UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported) July 7, 2016
SBA Communications Corporation
(Exact Name of Registrant as Specified in its Charter)
Florida | 000-30110 | 65-0716501 | ||
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
||
8051 Congress Avenue Boca Raton, FL |
33487 | |||
(Address of Principal Executive Offices) | (Zip Code) |
Registrants telephone number, including area code: (561) 995-7670
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below):
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 1.01 Entry into a Material Definitive Agreement.
Issuance of 2016-1C Tower Securities
On July 7, 2016, pursuant to the terms of a Purchase Agreement (the Purchase Agreement) by and among SBA Senior Finance, LLC, an indirect subsidiary of SBA Communications Corporation (the Company), Deutsche Bank Trust Company Americas, as trustee (the Trustee), and Barclays Capital Inc., Citigroup Global Markets Inc. and Wells Fargo Securities, LLC, as representatives of the several initial purchasers named on Schedule I thereto (the Initial Purchasers), SBA Tower Trust (the Trust), a New York common law trust established by an indirect subsidiary of the Company, issued, and the Initial Purchasers purchased, $700 million principal amount of Secured Tower Revenue Securities, Series 2016-1C (the 2016-1C Tower Securities).
The 2016-1C Tower Securities have an anticipated repayment date in July 2021, a final maturity date in July 2046 and an interest coupon rate of 2.877% per annum, payable monthly. The 2016-1C Tower Securities are guaranteed by SBA Guarantor LLC, SBA Holdings LLC, SBA GC Holdings, LLC, SBA GC Parent I, LLC and SBA GC Parent II, LLC, each an indirect subsidiary of the Company.
The net proceeds from this offering were approximately $691.4 million, after deducting initial purchasers discounts and expenses. Net proceeds from this offering were used to make a cash distribution to SBA Guarantor LLC which further distributed or contributed such amount to one or more other SBA entities (1) to prepay $552.3 million aggregate principal amount, including accrued and unpaid interest, of the Secured Tower Revenue Securities Series 2010-2C (the 2010-2C Tower Securities) and (2) to be used for general corporate purposes.
Second Loan Supplement to the Loan and Security Agreement
In connection with the issuance of the 2016-1C Tower Securities, the parties entered into a Second Loan and Security Agreement Supplement, dated July 7, 2016 (the Second Loan Supplement), which supplemented the Second Amended and Restated Loan and Security Agreement, dated October 15, 2014 (the Loan and Security Agreement). The Second Loan Supplement was entered into by SBA Properties, LLC (successor to SBA Properties, Inc.), SBA Sites, LLC, SBA Structures, LLC, SBA Infrastructure, LLC, SBA Monarch Towers III, LLC, SBA 2012 TC Assets PR, LLC, SBA 2012 TC Assets, LLC, SBA Towers IV, LLC, SBA Monarch Towers I, LLC, SBA Towers USVI, Inc., SBA GC Towers, LLC, SBA Towers VII, LLC, SBA Towers V, LLC, and SBA Towers VI, LLC (the Borrowers) and Midland Loan Services, a Division of PNC Bank, National Association, as servicer on behalf of the Trustee. Pursuant to the Second Loan Supplement, the Borrowers, jointly and severally, borrowed an additional $700 million under the mortgage loan with the same terms and conditions as the 2016-1C Tower Securities.
Pursuant to the Second Loan Supplement, among other things, (i) the outstanding principal amount of the mortgage loan was increased by $700 million and (ii) the Borrowers became jointly and severally liable for the aggregate $4.68 billion borrowed under the mortgage loan (the Mortgage Loan) corresponding to the 2012-1 Tower Securities, 2013 Tower Securities, 2014-1 Tower Securities, 2014-2 Tower Securities, 2015-1C Tower Securities and the newly issued 2016-1C Tower Securities (together the Tower Securities).
The Mortgage Loan is the sole asset of the Trust. The aggregate principal amount of the loan components outstanding under the Mortgage Loan is $4.68 billion, comprised of (1) the $610 million loan component with the same terms and conditions as the 2012-1 Tower Securities, (2) the $425 million loan component with the same terms and conditions as the 2013-1C Tower Securities, (3) the $330 million loan component with the same terms and conditions as the 2013-1D Tower Securities, (4) the $575 million loan component with the same terms and conditions as the 2013-2C Tower Securities, (5) the $920 million loan component with the same terms and conditions as the 2014-1 Tower Securities, (6) the $620 million loan component with the same terms and conditions as the 2014-2 Tower Securities, (7) the $500 million loan component with the same terms and conditions as the 2015-1C Tower Securities and (8) the $700 million loan component with the same terms and conditions as the 2016-1C Tower Securities.
The Mortgage Loan underlying the Tower Securities is to be repaid from the operating cash flows from the aggregate 10,544 tower sites owned by the Borrowers. The Mortgage Loan is secured by (1) mortgages, deeds of trust and deeds to secure debt on a substantial portion of the tower sites, (2) a security interest in the towers and substantially all of the Borrowers personal property and fixtures, (3) the Borrowers rights under tenant leases, and (4) all of the proceeds of the foregoing. As described below, SBA Network Management, Inc., an indirect subsidiary of the Company (the Manager), is entitled to receive a management fee for its services as manager.
The Borrowers may prepay the $700 million loan corresponding to the 2016-1C Tower Securities with no prepayment consideration (1) within twelve months of the anticipated repayment date, (2) with proceeds received as a result of any condemnation or casualty of any tower owned by the Borrowers or (3) during an amortization period. In all other circumstances, the Borrowers may prepay the $700 million loan, in whole or in part, upon payment of the applicable prepayment consideration. The prepayment consideration consists of an amount equal to the excess, if any, of (i) the present value associated with the portion of the principal balance of the $700 million loan being prepaid, calculated in accordance with the formula set forth in the Loan and Security Agreement, on the date of prepayment of all future installments of principal and interest required to be paid from the date of prepayment to and including the first due date within twelve months of the anticipated repayment date of the 2016-1C Tower Securities over (ii) that portion of the principal balance prepaid on the date of such prepayment.
To the extent that the loan corresponding to the 2016-1C Tower Securities is not fully repaid by the anticipated repayment date, the interest rate will increase by the greater of (i) 5% and (ii) the amount, if any, by which the sum of (x) the ten-year U.S. treasury rate plus (y) the credit-based spread for such component (as set forth in the Loan and Security Agreement) plus (z) 5%, exceeds such interest rate. Except as set forth herein, all other material terms and conditions of the Mortgage Loan remain unchanged.
In connection with the issuance of the 2016-1C Tower Securities, the Borrowers also executed amendments to certain ancillary documents governing the securitization, including but not limited to the Management Agreement, dated November 18, 2005 (as amended from time to time, the Management Agreement). Pursuant to the Management Agreement, as amended, the
Manager is entitled to receive a management fee equal to 4.5% of the Borrowers operating revenues for the immediately preceding calendar month, and if an unaffiliated replacement manager serves in such capacity, then such fee would be (i) 5.0% or (ii) an amount not to exceed 7.5% if the annualized rents payable on towers owned by the Borrowers is less than a certain amount.
Relationships
The Company and certain of its affiliates have previously entered into commercial financial arrangements with each of the Initial Purchasers, and/or their respective affiliates, and each of these entities and/or its affiliates has in the past provided financial, advisory, investment banking and other services to the Company and its affiliates, including (1) serving as a lender and/or in other related capacities in connection with the Senior Credit Agreement and the various term loans and revolving credit facility under the Senior Credit Agreement and/or (2) as a book runner and/or an initial purchaser for our Secured Tower Revenue Securities, Series 2015-1C, Series 2014-1, Series 2014-2, Series 2013-1, Series 2013-2, Series 2012-1 and the 2010-2C Tower Securities. Certain of the Initial Purchasers or their affiliates may hold from time to time a portion of the Companys 2010-2C Tower Securities and, accordingly, may receive a portion of the net proceeds of this offering. In addition, each of Barclays Capital Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, and TD Securities (USA) LLC served as a book runner and/or an initial purchaser for our 4.875% Senior Notes due 2022, 5.75% Senior Notes due 2020 and 5.625% Senior Notes due 2019.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth under Item 1.01 is incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits.
(d) | Exhibits |
Exhibit No. |
Description |
|
10.12B | Second Loan and Security Agreement Supplement, dated as of July 7, 2016, by and among the Borrowers named therein and Midland Loan Services, a division of PNC Bank, National Association, as Servicer on behalf of Deutsche Bank Trust Company Americas, as Trustee. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
SBA COMMUNICATIONS CORPORATION | ||
By: |
/s/ Brendan T. Cavanagh |
|
Brendan T. Cavanagh | ||
Executive Vice President and Chief Financial Officer |
Date: July 8, 2016
Exhibit 10.12B
Execution Version
SECOND
LOAN AND SECURITY AGREEMENT SUPPLEMENT
among
SBA PROPERTIES, LLC,
SBA SITES, LLC,
SBA STRUCTURES, LLC,
SBA INFRASTRUCTURE, LLC,
SBA MONARCH TOWERS III, LLC,
SBA 2012 TC ASSETS PR, LLC,
SBA 2012 TC ASSETS, LLC,
SBA TOWERS IV, LLC,
SBA MONARCH TOWERS I, LLC,
SBA TOWERS USVI, INC.,
SBA GC TOWERS, LLC,
SBA TOWERS VII, LLC
SBA TOWERS V, LLC
SBA TOWERS VI, LLC
as Closing Date Borrowers,
and
MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION,
as Servicer on behalf of Deutsche Bank Trust Company Americas, as Trustee
dated as of July 7, 2016
TABLE OF CONTENTS
Page | ||||||
ARTICLE I | ||||||
DEFINITIONS AND INCORPORATION BY REFERENCE | ||||||
Section 1.01 | Definitions. | 2 | ||||
ARTICLE II | ||||||
2016-1C COMPONENT DETAILS | ||||||
Section 2.01 | 2016-1C Component Details. | 3 | ||||
ARTICLE III | ||||||
MORTGAGE LOAN INCREASE | ||||||
Section 3.01 | Loan Increase. | 4 | ||||
Section 3.02 | Use of Proceeds. | 5 | ||||
ARTICLE IV | ||||||
REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE BORROWERS | ||||||
Section 4.01 | Representations and Warranties. | 5 | ||||
Section 4.02 | Amendments to Exhibits and Schedules to the Loan Agreement. | 6 | ||||
ARTICLE V | ||||||
GENERAL PROVISIONS | ||||||
Section 5.01 | Governing Law. | 6 | ||||
Section 5.02 | Severability. | 6 | ||||
Section 5.03 | Counterparts. | 6 | ||||
ARTICLE VI | ||||||
APPLICABILITY OF THE LOAN AGREEMENT | ||||||
Section 6.01 | Applicability. | 6 |
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SECOND LOAN AND SECURITY AGREEMENT SUPPLEMENT
SECOND LOAN AND SECURITY AGREEMENT SUPPLEMENT (this Loan Agreement Supplement ), dated as of July 7, 2016, and entered into by and among SBA PROPERTIES, LLC ( SBA Properties ), SBA SITES, LLC , a Delaware limited liability company ( SBA Sites ), SBA STRUCTURES, LLC , a Delaware limited liability company ( SBA Structures ), SBA INFRASTRUCTURE, LLC , a Delaware limited liability company ( SBA Infrastructure ), SBA MONARCH TOWERS III, LLC, a Delaware limited liability company ( SBA Monarch III ), SBA 2012 TC ASSETS PR, LLC , a Delaware limited liability company ( SBA TC PR ), SBA 2012 TC ASSETS, LLC , a Delaware limited liability company ( SBA TC ), SBA TOWERS IV, LLC , a Delaware limited liability company ( SBA Towers IV ), SBA MONARCH TOWERS I, LLC , a Delaware limited liability company ( SBA Monarch I ), SBA TOWERS USVI, INC., a U.S. Virgin Islands corporation ( SBA USVI ), SBA GC TOWERS, LLC , a Delaware limited liability company ( SBA GC ), SBA TOWERS VII, LLC , a Delaware limited liability company ( SBA Towers VII ), SBA TOWERS V, LLC , a Delaware limited liability company ( SBA Towers V ) and SBA TOWERS VI, LLC , a Delaware limited liability company ( SBA Towers VI and, collectively with SBA Properties, SBA Sites, SBA Structures, SBA Infrastructure, SBA Monarch III, SBA TC PR, SBA TC, SBA Towers IV, SBA Monarch I, SBA USVI, SBA GC, SBA Towers VII and SBA Towers V, the Closing Date Borrowers and, each individually, a Closing Date Borrower ), and MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION , as servicer (the Servicer ), on behalf of DEUTSCHE BANK TRUST COMPANY AMERICAS , as trustee (the Trustee ) under that certain Amended and Restated Trust and Servicing Agreement (as amended, restated, supplemented or otherwise modified from time to time, the Trust Agreement ) dated as of October 15, 2014 among SBA DEPOSITOR LLC (the Depositor ), the Servicer and the Trustee.
RECITALS
WHEREAS , the Closing Date Borrowers are the Borrowers under a Second Amended and Restated Loan and Security Agreement, dated as of October 15, 2014, as supplemented and amended by the First Loan and Security Agreement Supplement and Amendment, dated as of October 14, 2015 (the Loan Agreement ), among the Closing Date Borrowers and the Servicer on behalf of the Trustee;
WHEREAS , pursuant to Section 3.2 of the Loan Agreement, the Closing Date Borrowers desire to effect a Loan Increase in an amount equal to $700,000,000 (the Second Mortgage Loan Increase ), in the form of one (1) component designated as the 2016-1C Component (the 2016-1C Component ), and the Lender has agreed to the Second Mortgage Loan Increase and to advance the amount of the Second Mortgage Loan Increase;
WHEREAS , the 2016-1C Component constitutes a Component as defined in the Loan Agreement;
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WHEREAS , the Closing Date Borrowers and the Lender intend these recitals to be a material part of this Loan Agreement Supplement; and
WHEREAS , all things necessary to make this Loan Agreement Supplement the valid and legally binding obligation of the Closing Date Borrowers in accordance with its terms, for the uses and purposes herein set forth, have been done and performed.
NOW, THEREFORE , it is mutually covenanted and agreed as follows:
ARTICLE I
DEFINITIONS AND INCORPORATION BY REFERENCE
Section 1.01 Definitions . All defined terms used herein and not defined herein shall have the meanings ascribed to such terms in the Loan Agreement. All words and phrases defined in the Loan Agreement shall have the same meanings in this Loan Agreement Supplement, except as otherwise appears in this Article. In addition, the following terms have the following meanings in this Loan Agreement Supplement unless the context clearly requires otherwise:
2016-1C Component shall have the meaning ascribed to it in the Recitals hereto.
2016-1C Note shall have the meaning ascribed to it in Section 3.01(b) hereof.
2016-1C Securities shall mean the Series 2016-1C securities issued by the SBA Tower Trust pursuant to the Trust Agreement corresponding to the 2016-1C Component.
Additional Closing Date shall mean July 7, 2016.
Anticipated Repayment Date shall have the meaning ascribed to it in Section 2.01(a)(iv) hereof.
Component Rate shall mean, for the 2016-1C Component, the rate per annum set forth in Section 2.01(a)(i) hereof.
Loan Agreement shall have the meaning ascribed to it in the Recitals hereto.
Maturity Date shall mean the date set forth in Section 2.01(a)(iii) hereof.
Mortgage File shall have the meaning ascribed to it in the Trust Agreement.
Post-ARD Additional Interest Rate shall have the meaning ascribed to it in Section 2.01(a)(ii) hereof.
Second Mortgage Loan Increase shall have the meaning ascribed to it in the Recitals hereto.
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Yield Maintenance shall have the meaning ascribed to it in Section 2.01(a)(iv) hereof.
Words importing the masculine gender include the feminine gender. Words importing persons include firms, associations and corporations. Words importing the singular number include the plural number and vice versa. Additional terms are defined in the body of this Loan Agreement Supplement.
In the event that any term or provision contained herein with respect to the 2016-1C Component shall conflict with or be inconsistent with any term or provision contained in the Loan Agreement, the terms and provisions of this Loan Agreement Supplement shall govern.
ARTICLE II
2016-1C COMPONENT DETAILS
Section 2.01 2016-1C Component Details . (a) The 2016-1C Component authenticated and delivered under this Loan Agreement Supplement shall consist of one (1) Component having:
(i) the designation, the initial Component Principal Balance and the Component Rate set forth below.
Component |
Initial Component
Principal Balance |
Component Rate | ||||||
2016-1C Component |
$ | 700,000,000 | 2.877 | % |
(ii) Post-ARD Additional Interest Rate determined by the Servicer to be the greater of (i) five percent (5%) and (ii) the amount, if any, by which the sum of the following exceeds the Component Rate for the 2016-1C Component: (x) the yield to maturity (adjusted to a mortgage equivalent basis pursuant to the standards and practices of the Securities Industry Association) on the Anticipated Repayment Date for the 2016-1C Component, of the United States Treasury Security having a term closest to ten (10) years plus (y) 1.70% plus (z) five percent (5%).
(iii) a Maturity Date which is the Due Date occurring in July 2046 or such earlier date on which the final payment of principal of the Notes becomes due and payable as provided in the Loan Agreement, whether at such Maturity Date, by acceleration, or otherwise.
(iv) Yield Maintenance in an amount equal to the excess, if any, of (i) the present value as of the date of prepayment (by acceleration or otherwise) of all future installments of principal and interest that the Closing Date Borrowers would otherwise be required to pay on the 2016-1C Component (or portion thereof) on the related Due Date from the date of such prepayment to and including the first Due Date that occurs twelve months prior to the Anticipated Repayment Date for the 2016-1C Component absent such
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prepayment, assuming the entire unpaid Principal Amount of the 2016-1C Component is required to be paid on such Due Date, with such present value determined by the use of a discount rate equal to the sum of (x) the yield to maturity (adjusted to a mortgage equivalent basis pursuant to the standards and practices of the Securities Industry Association), on the Due Date relating to the date of such prepayment, of the United States Treasury Security having the maturity closest to the Distribution Date that occurs twelve months prior to the Assumed Final Distribution Date related to the Due Date in July 2021 (such date with respect to the 2016-1C Component, the Anticipated Repayment Date ) for the 2016-1C Component plus (y) 0.50% over (ii) the Component Principal Balance of the 2016-1C Component (or portion thereof) on the date of such prepayment. No Yield Maintenance is payable in connection with any prepayment of the 2016-1C Component that occurs less than twelve months prior to the Anticipated Repayment Date for the 2016-1C Component.
(v) Interest shall accrue on the 2016-1C Component and the corresponding 2016-1C Note from and including the Additional Closing Date.
(b) There are no scheduled principal payments in respect of the 2016-1C Component and the Closing Date Borrowers shall not be required to pay any principal of the 2016-1C Component prior to the Anticipated Repayment Date, other than after the occurrence and during the continuation of an Amortization Period or an Event of Default as provided in the Loan Agreement or as otherwise required under the terms of the Loan Documents.
ARTICLE III
MORTGAGE LOAN INCREASE
Section 3.01 Loan Increase . (a) Pursuant to Section 3.2 of the Loan Agreement, the Lender and the Closing Date Borrowers agree to the Second Mortgage Loan Increase corresponding to the 2016-1C Component.
(b) On the Additional Closing Date, each Closing Date Borrower shall execute and deliver to the Trustee a promissory note payable to the order of the Trustee evidencing the 2016-1C Component, in the initial principal amount equal to $700,000,000 (the 2016-1C Note ). The 2016-1C Note shall bear interest on the unpaid principal amount thereof at the Component Rate set forth in Section 2.01(a)(i) hereof and mature on the Maturity Date set forth in Section 2.01(a)(iii) hereof.
(c) The Closing Date Borrowers hereby agree that they will deliver to and deposit with, or cause to be delivered to and deposited with, the Servicer, on or before the Additional Closing Date (or, if any of the following items are not in the actual possession of the Closing Date Borrowers, as soon as reasonably practical, but in any event within 90 days after the Additional Closing Date): (i) the documents with respect to the Second Mortgage Loan Increase required for the Mortgage File (other than the 2016-1C Note referred to in Section 3.01(b) hereof) and (ii) originals or copies of all other documents, certificates and opinions in the possession or under the control of the Closing Date Borrowers with respect to the Second Mortgage Loan Increase that are necessary for the ongoing servicing and administration of the Loan.
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(d) The Closing Date Borrowers hereby represent and warrant to the Lender that each condition of Section 3.2 of the Loan Agreement in respect of the Second Mortgage Loan Increase has been satisfied, as of the Additional Closing Date, including the delivery to:
(i) the Servicer of an opinion of counsel satisfying the requirements of Section 3.2(A)(vi) of the Loan Agreement;
(ii) the Trustee of the list required to be delivered pursuant to Section 3.2(A)(x) of the Loan Agreement of the Mortgaged Sites encumbered by Deeds of Trust being amended in connection with the Second Mortgage Loan Increase, identified by Site number, together with such other information with respect to such Mortgaged Sites as shall have been reasonably requested by the Trustee; and
(iii) the Servicer of an Officers Certificate dated as of the Additional Closing Date to the effect set forth in Section 3.2(B) of the Loan Agreement.
(e) The parties hereto agree that the Additional Closing Date is an Allocated Loan Amount Determination Date, pursuant to Section 11.8 of the Loan Agreement, the Servicer has determined the Allocated Loan Amounts for each Site after giving effect to the Second Mortgage Loan Increase, as described herein, based on information provided to it by the Manager, and until any subsequent Allocated Loan Amount Determination Date, such Allocated Loan Amounts shall be as set forth on Exhibit B hereto.
Section 3.02 Use of Proceeds . The proceeds from the sale of the 2016-1C Securities shall be used to fund the Second Mortgage Loan Increase and the proceeds of the Second Mortgage Loan Increase shall be used to (i) prepay the 2010-2C Component, including accrued and unpaid interest thereon, (ii) pay all recording fees and taxes, reasonable out of pocket costs and expenses incurred by the Lender, including reasonable legal fees and expenses of counsel to the Lender, and other costs and expenses approved by the Lender (which approval will not be unreasonably withheld or delayed) related to the 2016-1C Component; (iii) pay all fees and expenses incurred by the Closing Date Borrowers; and (iv) make a cash distribution to the Guarantor.
ARTICLE IV
REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE BORROWERS
Section 4.01 Representations and Warranties . (a) Each Closing Date Borrower hereby represents and warrants to the Lender that, as to itself and its Sites, each of the representations and warranties set forth in Article IV of the Loan Agreement is true as of the Additional Closing Date.
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(b) Each of the Closing Date Borrowers hereby represents and warrants to the Lender that each condition of Section 3.2 of the Loan Agreement and Section 3.25 of the Trust Agreement have been satisfied as of the Additional Closing Date.
Section 4.02 Amendments to Exhibits and Schedules to the Loan Agreement .
(a) The parties hereto agree that Exhibits B , C and D of the Loan Agreement are hereby deleted in their entirety and replaced by Exhibits B , C and D hereto.
(b) The parties hereto agree that Schedules 4.25 , 4.26 and 4.27 of the Loan Agreement are hereby deleted in their entirety and replaced by Schedules 4.25 , 4.26 and 4.27 , respectively, hereto.
ARTICLE V
GENERAL PROVISIONS
Section 5.01 Governing Law . THIS LOAN AGREEMENT SUPPLEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. THE CLOSING DATE BORROWERS IRREVOCABLY SUBMIT TO THE JURISDICTION OF ANY NEW YORK STATE COURT OR UNITED STATES FEDERAL COURT SITTING IN THE BOROUGH OF MANHATTAN, THE CITY OF NEW YORK IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR IN RELATION TO THE LOAN AGREEMENT, THIS LOAN AGREEMENT SUPPLEMENT OR THE OTHER LOAN DOCUMENTS.
Section 5.02 Severability . In case any provision in this Loan Agreement Supplement shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.
Section 5.03 Counterparts . This Loan Agreement Supplement may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such respective counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart of a signature page of this Loan Agreement Supplement in Portable Document Format (PDF) or by facsimile transmission shall be as effective as delivery of a manually executed original counterpart of this Loan Agreement Supplement.
ARTICLE VI
APPLICABILITY OF THE LOAN AGREEMENT
Section 6.01 Applicability . The provisions of the Loan Agreement are hereby ratified, approved and confirmed, as supplemented by this Loan Agreement Supplement. The representations, warranties and covenants contained in the Loan Agreement (except as expressly modified herein) are hereby reaffirmed with the same force and effect as if fully set forth herein and made again as of the Additional Closing Date.
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[SIGNATURE PAGE FOLLOWS]
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IN WITNESS WHEREOF, the Closing Date Borrowers and the Servicer on behalf of the Trustee have caused this Loan Agreement Supplement to be duly executed by their respective officers, thereunto duly authorized, all as of the day and year first above written.
SBA PROPERTIES, LLC , as Closing Date Borrower | SBA SITES, LLC , as Closing Date Borrower | |||||||
By: |
/s/ Thomas P. Hunt |
By: |
/s/ Thomas P. Hunt |
|||||
Name: Thomas P. Hunt | Name: Thomas P. Hunt | |||||||
Title: Executive Vice President and General Counsel | Title: Executive Vice President and General Counsel | |||||||
SBA STRUCTURES, LLC , as Closing Date Borrower | SBA INFRASTRUCTURE, LLC , as Closing Date Borrower | |||||||
By: |
/s/ Thomas P. Hunt |
By: |
/s/ Thomas P. Hunt |
|||||
Name: Thomas P. Hunt | Name: Thomas P. Hunt | |||||||
Title: Executive Vice President and General Counsel | Title: Executive Vice President and General Counsel | |||||||
SBA MONARCH TOWERS III, LLC , as Closing Date Borrower |
SBA 2012 TC ASSETS PR, LLC , as Closing Date Borrower | |||||||
By: |
/s/ Thomas P. Hunt |
By: |
/s/ Thomas P. Hunt |
|||||
Name: Thomas P. Hunt | Name: Thomas P. Hunt | |||||||
Title: Executive Vice President and General Counsel | Title: Executive Vice President and General Counsel | |||||||
SBA 2012 TC ASSETS, LLC , as Closing Date Borrower | SBA TOWERS IV, LLC , as Closing Date Borrower | |||||||
By: |
/s/ Thomas P. Hunt |
By: |
/s/ Thomas P. Hunt |
|||||
Name: Thomas P. Hunt | Name: Thomas P. Hunt | |||||||
Title: Executive Vice President and General Counsel | Title: Executive Vice President and General Counsel |
[Signature Page for Second Loan Supplement]
SBA MONARCH TOWERS I, LLC , as Closing Date Borrower |
SBA TOWERS USVI, INC . , as Closing Date Borrower | |||||||
By: |
/s/ Thomas P. Hunt |
By: |
/s/ Thomas P. Hunt |
|||||
Name: Thomas P. Hunt | Name: Thomas P. Hunt | |||||||
Title: Executive Vice President and General Counsel | Title: Executive Vice President and General Counsel | |||||||
SBA GC TOWERS, LLC , as Closing Date Borrower | SBA TOWERS VII, LLC , as Closing Date Borrower | |||||||
By: |
/s/ Thomas P. Hunt |
By: |
/s/ Thomas P. Hunt |
|||||
Name: Thomas P. Hunt | Name: Thomas P. Hunt | |||||||
Title: Executive Vice President and General Counsel | Title: Executive Vice President and General Counsel | |||||||
SBA TOWERS V, LLC , as Closing Date Borrower | SBA TOWERS VI, LLC , as Closing Date Borrower | |||||||
By: |
/s/ Thomas P. Hunt |
By: |
/s/ Thomas P. Hunt |
|||||
Name: Thomas P. Hunt | Name: Thomas P. Hunt | |||||||
Title: Executive Vice President and General Counsel | Title: Executive Vice President and General Counsel |
[Signature Page for Second Loan Supplement]
MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION , as Servicer |
||
By: |
/s/ David A. Eckels |
|
Name: David A. Eckels | ||
Title: Senior Vice President |
[Signature Page for Second Loan Supplement]