Substitution of Other Pledged Sites. Subject to the terms and conditions set forth in this Section 11.6, the Borrowers shall have the right to transfer Other Pledged Sites (for purposes of this section only, hereinafter referred to as, the “Substituted Other Pledged Site”) by substituting therefor one or more properties of like kind and quality (which shall include, among other things, the geographic diversity of the Substituted Other Pledged Site and markets and submarkets with, among other similarities, similar demographics, populations, absorption trends, accessibility and visibility) (individually, a “Replacement Other Pledged Site” and collectively, the “Replacement Other Pledged Sites”). In addition, any such substitution (each an “Other Pledged Site Substitution”) shall be subject, in each case, to the satisfaction of the following conditions precedent: (A) The Release or Substitution Conditions shall have been satisfied (unless the Other Pledged Site Substitution is in connection with the cure of a breach of a representation, warranty, covenant or other default hereunder with respect to the Substituted Site, for which the Release or Substitution Conditions need not be satisfied; provided, however, that in such case on or prior to the date of Other Pledged Site Substitution, the Borrowers shall deliver an Officer’s Certificate to Lender dated as of the date of such Other Pledged Site Substitution certifying the requirements set forth in this Section 11.6 have been satisfied). (B) The Borrowers shall have given Lender at least forty-five (45) days prior written notice of its election to seek an Other Pledged Site Substitution. (C) Lender shall have received a copy of the instrument conveying to the applicable Borrower the transferred interests. (D) The Borrowers shall deliver or cause to be delivered to Lender resolutions, if any are required, authorizing the Other Pledged Site Substitution and any actions taken in connection with such Other Pledged Site Substitution. (E) The Borrowers shall have paid or reimbursed Lender for all third party out-of-pocket costs and expenses incurred by Lender (including, without limitation, reasonable attorneys’ fees and disbursements) in connection with the Other Pledged Site Substitution. (F) Lender shall have received the most recent ASTM compliant Phase I environmental report obtained by Borrowers or any Affiliate thereof on such Replacement Other Pledged Site (if any database search Phase I environmental report reveals any condition that in Lender’s reasonable judgment warrants such a report) which concludes that the Replacement Other Pledged Site does not contain any Hazardous Materials (except for cleaning and other products used in connection with the routine maintenance or repair of the subject property) in material violation of any Environmental Laws. (G) On or prior to the date of the Other Pledged Site Substitution, the Borrowers shall deliver an Officer’s Certificate to Lender dated as of the date of Other Pledged Site Substitution certifying that the requirements set forth in this Section 11.6 have been satisfied. (H) On or prior to the date of the Other Pledged Site Substitution, the Borrowers shall deliver an opinion of counsel stating that the Other Pledged Site Substitution does not constitute a “significant modification” of the Loan or “deemed exchange” of the Notes under Section 1001 of the IRC. (I) Lender shall have received a title insurance policy (or a marked, signed and predated commitment to issue such title insurance policy) reasonably satisfactory to Lender insuring the Borrower’s interest in the Replacement Other Pledged Site for an amount equal to the aggregate Allocated Loan Amount of the Replacement Other Pledged Site, issued by the Title Company and dated as of the date of the Substitution, provided that a title insurance policy which is substantially similar in form and substance to the title policies in respect of the Substituted Other Pledged Site shall be satisfactory to Lender, and not require additional endorsements. (J) Upon the satisfaction of the foregoing conditions precedent, as reasonably determined by Lender, the Replacement Other Pledged Site shall be deemed to be an “Other Pledged Site” hereunder. Notwithstanding the foregoing conditions precedent, if the Substitutions and Additions Threshold is not met in any given year or in the aggregate, the Borrowers need not fulfill the conditions set forth in Sections 11.6(C) or (I).
Appears in 2 contracts
Samples: Loan and Security Agreement (American Tower Corp /Ma/), Loan and Security Agreement (American Tower Corp /Ma/)
Substitution of Other Pledged Sites. Subject to the terms and conditions set forth in this Section 11.6, the Borrowers shall have the right to transfer Other Pledged Sites (for purposes of this section only, hereinafter referred to as, the “Substituted Other Pledged Site”) by substituting therefor one or more properties of like kind and quality (which shall include, among other things, the geographic diversity of the Substituted Other Pledged Site and markets and submarkets with, among other similarities, similar demographics, populations, absorption trends, accessibility and visibility) (individually, a “Replacement Other Pledged Site” and collectively, the “Replacement Other Pledged Sites”). In addition, any such substitution (each an “Other Pledged Site Substitution”) shall be subject, in each case, to the satisfaction of the following conditions precedent:
(A) The Release No Amortization Period or Substitution Conditions Event of Default shall have been satisfied (occurred and be continuing, unless the release of the Substituted Other Pledged Site Substitution is in connection with the will cure such Event of a breach of a representation, warranty, covenant or other default hereunder with respect to the Substituted Site, for which the Release or Substitution Conditions need not be satisfied; provided, however, that in such case on or prior to the date of Other Pledged Site Substitution, the Borrowers shall deliver an Officer’s Certificate to Lender dated as of the date of such Other Pledged Site Substitution certifying the requirements set forth in this Section 11.6 have been satisfied)Default.
(B) The Borrowers shall have given Lender at least forty-five (45) days prior written notice of its election to seek an Other Pledged Site Substitution.
(C) Lender shall have received a copy of the instrument conveying to the applicable Borrower the transferred interests.
(D) The Borrowers shall deliver or cause to be delivered to Lender resolutions, if any are required, authorizing the Other Pledged Site Substitution and any actions taken in connection with such Other Pledged Site Substitution.
(E) The Borrowers shall have paid or reimbursed Lender for all third party out-of-pocket costs and expenses incurred by Lender (including, without limitation, reasonable attorneys’ attorneys fees and disbursements) in connection with the Other Pledged Site Substitution.
(F) Lender shall have received the most recent a new or refreshed ASTM compliant Phase I environmental report obtained prepared by Borrowers or any Affiliate thereof a consultant reasonably acceptable to Lender on such Replacement Other Pledged Site (if any database search Phase I environmental report reveals any condition that in Lender’s reasonable judgment warrants such a report) which concludes that the Replacement Other Pledged Site subject property does not contain any Hazardous Materials (except for cleaning and other products used in connection with the routine maintenance or repair of the subject property) and is not in material violation of any Environmental Laws.
(G) Lender shall have received a physical conditions report with respect to the Replacement Other Pledged Site from a nationally recognized structural consultant approved by Lender in a form recognized and approved by Lender prior to such release and Other Pledged Site Substitution stating that the Replacement Other Pledged Site and its use comply in all material respects with applicable legal requirements of the Governmental Authorities customarily provided in such reports and that the Replacement Other Pledged Site is in good condition and repair and free of damage or waste.
(H) On or prior to the date of the Other Pledged Site Substitution, the Borrowers shall deliver an Officer’s Certificate to Lender dated as of the date of Other Pledged Site Substitution certifying that the requirements set forth in this Section 11.6 have been satisfied.
(HI) On or prior to the date of the Other Pledged Site Substitution, the Borrowers shall deliver an opinion of counsel stating that the Other Pledged Site Substitution does not constitute a “significant modification” of the Loan or “deemed exchange” of the Notes under Section 1001 of the IRC.
(IJ) If (1) the aggregate Allocated Loan Amount of all Substituted Other Pledged Sites and Substituted Sites during any calendar year exceeds five percent (5%) of the monthly average of the Principal Amount of the Loan for such calendar year (with any excess limit permitted to be carried over into subsequent years, subject to an aggregate limit of 25% of the monthly average of the principal amount of the Loan for the previous five (5) year period, provided that, if the date of determination is less than five years from the Closing Date, such calculation shall be based on the monthly average of the principal amount of the Loan for the period from the Closing Date to the previous calendar month), (2) the percentage of Operating Revenues from the applicable Replacement Other Pledged Site represented by telephony tenants and non-telephony investment grade tenants (taken together) is not 90% or greater, (3) the Substituted Other Pledged Site will be subject to a Ground Lease with a term (including all available extensions) of less than the average remaining term of all other Sites subject to Ground Leases (excluding any Ground Leases of an original term of 90 years or greater in duration), (4) the weighted average remaining term of the Leases with respect to the Replacement Other Pledged Sites is not equal to or longer than the weighted average remaining term of the Leases with respect to all other Sites, (5) the Maintenance Capital Expenditures for the Replacement Other Pledged Sites (taken together and averaged on a per site basis) are materially greater than the Maintenance Capital Expenditures for the Substituted Other Pledged Site, (6) after giving effect to the Substitution, the Debt Service Coverage Ratio of the Loan is not at least equal to the Debt Service Coverage Ratio of the Loan as of the date immediately preceding the Substitution, or (7) the aggregate value of the Replacement Other Pledged Site, as established by the Borrowers to the reasonable satisfaction of Lender, shall not be at least equal to the aggregate value of the Substituted Other Pledged Site as of the date immediately preceding the Other Pledged Site Substitution (such valuation to be performed in a manner consistent with industry standards for the valuation of tower Sites), the Borrowers shall have delivered Rating Agency Confirmation.
(K) Immediately following such Other Pledged Site Substitution, the Substituted Other Pledged Site will be owned by a Person other than the Borrowers or any of their Affiliates (unless such Other Pledged Site Substitution is effectuated to cure a Default, in which event the Substituted Other Pledged Site may be owned by an Affiliate of the Borrowers).
(L) If during a Special Servicing Period, the Servicer consents to such Substitution.
(M) Lender shall have received a title insurance policy (or a marked, signed and predated commitment to issue such title insurance policy) reasonably satisfactory to Lender insuring the Borrower’s interest in the Replacement Other Pledged Site for an amount equal to the aggregate Allocated Loan Amount of the Replacement Other Pledged Site, issued by the Title Company and dated as of the date of the Substitution, provided that a title insurance policy which is substantially similar in form and substance to the title policies in respect of the Substituted Other Pledged Site shall be satisfactory to the Lender, and not require additional endorsements. Lender also shall have received copies of paid receipts showing that all premiums in respect of such title insurance policies have been paid.
(JN) Upon the satisfaction of the foregoing conditions precedent, as reasonably determined by Lender, the Replacement Other Pledged Site shall be deemed to be an “Other Pledged Site” hereunder. Notwithstanding the foregoing conditions precedent, if the Substitutions and Additions Threshold is not met in any given year or in the aggregate, the Borrowers need not fulfill the conditions set forth in Sections 11.6(C) or (I).
Appears in 1 contract
Samples: Loan and Security Agreement (Sba Communications Corp)
Substitution of Other Pledged Sites. Subject to the terms and conditions set forth in this Section 11.6, the Borrowers shall have the right to transfer Other Pledged Sites (for purposes of this section only, hereinafter referred to as, the “Substituted Other Pledged Site”) by substituting therefor one or more properties of like kind and quality (which shall include, among other things, the geographic diversity of the Substituted Other Pledged Site and markets and submarkets with, among other similarities, similar demographics, populations, absorption trends, accessibility and visibility) (individually, a “Replacement Other Pledged Site” and collectively, the “Replacement Other Pledged Sites”). In addition, any such substitution (each an “Other Pledged Site Substitution”) shall be subject, in each case, to the satisfaction of the following conditions precedent:
(A) The Release No Amortization Period or Substitution Conditions Event of Default shall have been satisfied (occurred and be continuing, unless the release of the Substituted Other Pledged Site Substitution is in connection with the will cure such Event of a breach of a representation, warranty, covenant or other default hereunder with respect to the Substituted Site, for which the Release or Substitution Conditions need not be satisfied; provided, however, that in such case on or prior to the date of Other Pledged Site Substitution, the Borrowers shall deliver an Officer’s Certificate to Lender dated as of the date of such Other Pledged Site Substitution certifying the requirements set forth in this Section 11.6 have been satisfied)Default.
(B) The Borrowers shall have given Lender at least forty-five (45) days prior written notice of its election to seek an Other Pledged Site Substitution.
(C) Lender shall have received a copy of the instrument conveying to the applicable Borrower the transferred interests.
(D) The Borrowers shall deliver or cause to be delivered to Lender resolutions, if any are required, authorizing the Other Pledged Site Substitution and any actions taken in connection with such Other Pledged Site Substitution.
(E) The Borrowers shall have paid or reimbursed Lender for all third party out-of-pocket costs and expenses incurred by Lender (including, without limitation, reasonable attorneys’ attorneys fees and disbursements) in connection with the Other Pledged Site Substitution.
(F) Lender shall have received the most recent a new or refreshed ASTM compliant Phase I environmental report obtained prepared by Borrowers or any Affiliate thereof a consultant reasonably acceptable to Lender on such Replacement Other Pledged Site (if any database search Phase I environmental report reveals any condition that in Lender’s reasonable judgment warrants such a report) which concludes that the Replacement Other Pledged Site subject property does not contain any Hazardous Materials (except for cleaning and other products used in connection with the routine maintenance or repair of the subject property) in material violation of any Environmental Laws.
(G) [Intentionally Omitted].
(H) On or prior to the date of the Other Pledged Site Substitution, the Borrowers shall deliver an Officer’s Certificate to Lender dated as of the date of Other Pledged Site Substitution certifying that the requirements set forth in this Section 11.6 have been satisfied.
(HI) On or prior to the date of the Other Pledged Site Substitution, the Borrowers shall deliver an opinion of counsel stating that the Other Pledged Site Substitution does not constitute a “significant modification” of the Loan or “deemed exchange” of the Notes under Section 1001 of the IRC.
(IJ) If (1) the aggregate Allocated Loan Amount of all Substituted Other Pledged Sites and Substituted Sites during any calendar year exceeds five percent (5%) of the monthly average of the Principal Amount of the Loan for such calendar year (with any excess limit permitted to be carried over into subsequent years, subject to an aggregate limit of 10% of the monthly average of the principal amount of the Loan for the previous seven (7) year period, provided that, if the date of determination is less than seven years from the Closing Date, such calculation shall be based on the monthly average of the principal amount of the Loan for the period from the Closing Date to the previous calendar month), (2) following such substitution, (w) the percentage of the Operating Revenues from the remaining Sites represented by (A) telephony tenants is 85% or greater, (B) investment grade tenants is 80% or greater, (x) the dollar amount of Operating Revenues attributable to the investment grade tenants (in the aggregate) and telephony tenants (in the aggregate) will not, in each case, be less than the dollar amount for such tenants than as of December 31, 2006, (y) at least 80% of the Allocated Loan Amount of all the Sites is attributable to a combination of Owned Land Sites and Ground Lease Sites where the ground lessor (and AT&T with respect to the AT&T Sites) has agreed to provide the leasehold mortgagee with notice of the occurrence of a default under the Ground Lease and an opportunity to cure the applicable Borrower’s default, and (z) Mortgaged Sites will represent not less than 90% of the Allocated Loan Amount for all of the Sites, (3) the Substituted Other Pledged Site will be subject to a Ground Lease with a term (including all available extensions) of less than the average remaining term of all other Sites subject to Ground Leases, (4) the weighted average remaining term of the Leases with respect to the Replacement Other Pledged Sites is not equal to or longer than the weighted average remaining term of the Leases with respect to all other Sites, (5) the Maintenance Capital Expenditures for the Replacement Other Pledged Sites (taken together and averaged on a per site basis) are materially greater than the Maintenance Capital Expenditures for the Substituted Other Pledged Site, (6) after giving effect to the Substitution, the Debt Service Coverage Ratio of the Loan is not at least equal to the Debt Service Coverage Ratio of the Loan as of the date immediately preceding the Substitution, or (7) the aggregate value of the Replacement Other Pledged Site, as established by the Borrowers to the reasonable satisfaction of Lender, shall not be at least equal to the aggregate value of the Substituted Other Pledged Site as of the date immediately preceding the Other Pledged Site Substitution (such valuation to be performed in a manner consistent with industry standards for the valuation of tower Sites), the Borrowers shall have delivered Rating Agency Confirmation.
(K) [Intentionally Omitted].
(L) If during a Special Servicing Period, Servicer consents to such Substitution.
(M) Lender shall have received a title insurance policy (or a marked, signed and predated commitment to issue such title insurance policy) reasonably satisfactory to Lender insuring the Borrower’s interest in the Replacement Other Pledged Site for an amount equal to the aggregate Allocated Loan Amount of the Replacement Other Pledged Site, issued by the Title Company and dated as of the date of the Substitution, provided that a title insurance policy which is substantially similar in form and substance to the title policies in respect of the Substituted Other Pledged Site shall be satisfactory to Lender, and not require additional endorsements. Lender also shall have received copies of paid receipts showing that all premiums in respect of such title insurance policies have been paid.
(JN) Upon the satisfaction of the foregoing conditions precedent, as reasonably determined by Lender, the Replacement Other Pledged Site shall be deemed to be an “Other Pledged Site” hereunder. Notwithstanding the foregoing conditions precedent, if the Substitutions and Additions Threshold is not met in any given year or in the aggregate, the Borrowers need not fulfill the conditions set forth in Sections 11.6(C) or (I).
Appears in 1 contract
Samples: Loan and Security Agreement (American Tower Corp /Ma/)
Substitution of Other Pledged Sites. Subject to the terms and conditions set forth in this Section 11.6, the Borrowers shall have the right to transfer Other Pledged Sites (for purposes of this section only, hereinafter referred to as, the “Substituted Other Pledged Site”) by substituting therefor one or more properties of like kind and quality (which shall include, among other things, the geographic diversity of the Substituted Other Pledged Site and markets and submarkets with, among other similarities, similar demographics, populations, absorption trends, accessibility and visibility) (individually, a “Replacement Other Pledged Site” and collectively, the “Replacement Other Pledged Sites”). In addition, any such substitution (each an “Other Pledged Site ‑108‑ Substitution”) shall be subject, in each case, to the satisfaction of the following conditions precedent:
(A) The Release No Amortization Period or Substitution Conditions Event of Default shall have been satisfied (occurred and be continuing, unless the release of the Substituted Other Pledged Site Substitution is in connection with the will cure such Event of a breach of a representation, warranty, covenant or other default hereunder with respect to the Substituted Site, for which the Release or Substitution Conditions need not be satisfied; provided, however, that in such case on or prior to the date of Other Pledged Site Substitution, the Borrowers shall deliver an Officer’s Certificate to Lender dated as of the date of such Other Pledged Site Substitution certifying the requirements set forth in this Section 11.6 have been satisfied)Default.
(B) The Borrowers shall have given the Lender at least forty-five forty‑five (45) days prior written notice of its election to seek an Other Pledged Site Substitution.
(C) The Lender shall have received a copy of the instrument conveying to the applicable Borrower the transferred interests.
(D) The Borrowers shall deliver or cause to be delivered to the Lender resolutions, if any are required, authorizing the Other Pledged Site Substitution and any actions taken in connection with such Other Pledged Site Substitution.
(E) The Borrowers shall have paid or reimbursed the Lender for all third party out-of-pocket out‑of‑pocket costs and expenses incurred by the Lender (including, without limitation, reasonable attorneys’ attorneys fees and disbursements) in connection with the Other Pledged Site Substitution.
(F) The Lender shall have received the most recent a new or refreshed ASTM compliant Phase I environmental report obtained prepared by Borrowers or any Affiliate thereof a consultant reasonably acceptable to the Lender on such Replacement Other Pledged Site (if any database search Phase I environmental report reveals any condition that in the Lender’s reasonable judgment warrants such a report) which concludes that the Replacement Other Pledged Site subject property does not contain any Hazardous Materials (except for cleaning and other products used in connection with the routine maintenance or repair of the subject property) and is not in material violation of any Environmental Laws.
(G) The Lender shall have received a physical conditions report with respect to the Replacement Other Pledged Site from a nationally recognized structural consultant approved by the Lender in a form recognized and approved by the Lender prior to such release and Other Pledged Site Substitution stating that the Replacement Other Pledged Site and its use comply in all material respects with applicable legal requirements of the Governmental Authorities customarily provided in such reports and that the Replacement Other Pledged Site is in good condition and repair and free of damage or waste.
(H) On or prior to the date of the Other Pledged Site Substitution, the Borrowers shall deliver to the Lender an Officer’s Certificate to Lender dated as of the date of Other Pledged Site Substitution certifying that the requirements set forth in this Section 11.6 have been satisfied.
(HI) On or prior to the date of the Other Pledged Site Substitution, the Borrowers shall deliver to the Lender an opinion of counsel stating that the Other Pledged Site Substitution does not constitute a “significant modification” of the Loan or “deemed exchange” of the Notes under Section 1001 of the IRC.. ‑109‑
(IJ) The Rating Agencies shall have received prior notice of the Substitution from the Borrowers and the Lender shall have received from the Borrowers either (x) Rating Agency Confirmation with respect to the Other Pledged Site Substitution or (y) evidence in form and substance satisfactory to the Lender that each of the following is or will be true after giving effect to the Other Pledged Site Substitution:
(1) the aggregate Allocated Loan Amounts of all Substituted Other Pledged Sites and Substituted Sites during any calendar year do not exceed five percent (5%) of the monthly average of the Principal Amount of the Loan for such calendar year (with any excess limit permitted to be carried over into subsequent years, subject to an aggregate limit of 25% of the monthly average of the principal amount of the Loan for the previous five (5) year period);
(2) the percentage of Operating Revenues from the Replacement Other Pledged Site represented by telephony tenants and non-telephony investment grade tenants (taken together) is, (x) if the Other Pledged Site Substitution is occurring prior to the Second Amendment Effective Date, 90% or greater or, (y) if the Other Pledged Site Substitution is occurring on or after the Second Amendment Effective Date, not materially less than (and in any event less than 95% of) such percentage immediately prior to the Other Pledged Site Substitution;
(3) if any of the Replacement Other Pledged Sites will be subject to a Ground Lease, all such Ground Leases will have, (x) if the Other Pledged Site Substitution is occurring prior to the Second Amendment Effective Date, a remaining term (including all available extensions) of not less than the average remaining term (including all available extensions) of the Ground Leases on all Sites subject to Ground Leases prior to the Other Pledged Site Substitution (in both cases, excluding any Ground Leases of an original term of ninety (90) years or greater in duration) or, (y) if the Other Pledged Site Substitution is occurring on or after the Second Amendment Effective Date, a remaining term (including all available extensions) that is not shorter than one year shorter than the average remaining term (calculated on a net cash flow weighted average basis and including all available extensions) of the Ground Leases on all Sites subject to Ground Leases prior to the Other Pledged Site Substitution (in both cases, excluding any Ground Leases of an original term of ninety (90) years or greater in duration) from the date of the Other Pledged Site Substitution;
(4) the weighted average remaining term of the Leases (by revenue) with respect to the Replacement Other Pledged Sites is, (x) if the Other Pledged Site Substitution is occurring prior to the Second Amendment Effective Date, equal to or longer than the weighted average remaining term of the Leases (by revenue) with respect to all Sites prior to the Other Pledged Site Substitution or (y) if the Other Pledged Site Substitution is occurring on or after the Second Amendment Effective Date, not shorter than one year shorter than the weighted average remaining term of the Leases (by revenue) with respect to all Sites prior to the Other Pledged Site Substitution;
(5) the Maintenance Capital Expenditures for the Replacement Other Pledged Sites (taken together and averaged on a per site basis) are not materially greater than the ‑110‑ Maintenance Capital Expenditures for the Substituted Other Pledged Sites (taken together and averaged on a per site basis);
(6) after giving effect to the Other Pledged Site Substitution, the Debt Service Coverage Ratio will be, (x) if the Other Pledged Site Substitution is occurring prior to the Second Amendment Effective Date, equal to or greater than the Debt Service Coverage Ratio as of the date immediately preceding the Other Pledged Site Substitution or, (y) if the Other Pledged Site Substitution is occurring on or after the Second Amendment Effective Date, at least within 0.2x of, the Debt Service Coverage Ratio as of the date immediately preceding the Other Pledged Site Substitution; and
(7) the aggregate value of the Replacement Other Pledged Sites, as established by the Borrowers to the reasonable satisfaction of the Lender, shall be at least equal to the aggregate value of the Substituted Other Pledged Sites as of the date immediately preceding the Other Pledged Site Substitution (such valuation to be performed in a manner consistent with industry standards for the valuation of tower Sites).
(K) If the Other Pledged Site Substitution is occurring prior to the Third Amendment Effective Date, immediately following the Other Pledged Site Substitution, the Substituted Other Pledged Site will be owned by a Person other than the Borrowers or any of their Affiliates (unless such Other Pledged Site Substitution is effectuated to cure a Default, in which event the Substituted Other Pledged Site may be owned by an Affiliate of the Borrowers).
(L) If during a Special Servicing Period, the Servicer consents to the Other Pledged Site Substitution.
(M) If the Other Pledged Site Substitution is occurring prior to the First Amendment Effective Date, the Lender shall have received (i) a title insurance policy (or a marked, signed and predated commitment to issue such title insurance policy) reasonably satisfactory to the Lender insuring the Borrower’s interest in the Replacement Other Pledged Site Sites for an amount equal to the aggregate Allocated Loan Amount of the Replacement Other Pledged SiteSites, issued by the Title Company and dated as of the date of the Other Pledged Site Substitution, provided that a title insurance policy which is substantially similar in form and substance to the title policies in respect of the Substituted Other Pledged Site delivered on the Original Closing Date shall be satisfactory to the Lender, and not require additional endorsements, and (ii) copies of paid receipts showing that all premiums in respect of such title insurance policies have been paid.
(JN) Upon the satisfaction of the foregoing conditions precedent, as reasonably determined by the Lender, the Replacement Other Pledged Site shall be deemed to be an “Other Pledged Site” hereunder. Notwithstanding the foregoing conditions precedent, if the Substitutions and Additions Threshold is not met in any given year or in the aggregate, the Borrowers need not fulfill the conditions set forth in Sections 11.6(C) or (I).
Appears in 1 contract
Samples: Loan and Security Agreement (Sba Communications Corp)
