	128,000	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	TOTAL PURCHASE	 	 	 	 	 	 	 	 	 	$	600,000	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	SCHEDULE
                                                                                                                                                                                               A
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