Document:

Management Agreement

 Exhibit 10.1 
 CONFORMED COPY 
 MANAGEMENT AGREEMENT 
 between 
 PINNACLE TOWERS ACQUISITION HOLDINGS LLC AND 
 THE SUBSIDIARIES THEREOF LISTED ON THE SIGNATURE PAGES, 
 collectively, as Owners, 
 and 
 CROWN CASTLE USA INC., 
 as Manager 
 Dated as of July 31, 2009 

 TABLE OF CONTENTS 
  

			
	 SECTION 1. Definitions
	  	1
		
	 SECTION 2. Appointment
	  	2
		
	 SECTION 3. Tower Site Management Services
	  	2
		
	 SECTION 4. Administrative Services
	  	4
		
	 SECTION 5. Operation Standards
	  	5
		
	 SECTION 6. Authority of Manager
	  	5
		
	 SECTION 7. Operating Account; Receipts
	  	6
		
	 SECTION 8. Budgets
	  	7
		
	 SECTION 9. Operating Expenses and Capital Expenditures
	  	7
		
	 SECTION 10. Compensation
	  	8
		
	 SECTION 11. Employees
	  	9
		
	 SECTION 12. Books, Records and Inspections
	  	9
		
	 SECTION 13. Insurance Requirements
	  	9
		
	 SECTION 14. Environmental
	  	10
		
	 SECTION 15. Cooperation
	  	10
		
	 SECTION 16. Representations and Warranties of Manager
	  	11
		
	 SECTION 17. Representations and Warranties of Owners
	  	12
		
	 SECTION 18. Restrictions on Other Activities of Manager
	  	13
		
	 SECTION 19. Removal or Substitution of Tower Sites
	  	13
		
	 SECTION 20. Term of Agreement
	  	13
		
	 SECTION 21. Duties Upon Termination
	  	15
		
	 SECTION 22. Indemnities
	  	15
		
	 SECTION 23. Miscellaneous
	  	16

  

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 LIST OF SCHEDULES AND EXHIBITS 
  

			
	Schedule I	  	List of Tower Sites
	Exhibit A	  	Initial Budget
	Exhibit B	  	Form of Manager Report

  

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 MANAGEMENT AGREEMENT 
 THIS MANAGEMENT AGREEMENT is entered into as of July 31, 2009 (the “Effective Date”) by and between each of
the entities listed on the signature pages hereto under the heading “Owners” (together with the direct and indirect subsidiaries of such Owners, if any, collectively, the “Owners”) and Crown Castle USA Inc., a Pennsylvania
corporation (the “Manager”). This Agreement replaces the Management Agreement, dated as of December 7, 2004, by and between each of the entities listed on the signature pages thereto under the heading “Owners” and
Global Signal Services LLC. 
 SECTION 1. Definitions. Capitalized terms used and not otherwise defined herein shall
have the meanings set forth in the Indenture (as defined below). As used in this Agreement, the following terms shall have the following meanings: 
 “Administrative Services” has the meaning specified in Section 4. 
 “Agreement” means this Management Agreement together with all amendments hereof and supplements hereto. 
 “Budget” means the Operating Budget or the CapEx Budget. 
 “Effective Date” has
the meaning specified in the first paragraph of this Agreement. 
 “Expiration Date” means August 31,
2009, as such date may be extended from time to time pursuant to Section 20. 
 “FAA” means the Federal
Aviation Administration. 
 “FCC” means the Federal Communications Commission. 
 “Indenture” means the Indenture, dated as of July 31, 2009, among the Owners, the Guarantor and The Bank of New York
Mellon Trust Company, N.A., as trustee. 
 “Management Fee” has the meaning specified in Section 10.

 “Manager” has the meaning specified in the first paragraph of this Agreement. 
 “Manager Report” has the meaning specified in Section 3(e). 
 “Manager Termination Event” has the meaning specified in Section 20(b). 
 “Operating Account” has the meaning specified in Section 7(a). 
 “Operation Standards” means the standards for the performance of the Services set forth in Section 5. 
 “Owner Representative” has the meaning specified in Section 23(i). 

 “Owners” has the meaning specified in the first paragraph of this
Agreement. 
 “Permitted Operations” has the meaning specified in Section 18. 
 “Records” has the meaning specified in Section 12. 
 “Services” means, collectively, the Tower Site Management Services and the Administrative Services. 
 “Tower Site Management Services” has the meaning specified in Section 3. 
 “Tower Sites” means each tower, rooftop or other telecommunication site listed on Schedule I hereto, as modified from
time to time pursuant to Section 19. 
 “Tenant” means a tenant or licensee under a Lease, including any
ground lessee under a Lease where an Owner is the ground lessor. 
 “Term” has the meaning specified in
Section 20. 
 “Trustee” means The Bank of New York Mellon Trust Company, N.A., and any successor
thereto in such capacity. 
 References to “Articles”, “Sections”,
“Subsections”, “Exhibits” and “Schedules” shall be to Articles, Sections, Subsections, Exhibits and Schedules, respectively, of this Agreement unless otherwise specifically provided. Any of the
terms defined in this Section 1 may, unless the context otherwise requires, be used in the singular or the plural depending on the reference. In this Agreement, “hereof”, “herein”, “hereto”,
“hereunder” and the like mean and refer to this Agreement as a whole and not merely to the specific article, section, subsection, paragraph or clause in which the respective word appears; words importing any gender include the other
genders; references to “writing” include printing, typing, lithography and other means of reproducing words in a tangible visible form; the words “including”, “includes” and
“include” shall be deemed to be followed by the words “without limitation”; and any reference to any statute or regulation may include any amendments of same and any successor statutes and regulations. Further,
(i) any reference to any agreement or other document may include subsequent amendments, assignments, and other modifications thereto, and (ii) any reference to any Person may include such Person’s respective permitted successors and
assigns or, in the case of governmental Persons, Persons succeeding to the relevant functions of such Persons. 
 SECTION 2.
Appointment. On the terms and conditions set forth therein, each Owner hereby engages the Manager to perform the Services described herein. The Manager hereby accepts such engagement. The Manager is an independent contractor, and nothing in
this Agreement or in the relationship of any Owner and the Manager shall constitute a partnership, joint venture or any other similar relationship. 
 SECTION 3. Tower Site Management Services. During the Term of this Agreement, the Manager shall, subject to the terms hereof, perform those functions reasonably necessary to maintain, market, operate, manage and administer the Tower
Sites (collectively, the “Tower Site Management Services”), all in accordance with the Operation Standards. Without 

  

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limiting the generality of the foregoing, the Manager will have the following specific duties in relation to the Tower Sites: 
 (a) Marketing/Leasing of Tower Sites. The Manager shall use commercially reasonable efforts to market and procure Leases with third
party customers for the Tower Sites, including locating potential Tenants, negotiating Leases with such Tenants and executing and/or brokering Leases as agent for the Owners. The Manager shall have complete authority to negotiate all of the terms of
each Lease, both economic and non-economic, as well as complete authority to negotiate and execute amendments and other modifications thereto in the name of or on behalf of the Owners; provided, however, that the terms of any Lease or
amendment or modification thereof shall be on commercially reasonable terms and in accordance with the Operation Standards. 
 (b) Tower Site Operations. The Manager shall monitor and manage each Owner’s property rights associated with the Tower Sites, make periodic inspections of the Tower Sites for needed repairs, arrange for all such repairs
determined by the Manager to be necessary or appropriate, and otherwise provide for the maintenance of the Tower Sites, including using commercially reasonable efforts to ensure that Tenants install and operate their equipment in accordance with the
terms of the relevant Lease and that all Tower Sites are maintained in compliance in all material respects with any applicable FAA and FCC regulations, the terms of any applicable Ground Lease, Easement or Tower Site Management Agreement and any
other applicable laws, rules and regulations. The Manager shall arrange for all utilities, services, equipment and supplies necessary for the management, operation, maintenance and servicing of the Tower Sites in accordance with the terms and
conditions of the Leases, the Tower Site Management Agreements and applicable law. All utility contracts shall be in the name of the applicable Owner with all notices to be addressed to such Owner in care of the Manager, at the Manager’s
address. The Manager shall perform on behalf of each Owner any obligation reasonably required of such Owner pursuant to any utility contract, Tower Site Management Agreement, agency agreement, or other agreement related to the Tower Sites (other
than the payment of amounts due from the Owners thereunder, which payments shall be paid out of the Operating Account as provided herein). If any Owner is obligated to or otherwise undertakes any alterations or improvements to a Tower Site, the
Manager shall arrange for such alteration or improvement on the Owner’s behalf and at the Owner’s expense. 
 (c)
Administration of Leases. The Manager shall, on behalf of the Owners (i) maintain a database of the Leases indicating, for each Lease, the amount of all payments due from the Tenant thereunder, the dates on which such payments are due
and, in the case of a Managed Tower Site, the amount of all payments due to or from the counterparty under the relevant Tower Site Management Agreement, (ii) use commercially reasonable efforts to collect all rent and other amounts due under
the Leases, which efforts shall include invoicing such rent and other amounts and managing delinquencies and defaults in connection therewith, (iii) perform all services and duties required to be performed by the Owners under the terms of the
Leases and the Tower Site Management Agreements and (iv) otherwise use commercially reasonable efforts to ensure compliance on the part of the Tenants and the Owners with the terms of each Lease and Tower Site Management Agreement, all in
accordance with the Operation Standards. Each Owner hereby authorizes the Manager to take any action the Manager deems to be necessary or appropriate to enforce the terms of each Lease and Tower Site Management 

  

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Agreement in accordance with the Operation Standards, including the right to exercise (or not to exercise) any right such Owner may have to collect rent and
other amounts due under the Leases (whether through judicial proceedings or otherwise), to terminate any Lease and/or to evict any Tenant. The Manager shall also have the right, in accordance with the Operation Standards, to compromise, settle, and
otherwise resolve claims and disputes with regard to Leases and Tower Site Management Agreements. The Manager may agree to any modification, waiver or amendment of any term of, forgive any payment on, and permit the release of any Tenant on, any
Lease pertaining to the Tower Sites as it may determine to be necessary or appropriate in accordance with the Operation Standards. 
 (d) Compliance with Law, Etc. The Manager will take such actions within its reasonable control as may be necessary to comply in all material respects with any and all laws, ordinances, orders, rules, regulations, requirements,
permits, licenses, certificates of occupancy, statutes and deed restrictions applicable to the Tower Sites. Without limiting the generality of the foregoing, the Manager shall use commercially reasonable efforts to apply for, obtain and maintain, in
the name of the respective Owners, or, if required, in the name of the Manager, the licenses and permits reasonably required for the operation of the Tower Sites as telecommunications sites, or for the management, marketing and operation of the
Tower Sites (including such licenses required to be obtained from the FAA and the FCC). The cost of complying with this paragraph shall be the responsibility of the Owners, shall be considered an Operating Expense, shall be included in the Operating
Budget and will be payable out of the Operating Account. 
 (e) Manager Report. On the day that is three
(3) Business Days prior to each Payment Date, the Manager will furnish to the Owner Representative and the Servicer a report (the “Manager Report”) in substantially the form attached as Exhibit B with respect to the periods
specified therein. In addition, the Manager will, from time to time upon request, furnish to each Rating Agency and the Servicer such additional information pertaining to the Tower Sites as such Rating Agency may reasonably request and in the case
of the Servicer, as the Servicer reasonably determines is necessary to perform its duties under the Servicing Agreement. 
 SECTION 4.
Administrative Services. During the Term of this Agreement, the Manager shall, subject to the terms hereof, provide to each Owner the following administrative services in accordance with the Operation Standards (collectively, the
“Administrative Services”): 
 (i) provide to the Owners clerical, bookkeeping and accounting services,
including maintenance of general records of the Owners and the preparation of monthly financial statements, as necessary or appropriate in light of the nature of the Owners’ business and the requirements of the Transaction Documents;

 (ii) maintain accurate books of account and records of the transactions of each Owner, render statements or copies thereof
from time to time as reasonably requested by such Owner and assist in all audits of such Owner; 
 (iii) prepare and file, or
cause to be prepared and filed, all franchise, withholding, income and other tax returns of such Owner required to be filed by it and arrange for any taxes owing by such Owner to be paid to the appropriate authorities out of funds of such Owner
available for such purpose, all on a timely basis and in accordance with applicable law, rules or regulations; 
  

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 (iv) administer such Owner’s performance under the Transaction Documents, including
(A) preparing and delivering on behalf of such Owner such opinions of counsel, officers’ certificates, financial statements, reports, notices and other documents as are required under the Transaction Documents and (B) holding,
maintaining and preserving the Transaction Documents and books and records relating to the Transaction Documents and the transactions contemplated or funded thereby, and making such books and records available for inspection in accordance with the
terms of the Transaction Documents; 
 (v) take all actions on behalf of such Owner as may be necessary or appropriate in
order for such Owner to remain duly organized and qualified to carry out its business under applicable law, rules or regulations, including making all necessary or appropriate filings with federal, state and local authorities under corporate and
other applicable statutes; and 
 (vi) managing all litigation instituted by or against such Owner, including retaining on
behalf of and for the account of such Owner legal counsel to perform such services as may be necessary or appropriate in connection therewith and negotiating any settlements to be entered into in connection therewith. 
 SECTION 5. Operation Standards. The Manager shall perform the Services in accordance with and subject to the terms of the Transaction Documents,
the Leases, the Tower Site Management Agreements, the Ground Leases, the Easements and applicable law, rule and regulation and, to the extent consistent with the foregoing, (i) using the same degree of care, skill, prudence and diligence that
the Owners employed in the management of their Tower Sites and operations prior to the date hereof and that the Manager uses for other sites it manages and (ii) with the objective of maximizing revenue and minimizing expenses on the Tower
Sites. The Tower Site Management Services shall be of a scope and quality not less than those generally performed by first class, professional managers of properties similar in type and quality to the Tower Sites and located in the same market areas
as the Tower Sites. The Manager hereby acknowledges that it has received a copy of each of the Transaction Documents and agrees not to take any action or omit to take any action that would cause the Owners to be in default thereunder. 
 SECTION 6. Authority of Manager. During the Term hereof, the parties recognize that Manager will be acting as the exclusive agent of the Owners
with regard to the Services described herein. Each Owner hereby grants to the Manager the exclusive right and authority, and hereby appoints the Manager as its true and lawful attorney-in-fact, with full authority in the place and stead of such
Owner and in the name of such Owner, to negotiate, execute, implement or terminate, as circumstances dictate, for and on behalf of such Owner, any and all Leases, Ground Leases, Tower Site Management Agreements, Easements, contracts, permits,
licenses, registrations, approvals, amendments and other instruments, documents, and agreements as the Manager deems necessary or advisable in accordance with the Operation Standards. In addition, the Manager will have full discretion subject to the
Operation Standards in determining whether to commence litigation on behalf of an Owner, and will have full authority to 

  

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act on behalf of each Owner in any litigation proceedings or settlement discussions commenced by or against any Owner. Each Owner shall promptly execute such
other or further documents as the Manager may from time to time reasonably request to more completely effect or evidence the authority of the Manager hereunder, including the delivery of such powers of attorney (or other similar authorizations) as
the Manager may reasonably request to enable it to carry out the Services hereunder. Notwithstanding anything herein to the contrary, the Manager shall not have the right or power, and in no event shall it have any obligation, to institute, or to
join any other Person in instituting, or to authorize a trustee or other Person acting on its behalf or on behalf of others to institute, any bankruptcy, reorganization, arrangement, insolvency, liquidation or receivership proceedings under the laws
of the United States of America or any state thereof with respect to any Owner. The Manager hereby disclaims any and all interests in the Central Account (and any Sub-Accounts thereof), the Lock Box Account and in any of the Rents, taxes, other
Receipts, profits or other sums payable to the Owners. Upon written notice from the Trustee or the Servicer that an Event of Default has occurred, the Manager agrees to apply Rents, taxes, other Receipts, profits or other sums payable to the Owners
as instructed by the Trustee or Servicer acting on behalf of the Trustee. 
 SECTION 7. Operating Account; Receipts. 
 (a) Operating Account. Subject to Section 9(c), the Manager shall use commercially reasonable efforts to establish and
maintain, within sixty (60) days of the date hereof, one or more operating bank accounts in the name of an Owner and/or on behalf of one or more Owners (such account or accounts being the “Operating Account”). The Owners shall
maintain funds in the Operating Account for the payment of Capital Expenditures and Operating Expenses (other than the Management Fee and Impositions and Insurance Premiums that are to be paid pursuant to Article V of the Indenture) in accordance
with the amount and timing set forth in the Budget. At all times during the Term of this Agreement the Manager shall have full access to the Operating Account for the purposes set forth herein, and all checks or disbursements from the Operating
Account will require only the signature of the Manager. Funds may be withdrawn by Manager from the Operating Account only (i) to pay Operating Expenses and Capital Expenditures in accordance with the terms hereof, (ii) to withdraw amounts
deposited in error and (iii) if the Manager determines, in accordance with the Operation Standards, that the amount on deposit in the Operating Account exceeds the amount required to pay the Operating Expenses and Capital Expenditures as the
same become due and payable, to make such other distributions as the Owner Representative may direct. The Manager may direct any institution maintaining the Operating Account to invest the funds held therein in one or more Permitted Investments as
the Manager may select in its discretion. All interest and investment income realized on funds deposited therein shall be deposited to the Operating Account. 
 (b) Receipts. The Manager shall cause all Receipts to be deposited into the Lock Box Account (or to the Central Account or the
appropriate sub-account thereof, to the extent permitted or required by the Transaction Documents) as soon as practicable and in any event within one (1) Business Day of the Manager’s receipt thereof. To the extent that the Manager holds
any Receipts, whether in accordance with this Agreement or otherwise, the Manager shall be deemed to hold the same in trust for the applicable Owner and for the benefit of the Trustee and shall remit such amounts to the Lock Box Account (or to the
Central Account or the appropriate sub-account thereof, to the extent required or permitted by the Transaction Documents) within one (1) Business Day after Manager’s receipt thereof. 
  

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 SECTION 8. Budgets. Contemporaneously with the execution and delivery of this Agreement, the
Manager and the Owners have agreed on an initial Operating Budget and CapEx Budget for the current calendar year, copies of which are attached as Exhibit A. On or before February 15 of each year, the Manager shall deliver to the Owner
Representative and the Servicer an Operating Budget and CapEx Budget for such year (in each case presented on a monthly and annual basis). The Operating Budget shall identify and set forth the Managers’ reasonable estimate, after due
consideration, of all Operating Expenses on a line-item basis consistent with the form of Operating Budget attached as Exhibit A. Each of the parties hereto acknowledges and agrees that the Operating Budget and the CapEx Budget represent an estimate
only, and that actual Operating Expenses and Capital Expenditures may vary from those set forth in the applicable Budget. In the event the Manager determines, in accordance with the Operation Standards, that the actual Operating Expenses or Capital
Expenditures for any year will materially differ from those set forth in the applicable Budget for such year, such Budget shall, at the request of the Manager and subject to the Transaction Documents, be modified or supplemented as appropriate to
reflect such differences. The Manager will furnish a copy of each Budget to the Servicer at the times required by the Transaction Documents. 
 SECTION 9. Operating Expenses and Capital Expenditures. 
 (a) The Manager is hereby authorized to incur
Operating Expenses and to make Capital Expenditures on behalf of the Owners, the necessity, nature and amount of which may be determined in Manager’s discretion in accordance with the Operation Standards. The Manager shall use commercially
reasonable efforts to incur Operating Expenses and to make Capital Expenditures within the limits prescribed by the Budgets; provided, that the Manager may at any time incur Operating Expenses and make Capital Expenditures in amounts that
exceed the Operating Expenses or Capital Expenditures, as the case may be, specified in the applicable Budget if and to the extent that the Manager determines in accordance with the Operation Standards that it is necessary or advisable to do so.

 (b) The Manager shall maintain accurate records with respect to each Tower Site reflecting the status of real estate and
personal property taxes, ground lease payments, easement payments (if any), insurance premiums and other Operating Expenses payable in respect thereof and shall furnish to the Owner Representative and the Servicer from time to time such information
regarding the payment status of such items as the Owner Representative or the Servicer may from time to time reasonably request. The Manager shall arrange for the payment of all such real estate and personal property taxes, ground lease payments,
easement payments (if any), insurance premiums and other Operating Expenses as the same become due and payable out of funds available for that purpose in the Imposition and Insurance Reserve or the Operating Account, as applicable. All Operating
Expenses will be funded through the Imposition and Insurance Reserve or the Operating Account, as applicable, and the Manager shall have no obligation to subsidize, incur, or authorize any Operating Expense that cannot, or will not be paid by or
through the Imposition and Insurance Reserve or the Operating Account. If the Manager determines that the funds on deposit in the Imposition and Insurance Reserve and the Operating Account are not sufficient to pay all Operating Expenses related to
the Tower Sites as the same 

  

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shall become due and payable, the Manager shall notify the Owner Representative, the Servicer and the Trustee of the amount of such deficiency and, subject
to the applicable provisions of the Indenture and other Transaction Documents, the Owners shall deposit the amount of such deficiency therein as soon as practicable. 
 (c) Notwithstanding anything to contrary herein, if at any time the Operating Account has not been established or maintained, the Manager
shall use commercially reasonable efforts to establish and maintain the Operating Account as promptly as practicable and, during any period in which the Operating Account has not been established or maintained, shall cause all Operating Expenses and
any Capital Expenditures to be paid, whether out of its own funds or otherwise. In the event that the Operating Account has been established and maintained and there is a deficiency in the Operating Account, the Manager may, in its sole discretion,
elect to pay Operating Expenses or make Capital Expenditures out of its own funds, but shall have no obligation to do so. The Owners, jointly and severally, shall be obligated to pay or reimburse the Manager for all such Operating Expenses paid and
Capital Expenditures made by the Manager out of its own funds plus interest thereon at the Prime Rate; provided that such interest may be paid only if (i) the Operating Account has been established and the reimbursement relates to a
deficiency in the Operating Account, (ii) such interest is requested by the Manager and (iii) such interest is permitted to be paid under the Indenture and the Cash Management Agreement. 
 SECTION 10. Compensation. In consideration of the Manager’s agreement to perform the Services described herein, during the Term hereof, the
Owners hereby jointly and severally agree to pay to the Manager a fee (the “Management Fee”), on each Payment Date, equal to ten percent (10%) of the Operating Revenues for the immediately preceding calendar month. On the day
that is three (3) Business Days prior to each Payment Date, the Manager shall report to the Owners the Management Fee then due and payable based on the best information regarding Operating Revenues for the immediately preceding calendar month
then available to it. If the Manager subsequently determines that Management Fee so paid to it was less than what should have been paid (based on a re- computation of the Operating Revenues for such calendar month), then the Management Fee due on
the next Payment Date following the date of such determination shall be increased by the amount of the underpayment. If the Manager subsequently determines that Management Fee so paid to it was higher than what should have been paid (based on a
re-computation of the Operating Revenues for such calendar month), then the Management Fee due on the next Payment Date following the date of such determination shall be reduced by the amount of the overpayment. Upon the expiration or earlier
termination of this Agreement as set forth in Section 20, the Manager shall be entitled to receive, on the next succeeding Payment Date, the portion of the Management Fee which was earned by the Manager through the effective date of such
expiration or termination (such earned portion being equal to the product at (a) the total Management Fee that would have been payable for the month in which such expiration or termination occurred had this Agreement remained in effect
multiplied by (b) a fraction, the numerator of which is the number of days in such month through the effective of such expiration or termination, and the denominator of which is the total number of days in such month). The Manager shall be
entitled to no other fees or payments from the Owners as a result of the termination or expiration of this Agreement in accordance with the terms hereof. All expenses necessary to the performance of the Manager’s duties (other than Operating
Expenses and any Capital Expenditures, all of which are payable by the Owners) will be paid from the Manager’s own funds. 
  

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 SECTION 11. Employees. The Manager shall employ, supervise and pay at all times a sufficient
number of capable employees as may be necessary for Manager to perform the Services hereunder in accordance with the Operation Standards. All employees of Manager will be employed at the sole cost of the Manager. All matters pertaining to the
employment, supervision, compensation, promotion, and discharge of such employees are the sole responsibility of Manager, who is, in all respects, the employer of such employees. To the extent the Manager, its designee, or any subcontractor
negotiates with any union lawfully entitled to represent any such employees, it shall do so in its own name and shall execute any collective bargaining agreements or labor contracts resulting therefrom in its own name and not as an agent for any
Owner. The Manager shall comply in all material respects with all applicable laws and regulations related to workers’ compensation, social security, ERISA, unemployment insurance, hours of labor, wages, working conditions, and other
employer-employee related subjects. The Manager is independently engaged in the business of performing management and operation services as an independent contractor. All employment arrangements are therefore solely Manager’s concern and
responsibility, and the Owners shall have no liability with respect thereto. 
 SECTION 12. Books, Records and Inspections. The
Manager shall, on behalf of the Owners, keep such materially accurate and complete books and records pertaining to the Tower Sites and the Services as may be necessary or appropriate under the Operation Standards. Such books and records shall
include all Leases, Tower Site Management Agreements, Ground Leases, Easements, corporate records, monthly summaries of all accounts receivable and accounts payable, maintenance records, Insurance Policies, receipted bills and vouchers, and other
documents and papers pertaining to the Tower Sites. All such books and records (“Records”) shall be kept in an organized fashion and in a secure location and separate from records relating to activities of the Manager which do not
relate to the duties of the Manager hereunder. During the Term of this Agreement, the Manager shall afford to the Owners, the Servicer and the Trustee access to any Records relating to the Tower Sites and the Services within its control, except to
the extent it is prohibited from doing so by applicable law or the terms of any applicable obligation of confidentiality or to the extent such information is subject to a privilege under applicable law to be asserted on behalf of the Owners. Such
access shall be afforded without charge but only upon reasonable prior written request and during normal business hours at the offices of the Manager designated by it. 
 SECTION 13. Insurance Requirements. 
 (a) Owner Insurance. The Manager shall maintain,
on behalf of the Owners, all Insurance Policies required to be maintained by the Owners pursuant to the Transaction Documents and such other insurance policies as the Manager shall determine to be necessary or appropriate in accordance with the
Operation Standards. The Manager shall prepare and present, on behalf of the Owners, claims under any such insurance policy in a timely fashion in accordance with the terms of such policy. Any payments on such policy shall be made to the Manager as
agent of and for the account of the Owners (and for the benefit of and to be held in trust for the Trustee to the extent provided in the Transaction Documents), except as otherwise required by the Transaction Documents. All such payments shall be
applied in accordance with the Transaction Documents or, if the Transaction Documents do not specify an application, shall be deposited into the Operating Account. The Manager shall provide to the Trustee and the Servicer on behalf of the Owners
such evidence of insurance and payments of the premiums thereof required pursuant to the Owners’ obligations under Section 7.05 of the Indenture. 
  

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 (b) Manager’s Insurance. The Manager shall maintain, at its own expense, a
commercial crime policy and professional liability insurance policy. Any such commercial crime policy and professional liability insurance shall protect and insure the Manager against losses, including forgery, theft, embezzlement, errors and
omissions and negligent acts of the employees of the Manager and shall be maintained in a form and amount consistent with customary industry practices for managers of properties such as the Tower Sites. The Manager shall be deemed to have complied
with this provision if one of its respective Affiliates has such commercial crime policy and professional liability policy and the coverage afforded thereunder extends to the Manager. Annually, upon request of the Servicer or the Owner
Representative, the Manager shall cause to be delivered to the Owner Representative, the Servicer and the Trustee a certification evidencing coverage under such commercial crime policy and professional liability insurance policy. Any such commercial
crime policy or professional liability insurance policy shall not be cancelled without ten (10) days prior written notice to the Owner Representative, the Servicer and the Trustee. In cases where any Owner and Manager maintain insurance
policies that duplicate coverage, then the policies of such Owner shall provide primary coverage and Manager’s policies shall be excess and non-contributory. 
 SECTION 14. Environmental. 
 (a) None of the Owners is aware of any material
violations of Environmental Laws at the Tower Sites. 
 (b) The Manager shall not consent to the installation, use or
incorporation into the Tower Sites of any Hazardous Materials in violation of applicable Environmental Laws and shall not consent to the discharge, dispersion, release, or storage, treatment, generation or disposal of any pollutants or toxic or
Hazardous Materials, other than in compliance with Environmental Laws and covenants and agrees to take reasonable steps to comply with the Environmental Laws. 
 (c) Manager covenants and agrees (i) that it shall advise the Owner Representative, the Servicer and the Trustee in writing of each
notice of any material violation of Environmental Law of which Manager has actual knowledge, promptly after Manager obtains actual knowledge thereof, and (ii) to deliver promptly to the Owner Representative, the Servicer and the Trustee copies
of all communications from any Federal, state and local governmental authorities received by Manager concerning any such violation and Hazardous Material on, at or about the Tower Sites. 
 SECTION 15. Cooperation. Each Owner and the Manager shall cooperate with the other parties hereto in connection with the performance of any
responsibility required hereunder, under the Transaction Documents or otherwise related to the Tower Sites or the Services. In the case of the Owners, such cooperation shall include (i) executing such documents and/or performing such acts as
may be required to protect, preserve, enhance, or maintain the Tower Sites or the Operating Account, (ii) executing such documents as may be reasonably required to accommodate a Tenant or its installations, (iii) furnishing to the Manager,
on or prior 

  

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to the Effective Date, all keys, key cards or access codes required in order to obtain access to the Tower Sites, (iv) furnishing to the Manager, on or
prior to the Effective Date, all books, records, files, abstracts, contracts, Leases, Tower Site Management Agreements, materials and supplies, budgets and other Records relating to the Tower Sites or the performance of the Services and
(v) providing to the Manager such other information as Manager considers reasonably necessary for the effective performance of the Services. In the case of the Manager, such cooperation shall include cooperating with the Trustee, the Servicer,
potential purchasers of any of the Tower Sites, appraisers, sellers of Tower Sites, auditors and their respective agents and representatives, with the view that such parties shall be able to perform their duties efficiently and without interference.

 SECTION 16. Representations and Warranties of Manager. The Manager makes the following representations and warranties to the Owners
all of which shall survive the execution, delivery, performance or termination of this Agreement: 
 (a) The Manager is a
corporation duly organized, validly existing and in good standing under the laws of the Commonwealth of Pennsylvania. 
 (b)
The Manager’s execution and delivery of, performance under and compliance with this Agreement will not violate the Manager’s organizational documents or constitute a default (or an event which, with notice or lapse of time, or both, would
constitute a default) under, or result in a material breach of, any material agreement or other material instrument to which it is a party or by which it is bound. 
 (c) The Manager has the full power and authority to own its properties, to conduct its business as presently conducted by it and to enter
into and consummate all transactions contemplated by this Agreement, has duly authorized the execution, delivery and performance of this Agreement, and has duly executed and delivered this Agreement. 
 (d) This Agreement, assuming due authorization, execution and delivery by each of the other parties hereto, constitutes a valid, legal and
binding obligation of the Manager, enforceable against the Manager in accordance with the terms hereof, subject to (A) applicable bankruptcy, insolvency, reorganization, moratorium and other laws affecting the enforcement of creditors’
rights generally, and (B) general principles of equity, regardless of whether such enforcement is considered in a proceeding in equity or at law. 
 (e) The Manager is not in violation of, and its execution and delivery of, performance under and compliance with this Agreement will not constitute a violation of, any law, any order or decree of any court or arbiter,
or any order, regulation or demand of any federal, state or local governmental or regulatory authority, which violation, in the Manager’s good faith and reasonable judgment, is likely to affect materially and adversely either the ability of the
Manager to perform its obligations under this Agreement or the financial condition of the Manager. 
 (f) The Manager’s
execution and delivery of, performance under and compliance with, this Agreement do not breach or result in a violation of, or default under, any material indenture, mortgage, deed of trust, agreement or instrument to which the Manager is a party or
by which the Manager is bound or to which any of the property or assets of the Manager are subject. 
  

 11 

 (g) No consent, approval, authorization or order of any state or federal court or
governmental agency or body is required for the consummation by the Manager of the transactions contemplated herein, except for those consents, approvals, authorizations or orders that previously have been obtained. 
 (h) No litigation is pending or, to the best of the Manager’s knowledge, threatened against the Manager that, if determined adversely
to the Manager, would prohibit the Manager from entering into this Agreement or that, in the Manager’s good faith and reasonable judgment, is likely to materially and adversely affect either the ability of the Manager to perform its obligations
under this Agreement or the financial condition of the Manager. 
 SECTION 17. Representations and Warranties of Owners. Each Owner
makes the following representations and warranties to the Manager all of which shall survive the execution, delivery, performance or termination of this Agreement: 
 (a) Such Owner is a limited liability company or corporation duly organized, validly existing and in good standing under the laws of its
jurisdiction of organization. 
 (b) Such Owner’s execution and delivery of, performance under and compliance with this
Agreement will not violate such Owner’s organizational documents or constitute a default (or an event which, with notice or lapse of time, or both, would constitute a default) under, or result in a material breach of, any material agreement or
other material instrument to which it is a party or by which it is bound. 
 (c) Such Owner has the full power and authority
to own its properties, to conduct its business as presently conducted by it and to enter into and consummate all transactions contemplated by this Agreement, has duly authorized the execution, delivery and performance of this Agreement, and has duly
executed and delivered this Agreement. 
 (d) This Agreement, assuming due authorization, execution and delivery by each of
the other parties hereto, constitutes a valid, legal and binding obligation of such Owner, enforceable against such Owner in accordance with the terms hereof, subject to (A) applicable bankruptcy, insolvency, reorganization, moratorium and
other laws affecting the enforcement of creditors’ rights generally, and (B) general principles of equity, regardless of whether such enforcement is considered in a proceeding in equity or at law. 
 (e) Such Owner is not in violation of, and its execution and delivery of, performance under and compliance with this Agreement will not
constitute a violation of, any law, any order or decree of any court or arbiter, or any order, regulation or demand of any federal, state or local governmental or regulatory authority, which violation, in such Owner’s good faith and reasonable
judgment, is likely to affect materially and adversely either the ability of such Owner to perform its obligations under this Agreement or the financial condition of such Owner. 
  

 12 

 (f) No consent, approval, authorization or order of any state or federal court or
governmental agency or body is required for the consummation by such Owner of the transactions contemplated herein, except for those consents, approvals, authorizations or orders that previously have been obtained. 
 (g) No litigation is pending or, to the best of such Owner’s knowledge, threatened against such Owner that, if determined adversely
to such Owner, would prohibit such Owner from entering into this Agreement or that, in such Owner’s good faith and reasonable judgment, is likely to materially and adversely affect either the ability of such Owner to perform its obligations
under this Agreement or the financial condition of such Owner. 
 SECTION 18. Restrictions on Other Activities of Manager. The Manager
hereby covenants and agrees that (i) it shall not engage in any business except as contemplated by this Agreement and other management agreements or arrangements with Affiliates of the Manager and/or third parties not affiliated with the
Manager or any Owner and in business activities other than but related to the management of wireless telecommunications facilities (including the development and operation of such facilities) (“Permitted Operations”), (ii) it
shall not incur any indebtedness or other liabilities except for obligations hereunder and under other management agreements (including salaries and benefits of its officers and employees) and obligations incurred in the ordinary course of business
in connection with its Permitted Operations and (iii) it shall comply in all material respects with the provisions of its organizational documents. 
 SECTION 19. Removal or Substitution of Tower Sites. If during the Term of this Agreement an Owner assigns or otherwise transfers all of its right, title and interest in and to any Tower Site to a Person other
than another Owner or the Trustee (whether pursuant to a taking under the power of eminent domain or otherwise) or otherwise ceases to have an interest in a Tower Site, this Agreement shall terminate (as to that Tower Site only) on the date of such
assignment or transfer and the Owners shall promptly deliver to Manager an amendment to Schedule I reflecting the removal of such Tower Site from the scope of this Agreement. Upon the termination of this Agreement as to a particular Tower Site, the
Manager and the respective Owner of such Tower Site shall be released and discharged from all liability hereunder with respect to such Tower Site for the period from and after the applicable termination date and the Manager shall have no further
obligation to perform any Tower Site Management Services with respect thereto from and after such date. In addition, the Owners may at any time add any additional Tower Site to Schedule I in connection with a substitution or acquisition permitted
under the terms of the Transaction Documents. Upon such substitution or acquisition, the Owners shall promptly deliver to the Manager an amendment to Schedule I reflecting the addition of such Tower Site, whereupon the Manager shall assume
responsibility for the performance of the Tower Site Management Services hereunder with respect to such Tower Site. 
 SECTION 20. Term of
Agreement. 
 (a) Term. This Agreement shall be in effect during the period (the “Term”)
commencing on the date hereof and ending at 5:00 p.m. (New York time) on the Expiration Date, unless sooner terminated in accordance with the provisions of this Section 20. Immediately prior to the then-current Expiration Date, the Expiration
Date shall be automatically extended to the date that is thirty (30) days after the then-current Expiration Date without any 

  

 13 

 
action on the part of any party, unless the Owner Representative, acting in its sole and absolute discretion, delivers written notice to the contrary to the
Manager prior to the then-current Expiration Date in which case the Expiration Date shall remain the then-current Expiration Date. 
 (b) Termination for Cause. The Owner Representative (or the Trustee or the Servicer acting on behalf of the Trustee) may terminate this Agreement following the occurrence of any one or more of the following events (each, a
“Manager Termination Event”): (i) an “Event of Default” under the Indenture has occurred and is then continuing; (ii) thirty (30) days after notice from the Trustee to the Owner Representative if the Manager
has engaged in fraud, gross negligence or willful misconduct arising from, or in connection with, its performance under this Agreement which is reasonably likely to have a Material Adverse Effect; (iii) the Manager defaults under this
Agreement, such default is reasonably likely to have a Material Adverse Effect and such default remains unremedied for thirty (30) days following written notice from the Owner Representative (or the Trustee or the Servicer acting on behalf of
the Trustee) to the Manager; or (iv) the DSCR falls to less than 1.0 as of the end of any calendar quarter and the Trustee (acting at the direction of Noteholders entitled to more than 50% of the Voting Rights) reasonably determines that such
decline is primarily attributable to acts or omissions of the Manager rather than factors affecting the Owners’ industry generally. Subject to Section 7.12(b) of the Indenture, no such termination shall be effective until a successor
manager has been appointed by the Owner Representative; provided that if no successor manager has been appointed within ninety (90) days of notice of such termination, either the Servicer or Controlling Holders Representative shall
petition a court of competent jurisdiction to appoint an established and qualified institution to act as successor manager. 
 (c) Automatic Termination for Bankruptcy, Etc. If the Manager or any Owner files a petition for bankruptcy, reorganization or arrangement, or makes an assignment for the benefit of the creditors or takes advantage of any insolvency
or similar law, or if a receiver or trustee is appointed for the assets or business of the Manager or any Owner and is not discharged within ninety (90) days after such appointment, then this Agreement shall terminate automatically;
provided, however, that with respect to any such filing by the Manager, and subject to Section 7.12(b) of the Indenture, this Agreement shall not terminate until the Owner Representative shall have appointed a successor manager or
the Servicer or the Controlling Holders Representative shall have petitioned a court of competent jurisdiction to appoint an established and qualified institution to act as successor manager; provided that if any such event shall occur with
respect to less than all of the Owners, then this Agreement will terminate solely with respect to the Owner or Owners for which such event has occurred and the respective Tower Sites owned, leased or managed by such Owner(s). Upon the termination of
this Agreement as to a particular Owner, the Manager and such Owner shall be released and discharged from all liability hereunder for the period from and after the applicable termination date and the Manager shall have no further obligation to
perform any Services for such Owner or any Tower Sites owned, leased or managed by such Owner from and after such date. 
 (d)
Resignation By Manager. Unless and until all Obligations due and owing under the Transaction Documents have been fully satisfied, the Manager shall not resign from the obligations and duties hereby imposed on it hereunder except upon
determination that (i) the performance of its duties hereunder is no longer permissible under applicable law and (ii) there is no reasonable action which can be taken to make the performance of its duties hereunder 

  

 14 

 
permissible under applicable law. Any such determination under clause (d)(i) above permitting the resignation of the Manager shall be evidenced by an opinion
of counsel (who is not an employee of the Manager) to such effect delivered, and in form and substance reasonably satisfactory, to the Owner Representative and the Servicer. Unless applicable law requires the Manager’s resignation to be
effective immediately, and the opinion of counsel delivered pursuant to the prior sentence so states, no resignation under this Section 20(d) shall be effective until a successor manager has been appointed by the Owner Representative, subject
to Section 7.12(b) of the Indenture; provided that if no successor manager has been appointed within ninety (90) days of notice of such resignation, either the Servicer or Controlling Holders Representative shall petition a court of
competent jurisdiction to appoint an established and qualified institution to act as successor manager. From and after the date on which all Obligations due and owing under the Transaction Documents have been fully satisfied, the Manager shall have
the right in its sole and absolute discretion, upon thirty (30) days prior written notice to the Owner Representative and the Servicer, to resign from the obligations and duties hereby imposed on it. This Agreement shall terminate on the
effective date of any resignation of the Manager permitted under this paragraph (d). 
 SECTION 21. Duties Upon Termination. Upon the
expiration or termination of the Term, the Manager shall have no further right to act for any Owner or to draw checks on the Operating Account and shall promptly (i) furnish to the Owner Representative or its designee all keys, key cards or
access codes required in order to obtain access to the Tower Sites, (ii) deliver to the Owner Representative or its designee all rent, income, tenant security deposits and other monies due or belonging to the Owners under this Agreement but
received after such termination, (iii) deliver to the Owner Representative or its designee all books, files, abstracts, contracts, leases, materials and supplies, budgets and other Records relating to the Tower Sites or the performance of the
Services and (iv) upon request, assign, transfer, or convey, as required, to the respective Owners all service contracts and personal property relating to or used in the operation and maintenance of the Tower Sites, except any personal property
which was paid for and is owned by Manager. The Manager shall also, for a period of six (6) months after such expiration or termination, make itself available to consult with and advise the Owners regarding the operation and maintenance of the
Tower Sites or otherwise to facilitate an orderly transition of management to a new manager of the Tower Sites. This Section 21 shall survive the expiration or earlier termination of this Agreement (whether in whole or part). 
 SECTION 22. Indemnities. 
 (a) Subject to Section 23(g), the Owners jointly and severally agree to indemnify, defend and hold Manager harmless from and against, any and all suits, liabilities, damages, or claims for damages (including any reasonable
attorneys’ fees and other reasonable costs and expenses relating to any such suits, liabilities or claims), in any way relating to the Tower Sites, the Manager’s performance of the Services hereunder, or the exercise by the Manager of the
powers or authorities herein or hereafter granted to the Manager, except for those actions, omissions and breaches of Manager in relation to which the Manager has agreed to indemnify the Owners pursuant to Section 22(b). 
 (b) Subject to Section 23(g), the Manager agrees to indemnify, defend and hold the Owners harmless from and against any and all
suits, liabilities, damages, or claims for 

  

 15 

 
damages (including any reasonable attorneys’ fees and other reasonable costs and expenses relating to any such suits, liabilities or claims), in any way
arising out of (i) any acts or omissions of the Manager or its agents, officers or employees in the performance of the Services hereunder constituting misfeasance, bad faith or negligence or (ii) any material breach of any representation
or warranty made by the Manager hereunder. 
 (c) “Indemnified Party” and “Indemnitor” shall
mean the Manager and Owners, respectively, as to Section 22(a) and shall mean the Owners and Manager, respectively, as to Section 22(b). If any action or proceeding is brought against an Indemnified Party with respect to which indemnity
may be sought under this Section 22, the Indemnitor, upon written notice from the Indemnified Party, shall assume the investigation and defense thereof, including the employment of counsel and payment of all expenses. The Indemnified Party
shall have the right to employ separate counsel in any such action or proceeding and to participate in the defense thereof, but the Indemnitor shall not be required to pay the fees and expenses of such separate counsel unless such separate counsel
is employed with the written approval and consent of the Indemnitor, which shall not be unreasonably withheld or refused. 
 (d) The indemnities in this Section 22 shall survive the expiration or termination of the Agreement. 
 SECTION 23.
Miscellaneous. 
 (a) Amendments. No amendment, supplement, waiver or other modification of this Agreement shall
be effective unless in writing and executed and delivered by the Manager and the Owner Representative; provided, that until all Obligations due and owing under the Transaction Documents have been fully satisfied, any amendment, supplement,
waiver or other modification of this Agreement (other than non-material changes) shall also require delivery of prior written notice to each Rating Agency and written consent of the Servicer. No failure by any party hereto to insist on the strict
performance of any obligation, covenant, agreement, term or condition of this Agreement, or to exercise any right or remedy available upon a breach of this Agreement, shall constitute a waiver of any of the terms of this Agreement. 
 (b) Notices. Any notice or other communication required or permitted hereunder shall be in writing and may be delivered personally
or by commercial overnight carrier, telecopied or mailed (postage prepaid via the US postal service) to the applicable party at the following address (or at such other address as the party may designate in writing from time to time); however, any
such notice or communication shall be deemed to be delivered only when actually received by the party to whom it is addressed: 
  

			
	(1) To any Owner	  	 c/o Pinnacle Towers Acquisition Holdings LLC
 1220
Augusta Drive, Suite 500
 Houston, Texas 77057
 Attention: Chief
Financial Officer and General Counsel
 Facsimile: (713) 570-3100

  

 16 

			
	(2) To Manager:	  	 Crown Castle USA Inc.
 1220 Augusta Drive, Suite 500

 Houston, Texas 77057
 Attention: Chief Financial Officer and
General Counsel
 Facsimile: (713) 570-3100

 (c) Assignment, Etc. The provisions of this Agreement shall be binding
upon, and shall inure to the benefit of, the parties hereto and their respective successors and permitted assigns. None of the rights, interests, duties, or obligations created by this Agreement may be assigned, transferred, or delegated in whole or
in part by the Manager or any Owner, and any such purported assignment, transfer, or delegation shall be void; provided, however, that (i) the Owners may assign this Agreement to the Trustee and grant a security interest in their
rights and interests hereunder pursuant to the Transaction Documents and (ii) the Manager may, in accordance with the Operation Standards, utilize the services of third-party service providers to perform all or any portion of its Services
hereunder. Notwithstanding the appointment of a third-party service provider, the Manager shall remain primarily liable to the Owners to the same extent as if the Manager were performing the Services alone, and the Manager agrees that no additional
compensation shall be required to be paid by the Owners in connection with any such third-party service provider. 
 (d)
Entire Agreement; Severability. This Agreement constitutes the entire agreement between the parties hereto, and no oral statements or prior written matter not specifically incorporated herein shall be of any force or effect. In the event any
one or more of the provisions contained in this Agreement should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and therein shall not in any way be
affected or impaired thereby. 
 (e) Limitations on Liability. 
 (i) Notwithstanding anything herein to the contrary, neither the Manager nor any director, officer, employee or agent of the Manager shall
be under any liability to the Owners or any other Person for any action taken, or not taken, in good faith pursuant to this Agreement, or for errors in judgment; provided, however, that this provision shall not protect the Manager
against any liability to the Owners, the Trustee or the Servicer for the material breach of a representation or warranty made by the Manager herein or against any liability which would otherwise be imposed on the Manager by reason of misfeasance,
bad faith or negligence in the performance of the Services hereunder. 
 (ii) No party will be liable to any other for
special, indirect, incidental, exemplary, consequential or punitive damages, or loss of profits, arising from the relationship of the parties or the conduct of business under, or breach of, this Agreement, except where such damages or loss of
profits are claimed by or awarded to a third party in a claim or action against which a party to this Agreement has a specific obligation to indemnify another party to this Agreement. 
  

 17 

 (iii) Notwithstanding any other provision of this Agreement or any rights which the
Manager might otherwise have at law, in equity, or by statute, any liability of an Owner to the Manager shall be satisfied only from such Owner’s interest in the Tower Sites, the Leases, the Tower Site Management Agreements, the Insurance
Policies and the proceeds thereof, and then only to the extent that such Owner has funds available to satisfy such liability in accordance with the Transaction Documents (any such available funds being hereinafter referred to as “Available
Funds”). In the event the Available Funds of an Owner are insufficient to pay in full any such liabilities of an Owner, the excess of such liabilities over such Available Funds shall not constitute a claim (as defined in the United States
Bankruptcy Code) against such Owner unless and until a proceeding of the type described in Section 23(j) is commenced against such Owner by a party other than the Manager. 
 (iv) No officer, director, employee, agent, shareholder, member or Affiliate of any Owner or the Manager (except, in the case of an Owner,
for Affiliates that are also Owners hereunder) shall in any manner be personally or individually liable for the obligations of any Owner or the Manager hereunder or for any claim in any way related to this Agreement or the performance of the
Services. 
 (v) The provisions of this Section 23(e) shall survive the expiration and termination of this Agreement.

 (f) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
NEW YORK (INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK BUT OTHERWISE WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES). 
 (g) Litigation Costs. If any legal action or other proceeding of any kind is brought for the enforcement of this Agreement or because of a default, misrepresentation, or any other dispute in connection with any
provision of this Agreement or the Services, the successful or prevailing party shall be entitled to recover all fees and other costs incurred in such action or proceeding, in addition to any other relief to which it may be entitled. 
 (h) Confidentiality. Each party hereto agrees to keep confidential (and (a) to cause its respective officers, directors and
employees to keep confidential and (b) to use its best efforts to cause its respective agents and representatives to keep confidential) the Information (as defined below) and all copies thereof, extracts therefrom and analyses or other
materials based thereon, except that the parties hereto shall be permitted to disclose Information (i) to the extent required by the Transaction Documents, applicable laws and regulations or by any subpoena or similar legal process,
(ii) as requested by Rating Agencies, (iii) to the extent the Manager reasonably determines disclosure is necessary or advisable to perform services contemplated by this Agreement, (iv) to the extent provided in the Offering
Memorandum relating to the Notes issued under the Indenture, (v) to the parties to the Indenture who are subject to confidentiality provisions contained therein and (vi) to actual or prospective Tenants. For the purposes of this paragraph
(h), the term “Information” shall mean the terms and provisions of this Agreement and all financial statements, certificates, reports, Records, agreements and information (including the 

  

 18 

 
Leases, the Tower Site Management Agreements and all analyses, compilations and studies based on any of the foregoing) that relate to the Tower Sites or the
Services, other than any of the foregoing that are or become publicly available other than by a breach of the confidentiality provisions contained herein. 
 (i) Owners’ Representative and Agent. From time to time during the Term, the Owners shall appoint one (1) Owner (the “Owner Representative”) to serve as the Owners’
representative and agent to act, make decisions, and grant any necessary consents or approvals hereunder, collectively, on behalf of all of the Owners. Each Owner hereby appoints Pinnacle Towers Acquisition Holdings LLC as the initial Owner
Representative hereunder and hereby authorizes the Owner Representative to take such action as agent on its behalf and to exercise such powers as are delegated to the Owner Representative by the terms hereof, together with such powers as are
reasonably incidental thereto. 
 (j) No Petition. Prior to the date that is one year and one day after the date on
which all Obligations due and owing under the Transaction Documents have been fully satisfied, the Manager shall not institute, or join any other Person in instituting, or authorize a trustee or other Person acting on its behalf or on behalf of
others to institute, any bankruptcy, reorganization, arrangement, insolvency, liquidation or receivership proceedings under the laws of the United States of America or any state thereof against any Owner. 
 (k) Permitted Operations. The Owners hereby acknowledge and agree that the Manager may engage in Permitted Operations and, as a
result, the Manager may engage in business activities that are in competition with the business of the Owners in respect of the Tower Sites. Nothing in this Agreement shall in any way preclude the Manager or its Affiliates, subsidiaries, officers,
employees and agents from engaging in any Permitted Operation (including the operation, maintenance, leasing and/or marketing of telecommunications sites for itself or for others), even if, by doing so, such activities could be construed to be in
competition with the business activities of the Owners; provided, that (i) if the Manager arranges for a Lease of a telecommunication site with a tenant that is also a Tenant under a Lease with an Owner, such new Lease will be separate
from and independent of the Lease(s) between the Tenant and such Owner, (ii) if the Tenant with respect to a Tower Site is an Affiliate of the Manager, the Manager shall perform all Services in respect of such Tower Site in the same manner as
if such Tenant were not an Affiliate, (iii) except as otherwise permitted by the Transaction Documents, the Manager will not solicit a tenant to transfer its Lease from a Tower Site owned, leased or managed by an Owner to a telecommunications
site owned, leased or managed by a Person that is not an Owner and (iv) in all cases the Manager shall perform its duties and obligations hereunder in accordance with the Operation Standards notwithstanding any potential conflicts of interest
that may arise, including any relationship that the Manager may have with any Tenant or any other owners of telecommunication sites that it manages. 
 (l) Headings. Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this Agreement and are not to effect the construction of, or to be taken into
consideration in interpreting, this Agreement. 
  

 19 

 (m) Counterparts. This Agreement may be executed by the parties hereto in separate
counterparts, each of which when so executed and delivered shall constitute an original, but all of which when taken together shall constitute one contract. Delivery of an executed counterpart of this Agreement by facsimile shall be effective as
delivery of a manually executed counterpart of this Agreement. 
 [NO ADDITIONAL TEXT ON THIS PAGE] 
  

 20 

 IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement as of the date first
above written. 
  

					
	 Manager:
	 	CROWN CASTLE USA INC.
			
		 	By:	 	 /s/    Jay Brown

		 	Name:	 	Jay Brown
		 	Title:	 	SVP, CFO & Treasurer
		
	 Owners:
	 	PINNACLE TOWERS ACQUISITION HOLDINGS LLC
		 	PINNACLE TOWERS ACQUISITION LLC
		 	TOWER VENTURES III, LLC
		 	GS SAVINGS INC.
		 	TVHT, LLC
		 	GOLDENSTATE TOWERS, LLC
			
		 	By:	 	 /s/    Jay Brown

		 	Name:	 	Jay Brown
		 	Title:	 	SVP, CFO & Treasurer

 Signature Page to Management AgreementCash Management Agreement

 Exhibit 10.2 
 CONFORMED COPY 
 CASH MANAGEMENT AGREEMENT 
 Dated as of July 31, 2009 
 among 
 PINNACLE TOWERS ACQUISITION HOLDINGS LLC 
 PINNACLE TOWERS ACQUISITION LLC 
 GS SAVINGS INC. 
 GOLDENSTATE TOWERS, LLC 
 TOWER VENTURES III, LLC 
 TVHT, LLC 
 as Issuers, 
 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., 
 as Indenture Trustee and as Central
Account Bank, 
 and 
 CROWN
CASTLE USA INC., 
 as Manager 

 CASH MANAGEMENT AGREEMENT 
 CASH MANAGEMENT AGREEMENT (this “Agreement”), dated as of July 31, 2009, among the Issuers signatory hereto (together
with the direct and indirect subsidiaries of such Issuers, if any, collectively, the “Issuers”), THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association, as indenture trustee (in such
capacity, the “Indenture Trustee”) and as bank (in such capacity, the “Central Account Bank”), and CROWN CASTLE USA INC., a Pennsylvania corporation (the “Manager”). This
Agreement replaces the Cash Management Agreement, dated as of December 7, 2004, by and among each of the entities listed on the signature pages thereto under the heading “Borrowers”, Towers Finco III LLC, LaSalle Bank National
Association and Global Signal Services LLC. 
 W I T N E S S E T H:

 WHEREAS, pursuant to that certain indenture by and among the Issuers, the Guarantor and the Indenture Trustee dated as of the date of this
Agreement (together with all amendments and supplements thereto, the “Indenture”) the Issuers issued Notes upon the terms and subject to the conditions set forth therein (the “Notes”); 
 WHEREAS the Notes are secured by, among other things, (i) the pledge of certain equity interests of the Issuers set forth in the Pledge and Security
Agreement (as defined in the Indenture), (ii) the pledge of certain accounts and reserves of the Issuers set forth in the Indenture and (iii) the pledge of certain personal property of the Issuers set forth in the Security Agreement (as
defined in the Indenture) (such pledges and all extensions, renewals, modifications, substitutions and amendments thereof, collectively, the “Security Instruments”), in favor of the Indenture Trustee for the benefit of
Noteholders and the other Secured Parties (as defined in the Pledge Agreement); 
 WHEREAS, pursuant to the Security Instruments, the Issuers
have granted to the Indenture Trustee a security interest in all of the Issuers’ right, title and interest in, to and under the Receipts (as defined in the Indenture), due and to become due to the Issuers or to which the Issuers are now or may
hereafter become entitled, arising out of the Tower Sites or any part or parts thereof; 
 WHEREAS, the Issuers and the Manager have entered
into a Management Agreement with respect to the Tower Sites, dated as of the date hereof, pursuant to which the Manager has agreed to manage the Tower Sites; 
 WHEREAS, in order to fulfill all of the Issuers’ obligations under the Indenture, the Issuers and the Manager have agreed that all Receipts will be deposited directly into a Lock Box Account (as defined in the
Indenture) established by the Issuers, transferred to the Central Account (as defined in the Indenture) established under the Indenture by the Issuers with the Indenture Trustee and allocated and/or disbursed in accordance with the terms and
conditions hereof and of the Indenture. 

 NOW, THEREFORE, in consideration of the covenants herein contained and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 I. DEFINITIONS 
 Capitalized terms not otherwise defined herein shall have the meaning set forth in the Indenture. As used herein, the following terms shall have the
following definitions: 
 “Advance Rents Reserve Deposit” means, collectively, the Annual Advance Rents Reserve
Deposit, the Semi-Annual Advance Rents Reserve Deposit and the Quarterly Advance Rents Reserve Deposit. 
 “Agreement” means this Cash Management Agreement among the Issuers, the Manager and the Indenture Trustee, as amended, supplemented or otherwise modified from time to time. 
 “Annual Advance Rents Reserve Deposit” means eleven-twelfths (11/12ths) of the amount of Rent due and paid pursuant to Leases which require that annual Rent due thereunder be paid in
advance during the month of January in each calendar year; provided, however, if Rents which are required to be delivered as Annual Advance Rents Reserve Deposits are received late, appropriate adjustments shall be made taking into
consideration amounts which, but for such late payment of Rent, would have previously been distributed from the Advance Rents Reserve Sub-Account had such Rents not been paid late. 
 “Collateral” shall have the meaning ascribed to it in Section 5.1. 
 “Deposit Account Control Agreement” shall mean a deposit account control agreement executed by the Issuers for benefit of the
Indenture Trustee with respect to the Lock Box Account. 
 “Extraordinary Receipts” means any receipts of the Issuers
not included within the definition of Operating Revenues under the Indenture, including, without limitation, receipts from litigation proceedings and tax certiorari proceedings. 
  

 2 

 “Manager Report” shall have the meaning ascribed to it in the Management
Agreement. 
 “Permitted Investments” means any one or more of the following obligations or securities acquired at a
purchase price of not greater than par (unless the Issuers deposit into the applicable Sub-Account cash in the amount by which the purchase price exceeds par), including those issued by any Servicer, the trustee for any financing of Crown
International or any of its Subsidiaries or any of their respective Affiliates, payable on demand or having a maturity date not later than the Business Day immediately prior to the date on which the invested sums are required for payment of an
obligation for which the related Sub-Account was created and meeting one of the appropriate standards set forth below: 
 (i) obligations of,
or obligations fully guaranteed as to payment of principal and interest by, the United States or any agency or instrumentality thereof, provided such obligations are backed by the full faith and credit of the United States of America including,
without limitation, obligations of: the U.S. Treasury (all direct or fully guaranteed obligations), the Farmers Home Administration (certificates of beneficial ownership), the General Services Administration (participation certificates), the U.S.
Maritime Administration (guaranteed Title XI financing), the Small Business Administration (guaranteed participation certificates and guaranteed pool certificates), the U.S. Department of Housing and Urban Development (local authority bonds) and the
Washington Metropolitan Area Transit Authority (guaranteed transit bonds); provided, however, that the investments described in this clause (i) must (A) have a predetermined fixed dollar amount of principal due at maturity
that cannot vary or change, (B) if rated by S&P, not have an “r” highlighter affixed to their rating, (C) if such investments have a variable rate of interest, have an interest rate tied to a single interest rate index plus a
fixed spread (if any) and must move proportionately with that index, and (D) not be subject to liquidation prior to their maturity; 
 (ii) Federal Housing Administration debentures; 
 (iii) obligations of the following United States government sponsored agencies:
Federal Home Loan Mortgage Corp. (debt obligations), the Farm Credit System (consolidated systemwide bonds and notes), the Federal Home Loan Banks (consolidated debt obligations), the Federal National Mortgage Association (debt obligations), the
Student Loan Marketing Association (debt obligations), the Financing Corp. (debt obligations), and the Resolution Funding Corp. (debt obligations); provided, however, that the investments described in this clause (iii) must
(A) have a predetermined fixed dollar amount of principal due at maturity that cannot vary or change, (B) if rated by S&P, not have an “r” highlighter 

  

 3 

 
affixed to their rating, (C) if such investments have a variable rate of interest, have an interest rate tied to a single interest rate index plus a
fixed spread (if any) and must move proportionately with that index, and (D) not be subject to liquidation prior to their maturity; 
 (iv) federal funds, unsecured certificates of deposit, time deposits, bankers’ acceptances and repurchase agreements with maturities of not more than 365 days of any bank, the short term obligations of which at all times are rated in
the highest short term rating category by each Rating Agency (or, if not rated by all Rating Agencies, rated by at least one Rating Agency in the highest short term rating category and otherwise acceptable to each other Rating Agency, as confirmed
in writing that such investment would not, in and of itself, result in a downgrade, qualification or withdrawal of the initial or, if higher, then current ratings assigned to any class of Notes); provided, however, that the investments
described in this clause (iv) must (A) have a predetermined fixed dollar amount of principal due at maturity that cannot vary or change, (B) if rated by S&P, not have an “r” highlighter affixed to their rating,
(C) if such investments have a variable rate of interest, have an interest rate tied to a single interest rate index plus a fixed spread (if any) and must move proportionately with that index, and (D) not be subject to liquidation
prior to their maturity; 
 (v) fully Federal Deposit Insurance Corporation-insured demand and time deposits in, or certificates of deposit
of, or bankers’ acceptances issued by, any bank or trust company, savings and loan association or savings bank, the short term obligations of which at all times are rated in the highest short term rating category by each Rating Agency (or, if
not rated by all Rating Agencies, rated by at least one Rating Agency in the highest short term rating category and otherwise acceptable to each other Rating Agency, as confirmed in writing that such investment would not, in and of itself, result in
a downgrade, qualification or withdrawal of the initial or, if higher, then current ratings assigned to any class of Notes); provided, however, that the investments described in this clause (v) must (A) have a predetermined
fixed dollar of principal due at maturity that cannot vary or change, (B) if rated by S&P, not have a “r” highlighter affixed to their rating, (C) if such investments have a variable rate of interest, have an interest rate
tied to a single interest rate index plus a fixed spread (if any) and must move proportionately with that index, and (D) not be subject to liquidation prior to their maturity; 
 (vi) debt obligations with maturities of not more than 365 days and at all times rated by each Rating Agency (or, if not rated by all Rating Agencies,
rated by at least one Rating Agency and otherwise acceptable to each other Rating Agency, as confirmed in writing that such investments would not, in and of itself, result in a downgrade, 

  

 4 

 
qualification or withdrawal of the initial or, if higher, then current ratings assigned to any class of Notes) in its highest long-term unsecured debt rating
category; provided, however, that the investments described in this clause (vi) must (A) have a predetermined fixed dollar amount of principal due at maturity that cannot vary or change, (B) if rated by S&P, not have
an “r” highlighter affixed to their rating, (C) if such investments have a variable rate of interest, have an interest rate tied to a single interest rate index plus a fixed spread (if any) and must move proportionately with that
index, and (D) not be subject to liquidation prior to their maturity; 
 (vii) commercial paper (including both non-interest-bearing
discount obligations and interest-bearing obligations payable on demand or on a specified date not more than one year after the date of issuance thereof) with maturities of not more than 365 days and that at all times is rated by each Rating Agency
(or, if not rated by all Rating Agencies, rated by at least one Rating Agency and otherwise acceptable to each other Rating Agency, as confirmed in writing that such investment would not, in and of itself, result in a downgrade, qualification or
withdrawal of the initial or, if higher, then current ratings assigned to any class of Notes) in its highest short-term unsecured debt rating; provided, however, that the investments described in this clause (vii) must
(A) have a predetermined fixed dollar amount of principal due at maturity that cannot vary or change, (B) if rated by S&P, not have a “r” highlighter affixed to their rating, (C) if such investments have a variable rate
of interest, have an interest rate tied to a single interest rate index plus a fixed spread (if any) and must move proportionately with that index, and (D) not be subject to liquidation prior to their maturity; 
 (viii) units of taxable money market funds or mutual funds, which funds are regulated investment companies, seek to maintain a constant net asset value
per share and have the highest rating from each Rating Agency (or, if not rated by all Rating Agencies, rated by at least one Rating Agency and otherwise acceptable to each other Rating Agency, as confirmed in writing that such investment would not,
in and of itself, result in a downgrade, qualification or withdrawal of the initial or, if higher, then current ratings assigned to any class of Notes) for money market funds or mutual funds; and 
 (ix) any other security, obligation or investment which has been approved as a Permitted Investment in writing by each Rating Agency, as evidenced by a
written confirmation that the designation of such security, obligation or investment as a Permitted Investment will not, in and of itself, result in a downgrade, qualification or withdrawal of the initial or, if higher, then current ratings assigned
to any class of Notes by such Rating Agency; 
  

 5 

 provided, however, that such instrument continues to qualify as a “cash flow investment” pursuant
to Code Section 860G(a)(6) earning a passive return in the nature of interest and no obligation or security shall be a Permitted Investment if (A) such obligation or security evidences a right to receive only interest payments or
(B) the right to receive principal and interest payments on such obligation or security are derived from an underlying investment that provides a yield to maturity in excess of 120% of the yield to maturity at par of such underlying investment;
and provided, further, no obligation or security, other than an obligation or security constituting real estate assets, cash, cash items or Government securities pursuant to Code Section 856(c)(4)(A), shall be a Permitted
Investment if the value of such obligation or security exceeds ten percent (10%) of the total value of the outstanding securities of any one issuer. 
 “Quarterly Advance Rents Reserve Deposit” means two-thirds (2/3rds) of the amount of Rent due and paid pursuant to Leases which require that quarterly Rent due thereunder be paid
in advance during the first (1st) month of each calendar quarter (i.e.,
January, April, July and October); provided, however, if Rents which are required to be delivered as Quarterly Advance Rents Reserve Deposits are received late, appropriate adjustments shall be made taking into consideration amounts which, but for
such late payment of Rent, would have previously been distributed from the Advance Rents Reserve Sub-Account had such Rents not been paid late. 
 “Securities Accounts” means, collectively, the Central Account and the Sub-Accounts. 
 “Semi-Annual Advance Rents Reserve Deposit” means five-sixths (5/6ths) of the amount of Rent due and paid pursuant to Leases which require that semi-annual Rent due thereunder be paid in advance; provided, however, if Rents which are required to be delivered as Semi-Annual Advance
Rents Reserve Deposits are received late, appropriate adjustments shall be made taking into consideration amounts which, but for such late payment of Rent, would have previously been distributed from the Advance Rents Reserve Sub-Account had such
Rents not been paid late. 
 “Sub-Accounts” means, collectively, the Impositions and Insurance Reserve Sub-Account,
the Cash Trap Reserve Sub-Account, the Advance Rents Reserve Sub-Account, the Loss Proceeds Reserve Sub-Account and any other sub-accounts of the Central Account which may hereafter be established by the Indenture Trustee hereunder. 
 “Tenant Direction Letter” shall have the meaning ascribed to it in Section 2.2(a). 
 “Third-Party Receipts” means any sums deposited into the Central Account which represent funds delivered to the Issuers or the
Manager on account of any Person other than the Issuers, which sums are required to be paid, or reimbursed, to any such Person by the Issuers or the Manager, and for which the Issuers have delivered documentation reasonably satisfactory to the
Indenture Trustee establishing the amounts of such Third-Party Receipts. 
  

 6 

 “UCC” shall have the meaning ascribed to it Section 5.1(a)(iv). 

II. THE ACCOUNTS AND SUB-ACCOUNTS 
 Section 2.1. Establishment of the Accounts. The Accounts governed by this Agreement have been established at the Central Account Bank pursuant to Article III of the Indenture. On the Closing Date, the Indenture Trustee
shall deliver notice to the Lock Box Bank in accordance with Section 2 of the Deposit Account Control Agreement of the Indenture Trustee’s exercise of control of the Lock Box Account. 
 Section 2.2. Deposits into Accounts. The Issuers and the Manager represent, warrant and covenant that: 
  

	 	(a)	To the extent not previously notified, the Issuers shall notify and advise each Tenant under each Lease to send directly to the deposit box or Lock Box Account all payments of
Receipts pursuant to an instruction letter in the form of Exhibit A (each a “Tenant Direction Letter”). Pursuant to the Deposit Account Control Agreement, all available funds on deposit in the Lock Box Account shall be
deposited by the Lock Box Bank into the Central Account by wire transfer (or transfer via the ACH System) on each Business Day. The Indenture Trustee may make withdrawals from the Central Account in accordance with Section 3.03 of the
Indenture. 

  

	 	(b)	If, notwithstanding the provisions of this Section 2.2, the Issuers, the Guarantor or the Manager receives any Receipts from any Tower Site, or any Extraordinary Receipts (for
the avoidance of doubt, the proceeds of any disposition of a Tower Site pursuant to Sections 7.32 and 7.34 of the Indenture shall be deemed “Receipts” for all intents and purposes under this Agreement and the Indenture), the Issuers
or the Manager shall, or shall cause the Guarantor to, deposit such amounts in the Lock Box Account within one (1) Business Day of receipt. Provided no Event of Default has occurred and is then continuing, and except as otherwise set forth in
the Indenture, Extraordinary Receipts shall be held and applied as “Rents” in accordance with Article V of the Indenture when and as received. 

  

	 	(c)	Prior to the end of each Collection Period, the Issuers (or the Manager on their behalf) shall instruct the Indenture Trustee to deposit the Advance Rents Reserve Deposits received
in the Central Account during each such Collection Period into the Advance Rents Reserve Sub-Account. All such deposits into the Advance Rents Reserve Sub-Account shall be reflected in the Manager Report for the applicable Collection Period.

  

 7 

	 	(d)	Without the prior written consent of the Indenture Trustee, neither the Issuers nor the Manager shall (i) terminate, amend, revoke or modify any Tenant Direction Letter in any
manner whatsoever, or (ii) direct or cause any Tenant or other Person to pay any amount in any manner other than as provided in the related Tenant Direction Letter. 

  

	 	(e)	The Issuers and the Manager shall cause any Loss Proceeds to be deposited directly into the Central Account as such proceeds are paid (or, if any such proceeds are received by the
Issuers or the Manager, such proceeds shall be deposited into the Central Account within two (2) Business Days after receipt thereof) and such proceeds shall be allocated and disbursed in accordance with Section 7.06 of the Indenture.

  

	 	(f)	The Issuers, the Manager, the Servicer and the Indenture Trustee shall cause any Liquidation Proceeds to be deposited directly into the Central Account as such proceeds are received
and such proceeds shall be allocated and disbursed in accordance with Article V of the Indenture. 

 Section 2.3.
Account Name. The Securities Accounts shall each be in the name of the Indenture Trustee, as secured party; provided, however, that in the event the Indenture Trustee resigns or is replaced pursuant to the terms of the
Indenture, the Central Account Bank shall change the name of each Securities Account to the name of the successor or assignee. The Lock Box Account shall be in the name of the Issuers, provided, however, that in the event the Indenture
Trustee resigns or is removed in accordance with Section 11.07 of the Indenture, the Indenture Trustee shall notify Lock Box Bank, and the Issuers and Lock Box Bank will enter into a deposit account control agreement with successor or assignee,
as secured party. The account number of each Account as of the Closing Date is set forth on Schedule I hereto. 
 Section 2.4.
Eligible Accounts/Characterization of Accounts. Each Account shall be an Eligible Account. Each Securities Account is and shall be treated as a “securities account” as such term is defined in Section 8-501(a) of the UCC.
The Indenture Trustee hereby agrees that each item of property (whether investment property, financial asset, securities, securities entitlement, instrument, cash or other property) credited to each Account shall be treated as a “financial
asset” within the meaning of Section 8-102(a)(9) of the UCC. All securities or other property underlying any financial assets credited to each Account (other than cash) shall be registered in the name of the Indenture Trustee, endorsed to
the Indenture Trustee or in blank or credited to another securities account maintained in the name of the Indenture Trustee and in no case will any financial asset credited to any Account be registered in the name of the Issuers or the Manager,
payable to the order of the Issuers or the Manager or specially endorsed to the Issuers or the Manager. 
  

 8 

 Section 2.5. Permitted Investments. Sums on deposit in the Securities Accounts shall
be invested in Permitted Investments. Except during the existence and continuance of any Event of Default, the Manager shall have the right to direct the Indenture Trustee to invest sums on deposit in the Securities Accounts in Permitted
Investments; provided, however, in no event shall the Manager direct the Indenture Trustee to make a Permitted Investment if the maturity date of that Permitted Investment is later than the date on which the invested sums are required
for payment of an obligation for which the Account was created. After an Event of Default and during the continuance thereof, the Indenture Trustee may invest sums on deposit in the Securities Accounts in Permitted Investments. The Issuers hereby
irrevocably authorize the Indenture Trustee to apply any interest or income earned from Permitted Investments to the Central Account for payment in accordance with the priorities set forth in Section 5.01(a) of the Indenture. The amount of
actual losses sustained on a liquidation of a Permitted Investment shall be deposited into the Central Account by the Issuers no later than three (3) Business Days following such liquidation. The Issuers shall be responsible for payment of any
federal, state or local income or other tax applicable to income earned from Permitted Investments. Any interest, dividends or other earnings which may accrue on the Securities Accounts shall be added to the balance in the applicable Account and
allocated and/or disbursed in accordance with the terms hereof. 
 Section 2.6. Third-Party Receipts. Sums on deposit in
the Central Account representing Third-Party Receipts shall be released to the Issuers upon receipt. The Issuers covenant that all Third-Party Receipts released to the Issuers shall be paid to the Person or Persons to which such Third-Party Receipts
are due not later than ten (10) Business Days after receipt thereof. Within thirty (30) days of the written request of the Indenture Trustee, the Issuers shall deliver evidence reasonably satisfactory to the Indenture Trustee that all
Third-Party Receipts released to the Issuers pursuant to this Section 2.6 have been delivered to the appropriate Person. 
 III. DEPOSITS

 Section 3.1. Initial Deposits. 
  

	 	(a)	The Issuers shall deposit in the Impositions and Insurance Reserve Sub-Account on the date hereof the amount of $650,000.00. 

  

	 	(b)	The Issuers shall deposit in the Advance Rents Reserve Sub-Account on the date hereof the amount of $2,970,000.00. 

 Section 3.2. Additional Deposits. The Issuers shall make such additional deposits into the Accounts as may be required by the
Indenture. 
  

 9 

 Section 3.3. Application of Funds from the Central Account. 
  

	 	(a)	Based solely on written instructions from the Servicer, funds on deposit in the Central Account shall be applied in accordance with Article V of the Indenture. All distributions to
the Issuers or the Manager shall be in accordance with the wiring instructions attached hereto as Exhibit B, or such other wiring instructions as the Issuers or the Manager may hereafter provide to the Indenture Trustee by written notice
in accordance with the terms hereof. 

  

	 	(b)	If there are insufficient funds in the Central Account for the deposits required by Section 5.01(a), clauses first, second, fifth (assuming payments will be made in
accordance with clauses third and fourth) and seventh (assuming payments will be made in accordance with clause sixth) of the Indenture on or before the Payment Date when due, the Issuers shall deposit the amount of such
deficiency into the Central Account on or before the Business Day preceding such Payment Date. Under no circumstances shall the Indenture Trustee be required to utilize the Cash Trap Reserve to cure any deficiencies in any Sub-Accounts. To the
extent sufficient funds are included within the applicable Sub-Accounts (or, if not sufficient, the Issuers deposit the amount of any such deficiency pursuant to this Section 3.3(b)) the Issuers shall be deemed to have satisfied the obligations
of the Issuers to make the related deposit under the Indenture. 

  

	 	(c)	The Issuers shall use all disbursements made to them under Section 5.01 (a) clauses fifth and seventh of the Indenture solely to pay Operating Expenses
(other than (A) Impositions and Insurance Premiums and (B) Management Fees). Three (3) Business Days prior to the applicable Payment Date, the Manager shall issue a request to the Servicer that a disbursements be made pursuant to
Section 5.01(a) clause seventh of the Indenture. The Servicer shall, in accordance with the Servicing Standard, approve such request and indicate its approval, if any, by including the amount to be disbursed pursuant to
Section 5.01(a) clause seventh of the Indenture in the Servicer Report. 

  

	 	(d)	Upon the expiration of a Cash Trap Condition in accordance with Section 4.05 of the Indenture, any funds remaining in the Cash Trap Reserve Sub-Account shall be returned to the
Issuers provided no Event of Default then exists. 

  

	 	(e)	Notwithstanding anything herein to the contrary, upon the occurrence and during the continuance of an Event of Default, all funds on deposit in the Central Account, and any
Sub-Accounts thereof shall be disbursed to or as directed by the Indenture Trustee (based solely on written instruction from the Servicer); provided, however, that any payments on the Notes will be made in accordance with the
Indenture. 

  

 10 

	 	(f)	On each Payment Date, the Issuers will provide to the Indenture Trustee an estimate of the amount of the Management Fee that is due and payable on such Payment Date. Allocations
pursuant to Section 5.01(a), clauses sixth and fifteenth of the Indenture shall be made on the basis of such estimate. If the actual Management Fee payable on any Payment Date is not equal to the amount allocated for the payment
thereof pursuant to Section 5.01(a), clauses sixth and fifteenth of the Indenture, then the Management Fee for the Payment Date immediately following final determination of the applicable Management Fee shall be adjusted by an
amount equal to the deficiency or surplus, as applicable. 

 IV. PAYMENT OF FUNDS FROM SUB-ACCOUNTS 
 Section 4.1. Payments From Accounts and Sub-Accounts. 
  

	 	(a)	Impositions and Insurance Reserve Sub-Account. Based on a written instruction from the Servicer, the Indenture Trustee shall withdraw amounts on deposit in the Impositions
and Insurance Reserve Sub-Account and distribute such amounts as are required to be distributed pursuant to Section 4.03 of the Indenture. 

  

	 	(b)	Cash Trap Reserve Sub-Account. The Indenture Trustee shall withdraw amounts on deposit in the Cash Trap Reserve Sub-Account and distribute such amounts as are required to be
distributed pursuant to Section 4.05 of the Indenture. 

  

	 	(c)	Loss Proceeds Reserve Sub-Account. The Indenture Trustee shall withdraw amounts on deposit in the Loss Proceeds Reserve Sub-Account and distribute and apply such amounts as
are required to be distributed or applied pursuant to Section 7.06 of the Indenture. 

  

	 	(d)	 Advance Rents Reserve Sub-Account. Based on a written instruction from the Servicer, the Indenture Trustee shall cause amounts deposited into the Advance
Rents Reserve Sub-Account to be released to the Central Account on each Payment Date based upon a ratable allocation of such Advance Rents Reserve Deposit over the period for which the Annual Advance Rents Reserve Deposit (i.e., one-eleventh (1/11
th) per month over the succeeding eleven (11) months), the Semi-Annual
Advance Rents Reserve Deposit (i.e., one fifth (1/5th) per month over the succeeding five (5) months) and the Quarterly Advance Rents Reserve Deposit (i.e., one-half (1/2) per month over the succeeding two (2) months) have been
paid which such amounts shall be allocated and disbursed in accordance with Section 5.01(a) of the Indenture; provided, however, if Rents which are required to be delivered as Advance Rents Reserve Deposits are received late,
appropriate adjustments shall be made for allocating such Rents over the period for 

  

 11 

	 	 
which such deposits are required, taking into consideration amounts which, but for such late payment of Rent, would have previously been distributed from the
Advance Rents Reserve Sub-Account had such Rents not been paid late. 

 Section 4.2. Sole Dominion and
Control. The Issuers and the Manager acknowledge and agree that the Securities Accounts are subject to the sole dominion, control and discretion of the Indenture Trustee, its authorized agents or designees subject to the terms hereof.
Neither the Issuers nor the Manager shall have any right of withdrawal with respect to any Account except with the prior written consent of the Indenture Trustee. Each Issuer acknowledges and agrees that any agent designated by the Indenture Trustee
shall comply with all “entitlement orders” (as defined in Section 8-102(a)(8) of the UCC) and instructions originated by the Indenture Trustee without further consent by any Issuer or any other Person. 
 V. PLEDGE OF ACCOUNTS 
 Section 5.1.
Security for Obligations. (a) To secure the full and punctual payment and performance of all Obligations of the Issuers under the Notes, the Indenture, this Agreement and all other Transaction Documents, the Issuers hereby grant to
the Indenture Trustee a first priority continuing security interest in and to the following property of the Issuers, whether now owned or existing or hereafter acquired or arising and regardless of where located (all of the same, collectively, the
“Collateral”): 
 (i) the Accounts and all cash, checks, drafts, certificates and instruments, if any, from time to
time deposited or held therein, including, without limitation, all deposits or wire transfers made to the Lock Box Account, the Central Account, and each of the Sub-Accounts; 
 (ii) any and all amounts invested in Permitted Investments; 
 (iii) all interest, dividends, cash, instruments and other property from time to time received, receivable or otherwise payable in respect of, or in exchange for, any or all of the foregoing; and 
 (iv) to the extent not covered by clauses (i), (ii) or (iii) above, all “proceeds” (as defined under the Uniform Commercial Code as
in effect in the State of New York (the “UCC”)) of any or all of the foregoing. 
  

	 	(b)	The Indenture Trustee, shall have with respect to the Collateral, in addition to the rights and remedies herein set forth, all of the rights and remedies available to a secured
party under the UCC, as if such rights and remedies were fully set forth herein. 

  

 12 

 Section 5.2. Rights on Default. Upon the occurrence and during the continuance of an
Event of Default, without notice from the Indenture Trustee, (a) neither the Issuers nor the Manager shall have any further right in respect of (including, without limitation, the right to instruct the Indenture Trustee to transfer from) the
Securities Accounts, (b) the Indenture Trustee (based solely on written instruction from the Servicer) may liquidate and transfer any amounts then invested in Permitted Investments to the Securities Accounts or reinvest such amounts in other
Permitted Investments as the Indenture Trustee may reasonably determine is necessary to perfect or protect any security interest granted or purported to be granted hereby or to enable the Indenture Trustee to exercise and enforce the Indenture
Trustee’s rights and remedies hereunder with respect to any Collateral, and (c) the Indenture Trustee (solely at the direction of the Servicer) may apply any Collateral to any Obligations in such order of priority as the Indenture Trustee
(based solely on written instruction from the Servicer) may determine in accordance the Indenture. 
 Section 5.3. Financing
Statement; Further Assurances. The Issuers hereby authorize the Indenture Trustee to file a financing statement or statements in connection with the Collateral to properly perfect the Indenture Trustee’s security interest therein to the
extent a security interest in the Collateral may also be perfected by filing. The Issuers agree that at any time and from time to time, at the expense of the Issuers, the Issuers will promptly execute and deliver all further instruments and
documents, and take (or authorize the taking of) all further action, that may be reasonably necessary or desirable, or that the Indenture Trustee may reasonably request, in order to perfect and protect any security interest granted or purported to
be granted hereby (including, without limitation, any security interest in and to any Permitted Investments) or to enable the Indenture Trustee to exercise and enforce its rights and remedies hereunder with respect to any Collateral. In the event of
any change in name, identity or structure of the Issuers, the Issuers shall notify the Indenture Trustee thereof and hereby authorize the Indenture Trustee to file and record such UCC financing statements (if any) as are reasonably necessary to
maintain the priority of the Indenture Trustee’s lien upon and security interest in the Collateral, and shall pay all expenses and fees in connection with the filing and recording thereof. 
 Section 5.4. Termination of Agreement. This Agreement shall create a continuing security interest in the Collateral and shall remain in
full force and effect until payment and performance in full of the Obligations. Upon payment and performance in full of the Obligations, this Agreement shall terminate and the Issuers shall be entitled to the return, at their expense, of such of the
Collateral as shall not have been sold or otherwise applied pursuant to the terms hereof, and the Indenture Trustee shall execute such instruments and documents as may be reasonably requested by the Issuers to evidence such termination and the
release of the lien hereof including, without limitation, letters to the Tenants prepared by the Issuers and reasonably acceptable to the Indenture Trustee rescinding the instructions set forth in the Tenant Direction Letter and authorization to
file UCC-3 termination statements. 
  

 13 

 Section 5.5. Representations of the Issuers. 
  

	 	(a)	This Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the Collateral in favor of the Indenture Trustee, which security interest is
prior to all other liens, and is enforceable as such as against creditors of and purchasers from the Issuers. 

  

	 	(b)	The Issuers own and have good and marketable title to the Collateral free and clear of any lien, claim or encumbrance of any Person except as created under this Agreement.

  

	 	(c)	Other than the security interest granted to the Indenture Trustee pursuant to this Agreement or the Security Instruments, the Issuers have not pledged, assigned, sold, granted a
security interest in, or otherwise conveyed the Collateral. The Issuers have received all consents and approvals required by the terms of the Collateral to the transfer to the Indenture Trustee of their interest and rights in the Collateral
hereunder. 

  

	 	(d)	The Accounts (other than the Lock Box Account which is subject to the Deposit Account Control Agreement) are not in the name of any person other than the Indenture Trustee.

  

	 	(e)	The Issuers have not authorized the filing of and are not aware of any financing statements against the Issuers that include a description of collateral covering the Collateral
other than any financing statement relating to the security interest granted to the Indenture Trustee hereunder and pursuant to the Security Instruments or that has been terminated. The Issuers are not aware of any judgment or tax lien filings
against the Issuers. 

 Section 5.6. Covenants of the Issuers. 
  

	 	(a)	 With regard to the Annual Advance Rents Reserve Deposit, the Issuers shall provide the Indenture Trustee with bills or a statement of amounts due for such calendar
year pursuant to such Leases on or before the fifteenth (15th) day prior to the
commencement of the applicable calendar year which shall be accompanied by an Officer’s Certificate and such other documents as may be reasonably required by the Indenture Trustee to establish the amounts required to be deposited into the
Advance Rents Reserve Sub-Account. 

  

	 	(b)	 With regard to the Quarterly Advance Rents Reserve Deposit, the Issuers shall provide the Indenture Trustee with bills or a statement of 

  

 14 

	 	 
amounts due for such calendar quarter pursuant to such Leases on or before the fifteenth (15th) day prior to the commencement of the applicable calendar quarter which shall be accompanied by an Officer’s Certificate
and such other documents as may be reasonably required by the Indenture Trustee to establish the amounts required to be deposited into the Advance Rents Reserve Sub-Account. 

  

	 	(c)	 With regard to the Semi-Annual Advance Rents Reserve Deposit, the Issuers shall provide the Indenture Trustee with bills or a statement of amounts due for such
biannual calendar period pursuant to such Leases on or before the fifteenth (15th) day prior to the commencement of the applicable biannual calendar period which shall be accompanied by an Officer’s Certificate and such other documents as may be reasonably required by the Indenture Trustee to establish the
amounts required to be deposited into the Advance Rents Reserve Sub-Account. 

 VI. RIGHTS AND DUTIES OF INDENTURE TRUSTEE

 Section 6.1. Reasonable Care. Beyond the exercise of reasonable care in the custody thereof or as otherwise
expressly provided herein, the Indenture Trustee shall not have any duty as to any Collateral in its possession or control as agent therefor or bailee thereof or any income thereon or the preservation of rights against any Person or otherwise with
respect thereto. The Indenture Trustee shall be deemed to have exercised reasonable care in the custody and preservation of the Collateral in its possession if the Collateral is accorded treatment substantially equal to that which the Indenture
Trustee accords its own property, it being understood that the Indenture Trustee shall not be liable or responsible for any loss or damage to any of the Collateral, or for any diminution in value thereof, by reason of the act or omission the
Indenture Trustee, its Affiliates, agents, employees or bailees (including any act or failure to act taken at the written direction of the Servicer), except to the extent that such loss or damage results from the Indenture Trustee’s gross
negligence or willful misconduct. The standards of care, limitation on liability and rights to indemnities set forth in Article XI of the Indenture shall apply to the duties and obligations of the Indenture Trustee hereunder. 
 Section 6.2. Indemnity. The Indenture Trustee, in its capacity as such hereunder, shall be responsible for the performance only of such
duties as are specifically set forth herein, and no duty shall be implied from any provision hereof. The Indenture Trustee shall not be under any obligation or duty to perform any act which would involve it in expense or liability or to institute or
defend any suit in respect hereof, or to advance any of its own monies. The Issuers, jointly and severally, shall indemnify and hold the Indenture Trustee, its employees and officers harmless from and against any loss, liability, cost or damage
(including, without limitation, reasonable attorneys’ fees and disbursements) incurred by the Indenture Trustee in connection with the transactions contemplated hereby, except to the extent that such loss or damage results from the Indenture
Trustee’s gross negligence or willful misconduct. The foregoing indemnity shall survive the termination of this Agreement. 
  

 15 

 Section 6.3. Reliance. The Central Account Bank shall be protected in acting upon any
notice, resolution, request, consent, order, certificate, report, opinion, bond or other paper, document or signature reasonably believed by it to be genuine, and it may be assumed that any Person purporting to act on behalf of any Person giving any
of the foregoing in connection with the provisions hereof has been duly authorized to do so. The Central Account Bank may consult with legal counsel, and the advice or opinion of such counsel shall be full and complete authorization and protection
in respect of any action taken or suffered by it hereunder and in good faith in accordance therewith. The Central Account Bank shall not be liable for any act or omission done or omitted to be done by the Central Account Bank in reliance upon any
instruction, direction or certification received by the Central Account Bank and without gross negligence or willful misconduct. The Central Account Bank shall be entitled to execute any of the powers hereunder or perform any duties hereunder either
directly or through agents or attorneys; provided, however, that the execution of such powers by any such agents or attorneys shall not diminish, or relieve the Central Account Bank for, responsibility therefor to the same degree as if
the Central Account Bank itself had executed such powers. 
 Section 6.4. Resignation of Bank. 
  

	 	(a)	The Central Account Bank shall have the right to resign as the Central Account Bank hereunder upon thirty (30) days’ prior written notice to the Issuers, the Indenture
Trustee and the Servicer, and in the event of such resignation, the Issuers shall appoint a successor Central Account Bank which must be an Eligible Bank. No such resignation by the Central Account Bank shall become effective until a successor
Central Account Bank shall have accepted such appointment and executed an instrument by which it shall have assumed all of the rights and obligations of the Central Account Bank hereunder. If no such successor Central Account Bank is appointed
within thirty (30) days after receipt of the resigning Central Account Bank’s notice of resignation, the resigning Central Account Bank may petition a court for the appointment of a successor Central Account Bank. 

 

	 	(b)	 In connection with any resignation by the Central Account Bank, (i) the resigning Central Account Bank shall, (A) duly assign, transfer and deliver to the
successor Central Account Bank this Agreement and all cash and Permitted Investments held by it hereunder, (B) authorize the filing of such financing statements and shall execute such other instruments prepared by the Issuers and approved by
the Indenture Trustee or prepared by the Indenture Trustee as may be necessary to assign to the successor Central Account Bank, as agent for the 

  

 16 

	 	 
Indenture Trustee, any security interest in the Collateral existing in favor of the retiring Central Account Bank hereunder and to otherwise give effect to
such succession and (C) take such other actions as may be reasonably required by the Indenture Trustee or the successor Central Account Bank in connection with the foregoing and (ii) the successor Central Account Bank shall establish in
the Indenture Trustee’s name, as secured party, cash collateral accounts, which shall become the Securities Accounts for purposes of this Agreement upon the succession of such Central Account Bank, and which Securities Accounts shall also be
“securities accounts” within the meaning of the UCC. 

  

	 	(c)	The Indenture Trustee at its sole discretion shall have the right, upon thirty (30) days notice to the Central Account Bank, to substitute the Central Account Bank with a
successor Central Account Bank reasonably acceptable to the Issuers that satisfies the requirements of an Eligible Bank or to have one or more of the Accounts held by another Eligible Bank, provided that such successor Central Account Bank shall
perform the duties of the Central Account Bank pursuant to the terms of this Agreement. 

 Section 6.5. Indenture
Trustee Appointed Attorney-In-Fact. Upon the occurrence and during the continuance of an Event of Default, the Issuers hereby irrevocably constitute and appoint the Indenture Trustee as the Issuers’ true and lawful attorney-in-fact,
coupled with an interest and with full power of substitution, to execute, acknowledge and deliver any instruments and to exercise and enforce every right, power, remedy, option and privilege of the Issuers with respect to the Collateral, and do in
the name, place and stead of the Issuers, all such acts, things and deeds for and on behalf of and in the name of the Issuers, which the Issuers are required to do hereunder or under the other Transaction Documents or which the Indenture Trustee may
deem reasonably necessary or desirable to more fully vest in the Indenture Trustee the rights and remedies provided for herein and to accomplish the purposes of this Agreement including, without limitation, the filing of any UCC financing statements
or continuation statements in appropriate public filing offices on behalf of the Issuers, in any of the foregoing cases, upon the Issuers’ failure to take any of the foregoing actions within fifteen (15) days after notice from the
Indenture Trustee. The foregoing powers of attorney are irrevocable and coupled with an interest. 
 Section 6.6. Acknowledgment of
Lien/Offset Rights. The Indenture Trustee hereby acknowledges and agrees with respect to the Securities Accounts that (a) the Securities Accounts shall be in the name of the Indenture Trustee, (b) all funds held in the Accounts
shall be held for the benefit of the Indenture Trustee as secured party, (c) the Issuers have granted to the Indenture Trustee, on behalf of the Secured Parties, a first priority security interest in the Collateral, (d) the Indenture
Trustee shall not disburse any funds from the 

  

 17 

 
Accounts except as provided herein and in the Indenture, and (e) the Indenture Trustee shall invest and reinvest any balance of the Securities Accounts
in Permitted Investments in accordance with Section 2.5 hereof. 
 Section 6.7. Reporting Procedures. The Indenture
Trustee shall provide the Issuers and the Manager with a record of all checks and any other items deposited to the Central Account or processed for collection. The Indenture Trustee shall make available a daily credit advice to the Issuers and the
Manager, which credit advice shall specify the amount of each receipt deposited into the Securities Accounts on such date. The Indenture Trustee shall send or make available a monthly report to the Issuers and the Manager which monthly report shall
specify the credits and charges to the Securities Accounts for the previous calendar month. 
 VII. RESERVED 
 VIII. MISCELLANEOUS 
 Section 8.1.
Transfers and Other Liens. The Issuers agree that they will not (i) sell or otherwise dispose of any of the Collateral or (ii) create or permit to exist any Lien upon or with respect to all or any of the Collateral, except for
the Lien granted under this Agreement or the Transaction Documents. 
 Section 8.2. Indenture Trustee’s Right to Perform the
Obligations of the Issuers; No Liability of Indenture Trustee. If the Issuers fail to perform any of the covenants or obligations contained herein, and such failure shall continue for a period ten (10) Business Days after the
Issuers’ receipt of written notice thereof from the Indenture Trustee, the Indenture Trustee may itself perform, or cause performance of, such covenants or obligations, and the reasonable expenses of the Indenture Trustee incurred in connection
therewith shall be payable by the Issuers to the Indenture Trustee. Notwithstanding the Indenture Trustee’s right to perform certain obligations of the Issuers, it is acknowledged and agreed that the Issuers retain control of the Tower Sites
and operation thereof and notwithstanding anything contained herein or the Indenture Trustee’s exercise of any of its rights or remedies hereunder, under the Transaction Documents or otherwise at law or in equity, the Indenture Trustee shall
not be deemed to be a mortgagee-in-possession nor shall the Indenture Trustee be subject to any liability with respect to the Tower Sites or otherwise based upon any claim of lender liability except as a result of the Indenture Trustee’s gross
negligence or willful misconduct. 
 Section 8.3. No Waiver. The rights and remedies provided in this Agreement and the
other Transaction Documents are cumulative and may be exercised independently or concurrently, and are not exclusive of any other right or remedy provided at law or in equity. No failure to exercise or delay by the Indenture Trustee in exercising
any right or remedy hereunder or under the Transaction Documents shall impair or prohibit the exercise of any such rights 

  

 18 

 
or remedies in the future or be deemed to constitute a waiver or limitation of any such right or remedy or acquiescence therein. Every right and remedy
granted to the Indenture Trustee hereunder or by law may be exercised by the Indenture Trustee at any time and from time to time, and as often as the Indenture Trustee may deem it expedient. Any and all of the Indenture Trustee’s rights with
respect to the lien and security interest granted hereunder shall continue unimpaired, and the Issuers shall be and remain obligated in accordance with the terms hereof, notwithstanding (a) any proceeding of the Issuers under the Federal
Bankruptcy Code or any bankruptcy, insolvency or reorganization laws or statutes of any state, (b) the release or substitution of Collateral at any time, or of any rights or interests therein or (c) any delay, extension of time, renewal,
compromise or other indulgence granted by the Indenture Trustee in the event of any default, with respect to the Collateral or otherwise hereunder. No delay or extension of time by the Indenture Trustee in exercising any power of sale, option or
other right or remedy hereunder, and no notice or demand which may be given to or made upon the Issuers by the Indenture Trustee, shall constitute a waiver thereof, or limit, impair or prejudice the Indenture Trustee’s right, without notice or
demand, to take any action against the Issuers or to exercise any other power of sale, option or any other right or remedy. 
 Section 8.4. Expenses. The Collateral shall secure, and the Issuers shall pay to the Indenture Trustee in accordance with the time frames set forth in the Indenture, from time to time, all costs and expenses for which the
Issuers are liable under the Indenture and as follows: 
  

	 	(a)	The Issuers agree to compensate the Indenture Trustee for performing the services described herein pursuant to the Combined Fee Schedule for Services, dated July 28, 2009,
presented by the Indenture Trustee and accepted by the Issuers. 

  

	 	(b)	The Indenture Trustee shall debit the Central Account by the amount of its fees under advice on a monthly basis or shall include its fees in an account analysis statement, in
accordance with the Indenture. 

  

	 	(c)	If insufficient funds are available to cover the amounts due under this Section 8.4, the Issuers shall pay such amounts to the Indenture Trustee in immediately available funds
within five (5) Business Days of demand by the Indenture Trustee. 

 Section 8.5. Amendment. This
Agreement may not be changed, terminated or otherwise varied, except by a writing duly executed by the parties. 
 Section 8.6. No
Waiver. No waiver of any term or condition of this Agreement, whether by delay, omission or otherwise, shall be effective unless in writing and signed by the party sought to be charged, and then such waiver shall be effective only in the
specific instance and for the purpose for which given. 
  

 19 

 Section 8.7. Successors and Assigns. This Agreement shall be binding upon and inure to
the benefit of the parties hereto, their respective successors and permitted assigns. This Agreement inures to the benefit of the Noteholders and other Secured Parties as provided in the Indenture. 
 Section 8.8. Additional Subsidiaries. Any subsidiary of the Issuers or the Guarantor that is required to become a party hereto pursuant
to Section 15.04(d) of the Indenture shall execute a joinder to this Agreement. Upon execution and delivery of such joinder by the Indenture Trustee and such subsidiary, such subsidiary shall become a party hereto with the same force and effect
as if originally a party hereto. The execution and delivery by the Indenture Trustee and such subsidiary of any such instrument shall require the consent of the Servicer, such consent not to be unreasonably withheld. The rights and obligations of
each Secured Party and party hereto shall remain in full force and effect notwithstanding the joinder of any new subsidiary to this Agreement. 
 Section 8.9. Notices. All notices, demands, requests, consents, approvals and other communications (any of the foregoing, a “Notice”) required, permitted, or desired to be given hereunder shall be
in writing and delivered to the parties at the addresses and in the manner provided in Section 16.04 of the Indenture. Notices to the Central Account Bank shall be addressed as follows: 
 THE BANK OF NEW YORK MELLON TRUST 
 COMPANY,
N.A. 
 601 Travis Street, 16th Floor 
 Houston, Texas 77002 
 Attention: Corporate Trust Services, re: Pinnacle 
 Towers Acquisition Holdings LLC. 
 Section 8.10. Captions. All captions in this Agreement are included herein for convenience of reference only and shall not constitute part of this Agreement for any other purpose. 
 Section 8.11. Governing Law. This Agreement shall be governed by and construed and enforced in all respects in accordance with the laws
of the State of New York without regard to conflicts of law principles of such State. 
 Section 8.12. Counterparts. This
Agreement may be executed in any number of counterparts. 
 Section 8.13. Inconsistencies. To the extent the terms of this
Agreement are inconsistent with the terms of the Indenture, the terms of the Indenture shall prevail. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT
BLANK] 
  

 20 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and year first
above written. 
  

							
		 		 	ISSUERS:
			
		 		 	 PINNACLE TOWERS ACQUISITION HOLDINGS LLC, a
 Delaware limited liability company

		 		 	 PINNACLE TOWERS ACQUISITION LLC, a Delaware
 limited liability company

		 		 	 TOWER VENTURES III, LLC, a Tennessee limited liability
 company

		 		 	GS SAVINGS INC., a Delaware corporation
		 		 	TVHT, LLC, a Tennessee limited liability company
		 		 	 GOLDENSTATE TOWERS, LLC, a Delaware limited
 liability company

				
		 		 	By:	 	 /s/    Jay Brown

		 		 	Name:	 	Jay Brown
		 		 	Title:	 	SVP, CFO & Treasurer

 [SIGNATURES CONTINUE ON THE FOLLOWING PAGE] 

							
		 		 	 INDENTURE TRUSTEE and CENTRAL
 ACCOUNT BANK:

			
		 		 	 THE BANK OF NEW YORK MELLON TRUST
 COMPANY,
N.A.,
 a national banking association

				
		 		 	By:	 	 /s/    Julie Hoffman-Ramos

		 		 	Name:	 	Julie Hoffman-Ramos
		 		 	Title:	 	Assistant Treasurer
			
		 		 	MANAGER:
			
		 		 	 CROWN CASTLE USA INC.,
 a Pennsylvania
corporation

				
		 		 	By:	 	 /s/    Jay Brown

		 		 	Name:	 	Jay Brown
		 		 	Title:	 	SVP, CFO & Treasurer

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