EXHIBIT 10.58
June 30, 2000
Pinnacle Towers Inc.
000 Xxxxx Xxxxxxxxx Xxxx
Xxxxx 000
Xxxxxxxx, Xxxxxxx 00000-0000
Attn: Mr. Xxxxx Xxx
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 Xxxxx:
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. Xxxxx Xxx
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. Xxxxx Xxx
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/ Xxxxxxx X Xxxxx
-----------------------------------------
By: Xxxxxxx X Xxxxx
Its: Managing Director
LENDERS:
BANK OF AMERICA, N.A., individually as
a Lender
/s/ Xxxxxxx X Xxxxx
-----------------------------------------
By: Xxxxxxx X Xxxxx
Its: Managing Director
Mr. Xxxxx Xxx
Pinnacle Towers Inc.
June 30, 2000
Page 4
FLEET NATIONAL BANK (formerly known
as BANKBOSTON, N.A.)
/s/ Xxxxxx Xxxxxxx
-----------------------------------------
By: Xxxxxx (Xxx) Xxxxxxx
-------------------------------------
Its: Vice President
-------------------------------------
Mr. Xxxxx Xxx
Pinnacle Towers Inc.
June 30, 2000
Page 5
BANKERS TRUST COMPANY
/s/ Xxxxxxx X. Xxxxxxx
-----------------------------------------
By: Xxxxxxx X. Xxxxxxx
--------------------------------------
Its: Director
-------------------------------------
Mr. Xxxxx Xxx
Pinnacle Towers Inc.
June 30, 2000
Page 6
SOCIETE GENERALE
/s/ Xxxx Xxxxx
-----------------------------------------
By: Xxxx Xxxxx
--------------------------------------
Its: Director
-------------------------------------
Mr. Xxxxx Xxx
Pinnacle Towers Inc.
June 30, 2000
Page 0
XXXXX XXXX XX XXXXXXXXXX, N.A.
/s/ Xxxxx X. Xxxxxx
-----------------------------------------
By: Xxxxx X. Xxxxxx
--------------------------------------
Its: Assistant Vice President
-------------------------------------
Mr. Xxxxx Xxx
Pinnacle Towers Inc.
June 30, 2000
Page 8
KEY CORPORATE CAPITAL INC.
/s/ Xxx Xxxxx
-----------------------------------------
By: Xxx Xxxxx
--------------------------------------
Its: Vice President
-------------------------------------
Mr. Xxxxx Xxx
Pinnacle Towers Inc.
June 30, 2000
Page 9
COBANK, ACB
/s/ Xxxxxx X. Xxxxxxxx
-----------------------------------------
By: Xxxxxx X. Xxxxxxxx
--------------------------------------
Its: Assistant Corporate Secretary
-------------------------------------
Mr. Xxxxx Xxx
Pinnacle Towers Inc.
June 30, 2000
Page 10
CREDIT LYONNAIS NEW YORK
BRANCH
-----------------------------------------
By:
--------------------------------------
Its:
-------------------------------------
Mr. Xxxxx Xxx
Pinnacle Towers Inc.
June 30, 2000
Page 00
XXX XXXX XX XXXX XXXXXX
/s/ XXXXXXX X. XXXXXXXXXX, XX.
-----------------------------------------
By: XXXXXXX X. XXXXXXXXXX, XX.
--------------------------------------
Its: AUTHORIZED SIGNATORY
-------------------------------------
Mr. Xxxxx Xxx
Pinnacle Towers Inc.
June 30, 2000
Page 12
DRESDNER BANK AG NEW YORK &
GRAND CAYMAN BRANCHES
/s/ Xxxx X. Xxxxxxx
-----------------------------------------
By: XXXX X. XXXXXXX
--------------------------------------
Its: FIRST VICE PRESIDENT
-------------------------------------
/s/ Xxxxx Xxxxxxxxx
-----------------------------------------
By: XXXXX XXXXXXXXX
--------------------------------------
Its: ASSISTANT VICE PRESIDENT
-------------------------------------
Mr. Xxxxx Xxx
Pinnacle Towers Inc.
June 30, 2000
Page 13
FIRSTSTAR BANK, N.A. (formerly known
as MERCANTILE BANK NATIONAL
ASSOCIATION)
-----------------------------------------
By:
--------------------------------------
Its:
-------------------------------------
Mr. Xxxxx Xxx
Pinnacle Towers Inc.
June 30, 2000
Page 14
U.S. BANK NATIONAL ASSOCIATION
/s/ Xxxxxx X. Xxxxxx
-----------------------------------------
By: Xxxxxx X. Xxxxxx
--------------------------------------
Its: Vice President
-------------------------------------
Mr. Xxxxx Xxx
Pinnacle Towers Inc.
June 30, 2000
Page 15
CREDIT LOCAL DE FRANCE - NEW
YORK AGENCY
-----------------------------------------
By:
--------------------------------------
Its:
-------------------------------------
-----------------------------------------
By:
--------------------------------------
Its:
-------------------------------------
Mr. Xxxxx Xxx
Pinnacle Towers Inc.
June 30, 2000
Page 16
IBM CREDIT CORPORATION
/s/ Xxxxxx X. Xxxxxxx
-----------------------------------------
By: XXXXXX X. XXXXXXX
--------------------------------------
Its: MANAGER, COMMERCIAL &
SPECIALTY FINANCING SALES
-------------------------------------
Mr. Xxxxx Xxx
Pinnacle Towers Inc.
June 30, 2000
Page 17
THE CIT GROUP/EQUIPMENT
FINANCING, INC.
/s/ XXXXX X. XXXXXXXX
-----------------------------------------
By: XXXXX X. XXXXXXXX
--------------------------------------
Its: SR. CREDIT ANALYST
-------------------------------------
Mr. Xxxxx Xxx
Pinnacle Towers Inc.
June 30, 2000
Page 18
ALLFIRST BANK
/s/ Xxxxxxxxxx X. Xxxxx
-----------------------------------------
By: Xxxxxxxxxx X. Xxxxx
--------------------------------------
Its: Senior Vice President
-------------------------------------
Mr. Xxxxx Xxx
Pinnacle Towers Inc.
June 30, 2000
Page 19
CITY NATIONAL BANK
/s/ XXXXXXX X. DRUM
-----------------------------------------
By: XXXXXXX X. DRUM
--------------------------------------
Its: Vice President
-------------------------------------
Mr. Xxxxx Xxx
Pinnacle Towers Inc.
June 30, 2000
Page 20
XXXXXXX XXXXX BANK, FSB
/s/ Xxxx X. Xxxxxxxxx
-----------------------------------------
By: Xxxx X. Xxxxxxxxx
--------------------------------------
Its: Vice President
-------------------------------------
Mr. Xxxxx Xxx
Pinnacle Towers Inc.
June 30, 2000
Page 21
XXXXXX FINANCIAL, INC.
-----------------------------------------
By:
--------------------------------------
Its:
-------------------------------------
Mr. Xxxxx Xxx
Pinnacle Towers Inc.
June 30, 2000
Page 22
PILGRIM PRIME RATE TRUST
By: Pilgrim Investment, Inc.,
as its investment manager
/s/ Xxxxxxxxx X. XxxXxxx
-----------------------------------------
By: XXXXXXXXX X. XxxXXXX
--------------------------------------
Its: VICE PRESIDENT
-------------------------------------
Mr. Xxxxx Xxx
Pinnacle Towers Inc.'
June 30, 2000
Page 23
PPM SPYGLASS FUNDING TRUST
-----------------------------------------
By:
--------------------------------------
Its:
-------------------------------------
Mr. Xxxxx Xxx
Pinnacle Towers Inc.
June 30, 2000
Page 24
XXXXXX XXXXXXX XXXX XXXXXX
PRIME INCOME TRUST
-----------------------------------------
By:
--------------------------------------
Its:
-------------------------------------
Mr. Xxxxx Xxx
Pinnacle Towers Inc.
June 30, 2000
Page 25
KZH ING- 1 LLC
-----------------------------------------
By:
--------------------------------------
Its:
-------------------------------------
Mr. Xxxxx Xxx
Pinnacle Towers Inc.
June 30, 2000
Page 26
KZH ING-2 LLC
-----------------------------------------
By:
--------------------------------------
Its:
-------------------------------------
Mr. Xxxxx Xxx
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. Xxxxx Xxx
Pinnacle Towers Inc.
June 30, 2000
Page 28
TORONTO DOMINION (NEW YORK), INC.
/s/ Xxxxx X. Xxxx
-----------------------------------------
By: XXXXX X. XXXX
--------------------------------------
Its: VICE PRESIDENT
-------------------------------------
Mr. Xxxxx Xxx
Pinnacle Towers Inc.
June 30,2000
Page 29
SEQUILS PILGRIM I, LTD.
By: Pilgrim Investments, Inc.,
as its investment manager
/s/ Xxxxxxxxx X. XxxXxxx
-----------------------------------------
By: XXXXXXXXX X. XxxXxxx
--------------------------------------
Its: VICE PRESIDENT
-------------------------------------
Mr. Xxxxx Xxx
Pinnacle Towers Inc.
June 30, 2000
Page 30
XXXXXXX BANK
-----------------------------------------
By:
--------------------------------------
Its:
-------------------------------------
Mr. Xxxxx Xxx
Pinnacle Towers Inc.
June 30, 2000
Page 31
ARCHIMEDES FUNDING III, Ltd.
By: ING Capital Advisors LLC
as Collateral Manager
-----------------------------------------
By:
--------------------------------------
Its:
-------------------------------------
Mr. Xxxxx Xxx
Pinnacle Towers Inc.
June 30, 2000
Page 32
CITIZENS BANK
/S/ XXXXX X. XXXXXX
-----------------------------------------
By: XXXXX X. XXXXXX
--------------------------------------
Its: VICE PRESIDENT
-------------------------------------
Mr. Xxxxx Xxx
Pinnacle Towers Inc.
June 30, 2000
Page 33
PINNACLE TOWERS, INC.
/s/ Xxxxxxxxx X. Xxxxxxx
-----------------------------------------
By:
--------------------------------------
Its:
-------------------------------------
Mr. Xxxxx Xxx
Pinnacle Towers Inc.
June 30, 2000
Page 34
Accepted and Agreed as
of June 30, 2000:
PINNACLE HOLDINGS, INC.
/s/ Xxxxxxxxx X. Xxxxxxx
-----------------------------------------
By:
--------------------------------------
Its:
-------------------------------------
COVERAGE PLUS ANTENNA SYSTEMS, INC.
/s/ Xxxxxxxxx X. Xxxxxxx
-----------------------------------------
By:
--------------------------------------
Its:
-------------------------------------
TOWER SYSTEMS, INC.
/s/ Xxxxxxxxx X. Xxxxxxx
-----------------------------------------
By:
--------------------------------------
Its:
-------------------------------------
RADIO STATION WGLD, INC.
/s/ Xxxxxxxxx X. Xxxxxxx
-----------------------------------------
By:
--------------------------------------
Its:
-------------------------------------
ICB TOWERS, LLC
/s/ Docker X. Xxxx
-----------------------------------------
By:
--------------------------------------
Its:
-------------------------------------
Mr. Xxxxx Xxx
Pinnacle Towers Inc.
June 30, 2000
Page 35
AIRCOMM OF AVON, LLC
/s/ Xxxxxxxxx X. Xxxxxxx
-----------------------------------------
By:
--------------------------------------
Its:
-------------------------------------
HIGH POINT MANAGEMENT CO., INC.
/s/ Xxxxxxxxx X. Xxxxxxx
-----------------------------------------
By:
--------------------------------------
Its:
-------------------------------------
TOWER TECHNOLOGY CORPORATION OF JACKSONVILLE
/s/ Xxxxxxxxx X. Xxxxxxx
-----------------------------------------
By:
--------------------------------------
Its:
-------------------------------------
COASTAL ANTENNA'S INC.
/s/ Xxxxxxxxx X. Xxxxxxx
-----------------------------------------
By:
--------------------------------------
Its:
-------------------------------------
MARMAC INDUSTRIES INCORPORATED
/s/ Xxxxxxxxx X. Xxxxxxx
-----------------------------------------
By:
--------------------------------------
Its:
-------------------------------------
Mr. Xxxxx Xxx
Pinnacle Towers Inc.
June 30, 2000
Page 36
PINNACLE TOWERS III INC.
/s/ Xxxxxxxxx X. Xxxxxxx
-----------------------------------------
By:
--------------------------------------
Its:
-------------------------------------
XXXXXXX & ASSOCIATES, INC.
/s/ Xxxxxxxxx X. Xxxxxxx
-----------------------------------------
By:
--------------------------------------
Its:
-------------------------------------
PTI COMMUNICATIONS COMPANY, INC.
/s/ Xxxxxxxxx X. Xxxxxxx
-----------------------------------------
By:
--------------------------------------
Its:
-------------------------------------
INTELLICOM, INC.
/s/ Xxxxxxxxx X. Xxxxxxx
-----------------------------------------
By:
--------------------------------------
Its:
-------------------------------------
