Limited and Conditional Waiver to Fifth Amended and Restated Credit Agreement among Pinnacle Towers Inc. and Lenders (April 13, 2001)

Summary

This agreement is a limited waiver between Pinnacle Towers Inc., Bank of America (as Administrative Agent), and several lenders. It temporarily waives certain financial requirements under their existing credit agreement for the quarter ending December 31, 2000, and extends a compliance deadline from March 31 to April 20, 2001. The waiver is conditional upon Pinnacle Towers paying a $188,000 fee. All other terms of the original credit agreement remain in effect, and this waiver does not set a precedent for future waivers.

EX-10.60 6 g75271kex10-60.txt 4/13/01 LIMITED WAIVER ON 5TH AMENDED CREDIT AGMT EXHIBIT 10.60 April 13, 2001 Pinnacle Towers Inc. 301 North Cattlemen Road Suite 300 Sarasota, Florida ###-###-#### Attn: Mr. Steve Day Re: Limited and Conditional Waiver for 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 for the fiscal quarter ended December 31, 2000, its Leverage Ratio was in excess of 4.75 to 1.00, as required under Section 8.01 of the Credit Agreement for such fiscal quarter. In addition, the October 12, 2000 waiver letter (the "Waiver") executed by the Administrative Agent, the Borrower and certain of the Lenders, provided that if the Borrower had not entered into an Amendment to the Credit Agreement with respect to the sale or transfer of the new San Antonio assets by March 31, 2001, the Borrower would be required immediately to grant to the Lenders a Lien on such assets and meet other requirements; the Borrower requires an extension of this March 31, 2001 deadline to April 20, 2001. Subject to the terms and conditions set forth below, (i) the Administrative Agent and the Lenders hereby grant a one-time waiver with respect to Borrower's Leverage Ratio for the fiscal quarter ended December 31, 2000 only, so long as the Borrower's Leverage Ratio for such quarter is not in excess of 5.00 to 1.00, and (ii) the Administrative Agent and the Lenders hereby grant a one-time extension until April 20, 2001 for Borrower to comply with the terms of the Waiver required to be complied with by March 31, 2001. Mr. Steve Day Pinnacle Towers Inc. April 13, 2001 Page 2 As a condition precedent to the effectiveness of this Limited Waiver, the Administrative Agent shall have received from the Borrower a five basis points fee in the amount of $188,000.00 to be allocated on a ratable basis among the Lenders timely executing this Limited Waiver prior to noon Dallas time, on Friday, April 13, 2001. 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 (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 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. April 13, 2001 Page 3 THE 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. - -------------------------------------------------------------------------------- THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK - -------------------------------------------------------------------------------- Mr. Steve Day Pinnacle Towers Inc. April 13, 2001 Page 4 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/ Steven P. Renwick -------------------------------------- BY: STEVEN P. RENWICK ITS: VICE PRESIDENT LENDERS: BANK OF AMERICA, N.A., individually as a Lender /s/ Steven P. Renwick -------------------------------------- BY: STEVEN P. RENWICK ITS: VICE PRESIDENT Mr. Steve Day Pinnacle Towers Inc. April 13, 2001 Page 5 FLEET NATIONAL BANK ----------------------------- By: ----------------------- Its: ----------------------- Mr. Steve Day Pinnacle Towers Inc. April 13, 2001 Page 6 BANKERS TRUST COMPANY ANCA TRIFAN ------------------------------- By: ANCA TRIFAN ---------------------------- Its: DIRECTOR ---------------------------- Mr. Steve Day Pinnacle Towers Inc. April 13, 2001 Page 7 SOCIETE GENERALE /s/ Mark Vigil -------------------------------- By: Mark Vigil ----------------------------- Its: Director --------------------------- Mr. Steve Day Pinnacle Towers Inc. April 13, 2001 Page 8 UNION BANK OF CALIFORNIA, N.A. /s/ PETER C. CONNOY ------------------------------ By: PETER C. CONNOY --------------------------- Its: VICE PRESIDENT -------------------------- Mr. Steve Day Pinnacle Towers Inc. April 13, 2001 Page 9 KEY CORPORATE CAPITAL INC. ----------------------------- By: ----------------------- Its: ----------------------- Mr. Steve Day Pinnacle Towers Inc. April 13, 2001 Page 10 COBANK, ACB /s/ THOMAS W. COSGROVE ---------------------------------------- By: THOMAS W. COSGROVE ----------------------------------- Its: VICE PRESIDENT ----------------------------------- Mr. Steve Day Pinnacle Towers Inc. April 13, 2001 Page 11 CREDIT LYONNAIS NEW YORK BRANCH /s/ PATRICK MCCARTHY ---------------------------------------- By: PATRICK MCCARTHY ----------------------------------- Its: AUTHORIZED SIGNATURE ----------------------------------- Mr. Steve Day Pinnacle Towers Inc. April 13, 2001 Page 12 THE BANK OF NOVA SCOTIA /s/ PAUL A. WEISSENBERGER ---------------------------------------- By: P.A. WEISSENBERGER ----------------------------------- Its: AUTHORIZED SIGNATORY ----------------------------------- Mr. Steve Day Pinnacle Towers Inc. April 13, 2001 Page 13 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. April 13, 2001 Page 14 FIRSTAR BANK, N.A. (formerly known as MERCANTILE BANK NATIONAL ASSOCIATION) /s/ DOUGLAS P. BEST ---------------------------------------- By: DOUGLAS P. BEST ----------------------------------- Its: BANKING OFFICER ----------------------------------- Mr. Steve Day Pinnacle Towers Inc. April 13, 2001 Page 15 U.S. BANK NATIONAL ASSOCIATION /s/ THOMAS G. GUNDER ---------------------------------------- By: THOMAS G. GUNDER ----------------------------------- Its: VICE PRESIDENT ----------------------------------- Mr. Steve Day Pinnacle Towers Inc. April 13, 2001 Page 16 DEXIA PUBLIC FINANCE BANK (f/k/a) CREDIT LOCAL DE FRANCE - NEW YORK AGENCY ---------------------------------- By: ------------------------------- Its: ------------------------------- ---------------------------------- By: ------------------------------- Its: ------------------------------- Mr. Steve Day Pinnacle Towers Inc. April 13, 2001 Page 17 IBM CREDIT CORPORATION ---------------------------------- By: ------------------------------- Its: ------------------------------- Mr. Steve Day Pinnacle Towers Inc. April 13, 2001 Page 18 THE CIT GROUP/EQUIPMENT FINANCING, INC. /s/ Michael V. Monahan ----------------------------- By: Michael V. Monahan ------------------------ Its: Vice President ------------------------ Mr. Steve Day Pinnacle Towers Inc. April 13, 2001 Page 19 ALLFIRST BANK /s/ Thomas McLoughlin ----------------------------- By: THOMAS McLOUGHLIN ------------------------ Its: Vice President ------------------------ Mr. Steve Day Pinnacle Towers Inc. April 13, 2001 Page 20 RAYMOND JAMES BANK, FSB /s/ John D. Hallstrom ----------------------------- By: John D. Hallstrom ------------------------ Its: Vice President ------------------------ Mr. Steve Day Pinnacle Towers Inc. April 13, 2001 Page 21 HELLER FINANCIAL, INC. /s/ SCOTT ZIEMKE ------------------------------- By: SCOTT ZIEMKE --------------------------- Its: VICE PRESIDENT --------------------------- Mr. Steve Day Pinnacle Towers Inc. April 13, 2001 Page 22 PILGRIM PRIME RATE TRUST By: Pilgrim Investment, Inc. as its investment manager /s/ MICHEL PRINCE ----------------------------------- By: MICHEL PRINCE, CFA ------------------------------ Its: VICE PRESIDENT ------------------------------ Mr. Steve Day Pinnacle Towers Inc. April 13, 2001 Page 23 PPM SPYGLASS FUNDING TRUST /s/ ANN E. MORRIS ----------------------------------- By: ANN E. MORRIS ------------------------------ Its: AUTHORIZED AGENT ------------------------------ Mr. Steve Day Pinnacle Towers Inc. April 13, 2001 Page 24 MORGAN STANLEY DEAN WITTER PRIME INCOME TRUST /s/ SHEILA FINNERTY ------------------------- BY: SHEILA FINNERTY --------------------- ITS: SR. VICE PRESIDENT --------------------- Mr. Steve Day Pinnacle Towers Inc. April 13, 2001 Page 25 KZH ING-1 LLC /s/ PETER CHIN ------------------------- BY: PETER CHIN --------------------- ITS: AUTHORIZED AGENT --------------------- Mr. Steve Day Pinnacle Towers Inc. April 13, 2001 Page 26 KZH ING-2 LLC /s/ PETER CHIN -------------------------- BY: PETER CHIN ---------------------- ITS: AUTHORIZED AGENT ---------------------- Mr. Steve Day Pinnacle Towers Inc. April 13, 2001 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. April 13, 2001 Page 28 TORONTO DOMINION (NEW YORK), INC. /s/ GWEN ZIRKLE ---------------------------------------- BY: GWEN ZIRKLE ----------------------------------- ITS: VICE PRESIDENT ----------------------------------- Mr. Steve Day Pinnacle Towers Inc. April 13, 2001 Page 29 SEQUILS PILGRIM I, LTD. BY: PILGRIM INVESTMENTS, INC., AS ITS INVESTMENT MANAGER /s/ MICHEL PRINCE ---------------------------------------- BY: MICHEL PRINCE, CFA ----------------------------------- ITS: VICE PRESIDENT ----------------------------------- Mr. Steve Day Pinnacle Towers Inc. April 13, 2001 Page 30 WEBSTER BANK /s/ MATTHEW DALY ---------------------------------------- BY: MATTHEW DALY ----------------------------------- ITS: AVP ----------------------------------- Mr. Steve Day Pinnacle Towers Inc. April 13, 2001 Page 31 ARCHIMEDES FUNDING III, Ltd. By: ING Capital Advisors LLC as Collateral Manager ---------------------------------- By: ------------------------------- Its: ------------------------------- Mr. Steve Day Pinnacle Towers Inc. April 13, 2001 Page 32 CITIZENS BANK OF MASSACHUSETTS /s/ WENDY M. ANDRUS -------------------------------- By: WENDY M. ANDRUS ---------------------------- Its: VICE PRESIDENT ---------------------------- Mr. Steve Day Pinnacle Towers Inc. April 13, 2001 Page 33 PINNACLE TOWERS, INC. /s/ CHRISTINE E. SHIRLEY --------------------------------- By: CHRISTINE E. SHIRLEY ---------------------------- Its: TREASURER ---------------------------- Mr. Steve Day Pinnacle Towers Inc. April 13, 2001 Page 34 Accepted and Agreed as of April 13, 2001: 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 STATION WGLD, INC. /s/ CHRISTINE E. SHIRLEY --------------------------------- By: CHRISTINE E. SHIRLEY --------------------------------- Its: TREASURER --------------------------------- Mr. Steve Day Pinnacle Towers Inc. April 13, 2001 Page 35 IBC 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. April 13, 2001 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. April 13, 2001 Page 37 PINNACLE ST. LOUIS LLC /s/ CHRISTINE E. SHIRLEY --------------------------------- By: CHRISTINE E. SHIRLEY --------------------------------- Its: TREASURER --------------------------------- SIERRA TOWERS, INC. /s/ CHRISTINE E. SHIRLEY --------------------------------- By: CHRISTINE E. SHIRLEY --------------------------------- Its: TREASURER --------------------------------- QTI, INC. /s/ CHRISTINE E. SHIRLEY --------------------------------- By: CHRISTINE E. SHIRLEY --------------------------------- Its: TREASURER --------------------------------- INTRACOASTAL CITY TOWERS, INC. /s/ CHRISTINE E. SHIRLEY --------------------------------- By: CHRISTINE E. SHIRLEY --------------------------------- Its: TREASURER --------------------------------- PINNACLE TOWERS IV INC. /s/ CHRISTINE E. SHIRLEY --------------------------------- By: CHRISTINE E. SHIRLEY --------------------------------- Its: TREASURER ---------------------------------