Treatment of Globalstar Bank Guarantee Sample Clauses

Treatment of Globalstar Bank Guarantee. (a) Spinco shall, and prior to the Offer Purchase Date the Company shall, use their respective reasonable efforts to amend the Globalstar Bank Guarantee so that, following the Restructuring, (x) the provisions of Section 10 of the Globalstar Bank Guarantee shall be deleted and shall have no force and effect against the Company or any of its Affiliates (provided that, in the event that the Globalstar Bank Guarantee is amended in the manner provided in this Section 2.5, Parent agrees to assume the obligations of the Company as guarantor under the Globalstar Bank Guarantee), and (y) the aggregate amount of indebtedness being guaranteed by the Company (or Parent, as the case may be) under the Globalstar Bank Guarantee shall not exceed $250,000,000; provided that the amendments contemplated in this sentence shall be in such form and substance as shall be reasonably acceptable to Parent. Notwithstanding anything to the contrary contained in this Agreement, except as otherwise expressly provided in this Section 2.5, neither the Company nor Spinco shall, nor shall they permit any of their respective Affiliates to, (i) amend or in any way modify either the Globalstar Bank Guarantee, the Globalstar Credit Agreement, the Guarantee Warrants or any other Contract, in a manner which adversely affects any of the benefits, rights or obligations of the Company with respect to either the Globalstar Bank Guarantee, the Globalstar Credit Agreement or the Guarantee Warrants, without obtaining the prior written consent of Parent (which consent may not be unreasonably withheld), or (ii) waive or diminish any rights of subrogation of the Company with respect to the Globalstar Bank Guarantee or take any other action which adversely affects any of the benefits, rights or obligations of the Company with respect to either the Globalstar Bank Guarantee, the Globalstar Credit Agreement or the Guarantee Warrants, without obtaining the prior written consent of Parent (provided that the consent of Parent need not be obtained with respect to the diminution of any rights of subrogation held by the Company and its Affiliates where (A) Globalstar determines within 90 days to either issue to the Company subordinated indebtedness of Globalstar having an aggregate principal amount (the repayment of which, together with interest thereon, may be deferred for up to 3 years) equal to, or equity interests in Globalstar having a fair market value equal to, the aggregate of the amounts paid or incurred...
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Related to Treatment of Globalstar Bank Guarantee

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