EXHIBIT 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.”
