Document:

EXHIBIT
10.19

 

CONFIDENTIAL TREATMENT

 

Portions
of this exhibit have been omitted pursuant to a request for confidential
treatment filed with the Securities and Exchange Commission pursuant to Rule 24b-2
under the Securities Exchange Act of 1934. 
Such portions are marked “[*]” in this document; they have been filed
separately with the Commission.

 

AMENDMENT N°1

TO THE AGREEMENT FOR THE LAUNCHING INTO

LOW EARTH ORBIT

OF THE GLOBALSTAR SATELLITES

BY THE SOYUZ LAUNCH VEHICLE

 

This Amendment N°1 to the Agreement
for the launching of the GLOBALSTAR Satellites, (hereinafter
referred to as the “Agreement”) is entered,
by and between:

 

GLOBALSTAR, INC.,
a company organized and existing under the laws of the State of Delaware, with
head offices located at 461 South Milpitas Blvd, Milpitas, CA 95035, U.S.A.,
(hereinafter referred to as “CUSTOMER”),

 

On the one hand,

 

AND

 

ARIANESPACE a
company organized and existing under the laws of the Republic of France, with
head offices at Boulevard de l’Europe, 91006 Evry-Courcouronnes Cedex, France
(hereinafter referred to as “ARIANESPACE”).

 

On the other hand,

 

PREAMBLE

 

Whereas                                                               On
September 5, 2007 CUSTOMER and ARIANESPACE have entered into the Agreement
for the launching of TWENTY FOUR (24) Satellites, with the option to launch an
additional TWENTY FOUR (24) Satellites into low earth orbit, and

 

Whereas                                                               CUSTOMER
and ARIANESPACE have agreed to adapt certain Pre-Launch Financing provisions, as
well as the conditions related to the Launch Site selection.

 

Confidential, Arianespace proprietary

 

 

DC/PHB/DA/CO-015

Amdt N°1 Issue 1

 

NOW THEREFORE, THE PARTIES HAVE
AGREED UPON THE FOLLOWING MODIFICATION TO THE AGREEMENT:

 

Section 1
-                                      Launch Site Selection for the Firm Launches and Associated Remuneration

 

1.1                                The
first sub-paragraph of Paragraph 4.4 (“Launch Site Selection”) of Article 4
(“ARIANESPACE’ SERVICES”) of the Agreement is cancelled and replaced as
follows:

 

“ARIANESPACE shall inform CUSTOMER of the Launch Site
selection for the FOUR (4) Firm Launches by written notice to be received
no later than 15 September 2008.”

 

1.2                                A
new Sub-paragraph C is added to Paragraph 8.1 of Article 8 (“Remuneration”)
of the Agreement, as follows:

 

“
C           For the Firm Launch Services
from Baikonur Space Center Launch Site.

 

Should
ARIANESPACE proceed with the FOUR (4) Firm Launches from the Baikonur
Launch Site, then each Firm Launch related Launch Services price shall be
increased by an amount of [*].

 

The
price increase relating to the performance of the Firm Launches from the
Baikonur Launch Site, as applied and computed in accordance with the terms
above, shall be payable by CUSTOMER at the Launch Associated Payment due date related
to the Firm Launch for which there is no subsequent Firm Launch remaining to be
performed (L — 1 week, L being the actual Launch Day of the said Launch).  The total amount of such price increase shall
be contractually capped at [*].”

 

Section 2
-                                      Payment Schedule and Financing

 

Paragraph
10.6 (“Financing”) of Article 10 of the Agreement is deleted and replaced
as follows:

 

“10.6 Financing

 

For each
of the FOUR (4) Firm Launches under this Agreement, Pre-Launch Financing
shall be made available and repaid in accordance with the following provisions
of this Paragraph 10.6.

 

	
  10.6.1

  	
   

  	
  Pre-Launch Financing shall be made available for
  the payments due at EDC+6 months, EDC+12 months and L*-9 months, up to [*]% of the amount of each such payment and on the respective date of
  each such payment, in accordance with the following table.

  

 

2

 

	
  DATE

  	
   

  	
  Total amount in US$ for

  each launch referred in the

  sub-paragraph 8.1 (A) of

  Article 8 of this Agreement

  	
   

  	
  Minimum CASH 

  (in US$)

  	
   

  	
  Maximum

  PRE

  LAUNCH

  FINANCING

  (in US$) *

  
	
  EDC + 6 months

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  	
  [*]

  
	
  EDC + 12 months

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  	
  [*]

  
	
  L* - 9 months

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  	
  [*]

  

 

Where L* means the first day of the provisional Launch
Period as applicable to each respective Firm Launch and as defined in
accordance with sub-paragraph 6.2.1 (A) (ii) or 6.2.1 (B) (ii) of
Article 6 of this Agreement whichever is relevant. Except as set forth in
Paragraph 11.4 of Article 11, L* is fixed for the duration of this
Agreement.

 

	
  10.6.2

  	
  Upon receipt of the cash payments for EDC + 6
  months, EDC + 12 months and L*- 9 months, corresponding Pre-Launch Financing
  for the unpaid balances shall automatically be made on the respective date of
  payment in the amount such that the total amount is paid in full. It shall be
  made by way of book entry to fund the corresponding payment.

  
	
   

  	
   

  	
   

  
	
   

  	
  (i)

  	
  From the date of book entry until the date of
  repayment, Pre-Launch Financing shall bear interest at a fixed annual
  interest rate of [*]%
  from EDC until L*- 6 months (excluded), and shall bear interest at a fixed
  annual interest rate of [*]%
  from L*- 6 months (included) until the date of repayment that shall be L— 1
  month at the latest.  L in the
  preceding sentence and in paragraphs 10.6.3 and 10.6.4 shall mean the actual
  Launch Day of the said Launch.

  
	
   

  	
   

  	
   

  
	
   

  	
  (ii)

  	
  The computation of interest shall be made on the
  basis of THREE HUNDRED SIXTY (360) days and actual days elapsed.

  
	
   

  	
   

  	
   

  
	
  10.6.3

  	
  The principal amount of the Pre-Launch Financing
  and the accrued interest shall be repaid in full at L -1 month at the latest,
  subject to the terms and conditions of sub-paragraph 18.2.3 of
  Article 18 of this Agreement.

  
	
   

  	
   

  	
   

  
	
   

  	
  In the event ARIANESPACE requests a launch
  postponement, the accrued interest with respect to the said Launch shall
  cease to accrue for the duration of such launch postponement.

  
	
   

  	
   

  	
   

  
	
  10.6.4

  	
  The L-1 month payment date shall be adjusted by
  the aggregate number of postponements (as measured in days) requested by
  ARIANESPACE in accordance with Paragraph 11.3 of Article 11 of this
  Agreement.

  
	
   

  	
   

  	
   

  
	
  10.6.5

  	
  Notwithstanding the terms of Paragraph 10.4
  (“Late Payment”) of Article 10 (“Payment for Services”), in the event of
  default of payment of the principal amount of the Pre-Launch Financing and
  related accrued interests by L-1 month at the latest, then

  
				

 

3

 

CUSTOMER shall pay ARIANESPACE interest on the payment
due at a rate of [*]%
starting from the first delinquent day up to and including the date payment is
made.

 

Without
prejudice to the above, it is acknowledged by the Parties that during any
period of non payment, ARIANESPACE shall be entitled to suspend any and all of
its activities in preparation of the Launch Services and to reschedule the
Launch Services under Sub-paragraph 11.3.3 of Article 11 of this Agreement,
such suspension and reschedule subject to the time and notice requirements as
set forth in Article 10.4 of the Agreement.”

 

Section 3
-                                     This
Amendment N°1 shall be effective as of its date of execution by both Parties.
Any other provisions of the Agreement not modified by this Amendment N°1 shall
remain in full force and effect.

 

IN WITNESS WHEREOF  the Parties  have caused this Amendment N°1 to the Agreement for the launching
of the GLOBALSTAR Satellites to be executed in two
originals, as of the following date and year: 
July 5, 2008.

 

 

	
  CUSTOMER

  	
  ARIANESPACE

  
	
   

  	
   

  
	
  Name:     Anthony J.
  NAVARRA

  	
  Name: Jean-Yves LE GALL

  
	
   

  	
   

  
	
   

  	
   

  
	
  Title:
  President

  	
  Title: Chairman
  and Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ Anthony J. Navarra

  	
   

  	
  /s/ Jean-Yves Le Gall

  
	
  Signature

  	
  Signature

  
			

 

4EXHIBIT 10.22

 

FIRST AMENDMENT TO

SECOND AMENDED AND RESTATED CREDIT AGREEMENT

 

FIRST
AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT (“First Amendment”),
dated as of December 17, 2008, by and among GLOBALSTAR,
INC., a Delaware corporation (the “Borrower”), the lenders
who are or may become a party to this Agreement (collectively, the “Lenders”),
and THERMO FUNDING COMPANY LLC, as Administrative
Agent.

 

STATEMENT OF PURPOSE

 

Pursuant to
the Second Amended and Restated Credit Agreement dated as of December 17,
2007 (as previously amended, restated, or modified, the “Credit Facility”)
by and among the Borrower, the Lenders party thereto (the “Lenders”),
and Thermo Funding Company LLC, and the Lenders agreed to extend certain Revolving
Credit Loans in the aggregate principal amount of not more than $150,000,000 to
the Borrower pursuant to the terms thereof.

 

The Borrower
has requested, and the Lenders have agreed, to extend certain additional credit
facilities to the Borrower on the terms and conditions of this First Amendment.

 

As of the date
hereof, the Lenders and the Administrative Agent under the Existing Facility
have agreed to increase the funds available to the Borrower under the Revolving
Credit Commitment from $50,000,000 to $100,000,000, thereby increasing the
aggregate principal amount available to Borrower under the Credit Facility, as
amended by this First Amendment, from $150,000,000 to $200,000,000.

 

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged by the parties hereto, such parties hereby agree
as follows:

 

ARTICLE I

 

DEFINITIONS

 

Section 1                Definitions.  Capitalized terms used in this First
Amendment without definition have the meanings given to such terms in the
Second Amended and Restated Credit Agreement.

 

Section 2                On page 21 of the Credit Facility,
the final sentence of the defined term “Revolving Credit Commitment” is amended
to read “The Revolving Credit Commitment of all Revolving Credit Lenders as of December 17,
2008 shall be $100,000,000.”

 

 

Section 3                The following Section 2.2
is added to the Credit Facility:

 

Anything in
this Agreement to the contrary notwithstanding, advances to Borrower by Lender
in excess of $50,000,000.00 aggregate principal amount outstanding at any time as
a Revolving Credit Loan shall be subject to prior approval of the
Administrative Agent in its sole discretion. 
Exercise by the Administrative Agent of its discretion to approve
advances of aggregate principal amount in excess of $50,000,000 shall be
presumed conclusively if the Administrative Agent shall advance or cause to be
advanced to Borrower in a timely manner the entire amount of any Notice of
Borrowing received by the Administrative Agent at a time when the aggregate
principal amount advanced as Revolving Credit Loans exceeds $50,000,000.00.

 

Section 4                In order to evidence the
Revolving Credit Loans outstanding on the date of this First Amendment and such
additional Revolving Credit Loans as shall be made from time to time under the Credit
Facility as amended in accordance with this First Amendment, there shall be
substituted for the Revolving Credit Note issued pursuant to the Credit Facility
the Amended Revolving Credit Note attached hereto as Schedule 1.  Wherever, in the Credit Facility, the term
Revolving Credit Note is used, such term shall mean and refer to the Amended
Revolving Credit Note.

 

IN WITNESS
WHEREOF, the parties hereto have caused this First Amendment to be executed
under seal by their duly authorized officers, all as of the day and year first
written above.

 

 

	
   

  	
   

  	
  GLOBALSTAR,
  INC., as Borrower

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Fuad
  Ahmad

  
	
   

  	
   

  	
   

  	
  Fuad Ahmad

  
	
   

  	
   

  	
   

  	
  Senior Vice
  President and

     Chief Financial Officer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  THERMO
  FUNDING COMPANY LLC, as

  
	
   

  	
   

  	
  Administrative
  Agent and Lender

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ James
  Monroe III

  
	
   

  	
   

  	
   

  	
  James Monroe
  III

  
	
   

  	
   

  	
   

  	
  Manager

  
						

 

2

 

SCHEDULE 1 TO FIRST AMENDMENT TO

SECOND AMENDED AND RESTATED CREDIT AGREEMENT

 

AMENDED REVOLVING CREDIT NOTE

 

	
  $100,000,000.00

  	
   

  	
  December 17,
  2008

  

 

FOR VALUE RECEIVED, the undersigned, GLOBALSTAR, INC., a Delaware corporation
(the “Borrower”), promises to pay to the order of THERMO FUNDING COMPANY LLC (the “Revolving
Lender”), at the place and times provided in the Credit Agreement referred
to below, the principal sum of ONE HUNDRED MILLION AND 00/100 DOLLARS
($100,000,000.00) or, if less, the outstanding principal amount of all
Revolving Credit Loans made by the Revolving Lender from time to time pursuant
to that certain Second Amended and Restated Credit Agreement, dated as of December 17,
2008 (as amended, restated, supplemented, or otherwise modified from time to
time, the “Credit Agreement”) by and among the Borrower, as Borrower,
the Lenders who are or may become a party thereto, as Lenders, and Thermo
Funding Company LLC, as Administrative Agent. 
Capitalized terms used herein and not defined herein shall have the
meanings assigned thereto in the Credit Agreement.

 

Advances of aggregate principal amount under this
Amended Revolving Credit Note are subject to Section 3 of a First
Amendment of even date to the Credit Agreement and to all other applicable
terms and conditions of the Credit Agreement. 
This Amended Revolving Credit Note is issued in substitution for a
certain Revolving Credit Note dated December 17, 2007 and does not
evidence a discharge or repayment of obligations under the Revolving Credit
Note.

 

The unpaid principal amount of this Amended Revolving
Credit Note from time to time outstanding is subject to mandatory repayment
from time to time as provided in the Credit Agreement and shall bear interest
as provided in Section 5.1 of the Credit Agreement.  All payments of principal and interest on
this Amended Revolving Credit Note shall be payable in lawful currency of the
United States of America in immediately available funds to the account
designated in the Credit Agreement.

 

This Amended Revolving Credit Note is entitled to the
benefits of, and evidences Obligations incurred under, the Credit Agreement, to
which reference is made for a description of the security for this Amended
Revolving Credit Note and for a statement of the terms and conditions on which
the Borrower is permitted and required to make prepayments and repayments of
principal of the Obligations evidenced by this Amended Revolving Credit Note
and on which such Obligations may be declared to be immediately due and
payable.

 

THIS AMENDED REVOLVING CREDIT NOTE SHALL BE GOVERNED
BY, CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK.

 

The Borrower hereby waives all requirements as to
diligence, presentment, demand of payment, protest and (except as required by
the Credit Agreement) notice of any kind with respect to this Amended Revolving
Credit Note.

 

IN WITNESS WHEREOF, the undersigned has executed this
Amended Revolving Credit Note as of the day and year first above written.

 

	
   

  	
  GLOBALSTAR, INC.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Printed Name: Fuad Ahmad

  
	
   

  	
   

  	
  Title:

  	
  Senior Vice President and

  Chief Financial Officer

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