Document:

EXHIBIT 10.9
                                                                  EXECUTION COPY

                        LIMITED RECOURSE PARENT GUARANTEE

          LIMITED RECOURSE PARENT GUARANTEE, dated as of May 26, 2005 (as
amended, restated, supplemented or otherwise modified and in effect from time to
time, this "Parent Guarantee"), made by Global Signal Inc., a Delaware
corporation ("Global Signal"), and Global Signal Operating Partnership, L.P., a
Delaware limited partnership ("GSOP", and together with Global Signal, the
"Guarantors"), in favor of Morgan Stanley Asset Funding Inc. ("MSAFI"), in its
capacity as collateral agent for the benefit of itself, the other Agents and the
Lenders under the Bridge Loan Agreement referred to below, and its successors
and assignees (the "Collateral Agent").

                                    RECITALS

          Pursuant to the Bridge Loan and Override Agreement, dated as of May
26, 2005 (including, without limitation, the terms of the Securitization Loan
Agreement Form referenced therein to the extent incorporated therein, as
amended, restated, supplemented or otherwise modified from time to time, the
"Bridge Loan Agreement"), by and among Global Signal Acquisitions II LLC, a
Delaware limited liability company (the "Borrower"), the lenders from time to
time party thereto (the "Lenders"), Bank of America, N.A. ("BANA"), as
co-Administrative Agent and calculation agent, and Morgan Stanley Asset Funding
Inc. ("MSAFI"), as co-Administrative Agent and Collateral Agent, the Lenders
have agreed to make loans (the "Loans") to the Borrower upon the terms and
subject to the conditions set forth therein, such Loans to be evidenced by the
Notes issued by the Borrower thereunder. As of the date hereof, the Guarantors
own, directly or indirectly, 100% of the equity interests of the Borrower. The
Guarantors will derive substantial direct and indirect benefit from the making
of the loans to the Borrower under the Bridge Loan Agreement. It is a condition
precedent to the obligation of the Lenders to make loans to the Borrower under
the Bridge Loan Agreement that the Guarantors shall have executed and delivered
this Parent Guarantee to the Collateral Agent.

          NOW, THEREFORE, in consideration of the premises and to induce the
Lenders to enter into the Bridge Loan Agreement and to induce the Lenders to
make loans to the Borrower under the Bridge Loan Agreement, the Guarantors
hereby agree with the Collateral Agent for the benefit of the Agents and the
Lenders as follows:

          1. Defined Terms.

          (a) Unless otherwise defined herein, terms defined in the Bridge Loan
Agreement and used herein shall have the meanings given to them in the Bridge
Loan Agreement. In addition, the following terms shall have the following
meaning:

          "Adverse Claim" means a lien, security interest, charge or
     encumbrance, or other right or claim in, of or on any Person's assets or
     properties in favor of any other Person (including any UCC financing
     statement or any similar instrument filed against such Person's assets or
     properties).

          "Consolidated Indebtedness" means, for the definition of Global Signal
     Default only, any Person and its consolidated Subsidiaries at such time,
     the aggregate Indebtedness (as defined in the GSOP Credit Agreement) of
     such Person and its consolidated Subsidiaries determined on a consolidated
     basis in accordance with GAAP.

          "Consolidated EBITDA" means, for the definition of Global Signal
     Default only, with respect to Global Signal and its consolidated
     Subsidiaries for any period of determination, the

     sum (determined on a consolidated basis), without duplication, of (a) net
     income for such period, plus (b) amortization, accretion and depreciation
     for such period, plus (c) interest expense (determined in accordance with
     GAAP) for such period, plus (d) actual taxes based on income for such
     period, plus (e) extraordinary losses for such period, including losses on
     early extinguishment of debt, minus (f) extraordinary gains for such
     period, plus (g) losses on foreign currency exchange for such period, minus
     (h) gains on foreign currency exchange for such period, plus (i) non-cash
     charges associated with stock based compensation expense, plus (j) non-cash
     accrued straight-line rent expense recorded under SFAS 13. For purposes of
     clauses (b) through (j) above, such amounts shall be deducted from, or
     added to, net income, in each case only to the extent such amounts were
     included in the calculation of net income.

          "Excluded Subsidiary" means each of the Borrower, Global Signal
     Acquisitions LLC, Global Signal Holdings I LLC, Global Signal Holdings II
     LLC, Global Signal Holdings III LLC, Global Signal Services LLC, Towers
     Finco LLC, Towers Finco II LLC, Pinnacle Towers and each of their
     respective Subsidiaries.

          "Excluded Subsidiaries" means, collectively, each Excluded Subsidiary.

          "Global Acquisitions Credit Agreement" means the Acquisition Credit
     Agreement dated as of April 25, 2005 by and among Global Signal
     Acquisitions LLC, as borrower, the lenders from time to time party thereto,
     and Morgan Stanley Asset Funding Inc., as the administrative and collateral
     agent, as amended, restated, supplemented or otherwise modified from time
     to time.

          "Global Signal Default" means any of the following:

          (i) at any time, the Consolidated Indebtedness of Global Signal and
     its consolidated Subsidiaries shall exceed $1,800,000,000, which amount
     shall be inclusive of all Consolidated Indebtedness with respect to the
     securitization of any Towers of Global Signal and/or its Subsidiaries;

          (ii) at any time, the ratio of (1) Debt for Borrowed Money of Global
     Signal and its Subsidiaries on a consolidated basis at such time to (2)
     Consolidated EBITDA for the period of 12 consecutive calendar months ended
     at or most recently prior to such time shall be greater than 7.65:1.00;
     provided, that the calculation of Consolidated EBITDA shall be adjusted to
     annualize the financial results of Towers owned, leased or managed for less
     than one year as follows: (A) the Consolidated EBITDA attributed to any
     Tower owned, leased or managed for less than one year but greater than or
     equal to one month shall be the Consolidated EBITDA attributed to such
     Tower for the period commencing on the date of the Acquisition of such
     Tower through the last day of the most recently completed month times, a
     fraction, the numerator of which is 12 and the denominator of which is the
     number of calendar months completed since the date of such Acquisition, and
     (B) the Consolidated EBITDA for Towers owned for less than one month shall
     be the estimated annual Consolidated EBITDA for such Towers based upon the
     budgeted annualized results of such Towers determined in a manner
     reasonably acceptable to Bank of America, N.A. and Morgan Stanley Asset
     Funding Inc., as co-Administrative Agents, and adjusted to reflect the
     financial results of such Towers on a consolidated basis (as opposed to a
     stand-alone per Tower basis); and

          (iii) Global Signal or any of its Subsidiaries shall fail to timely
     file all tax returns that are required to be filed by it or timely pay all
     Taxes due, except for any such Taxes as are being

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     appropriately contested in good faith by appropriate proceedings diligently
     conducted and with respect to which adequate reserves have been provided;

     provided, however, that capitalized terms used in this definition (except
     for Consolidated EBITDA and Consolidated Indebtedness) shall have the
     meaning given to them in the GSOP Credit Agreement.

          "GSOP Credit Agreement" means the GSOP Credit Agreement as defined in
     the Bridge Loan Agreement as in effect as of the date hereof, without
     giving effect to any amendment, waiver or other modifications unless
     approved in writing by the Administrative Agents or the Required Lenders.

          "Guarantee Obligations" has the meaning given that term in the GSOP
     Credit Agreement.

          "Indebtedness" has the meaning given that term in the GSOP Credit
     Agreement.

          "Intercompany Note" means an intercompany note in favor of a Guarantor
     in the amount equal to any loans made by a Guarantor to any directly owned
     Subsidiary pursuant to Section 11(d), in each case in form and substance
     reasonably satisfactory to the Administrative Agents.

          "Leased Property" means all real property that is leased or occupied
     pursuant to an easement by a Guarantor and its respective Subsidiaries, in
     each case, together with all fixtures and appurtenances thereon.

          "Other Credit Facilities" means the Loan Documents as defined in the
     GSOP Credit Agreement, the Loan Documents as defined in the Global
     Acquisitions Credit Agreement, the Loan Documents as defined in the
     Pinnacle Towers Securitization Agreement and the Loan Documents as defined
     in the Pinnacle Inc Securitization Agreement.

          "Pinnacle Inc." means Pinnacle Towers, Inc., a Delaware corporation.

          "Pinnacle Inc Securitization Agreement" means the Amended and Restated
     Loan and Security Agreement dated as of February 5, 2004 by and among
     Pinnacle Towers, Inc., the other borrower parties and Towers Finco LLC, as
     lender, as the same may be amended, supplemented, restated or otherwise
     modified from time to time.

          "Pinnacle Towers" means Pinnacle Towers Acquisition Holdings LLC, a
     Delaware limited liability company.

          "Pinnacle Towers Securitization Agreement" means the Amended and
     Restated Loan and Security Agreement dated as of December 7, 2004 by and
     among Pinnacle Towers, the other borrower parties and Towers Finco II LLC,
     as lender, as the same may be amended, supplemented, restated or otherwise
     modified from time to time.

          "Tower" means (i) any wireless communication towers owned, leased or
     managed (or to be owned, leased or managed) by a Guarantor or its
     Subsidiaries, including any rooftop or other sites owned, leased or managed
     by a Guarantor or its Subsidiaries, together with any real estate, fixtures
     and appurtenances that accompany the towers, rooftops or other sites, and
     (ii) any

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     fee simple interest or long-term easement in or on any real property on
     which wireless communications are built.

          "Tower Properties" mean any fee interest, leasehold interest or
     easement interest in any real property that supports a Tower.

          (b) The words "hereof," "herein" and "hereunder" and words of similar
import when used in this Parent Guarantee shall refer to this Parent Guarantee
as a whole and not to any particular provision of this Parent Guarantee, and
section and paragraph references are to this Parent Guarantee unless otherwise
specified.

          (c) The meanings given to terms defined herein shall be equally
applicable to both the singular and plural forms of such terms.

          2. Guarantee.

          (a) Each Guarantor hereby jointly and severally, unconditionally and
irrevocably, guarantees (as a guarantee of payment and not merely as a guarantee
of collection) to the Collateral Agent (on behalf of and for the benefit of the
Agents and the Lenders) and its successors, indorsees, transferees and assigns,
the Guaranteed Obligations (as defined in Section 12).

          (b) Anything herein or in any other Loan Document to the contrary
notwithstanding, the maximum liability of each Guarantor hereunder and under the
other Loan Documents shall in no event exceed the amount which can be guaranteed
by such Guarantor under applicable federal and state laws relating to the
insolvency of debtors.

          (c) Subject to Section 12, each Guarantor further agrees to pay any
and all reasonable expenses (including, without limitation, all fees and
disbursements of counsel) which may be paid or incurred by the Collateral Agent
in enforcing, or obtaining advice of counsel in respect of, any rights with
respect to, or collecting, any or all of the Guaranteed Obligations and/or
enforcing any rights with respect to, or collecting against, such Guarantor
under this Parent Guarantee. This Parent Guarantee shall remain in full force
and effect until the Guaranteed Obligations are paid in full, notwithstanding
that from time to time prior thereto the Borrower may be free from the
Obligations.

          (d) Subject to Section 12, each Guarantor agrees that the Guaranteed
Obligations may at any time and from time to time exceed the amount of the
liability of such Guarantor hereunder without impairing this Parent Guarantee or
affecting the rights and remedies of the Collateral Agent hereunder.

          (e) No payment or payments made by the Borrower, any Guarantor, any
other Loan Party or any other guarantor or any other Person or received or
collected by the Collateral Agent from the Borrower, any Guarantor, any other
Loan Party or any other guarantor or any other Person by virtue of any action or
proceeding or any set-off or appropriation or application at any time or from
time to time in reduction of or in payment of the Guaranteed Obligations shall
be deemed to modify, reduce, release or otherwise affect the liability of any
Guarantor hereunder, which shall, notwithstanding any such payment or payments
other than payments received or collected from such Guarantor in respect of the
Guaranteed Obligations, remain liable (subject to Section 12) for the Guaranteed
Obligations up to the maximum liability of such Guarantor hereunder until the
Guaranteed Obligations are paid in full.

          3. Right of Set-off. Upon the occurrence and during the continuance of
any Event of Default to the extent that any Guaranteed Obligations are
outstanding, each Guarantor hereby

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irrevocably authorizes the Collateral Agent at any time and from time to time
without notice to such Guarantor, any such notice being expressly waived by such
Guarantor, to set-off and appropriate and apply any and all deposits (general or
special, time or demand, provisional or final), in any currency, and any other
credits, indebtedness or claims, in any currency, in each case whether direct or
indirect, absolute or contingent, matured or unmatured, at any time held or
owing by the Collateral Agent to or for the credit or the account of such
Guarantor, or any part thereof in such amounts as the Collateral Agent may
elect, against and on account of the obligations and liabilities of such
Guarantor to the Collateral Agent hereunder and claims of every nature and
description of the Collateral Agent against such Guarantor, in any currency,
arising hereunder, under the Bridge Loan Agreement, the Notes or any other Loan
Document, as the Collateral Agent may elect, whether or not the Collateral Agent
has made any demand for payment and although such obligations, liabilities and
claims may be contingent or unmatured. The Collateral Agent shall notify the
Guarantors promptly of any such set-off and the application made by the
Collateral Agent, provided that the failure to give such notice shall not affect
the validity of such set-off and application. The rights of the Collateral Agent
under this Section are in addition to other rights and remedies (including,
without limitation, other rights of set-off) which the Collateral Agent may
have.

          4. No Subrogation. Notwithstanding any payment or payments made by the
Guarantors hereunder, no Guarantor shall be entitled to be subrogated to any of
the rights of the Collateral Agent or any Lender against the Borrower or other
guarantor or any collateral security or guarantee or right of offset held by the
Collateral Agent or any Lender for the payment of the Guaranteed Obligations,
nor shall any Guarantor seek or be entitled to seek any contribution or
reimbursement from the Borrower or any other Loan Party or any guarantor in
respect of payments made by such Guarantor hereunder, in each case until all
amounts owing to the Lenders and the Agents by the Borrower on account of the
Guaranteed Obligations are paid in full. If any amount shall be paid to any
Guarantor on account of such subrogation rights at any time when all of the
Guaranteed Obligations shall not have been paid in full, such amount shall be
held by such Guarantor in trust for the Collateral Agent (on behalf of the
Agents and the Lenders), segregated from other funds of such Guarantor, and
shall, forthwith upon receipt by such Guarantor, be turned over to the
Collateral Agent in the exact form received by such Guarantor (duly indorsed by
such Guarantor to the Collateral Agent, if required), to be applied against the
Guaranteed Obligations, whether matured or unmatured, in such order as the
Collateral Agent may determine.

          5. Amendments, Etc. with Respect to the Guaranteed Obligations; Waiver
of Rights. Each Guarantor shall remain obligated hereunder notwithstanding that,
without any reservation of rights against such Guarantor and without notice to
or further assent by such Guarantor, any demand for payment of any of the
Guaranteed Obligations made by the Collateral Agent, any Administrative Agent or
any Lender may be rescinded by the Collateral Agent, such Administrative Agents
or such Lender, as the case may be, and any of the Guaranteed Obligations
continued, and the Guaranteed Obligations, or the liability of any other party
upon or for any part thereof, or any collateral security or guarantee therefor
or right of offset with respect thereto, may, from time to time, in whole or in
part, be renewed, extended, amended, modified, accelerated, compromised, waived,
surrendered or released by the Collateral Agent, and the Bridge Loan Agreement,
the Notes and the other Loan Documents and any other documents executed and
delivered in connection therewith may be amended, modified, supplemented or
terminated, in whole or in part, as the Collateral Agent, any Administrative
Agent and/or the Lenders may deem advisable from time to time, and any
collateral security, guarantee or right of offset at any time held by the
Collateral Agent, any Administrative Agent or any Lender for the payment of the
Guaranteed Obligations may be sold, exchanged, waived, surrendered or released.
The Collateral Agent shall not have any obligation to protect, secure, perfect
or insure any Lien at any time held by it as security for the Guaranteed
Obligations or for this Parent Guarantee or any property subject thereto. When
making any demand hereunder against any Guarantor, the Collateral Agent may, but
shall be under no obligation to, make a similar demand on the Borrower or any
other Loan Party or guarantor, and any failure by the Collateral Agent to make
any such demand or to collect any payments from the Borrower or any such

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other Loan Party or guarantor or any release of the Borrower or such other Loan
Party or guarantor shall not relieve such Guarantor of its obligations or
liabilities hereunder, and shall not impair or affect the rights and remedies,
express or implied, or as a matter of law, of the Collateral Agent against such
Guarantor. For the purposes hereof, "demand" shall include the commencement and
continuance of any legal proceedings.

          6. Guarantee Absolute and Unconditional. Each Guarantor waives any and
all notice of the creation, renewal, extension or accrual of any of the
Guaranteed Obligations and notice of or proof of reliance by the Collateral
Agent, any Administrative Agent or any Lender upon this Parent Guarantee or
acceptance of this Parent Guarantee or the Guaranteed Obligations, and any of
them shall conclusively be deemed to have been created, contracted or incurred,
or renewed, extended, amended or waived, in reliance upon this Parent Guarantee;
and all dealings between the Borrower, any Guarantor and/or any other Loan
Party, on the one hand, and the Collateral Agent, any Administrative Agent
and/or any Lender, on the other hand, likewise shall be conclusively presumed to
have been had or consummated in reliance upon this Parent Guarantee. Each
Guarantor waives diligence, presentment, protest, demand for payment and notice
of default or nonpayment to or upon the Borrower, any Guarantor or any other
Loan Party with respect to the Guaranteed Obligations. Each Guarantor
understands and agrees that this Parent Guarantee shall be construed as a
continuing, absolute and unconditional guarantee of payment, without regard to
(a) the validity, regularity or enforceability of the Bridge Loan Agreement, the
Notes or any other Loan Document, any of the Guaranteed Obligations or any other
collateral security therefor or guarantee or right of offset with respect
thereto at any time or from time to time held by the Collateral Agent, any
Administrative Agent or any Lender, (b) any defense, set-off or counterclaim
(other than a defense of payment or performance) which may at any time be
available to or be asserted by the Borrower or any other Loan Party against the
Collateral Agent, any Administrative Agent or any Lender or (c) any other
circumstance whatsoever (with or without notice to or knowledge of the Borrower,
any Guarantor or any other Loan Party) which constitutes, or might be construed
to constitute, an equitable or legal discharge of the Borrower or any other Loan
Party for the Guaranteed Obligations, or of any Guarantor under this Parent
Guarantee, in bankruptcy or in any other instance. When pursuing its rights and
remedies hereunder against any Guarantor, the Collateral Agent may, but shall be
under no obligation to, pursue such rights and remedies as it may have against
the Borrower, any other Loan Party or any other Person or against any collateral
security or guarantee for the Guaranteed Obligations or any right of offset with
respect thereto, and any failure by the Collateral Agent (or any Administrative
Agent or any Lender) to pursue such other rights or remedies or to collect any
payments from the Borrower, any other Loan Party or any such other Person or to
realize upon any such collateral security or guarantee or to exercise any such
right of offset, or any release of the Borrower, any other Loan Party or any
such other Person or any such collateral security, guarantee or right of offset,
shall not relieve any Guarantor of any liability hereunder, and shall not impair
or affect the rights and remedies, whether express, implied or available as a
matter of law, of the Collateral Agent against any Guarantor. This Parent
Guarantee shall remain in full force and effect and be binding in accordance
with and to the extent of its terms upon each Guarantor and the successors and
assigns thereof, and shall inure to be benefit of the Collateral Agent and its
successors, indorsees, transferees and assigns, until all of the Guaranteed
Obligations shall have been satisfied by payment in full, notwithstanding that
from time to time during the term of the Bridge Loan Agreement the Borrower and
the other Loan Parties may be free from any of the Guaranteed Obligations.

          7. Reinstatement. This Parent Guarantee shall continue to be
effective, or be reinstated, as the case may be, if at any time payment, or any
part thereof, if any of the Guaranteed Obligations are rescinded or must
otherwise be restored or returned by the Collateral Agent, any Administrative
Agent or the Lenders upon the insolvency, bankruptcy, dissolution, liquidation
or reorganization of the Borrower, any other Loan Party, any Guarantor or any
other guarantor of the Guaranteed Obligations, or upon or as a result of the
appointment of a receiver, intervenor or conservator

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of, or trustee or similar officer for, the Borrower, any Loan Party or any
Guarantor or any substantial part of their respective property, or otherwise,
all as though such payments had not been made.

          8. Not Affected by Bankruptcy. Notwithstanding any modification,
discharge or extension of the Guaranteed Obligations or any amendment,
modification, stay or cure of the Collateral Agent's, any Administrative Agent'
or any Lender's rights which may occur in any bankruptcy or reorganization case
or proceeding against the Borrower, any other Loan Party or any Guarantor or any
other guarantor, whether permanent or temporary, and whether or not assented to
by the Collateral Agent, the Administrative Agents or the Lenders, each
Guarantor hereby agrees that it shall be obligated hereunder to pay and perform
all of its obligations under this Parent Guarantee in accordance with its terms
(without regard to any such modification, discharge or extension of the
Guaranteed Obligations of the Borrower or any other Loan Party or such other
guarantor thereunder). Without in any way limiting the generality of the
foregoing, any subsequent modification of the Guaranteed Obligations in any
reorganization case concerning the Borrower or any other Loan Party (other than
such Guarantor) shall not affect the obligation of such Guarantor to pay and
perform the Guaranteed Obligations in accordance with the original terms
thereof.

          9. Payments. Each Guarantor hereby agrees that payments hereunder will
be paid to the Collateral Agent without set-off or counterclaim in U.S. Dollars
at the office of the Collateral Agent specified in Section 14.2 of the Bridge
Loan Agreement.

          10. Representations and Warranties. Each Guarantor hereby makes each
of the representations and warranties set forth in Section 4.1(a) of the Bridge
Loan Agreement and Sections 4.9, 4.10, 4.11 (other than with respect to the
Other Credit Facilities), 4.12, 4.13, 4.17, 4.21, and 4.28 of the Securitization
Loan Agreement Form with respect to itself and its Subsidiaries (other than the
Borrower and its Subsidiaries), mutatis mutandis. Global Signal further makes
the representations and warranties set forth in Section 4.3 of the
Securitization Loan Agreement Form, mutatis mutandis. In addition, each
Guarantor hereby represents and warrants that:

          (a) each of it and its consolidated Subsidiaries (i) is duly
organized, validly existing and in good standing under the laws of the
jurisdiction of its organization, (ii) has the requisite corporate, company or
partnership power and authority, and the legal right, to own and operate its
property, to lease the property it operates as lessee and to conduct the
business in which it is currently engaged, (iii) is duly qualified as a foreign
corporation, limited liability company, or partnership, as applicable, and is in
good standing under the laws of each jurisdiction where its ownership, lease or
operation of property or the conduct of its business requires such
qualification, and (iv) is in compliance with all Requirements of Law, except,
in each case referred to in clauses (ii), (iii) and (iv), to the extent that the
failure to comply with any of the foregoing is not, in the aggregate, reasonably
expected to have a Material Adverse Effect;

          (b) it has the corporate, limited liability company or partnership
power and authority, as the case may be, and the legal right, to make, deliver
and perform this Parent Guarantee and has taken all necessary corporate, limited
liability company or partnership action, as the case may be, to authorize the
execution, delivery and performance of this Parent Guarantee. No consent or
authorization of, filing with, notice to or other act by or in respect of, any
Governmental Authority or any other Person is required in connection with the
execution, delivery, performance, validity or enforceability of this Parent
Guarantee. This Parent Guarantee has been duly executed and delivered on behalf
of such Guarantor. This Parent Guarantee constitutes a legal, valid and binding
obligation of such Guarantor enforceable against such Guarantor in accordance
with its terms, subject to the effects of bankruptcy, insolvency, fraudulent
conveyance, reorganization, moratorium and other similar laws relating to or
affecting creditors' rights generally, general equitable principles (whether
considered in a proceeding in equity or at law) and an implied covenant of good
faith and fair dealing;

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          (c) the execution, delivery and performance of this Parent Guarantee
will not violate any Requirements of Law or Contractual Obligation of such
Guarantor or of any of its Subsidiaries and will not result in, or require, the
creation or imposition of any Lien on any of its or their respective properties
or revenues pursuant to any such Requirements of Law or Contractual Obligation
(other than Liens created by the Security Documents in favor of the Collateral
Agent for the benefit of the Agents and the Lenders);

          (d) no consent or authorization of, filing with, notice to, or other
act by or in respect of, any Governmental Authority or any other Person
(including, without limitation, any stockholder or creditor of such Guarantor)
is required in connection with the execution, delivery, performance, validity or
enforceability of this Parent Guarantee;

          (e) Global Signal has not engaged in any material "prohibited
transactions" as defined in Section 857(b)(6)(B)(iii) and (C) of the Code.
Global Signal is for its current "tax year" (as defined in the Code) and for all
prior tax years subsequent to its election to be a real estate investment trust
has been entitled to a dividends paid deduction under the requirements of
Section 857 of the Code with respect to any dividends paid by it with respect to
each such year for which it claims a deduction in its Form 1120-REIT filed with
the United States Internal Revenue Service for such year;

          (f) neither Global Signal, nor any other Guarantor nor any of their
respective Subsidiaries is engaged in any unfair labor practice which is
reasonably expected to have a Material Adverse Effect. There is (a) no unfair
labor practice complaint pending or, to the best knowledge of the Guarantor,
threatened against Global Signal, any other Guarantor or any of their respective
Subsidiaries before the National Labor Relations Board which is reasonably
expected to have a Material Adverse Effect and no grievance or arbitration
proceeding arising out of or under a collective bargaining agreement is so
pending or threatened; (b) no strike, labor dispute, slowdown or stoppage
pending or, to the best the knowledge of each Guarantor, threatened against
Global Signal, any other Guarantor or any of their respective Subsidiaries; and
(c) no union representation question existing with respect to employees of
Global Signal, any other Guarantor or any of their respective Subsidiaries and
no union organizing activities are taking place with respect to any thereof; and

          (g) Global Signal, each other Guarantor and each of their respective
Subsidiaries have, with respect to their respective properties and businesses,
insurance maintained with financially sound and reputable insurance companies in
at least such amounts and against at least such risks as are usually insured
against in the same general area by companies engaged in the same or a similar
business.

Each Guarantor agrees that the foregoing representations and warranties shall be
deemed to have been made by it on the date of the borrowing by the Borrower
under the Bridge Loan Agreement on and as of such date of borrowing as though
made hereunder on and as of such date (except to the extent that such
representations and warranties relate to an earlier date, in which case such
representations and warranties shall have been true as of such date).

          11. Covenants. Each Guarantor hereby covenants and agrees with the
Collateral Agent that, from and after the date of this Parent Guarantee until
the Guaranteed Obligations are paid in full:

          (a) Financial Information.

          (i) Global Signal shall, as soon as practical, but in any event within
     95 days after the end of each fiscal year (or with respect to the 2004
     fiscal year, on or before the Closing Date) of Global Signal commencing
     with the year ending on December 31, 2004, deliver to the Agents

                                       -8-

     and the Lenders a copy of the consolidated balance sheet of Global Signal
     and its consolidated Subsidiaries as of the end of such year and the
     related consolidated statements of income and retained earnings and of cash
     flows for such year, setting forth in each case in comparative form the
     figures for the previous year, reported on without a "going concern" or
     like qualification or exception, or qualification arising out of the scope
     of the audit, by Ernst & Young LLP or other independent registered public
     accountants of nationally recognized standing;

          (ii) Global Signal shall, as soon as practical, but in any event not
     later than 50 days after the end of each of the first three quarterly
     periods of each fiscal year of Global Signal commencing with the quarterly
     period ending on June 30, 2005, deliver to the Agents and the Lenders the
     unaudited consolidated balance sheet of Global Signal and its consolidated
     Subsidiaries as at the end of such quarter and the related unaudited
     consolidated statements of income and retained earnings and of cash flows
     of Global Signal and its consolidated Subsidiaries for such quarter and the
     portion of the fiscal year through the end of such quarter, setting forth
     in each case in comparative form the equivalent figures for the previous
     year, certified by a Responsible Officer as being fairly stated in all
     material respects (subject to normal year end audit adjustments);

          (iii) Global Signal shall, concurrently with the delivery of the
     financial statements referred to in clauses (i) and (ii) of this Section,
     deliver to the Agents and the Lenders a certificate of a Responsible
     Officer of Global Signal stating that, to the best of such Responsible
     Officer's knowledge, each of the Loan Parties during such period has
     observed or performed all of its covenants and other agreements, and
     satisfied every condition, contained in this Parent Guarantee and the other
     Loan Documents to be observed, performed or satisfied by it, and that such
     Responsible Officer has obtained no knowledge of any Default or Event of
     Default except as specified in such certificate; and

          (iv) Global Signal shall deliver to the Agents and the Lenders (to the
     extent not available on Global Signal's website www.gsignal.com) (A) within
     five days after the same are sent, copies of all financial statements and
     reports which Global Signal sends to its stockholders, (B) within five days
     after the same are filed, copies of all financial statements and reports
     which Global Signal may make to, or file with, the Securities and Exchange
     Commission or any successor or analogous Governmental Authority, and (C)
     such other additional financial information that the Agents or any Lender
     may from time to time reasonably request;

all such financial statements shall fairly present the financial condition of
Global Signal and shall be prepared in reasonable detail and in accordance with
GAAP (except for, in the case of any unaudited financial statements, the absence
of footnotes and normal year-end adjustments) applied consistently throughout
the periods reflected therein and with prior periods (except as approved by such
accountants or officer, as the case may be, and disclosed therein). Neither
Global Signal nor any of its Subsidiaries shall fail to timely file all tax
returns that are required to be filed by it or timely pay all Taxes due, except
for any such Taxes as are being appropriately contested in good faith by
appropriate proceedings diligently conducted and with respect to which adequate
reserves have been provided.

          At Global Signal's option, information delivered to the Agents and the
Lenders pursuant to this Section 11(a) may be delivered by posting to Internet
or intranet websites pursuant to procedures approved by the Collateral Agent.
Information posted to an Internet or intranet website shall be deemed received
upon the deemed receipt by the intended recipient at its email address of
notification that such information is available and identifying the website
address therefore. Unless the Collateral Agent otherwise prescribes, a
notification sent to an e-mail address shall be deemed received upon the
sender's receipt of an acknowledgment from the intended recipient (such as by
"return receipt requested" function,

                                       -9-

as available, return e-mail or other written acknowledgement), provided that if
such notification is not sent during the normal business hours of the recipient,
such notification shall be deemed to have been sent at the opening of business
on the next business day for the recipient.

          (b) Global Signal Default. Global Signal shall not, and shall not
permit any of its Subsidiaries to, cause, or permit to exist, a Global Signal
Default.

          (c) Maintenance of Property; Insurance. Each Guarantor and its
Subsidiaries (other than Excluded Subsidiaries) shall (i) keep all of their
respective property that is material to the condition of their respective
businesses in good working order and condition, ordinary wear and tear excepted,
(ii) maintain with financially sound and reputable insurance companies insurance
on all of their respective property in at least such amounts and against at
least such risks (but including in any event public liability and business
interruption) as are usually insured against in the same general area by
companies engaged in the same or similar businesses, and (iii) furnish to the
Collateral Agent, upon written request, information as to the insurance carried
in reasonable detail.

          (d) Notices. Each Guarantor shall, upon any officer thereof obtaining
knowledge of any of the following, promptly give the Collateral Agent notice of:

          (i) the occurrence of any Global Signal Default, Default or Event of
     Default;

          (ii) any (A) default or event of default under any Contractual
     Obligation of such Guarantor or any of their respective Subsidiaries, to
     the extent known by such Guarantor or (B) litigation, investigation or
     proceeding which may exist at any time between such Guarantor or any of
     their respective Subsidiaries and any Governmental Authority, which in
     either case, if not cured or if adversely determined, as the case may be,
     is reasonably expected to have a Material Adverse Effect;

          (iii) any litigation or proceeding affecting such Guarantor or any of
     its Subsidiaries in which the amount involved is $5,000,000 or more and not
     covered by insurance or in which injunctive or similar relief is sought
     that, if enforced, would be of similar impact;

          (iv) the following events, as soon as possible and in any event within
     30 days after such Guarantor knows or has reason to know thereof: (A) the
     occurrence or expected occurrence of any Reportable Event with respect to
     any Plan, a failure to make any required contribution to a Plan, the
     creation of any Lien in favor of the PBGC or a Plan or any withdrawal from,
     or the termination, Reorganization or Insolvency of, any Multiemployer Plan
     or (B) the institution of proceedings or the taking of any other action by
     the PBGC or such Guarantor or any Commonly Controlled Entity or any
     Multiemployer Plan with respect to the withdrawal from, or the terminating,
     Reorganization or Insolvency of, any Plan; and

          (v) any development or event which has had or is reasonably expected
     to have a Material Adverse Effect.

          Each notice pursuant to this Section shall be accompanied by a
statement of a Responsible Officer of such Guarantor providing such notice
setting forth details of the occurrence referred to therein and stating what
action is proposed to be taken with respect thereto

          (e) Environmental Matters. Each Guarantor and its Subsidiaries shall
comply with all applicable Environmental Laws and obtain and comply in all
material respects with and maintain any and all licenses, approvals,
notifications, registrations or permits required by applicable Environmental

                                      -10-

Laws except to the extent that failure to do any of the foregoing could not be
reasonably expected to have a Material Adverse Effect.

          (f) [reserved]

          (g) Fundamental Changes of Global Signal. Global Signal shall not
convey, sell, lease, assign, transfer or otherwise dispose of, all or
substantially all of its property, business or assets.

          (h) Fundamental Changes of GSOP. Neither GSOP nor any of its
Subsidiaries shall enter into any merger, consolidation or amalgamation, or
liquidate, wind up or dissolve itself (or suffer any liquidation or
dissolution), or convey, sell, lease, assign, transfer or otherwise dispose of,
all or substantially all of its property, business or assets, or enter into any
business, either directly or through any Subsidiary (except for those businesses
in which GSOP or any of its Subsidiaries are engaged, or proposed to be engaged,
on the date hereof or which are directly related hereto), except:

          (i) any such Subsidiary may be merged or consolidated with or into
     GSOP (provided that the GSOP shall be the continuing or surviving entity)
     or with or into any one or more wholly owned Subsidiaries of GSOP (provided
     that such wholly owned Subsidiary or Subsidiaries shall be the continuing
     or surviving entity);

          (ii) any such Subsidiary may sell, lease, transfer or otherwise
     dispose of any or all of its assets (upon voluntary liquidation or
     otherwise) to GSOP or any other wholly owned Subsidiary of GSOP;

          (iii) the merger of GSOP or any such Subsidiary of GSOP with or into
     Global Signal or a Subsidiary of Global Signal so long as each Lender
     determines (in its sole discretion) that such merger is not adverse to its
     interests and provides written notice of the same to GSOP;

          (iv) the merger of any such Subsidiary with or into another Person
     pursuant to an Acquisition, provided that concurrently therewith the
     requirements of Section 6.11(b) of the GSOP Credit Agreement with respect
     thereto are satisfied; and

          (v) the dissolution of Concorde Swindon Limited.

          (i) Limitation on Negative Pledges. GSOP shall not, and shall not
permit any of its Subsidiaries (other than Excluded Subsidiaries) to, enter into
with any Person any agreement, other than the Loan Documents, which prohibits or
limits the ability of GSOP or any of its Subsidiaries (other than Excluded
Subsidiaries) to create, incur, assume or suffer to exist any Lien on any of its
property, assets or revenues, whether now owned or hereafter acquired, except as
required under the Pinnacle Inc Securitization Agreement.

          (j) Limitation on Guarantee Obligations. GSOP shall not, or shall not
permit any of its Subsidiaries to, create, incur, assume or suffer to exist any
Guarantee Obligation, other than (i) this Parent Guarantee, (ii) Guarantee
Obligations to third parties in respect of liabilities (other than Indebtedness)
of Subsidiaries of GSOP incurred in the ordinary course of business, (iii)
Guarantee Obligations of any Excluded Subsidiaries, (iv) any Subsidiary
Guarantee under the Bridge Loan Agreement, and (iv) any Guarantee Obligations in
respect of the Global Acquisitions Credit Agreement.

          (k) Limitation on Indebtedness. GSOP shall not, nor shall GSOP permit
any of its Subsidiaries (other than Excluded Subsidiaries) to, create, incur,
assume or suffer to exist any Indebtedness, except:

                                      -11-

          (i) Indebtedness of GSOP under this Parent Guarantee;

          (ii) Indebtedness of GSOP under the GSOP Credit Agreement;

          (iii) Indebtedness of GSOP or any of its Subsidiaries to GSOP or any
     of its Subsidiaries, provided that such Indebtedness of any directly owned
     Subsidiary to GSOP is evidenced by an Intercompany Note and pledged to the
     Collateral Agent and subordinated to the Obligations on terms and
     conditions reasonably satisfactory to the Required Lenders;

          (iv) [reserved];

          (v) [reserved];

          (vi) any Guarantee Obligation permitted under Section 11(j);

          (vii) earnouts payable to the seller party in connection with any
     Acquisition; and

          (viii) any Indebtedness of Pinnacle Towers Limited and its
     Subsidiaries permitted under the Parent Guarantee (as defined in the GSOP
     Credit Agreement).

          (l) Liens. GSOP shall not, or shall not permit any of its Subsidiaries
(other than Excluded Subsidiaries) to, create, incur, assume or suffer to exist
any Lien upon any of its respective property, assets or revenues, whether now
owned or hereafter acquired, except for:

          (i) Liens for taxes, assessments, governmental charges, levies or
     claims not yet due and payable or which are being contested in good faith
     by appropriate proceedings (excluding Liens arising under any Environmental
     Laws, Liens in favor of the Internal Revenue Service of the United States,
     the PBGC or any Plan), provided that adequate reserves with respect thereto
     are maintained on the books of GSOP or its Subsidiaries, as the case may
     be, in conformity with GAAP;

          (ii) carriers', warehousemen's, mechanics', materialmen's, repairmen's
     or other like Liens arising in the ordinary course of business which are
     not overdue for a period of more than 60 days or which are being contested
     in good faith by appropriate proceedings;

          (iii) pledges or deposits in connection with workers' compensation,
     unemployment insurance and other social security legislation and deposits
     securing liability to insurance carriers under insurance or self insurance
     arrangements;

          (iv) easements, rights-of-way, licenses, restrictions, encroachments
     and other similar encumbrances incurred in the ordinary course of the
     business of GSOP or any of its Subsidiaries or, with respect to any Tower,
     existing on the date of the Acquisition of such Tower, which, in the
     aggregate, do not materially (1) interfere with the ordinary conduct of the
     business of GSOP and any of its Subsidiaries, taken as a whole, or (2)
     impair the use or operations of the Tower Properties, taken as a whole;

          (v) Liens created by lease agreements, statute or common law to secure
     the payments of rental amounts and other sums not yet due thereunder;

          (vi) Liens on Leased Property created by an owner or lessor thereof;

                                      -12-

          (vii) Licenses, sublicenses, leases or subleases granted by GSOP or
     any of its Subsidiaries in the ordinary course of each of their respective
     businesses and not expressly prohibited by any provision of this Parent
     Guarantee or any other Loan Document and not materially interfering with
     the conduct of the business of GSOP or any of its Subsidiaries;

          (viii) Liens created pursuant to the Security Documents;

          (ix) Liens in the ordinary course of business on (i) cash to secure
     performance of statutory obligations, surety or appeal bonds, performance
     bonds, bids or tenders or (ii) escrow deposits in connection with
     Acquisitions by GSOP and/or any of its Subsidiaries permitted under the
     GSOP Credit Agreement which secure an amount not to exceed at any time
     $12,000,000 in the aggregate;

          (x) Liens on Indebtedness of Pinnacle Towers Limited and its
     Subsidiaries permitted pursuant to Section 11(k)(viii);

          (xi) Liens securing the payment of judgments which do not result in an
     Event of Default and which are being appealed and contested in good faith,
     have been adequately bonded pending such appeal and with respect to which
     enforcement has been stayed; and

          (xii) Liens securing the payment of the Global Acquisitions Credit
     Agreement.

          (m) Limitation on Distributions.

          (i) GSOP shall not, or shall not permit any of its Subsidiaries (other
     than Excluded Subsidiaries) to, make any distribution on, or make any
     payment on account of, or set apart assets for a sinking or other analogous
     fund for, the purchase, redemption, defeasance, retirement or other
     acquisition of, any shares of any class of Capital Stock of GSOP or any of
     such Subsidiaries or any warrants or options to purchase any such Capital
     Stock, whether now or hereafter outstanding, or make any other distribution
     in respect thereof, either directly or indirectly, whether in cash or
     property or in obligations of GSOP or a Subsidiary thereof, except, (A)
     distributions in cash or other property to the extent required to satisfy
     the REIT Distribution Requirement, and, (B) so long as no Event of Default
     then exists or would result therefrom, (1) equity distributions as
     consideration for the transactions contemplated by Section 11(g) and
     Section 11(h), (2) in addition to and without duplication of dividends paid
     under clause (A) of this Section, ordinary quarterly dividends to the
     holders of the Capital Stock of GSOP or any of its Subsidiaries in an
     amount reasonably comparable to ordinary quarterly dividends customarily
     declared (including increases in such dividends consistent, in terms of the
     percentage of such increase, with past practices) by the Board of Directors
     of Global Signal, and (3) distributions of cash to the extent necessary to
     pay the ordinary operating expenses of Global Signal, provided that the
     aggregate amount of such distributions made pursuant to this subclause (3)
     from the Closing Date shall not exceed $2,000,000; and

          (ii) GSOP shall not enter into any derivative or other transaction
     with any financial institution, commodities or stock exchange or
     clearinghouse (a "Derivatives Counterparty") obligating GSOP or any
     Subsidiary (other than Excluded Subsidiaries) thereof to make payments to
     such Derivatives Counterparty as a result of any change in market value of
     any such Capital Stock;

                                      -13-

     (all such declarations, payments, setting apart, purchases, redemptions,
     defeasances, retirements, acquisitions and distributions, and all such
     transactions with any Derivatives Counterparties, all as described in
     subsections (i) and (ii) above, being herein called "Restricted Payments").

          12. Limitation of Liability. Notwithstanding any other provisions of
this Parent Guarantee or any other Loan Document (a) the aggregate liability of
the Guarantors under this Parent Guarantee or any successor entity of such
Guarantors (other than in each case the Borrower or any of its Subsidiaries),
shall not exceed $50,000,000, and (b) no Guarantor shall be liable under this
Parent Guarantee except to the extent of actual losses resulting from an Event
of Default having occurred and continuing with respect to Section 5.1(c) or (d)
of the Bridge Loan Agreement or Section 4.5, 4.25, 4.26, 5.10, 5.16, 5.23, 5.24,
or 5.25 of the Securitization Loan Agreement Form, and solely to the extent
losses resulting from breaches of such provisions are not covered by Title
Policies (collectively, the "Guaranteed Obligations").

          Nothing contained in this Section shall be construed to impair the
validity of the Obligations or affect or impair in any way the right of any
Agent or Lender to exercise their rights and remedies under the Bridge Loan
Agreement, the Notes and any other Loan Documents in accordance with their
respective terms.

          13. Notices. All notices, requests and demands to or upon the
Collateral Agent or any Guarantor to be effective shall be in writing (or by
telex, fax or similar electronic transfer confirmed in writing) and shall be
deemed to have been duly given or made (1) when delivered by hand, (2) if given
by mail, three Business Days after being deposited in the mails by certified
mail, return receipt requested or (3) if by telex, fax or similar electronic
transfer, when sent and receipt has been confirmed, addressed as follows:

          (a) if to the Collateral Agent, at its address or transmission number
for notices provided in Section 14.2 of the Bridge Loan Agreement; and

          (b) if to a Guarantor, at its address or transmission number for
notices set forth under its signature below.

          The Collateral Agent and any Guarantor may change its address and
transmission numbers for notices by notice in the manner provided in this
Section.

          14. Severability. Any provision of this Parent Guarantee which is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

          15. Integration. This Parent Guarantee represents the agreement of the
Guarantors with respect to the subject matter hereof and there are no promises
or representations by the Collateral Agent relative to the subject matter hereof
not reflected herein.

          16. Amendments in Writing; No Waiver; Cumulative Remedies.

          (a) None of the terms or provisions of this Parent Guarantee may be
waived, amended, supplemented or otherwise modified except by a written
instrument executed by each Guarantor and the Collateral Agent; provided that
any provision of this Parent Guarantee may be waived by the Collateral Agent in
a written instrument executed by the Collateral Agent.

                                      -14-

          (b) The Collateral Agent shall not by any act (except by a written
instrument pursuant to Section 16(a) hereof), delay, indulgence, omission or
otherwise be deemed to have waived any right or remedy hereunder or to have
acquiesced in any Default or Event of Default or in any breach of any of the
terms and conditions hereof. No failure to exercise, nor any delay in
exercising, on the part of the Collateral Agent, any right, power or privilege
hereunder shall operate as a waiver thereof. No single or partial exercise of
any right, power or privilege hereunder shall preclude any other or further
exercise thereof or the exercise of any other right, power or privilege. A
waiver by the Collateral Agent of any right or remedy hereunder on any one
occasion shall not be construed as a bar to any right or remedy which the
Collateral Agent would otherwise have on any future occasion.

          The rights and remedies herein provided are cumulative, may be
exercised singly or concurrently and are not exclusive of any other rights or
remedies provided by law.

          17. Section Headings. The section headings used in this Parent
Guarantee are for convenience of reference only and are not to affect the
construction hereof or be taken into consideration in the interpretation hereof.

          18. Successors and Assigns. This Parent Guarantee shall be binding
upon the successors and assigns of the Guarantors and shall inure to the benefit
of the Collateral Agent, the Administrative Agents, the Lenders and their
respective successors and assigns.

          19. GOVERNING LAW. THIS PARENT GUARANTEE SHALL BE GOVERNED BY, AND
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

          20. Submission To Jurisdiction; Waivers. Each Guarantor hereby
irrevocably and unconditionally:

          (a) submits for itself and its property in any legal action or
proceeding relating to this Parent Guarantee, or for recognition and enforcement
of any judgment in respect thereof, to the non-exclusive general jurisdiction of
the courts of the State of New York, the courts of the United States of America
for the Southern District of New York, and appellate courts from any thereof;

          (b) consents that any such action or proceeding may be brought in such
courts and waives any objection that it may now or hereafter have to the venue
of any such action or proceeding in any such court or that such action or
proceeding was brought in an inconvenient court and agrees not to plead or claim
the same;

          (c) agrees that service of process in any such action or proceeding
may be effected by mailing a copy thereof by registered or certified mail (or
any substantially similar form of mail), postage prepaid, to such Guarantor at
its address set forth under its signature below or at such other address of
which the Collateral Agent shall have been notified pursuant hereto;

          (d) agrees that nothing herein shall affect the right to effect
service of process in any other manner permitted by law or shall limit the right
to sue in any other jurisdiction; and

          (e) waives, to the maximum extent not prohibited by law, any right it
may have to claim or recover in any legal action or proceeding referred to in
this Section any special, exemplary, punitive or consequential damages.

          21. Acknowledgments. Each Guarantor hereby acknowledges that:

                                      -15-

          (a) it has been advised by counsel in the negotiation, execution and
delivery of this Parent Guarantee;

          (b) neither the Collateral Agent, any Administrative Agent, nor any
Lender have any fiduciary relationship with or duty to such Guarantor arising
out of or in connection with this Parent Guarantee or the other Loan Documents,
and the relationship between the Guarantors, the Borrower and the other Loan
Parties, on one hand, and the Collateral Agent, the Administrative Agents and
the Lenders, on the other hand, in connection herewith or therewith is solely
that of debtor and creditor; and

          (c) no joint venture is created hereby or by any other Loan Documents
or otherwise exists by virtue of the transactions contemplated hereby among the
Guarantors, the Borrower, any of the other Loan Parties, the Collateral Agent,
the Administrative Agents or the Lenders.

          22. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY AND
UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING
TO THIS PARENT GUARANTEE OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM
THEREIN.

                                      -16-

          IN WITNESS WHEREOF, each of the undersigned has caused this Parent
Guarantee to be duly executed and delivered by its duly authorized officer as of
the day and year first above written.

                            [SIGNATURE PAGES FOLLOW]

                                      GLOBAL SIGNAL INC.,
                                         as Guarantor

                                      By: /s/ Greerson G. McMullen
                                          --------------------------------------
                                          Name: Greerson G. McMullen
                                          Title: Executive Vice President

                                      Address for Notices:

                                         301 North Cattlemen Road, Suite 300
                                         Sarasota, FL 34232
                                         Attention: William Freeman
                                         with a copy to: General Counsel
                                         Phone: (941) 308-5980
                                         Fax: (941) 308-4250

                                      GLOBAL SIGNAL OPERATING
                                         PARTNERSHIP, L.P.,
                                         as Guarantor

                                         by: Global Signal GP LLC,
                                             its General Partner

                                      By: /s/ Greerson G. McMullen
                                          --------------------------------------
                                          Name: Greerson G. McMullen
                                          Title: Executive Vice President

                                      Address for Notices:

                                         301 North Cattlemen Road, Suite 300
                                         Sarasota, FL 34232
                                         Attention: William Freeman
                                         with a copy to: General Counsel
                                         Phone: (941) 308-5980
                                         Fax: (941) 308-4250

                        LIMITED RECOURSE PARENT GUARANTEE

                                      MORGAN STANLEY ASSET FUNDING INC.,
                                         as Collateral Agent

                                      By: /s/ Barbara Isaacman
                                          --------------------------------------
                                          Name: Barbara Issacman
                                          Title: Vice President

                                      Address for Notices:

                                         1221 Avenue of the Americas, 27th Floor
                                         New York, New York 10020
                                         Attention: Barbara Isaacman
                                         Fax: (212) 507-4151

                        LIMITED RECOURSE PARENT GUARANTEEEXHIBIT 10.10
                                                                  EXECUTION COPY

                                PLEDGE AGREEMENT

          PLEDGE AGREEMENT, dated as May 26, 2005 (as amended, restated,
supplemented or otherwise modified from time to time, this "Agreement"), made by
GLOBAL SIGNAL ACQUISITIONS II LLC, a Delaware limited liability company (the
"Borrower"), GLOBAL SIGNAL OPERATING PARTNERSHIP, L.P., a Delaware limited
partnership ("GSOP"), GLOBAL SIGNAL INC., a Delaware corporation ("Global
Signal"), and any Person that becomes a party hereto pursuant to Section 5(e)
(together with the Borrower, GSOP, and Global Signal, each, a "Pledgor", and
together, the "Pledgors"), in favor of MORGAN STANLEY ASSET FUNDING INC.
("MSAFI"), in its capacity as collateral agent for the benefit of itself, the
other Agents and the Lenders under the Bridge Loan Agreement referred to below,
and its successors and assignees (the "Collateral Agent").

                                    RECITALS

          WHEREAS, pursuant to that certain Bridge Loan and Override Agreement,
dated as of May 26, 2005 (including, without limitation, the terms of the
Securitization Loan Agreement Form referenced therein to the extent incorporated
therein, as amended, restated, supplemented or otherwise modified from time to
time, the "Bridge Loan Agreement"), by and among the Borrower, the lenders from
time to time party thereto (the "Lenders"), Bank of America, N.A. ("BANA"), as
co-administrative agent and calculation agent, MSAFI, as co-administrative agent
and Collateral Agent, the Lenders have agreed to make loans (the "Loans") to the
Borrower upon the terms and subject to the conditions set forth therein, such
Loans to be evidenced by Notes issued by the Borrower thereunder;

          WHEREAS, it is a condition precedent to the effectiveness of the
Bridge Loan Agreement and the obligations of the Lenders to make their
respective Loans to the Borrower under the Bridge Loan Agreement that the
Borrower, shall have executed and delivered this Pledge Agreement to the
Collateral Agent;

          WHEREAS, it is a condition precedent to the effectiveness of the
Bridge Loan Agreement and the obligations of the Lenders to make their
respective Loans to the Borrower under the Bridge Loan Agreement that Global
Signal and GSOP, solely with respect to each of their respective obligations
under the Limited Recourse Parent Guarantee, shall have executed and delivered
this Pledge Agreement to the Collateral Agent;

          NOW, THEREFORE, in consideration of the premises and to induce the
Lenders to enter into the Bridge Loan Agreement and to induce the Lenders to
make the Loans to the Borrower each Pledgor hereby agrees with the Collateral
Agent as follows:

          1. Defined Terms.

          (a) Unless otherwise defined herein, terms which are defined in the
Bridge Loan Agreement and used herein shall have the meanings given to them in
the Bridge Loan Agreement.

          (b) The following terms shall have the following meanings:

          "Additional Issuer" has the meaning specified in Section 5(e).

          "Additional Pledged LLC Interest" means the Additional Pledged LLC
Interests referred to in any supplement to this Pledge Agreement delivered
pursuant to Section 5(e) and any additional LLC Interests pledged to the
Collateral Agent pursuant to Section 5(a).

          "Additional Pledged Partnership Interest" means the Additional Pledged
Partnership Interests referred to in any supplement to this Pledge Agreement
delivered pursuant to Section 5(e) and any additional Partnership Interests
pledged to the Collateral Agent pursuant to Section 5(a).

          "Additional Pledged Stock" means the Additional Pledged Stock referred
to in any supplement to this Pledge Agreement delivered pursuant to Section 5(e)
and any additional capital stock pledged to the Collateral Agent pursuant to
Section 5(a).

          "Collateral Account" means any account established to hold money
Proceeds, maintained under the sole dominion and control of the Collateral
Agent, subject to withdrawal by the Collateral Agent only as provided in Section
7.

          "Excluded Subsidiary" means each of Borrower, Global Signal
Acquisitions LLC, Global Signal Holdings I LLC, Global Signal Holdings II LLC,
Global Signal Holdings III LLC, Global Signal Services LLC, Towers Finco LLC,
Towers Finco II LLC, Pinnacle Towers and each of their respective Subsidiaries.

          "Foreign Issuer" means each of the entities identified on Schedule I
to this Pledge Agreement as an Issuer and each Additional Issuer which is
incorporated or organized, as the case may be, in a jurisdiction other than a
jurisdiction within the United States.

          "Global Signal Acquisitions Credit Agreement" means that certain
Acquisition Credit Agreement, dated as of April 25, 2005, among Global Signal
Acquisitions LLC, as borrower, the lenders from time to time party thereto, and
MSAFI, as administrative agent and collateral agent thereunder, as amended,
restated, supplemented or otherwise modified from time to time.

          "GSOP Credit Agreement" means that certain Second Amended and Restated
Credit Agreement, dated as of April 15, 2005, among GSOP, as borrower, each
lender from time to time party thereto, and BANA, as administrative agent and
letter of credit issuer thereunder, as amended, restated, supplemented or
otherwise modified from time to time.

          "Issuer" means each of the entities identified on Schedule I to this
Pledge Agreement as an Issuer and each Additional Issuer.

          "Limited Liability Company" means any Issuer identified as a limited
liability company on Part B of Schedule I hereto or in any supplement to this
Pledge Agreement delivered pursuant to Section 5(e).

                                       -2-

          "Limited Liability Company Agreement" means as to any Limited
Liability Company, its certificate of formation and operating agreement or other
Governing Documents, as each may be amended, supplemented or otherwise modified
from time to time.

          "Limited Recourse Parent Guarantee" means that certain Limited
Recourse Parent Guarantee dated as the date hereof made by the GSOP and Global
Signal in favor of the Collateral Agent, as the same may be amended,
supplemented and otherwise modified from time to time.

          "LLC Interest" means any Limited Liability Company membership interest
or economic interest.

          "Non-Voting Equity" means each class of the issued and outstanding
Capital Stock of an Issuer not entitled to vote (within the meaning of Treas.
Reg. Section 1.956-2(c)(2)).

          "Partnership" means any Issuer identified as a partnership on Part C
of Schedule I hereto or in any supplement to this Pledge Agreement delivered
pursuant to Section 5(e).

          "Partnership Agreement" means as to any Partnership, its certificate
of formation or certificate of limited partnership (if any) and partnership
agreement or other Governing Documents, as each may be amended, supplemented or
otherwise modified from time to time.

          "Partnership Interest" means any partnership interest or economic
interest in a Partnership.

          "Pledge Agreement" means this Pledge Agreement, dated as of the date
hereof, made by the Borrower, GSOP and Global Signal and any Person that becomes
a party hereto pursuant to Section 5(e) in favor of the Collateral Agent, as
amended, restated, supplemented or otherwise modified from time to time.

          "Pledged Collateral" means the Pledged Equity Interests and all
Proceeds.

          "Pledged Equity Interests" means the Pledged Stock, the Pledged LLC
Interests and the Pledged Partnership Interests; provided, however, that the
Pledged Equity Interests in each Foreign Issuer set forth on Schedule I hereto
shall not in the aggregate exceed (i) 65% (or, if less, the full amount owned by
such Pledgor) of each class of the issued and outstanding Voting Equity of such
Foreign Issuer, and (ii) 100% (or, if less, the full amount owned by such
Pledgor) of each class of the issued and outstanding Non-Voting Equity of such
Foreign Issuer (but only to the extent that the pledge of such Non-Voting Equity
would not cause the Obligations to be treated as "United States property" of
such Foreign Issuer within the meaning of Treas. Reg. Section 1.956-2); provided
further that the term "Pledged Equity Interests" shall include, in any event,
the equity interests set forth on Schedule I.

          "Pledged LLC Interest" means any and all of any Pledgor's interests in
a limited liability company, including units of any LLC Interest in each Limited
Liability Company set forth on Part B of Schedule I hereto and any Additional
Pledged LLC Interest listed on Part B of Schedule I to any supplement to this
Pledge Agreement delivered pursuant to Section 5(e) and any Additional Pledged
LLC Interests pledged to the Collateral Agent pursuant to Section 5(a),

                                       -3-

including, without limitation, all its rights to participate in the operation or
management of the Limited Liability Companies and all its rights to properties,
assets, member interests and distributions (except as otherwise provided herein)
under the Limited Liability Company Agreements in respect of such member
interests.

          "Pledged Partnership Interest" means any and all of any Pledgor's
interests in a partnership, including units of any Partnership Interest in each
Partnership set forth on Part C of Schedule I hereto and any Additional Pledged
Partnership Interest listed on Part C of Schedule I to any supplement to this
Pledge Agreement delivered pursuant to Section 5(e) and any Additional Pledged
Partnership Interests pledged to the Collateral Agent pursuant to Section 5(a),
including, without limitation, all its rights to participate in the operation or
management of the Partnerships and all its rights to properties, assets, member
interests and distributions (except as otherwise provided herein) under the
Partnership Agreements in respect of such partnership interests.

          "Pledged Stock" means any and all shares of Capital Stock owned by any
Pledgor, including the pledged stock listed on Part A of Schedule I hereto and
any Additional Pledged Stock listed on Part A of Schedule I to any supplement to
this Pledge Agreement delivered pursuant to Section 5(e) and any Additional
Pledged Stock pledged to the Collateral Agent pursuant to Section 5(a), together
with all stock certificates, options or rights of any nature whatsoever which
may be issued or granted by any of the Issuers to any of the Pledgors in respect
of any and/or all of the foregoing.

          "Proceeds" means all "proceeds" (as such term is defined in Section
9-102(a)(64) of the UCC) in respect of the Pledged Equity Interests, and, in any
event, shall include, without limitation, all dividends, distributions and other
income from the Pledged Collateral, and all collections thereon with respect
thereto.

          "Secured Obligations" means (a) with respect to a pledge of all of the
direct Pledged Equity Interests in Borrower and its Subsidiaries, the unpaid
principal amount of, and interest (including, without limitation, interest
accruing after the maturity of the Loans and interest accruing after the filing
of any petition in bankruptcy, or the commencement of any insolvency,
reorganization or like proceeding, relating to the Borrower, whether or not a
claim for post filing or post petition interest is allowed in such proceeding)
on the Loans, and all other obligations and liabilities of the Loan Parties to
the Agents and the Lenders, whether direct or indirect, absolute or contingent,
due or to become due, or now existing or hereafter incurred, which may arise
under, or out of or in connection with the Bridge Loan Agreement, the Notes, any
other Loan Documents, and any other document made, delivered or given in
connection therewith, whether on account of principal, interest, fees,
indemnities, costs, expenses (including, without limitation, all fees and
disbursements of counsel to the Agents or to the Lenders that are required to be
paid by a Loan Party pursuant to the terms of the Loan Documents) or otherwise
and (b) with respect to all of the direct Pledged Equity Interests in GSOP, the
obligations under the Limited Recourse Parent Guarantee.

          "Securities Act" means the Securities Act of 1933, 15 U.S.C. Sections
77a et seq., as amended, and the rules and regulations promulgated thereunder.

                                       -4-

          "UCC" means the Uniform Commercial Code from time to time in effect in
the State of New York.

          "Voting Equity" means each class of the issued and outstanding Capital
Stock of an Issuer entitled to vote (within the meaning of Treas. Reg. Section
1.956-2(c)(2)).

          (c) The words "hereof", "herein" and "hereunder" and words of similar
import when used in this Pledge Agreement shall refer to this Pledge Agreement
as a whole and not to any particular provision of this Pledge Agreement, and
Section, Schedule, Annex, and Exhibit references are to this Pledge Agreement
unless otherwise specified. The meanings given to terms defined herein shall be
equally applicable to both the singular and plural forms of such terms.

          2. Pledge; Grant of Security Interest. Each Pledgor hereby delivers,
pledges, assigns, and transfers, as appropriate, to the Collateral Agent, all
the Pledged Collateral and hereby grants to the Collateral Agent a first
priority security interest in the Pledged Collateral, as collateral security for
the prompt and complete payment and performance when due (whether at the stated
maturity, by acceleration or otherwise) of the Secured Obligations.

          3. Transfer Powers. Concurrently with the delivery to the Collateral
Agent of each certificate representing one or more shares of the Pledged Equity
Interests (to the extent such Pledged Equity Interests are certificated), each
Pledgor shall deliver an undated stock power or transfer power covering such
certificate.

          4. Representations and Warranties. Each Pledgor represents and
warrants that:

          (a) (i) it is duly organized, validly existing and in good standing
under the laws of the jurisdiction of its incorporation or organization (as
applicable), (ii) it has the corporate, limited liability company or limited
partnership (as applicable) power and all requisite governmental licenses,
authorizations, consents approvals and the legal right, to own and operate its
property and to conduct the business in which it is currently engaged, (iii) it
is duly qualified as a foreign corporation, limited liability company or limited
partnership (as applicable) and is in good standing under the laws of each
jurisdiction where its ownership, lease or operation of property or the conduct
of its business requires such qualification, and (iv) it is in compliance with
all applicable Requirements of Law, except with respect to each of the foregoing
the failure of which is not, in the aggregate, reasonably expected to have a
Material Adverse Effect;

          (b) it has the corporate, limited liability company or limited
partnership (as applicable) power and authority, and the legal right, to make,
deliver and perform this Pledge Agreement and has taken all necessary corporate,
limited liability company or limited partnership (as applicable) action to
authorize the execution, delivery and performance of this Pledge Agreement. No
approval, consent, exemption, authorization, or other action by, or notice to,
or filing with, any Governmental Authority or any other Person is necessary or
required in connection with the execution, delivery, performance, validity or
enforceability of this Pledge Agreement. This Pledge Agreement has been duly
executed and delivered on behalf of such Pledgor. This Pledge Agreement
constitutes a legal, valid and binding obligation of such Pledgor

                                       -5-

enforceable against such Pledgor in accordance with its terms, subject to the
effects of bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium and other similar laws relating to or affecting creditors' rights
generally, general equitable principles (whether considered in a proceeding in
equity or at law) and an implied covenant of good faith and fair dealing;

          (c) the execution, delivery and performance of the Loan Documents to
which such Pledgor is a party will not violate any Requirement of Law or
Contractual Obligation of such Pledgor and will not result in, or require, the
creation or imposition of any Lien on any of its properties or revenues pursuant
to any such Requirement of Law or Contractual Obligation (other than Liens
created by the Security Documents in favor of the Collateral Agent);

          (d) no litigation, investigation or proceeding of or before any
arbitrator or Governmental Authority is pending or, to the knowledge of such
Pledgor, threatened by or against it or against any of its properties or
revenues (i) with respect to any of the Loan Documents or any of the
transactions contemplated hereby or thereby or (ii) which is reasonably expected
to have a Material Adverse Effect;

          (e) the Pledged Stock, Pledged LLC Interests and Pledged Partnership
Interests listed on Part A, Part B and Part C, respectively, of Schedule I
hereto constitute (i) all of the issued and outstanding Capital Stock of the
Issuers (or, if less, the full amount owned by such Pledgor) other than the
Foreign Issuers and (ii) 65% (or, if less, the full amount owned by such
Pledgor) of the Voting Equity and 100% (or, if less, the full amount owned by
such Pledgor) of the Non-Voting Equity (to the extent permitted herein) of the
Foreign Issuers, and in each case, are represented by the certificates, if any,
listed thereon;

          (f) all the shares of the Pledged Equity Interests have been duly and
validly issued and are fully paid and nonassessable;

          (g) such Pledgor is the record and beneficial owner of, and has title
to, the Pledged Collateral free and clear of any and all Liens or options in
favor of, or claims of, any other Person, except the Lien created by this Pledge
Agreement and, solely with respect to the Pledged Partnership Interests issued
by GSOP and pledged by Global Signal hereunder, the Liens created pursuant to
the GSOP Credit Agreement and the Global Signal Acquisitions Credit Agreement;

          (h) upon delivery to the Collateral Agent of any certificates
evidencing the Pledged Equity Interests (and assuming the continuing possession
by the Collateral Agent of such certificates in accordance with the applicable
Requirements of Law), the Lien granted pursuant to this Pledge Agreement will
constitute a valid and perfected Lien on the Pledged Collateral to the extent
certificated in favor of the Collateral Agent, enforceable as such against all
creditors of the Pledgors and any Persons purporting to purchase any such
Pledged Collateral from the Pledgors;

          (i) upon the filing of UCC-1 financing statements in the jurisdictions
referenced on Schedule II, the Liens granted pursuant to this Pledge Agreement
on the Pledged Equity Interests that are not certificated shall constitute valid
perfected first priority Liens on the

                                       -6-

Pledged Equity Interests that are not certificated in favor of the Collateral
Agent, enforceable as such against all creditors of the Pledgors and any Persons
purporting to purchase any such Pledged Collateral from the Pledgors;

          (j) none of the Pledged LLC Interests or Pledged Partnership Interests
(i) are dealt in or traded on securities exchanges or in securities markets,
(ii) are by their terms expressly subject to Article 8 of the Uniform Commercial
Code of any jurisdiction, (iii) constitute an investment company security or
(iv) are held in a securities account (in each case within the meaning of
Section 8-103(c) of the Uniform Commercial Code of any jurisdiction);

          (k) all necessary consents of each member of each Limited Liability
Company and the partner or partners of each Partnership to the grant of the
security interests provided hereby and to the transfer of the Pledged LLC
Interests and Pledged Partnership Interests to the Collateral Agent or its
designee pursuant to the exercise of any remedies under Section 8 have been
obtained and are in full force and effect;

          (l) all necessary approvals by the shareholders and/or board of
directors of each Issuer that is a corporation in connection with the grant of
the security interest provided hereby on the Capital Stock of such Issuer and to
the transfer of the Pledged Stock to the Collateral Agent or its designee
pursuant to the exercise of any remedies under Section 8 have been obtained and
are in full force and effect; and

          (m) the location of the jurisdiction of organization of each Pledgor
is specified on Part B of Schedule II.

          5. Covenants. Each Pledgor covenants and agrees with the Collateral
Agent that, from and after the date of this Pledge Agreement until the Secured
Obligations are paid in full and the Aggregate Loan Commitment has been
terminated:

          (a) If any Pledgor shall, as a result of its ownership of the Pledged
Equity Interests, become entitled to receive or shall receive any stock or other
ownership certificate (including, without limitation, any certificate
representing a stock or other dividend or a distribution in connection with any
reclassification, increase or reduction of capital or any certificate issued in
connection with any reorganization), option or rights, whether in addition to,
in substitution for, as a conversion of, or in exchange for any shares of the
Pledged Equity Interests or otherwise in respect thereof, such Pledgor shall
accept the same as the Collateral Agent's agent, hold the same in trust for the
Collateral Agent and deliver the same forthwith to the Collateral Agent in the
exact form received, duly indorsed by such Pledgor to the Collateral Agent, if
required, together with an undated power covering such certificate duly executed
in blank and with, if the Collateral Agent so requests, signature guaranteed, to
be held by the Collateral Agent, subject to the terms hereof as additional
collateral security for the Secured Obligations.

Any sums paid upon or in respect of the Pledged Collateral upon the liquidation
or dissolution of any of the Issuers shall be paid over by the recipient thereof
to the Collateral Agent as additional collateral security for the Secured
Obligations, and in case any distribution of capital shall be made on or in
respect of the Pledged Equity Interests or any property shall be distributed
upon or

                                       -7-

with respect to the Pledged Equity Interests pursuant to the recapitalization or
reclassification of the capital of any of the Issuers or pursuant to the
reorganization thereof, the property so distributed shall be delivered by the
recipient thereof to the Collateral Agent to be held by it, subject to the terms
hereof, as additional collateral security for the Secured Obligations. If any
sums of money or property so paid or distributed in respect of the Pledged
Collateral shall be received by any Pledgor, such Pledgor shall, until such
money or property is paid or delivered to the Collateral Agent, hold such money
or property in trust for the Collateral Agent segregated from other funds of
such Pledgor, as additional collateral security for the Secured Obligations.

          (b) Without the prior written consent of the Collateral Agent, no
Pledgor will (i) except in connection with any transaction described in Sections
5.1(g) and 5.1(h) of the Bridge Loan Agreement (which will be subject to Section
5(a)), vote to enable, or take any other action to permit, any of the Issuers
(other than the Borrower, in connection with an Acquisition) to issue any stock
or other equity securities of any nature or to issue any other securities
convertible into or granting the right to purchase or exchange for any stock or
other equity securities of any of the Issuers, (ii) except as permitted by
Section 5.1(f) of the Bridge Loan Agreement and Section 11(h) of the Limited
Recourse Parent Guarantee, sell, assign, transfer, exchange or otherwise dispose
of, or grant any option with respect to, the Pledged Collateral, (iii) create,
incur or permit to exist any Lien or option in favor of, or any claim of any
Person with respect to, any of the Pledged Collateral, or any interest therein,
except for the Lien provided for by this Pledge Agreement and, solely with
respect to GSOP, Liens on the Pledged Partnership Interest in respect thereof
that were created in accordance with the GSOP Credit Agreement and the Global
Signal Acquisitions Credit Agreement or (iv) enter into any agreement or
undertaking restricting the right or ability of any Pledgor or the Collateral
Agent to sell, assign or transfer any of the Pledged Collateral.

          (c) Each Pledgor shall maintain the security interest created by this
Pledge Agreement and granted by it as a first priority, perfected security
interest and shall defend such security interest against the claims and demands
of all Persons whomsoever. At any time and from time to time, upon the written
request of the Collateral Agent, and at the sole expense of the Pledgors, each
Pledgor will promptly and duly execute and deliver such further instruments and
documents and take such further actions as the Collateral Agent may reasonably
request for the purposes of obtaining or preserving the full benefits of this
Pledge Agreement and of the rights and powers herein granted. If any amount
payable under or in connection with any of the Pledged Collateral shall be or
become evidenced by any promissory note, other instrument or chattel paper, such
note, instrument or chattel paper shall be immediately delivered by the
recipient thereof to the Collateral Agent, duly endorsed in a manner
satisfactory to the Collateral Agent, to be held as Pledged Collateral pursuant
to this Pledge Agreement.

          (d) Each Pledgor agrees to pay, and to save the Collateral Agent
harmless from, any and all liabilities with respect to, or resulting from any
delay in paying, any and all stamp, excise, sales or other taxes (other than
taxes that are imposed on or measured by the overall net income of the
Collateral Agent) which may be payable or determined to be payable with respect
to any of the Pledged Collateral or in connection with any of the transactions
contemplated by this Pledge Agreement.

                                       -8-

          (e) Pursuant to Section 5.1(c) of the Bridge Loan Agreement, upon the
formation or acquisition of any Subsidiary by Borrower or any of its
Subsidiaries other than Excluded Subsidiaries (an "Additional Issuer"), Borrower
or such Subsidiary that is the owner thereof shall immediately cause the Capital
Stock, LLC Interests, Partnership Interests, as the case may be, of such
Additional Issuer to be pledged as required hereunder by delivering to the
Collateral Agent (i) a supplement to this Pledge Agreement, substantially in the
form of Exhibit A hereto, duly executed and completed, pursuant to which
Borrower or such Subsidiary shall become a party hereto as a Pledgor, if not
already a party hereto as a Pledgor, and adding such Capital Stock, LLC
Interests, Partnership Interests, as the case may be, of such Additional Issuer,
to Schedule I hereto, (ii) all certificates evidencing such Capital Stock, LLC
Interests or Partnership Interests, as the case may be, along with the transfer
powers described in Section 3, and (iii) an acknowledgment and consent,
substantially in the form appended as Annex I to Exhibit A hereto, duly executed
by such Additional Issuer.

          (f) No Pledgor will (i) change the location of its jurisdiction of
organization from the location specified in Section 4(m), (ii) change its name
or identity or (iii) reorganize under the laws of another jurisdiction or as a
different type of entity without providing the Collateral Agent with prior
written notice of such change.

          6. Cash Dividends; Voting Rights. Unless an Event of Default shall
have occurred and be continuing and the Collateral Agent shall have given notice
to the Pledgors of the Collateral Agent's intent to exercise its corresponding
rights pursuant to Section 7 below, each Pledgor shall be permitted to receive
all cash dividends and other distributions paid in the normal course of business
of the Issuers to the extent permitted in the Bridge Loan Agreement, in respect
of the Pledged Collateral and to exercise all voting, corporate (with respect to
stock), member (with respect to LLC interests), and partnership (with respect to
Partnership Interests) rights with respect to the Pledged Collateral; provided,
however, that no vote shall be cast or corporate, member or partnership right
exercised or other action taken which would impair the Pledged Collateral or
which would be inconsistent with or result in any violation of any provision of
the Bridge Loan Agreement, the Notes, this Pledge Agreement or the other Loan
Documents.

          7. Rights of the Collateral Agent.

          (a) Subject to Section 6, all money Proceeds received by the
Collateral Agent hereunder may, at the Collateral Agent's discretion, be held by
the Collateral Agent in a Collateral Account. All Proceeds while held by the
Collateral Agent in a Collateral Account (or by the Pledgors in trust for the
Collateral Agent) shall continue to be held as collateral security for all the
Secured Obligations and shall not constitute payment thereof until applied as
provided in Section 8(a); provided that the Collateral Agent shall release to
Global Signal any Pledged Collateral owned by Global Signal in excess of the
maximum liability of Global Signal under the Limited Recourse Parent Guarantee
after giving effect to any payments by Global Signal thereunder.

          (b) If an Event of Default shall occur and be continuing and the
Collateral Agent shall give notice of its intent to exercise such rights to a
Pledgor: (i) the Collateral Agent shall have the right to receive any and all
cash dividends or other cash distributions paid in

                                       -9-

respect of the Pledged Collateral to the extent of the Secured Obligations and
make application thereof to the Secured Obligations in such order as it may
determine, and (ii) at the request of the Collateral Agent, all shares of the
Pledged Stock, all Pledged LLC Interests and all Pledged Partnership Interests
shall be registered in the name of the Collateral Agent or its nominee, and the
Collateral Agent or its nominee may thereafter exercise (A) all voting,
corporate or other rights pertaining to such shares of the Pledged Stock at any
meeting of shareholders of any of the Issuers or otherwise; (B) all members
rights, powers and privileges with respect to the Pledged LLC Interests to the
same extent as a member under the applicable Limited Liability Company
Agreement; (C) all partnership rights, powers and privileges with respect to the
Pledged Partnership Interests to the same extent as a partner under the
applicable Partnership Agreement; and (D) any and all rights of conversion,
exchange, subscription and any other rights, privileges or options pertaining to
such shares or interests of the Pledged Collateral as if it were the absolute
owner thereof (including, without limitation, the right to exchange at its
discretion any and all of the Pledged Collateral upon the merger, consolidation,
reorganization, recapitalization or other fundamental change in the corporate,
company or partnership structure of any of the Issuers, or upon the exercise by
a Pledgor or the Collateral Agent of any right, privilege or option pertaining
to such shares or interests of the Pledged Collateral, and in connection
therewith, the right to deposit and deliver any and all of the Pledged
Collateral with any committee, depository, transfer agent, registrar or other
designated agency upon such terms and conditions as it may determine), all
without liability except to account for property actually received by it, but
the Collateral Agent shall have no duty to exercise any such right, privilege or
option and shall not be responsible for any failure to do so or delay in so
doing.

          (c) The rights of the Collateral Agent hereunder shall not be
conditioned or contingent upon the pursuit by the Collateral Agent, any Agent or
any Lender of any right or remedy against any of the Issuers or against any
other Person which may be or become liable in respect of all or any part of the
Secured Obligations or against any other collateral security therefor, guarantee
thereof or right of offset with respect thereto. The Collateral Agent shall not
be liable for any failure to demand, collect or realize upon all or any part of
the Pledged Collateral or for any delay in doing so, nor shall it be under any
obligation to sell or otherwise dispose of any Pledged Collateral upon the
request of the Pledgors or any other Person or to take any other action
whatsoever with regard to the Pledged Collateral or any part thereof.

          (d) Each Pledgor waives any and all notice of the creation, renewal,
extension or accrual of any of the Secured Obligations and notice of or proof of
reliance by the Collateral Agent, any Agent or any Lender upon this Pledge
Agreement or acceptance of this Pledge Agreement or the Secured Obligations, and
any of them shall conclusively be deemed to have been created, contracted or
incurred, or renewed, extended, amended or waived, in reliance upon this Pledge
Agreement; and all dealings between the Pledgors and any other Loan Party, on
the one hand, and the Collateral Agent, any Agent and/or any Lender, on the
other hand, likewise shall be conclusively presumed to have been had or
consummated in reliance upon this Pledge Agreement. Each Pledgor waives
diligence, presentment, protest, demand for payment and notice of default or
nonpayment to or upon any Pledgor or any other Loan Party with respect to the
Secured Obligations. Each Pledgor understands and agrees that this Pledge
Agreement shall be construed as a continuing, absolute and unconditional
security interest as collateral security for the payment and performance of the
Secured Obligations without regard to (a) the validity, regularity or
enforceability of the Bridge Loan Agreement, the Notes or any other Loan

                                      -10-

Document, any of the Secured Obligations or any other collateral security
therefor or guarantee or right of offset with respect thereto at any time or
from time to time held by the Collateral Agent, any Agent or any Lender, (b) any
defense, set-off or counterclaim (other than a defense of payment or
performance) which may at any time be available to or be asserted by any Pledgor
or any other Loan Party against the Collateral Agent, any Agent or any Lender or
(c) any other circumstance whatsoever (with or without notice to or knowledge of
any Pledgor or any other Loan Party) which constitutes, or might be construed to
constitute, an equitable or legal discharge of any other Loan Party for the
Secured Obligations, or of any Pledgor under this Pledge Agreement, in
bankruptcy or in any other instance. When pursuing its rights and remedies
hereunder against the Pledged Collateral of any Pledgor, the Collateral Agent
may, but shall be under no obligation to, pursue such rights and remedies as it
may have against any Pledgor or any other Loan Party or any other Person or
against any collateral security or guarantee for the Secured Obligations or any
right of offset with respect thereto, and any failure by the Collateral Agent
(or any Agent or any Lender) to pursue such other rights or remedies or to
collect any payments from any Pledgor or any other Loan Party or any such other
Person or to realize upon any such collateral security or guarantee or to
exercise any such right of offset, or any release of any other Loan Party or any
such other Person or any such collateral security, guarantee or right of offset,
shall not release the Pledged Collateral of any Pledgor as security for the
Secured Obligations, and shall not impair or affect the rights and remedies,
whether express, implied or available as a matter of law, of the Collateral
Agent against the Pledged Collateral of any Pledgor. This Pledge Agreement shall
remain in full force and effect and be binding in accordance with and to the
extent of its terms upon each Pledgor and the successors and assigns thereof,
and shall inure to be benefit of the Collateral Agent and its successors,
indorsees, transferees and assigns, until all of the Secured Obligations shall
have been satisfied by payment in full and the Aggregate Loan Commitment shall
have been terminated, notwithstanding that from time to time during the term of
the Bridge Loan Agreement the other Loan Parties may be free from any of the
Secured Obligations.

          (e) This Pledge Agreement shall continue to be effective, or be
reinstated, as the case may be, if at any time payment, or any part thereof, of
any of the Secured Obligations is rescinded or must otherwise be restored or
returned by the Collateral Agent, the other Agents or the Lenders upon the
insolvency, bankruptcy, dissolution, liquidation or reorganization of any
Pledgor or any other Loan Party, or upon or as a result of the appointment of a
receiver, intervenor or conservator of, or trustee or similar officer for, any
Pledgor or any Loan Party or any substantial part of their respective property,
or otherwise, all as though such payments had not been made.

          (f) Notwithstanding any modification, discharge or extension of the
Secured Obligations or any amendment, modification, stay or cure of the
Collateral Agent's, any Agent's or any Lender's rights which may occur in any
bankruptcy or reorganization case or proceeding against any other Loan Party,
whether permanent or temporary, and whether or not assented to by the Collateral
Agent, the other Agents or the Lenders, each Pledgor hereby agrees that the
Pledged Collateral of such Pledgor shall secure the payment in full of the
Secured Obligations in accordance with its terms (without regard to any such
modification, discharge or extension of the Secured Obligations of any other
Loan Party thereunder). Without in any way limiting the generality of the
foregoing, any subsequent modification of the Secured Obligations in any
reorganization case concerning any other Loan Party (other than such Pledgor)
shall not affect

                                      -11-

the obligation of any Pledgor to pay and perform the Secured Obligations in
accordance with the original terms thereof.

          8. Remedies.

          (a) If an Event of Default shall have occurred and be continuing, at
any time at the Collateral Agent's election, the Collateral Agent may apply all
or any part of the Proceeds held in any Collateral Account in payment of the
Secured Obligations in such order as the Collateral Agent may elect.

          (b) If an Event of Default shall occur and be continuing, the
Collateral Agent may exercise, in addition to all other rights and remedies
granted in this Pledge Agreement and in any other instrument or agreement
securing, evidencing or relating to the Secured Obligations, all rights and
remedies of a secured party under the UCC. Without limiting the generality of
the foregoing, the Collateral Agent, without demand of performance or other
demand, presentment, protest, advertisement or notice of any kind (except any
notice required by law referred to below) to or upon any Pledgor, the Issuers or
any other Person (all and each of which demands, defenses, advertisements and
notices are hereby waived), may in such circumstances forthwith collect,
receive, appropriate and realize upon the Pledged Collateral, or any part
thereof, and/or may forthwith sell, assign, give option or options to purchase
or otherwise dispose of and deliver the Pledged Collateral or any part thereof
(or contract to do any of the foregoing), in one or more parcels at public or
private sale or sales, in the over-the-counter market, at any exchange, broker's
board or office of the Collateral Agent or elsewhere upon such terms and
conditions as it may deem advisable and at such prices as it may deem best, for
cash or on credit or for future delivery without assumption of any credit risk.
The Collateral Agent shall have the right upon any such public sale or sales,
and, to the extent permitted by law, upon any such private sale or sales, to
purchase the whole or any part of the Pledged Collateral so sold, free of any
right or equity of redemption in any Pledgor, which right or equity is hereby
waived or released. The Collateral Agent shall apply any Proceeds from time to
time held by it and the net proceeds of any such collection, recovery, receipt,
appropriation, realization or sale, after deducting all reasonable costs and
expenses of every kind incurred therein or incidental to the care or safekeeping
of any of the Pledged Collateral or in any way relating to the Pledged
Collateral or the rights of the Collateral Agent hereunder, including, without
limitation, reasonable attorneys' fees and disbursements, to the payment in
whole or in part of the Secured Obligations, in such order as the Collateral
Agent may elect, and only after such application and after the payment by the
Collateral Agent of any other amount required by any provision of law,
including, without limitation, Section 9-615(a) of the UCC, need the Collateral
Agent account for the surplus, if any, to any Pledgor. To the extent permitted
by applicable law, each Pledgor waives all claims, damages and demands it may
acquire against the Collateral Agent arising out of the exercise by the
Collateral Agent of any of its rights hereunder. If any notice of a proposed
sale or other disposition of Pledged Collateral shall be required by law, such
notice shall be deemed reasonable and proper if given at least ten (10) days
before such sale or other disposition.

          (c) In the event that the proceeds of any sale, collection or
realization are insufficient to pay all amounts to which the Collateral Agent,
the other Agents or the Lenders are legally entitled, the Pledgors shall be
jointly and severally liable for the deficiency, together with interest thereon
at the default rate set forth in the Bridge Loan Agreement, together with the
costs

                                      -12-

of collection and the reasonable fees of any attorneys employed by the
Collateral Agent to collect such deficiency; provided, however that the
liability of GSOP and Global Signal for such deficiency shall be subject to
Section 12 of the Limited Recourse Parent Guarantee. Any surplus remaining after
the full payment and satisfaction of the Secured Obligations shall be returned
to the Pledgors or to whomsoever a court of competent jurisdiction shall
determine to be entitled thereto.

          (d) To the extent that any of the Secured Obligations are now or
hereafter secured by property other than the Pledged Collateral (including,
without limitation, real and other personal property owned by the Pledgors), or
by a guarantee, endorsement or property of any other Person, then the Collateral
Agent, the other Agents and the Lenders shall have the right to proceed against
such other property, guarantee or endorsement upon the occurrence of any Event
of Default, and the Collateral Agent, the other Agents and the Lenders have the
right, in their sole discretion, to determine which rights, security, liens,
security interests or remedies the Collateral Agent, the other Agents and the
Lenders shall at any time pursue, relinquish, subordinate, modify or take with
respect thereto, without in any way modifying or affecting any of them or any of
the Collateral Agent's, the other Agents' and the Lenders' rights or the Secured
Obligations under this Pledge Agreement or under any other of the Loan
Documents.

          9. Registration Rights; Private Sales.

          (a) If the Collateral Agent shall determine to exercise its right to
sell any or all of the shares of Pledged Stock, the Pledged LLC Interests, or
the Pledged Partnership Interests, as applicable, pursuant to Section 8, and if
in the opinion of the Collateral Agent it is necessary or advisable to have the
Pledged Stock, the Pledged LLC Interests, or the Pledged Partnership Interests,
as applicable, or that portion thereof to be sold, registered under the
provisions of the Securities Act, each Pledgor will cause any or all of the
Issuers to (i) execute and deliver, and cause the officers of such Issuers to
execute and deliver, all such instruments and documents, and do or cause to be
done all such other acts as may be, in the opinion of the Collateral Agent,
necessary or advisable to register the shares of Pledged Stock, the Pledged LLC
Interests, the Pledged Partnership Interests, as applicable, or that portion of
them to be sold, under the provisions of the Securities Act, (ii) to use its
best efforts to cause the registration statement relating thereto to become
effective and to remain effective for a period of one year from the date of the
first public offering of the shares of Pledged Stock, the Pledged LLC Interests,
the Pledged Partnership Interests, as applicable, or that portion thereof to be
sold, and (iii) to make all amendments thereto and/or to the related prospectus
which, in the opinion of the Collateral Agent, are necessary or advisable, all
in conformity with the requirements of the Securities Act and the rules and
regulations of the Securities and Exchange Commission applicable thereto. Each
Pledgor agrees to cause the Issuers to comply with the provisions of the
securities or "Blue Sky" laws of any and all jurisdictions which the Collateral
Agent shall designate and to make available to its security holders, as soon as
practicable, an earnings statement (which need not be audited) which will
satisfy the provisions of Section 11(a) of the Securities Act.

          (b) Each Pledgor recognizes that the Collateral Agent may be unable to
effect a public sale of any or all the Pledged Stock, the Pledged LLC Interests,
or the Pledged Partnership Interests, as applicable, by reason of certain
prohibitions contained in the Securities Act and applicable state securities
laws or otherwise, and may be compelled to resort to one or

                                      -13-

more private sales thereof to a restricted group of purchasers which will be
obliged to agree, among other things, to acquire such securities for their own
account for investment and not with a view to the distribution or resale
thereof. Each Pledgor acknowledges and agrees that any such private sale may
result in prices and other terms less favorable to the Collateral Agent than if
such sale were a public sale and, notwithstanding such circumstances, agrees
that any such private sale shall be deemed to have been made in a commercially
reasonable manner. The Collateral Agent shall be under no obligation to delay a
sale of any of the Pledged Stock, the Pledged LLC Interests, or the Pledged
Partnership Interests, as applicable, for the period of time necessary to permit
the Issuers to register such securities for public sale under the Securities
Act, or under applicable state securities laws, even if the Issuers would agree
to do so.

          (c) Each Pledgor further agrees to use its reasonable efforts to do or
cause to be done all such other acts as may be necessary to make any sale or
sales of all or any portion of the Pledged Stock, the Pledged LLC Interests and
the Pledged Partnership Interests, as applicable, pursuant to this Pledge
Agreement valid and binding and in compliance with any and all other applicable
Requirements of Law. Each Pledgor further agrees that a breach of any of the
covenants contained in this Section will cause irreparable injury to the
Collateral Agent, that the Collateral Agent has no adequate remedy at law in
respect of such breach and, as a consequence, that each and every covenant
contained in this Section shall be specifically enforceable against each
Pledgor, and each Pledgor hereby waives and agrees not to assert any defenses
against an action for specific performance of such covenants except for a
defense that no Event of Default has occurred under the Bridge Loan Agreement.

          10. Irrevocable Authorization and Instruction to Issuers. Each Pledgor
hereby authorizes and instructs each Issuer to comply with any instruction
received by it from the Collateral Agent in writing that (a) states that an
Event of Default has occurred and (b) is otherwise in accordance with the terms
of this Pledge Agreement, without any other or further instructions from any
Pledgor, and each Pledgor agrees that each Issuer shall be fully protected in so
complying.

          11. Collateral Agent's Appointment as Attorney-in-Fact.

          (a) Each Pledgor hereby irrevocably constitutes and appoints the
Collateral Agent and any officer or agent of the Collateral Agent, with full
power of substitution, as its true and lawful attorney-in-fact with full
irrevocable power and authority in the place and stead of such Pledgor and in
the name of such Pledgor or in the Collateral Agent's own name, from time to
time in the Collateral Agent's discretion, for the purpose of carrying out the
terms of this Pledge Agreement, to take any and all appropriate action and to
execute any and all documents and instruments which may be necessary or
desirable to accomplish the purposes of this Pledge Agreement, including,
without limitation, any financing statements, endorsements, assignments or other
instruments of transfer.

          (b) The Pledgor hereby ratifies all that said attorneys shall lawfully
do or cause to be done pursuant to the power of attorney granted in Section
11(a).

          12. Limitation on Duties Regarding Pledged Collateral. The Collateral
Agent's sole duty with respect to the custody, safekeeping and physical
preservation of the

                                      -14-

Pledged Collateral in its possession, under Section 9-207 of the UCC or
otherwise, shall be to deal with it in the same manner as the Collateral Agent
deals with similar securities and property for its own account, except that the
Collateral Agent shall have no obligation to invest funds held in any Collateral
Account and may hold the same as demand deposits. Neither the Collateral Agent
nor any of its directors, officers, employees or agents shall be liable for
failure to demand, collect or realize upon any of the Pledged Collateral or for
any delay in doing so or shall be under any obligation to sell or otherwise
dispose of any Pledged Collateral upon the request of the Pledgors or any other
Person or to take any other action whatsoever with regard to the Pledged
Collateral or any part thereof.

          13. Filing of Financing Statements. Pursuant to Section 9-509 of the
UCC, each Pledgor hereby authorizes the Collateral Agent to file financing
statements with respect to the Pledged Collateral in such form and in such
filing offices as the Collateral Agent reasonably determines appropriate to
perfect the security interests of the Collateral Agent under this Pledge
Agreement. A carbon, photographic or other reproduction of this Pledge Agreement
shall be sufficient as a financing statement for filing in any jurisdiction.

          14. Powers Coupled with an Interest. All authorizations and agencies
herein contained with respect to the Pledged Collateral are irrevocable and
powers coupled with an interest.

          15. Notices; Effectiveness; Electronic Communication.

          (a) Notices Generally. Except in the case of notices and other
communications expressly permitted to be given by telephone (and except as
provided in subsection (b) below), all notices and other communications provided
for herein shall be in writing, addressed as provided in Part A of Schedule II
and shall be delivered by hand or overnight courier service, mailed by certified
or registered mail or sent by telecopier or electronic mail (as provided in
subsection (b) below), and all notices and other communications expressly
permitted hereunder to be given by telephone shall be made to the applicable
telephone number.

          Notices sent by hand or overnight courier service, or mailed by
certified or registered mail, shall be deemed to have been given when received;
notices sent by telecopier shall be deemed to have been given when sent (except
that, if not given during normal business hours for the recipient, shall be
deemed to have been given at the opening of business on the next business day
for the recipient). Notices delivered through electronic communications to the
extent provided in subsection (b) below, shall be effective as provided in such
subsection (b).

          (b) Electronic Communications. Notices and other communications to the
parties hereunder may be delivered or furnished by electronic communication
(including e-mail) pursuant to procedures approved by the Collateral Agent. The
Collateral Agent or each Pledgor may, in its discretion, agree to accept notices
and other communications to it hereunder by electronic communications pursuant
to procedures approved by it, provided that approval of such procedures may be
limited to particular notices or communications.

                                      -15-

          Unless the Collateral Agent otherwise prescribes, notices and other
communications sent to an e-mail address shall be deemed received upon the
sender's receipt of an acknowledgement from the intended recipient (such as by
the "return receipt requested" function, as available, return e-mail or other
written acknowledgement), provided that if such notice or other communication is
not sent during the normal business hours of the recipient, such notice or
communication shall be deemed to have been sent at the opening of business on
the next business day for the recipient.

          At the Borrower's option, notices and other communications to the
parties hereunder may be delivered or furnished by posting to Internet or
intranet websites pursuant to procedures approved by the Collateral Agent.
Notices or communications posted to an Internet or intranet website shall be
deemed received upon the deemed receipt by the intended recipient at its email
address (as described above) of notification that such notice or communication
is available and identifying the website address therefor.

          16. Severability. Any provision of this Pledge Agreement which is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

          17. Paragraph Headings. The paragraph headings used in this Pledge
Agreement are for convenience of reference only and are not to affect the
construction hereof or be taken into consideration in the interpretation hereof.

          18. No Waiver; Cumulative Remedies. The Collateral Agent shall not by
any act (except by a written instrument pursuant to Section 19), delay,
indulgence, omission or otherwise be deemed to have waived any right or remedy
hereunder or to have acquiesced in any Default or Event of Default or in any
breach of any of the terms and conditions hereof. No failure to exercise, nor
any delay in exercising, on the part of the Collateral Agent, any right, power
or privilege hereunder shall operate as a waiver thereof. No single or partial
exercise of any right, power or privilege hereunder shall preclude any other or
further exercise thereof or the exercise of any other right, power or privilege.
A waiver by the Collateral Agent of any right or remedy hereunder on any one
occasion shall not be construed as a bar to any right or remedy which the
Collateral Agent would otherwise have on any future occasion. The rights and
remedies herein provided are cumulative, may be exercised singly or concurrently
and are not exclusive of any rights or remedies provided by law.

          19. Waivers and Amendments; Successors and Assigns; Governing Law.
None of the terms or provisions of this Pledge Agreement may be waived, amended,
supplemented or otherwise modified except by a written instrument executed by
the Pledgors and the Collateral Agent; provided that any provision of this
Pledge Agreement may be waived by the Collateral Agent in a written instrumented
executed by the Collateral Agent. This Pledge Agreement shall be binding upon
the successors and assigns of each Pledgor and shall inure to the benefit of the
Collateral Agent and its successors and assigns. THIS PLEDGE AGREEMENT SHALL BE
GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK.

                                      -16-

                            [SIGNATURE PAGE FOLLOWS]

                                      -17-

          IN WITNESS WHEREOF, the undersigned has caused this Pledge Agreement
to be duly executed and delivered as of the date first above written.

                                   GLOBAL SIGNAL, INC., as Pledgor

                                       By: /s/ Greerson G. McMullen
                                           -------------------------------------
                                           Name: Greerson G. McMullen
                                           Title: Executive Vice President

                                   GLOBAL SIGNAL OPERATING PARTNERSHIP,
                                      L.P., as Pledgor

                                   By: Global Signal GP LLC, its General Partner

                                       By:  /s/ Greerson G. McMullen
                                            ------------------------------------
                                            Name: Greerson G. McMullen
                                            Title: Executive Vice President

                                   GLOBAL SIGNAL ACQUISITIONS II LLC, as Pledgor

                                       By: /s/ Greerson G. McMullen
                                           -------------------------------------
                                           Name: Greerson G. McMullen
                                           Title: Executive Vice President

                           ACKNOWLEDGMENT AND CONSENT

          The undersigned, the Issuers referred to in the foregoing Pledge
Agreement, hereby acknowledge receipt of a copy thereof and agree to be bound
thereby and to comply with the terms thereof insofar as such terms are
applicable to it. The undersigned agree to notify the Collateral Agent promptly
in writing of the occurrence of any of the events described in Section 5(a) of
the Pledge Agreement. The undersigned further agree that the terms of Section
9(c) of the Pledge Agreement shall apply to them, mutatis mutandis, with respect
to all actions that may be required of them under or pursuant to or arising out
of Section 9 of the Pledge Agreement.

                                       GLOBAL ACQUISITIONS II LLC, as Borrower

                                       By: /s/ Greerson G. McMullen
                                           -------------------------------------
                                           Name: Greerson G. McMullen
                                           Title: Executive Vice President

                                       GLOBAL SIGNAL OPERATING PARTNERSHIP, L.P.

                                       By: Global Signal GP LLC, its General
                                       Partner

                                       By: /s/ Greerson G. McMullen
                                           -------------------------------------
                                           Name: Greerson G. McMullen
                                           Title: Executive Vice President

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