Limited and Conditional Waiver to Fifth Amended and Restated Credit Agreement among Pinnacle Towers Inc., Bank of America, N.A., and Lenders (October 12, 2000)

Summary

This agreement is a limited and conditional waiver to the Fifth Amended and Restated Credit Agreement between Pinnacle Towers Inc., Bank of America, N.A. (as Administrative Agent), and several lenders. It allows Pinnacle Towers to purchase and later sell certain real estate in San Antonio, Texas, without immediately complying with specific credit agreement restrictions, provided certain conditions are met. If the assets are not sold or the agreement is not amended by March 31, 2001, Pinnacle Towers must grant a lien and deliver a guaranty to the lenders. All other terms of the original credit agreement remain in effect.

EX-10.59 5 g75271kex10-59.txt 10/12/00 LIMITED WAIVER ON 5TH AMENDED CREDIT AGMT EXHIBIT 10.59 October 12, 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 herein 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 San Antonio, Texas for a purchase price not to exceed $9,000,000, for the purpose of operating and leasing as a telecommunications "carrier hotel" (the "Purchase"). The Borrower has also informed the Administrative Agent that this Purchase is not being consummated with the intent of using these assets in the operations of the Borrower, but with the intent to sell the assets in the near future. The Borrower seeks a Waiver of Compliance with respect to (a) Section 8.06 of the Credit Agreement with respect to types of businesses which the Borrower is permitted to purchase, (b) Section 2.16 and Section 6.15 of the Credit Agreement with respect to the fact that the assets included in the Purchase will not be subject to any Lien of the Lenders to secure the Obligations and no Guaranty of the Obligations will be executed in connection with the Purchase (provided that if the Borrower has not entered into a Fifth Amendment to the Credit Agreement with respect to such assets by March 31, 2001, the Borrower will be required immediately to grant to the Lenders a Lien on such assets and to deliver a Guaranty of the Obligations), and (c) Section 8.06 of the Credit Agreement with respect to the sale of the assets included in the Purchase, so long as (i) there exists no Default or Event of Default both immediately before and after giving effect to any such sale, (ii) such sale is for cash and the fair market value of such assets and (iii) such sale and the proceeds thereof are consummated in accordance with the terms of the Indenture and the Parent Senior Notes Documentation, and the Lenders have received an opinion of counsel to the Borrower Mr. Steve Day Pinnacle Towers Inc. October 12, 2000 Page 2 in form and substance acceptable to the Administrative Agent regarding such sale, the proceeds thereof, the Indenture and the Parent Senior Notes Documentation. The Administrative Agent and the Lenders hereby grant a one-time waiver only, subject to the terms and conditions set forth below. 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 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 Borrowers 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. The Borrower agrees that if the Borrower has not entered into a Fifth Amendment to the Credit Agreement to sell or transfer all of the collocation assets owned by the Borrower and its Subsidiaries (including those assets subject to the Purchase) by March 31, 2001, the Borrower will be immediately required to grant to the Lenders a Lien on such assets and to deliver a Guaranty of the Obligations. 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 SUBSEQUENT ORAL 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. Mr. Steve Day Pinnacle Towers Inc. October 12, 2000 Page 3 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. 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 Leader /s/ Roselyn M. Drake ------------------------------ By: Roselyn M. Drake Its: Managing Director Mr. Steve Day Pinnacle Towers Inc. October 12, 2000 Page 4 FLEET NATIONAL BANK (formerly known as BANKBOSTON, N.A.) /s/ Ellery (Tim) Willard -------------------------------- By: Ellery (Tim) Willard --------------------------------- Its: Vice President -------------------------------- Mr. Steve Day Pinnacle Towers Inc. October 12, 2000 Page 5 BANKERS TRUST COMPANY /s/ Anca Trifan -------------------------------- By: ANCA TRIFAN --------------------------------- Its: DIRECTOR -------------------------------- Mr. Steve Day Pinnacle Towers Inc. October 12, 2000 Page 6 SOCIETE GENERALE ----------------------------- By: ------------------------- Its: ------------------------- Mr. Steve Day Pinnacle Towers Inc. October 12, 2000 Page 7 UNION BANK OF CALIFORNIA, N.A. /s/ James C. Opdyke -------------------------------- By: JAMES C. OPDYKE --------------------------------- Its: ASSISTANT VICE PRESIDENT -------------------------------- Mr. Steve Day Pinnacle Towers Inc. October 12, 2000 Page 8 KEY CORPORATE CAPITAL, INC. /s/ Amy Ciano -------------------------------- By: AMY CIANO --------------------------------- Its: VICE PRESIDENT -------------------------------- Mr. Steve Day Pinnacle Towers Inc. October 12, 2000 Page 9 COBANK, ACB /s/ Teresa L. Fountain -------------------------------- By: Teresa L. Fountain --------------------------------- Its: Assistant Corporate Secretary -------------------------------- Mr. Steve Day Pinnacle Towers Inc. October 12, 2000 Page 10 CREDIT LYONNAIS NEW YORK BRANCH /s/ Patrick McCarthy -------------------------------- By: PATRICK MCCARTHY --------------------------------- Its: AUTHORIZED SIGNATURE -------------------------------- Mr. Steve Day Pinnacle Towers Inc. October 12, 2000 Page 11 THE BANK OF NOVA SCOTIA ------------------------------ By: -------------------------- Its: ------------------------- Mr. Steve Day Pinnacle Towers Inc. October 12, 2000 Page 12 DRESDNER BANK AG NEW YORK & GRAND CAYMAN BRANCHES -------------------------------- By: --------------------------------- Its: -------------------------------- -------------------------------- By: --------------------------------- Its: -------------------------------- Mr. Steve Day Pinnacle Towers Inc. October 12, 2000 Page 13 FIRSTAR BANK, N.A. (formerly known as MERCANTILE BANK NATIONAL ASSOCIATION) /s/ Douglas P. Best -------------------------------- By: Douglas P. Best --------------------------------- Its: Officer -------------------------------- Mr. Steve Day Pinnacle Towers Inc. October 12, 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. October 12, 2000 Page 15 DEXIA PUBLIC FINANCE BANK (f/k/a CREDIT LOCAL DE FRANCE - NEW YORK AGENCY) -------------------------------- By: --------------------------------- Its: -------------------------------- -------------------------------- By: --------------------------------- Its: -------------------------------- Mr. Steve Day Pinnacle Towers Inc. October 12, 2000 Page 16 IBM CREDIT CORPORATION /s/ Thomas S. Curcio -------------------------------- By: Thomas S. Curcio --------------------------------- Its: Manager of Credit Commercial and Specialty Financing -------------------------------- Mr. Steve Day Pinnacle Towers Inc. October 12, 2000 Page 17 THE CIT GROUP/EQUIPMENT FINANCING, INC. -------------------------------- By: ----------------------------- Its: ---------------------------- Mr. Steve Day Pinnacle Towers Inc. October 12, 2000 Page 18 ALLFIRST BANK -------------------------------- By: ----------------------------- Its: ---------------------------- Mr. Steve Day Pinnacle Towers Inc. October 12, 2000 Page 19 CITY NATIONAL BANK /s/ Patrick M. Drum ------------------------ By: PATRICK M. DRUM ------------------- Its: Vice President -------------------- Mr. Steve Day Pinnacle Towers Inc. October 12, 2000 Page 20 RAYMOND JAMES BANK, FSB /s/ John D. Hallstrom -------------------------- By: John D. Hallstrom ---------------------- Its: Vice President ---------------------- Mr. Steve Day Pinnacle Towers Inc. October 12, 2000 Page 21 HELLER FINANCIAL, INC. /s/ SCOTT ZIEMKE ---------------------------------------- BY: SCOTT ZIEMKE ----------------------------------- ITS: VICE PRESIDENT ----------------------------------- Mr. Steve Day Pinnacle Towers Inc. October 12, 2000 Page 22 PILGRIM PRIME RATE TRUST BY: PILGRIM INVESTMENT, INC. AS ITS INVESTMENT MANAGER -------------------------------- By: ----------------------------- Its: ---------------------------- Mr. Steve Day Pinnacle Towers Inc. October 12, 2000 Page 23 PPM SPYGLASS FUNDING TRUST /s/ ANN E. MORRIS ---------------------------------------- BY: ANN E. MORRIS ----------------------------------- ITS: AUTHORIZED AGENT ----------------------------------- Mr. Steve Day Pinnacle Towers Inc. October 12, 2000 Page 24 MORGAN STANLEY DEAN WITTER PRIME INCOME TRUST /s/ SHEILA FINNELTY ---------------------------------------- BY: SHEILA FINNELTY ----------------------------------- ITS: SENIOR VICE PRESIDENT ----------------------------------- Mr. Steve Day Pinnacle Towers Inc. October 12, 2000 Page 25 KZH ING-1 LLC /s/ KIMBERLY ROWE ---------------------------------------- BY: KIMBERLY ROWE ----------------------------------- ITS: AUTHORIZED AGENT ----------------------------------- Mr. Steve Day Pinnacle Towers Inc. October 12, 2000 Page 26 KZH ING-2 LLC /s/ KIMBERLY ROWE ---------------------------------------- BY: KIMBERLY ROWE ----------------------------------- ITS: AUTHORIZED AGENT ----------------------------------- Mr. Steve Day Pinnacle Towers Inc. October 12, 2000 Page 27 SEQUILS-ING I (HBDGM), LTD. BY: ING CAPITAL ADVISORS LLC, COLLATERAL MANAGER /s/ STEVEN GORSKI ---------------------------------------- BY: STEVEN GORSKI ----------------------------------- ITS: VICE PRESIDENT & SENIOR CREDIT ANALYST ----------------------------------- Mr. Steve Day Pinnacle Towers Inc. October 12, 2000 Page 28 TORONTO DOMINION (NEW YORK), INC. /s/ GWEN ZIRKLE ---------------------------------------- BY: GWEN ZIRKLE ----------------------------------- ITS: VICE PRESIDENT ----------------------------------- Mr. Steve Day Pinnacle Towers Inc. October 12, 2000 Page 29 SEQUILS PILGRIM 1, LTD. By: Pilgrim Investments, Inc., as its investment manager ---------------------------- By: ------------------------ Its: ----------------------- Mr. Steve Day Pinnacle Towers Inc. October 12, 2000 Page 30 WESTER BANK /s/ PAUL T. SAVINO ----------------------------- By: PAUL T. SAVINO ----------------------- Its: VICE PRESIDENT ----------------------- Mr. Steve Day Pinnacle Towers Inc. October 12, 2000 Page 31 ARCHIMEDES FUNDING III, Ltd. By: ING Capital Advisors LLC as Collateral Manager /s/ STEVEN GORSKI ----------------------------- By: STEVEN GORSKI ----------------------- Its: VICE PRESIDENT & ----------------------- SENIOR CREDIT ANALYST Mr. Steve Day Pinnacle Towers Inc. October 12, 2000 Page 32 CITIZENS BANK OF MASSACHUSETTS /s/ WENDY M. ANDURS ----------------------------- By: WENDY M. ANDRUS ----------------------- Its: VICE PRESIDENT ----------------------- Mr. Steve Day Pinnacle Towers Inc. October 12, 2000 Page 33 PINNACLE TOWERS, INC. /s/ CHRISTINE E. SHIRLEY ----------------------------- By: CHRISTINE E. SHIRLEY ----------------------- Its: TREASURER ----------------------- Mr. Steve Day Pinnacle Towers Inc. October 12, 2000 Page 34 PINNACLE HOLDINGS, INC /s/ CHRISTINE E. SHIRLEY ---------------------------------------- By: CHRISTINE E. SHIRLEY ---------------------------------- Its: TREASURER ---------------------------------- COVERAGE PLUS ANTENNA SYSTEMS, INC. /s/ CHRISTINE E. SHIRLEY ---------------------------------------- By: CHRISTINE E. SHIRLEY ---------------------------------- Its: TREASURER ---------------------------------- TOWER SYSTEMS, INC. /s/ CHRISTINE E. SHIRLEY ---------------------------------------- By: CHRISTINE E. SHIRLEY ---------------------------------- Its: TREASURER ---------------------------------- RADIO STATI0N WGLD, INC. /s/ CHRISTINE E. SHIRLEY ---------------------------------------- By: CHRISTINE E. SHIRLEY ---------------------------------- Its: TREASURER ---------------------------------- Mr. Steve Day Pinnacle Towers Inc. October 12, 2000 Page 35 ICB TOWERS, LLC /s/ CHRISTINE E. SHIRLEY ----------------------------- By: CHRISTINE E. SHIRLEY ----------------------- Its: TREASURER ----------------------- AIRCOMM OF AVON, LLC /s/ CHRISTINE E. SHIRLEY ----------------------------- By: CHRISTINE E. SHIRLEY ----------------------- Its: TREASURER ----------------------- HIGH POINT MANAGEMENT CO., INC. /s/ CHRISTINE E. SHIRLEY ----------------------------- By: CHRISTINE E. SHIRLEY ----------------------- Its: TREASURER ----------------------- TOWER TECHNOLOGY CORPORATION OF JACKSONVILLE /s/ CHRISTINE E. SHIRLEY ----------------------------- By: CHRISTINE E. SHIRLEY ----------------------- Its: TREASURER ----------------------- COASTAL ANTENNA'S INC. /s/ CHRISTINE E. SHIRLEY ----------------------------- By: CHRISTINE E. SHIRLEY ----------------------- Its: TREASURER ----------------------- Mr. Steve Day Pinnacle Towers Inc. October 12, 2000 Page 36 MARMAC INDUSTRIES INCORPORATED /s/ CHRISTINE E. SHIRLEY ---------------------------------------- By: CHRISTINE E. SHIRLEY ---------------------------------- Its: TREASURER ---------------------------------- PINNACLE TOWERS III INC. /s/ CHRISTINE E. SHIRLEY ---------------------------------------- By: CHRISTINE E. SHIRLEY ---------------------------------- Its: TREASURER ---------------------------------- SHAFFER & ASSOCIATES, INC. /s/ CHRISTINE E. SHIRLEY ---------------------------------------- By: CHRISTINE E. SHIRLEY ---------------------------------- Its: TREASURER ---------------------------------- PTI COMMUNICATIONS COMPANY, INC. /s/ CHRISTINE E. SHIRLEY ---------------------------------------- By: CHRISTINE E. SHIRLEY ---------------------------------- Its: TREASURER ---------------------------------- INTELLICOM, INC. /s/ CHRISTINE E. SHIRLEY ---------------------------------------- By: CHRISTINE E. SHIRLEY ---------------------------------- Its: TREASURER ---------------------------------- Mr. Steve Day Pinnacle Towers Inc. October 12, 2000 Page 37 PVB TOWER, INC. ----------------------------- By: ----------------------- Its: ----------------------- QTI, INC. /s/ CHRISTINE E. SHIRLEY ----------------------------- By: CHRISTINE E. SHIRLEY ----------------------- Its: TREASURER -----------------------