Limited and Conditional Waiver to Fifth Amended and Restated Credit Agreement among Pinnacle Towers Inc. and Lenders (June 30, 2000)

Summary

This agreement is a limited waiver between Pinnacle Towers Inc., Bank of America (as Administrative Agent), and several lenders. It allows Pinnacle Towers to acquire specific real estate in St. Louis, Missouri, for up to $57 million, temporarily waiving a restriction in their existing $520 million credit agreement. The waiver is one-time and conditional on Pinnacle providing financial information and securing the property as collateral. All other terms of the original credit agreement remain in effect, and this waiver does not affect the lenders’ rights beyond this transaction.

EX-10.58 4 g75271kex10-58.txt 6/30/00 LIMITED WAIVER ON 5TH AMENDED CREDIT AGMT EXHIBIT 10.58 June 30, 2000 Pinnacle Towers Inc. 301 North Cattlemen Road Suite 300 Sarasota, Florida ###-###-#### Attn: Mr. Steve Day Re: Limited and Conditional Waiver for $520,000,000 Fifth Amended and Restated Credit Agreement dated as of September 17, 1999, as amended, among Bank of America, N.A., for itself and as Administrative Agent (the "Administrative Agent"), the Lenders party thereto and Pinnacle Towers Inc. (the "Borrower") (as further amended, substituted or replaced from time to time, the "Credit Agreement") Dear Steve: This Limited and Conditional Waiver ("Limited Waiver") is entered into among the Borrower, Administrative Agent, and the Lenders. All capitalized terms used in this Limited Waiver but not defined shall have the meanings ascribed thereto in the Credit Agreement. The Borrower has informed the Administrative Agent that intends to acquire real property and improvements in St. Louis, Missouri for a purchase price not to exceed $57,000,000, for the purpose of operating and leasing as a telecommunications "carrier hotel" (the "Purchase"). The Borrower seeks a waiver of compliance with respect to Section 8.06 of the Credit Agreement with respect to types of businesses which the Borrower is permitted to purchase. The Administrative Agent and the Lenders hereby grant a one-time waiver only for the Purchase, subject to the terms and conditions set forth below. The Limited Waiver set forth in the preceding paragraph is subject to the condition that the Borrower has delivered to the Lenders projections and such other financial information as the Administrative Agent shall request, together with such Loan Papers as may be necessary or appropriate to create and perfect first priority Liens on the real property that is the subject of the Purchase and opinions of counsel with respect thereto. The Borrower represents and warrants to the Administrative. Agent that (a) this Limited Waiver constitutes its legal, valid, and binding obligations, enforceable in accordance with the terms hereof (subject as to enforcement of remedies to any applicable bankruptcy, reorganization, moratorium, or other laws or principles of equity affecting the enforcement of creditors' rights generally), (b) there exists no Event of Default or Default under the Credit Agreement and none that Mr. Steve Day Pinnacle Towers Inc. June 30, 2000 Page 2 would result from the Purchase (other than as specifically waived hereby), (c) its representations and warranties set forth in the Credit Agreement and other Loan Papers are true and correct on the date hereof and after giving effect to this Limited Waiver, (d) it has complied with all agreements and conditions to be complied with by it under the Credit Agreement and the other Loan Papers by the date hereof except as waived hereby, and (e) the Credit Agreement, as waived hereby, and the other Loan Papers remain in full force and effect. The Borrower acknowledges that this Limited Waiver is a one-time limited and conditional continuing waiver of specific provisions of the Credit Agreement, except as waived hereby, and does not constitute a waiver by any Lender of any of its rights or remedies now or at any time in the future. The Borrower acknowledges that this Limited Waiver constitutes a "Loan Paper" as defined in the Credit Agreement. THIS LIMITED WAIVER AND THE LOAN PAPERS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENTORAL AGREEMENT OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. EXCEPT AS MODIFIED OR SUPPLEMENTED HEREBY, THE CREDIT AGREEMENT, THE OTHER LOAN PAPERS AND ALL OTHER DOCUMENTS AND AGREEMENTS EXECUTED IN CONNECTION THEREWITH SHALL CONTINUE IN FULL FORCE AND EFFECT. This Limited Waiver may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument. In making proof hereof, it shall not be necessary to produce or account for any counterpart other than one signed by the party against which enforcement is sought. THIS LIMITED WAIVER AND ALL LOAN PAPERS SHALL BE DEEMED CONTRACTS MADE IN DALLAS, TEXAS AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF TEXAS, EXCEPT TO THE EXTENT FEDERAL LAWS GOVERN THE VALIDITY, CONSTRUCTION, ENFORCEMENT AND INTERPRETATION OF ALL OR ANY PART OF THIS AGREEMENT AND ALL LOAN PAPERS. WITHOUT EXCLUDING ANY OTHER JURISDICTION, THE BORROWER AGREES THAT THE COURTS OF TEXAS WILL HAVE JURISDICTION OVER PROCEEDINGS IN CONNECTION HEREWITH. Mr. Steve Day Pinnacle Towers Inc. June 30, 2000 Page 3 IN WITNESS WHEREOF, this Limited Waiver is executed as of the date first set forth above. ADMINISTRATIVE AGENT: BANK OF AMERICA, N.A., as Administrative Agent /s/ Roselyn M Drake ----------------------------------------- By: Roselyn M Drake Its: Managing Director LENDERS: BANK OF AMERICA, N.A., individually as a Lender /s/ Roselyn M Drake ----------------------------------------- By: Roselyn M Drake Its: Managing Director Mr. Steve Day Pinnacle Towers Inc. June 30, 2000 Page 4 FLEET NATIONAL BANK (formerly known as BANKBOSTON, N.A.) /s/ Ellery Willard ----------------------------------------- By: Ellery (Tim) Willard ------------------------------------- Its: Vice President ------------------------------------- Mr. Steve Day Pinnacle Towers Inc. June 30, 2000 Page 5 BANKERS TRUST COMPANY /s/ Gregory P. Shefrin ----------------------------------------- By: Gregory P. Shefrin -------------------------------------- Its: Director ------------------------------------- Mr. Steve Day Pinnacle Towers Inc. June 30, 2000 Page 6 SOCIETE GENERALE /s/ Mark Vigil ----------------------------------------- By: Mark Vigil -------------------------------------- Its: Director ------------------------------------- Mr. Steve Day Pinnacle Towers Inc. June 30, 2000 Page 7 UNION BANK OF CALIFORNIA, N.A. /s/ Craig R. Cappai ----------------------------------------- By: Craig R. Cappai -------------------------------------- Its: Assistant Vice President ------------------------------------- Mr. Steve Day Pinnacle Towers Inc. June 30, 2000 Page 8 KEY CORPORATE CAPITAL INC. /s/ Amy Ciano ----------------------------------------- By: Amy Ciano -------------------------------------- Its: Vice President ------------------------------------- Mr. Steve Day Pinnacle Towers Inc. June 30, 2000 Page 9 COBANK, ACB /s/ Teresa L. Fountain ----------------------------------------- By: Teresa L. Fountain -------------------------------------- Its: Assistant Corporate Secretary ------------------------------------- Mr. Steve Day Pinnacle Towers Inc. June 30, 2000 Page 10 CREDIT LYONNAIS NEW YORK BRANCH ----------------------------------------- By: -------------------------------------- Its: ------------------------------------- Mr. Steve Day Pinnacle Towers Inc. June 30, 2000 Page 11 THE BANK OF NOVA SCOTIA /s/ VINCENT J. FITZGERALD, JR. ----------------------------------------- By: VINCENT J. FITZGERALD, JR. -------------------------------------- Its: AUTHORIZED SIGNATORY ------------------------------------- Mr. Steve Day Pinnacle Towers Inc. June 30, 2000 Page 12 DRESDNER BANK AG NEW YORK & GRAND CAYMAN BRANCHES /s/ Jane A. Majeski ----------------------------------------- By: JANE A. MAJESKI -------------------------------------- Its: FIRST VICE PRESIDENT ------------------------------------- /s/ Brian Schneider ----------------------------------------- By: BRIAN SCHNEIDER -------------------------------------- Its: ASSISTANT VICE PRESIDENT ------------------------------------- Mr. Steve Day Pinnacle Towers Inc. June 30, 2000 Page 13 FIRSTSTAR BANK, N.A. (formerly known as MERCANTILE BANK NATIONAL ASSOCIATION) ----------------------------------------- By: -------------------------------------- Its: ------------------------------------- Mr. Steve Day Pinnacle Towers Inc. June 30, 2000 Page 14 U.S. BANK NATIONAL ASSOCIATION /s/ Thomas G. Gunder ----------------------------------------- By: Thomas G. Gunder -------------------------------------- Its: Vice President ------------------------------------- Mr. Steve Day Pinnacle Towers Inc. June 30, 2000 Page 15 CREDIT LOCAL DE FRANCE - NEW YORK AGENCY ----------------------------------------- By: -------------------------------------- Its: ------------------------------------- ----------------------------------------- By: -------------------------------------- Its: ------------------------------------- Mr. Steve Day Pinnacle Towers Inc. June 30, 2000 Page 16 IBM CREDIT CORPORATION /s/ Ronald J. Bachner ----------------------------------------- By: RONALD J. BACHNER -------------------------------------- Its: MANAGER, COMMERCIAL & SPECIALTY FINANCING SALES ------------------------------------- Mr. Steve Day Pinnacle Towers Inc. June 30, 2000 Page 17 THE CIT GROUP/EQUIPMENT FINANCING, INC. /s/ KATIE J. SAUNDERS ----------------------------------------- By: KATIE J. SAUNDERS -------------------------------------- Its: SR. CREDIT ANALYST ------------------------------------- Mr. Steve Day Pinnacle Towers Inc. June 30, 2000 Page 18 ALLFIRST BANK /s/ Christoper L. Smith ----------------------------------------- By: Christoper L. Smith -------------------------------------- Its: Senior Vice President ------------------------------------- Mr. Steve Day Pinnacle Towers Inc. June 30, 2000 Page 19 CITY NATIONAL BANK /s/ PATRICK M. DRUM ----------------------------------------- By: PATRICK M. DRUM -------------------------------------- Its: Vice President ------------------------------------- Mr. Steve Day Pinnacle Towers Inc. June 30, 2000 Page 20 RAYMOND JAMES BANK, FSB /s/ John D. Hallstrom ----------------------------------------- By: John D. Hallstrom -------------------------------------- Its: Vice President ------------------------------------- Mr. Steve Day Pinnacle Towers Inc. June 30, 2000 Page 21 HELLER FINANCIAL, INC. ----------------------------------------- By: -------------------------------------- Its: ------------------------------------- Mr. Steve Day Pinnacle Towers Inc. June 30, 2000 Page 22 PILGRIM PRIME RATE TRUST By: Pilgrim Investment, Inc., as its investment manager /s/ Elizabeth O. MacLean ----------------------------------------- By: ELIZABETH O. MacLEAN -------------------------------------- Its: VICE PRESIDENT ------------------------------------- Mr. Steve Day Pinnacle Towers Inc.' June 30, 2000 Page 23 PPM SPYGLASS FUNDING TRUST ----------------------------------------- By: -------------------------------------- Its: ------------------------------------- Mr. Steve Day Pinnacle Towers Inc. June 30, 2000 Page 24 MORGAN STANLEY DEAN WITTER PRIME INCOME TRUST ----------------------------------------- By: -------------------------------------- Its: ------------------------------------- Mr. Steve Day Pinnacle Towers Inc. June 30, 2000 Page 25 KZH ING- 1 LLC ----------------------------------------- By: -------------------------------------- Its: ------------------------------------- Mr. Steve Day Pinnacle Towers Inc. June 30, 2000 Page 26 KZH ING-2 LLC ----------------------------------------- By: -------------------------------------- Its: ------------------------------------- Mr. Steve Day Pinnacle Towers Inc. June 30, 2000 Page 27 SEQUILS-ING I (HBDGM), LTD. By: ING Capital Advisors LLC, Collateral Manager and Authorized signatory ----------------------------------------- By: -------------------------------------- Its: ------------------------------------- Mr. Steve Day Pinnacle Towers Inc. June 30, 2000 Page 28 TORONTO DOMINION (NEW YORK), INC. /s/ David G. Park ----------------------------------------- By: DAVID G. PARK -------------------------------------- Its: VICE PRESIDENT ------------------------------------- Mr. Steve Day Pinnacle Towers Inc. June 30,2000 Page 29 SEQUILS PILGRIM I, LTD. By: Pilgrim Investments, Inc., as its investment manager /s/ Elizabeth O. MacLean ----------------------------------------- By: ELIZABETH O. MacLean -------------------------------------- Its: VICE PRESIDENT ------------------------------------- Mr. Steve Day Pinnacle Towers Inc. June 30, 2000 Page 30 WEBSTER BANK ----------------------------------------- By: -------------------------------------- Its: ------------------------------------- Mr. Steve Day Pinnacle Towers Inc. June 30, 2000 Page 31 ARCHIMEDES FUNDING III, Ltd. By: ING Capital Advisors LLC as Collateral Manager ----------------------------------------- By: -------------------------------------- Its: ------------------------------------- Mr. Steve Day Pinnacle Towers Inc. June 30, 2000 Page 32 CITIZENS BANK /S/ WENDY M. ANDRUS ----------------------------------------- By: WENDY M. ANDRUS -------------------------------------- Its: VICE PRESIDENT ------------------------------------- Mr. Steve Day Pinnacle Towers Inc. June 30, 2000 Page 33 PINNACLE TOWERS, INC. /s/ Christine E. Shirley ----------------------------------------- By: -------------------------------------- Its: ------------------------------------- Mr. Steve Day Pinnacle Towers Inc. June 30, 2000 Page 34 Accepted and Agreed as of June 30, 2000: PINNACLE HOLDINGS, INC. /s/ Christine E. Shirley - ----------------------------------------- By: -------------------------------------- Its: ------------------------------------- COVERAGE PLUS ANTENNA SYSTEMS, INC. /s/ Christine E. Shirley - ----------------------------------------- By: -------------------------------------- Its: ------------------------------------- TOWER SYSTEMS, INC. /s/ Christine E. Shirley - ----------------------------------------- By: -------------------------------------- Its: ------------------------------------- RADIO STATION WGLD, INC. /s/ Christine E. Shirley - ----------------------------------------- By: -------------------------------------- Its: ------------------------------------- ICB TOWERS, LLC /s/ Docker A. Todd - ----------------------------------------- By: -------------------------------------- Its: ------------------------------------- Mr. Steve Day Pinnacle Towers Inc. June 30, 2000 Page 35 AIRCOMM OF AVON, LLC /s/ Christine E. Shirley - ----------------------------------------- By: -------------------------------------- Its: ------------------------------------- HIGH POINT MANAGEMENT CO., INC. /s/ Christine E. Shirley - ----------------------------------------- By: -------------------------------------- Its: ------------------------------------- TOWER TECHNOLOGY CORPORATION OF JACKSONVILLE /s/ Christine E. Shirley - ----------------------------------------- By: -------------------------------------- Its: ------------------------------------- COASTAL ANTENNA'S INC. /s/ Christine E. Shirley - ----------------------------------------- By: -------------------------------------- Its: ------------------------------------- MARMAC INDUSTRIES INCORPORATED /s/ Christine E. Shirley - ----------------------------------------- By: -------------------------------------- Its: ------------------------------------- Mr. Steve Day Pinnacle Towers Inc. June 30, 2000 Page 36 PINNACLE TOWERS III INC. /s/ Christine E. Shirley - ----------------------------------------- By: -------------------------------------- Its: ------------------------------------- SHAFFER & ASSOCIATES, INC. /s/ Christine E. Shirley - ----------------------------------------- By: -------------------------------------- Its: ------------------------------------- PTI COMMUNICATIONS COMPANY, INC. /s/ Christine E. Shirley - ----------------------------------------- By: -------------------------------------- Its: ------------------------------------- INTELLICOM, INC. /s/ Christine E. Shirley - ----------------------------------------- By: -------------------------------------- Its: -------------------------------------