Document:

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                                                                    Exhibit 10.2

                                                                  EXECUTION COPY

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                             INTERCREDITOR AGREEMENT

                                   relating to

                          CERTAIN GUARANTEE OBLIGATIONS

                                  by and among

                                GLOBALSTAR, L.P.,

                     GLOBALSTAR TELECOMMUNICATIONS LIMITED,

                               LORAL CORPORATION,

                       LORAL SPACE & COMMUNICATIONS LTD.,

                     DASA GLOBALSTAR LIMITED PARTNER, INC.,

                       QUALCOMM LIMITED PARTNER, INC. and

                            SPACE SYSTEMS/LORAL, INC.

                          -----------------------------

                           dated as of April 19, 1996

                          -----------------------------

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     This INTERCREDITOR AGREEMENT, dated as of April 19, 1996, is by and among
GLOBALSTAR, L.P., a Delaware limited partnership ("Globalstar"), GLOBALSTAR
TELECOMMUNICATIONS LIMITED, a Bermuda company ("GTL"), LORAL CORPORATION, a New
York corporation ("Loral"), LORAL SPACE & COMMUNICATIONS LTD., a Bermuda company
("Loral SpaceCom") and DASA GLOBALSTAR LIMITED PARTNER, INC., a Delaware
corporation, QUALCOMM Limited Partner, Inc., a California corporation and SPACE
SYSTEMS/LORAL, INC., a Delaware corporation and any Partner, any Upper Tier
Partner or their respective Affiliate who shall have executed an Accession
Agreement (each a "Partner Guarantor" and collectively, the "Partner
Guarantors").

     WHEREAS, Globalstar has entered into that certain Revolving Credit
Agreement, dated as of December 15, 1995, with Chemical Bank, as Administrative
Agent thereunder ("Chemical Bank"), and the Banks (the "Banks") signatory
thereto (as amended from time to time, the "Credit Agreement"); and

     WHEREAS, Loral entered into that certain guarantee (the "Original
Guarantee"), dated as of December 15, 1995, pursuant to which it agreed to
guarantee in favor of the Banks the obligations of Globalstar under the Credit
Agreement; and

     WHEREAS, Globalstar, GTL, Loral, Loral SpaceCom and the Partner Guarantors
signatories hereto have entered into that certain Agreement dated as of April
19, 1996 pursuant to which Globalstar has agreed to pay to Loral and the Partner
Guarantors a fee and GTL has agreed, subject to the receipt of shareholder
approval, to issue to Loral and the Partner Guarantors certain warrants (the
"Fee Agreement"); and

     WHEREAS, Loral has entered into that certain Restructuring, Financing and
Distribution Agreement, dated as of January 7, 1996, with Lockheed Martin
Corporation ("Lockheed Martin"), and certain subsidiaries of Loral (the
"Distribution Agreement") pursuant to which Lockheed Martin has agreed to assume
the Original Guarantee and Loral SpaceCom has agreed to provide an
indemnification of up to $100 million under certain circumstances and Loral has
agreed in return therefor to contribute to Loral SpaceCom certain warrants and
guarantee fees to be issued or paid to it under the Fee Agreement; and

     WHEREAS, on or prior to the date hereof, the Credit Agreement has been
amended to relieve Loral of its obligations under the Original Guarantee and
Lockheed Martin has executed a guarantee (the "Lockheed Martin Guarantee") in
favor of the Banks pursuant to which Lockheed Martin has agreed to guarantee
(the "Guarantee") in favor of the Banks the obligations of Globalstar under the
Credit Agreement.

     NOW, THEREFORE, in consideration of the foregoing premises, and for other
good and valuable consideration, the receipt and adequacy of which is hereby
acknowledged, the parties hereto hereby agree as follows:

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                                   Article I.

                                   DEFINITIONS

     Section 1.1. General. Capitalized terms used herein not otherwise defined
shall have the meanings set forth in the Fee Agreement. In addition, terms
defined in the recitals hereto shall have the respective meanings ascribed
thereto, and the following terms shall have the following meanings (such
meanings to be applicable equally to both singular and plural forms of the terms
defined):

          "Acceptable Letter of Credit" shall have the meaning ascribed to such
     term in the Credit Agreement.

          "Accession Agreement" shall mean an agreement in the form set forth as
     Exhibit B hereto.

          "Affiliate" shall mean any Person that directly or indirectly
     controls, is controlled by, or is under common control with the Person in
     question.

          "Bank" shall have the meaning ascribed to such term in the Credit
     Agreement.

          "Business Day" shall have the meaning ascribed to such term in the
     Credit Agreement.

          "Default Date" shall mean the date on which a Guarantor Default
     occurs.

          "Distribution" shall have the meaning ascribed to such term in the
     Distribution Agreement.

          "Distribution Date" shall mean the date on which the Distribution
     occurs.

          "Downgraded Letter of Credit" shall have the meaning ascribed to such
     term in the Credit Agreement.

          "Expiring Letter of Credit" shall have the meaning ascribed to such
     term in the Credit Agreement.

          "Guaranty Dollars" shall mean the dollar amount of Partner Cash
     Collateral actually derived by Chemical Bank as of the date of
     determination.

          "L/C Delivery Date" shall mean the date that is ten Business Days
     after the date of a L/C Delivery Notice.

          "L/C Delivery Notice" shall mean a notice delivered by Globalstar to
     the Partner Guarantors stating that Loans in an amount in excess of
     $25,000,000 are outstanding under the Credit Agreement.

          "Letter of Credit" shall have the meaning ascribed to such term in the
     Credit Agreement.

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          "Obligations" shall have the meaning ascribed to such term in the
     Credit Agreement.

          "Partner Cash Collateral" shall have the meaning ascribed to such term
     in the Credit Agreement.

          "Partner Cash Collateral Agreement" shall mean a cash collateral
     agreement executed and delivered by a Partner Guarantor in favor of
     Chemical Bank with respect to its Partner Collateral Account and Partner
     Cash Collateral in the form set forth as Exhibit A hereto.

          "Partner Collateral Account" shall have the meaning ascribed to such
     term in the Credit Agreement.

          "Partner Fee Warrant Amount" shall mean, with respect to any Partner
     Guarantor, the total number of Fee Warrants set forth opposite such Partner
     Guarantor's name on Schedule II to the Fee Agreement, and with respect to a
     Partner Guarantor executing an Accession Agreement after the date hereof,
     the total number of Fee Warrants set forth in the Accession Agreement, in
     each case as such number may be adjusted from time to time in accordance
     with the provisions of the Warrant certificate.

          "Partner Guaranteed Amount" shall have the meaning ascribed to such
     term in Section 2.1 of this Agreement.

          "Participation Interest" shall mean a ratio, expressed as a
     percentage, of the amount of a Partner Guarantor's participation in the
     Guarantee and with respect to any Partner Guarantor, shall be as set forth
     on Schedule II to the Fee Agreement, and with respect to a Partner
     Guarantor executing an Accession Agreement after the date hereof, the
     percentage set forth in the Accession Agreement.

          "Release Date" shall have the meaning ascribed to such term in the
     Credit Agreement.

          "Warrant Interest" shall mean the Ordinary Partnership Interests of
     Globalstar acquired pursuant to the exercise of Globalstar Warrants.

          "Warrant Issuer" shall mean the issuer of the Fee Warrants.

                                   Article II.

                         PARTICIPATION IN THE GUARANTEE

     Section 2.1. Guarantee Participation. Each Partner Guarantor hereby agrees
to deliver to Chemical Bank on the L/C Delivery Date an Acceptable Letter of
Credit in the amount set forth opposite its name on Schedule I hereto (the
"Stated Amount"); provided, however, that the aggregate principal amount of the
Obligations being guaranteed hereby by delivering such Acceptable Letters of
Credit shall not exceed $150,000,000. Each Partner Guarantor hereby agrees that
until the Release Date, the amount of the Acceptable Letters of Credit delivered
to Chemical Bank from time to time shall at all times equal the product of $250
million times such Partner Guarantor's Participation Interest, together with 120
days of

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accrued interest on such amount calculated at a rate equal to 8% per annum and
based on an assumed year of 360 days (the "Partner Guaranteed Amount"). Each
Partner Guarantor shall deliver to Chemical Bank at least 30 days prior to the
scheduled expiration date of any Expiring Letter of Credit one or more
Acceptable Letters of Credit having an aggregate stated amount equal to the
Stated Amount. Each Partner Guarantor further agrees to deliver to Chemical Bank
as promptly as practicable upon notification from Chemical Bank or Globalstar
that the Letter of Credit delivered pursuant to this Section 2.1 shall have
become a Downgraded Letter of Credit, one or more Acceptable Letters of Credit
having an aggregate stated amount equal to the Stated Amount. Each Partner
Guarantor agrees to comply with, and be bound by, the provisions of Section 2.2
of the Credit Agreement. Each Partner Guarantor agrees to deliver on the L/C
Delivery Date to Chemical Bank a Partner Cash Collateral Agreement and such
legal opinions, resolutions, UCC financing statements and other documents as may
be reasonably requested by Chemical Bank and hereby further agrees to cause the
applicable issuer of the Acceptable Letter of Credit to deliver legal opinions,
resolutions, UCC financing statements and other documents as may be reasonably
requested by Chemical Bank (the agreements, opinions and documents described in
this sentence shall be collectively referred to as the "Supporting Documents").

     Section 2.2. Certain Additional Conditions. Each Partner Guarantor hereby
agrees that if it is unable to claim the benefit of a tax treaty with the United
States that would exempt the application of a U.S. withholding tax on (i) the
issuance to such Partner Guarantor of the Fee Warrants or (ii) the payment of
the Guarantee Fee to such Partner Guarantor, then such Partner Guarantor shall,
at the request of Globalstar, pay to Globalstar the amount of any such U.S.
withholding tax imposed on Globalstar as a result of such issuance or payment.
Each Partner Guarantor further agrees that as a condition precedent to the
issuance of the Fee Warrants to it, it shall have delivered either (x) a
certificate of an officer of such Partner Guarantor stating that the issuance of
the Fee Warrants and the payment of the Guarantee Fee to such Partner Guarantor
will not result in the imposition of a withholding tax on Globalstar or (y)
funds in an amount equal to the withholding tax payable by Globalstar upon
issuance of Fee Warrants to the Partner Guarantor.

     Section 2.3. Notice by Globalstar. Globalstar shall send to the Partner
Guarantors an L/C Delivery Notice as promptly as practicable after the date on
which Loans in an amount in excess of $25,000,000 are outstanding under the
Credit Agreement (the "L/C Trigger Date") and in no event later than five
Business Days after the L/C Trigger Date.

                                  Article III.

              DEFAULT BY A PARTNER GUARANTOR AND CERTAIN AGREEMENTS

     Section 3.1. Default; Cancellation of Warrants. (a) In the event that (1) a
Partner Guarantor shall fail to deliver an Acceptable Letter of Credit having a
stated amount equal to the Stated Amount and the Supporting Documents by the L/C
Delivery Date, (2) a Partner Guarantor or the issuer of a Letter of Credit
delivered by such Partner Guarantor shall become insolvent or bankrupt or any of
the events set forth in clause (vi) of Section 8(a) of the Credit Agreement
shall occur with respect to the Partner Guarantor or the issuing bank, as the
case may be, (3) a Partner Guarantor shall fail to replace an Expiring Letter of
Credit and Chemical Bank shall not have derived Partner Cash Collateral in an
amount equal to the Stated Amount, or (4) a Partner Guarantor shall fail to
deliver an Acceptable Letter of Credit in substitution for a Downgraded Letter
of Credit and Chemical Bank shall not have derived Partner Cash Collateral in an
amount equal to the Stated Amount (each of such events being referred to herein
as a "Guarantor Default") and in the case of clauses (1), (3) and (4), such
Partner Guarantor shall not have cured such default within 5 Business Days after
receipt of notice thereof from either Globalstar or

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Chemical Bank, then Fee Warrants equal to the Recaptured Amount (as hereinafter
defined), which were issued to, or issuable to, such defaulting Partner
Guarantor pursuant to the terms of the Fee Agreement, shall be canceled by the
Warrant Issuer.

     (b) If the Default Date shall occur prior to the Distribution Date, the
Warrant Issuer shall thereupon issue to Loral Fee Warrants equal to the
Recaptured Amount, subject to contribution immediately prior to the Distribution
by Loral to Loral SpaceCom of such amount of the Fee Warrants as determined to
be issued to Loral SpaceCom pursuant to the provisions set forth in the
following sentence. If the Default Date shall occur after the Distribution Date,
the Warrant Issuer shall thereupon issue to Loral and Loral SpaceCom Fee
Warrants equaling their respective pro rata share of the Recaptured Amount in
direct proportion to (x) the increase in the amount of indemnification to be
provided to Lockheed Martin and Loral, in the case of Loral SpaceCom, and (y)
the increase in the amount of liability in respect of the Guarantee for which
Lockheed Martin or Loral is then liable, in the case of Loral.

     (c) The Recaptured Amount shall be calculated as follows:

     (A) in the case of a default under clause (1) of Section 3.1(a), Fee
Warrants equal to the Partner Fee Warrant Amount shall constitute the Recaptured
Amount; and

     (B) in the case of a default under clause (2) or (3) of Section 3.1(a), the
Recaptured Amount shall equal the difference between (x) the Partner Fee Warrant
Amount and (y) the product of (i) the Partner Fee Warrant Amount and (ii) the
ratio of Guaranty Dollars over the Partner Guaranteed Amount.

     Section 3.2. Call Right on Warrant Shares or Warrant Interests. If the
Warrant Issuer shall be unable to cancel Fee Warrants in an amount equal to the
Recaptured Amount under Section 3.1 above because the Partner Guarantor shall
have, prior to such time, exercised such number of its Fee Warrants so that the
number of Fee Warrants then retained by such defaulting Partner Guarantor,
whether vested or unvested (the "Current Warrant Amount"), is less than the
Recaptured Amount, then Loral and/or Loral SpaceCom, as the case may be, shall
have the right to require such Partner Guarantor to transfer without any further
consideration to Loral and/or Loral SpaceCom, as the case may be, such number of
Warrant Shares or Warrant Interests, as the case may be, as shall equal the
difference between the Recaptured Amount and the Current Warrant Amount (the
"Call Right Amount"). If the Call Right Amount is greater than the amount of
Warrant Shares or Warrant Interests then held by the defaulting Partner
Guarantor, the defaulting Partner Guarantor shall purchase such number of shares
of GTL Common Stock in the open market as would be necessary to enable it to
satisfy its obligations under this Section 3.2.

     Section 3.3. Termination of Guarantee Fee. In the event of a Guarantor
Default under clause (1) above, payment of any Guarantee Fee to the defaulting
Partner Guarantor pursuant to Section 2.2 hereof shall immediately terminate and
shall revert and be paid (x) if such Guarantor Default shall occur prior to the
Distribution Date, to Loral (subject to contribution by Loral to Loral SpaceCom
of the right to receive such Guarantee Fee immediately prior to the
Distribution) and (y) if such Guarantor Default shall occur after the
Distribution Date, to Loral SpaceCom. No such termination shall impair such
Partner Guarantor's obligations under Section 2.2 hereof with respect to
Guarantee Fees already paid.

     Section 3.4. Reduction of Guarantee Fee. In the event of a Guarantor
Default under clause (2) or (3) of Section 3.1(a), the payment of the Guarantee
Fee to the defaulting Partner Guarantor shall be reduced and the defaulting
Partner Guarantor shall receive a Guarantee Fee equal to the product of (A) the
amount of the Guarantee Fee payable to such Partner Guarantor immediately prior
to such default times (B) the ratio of Guaranty Dollars over the Partner
Guaranteed Amount. The remaining portion of the

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Guarantee Fee shall revert and be paid (x) if such Guarantor Default shall occur
prior to the Distribution Date, to Loral (subject to contribution by Loral to
Loral SpaceCom of the right to receive such Guarantee Fee immediately prior to
the Distribution) and (y) if such Guarantor Default shall occur after the
Distribution Date, to Loral SpaceCom.

     Section 3.5. Indemnification by Partner Guarantor. In the event that either
(x) the liability of Lockheed Martin or Loral under the Guarantee or (y) the
amount of indemnification being provided by Loral SpaceCom to Lockheed Martin
and Loral, shall have increased (other than any increase arising from a
Guarantor Default which shall constitute a breach of this Agreement) because of
any condition or circumstance of a Partner Guarantor which shall cause Chemical
Bank to fail to draw on all or a portion of such Partner Guarantor's Letter of
Credit or fail to apply any Partner Cash Collateral of such Partner Guarantor,
then such Partner Guarantor shall indemnify Lockheed Martin, Loral and/or Loral
SpaceCom, as the case may be, with respect to such increased liability or
indemnification. Each of Lockheed Martin, Loral and Loral SpaceCom hereby agrees
that a Partner Guarantor shall not be liable for any indemnification payments
under this Section 3.5 until and unless the amount of such Partner Guarantor's
Letter of Credit has been reduced by an amount equal to the indemnification
payment otherwise payable hereunder by the Partner Guarantor (the "Indemnity
Amount") or if a Partner Collateral Account shall have been established at
Chemical Bank (or any successor agent under the Credit Agreement), until such
time as the agent under the Credit Agreement shall have released monies from the
Partner Collateral Account to the Partner Guarantor in an amount equal to the
Indemnity Amount. Each Partner Guarantor hereby agrees that it shall use its
best efforts to cooperate with Lockheed Martin, Loral and Loral SpaceCom, as the
case may be, to effect the foregoing, including without limitation, assigning
over to Lockheed Martin, Loral or Loral SpaceCom, as the case may, such amount
of the Letter of Credit or the Partner Collateral Account released by the Banks
pursuant to the preceding sentence.

     Section 3.6. Contribution. (a) If Chemical Bank shall fail to (i) draw upon
the Letters of Credit of the Partner Guarantors, (ii) realize upon the Partner
Collateral Accounts of the Partner Guarantors or (iii) call upon the obligations
of Loral or Lockheed Martin, as the case may be, under the Guarantee on a pro
rata basis based upon the respective amount of liability assumed by the Partner
Guarantors and Loral or Lockheed Martin, as the case may be, then in such event,
the Partner Guarantors and Loral or Lockheed Martin, as the case may be, who
shall have provided a disproportionately greater amount (the "Overpaying
Persons"), whether pursuant to a direct guarantee or indemnity, a Letter of
Credit or a Partner Collateral Account in favor of Chemical Bank, shall be
entitled to receive a contribution from those Persons who shall have provided a
disproportionately smaller amount (the "Underpaying Persons") in an aggregate
amount equal to the excess of (A) the aggregate amount actually so paid by the
Overpaying Persons over (B) the aggregate amount the Overpaying Persons would
have paid if Chemical Bank had exercised its rights on a pro rata basis (the
"Contribution Amount").

     (b) Each of the Underpaying Persons shall be severally liable to the
Overpaying Persons for the payment of a portion of the Contribution Amount equal
to the product of (i) the Contribution Amount times (ii) a fraction, the
numerator of which is equal to the excess of (A) the amount such Underpaying
Person would have paid to Chemical Bank if Chemical Bank had exercised its
rights on a pro rata basis over (B) the amount such Underpaying Person actually
paid to Chemical Bank, and the denominator of which is equal to the Contribution
Amount.

     (c) Each of the Overpaying Persons shall be entitled to a portion of the
Contribution Amount equal to the product of (i) the Contribution Amount times
(ii) a fraction, the numerator of which is equal to the excess of (A) the amount
such Overpaying Person actually paid to Chemical Bank over (B) the amount

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such Overpaying Person would have paid to Chemical Bank if Chemical Bank had
exercised its rights on a pro rata basis, and the denominator of which is equal
to the Contribution Amount.

     (d) In the event that the Underpaying Persons shall make an aggregate
contribution that is less than the Contribution Amount, each Overpaying Person
shall be entitled to a portion of the aggregate contribution actually paid that
is determined in accordance with Section 3.6(c) above.

     (e) If (i) Loral or Lockheed Martin, as the case may be, is an Overpaying
Person, (ii) Loral SpaceCom has made an indemnity payment to such Overpaying
Person pursuant to Section 2.5 of the Distribution Agreement, and (iii) such
Overpaying Person shall receive a payment from any Underpaying Person pursuant
to this Section 3.6, then such Overpaying Person, promptly upon receipt of any
such payment from an Underpaying Person, shall reimburse to Loral SpaceCom an
amount equal to (A) the amount so received times (B) Loral SpaceCom's percentage
liability under such indemnity.

     Section 3.7. Waiver of Certain Subrogation Rights. The parties hereto agree
that notwithstanding any payment or payments made by a Partner Guarantor that is
organized under the laws of a state of the United States (a "U.S. Partner
Guarantor") pursuant to the Partner Cash Collateral Agreement or upon a draw by
Chemical Bank of such U.S. Partner Guarantor's Letter of Credit, the U.S.
Partner Guarantor shall not be entitled (x) to be subrogated to any of the
rights of Chemical Bank or the Banks against Loral General Partner, Inc. or any
successor general partner of Loral/QUALCOMM Partnership, L.P. (the "Ultimate
General Partner"), or (y) by reason of a right of subrogation, to any rights
against any collateral security held by Chemical Bank or any Bank for the
payment of obligations on behalf of the Ultimate General Partner. The parties
hereto further agree that the U.S. Partner Guarantor shall not, by right of
subrogation, seek any reimbursement from the Ultimate General Partner in respect
of payments made by the U.S. Partner Guarantor in connection with the Partner
Cash Collateral Agreement or the amounts realized by Chemical Bank or any Bank
in connection therewith.

     Section 3.8. Rights Not Exclusive. The rights of Loral and Loral SpaceCom
set forth in this Article III with respect to a defaulting Partner Guarantor
shall not be deemed to be exclusive and nothing herein shall prevent Loral or
Loral SpaceCom from pursuing all available legal or equitable remedies against a
defaulting Partner Guarantor.

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                                   Article IV.

                         REPRESENTATIONS AND WARRANTIES

     Section 4.1. Representations and Warranties. Each party hereto hereby
represents and warrants to the other parties that (i) it has full corporate
power and authority to execute and deliver this Agreement and to perform its
obligations hereunder; (ii) the execution and delivery of this Agreement and the
performance of its obligations hereunder does not conflict with or constitute a
default under, or violate, its certificate of incorporation, bylaws or other
similar organizational documents, any agreements or instruments to which such
party is a party or by which such party is bound or to which any of the property
or assets of such party is subject, or any law, statute, regulation, judgment or
order binding on such party or any of its properties or assets; (iii) except as
described in the Fee Agreement with respect to GTL, the execution and delivery
of this Agreement and the performance of its obligations hereunder does not and
will not require any approval of the stockholders or any authorization of the
board of directors other than such authorization as has already been obtained
and no action by, consent or approval of, or filing with, any governmental
authority or other Person is required for the execution, delivery and
performance of this Agreement other than such consents or approval which shall
have already been obtained; and (iv) this Agreement has been duly executed and
delivered by an authorized representative of such party and constitutes a valid
and binding obligation of such party.

                                   ARTICLE V.

                                  MISCELLANEOUS

     Section 5.1. Notices. All communications to any party hereunder shall be in
writing and shall be delivered in person or sent by facsimile, by registered or
certified mail (postage prepaid, return receipt requested) or by reputable
overnight courier to the respective parties at the following addresses or at
such other address for a party as shall be specified in a notice given in
accordance with this Section 5.1 (and shall be deemed to have been given, dated
and received when so delivered personally or by courier or sent by facsimile, or
if mailed, 48 hours after the time of mailing):

                    If to Loral:

                    600 Third Avenue
                    New York, New York  10016
                    Facsimile:  (212)682-9805
                    Attention:  General Counsel

                    and after the Distribution, with a copy to:

                    Lockheed Martin Corporation
                    6801 Rockledge Drive
                    Bethesda, MD  20817
                    Attention:  General Counsel

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                    If to Loral SpaceCom:

                    600 Third Avenue
                    New York, New York  10016
                    Facsimile:  (212)682-9805
                    Attention:  Michael B. Targoff

                    If to Globalstar:

                    3200 Zanker Road
                    San Jose, California  95164
                    Facsimile:  (408) 473-5548
                    Attention:  President

                    If to GTL:

                    41 Cedar Avenue
                    Hamilton HM12
                    Bermuda
                    Attention:  President

                    If to the Partner Guarantors, at the addresses set
                    forth on Annex A hereto:

     Section 5.2. Entire Agreement; Amendment. Once this Agreement has been
executed by Globalstar, GTL, Loral, Loral SpaceCom and Lockheed Martin, a
Partner Guarantor shall become bound by the terms of this Agreement immediately
upon its execution of this Agreement (or in the case of an Additional Partner
Guarantor, upon the execution of the Accession Agreement) independently of the
signature of any other Partner Guarantor. This Agreement and the exhibits
hereto, the Fee Agreement, the Fee Warrants, the Credit Agreement constitute the
entire agreement among the parties with respect to the subject matter hereof and
additionally, in the case of Loral and Loral SpaceCom, the Distribution
Agreement and the Lockheed Martin Guarantee, and supersede all prior oral and
written agreements and all prior or contemporaneous oral negotiations,
commitments and understandings among such parties. This Agreement may be
amended, modified or canceled, and the terms and conditions hereof may be
waived, only by a written instrument signed by each of the parties hereto.

     Section 5.3. Counterparts. This Agreement may be executed in counterparts,
each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument.

     Section 5.4. Further Assurances. Each of the parties hereto hereby agrees
to execute and deliver all such other and additional instruments and documents
and to do such other acts and things as may be necessary to more fully
effectuate this Agreement.

     Section 5.5. Variations of Pronouns. All pronouns and all variations
thereof shall be deemed to refer to the masculine, feminine or neuter, singular
or plural, as the identity of the Person may require.

     Section 5.6. Non-Waiver. No delay on the part of any party in exercising
any right hereunder shall operate as a waiver thereof, nor shall any waiver,
express or implied, by any party of any right hereunder or of any failure to
perform or breach hereof by any other party constitute or be deemed a waiver

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of any other right hereunder or of any other failure to perform or breach hereof
by the same or any other party, whether of a similar or dissimilar nature
thereof.

     Section 5.7. Severability. Any provision of this Agreement that 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 provisions in any other jurisdiction. The parties agree
to use their reasonable efforts to substitute one or more valid, legal and
enforceable provisions which, insofar as practicable, implement the purposes and
intent hereof.

     Section 5.8. Governing Law. This Agreement shall be governed by and
construed in accordance with the laws of the State of New York, including
without limitation Section 5-1401 of the General Obligations Law, but otherwise
without giving effect to conflict of laws doctrine.

     Section 5.9. Headings. The descriptive headings contained in this Agreement
are for reference purposes only and shall not affect the meaning or
interpretation of this Agreement.

     Section 5.10. Assignment. This Agreement and all of the provisions hereof
shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and permitted assigns. A Partner Guarantor may assign its
rights and obligations under this Agreement to an Affiliate upon the prior
written consent of Chemical Bank as agent under the Credit Agreement and
provided further that a Loral subsidiary may assign its rights and obligations
hereunder to Loral SpaceCom or a subsidiary of Loral SpaceCom in connection with
the Distribution.

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     IN WITNESS WHEREOF, the parties hereto have caused this Partner
Intercreditor Agreement to be duly executed as of the day and year first above
written.

                                        GLOBALSTAR, L.P.

                                        By: /s/ Nicholas C. Moren
                                            ------------------------------
                                            Name:  Nicholas C. Moren
                                            Title: Vice President and Treasurer

                                        GLOBALSTAR TELECOMMUNICATIONS LIMITED

                                        By: /s/ Nicholas C. Moren
                                            ------------------------------
                                            Name:  Nicholas C. Moren
                                            Title: Treasurer

                                        LORAL CORPORATION

                                        By: /s/ Nicholas C. Moren
                                            ------------------------------
                                            Name:  Nicholas C. Moren
                                            Title: Vice President and Treasurer

                                        LORAL SPACE & COMMUNICATIONS LTD.

                                        By: /s/ Nicholas C. Moren
                                            ------------------------------
                                            Name:  Nicholas C. Moren
                                            Title: Vice President and Treasurer

<PAGE>

                                        QUALCOMM LIMITED PARTNER, INC.

                                        By: /s/ Anthony S. Thornley
                                            ------------------------------
                                            Name:  Anthony S. Thornley
                                            Title:

                                        SPACE SYSTEMS/LORAL, INC.

                                        By: /s/ Eric J. Zahler
                                            ------------------------------
                                            Name:  Eric J. Zahler
                                            Title:

                [Remainder of this page intentionally left blank]

<PAGE>

                                        DASA GLOBALSTAR LIMITED PARTNER, INC.

                                        By: /s/ Dr. Ulrich Goebel
                                            ------------------------------
                                            Name:  Dr. Ulrich Goebel
                                            Title: President

<PAGE>

With respect to Sections 3.5 and 3.6(e) only,

LOCKHEED MARTIN CORPORATION

By:
    ------------------------------
    Name:
    Title:

<PAGE>

                                                                      SCHEDULE 1

PARTNER GUARANTOR                                       STATED AMOUNT
-----------------                                       -------------

DASA Globalstar Limited Partner, Inc.                    $10,393,157

Qualcomm Limited Partner, Inc.                           $22,514,479

Space Systems/Loral, Inc.                                $11,964,216<PAGE>

                                                                    Exhibit 10.3

                                                                  EXECUTION COPY

                              WAIVER AND AMENDMENT

     WAIVER AND AMENDMENT, dated as of June 30, 2000 (this "Waiver"), to the
Credit Agreement, dated as of August 5, 1999 (the "Credit Agreement"), among
GLOBALSTAR, L.P., a Delaware limited partnership (the "Borrower"), the several
banks and other financial institutions or entities from time to time parties to
the Credit Agreement (the "Lenders"), and BANK OF AMERICA, NATIONAL ASSOCIATION,
a national banking association, as administrative agent for the Lenders
thereunder (in such capacity, the "Administrative Agent").

                              W I T N E S S E T H :
                              ---------------------

     WHEREAS, pursuant to the Credit Agreement, the Lenders have agreed to make,
and have made, certain loans and other extensions of credit to the Borrower;

     WHEREAS, the Borrower has requested that the Required Lenders execute this
Waiver with respect to any Event of Default which might result in the event the
Borrower fails to repay the principal and interest on the Indebtedness
outstanding under the Existing Globalstar Credit Agreement (as defined in the
Credit Agreement).

     WHEREAS, the Required Lenders are willing to waive such Event of Default on
and subject to the conditions in this Waiver;

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

     SECTION 1. Defined Terms. Unless otherwise defined herein, terms defined in
the Credit Agreement and used herein shall have the meanings given to them in
the Credit Agreement.

     SECTION 2. Waiver of Section 7(a)(v) (Cross Default). Subject to the
occurrence of the Waiver Effective Date (as defined in Section 4 below), the
Required Lenders hereby waive until 6:00 p.m. (New York City time) on July 3,
2000 their rights under Section 7 of the Credit Agreement arising out of any
Default or Event of Default under Section 7(a)(v) solely by reason of the
Borrower's failure to repay the principal of and interest on the Indebtedness
outstanding under the Existing Globalstar Credit Agreement.

     SECTION 3. Amendment to Subsection 1.1 (Definitions). Subsection 1.1 of the
Credit Agreement is hereby amended by deleting clause (i) of the definition of
"Replacement Globalstar Facility" in its entirety and substituting in lieu
thereof the following clause:

     "(i) Indebtedness of the Borrower of up to $250,000,000 (or, if less, the
     amount of Indebtedness then being replaced) which refinances and replaces
     Indebtedness (including subrogation rights in respect thereof) under the
     Existing Globalstar Credit Agreement or any replacement thereof".

<PAGE>

     SECTION 4. Conditions to Effectiveness. This Waiver shall become effective
on the date (the "Waiver Effective Date") on which:

     (a) the Borrower and the Required Lenders shall have executed and delivered
to the Administrative Agent this Waiver; and

     (b) the Administrative Agent shall have received the Waiver Fee (as defined
in Section 5 below).

     SECTION 5. Waiver Fee. (a) Notwithstanding whether or not the Waiver
Effective Date occurs, the Borrower hereby agrees to pay the Administrative
Agent, for the account of each Lender party to the Credit Agreement as of June
30, 2000, a waiver fee (the "Waiver Fee") in an amount equal to 0.125% of the
sum of (i) such Lender's Available Commitments as of June 30, 2000, plus (ii)
the aggregate outstanding principal amount of Loans held by such Lender as of
June 30, 2000. The parties hereto agree that the Waiver Fee shall be credited
against any waiver fees payable to the Lenders in connection with any other
waiver of the Default or Event of Default described in Section 2 above that
becomes effective on or prior to July 3, 2000 (whether or not it contains a
limitation on the duration of the waiver).

     (b) The Borrower hereby authorizes and instructs the Administrative Agent
to apply amounts available in the Borrower's accounts with the Administrative
Agent to payment of the Waiver Fee.

     SECTION 6. Representations and Warranties. In order to induce the
Administrative Agent and the Lenders to enter into this Waiver, the Borrower
hereby represents and warrants to the Administrative Agent and the Lenders that
the representations and warranties made by the Borrower in Section 3 of the
Credit Agreement are true and correct in all material respects on and as of the
Waiver Effective Date, after giving effect to the effectiveness of this Waiver,
as if made on and as of the Waiver Effective Date, except to the extent such
representations and warranties expressly relate to a specific earlier date, in
which case such representations and warranties were true and correct as of such
earlier date.

     SECTION 7. Payment of Expenses. The Borrower agrees to pay or reimburse the
Administrative Agent for all of its reasonable out-of-pocket costs and expenses
incurred in connection with this Waiver, any other documents prepared in
connection herewith and the transactions contemplated hereby, including, without
limitation, the reasonable fees and disbursements of counsel to the
Administrative Agent.

     SECTION 8. Effect on the Loan Documents. The execution, delivery and
effectiveness of this Waiver shall not, except as expressly provided herein,
operate as a modification or waiver of any right, power or remedy of any Lender
or the Administrative Agent under any of the Loan Documents. Except as expressly
modified or waived herein, all of the provisions of the Credit Agreement and the
other Loan Documents are and shall remain in full force and effect in accordance
with the terms thereof and are hereby in all respects ratified and confirmed.

                                       2

<PAGE>

     SECTION 9. Governing Law; Counterparts. THIS WAIVER AND THE RIGHTS AND
OBLIGATIONS OF THE PARTIES HERETO SHALL BE GOVERNED BY, AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

     SECTION 10. Counterparts. This Waiver may be executed by the parties hereto
in any number of separate counterparts, and all of said counterparts taken
together shall be deemed to constitute one and the same instrument. Delivery of
an executed signature page of this Waiver by facsimile transmission shall be
effective as delivery of a manually executed counterpart hereof. A set of the
copies of this Waiver signed by all the parties shall be lodged with the
Borrower and the Administrative Agent.

                  [Remainder of page intentionally left blank]

                                       3

<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this Waiver to be duly
executed and delivered by their proper and duly authorized officers as of the
day and year first above written.

                                        GLOBALSTAR, L.P.

                                        By: LORAL/QUALCOMM SATELLITE
                                            SERVICES L.P., as Managing General
                                            Partner

                                        By: LORAL/QUALCOMM PARTNERSHIP,
                                            L.P., as General Partner

                                        By: LORAL GENERAL PARTNER, INC.,
                                            as General Partner

                                        By: /s/ Nicholas C. Moren
                                            ------------------------------
                                            Name:  Nicholas C. Moren
                                            Title: Senior Vice President &
                                                   Treasurer

                                        BANK OF AMERICA, NATIONAL
                                        ASSOCIATION, as Administrative Agent

                                        By: /s/ Steve A. Aronowitz
                                            ------------------------------
                                            Name:  Steve A. Aronowitz
                                            Title: Managing Director

                                        BANK OF AMERICA, NATIONAL
                                        ASSOCIATION, as  a Lender

                                        By: /s/ Steve A. Aronowitz
                                            ------------------------------
                                            Name:  Steve A. Aronowitz
                                            Title: Managing Director

<PAGE>

                                        CHANG HWA COMMERCIAL BANK, LTD.,
                                        NEW YORK BRANCH, as a Lender

                                        By:
                                            ------------------------------
                                            Name:
                                            Title:

<PAGE>

CREDIT LYONNAIS NEW YORK
BRANCH, as a Lender

By:
    ------------------------------
    Name:
    Title:

<PAGE>

                                        PACIFICA PARTNERS I, L.P., as a Lender

                                        By: Imperial Credit Asset Management
                                            As its Investment Manager

                                        By:
                                            ------------------------------
                                            Name:
                                            Title:

<PAGE>

SOCIETE GENERALE S.A., as a Lender

By:
    ------------------------------
    Name:
    Title:

<PAGE>

                                        SYNDICATED LOAN FUNDING TRUST, as a
                                        Lender

                                        By:  Lehman Commercial Paper Inc.,
                                             Not in its individual capacity but
                                             solely as Asset Manager

                                        By:
                                            ------------------------------
                                            Name:
                                            Title:

<PAGE>

TRANSAMERICA EQUIPMENT FINANCIAL
SERVICES CORPORATION, as a Lender

By:
    ------------------------------
    Name:
    Title:

<PAGE>

                                        NATIONAL WESTMINSTER BANK PLC, as a
                                        Lender

                                        By:
                                            ------------------------------
                                            Name:
                                            Title:

<PAGE>

                                        AMERICAN MONEY MANAGEMENT CORP.,
                                        as a Lender
                                        By:
                                            ------------------------------
                                            Name:
                                            Title:

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