Document:

EX 10.5 Incremental Term Loan B-2 Amendment

		
			EXECUTION VERSION
		

		
			INCREMENTAL TERM LOAN B-2 AMENDMENT
		

		
			INCREMENTAL TERM LOAN B-2 AMENDMENT, dated as of June 10, 2015 (this “Amendment”), among SBA SENIOR FINANCE II LLC (the “Borrower”), the INCREMENTAL TRANCHE B-2 TERM LENDERS (as defined below) and TORONTO DOMINION (TEXAS) LLC, as administrative agent (the “Administrative Agent”).  CITIGROUP GLOBAL MARKETS INC. is acting as exclusive lead arranger (the “Lead Arranger”), CITIGROUP GLOBAL MARKETS INC., BARCLAYS BANK PLC, J.P. MORGAN SECURITIES LLC, TD SECURITIES (USA) LLC, WELLS FARGO SECURITIES, LLC, MIZUHO BANK, LTD. and DEUTSCHE BANK SECURITIES INC. are acting as bookrunners (the “Bookrunners”), BARCLAYS BANK PLC, J.P. MORGAN SECURITIES LLC, TD SECURITIES (USA) LLC, WELLS FARGO SECURITIES, LLC, MIZUHO BANK, LTD. and DEUTSCHE BANK SECURITIES INC. are acting as documentation agents, and CITIGROUP GLOBAL MARKETS INC. is acting as exclusive syndication agent, in connection with the Incremental Tranche B-2 Term Loans referred to below. 
		

		
			RECITALS:
		

		
			WHEREAS, reference is hereby made to the Second Amended and Restated Credit Agreement, dated as of February 5, 2015 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among the Borrower, the several banks and other financial institutions or entities from time to time parties thereto (collectively, the “Lenders”) and the Administrative Agent.
		

		
			WHEREAS, the Borrower has (a) delivered an Incremental Term Loan Notice to the Administrative Agent pursuant to Section 2.20(a) of the Credit Agreement requesting Incremental Term Loans in an aggregate principal amount of $500,000,000 (the “Incremental Tranche B-2 Term Loans”) and (b) requested that the Credit Agreement be amended as set forth herein pursuant to Section 2.20(c) of the Credit Agreement without additional consent or approval of the Lenders.
		

		
			WHEREAS, each financial institution identified on the signature pages hereto as an “Incremental Tranche B-2 Term Lender” (each, an “Incremental Tranche B-2 Term Lender”) has agreed severally, on the terms and conditions set forth herein and in the Credit Agreement, to provide a portion of the Incremental Tranche B-2 Term Loans and to become, if not already, a Lender for all purposes under the Credit Agreement.
		

		
			The parties hereto therefore agree as follows:
		

		
			SECTION 1.Defined Terms.  Unless otherwise defined herein, capitalized terms are used herein as defined in the Credit Agreement, as amended hereby. 
		

		
			SECTION2.Incremental Tranche B-2 Term Loans.  (a) Subject to and upon the terms and conditions set forth herein, each Incremental Tranche B-2 Term Lender party hereto severally agrees to make, on the Incremental Tranche B-2 Facility Effective Date (as defined below), an Incremental Tranche B-2 Term Loan in U.S. dollars to the Borrower in an amount 
		

		 

 

		equal to the commitment amount set forth next to such Incremental Tranche B-2 Term Lender’s name in Schedule 1 hereto under the caption “Incremental Tranche B-2 Term Loan Commitments”.  The Incremental Tranche B-2 Term Loans shall rank pari passu in right of payment and of security with the Term Loans made prior to the date hereof and shall have the same terms thereof, except as expressly set forth herein or in the Credit Agreement.  Except as expressly set forth herein or in the Credit Agreement, the Incremental Tranche B-2 Term Loans shall be “Loans”, “Term Loans” and “Incremental Term Loans”, and the Incremental Tranche B-2 Term Lenders shall be “Lenders” and “Term Lenders”, for all purposes of the Credit Agreement and the other Loan Documents.  The Incremental Tranche B-2 Term Loans may be repaid or prepaid in accordance with the provisions of the Credit Agreement and this Amendment, but once repaid or prepaid may not be reborrowed.  
		

		
			(b)Use of Proceeds.  The Incremental Tranche B-2 Term Loans shall be used to (i) refinance all or a portion of outstanding Revolving Credit Loans and (ii) pay certain fees and expenses incurred in connection with the foregoing, with any remaining proceeds being used for general corporate purposes, including distributions to SBA Senior Finance.
		

		
			SECTION 3.Applicable Margin.  As used in the Credit Agreement, “Applicable Margin” shall, with respect to the Incremental Tranche B-2 Term Loans, be deemed to mean (a) 1.50% in the case of Base Rate Loans and (b) 2.50% in the case of Eurodollar Loans.
		

		
			SECTION 4.Amendments to the Credit Agreement.  The Credit Agreement is hereby amended as of the Incremental Tranche B-2 Facility Effective Date as set forth below.
		

		
			(a)Amendments to Section 1.1 (Defined Terms).  Section 1.1 of the Credit Agreement is hereby amended as of the Incremental Tranche B-2 Facility Effective Date as follows:
		

		
			(i)by adding the following definitions in appropriate alphabetical order:
		

		
			“Incremental Term Loan B-2 Amendment”:    the Incremental Term Loan B-2 Amendment, dated the Incremental Tranche B-2 Facility Effective Date, among the Borrower, the Incremental Tranche B-2 Term Lenders and the Administrative Agent. 
		

		
			“Incremental Tranche B-2 Facility Effective Date”:    June 10, 2015.
		

		
			“Incremental Tranche B-2 Term Lenders”:    the collective reference to each Lender that holds an Incremental Tranche B-2 Term Loan.
		

		
			“Incremental Tranche B-2 Term Loans”:    as defined in the Incremental Term Loan B Amendment. 
		

		
			(ii)by amending the definition of “Base Rate” by replacing the last sentence thereof with the following sentence:
		

		
			“Notwithstanding the foregoing, the Base Rate for (i) any Initial Term Loan will be deemed to be 2.00% per annum if the Base Rate determined pursuant to this definition would otherwise be less than 2.00% per annum, (ii) any Incremental Tranche B Term Loan made on the 
		

		 

		

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		Incremental Tranche B Facility Effective Date will be deemed to be 2.00% per annum if the Base Rate determined pursuant to this definition would otherwise be less than 2.00% per annum, (iii) any Incremental Tranche B-1 Term Loan made on the Second Amendment and Restatement Effective Date will be deemed to be 1.75% per annum if the Base Rate determined pursuant to this definition would otherwise be less than 1.75% per annum and (iv) any Incremental Tranche B-2 Term Loan made on the Incremental Tranche B-2 Facility Effective Date will be deemed to be 1.75% per annum if the Base Rate determined pursuant to this definition would otherwise be less than 1.75% per annum.”
		

		
			(iii)by amending the definition of “Eurodollar Rate” by replacing the last sentence thereof with the following sentence:
		

		
			“Notwithstanding the foregoing, the Eurodollar Rate for (i) any Initial Term Loan, with respect to any applicable Interest Period, will be deemed to be 1.00% per annum if the Eurodollar Rate for such Interest Period determined pursuant to this definition would otherwise be less than 1.00% per annum, (ii) any Incremental Tranche B Term Loan made on the Incremental Tranche B Facility Effective Date, with respect to any applicable Interest Period, will be deemed to be 1.00% per annum if the Eurodollar Rate for such Interest Period determined pursuant to this definition would otherwise be less than 1.00% per annum, (iii) any Incremental Tranche B-1 Term Loan made on the Second Amendment and Restatement Effective Date, with respect to any applicable Interest Period, will be deemed to be 0.75% per annum if the Eurodollar Rate for such Interest Period determined pursuant to this definition would otherwise be less than 0.75% per annum and (iv) any Incremental Tranche B-2 Term Loan made on the Incremental Tranche B-2 Facility Effective Date, with respect to any applicable Interest Period, will be deemed to be 0.75% per annum if the Eurodollar Rate for such Interest Period determined pursuant to this definition would otherwise be less than 0.75% per annum.”
		

		
			(iv)by amending the definition of “Loan Documents” by inserting “, the Incremental Term Loan B-2 Amendment” immediately after the words “the Sixth Amendment” in the definition thereof.
		

		
			(v)by amending and restating the definition of “Term Loan Maturity Date” in its entirety as follows:
		

		
			“Term Loan Maturity Date”:    (a) with respect to the Term Loans (other than the Incremental Term Loans), June 30, 2018, (b) with respect to the Incremental Tranche A Term Loans, May 9, 2017, (c) with respect to the Incremental Tranche B Term Loans, September 28, 2019, (d) with respect to the Incremental Tranche B-1 Term Loans, March 24, 2021 and (e) with respect to the Incremental Tranche B-2 Term Loans, June 10, 2022.
		

		
			(vi)by amending and restating the definition of “Term Percentage” in its entirety as follows:
		

		
			“Term Percentage”:  as to (i) any Initial Term Lender at any time, the percentage which the aggregate unpaid principal amount of such Lender’s Initial Term Loans then outstanding constitutes of the aggregate unpaid principal amount of the Initial Term Loans then outstanding, (ii) any Incremental Tranche A Term Lender at any time, the percentage which the aggregate 
		

		 

		

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		unpaid principal amount of such Lender’s Incremental Tranche A Term Loans then outstanding constitutes of the aggregate unpaid principal amount of Incremental Tranche A Term Loans then outstanding, (iii) any Incremental Tranche B Term Lender at any time, the percentage which the aggregate unpaid principal amount of such Lender’s Incremental Tranche B Term Loans then outstanding constitutes of the aggregate unpaid principal amount of Incremental Tranche B Term Loans then outstanding, (iv) any Incremental Tranche B-1 Term Lender at any time, the percentage which the aggregate unpaid principal amount of such Lender’s Incremental Tranche B-1 Term Loans then outstanding constitutes of the aggregate unpaid principal amount of Incremental Tranche B-1 Term Loans then outstanding and (v) any Incremental Tranche B-2 Term Lender at any time, the percentage which the aggregate unpaid principal amount of such Lender’s Incremental Tranche B-2 Term Loans then outstanding constitutes of the aggregate unpaid principal amount of Incremental Tranche B-2 Term Loans then outstanding.
		

		
			(b)Amendment to Section 2.3 (Repayment of Loans; Evidence of Debt).  Section 2.3(a)(i) of the Credit Agreement is hereby amended as of the Incremental Tranche B-2 Facility Effective Date by adding the following new clause (E)  immediately prior to the last sentence thereof:
		

		
			“(E)The Incremental Tranche B-2 Term Loans of each Incremental Tranche B-2 Term Lender shall be repayable on the last day of each March, June, September and December (commencing in September 2015) in an amount equal to the product of (x) such Incremental Tranche B-2 Term Lender’s applicable Term Percentage multiplied by (y) an amount equal to 0.250% of the aggregate principal amount of the Incremental Tranche B-2 Term Loans on the Incremental Tranche B-2 Facility Effective Date.”  
		

		
			(c)Amendments to Section 2.6 (Optional Prepayments).  Section 2.6 of the Credit Agreement is hereby amended as of the Incremental Tranche B-2 Facility Effective Date as follows:
		

		
			(i)by deleting the parenthetical phrase in the first sentence of paragraph (a) thereof in its entirety and replacing it with the following:
		

		
			“(except in the case of Term Loans as otherwise provided in paragraphs (b), (c), (d) and (f) below)”
		

		
			(ii)by adding the following new paragraph (f) at the end thereof:
		

		
			“(f)  Any (i) optional prepayment of the Incremental Tranche B-2 Term Loans using proceeds of Indebtedness incurred by the Borrower from a substantially concurrent incurrence of syndicated term loans for which the interest rate payable thereon on the date of such prepayment is lower than the Eurodollar Rate on the date of such prepayment plus the Applicable Margin with respect to such Incremental Tranche B-2 Term Loans on the date of such prepayment with the primary purpose of refinancing Incremental Tranche B-2 Term Loans at a lower interest rate or (ii) repricing of the Incremental Tranche B-2 Term Loans pursuant to an amendment to this Agreement resulting in the interest rate payable thereon on the date of such amendment being lower than the Eurodollar Rate on the date immediately prior to such amendment plus the Applicable Margin with respect to the Incremental Tranche B-2 Term Loans on the date 
		

		 

		

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		immediately prior to such amendment, shall be accompanied by a prepayment fee equal to 1.00% of the aggregate principal amount of such prepayment (or, in the case of clause (ii) above, of the aggregate amount of Incremental Tranche B-2 Term Loans outstanding immediately prior to such amendment) if made on or prior to the six month anniversary of the Incremental Tranche B-2 Facility Effective Date.”
		

		
			(d)Amendment to Section 2.20 (Incremental Term Loans).  Section 2.20(b)(v) of the Credit Agreement is hereby amended as of the Incremental Tranche B-2 Facility Effective Date by “and” immediately before clause (C) thereof and including “,” in lieu thereof, and including the following as a new clause (D):
		

		
			“(D) if the Incremental Term Margin exceeds the total yield for the Incremental Tranche B-2 Term Loans (including any upfront fees, any interest rate floors, and any OID, with upfront fees and OID being equated to interest rates as reasonably determined by the Administrative Agent based on an assumed four-year life to maturity, but excluding any arrangement, underwriting or similar fee paid by the Borrower) by more than 50 basis points, then the Applicable Margin for the Incremental Tranche B-2 Term Loans shall be increased to equal the Incremental Term Margin minus 50 basis points; provided that this clause (D) shall not apply to any Incremental Term Loans with a final maturity occurring more than 2 years after the Term Loan Maturity Date applicable to Incremental Tranche B-2 Term Loans.”
		

		
			SECTION 5.Repayment of Incremental Tranche B-2 Term Loans.  The Borrower agrees to repay to the Administrative Agent, for the benefit of each Incremental Tranche B-2 Term Lender, the Incremental Tranche B-2 Term Loans in accordance with Section 2.3 of the Credit Agreement, as amended hereby.
		

		
			SECTION 6.Representations and Warranties; No Default.  The Borrower hereby certifies that, immediately before and after giving effect to this Amendment, (a) each of the representations and warranties made by any Loan Party in or pursuant to the Loan Documents are true and correct in all material respects (and in all respects if qualified by materiality) on and as of such date as if made on and as of such date (except for such representations and warranties expressly stated to be made as of a specific earlier date, in which case such representations and warranties were true and correct as of such earlier date) and (b) no Default or Event of Default has occurred and is continuing.
		

		
			SECTION 7.Conditions to Effectiveness.  This Amendment shall become effective upon satisfaction of the following conditions precedent (such date, the “Incremental Tranche B-2 Facility Effective Date”):
		

		
			(a)receipt by the Administrative Agent of executed signature pages to this Amendment from the Borrower, the other Loan Parties party to the Guarantee and Collateral Agreement (the Borrower and such Loan Parties, collectively, the “Reaffirming Parties”) and each Incremental Tranche B-2 Term Lender; 
		

		
			(b)receipt by the Administrative Agent of a customary closing certificate, substantially in the form attached to the Credit Agreement as Exhibit C thereto;
		

		

		

		 

		

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		(c)(i) the accuracy in all material respects (and in all respects if qualified by materiality) of the representations and warranties of each Loan Party set forth in the Loan Documents (except in the case of any such representation and warranty that specifically relates to an earlier date, in which case such representation and warranty shall be true and correct on and as of such earlier date) and (ii) there being no Default or Event of Default in existence at the time of, or after giving effect to, this Amendment;
		

		
			(d)the payment of all fees and out of pocket expenses due to the Administrative Agent, the Lead Arranger, the Bookrunners and the Lenders or the receipt by the Administrative Agent of authorization from the Borrower to deduct such fees and expenses from the proceeds of the initial fundings under the Incremental Tranche B-2 Term Loans;
		

		
			(e)receipt by the Administrative Agent of the legal opinions of Greenberg Traurig, P.A. and Thomas P. Hunt, Esq., substantially in the forms attached hereto as Exhibit A-1 and Exhibit A-2, respectively;
		

		
			(f)receipt by the Administrative Agent of a certificate from the chief financial officer from the Borrower (or other senior executive officer of the Borrower satisfactory to the Administrative Agent) in form and substance reasonably satisfactory to the Administrative Agent certifying as to the solvency of the Borrower and its Subsidiaries considered as a whole after giving effect to the Incremental Tranche B-2 Term Loans;
		

		
			(g)compliance by the Borrower with the financial covenants contained in the Credit Agreement and receipt by the Administrative Agent of a certificate of a Responsible Officer in a form reasonably satisfactory to the Administrative Agent certifying that the Borrower shall be in compliance with the financial covenants in Section 7.1 of the Credit Agreement, in each case, on a pro forma basis after giving effect to the Incremental Tranche B-2 Term Loans;
		

		
			(h)(i) receipt by the Administrative Agent of (a) audited consolidated balance sheets and related statements of income, stockholders’ equity and cash flows of Parent and its subsidiaries, for the three most recently completed fiscal years ended at least 90 days before the Incremental Tranche B-2 Facility Effective Date and (b) unaudited consolidated balance sheets and related statements of income, stockholders’ equity and cash flows of the Parent and its subsidiaries, for each subsequent fiscal quarter ended at least 45 days before the Incremental Tranche B-2 Facility Effective Date; provided that filing of the required financial statements on form 10-K and form 10-Q by Parent will satisfy the foregoing requirements and (ii) there shall not have been any material adverse change in the consolidated financial condition of Parent, the Borrower and their subsidiaries from that reflected in such consolidated financial statements; and
		

		
			(i)the Administrative Agent shall have received, at least 5 days prior to the Incremental Tranche B-2 Facility Effective Date, all documentation and other information required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the PATRIOT Act.
		

		
			SECTION 8.Acknowledgment of Incremental Tranche B-2 Term Lenders.  Each Incremental Tranche B-2 Term Lender expressly acknowledges that neither the Administrative Agent, the Lead Arranger, the Bookrunners nor any of their respective affiliates and their 
		

		 

		

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		respective officers, directors, trustees, employees, advisors, agents and controlling persons (each an “Agent”) have made any representations or warranties to it and that no act by any Agent hereafter taken, including any review of the affairs of any Loan Party or any affiliate of any Loan Party, shall be deemed to constitute any representation or warranty by any Agent to any Incremental Tranche B-2 Term Lender.  Each Incremental Tranche B-2 Term Lender represents to the Agents that it has, independently and without reliance upon any Agent or any other Lender, and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, operations, property, financial and other condition and creditworthiness of the Loan Parties and their affiliates and made its own decision to provide its Incremental Tranche B-2 Term Loans hereunder and enter into this Amendment.  Each Incremental Tranche B-2 Term Lender also represents that it will, independently and without reliance upon any Agent or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under the Credit Agreement and the other Loan Documents, and to make such investigation as it deems necessary to inform itself as to the business, operations, property, financial and other condition and creditworthiness of the Loan Parties and their affiliates.  Each Incremental Tranche B-2 Term Lender hereby (a) confirms that it has received a copy of the Credit Agreement, each other Loan Document and such other documents and information as it deems appropriate to make its decision to enter into this Amendment, (b) agrees that it shall be bound by the terms of the Credit Agreement as a Lender thereunder with respect to its Incremental Tranche B-2 Term Loans and that it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender, (c) irrevocably designates and appoints the Agents as the agents of such Incremental Tranche B-2 Term Lender under the Credit Agreement and the other Loan Documents, and each Incremental Tranche B-2 Term Lender irrevocably authorizes each Agent, in such capacity, to take such action on its behalf under the provisions of the Credit Agreement and the other Loan Documents and to exercise such powers and perform such duties as are delegated to such Agent by the terms of the Credit Agreement and the other Loan Documents, together with such other powers as are reasonably incidental thereto and (d) specifies as its lending office and address for notices the offices designated by it to the Administrative Agent prior to the date hereof.
		

		
			SECTION 9.Effect on the Loan Documents; Miscellaneous.  Except as expressly provided herein or in the Credit Agreement, (a) the Incremental Tranche B-2 Term Loans shall be subject to the provisions of the Credit Agreement and the other Loan Documents that apply to “Loans”, “Term Loans” and “Incremental Term Loans” thereunder and (b) all of the terms and provisions of the Credit Agreement and the other Loan Documents are and shall remain in full force and effect.  This Amendment shall constitute an Incremental Term Loan Amendment and a Loan Document for all purposes of the Credit Agreement and the other Loan Documents.  Provisions of this Amendment are deemed incorporated into the Credit Agreement as if fully set forth therein.  
		

		
			SECTION 10.Expenses.  The Borrower shall pay and reimburse the Administrative Agent and the Lead Arranger for all reasonable out-of-pocket expenses incurred in connection with the preparation and delivery of this Amendment, including, without limitation, the reasonable fees and disbursements of one counsel to the Administrative Agent in each applicable jurisdiction.
		

		

		

		 

		

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		SECTION 11.Counterparts.  This Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  Delivery of an executed counterpart of a signature page of this Amendment by telecopy or electronic transmission (e.g., “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart of this Amendment.
		

		
			SECTION 12.Governing Law.  THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.
		

		
			SECTION 13.Reaffirmation.  Each of the Reaffirming Parties hereby:
		

		
			(a)consents to this Amendment and the transactions related thereto and hereby confirms its guarantees, pledges, grants of security interests, acknowledgments, obligations and consents under the Guarantee and Collateral Agreement and the other Security Documents and Loan Documents to which it is a party and agrees that notwithstanding the effectiveness of this Amendment and the consummation of the transactions related thereto, such guarantees, pledges, grants of security interests, acknowledgments, obligations and consents shall be, and continue to be, in full force and effect; 
		

		
			(b)ratifies the Security Documents and the other Loan Documents to which it is a party;
		

		
			(c)confirms that all of the Liens and security interests created and arising under the Security Documents remain in full force and effect on a continuous basis, unimpaired, uninterrupted and undischarged, and having the same perfected status and priority as collateral security for the Obligations, in each case as existed prior to giving effect to this Amendment;
		

		
			(d)agrees that each of the representations and warranties made by each Reaffirming Party in the Security Documents is true and correct as to it in all material respects on and as of the date hereof (unless any such representation or warranty expressly relates to a given date, in which case such representation or warranty was true and correct in all material respects as of such given date); and
		

		
			(e)agrees that it shall take any action reasonably requested by the Administrative Agent in order to confirm or effect the intent of this Amendment.
		

		
			 
		

		

		

		 

		

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		IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first above written.
		

			
					
						 

					
					
						SBA SENIOR FINANCE II LLC

					
						By: /s/ Thomas P. Hunt
Name:  Thomas P. Hunt
Title:  Executive Vice President and General 
Counsel

				
	
					
						 

					
					
						SBA COMMUNICATIONS CORPORATION

					
						By: /s/ Thomas P. Hunt
Name:  Thomas P. Hunt
Title:  Executive Vice President and General 
Counsel

				
	
					
						 

					
					
						SBA NETWORK SERVICES, LLC (F/K/A SBA NETWORK SERVICES, INC.) 

					
						By: /s/ Thomas P. Hunt
Name:  Thomas P. Hunt
Title:  Executive Vice President and General 
Counsel

				
	
					
						 

					
					
						SBA PUERTO RICO, LLC (F/K/A SBA PUERTO RICO, INC.) 

					
						By: /s/ Thomas P. Hunt
Name:  Thomas P. Hunt
Title:  Executive Vice President and General 
Counsel

				
	
					
						 

					
					
						SBA SENIOR FINANCE, LLC (F/K/A SBA SENIOR FINANCE, INC.) 

					
						By: /s/ Thomas P. Hunt
Name:  Thomas P. Hunt
Title:  Executive Vice President and General 
Counsel

				

		 

		

			[Signature Page to Incremental Term Loan B-2 Amendment to SBA Senior Finance II Second A&R CRA]

		

 

			
					
						 

					
					
						SBA SITE MANAGEMENT, LLC

					
						By: /s/ Thomas P. Hunt
Name:  Thomas P. Hunt
Title:  Executive Vice President and General 
Counsel

				
	
					
						 

					
					
						SBA TELECOMMUNICATIONS, LLC (F/K/A SBA TELECOMMUNICATIONS, INC.) 

					
						By: /s/ Thomas P. Hunt
Name:  Thomas P. Hunt
Title:  Executive Vice President and General 
Counsel

				
	
					
						 

					
					
						SBA TOWERS II LLC

					
						By: /s/ Thomas P. Hunt
Name:  Thomas P. Hunt
Title:  Executive Vice President and General 
Counsel

				
	
					
						 

					
					
						SBA TOWERS III LLC

					
						By: /s/ Thomas P. Hunt
Name:  Thomas P. Hunt
Title:  Executive Vice President and General 
Counsel

				
	
					
						 

					
					
						SBA TOWERS, LLC (F/K/A SBA TOWERS, INC.) 

					
						By: /s/ Thomas P. Hunt
Name:  Thomas P. Hunt
Title:  Executive Vice President and General 
Counsel

				
	
					
						 

					
					
						SBA LAND, LLC (F/K/A TCO LAND LLC) 

					
						By: /s/ Thomas P. Hunt
Name:  Thomas P. Hunt
Title:  Executive Vice President and General 
Counsel

				

		 

		

			[Signature Page to Incremental Term Loan B-2 Amendment to SBA Senior Finance II Second A&R CRA]

		

 

			
					
						 

					
					
						SBA TRS HOLDCO, LLC

					
						By: /s/ Thomas P. Hunt
Name:  Thomas P. Hunt
Title:  Executive Vice President and General 
Counsel

				
	
					
						 

					
					
						SBA DAS, LLC

					
						By: /s/ Thomas P. Hunt
Name:  Thomas P. Hunt
Title:  Executive Vice President and General 
Counsel

				
	
					
						 

					
					
						SBA 2014 PR, INC. 

					
						By: /s/ Thomas P. Hunt
Name:  Thomas P. Hunt
Title:  Executive Vice President and General 
Counsel

				
	
					
						 

					
					
						SBA HQ, LLC

					
						By: /s/ Thomas P. Hunt
Name:  Thomas P. Hunt
Title:  Executive Vice President and General 
Counsel

				
	
					
						 

					
					
						SBA MONARCH STEEL, LLC

					
						By: /s/ Thomas P. Hunt
Name:  Thomas P. Hunt
Title:  Executive Vice President and General 
Counsel

				
	
					
						 

					
					
						SBA STEEL LLC

					
						By: /s/ Thomas P. Hunt
Name:  Thomas P. Hunt
Title:  Executive Vice President and General 
Counsel

				

		 

		

			[Signature Page to Incremental Term Loan B-2 Amendment to SBA Senior Finance II Second A&R CRA]

		

 

			
					
						 

					
					
						SBA TOWERS VIII, LLC

					
						By: /s/ Thomas P. Hunt
Name:  Thomas P. Hunt
Title:  Executive Vice President and General 
Counsel

				
	
					
						 

					
					
						MEMPHIS TOWERS, LLC

					
						By: /s/ Thomas P. Hunt
Name:  Thomas P. Hunt
Title:  Executive Vice President and General 
Counsel

				
	
					
						 

					
					
						TV6 HOLDINGS LLC

					
						By: /s/ Thomas P. Hunt
Name:  Thomas P. Hunt
Title:  Executive Vice President and General 
Counsel

				
	
					
						 

					
					
						OFO LLC

					
						By: /s/ Thomas P. Hunt
Name:  Thomas P. Hunt
Title:  Executive Vice President and General 
Counsel

				

		
			 
		

		
			 
		

		

		

		 

		

			[Signature Page to Incremental Term Loan B-2 Amendment to SBA Senior Finance II Second A&R CRA]

		

 

		 
		

			
					
						 

					
					
						TORONTO DOMINION (TEXAS) LLC, as Administrative Agent 

					
						By: /s/ Alice Mare
Name:  Alice Mare
Title:  Authorized Signatory

				

		
			 
		

		
			 
		

		 

		

			[Signature Page to Incremental Term Loan B-2 Amendment to SBA Senior Finance II Second A&R CRA]

		

 

			
					
						 

					
					
						CITIBANK, N.A., as an Incremental Tranche B-2 Term Lender

					
						By: /s/ Monique Renta
Name:  Monique Renta
Title:  Director and Vice President

				

		
			 
		

		
			 
		

		

		

		 

		

			[Signature Page to Incremental Term Loan B-2 Amendment to SBA Senior Finance II Second A&R CRA]

		

 

		SCHEDULE 1
		

			
					
						Incremental Tranche B-2 Term Lender

					
					
						Incremental Tranche B-2 Term Loan Commitments

				
	
					
						Citibank, N.A.

					
					
						$500,000,000.00EX- 10.32

 Exhibit 10.32 

Fairchild Semiconductor 2007 Stock Plan 

Restricted Stock Unit Agreement 

PARTICIPANT: [Nonemployee Director] 
 DATE OF
GRANT: 
 NUMBER OF RESTRICTED STOCK UNITS GRANTED: 10,000 

THIS AGREEMENT, effective as of the Date of Grant set forth above, is between Fairchild Semiconductor International, Inc., a Delaware corporation (the
“Company”, “we”, “our” or “us”) and the Participant named above (“you” or “yours”), pursuant to the provisions of the Fairchild Semiconductor 2007 Stock Plan (as amended, the
“Plan”) with respect to the number of Restricted Stock Units (“Units”) specified above. Capitalized terms used and not defined in this Agreement shall have the meanings given to them in the Plan. This Agreement consists of this
document, any related Settlement Election Form, and the Plan. 
 You and the Company agree as follows: 

 

					
	 1. Application of Plan;

Administration
	 	This Agreement and your rights under this Agreement are subject to all the terms and conditions of the Plan, as it may be amended from time to time, as well as to such rules and regulations as the Administrator may
adopt. It is expressly understood that the Administrator that administers the Plan is authorized to administer, construe and make all determinations necessary or appropriate to the administration of the Plan and this Agreement, all of which shall be
binding upon you to the extent permitted by the Plan. Any inconsistency between this Agreement and the Plan shall be resolved in favor of the Plan.
		
	2. Vesting	 	The Units will vest in full (becoming “Vested Units”) on the day before the date of the Company’s 2016 annual meeting of stockholders (the “Vesting Date”), provided, that, if you
Retire from the Board before such date, your Units will vest in their entirety upon your Retirement.
		
	3. Rights as Stockholder	 	Except as otherwise provided in this Agreement, you will not be entitled to any privileges of ownership of the Shares underlying your Units unless and until Shares are actually delivered to you under this
Agreement.
		
	4. Dividends	 	You will be credited with additional Restricted Stock Units having a value equal to declared dividends, if any, with record dates that occur prior to the settlement of any Units as if such Units had been actual Shares,
based on the Fair Market Value of a Share on the applicable dividend payment date. Any such additional Restricted Stock Units shall be considered Units under this Agreement and shall also be credited with additional Restricted Stock Units as
dividends, if any, are declared, and shall be subject to the same restrictions and conditions as Units with respect to which they were credited. Notwithstanding the foregoing, no such additional Restricted Stock Units will be credited with respect
to any dividend in connection with which Units are adjusted pursuant to Section 12(d) of the Plan. Any reinvestment of dividends in additional Restricted Stock Units shall be subject to the Plan.
			
	5. Settlement of Units	 	(a)	  	Time of Settlement. Each Vested Unit will be settled by the delivery of one Share to you or, in the event of your death, to your designated beneficiary, promptly following the later of (i) the Vesting Date or (ii) the
date (if any) that you have elected on the Settlement Election Form that applies to the Vested Units (such later date, the “Settlement Date”). You hereby authorize any brokerage service provider determined acceptable to the Company to open
a securities account for you to be used for the settlement of Vested Units. You may change the Settlement Election Date one time only, and only to a later date, as provided in Section 3 of the Settlement Election Form, subject to the important
restrictions contained in such Section 3.
			
		 	(b)	  	Termination Prior to Settlement Date. If your service as a member on the Board is terminated prior to any Settlement Date, your Vested Units will be treated as specified in the Settlement Election Form.
			
		 	(c)	  	Forfeiture of Unvested Units. All Units that are not Vested Units at the time your service as a member on the Board is terminated for any reason other than Retirement will be forfeited effective as of the date of such
termination of service.

					
	6. Transferability	 	(a)	  	Your Units are not transferable, whether voluntarily or involuntarily, by operation of law or otherwise, except as provided in the Plan. Any assignment, pledge, transfer, or other disposition, voluntary or involuntary, of your Units
made, or any attachment, execution, garnishment, or lien issued against or placed upon the Units, other than as so permitted, shall be void.
			
		 	(b)	  	You acknowledge that, from time to time, the Company may be in a “blackout period” and/or subject to applicable securities laws that could subject you to liability for engaging in any transaction involving the sale of the
Company’s shares. You further acknowledge and agree that, prior to the sale of any Shares, it is your responsibility to determine whether or not such sale of Shares will subject you to liability under insider trading rules or other applicable
securities laws.
		
	7. Taxes	 	You are solely liable and responsible for the satisfaction and payment of all taxes owed by you in connection with your Units, regardless of any action the Company takes with respect to any tax obligations that arise in
connection with the Units. The Company makes no representation or undertaking regarding the treatment of any tax withholding in connection with the grant or vesting of the Units or the subsequent sale of any of the Shares underlying the Units that
vest. The Company does not commit and is under no obligation to structure this Agreement to reduce or eliminate your tax liability.
		
	8. Electronic Delivery	 	The Company may, in its sole discretion, decide to deliver any documents related to any awards granted under the Plan by electronic means or to request your consent to participate in the Plan by electronic means. You
hereby consent to receive such documents by electronic delivery and, if requested, to agree to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the
Company, and such consent shall remain in effect throughout your term of service with the Company and thereafter until withdrawn in writing by you.
			
	9. Miscellaneous	 	(a)	  	This Agreement shall not confer upon you any right to continue in the service of the Company or any Affiliate, nor shall this Agreement interfere in any way with the Company’s or such Affiliate’s right to terminate your
service at any time.
			
		 	(b)	  	Any Units granted under the terms of this Agreement are entirely at the discretion of the Company. Without limiting the generality of Section 1 above, with the approval of the Board, and subject to the terms of the Plan, the
Administrator may terminate, amend, or modify the Plan; provided, however, that except as provided in the Plan, no such termination, amendment, or modification of the Plan may impair your rights under this Agreement without your
consent.
			
		 	(c)	  	This Agreement will be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or stock exchanges as may be required.
			
		 	(d)	  	To the extent not preempted by U.S. federal law, this Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware.
		
	10. Signatures	 	By the signatures below, the Participant and the authorized representative of the Company acknowledge agreement to this Restricted Stock Unit Agreement as of the Grant Date specified above.

  

									
		 		 	PARTICIPANT:	 		  	FAIRCHILD SEMICONDUCTOR INTERNATIONAL, INC.
					
		 		 	  
	 		  	
		 		 	[NONEMPLOYEE DIRECTOR]	 		  	Mark S. Thompson
		 		 		 		  	CEO

 Fairchild Semiconductor 2007 Stock Plan 

Restricted Stock Unit Deferral Election Form 

This Deferral Election Form relates to the following grant of Restricted Stock Units: 

PARTICIPANT: [NONEMPLOYEE DIRECTOR] 
 DATE OF GRANT:

 NUMBER OF RESTRICTED STOCK UNITS GRANTED: 10,000 
  

									
	1. Deferral Election	 	Subject to Sections 2 and 3 below, I elect to defer the settlement of all Vested Units that I may hold under the Restricted Stock Unit Award Agreement to which this election relates to
                     (this Settlement Election Form will not be effective unless such date occurs after [Date].
		
	2. Settlement Upon Termination	 	I hereby acknowledge and agree that if, prior to the settlement election date specified above (a) my service as a member of the Board is terminated for any reason (including, without limitation, as a result of my death
or Disability) other than for cause under applicable law, any Vested Units will be settled following my termination date, and (b) my service as a member of the Board is terminated for cause under applicable law, all unsettled Units (including Vested
Units) will be immediately forfeited.
		
	3. One-Time Change of Election Permitted	 	I understand that I can change the date specified as my settlement election date in Section 1 above once, but only once, to a Settlement Date that must be at least five years after the date initially
indicated in Section 1 above, by filing a new signed Settlement Election Form with the Company at any time on or before the day (the “Change Deadline Day”) that falls one year before the Settlement Date that would occur based on my initial
election in Section 1. I understand that (a) I cannot change my election after the Change Deadline Day, (b) I cannot change my election more than once and (c) the later Settlement Date I choose must occur at least five years after the initial
specified date indicated in my previously filed Settlement Election Form. If the Change Deadline Day falls on a day that is not a business day for the Company, then the last day to change the election in Section 1 will be the first business day
preceding the Change Deadline Day. Any new Settlement Election Form will revoke the previously filed Settlement Election Form, except that, if any Settlement Date purportedly elected on the new form falls within five years after the specified date
indicated in my previously filed Settlement Election Form, then such new form will have no effect and the previously elected Settlement Date shall continue to apply.
				
	4. Signature	 	PARTICIPANT:	  	DATE	  	
				
		 	  
	  	      
	  	
		 	[NONEMPLOYEE DIRECTOR]

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