Right to Participate in First Public Offering. Each of New Globalstar and Investor will use commercially reasonable efforts to ensure that all shareholders of record of Globalstar Telecommunications Limited, a Bermuda corporation, as of the effective date of the plan of reorganization of the Debtors have the opportunity to acquire securities in the first underwritten public offering of equity securities, if any, made by New Globalstar on or before the seventh anniversary of such effective date at the price such securities are offered to the public and in such amounts as New Globalstar determines to be appropriate after consultation with the managing underwriter or underwriters for such offering, provided that so doing will not result in any additional material expense to New Globalstar, have an adverse effect on the success of such offering or result in any material delay of the completion of such offering. This Section 4.15 shall automatically terminate (a) if Globalstar Telecommunications Limited dissolves or takes any other action adverse to the Debtors (as determined by the Debtors in their sole discretion) prior to the effective date of the plan of reorganization of the Debtors without the prior written consent of the Debtors and Investor or (b) upon a Change of Control.
Right to Participate in First Public Offering. Thermo will use commercially reasonable efforts to provide that all shareholders of record of Globalstar Telecommunications Limited, a Bermuda corporation, as of the Plan Effective Date have the opportunity to acquire securities in the first underwritten public offering of equity securities, if any, made by New Globalstar (or any successor corporation) on or before the third anniversary of the Interest Acquisition Date at the price such securities are offered to the public and in such amounts as New Globalstar determines to be appropriate after consultation with the managing underwriter or underwriters for such offering, provided that so doing will not result in any additional material expense to New Globalstar, have an adverse effect on the success of such offering or result in any material delay of the completion of such offering. This Section 6.9 shall automatically terminate if Globalstar Telecommunications Limited dissolves or take any other action adverse to the Debtors (as determined by the Debtors in their sole discretion) prior to the Plan Effective Date without the prior written consent of the Debtors and Thermo.
Right to Participate in First Public Offering. Each of New Globalstar and New Valley will use its reasonable best efforts to ensure that shareholders of Globalstar Telecommunications Limited, a Bermuda corporation, as of the Effective Date have the opportunity to acquire securities in the first underwritten public offering of equity securities, if any, made by New Globalstar on or before the seventh anniversary of the Effective Date at the price such securities are offered to the public and in such amounts as New Globalstar determines to be appropriate after consultation with the managing underwriter or underwriters for such offering, provided that so doing will not result in any additional material expense to New Globalstar or result in any material delay to the completion of such offering.
