# EDGAR Filing Document

**Accession Number:** 0000879585
**File Stem:** 0001104659-26-015368
**Filing Date:** 2026-2
**Character Count:** 432175
**Document Hash:** c4c5f2250092f418804496ca34b838f6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-015368.hdr.sgml**: 20260213

**ACCESSION NUMBER**: 0001104659-26-015368

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20260211

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260213

**DATE AS OF CHANGE**: 20260213

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ATN International, Inc.
- **CENTRAL INDEX KEY:** 0000879585
- **STANDARD INDUSTRIAL CLASSIFICATION:** TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 470728886
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-12593
- **FILM NUMBER:** 26634618

**BUSINESS ADDRESS:**
- **STREET 1:** 500 CUMMINGS CENTER
- **CITY:** BEVERLY
- **STATE:** MA
- **ZIP:** 01915
- **BUSINESS PHONE:** 9786191300

**MAIL ADDRESS:**
- **STREET 1:** 500 CUMMINGS CENTER
- **CITY:** BEVERLY
- **STATE:** MA
- **ZIP:** 01915

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ATLANTIC TELE NETWORK INC /DE
- **DATE OF NAME CHANGE:** 19930328

?xml version='1.0' encoding='ASCII'?

**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): **February 11, 2026**

**ATN INTERNATIONAL, INC.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-12593** | **47-0728886** |
| (State or other | (Commission File Number) | (IRS Employer |
| jurisdiction of incorporation) |  | Identification No.) |

---

**500 Cummings Center**

**Beverly, MA 01915**

(Address of principal executive offices and zip code)

**(978) 619-1300**

(Registrant's telephone number, including area code)

**N/A**

(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))

---

| | | |
|:---|:---|:---|
| **Title of Each Class** | **Trading Symbol(s)** | **Name of each exchange on which<br> registered** |
| Common Stock, par value $.01 per share | ATNI | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ◻

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □

---

| | |
|:---|:---|
| **Item 1.01** | **Entry into a Material Definitive Agreement.** |

---

***Purchase and Sale Agreement***

On February 11, 2026 (the "<u>Signing Date</u>"), certain subsidiaries of ATN International, Inc. (the "<u>Company</u>"), including Commnet Wireless, LLC, Arizona Nevada Tower Company, LLC, Commnet Four Corners, LLC, Commnet of Arizona, LLC, Commnet of Nevada, LLC, Excomm, LLC, and Mora Valley Wireless, LLC (collectively, the "<u>Commnet Parties</u>" and, individually, each a "<u>Commnet Party</u>"), entered into that certain Purchase and Sale Agreement (the "<u>Transaction Agreement</u>") with EIP Holdings IV, LLC, an affiliate of Everest Infrastructure Partners, Inc. ("<u>Everest</u>") to sell approximately 214 tower portfolio sites (representing the substantial majority of the applicable Commnet Parties' tower portfolio and operations (the "<u>Tower Portfolio</u>")) to Everest for up to $297 million in cash consideration (the "<u>Aggregate Consideration</u>"). The Aggregate Consideration is subject to certain adjustments and prorations as set forth in the Transaction Agreement (collectively, the "<u>Consideration Adjustments</u>"). The Transaction Agreement contemplates Everest's acquisition of the Tower Portfolio (the "<u>Transaction</u>") through Everest's purchase of membership interests in a Delaware limited liability company (the "<u>Sale Site Subsidiary</u>" and, together with the Commnet Parties and Everest, the "<u>Parties</u>") that is to be formed prior to the Initial Closing (as defined below) and to which the Commnet Parties will transfer and convey all of the Commnet Parties' respective rights and interests in the Tower Portfolio.

The Transaction may be completed in one or more closings (each, a "<u>Closing</u>"). The Transaction Agreement sets forth certain conditions that must be satisfied prior to the conveyance of tower sites at a Closing. During the period between signing and the initial closing (the "<u>Initial Closing</u>"), the parties will determine which tower sites within the Tower Portfolio have satisfied such conditions and are ready to be conveyed at the Initial Closing (the "<u>Assigned Sites</u>"), which sites have not yet satisfied all such conditions but for which Everest is prepared to assume management pending satisfaction of such conditions (the "<u>Managed Sites</u>"), and which sites are not yet constructed or are subject to other conditions that will continue to be managed by Commnet until such conditions are satisfied (the "<u>Deferred Sites</u>").

At the Initial Closing, the Commnet Parties will assign and transfer to the Sale Site Subsidiary all of the Assigned Sites, and Everest will purchase all of the issued and outstanding membership interests in the Sale Site Subsidiary. At the Initial Closing, Everest will pay the portion of the Aggregate Consideration attributable to the Assigned Sites and the Managed Sites, and, pursuant to a management agreement, will manage the Managed Sites until the conditions to their conveyance are satisfied and such sites are transferred to Everest at one or more subsequent closings (each, a "<u>Subsequent Closing</u>"). At any Subsequent Closing at which one or more Deferred Sites are transferred, Everest will pay the portion of the Aggregate Consideration attributable to such Deferred Site(s) through the acquisition of membership interests of one or more newly formed additional sale site subsidiaries.

At the Initial Closing, the Parties will enter into, among other ancillary agreements, (i) the management agreement for the Managed Sites, (ii) master lease agreements, pursuant to which the Sale Site Subsidiary will lease to the applicable Commnet Party the requisite ground, tower, or other space of the Assigned Site (the "<u>Leaseback</u>") for the Company's continued use, and (iii) a preferred backhaul agreement whereby Commnet and/or one or more of its affiliates will become the preferred backhaul provider for Everest with respect to the Assigned Sites.

The Initial Closing is expected to occur in the second quarter of 2026. The Transaction Agreement contains customary representations, warranties, covenants, and indemnities by each of the parties, and requires the receipt of certain consents and approvals prior to a closing. If the Transaction Agreement is terminated under certain circumstances that are not the fault of the Commnet Parties, Everest will be required to pay the Commnet Parties a termination fee equal to approximately $14.9 million.

The foregoing description of the Transaction Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Transaction Agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K (this "<u>Form 8-K</u>") and is incorporated herein by reference.

***Consent Agreement***

In connection with the proposed Transaction and the Leaseback, on the Signing Date, the Company entered into a Consent Agreement (the "<u>Consent</u>") with CoBank, ACB ("<u>CoBank</u>") (as Administrative Agent) and the Lenders and Voting Participants (constituting Required Lenders) party thereto, in connection with the Company's Credit Agreement, dated as of July 13, 2023, by and among the Company, certain of the Company's subsidiaries as guarantors, CoBank (as Administrative Agent, Lead Arranger, Swingline Lender, an Issuing Lender and a Lender), Fifth Third Bank, N.A. (as Joint Lead Arranger and a Lender), and MUFG Bank, Ltd. (as a Joint Lead Arranger and a Lender) (the "<u>Credit Agreement</u>").

Pursuant to the terms of the Consent, CoBank and the other Lenders and Voting Participants (constituting Required Lenders) party thereto consented to: (i) the consummation of the Transaction; (ii) the distributions of the Net Cash Proceeds (as defined in the Credit Agreement) from the Transaction to the Company and the minority shareholders of the Commnet Parties; (iii) the Net Cash Proceeds received from the Transaction being applied to the repayment of the outstanding Revolving A-1 Loan (as defined in the Credit Agreement) rather than the Term Loan (as defined in the Credit Agreement); and (iv) to the extent that there are Net Cash Proceeds remaining after repaying the outstanding Revolving A-1 Loan, such Net Cash Proceeds being used by the Company and its subsidiaries for working capital and general corporate purposes. The Consent further provides for the release of the Liens (as defined in the Credit Agreement) on the assets being sold in connection with the Transaction.

The foregoing description of the Consent does not purport to be complete and is qualified in its entirety by reference to the full text of the Consent, a copy of which is filed as Exhibit 10.2 to this Form 8-K and is incorporated herein by reference.

---

| | |
|:---|:---|
| **Item 2.03** | **Creation of a Direct Financial Obligation or an Obligation under an Off-Balance **Sheet Arrangement of a Registrant;** |

---

To the extent applicable, the information set forth under Item 1.01 is hereby incorporated by reference into this Item 2.03.

---

| | |
|:---|:---|
| **Item 7.01** | **Regulation FD Disclosure.** |

---

On February 11, 2026, the Company issued a press release regarding the proposed Transaction and Leaseback. A copy of the press release is furnished herewith as Exhibit 99.1 and incorporated herein by reference.

Exhibit 99.1 is furnished and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

---

| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits** |

---

---

| | |
|:---|:---|
| **(d)** | **Exhibits.** |
| [10.1\*](tm266203d1_ex10-1.htm) | [Purchase and Sale Agreement, dated February 11, 2026, by and among Commnet Wireless, LLC, Alloy, Inc., Arizona Nevada Tower Company, LLC, Commnet Four Corners, LLC, Commnet of Arizona, LLC, Commnet of Nevada, LLC, Excomm, LLC, Mora Valley Wireless, LLC, and EIP Holdings IV, LLC.](tm266203d1_ex10-1.htm) |
| [10.2](tm266203d1_ex10-2.htm) | [Consent Agreement, dated as of February 11, 2026, by and among ATN International, Inc., CoBank, ACB, as Administrative Agent, and the Lenders and Voting Participants (constituting Required Lenders) parties thereto.](tm266203d1_ex10-2.htm) |
| [99.1](tm266203d1_ex99-1.htm) | [Press Release, dated February 11, 2026.](tm266203d1_ex99-1.htm) |
| 104 | Cover page formatted in Inline XBRL (embedded within the Inline XBRL document) |
| \* | Schedules and exhibits have been omitted pursuant to Item 601(b)(2) of Regulation S-K. The Company agrees to furnish supplementally to the Securities and Exchange Commission (the "<u>SEC</u>") a copy of any omitted schedule upon request by the SEC. |

---

**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.

---

| | | |
|:---|:---|:---|
|  | **ATN INTERNATIONAL, INC.** | **ATN INTERNATIONAL, INC.** |
|  | By: | /s/ Carlos Doglioli |
|  |  | Carlos Doglioli |
|  |  | Chief Financial Officer |
| Dated: February 13, 2026 |  |  |

---

## Exhibit 10.1

**Exhibit 10.1**

*CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED AND REPLACED WITH "[\*\*\*]". SUCH IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS (I) NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO THE COMPANY IF DISCLOSED.*

**<u>Execution Version</u>**

------

**PURCHASE AND SALE AGREEMENT**

**BY AND AMONG**

**COMMNET WIRELESS, LLC, THE OTHER COMMNET PARTIES THAT ARE PARTY HERETO, EACH SALE SITE SUBSIDIARY THAT BECOMES A PARTY HERETO, AND**

**EIP Holdings IV, LLC**

------

**DATED AS OF FEBRUARY 11, 2026**

**<u>**TABLE OF CONTENTS**</u>**

**Page**

---

| | | |
|:---|:---|:---|
| **Article I.** **DEFINITIONS** | **Article I.** **DEFINITIONS** | **3** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 | Certain Defined Terms | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 | Construction | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 | Assignments; Transfers of Certain Assets and Liabilities | 32 |
| **Article II.** **FORMATION OF THE SALE SITE SUBSIDIARIES; TRANSFER AND CONSIDERATION** | **Article II.** **FORMATION OF THE SALE SITE SUBSIDIARIES; TRANSFER AND CONSIDERATION** | **33** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 | Formation of a Sale Site Subsidiary for a Closing | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 | Initial Closing Transactions | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 | Items Excluded from Transaction | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 | As Is, Where Is; Discharge of Liabilities | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 | Closings; Place and Dates | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 | Preparation of Closing Documents | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 | Subsequent Closings | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 | Adjustments to Allocated Site Consideration | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 | Prorating of Revenue and Expenses | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 | Recordation; Signage | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 | Tax Matters | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 | Integrated Transactions | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 | Deposit Amount | 48 |
| **Article III.** **SITE LISTS; PAYMENT OF CONSIDERATION** | **Article III.** **SITE LISTS; PAYMENT OF CONSIDERATION** | **48** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 | Site Lists | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 | Payment of Consideration | 48 |
| **Article IV.** **PROCEDURES FOR PORTFOLIO SITES** | **Article IV.** **PROCEDURES FOR PORTFOLIO SITES** | **49** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 | General: Assignable Sites, Managed Sites, Deferred Sites, and Excluded Sites | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 | Certain Procedures with Respect to Identifying and Curing Managed Site Conditions | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 | Certain Deferred Sites and Excluded Sites | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 | Managed Site Conditions | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 | Payment of the Aggregate Net Amount | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 | Dispute Resolution | 54 |
| **Article V.** **REPRESENTATIONS AND WARRANTIES OF THE COMMNET PARTIES** | **Article V.** **REPRESENTATIONS AND WARRANTIES OF THE COMMNET PARTIES** | **56** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 | Organization | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 | Authority; Enforceability; No Conflicts | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 | Title to Property; Sufficiency | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 | Real Property | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 | Other Property and Insurance | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 | Material Agreements | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 | Litigation; Orders | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8 | Environmental Matters | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9 | Brokers, Finders, Site Marketing Agreements, Etc. | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10 | Compliance with Laws and Governmental Approvals | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11 | Taxes | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12 | Tower Expenses; Accounts Receivable | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13 | Sale Site Subsidiary Prior to the Applicable Closing | 65 |

---

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14 | Sale Site Subsidiary at the Applicable Closing | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15 | Disclosure of Information | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.16 | Solvency | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.17 | No Implied Representations | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.18 | Additional Matters with Respect to Representations and Warranties | 68 |
| **Article VI.** **REPRESENTATIONS AND WARRANTIES OF BUYER** | **Article VI.** **REPRESENTATIONS AND WARRANTIES OF BUYER** | **68** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 | Organization | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 | Authority; Enforceability; No Conflicts | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 | Governmental Approvals, Consents, Reports, Antitrust, Etc. | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 | Litigation; Orders | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 | Brokers, Finders, Etc. | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 | Financial Capability | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 | Solvency | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8 | No Implied Representations | 70 |
| **Article VII.** **COVENANTS** | **Article VII.** **COVENANTS** | **71** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 | Amendment to Access Agreement and Confidentiality Agreement; Investigation of Portfolio Sites; Access to Properties and Records | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 | Efforts to Close; Cooperation | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 | Further Assurances | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 | Conduct of Collocation Operations and the Sale Sites | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 | Public Announcements | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 | Corporate Names | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 | Actions by Affiliates | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8 | Commnet Group Member Rights | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9 | Confidentiality | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10 | Environmental Matters | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.11 | Buyer's Obligations Regarding the Equity Commitment | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12 | Tower Bonds | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13 | Master Collocation Agreements; Multiple Tower Ground Leases | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.14 | Notices of Certain Events | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.15 | Third Party Confidentiality Agreements | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.16 | Payments Received After Initial Site Closings | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.17 | Title Insurance Commitments | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.18 | No Solicitation of Other Bids | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.19 | Right of First Offer for Competing Facilities | 84 |
| **Article VIII.** **CONDITIONS TO CLOSINGS** | **Article VIII.** **CONDITIONS TO CLOSINGS** | **85** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 | Conditions to the Obligations of Each Party to the Initial Closing | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 | Additional Conditions to Buyer's Obligation to the Initial Closing | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 | Additional Conditions to the Commnet Parties' Obligations to the Initial Closing | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 | Conditions of Each Party to the Obligations to Close the Subsequent Closings | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 | Additional Conditions to Buyer's Obligation to Subsequent Closings | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 | Additional Conditions to the Commnet Parties' Obligation to Subsequent Closings | 89 |
| **Article IX.** **INDEMNIFICATION; SURVIVAL** | **Article IX.** **INDEMNIFICATION; SURVIVAL** | **91** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 | Indemnification Obligations of Commnet Parties | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 | Indemnification Obligations of Buyer | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 | Indemnification Claim Procedure | 92 |

---

ii

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 | Indemnity Period | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 | Liability Limits | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6 | Mitigation | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7 | Exclusive Remedies | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8 | Netting of Losses | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.9 | Coordination with Tax Indemnity | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.10 | Option to Designate Excluded Sites | 97 |
| **Article X.** **TERMINATION** | **Article X.** **TERMINATION** | **98** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 | Termination of Agreement | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 | Effect of Termination | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 | Termination Fee | 100 |
| **Article XI.** **MISCELLANEOUS** | **Article XI.** **MISCELLANEOUS** | **101** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 | Counterparts | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 | Governing Law; Submission to Jurisdiction; Selection of Forum; Waiver of Trial by Jury; Escalation to Management; Arbitration | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 | Entire Agreement | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 | Fees and Expenses | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5 | Notices | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6 | Assignment; Successors and Assigns; Third Party Beneficiaries | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7 | Amendment; Waivers; Etc. | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.8 | Time of Essence | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.9 | Specific Performance | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.10 | Severability | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.11 | Interpretation | 104 |

---

iii

**PURCHASE AND SALE AGREEMENT**

This PURCHASE AND SALE AGREEMENT (this "Agreement"), dated as of February 11, 2026 (the "<u>Signing Date</u>"), is by and among: (i) Commnet Wireless, LLC, a Delaware limited liability company ("<u>Commnet</u>"), Alloy, Inc., a Delaware corporation ("<u>Alloy</u>"), Arizona Nevada Tower Company, LLC, a Nevada limited liability company, Commnet Four Corners, LLC, a Delaware limited liability company ("<u>Commnet Four Corners</u>"), Commnet of Arizona, LLC, a Delaware limited liability company, Commnet of Nevada, LLC, a Delaware limited liability company, Excomm, LLC, a Delaware limited liability company, and Mora Valley Wireless, LLC, a Delaware limited liability company (collectively with Commnet and Alloy, the "<u>Commnet Parties</u>" and, individually, each a "<u>Commnet Party</u>"); (ii) EIP Holdings IV, LLC, a Delaware limited liability company ("<u>Buyer</u>"); and (iii) subject to the terms of a Joinder Agreement, each Sale Site Subsidiary that becomes a party to this Agreement in accordance with the terms hereto. Each Commnet Party, Buyer, and each Sale Site Subsidiary may be referred to, individually, as a "<u>Party</u>" and, collectively, as the "<u>Parties</u>".

**RECITALS**

A. The Commnet Parties have an interest in and
 operate the 214 Portfolio Sites described on the Portfolio Site Information List attached
 as <u>Schedule 1</u> hereto.

B. Buyer desires to, through the purchase of the
 membership interests of each Sale Site Subsidiary, purchase and acquire the Included Property
 of the Sale Sites or otherwise operate and manage the Portfolio Sites that are Sale Sites,
 in each case, on the terms and subject to the conditions set forth in this Agreement and
 the Collateral Agreements.

C. Concurrently with the execution and delivery
 of this Agreement, Buyer, Commnet, and Deposit Agent have duly executed and delivered a deposit
 agreement (the " <u>Deposit Agreement</u> ") and, no later than three (3) Business
 Days after the date of this Agreement, in accordance with <u>Section 2.13</u> below,
 Buyer will pay by wire transfer of immediately available funds an amount equal to the Deposit
 Amount to the applicable account designated in the Deposit Agreement, which Deposit Amount
 will be held and applied by Deposit Agent in accordance with the terms of this Agreement
 and the Deposit Agreement.

D. Prior to the Initial Closing, Alloy shall form
 a Delaware limited liability company (the " <u>Initial Sale Site Subsidiary</u> ")
 in accordance with <u>Section 2.1</u>, and the Initial Sale Site Subsidiary shall become
 a party to this Agreement by executing and delivering a Joinder Agreement, in substantially
 the form set forth in <u>Exhibit A</u> hereto (each, a " <u>Joinder Agreement</u> ").

E. Prior to or at the Initial Closing, upon the
 terms and conditions set forth in this Agreement, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the applicable Commnet Parties will convey,
 assign, transfer, and deliver to the Initial Sale Site Subsidiary all of such Commnet Parties'
 right, title and interest in, to, and under the Included Property of each Assignable Site
 in accordance with the terms of a Transfer Agreement, in substantially the form attached
 as <u>Exhibit B</u> hereto (each, a " <u>Transfer Agreement</u> "), in each
 case free and clear of all Liens, other than Permitted Liens;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the applicable Commnet Parties will execute
 and deliver a State Specific Deed for each Owned Site, if any, that is an Assignable Site
 to convey or transfer the Owned Site Land of such Owned Site to the Initial Sale Site Subsidiary;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the applicable Commnet Parties and the
 Initial Sale Site Subsidiary will enter into:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the Master Lease Agreement (Verizon B2B),
 in substantially the form attached as <u>Exhibit C</u> hereto (the " <u>Verizon B2B MLA</u> "), with respect to each Portfolio Site (other than the Excluded Sites)
 designated on the Portfolio Site Information List as a Verizon CMS Space Site, pursuant to
 which the Initial Sale Site Subsidiary and any Subsequent Sale Site Subsidiary that becomes
 a party to the Verizon B2B MLA in accordance with <u>Section 2.7(b)(ii)</u> will
 lease to Commnet the applicable Commnet Collocation Space at such CMS Space Sites that are
 Assignable Sites;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the Master Lease Agreement (NSB/SPP B2B),
 in substantially the form attached as <u>Exhibit D</u> hereto (the " <u>NSB/SPP B2B MLA</u> "), with respect to each Portfolio Site (other than the Excluded Sites)
 designated on the Portfolio Site Information List as a NSB Space Site or a SPP Space Site,
 pursuant to which the Initial Sale Site Subsidiary and any Subsequent Sale Site Subsidiary
 that becomes a party to the NSB/SPP B2B MLA in accordance with <u>Section 2.7(b)(ii)</u> will
 lease to Commnet the applicable Commnet Collocation Space at such NSB Space Sites and SPP
 Space Sites that are Assignable Sites;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the Master Lease Agreement (Other Space),
 in substantially the form attached as <u>Exhibit E</u> hereto (the " <u>Other Space MLA</u> "), with respect to each Portfolio Site (other than the Excluded Sites) designated
 on the Portfolio Site Information List as a FWA Space Site, MW Space Site, or Ground Space
 Site, pursuant to which the Initial Sale Site Subsidiary and any Subsequent Sale Site Subsidiary
 that becomes a party to the Other Space MLA in accordance with <u>Section 2.7(b)(ii)</u> will
 lease to Commnet Four Corners the applicable Commnet Collocation Space at such FWA Space
 Site, MW Space Site, and Ground Space Site that are Assignable Sites;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the Management Agreement, in substantially
 the form attached as <u>Exhibit F</u> hereto (the " <u>Management Agreement</u> "),
 with respect to each Managed Site, pursuant to which: (i) the applicable Commnet Party
 will grant to the Initial Sale Site Subsidiary and any Subsequent Sale Site Subsidiary that
 becomes a party to the Management Agreement in accordance with <u>Section 2.7(b)(ii)</u> the
 right to operate each Managed Site (including the Included Property thereof) and the duty
 to reserve and make the applicable Commnet Collocation Space at such Managed Site available
 for the exclusive use and possession of the applicable Commnet Party until such time as such
 Managed Site becomes an Assignable Site or an Excluded Site; and (ii) the Initial Sale
 Site Subsidiary and any Subsequent Sale Site Subsidiary that becomes a party to the Management
 Agreement in accordance with <u>Section 2.7(b)(ii)</u>, as applicable, shall accept,
 assume, and perform, all Post-Closing Liabilities with respect to each Managed Site; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) the Transition Services Agreement, in substantially
 the form attached as <u>Exhibit G</u> hereto (the " <u>Transition Services Agreement</u> "),
 pursuant to which the Commnet Parties will provide certain transition services to the Initial
 Sale Site Subsidiary after the Initial Closing and the Subsequent Sale Site Subsidiary that
 becomes a party to the Transition Services Agreement in accordance with <u>Section 2.7(b)(ii)</u> after
 the applicable Subsequent Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Alloy will convey, assign, transfer and
 deliver to Buyer the Sale Site Subsidiary Interests of the Initial Sale Site Subsidiary free
 and clear of all Liens, and Buyer shall purchase, acquire and assume such Sale Site Subsidiary
 Interests from Alloy, in each case, pursuant to a Sale Site Subsidiary Interests Assignment
 and Assumption Agreement, in substantially the form set forth as <u>Exhibit H</u> hereto
 (each, a " <u>Sale Site Subsidiary Interests Assignment and Assumption</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Commnet and Buyer will execute and deliver
 the Preferred Backhaul Provider Agreement, in substantially the form attached as <u>Exhibit I</u> hereto (the " <u>Preferred Backhaul Provider Agreement</u> "), pursuant to which
 Commnet will become the preferred backhaul provider for Buyer and its Affiliates in the Commnet
 Markets.

**AGREEMENT**

In consideration of the foregoing, and for other good and valuable consideration, the receipt and sufficiency of which are acknowledged, the Parties agree as follows:

**Article I.** **<br> DEFINITIONS**

1.1  **<u>Certain Defined Terms</u>** . As used
 in this Agreement, in addition to the terms defined elsewhere in this Agreement, the following
 terms shall have the following respective meanings when used in this Agreement with initial
 capital letters.

"<u>Access Agreement</u>" means the Early Access Agreement, dated as of September 15, 2025, by and between the Commnet Parties and Parent.

"<u>Accounts Payable</u>" means, with respect to a Sale Site, all Liabilities arising out of the operation, use or occupancy of the Included Property of such Sale Site, as of immediately prior to the Initial Site Closing Date or, for purposes of <u>Section 5.12(a)</u>, the date specified therein.

"<u>Accounts Receivable</u>" means, with respect to a Sale Site, all receivables arising out of the operation, use or occupancy of the Included Property of such Sale Site, as of immediately prior to the Initial Site Closing Date or, for purposes of <u>Section 5.12(b)</u>, the date specified therein.

"<u>Acquisition Proposal</u>" has the meaning set forth in <u>Section 7.18</u>.

"<u>Affiliate</u>" (and, with a correlative meaning, "<u>Affiliated</u>") means, with respect to any Person, any other Person that directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, such Person. As used in this definition, "<u>control</u>" means the beneficial ownership (as such term is defined in Rules 13d-3 and 13d-5 of the Exchange Act) of 50% or more of the voting interests of the Person. Prior to the any Closing, the Sale Site Subsidiary formed for such Closing is an Affiliate of Commnet, and after any Closing, the Sale Site Subsidiary formed for such Closing is an Affiliate of Buyer.

"<u>Agreement</u>" has the meaning set forth in the Preamble and shall include, except where the context otherwise requires, all of the attached Schedules and Exhibits, the Commnet Disclosure Schedule, and the Buyer Disclosure Schedule.

"<u>Allocated Site Consideration</u>" means, for each Portfolio Site, the amount set forth under the heading "<u>Allocated Site Consideration</u>" with respect to such Portfolio Site on the Portfolio Site Information List, subject to adjustment as set forth in <u>Section 2.8</u> and <u>2.9</u>. Prior to giving effect to any adjustments under <u>Section 2.8</u> and <u>2.9</u>, the aggregate Allocation Site Consideration for all Portfolio Sites equals the Consideration Base Amount.

"<u>Allocation Methodology</u>" has the meaning set forth in <u>Section 2.11(d)</u>.

"<u>Assignable Site</u>" has the meaning set forth in <u>Section 4.1</u>. At any point in time, a Portfolio Site is either an Assignable Site, a Managed Site, a Deferred Site, or an Excluded Site.

"<u>AT&T</u>" means AT&T Corp. and its successors and permitted assigns.

"<u>AT&T Bifurcated License Agreements</u>" means AT&T/Buyer Bifurcated License Agreements and the AT&T/Commnet Bifurcated License Agreements.

"<u>AT&T/Buyer Bifurcated License Agreements</u>" means the bifurcated portion of the AT&T License Agreements that relates to the AT&T Sites and to which the Sale Site Subsidiaries are a party, as tenant.

"<u>AT&T/Commnet Bifurcated License Agreements</u>" means the bifurcated portion of the AT&T License Agreements that relates to the AT&T Sites and to which Commnet is a party, as tenant.

"<u>AT&T Build Agreements</u>" means (i) the Network Build and Maintenance Agreement, dated as of July 31, 2019 (including the related Build Addendum and the Maintenance Addendum), by and between Commnet and AT&T Mobility (on behalf of itself and its Affiliates) (as amended by: (A) the First Amendment, dated as of August 6, 2020; (B) the Second Amendment, dated as of May 4, 2021; (C) the Third Amendment, dated as of December 31, 2021; (D) the Fourth Amendment, dated as of December 21, 2023; and (E) the Fifth Amendment, dated as of March 4, 2025); and (ii) any and all related documents, instruments, and agreements executed and delivered in connection with or pursuant to the foregoing from time to time; in each case, as the same may be amended, modified, and supplemented from time to time.

"<u>AT&T License Agreements</u>" means (i) the Master License Agreement, dated as of July 31, 2019, by and between Commnet (on its own behalf and on behalf of its Affiliates) and AT&T (on its own behalf and on behalf of its Affiliates) (as amended by Amendment No. 1, dated as of October 21, 2021); (ii) each Site License (as defined therein) and (iii) any and all related documents, instruments, and agreements executed and delivered in connection with or pursuant to the foregoing from time to time; in each case, as the same may be amended, modified, and supplemented from time to time.

"<u>AT&T Mobility</u>" means AT&T Mobility LLC and its successors and permitted assigns.

"<u>AT&T Services Agreements</u>" means: (i) the Cell Site Backhaul Services Master Agreement, dated as of July 31, 2019, by and between Commnet (on its own behalf and on behalf of its Affiliates) and AT&T (on its own behalf and on behalf of its Affiliates) (as amended by: (A) Addendum No. 1, executed by Commnet on October 1, 2020 and by AT&T on October 5, 2020 (as amended by Amendment No. 1, executed by Commnet on November 8, 2023 and by AT&T on November 15, 2023, and Amendment No. 2, executed by Commnet on October 10, 2023 and by AT&T on October 25, 2023); and (B) Addendum No. 2, executed by Commnet on October 10, 2023, and executed by AT&T on October 25, 2023); (ii) the Network Build and Maintenance Agreement, dated as of July 31, 2019, by and between Commnet (on behalf of itself and its Affiliates) and AT&T Mobility (on behalf of itself and its Affiliates); and (iii) any and all related documents, instruments, and agreements executed and delivered in connection with or pursuant to the foregoing from time to time; in each case, as the same may be amended, modified, and supplemented from time to time.

"<u>AT&T FirstNet Space Site</u>" means a Portfolio Site identified as a "AT&T FirstNet Space Site" on the Portfolio Site Information List.

"<u>Authorization</u>" means, with respect to any Sale Site or Deferred Site, each consent, approval or waiver from, or a notice to or filing with, any Governmental Authority or other Person (including, if applicable, a Consent from or Notice to the Ground Lessor under the Ground Lease for such Sale Site or Deferred Site or the counterparty to any applicable Collocation Agreement), if any, required in order to consummate the transactions contemplated by this Agreement.

"<u>Backhaul Services</u>" means the transport of signals utilizing point-to-point microwave radio links consisting of radios, antennas and transmission lines.

"<u>Backlog Collocation Agreement"</u> means a Collocation Agreement under which the Tower Subtenant has not commenced the payment of rent to Commnet, each as set forth on <u>Schedule 3</u> hereto, which <u>Schedule 3</u> also lists the applicable Portfolio Site, the applicable Tower Subtenant, the amount of the monthly collocation base rent (excluding any reimbursements, utilities, or other similar amounts), and whether the Backlog Collocation Agreement is a Firm Backlog Collocation Agreement or a Prospective Backlog Collocation Agreement.

"<u>Bankruptcy</u>" means, as to any Person, a proceeding, whether voluntary or involuntary, under the federal bankruptcy Laws, a foreclosure, an assignment for the benefit of creditors, trusteeship, conservatorship or other proceeding or transaction arising out of the insolvency of a Person or any of its Affiliates or involving the complete or partial exercise of a creditor's rights or remedies in respect of payment upon a breach or default in respect of any obligation, or any similar proceeding under state Law.

"<u>Base Ground Rent</u>" means, for any Short Term/No Ground Lease Site, the annualized monthly base ground rent (excluding any reimbursements, utilities, or other similar amounts) required to be paid by the applicable Commnet Party under the applicable Ground Lease, which amount is listed under the column "Monthly Base Ground Rent" set forth in the Portfolio Site Information List for such Portfolio Site.

"<u>Books and Records</u>" means, with respect to each Sale Site, copies of any books, files, and records in the possession or under the control of any Commnet Group Member to the extent exclusively relating to the Included Property of such Sale Site or the operation of such Sale Site in respect of the Collocation Operations (including any TIA Assessments and Structural Analyses) or, to the extent not so exclusively related, appropriate extracts thereof, in all cases with respect to periods prior to the Initial Site Closing, including financial, operating and other data related to the Sale Sites, and copies of rent checks or rent statements for the periods covered by the representations and warranties in <u>Sections 5.12(a)</u> and <u>5.12(b)</u>; <u>provided</u>, <u>however</u>, that "<u>Books and Records</u>" shall not include the portion of any document, book, file, or record that (a) is covered by the attorney-client privilege or (b) the disclosure of which is prohibited by Law; and <u>provided</u>, <u>further</u>, that, if expressly requested by Buyer in writing, Commnet will use commercially reasonable efforts (without incurring any out of pocket costs or expenses that are not reimbursed by Buyer) to obtain any required consents and take such other actions (such as entry into a joint defense agreement or other arrangement to avoid loss of privilege) to permit the disclosure of such document, book, file, or record.

"<u>Business Day</u>" means any day other than a Saturday, a Sunday, a federal holiday, or any other day on which banks in the Commonwealth of Massachusetts or the Commonwealth of Pennsylvania are authorized or obligated by Law to close.

"<u>Buyer</u>" has the meaning set forth in the Preamble.

"<u>Buyer Bring Down Certificate</u>" has the meaning set forth in <u>Section 8.3(c)</u>.

"<u>Buyer Disclosure Schedule</u>" means the disclosure schedule delivered by Buyer to Commnet prior to the execution and delivery of this Agreement and which is attached to and part of this Agreement.

"<u>Buyer Indemnified Parties</u>" means Buyer and each of its Affiliates (including, following any Closing, the Sale Site Subsidiary formed in connection with such Closing), together with its and their respective equity holders, members, managers, officers, directors, agents and Representatives.

"<u>Buyer Material Adverse Effect</u>" means any state of facts, change, effect, condition, development, event or occurrence that is, or could be reasonably expected to become, materially adverse to the assets, financial condition or results of operations of Buyer and its Affiliates, taken as a whole; <u>provided</u>, <u>however</u>, that no adverse change or event to the extent arising directly or indirectly from or otherwise relating directly or indirectly to any of the following shall be deemed either alone or in combination to constitute, and no such adverse change or event shall be taken into account in determining whether there has been or could reasonably be expected to become, a Buyer Material Adverse Effect: (a) changes to the wireless communications industry in the United States generally or the communications tower ownership, operation, leasing, management and construction business in the United States generally; (b) the announcement or disclosure of the transactions contemplated by this Agreement; (c) general economic, regulatory or political conditions in the United States or changes or developments in the financial or securities markets; (d) changes in GAAP or its application; (e) acts of war, military action, armed hostilities or acts of terrorism; (f) changes in Law; (g) any facts, change, effect, condition, development, event or occurrence relating directly or indirectly to COVID-19 or any other virus or pandemic or quarantine; or (h) the taking of any action by any Person which is required to be taken pursuant to the terms of this Agreement, unless any of the facts, changes, effects, conditions, developments, or occurrences set forth in clauses <u>(a)</u>, <u>(c)</u> or <u>(e)</u> hereof materially and disproportionately impacts or affects Buyer and its Affiliates, taken as a whole, as compared to other participants in the industries and businesses in which Buyer and its Affiliates operate.

"<u>Cap</u>" has the meaning set forth in <u>Section 9.5(a)</u>.

"<u>Carrier Managed Services</u>" shall mean the provision by Commnet and/or its Affiliates of services to one or more carriers of bundled or stand alone tower maintenance, operation, and/or Backhaul Services, but in each case, excluding the leasing of space to third party tenants.

"<u>Casualty Event</u>" means, with respect to any Portfolio Site, any force majeure or other casualty event that occurs prior to the Initial Site Closing Date, including any of the following: (a) acts of God; (b) flood, fire, earthquake, hurricane, tropical storm or explosion; (c) war, invasion, hostilities (whether war is declared or not), terrorist threats or acts, riot or other civil unrest; and (d) a national or regional emergency.

"<u>Casualty Site</u>" means a Portfolio Site with respect to which physical damage by way of a Casualty Event has been suffered prior to the Initial Site Closing Date and either: (i) such Portfolio Site is identified as being a Casualty Site on the Signing Site Designation List or, in accordance with the definition of Open Diligence Site, is identified as a Casualty Site on the Closing Site Designation List for the Initial Site Closing Date for such Portfolio Site; or (ii) (A) such Portfolio Site becomes a Casualty Site on or after the Signing Date and prior to the Initial Site Closing Date for such Portfolio Site, (B) such Portfolio Site is identified as a Casualty Site on the Closing Site Designation List for the Initial Site Closing Date for such Portfolio Site, and (C) the Expected Remediation Costs to remediate such Casualty Site exceed the Remediation Cost Threshold.

"<u>Chosen Courts</u>" has the meaning set forth in <u>Section 11.2(a)</u>.

"<u>Claims</u>" means any claims, demands, assessments, actions, suits, damages, obligations, fines, penalties, liabilities, losses, adjustments, Taxes, costs and expenses (including reasonable fees and expenses of attorneys and other appropriate professional advisors).

"<u>Closing</u>" means the Initial Closing and each Subsequent Closing (including the Final Subsequent Closing), as applicable.

"<u>Closing Date</u>" means, with respect to a particular Closing, the date on which such Closing occurs.

"<u>Closing Site Designation List</u>" has the meaning set forth in <u>Section 3.1(b)</u>.

"<u>Closing Statement</u>" has the meaning set forth in <u>Section 2.2(a)</u>.

"<u>Code</u>" means the United States Internal Revenue Code of 1986, as amended.

"<u>Collateral Agreements</u>" means the following documents: (a) the MLAs; (b) the Management Agreement; (c) the Transition Services Agreement; (d) each Transfer Agreement; (e) the SLAs and Memorandum of SLAs; (f) the Confidentiality Agreement; (g) each Sale Site Subsidiary Certification of Formation; (h) each Sale Site Subsidiary LLC Agreement; (i) each Sale Site Subsidiary Interests Assignment and Assumption; (j) the State Specific Deeds; (k) each Joinder Agreement; (l) the Access Agreement; (m) the Deposit Agreement; and (n) any other agreements, certificates, and documents entered into in connection with the transactions contemplated by this Agreement or the Collateral Agreements, in each case, as the same may be amended, modified, and supplemented from time to time.

"<u>Collocation Agreement</u>" means any Contract between or among any of the Commnet Parties, as a landlord, tenant, or in another similar capacity, on the one hand, and a third Person, as a tenant, lessee, or in another similar capacity, on the other hand, pursuant to which such Commnet Party rents or licenses to such third Person space at any Sale Site (including, to the extent applicable, space on a Tower), including all amendments, modifications, supplements, assignments, and guaranties related thereto as in effect from time to time prior to the Initial Closing; it being understood that in the case of a Site that is subject to a Master Collocation Agreement, the Collocation Agreement shall be the applicable site lease agreement (or similar agreement) (including any rights, interests, and provisions incorporated therein); <u>provided</u>, <u>however</u>, that, for the avoidance of doubt, Collocation Agreements: (i) exclude the AT&T Build Agreements, the AT&T License Agreements (other than the AT&T/Buyer Bifurcated License Agreements), the AT&T Services Agreements, the NSB Agreement, the NSB Option Agreement, the SPP Agreement, the SPP Option Agreement, and the Verizon Agreements; and (ii) include the AT&T/Buyer Bifurcated License Agreements. Utility and power-sharing agreements between any Commnet Party and a third Person are not Collocation Agreements.

"<u>Collocation Operations</u>" means the operations of the Commnet Group Members of: (a) marketing available capacity at any Sale Site by the Commnet Group Members on their own behalf; (b) administering the Collocation Agreements; and (c) managing (as to compliance with the terms of any applicable Ground Lease, Collocation Agreement, or Law) the use and occupancy of the Sale Sites by: (i) the Commnet Group Members and (ii) the Tower Subtenants. Collocation Operations does not include the provision of wireless or wireline voice, video, internet, data, Backhaul Services, or any other communications, broadcast, or telecommunications services.

"<u>Commnet</u>" has the meaning set forth in the Preamble.

"<u>Commnet Bring Down Certificate</u>" has the meaning set forth in <u>Section 8.2(c)</u>.

"<u>Commnet Change of Control</u>" means any of the following events: (a) a merger or consolidation of a Commnet Party with an unaffiliated third party that results in the voting securities of such Commnet Party outstanding immediately prior thereto, or any securities into which such voting securities have been converted or exchanged, ceasing to represent at least fifty percent (50%) of the combined voting power of the surviving entity or the parent of the surviving entity immediately after such merger or consolidation; (b) a transaction or series of related transactions in which an unaffiliated third party becomes the direct or indirect beneficial owner of fifty percent (50%) or more of the combined voting power of the outstanding securities of any Commnet Party; or (c) the sale or other transfer to an unaffiliated third party of all or substantially all of any Commnet Party's and any of their Affiliates' assets to which this Agreement relates <u>provided</u>, <u>however</u>, that, notwithstanding the foregoing, in any event, a Commnet Change of Control shall not be deemed to have occurred as a result of any transaction or series of related transactions that result in a change in the holder(s) of a majority of the combined voting power of the outstanding securities of ATN International, Inc., a Delaware corporation.

"<u>Commnet Collocation Space</u>" means, with respect to any given Sale Site subject to the MLA(s) or the Management Agreement, the ground, tower, or other space (including any Commnet Ground Space) that is Leased or occupied by the applicable Commnet Tenant(s) pursuant to the MLA(s) or the Management Agreement, as applicable. For the avoidance of doubt, the Commnet Collocation Space at a given Portfolio Site will consist of the applicable space leased by: (i) Commnet for a NSB Space Site, SPP Space Site, and/or Verizon CMS Space Site; and (ii) Commnet Four Corners for a MW Space Site, FWA Space Site, and/or Ground Space Site; in each case, as designated for such Sale Site on the Portfolio Site Information List. For the avoidance of doubt, a Portfolio Site may: (i) be a NBS Space Site, SPP Space Site, Verizon CMS Space Site, MW Space Site, FWA Space Site, and/or Ground Space Site; or (ii) have no such designation.

"<u>Commnet Communications Equipment</u>" means any Communications Equipment located on Commnet Collocation Space or otherwise at a Portfolio Site that is used, owned, leased, or operated by any Commnet Group Member.

"<u>Commnet Disclosure Schedule</u>" means the disclosure schedule delivered by Commnet to Buyer prior to the execution and delivery of this Agreement and which is attached to and made a part of this Agreement.

"<u>Commnet Ground Space</u>" means the ground space leased or to be leased by applicable Commnet Tenant under the applicable MLA(s) and, with respect to any Sale Site, the SLA for such Sale Site.

"<u>Commnet Group</u>" means, collectively, Commnet and its Affiliates.

"<u>Commnet Group Member</u>" means a member of the Commnet Group.

"<u>Commnet Improvements</u>" means, as to any Sale Site, the Improvements owned by any Commnet Group Member and located at such Sale Site and that are required by any Commnet Group Member to provide wireless or wireline voice, video, internet, data, Backhaul Services, or any other communications, broadcast, or telecommunications services as opposed to being an owner and operator of the applicable Sale Site and permitted to remain on the Sale Site pursuant to any applicable Collateral Agreements with Buyer, each Sale Site Subsidiary, or their respective Affiliates.

"<u>Commnet Indemnified Parties</u>" means Commnet and each of its Affiliates, together with its and their respective equity holders, members, managers, officers, directors, agents and Representatives.

"<u>Commnet Markets</u>" means each State in which a Portfolio Site is located.

"<u>Commnet Material Adverse Effect</u>" means any state of facts, change, effect, condition, development, event, or occurrence that is, or could be reasonably expected to become, individually or in the aggregate, materially adverse to the assets, financial condition or results of operations of the Included Property of the Sale Sites taken as a whole; <u>provided</u>, <u>however</u>, that no adverse change or event to the extent arising directly or indirectly from or otherwise relating directly or indirectly to any of the following shall be deemed either alone or in combination to constitute, and no such adverse change or event shall be taken into account in determining whether there has been or could reasonably be expected to become, an Commnet Material Adverse Effect: (a) changes to the wireless communications industry in the United States generally or the communications tower ownership, operation, leasing, management and construction business in the United States generally; (b) the announcement or disclosure of the transactions contemplated by this Agreement; (c) general economic, regulatory or political conditions in the United States or changes or developments in the financial or securities markets; (d) changes in GAAP or its application; (e) acts of war, military action, armed hostilities or acts of terrorism; (f) changes in Law; (g) any facts, change, effect, condition, development, event or occurrence relating directly or indirectly to COVID-19 or any other virus or pandemic or quarantine; or (h) the taking of any action by any Person which is required to be taken pursuant to the terms of this Agreement, unless any of the facts, changes, effects, conditions, developments, or occurrences set forth in clauses (a), (c) or (e) hereof materially and disproportionately impacts or affects Included Property of the Sale Sites, taken as a whole, as compared to other similar portfolios of communications towers.

"<u>Commnet Party</u>" has the meaning set forth in the Preamble.

"<u>Commnet Tenant</u>" means, with respect to the Commnet Collocation Space to be leased by Commnet or Commnet Four Corners under each MLA: (i) Commnet for the Portfolio Sites that are designated as a NSB Space Site, SPP Space Site, or Verizon CMS Space Site on the Portfolio Site Information List; and (ii) Commnet Four Corners for the Portfolio Sites that are designated as a MW Space Site, FWA Space Site, or Ground Space Site on the Portfolio Site Information List.

"<u>Communications Equipment</u>" means, as to any Sale Site, all equipment now or hereafter installed at any portion of the Sale Site with respect to a Tower Subtenant, for the provision of current or future communication services, including voice, video, cable, broadcast television, internet and other data services (including Backhaul Services), and any other services. Such equipment shall include, among other things, the Excluded Backhaul Assets, switches, antennas, including microwave antennas, panels, fiber, backboards, conduits, flexible transmission lines, cables, radios, amplifiers, filters, interconnect transmission equipment and all associated software and hardware, and will include any modifications, replacements and upgrades to such equipment.

"<u>Competing Facilities</u>" shall mean any communications towers or similar facilities that host antennas to transmit and receive radio frequency signals within a one (1) mile radius of any Sale Site other than any towers or similar facilities: (A) that are owned or operated by Commnet or any of its Affiliates as of the Initial Closing Date; (B) for which Commnet or any of its Affiliates have a Contract to construct, manage, or replace as of the Signing Date and which are identified on <u>Schedule 7.19</u> hereto; (C) that are utilized by Commnet and its Affiliates solely for: (1) use as a fixed wireless broadband operator; (2) the use of providing Backhaul Services for their own use or to third-parties; or (3) the use of providing Carrier Managed Services, (D) for which Buyer and its Affiliates do not offer or have the ability and capacity to timely provide the space needed at any such Sale Site by Commnet or its Affiliates on terms that are no less favorable than provided to the Commnet Group Members under the MLAs, (E) that are Under Construction Sites or To Be Built Sites, or (F) that are no longer deemed to be "Competing Facilities" pursuant to <u>Section 7.19(d)</u>.

"<u>Confidentiality Agreement</u>" means the Nondisclosure Agreement, dated as of May 17, 2024, by and between ATN International, Inc. and Buyer.

"<u>Confirmatory Assignments</u>" has the meaning set forth in <u>Section 2.6(c)</u>.

"<u>Consent</u>" means a Consent Agreement executed by the counterparty to which such Consent Agreement was directed without substantive change thereto, unless such change is approved in writing by Commnet and Buyer.

"<u>Consent Agreement</u>" means an agreement provided to a counterparty to a Ground Lease or a Collocation Agreement substantially in the form of <u>Exhibit J</u> hereto.

"<u>Consideration</u>" means: (i) with respect to the Initial Closing, an amount equal to the aggregate amount of the Allocated Site Consideration for all Sale Sites included in the Initial Closing, subject to adjustments as set forth in <u>Section 2.8</u>; (ii) with respect to each Subsequent Closing, an amount equal to the aggregate amount of the Allocated Site Consideration for all Sale Sites for which such Subsequent Closing is the Initial Site Closing, subject to adjustments as set forth in <u>Section 2.8</u>; and (iii) without duplication, any amounts otherwise payable to Commnet or Buyer under <u>Section 2.8</u>.

"<u>Consideration Base Amount</u>" means an amount equal to $[\*\*\*].

"<u>Contracts</u>" means contracts, leases, deeds, mortgages, licenses, instruments, notes, commitments, undertakings, indentures, joint ventures and all other agreements, commitments and legally binding arrangements, whether written or oral.

"<u>Corrective Assignment</u>" has the meaning set forth in <u>Section 2.6(d)</u>.

"<u>Data Room</u>" means, collectively, those folders of the electronic data rooms hosted by Datasite that were established by Commnet under the name "Project Catapult" for the transactions contemplated by this Agreement that contain the documents and data to which Buyer or any of its Representatives had access as of the Initial Closing and all documents and data that were in the folders of such electronic data rooms at any time on or subsequent to the date on which Buyer or any of its Representatives first obtained access to the folders of such electronic data rooms.

"<u>De Minimis Claim</u>" has the meaning set forth in <u>Section 9.5(a)</u>.

"<u>Deferred Site</u>" means any Portfolio Site that would otherwise be a Managed Site at the Initial Site Closing for such Managed Site and (i) has been designated as a Deferred Site by Commnet prior to such Initial Site Closing for such Managed Site in accordance with <u>Section 4.3</u> or otherwise in accordance with this Agreement; or (ii) unless otherwise agreed to by the Parties in writing, is a To Be Built Site. At any point in time, a Portfolio Site is either an Assignable Site, a Managed Site, a Deferred Site, or an Excluded Site.

"<u>Deposit Agent</u>" means Fifth Third Bank, National Association.

"<u>Deposit Amount</u>" means an amount equal to $[\*\*\*], together with all interest or income, if any, earned thereon.

"<u>Deposit Agreement</u>" has the meaning set forth in paragraph C of the Recitals.

"<u>Direct Claim</u>" has the meaning set forth in <u>Section 9.3(c)</u>.

"<u>Direct Claim Notice</u>" has the meaning set forth in <u>Section 9.3(c)</u>.

"<u>Environmental Law</u>" means any federal, state or local statute, Law, ordinance, code, rule, regulation, order or decree regulating, relating to, or imposing liability or standards of conduct concerning protection of the environment, human health, or workplace health and safety as may now or at any time hereafter be in effect, including but not limited to the following, as amended or replaced, and all regulations promulgated under or in connection therewith: the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 ("<u>CERCLA</u>"); The Clean Air Act; The Clean Water Act; The Toxic Substances Control Act of 1976; The Solid Waste Disposal Act; Federal Insecticide, Fungicide, and Rodenticide Act; The Emergency Planning and Community Right-to-Know Act; The Hazardous Materials Transportation Act; and The Occupational Safety and Health Act of 1970.

"<u>Environmental Report</u>" means any Phase I or Phase II conducted in accordance with <u>Section 7.10</u> or the Access Agreement.

"<u>Environmental Site</u>" means any Portfolio Site where there exists any condition at such Portfolio Site that requires any environmental investigation, remediation, removal, abatement, sampling, or monitoring under any Environmental Law regulating, relating to, or imposing liability concerning any Hazardous Materials (including any Environmental Law relating to lead-based paint on a Tower) as may now be in effect or which may become in effect prior to the Initial Site Closing Date for such Portfolio Site; and in any such case: (i) such Portfolio Site is identified as being an Environmental Site on the Signing Site Designation List or, in accordance with the definition of Open Diligence Site, is identified as an Environmental Site on the Closing Site Designation List for the Initial Site Closing Date for such Portfolio Site; or (ii) (A) such Portfolio Site becomes an Environmental Site on or after the Signing Date and prior to the Initial Site Closing Date for such Portfolio Site, (B) such Portfolio Site is identified as an Environmental Site on the Closing Site Designation List for the Initial Site Closing Date for such Portfolio Site, and (C) the Expected Remediation Costs to remediate such Environmental Site exceed the Remediation Cost Threshold.

"<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended.

"<u>Excluded Assets</u>" means all assets of any Commnet Group Member (including Accounts Receivable, the Excluded Backhaul Assets, the AT&T Build Agreements, the AT&T License Agreements (other than the AT&T/Buyer Bifurcated License Agreements), the AT&T Services Agreement, the NSB Agreement, the NSB Option Agreement (including the "Acquired Network Assets" subject thereto), the SPP Agreement, the SPP Option Agreement (including the "Acquired Network Assets" subject thereto), and the Verizon Agreements (including the "Vendor Network" and the "Vendor RAN", each as defined in <u>Section 2.1</u> of the Verizon Master Agreement)) other than the Included Property applicable to the Sale Sites, and the Shared Facilities (as defined in the AT&T Bifurcated License Agreements).

"<u>Excluded Backhaul Assets</u>" means any and all right, title, and interest of the Commnet Group Members in the equipment and other property relating to the provision of Backhaul Services at any of the Portfolio Sites, including Backhaul Services related routers, switches, fiber rings, and battery backup systems, and all other related equipment and property, whether located on Commnet Ground Space or otherwise.

"<u>Excluded Liabilities</u>" means all Liabilities of the Commnet Parties other than Post-Closing Liabilities, Pre-Closing Liabilities, and any Liability for Taxes.

"<u>Excluded Site</u>" means, at any time of determination, any Portfolio Site designated as or deemed to be an Excluded Site in accordance with this Agreement or that is returned to the applicable Commnet Party after the Initial Site Closing Date in accordance with this Agreement. At any point in time, a Portfolio Site is either an Assignable Site, a Managed Site, a Deferred Site, or an Excluded Site.

"<u>Excluded Site Collocation Payments</u>" means, with respect to any Excluded Site, any amounts received by Buyer, any Sale Site Subsidiary, or any of their respective Affiliates or assigns from and after the Initial Site Closing Date with respect to such Excluded Site (including any payments received by Buyer, any Sale Site Subsidiary, or any of their respective Affiliates or assigns from and after the Initial Site Closing Date under this Agreement, any Collateral Agreement, or any Collocation Agreement for such Excluded Site).

"<u>Excluded Ground Lease Payments</u>" means, with respect to any Excluded Site, any amounts relating to such Excluded Site that are paid by Buyer, any Sale Site Subsidiary, or any of their respective Affiliates or assigns from and after the Initial Site Closing Date for such Excluded Site.

"<u>Expected Remediation Costs</u>" means, with respect to any Portfolio Site that would otherwise be subject to one or more Managed Site Conditions, the reasonably expected costs and expenses necessary to cure such Managed Site Conditions as mutually agreed to in writing by Commnet and Buyer; <u>provided</u>, <u>however</u>, that Expected Remediation Costs exclude any amounts required to be paid to cause a Lien (other than a Permitted Lien) securing Indebtedness of the Commnet Parties to be terminated.

"<u>FAA</u>" means the United States Federal Aviation Administration or any successor federal Governmental Authority performing a similar function.

"<u>FCC</u>" means the United States Federal Communications Commission or any successor federal Governmental Authority performing a similar function.

"<u>FCC ASR Database</u>" has the meaning set forth in <u>Section 7.4(e)</u>.

"<u>Final Subsequent Closing</u>" means has the meaning set forth in <u>Section 2.7(a)</u>.

"<u>Final Subsequent Closing Date</u>" has the meaning set forth in <u>Section 4.2(a)</u>.

"<u>Final Subsequent Closing Date Deadline</u>" means the date that is ten (10) Business Days prior to the Final Subsequent Closing Date.

"<u>Financial Independent Consultant</u>" means BDO USA PC or such other accounting firm or consulting firm as Commnet and Buyer may mutually agree upon in writing.

"<u>Financial Independent Consultant Proration Report</u>" has the meaning set forth in <u>Section 2.9(b)</u>.

"<u>Firm Backlog Collocation Agreement</u>" means a Backlog Collocation Agreement where the Tower Subtenant is Verizon and for which the applicable Commnet Tenant enters into the applicable MLA(s) for the corresponding space prior to the time that Verizon commences paying rent under such Backlog Collocation Agreement.

"<u>FWA Space Sites</u>" means the Portfolio Sites that are identified as a "FWA Space Site" on the Portfolio Site Information List.

"<u>GAAP</u>" means generally accepted accounting principles in the United States, consistently applied.

"<u>Governmental Approvals</u>" means all licenses, permits, franchises, certifications, waivers, variances, registrations, consents, approvals, qualifications, determinations, notices, and other authorizations to, from, or with any Governmental Authority.

"<u>Governmental Authority</u>" means, with respect to any Person or any Sale Site or other property, any federal, territorial, state, tribal or local governmental authority, administrative body, quasi-governmental authority, court, government or self-regulatory organization, commission, board, administrative hearing body, arbitration panel, tribunal or any regulatory, administrative, or other agency, or any political or other subdivision, department, or branch of any of the foregoing, in each case having jurisdiction over such Person or such Sale Site or other property.

"<u>Ground Lease</u>" means, as to any Leased Site, the ground lease, sublease, or any easement, license, marketing or development right, co-marketing or co-development right, or other Contract or document pursuant to which the applicable Commnet Party holds a leasehold or subleasehold interest, leasehold or subleasehold estate, easement, license, sublicense, marketing or development right, co-marketing or co-development right, or other interest in such Leased Site, together with any extensions of the term thereof (whether by exercise of any right or option contained therein or by execution of a new ground lease or other instrument providing for the use of such Leased Site), and including all amendments, modifications, supplements, assignments, and guarantees related thereto as in effect from time to time prior to the applicable Closing Date for such Leased Site.

"<u>Ground Lessor</u>" means, as to any Leased Site, the "<u>lessor</u>", "<u>sublessor</u>", "<u>landlord</u>", "licensor", "<u>sublicensor</u>" or similar Person under the related Ground Lease.

*"*<u>Ground Lessor Estoppel</u>" means an estoppel agreement from the Ground Lessor under a Ground Lease for the benefit of the applicable Commnet Party, its successors, and permitted assigns (including any applicable Sale Site Subsidiary), in form and substance reasonably satisfactory to Commnet and Buyer.

"<u>Ground Lessor Mortgage</u>" means any mortgage, deed of trust, or similar Lien encumbering the interest of a Ground Lessor that is superior to the interest of the applicable Commnet Party in a Leased Site and that exists prior to the Initial Site Closing Date for such Leased Site.

"<u>Ground Space Sites</u>" means the Portfolio Sites that are identified as a "Ground Space Site" on the Portfolio Site Information List.

"<u>Hazardous Material</u>" or "<u>Hazardous Materials</u>" means and includes (1) petroleum products, flammable explosives, radioactive materials, asbestos or any material containing asbestos, polychlorinated biphenyls, per- and polyfluoroalkyl substances, lead-based paint, or (2) any hazardous or toxic waste, substance, or material, in each case, defined as such (or any similar term) or regulated by, in or for the purposes of Environmental Laws, including but not limited to Section 101(14) of CERCLA.

"<u>HSR Act</u>" means the Hart Scott Rodino Antitrust Improvements Act of 1976, as amended.

"<u>Improvements</u>", means, as to each Sale Site: (i) one or more equipment pads or raised platforms capable of accommodating exterior cabinets or equipment shelters, huts or buildings, electrical service and access for the placement and servicing of Tower Subtenant Improvements; (ii) buildings, huts, equipment shelters or exterior cabinets; (iii) batteries, generators and associated fuel tanks or any other substances, products, materials or equipment used to provide backup power; (iv) grounding rings; (v) fencing; (vi) signage; (vii) connections for telephone service or utility service up to the meter; (viii) hardware constituting a Tower platform to hold Tower Subtenant Communications Equipment; (ix) access road improvements; (x) common shelters, if any; (xi) all marking/lighting systems and light monitoring devices; and (xii) such other equipment, alterations, replacements, modifications, additions and improvements as may be installed on or made to all or any component of a Sale Site (including the Land and the Tower). Notwithstanding the foregoing, Improvements do not include Communications Equipment or any Towers.

"<u>Included Property</u>" means, with respect to each Sale Site: (a) the Land related to such Sale Site (including the applicable interest in any Ground Lease); (b) the Tower located on such Sale Site; (c) the related Improvements (excluding: (i) any generators that are located within Shared Facilities (as defined in in the AT&T License Agreements) and any generators that are not used solely for the operation of the Tower itself in the normal and ordinary course of business, (ii) Commnet Improvements, and (iii) any Improvements owned by a Tower Subtenant), the related Material Agreements, and the Tower Related Assets with respect to such Sale Site; but excluding, in each case of (a), (b) and (c), all Tower Subtenant Communications Equipment, and other Excluded Assets.

"<u>Indebtedness</u>" means: (a) all liabilities for borrowed money, whether current or funded, secured or unsecured, all obligations evidenced by bonds, debentures, notes, or similar instruments, and all liabilities in respect of mandatorily redeemable or purchasable capital stock or securities convertible into capital stock; (b) all liabilities for the reimbursement of any obligor on any letter of credit, banker's acceptance, or similar credit transaction (other than Tower Bonds); (c) all accrued and unpaid interest on any of the obligations referred to in <u>clauses (a)</u> and <u>(b)</u> above; and (d) all liabilities as guarantor, surety, obligor or otherwise of obligations of any other Person of a type described in <u>clauses (a)</u> through <u>(c)</u> above.

"<u>Indemnified Party</u>" has the meaning set forth in <u>Section 9.3(a)</u>.

"<u>Indemnified Taxes</u>" means, without duplication, (a) Taxes (other than Taxes subject to the second sentence of <u>Section 2.11(a)</u>) of the Commnet Parties for any taxable period (including for the avoidance of doubt, Net Income Taxes imposed or borne under Section 1.1502-6 of the Treasury Regulations (or any similar provision of state, local, or non-U.S. law), as a transferee or successor, by contract or otherwise); (b) any Taxes allocable to the Commnet Parties under <u>Section 2.11(a)</u>; (c) the Commnet Parties' share of any Transfer Taxes in accordance with <u>Section 2.11(e)</u>; and (d) Taxes relating to or arising from the transactions contemplated by each Transfer Agreement.

"<u>Indemnifying Party</u>" has the meaning set forth in <u>Section 9.3(a)</u>.

"<u>Indemnity Period</u>" means the period during which a claim for indemnification may be asserted pursuant to <u>Article IX</u> by an Indemnified Party.

"<u>Initial Closing</u>" has the meaning set forth in <u>Section 2.5(a)</u>.

"<u>Initial Closing Date</u>" means the date on which the Initial Closing occurs.

"<u>Initial Sale Site Subsidiary</u>" has the meaning set forth in paragraph D of the Recitals.

"<u>Initial Site Closing</u>" means, with respect to any Portfolio Site, the first Closing where such Portfolio Site becomes a Sale Site (i.e., an Assignable Site or a Managed Site).

"<u>Initial Site Closing Date</u>" means, with respect to any Portfolio Site, the date on which the first Closing occurs in which such Portfolio Site is a Sale Site (i.e., an Assignable Site or a Managed Site).

"<u>Intended Tax Treatment</u>" has the meaning set forth in <u>Section 2.11(d)</u>.

"<u>Joinder Agreement</u>" has the meaning set forth in paragraph D of the Recitals.

"<u>Knowledge of Buyer</u>" means the actual knowledge after reasonable investigation of [\*\*\*] and [[\*\*\*]]. For purposes of this definition, reasonable investigation shall be deemed satisfied after such individual reviews his or her relevant files and makes inquiry of his or her direct reports who would reasonably be expected to have knowledge of the matter in question.

"<u>Knowledge of the Commnet Parties</u>" means the actual knowledge after reasonable investigation of [\*\*\*] and [\*\*\*]. For purposes of this definition, reasonable investigation shall be deemed satisfied after such individual reviews his or her relevant files and makes inquiry of his or her direct reports who would reasonably be expected to have knowledge of the matter in question.

"<u>Land</u>" means, with respect to each Sale Site, the tracts, pieces or parcels of real property underlying such Sale Site, together with all easements, rights of way, and other rights appurtenant thereto.

"<u>Law</u>" means any federal, state, or local law, statute, common law, rule, code, regulation, ordinance or Order of, or issued by, any Governmental Authority.

"<u>Lease</u>" or "<u>Leased</u>" means, with respect to the Included Property of a Sale Site, the act of leasing, subleasing, assigning, transferring, or otherwise granting by the applicable Sale Site Subsidiary to the applicable Commnet Party the right to use such Included Property pursuant to the applicable MLA(s) or the Management Agreement.

"<u>Leased Site</u>" means a Sale Site that is subject to a Ground Lease. Each Leased Site is designated as a "Leased Site" on the Portfolio Site Information List. A Portfolio Site is either a Leased Site or an Owned Site.

"<u>Leased Sites Land</u>" means, with respect to each Leased Site, the Land leased from the Ground Lessor by the applicable Commnet Party or, after the applicable Closing, by the applicable Sale Site Subsidiary.

"<u>Legal Independent Consultant</u>" means an independent law firm or consulting firm that is nationally recognized in the telecommunications industry, as may be mutually agreed upon in writing by the Parties**.**

"<u>Liabilities</u>" means, with respect to any Person, any and all debts (including interest thereon and any prepayment penalties applicable thereto), obligations, liabilities, and Claims, whether fixed, contingent or absolute, matured or unmatured, liquidated or unliquidated, accrued or not accrued, known or unknown, whenever or however arising (including whether arising out of any contract or tort based on negligence or strict liability), and whether or not the same would be required by GAAP to be reflected in such Person's consolidated financial statements or disclosed in the notes thereto.

"<u>Liens</u>" means, with respect to any asset, any mortgage, lien, pledge, security interest, charge, attachment, encumbrance, claim, equitable interest, option, deed of trust, or encroachment of any kind in respect of such asset.

"<u>Managed Site</u>" means, at any time of determination, any Portfolio Site (other than a Deferred Site or an Excluded Site) that satisfies any of the Managed Site Conditions and that has been designated as a Managed Site on the Signing Site Designation List or in accordance with <u>Section 4.4(a)</u> or otherwise in accordance with this Agreement prior to the applicable Initial Site Closing Date and, at the time of determination, remains subject to any such uncured Managed Site Conditions. At any point in time, a Portfolio Site is either an Assignable Site, a Managed Site, a Deferred Site, or an Excluded Site.

"<u>Managed Site Conditions</u>" has the meaning on <u>Schedule 4.4</u>.

"<u>Management Agreement</u>" has the meaning set forth in paragraph E(3)(D) of the Recitals.

"<u>Master Collocation Agreement</u>" means a Collocation Agreement that permits a Tower Subtenant to occupy space (including on a Tower) at more than one site, which may include sites that are not the subject of the transaction contemplated by this Agreement.

"<u>Material Agreement</u>" means each Ground Lease and Collocation Agreement, in each case, as amended, modified, or supplemented, and all assignments and guarantees related thereto and in effect from time to time.

"<u>Material Site Non-Compliance Issue</u>" means, with respect to any Portfolio Site, that: (a) such Portfolio Site is in non-compliance with applicable Law, including, but not limited to, NEPA or NHPA, in any material respect; (b) such Portfolio Site lacks FCC compliant and operational lighting / monitoring systems; or (c) such Portfolio Site was not constructed in compliance or is not in material compliance with all agreements by and between the Company and any Tower Subtenant, including any AT&T and Verizon Agreement; and in any such case: (i) such Portfolio Site is identified as being subject to a Material Site Non-Compliance Issue on the Signing Site Designation List or, in accordance with the definition of Open Diligence Site, is identified as being subject to a Material Site Non-Compliance Issue Site on the Closing Site Designation List for the Initial Site Closing Date for such Portfolio Site; or (ii) (A) such Portfolio Site becomes subject to a Material Site Non-Compliance Issue on or after the Signing Date and prior to the Initial Site Closing Date for such Portfolio Site, (B) such Material Site Non-Compliance Issue is identified on the Closing Site Designation List for the Initial Site Closing Date for such Portfolio Site, and (C) the Expected Remediation Costs to remediate such Material Site Non-Compliance Issue exceed the Remediation Cost Threshold.

"<u>Material Site Title Issue</u>" means, with respect to any Portfolio Site: (a) with respect to any Leased Site, that no Commnet Group Member holds a valid and existing leasehold interest in such Leased Site or a valid and existing easement, license, marketing or development right, co-marketing or co-development right, permit or similar agreement or right with respect to such Leased Site or such other valid and existing possessory interest in such Leased Site as of the Initial Site Closing Date; (b) with respect to any Owned Site, that no Commnet Party holds good and marketable fee simple interest in such Owned Site as of the Initial Closing Date; or (c) any other title or related issue disclosed in a Title Report that could adversely impact the use or operation of the Portfolio Site in any material respect; and in any such case: (i) such Portfolio Site is identified as being subject to a Material Site Title Issue on the Signing Site Designation List; or (ii) (A) such Portfolio Site becomes subject to a Material Site Title Issue on or after the Signing Date and prior to the Initial Site Closing Date for such Portfolio Site, (B) such Material Site Title Issue is identified on the Closing Site Designation List for the Initial Site Closing Date for such Portfolio Site, and (C) the Expected Remediation Costs to remediate such Material Site Title Issue exceed the Remediation Cost Threshold.

"<u>Material TIA Issue</u>" means a Portfolio Site or the Included Property thereon requires any safety or material maintenance remediation per a current TIA Assessment (including, but not limited to, non-functioning safety climbs, advanced corrosion, missing or damaged tower components, excessive access road or compound overgrowth, unusable access road, and demand-capacity ratio does not exceed intended load conditions); and, in any such case: (i) such Portfolio Site is identified as being subject to a Material TIA Issue on the Signing Site Designation List or, in accordance with the definition of Open Diligence Site, is identified as being subject to a Material TIA Issue on the Closing Site Designation List for the Initial Site Closing Date for such Portfolio Site; or (ii) (A) such Portfolio Site becomes subject to a Material TIA Issue on or after the Signing Date and prior to the Initial Site Closing Date for such Portfolio Site, (B) such Material TIA Issue is identified on the Closing Site Designation List for the Initial Site Closing Date for such Portfolio Site, and (C) the Expected Remediation Costs to remediate such Material TIA Issue exceed the Remediation Cost Threshold.

"<u>Memorandum of SLA</u>" means, as to any Sale Site, a Memorandum of SLA in substantially the form attached to the SLA for each MLA.

"<u>MLAs</u>" means the Verizon B2B MLA, the NSB/SPP B2B MLA, and the Other Space MLA.

"<u>Multiple</u>" means [\*\*\*].

"<u>Multiple Tower Ground Lease</u>" means any Ground Lease applicable to multiple Towers, where at least one of those Towers is located on a Sale Site and at least one of those Towers is not located on a Sale Site.

"<u>MW Space Sites</u>" means the Portfolio Sites that are identified as a "MW Space Site" on the Portfolio Site Information List.

"<u>Names</u>" means, with respect to a Party, collectively, all names, marks, trade names, and trademarks, whether or not registered.

"<u>NEPA</u>" means the National Environmental Policy Act of 1970, as amended.

"<u>Net Amount</u>" means, with respect to an Excluded Site returned to the Commnet Parties in accordance with this Agreement, the sum of the Allocated Site Consideration paid for such Excluded Site (after giving effect to any adjustments under <u>Section 2.8</u>), as adjusted for any Excluded Site Collocation Payments and any Excluded Ground Lease Payments; <u>provided</u>, <u>however</u>, that, if any Sale Site Subsidiary agrees to any increases in the rent or other payments to Ground Lessors (other than increases in the rent or other payments to Ground Lessors necessary to cure the Short Term/No Ground Lease Site Managed Site Condition) prior to the date any Net Amount is paid in accordance with <u>Section 4.5</u>, then the Net Amount shall be calculated assuming the terms of the applicable Ground Lease as of the Initial Site Closing Date for such Excluded Site were in effect through the date of such payment.

"<u>Net Income Tax</u>" means the U.S. federal income Tax imposed by the Code and any state, local, or other Tax that is imposed on, based on, or measured by or with reference to taxable income as defined in the current or any former version of the Code (including any franchise Tax).

"<u>NHPA</u>" means the National Historic Preservation Act of 1966, as amended.

"<u>No Access Site</u>" means a Portfolio Site that is a "No Access Site" in accordance with <u>Section 1.9</u> of <u>Schedule 4.4</u>.

"<u>Non-Compliant Site</u>" means a Portfolio Site that: (i) is subject to: (a) a Material Site Non-Compliance Issue as of the Initial Site Closing Date; or (b) a Material Site Title Issue as of the Initial Site Closing Date; in each case, and (ii) has been designated as a Non-Compliant Site prior to the Initial Site Closing Date in accordance with this Agreement.

"<u>Non-Disturbance Agreement</u>" means, as to a Ground Lease for a Sale Site that is subject to a Ground Lessor Mortgage, a non-disturbance agreement from the lender with respect to such Ground Lessor Mortgage, in form and substance reasonably satisfactory to Buyer.

"<u>Non-Surviving Representations and Warranties</u>" means the representations and warranties set forth in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Section 5.2(b)(iii)</u> (entitled
 Authority; Enforceability; No Conflicts) and <u>Section 5.14(c)(iii)</u> (entitled
 Authority; Enforceability; No Conflicts) (solely with respect to Material Agreements true
 and complete copies of which have been made available to Buyer prior to the Initial Site
 Closing for a Sale Site);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Section 5.3(a)</u> and <u>(b)</u> (entitled
 Title to Property; Sufficiency) and <u>Section 5.14(e)</u> (entitled Title to Properties);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Section 5.5(a)</u> (entitled
 Other Property and Insurance) (as to matters that are customarily covered by a TIA Assessment
 and as to matters that are customarily covered by Structural Analysis);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Section 5.8(a) (entitled Environmental
 Matters); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Section 5.12 (entitled Tower Expenses;
 Accounts Receivable).

Notwithstanding anything to the contrary in this Agreement or any Collateral Agreement, the Non-Surviving Representations and Warranties with respect to any Sale Site will terminate at, and will not survive, the Initial Site Closing Date for such Sale Site.

"<u>Notice</u>" means a notice provided to a counterparty to a Ground Lease or Collocation Agreement, as applicable, substantially in the form of <u>Exhibit K</u> hereto.

"<u>NSB Agreement</u>" means: (i) the Strategic Build and Network Share Agreement, dated as of January 20, 2023, by and between Commnet and AT&T Mobility; and (ii) any and all related documents, instruments, and agreements executed and delivered in connection with or pursuant to the foregoing from time to time; in each case, as the same may be amended, modified, and supplemented from time to time.

"<u>NSB B2B MLA</u>" has the meaning set forth in paragraph E(3)(B) of the Recitals.

"<u>NSB Option Agreement</u>" means: (i) the Option Agreement (3 NSBs (Nevada)), dated as of January 19, 2023, by and between Commnet and New Cingular Wireless PCS, LLC; and (ii) any and all related documents, instruments, and agreements executed and delivered in connection with or pursuant to the foregoing from time to time; in each case, as the same may be amended, modified, and supplemented from time to time.

"<u>NSB Space Site</u>" means the Portfolio Sites that are subject to the NSB Agreement and that are designated as a "NSB Space Site" on the Portfolio Site Information List.

"<u>Open Cash Proofs</u>" has the meaning set forth in <u>Section 2.8(e)(iii)</u>.

"<u>Open Cash Proof Sites</u>" has the meaning set forth in <u>Section 2.8(e)(iii)</u>.

"<u>Open Diligence Site</u>" means a Portfolio Site for which (i) a current Structural Analysis or current TIA Assessment has not been delivered to Buyer prior to the Signing Date and such Portfolio Site is identified as a "Structural/TIA" Open Diligence Site on the Signing Site Designation List; or (ii) Buyer has not been able to complete its due diligence with respect to whether such Portfolio Site is a No Access Site or is subject to other Managed Site Conditions to the extent related to the fact that Buyer could not physically access such Portfolio Site prior to the Signing Date and such Portfolio Site is identified as an "Other" Open Diligence Site on the Signing Site designation List.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) With respect to clause (i), if, when received
 by Buyer (which the Parties agree would occur prior to the Initial Site Closing Date for
 such Portfolio Site): (1) the current TIA Assessment shows a Material TIA Issue with
 respect to such Portfolio Site or the current Structural Analysis shows that the Tower on
 such Portfolio Site is Structurally Unsound, then such Portfolio Site shall become a Structurally
 Unsound Site (but will no longer be a Open Diligence Site for such reason) until such Managed
 Site Condition(s) is/are cured in accordance with the terms of this Agreement; or (2) the
 current TIA Assessment does not show a Material TIA Issue with respect to such Portfolio
 Site or the current Structural Analysis does not show that the Tower on such Portfolio Site
 is Structurally Unsound, then, such Portfolio Site will no longer be an Open Diligence Site
 for such reason(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) With respect to clause (ii), if, when
 Buyer is able to obtain physical access to such Portfolio Site and complete its due diligence
 with respect to the Managed Site Conditions covered by such clause (ii) (which the Parties
 agree would occur prior to the Initial Site Closing Date for such Portfolio Site): (1) Buyer's
 due diligence reasonably shows that such Portfolio Site is a No Access Site or is subject
 to other Managed Conditions covered by such clause (ii), then such Portfolio Site shall become
 a No Access Site or a Managed Site for the identified Managed Site Conditions(s) (but
 will no longer be a Open Diligence Site for such reason(s)) until such Managed Site Condition(s) is/are
 cured in accordance with the terms of this Agreement; or (2) Buyer's due diligence
 reasonably shows that such Portfolio Site is not a No Access Site or is not subject to any
 such Managed Site Condition(s), then such Portfolio Site will no longer be an Open Diligence
 Site for such reason(s).

"<u>Order</u>" means an administrative, judicial, or regulatory injunction, order, decree, judgment, sanction, award, or writ of any nature of any Governmental Authority.

"<u>Other Space MLA</u>" has the meaning set forth in paragraph E(3)(A) of the Recitals.

"<u>Owned Site</u>" means a Portfolio Site, if any, for which a Commnet Party owns a fee interest in the Land and for which such Commnet Party will execute and deliver an applicable State Specific Deed to the applicable Sale Site Subsidiary at the applicable Closing. Each Owned Site is designated as an "Owned Site" on the Portfolio Site Information List. A Portfolio Site is either a Leased Site or an Owned Site and, for the avoidance of doubt, there may be Portfolio Sites for which a Commnet Party or an Affiliate owns a fee interest in the Land, but are Leased Sites.

"<u>Owned Site Land</u>" means, with respect to an Owned Site, the Land of the Owned Site.

"<u>Parent</u>" means Everest Infrastructure Partners, Inc., a Delaware corporation.

"<u>Party</u>" or "<u>Parties</u>" has the meaning set forth in the Preamble.

"<u>Payoff Letter</u>" means one or more "payoff letters" duly executed by the applicable lender or other obligee: (i) specifying the aggregate amount of Indebtedness (including unpaid principal, accrued and unpaid interest, prepayment penalties, breakage costs and premiums in connection with the repayment thereof), if any, that is secured by a Lien (other than a Permitted Lien) on the right, title, and interest of a Commnet Party in any Included Property of an Assignable Site to be conveyed at, and that will be outstanding as of, a particular Closing, but only to the extent that such lender or other oblige requires such Indebtedness to be paid in order to release such Lien, and (ii) which completely terminates and releases any Liens securing such Indebtedness over any Included Property, together with all applicable UCC termination statements and other documents and endorsements necessary to release such Liens and other security.

"<u>Permitted Liens</u>" means, with respect to any Portfolio Site: (a) any Lien for Property Taxes or similar assessments, governmental charges, or levies that are required under applicable Law to be paid by the Commnet Group Members for such amounts that are not past due or being contested in good faith and, to the extent being contested in good faith, are set forth on <u>Section 5.3</u> of the Commnet Disclosure Schedule; (b) any Lien of a landlord, laborer, shipper, carrier, warehousemen, mechanic, materialmen, repairmen, and other like Liens imposed by Law for services ordered by the Commnet Group Members for such amounts that are not yet past due or being contested in good faith, to the extent being contested in good faith, are set forth on <u>Section 5.3</u> of the Commnet Disclosure Schedule and, to the extent applicable in accordance with the definition thereof, are Excluded Liabilities; (c) any easements, rights of public utility companies, rights-of-way, covenants, conditions, licenses, restrictions, reservations of mineral rights (with surface rights being waived), or similar non-monetary encumbrances that do not or could not reasonably be expected to, individually or in the aggregate, materially adversely affect the use or operation of the applicable Sale Site as a communications tower facility; (d) the Collocation Agreements, the Verizon Agreements, and/or any Liens arising out of the Tower Subtenant's interest in the applicable Portfolio Site; (e) the Ground Leases (to the extent fully disclosed to the Buyer hereunder); (f) agreements with Governmental Authorities related to the construction, use, or operation of a Sale Site; (g) Zoning Laws and all other Laws related to the use and operation of communications towers similar to the Towers; (h) the Collateral Agreements, the NSB Agreement, the NSB Option Agreement, the SPP Agreement, the SPP Option Agreement, and the Verizon Agreements; (i) subject to <u>Article IV</u>, any Lien arising from, or in connection with, any uncured Managed Site Condition; (j) any Lien consented to in a writing specifically identifying the Lien and signed, by Buyer or its Affiliates after the Signing Date or any Lien caused by Buyer or its Affiliates in connection with its due diligence performed pursuant to this Agreement or the Access Agreement; (k) any exclusions from coverage set forth in the jacket of any policy of title insurance issued to the applicable Sale Site Subsidiary (and/or Buyer or any of its Affiliates, as applicable) or any standard printed exceptions; (l) any Lien with respect to a Portfolio Site that relates to the interest of a Person other than the Commnet Group Members (or their respective predecessors in interest) in such Portfolio Site; (m) without limiting the foregoing, such other matters filed in the public real estate records that are not Material Site Title Issues; and (n) any Lien securing Indebtedness of a Commnet Party, but only to the extent that such Lien is terminated at or prior to the Closing in which such Portfolio Site becomes an Assignable Site.

"<u>Person</u>" means any individual, corporation, limited liability company, partnership, association, trust, or any other entity or organization, including a Governmental Authority.

"<u>Portfolio Site Information List</u>" means the list of Portfolio Sites and other information included therein attached as <u>Schedule 1</u> hereto.

"<u>Portfolio Sites</u>" means the wireless communications sites identified on the Portfolio Site Information List.

"<u>Post-Closing Liabilities</u>" or "<u>Post-Closing Liability</u>" means all Liabilities, to the extent that they arise out of, relate to, or are in connection with the ownership, operation, use, maintenance, or occupancy of the Included Property of a Sale Site at and after the Initial Site Closing Date, for such Sale Site, including all such payment and performance obligations under any Ground Lease (including all Transaction Revenue Sharing Payments) and any Collocation Agreement, in each case, arising at and after the Initial Site Closing Date for such Sale Site, except in each case to the extent taken into account in determining the proration of expenses pursuant to <u>Section 2.9</u>. Post-Closing Liabilities shall also include, with respect to any Sale Site that becomes an Excluded Site after the Initial Site Closing Date, for such Sale Site and is rescinded in accordance with this Agreement, any such Liabilities with respect to periods at and after the Initial Site Closing Date for such Excluded Site and prior to the applicable date of such rescission to the extent caused by the intentional misconduct or gross negligence of Buyer, any Sale Site Subsidiary, or any of their respective Affiliates. Notwithstanding the foregoing, no Taxes, Pre-Closing Liabilities or Liabilities arising from any breach by Commnet of any representation, warranty, covenant or agreement contained in this Agreement or any Collateral Agreement shall be treated as Post-Closing Liabilities.

"<u>Post-Closing Tax Period</u>" means, with respect to any Sale Site and its Initial Closing Date, any taxable period beginning on or after such Initial Closing Date and the portion of any Straddle Period beginning on and including such Initial Closing Date.

"<u>Pre-Closing Claims Deductible</u>" has the meaning set forth in <u>Section 9.5(a)</u>.

"<u>Pre-Closing Liabilities</u>" means all Liabilities to the extent that they arise out of, relate to, or are in connection with the ownership, operation, use, maintenance, or occupancy of the Included Property of a Sale Site by the Commnet Parties (whether or not asserted as of or prior to the Initial Closing Date) or any Sale Site Subsidiary with respect to periods prior to the Initial Site Closing Date for such Sale Site, including all Accounts Payable and all payments due under any Ground Lease or Collocation Agreement prior to the Initial Site Closing Date for such Sale Site, except in each case to the extent taken into account in determining the proration of expenses pursuant to <u>Section 2.9</u>. Notwithstanding the foregoing, no Taxes shall be treated as Pre-Closing Liabilities.

"<u>Pre-Closing Tax Period</u>" means, with respect to any Sale Site and its Initial Closing Date, any taxable period ending before such Initial Closing Date and the portion of any Straddle Period ending on and including the day immediately preceding such Initial Closing Date.

"<u>Preferred Backhaul Provider Agreement</u>" has the meaning set forth in paragraph E(5) of the Recitals.

"<u>Previously Recorded Site Documents</u>" has the meaning set forth in <u>Section 2.6(c)</u>.

"<u>Property Taxes</u>" means any and all of the following Taxes, assessed or imposed upon, against or with respect to real or personal property, including the Sale Site or any part thereof, or the use and occupancy of real or personal property, including the Sale Site or any part thereof, whether imposed directly by a Governmental Authority or indirectly through any other Persons, and including any penalties, fines, and interest related thereto: (a) real property and personal property ad valorem Taxes; (b) Taxes imposed by any Governmental Authority for improvements or betterments related to the Sale Site; (c) sanitary Taxes, sewer or water Taxes; and (d) any other Tax imposed solely as a result of the use or ownership of real or personal property that is similar to the Taxes described in <u>clauses (a)</u> through <u>(c)</u>, however described or labeled.

"<u>Proration Certificate</u>" has the meaning set forth in <u>Section 2.9(b)</u>.

"<u>Proration Dispute Resolution Deadline</u>" has the meaning set forth in <u>Section 2.9(a)</u>.

"<u>Prospective Backlog Collocation Agreement</u>" means any Backlog Collocation Agreement other than a Firm Backlog Collocation Agreement.

"<u>Remediation Cost Cap</u>" means, with respect to any Portfolio Site, an amount equal to [\*\*\*] percent ([\*\*\*]%) of the Allocated Site Consideration for such Portfolio Site.

"<u>Remediation Cost Threshold</u>" means [\*\*\*] Dollars ($[\*\*\*]); <u>provided</u>, <u>however</u>, that, notwithstanding the foregoing, for any Portfolio Site that is listed as an Open Diligence Site on the Signing Site Designation List and for which additional Managed Site Conditions are identified by Buyer in accordance with clauses (A) and (B) of the definition of Open Diligence Site, the Remediation Cost Threshold shall be [\*\*\*] Dollars ($[\*\*\*]) with respect to any such identified Managed Site Conditions.

"<u>Representations and Warranties Threshold</u>" has the meaning set forth in <u>Section 9.5(a)</u>.

"<u>Representatives</u>" means, with respect to a Person, its directors, officers, employees, attorneys, accountants, consultants, bankers, financing sources, financial advisers, and any other professionals or agents acting on behalf of such Person.

"<u>Sale Sites</u>" means, as of any time of determination, the Portfolio Sites that are Assignable Sites and Managed Sites.

"<u>Sale Site Subsidiary</u>" means the Initial Sale Site Subsidiary and each Subsequent Sale Site Subsidiary, as applicable.

"<u>Sale Site Subsidiary Certificate of Formation</u>" has the meaning set forth in <u>Section 2.1</u>.

"<u>Sale Site Subsidiary Interests</u>" means all of the issued and outstanding limited liability company membership interests of the applicable Sale Site Subsidiary.

"<u>Sale Site Subsidiary Interests Assignment and Assumption</u>" has the meaning set forth in paragraph E(4) of the Recitals with respect to each Sale Site Subsidiary.

"<u>Sale Site Subsidiary LLC Agreement</u>" has the meaning set forth in <u>Section 2.1</u> with respect to each Sale Site Subsidiary.

"<u>Short Term/No Ground Lease Site</u>" means any Portfolio Site for which either: (i) the term for the Ground Lease has expired and is month-to-month, year-to-year, or will expire within twelve (12) months of the Target Initial Closing Date after giving effect to any options to extend such term or amendments to such Ground Lease; or (ii) the applicable Commnet Party has not yet entered into a Ground Lease; and, in each case, such Portfolio Site is designation as a Short Term/No Ground Lease Site on the Signing Site Designation List. Notwithstanding anything to the contrary in this Agreement, any Portfolio Site that is identified as a Short Term/No Ground Lease Site on the Initial Closing Site Designation List will be a Managed Site for each Closing so long as such Portfolio Site otherwise continues to be a Short Term/No Ground Lease Site except that, for purposes of the Final Subsequent Closing, such Portfolio Site will be an Excluded Site if it then continues to be a Short Term/No Ground Lease Site.

"<u>Signing Date</u>" has the meaning set forth in the Preamble.

"<u>Signing Site Designation List</u>" means <u>Schedule 2</u> hereto.

"<u>Site Designation</u>" means, with respect to any Portfolio Site, the designation of such Portfolio Site into one or more of the following categories of Portfolio Sites: (a) an Assignable Site, a Managed Site, a Deferred Site, or an Excluded Site; (b) if a Managed Site or a Deferred Site, a reference to the specific provision of this Agreement (including the applicable Managed Site Condition(s)) pursuant to which such Portfolio Site has been designated as a Managed Site or a Deferred Site; and (c) if an Excluded Site, a reference to the specific provision of this Agreement pursuant to which such Portfolio Site has been designated as an Excluded Site.

"<u>Site Marketing Agreement</u>" means any contract, agreement or arrangement, whether written or oral, (x) by which any Sale Site or any Included Property is bound or affected or (y) to which any Commnet Party is a party or by which it is bound in connection with any Sale Site or any Included Property, in each case, which would require Buyer to pay any consideration, whether as a fee or revenue sharing, for entering into any Collocation Agreement after the applicable Initial Site Closing.

"<u>SLA</u>" means, as to any Sale Site, a site lease agreement, which is a supplement to each MLA, in substantially the form attached to such MLA.

"<u>Solvent</u>" means, when used with respect to any Person, as of any date of determination: (a) the amount of the "fair value" of the "property" of such Person will, as of such date, exceed the value of all "debts" of such Person, as of such date, as such quoted terms are generally determined in accordance with applicable federal laws governing determinations of the insolvency of debtors; (b) such Person will not have, as of such date, an unreasonably small amount of capital for the operation of the businesses in which it is engaged or about to be engaged following such date; and (c) such Person will be able to pay its liabilities, including contingent and other liabilities, as they mature.

"<u>Special Zoning Site</u>" means a Portfolio Site that: (a) prior to the Initial Site Closing Date, received a zoning variance, exemption, or other similar Order which permits its current use; (b) would lose such variance, exemption, or other Order if the Included Property of such Portfolio Site were, subject to <u>Section 1.3</u>, to be transferred to the applicable Sale Site Subsidiary in the manner contemplated by this Agreement; and (c) would not lose such variance, exemption, or other similar Order if the Included Property of such Portfolio Site were retained by the applicable Commnet Party and managed by the applicable Sale Site Subsidiary in accordance with the terms of the Management Agreement.

"<u>Specified Representations and Warranties</u>" means the representations and warranties set forth in <u>Sections 5.1</u> (entitled Organization), <u>Section 5.2(a)</u> (entitled Authority; Enforceability; No Conflicts), <u>Section 5.2(b)</u> (excluding <u>Section 5.2(b)(iii</u>) (entitled Authority; Enforceability; No Conflicts), <u>Section 5.9</u> (entitled Brokers, Finders, Site Marketing Agreements, Etc.), <u>Section 5.13</u> (entitled Sale Site Subsidiary Prior to the Applicable Closing), <u>Section 5.14(a)</u> (entitled Organization), <u>Section 5.14(b)</u> (entitled Authority and Enforceability), <u>Section 5.14(c)</u> (other than <u>Section 5.14(c)(iii)</u> (entitled No Conflicts), <u>Section 6.1</u> (entitled Organization), <u>Section 6.2(a)</u> (entitled Authority; Enforceability; No Conflicts), <u>Section 6.2(b)</u> (other than <u>Section 6.2(b)(iii)</u>) (entitled Authority; Enforceability; No Conflicts), and <u>Section 6.5</u> (entitled Brokers, Finders, Etc.).

"<u>SPP Agreement</u>" means: (i) the Strategic Build and Network Share Agreement, dated as of January 12, 2024, by and between Commnet and AT&T Mobility; and (ii) any and all related documents, instruments, and agreements executed and delivered in connection with or pursuant to the foregoing from time to time; in each case, as the same may be amended, modified, and supplemented from time to time.

"<u>SPP Option Agreement</u>" means: (i) the Option Agreement - SPP, dated as of January 12, 2024, by and between Commnet and New Cingular Wireless PCS, LLC; and (ii) any and all related documents, instruments, and agreements executed and delivered in connection with or pursuant to the foregoing from time to time; in each case, as the same may be amended, modified, and supplemented from time to time.

"<u>SPP Space Sites</u>" means the Portfolio Sites that are subject to the SPP Agreement and that are designated as a "SPP Space Site" on the Portfolio Site Information List.

"<u>State Specific Deed</u>" means a deed, in substantially the form attached as <u>Exhibit L</u> hereto, for the state in which the applicable Owned Sites, if any, are located.

"<u>Stipulated Open Cash Proof Amount</u>" has the meaning set forth in <u>Section 2.8(e)(iii)</u>.

"<u>Straddle Period</u>" means, with respect to any Sale Site and its Initial Closing Date, any taxable period that includes but does not end on the day immediately preceding such Initial Closing Date. For all purposes of this Agreement, in the case of any Taxes for any Straddle Period, the amount of Taxes allocable to the portion of the Straddle Period ending on the day before the Closing Date shall be deemed to be: (i) in the case of Taxes imposed on a periodic basis (such as real or personal property Taxes), the amount of such Taxes for the entire period, <u>times</u> a fraction, the numerator of which is the number of calendar days in the Straddle Period ending on and including the day before the applicable Initial Closing Date and the denominator of which is the number of calendar days in the entire relevant Straddle Period; and (ii) in the case of Taxes not described in (i) above (such as franchise Taxes, Taxes that are based upon or related to income or receipts, or Taxes based upon occupancy or imposed in connection with any sale or other transfer or assignment of property (real or personal, tangible or intangible)), the amount of any such Taxes shall be determined as if such taxable period ended as of the end of the day before the applicable Initial Closing Date (determined by closing the books as of the end of such day).

"<u>Structural Analysis</u>" means a written structural evaluation of a Tower performed by a qualified engineer reasonably acceptable to Buyer of the physical condition and load capacity of each Tower.

"<u>Structurally Sound</u>" means with respect to a Portfolio Site, that the Tower located thereon currently has a passing (<[\*\*\*]%) Structural Analysis and, if applicable, a third-party post-modification inspection (PMI) report, based on current site-specific structural regulations and site condition, as it relates to both the Tower structure and foundation for the Tower loading configuration shown in the applicable Structural Analysis for the Tower. The [\*\*\*]% rating assumes the Structural Analysis is run using a stress ratio or max demand capacity ratio of 1.0. If the Structural Analysis is run using a stress ratio or max demand capacity ratio of 1.05, then Structurally Sound will mean a Structural Analysis with Tower or Foundation capacity <[\*\*\*]%.

"<u>Structurally Unsound</u>" means, with respect to a Portfolio Site, that the Tower is not Structurally Sound and: (i) such Portfolio Site is identified as being Structurally Unsound on the Signing Site Designation List or, in accordance with the definition of Open Diligence Site, is identified as being Structurally Unsound on the Closing Site Designation List for the Initial Site Closing Date for such Portfolio Site; or (ii) (A) such Portfolio Site becomes Structurally Unsound on or after the Signing Date and prior to the Initial Site Closing Date for such Portfolio Site, (B) such Portfolio Site is identified as Structurally Unsound on the Closing Site Designation List for the Initial Site Closing Date for such Portfolio Site, and (C) the Expected Remediation Costs to remediate such Structurally Unsound issue exceed the Remediation Cost Threshold*.*

"<u>Structurally Unsound Site</u>" means the Tower at the Portfolio Site is Structurally Unsound.

"<u>Subsequent Closing</u>" has the meaning set forth in <u>Section 2.5(b)</u>.

"<u>Subsequent Closing Date</u>" has the meaning set forth in <u>Section 2.7(a)</u>.

"<u>Subsequent Sale Site Subsidiary</u>" means any Sale Site Subsidiary formed in accordance with <u>Section 2.1</u> in connection with a Subsequent Closing.

"<u>Subsidiary</u>" means, with respect to any Person, any other Person: (a) of which at least 50% of the securities or ownership interests having by their terms ordinary voting power to elect a majority of the board of directors or other persons performing similar functions is directly or indirectly owned or controlled by such Person or by one or more of its Subsidiaries; or (b) of which such Person is the general partner.

"<u>Taken</u>" means, as to any Portfolio Site, a condemnation, foreclosure, deed in lieu of foreclosure, or similar proceeding, in each case, that is existing or pending as of the Initial Site Closing Date and involving a Lien or Ground Lessor Mortgage that results in (a) the Tower on such Portfolio Site being unusable as a communications tower, or (b) the ability of the Tower on such Portfolio Site to continue to be usable as a communications tower being materially impaired and the value of such Portfolio Site being materially impaired; and in any such case: (i) such Portfolio Site is identified as being Taken on the Signing Site Designation List; or (ii) (A) such Portfolio Site becomes Taken on or after the Signing Date and prior to the Initial Site Closing Date for such Portfolio Site, (B) such Portfolio Site is identified as Taken on the Closing Site Designation List for the Initial Site Closing Date for such Portfolio Site, and (C) the Expected Remediation Costs to remediate such Taken issue exceed the Remediation Cost Threshold.

"<u>Taken Site</u>" means a Portfolio Site with respect to which a pending or threatened written notice from the holder of an applicable Ground Lessor Mortgage, a Governmental Authority, and/or other Person has been received prior to the Initial Closing Date by a Commnet Party, which if the claims in such notice are determined to be accurate it would cause such Portfolio Site to be Taken.

"<u>Target Initial Closing Date</u>" means the date that is sixty (60) days after the Signing Date, unless such date is not a Business Day, in which case, the Target Initial Closing Date will be the first Business Day after such date.

"<u>Tax</u>" or "<u>Taxes</u>" means any and all impositions, fees (including license, documentation and registration fees), taxes (including income, capital gains, gross receipts, gross margin, ad valorem, excise, value-added, sales, use, transfer, franchise, capital stock, doing business, license, stamp, business and occupation, withholding, employment, escheat, unclaimed property, and payroll tax), Property Taxes, levy or duty, or other charge, assessment, deduction or withholding of any nature whatsoever, together with any fee, assessment, penalty, fine, addition to tax or additional amount with respect to any of the foregoing, and interest on any of the foregoing, in each case imposed by any Governmental Authority (whether imposed directly by a Governmental Authority or indirectly through any other Person, or determined by reference to the Tax liability of another Person under Treasury Regulation § 1.1502-6 (or any similar provision of state, or local Law), as a transferee or successor, by contract or otherwise); provided, however, that Tax does not include any amount assessed as a result of any failure to comply with any Environmental Law.

"<u>Tax Return</u>" means any return, report, statement, schedule, estimate, claim for refund, or other document filed or required to be filed with any Taxing Authority (including any amendment thereof or attachment thereto).

"<u>Taxing Authority</u>" means any Governmental Authority responsible for the imposition or administration of any Tax.

"<u>Termination Date</u>" has the meaning set forth in <u>Section 10.1(b)</u>.

"<u>Termination Fee</u>" has the meaning set forth in <u>Section 10.3(a)</u>.

"<u>Third Party Claim</u>" has the meaning set forth in <u>Section 9.3(a)</u>.

"<u>Third Party Claim</u> Notice" has the meaning set forth in <u>Section 9.3(a)</u>.

"<u>TIA</u>" means the Telecommunications Industry Association.

"<u>TIA Assessment</u>" means a written structural evaluation of a Tower performed using appropriately skilled personnel with expertise in telecommunications infrastructure reasonably acceptable to Buyer in accordance with the standards promulgated by the TIA, including the ANSI/TIA-222 standard.

"<u>Title Company</u>" means one or more national title insurance companies (or agents thereof) designated by Buyer.

"<u>Title Policies</u>" has the meaning set forth in <u>Section 7.17</u>.

"<u>Title Policy Affidavit</u>" means an affidavit executed and delivered in accordance with <u>Section 7.17</u> for a Sale Site, prior to or at the Closing in which such Sale Site becomes an Assignable Site by the Sale Site Subsidiary formed in connection with such Closing, in each case, in substantially the form set forth in <u>Exhibit M</u> hereto.

"<u>Title Report</u>" means a title search, a title insurance commitment, or a title insurance policy.

"<u>To Be Built Site</u>" means those Portfolio Sites identified as a "To Be Built Site" on the Signing Site Designation List where the Commnet Parties have not commenced or completed construction on the Portfolio Site, but construction of such Portfolio Site is expected to be completed prior to the Final Subsequent Closing Date. A To Be Built Site will cease to be a To Be Built Site at such time that construction is complete and such Portfolio Site has passed a Structural Analysis and a current TIA Assessment and, until such time, will be a Deferred Site.

"<u>Tower</u>" or "<u>Towers</u>" means the communications towers, poles, brackets, or other similar support structures (including, by way of example, silos and water towers) for Communications Equipment on the Portfolio Sites from time to time.

"<u>Tower Bonds</u>" means, collectively, any bonds, letters of credit, deposits or other security interests, in each case, relating to the removal of a Tower from a Portfolio Site.

"<u>Tower Related Assets</u>" means, with respect to each Tower at a Portfolio Site: (a) to the extent such rights are assignable or leasable, as the case may be, all rights to any warranties held by a Commnet Party exclusively with respect to such Tower; (b) to the extent such rights are assignable or leasable without Authorization, as the case may be, all rights under any Governmental Approvals (other than Governmental Approvals granted by the FCC or any public utilities commission that are not antenna structure registrations under Part 17 of the FCC rules) held exclusively with respect to the ownership or operation of such Tower (and of the related Sale Site if such Sale Site is an Owned Site), and that are not used by any Commnet Group Member in any part of their respective businesses and operations other than the Collocation Operations; (c) to the extent such rights are sublicensable or grantable (i) without Authorization; or (ii) without otherwise materially diminishing or limiting the rights of, or resulting in increased costs or expenses to, any Commnet Group Member (provided, however, that any cost or expense of sublicensing or granting such right that is reimbursed by Buyer shall not be considered in the determination of increased costs or expenses), as the case may be, a sublicense or other right to use any Governmental Approvals (other than Governmental Approvals granted by the FCC or any public utilities commission that are not antenna structure registrations under Part 17 of the FCC rules) not held exclusively with respect to, but held in part for the benefit of, the ownership or operation of such Tower (and of the related Sale Site if such Sale Site is an Owned Site); and (d) all Books and Records. Tower Related Assets does not include any intellectual property or intangible rights or any Excluded Assets.

"<u>Tower Subtenant</u>" means, as to any Sale Site: (i) any Person that: (a) is a "sublessee", "licensee", "sublicensee", "tenant" or "subtenant" under any Collocation Agreement affecting the right to use available space at such Sale Site (prior to the Initial Closing); or (b) subleases, licenses, sublicenses, or otherwise acquires from the applicable Sale Site Subsidiary the right to use available space at such Sale Site (at or after the Initial Closing); or (ii) with respect to Sale Sites subject to the Verizon Agreements, Verizon.

"<u>Tower Subtenant Communications Equipment</u>" means any Communications Equipment owned or leased by a Tower Subtenant (including any Commnet Communications Equipment and any Communications Equipment of Verizon that is subject to the Verizon Agreements).

"<u>Transaction Revenue Sharing Payment</u>" means any amounts payable, from time to time, to any Ground Lessor, whether as revenue sharing under the terms of any Ground Lease (as in effect on or prior to the Initial Site Closing Date for the applicable Portfolio Site), as percentage rent, as an additional lump sum payment, as a fixed periodic increase in rent or otherwise, in each case resulting from the payment contemplated by <u>Section 2.2(a)</u>, the payment of rent contemplated by the MLA(s), or otherwise in accordance with the terms of any Ground Lease.

"<u>Transaction Tax</u>" means all (A) Transfer Taxes, and (B) Taxes imposed on, based on or measured by or with reference to gross income or receipts, in each case imposed with respect to any transaction or payment that is contemplated by this Agreement or any Collateral Agreement.

"<u>Transfer Agreement</u>" has the meaning set forth in paragraph E(1) of the Recitals.

"<u>Transfer Taxes</u>" means all sales, use, license, value added, documentary, stamp, gross receipts, registration, real estate transfer, conveyance, excise, recording, and other similar Taxes and fees, including with respect to the transfer of Assignable Sites to the applicable Sale Site Subsidiary and the transfer of applicable Sale Site Subsidiary Interests to Buyer.

"<u>Transition Services Agreement</u>" has the meaning set forth in paragraph E(3)(E) of the Recitals.

"<u>Treasury Regulations</u>" shall mean any temporary or final regulations promulgated under the Code.

"<u>Under Construction Site</u>" means those Portfolio Sites identified as an "Under Construction Site" on the Signing Site Designation List where either: (i) the Commnet Parties have received a notice to proceed for the Portfolio Site; (ii) there is or will be at the Initial Site Closing Date for such Portfolio Site a Collocation Agreement (including the MLAs) where the duty of the Tower Subtenant (including any Commnet Party) to pay rent has commenced; or (iii) construction has commenced on the Portfolio Site and, in any case, the Commnet Parties have not yet completed construction of such Portfolio Site, but construction of such Portfolio Site is expected to be completed prior to the Final Subsequent Closing Date. An Under Construction Site will cease to be an Under Construction Site at such time that construction is complete and such Portfolio Site has passed a Structural Analysis and a current TIA Assessment and, until such time, may not be an Assignable Site.

*"*<u>Unindemnified Taxes</u>*"* shall mean all Taxes other than those for which a Commnet Party is responsible under <u>Section 2.11</u>.

"<u>Verizon</u>" means Cellco Partnership d/b/a Verizon Wireless and its successors and permitted assigns.

"<u>Verizon Agreements</u>" means: (i) the Carrier Managed Services Master Agreement, dated as of May 10, 2023, by and between Commnet (on behalf of itself and its Affiliates) and Verizon (on behalf of itself and its Affiliates) (as amended by Amendment No. 1, dated as of May 10, 2023) (the "<u>Verizon Master Agreement</u>"); (ii) the Master Equipment Lease Agreement, dated as of May 10, 2023, by and between Verizon, as lessor, and Commnet, as lessee; and (iii) any and all related documents, instruments, and agreements executed and delivered in connection with or pursuant to the foregoing from time to time; in each case, as the same may be amended, modified, and supplemented from time to time.

"<u>Verizon B2B MLA</u>" has the meaning set forth in paragraph E(3)(A) of the Recitals.

"<u>Verizon Master Agreement</u>" has the meaning set forth in the definition of Verizon Agreements.

"<u>Verizon CMS Space Sites</u>" means the Portfolio Sites that are subject to the Verizon Agreements and that are designated as a "Verizon CMS Space Sites" on the Portfolio Site Information List.

"<u>Willful and Intentional Breach</u>" means a breach or failure to perform that is a consequence of an act or omission undertaken by the breaching Party with the knowledge that the taking of, or failure to take, such act would, or could reasonably be expected to, cause a breach of this Agreement.

"<u>Zoning Laws</u>" means any zoning, land use or similar Laws, including Laws relating to the use or occupancy of any communications towers or property, building codes, development orders, zoning ordinances, historic preservation laws, and land use regulations.

1.2  **<u>Construction</u>** . Unless the express
 context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the words "hereof", "herein",
 and "hereunder" and words of similar import, when used in this Agreement, shall
 refer to this Agreement as a whole and not to any particular provision of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the terms defined in the singular have
 a comparable meaning when used in the plural, and vice versa, and the singular forms of nouns,
 pronouns and verbs shall include the plural and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any references herein to "$"
 are to United States Dollars;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any references herein to a specific Article,
 Section, Schedule or Exhibit shall refer, respectively, to Articles, Sections, Schedules
 or Exhibits of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any use of the words "or",
 "either" or "any" shall not be exclusive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) wherever the word "include",
 "includes", or "including" is used in this Agreement, it shall be
 deemed to be followed by the words "without limitation";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any document or item will be deemed "delivered",
 "provided" or "made available" by a Commnet Party to Buyer within
 the meaning of this Agreement only if such document or item is included in the Data Room
 and the Buyer and its authorized representatives had continuous, unrestricted access (subject
 to the confidentiality obligations under this Agreement or the Confidentiality Agreement)
 thereto for a period of at least three (3) Business Days prior to the Signing Date or
 the applicable Closing Date and such document or item is free of any redactions for a period
 of at least one (1) Business Day prior to the Signing Date or the applicable Closing
 Date; <u>provided</u>, <u>however</u>, that any documents or other items that are required
 to be "delivered", "provided" or "made available" hereunder
 by a specific date, shall be included in the Data Room free of any redactions by such specific
 date and the Buyer and its authorized representatives shall have unrestricted access thereto
 (subject to the confidentiality obligations under this Agreement or the Confidentiality Agreement);
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) references herein to any gender include
 each other gender.

1.3  **<u>Assignments; Transfers of Certain Assets and Liabilities</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding anything in this Agreement
 or any Collateral Agreement to the contrary, but without limiting any of the Parties'
 duties and obligations arising under this Agreement or any Collateral Agreement, neither
 this Agreement nor any Collateral Agreement shall constitute an assignment, sublease, transfer
 or other conveyance of any claim, contract, license, lease, sublease or commitment if an
 attempted assignment, sublease, transfer or other conveyance thereof, without the Authorization
 of a third-party thereto, would constitute a breach or violation thereof or in any way adversely
 affect the rights of any Sale Site Subsidiary thereunder, but only to the extent such Authorization
 has not been obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any Authorization described in <u>Section 1.3(a)</u> is
 not obtained, or if any attempt at an assignment, sublease, transfer or other conveyance
 thereof would be ineffective or would affect the rights of any Commnet Party thereunder so
 that the applicable Sale Site Subsidiary would not in fact receive all such rights (including
 all such rights under Collocation Agreements) or would affect the ability of the applicable
 Sale Site Subsidiary to obtain the benefits and rights contemplated by this Agreement and
 the Collateral Agreements, the applicable Commnet Party will: (i) enter into the Management
 Agreement with respect to contracts or agreements applicable to any Sale Site for which an
 Authorization has not been obtained pursuant to <u>Section 1.3(a)</u> (and, subject
 to <u>Section 4.2</u>, the Commnet Parties will be solely responsible for any commercially
 reasonable costs or expenses necessary to obtain any such Authorization); and/or (ii) use
 commercially reasonable efforts to implement alternative arrangements reasonably acceptable
 to Buyer and the applicable Commnet Party designed to ensure that, after any Closing, the
 applicable Sale Site Subsidiary obtains all such benefits and rights and is in the same legal
 position as the applicable Sale Site Subsidiary would have been if such Authorization had
 been obtained.

**Article II.** **<br> FORMATION OF THE SALE SITE SUBSIDIARIES;<br> TRANSFER AND CONSIDERATION**

2.1  **<u>Formation of a Sale Site Subsidiary for a Closing</u>** . On or prior to the each Closing Date, Alloy shall: (i) form an
 Sale Site Subsidiary by filing a certificate of formation, in the form set forth in <u>Exhibit N</u> hereto (each, a " <u>Sale Site Subsidiary Certificate of Formation</u> "), with
 the Secretary of State of Delaware; (ii) enter into a limited liability company agreement
 in the form attached as <u>Exhibit O</u> hereto (each, a " <u>Sale Site Subsidiary LLC Agreement</u> "); and (iii) cause such Sale Site Subsidiary to be duly qualified
 in each jurisdiction in which a Sale Site to be held by such Sale Site Subsidiary is located
 and, in each case, provide Buyer with evidence of the same.

2.2  **<u>Initial Closing Transactions</u>** .
 At the Initial Closing (or such earlier day specified below), the Parties will consummate
 the following transactions (which, except as otherwise provided below, shall be deemed to
 have occurred in the order listed below):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At least three (3) Business Days
 prior to the Initial Closing, Commnet will deliver any Payoff Letters required to release
 and discharge any Liens (other than Permitted Liens) on any Included Property relating to
 any Assignable Site to be included in the Initial Closing. The Parties will execute and deliver
 a closing statement for the Initial Closing and each other Closing (each, a " <u>Closing Statement</u> "), which Closing Statement shall be prepared in accordance with <u>Section 2.6</u> and will set forth, among other things, the amount of the Consideration for such Closing,
 the adjustments and prorations described in <u>Section 2.8</u>, <u>Section 2.9</u>,
 and as otherwise provided in this Agreement, and the payments to be made at the applicable
 Closing by Buyer to Commnet (on behalf of the Commnet Parties) and other third-parties pursuant
 to Payoff Letters, if any. At the Closing: (i) Buyer will pay the Consideration (less
 the Deposit Amount and the amounts to be paid to third-parties pursuant to the Payoff Letters,
 if any) to Commnet and make the other payments contemplated by such Closing Statement and
 Payoff Letters by wire transfer of immediately available funds; and (ii) Buyer and Commnet
 will execute and deliver to the Deposit Agent a joint written instruction directing the Deposit
 Agent to pay the Deposit Amount to an account designated by Commnet by wire transfer of immediately
 available funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Initial Sale Site Subsidiary shall
 enter into a Joinder Agreement (and Buyer and the Commnet Parties shall acknowledge and consent
 to such Joinder Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) With respect to the Assignable Sites,
 the applicable Commnet Party will convey, assign, transfer, and deliver to the Initial Sale
 Site Subsidiary, and the Initial Sale Site Subsidiary shall acquire, accept, and assume from
 the applicable Commnet Party, all of the applicable Commnet Party's right, title and
 interest in, to, and under the Included Property of such Assignable Sites (including the
 related Material Agreements), free and clear of all Liens (other than Permitted Liens), and
 all Post-Closing Liabilities with respect to such Assignable Sites, and the applicable Commnet
 Parties will retain responsibility for all Excluded Liabilities and Pre-Closing Liabilities,
 in each case, in accordance with the terms and conditions of a Transfer Agreement and, with
 respect to each Assignable Site that is an Owned Site, if any, an applicable State Specific
 Deed; <u>provided</u>, <u>however</u>, that, notwithstanding the foregoing, such transactions
 may, at the option of Commnet, be consummated one (1) Business Day prior to the Initial
 Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Commnet Parties, Buyer, and the Initial
 Sale Site Subsidiary, as applicable, will execute and deliver: (i) the MLAs with respect
 to the Assignable Sites, pursuant to which the Initial Sale Site Subsidiary will lease to
 the applicable Commnet Tenant the applicable Commnet Collocation Space at such Assignable
 Sites (which shall include Commnet entering into the applicable MLA with respect to corresponding
 space at any such Assignable Sites that are subject to a Firm Backlog Collocation Agreement);
 (ii) the Management Agreement with respect to each Managed Site, pursuant to which:
 (A) the applicable Commnet Party will grant to the Initial Sale Site Subsidiary the
 right to operate each Managed Site (including the Included Property thereof) and the duty
 to reserve and make the applicable Commnet Collocation Space at such Managed Site available
 for the use and possession of the applicable Commnet Party until such time as such Managed
 Site becomes an Assignable Site or an Excluded Site; and (B) the Initial Sale Site Subsidiary
 shall accept, assume, and perform, all Post-Closing Liabilities with respect to each Managed
 Site; and (iii) the Transition Services Agreement, pursuant to which the Commnet Parties
 will provide certain transition services to the Initial Sale Site Subsidiary after the Initial
 Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Commnet and Buyer will execute and deliver
 the Preferred Backhaul Provider Agreement, pursuant to which Commnet will become the preferred
 backhaul provider for Buyer and its Affiliates in the Commnet Markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Alloy will sell, convey, assign, transfer
 and deliver to Buyer all of the Sale Site Subsidiary Interests in the Initial Sale Site Subsidiary
 free and clear of all Liens, and Buyer shall purchase, acquire and assume such Sale Site
 Subsidiary Interests from Alloy, and Alloy and Buyer will execute and deliver a Sale Site
 Subsidiary Interests Assignment and Assumption Agreement pursuant to which such Sale Site
 Subsidiary Interests held by Alloy shall be transferred to Buyer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Parties shall duly execute and deliver
 the certificates and other contracts, documents, and instruments required to be delivered
 under <u>Section 8.2</u> and <u>Section 8.3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Commnet will instruct Datasite to provide
 Buyer with access to the Data Room that permits Buyer to print and download any documents
 and data that constitute Books and Records, which access shall not expire or terminate earlier
 than the date that is thirty (30) days following the Initial Closing Date.

2.3  **<u>Items Excluded from Transaction</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except for the Post-Closing Liabilities,
 and except as expressly agreed with respect to Taxes, none of Buyer, its Affiliates or any
 Sale Site Subsidiary shall assume any Liabilities of the Commnet Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything to the contrary
 contained in this Agreement, as a result of the consummation of the transactions contemplated
 by this Agreement, neither the Buyer nor any Sale Site Subsidiary shall lease, acquire, or
 have any rights with respect to, or obligations to the extent relating to: (i) the Excluded
 Assets, the Excluded Liabilities, or the Pre-Closing Liabilities; and (ii) any and all
 rights or obligations that accrue or shall accrue to any Commnet Group Member under this
 Agreement or any Collateral Agreement.

2.4  **<u>As Is, Where Is; Discharge of Liabilities</u>** .
 EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN THIS AGREEMENT (a) IT IS THE EXPLICIT INTENT
 OF EACH PARTY THAT THE PROPERTY BEING CONVEYED, ASSIGNED, TRANSFERRED, AND DELIVERED BY THE
 COMMNET PARTIES IS BEING SO CONVEYED, ASSIGNED, TRANSFERRED, AND DELIVERED "AS IS,
 WHERE IS," WITH ALL FAULTS, AND THAT THE COMMNET PARTIES ARE NOT MAKING ANY REPRESENTATION
 OR WARRANTY WHATSOEVER, EXPRESS OR IMPLIED, OTHER THAN THOSE EXPRESSLY GIVEN IN THIS AGREEMENT
 (WHICH SHALL SURVIVE ONLY TO THE EXTENT SET FORTH IN <u>SECTION 9.4</u>), INCLUDING
 ANY IMPLIED WARRANTY OR REPRESENTATION AS TO THE VALUE, CONDITION, MERCHANTABILITY, OR SUITABILITY
 AS TO ANY OF THE PORTFOLIO SITES OR THE TOWERS AND EQUIPMENT LOCATED THEREON (OR THE COLLOCATION
 AGREEMENTS), AND ANY REPRESENTATION OR WARRANTY AS TO THE ENVIRONMENTAL COMPLIANCE OR CONDITION
 OF THE PORTFOLIO SITES OR THE INCLUDED PROPERTY, AND (b) PURSUANT TO CERTAIN COLLATERAL
 AGREEMENTS, BUYER SHALL CAUSE EACH APPLICABLE SALE SITE SUBSIDIARY TO ASSUME AND PAY, HONOR,
 AND DISCHARGE WHEN DUE IN ACCORDANCE WITH THEIR TERMS ANY AND ALL POST-CLOSING LIABILITIES.
 NOTWITHSTANDING ANYTHING CONTAINED IN THIS AGREEMENT TO THE CONTRARY, NO REPRESENTATION OR
 WARRANTY CONTAINED IN THIS AGREEMENT IS INTENDED TO, OR DOES, COVER OR OTHERWISE PERTAIN
 TO ANY EXCLUDED ASSETS OR EXCLUDED LIABILITIES OR TAXES FOR WHICH AN COMMNET GROUP MEMBER
 IS RESPONSIBLE UNDER <u>SECTION 2.11</u>. THE FOREGOING SHALL IN NO WAY LIMIT ANY RIGHT
 OR REMEDY THAT THE BUYER MAY HAVE AGAINST ANY COMMNET PARTY RELATED TO FRAUD OR INTENTIONAL
 MISREPRESENTATION. THE COMMNET PARTIES, AS APPLICABLE, SHALL PAY, HONOR, AND DISCHARGE WHEN
 DUE IN ACCORDANCE WITH THEIR TERMS ANY AND ALL PRE-CLOSING LIABILITIES, EXCEPT TO THE EXTENT
 THAT SUCH PRE-CLOSING LIABILITIES ARE SUBJECT TO A DISPUTE BY THE COMMNET PARTIES AND, IF
 SUCH DISPUTE IS UNRESOLVED ON THE SIGNING DATE, SUCH DISPUTE IS IDENTIFIED ON <u>SECTION 2.4</u> OF THE COMMNET DISCLOSURE SCHEDULE.

2.5  **<u>Closings; Place and Dates</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Initial Closing</u>. The transactions
 described in <u>Section 2.2</u> shall take place at a closing (the " <u>Initial Closing</u> ") on the Target Initial Closing Date or on such earlier date as the Parties
 shall agree on in writing and shall be deemed to have occurred at 12:00 am (Eastern Time)
 on the Initial Closing Date; <u>provided</u>, <u>however</u>, that if the applicable conditions
 set forth in <u>Article VIII</u> have not been satisfied on or prior to the Target Initial
 Closing Date, the Initial Closing shall take place within ten (10) Business Days following
 the date that the applicable conditions set forth in <u>Article VIII</u> (other than
 conditions which are to be satisfied by delivery at the Initial Closing) have been duly satisfied
 or waived unless otherwise agreed by the Parties. The Initial Closing shall be conducted
 via the delivery of executed documents via mail or overnight delivery service or via the
 transmission of executed signature pages by facsimile or electronic mail; <u>provided</u>, <u>however</u>, that the Parties may mutually agree in writing to have a physical in person
 Closing at a mutually agreed upon location.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Subsequent Closings; Final Subsequent Closing</u>. The Parties shall hold a Closing (each a " <u>Subsequent Closing</u> ")
 to effectuate a Closing for any Managed Site that has become an Assignable Site since the
 prior Closing Date, any Deferred Site that has become a Managed Site or an Assignable Site
 since the prior Closing Date or, at the Final Subsequent Closing, any Managed Site or Assignable
 Site that has become an Excluded Site, and such Closing shall be deemed to have occurred
 at 12:00 am (Eastern Time) on such Closing Date. Each Subsequent Closing shall be conducted
 via the delivery of executed documents via mail or overnight delivery service or via the
 transmission of executed signature pages by facsimile or electronic mail.

2.6  **<u>Preparation of Closing Documents</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the terms and conditions of
 this Agreement (including <u>Section 4.3</u>), Commnet shall prepare (using, subject
 to the terms and conditions of this Agreement, the information set forth on the Portfolio
 Site Information List, the Signing Site Designation List, and the Closing Site Designation
 List for the applicable Closing) all the exhibits to the Collateral Agreements (except for
 the SLAs and Memorandum of SLAs, which shall be prepared in accordance with <u>Section 2.6(b)</u>),
 and the Closing Statement for such Closing, in a form reasonably acceptable to the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The SLA and Memorandum of SLA applicable
 to each Sale Site shall be prepared in accordance with, and at the times required by, the
 MLAs. The Parties shall cooperate with each other to cause changes to be made in the Memorandum
 of SLA for each Sale Site, if such changes are reasonably requested by either Party to evidence
 any changes in the description of such Sale Site or equipment or improvements thereof as
 may be agreed by the Parties in accordance with the MLAs, and the Party that requested such
 changes shall record the same at its sole cost and expense and shall promptly provide in
 electronic form a recorded copy of the same to the other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) From and after the Signing Date, to the
 extent that the public land records for a Sale Site either: (i) include a recorded Ground
 Lease (or memorandum thereof) that does not reflect the applicable Commnet Party as the named
 tenant of record under such Ground Lease; or (ii) do not reflect the applicable Commnet
 Party as the named owner of an Owned Site (collectively, the " <u>Previously Recorded Site Documents</u> ") and, in either case, any Ground Lessor Estoppel or other documentation
 obtained or prepared in connection with the transactions contemplated hereby does not cure
 this condition, Buyer shall notify Commnet and Commnet shall cooperate with Buyer, at the
 sole cost and expense of Commnet, to execute and deliver to Buyer such documentation as Buyer
 may reasonably request to correct the public land records with respect to such tenant or
 record or ownership (the " <u>Confirmatory Assignments</u> "); <u>provided</u>, <u>however</u>, that the execution and delivery of any Confirmatory Assignment shall not
 be a condition to any Closing or be a Managed Site Condition. In addition to the foregoing,
 with respect to any Assignable Sites, Buyer may prepare, at Buyer's sole cost and expense,
 (x) recordable assignments or memorandums of any assignments pursuant to a Transfer
 Agreement and (y) Non-Disturbance Agreements, and in each case, the Commnet Parties
 shall cooperate with Buyer, at the sole cost and expense of Buyer, to (A) execute and
 deliver to Buyer such requested documentation and (B) request such Non-Disturbance Agreements
 from the applicable Ground Lessors; <u>provided</u>, <u>however</u>, that the execution and
 delivery of any such documentation shall not be a condition to any Closing or be a Managed
 Site Condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) With respect to all Previously Recorded
 Site Documents for an Assignable Site, Buyer may prepare, and, at Buyer's reasonable
 request, the Commnet Parties shall cooperate with Buyer in Buyer's preparation of,
 and to execute, deliver, and record, all intermediate assignments from the original lessee
 under a Ground Lease to the applicable Commnet Party that have not been recorded in the public
 land records (collectively, the " <u>Corrective Assignments</u> "), in each case
 in form and substance reasonably satisfactory to Buyer and in form sufficient for recordation; <u>provided</u>, <u>however</u>, that the execution and recordation of such Corrective Assignments
 shall not be a condition to any Closing or be a Managed Site Condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject to any restrictions under a Ground
 Lease for a Portfolio Site, at or after the Closing for such Portfolio Site in which it becomes
 an Assignable Site, the Buyer or the applicable Sale Site Subsidiary may record a memorandum
 of lease with the applicable Governmental Authority in the name of name of the applicable
 Sale Site Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If, prior to or after the applicable Closing,
 any Party identifies, in its reasonable judgment, any corrections to any SLA, Memorandum
 of SLA, Confirmatory Assignment, Corrective Assignment, Ground Lessor Estoppel, Non-Disturbance
 Agreement, or other recorded document, such Party shall promptly notify the other Party and
 the Parties shall cooperate in good faith to effect an appropriate correction to that document
 and, if such document is a recorded document, to promptly record such corrected document
 in accordance with <u>Section 2.10</u>.

2.7  **<u>Subsequent Closings</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) After the Initial Closing, the Parties
 shall hold Subsequent Closings on such dates as either Commnet or Buyer may reasonably request
 (but in no event shall a Subsequent Closing be held on a day that is not a Business Day or
 more frequently than once every sixty (60) days (unless otherwise agreed to in writing by
 the Parties)), subject to the requesting Party providing the other Parties with at least
 five (5) Business Days' notice prior to the date of such Subsequent Closing (each,
 a " <u>Subsequent Closing Date</u> "); <u>provided</u>, <u>however</u>, that the
 Parties will hold the final Subsequent Closing (the " <u>Final Subsequent Closing</u> ")
 on the Final Subsequent Closing Date and, unless the Parties otherwise agree in writing,
 there shall be no Subsequent Closings after the Final Subsequent Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At each Subsequent Closing (or such earlier
 day specified below), the Parties will consummate the following transactions (which, except
 as otherwise provided below, shall be deemed to have occurred in the order listed below):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) At least three (3) Business Days prior
 to any Subsequent Closing, Commnet will deliver any Payoff Letters required to release and
 discharge any Liens (other than Permitted Liens) on any Included Property relating any Assignable
 Site to be included in the Subsequent Closing. At each Subsequent Closing, the Parties will
 execute and deliver the Closing Statement for such Subsequent Closing, and Buyer will pay
 the Consideration (less the amount required to pay to third parties under the applicable
 Payoff Letters, if any, and subject to the adjustments and prorations described in <u>Section 2.8</u>, <u>Section 2.9</u>, and as otherwise provided in this Agreement) to Commnet and make
 the other payments contemplated by such Closing Statement and Payoff Letters by wire transfer
 of immediately available funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Subsequent Sale Site Subsidiary shall
 enter into a Joinder Agreement (and Buyer, the other existing Sale Site Subsidiaries, and
 the Commnet Parties shall acknowledge and consent to such Joinder Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The applicable Parties will enter into:
 (A) with respect to each Portfolio Site that is converted into an Assignable Site at
 such Subsequent Closing, a Transfer Agreement and any other documentation necessary to evidence
 the sale, conveyance, assignment, transfer, and delivery to the applicable Sale Site Subsidiary
 of the applicable Commnet Party's right, title, and interest in, to, and under such
 Assignable Site, the Included Property of such Assignable Site and any other assets and property
 that would transfer at such time if the date of such Subsequent Closing had been the date
 of the Initial Closing; and (B) amended schedules or exhibits to all other applicable
 Collateral Agreements; in each case, in accordance with the Site Designations List for such
 Subsequent Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Alloy will sell, convey, assign, transfer
 and deliver to Buyer all of the Sale Site Subsidiary Interests in the applicable Subsequent
 Sale Site Subsidiary, free and clear of all Liens, and Buyer shall purchase, acquire and
 assume such Sale Site Subsidiary Interests from Alloy, in each case, pursuant to a Sale Site
 Subsidiary Interests Assignment and Assumption Agreement executed and delivered by Alloy
 and Buyer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Parties shall duly execute and deliver
 the certificates and other contracts, documents, and instruments required to be delivered
 under <u>Sections 8.5</u> and <u>Section 8.6</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Commnet will instruct Datasite to provide
 Buyer with access to the Data Room that permits Buyer to print and download any documents
 and data that constitute Books and Records, which access shall not expire or terminate earlier
 than the date that is thirty (30) days following the applicable Subsequent Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In addition, at the Final Subsequent Closing,
 the Parties will consummate the transactions contemplated by <u>Section 4.5</u>. The
 Closing Statement for the Final Subsequent Closing will also include the transactions contemplated
 by <u>Section 4.5</u>.

2.8  **<u>Adjustments to Allocated Site Consideration</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Short Term/No Ground Lease Adjustment</u>.
 If, prior to the Final Subsequent Closing for a Sale Site that is a Short Term/No Ground
 Lease, such Portfolio Site is no longer deemed a Short Term/No Ground Lease Site because
 such underlying Managed Site Condition has been cured, then: (A) the Allocated Site
 Consideration for such Portfolio Site will be reduced by an amount equal to the product of:
 (1) the Multiple, <u>times</u> (2) the amount by which, if any, the annualized
 monthly base ground rent (excluding any reimbursements, utilities, or other similar amounts)
 under the Ground Lease for such Portfolio Site in effect immediately after such cure exceeds
 the percentage set forth on <u>Schedule 2.8(a)</u> of the annualized monthly Base Ground
 Rent for such Portfolio Site (the " <u>Short Term/No Ground Lease Adjustment Amount</u> "),
 and (B) if the Initial Site Closing Date for such Portfolio Site had occurred prior
 to such cure and Buyer had paid Commnet the full Allocated Site Consideration (prior to giving
 effect to any such reduction) for such Portfolio Site at a prior Closing, then Commnet shall
 promptly pay the Short Term/No Ground Lease Adjustment Amount to Buyer without set-off or
 counterclaim by wire transfer of immediately available funds in accordance with Buyer's
 wire instructions at the Subsequent Closing immediately following such cure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Termination of Collocation Agreement Adjustment</u>. If, at any time after the Signing Date and prior to the Initial Site Closing
 for a Sale Site, one or more Collocation Agreements has been terminated with respect to such
 Sale Site, the Allocated Site Consideration for such Sale Site will be reduced by an amount
 equal to the product of: (A) the Multiple, <u>times</u> (B) the amount of the actual
 annualized monthly collocation base rent (excluding any reimbursements, utilities, or other
 similar amounts) under any such terminated Collocation Agreement(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Backlog Collocation Agreement and New Collocation Agreement Adjustments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Allocated Site Consideration for any
 Sale Site that is subject to any Prospective Backlog Collocation Agreement for which the
 Tower Subtenant has not commenced the payment of rent at the Initial Site Closing for such
 Sale Site will be reduced by an amount equal to the product of (A) the Multiple, <u>times</u> (B) the annualized monthly collocation base rent (excluding any reimbursements, utilities,
 or other similar amounts) under each such Prospective Backlog Collocation Agreement as set
 forth on <u>Schedule 3</u> hereto. If, at any time after the Initial Site Closing for a Sale
 Site and prior to the Final Subsequent Closing Date, the Tower Subtenant commences the payment
 of rent under a Prospective Backlog Collocation Agreement, then (A) the Allocated Site
 Consideration for such Sale Site will be increased by an amount equal to the product of the
 actual annualized monthly collocation base rent (excluding any reimbursements, utilities,
 or other similar amounts) payable under such Prospective Backlog Collocation Agreement, <u>times</u> the Multiple, and (B) Buyer shall pay such amount to Commnet at the Subsequent Closing
 immediately following such occurrence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Allocated Site Consideration for any
 Sale Site that is subject to any Firm Backlog Collocation Agreement will not be reduced if
 the Tower Subtenant has not commenced the payment of rent at the Initial Site Closing for
 such Sale Site; <u>provided</u>, <u>however</u>, that if the Tower Subtenant does not commence
 the payment of rent under a Firm Backlog Collocation Agreement prior to the Final Subsequent
 Closing, then, at the Final Subsequent Closing, (A) the Allocated Site Consideration
 for such Sale Site will be reduced by an amount equal to the product of (1) the Multiple, <u>times</u> (2) the annualized monthly collocation base rent (excluding any reimbursements,
 utilities, or other similar amounts) under each such Firm Backlog Collocation Agreement as
 set forth on <u>Schedule 3</u> hereto (with respect to each such Firm Backlog Collocation
 Agreement, the " <u>Firm Backlog Adjustment Amount</u> "), (B) Commnet will
 pay to Buyer such Firm Backlog Adjustment Amount, (C) the Parties will terminate the
 corresponding SLA to which a Commnet Party was a party (and, as applicable, amend the MLAs
 and Management Agreement to reflect such termination), and (D) Buyer will pay to Commnet
 any amounts received by Buyer, any applicable Sale Site Subsidiary, or any of their respective
 Affiliates or assigns from and after the Initial Site Closing Date under with respect to
 such SLA (under the MLAs or Management Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) For any Sale Site for which the Commnet
 Parties, after January 31, 2026 and prior to the Initial Site Closing Date for such
 Sale Site, (A) enter into an amendment to an existing Collocation Agreement that increases
 the base rent or enter into a new Collocation Agreement (other than a Backlog Collocation
 Agreement) in the ordinary course of business, consistent with past practices, and (B) such
 Tower Subtenant commences paying rent under such amendment or new Collocation Agreement prior
 to the Final Subsequent Closing Date, then the Allocated Site Consideration for such Sale
 Site will be increased by an amount equal to the product of: (1) for any such amendment
 to a Collocation Agreement, the amount of the increase in the actual net annualized monthly
 collocation base rent payable under such amendment to such Collocation Agreement; and (b) for
 any such new Collocation Agreement, the amount of the actual net annualized monthly collocation
 base rent payable under such new Collocation Agreement, <u>times</u> (2)(a) with respect
 to any such amendment or new Collocation Agreement with [\*\*\*] or their Affiliates, the Multiple;
 and (b) with respect to any other Tower Subtenant, an appropriate multiple mutually
 agreed upon by Buyer and Commnet based on the identity, credit worthiness, and other relevant
 factors; and, in each case, Buyer shall pay such amount to Commnet at the Subsequent Closing
 immediately following such occurrence; <u>provided</u>, <u>however</u>, that, notwithstanding
 the foregoing, the maximum number of such amendments to and new Collocation Agreements with
 the Commnet Parties or their Affiliates as the Tower Subtenant permitted under this <u>Section 2.8(c)(iii)</u> is
 limited to three (3).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Promptly after Buyer or Commnet learns
 that any Tower Subtenant has commenced paying rent under any Backlog Collocation Agreement,
 amened Collocation Agreement, or New Collocation Agreement, such party will promptly notify
 the other in writing (and provide reasonable supporting evidence of the same).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Expected Remediation Costs</u>. At
 any time prior to the Initial Site Closing for a Sale Site that would otherwise be a Managed
 Site in such Closing, upon the written consent of Commnet (which consent will not be unreasonably
 conditioned, delayed, or withheld), Buyer may elect to designate such Sale Site as an Assignable
 Site, the Allocated Site Consideration for such Sale Site will be reduced by the amount of
 the Expected Remediation Costs to cure the Managed Site Conditions to which such Sale Site
 is subject, and Buyer will assume the liability for such Managed Site Conditions at the Initial
 Site Closing for such Sale Site and will not have any recourse against the Commnet Parties
 for any such Managed Site Conditions. In addition, the Parties agree that: (i) the matters
 identified <u>Schedule 2.8(d)</u> hereto shall not constitute Managed Site Conditions
 and have been factored into the determination of the Allocated Site Consideration for the
 applicable Portfolio Sites, and (ii) Buyer will assume the liability for such Managed
 Site Conditions at the Initial Site Closing for each such Sale Site and will not have any
 recourse against the Commnet Parties for any such Managed Site Conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Other Potential Adjustments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Pass Through Real Estate Taxes*. With
 respect to each Portfolio Site listed on <u>Schedule 2.8(e)(i)</u>, if after the Initial
 Site Closing Date for any such Portfolio Site and prior to the Final Subsequent Closing Date,
 the Ground Lessor under the Ground Lease for any such Portfolio Site demands that the applicable
 Sale Site Subsidiary, as the lessee under such Ground Lease, needs to commence paying pass
 through real estate Taxes in accordance with the terms of the Ground Lease, then: (A) Buyer
 will notify Commnet in writing and provide Commnet with reasonable supporting documentation
 with respect to such demand; [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *Rural Exemption Sites*. With respect
 to the Portfolio Sites listed on <u>Schedule 2.8(e)(ii)</u> (the " <u>Rural Exemption Sites</u> "), the Commnet Parties have obtained rural exemptions that do not require
 the payment of any ground rent under the Ground Leases for such Rural Exemption Sites. During
 the period commencing on the Signing Date and ending on the Final Subsequent Closing Date,
 the Parties will cooperate and use commercially reasonable efforts to cause such exemptions
 to be transferred to the applicable Sale Site Subsidiary or obtain new rural exemptions in
 the name of the applicable Sale Site Subsidiary for such Real Exemption Sites. If, notwithstanding
 such efforts, prior to the Final Subsequent Closing Date, with respect to any Rural Exemption
 Site, such rural exemption cannot be transferred or obtained and the Ground Lessor under
 the Ground Lease for any such Rural Exemption Site demands that the applicable Sale Site
 Subsidiary, as the lessee under such Ground Lease, needs to commence paying ground rent in
 accordance with the terms of the Ground Lease as a result of the failure to have a rural
 exemption, then: (A) Buyer will notify Commnet in writing and provide Commnet with reasonable
 supporting documentation with respect to such demand; [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *Open Cash Proof Sites*. With respect
 to the Portfolio Sites listed on <u>Schedule 2.8(e)(iii)</u> (the " <u>Open Cash Proof Sites</u> "), prior to the Signing Date, Buyer has not been provided with sufficient
 documentation in order to complete a customary cash proof of the amount of ground rent payable
 under the applicable Ground Lease, the amount of collocation rent payable under the applicable
 Collocation Agreement(s), or other applicable expenses and reimbursements to enable Buyer
 to reconcile such amounts with the determination of the Allocated Site Consideration for
 such Open Cash Proof Sites in a manner consistent with the cash proofing completed by Buyer
 on the Portfolio Sites that are not Open Cash Proof Sites, in each case, with respect to
 the particular items identified on <u>Schedule 2.8(e)(iii)</u> (the " <u>Open Cash Proofs</u> "). During the period commencing on the Signing Date and ending on the Final
 Subsequent Closing Date, Commnet will use commercially reasonable efforts to provide Buyer
 with such documents or evidence of payment as may be reasonably necessary to complete the
 Open Cash Proofs. If Buyer is provided with or otherwise receives or obtains sufficient documentation
 or evidence of payment to reasonably complete an Open Cash Proof for an Open Cash Proof Site
 prior to its Initial Site Closing Date, Buyer will promptly notify Commnet in writing and
 there will be no adjustment to the Allocated Site Consideration for such Open Cash Proof
 Site, otherwise, for any Open Cash Proof Site for which the Open Cash Proofs have not been
 finalized in accordance with this <u>Section 2.8(e)(iii)</u> prior to the Initial
 Site Closing Date for such Open Cash Proof Site, the amount of the Allocated Site Consideration
 will be decreased by an amount equal to the " <u>Stipulated Open Cash Proof Amount (Annualized)</u> ",
 if any, specified on <u>Schedule 2.8(e)(iii)</u>, times the Multiple. If Buyer is not provided
 with or does not otherwise receive or obtain sufficient documentation or evidence of payment
 to reasonably complete the Open Cash Proofs for any such Open Cash Proof Site at least ten
 (10) days prior to the Final Subsequent Closing Date, then: (A) Buyer will provide
 Commnet with a written notice of a description of any such documentation deficiency and Buyer's
 reasonable determination of the amount of any discrepancy of the annualized monthly base
 ground rent under the applicable Ground Lease(s), the annualized monthly collocation base
 rent under the applicable Collocation Agreement(s), or the annualized monthly other applicable
 expenses and reimbursements; (B) the Parties will negotiate a mutually agreeable increase
 or decrease to the Allocated Site Consideration for such Portfolio Site (taking into account,
 among other things, whether the Allocated Site Consideration for such Portfolio Site was
 reduced by the Stipulated Open Cash Proof Amount at the Initial Site Closing for such Portfolio,
 the nature of such deficiency, discrepancy, and the Multiple); and (C) Commnet or Buyer,
 as applicable, shall pay such decrease or increase, as applicable, to the other Party at
 the Subsequent Closing immediately following such mutual agreement so long as such Portfolio
 Site remains a Sale Site in such Subsequent Closing; <u>provided</u>, <u>however</u>, that,
 no such amounts shall be payable by Commnet with respect to any Sale Site for which a Ground
 Lessor Estoppel or an estoppel from the Tower Subtenant under the Collocation Agreement has
 been obtained that validates the Open Cash Proof for such Sale Site.

2.9  **<u>Prorating of Revenue and Expenses</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as provided in the MLAs and the
 Management Agreement, as of the Initial Site Closing Date for each Sale Site, for purposes
 of determining Pre-Closing Liabilities and Post-Closing Liabilities and the allocation of
 Property Taxes between the Commnet Parties, on the one hand, and Buyer and the Sale Site
 Subsidiaries, on the other hand, prorations of receivables, payables, expenses, and revenue
 relating to the use, occupancy, and operation of the Included Property of such Sale Sites
 shall be made on an accrual basis in accordance with GAAP, and proration of Property Taxes
 shall be made in accordance with the allocation methodology set forth in the definition of
 Straddle Period, with the Commnet Parties being obligated to make any payments in respect
 of payables and expenses (including ground rent and Property Tax payments under Ground Leases),
 and being entitled to retain any receivables and revenue (including collocation revenue under
 Collocation Agreements and prepaid rent), in respect of events, and for periods and portions
 thereof ending prior to the Initial Site Closing Date for a Sale Site, and the applicable
 Sale Site Subsidiary being obligated to make any payments in respect of payables and expenses
 (including ground rent and Property Tax payments under Ground Leases), and being entitled
 to receive any receivables and revenue (including collocation revenue under Collocation Agreements
 and prepaid rent), in respect of events, and for periods and portions thereof beginning on
 or subsequent to the Initial Site Closing Date for a Sale Site. Without limitation to the
 foregoing, prior to the Initial Site Closing Date for a Sale Site, the applicable Commnet
 Party shall pay for all rent due under Ground Leases with respect to the calendar month immediately
 following the month in which the Initial Site Closing Date for a Sale Site occurs, which
 rent payments with respect to periods (or portions thereof) beginning on or subsequent to
 the Initial Site Closing Date for a Sale Site shall, for the avoidance of doubt, be added
 to the Consideration payable to Commnet at the Initial Site Closing Date for a Sale Site.
 The Parties shall work in good faith to determine and finalize any amounts due under this <u>Section 2.9</u> prior to the Initial Site Closing Date for a Sale Site. The net amount
 of the prorations set forth in this <u>Section 2.9</u> shall be credited to (or debited
 from) the Consideration payable by Buyer at the Initial Site Closing Date for a Sale Site; <u>provided</u>, that to the extent any such prorations are not finalized by such Initial
 Site Closing Date for a Sale Site, the Parties shall work in good faith to finalize as promptly
 as practicable, but in no event later than sixty (60) days after such Initial Site Closing
 Date (the " <u>Proration Dispute Resolution Deadline</u> "), and, subject to <u>Section 2.9(b)</u>,
 the appropriate Party will pay the other Party or Parties such net amount at that time. Notwithstanding
 the foregoing, the Parties recognize that the terms and conditions of any Ground Lease or
 Ground Leases may contain reconciliation periods for operating expenses, Property Taxes,
 utilities, or similar charge back items which may not be calculable by the Proration Dispute
 Resolution Deadline. In such case, the Proration Dispute Resolution Deadline shall be extended
 with respect to such Ground Lease or Ground Leases unless and until the reconciliation event
 has occurred, provided that in no event will the Proration Dispute Resolution Deadline be
 extended beyond two hundred seventy (270) days after the Initial Site Closing Date for a
 Sale Site.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any dispute regarding the prorations
 is not resolved in accordance with <u>Section 2.9(a)</u> and the Parties do not
 reach agreement on the disputed prorations on or prior to the applicable Proration Dispute
 Resolution Deadline in accordance with <u>Section 2.9(a)</u>, then, no later than ten
 (10) Business Days after the applicable Proration Dispute Resolution Deadline, the Parties
 will prepare, execute and deliver to the Financial Independent Consultant their own certificate
 (each, a " <u>Proration Certificate</u> ") that sets forth, with respect to each
 disputed proration, the prorations proposed by such Party, and submit all such disputed Prorations
 for resolution by the Financial Independent Consultant. For each disputed proration submitted
 to the Financial Independent Consultant, the Financial Independent Consultant must select
 either the proration proposed by Commnet or the proration proposed by Buyer, each as set
 forth in the applicable Proration Certificate, which selection will be set forth in a report
 prepared by the Financial Independent Consultant (the " <u>Financial Independent Consultant Proration Report</u> ") and submitted to the Parties. The Financial Independent Consultant
 shall make its determination as promptly as may be reasonably practicable, and the Parties
 will instruct the Financial Independent Consultant to endeavor to complete such Financial
 Independent Consultant Report within a period of no more than sixty (60) days after the dispute
 is submitted to the Financial Independent Consultant. The Financial Independent Consultant
 may conduct such proceedings as the Financial Independent Consultant believes, in its sole
 discretion, will assist in making its determination; <u>provided</u>, <u>however</u>, that,
 all communications between any Party or any of their respective representatives, on the one
 hand, and the Financial Independent Consultant, on the other hand, will, to the extent practicable,
 be in writing with copies simultaneously delivered to the non-communicating Parties and,
 if not practicable, may be by teleconference with a representative of each Party being present.
 The Financial Independent Consultant's determination will be final, binding, and conclusive
 on the Parties, effective as of the date the Financial Independent Consultant Report is received
 by the Parties. The Parties agree that (i) the dispute resolution process conducted
 pursuant to this <u>Section 2.9(a)</u> is the exclusive mechanism for the resolution
 of disputes with respect to prorations, and (ii) no action, suit, or proceeding may
 be brought in any other forum relating to any such matters. Each of Buyer, on the one hand,
 and the Commnet Parties, on the other hand, will bear one-half of the fees and expenses of
 the Financial Independent Consultant. Within five (5) Business Days after receipt of
 the Financial Independent Consultant Proration Report the appropriate Party will pay the
 other Party or Parties the net amount of the prorations set forth therein by wire transfer
 of immediately available funds to an account designated in writing by the other Party.

2.10  **<u>Recordation; Signage</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Commnet acknowledges and agrees that,
 from and after the Initial Site Closing Date for a Sale Site, Buyer shall be permitted to
 record, or cause to be recorded, and, if necessary, re-record, or cause to be re-recorded,
 any documents (including any Memorandum of SLA, Corrective Assignment, Confirmatory Assignment,
 Ground Lessor Estoppel, or Non-Disturbance Agreement) that are necessary or desirable (and
 consistent with the terms and conditions of this Agreement and the Collateral Agreements)
 to give effect to the transactions contemplated by this Agreement and the Collateral Agreements,
 in each case without any prior notice to or the prior consent of Commnet.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Prior to the recordation or re-recordation
 of any document, to the extent reasonably practicable, Buyer shall cause a copy thereof to
 be delivered to Commnet, and Buyer shall further cause a copy of the recorded or re-recorded
 document to be delivered to Commnet promptly after recordation thereof. The applicable Commnet
 Party shall execute all documents reasonably requested by Buyer to effect any such recordation
 or re-recordation and shall cooperate with Buyer in pursuing such recordation or re-recordation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Buyer and the applicable Sale Site Subsidiary
 shall, from and after the Initial Site Closing Date for a Sale Site, have the right to place,
 at its sole cost and expense, signage on any such Sale Site to put third parties on notice
 of its interest in such Sale Site, subject to compliance with applicable Laws and any Ground
 Lease applicable to such Sale Site in question.

2.11  **<u>Tax Matters</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Apportionment of Property Taxes</u>.
 Except as expressly provided in this Agreement or in the MLAs, but without duplication of
 any right to recovery provided in this Agreement, the Commnet Parties shall be responsible
 for, shall pay, and shall defend, indemnify, and hold harmless the Buyer for, all Property
 Taxes and other Taxes attributable to the ownership, operation, use, leasing, management,
 maintenance, or occupancy of any Sale Site allocable to the Pre-Closing Tax Period with respect
 to such Sale Site. Except as expressly provided in this Agreement or in the MLAs, Buyer and
 each applicable Sale Site Subsidiary shall be responsible for, shall pay, and shall defend,
 indemnify, and hold harmless the Commnet Parties for, all Property Taxes and other Taxes
 attributable to the ownership, operation, use, leasing, management, maintenance, or occupancy
 of any Sale Site allocable to the Post-Closing Tax Period with respect to such Sale Site.
 For the avoidance of doubt, each Party shall be responsible for its own Net Income Taxes
 and no Party shall be entitled to indemnification for its own Net Income Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Bulk Sales</u>. The Parties hereby
 waive compliance with the provisions of the "bulk sales," "bulk transfer"
 and similar Laws. It is understood and agreed by the Parties that (i) any Liabilities
 arising out of the failure of the Parties to comply with the requirements and provisions
 of any bulk sales, bulk transfer, or similar Laws of any jurisdiction with respect to the
 transactions contemplated by this Agreement shall be treated as Indemnified Taxes, (ii) neither
 Buyer nor any Sale Site Subsidiary shall have any liability with respect thereto and (iii) without
 duplication of any right to recovery provided in this Agreement, the Commnet Parties shall
 indemnify and hold harmless each of the Buyer Indemnified Parties for any such Liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Cooperation</u>. The Parties will
 furnish or cause to be furnished to each other, upon request, as promptly as practicable,
 such information and assistance relating to the Included Property transferred pursuant to
 this Agreement (including access to Books and Records) as is reasonably necessary for the
 filing of all Tax Returns, the making of any election relating to Taxes, the preparation
 for any audit by any Taxing Authority, and the prosecution or defense of any Claims relating
 to any Tax. Any expenses incurred in furnishing such information or assistance will be borne
 by the Party requesting it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Income Tax Treatment</u>. The Parties
 agree that (i) each Sale Site Subsidiary is intended to be classified as an entity that
 is disregarded as separate from its owner for US federal (and analogous state and local)
 income tax purposes, (ii) following the Initial Site Closing Date for any Managed Site,
 Buyer will be treated as the Tax owner of such Managed Site, and (iii) Buyer's
 purchase of the membership interest of a Sale Site Subsidiary at the Initial Closing Date
 for any Managed Site shall treated as a taxable purchase and sale of the assets of the applicable
 Sale Site Subsidiary and Managed Site, respectively, pursuant to Section 1001 of the
 Code (collectively, the " <u>Intended Tax Treatment</u> "). Each Party and their
 respective Affiliates will file all Tax Returns consistent with the Intended Tax Treatment.
 Each of the Parties agrees that it shall: (i) subject to any adjustments as a result
 of payments made in accordance with <u>Section 4.5</u>, be bound by the allocation of
 the Consideration (which allocation will include the amount of the Consideration allocable
 to the asset classes identified in IRS Form 8594) set forth in a Closing Statement delivered
 in accordance with <u>Section 2.6(a)</u> and <u>Section 2.7(b)</u> for
 purposes of determining Taxes (but not for any other purpose); (ii) prepare and file,
 and cause its Affiliates to prepare and file, its Tax Returns on a basis consistent with
 such allocation (including IRS Form 8594); and (iii) take no position, and cause
 its Affiliates to take no position, inconsistent with such allocation on any applicable Tax
 Return, except as otherwise required by Law or an Order. The Parties will use commercially
 reasonable efforts to agree upon such allocation prior to the Initial Site Closing Date for
 a Sale Site, but in any event, within ninety (90) days after the Initial Site Closing Date
 for a Sale Site; <u>provided</u>, <u>however</u>, that the allocation shall be prepared by
 the Parties in a manner consistent with the methodology (the " <u>Allocation Methodology</u> ")
 set forth on <u>Schedule 2.11(d)</u> hereto. Any dispute regarding the allocation will
 be resolved in accordance with the Allocation Methodology and the procedures set forth in <u>Section 2.9(b)</u>, <u>mutatis mutandis</u>, not later than ninety (90) days after
 the Initial Site Closing Date for a Sale Site. If such allocation is disputed by any Taxing
 Authority, then the Party receiving notice of such dispute shall promptly notify the other
 Parties of such dispute. For the avoidance of doubt, without limiting the generality of the
 foregoing, the Parties agree to treat the Initial Site Closing Date for a Managed Site as
 the date when all benefits and burdens of ownership of each such Managed Site have transferred
 and Buyer (through the acquisition of the membership interests of the applicable Sale Site
 Subsidiary or otherwise) will be treated as purchasing, and the applicable Commnet Party
 will be treated as selling, any such Managed Site as of the Initial Site Closing Date for
 such Managed Site.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Transfer Taxes</u>. All Transfer Taxes
 imposed as a result of the transactions contemplated by <u>Section 2.2(f)</u> and <u>Section 2.7(b)(iv)</u> shall be borne [\*\*\*]. Any Tax Returns that must be filed
 in connection with any Transfer Taxes will be prepared and filed by the party that has primary
 responsibility for filing such Tax Returns pursuant to the applicable Law. The parties hereto
 will cooperate with each other in filing such Tax Returns and minimizing the amount of any
 Transfer Taxes to the extent permitted by applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Withholding</u>. The Parties will be
 entitled to deduct and withhold from amounts payable pursuant to this Agreement any withholding
 Taxes or other amounts required under any applicable Law to be deducted and withheld; <u>provided</u>, <u>however</u>, that: (i) except with respect to any deduction or withholding as a result
 of a failure of a Party to deliver an IRS Form W-9 in accordance with applicable Law,
 any such Party will use commercially reasonable efforts to provide the other Parties with
 written notice of its intent to deduct and withhold any amounts otherwise payable to such
 other Parties at least three (3) Business Days prior to effecting such deduction and
 withholding, and shall reasonably cooperate with such other Parties to minimize any required
 deduction and withholding or to eliminate any such deduction or withholding, in each case,
 to the extent permitted by Law, and (ii) without limiting the foregoing, as of the Signing
 Date and absent a change in applicable Law, the Parties expect no payment required to be
 made by Buyer or its Affiliates, on the one hand, to Commnet or its Affiliates, on the other
 hand, under this Agreement or the Collateral Agreements to require withholding of any Tax
 under U.S. federal income Tax Law, subject to Buyer having received an IRS Form W-9
 from Commnet in accordance with this Agreement. To the extent that such amounts are so deducted
 or withheld, such amounts will be treated for all purposes of this Agreement as having been
 paid to the Person in respect of which such deduction and withholding was made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Survival</u>. Notwithstanding anything
 to the contrary contained in this Agreement, the agreements and indemnities contained in
 this <u>Section 2.11</u> shall survive indefinitely after the consummation of the transactions
 contemplated by this Agreement or the termination of this Agreement.

2.12  **<u>Integrated Transactions</u>** . The
 Parties acknowledge and agree that: (a) the transactions contemplated by this Agreement
 and the Collateral Agreements are dependent upon one another; (b) the Parties would
 not have entered into this Agreement and the Collateral Agreements unless this Agreement
 and all of the Collateral Agreements were being entered into as and when contemplated; and
 (c) this Agreement and the Collateral Agreements are to be treated as a single integrated
 and indivisible agreement for all purposes, including the Bankruptcy of any Party.

2.13  **<u>Deposit Amount</u>** . Within three
 (3) Business Days after the Signing Date, Buyer will pay by wire transfer of immediately
 available funds an amount equal to the Deposit Amount to the applicable account designated
 in the Deposit Agreement, which Deposit Amount will be held and applied by Deposit Agent
 in accordance with the terms of this Agreement and the Deposit Agreement. Any interest or
 income earned with respect to the Deposit Amount will be income of the Buyer, unless Commnet
 is paid the Deposit Amount in connection with the Initial Closing (in which case, such interest
 or income shall be paid to Commnet as part of the Consideration) or is paid the Termination
 Fee (in which case, such interest or income will be paid to Commnet as part of the Termination
 Fee).

**Article III.** **<br> SITE LISTS; PAYMENT OF CONSIDERATION**

3.1  **<u>Site Lists</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parties have mutually prepared in
 good faith the Signing Site Designation List, which categorically identifies, as of the Signing
 Date, the Parties' good faith determination of the Site Designations for each Portfolio
 Site as of the Signing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At least five (5) Business Days prior
 to each Closing Date, Buyer shall reasonably and in good faith prepare and deliver to Commnet
 an updated version (subject to modification by Commnet in accordance with <u>Section 4.3</u>,
 each a " <u>Closing Site Designation List</u> ") of the Signing Site Designation
 List or the most recent Closing Site Designation List, as applicable, which categorically
 identifies, as of the date thereof, the Site Designations for each Portfolio Site in accordance
 with this Agreement. For any Portfolio Site for which the Site Designations have changed
 since the Signing Site Designation List or the previous Closing Site Designation List, Buyer
 must deliver to Commnet, concurrently with delivery of such Closing Site Designation List,
 reasonable supporting documentation and/or copies of all applicable Authorizations (including
 any Consent Agreements or Notices) or evidence of other matters as the basis for such change
 to the extent not already provided in accordance with <u>Section 4.2</u>; <u>provided</u>, <u>however</u>, that, in no event, may the Site Designation for a Portfolio Site that was
 an Assignable Site in a Closing change to an Excluded Site, a Deferred Site, or a Managed
 Site.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Parties agree that, except for Buyer's
 and Commnet's covenants or other obligations expressly set forth in this <u>Section 3.1</u>,
 the matters described in this <u>Section 3.1</u> shall not be considered as representations,
 warranties, covenants, or obligations of any Party.

3.2  **<u>Payment of Consideration</u>** . Buyer
 agrees that the payments contemplated by <u>Section 2.2(a)</u> and <u>Section 2.7(b)</u> to
 be made by Buyer is non-refundable and that Buyer shall not have any right of abatement,
 reduction, setoff, counterclaim, rescission, recoupment, refund, defense, or deduction with
 respect thereto, including in connection with any event of default by any Commnet Party or
 any casualty or condemnation, in each case except as otherwise expressly provided by this
 Agreement or the Collateral Agreements.

**Article IV.** **<br> PROCEDURES FOR PORTFOLIO SITES**

4.1  **<u>General: Assignable Sites, Managed Sites, Deferred Sites, and Excluded Sites</u>** . Subject to and except as otherwise provided by
 the terms and conditions of this Agreement, if: (a) there are no Managed Site Conditions
 with respect to a Portfolio Site (other than an Excluded Site); or (b) all of the Managed
 Site Conditions with respect to a Portfolio Site (other than an Excluded Site) have been
 corrected or addressed, then, except as otherwise provided in this <u>Article IV</u>,
 such Portfolio Site will thereafter be treated as an "Assignable Site", otherwise,
 such Portfolio Site will either be a Deferred Site, a Managed Site, or an Excluded Site; <u>provided</u>, <u>however</u>, that, notwithstanding anything to the contrary in this Agreement,
 once the Initial Closing occurs: (i) any Assignable Site may not become a Deferred Site,
 a Managed Site, or an Excluded Site; and (ii) any Managed Site may not become a Deferred
 Site.

4.2  **<u>Certain Procedures with Respect to Identifying and Curing Managed Site Conditions.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) From and after the Signing Date until
 the later of: (i) the last Business Day of the month in which the first anniversary
 of the Initial Closing Date occurs; and (ii) [\*\*\*] (or such later date upon with the
 Parties may agree upon in writing, the " <u>Final Subsequent Closing Date</u> "),
 the Parties shall coordinate and cooperate in good faith to identify and cure any and all
 Managed Site Conditions (except for those Managed Site Conditions related to Excluded Sites)
 and to cause the conversion of any Deferred Sites and Managed Sites to Assignable Sites; <u>provided</u>, <u>however</u>, that, notwithstanding the foregoing, from and after the
 Initial Site Closing Date for a Portfolio Site, Buyer will not have the right to identify
 any additional Managed Site Conditions for such Portfolio Site except as set forth in the
 definition of "Open Diligence Site". In furtherance of the foregoing: (i) the
 Commnet Parties shall have principal responsibility, at their sole cost and expense (except
 as otherwise provided in this Agreement), for devising and implementing the strategy for
 curing any and all Managed Site Conditions; (ii) the Commnet Parties shall be permitted
 to unilaterally prepare and deliver (and re-deliver) Consent Agreements and receive Consents
 from and after the Signing Date; and (iii) the Commnet Parties shall, in the case of
 each Authorization that requires only notice to be delivered to a Person, deliver a Notice
 to each such Person prior to the Initial Site Closing Date for a Portfolio Site. If Buyer
 or its Representatives receive communications from any Person regarding any of the foregoing
 matters or the transactions contemplated by this Agreement, Buyer and its Representatives:
 (A) shall direct any such Person to contact Commnet; and (B) may respond to any
 unsolicited communications that are non-written, but only if a Representative of Commnet
 is present (or otherwise to communicate to such Person that Buyer is unable to otherwise
 respond to such Person without Commnet present). Each Party shall exercise its rights under
 this <u>Section 4.2(a)</u> in a reasonable and good faith manner intended to not
 interfere with the business activities or relationships of the other Parties. In no event
 will a Commnet Party agree to enter into any Ground Lease (including to cure the Managed
 Site Condition with respect to the Short Term/No Ground Lease Sites) or amend the terms of
 any Ground Lease or any Collocation Agreement to the extent it relates to a period after
 the Initial Site Closing Date for a Portfolio Site without the prior written approval of
 Buyer, which approval will not be unreasonably withheld, conditioned or delayed. Notwithstanding
 anything to the contrary in this Agreement, the Commnet Parties will not be obligated to
 pay any commercially unreasonable consent fee or other amount to any Ground Lessor in order
 to obtain a Consent or cure a Managed Site Condition under a Ground Lease unless the terms
 of the Ground Lease expressly require a Commnet Party to make such payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as otherwise provided in <u>Section 4.2(a)</u>,
 and without increasing Buyer's rights under <u>Section 4.2(a)</u>, with respect
 to each Sale Site, between the Signing Date and the conveyance, assignment, transfer and
 delivery of such Sale Site at the Initial Closing or a Subsequent Closing, as applicable,
 without the prior written consent of Commnet (which consent will not be unreasonably conditioned,
 delayed, or withheld), Buyer shall: (i) not initiate contact with any Ground Lessor
 or any other Person in connection with any notices or requests for consents to assignments,
 transfers, leases and subleases of Ground Leases, in each case without the prior written
 consent of Commnet (which such consent will not be unreasonably conditioned, delayed, or
 withheld); (ii) include Commnet in any written communications with any such Person (including
 Notices and Consents); (iii) to the extent reasonably practicable, not engage in any
 telephone conversations with any such Person without a representative of Commnet having been
 invited to participate on such call, and if a Representative of Commnet is not on such call,
 promptly following the conclusion of such call, notify Commnet of any such telephone conversations;
 (iv) obtain approval from Commnet for the content of any such communications (which
 such approval will not be unreasonably conditioned, delayed, or withheld); and (v) provide
 Commnet with copies of all written or other communications from such Persons; <u>provided</u>, <u>however</u>, that this <u>Section 4.2(b)</u> does not apply after the Initial
 Site Closing Date for any Portfolio Site that is an Assignable Site.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary
 contained in this Agreement, from and after the Final Subsequent Closing Date, the Parties
 may, in their respective discretion, continue any efforts, from time to time, to cure any
 remaining Managed Site Conditions for any Sale Sites or Deferred Sites, and the Parties shall
 execute and deliver such documentation as the other Parties may prepare and which is reasonably
 acceptable to the Parties, as reasonably requested from time to time with respect thereto,
 including execution of the documents required for additional Subsequent Closings. Buyer shall
 promptly reimburse, or cause to be reimbursed, the Commnet Parties for their reasonable,
 documented out-of-pocket costs and expenses related to providing assistance pursuant to this <u>Section 4.2(c)</u>, to the extent requested by Buyer, after the Final Subsequent
 Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Following the cure of any Managed Site
 Conditions with respect to a Sale Site, the Party that took the action that resulted in such
 cure shall promptly provide written notice to the other Parties, identifying the Sale Site
 or Deferred Site together with the related Managed Site Conditions that were cured and containing
 a brief statement regarding how such Managed Site Conditions were cured, which notice shall
 include for each applicable Sale Site or Deferred Site, copies of all applicable Authorizations
 (including any Consent Agreements or Notices) or other documentation that establish by clear
 and convincing evidence that any applicable Managed Site Conditions have been cured.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject to (i) the terms and conditions
 set forth in this <u>Section 4.2(e)</u>, (ii) contractual restrictions applicable
 to Buyer and its Affiliates and (iii) applicable Law, from and after the Initial Site
 Closing Date for a Sale Site that is subject to a Prospective Backlog Collocation Agreement,
 a Firm Backlog Collocation Agreement, or any uncured Managed Site Condition (collectively,
 the " <u>Access Sites</u> ") until the Final Subsequent Closing Date, the Commnet
 Parties shall, upon at least three (3) days prior notice (email will suffice) to Buyer,
 have the right to access each such Access Site and the related Tower, shelters, and other
 space and structures at such Access Site for the sole purpose of enabling the Commnet Parties
 to construct and prepare the Backlog Collocation Site for, and in compliance with, any Backlog
 Collocation Agreement and/or to cure any Managed Site Conditions (the " <u>Cure Activities</u> ").
 The Commnet Parties shall comply with the requirements set forth in <u>Schedule 4.2(e)</u> in
 connection with its access of the Access Sites and conduct of the Cure Activities. Neither
 Buyer nor any of its Affiliates will charge to any Commnet Party any additional consideration
 to access the Access Sites or to conduct the Cure Activities, but for clarity, except as
 otherwise provided in this Agreement, the Commnet Parties shall be responsible for all costs
 and expenses it incurs with third parties in connection with conducting the Cure Activities.
 In no event shall any Commnet Party take or permit any action in connection with access of
 the Access Sites and conduct of the Cure Activities that would reasonably be expected to
 impair or otherwise interfere with the use of the other assets located upon such Access Site
 or other operations being conducted at such Backlog Collocation Site, in each case, without
 the prior written consent of Buyer, which consent will not be unreasonably conditioned, delayed
 or withheld. The rights granted to the Commnet Parties in this <u>Section 4.2(e)</u> shall
 be self-effecting upon the applicable Initial Site Closing Date without further requirements
 of the Parties. Upon request from Commnet, Buyer shall use its commercially reasonable efforts,
 at Commnet's sole cost and expense, to cause the owner or manager of the applicable
 Access Sites to execute a stand along license memorializing the rights granted to the Commnet
 Parties under this <u>Section 4.2(e)</u>; <u>provided</u>, <u>however</u>, execution
 and delivery of such license is not necessary to establish or confirm the rights granted
 to the Commnet Parties under this <u>Section 4.2(e)</u>. The Commnet Parties shall,
 jointly and severally indemnify, defend, and hold harmless the Buyer Indemnified Parties
 for any claims, losses, or causes of action caused by any action by any Commnet Party and
 its Representatives in connection with access to the Access Sites provided under this <u>Section 4.2(e)</u> and
 the Cure Activities; <u>provided</u>, <u>however</u>, that the Commnet Parties shall not
 indemnify, defend, and hold harmless the Buyer Indemnified Parties for any claim, loss, or
 cause of action caused by: (A) the gross negligence or willful misconduct of any Buyer
 Indemnified Party; or (B) any physical condition existing on any Access Site prior to
 such Commnet Party's or its Representative's entry thereon (except for any incremental
 damage or exacerbation of any existing condition caused by such Commnet Party or its Representatives
 with respect to any such physical condition), except in the case of clause (B) with
 respect to any claim brought by a Representative or invitee of any Commnet Party and its
 Affiliates. The rights and obligations of the Parties under this <u>Section 4.2(e)</u> shall
 survive the Initial Site Closing Date for a Sale Site until the Final Subsequent Closing
 Date.

4.3  **<u>Certain Deferred Sites and Excluded Sites</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In addition to Commnet's other rights
 to designate a Portfolio Site as an Excluded Site in accordance with this Agreement, Commnet
 may elect, in its sole discretion, by written notice to Buyer given at any time prior to
 the date that is one (1) Business Day prior to the Closing Date for a Portfolio Site
 that would first be a Managed Site or Deferred Site in such Closing, to designate such Portfolio
 Site: (i) as an Excluded Site and permanently exclude such Portfolio Site from the transactions
 contemplated by this Agreement if the Expected Remediation Costs to cure the Managed Site
 Conditions for such Managed Site (other than an Under Construction Site or with respect to
 a Portfolio Site designated as an Assignable Site by Buyer under <u>Section 2.8(d)</u>)
 exceed the Remediation Cost Cap or if it is reasonably expected that such Managed Site Conditions
 could not be cured prior to the Final Subsequent Closing Date; or (ii) if such Portfolio
 Site is an Environmental Site (other than an Environmental Site designated by Buyer as an
 Assignable Site under <u>Section 2.8(d)</u>), as a Deferred Site for purposes of such
 Closing and exclude such Deferred Site from such Closing. The Closing Site Designation List
 for each Closing will be modified by any elections made by Commnet in accordance with this <u>Section 4.3(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon the designation of a Portfolio Site
 as an Excluded Site in accordance with this Agreement, all references to such Portfolio Site
 in the representations and warranties contained in this Agreement shall be deemed to have
 been deleted effective as of the Signing Date as if such representations and warranties were
 never made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) During the period between the Signing
 Date and the Final Subsequent Closing Date, the Commnet Parties shall use commercially reasonable
 efforts, at their sole cost and expense, to (i) complete construction on any Under Construction
 Sites and To Be Built Sites, (ii) enter into a Ground Lease for all Short Term/No Ground
 Lease Sites, and (iii) otherwise cure any Managed Site Conditions related to any Deferred
 Sites and Managed Sites. Commnet shall provide Notice to Buyer upon achieving (i), (ii),
 and (iii) above.

4.4  **<u>Managed Site Conditions</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If a Portfolio Site that was designated
 as an Assignable Site on the Signing Site Designation List and, at least five (5) Business
 Days prior to the Initial Closing Date, Buyer reasonably and in good faith determines that
 a Portfolio Site is subject to one or more Managed Site Conditions, then Buyer shall promptly
 notify Commnet in writing that it considers such Portfolio Site to be a Managed Site and
 provide Commnet with reasonable specificity as to the reasons therefor (including Section references
 to the applicable Managed Site Condition(s)) and the actions necessary to cure (if curable)
 the applicable Managed Site Condition(s) applicable to such Portfolio Site, and in such
 case, subject to <u>Section 2.8(d)</u> and <u>Section 4.3(a)</u>, such Managed
 Site shall be identified as a Managed Site on the Closing Site Designation List. Subject
 to <u>Section 2.8(d)</u> and <u>Section 4.3(a)</u>, until the Final Subsequent
 Closing Date Deadline, Commnet shall use commercially reasonable efforts at its sole cost
 and expense, to cure the Managed Site Condition(s) causing any Portfolio Site (other
 than an Excluded Site) to be a Managed Site or a Deferred Site.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as otherwise provided in this Agreement,
 if a Managed Site is not designated as an Excluded Site or a Deferred Site in accordance
 with <u>Section 4.3</u> or this Agreement or as an Assignable Site in accordance with <u>Section 2.8(d)</u>, then such Portfolio Site shall be deemed a Managed Site or a
 Deferred Site, as applicable, until such time as the Managed Site Conditions causing such
 Portfolio Site to be a Managed Site or a Deferred Site, as applicable, have been cured and
 Commnet has provided reasonable supporting documentation evidencing the cure of such Managed
 Site Conditions or such Portfolio Site becomes an Excluded Site in accordance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If Commnet is unable to cure the Managed
 Site Conditions resulting in such Portfolio Site (other than a Portfolio Site designated
 as an Excluded Site by Commnet in accordance with <u>Section 4.3</u> or <u>Section 4.4(a)</u>)
 being a Managed Site or a Deferred Site by the Final Subsequent Closing Date Deadline, Buyer
 may elect, in its sole discretion, to: (i) designate such Portfolio Site as an Excluded
 Site; or (ii) for any Managed Site, allow such Managed Site to continue as a Managed
 Site, by delivering written notice thereof to Commnet within five (5) Business Days
 after the Final Subsequent Closing Date Deadline. If Buyer does not deliver such notice within
 such five (5) Business Day period, then any such Managed Site will continue as a Managed
 Site and any Deferred Site will become an Excluded Site. If Buyer elects to designate such
 Managed Site as an Excluded Site, on the Final Subsequent Closing Date, such Managed Site
 will become an Excluded Site, and with respect to all such Excluded Sites and any Portfolio
 Sites otherwise designated as Excluded Sites in accordance with <u>Section 4.3</u> or <u>Section 4.4(a)</u> that were a Managed Site in a Closing, the Parties shall
 take all actions, make all payments, and execute all documents reasonably necessary (and
 any necessary amendments to existing documentation as appropriate) to ensure that the Parties
 are in the same legal position as they would have been if such Managed Site was an Excluded
 Site at the Initial Site Closing for such Managed Site, including rescinding the transaction
 that occurred with respect to such Managed Site at any Closing under this Agreement and the
 Collateral Agreements and, in accordance with <u>Section 4.5</u>, Commnet or Buyer,
 as applicable, paying the Net Amount for such Managed Site to Buyer or Commnet, as applicable.
 To the extent a Portfolio Site becomes an Excluded Site after the Initial Closing in accordance
 with this <u>Section 4.4(c)</u>, the Parties agree to treat the transactions described
 in this <u>Section 4.4(c)</u> and the return of the Excluded Site to the applicable
 Commnet Party as a separate Tax event at the time such transactions are consummated unless
 the Parties agree in writing to treat the transactions as effectuating a recission under
 applicable Tax Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any dispute regarding whether a Portfolio
 Site is a Managed Site will be resolved in accordance with <u>Section 4.6</u>. Without
 limiting Commnet's duties under this <u>Section 4.4</u>, Buyer shall coordinate
 with Commnet prior to Buyer incurring any out-of-pocket costs and expenses in connection
 with any efforts to cause the circumstances causing any Portfolio Site to be a Managed Site
 to be cured. If Commnet approves the incurrence of such costs and expenses in writing, Commnet
 shall be responsible for reimbursing, and shall promptly (but in any event no later than
 sixty (60) days following request with reasonable detail therefor) reimburse, Buyer for all
 approved commercially reasonable and documented out-of-pocket costs and expenses incurred
 by it in connection with any efforts to cause the Managed Site Condition(s) causing
 any Portfolio Site to be a Managed Site to be cured.

4.5  **<u>Payment of the Aggregate Net Amount</u>** . If applicable, Commnet or Buyer, as applicable, shall make
 payment to Buyer or Commnet, as applicable, on the Final Subsequent Closing Date (or, with
 respect to any Portfolio Site subject to a pending Site Designation Dispute as of the Final
 Subsequent Closing Date Deadline, as soon as practicable thereafter and without duplication),
 of an amount equal to, without duplication, the aggregate Net Amount for each Portfolio Site
 that became an Excluded Site and was returned to the applicable Commnet Party after the Initial
 Closing and on or prior to the Final Subsequent Closing Date in accordance with <u>Sections 4.4(a)</u>, <u>4.4(c)</u>, or <u>4.6</u>, or otherwise in accordance with this Agreement.
 The amount of the Allocated Site Consideration included in such aggregate payment shall be
 treated as an adjustment to the paid Consideration. In addition, if Buyer has paid or received
 any amounts that constitute a Net Amount after the Initial Site Closing Date for any such
 Portfolio Site and prior to the Final Subsequent Closing Date Deadline, then no later than
 five (5) Business Days following the Final Subsequent Closing Date Deadline, Buyer will
 provide Commnet with reasonable supporting documentation thereof, and the Parties will work
 reasonably and in good faith to mutually agree upon the aggregate Net Amount to be paid in
 accordance with this <u>Section 4.5</u>. In furtherance of the foregoing, the Parties
 shall execute and deliver, as applicable: (a) amended schedules and exhibits to the
 MLAs; (b) amended schedules and exhibits to the Management Agreement; and (c) amended
 schedules or exhibits to all other applicable Collateral Agreements. The sole and exclusive
 rights and remedies of the Parties with respect to adjustments to Consideration, payment
 of the aggregate Net Amount, and matters relating to Site Designation are set forth in this <u>Article IV</u>, and except as expressly provided otherwise in this <u>Section 4.5</u> with respect to the calculation and the payment of the aggregate Net Amount, the Parties
 shall have no other rights or remedies with respect to such matters after the Final Subsequent
 Closing. Notwithstanding anything to the contrary in this Agreement or any Collateral Agreement:
 (i) the Commnet Parties shall not have a right, nor shall anything in this Agreement
 be construed to grant such a right, to setoff or deduct from any amounts due and payable
 to Buyer pursuant to any Collateral Agreement on account of any amounts due and owing to
 any Commnet Party by Buyer pursuant to this Agreement; and (ii) Buyer shall have no
 right, nor shall anything in this Agreement be construed to grant such a right, to setoff
 or deduct from any amounts due and payable to any Commnet Group Member pursuant to this Agreement
 on account of any amounts due and owing to Buyer or any Affiliate of Buyer by any Commnet
 Group Member pursuant to any Collateral Agreement.

4.6  **<u>Dispute Resolution</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parties intend to provide for an expedited
 dispute resolution process that shall resolve any and all disputes solely with respect to
 the Site Designation of any Portfolio Site (each a " <u>Site Designation Dispute</u> ").
 As such, any Site Designation Dispute shall be subject to the dispute resolution process
 provided in this <u>Section 4.6</u>. Should a Party wish to initiate a dispute resolution
 process with respect to any Site Designation Dispute, it shall first deliver to the other
 Parties a written notice (a " <u>Notice of Dispute</u> ") that specifies in reasonable
 detail the Site Designation Dispute that such Party wishes to have resolved; <u>provided</u>, <u>however</u>, that: (i) to the extent practicable, any such notice must be delivered
 at least thirty (30) days prior to the Final Subsequent Closing; and (ii) Buyer may
 not dispute any Site Designation set forth on the Closing Site Designation List except to
 the extent that it discovers any Managed Site Conditions after the delivery of the Closing
 Site Designation List for the Initial Closing and delivers written notice of such dispute
 to Commnet prior to the Initial Closing. Any Portfolio Site subject to a bona fide Site Designation
 Dispute will be deemed a Managed Site until such Site Designation Dispute is resolved in
 accordance with this <u>Section 4.6</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Parties are not able to resolve
 a Site Designation Dispute within ten (10) days of a Party's receipt of the applicable
 Notice of Dispute, then such Site Designation Dispute shall be promptly submitted to the
 Legal Independent Consultant for resolution and the Legal Independent Consultant shall determine
 the Site Designation of the Portfolio Site subject to such Site Designation Dispute. The
 Parties shall cooperate with the Legal Independent Consultant and shall proceed reasonably
 and in good faith to endeavor to cause the Legal Independent Consultant to resolve any Site
 Designation Dispute no later than ten (10) days after the Site Designation Dispute is
 submitted to the Legal Independent Consultant. Buyer, on the one hand, and Commnet, on the
 other hand, each shall pay one-half of the fees and expenses of the Legal Independent Consultant.
 The Legal Independent Consultant's resolution of the disagreement shall be reflected
 in a written report, which report shall be delivered promptly to Buyer and Commnet and shall
 set forth the Legal Independent Consultant's determination of the Site Designation
 for the Portfolio Site subject to the Site Designation Dispute. Judgment may be entered upon
 the Legal Independent Consultant's report in any court having jurisdiction over the
 Party against which such report is to be enforced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Legal Independent Consultant conducting
 any dispute resolution shall be bound by, and shall not have the power to modify, the provisions
 of this Agreement, any Collateral Agreement, or any other related agreements, instruments,
 and other documents. Unless otherwise provided in this Agreement, each Party shall pay its
 own costs, fees, and expenses (including for counsel, experts and presentation of proof)
 in connection with any dispute resolution under this <u>Section 4.6</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Party agrees that the dispute resolution
 process conducted pursuant to this <u>Section 4.6</u> is the exclusive mechanism for
 the resolution of disputes with respect to Site Designation Disputes and agrees that no action,
 suit, or proceeding may be brought in any other forum relating to any such matters. All determinations
 of Site Designation in accordance with this <u>Section 4.6</u> are final and conclusively
 binding on the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) With respect to all Site Designation Disputes
 resolved after the Initial Closing Date, on the date that is twenty (20) Business Days after
 the final date of such resolution, the Parties shall take all actions, make all payments,
 and execute all documents reasonably necessary (and any necessary amendments to existing
 documentation as appropriate) to ensure that the Parties are in the same legal position as
 they would have been if the Site Designation(s) for such Portfolio Site(s) was
 properly determined at the Initial Site Closing for such Portfolio Site, including, if applicable:
 (i) rescinding the transaction(s) that occurred with respect to such Portfolio
 Site(s) at any Closing under this Agreement and the Collateral Agreements and, in accordance
 with <u>Section 4.5</u>, Buyer or Commnet, as applicable, paying the Net Amount for
 such Portfolio Site(s) to Commnet or Buyer, as applicable; and (ii) executing and
 delivering, as applicable, (A) amended schedules and exhibits to the MLAs, (B) amended
 schedules and exhibits to the Management Agreement, and (C) amended schedules or exhibits
 to all other applicable Collateral Agreements, in each case, in order to reflect the revised
 Site Designation(s).

**Article V.** **<br> REPRESENTATIONS AND WARRANTIES OF THE COMMNET PARTIES**

Except for any uncured Managed Site Conditions that are identified in reasonable detail on the Signing Site Designation List or a Closing Site Designation List, as applicable, and except as disclosed in the corresponding sections or subsections of the Commnet Disclosure Schedule (it being agreed that, notwithstanding the foregoing, disclosure of any item in any section of the Commnet Disclosure Schedule shall be deemed disclosure of such item with respect to any other section of the Commnet Disclosure Schedule to the extent that the relevance of such item to such other section is reasonably apparent from the face of such disclosure), each Commnet Party, jointly and severally, represents and warrants to Buyer as of the Signing Date, the Initial Site Closing Date, and each Subsequent Closing, respectively, as follows:

5.1  **<u>Organization</u>** .
 Each Commnet Party is a limited liability company duly organized, validly existing, and in
 good standing under the laws of the state of its organization with the requisite power and
 authority to carry on its business (including the ownership, lease, and operation of the
 Included Property of the Sale Sites) as it is now being conducted and is duly qualified and
 in good standing as a foreign entity in each jurisdiction in which the character of the Included
 Property owned, leased, or operated by it requires such qualification.

5.2  **<u>Authority; Enforceability; No Conflicts</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Commnet Party has the requisite power
 and authority to execute and deliver this Agreement, to perform its obligations under this
 Agreement, and to consummate the transactions contemplated by this Agreement, and each Commnet
 Party has the requisite power and authority to execute and deliver each Collateral Agreement
 to which it is a party, to perform its obligations thereunder, and to consummate the transactions
 contemplated thereby. The execution and delivery by each Commnet Party of this Agreement
 and the consummation of the transactions contemplated by this Agreement have been, and the
 execution and delivery by each Commnet Party of the Collateral Agreements to which it is
 a party and the consummation of the transactions contemplated thereby shall have been on
 or prior to the Signing Date, duly authorized by all requisite action of each Commnet Party.
 Each Commnet Party has duly executed and delivered this Agreement. Each Commnet Party: (i) on
 the Initial Closing Date shall have duly executed and delivered each of the Collateral Agreements
 to which it is a party (if any); and (ii) on each Subsequent Closing Date, shall have
 duly executed and delivered the amended schedules and exhibits to the existing, or new, Collateral
 Agreements to which it is a party, as the case may be. Assuming the due execution and delivery
 of each such agreement by each party thereto other than each Commnet Party, this Agreement
 is the legal, valid, and binding obligation of each Commnet Party, and on the Initial Closing
 Date each of the Collateral Agreements to which each Commnet Party is a party (as amended
 at such time and as theretofore amended) shall be the legal, valid, and binding obligation
 of each Commnet Party, in each case enforceable against it in accordance with its respective
 terms, subject to the effect of Bankruptcy, insolvency, reorganization, moratorium, or other
 similar Laws relating to or affecting the rights of creditors generally and to the effect
 of the application of general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution, delivery, and performance
 by each Commnet Party of this Agreement and by each Commnet Party of each of the Collateral
 Agreements to which it is a party (if any), and the consummation of the transactions contemplated
 hereby and thereby on their terms and conditions, do not (or would not if it were a party
 hereto) and shall not, with or without notice or lapse of time or both, result in: (i) a
 breach or violation of, or a conflict with, any provision of the constituent documents of
 each Commnet Party; (ii) subject to such filings, compliance, investigation, or other
 action as may be required under the HSR Act, a breach or violation of, or a conflict with,
 any provision of Law or a Governmental Approval (excluding any Governmental Approval from
 a Governmental Authority in its role as a Ground Lessor under a Ground Lease) to which each
 Commnet Party or the Included Property is subject; or (iii) subject to <u>Section 1.3</u>,
 a breach or violation of, or a conflict with, constitute a default under, or permit the acceleration
 of any Liability or result in the creation of any Lien, other than Permitted Liens, upon
 any of the properties or assets constituting Included Property of any Commnet Party under,
 any Material Agreements (including any Material Agreement with a Governmental Authority in
 its role as a Ground Lessor under a Ground Lease).

5.3  **<u>Title to Property; Sufficiency</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Prior to the transfer to a Sale Site Subsidiary
 pursuant to a Transfer Agreement: (i) the applicable Commnet Party holds: (A) a
 valid and existing leasehold, subleasehold, easement, license or sublicense, marketing or
 development right, co-marketing or co-development right, permit, possessory, or other similar
 valid interest in the Leased Sites Land related to each Sale Site pursuant to the applicable
 Ground Lease(s); and (B) good and marketable fee simple title to the Owned Site Land,
 in each case free and clear of all Liens, except for Permitted Liens; and (ii) the applicable
 Commnet Party owns or has rights in all right, title and interest in, to, and under all of
 the Included Property of each Sale Site (other than the Land related to such Sale Site),
 free and clear of any Liens, except for Permitted Liens.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Prior to or at the Initial Site Closing
 Date with respect to each Assignable Site, such good and marketable fee simple title to the
 Owned Site Land and such good and marketable title to, or such valid and existing leasehold,
 subleasehold, easement, license or sublicense, marketing or development right, co-marketing
 or co-development right, permit, possessory or other similar valid interest in, to, and under,
 and all other rights and interests of the applicable Commnet Party in, or has rights in,
 to, and under, all of the Included Property of such Assignable Site (other than the Owned
 Site Land related to Owned Sites) shall pass to the applicable Sale Site Subsidiary pursuant
 to the applicable Transfer Agreement, in each case free and clear of all Liabilities except
 for Post-Closing Liabilities relating to such Assignable Site and except for Unindemnified
 Taxes, and free and clear of all Liens, except for Permitted Liens.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The applicable Commnet Party owns or has
 rights in all right, title and interest in, to, and under all personal property included
 within the definition of Included Property of each Sale Site, free and clear of any Liens,
 except for Permitted Liens. At the Initial Site Closing Date with respect to each Assignable
 Site, such good and marketable title to, or such valid and existing leasehold, subleasehold,
 easement, license or sublicense, marketing or development right, co-marketing or co-development
 right, permit, possessory or other similar valid interest in, to, and under, and all other
 rights and interests of the applicable Commnet Party in, or has rights in, to, and under,
 all personal property included within the definition of the Included Property of such Assignable
 Site shall pass to the applicable Sale Site Subsidiary, in each case free and clear of all
 Liabilities except for Post-Closing Liabilities relating to such Assignable Site and except
 for Unindemnified Taxes, and free and clear of all Liens, except for Permitted Liens. Except
 for Portfolio Sites identified on the Portfolio Site Information List as not having a recorded
 Ground Lease, all Ground Leases evidencing a Commnet Party's right or interest in or
 to a Sale Site have been duly recorded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Included Property of each Sale Site
 is sufficient for the continued conduct of the business at such Sale Site after the Initial
 Site Closing for such Sale Site in substantially the same manner as conducted by the applicable
 Commnet Party prior to such Initial Site Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Portfolio Site Information List sets
 forth a true, correct, complete and accurate list and summary of the information contained
 therein with respect to each Portfolio Site. Commnet has provided Buyer true, correct and
 complete copies of all documentation reasonably requested by the Buyer prior to the Signing
 Date that supports such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The information provided in <u>Schedule 3</u> hereto is true, correct, and accurate summary of the information contained therein.

5.4  **<u>Real Property</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) No Commnet Party is a party to,
 and no Sale Site or any Included Property thereof is subject to or bound by, any Contract
 with any Person (other than this Agreement) to transfer or encumber all or any portion of
 any Sale Site (excluding, for these purposes, the rights of the Tower Subtenants under the
 Collocation Agreements, Permitted Liens, and any Ground Lessor's reversionary interest
 in a Tower upon the termination of the respective Ground Lease or right to use a portion
 of such Tower during the term of the Ground Lease without additional payment, which such
 rights are set forth in the applicable Ground Lease).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As of the Signing Date and Initial Site
 Closing Date for a Sale Site, respectively: (i) no Commnet Party has received written
 or, to the Knowledge of any Commnet Party, oral notice that any condemnation, rezoning, or
 other proceedings that could materially affect a Sale Site have been instituted; and (ii) to
 the Knowledge of the Commnet Parties, no such proceedings are pending or threatened with
 respect to any Sale Site.

5.5  **<u>Other Property and Insurance</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except for Under Construction Sites and
 To Be Built Sites, each Sale Site includes a Tower and Improvements in each case that are
 operational, in good order and repair, and structurally sufficient for their current use
 and occupancy (consistent with industry standards for wireless communications towers and
 improvements) and each Sale Site includes Tower Related Assets that are in good working order
 and repair in satisfactory order and repair (consistent with industry standards for wireless
 communications towers and improvements); <u>provided</u>, <u>however</u>, that the Commnet
 Parties make no representations or warranties with respect to any Excluded Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except with respect to Under Construction
 Sites and To Be Built Sites, true, correct, and complete copies of all current TIA Assessments
 and Structural Analyses in the possession or under the control of a Commnet Party with respect
 to each Tower located on each Portfolio Site have been made available to Buyer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except with respect to the Under Construction
 Sites and the To Be Built Sites: (i) each Sale Site has the right to install, maintain,
 and use utilities or a generator for provision of electric power and access to a form of
 telecommunications service; (ii) the utility services currently available to each Sale
 Site are adequate for the present customary use of such Sale Site and, to the Knowledge of
 the Commnet Parties, there is no condition, individually or in the aggregate, which will
 result in the termination of such utility services to such Sale Site; (iii) no action
 is pending or, to the Knowledge of the Commnet Parties, threatened, or condition or event
 existing which, individually or in the aggregate, would have the effect of terminating or
 limiting such utilities; and (iv) the Commnet Parties have not received any notice that
 any costs of installation of such utility services have not been fully paid and, to the Knowledge
 of the Commnet Parties, all such costs have been paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except as set forth on <u>Section 5.5(d)</u> of
 the Commnet Disclosure Schedule, each Sale Site has vehicular ingress and egress to public
 streets or private roads that is suitable for the purposes used by the Commnet Parties in
 the ordinary course of business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Included Property of the Sale Sites,
 taken as a whole, have been operated and maintained, in all material respects, in the ordinary
 course of business and consistent with past practice and in accordance with industry standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Commnet Parties maintain policies
 of fire and extended coverage and casualty, liability and other forms of insurance relating
 to the ownership and operation of each Sale Site and the Included Property thereon in such
 amounts and against such risks and losses as are customary for similar businesses and assets
 similarly situated. As of the Initial Closing, all such insurance policies will be in full
 force and effect; all premiums due thereon will have been paid by the Initial Sale Site Subsidiary
 through the Initial Closing Date; and the Initial Sale Site Subsidiary will otherwise be
 in compliance with the terms and provisions of such policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Section 5.5(g)</u> of the
 Commnet Disclosure Schedule sets forth a true, correct and complete list of all Tower Bonds
 with respect to each Sale Site.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Except for the To Be Built Sites and the
 Under Construction Sites, each Portfolio Site and the Included Property thereon has been
 constructed in compliance with the NSB Agreement, the SPP Agreement, the AT&T Build Agreements,
 or the Verizon Agreements in all material respects.

5.6  **<u>Material Agreements</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Section 5.6(a)</u> of the
 Commnet Disclosure Schedule contains a true, correct, complete and accurate list and summary
 of the information contained therein with respect to each Material Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as set forth on <u>Section 5.6(b)</u> of
 the Commnet Disclosure Schedule, true, correct and complete copies of all Material Agreements
 (including any Master Collocation Agreements) as in effect on the Signing Date have been
 made available to Buyer in the Data Room or, to the extent such Material Agreements are amended,
 waived or entered into after the Signing Date in accordance with this Agreement, will have
 been made available to Buyer in accordance with <u>Section 7.4(b)</u> or <u>Section 7.4(h)</u> or
 in the Data Room at two (2) Business Days prior to the Initial Site Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Material Agreement: (i) is in
 full force and effect (except with respect to Material Agreements that expire in accordance
 with their terms after the Signing Date, are on a month-to-month or year-to-year basis in
 accordance with applicable Law, or are terminated in accordance with their terms and, if
 terminated by the applicable Commnet Party, in accordance with the terms of this Agreement
 after the Signing Date); (ii) has been duly authorized, executed, and delivered by the
 applicable Commnet Party (or a predecessor in interest, in which case it was duly assigned
 or transferred to the applicable Commnet Party); and (iii) is a legal, valid, and binding
 obligation, enforceable against the applicable Commnet Party and, to the Commnet Parties'
 Knowledge, each other party thereto, subject to the effect of Bankruptcy, insolvency, reorganization,
 moratorium, or other similar Laws relating to or affecting the rights of creditors generally
 and to the effect of the application of general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Commnet Party is, in all material
 respects, in compliance with all Material Agreements and, to the Knowledge of the Commnet
 Parties, no other party to a Material Agreement is, as of the Signing Date, in breach of
 or default in any material respect under, any Material Agreement. The Commnet Parties have
 not received written or, to the Commnet Parties' Knowledge, oral, unresolved notice
 of any event which, with the giving of notice or the passage of time or both, would constitute
 such a default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) With respect to each Ground Lease: (i) no
 rent or other payment has been made to any Ground Lessor for a period covering more than
 one (1) year in advance, prior to the Signing Date in respect of periods ending after
 the Signing Date; (ii) all fixed rent, additional rent, operating expenses, real estate
 taxes and similar assessments, utility charges, common area maintenance charges and any other
 sums payable by the tenant under each Ground Lease that have fallen due have been paid; (iii) the
 applicable Commnet Party is in actual possession of the leased premises under each Ground
 Lease; (iv) all amounts due to be paid by the applicable Commnet Party under the Ground
 Leases have been duly paid, and no amounts are currently past due; and (v) except as
 set forth in <u>Section 5.6(e)</u> of the Commnet Disclosure Schedule: (A) none
 of the Ground Leases provides for non-monetary rent or other consideration to the Ground
 Lessor thereunder; and (B) none of the Ground Lessors is an Affiliate of any Commnet
 Party; and (vi) no Commnet Party has received any notice of termination or non-renewal
 that is current and pending of any Ground Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) With respect to each Collocation Agreement:
 (i) except for Under Construction Sites, To Be Built Sites, and Backlog Collocation
 Agreements, payment of rent has commenced thereunder, all communications equipment has been
 installed at the Sale Site to which such Collocation Agreement relates, and no Collocation
 Agreement provides for non-monetary rent or other consideration to the lessor thereunder;
 (ii) no Commnet Party has (A) received notice of cancellation, non-renewal or rejection
 in bankruptcy of such Collocation Agreement from the Tower Subtenant thereunder (or any other
 party on behalf of such Tower Subtenant) or (B) any knowledge that any Tower Subtenant
 plans to cancel or not renew its lease or seek protection under Title 11 of the United States
 Code, 11 U.S.C. §101 et seq.; (iii) no Commnet Party has entered into any Contract
 to reduce the future rental rate for any Tower Subtenant thereunder except as otherwise provided
 in any such Collocation Agreement; (iv) no Tower Subtenant has provided any notice or
 otherwise indicated to any Commnet Party of its intent to exercise any right of termination
 set forth in the respective Collocation Agreement; (v) no Commnet Party has received
 any written or, to the Commnet Parties' Knowledge, oral, notice from any Tower Subtenant
 claiming that there are material defects in the Improvements, which default or defect remains
 in any manner uncured; (vi) no Commnet Party has received any written or, to the Commnet
 Parties' Knowledge, oral, unresolved notice from any Tower Subtenant asserting any
 claims, offsets or defenses of any nature whatsoever to the performance of its obligations
 under its Collocation Agreement and the Commnet Parties have not received written or, to
 the Commnet Parties' Knowledge, oral, unresolved notice of any event that, with the
 giving of notice or the passage of time or both, would constitute the basis of such claim,
 offset or defense; (vi) no Tower Subtenant under a Collocation Agreements is an Affiliate
 of any Commnet Party; and (vii) no Commnet Party has received any notice of termination
 or non-renewal that is current and pending of any Collocation Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) No Material Agreement contains any restriction
 or limitation on the ability of a Commnet Party to (i) construct, manage, or operate
 communications towers or sites or (ii) compete with any Person or to engage in any line
 of business with any Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Except as provided in the Material Agreements,
 at the Initial Closing, there shall be no marketing, management, or other contracts pursuant
 to which any Person other than Commnet Group Members have the right to market or lease tower
 space to any Person at a Sale Site.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Except for the Material Agreements and
 as set forth on <u>Section 5.6(i)</u> of the Commnet Disclosure Schedule, there
 is no other Contract, other than any Collateral Agreement, that is material to the current
 ownership, operation or leasing of the Sale Sites, other than those: (i) that will not
 be in effect with respect to the Sale Sites following the Initial Closing; or (ii) for
 which Buyer and the Sale Site Subsidiaries will not have any Liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Commnet Parties do not hold, as a
 security deposit or similar collateral or security under a Collocation Agreement, any cash,
 cash equivalents, letters of credit, or marketable securities (except where a Commnet Party
 is the Ground Lessor under the Collocation Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) No Master Collocation Agreement provides
 reciprocal rights for a Commnet Party to collocate on a wireless communication tower owned
 or leased by a Tower Subtenant or any of its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Except as set forth on <u>Section 5.6(l)</u> of
 the Commnet Disclosure Schedule: (i) no Ground Lease contains any duty or obligation
 of a Commnet Party to provide any property or services (such as handsets) in lieu of or as
 partial payment of rent under such Ground Lease; and (ii) following the Initial Site
 Closing Date for a Sale Site, neither the Buyer nor any of its Affiliates will be required
 to provide any wireless or wireline voice, video, internet, data, Backhaul Services, or any
 other communications, broadcast, or telecommunications services under any Collocation Agreement.

5.7  **<u>Litigation; Orders</u>** .
 Subject to the satisfaction of the condition set forth in <u>Section 8.1(a)</u>, there
 is no action, suit, Order, proceeding, claim, investigation or audit pending or, to the Knowledge
 of the Commnet Parties, threatened in writing against the Commnet Parties, with respect to
 any Sale Site or Included Property by or before any Governmental Authority or by any Person.

5.8  **<u>Environmental Matters</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as set forth in <u>Section 5.8(a)</u> of
 the Commnet Disclosure Schedule: (a) the Commnet Parties have not received any written
 notification from a Governmental Authority that any Sale Site is not in compliance with applicable
 Environmental Laws; and (b) there have been no releases or disposals of Hazardous Materials
 at, on, under, or from any Sale Sites by the Commnet Parties or, to the Knowledge of the
 Commnet Parties, by or on behalf of any other Person, in each case, while such Sale Sites
 were owned or leased by the Commnet Parties, (c) there have been no releases or disposals
 of Hazardous Materials at, on, under, or from any Sale Sites by or on behalf of the Commnet
 Parties or, to the Knowledge of the Commnet Parties, by or on behalf of any other Person,
 (d) to the Knowledge of the Commnet Parties, the Sale Sites are in compliance with all
 applicable Environmental Laws, and (e) there has been no threat of release of Hazardous
 Materials at or from any Sale Site, in violation of Environmental Laws, by or on behalf of
 the Commnet Parties and, to the Knowledge of the Commnet Parties, by or on behalf of any
 other Person. No Hazardous Materials have been unlawfully placed on any Sale Site by or on
 behalf of any Commnet Party. To the Knowledge of the Commnet Parties, there are no other
 facts, circumstances or conditions, at or affecting any Sale Site, that could reasonably
 be expected to result in any liability for, or require any remediation, abatement, or correction
 by, the Parties under applicable Environmental Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as set forth on <u>Section 5.8(b)</u> of
 the Commnet Disclosure Schedule, Commnet has provided to Buyer copies of all Phase I and
 Phase II environmental impact studies, or any similar environmental report or investigation,
 NEPA reports, or similar documents related to the Sale Sites that were commissioned by any
 Commnet Party or are in any Commnet Party's possession or control as of the Signing
 Date; <u>provided</u>, <u>however</u>, that the Commnet Parties make no representation or
 warranty as to the scope, accuracy or comprehensiveness (or lack thereof) of such reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Section 5.8(c)</u> of the
 Commnet Disclosure Schedule identifies every Sale Site on which a generator (temporary or
 permanent), fuel, chemical, or other storage tank is not currently installed or in use.

5.9  **<u>Brokers, Finders, Site Marketing Agreements, Etc</u>** . The Commnet Parties has not employed any broker,
 finder, investment banker or other intermediary or incurred any liability for any investment
 banking fees, financial advisory fees, brokerage fees, finders' fees, or other similar
 fees for which Buyer or any of its Affiliates would be responsible in connection with the
 transactions contemplated by this Agreement or any of the Collateral Agreements. Prior to
 the Initial Closing, all Site Marketing Agreements have been terminated and all fees or any
 other amounts thereunder, including any residual fees, have been paid in full. The consummation
 of the transactions contemplated by this Agreement and each Collateral Agreement will not
 result in any fees or other amounts under or in connection with any Site Marketing Agreement
 for which Buyer or any of its Affiliates would be responsible.

5.10  **<u>Compliance with Laws and Governmental Approvals</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except for the To Be Built Sites and the
 Under Construction Sites, each Commnet Party is operating and has for the past three (3) years
 operated each Sale Site (or, if such Sale Site was constructed within the past three (3) years,
 since the date such construction was complete) and the Included Property thereon (including
 the related Tower and Improvements on such Sale Site) in material compliance with all applicable
 Laws and Governmental Approvals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All Governmental Approvals required for
 the installation, ownership, and operation of any Included Property on any Portfolio Site
 have been obtained and, to the extent currently required under applicable Law, are currently
 valid and in full force and effect. True, correct and complete copies of all Governmental
 Approvals required to be in effect as of the Signing Date will have been made available to
 Buyer no later than five (5) Business Days following the Signing Date. True, correct
 and complete copies of all Governmental Approvals required to be in effect as of the Initial
 Closing Date will have been made available to Buyer no later than two (2) Business Days
 prior to the Initial Closing Date.

5.11  **<u>Taxes</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Commnet Party and the applicable
 Sale Site Subsidiary has duly and timely filed, or shall so file when due, with the appropriate
 Governmental Authorities (or there have been or shall be duly and timely filed on its behalf)
 all U.S. federal and other Tax Returns required to be filed by such Commnet Party with respect
 to Taxes owing in respect of the Included Property, and all such Tax Returns are true, correct,
 and complete in all material respects with respect to the Included Property. Except to the
 extent of any timely filed appeal or protest set forth on <u>Section 5.11(a)</u> of
 the Commnet Disclosure Schedules, all Taxes with respect to the Included Property that are
 due and payable prior to the Initial Site Closing Date for a Sale Site with respect to a
 Pre-Closing Tax Period have or will have been paid by each Commnet Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Commnet Party is a party to any audit,
 action, suit, or proceeding by any Taxing Authority relating to any of the Sale Sites or
 the applicable Sale Site Subsidiary and no Commnet Party has received notice of any such
 action, suit or proceeding. To the Knowledge of the Commnet Parties, there are no pending
 or threatened audits, actions, suits, or proceedings by any Taxing Authority relating to
 any of the Sale Sites or the applicable Sale Site Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No claim has ever been made in writing
 by a Governmental Authority against a Commnet Party in a jurisdiction where such Commnet
 Party does not pay Tax or file Tax Returns with respect to the ownership or operation of
 the Included Property that such Commnet Party is or may be subject to Taxes assessed by such
 jurisdiction or required to file Tax Returns in such jurisdiction, in each case with respect
 to the ownership or operation of the Included Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For federal and all applicable state income
 Tax purposes, each Sale Site Subsidiary has at all times since the date of its formation
 been classified as an entity disregarded as separate from its owner within the meaning of
 Treasury Regulation Section 301.7701-2(c)(2), and no election has been made to treat
 such applicable Sale Site Subsidiary as an association within the meaning of Treasury Regulation
 Section 301.7701-3 or as any classification other than a disregarded entity. The applicable
 Sale Site Subsidiary is not a party to or bound by any Tax indemnity, Tax sharing or Tax
 allocation agreement (other than other than customary indemnification or reimbursement provisions
 in loans, leases and other commercial agreements no significant purpose of which is related
 to Taxes).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) All Tax Returns required to be filed by
 the applicable Sale Site Subsidiary have been duly and timely filed, and all Taxes owed such
 Sale Site Subsidiary (whether or not shown on a Tax Return) have been timely paid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) There are no Liens with respect to Taxes
 on the applicable Sale Site Subsidiary Interests or on any Included Property (other than
 Permitted Liens).

5.12  **<u>Tower Expenses; Accounts Receivable</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Section 5.12(a)</u> of the
 Commnet Disclosure Schedule sets forth a true, correct, and complete list of as of the applicable
 dates indicated therein of the total outstanding Accounts Payable and other expense information
 related to the Portfolio Sites, which includes the amount of such expense payments made by
 the Commnet Parties under each Ground Lease for each Portfolio Site for such period. The
 information contained in <u>Section 5.12(a)</u> of the Commnet Disclosure Schedule
 is true and correct as of the applicable dates set forth therein. The Accounts Payable have
 been incurred in the ordinary course of business consistent with past practice and are not
 subject to any outstanding dispute.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Section 5.12(b)</u> of the
 Commnet Disclosure Schedule sets forth a true, correct, and complete list as of the applicable
 dates indicated therein of the total outstanding Accounts Receivable and other information
 about revenue related to the Portfolio Sites, which includes the amount of such rental, reimbursement
 and other payments made by Tower Subtenants under each Collocation Agreement for each Portfolio
 Site for such period. The information contained in <u>Section 5.12(b)</u> of the
 Commnet Disclosure Schedule is true and correct as of the applicable dates set forth therein.
 The Accounts Receivable identified in <u>Section 5.12(b)</u> of the Commnet Disclosure
 Schedule are, to the Knowledge of the Commnet Parties, subject to no defenses, counterclaims,
 or rights of set-off (except as may be expressly provided in any of the Material Agreements
 or as may arise in the ordinary course of business).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Books and Records have been maintained
 in accordance with sound business practices, consistently applied.

5.13  **<u>Sale Site Subsidiary Prior to the Applicable Closing</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>No Assets, Indebtedness, or Activities</u>.
 When a Sale Site Subsidiary is formed and immediately prior to the transactions contemplated
 by <u>Section 2.2</u> and <u>Section 2.7</u>, respectively, with respect to such
 Sale Site Subsidiary, such Sale Site Subsidiary: (i) shall not (A) have any Subsidiaries,
 (B) own any shares of, or control, directly or indirectly, or have any equity interest
 in (or any right (whether contingent or otherwise) to acquire the same) any Person, (C) own
 or hold any Indebtedness or securities issued by or other investments in any Person, (D) have
 engaged in any activities other than in connection with or incidental to its formation, the
 execution and delivery of a Joinder Agreement and the Collateral Agreements to which it is
 a party, and the consummation of the transactions contemplated hereby and thereby, and (ii) shall
 be a wholly owned subsidiary of Alloy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>No Employees or Liabilities</u>. When
 a Sale Site Subsidiary is formed and immediately prior to the transactions contemplated by <u>Section 2.2</u> and <u>Section 2.7</u>, respectively, with respect to such Sale
 Site Subsidiary, such Sale Site Subsidiary shall have no employees and no Liabilities other
 than those incident to its formation and those arising under this Agreement.

5.14  **<u>Sale Site Subsidiary at the Applicable Closing</u>** . At the applicable Closing (immediately after the transactions
 contemplated by a Transfer Agreement have been consummated and prior to the transfer of the
 Sale Site Subsidiary Interests of the applicable Sale Site Subsidiary at such Closing):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Organization</u>. Such Sale Site Subsidiary
 is a limited liability company duly organized, validly existing and in good standing under
 the laws of the state of Delaware with the requisite limited liability company power and
 authority to carry on its business (including, if applicable, the ownership, lease and operation
 of the Included Property of the Sale Sites) as shall be conducted at such Closing, and is
 duly qualified and in good standing as a foreign entity in each jurisdiction in which the
 character of the Included Property that shall be owned, leased or operated by it requires
 such qualification (or applications for such qualification shall have been filed), except
 for such qualifications (or filing of applications to qualify) the failure of which to obtain
 or file could not, individually or in the aggregate, reasonably be expected to prevent, materially
 delay or materially impair the ability of such Sale Site Subsidiary to consummate the transactions
 contemplated by this Agreement and the Collateral Agreements to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Authority; Enforceability</u>. Such
 Sale Site Subsidiary has the limited liability company power and authority to execute and
 deliver a Joinder Agreement and each Collateral Agreement to which it is a party, to perform
 its obligations thereunder and to consummate the transactions contemplated hereby and thereby.
 The execution and delivery by such Sale Site Subsidiary of a Joinder Agreement and each Collateral
 Agreement to which it is a party and the consummation of the transactions contemplated hereby
 and thereby shall have been duly authorized by all requisite limited liability company action
 of such Sale Site Subsidiary. Such Sale Site Subsidiary has duly executed and delivered a
 Joinder Agreement and each of the Collateral Agreements to which it is a party (if any).
 Assuming the due execution and delivery of each such agreement by each party thereto other
 than such Sale Site Subsidiary, on the applicable Closing Date, a Joinder Agreement and each
 of the Collateral Agreements to which such Sale Site Subsidiary is a party (as amended at
 such time and as theretofore amended) shall be the legal, valid and binding obligation of
 such Person, in each case enforceable against it in accordance with its respective terms
 subject to the effect of Bankruptcy, insolvency, reorganization, moratorium or other similar
 Laws relating to or affecting the rights of creditors generally and to the effect of the
 application of general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>No Conflicts</u>. The execution, delivery
 and performance by such Sale Site Subsidiary of a Joinder Agreement and each of the Collateral
 Agreements to which it is a party, and the consummation of the transactions contemplated
 hereby and thereby on their terms and conditions, shall not, with or without notice or lapse
 of time or both, result in (i) a breach or violation of, or a conflict with, any provision
 of its Sale Site Subsidiary Certificate of Formation, Sale Site Subsidiary LLC Agreement
 or other organizational documents of such Sale Site Subsidiary, (ii) subject to such
 filings, compliance, investigation, or other action as may be required under the HSR Act,
 a breach or violation of, or a conflict with, any provision of Law or a Governmental Approval
 (excluding any Governmental Approval from a Governmental Authority in its role as a Lessor
 under a Ground Lease) to which such Sale Site Subsidiary or the Included Property is subject
 or (iii) subject to <u>Section 1.3</u>, a breach or violation of, or a conflict
 with, or constitute a default under, or permit the acceleration of any Liability or result
 in the creation of any Lien upon any of the properties or assets of such Sale Site Subsidiary
 under any Material Agreement of such Sale Site Subsidiary (including any Material Agreement
 with a Governmental Authority in its role as a Lessor under a Ground Lease).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Ownership</u>. All Sale Site Subsidiary
 Interests of such Sale Site Subsidiary are owned solely and directly by Alloy and Alloy is
 the record and beneficial owner of, and has good and valid title to, all of such Sale Site
 Subsidiary Interests free and clear of any and all Liens (other than any Liens that will
 released at the Initial Closing). There is no outstanding contract or other right (contingent
 or otherwise) with any Person to purchase, redeem, convert into, or otherwise acquire any
 equity interests of such Sale Site Subsidiary or outstanding Sale Site Subsidiary Interests.
 Immediately prior to the applicable Closing, there existed no declared or accrued unpaid
 dividends or distributions with respect to any equity interests in favor of Alloy. Upon the
 consummation of the transactions contemplated to occur at each Closing, Alloy will transfer
 to Buyer ownership of 100% of the Sale Site Subsidiary Interests of such Sale Site Subsidiary
 free and clear of any Liens.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Title to Properties</u>. Such Sale
 Site Subsidiary holds good and marketable fee simple title to the Owned Sites Land related
 to each Assignable Site that is an Owned Site, and a valid and existing leasehold, subleasehold,
 easement, license or sublicense, marketing or development right, co-marketing or co-development
 right, permit, possessory or other similar valid interest in the Leased Sites Land related
 to each Assignable Site that is a Leased Site, in each case free and clear of all Liens,
 except for Permitted Liens. Such Sale Site Subsidiary owns or has rights in all right, title
 and interest in, to and under all of the Included Property of each Assignable Site (other
 than the Land related to such Sale Site), in each case free and clear of all Liens, except
 for Permitted Liens.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Bank Accounts and Powers of Attorney</u>.
 Such Sale Site Subsidiary does not have any back accounts or safe deposit boxes. Except as
 may be set forth in the Material Agreements or identified on <u>Section 5.6</u> of the
 Commnet Disclosure Schedule, such Sale Site Subsidiary has not given any revocable or irrevocable
 powers of attorney to any person, firm, corporation or organization relating to its business
 for any purpose whatsoever.

5.15  **<u>Disclosure of Information</u>** . For any Portfolio Site, the Commnet Parties have made available to Buyer
 true, correct and complete Books and Records at least three (3) Business Days prior
 to the Initial Site Closing Date for such Portfolio Site, which contain true, correct, and
 complete copies of all data and information (including any applicable financial information,
 data, records, reports, notices, material correspondence, statements (including bank statements),
 files and Contracts in Commnet's possession or under its control) (the " <u>Information</u> ")
 necessary to prepare and reasonably validate, in all material respects, the accuracy of the
 information listed on <u>Section 5.12(a)</u> and <u>Section 5.12(b)</u> of
 the Commnet Disclosure Schedule for such Portfolio Site and the Books and Records do not
 fail to include any such necessary Information.

5.16  **<u>Solvency</u>** .
 The Commnet Parties are not entering into this Agreement or any Collateral Agreement with
 the intent to hinder, delay, or defraud either present or future creditors of any Commnet
 Party. Assuming the satisfaction of the conditions to the obligation of the Commnet Parties
 to consummate the Initial Closing and each Subsequent Closing, then, after giving effect
 to such Closing, the Commnet Parties and, with respect to the applicable Closing for a Sale
 Site Subsidiary, such Sale Site Subsidiary, will be Solvent immediately following the consummation
 of such Closing.

5.17  **<u>No Implied Representations</u>** .
 EXCEPT FOR THE EXPRESS REPRESENTATIONS AND WARRANTIES MADE BY THE COMMNET PARTIES IN THIS
 ARTICLE V OR ANY CERTIFICATE OR COLLATERAL AGREEMENT DELIVERED PURSUANT TO THIS AGREEMENT,
 NO COMMNET PARTY MAKES ANY OTHER REPRESENTATION OR WARRANTY (INCLUDING WITH RESPECT TO ANY
 PROJECTIONS, ESTIMATES OR BUDGETS HERETOFORE DELIVERED TO OR MADE AVAILABLE TO BUYER RELATING
 TO FUTURE REVENUES, EXPENSES OR EXPENDITURES OR FUTURE RESULTS OF OPERATIONS).

5.18  **<u>Additional Matters with Respect to Representations and Warranties</u>** . No representation or warranty is
 being made hereunder with respect to: (a) any Portfolio Site which is an Excluded Site
 as of the Initial Closing; (b) any Excluded Assets; or (c) any Tower Subtenant
 Communications Equipment; <u>provided</u>, <u>however</u>, that the foregoing shall in no
 way limit the Commnet Parties' obligation to indemnify the Buyer Indemnified Parties
 under this Agreement with respect to Excluded Liabilities.

**Article VI.** **<br> REPRESENTATIONS AND WARRANTIES OF BUYER**

Except as disclosed in the corresponding sections or subsections of the Buyer Disclosure Schedule (it being agreed that, notwithstanding the foregoing, disclosure of any item in any section of the Buyer Disclosure Schedule shall be deemed disclosure of such item with respect to any other section of the Buyer Disclosure Schedule to the extent that the relevance of such item to such other section is reasonably apparent from the face of such disclosure), the Buyer Parties represent and warrant to the Commnet Parties as follows:

6.1  **<u>Organization</u>** .
 Buyer is a Delaware limited liability company or other entity duly organized, validly existing,
 and in good standing under the laws of the state of its organization or formation with the
 requisite limited liability company or other power and authority to carry on its business
 as it is now being conducted and is duly qualified and in good standing as a foreign limited
 liability company in each jurisdiction in which the character of its business requires such
 qualification.

6.2  **<u>Authority; Enforceability; No Conflicts</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Buyer has the requisite limited liability
 company power and authority to execute and deliver this Agreement, to perform its obligations
 under this Agreement, and to consummate the transactions contemplated by this Agreement,
 and Buyer has the requisite power and authority to execute and deliver each Collateral Agreement
 to which it is a party (if any), to perform its obligations thereunder, and to consummate
 the transactions contemplated thereby. The execution and delivery by Buyer of this Agreement
 and the consummation of the transactions contemplated by this Agreement have been, and the
 execution and delivery by Buyer of the Collateral Agreements to which it is a party (if any),
 and the consummation of the transactions contemplated thereby have been duly authorized by
 all requisite action of Buyer. Buyer: (i) has duly executed and delivered this Agreement;
 (ii) on the Initial Closing Date shall have duly executed and delivered each of the
 Collateral Agreements to which it is a party (if any); and (iii) on each Subsequent
 Closing Date, shall have duly executed and delivered the amended schedules and exhibits to
 the existing, or new, Collateral Agreements to which it is a party (if any), as the case
 may be. Assuming the due execution and delivery of each such agreement by each party thereto
 other than Buyer, this Agreement is the legal, valid, and binding obligation of Buyer, and
 on the Initial Closing Date each of the Collateral Agreements to which Buyer is a party,
 if any (as amended at such time and as theretofore amended), shall be the legal, valid, and
 binding obligation of such Person, in each case enforceable against it in accordance with
 its respective terms, subject to the effect of Bankruptcy, insolvency, reorganization, moratorium,
 or other similar Laws relating to or affecting the rights of creditors generally and to the
 effect of the application of general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution, delivery, and performance
 by Buyer of this Agreement and each of the Collateral Agreements to which it is a party (if
 any), and the consummation of the transactions contemplated hereby and thereby on their terms
 and conditions, do not and shall not, with or without notice or lapse of time or both, result
 in: (i) a breach or violation of, or a conflict with, any provision of the articles
 or certificate of formation, limited liability company agreement, or other organizational
 documents of Buyer; or (ii) subject to such filings, compliance, investigation, or other
 action as may be required under the HSR Act, a breach or violation of, or a conflict with,
 any provision of Law or a Governmental Approval applicable to Buyer; or (iii) a breach
 or violation of, or a conflict with, or constitute a default under, or permit the acceleration
 of any Liability or result in the creation of any Lien upon any of the properties or assets
 of Buyer under, any contract or agreement binding on Buyer, except, in the case of clauses
 (ii) and (iii), for any such conflict, breach, violation, default, acceleration or creation
 that could not, individually or in the aggregate, reasonably be expected to prevent, materially
 delay, or materially impair the ability of Buyer to consummate the transactions contemplated
 by this Agreement and each of the Collateral Agreements to which it is a party (if any).

6.3  **<u>Governmental Approvals, Consents, Reports, Antitrust, Etc</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Section 6.3</u> of the Buyer Disclosure
 Schedule contains a list of all Governmental Approvals and other filings, applications, or
 notices required to be made, filed, given, or obtained by Buyer or any of its Affiliates
 with, to, or from any Governmental Authorities or other Persons in connection with the consummation
 of the transactions contemplated by this Agreement, except: (a) those that become applicable
 solely as a result of the specific regulatory status of any Commnet Party; and (b) those
 approvals, filings, applications, and notices the failure to make, file, give, or obtain
 could not, individually or in the aggregate, reasonably be expected to prevent, materially
 delay, or materially impair the ability of Buyer to consummate the transactions contemplated
 by this Agreement and each of the Collateral Agreements to which Buyer is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the Knowledge of Buyer, as of the Signing
 Date, no fact or circumstance exists pertaining solely to Buyer or any of its Affiliates,
 including any current holding or transaction under consideration by Buyer or any of its Affiliates,
 that would reasonably be expected to prevent or materially delay the satisfaction of the
 conditions set forth in <u>Section 8.1(a)</u> of this Agreement beyond the Termination
 Date (including any extensions in accordance with <u>Section 10.1(b)</u> of this
 Agreement).

6.4  **<u>Litigation; Orders</u>** .
 As of the Signing Date there is no action, suit, or proceeding pending or, to the Knowledge
 of Buyer, threatened in writing against Buyer or its Affiliates that, individually or in
 the aggregate, could reasonably be expected to prevent, materially delay, or materially impair
 the ability of Buyer to consummate the transactions contemplated by this Agreement and each
 of the Collateral Agreements to which it is a party.

6.5  **<u>Brokers, Finders, Etc</u>** . Buyer has not employed any broker, finder, investment banker or other intermediary,
 or incurred any liability for any investment banking fees, financial advisory fees, brokerage
 fees, finders' fees or other similar fees for which any Commnet Group Member would
 be responsible in connection with the transactions contemplated by this Agreement or any
 of the Collateral Agreements.

6.6  **<u>Financial Capability</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On or prior to the Signing Date, Buyer
 has delivered to the Commnet Parties a true, complete and correct copy of an executed equity
 commitment letter from the sources of equity financing identified therein to provide Buyer
 equity financing for the transactions contemplated by this Agreement in an aggregate amount
 of no less than the Consideration Base Amount (the " <u>Equity Commitment</u> ").
 The Equity Commitment is in full force and effect, has not been amended, modified, supplemented,
 withdrawn, revoked, rescinded, or terminated and Buyer is not aware of any fact or occurrence
 that would, or would be reasonably likely to, cause the Equity Commitment to be unenforceable.
 The funds to be provided pursuant to the Equity Commitment constitute all of the funds required
 for Buyer to consummate the transactions contemplated by this Agreement and make the payments
 of all amounts to be paid by Buyer in connection therewith (including payment of the Consideration
 at the Initial Closing).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the receipt of proceeds from
 the Equity Commitment, Buyer shall have, on the Initial Closing Date, access to sufficient
 funds to enable Buyer to consummate the transactions contemplated hereby, including payment
 of the Consideration and fees and expenses of Buyer relating to the transactions contemplated
 hereby. At all times prior to the Initial Closing, Buyer shall have access to sufficient
 funds to perform its duties and obligations arising under this Agreement.

6.7  **<u>Solvency</u>** .
 Buyer is not entering into this Agreement with the intent to hinder, delay, or defraud either
 present or future creditors of Buyer. Assuming the satisfaction of the conditions to the
 obligation of Buyer to consummate the Initial Closing and the accuracy of the representations
 and warranties of the Commnet Parties set forth in <u>Article V</u>, then, after giving
 effect to the Initial Closing and each Subsequent Closing, Buyer will be Solvent immediately
 following the consummation of the Initial Closing and each Subsequent Closing, as applicable.

6.8  **<u>No Implied Representations</u>** .
 EXCEPT FOR THE EXPRESS REPRESENTATIONS AND WARRANTIES MADE BY BUYER IN THIS <u>ARTICLE VI</u> OR BY BUYER IN ANY CERTIFICATE OR COLLATERAL AGREEMENT DELIVERED PURSUANT TO THIS AGREEMENT,
 NEITHER BUYER NOR ANY AFFILIATE THEREOF MAKES ANY OTHER REPRESENTATION OR WARRANTY.

**Article VII.** **<br> COVENANTS**

7.1  **<u>Amendment to Access Agreement and Confidentiality Agreement; Investigation of Portfolio Sites; Access to Properties and Records</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding anything to the contrary
 in the Access Agreement or the Confidentiality Agreement, the Parties agree that: (i) the
 definition of "Review Period" under the Access Agreement is hereby amended to
 mean the period commencing on the date of such Access Agreement and ending on the earlier
 of: (A) the Final Subsequent Closing Date; and (B) two (2) years after the
 termination of this Agreement; and (ii) subject to <u>Section 7.9(a)</u>, the Confidentiality
 Agreement shall remain in full force and effect until two years after the earlier of the
 Final Subsequent Closing Date and the termination of this Agreement. Except as otherwise
 amended hereby, the Parties agree that the Confidentiality Agreement and the Access Agreement
 each remain in full force and effect in accordance with their respective terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On or immediately prior to the Initial
 Site Closing Date for a Sale Site, and subject to Laws relating to the exchange of information,
 the Commnet Group Members shall use their commercially reasonable efforts to deliver, or
 cause to be delivered, to Buyer: (i) all keys and other security access codes or devices
 providing entry to the Towers located at such Sale Sites (other than Commnet Improvements);
 (ii) to the extent not available in the Data Room or on the FAA's website, a copy
 of any determination of "No Hazard" to air navigation from the FAA for each Tower
 with respect to which such determination was issued, if such determinations are in the possession
 of the Commnet Group Members; and (iii) to the extent not available in the Data Room
 or on the FCC's website, a copy of the currently existing FCC Form 854R for each
 Tower with respect to which such form is required, if such forms were created and are in
 the possession of the Commnet Group Members. In addition, as promptly as reasonably practicable
 following the Signing Date, and subject to Laws relating to the exchange of information,
 Commnet shall, prior to the Initial Closing Date, make available to Buyer any master site
 inspection agreements, master site maintenance agreements, light monitoring agreements, and
 lease optimization agreements to the extent exclusively relating to the Portfolio Sites or
 the operation of the Portfolio Sites or, to the extent not so exclusively related, reasonable
 extracts thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As promptly as reasonably practicable
 after the Initial Site Closing Date for a Portfolio Site, Commnet shall: (i) use its
 commercially reasonable efforts to ensure that Buyer is afforded access to the Towers promptly
 following such Initial Site Closing Date substantially equivalent to the access afforded
 to Commnet immediately prior to the Initial Site Closing Date; and (ii) deliver or constructively
 deliver (which may be through access to the Data Room) to Buyer copies of the Books and Records
 included in the definition of Tower Related Assets that have not previously been made available
 to Buyer, if any; <u>provided</u>, <u>however</u>, that the Commnet Group Members shall be
 permitted to keep a copy of such Books and Records for compliance purposes subject to its
 confidentiality obligations set forth in the Confidentiality Agreement and <u>Section 7.9</u> below.

7.2  **<u>Efforts to Close; Cooperation</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the provisions of this Agreement,
 from the Signing Date until the Final Subsequent Closing Date, the Parties each shall use
 their commercially reasonable efforts to: (i) take, or cause to be taken, all actions
 and to do, or cause to be done, all things necessary, proper, or advisable to consummate
 and make effective as promptly as practicable the transactions contemplated by this Agreement
 and the Collateral Agreements, and to cooperate with the other in connection with the foregoing;
 and (ii) refrain from taking, or cause to be refrained from taking, any action and to
 refrain from doing or causing to be done, anything which could reasonably be expected to
 impede or impair the prompt consummation of the transactions contemplated by this Agreement,
 including using their commercially reasonable efforts to: (A) obtain all necessary waivers,
 consents, releases, and approvals that are required for the consummation of the transactions
 contemplated by this Agreement; (B) obtain all consents, approvals, and authorizations
 that are required by this Agreement or any Collateral Agreement to be obtained under any
 Law; (C) lift or rescind any Order that prohibits or adversely affects the ability of
 the Parties to consummate the transactions contemplated by this Agreement and the Collateral
 Agreements; (D) effect all necessary registrations and filings, including filings and
 submissions of information requested or required by any Governmental Authority; (E) fulfill
 all conditions to the other Parties' obligation to consummate the transactions contemplated
 by this Agreement; and (F) respond as promptly as reasonably practical to any request
 for documents or information, formal or informal investigation, and/or other voluntary or
 compulsory process issued or initiated by a Governmental Authority; <u>provided</u>, <u>however</u>,
 that in no event shall either Party be required to pay any money to any Person or to offer
 or grant any financial or other accommodation to any Person in connection with such Party
 and its Affiliates' obligations under this <u>Section 7.2</u> unless otherwise
 required by an agreement to which such Party is bound.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without limiting the generality of <u>Section 7.2(a)</u>,
 each Party shall make or have made an appropriate Premerger Notification and Report Form filing
 pursuant to the HSR Act within fifteen (15) Business Days after the Signing Date (unless
 another date is mutually agreed upon by the Parties in writing), and Buyer shall be responsible
 for payment of the filing fee. Each Party shall use its reasonable best efforts to respond
 fully and promptly to any request or inquiry from any Governmental Authority; <u>provided further</u>, each Party shall promptly notify the other Parties of any oral or written communication
 it receives from any Governmental Authority relating to the matters that are the subject
 of this Agreement, permit the other Parties to review in advance any communication proposed
 to be made by such Party (or its advisors) to any Governmental Authority, and provide the
 other Parties with copies of all correspondence, filings or other communications between
 them or any of their Representatives, on the one hand, and any Governmental Authority or
 members of its staff, on the other hand, with respect to this Agreement. Each Party may,
 as it deems advisable and necessary, designate any competitively sensitive materials provided
 to the other under this <u>Section 7.2</u> as "outside counsel only." No
 Party to this Agreement shall agree to participate in any meeting or discussion with any
 Governmental Authority in respect of any such filings, investigation or other inquiry unless,
 to the extent reasonably practicable, it consults with the other Parties in advance and,
 to the extent practicable and permitted by such Governmental Authority, gives the other Parties
 the opportunity to attend and participate in such meeting. Subject to the Confidentiality
 Agreement and applicable Law, the Parties shall coordinate and cooperate fully with each
 other in exchanging such information and providing such assistance as the other Parties may
 reasonably request in connection with the foregoing and in seeking early termination of any
 applicable waiting periods under any Law in any relevant jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) With respect to any threatened or pending
 preliminary or permanent injunction or other Order or Law that prohibits or would adversely
 affect the ability of the Parties to promptly consummate the transactions contemplated by
 this Agreement and the Collateral Agreements, the Parties shall use their commercially reasonable
 efforts to prevent the entry, enactment, or promulgation thereof, or to seek the removal,
 vacation or nullification thereof, as the case may be. In the event that any permanent or
 preliminary injunction or other Order is entered or becomes reasonably foreseeable to be
 entered in any proceeding that would make consummation of the transactions contemplated hereby
 in accordance with the terms of this Agreement unlawful or that would restrain, enjoin or
 otherwise prevent or materially delay the consummation of the transactions contemplated by
 this Agreement or any Collateral Agreement, the Parties shall use commercially reasonable
 efforts to vacate, modify or suspend such injunction or Order so as to permit such consummation
 prior to the Termination Date. Notwithstanding the foregoing, if any administrative or judicial
 action or proceeding is instituted (or threatened to be instituted) by any Governmental Authority
 challenging any transaction contemplated by this Agreement as violative of any federal, state
 or foreign Laws or Orders that are designed to prohibit, restrict or regulate actions having
 the purpose or effect of monopolization or restraint of trade, it is expressly understood
 and agreed that: (a) neither Party shall have any obligation to contest any legal proceeding
 or Order, whether temporary, preliminary or permanent, or to initiate any legal proceeding
 against a Governmental Authority; and (b) neither Party (to the extent that it would
 occur prior to the Initial Closing) shall be under any obligation to make proposals, execute
 or carry out agreements or submit to orders providing for (1) the sale, transfer, license
 or other disposition or holding separate (through the establishment of a trust or otherwise)
 of any assets, categories of assets, operations or categories of operations of such Party
 or its Affiliates, (2) the discontinuation of any product or service of such Party or
 its Affiliates, (3) the imposition of any limitation or regulation on the ability of
 such Party or its Affiliates to freely conduct their business or own their respective assets,
 or (4) any limitation or regulation on the ability such Party or its Affiliates to exercise
 full rights of ownership of a Sale Site Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Party shall not, and shall cause
 its Affiliates not to, take any action which could delay or prevent satisfaction of the condition
 set forth in <u>Section 8.1(a)</u> of this Agreement prior to the Termination Date
 (including any extension thereof pursuant to <u>Section 10.1(b)</u> of this Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Without limiting the generality or effect
 of the foregoing, in the event that a Party determines in good faith that any filing or other
 documentation is required by applicable Law in connection with this Agreement or the consummation
 of the transactions contemplated hereby, the Parties shall cooperate to make such filings
 and use commercially reasonable efforts to provide such other documentation such that the
 transactions contemplated hereby can be consummated as promptly as possible after the Signing
 Date.

7.3  **<u>Further Assurances</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) From time to time, whether before, at
 or after the applicable Closing Date, each Party shall execute and deliver such further instruments
 of conveyance and assignment and take such other reasonable actions as may be necessary,
 proper, or advisable to carry out the purposes and intent of this Agreement and the transactions
 contemplated by this Agreement and the Collateral Agreements. In addition, during the period
 commencing on the Closing Date in which a Sale Site that is to be subject to a Backlog Collocation
 Agreement becomes an Assignable Site and ending on the Final Subsequent Closing Date, if
 requested by Commnet, Buyer will cause the applicable Sale Site Subsidiary to enter into
 the applicable Backlog Collocation Agreement with the applicable Tower Subtenant subject
 to Buyer's approval of such Backlog Collocation Agreement, which approval will not
 be unreasonably withheld, conditioned or delayed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) From time to time until the later of six
 (6) months after a Portfolio Site becomes an Assignable Site in a Closing or the Final
 Subsequent Closing Date, the Commnet Parties will, at Buyer's sole cost and expense,
 provide Buyer with such commercially reasonable assistance as it may request in obtaining
 extensions and modifications to the terms of any Ground Lease with any counterparty thereto.

7.4  **<u>Conduct of Collocation Operations and the Sale Sites</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) From the Signing Date until the Initial
 Site Closing Date for a Portfolio Site, except as expressly permitted or required by this
 Agreement or set forth in <u>Section 7.4(a)</u> of the Commnet Disclosure Schedule,
 each Commnet Party shall conduct, operate, manage, maintain, and repair (as applicable) the
 Collocation Operations and the Sale Sites (including the Included Property and any actions
 or activities relating to Ground Leases) in compliance with all applicable Laws in all respects
 and all Material Contracts in all material respects, in accordance with industry standards
 for wireless communication tower sites and in the ordinary course of business consistent
 in all material respects with past practice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) From the Signing Date until the Initial
 Site Closing Date with respect to each Sale Site, except as contemplated by this Agreement
 or set forth in <u>Section 7.4(b)</u> of the Commnet Disclosure Schedule, Commnet
 shall not, without the consent of Buyer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) sell, dispose of, transfer, lease, license
 or encumber any of their interests in any of the Sale Sites (including the Included Property),
 other than Liens that will be terminated prior to the Initial Closing Date and Permitted
 Liens and replacements of worn, outmoded or defective equipment, in each case, in the ordinary
 course of business consistent in all material respects with past practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) manage, operate, or maintain any Sale Site
 in a manner that would diminish its expected residual value in any material respect or shorten
 its expected remaining economic life in any material respect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) enter into, modify, accelerate, amend,
 terminate, cancel, or grant any waiver or release under any Material Agreement, except on
 commercially reasonable and prevailing market terms and in the ordinary course of business
 consistent with past practices (and in any such event, Commnet will provide written notice
 of any such matter within five (5) Business Days);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) renew any Material Agreement except in
 the ordinary course of business and consistent with past practice (and in any such event,
 Commnet will provide written notice of any such matter within five (5) Business Days);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) accelerate or delay collection of accounts
 receivable or payment of any accounts payable in advance of or beyond their regular due dates
 or the dates when the same would have been collected or paid, as applicable; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) authorize, commit to, resolve or agree,
 whether in writing or otherwise, to take any of the actions set forth in this <u>Section 7.4(b)</u> and
 not otherwise permitted by such Section or this Agreement or the Collateral Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding this <u>Section 7.4</u>,
 nothing in this Agreement or any Collateral Agreement shall be construed or interpreted to
 restrict the Commnet Group Members in their sole discretion from: (i) engaging in any
 activity not related to the Sale Sites; (ii) taking any action with respect to any Sale
 Sites expressly contemplated under <u>Article IV</u>, including curing any Managed Site
 Condition, subject to the limitations contained in <u>Article IV</u> and the other terms
 of this Agreement; (iii) removing Excluded Assets from, or modifying Excluded Assets
 located at, the Sale Sites in a manner that does not adversely impact or affect any Sale
 Site in any material respect; or (iv) taking any action with respect to any Excluded
 Site that does not adversely impact or affect any Sale Site in any material respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Prior to the Initial Site Closing for
 a Sale Site, each Commnet Party shall cancel and terminate any and all Site Marketing Agreements
 and any other services provided by third parties, if any, pursuant to which such third parties
 negotiate or otherwise assist in any way with, on behalf of or in the name thereof, any modification,
 acceleration, amendment, renewal, termination, cancelation, waiver or release to, of, or
 under any Ground Lease or Collocation Agreement relating to such Sale Sites.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) At or prior to each Closing for an Assignable
 Site, the Commnet Parties shall complete in the FCC's antenna structure registration
 system (the " <u>FCC ASR Database</u> ") its portion of FCC Form 854 (*Application for Antenna Structure Registration*) and provide the signature of an authorized person
 to assign the antenna structure registration for the Towers at such Assignable Sites in the
 FCC ASR Database from the Commnet Parties to Buyer. The Commnet Parties shall initially log
 into the FCC ASR Database to initialize the transfer of ownership of the antenna structure
 registration for the Towers from the Commnet Parties to Buyer and then Buyer, upon receipt
 of notice from the FCC of the Commnet Party's completion of their portion of FCC Form 854,
 shall finalize the transfer of ownership of the antenna structure registration by completing
 its portion of FCC Form 854 and submitting the application electronically to the FCC.
 The Commnet Parties will provide Buyer with its point of contact and their email address
 for the FCC Form 854 at or promptly after the Initial Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Prior to the Initial Site Closing Date
 for the Sale Sites, Commnet shall, at its sole cost and expense, discharge all Liens securing
 Indebtedness of the Commnet Group Members with respect to the Included Property of such Sale
 Sites pursuant to Payoff Letters in form and substance reasonably satisfactory to the Buyer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) From the Signing Date until the Initial
 Site Closing Date for a Sale Site, the Commnet Parties shall, at their sole cost and expense,
 maintain, or cause to be maintained, in full force and effect, all of its insurance policies
 relating to such Sale Sites, except as required by applicable Law or as modified in the ordinary
 course of business; provided, that any such modifications will not reduce the coverage of
 such insurance policies to a level that is not commercially reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Commnet Parties will promptly, and
 endeavor in any event within two (2) Business Days, provide to Buyer copies of all written
 notices of terminations or non-renewals of any Collocation Agreement received by the Commnet
 Parties after the Signing Date and prior to the Initial Site Closing Date for a Sale Site.

7.5  **<u>Public Announcements</u>** .
 Except as otherwise agreed to by the Parties, the Parties shall not (and shall cause their
 Affiliates not to) publish any report, statement, or press release or otherwise make any
 public statements with respect to this Agreement, any Collateral Agreement, or the transactions
 contemplated hereby or thereby, except as may be required by Law or by the rules of
 a national securities exchange, and in any event a Party shall, to the extent practicable,
 consult with the other Party a reasonable time in advance of such required disclosure, including
 furnishing (to the extent practicable) a draft thereof to the other Parties in advance of
 publication or release and considering in good faith any comments of such other Party.

7.6  **<u>Corporate Names</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Buyer acknowledges and agrees that the
 Commnet Group Members have the absolute and exclusive proprietary rights, by ownership or
 license, to use all Names incorporating each of "ATN International", "Commnet
 Wireless", or any of the names (or portions thereof) of any of the Commnet Group Members
 by itself or in combination with any other Name and the related corporate design logo associated
 therewith and the respective color scheme, and that none of the rights thereto or goodwill
 represented thereby or pertaining thereto are being Leased, or otherwise assigned or transferred,
 hereby or in connection herewith. Buyer shall not, nor shall it permit any of its Affiliates
 to, use any Name, phrase or logo incorporating any of the foregoing in or on any of its literature,
 sales materials, agreements or products or otherwise in connection with the sale of any products
 or services or in the operation of the Sale Sites. Notwithstanding the foregoing, Buyer may
 use the Name of the applicable Commnet Group Member as necessary to establish the chain of
 title to a Sale Site or to identify the Sale Site as being subject to this Agreement or the
 Collateral Agreements, but only insofar as such activities are otherwise expressly authorized
 by this Agreement or a Collateral Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Commnet Parties acknowledge and agree
 that Buyer and its Affiliates have the absolute and exclusive proprietary rights, by ownership
 or license, to use all Names incorporating "Everest" by itself or in combination
 with any other Name, including the corporate design logo associated with "Everest"
 and its color scheme, and that none of the rights thereto or goodwill represented thereby
 or pertaining thereto are being Leased, or otherwise assigned or transferred, hereby or in
 connection herewith. The Commnet Parties shall not, nor shall they permit any of their Affiliates
 to, use any Name, phrase or logo incorporating "Everest" or such corporate design
 logo or its color scheme in or on any of its literature, sales materials, agreements or products
 or otherwise in connection with the sale of any products or services or in the operation
 of the Sale Sites.

7.7  **<u>Actions by Affiliates</u>** .
 Any references to any agreement by, or obligation of, an Affiliate of a Party to take any
 action pursuant to this Agreement or any Collateral Agreement shall be deemed to mean that
 such Party will cause the Affiliate to take such action

7.8  **<u>Commnet Group Member Rights</u>** . Notwithstanding any other provision in this Agreement or any Collateral
 Agreement, but subject to <u>Section 7.19</u>, the Parties acknowledge and agree that,
 except with respect to the Sale Sites and then only to the extent expressly set forth herein
 or therein, nothing in this Agreement or any Collateral Agreement is intended to create any
 prohibition or restriction on any Commnet Group Member's ability to construct, lease
 or otherwise obtain the right to use (and lease tower space to third parties on) wireless
 communications tower sites, including any Excluded Sites.

7.9  **<u>Confidentiality</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except: (i) as required to fulfill
 the obligations of Buyer and its Affiliates under this Agreement or any Collateral Agreement;
 (ii) to the extent necessary to assert any right or defend against any Claim arising
 under this Agreement or any Collateral Agreement; or (iii) in connection with any financing
 related to the transactions contemplated by this Agreement, Buyer and its Representatives
 shall treat all nonpublic information obtained in connection with this Agreement (including
 information contained in any Title Report, TIA Assessment, Structural Assessment, Environmental
 Report and the Books and Records) and the Collateral Agreements and the transactions contemplated
 hereby and thereby as confidential in accordance with the terms of the Confidentiality Agreement,
 which is incorporated in this Agreement by reference in accordance with Section 11 of
 the Confidentiality Agreement. With respect to any Portfolio Site, the Confidentiality Agreement
 shall terminate at the Initial Site Closing Date for such Portfolio Site. This Agreement,
 the Collateral Agreements, and the transactions contemplated hereby and thereby constitute
 "Confidential Information" under the Confidentiality Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Commnet Party shall keep confidential,
 and shall cause the other Commnet Group Members to keep confidential, and each Commnet Party
 shall instruct its and the other Commnet Group Members respective Representatives to keep
 confidential, all material information relating to the Sale Sites or the Included Property
 of the Sale Sites (including, as applicable, information contained in any Title Report, TIA
 Assessment, Structural Assessment, Environmental Report and the Books and Records), this
 Agreement, and the Collateral Agreements and the transactions contemplated hereby and thereby:
 (i) except as required to be disclosed by Law, stock exchange rule, governmental request,
 court order, subpoena, regulation or other process of Law, <u>provided</u>, <u>however</u>,
 that the party required to disclose such information shall have, to the extent practicable:
 (A) promptly notified Buyer of any such disclosure obligation prior to such disclosure
 and (B) used commercially reasonable efforts to cooperate with Buyer to protect all
 such information from such disclosure, including seeking a protective order; (ii) except
 for information that is available to the public on the Initial Closing Date or thereafter
 becomes available to the public other than as a result of a breach of this <u>Section 7.9(b)</u>;
 (iii) except as required to fulfill any of their obligations under this Agreement or
 any Collateral Agreement; (iv) except as becomes available to the Commnet Group Members
 after the applicable Closing Date on a non-confidential basis from a source other than Buyer
 or its Affiliates, <u>provided</u>, <u>however</u>, that such other source is not known by
 the Commnet Group Members after reasonable inquiry to be bound by a confidentiality obligation
 to Buyer or its Affiliates or otherwise to be prohibited from disclosing such information
 to the Commnet Group Members; or (v) to the extent necessary to assert any right or
 defend against any Claim arising under this Agreement or any Collateral Agreement. The covenant
 set forth in this <u>Section 7.9(b)</u> shall terminate three (3) years after
 the Initial Closing.

7.10  **<u>Environmental Matters</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the terms of any Ground Lease,
 Buyer may commission, at Buyer's cost and expense, Phase I environmental assessments
 or any other minimally intrusive environmental impact studies (each, a " <u>Phase I</u> ")
 of all Portfolio Sites (other than Excluded Sites). If a Phase I indicates that a Phase II
 is required or recommended to be performed, then Buyer may commission, at Buyer's cost
 and expense and with the prior consent of Commnet, a Phase II environmental assessment, including
 environmental media sampling (a " <u>Phase II</u> "), of such Portfolio Site (other
 than Excluded Sites). If Commnet does not consent to such Phase II of such Portfolio Site,
 then Buyer may designate such Portfolio Site as a Deferred Site until such Phase II has been
 completed or an Excluded Site.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If requested by Commnet, Buyer shall promptly
 provide (at Commnet's cost and expense) to Commnet copies of any and all Environmental
 Reports commissioned by Buyer on the Portfolio Sites.

7.11  **<u>Buyer's Obligations Regarding the Equity Commitment</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Buyer will promptly notify the Commnet
 Parties of any withdrawal, revocation, rescission, termination of, or any material amendment,
 modification, or supplement to the Equity Commitment that would adversely affect the ability
 of Buyer to consummate the transactions contemplated by this Agreement. In addition, subject
 to all applicable confidentiality restrictions, upon the Commnet Parties' request,
 Buyer will advise and update the Commnet Parties, in a level of detail reasonably satisfactory
 to the Commnet Parties, with respect to the status, proposed closing date, and material terms
 of the Equity Commitment. Buyer will not consent to any amendment, modification, supplement,
 withdrawal, revocation, rescission, or termination of the Equity Commitment that would adversely
 affect the ability of Buyer to consummate the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Buyer will, and will cause its Affiliates
 to, use commercially reasonable efforts to (i) maintain the effectiveness of the Equity
 Commitment in accordance with its terms, (ii) enter into definitive documentation with
 respect to the Equity Commitment in accordance with its terms, (iii) satisfy all funding
 conditions applicable to Buyer and its Affiliates to the Equity Commitment set forth in the
 definitive documentation with respect to the funding contemplated by the Equity Commitment
 and (iv) consummate the funding contemplated by the Equity Commitment.

7.12  **<u>Tower Bonds</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) From and after the Initial Site Closing
 Date for a Managed Site and until such Managed Site is converted to an Assignable Site at
 a Subsequent Closing, Commnet shall maintain or replace all Tower Bonds that are in existence
 as of the Initial Site Closing Date with respect to such Managed Site (and provide Buyer
 copies of any such replacement), unless any such Tower Bond is no longer required with respect
 to such Managed Site; <u>provided</u>, <u>however</u>, that Buyer shall promptly reimburse
 Commnet for the cost and expense of maintaining or replacing such Tower Bonds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No later than the date that is six (6) months
 following the Initial Site Closing Date, for which a Portfolio Site becomes an Assignable
 Site, Buyer shall, at its own cost and expense: (a) cause all Tower Bonds with respect
 to such Assignable Site to be replaced and, to the extent applicable, terminated and discharged
 (including when any such Tower Bond expires or becomes subject to renewal during such six
 (6) month period); and (b) cause all funds, property or other collateral related
 to such Tower Bonds that are actually received by Buyer to be promptly returned and paid
 to Commnet. Commnet shall, at Buyer's expense, reasonably cooperate with Buyer in replacing
 all Tower Bonds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) From and after the Closing Date for an
 Assignable Site and until the earlier of Buyer's replace the Tower Bond for such Assignable
 Site in accordance with <u>Section 7.12(b)</u> above and the applicable six (6) month
 period referred in <u>Section 7.12(b)</u> above, Commnet shall maintain or replace
 all Tower Bonds that are in existence as of the such Closing Date with respect to such Assignable
 Site (and provide Buyer copies of any such replacement), unless any such Tower Bond is no
 longer required with respect to such Assignable Site; <u>provided</u>, <u>however</u>, that
 Buyer shall promptly reimburse Commnet for the reasonable and documented cost and expense
 of maintaining or replacing such Tower Bonds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Commnet will deliver an updated <u>Section 5.5(g)</u> of
 the Commnet Disclosure Schedule that lists all Tower Bonds issued to a Commnet Party with
 respect to the Portfolio Sites within five (5) Business Days prior each Closing.

7.13  **<u>Master Collocation Agreements; Multiple Tower Ground Leases</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Following the Initial Closing Date and
 until the Final Subsequent Closing, the Parties shall cooperate and use their respective
 commercially reasonable efforts to bifurcate any Master Collocation Agreement (so that one
 agreement pertains to the Sale Sites and another agreement pertains to the remainder of the
 sites covered by the Master Collocation Agreement, including any Excluded Sites); it being
 understood that: (i) the foregoing shall not require either Party to agree to any conditions
 or pay any money to the applicable collocator in connection with such bifurcation (except
 to the extent required by the applicable Master Collocation Agreement, in which case Commnet
 shall bear all such expense; but in any event, either Party shall pay their own respective
 attorney and other fees incurred in connection with such bifurcation); and (ii) the
 foregoing shall not apply if it would have a material adverse impact on the rights of and
 obligations of the Commnet Group Members under this Agreement or such Master Collocation
 Agreement. From and after the Initial Closing Date until the time as such Master Collocation
 Agreement has been so bifurcated, the Commnet Group Members shall not amend, modify, cancel
 or grant any waiver or release under such Master Collocation Agreement in a manner that could
 reasonably be expected to adversely affect any Collocation Agreement without the consent
 of Buyer. Upon the bifurcation of any such Master Collocation Agreement, the Master Collocation
 Agreement pertaining to the Sale Sites shall be deemed to be a "Collocation Agreement"
 hereunder and shall be treated in the applicable manner under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Following the Initial Closing Date the
 Parties shall cooperate and use their respective commercially reasonable efforts to bifurcate
 any Multiple Tower Ground Lease (so that one lease pertains to the Leased Sites Land and
 another lease pertains to the remainder of the land covered by the Multiple Tower Ground
 Lease, including any Excluded Sites); it being understood that: (i) the foregoing shall
 not require either Party to agree to any conditions or pay any money to the applicable Ground
 Lessor in connection with such bifurcation (except to the extent required by the applicable
 Multiple Tower Ground Lease, in which case Commnet shall bear all such expense; but in any
 event, either Party shall pay their own respective attorney and other fees incurred in connection
 with such bifurcation); and (ii) from and after the Initial Closing Date until the time
 as such Multiple Tower Ground Lease has been bifurcated, the Commnet Group Members shall
 not amend, modify, terminate, cancel or grant any waiver or release under such Multiple Tower
 Ground Lease in a manner that could reasonably be expected to adversely affect any Leased
 Sites without the consent of the Buyer.

7.14  **<u>Notices of Certain Events</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Party shall promptly notify the other
 Parties of any material fact, circumstance, changes, events or actions discovered by such
 Party with respect to a Portfolio Site and occurring between the Signing Date and the Closing
 with respect to such Portfolio Site: (i) with respect to any written notice or other
 written communication from any Governmental Authority in connection with an Authorization
 related to the consummation of the transactions contemplated by this Agreement; (ii) with
 respect to any notice or other communication from any Person alleging that the consent of
 such Person is or may be required in connection with the transactions contemplated by this
 Agreement; (iii) with respect to any actions, suits or proceedings commenced or, to
 the Knowledge of such Party, threatened against, relating to or involving or otherwise affecting
 the Portfolio Sites that, if pending on the Signing Date, would have been required to have
 been disclosed pursuant to any of the representations and warranties in this Agreement or
 that relates to the consummation of the transactions contemplated by this Agreement; (iv) that
 has resulted in, or could reasonably be expected to result in, any representation or warranty
 made by such Party not being true and correct; (v) which has resulted in, or could reasonably
 be expected to result in, the failure of any of the conditions set forth in <u>Article VIII</u> to be satisfied; and (vi) the existence, occurrence or taking of which has had, or could
 reasonably be expected to have, individually or in the aggregate, a Commnet Material Adverse
 Effect or a Buyer Material Adverse Effect, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A Party's receipt of information
 pursuant to this <u>Section 7.14</u> shall not operate as a waiver or otherwise affect
 any representation, warranty or agreement given or made by any Party in this Agreement and
 shall not be deemed to amend or supplement the Commnet Disclosure Schedule or the Buyer Disclosure
 Schedule.

7.15  **<u>Third Party Confidentiality Agreements</u>** . From the Signing Date through the earlier of the Initial Closing Date
 or the termination of this Agreement, the Commnet Parties agree not to release or permit
 the release of any Person (other than Buyer and its Affiliates) from, or to waive or permit
 the waiver of any provision of, any confidentiality, "standstill" or similar
 agreement to which any Commnet Party is a party with respect to the Sale Sites except in
 the ordinary course of business. The Commnet Parties shall promptly request each Person (other
 than any other Commnet Party or its or their Representatives) that has executed a confidentiality
 agreement in connection with a potential sale-leaseback transaction related to the Portfolio
 Sites to return or destroy in accordance with the terms of the applicable non-disclosure
 agreement all confidential information relating to the Portfolio Sites furnished to such
 Person by or on behalf of the Commnet Parties.

7.16  **<u>Payments Received After Initial Site Closings</u>** . To the extent that any Commnet Group Member receives
 any payment with respect to any Sale Site relating to periods after the Initial Site Closing
 Date for such Sale Site or that constitute Included Property or the proceeds thereof (other
 than a payment with respect to any Excluded Asset) that were not prorated or factored into
 the Consideration, regardless of whether received by any Commnet Group Member before or after
 such Initial Site Closing Date, the Commnet Parties shall forward all such amounts to Buyer
 without notice or demand from Buyer within thirty (30) days after receipt thereof. To the
 extent that Buyer or any of its Affiliates (including each Sale Site Subsidiary) receives
 any payment with respect to any Sale Site relating to periods prior to the Initial Site Closing
 Date for such Sale Site or that does not constitute Included Property or the proceeds thereof
 that were not prorated or factored into the Consideration, Buyer shall forward all such amounts
 to Commnet without notice or demand from Commnet within thirty (30) days after receipt thereof.
 If (i) any third party pays or has paid any rent or other sums to any Commnet Party
 or its Affiliates pursuant to a Collocation Agreement for any period prior to the Initial
 Site Closing Date for a Sale Site in excess of the rent or other sums due to such Commnet
 Party or its Affiliates under such Collocation Agreement for such period, and (ii) such
 third party offsets such prior overpayment against the rent or other sums due to any Sale
 Site Subsidiary under such Collocation Agreement subsequent to such Initial Site Closing
 Date, then the applicable Commnet Party shall and shall cause its Affiliates to pay to Buyer
 a sum equal to such offset payments within thirty (30) days of learning of such offset. Each
 Commnet Party shall reasonably cooperate with Buyer in connection with Buyer directing Tower
 Subtenants to make payments to Buyer or the applicable Sale Site Subsidiary from and after
 the Initial Site Closing Date for a Sale Site.

7.17  **<u>Title Insurance Commitments</u>** . Buyer, at its sole cost and expense, may purchase upon the occurrence
 of the Initial Closing or any Subsequent Closing, as applicable, fee title or leasehold title
 insurance policies with respect to the interest of the applicable Sale Site Subsidiary in
 an Assignable Site (the " <u>Title Policies</u> "). The Commnet Parties shall not
 be required to execute any affidavits, indemnities or other documentation in connection with
 Buyer's obtaining such Title Policies other than: (i) a Title Policy Affidavit
 executed by the applicable Sale Site Subsidiary with respect to any Assignable Site for which
 Buyer purchases a Title Policy prior to or at the Initial Closing; and (ii) a Title
 Policy Affidavit executed by Commnet with respect to any Sale Site that was a Managed Site
 or Deferred Site at the Initial Closing and becomes an Assignable Site at a Subsequent Closing.
 For the avoidance of doubt, the Commnet Group Members (including Commnet and, prior to or
 at the applicable Closing, the applicable Sale Site Subsidiary) shall not be required to
 provide a Title Policy Affidavit for any Portfolio Site that is a Managed Site. Obtaining
 Title Policies shall not be a condition to the occurrence of any Closing and the failure
 to be able to obtain a Title Policy with respect to a Portfolio Site shall not, in and of
 itself, be evidence of Material Site Title Issue or any other Managed Site Condition; provided
 that nothing in this <u>Section 7.17</u> is intended to limit Buyer's rights or
 remedies provided for under <u>Article IV</u> with respect to a Material Site Title
 Issue or any other Managed Site Condition. Buyer shall instruct any Title Company that is
 preparing title reports or commitments to deliver copies thereof to Commnet (and its legal
 counsel) at the same time it delivers such reports or commitments to the Buyer.

7.18  **<u>No Solicitation of Other Bids</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Commnet Parties shall not, and shall
 not authorize or permit any of their Affiliates or any of their Representatives to, directly
 or indirectly, (i) encourage, solicit, initiate, facilitate, or continue inquiries regarding
 an Acquisition Proposal, (ii) enter into discussions or negotiations with, or provide
 any information to, any Person concerning a possible Acquisition Proposal, or (iii) enter
 into any agreements or other instruments (whether or not binding) regarding an Acquisition
 Proposal. The Commnet Parties shall immediately cease and cause to be terminated, and shall
 cause their Affiliates and all of their Representatives to immediately cease and cause to
 be terminated, all existing discussions or negotiations with any Persons conducted heretofore
 with respect to, or that could lead to, an Acquisition Proposal. For purposes hereof, " <u>Acquisition Proposal</u> " shall mean any inquiry, proposal, or offer from any Person (other than
 Buyer or any of its Affiliates) concerning the sale, lease, exchange, or other disposition
 of any material portion of the Portfolio Sites or the Included Property, but Acquisition
 Proposal shall not include a Commnet Change of Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition to the other obligations under
 this <u>Section 7.18</u>, the Commnet Parties shall promptly (and in any event within
 three (3) Business Days after receipt thereof by a Commnet Party or its Representatives)
 advise Buyer orally and in writing of any Acquisition Proposal, any request for information
 with respect to any Acquisition Proposal, or any inquiry with respect to or which could reasonably
 be expected to result in an Acquisition Proposal, the material terms and conditions of such
 request, Acquisition Proposal or inquiry, and the identity of the Person making the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Commnet Parties agree that the rights
 and remedies for noncompliance with this <u>Section 7.18</u> shall include having such
 provision specifically enforced by any court having equity jurisdiction, it being acknowledged
 and agreed that any such breach or threatened breach shall cause irreparable injury to Buyer
 and that money damages would not provide an adequate remedy to Buyer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Commnet shall provide immediate written
 notice to Buyer if (x) the board of directors of any Commnet Party approves a Commnet
 Change of Control or (y) any Contract or letter of intent or term sheet is entered into
 that may result in a Commnet Change of Control, which notice shall specify the material terms
 and conditions and the identity of the unaffiliated third party purchaser with respect to
 such Commnet Change of Control. All information regarding a Commnet Change of Control provided
 by Commnet will be treated as Confidentiality Information and be subject to the terms and
 conditions of the Confidentiality Agreement.

7.19  **<u>Right of First Offer for Competing Facilities</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>ROFO Notice</u>. During the [\*\*\*] period
 commencing on the Initial Closing Date (the " <u>ROFO Period</u> "), if Commnet
 or its Affiliates desire to construct, own, and/or operate a Competing Facility for the purposes
 of leasing space at such Competing Facility to a third party tenant, Commnet shall provide
 a written notice to the Buyer that identifies the third party tenant and sets forth the general
 search ring or location, technical requirements and specifications needed for the Competing
 Facility and, if available, the economic and other terms and conditions upon which third-party
 tenant would lease such space (a " <u>ROFO Notice</u> "). Notwithstanding
 anything to the contrary in this <u>Section 7.19</u>, during the ROFO Period, no
 Commnet Party shall, and Commnet shall cause its Affiliates to not, in any Commnet Party-initiated
 solicitation, offer any (i) direct monetary payment, (ii) discounted rent, or (iii) other
 cash consideration to a Tower Subtenant at any Sale Site that is within a [\*\*\*]-mile radius
 of any Competing Facility (or any facility that would be a Competing Facility but for the
 provisions of <u>Section 17.9(d)</u> that deem such facility not to be a Competing
 Facility (each, a " <u>Former Competing Facility</u> ")) where such offer of direct
 monetary payment, discounted rent, or other cash consideration in such Commnet Party-initiated
 solicitation is intended to result in such Tower Subtenant agreeing instead to use or occupy
 any Competing Facility or Former Competing Facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>ROFO Offer</u>. Within 30 days after
 the Buyer's receipt of a ROFO Notice (or such shorter period of time as may be reasonably
 specified by Commnet in the ROFO Notice to enable Commnet to timely respond to any third-party
 tenant deadlines) (the " <u>ROFO Response Deadline</u> "), the Buyer will notify
 Commnet in writing whether or not Buyer desires to: (i) make an offer to the third party
 tenant that addresses the requirements set forth in the ROFO Notice and contains the other
 material terms and conditions upon which the Buyer would lease space to the third party tenant
 at such Competing Facility (a " <u>ROFO Offer</u> "); or (ii) reject the ROFO
 Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Binding Agreement</u>. If the Buyer
 makes a ROFO Offer, the Buyer will provide Commnet with a copy thereof and will use commercially
 reasonable efforts to promptly enter into a binding agreement for the Competing Facility
 and related space with the third party tenant on the terms set forth in the ROFO Offer within
 thirty (30) days (or such longer period of time as Commnet may agree upon in writing) after
 the Buyer makes the ROFO Offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>ROFO Offer Rejected, Etc</u>. If the
 Buyer does not timely deliver a ROFO Offer, the Buyer rejects the ROFO Notice, the third
 party tenant rejects the ROFO Offer, or the Buyer does not enter into a binding agreement
 with the third party tenant within the period specified above (and, in any of the foregoing
 cases, the Buyer will provide Commnet with written notice thereof within one (1) day
 of such event, together with reasonable supporting documentation), then: (i) Commnet
 and its Affiliates will be permitted to construct, own, and operate the Competing Facility
 and lease space to the third party tenant at the Competing Facility; and (ii) such Competing
 Facility will thereafter no longer be deemed a Competing Facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Specified Performance</u>. The Commnet
 Parties acknowledge that: (i) the foregoing restrictions are reasonable and necessary
 for the Buyer to consummate the transaction contemplated by this Agreement; and (ii) there
 will not be an adequate remedy at law for non-compliance with the provisions of this Section,
 and therefore the Buyer shall have the right to specifically enforce the provisions in this
 Agreement in a court of competent jurisdiction.

**Article VIII.** **<br> CONDITIONS TO CLOSINGS**

8.1  **<u>Conditions to the Obligations of Each Party to the Initial Closing</u>** . The respective obligation of
 each Party to consummate the Initial Closing on the Initial Closing Date is subject to the
 satisfaction or waiver by the other Party or Parties (to the extent permitted under applicable
 Law) on or prior to the Initial Closing Date of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the filings required by the Parties pursuant
 to the HSR Act have been made and all applicable waiting periods (and all extensions thereof)
 under the HSR Act shall have expired or otherwise been terminated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no Governmental Authority of competent
 jurisdiction shall have enacted, issued, promulgated, enforced or entered any Law or Order
 (whether temporary, preliminary or permanent) that is in effect and restrains, enjoins or
 otherwise prohibits the consummation of the transactions contemplated by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) prior to the Initial Closing, each Party
 shall deliver, or cause to be delivered, to the other Party: (i) all properly completed
 certificates and other documentation reasonably requested by such Party to qualify for exemption
 from any applicable Transaction Tax on the transactions contemplated by this Agreement or
 any Collateral Agreement; and (ii) evidence reasonably requested by and satisfactory
 to such Party of all applicable Transaction Tax registrations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No suit, action or other proceeding relating
 to the transactions contemplated by this Agreement and the Collateral Agreements shall be
 pending before or threatened in writing by any Governmental Authority in which a Governmental
 Authority seeks or threatens to impose any conditions, liabilities, restrictions or requirements
 (including the taking of, or requirement to omit the taking of, actions) on any Party or
 their Affiliates, that could, individually or in the aggregate, reasonably be expected to
 be material and adverse to such Party and its Affiliates, taken as a whole (assuming for
 the purpose of this <u>Section 8.1(d)</u> that the Commnet Parties, taken as a
 whole, have assets and results of operations comparable to the Sale Sites as of the Effective
 Date); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the consents set forth on <u>Schedule 8</u> hereto shall have been obtained with respect to the transactions contemplated by this
 Agreement.

8.2  **<u>Additional Conditions to Buyer's Obligation to the Initial Closing</u>** . Buyer's obligation to consummate
 the Initial Closing is subject to the satisfaction or waiver by Buyer (to the extent permitted
 under applicable Law) on or prior to the Initial Closing Date of each of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) the representations and warranties
 of the Commnet Parties set forth in this Agreement that are qualified by reference to materiality
 or a Commnet Material Adverse Effect shall be true and correct as of the Initial Closing
 Date as though made on and as of such date and time (except to the extent that any such representation
 and warranty expressly speaks as of an earlier date, in which case such representation and
 warranty shall be so true and correct as of such earlier date); and (ii) the representations
 and warranties of the Commnet Parties set forth in this Agreement that are not qualified
 by reference to materiality or a Commnet Material Adverse Effect shall be true and correct
 in all material respects as of the Initial Closing Date as though made on and as of such
 date and time (except to the extent that any such representation and warranty expressly speaks
 as of an earlier date, in which case such representation and warranty shall be so true and
 correct as of such earlier date); <u>provided</u>, <u>however</u>, that notwithstanding anything
 herein to the contrary, the condition set forth in this <u>Section 8.2(a)</u> shall
 be deemed to have been satisfied even if any representations and warranties of the Commnet
 Parties are not true and correct unless the failure of such representations and warranties
 of the Commnet Parties to be true and correct, individually or in the aggregate, has had
 or could reasonably be expected to have an Commnet Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the covenants and agreements of the Commnet
 Parties to be performed on or before the Initial Closing Date in accordance with this Agreement
 shall have been duly performed in all material respects, provided that, with respect to covenants
 and agreements that are qualified by materiality, the Commnet Parties shall have performed
 such covenants and agreements, as so qualified, in all respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Buyer shall have received a certificate,
 dated as of the Initial Closing Date, from Commnet signed on behalf of Commnet by an authorized
 officer thereof (a " <u>Commnet Bring Down Certificate</u> "), to the effect set
 forth in <u>Sections 8.2(a)</u> and <u>(b)</u> above and <u>Section 8.2(f)</u> below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Commnet Parties shall have executed
 and delivered to Buyer, as applicable, all Collateral Agreements and such other agreements
 and documents contemplated by <u>Section 2.2</u> of this Agreement to which any of them
 is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) in connection with the transactions contemplated
 by <u>Section 2.2(f)</u>, on the terms and subject to the conditions of this Agreement,
 the applicable Commnet Parties shall have delivered, or caused to be delivered, to Buyer
 a duly executed IRS Form W-9;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) since the Signing Date, there shall have
 been no state of facts, change, effect, condition, development, event or occurrence that
 has had or, with or without the lapse of time, could reasonably be expected to have, individually
 or in the aggregate, an Commnet Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) with respect to any Assignable Sites included
 in the Initial Closing, any Liens (other than Permitted Liens) with respect to such Assignable
 Sites shall have been terminated and released; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Commnet shall have delivered the updated
 Sections of the Commnet Disclosure Schedule required to be delivered under this Agreement
 in connection with the Initial Closing.

8.3  **<u>Additional Conditions to the Commnet Parties' Obligations to the Initial Closing</u>** . The obligation
 of the Commnet Parties to consummate the Initial Closing is subject to the satisfaction or
 waiver by Commnet (to the extent permitted under applicable Law) on or prior to the Initial
 Closing Date of each of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) the representations and warranties
 of Buyer set forth in this Agreement that are qualified by reference to materiality or a
 Buyer Material Adverse Effect shall be true and correct as of the Initial Closing Date as
 though made on and as of such date and time (except to the extent that any such representation
 and warranty expressly speaks as of an earlier date, in which case such representation and
 warranty shall be so true and correct as of such earlier date); and (ii) the representations
 and warranties of Buyer set forth in this Agreement that are not qualified by reference to
 materiality or a Buyer Material Adverse Effect shall be true and correct in all material
 respects as of the Initial Closing Date as though made on and as of such date and time (except
 to the extent that any such representation and warranty expressly speaks as of an earlier
 date, in which case such representation and warranty shall be so true and correct as of such
 earlier date); <u>provided</u>, <u>however</u>, that notwithstanding anything herein to the
 contrary, the condition set forth in this <u>Section 8.3(a)</u> shall be deemed
 to have been satisfied even if any representations and warranties of Buyer are not true and
 correct unless the failure of such representations and warranties of Buyer to be true and
 correct could, individually or in the aggregate, reasonably be expected to prevent, materially
 delay or materially impair the ability of Buyer to consummate the transactions contemplated
 by this Agreement and the Collateral Agreements to which it is or they are a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the covenants and agreements of Buyer
 to be performed on or before the Initial Closing Date in accordance with this Agreement shall
 have been duly performed in all material respects, provided that, with respect to covenants
 and agreements that are qualified by materiality, Buyer shall have performed such covenants
 and agreements, as so qualified, in all respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Commnet Parties shall have received
 a certificate, dated the Initial Closing Date, from Buyer signed on behalf of Buyer by an
 authorized officer of Buyer (a " <u>Buyer Bring Down Certificate</u> "), to the
 effect set forth in <u>Sections 8.3(a)</u> and <u>(b)</u> above and <u>Section 8.3(e)</u> below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) at the Initial Closing, Buyer shall have
 executed and delivered to the Commnet Parties all Collateral Agreements and such other agreements
 and documents contemplated by <u>Section 2.2</u> of this Agreement to which it is a
 party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) since the Signing Date, there shall have
 been no state of facts, change, effect, condition, development, event or occurrence that
 has had or, with or without the lapse of time, could reasonably be expected to have, individually
 or in the aggregate, a Buyer Material Adverse Effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (i) no more than [\*\*\*]% of the Portfolio
 Sites shall be Deferred Sites (excluding any Environmental Sites or To Be Built Sites); (ii) no
 more than [\*\*\*]% of the Portfolio Sites shall be Managed Sites; and (iii) no more than
 [\*\*\*]% of the Portfolio Sites shall be Excluded Sites (and, for the avoidance of doubt, no
 Commnet Party shall be in breach of this Agreement for the failure of the conditions in this <u>Section 8.3(f)</u> to be satisfied or waived).

8.4  **<u>Conditions of Each Party to the Obligations to Close the Subsequent Closings</u>** . The respective obligations
 of each Party to consummate each Subsequent Closing is subject to the satisfaction or waiver
 (to the extent permitted under applicable Law) of the conditions that, on such Subsequent
 Closing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no Order of a Governmental Authority shall
 be in effect, prohibiting, restraining or enjoining such Subsequent Closing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the consents set forth on <u>Schedule 8</u> hereto shall have been obtained (or, as applicable, remain in effect) with respect
 to the transactions contemplated by this Agreement.

8.5  **<u>Additional Conditions to Buyer's Obligation to Subsequent Closings</u>** . Buyer's obligation to consummate
 each Subsequent Closing is subject to the satisfaction or waiver by Buyer (to the extent
 permitted under applicable Law) on or prior to such Subsequent Closing Date of each of the
 following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) the representations and warranties
 of the Commnet Parties set forth in this Agreement that are qualified by reference to materiality
 or a Commnet Material Adverse Effect shall be true and correct as of such Subsequent Closing
 Date with respect to any Sale Sites for which such Subsequent Closing is the Initial Site
 Closing as though made on and as of such date and time (except to the extent that any such
 representation and warranty expressly speaks as of an earlier date, in which case such representation
 and warranty shall be so true and correct as of such earlier date); and (ii) the representations
 and warranties of the Commnet Parties set forth in this Agreement that are not qualified
 by reference to materiality or a Commnet Material Adverse Effect shall be true and correct
 in all material respects as of such Subsequent Closing Date with respect to any Sale Sites
 for which such Subsequent Closing is the Initial Site Closing as though made on and as of
 such date and time (except to the extent that any such representation and warranty expressly
 speaks as of an earlier date, in which case such representation and warranty shall be so
 true and correct as of such earlier date); <u>provided</u>, <u>however</u>, that notwithstanding
 anything herein to the contrary, the condition set forth in this <u>Section 8.5(a)</u> shall
 be deemed to have been satisfied even if any representations and warranties of the Commnet
 Parties are not true and correct unless the failure of such representations and warranties
 of the Commnet Parties to be true and correct, individually or in the aggregate, has had
 or could reasonably be expected to have an Commnet Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the covenants and agreements of the Commnet
 Parties to be performed on or before such Subsequent Closing Date in accordance with this
 Agreement shall have been duly performed in all material respects, provided that, with respect
 to covenants and agreements that are qualified by materiality, the Commnet Parties shall
 have performed such covenants and agreements, as so qualified, in all respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Buyer shall have received a Commnet Bring
 Down Certificate, dated as of such Subsequent Closing Date, to the effect set forth in <u>Sections 8.5(a)</u> and <u>(b)</u> above and <u>Section 8.5(f)</u> below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Commnet Parties shall have executed
 and delivered to Buyer, as applicable, all Collateral Agreements and such other agreements
 and documents contemplated by <u>Section 2.7</u> of this Agreement to which any of them
 is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) in connection with the transactions contemplated
 by <u>Section 2.7(b)(iv)</u>, on the terms and subject to the conditions of this Agreement,
 the applicable Commnet Parties shall have delivered, or caused to be delivered, to Buyer
 a duly executed IRS Form W-9;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) since the prior Closing Date, there shall
 have been no state of facts, change, effect, condition, development, event or occurrence
 that has had or, with or without the lapse of time, could reasonably be expected to have,
 individually or in the aggregate, an Commnet Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) with respect to any Portfolio Site that
 is first becoming an Assignable Site in such Subsequent Closing, any Liens (other than Permitted
 Liens) with respect to such Assignable Site shall have been terminated and released; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Commnet shall have delivered the updated
 Sections of the Commnet Disclosure Schedule required to be delivered under this Agreement
 in connection with such Subsequent Closing.

8.6  **<u>Additional Conditions to the Commnet Parties' Obligation to Subsequent Closings</u>** . The obligation of
 the Commnet Parties to consummate each Subsequent Closing is subject to the satisfaction
 or waiver by Commnet (to the extent permitted under applicable Law) on or prior to such Subsequent
 Closing Date of each of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) the representations and warranties
 of Buyer set forth in this Agreement that are qualified by reference to materiality or a
 Buyer Material Adverse Effect shall be true and correct as of such Subsequent Closing Date
 as though made on and as of such date and time (except to the extent that any such representation
 and warranty expressly speaks as of an earlier date, in which case such representation and
 warranty shall be so true and correct as of such earlier date); and (ii) the representations
 and warranties of Buyer set forth in this Agreement that are not qualified by reference to
 materiality or a Buyer Material Adverse Effect shall be true and correct in all material
 respects as of such Subsequent Closing Date as though made on and as of such date and time
 (except to the extent that any such representation and warranty expressly speaks as of an
 earlier date, in which case such representation and warranty shall be so true and correct
 as of such earlier date); <u>provided</u>, <u>however</u>, that notwithstanding anything
 herein to the contrary, the condition set forth in this <u>Section 8.6(a)</u> shall
 be deemed to have been satisfied even if any representations and warranties of Buyer are
 not true and correct unless the failure of such representations and warranties of Buyer to
 be true and correct could, individually or in the aggregate, reasonably be expected to prevent,
 materially delay or materially impair the ability of Buyer to consummate at such Subsequent
 Closing the transactions contemplated by this Agreement and the Collateral Agreements to
 which it is or they are a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the covenants and agreements of Buyer
 to be performed on or before such Subsequent Closing Date in accordance with this Agreement
 shall have been duly performed in all material respects, provided that, with respect to covenants
 and agreements that are qualified by materiality, Buyer shall have performed such covenants
 and agreements, as so qualified, in all respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Commnet Parties shall have received
 a Buyer Bring Down Certificate, dated as of such Subsequent Closing Date, to the effect set
 forth in <u>Sections 8.6(a)</u> and <u>(b)</u> above and <u>Section 8.6(g)</u> below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) at such Subsequent Closing, Buyer shall
 have executed and delivered to the Commnet Parties all Collateral Agreements and such other
 agreements and documents contemplated by <u>Section 2.7</u> of this Agreement to which
 it is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) prior to such Subsequent Closing, Buyer
 shall deliver, or cause to be delivered, to the Commnet Parties: (i) all properly completed
 certificates and other documentation reasonably requested by the Commnet Parties to qualify
 for exemption from any applicable Transaction Tax on the transactions contemplated by this
 Agreement or any Collateral Agreement; and (ii) evidence reasonably requested by and
 satisfactory to the Commnet Parties of all applicable Transaction Tax registrations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) no suit, action or other proceeding relating
 to the transactions contemplated by this Agreement and the Collateral Agreements shall be
 pending before or threatened by any Governmental Authority in which a Governmental Authority
 seeks or threatens to impose any conditions, liabilities, restrictions or requirements (including
 the taking of, or requirement to omit the taking of, actions) on any Commnet Group Member,
 that could, individually or in the aggregate, reasonably be expected to be material and adverse
 to the Commnet Group Members, taken as a whole; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) since the prior Closing Date, there shall
 have been no state of facts, change, effect, condition, development, event or occurrence
 that has had or, with or without the lapse of time, could reasonably be expected to have,
 individually or in the aggregate, a Buyer Material Adverse Effect.

**Article IX.** **<br> INDEMNIFICATION; SURVIVAL**

9.1  **<u>Indemnification Obligations of Commnet Parties</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Without limiting the other obligations
 of the Commnet Parties under this Agreement and any Collateral Agreement, from and after
 the Initial Closing, the Commnet Parties shall, jointly and severally, defend, indemnify,
 and hold harmless each of the Buyer Indemnified Parties from and against all Claims to the
 extent resulting from, arising out of or relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any breach or inaccuracy of any representation
 or warranty made by the Commnet Parties in this Agreement (including the Commnet Disclosure
 Schedule) or in a Commnet Bring Down Certificate (it being agreed that for purposes of determining
 the existence of any inaccuracy or breach of a representation or warranty or the amount of
 any Claim with respect thereto, each representation and warranty in this Agreement (including
 the Commnet Disclosure Schedule) or in a Commnet Bring Down Certificate will be read without
 regard and without giving effect to the terms or phrases "material," "in
 all material respects," "Material Adverse Effect," or similar words or
 phrases contained in such representation or warranty (as if such words or phrases were deleted
 from such representation and warranty));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any breach or nonperformance of any covenant
 made by the Commnet Parties in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) without duplication of any right to recovery
 provided in this Agreement, any Indemnified Taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any Pre-Closing Liabilities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any Excluded Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as expressly provided in this Agreement,
 the rights of the Buyer Indemnified Parties to indemnification under this Agreement shall
 not be affected by any investigation conducted or actual or constructive knowledge acquired
 at any time by a Buyer Indemnified Party, whether before or after the Signing Date or any
 Closing Date.

9.2  **<u>Indemnification Obligations of Buyer</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Without limiting Buyer's other obligations
 under this Agreement or any Collateral Agreement, from and after the Initial Closing, Buyer
 shall defend, indemnify, and hold harmless each of the Commnet Indemnified Parties from and
 against all Claims to the extent resulting from, arising out of or relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any breach or inaccuracy of any representation
 or warranty made by Buyer in this Agreement (including the Buyer Disclosure Schedule) or
 in a Buyer Bring Down Certificate (it being agreed that for purposes of determining the existence
 of any inaccuracy or breach of a representation or warranty or the amount of any Claim with
 respect thereto, each representation and warranty in this Agreement (including the Buyer
 Disclosure Schedule) or in a Buyer Bring Down Certificate will be read without regard and
 without giving effect to the terms or phrases "material," "in all material
 respects," "Material Adverse Effect," or similar words or phrases contained
 in such representation or warranty (as if such words or phrases were deleted from such representation
 and warranty));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any breach or nonperformance of any covenant
 made by Buyer in this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any Post-Closing Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The rights of the Commnet Indemnified
 Parties to indemnification under this Agreement shall not be affected by any investigation
 conducted or actual or constructive knowledge acquired at any time by an Commnet Indemnified
 Party, whether before or after the Signing Date or any Closing Date.

9.3  **<u>Indemnification Claim Procedure</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If any Party asserting a claim for indemnification
 (an " <u>Indemnified Party</u> ") shall desire to assert any claim for indemnification
 provided for under this <u>Article IX</u> or under <u>Section 2.11</u> in respect
 of, arising out of, or involving a claim or demand made by any Person (other than a Party)
 against, or a Tax payable by, an Indemnified Party (a " <u>Third Party Claim</u> "),
 such Indemnified Party shall notify the Party or Parties alleged to be obligated to indemnify
 the Indemnified Party (the " <u>Indemnifying Party</u> ") in writing of such Third
 Party Claim, describing in reasonable detail the amount or the estimated amount of Claims
 sought thereunder, any other remedy sought thereunder, any relevant time constraints relating
 thereto and, to the extent practicable, any other material details pertaining thereto (a
 " <u>Third Party Claim Notice</u> "), promptly after receipt by such Indemnified
 Party of written notice of the Third Party Claim; <u>provided</u>, <u>however</u>, that any
 failure to provide or delay in providing a Third Party Claim Notice shall not affect the
 indemnification provided hereunder except to the extent the Indemnifying Party shall have
 been actually prejudiced as a result of such failure or delay. To the extent permitted by
 applicable Law, the Indemnified Party shall deliver to the Indemnifying Party, promptly after
 the Indemnified Party's receipt thereof, copies of all notices and documents (including
 court papers) received by the Indemnified Party relating to the Third Party Claim; <u>provided</u>, <u>however</u>, that any failure to deliver or delay in delivering such copies shall not
 affect the indemnification provided hereunder except to the extent the Indemnifying Party's
 ability to defend such claim shall have been actually prejudiced as a result of such failure
 or delay.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If a Third Party Claim is made against
 an Indemnified Party, the Indemnifying Party will be entitled to participate in the defense
 thereof and, if it so chooses, to assume the defense thereof with counsel selected by the
 Indemnifying Party and reasonably satisfactory to the Indemnified Party by delivering notice
 to the Indemnified Party in writing within twenty (20) days after receiving the Third Party
 Claim Notice that it elects to assume such defense and pay its defense costs in connection
 therewith (including attorneys' fees and expenses). If the Indemnifying Party declines
 to indemnify, fails to respond to the Third Party Claim Notice or fails to assume the defense
 (or cause its insurer to assume defense) of the Third Party Claim within such twenty (20)
 day period, then the Indemnified Party may control the defense of such Third Party Claim.
 If the Indemnifying Party assumes such defense, the Indemnified Party shall have the right
 to participate in defense thereof and to employ counsel, at its cost and expense (except
 to the extent that (x) the Indemnifying Party fails to diligently pursue the defense,
 or (y) the Third Party Claim involves a conflict of interest or different defenses for
 the Indemnified Party and the Indemnifying Party, in which case the Indemnified Party shall
 have the right to assume and control the defense of the Third Party Claim), separate from
 the counsel employed by the Indemnifying Party. All Parties shall reasonably cooperate in
 the defense or prosecution of any Third Party Claims. Such cooperation shall include using
 commercially reasonable efforts to retain and (upon the Indemnifying Party's request)
 provide to the Indemnifying Party records and information that are reasonably relevant to
 such Third Party Claim, to the extent required to maintain privilege, using commercially
 reasonable efforts to enter into a joint defense or similar agreement and using commercially
 reasonable efforts to make employees available on a mutually convenient basis to provide
 additional information and explanation of any material provided hereunder. If the Indemnifying
 Party shall have assumed the defense of, and is diligently prosecuting, a Third Party Claim,
 the Indemnified Party shall not admit any Liability with respect to, or settle, compromise
 or discharge, such Third Party Claim without the Indemnifying Party's prior written
 consent (which shall not be unreasonably withheld, conditions or delayed). The Indemnifying
 Party shall not consent to a settlement or compromise of, or the entry of any judgment arising
 out of or in connection with any Third Party Claim without the written consent of the applicable
 Indemnified Party; <u>provided</u>, <u>however</u>, that the Indemnified Party shall not
 withhold its consent if: (i) contemporaneously with the effectiveness of such settlement,
 compromise or consent, the Indemnifying Party pays in full any obligation imposed on the
 Indemnified Party by such settlement, compromise or consent, which as a condition to such
 settlement, compromise or consent releases each relevant Indemnified Party completely and
 unconditionally in connection with such settlement, compromise or consent and without any
 finding or admission of any violation of Law or admission of any wrongdoing; and (ii) such
 settlement, compromise or consent does not contain any equitable Order or term which in any
 manner affects, restrains or interferes with the business of the Indemnified Party or any
 of the Indemnified Party's Affiliates. The Indemnified Party shall not admit any Liability
 with respect to, or settle, compromise or discharge, any Third Party Claim it controls without
 the Indemnifying Party's prior written consent (which shall not be unreasonably withheld,
 conditions or delayed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If an Indemnified Party shall desire to
 assert any claim for indemnification provided for under this <u>Article IX</u> other
 than a claim in respect of, arising out of or involving a Third Party Claim (a " <u>Direct Claim</u> "), such Indemnified Party shall within thirty (30) days after becoming aware
 of such Direct Claim notify the Indemnifying Party in writing of such Direct Claim, describing
 in reasonable detail the specific provisions of this Agreement claimed to have been breached,
 the factual basis supporting the contention that such provisions were breached, the amount
 or the estimated amount of damages sought thereunder, any other remedy sought thereunder,
 any relevant time constraints relating thereto and, to the extent practicable, any other
 material details pertaining thereto (a " <u>Direct Claim Notice</u> "); <u>provided</u>, <u>however</u>, that any failure to provide or delay in providing such notification shall
 not affect the indemnification provided for hereunder except to the extent the Indemnifying
 Party shall have been actually prejudiced as a result of such failure or delay. The Indemnifying
 Party shall have a period of twenty (20) days within which to respond to any Direct Claim
 Notice, stating whether it disputes the existence or scope of an obligation to indemnify
 the Indemnified Party under this <u>Article IX</u>. If the Indemnifying Party does not
 so respond within such twenty (20) day period stating that the Indemnifying Party disputes
 its liability for such Direct Claim, the Indemnifying Party will be deemed to have accepted
 such Direct Claim, such claim shall be conclusively deemed a liability of the Indemnifying
 Party and the Indemnifying Party shall pay the amount of such Direct Claim to the Indemnified
 Party as promptly as reasonably practicable after demand therefore or, in the case of any
 Direct Claim Notice in which the amount of the Direct Claim (or any portion thereof) is estimated,
 as promptly as reasonably practicable after such later date when the amount of such Direct
 Claim (or such portion thereof) becomes finally determined. If the Indemnifying Party disputes
 all or any part of such Direct Claim, the Indemnified Party and the Indemnifying Party shall
 attempt in good faith for twenty (20) days to resolve such Direct Claim. If no such agreement
 can be reached through good faith negotiation within twenty (20) Business Days, either the
 Indemnified Party or the Indemnifying Party may act to resolve such dispute in accordance
 with <u>Section 11.2</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Commnet Group Members shall control
 the defense of all Claims related to Pre-Closing Liabilities. Buyer and their Affiliates
 shall control the defense of all Claims related to Post-Closing Liabilities and, notwithstanding
 anything herein to the contrary, all Third Party Claims made with respect to any Portfolio
 Site that has become an Assignable Site in a Closing by Governmental Authorities, Ground
 Lessors and material Tower Subtenants seeking any injunctive relief that would impact the
 operation of such Assignable Site after such Closing.

9.4  **<u>Indemnity Period</u>** .
 Except with respect to fraud by or on behalf of the Indemnifying Party, the obligations of
 any Indemnifying Party to indemnify any Indemnified Party:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) pursuant to <u>Sections 9.1(a)(i)</u> and <u>9.2(a)(i)</u> shall terminate on the date that is [\*\*\*] following the Initial Closing
 Date; <u>provided</u>, <u>however</u>, that, notwithstanding the foregoing: (i) the
 obligations of the Commnet Parties to indemnify the Buyer Indemnified Parties under <u>Section 9.1(a)</u> relating
 to any particular Sale Site (other than with respect to any Specified Representation and
 Warranty) shall terminate on the date that is [\*\*\*] following the Initial Site Closing Date
 for such Sale Site; and (ii) the obligations of any Indemnifying Party to indemnify
 any Indemnified Party from, against, and in respect of any and all Claims that arise out
 of or relate to any breach or inaccuracy of any Specified Representation and Warranty shall
 survive [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) pursuant to <u>Sections 9.1(a)(ii)</u> and <u>9.2(a)(ii)</u> shall survive until the time period stated in the covenant that is
 the subject of such Claim or until [\*\*\*]; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) pursuant to <u>Sections 9.1(a)(iii)</u>, <u>9.1(a)(iv)</u>, <u>9.1(a)(v)</u>, and <u>9.2(a)(iii)</u> shall survive [\*\*\*].

Notwithstanding anything to the contrary in this Agreement, notices for Claims must be delivered before expiration of any applicable survival period specified in this <u>Section 9.4</u>; <u>provided</u>, <u>however</u>, that if prior to the close of business on the last day of the applicable Indemnity Period, an Indemnifying Party has been properly notified of a Claim under this Agreement and such Claim has not been finally resolved or disposed of at such date, such Claim shall continue to survive and shall remain a basis for indemnity under this Agreement until such Claim is finally resolved or disposed of in accordance with the terms of this Agreement. Notwithstanding anything to the contrary in this Agreement or any Collateral Agreement, the Non-Surviving Representations and Warranties will terminate at, and will not survive, the Initial Closing.

9.5  **<u>Liability Limits</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding anything to the contrary
 in this Agreement (except <u>Section 9.5(d)</u>), the Commnet Parties shall have no
 obligation to indemnify (including any obligation to make any payments to) any Buyer Indemnified
 Party with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any single or series of related or similar
 Claim less than $[\*\*\*] (each, a " <u>De Minimis Claim</u> ") under <u>Section 9.1(a)(i)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Claims under <u>Section 9.1(a)(</u> i) unless
 and until the aggregate amount of such Claims (excluding amounts associated with De Minimis
 Claims) exceeds an amount equal to [\*\*\*]% of the aggregate Consideration paid by Buyer under
 this Agreement (the " <u>Representations and Warranties Threshold</u> "), after
 which the Commnet Parties shall be required to indemnify the Buyer Indemnified Parties for
 all such Claims from the first dollar (excluding amounts associated with De Minimis Claims)
 and, in no event, shall the Commnet Parties be required to indemnify the Buyer Indemnified
 Parties under <u>Section 9.1(a)(i</u>) for more than [\*\*\*]% of the aggregate Consideration
 paid by Buyer under this Agreement in the aggregate (the " <u>Cap</u> "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any Claims relating to a specific Portfolio
 Site in excess of [\*\*\*] percent ([\*\*\*]%) of the Allocated Site Consideration for such Portfolio
 Site;

<u>provided</u>, <u>however</u>, that, the limitations set forth in this <u>Section 9.5(a)</u> shall not apply to any Claims resulting from or arising out of breaches of the Specified Representations and Warranties or due to fraud, by or on behalf of the Indemnifying Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything to the contrary
 in this Agreement (except <u>Section 9.5(d)</u>), Buyer shall have no obligation to
 indemnify (including any obligation to make any payments to) any Commnet Indemnified Party
 with respect to: (i) any De Minimis Claim under <u>Section 9.2(a)(i)</u>; and (ii) any
 Claims under <u>Section 9.2(a)(i)</u> (i) unless and until the aggregate amount
 of such Claims (excluding amounts associated with De Minimis Claims) exceeds the Representations
 and Warranties Threshold, after which Buyer shall be required to indemnify the Commnet Indemnified
 Parties for all such Claims from the first dollar) (excluding amounts associated with De
 Minimis Claims). In no event shall Buyer be required to indemnify the Commnet Indemnified
 Parties under <u>Section 9.2(a)(i)</u> for more than the Cap in the aggregate; <u>provided</u>, <u>however</u>, that the limitations set forth in this <u>Section 9.5(b)</u> shall
 not apply to any Claims resulting from or arising out of breaches of the Specified Representations
 and Warranties or due to fraud; <u>provided</u>, <u>further</u>, that, in no event will the
 Buyer be required to indemnify the Commnet Indemnified Parties with respect to any Claims
 resulting from or arising out of breaches of the Specified Representations and Warranties
 for more than the Consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary
 in this <u>Article IX</u>, in no event shall an Indemnifying Party have liability to
 any Indemnified Party for any consequential, special, incidental, indirect or punitive damages,
 lost profits or similar items (as opposed to actual direct damages), in each case except
 as actually paid to a claimant in a Third Party Claim; <u>provided</u>, <u>however</u>, that,
 notwithstanding the foregoing: (i) solely with respect to any breach of the representations
 and warranties of the Commnet Parties contained in <u>Section 5.15</u> as a result of
 the failure of the Commnet Parties to provide the Buyer with copies of any termination notice,
 amendment, or agreement relating to a Material Agreement received by, or entered into by,
 the Commnet Parties prior to the Initial Site Closing Date for a Portfolio Site that is not
 reflected in <u>Section 5.12(a)</u> or <u>(b)</u> of the Commnet Disclosure
 Schedule, then the Buyer Indemnified Parties will be entitled to seek, and the definition
 of "Claims" shall specifically include, any actual consequential damages, lost
 profits, loss of bargain, or damages based on any other theory of damages (including damages
 based on the Multiple) arising from such breach; and (ii) the Commnet Parties will have
 180 days to cure or mitigate any such breach from the date on which the notice of Claim is
 delivered (which, for the avoidance of doubt, will toll the indemnity period under <u>Section 9.4</u>)
 prior to the Commnet Parties being required to pay any such amounts to the Buyer; <u>provided</u>,
 that the Commnet Parties will consult with Buyer and the applicable Sale Site Subsidiary
 with respect to any planned cure or mitigation (including any communications with Ground
 Lessors or Tower Subtenants), which will be subject to Buyer's prior written consent
 (not to be unreasonably withheld, conditioned or delayed) and Buyer and the applicable Sale
 Site Subsidiary will, at the sole cost and expense of the Commnet Parties, execute and deliver
 such documents and take such other actions as may be reasonably requested by the Commnet
 Parties in connection therewith. For the sake of clarification, Buyer reserves all Claims
 consistent with applicable Delaware law to recover damages based on the Multiple in pursuing
 a claim under <u>Section 9.5(c)(i)</u> above, and each Indemnifying Party reserves
 all defenses consistent with applicable Delaware law to any Claim by Buyer seeking to recover
 damages based on the Multiple.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Sections 9.5(a)</u>, <u>(b)</u>, and <u>(c)</u> shall not apply to Claims for Taxes.

9.6  **<u>Mitigation</u>** .
 Upon and after becoming aware of any Claims that are indemnifiable hereunder, each Party
 shall take commercially reasonable actions to mitigate its damages and shall reasonably consult
 and cooperate with the other Parties with a view toward mitigating such damages; <u>provided</u>, <u>however</u>, that the foregoing shall not require any Party to incur costs to remedy a
 breach which gives rise to any Claim.

9.7  **<u>Exclusive Remedies</u>** .
 After the Initial Closing, except with respect to fraud or criminal activity by or on behalf
 of the Indemnifying Party and except as expressly provided in <u>Section 1.3</u>, <u>Section 2.9</u>, <u>Section 2.11</u>, <u>Article IV</u>, and <u>Sections 7.1(a)</u> and <u>7.9(a)</u>,
 the Parties acknowledge and agree that the indemnification provisions of this <u>Article IX</u> shall be the sole and exclusive monetary remedy for any Claims to the extent resulting from
 or arising out of the matters described in <u>Section 9.1</u> and <u>Section 9.2</u>; <u>provided</u>, <u>however</u>, that this <u>Section 9.7</u> shall not prevent any
 party from pursuing any Claim or remedy that may arise under any Collateral Agreement to
 which it is a party. Notwithstanding the foregoing: (a) none of Buyer, its Affiliates
 or any Sale Site Subsidiary shall assume any Liability for any Excluded Liabilities or Pre-Closing
 Liabilities, which shall be solely for the account of and shall remain with the Commnet Group
 Members; (b) each Party remains obligated to provide indemnification as provided in <u>Section 2.11</u>; and (c) nothing contained herein shall impair the rights of
 any Person to seek and obtain equitable relief to which such Person shall otherwise be entitled,
 including as set forth in <u>Section 11.9</u>.

9.8  **<u>Netting of Losses</u>** .
 The amount of any indemnified Claim under this <u>Article IX</u> shall take into account:
 (a) any amounts actually recovered by the Indemnified Party pursuant to any indemnification
 by, or indemnification agreement with, any third party; and (b) any insurance proceeds
 or other cash receipts or sources of reimbursement actually collected by the Indemnified
 Party in connection with the Claim, less any related reasonable out-of-pocket costs and expenses,
 including the aggregate reasonable out-of-pocket cost of pursuing any related insurance claims
 and any related increases in insurance premiums or other chargebacks that are reasonably
 demonstrated to be solely related to the indemnified Claim. Any amount paid by the Indemnifying
 Party for an indemnified Claim that is in excess of the amount owed after applying the netting
 amounts described above shall be reimbursed promptly by the Indemnified Party.

9.9  **<u>Coordination with Tax Indemnity</u>** . <u>Sections 9.4</u>, <u>9.6</u>, and <u>9.7</u> shall not apply with
 respect to any indemnification with respect to Taxes.

9.10  **<u>Option to Designate Excluded Sites</u>** . To the extent that any Portfolio Site is the subject of one (1) or
 more indemnity Claims under this <u>Article IX</u> and the aggregate amount of such
 indemnity Claim(s) exceeds the Remediation Cost Cap for such Portfolio Site, Commnet
 will have the right to designate such Portfolio Site as an Excluded Site by delivering to
 Buyer a written notice of such designation. Within five (5) Business Days after Buyer's
 receipt of such notice, the Parties shall take all actions, make all payments and execute
 all documents reasonably necessary (and any necessary amendments to existing documentation
 as appropriate) to ensure that the Parties are in the same legal position as they would have
 been if such Portfolio Site was an Excluded Site at the Initial Closing, including, if applicable:
 (a) rescinding the transaction(s) that occurred with respect to such Portfolio
 Site at any Closing under this Agreement and the Collateral Agreements and Buyer or Commnet,
 as applicable, paying the Net Amount for such Portfolio Site to Commnet or Buyer, as applicable,
 reimbursing Buyer for all of its out-of-pocket cost and expense incurred in connection with
 Commnet's exercise of its rights under this <u>Section 9.10</u>; and (b) executing
 and delivering, as applicable: (i) amended schedules and exhibits to the MLAs; (ii) amended
 schedules and exhibits to the Management Agreement; and (iii) amended schedules or exhibits
 to all other applicable Collateral Agreements, in each case, in order to reflect the revised
 Site Designation(s). Notwithstanding the foregoing, Commnet's exercise of its rights
 under this <u>Section 9.10</u> shall not affect any Buyer Indemnified Party's
 right to indemnification from the Commnet Parties with respect to any Third-Party Claim to
 which any Buyer Indemnified party is otherwise entitled to be indemnified under this Agreement
 and all out-of-pocket cost and expense incurred in connection with performing its obligations
 under this <u>Section 9.10</u>.

**Article X.** **<br> TERMINATION**

10.1  **<u>Termination of Agreement</u>** . This Agreement may be terminated and the transactions contemplated by
 this Agreement may be abandoned at any time prior to the Initial Closing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) By mutual written consent of Commnet and
 Buyer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) By either Party delivering written notice
 to the other Party if the Initial Closing shall not have occurred on or prior to the date
 that is sixty (60) days after the Target Initial Closing Date (such date, as may be extended
 pursuant to this <u>Section 10.1(b)</u>, the " <u>Termination Date</u> "); <u>provided</u>, <u>however</u>, that if the conditions to the Initial Closing set forth
 in <u>Section 8.1(a)</u> have not been satisfied or waived at least five (5) Business
 Days prior to the Termination Date and all other conditions to the Initial Closing set forth
 in <u>Section 8.1</u>, <u>Section 8.2</u> and <u>Section 8.3</u> have been
 satisfied, waived or remain capable of satisfaction, either Party shall have the right to
 extend the Termination Date by an additional ninety (90) days; <u>provided</u>, <u>further</u>,
 that the right to terminate this Agreement pursuant to this <u>Section 10.1(b)</u> shall
 not be available to such Party if: (i) such Party has breached or violated any of its
 covenants, agreements, representations, warranties or other obligations hereunder and such
 breach or violation has been the principal cause of or directly resulted in: (A) the
 failure to satisfy the conditions to the obligations of such Party to consummate the Initial
 Closing set forth in <u>Article VIII</u> prior to the Termination Date; or (B) the
 failure of the Initial Closing to occur by the Termination Date; or (ii) the conditions
 set forth in <u>Section 8.2(f)</u> have not been satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) By Commnet delivering written notice to
 Buyer if there has been a breach of or failure to perform any representation, warranty, covenant
 or agreement made by Buyer in this Agreement, or any such representation and warranty shall
 have become untrue after the Signing Date, such that the conditions set forth in <u>Section 8.3(a)</u> or <u>Section 8.3(b)</u> would not be satisfied by the Termination Date and such breach
 or condition is not capable of being cured by the Termination Date or, if capable of being
 cured, shall not have been cured by the earlier of: (i) sixty (60) days after the delivery
 of written notice of such breach or failure to perform; and (ii) the Termination Date; <u>provided</u>, <u>however</u>, that Commnet may not terminate this Agreement pursuant to
 this <u>Section 10.1(c)</u> if any Commnet Party is then in material breach of
 any of its covenants or representations or warranties under this Agreement in a manner which
 would cause the failure of a closing condition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) By Buyer delivering written notice to
 Commnet if there has been a breach of or failure to perform any representation, warranty,
 covenant or agreement made by any Commnet Party in this Agreement, or any such representation
 and warranty shall have become untrue after the Signing Date, such that the conditions set
 forth in <u>Section 8.2(a)</u> or <u>Section 8.2(b)</u> would not be
 satisfied by the Termination Date and such breach or condition is not capable of being cured
 by the Termination Date or, if capable of being cured, shall not have been cured by the earlier
 of: (i) sixty (60) days after the delivery of written notice of such breach or failure
 to perform; and (ii) the Termination Date; <u>provided</u>, <u>however</u>, that Buyer
 may not terminate this Agreement pursuant to this <u>Section 10.1(d)</u> if Buyer
 is then in material breach of any of its covenants or representations or warranties under
 this Agreement in a manner that would cause the failure of a closing condition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) By either Commnet or Buyer delivering
 written notice to the other Party if any permanent injunction, decree or judgment of any
 Governmental Authority preventing consummation of the transactions contemplated by this Agreement
 and the Collateral Agreements shall have become final and nonappealable or any Law shall
 make consummation of the transactions contemplated by this Agreement and the Collateral Agreements
 illegal or otherwise prohibited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) By Commnet delivering written notice to
 Buyer if: (i) no Commnet Party is then in breach of any of its obligations under this
 Agreement; (ii) all of the conditions set forth in <u>Section 8.1</u> and <u>Section 8.2</u> have been satisfied (other than those conditions that by their nature are to be satisfied
 by actions taken at the Initial Closing) on the date the Initial Closing should have occurred
 pursuant to <u>Section 2.5</u>; (iii) Buyer fails to consummate the transactions
 contemplated by this Agreement within five (5) Business Days following the delivery
 of the notices specified in clause (iv) below and the Commnet Parties cooperate with
 Buyer to effect the Closing during such period; and (iv) Commnet has irrevocably committed,
 by written notice to Buyer that all conditions required to be met by the Buyer set forth
 in <u>Section 8.1</u> and <u>Section 8.3</u> have been satisfied (other than those
 conditions that by their nature are to be satisfied by actions taken at the Initial Closing)
 or that it is willing to waive any unsatisfied conditions (to the extent such conditions
 may be waived) in <u>Sections 8.1</u> or <u>8.3</u>, to consummate the transactions contemplated
 by this Agreement on such date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) By Commnet delivery written notice to
 Buyer if (i) the Equity Commitment ceases to remain in effect on the terms and subject
 to the conditions set forth in the Equity Commitment or is terminated and, in either case,
 the Buyer has failed to procure, within 15 days of any such change or termination, a commitment
 for alternative financing in an amount equal to or greater than the amended or terminated
 Equity Commitment (either from a third Person or an increase to the existing Equity Commitment
 to the extent it remains in effect) in form and substance and with a financing party that
 is reasonably satisfactory to Commnet (it being understood that any source of equity financing
 set forth in the initial Equity Commitment will be deemed reasonably satisfactory to Commnet);
 provided that Commnet shall not have a right to terminate this Agreement under this <u>Section 10.1(g)</u> if
 the Equity Commitment is terminated a result of a breach of any Commnet Party of this Agreement;
 (ii) Buyer, any of its Affiliates or any other party to the Equity Commitment assert
 that the Equity Commitment, or any term or provision thereof are illegal, invalid or unenforceable;
 or (iii) Buyer breaches any of its obligations under <u>Section 2.13</u>.

Without limiting any other rights of termination available to Commnet, Commnet may elect to terminate this Agreement in accordance with <u>Section 10.1(f)</u> or <u>Section 10.1(g)</u> even if Commnet has a right to terminate this Agreement under another provision of this <u>Section 10.1</u>.

10.2  **<u>Effect of Termination</u>** .
 If terminated pursuant to <u>Section 10.1</u>, this Agreement shall terminate and become
 null and void and have no effect, without any liability on the part of any Party or its Affiliates,
 directors, officers or stockholders, except that: (a) <u>Section 7.1(a)</u>, <u>Section 7.5</u>, <u>Section 7.6</u> (in so far as it relates to information relating to this Agreement,
 the Collateral Agreements or the transactions contemplated hereby), <u>Section 7.9(a)</u>, <u>Section 7.9(b)</u>, this <u>Article X</u>, and <u>Article XI</u> shall
 survive any termination; and (b) any provisions not covered by clause (a) requiring
 the payment or reimbursement of any costs or expenses relating to, or incurred during, the
 period from the Signing Date to the Initial Closing Date shall survive any termination until
 paid in full (such provisions contemplated in clauses (a) and (b), the " <u>Surviving Provisions</u> "); <u>provided</u>, <u>however</u>, that except as provided in <u>Section 10.3</u>,
 no such termination shall relieve any Party from liability for any Willful and Intentional
 Breach of this Agreement by such Party prior to such termination or fraud.

10.3  **<u>Termination Fee</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If this Agreement is terminated pursuant
 to <u>Section 10.1(f)</u> or <u>Section 10.1(g)</u> Buyer shall be required
 to pay Commnet a termination fee (the " <u>Termination Fee</u> ") in amount equal
 to $[\*\*\*] (plus any interest or income, if any, earned on the Deposit Amount) within three
 (3) Business Days after such termination, as liquidated damages and to compensate Commnet
 for the time, costs, and expenses incurred by Commnet in connection with this Agreement.
 If this Agreement is terminated under <u>Section 10.1(f)</u> or <u>Section 10.1(g)</u> for
 any reason other than Buyer's breach of <u>Section 2.13</u>, then such payment
 of the Termination Fee will be made by Buyer and Commnet executing and delivering to the
 Deposit Agent a joint written instruction directing the Deposit Agent to pay the Deposit
 Amount to an account designated by Commnet by wire transfer of immediately available funds
 within three (3) Business Days after such termination, and if this Agreement is terminated
 under <u>Section 10.1(f)</u> or <u>Section 10.1(g)</u> as a result of
 Buyer's breach of <u>Section 2.13</u>, then Buyer will pay to an account designated
 in writing by Commnet an amount equal to the Termination Fee by wire transfer of immediately
 available funds within three (3) Business Days after such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If this Agreement is terminated and the
 Termination Fee is not payable to Commnet under <u>Section 10.3(a)</u>, then Buyer and
 Commnet will execute and deliver to the Deposit Agent a joint written instruction directing
 the Deposit Agent to pay the Deposit Amount to an account designated by Buyer by wire transfer
 of immediately available funds within three (3) Business Days after such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If Commnet receives full payment of the
 Termination Fee in accordance with <u>Section 10.3(a)</u>, the receipt by Commnet of
 the Termination Fee shall be deemed to be liquidated damages for any and all losses or damages
 suffered or incurred by the Commnet Parties in connection with this Agreement, the Collateral
 Agreements, the transactions contemplated hereby and thereby, the termination hereof and
 thereof, and any matter forming the basis for such termination, and, except in the case of
 the Surviving Provisions, the Commnet Parties shall not be entitled to bring or maintain
 any Claim, action or proceeding against Buyer or its Affiliates arising out of or in connection
 with this Agreement, the Collateral Agreements, the transactions contemplated hereby and
 thereby, or the termination hereof and thereof. Notwithstanding anything to the contrary
 in this Agreement, in the event this Agreement is terminated by Commnet in circumstances
 where the Termination Fee is payable, the payment of the Termination Fee by Buyer shall be
 the sole and exclusive remedy (whether at law, in equity, in contract, in tort, based on
 fraud or otherwise) of the Commnet Parties against Buyer and its Affiliates and Representatives
 and, upon the timely payment of the Termination Fee in accordance with this Agreement, neither
 Buyer nor any of its Affiliates or Representatives shall have any further liability or obligation
 to any other Party or its Affiliates relating to or arising out of this Agreement or in respect
 of any Collateral Agreement or theory of Law or equity, whether in equity or at Law, in contract,
 in tort or otherwise, except in the case of the Surviving Provisions. The Parties acknowledge
 that the agreements contained in this <u>Section 10.3</u> are an integral part of the
 transactions contemplated hereby and that, without these agreements, the Parties would not
 have entered into this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything to the contrary
 in this Agreement, absent fraud by Buyer, if Buyer breaches this Agreement or fails to perform
 hereunder (including a Willful and Intentional Breach), then the sole and exclusive remedies
 (whether at law, in equity, in contract, in tort or otherwise) against Buyer or any of its
 Affiliates or Representatives for any breach, loss or damage or failure to perform (which
 recourse shall be sought solely against Buyer to the extent provided herein and subject to
 the limitations set forth herein and no other Affiliate or Representative of Buyer) shall
 be, as applicable: (x) for Commnet to terminate this Agreement pursuant to <u>Section 10.1(f)</u> or <u>Section 10.1(g)</u> and Commnet to receive payment of the Termination Fee from
 Buyer or (y) for Commnet to terminate this Agreement pursuant to <u>Section 10.1(c)</u> and
 seek to recover monetary damages from Buyer for breach; <u>provided</u>, that, absent fraud
 by Buyer, in no such event shall Buyer be subject to monetary damages in excess of the amount
 of the Termination Fee in the aggregate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) For the avoidance of doubt, in no event
 shall the Termination Fee be paid on more than one occasion and, absent fraud of Buyer, in
 no event shall Buyer be liable for both the Termination Fee and monetary damages.

**Article XI.** **<br> MISCELLANEOUS**

11.1  **<u>Counterparts</u>** .
 This Agreement may be executed in any number of counterparts, each such counterpart being
 deemed to be an original instrument, and all such counterparts shall together constitute
 the same agreement. Any signature pages of this Agreement transmitted by telecopier
 or by electronic mail in portable document format shall have the same legal effect as an
 original executed signature page.

11.2  **<u>Governing Law; Submission to Jurisdiction; Selection of Forum; Waiver of Trial by Jury; Escalation to Management; Arbitration</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) THIS AGREEMENT SHALL BE GOVERNED BY AND
 CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE AS TO ALL MATTERS, INCLUDING
 MATTERS OF VALIDITY, CONSTRUCTION, EFFECT, PERFORMANCE AND REMEDIES (WITHOUT REGARD TO CONFLICT
 OF LAWS PRINCIPLES THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION).
 Except as otherwise provided in <u>Section 11.2(b)</u>, each Party agrees that it shall
 bring any action or proceeding in respect of any claim arising out of or related to this
 Agreement or the transactions contained in or contemplated by this Agreement, including without
 limitation any action to confirm, vacate, or modify an arbitration award entered in a proceeding
 filed pursuant to <u>Section 11.2(b)</u>, exclusively in the state and federal courts
 located in the State of Delaware (the " <u>Chosen Courts</u> "), and, solely in
 connection with claims arising under this Agreement or the transactions that are the subject
 of this Agreement: (i) irrevocably submits to the exclusive jurisdiction of the Chosen
 Courts; (ii) waives any objection to laying venue in any such action or proceeding in
 the Chosen Courts; (iii) waives any objection that the Chosen Courts are an inconvenient
 forum or do not have jurisdiction over any Party; and (iv) agrees that service of process
 upon such Party in any such action or proceeding shall be effective if made in accordance
 with the notice provision set forth in <u>Section 11.5</u>. EACH PARTY IRREVOCABLY WAIVES
 ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO
 THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. Notwithstanding the foregoing,
 the enforcement of this Agreement with respect to a particular Portfolio Site as to matters
 mandatorily governed by local Law, shall be governed by and construed in accordance with
 the Laws of the state in which the applicable Portfolio Site is located.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Parties agree that, except as otherwise
 provided by this Agreement: (i) any and all disputes arising out of this Agreement shall
 be resolved in accordance with this <u>Section 11.2(b)</u>; and (ii) either Party
 may raise a demand or other dispute arising out of this Agreement by providing notice following
 the procedure set forth in <u>Section 11.5</u>. For any dispute which has not been resolved
 within five (5) days either Party may escalate the dispute to the vice presidential
 level or higher by providing the other Party with written notice of such escalation following
 the procedure set forth in <u>Section 11.5</u>. Thereafter, the Parties' designated
 officers shall attempt to resolve the dispute within ten (10) days of the date of the
 escalation notice. If the Parties are unable to resolve the dispute within such time frame,
 the Parties shall submit their dispute to binding arbitration under the Commercial Arbitration
 Rules and auspices of the American Arbitration Association (" <u>AAA</u> ").
 In that circumstance, either Party may commence arbitration by providing the other Party
 and the AAA with written notice of same. The Parties shall appoint a single arbitrator to
 decide the dispute within ten (10) days of the date of the arbitration notice. If the
 Parties cannot agree on a single arbitrator within the foregoing time period, then the Parties
 will choose an arbitrator in accordance with AAA rules. The arbitration shall be conducted
 in the Boston, Massachusetts metropolitan area unless otherwise agreed by the Parties. The
 arbitrator shall award the substantially prevailing Party its reasonable attorneys'
 fees and costs and expenses of arbitration. The order of the arbitrator shall be final and
 binding upon the Parties and may be confirmed in any court having jurisdiction thereof. This
 agreement to arbitrate shall be specifically enforceable under applicable law in any court
 having jurisdiction thereof. Notwithstanding this agreement to arbitrate disputes, subject
 to <u>Section 11.2(a)</u>, neither Party shall be prevented from seeking appropriate
 injunctive or equitable relief in a court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The provisions of <u>Section 4.4</u> of this Agreement are intended to supersede the application to this Agreement of any Law
 that establishes a default rule for the allocation of risk of loss following a casualty
 or condemnation.

11.3  **<u>Entire Agreement</u>** .
 This Agreement (including any exhibits hereto), the Commnet Disclosure Schedule, the Buyer
 Disclosure Schedule, and the Collateral Agreements constitute the entire agreement between
 the Parties with respect to the subject matter of this Agreement, and supersede all other
 prior agreements, understandings, representations and warranties both written and oral, among
 the Parties, with respect to the subject matter hereof.

11.4  **<u>Fees and Expenses</u>** .
 Except as otherwise expressly set forth in this Agreement, whether the transactions contemplated
 by this Agreement are or are not consummated, all legal and other costs and expenses incurred
 in connection with this Agreement and the transactions contemplated by this Agreement shall
 be paid by the Party incurring such costs and expenses.

11.5  **<u>Notices</u>** .
 All notices, requests, demands, waivers and other communications required or permitted under
 this Agreement shall be in writing and shall be deemed to have been delivered: (a) the
 next Business Day when sent overnight by a nationally recognized overnight courier service;
 (b) upon transmission of an e-mail (followed by delivery of an original via nationally
 recognized overnight courier service); or (c) upon delivery when personally delivered
 to the receiving Party. All such notices and communications shall be sent or delivered as
 set forth on <u>Schedule 11.5</u> hereto or to such other person(s), e-mail address or address(es)
 as the receiving Party may have designated by written notice to the other Party. All notices
 shall be delivered to the relevant Party at the address set forth on <u>Schedule 11.5</u> hereto.

11.6  **<u>Assignment; Successors and Assigns; Third Party Beneficiaries</u>** . This Agreement shall not be assignable: (a) by
 the Commnet Parties without the express prior written consent of Buyer; or (b) by Buyer
 without the express prior written consent of Commnet; and any such assignment in violation
 of the foregoing shall be null and void; <u>provided</u>, <u>however</u>, that each Party
 may assign all of its rights and remedies (but none of its obligations) under this Agreement
 to one or more of its Affiliates. This Agreement shall be binding upon and inure to the benefit
 of each Party and its successors, heirs, legal representatives and permitted assigns. Except
 as provided in <u>Article IX</u>, this Agreement is not intended to confer upon any
 Person other than the Parties any rights or remedies hereunder.

11.7  **<u>Amendment; Waivers; Etc</u>** . No amendment, modification or discharge of this Agreement, and no waiver hereunder,
 shall be valid or binding unless set forth in writing and duly executed by the Party against
 which enforcement of the amendment, modification, discharge or waiver is sought. Any such
 waiver shall constitute a waiver only with respect to the specific matter described in such
 writing and shall in no way impair the rights of the Party granting such waiver in any other
 respect or at any other time. The waiver by a Party of a breach of or a default under any
 of the provisions of this Agreement or to exercise any right or privilege hereunder, shall
 not be construed as a waiver of any other breach or default of a similar nature, or as a
 waiver of any of such provisions, rights or privileges hereunder. The rights and remedies
 herein provided are cumulative and none is exclusive of any other, or of any rights or remedies
 that any party may otherwise have at law or in equity.

11.8  **<u>Time of Essence</u>** .
 Time is of the essence in this Agreement, and whenever a date or time is set forth in this
 Agreement, the same has entered into and formed a part of the consideration for this Agreement.

11.9  **<u>Specific Performance</u>** .
 The Parties agree that irreparable damage would occur in the event that any of the provisions
 of this Agreement were not performed by the Commnet Parties in accordance with the terms
 hereof and that Buyer shall be entitled to an injunction or injunctions to prevent breaches
 of this Agreement or to enforce specifically the performance of such terms and provisions
 hereof in any of the Chosen Courts to the extent permitted by applicable Law, in addition
 to any other remedy to which they are entitled at law or in equity and the Parties hereby
 agree to waive any requirements for posting a bond in connection with any such action. Subject
 to <u>Section 9.7</u> and <u>Section 10.3</u>, any and all remedies herein expressly
 conferred herein upon a Party shall be deemed to be cumulative with, and not exclusive of,
 any other remedy conferred hereby, or by law or in equity upon such party, and the exercise
 by a Party of any one remedy will not preclude the exercise of any other remedy. The Parties
 acknowledge that the agreements contained in this <u>Section 11.9</u> are an integral
 part of the transactions contemplated hereby and that, without these agreements, the Parties
 would not have entered into this Agreement.

11.10  **<u>Severability</u>** .
 If any term or other provision of this Agreement is invalid, illegal or incapable of being
 enforced by any rule of Law or public policy, the Parties shall negotiate in good faith
 to modify this Agreement so as to: (a) effect the original intent of the Parties as
 closely as possible; and (b) to ensure that the economic and legal substance of the
 transactions contemplated by this Agreement to the Parties is not materially and adversely
 affected as a result of such provision being invalid, illegal or incapable of being enforced,
 in each case, in a mutually acceptable manner in order that the transactions contemplated
 hereby be consummated as originally contemplated to the fullest extent possible. If following
 the modification(s) to this Agreement described in the foregoing sentence, the economic
 and legal substance of the transactions contemplated by this Agreement are not affected in
 any manner materially adverse to any Party, all other conditions and provisions of this Agreement
 shall remain in full force and effect.

11.11  **<u>Interpretation</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The table of contents and headings herein
 are for convenience of reference only, do not constitute part of this Agreement and shall
 not be deemed to limit or otherwise affect any of the provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Parties have participated jointly
 in negotiating and drafting this Agreement. In the event that an ambiguity or a question
 of intent or interpretation arises, this Agreement shall be construed as if drafted jointly
 by the Parties, and no presumption or burden of proof shall arise favoring or disfavoring
 any Party by virtue of the authorship of any provision of this Agreement.

\* \* \* Remainder of Page Blank – Signature Page Follows \* \* \*

**SIGNATURE PAGE TO PURCHASE AND SALE AGREEMENT**

IN WITNESS WHEREOF, this Agreement has been duly executed and delivered on behalf of each of the Parties as of the Signing Date.

Commnet Wireless, LLC<br> Arizona Nevada Tower Company, LLC <br> Commnet Four Corners, LLC<br> Commnet of Arizona, LLC <br> Commnet of Nevada, LLC <br> Excomm, LLC <br> Mora Valley Wireless, LLC <br> Alloy, Inc.

---

| | |
|:---|:---|
| By: | /s/ Brad Martin |
|  | Brad Martin, Chief Executive Officer |
| EIP Holdings IV, LLC | EIP Holdings IV, LLC |
| By: | /s/ Michael Mackey |
|  | Michael Mackey, President |

---

## Exhibit 10.2

**Exhibit 10.2**

*CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED AND REPLACED WITH "[**\*\*\***]". SUCH IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS (I) NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO THE COMPANY IF DISCLOSED.*

***Execution Version***

**CONSENT AGREEMENT**

This **CONSENT AGREEMENT** (this "**<u>Agreement</u>**") is made, entered into and effective as of February 11, 2026, by and among **ATN INTERNATIONAL, INC.**, a Delaware corporation (the "**<u>Borrower</u>**") **CoBank** **, ACB**, as Administrative Agent (the "**<u>Administrative Agent</u>**"), and the Lenders and Voting Participants (constituting Required Lenders) party hereto.

**<u>RECITALS</u>**

**WHEREAS**, the Loan Parties, the Administrative Agent and the Lenders have entered into that certain Credit Agreement, dated as of July 13, 2023 (as amended, modified, supplemented, extended or restated prior to the date hereof and as the same may be further amended, modified, supplemented, extended or restated from time to time, the "**<u>Credit Agreement</u>**");

**WHEREAS**, pursuant to Section 7.6 of the Credit Agreement, the Loan Parties and Restricted Subsidiaries are prohibited from declaring or making, directly or indirectly, any Restricted Payment, subject to certain exceptions (each, a "**<u>Permitted Distribution</u>**");

**WHEREAS**, pursuant to Section 7.8 of the Credit Agreement, the Loan Parties and Restricted Subsidiaries are prohibited from making Dispositions of assets, subject to certain exceptions (each, a "**<u>Permitted Disposition</u>**");

**WHEREAS**, pursuant to Section 2.15(b) of the Credit Agreement, upon receipt by any Loan Party or Restricted Subsidiary of the Net Cash Proceeds of certain Dispositions, the Borrower is required to prepay, or cause such other Loan Party or Restricted Subsidiary to prepay, the Obligations in an aggregate amount equal to 100% of the Net Cash Proceeds from any such Disposition to the extent such Net Cash Proceeds, together with all other Net Cash Proceeds from Dispositions in the preceding twelve months, exceed in the aggregate amount the greater of (i) $5,000,000 and (ii) 10% of EBITDA of the Borrower and the Restricted Subsidiaries for the Test Period, subject to certain exceptions;

**WHEREAS**, pursuant to Section 2.15(g) of the Credit Agreement, all mandatory prepayments made in accordance with Section 2.15(b) of the Credit Agreement must be applied first to prepay any Overadvances that may be outstanding and second to prepay any remaining scheduled principal payments of the Term Loans;

**WHEREAS**, (i) pursuant to Section 6.17(a) of the Credit Agreement, upon the designation of any newly formed Subsidiary as an Unrestricted Subsidiary, the Borrower shall be in compliance on a pro forma basis immediately after giving effect to such designation with Article VIII of the Credit Agreement for the Test Period and (ii) the Borrower shall be in compliance on a pro forma basis with the Section 7.5 of the Credit Agreement in connection with an Investment in an Unrestricted Subsidiary;

Consent Agreement

**WHEREAS**, the Borrower has informed the Administrative Agent that Commnet Wireless LLC, a Delaware limited liability company, Alloy, Inc., a Delaware corporation, Arizona Nevada Tower Company, LLC, a Nevada limited liability company, Commnet Four Corners, LLC, a Delaware limited liability company, Commnet of Arizona, LLC, a Delaware limited liability company, Commnet of Nevada, LLC, a Delaware limited liability company, Excomm, LLC, as Delaware limited liability company, and Mora Valley Wireless, LP, a Delaware limited partnership) (collectively, the "**<u>Sellers</u>**") will (i) form one or more Delaware limited liability companies (each a "**<u>Sale Site Subsidiary</u>**" and collectively, the "**<u>Sale Site Subsidiaries</u>**") and will designate each such Sale Site Subsidiary an Unrestricted Subsidiary under the Credit Agreement upon formation and (ii) enter into a Purchase and Sale Agreement (together with schedules and exhibits thereto and ancillary documentation in connection therewith, the "**<u>Tower Sale Agreement</u>**") pursuant to which the Sellers will sell from time to time to EIP Holdings IV, LLC, a Delaware limited liability company (the "**<u>Buyer</u>**"), through one or more transactions (each such transaction, a "**<u>Tower Sale</u>**") all of each Seller's right, title and interest in and to certain Included Property with respect to the Assignable Sites (each as defined in the Draft Tower Sale Agreement (defined below) and, together, the "**<u>Tower Assets</u>**") for approximately $297,200,000.00. For the avoidance of doubt, the Tower Sales may occur through: (a) the sale of Tower Assets to one or more Sale Site Subsidiaries, followed by the sale of the Sale Site Subsidiary Interests (as defined in the Draft Tower Sale Agreement; together with the Tower Assets, the "**<u>Sold Assets</u>**") to the Buyer; and/or (b) the sale of the Sale Site Subsidiary Interests to the Buyer, followed by the sale of any Tower Asset to such Sale Site Subsidiaries;

**WHEREAS**, the Sellers intend to lease back certain Tower Assets from one or more Sale Site Subsidiaries pursuant to certain lease agreements typical for third-party transactions for operating leases (the "**<u>Tower Site Lease Agreements</u>**");

**WHEREAS**, the Borrower provided a Term Sheet for Master Lease Agreement ("**<u>Term Sheet</u>**") to the Administrative Agent on November 26, 2025, which describes the proposed terms and conditions of the Tower Site Lease Agreements;

**WHEREAS**, the Borrower provided a draft Purchase and Sale Agreement (together with schedules and certain exhibits thereto and ancillary documentation in connection therewith, the "**<u>Draft Tower Sale Agreement</u>**") to the Administrative Agent on February 10, 2026;

**WHEREAS**, the Borrower has advised the Administrative Agent that, with a portion of the Net Cash Proceeds from the Tower Sales, the Sellers intend to make certain distributions to certain of their minority shareholders in an amount not to exceed $[\*\*\*] (the "**<u>Anticipated Distribution Amount</u>**");

**WHEREAS**, in lieu of including (a) the fair market value of the Sold Assets in any calculation of the aggregate amounts set forth in Section 7.8 of the Credit Agreement and (b) the distributions made to any Seller's minority shareholders in any calculation of the aggregate amounts set forth in Section 7.6 of the Credit Agreement, the Borrower has requested that the Administrative Agent and the Required Lenders consent to (i) each of the Sale Site Subsidiaries from time to time being deemed an Unrestricted Subsidiary without needing to be in compliance with (or providing evidence of compliance with) the requirements of Section 6.17(a) or Section 7.5 of the Credit Agreement with regards to the Sold Assets, as the case may be, (ii) the consummation of the Tower Sales without utilizing any exception set forth in Section 7.8 of the Credit Agreement, (iii) the distributions from the Net Cash Proceeds from the Tower Sales to the minority shareholders in an amount not to exceed the Anticipated Distribution Amount without utilizing the exception set forth in Section 7.6 of the Credit Agreement and (iv) the remaining Net Cash Proceeds received from the Tower Sales, first, being applied to the repayment of the outstanding Revolving A-1 Loan rather than the Term Loan and, second, to the extent there are Net Cash Proceeds remaining after repaying the outstanding Revolving A-1 Loan, such Net Cash Proceeds may be (x) used to repay certain intercompany debt of the Loan Parties and their Subsidiaries and (y) retained by the Loan Parties (collectively, the "**<u>Consents</u>**"); and

**WHEREAS**, the Administrative Agent, and the Lenders and Voting Participants (constituting Required Lenders) party hereto are willing, subject to the terms and conditions hereafter set forth herein, to give such Consents.

**NOW, THEREFORE,** in consideration of the foregoing and the agreements set forth in this Agreement, the Borrower, the Administrative Agent, and the Lenders and the Voting Participants party hereto hereby agree as follows:

**SECTION 1. <u>Consent and Release</u>**. In reliance on the representations and warranties and covenants of the Borrower, the Administrative Agent, and Lenders and Voting Participants (constituting Required Lenders) party hereto agree to the Consents. The Lenders party hereto hereby authorize the Administrative Agent to release its Lien on the Sold Assets Disposed of pursuant to any Tower Sale upon consummation of such Tower Sale, and upon the consummation of such Tower Sale (i) the Liens on the applicable Sold Assets shall be deemed to be automatically released and (ii) the Administrative Agent shall take such actions as reasonably requested by the Borrower in order to evidence such release (including the filing of UCC-3 financing statement amendments reasonably acceptable to the Administrative Agent and the Borrower and the termination of any real property mortgages (if any)); provided that, as a condition to the actions taken by the Administrative Agent pursuant to this clause (ii), (x) the Borrower has provided the Administrative Agent written notice identifying any applicable Sale Site Subsidiary and (y) the Borrower has provided the Administrative Agent with notice of such Tower Sale and a description of the Sold Assets associated with such Tower Sale in form and content reasonably acceptable to the Administrative Agent.

**SECTION 2. <u>Representations and Warranties of the Borrower</u>**. In order to induce Administrative Agent and the Lenders to agree to the Consents contained in this Agreement, the Borrower represents and warrants as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The Borrower has the right and power, and has taken all necessary action to authorize it, to execute, deliver and perform this Agreement in accordance with its terms. This Agreement has been duly executed and delivered by the Borrower and is a legal, valid and binding obligation of it, enforceable against it in accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or similar state or federal debtor relief laws from time to time in effect which affect the enforcement of creditors' rights in general and general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) The execution, delivery and performance of this Agreement in accordance with its terms do not and will not, by the passage of time, the giving of notice or otherwise,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** require any Governmental Approval (except as previously obtained) or violate any Applicable Law relating to the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** materially conflict with, result in a material breach of or constitute a material default under the organizational documents of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3)** conflict with, result in a breach of or constitute a default under any Governmental Approval relating to the Borrower except as would not reasonably be expected to have a Material Adverse Effect; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4)** result in or require the creation or imposition of any Lien (except as permitted by the Loan Documents) upon or with respect to any property now owned or hereafter acquired by the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) The recitals set forth above are true and correct in all material respects. The representations and warranties of the Borrower set forth in the Loan Documents (after giving effect to the consents contained in this Agreement) are true, correct and complete in all material respects on and as of the date hereof to the same extent as though made on and as of the date hereof, <u>provided</u>, that such representations and warranties (i) that relate solely to an earlier date are true and correct as of such earlier date and (ii) are true and correct in all respects if they are qualified by a materiality standard.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) No Default or Event of Default has occurred and is continuing or would be reasonably expected to result after giving effect to the consents contained in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) The terms and conditions of the form of the Tower Site Lease Agreements attached to the Tower Sale Agreement are substantially similar to those described in the Term Sheet.

**SECTION 3. <u>Covenants of the Borrower</u>**. The Borrower covenants and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The Borrower shall (i) promptly deliver to the Administrative Agent notice of the formation of any Sale Site Subsidiary, (ii) cause each such Sale Site Subsidiary to (x) not own any Equity Interests or Indebtedness of, or own or hold any Lien on, any property of, the Borrower or any Restricted Subsidiary of the Borrower, and (y) not own or hold any Material Intellectual Property, and (iii) cause only Sold Assets to be transferred to any Sale Site Subsidiary by the Borrower or any Restricted Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) The Borrower shall not, and shall cause its Subsidiaries to not, enter into any Tower Site Lease Agreement if entering into or performing under such Tower Site Lease Agreement would reasonably be executed to immediately result in a Default or Event of Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) The Tower Sale Agreement shall be in substantially the same form as the Draft Tower Sale Agreement, unless such deviation is not materially adverse to the interests of the Administrative Agent or the Lenders in any respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) The Borrower shall promptly deliver a certificate signed by a Compliance Officer of the Borrower, dated as of the date of the Tower Sale Agreement and attaching (i) a true, correct and complete copy of the Tower Sale Agreement as in effect on the date thereof, (ii) a comparison of the Tower Sale Agreement and the Draft Tower Sale Agreement, and (iii) a description of the terms and conditions of the form of the Tower Site Lease Agreements attached to the Tower Sale Agreement in a format consistent with the Term Sheet.

Borrower acknowledges and agrees that failure to comply with the covenants set forth in this <u>Section 3</u> will constitute an Event of Default under the Credit Agreement consistent with Section 9.1(c)(i) of the Credit Agreement.

**SECTION 4.** **<u>Effectiveness of Agreement</u>**. This Agreement shall become effective only upon the satisfaction of each of the following conditions (the date such conditions are satisfied, the "**<u>Effective Date</u>**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The Administrative Agent's receipt of an executed counterpart of this Agreement signed by each other party hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) The representations and warranties of the Borrower in <u>Section 2</u> are true and correct in all material respects as of the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) no Default or Event of Default shall have occurred and be continuing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) The Administrative Agent's receipt of all other fees and charges due and payable under any Loan Document (including reasonable and documented out-of-pocket legal fees and expenses).

**SECTION 5.** **<u>Expenses; Indemnity; Damage Waiver</u>**. Section 11.3 of the Credit Agreement is hereby incorporated, mutatis mutandis, by reference as if such section was set forth in full herein.

**SECTION 6.** **<u>Miscellaneous.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) <u>Counterparts; Integrations; Effectiveness</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement and the other Loan Documents, as modified by this Agreement, constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in <u>Section 4</u>, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an executed counterpart of a signature page of this Agreement by facsimile or in electronic (i.e., "pdf" or "tif") format shall be effective as delivery of a manually executed counterpart of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** <u>Electronic Execution of Loan Documents</u>. The parties agree that the electronic signature of a party to this Agreement shall be as valid as an original signature of such party and shall be effective to bind such party to this Agreement. The parties agree that any electronically signed Loan Document (including this Agreement) shall be deemed (i) to be "written" or "in writing," (ii) to have been signed and (iii) to constitute a record established and maintained in the ordinary course of business and an original written record when printed from electronic files. The parties presently intend to authenticate this Agreement by either signing this Agreement or attaching hereto or logically associating herewith an electronic sound, symbol or process as their respective electronic signature. The words "execution," "signed," "signature," and words of like import in this Agreement shall be deemed to include electronic signatures or electronic records, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) <u>Definitions</u>. Capitalized terms used, but not defined, in this Agreement shall have the meaning set forth in the Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) <u>Successors and Assigns</u>. This Agreement shall be binding upon and inure to the benefit of the Loan Parties, the Lenders, the Administrative Agent, and their respective permitted successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) <u>Governing Law</u>. This Agreement shall be governed by and shall be construed and enforced in accordance with all provisions of the Credit Agreement, including the governing law provisions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) <u>Severability</u>. The provisions of this Agreement are intended to be severable. If any provision of this Agreement shall be held invalid or unenforceable in whole or in part in any jurisdiction, such provision shall, as to such jurisdiction, be ineffective to the extent of such invalidity or unenforceability without in any manner affecting the validity or enforceability thereof in any other jurisdiction or the remaining provisions hereof in any jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) <u>Headings</u>*.* The headings of this Agreement are for purposes of reference only and shall not limit or otherwise affect the meaning hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) <u>Effect on the Credit Agreement and the Other Loan Documents</u>. Except as specifically set forth herein, the Credit Agreement and the other Loan Documents shall remain in full force and effect and are hereby ratified and confirmed and this Agreement shall not be considered a novation. The execution, delivery and performance of this Agreement shall not constitute a waiver of any provision of, or operate as a waiver of any right, power or remedy of the Administrative Agent or the Lenders under the Credit Agreement or any of the other Loan Documents. This Agreement shall be deemed to be a Loan Document as defined in the Credit Agreement and is subject to the provisions thereof.

[Signatures commence on the following page.]

IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be executed by a duly authorized officer as of the date first above written.

---

| | |
|:---|:---|
| **BORROWER:** | **BORROWER:** |
| **ATN INTERNATIONAL, INC., as the Borrower** | **ATN INTERNATIONAL, INC., as the Borrower** |
| By: | /s/ Carlos Doglioli |
| Name: | Carlos Doglioli |
| Title: | Chief Financial Officer |

---

[Signatures continued on following page.]

[Signatures continued from previous page.]

---

| | |
|:---|:---|
| **COBANK, ACB**, as Administrative Agent and as a Lender | **COBANK, ACB**, as Administrative Agent and as a Lender |
| By: | /s/ Scott Johnson |
|  | Scott Johnson |
|  | Sector Vice President |

---

Consent Agreement

---

| | |
|:---|:---|
| **BANK OF NOVA SCOTIA**, as a Lender | **BANK OF NOVA SCOTIA**, as a Lender |
| By: | /s/ Carmen Contreras |
|  | Name: Carmen Contreras |
|  | Title: Director |

---

Consent Agreement

---

| | |
|:---|:---|
| **FIFTH THIRD BANK, NATIONAL ASSOCIATION**, as a Lender | **FIFTH THIRD BANK, NATIONAL ASSOCIATION**, as a Lender |
| By: | /s/ Nick Meece |
|  | Name: Nick Meece |
|  | Title: Principal |

---

Consent Agreement

---

| | |
|:---|:---|
| **MUFG BANK, LTD.**, as a Lender | **MUFG BANK, LTD.**, as a Lender |
| By: | /s Colin Donnarumma |
|  | Name: Colin Donnarumma |
|  | Title: Director |

---

Consent Agreement

---

| | |
|:---|:---|
| **AGFIRST FARM CREDIT BANK**, as a Voting Participant pursuant to Section 11.7 of the Credit Agreement | **AGFIRST FARM CREDIT BANK**, as a Voting Participant pursuant to Section 11.7 of the Credit Agreement |
| By: | /s/ Christopher Reynolds |
|  | Name: Christopher Reynolds |
|  | Title: SVP |

---

---

| | |
|:---|:---|
| **AMERICAN AGCREDIT, FLCA**, as a Voting Participant pursuant to Section 11.7 of the Credit Agreement | **AMERICAN AGCREDIT, FLCA**, as a Voting Participant pursuant to Section 11.7 of the Credit Agreement |
| By: | /s/ Kaylee Burnett |
|  | Name: Kaylee Burnett |
|  | Title: Vice President |

---

---

| | |
|:---|:---|
| **CAPITAL FARM CREDIT, FLCA**, as a Voting Participant pursuant to Section 11.7 of the Credit Agreement | **CAPITAL FARM CREDIT, FLCA**, as a Voting Participant pursuant to Section 11.7 of the Credit Agreement |
| By: | /s/ Agustin Arzeno |
|  | Name: Agustin Arzeno |
|  | Title: Director Capital Markets |

---

---

| | |
|:---|:---|
| **FARM CREDIT BANK OF TEXAS**, as a Voting Participant pursuant to Section 11.7 of the Credit Agreement | **FARM CREDIT BANK OF TEXAS**, as a Voting Participant pursuant to Section 11.7 of the Credit Agreement |
| By: | /s Natalie Mueller |
|  | Name: Natalie Mueller |
|  | Title: VP Director, Capital Market |

---

---

| | |
|:---|:---|
| **FARM CREDIT EAST, ACA**, as a Voting Participant pursuant to Section 11.7 of the Credit Agreement | **FARM CREDIT EAST, ACA**, as a Voting Participant pursuant to Section 11.7 of the Credit Agreement |
| By: | /s/ Eric W Pohlman |
|  | Name: Eric W Pohlman |
|  | Title: Vice President |

---

---

| | |
|:---|:---|
| **AGWEST FARM CREDIT, FLCA**, as a Voting Participant pursuant to Section 11.7 of the Credit Agreement | **AGWEST FARM CREDIT, FLCA**, as a Voting Participant pursuant to Section 11.7 of the Credit Agreement |
| By: | /s/ Greg Reilly |
|  | Name: Greg Reilly |
|  | Title: Vice President, Relationship Manager |

---

## Exhibit 99.1

**Exhibit 99.1**

![](tm266203d1_ex99-1img001.jpg)

***ATN International Advances Strategic Priorities With Sale of U.S. Tower Portfolio***

**Beverly, MA** (February 11, 2026) – ATN International, Inc. ("ATN" or the "Company") (Nasdaq: ATNI), a leading provider of digital infrastructure and communications services, today announced that Commnet Wireless, LLC and certain of its subsidiaries have entered into a Purchase and Sale Agreement with an affiliate of Everest Infrastructure Partners, Inc. ("Everest") a leading provider of wireless infrastructure, to divest its portfolio of 214 Southwestern U.S. towers and related operations ("Tower Portfolio") for up to $297 million in an all cash transaction (the "Transaction").

The Company currently expects estimated taxes, payments to minority investors in the Tower Portfolio, and transaction-related expenses will total approximately 25% to 30% of the gross proceeds received.

"This transaction allows us to unlock the inherent value of our tower portfolio—an asset built through years of disciplined capital allocation and operational excellence," said Brad Martin, ATN's Chief Executive Officer. "Our strategic objective remains unchanged: to build a stronger, more efficient, and resilient ATN that delivers sustainable, long-term value for our shareholders. We plan to use the proceeds to reduce debt, invest in our existing operations, and advance select growth opportunities. This transaction, combined with the operational improvements we have delivered over the past year, enhances our financial flexibility and strengthens our ability to invest in sustainable, long-term value creation."

The Company expects the initial closing of the Transaction to occur in the second quarter of 2026 (the "Initial Closing") generating gross proceeds of approximately $250 to $270 million. Of this Initial Closing amount, approximately $20 to $35 million will be subject to resolution of certain post-closing conditions within twelve months. Subsequent closings, totaling approximately $27 to $47 million, are anticipated to occur over the twelve months following the Initial Closing, subject to the achievement of specified construction and operational milestones at designated sites within the Tower Portfolio.

*Company Confidential*

Upon full completion of the Transaction, the Company expects the estimated twelve-month impact (excluding timing effects of staged closings) on consolidated and US Telecom segment revenue, operating income, and EBITDA<sup>1</sup> would result in reductions of approximately $5 to $7 million, $4 to $6 million, and $10 to $13 million, respectively. These estimates reflect the impact of removing the Tower Portfolio contributions on an annualized basis. The Company intends to allocate approximately $70 million of the initial Transaction proceeds to repay borrowings under its CoBank revolving credit facility.

"This acquisition adds a high-quality portfolio of communications tower assets to our growing U.S. footprint. These towers offer significant additional capacity, and we expect strong future tenant growth across the portfolio. We look forward to partnering with existing and future customers to invest in reliable wireless coverage throughout the Southwestern United States, while continuing to work closely with the teams supporting these sites to deliver high-quality communications networks across the region," said Mike Mackey, President of Everest.

The Transaction is subject to customary closing conditions, including certain third-party consents and the expiration of any waiting period under the Hart-Scott-Rodino Act. Please refer to the Company's Form 8-K filed with the Securities and Exchange Commission ("SEC") for additional details on the Transaction.

**About Everest Infrastructure Partners, Inc.**

Everest Infrastructure Partners, based in Pittsburgh, PA, is one of the largest and fastest-growing wireless tower companies in the world. Everest owns and markets thousands of wireless infrastructure locations that help connect today's rapidly evolving communications networks. We are a team of industry veterans with expertise in delivering mission-critical solutions to hundreds of network operator customers. Since its inception in 2015, Everest has raised capital commitments in excess of $2.0 billion.

**About ATN**

ATN International, Inc. (Nasdaq: ATNI), headquartered in Beverly, MA, is a leading provider of digital infrastructure and communications services for all. The Company operates in the United States and internationally, including the Caribbean region, with a focus on rural and remote markets with a growing demand for infrastructure investments. The Company's operating subsidiaries today primarily provide: (i) advanced wireless and wireline connectivity to residential, business, and government customers, including a range of high-speed Internet and data services, fixed and mobile wireless solutions, and video and voice services; and (ii) carrier and enterprise communications services, such as terrestrial and submarine fiber optic transport, and communications tower facilities. For more information, please visit www.atni.com.

<sup>1</sup> EBITDA is a non-GAAP financial measure. Please see their definitions in the "Use of Non-GAAP Financial Measures and Definitions of Terms" below.

*Company Confidential*

**Advisors**

Rothschild & Co acted as the sole financial advisor, and Lape Mansfield Nakasian + Gibson, LLC is acting as legal advisor to ATN.

**Use of Non-GAAP Financial Measures and Definition of Terms**

In addition to financial measures prepared in accordance with generally accepted accounting principles ("GAAP"), this press release also contains the non-GAAP financial measure of EBITDA, which is defined as Operating income (loss) before depreciation and amortization expense.

**Cautionary Language Concerning Forward-Looking Statements**

This press release contains forward-looking statements relating to, among other matters, the Company's future financial performance, business goals and objectives, results of operations, and capital investments. These forward-looking statements are based on estimates, projections, beliefs, and assumptions and are not guarantees of future events or results. Actual future events and results could differ materially from the events and results indicated in these statements as a result of many factors, including: (i) the ability to receive the requisite regulatory consents and approvals to consummate the transaction; and (ii) the satisfaction of the other conditions to completion of the transaction and (iii) with respect to the use of proceeds, the timing, manner and extent to which such proceeds are deployed may be affected by future market conditions, potential changes in tax laws and the Company's ability to develop corporate investment and strategic opportunities meeting its criteria. The information set forth herein speaks only as of the date hereof, and the Company disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this press release.

**Contact**

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| | |
|:---|:---|
| Michele Satrowsky | Adam Rogers |
| Corporate Treasurer | Investor Relations |
| ATN International, Inc. | Sharon Merrill Advisors,Inc. |
| <u>IR@atni.com</u> | <u>ATNI@investorrelations.com</u> |
| 978-619-1300 |  |

---

*Company Confidential*

**<u>Table 1</u>**

**ATN International, Inc.**

**Reconciliation of Non-GAAP Measures**

**(In Thousands)**

**Estimated Twelve-month Impact of Sale of Tower Portfolio:**

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| | | | |
|:---|:---|:---|:---|
|  | **Range** | **Range** | **Range** |
| **** | ***Low \**** | **** | ***High \**** |
| Revenue increase (decrease) | $(5000) |  | $(7000) |
| Operating expense (increase) decrease | (5000) |  | (6000) |
| Depreciation expense (increase) decrease | 6000 |  | 7000 |
| **Operating Income increase (decrease)** | $**(4000)** |  | $**(6000)** |
| Adjustment from Operating Income to EBITDA: |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation expense increase (decrease) | (6000) |  | (7000) |
| **EBITDA increase (decrease)** | $**(10000)** |  | $**(13000)** |

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\* The low range assumes the Intial Closing sites and the high end assumes all sites.