Equity Commitments. (a) Any member of the Thermo Group (or any relevant third party) fails to make available to the Borrower the Equity Commitments when required at the times and in the manner contemplated by the First Global Deed of Amendment and Restatement, the First Thermo Group Undertaking Letter, the Second Global Amendment and Restatement Agreement, or the Second Thermo Group Undertaking Letter (as the case may be). (b) Any member of the Thermo Group (or any relevant third party) terminates, breaches (other than a breach referred to in paragraph (a) above) or repudiates any document evidencing any Equity Commitment, provided that no Event of Default shall occur under this paragraph (b): (i) in relation to any breach by a third party in circumstances where a member of the Thermo Group assumes such third party’s obligations under such document within twenty (20) days and on no more onerous terms for the Borrower; or (ii) once the Equity Commitment has been fulfilled.
Appears in 3 contracts
Sources: Bpifae Facility Agreement (Globalstar, Inc.), Second Lien Facility Agreement (Globalstar, Inc.), Bpifae Facility Agreement (Globalstar, Inc.)