Document:

Amendment Letter

 Exhibit 10.1 
 AMENDMENT LETTER 
  

	To:	Enstar Group Limited 

	  	Clarendon House 

	  	2 Church Street 

	  	Hamilton HM11 

	  	Bermuda 

 (as Obligors’
Agent for and on behalf 
 of itself and the other Obligors) 

25th July 2012 
 Dear Sirs 
 Revolving Credit Facility dated 14 June 2011 between, amongst others, Enstar
Group Limited (as the Parent), National Australia Bank Limited and Barclays Corporate (as Arrangers) and National Australia Bank Limited (as Agent and Security Agent) (as such agreement may be varied, amended and/or restated from time to time, the
“Facility Agreement”). 
  

	1.	DEFINITIONS AND CAPACITY 

  

	1.1	Unless a contrary intention is indicated, terms used in this letter shall have the meaning given to them in the Facility Agreement. References to Clauses and Schedules
are references to Clauses of and Schedules to the Facility Agreement unless otherwise specified. 

  

	1.2	We are writing to you, in our capacity as Agent, for yourself and as Obligors’ Agent for the other Obligors pursuant to your appointment as Obligors’ Agent
under Clause 2.3 (Obligors’ Agent). 

  

	2.	DESIGNATION 

  

	2.1	This letter constitutes an amendment letter as contemplated by Clause 36 (Amendments and Waivers). 

 

	2.2	This letter is a Finance Document. 

  

	3.	AMENDMENT 

  

	3.1	The Parties hereby agree that, with effect from30 June 2012: 

  

	3.1.1	The definition of “Requisite Rating” in Clause 22.2.1 (e) of the Facility Agreement shall be deleted in its entirety and replaced with the following:

 “Requisite Rating: 

 

	 	(i)	The weighted average rating of the aggregate investment portfolio (determined by reference to the individual rating given by the Rating Agency to each investment) of
the Material Companies shall not at any time be less than A-; 

  
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	 	(ii)	the short term rating and/or long term rating of investments as determined by the Rating Agency for at least 80% of the total value of the investments held by the
Material Companies shall not at any time be less than BBB or shall be held in Cash or Cash Equivalent Investments.”; 

  

	 	(iii)	investments which fall outside of the 80% threshold noted in 3.1.1 (ii) shall be limited to a maximum of 5% per issuer and no more than 5% in private equity
investments with the exception of investments in J.C. Flowers funds; and 

  

	 	(iv)	no further investment in J.C. Flowers funds by the Material Companies is permitted beyond the commitments existing at the date of this agreement.

  

	3.1.2	Clause 21.2.1 of the Facility Agreement shall be deleted in its entirety and replaced with the following: 

“The Parent shall procure that each Obligor and/or each Material Company, as applicable, shall deliver to the Agent in sufficient
copies for all the Lenders:- 
  

	 	(a)	as soon as they are available, but in any event within 120 days (or 75 days in respect of the Parent) after the end of each of its Financial Years:

  

	 	(i)	the audited consolidated financial statements of the Parent for that Financial Year; 

 

	 	(ii)	the audited financial statements of each Obligor and each Material Company for that Financial Year or, if such person is not required to produce audited financial
statements and has not done so for that Financial Year, its management schedules for such Financial Year provided that any such person must prove audited consolidated financial statements if the Agent so requests; 

 

	 	(b)	as soon as they are available, but in any event within 45 days after the end of the Financial Quarter of each of its Financial Years, the consolidated and
unconsolidated financial statements of the Parent and details of net worth for each Material Company as certified by the Chief Financial Officer of the Parent for that Financial Quarter, to include: 

 

	 	(i)	(in the case of the Parent only) details of all Disposal Proceeds as defined in Clause 8.2 (Disposal and Insurance Proceeds); 

 

	 	(ii)	(in the case of the Parent only) details of all surpluses in any fund or funds of each member of the Group which is an insurance company; 

 

	 	(iii)	(in the case of the Parent only) a summary of cash realisations of each member of each relevant Target Group (as appropriate) following the relevant acquisition;

  

	 	(iv)	(in the case of the Parent only) details of the proceeds of the cash realisations of each member of each relevant Target Group following the relevant acquisition;

  

	 	(v)	a discussion of major incurred claims movements with appropriate narrative; 

  
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	 	(c)	as soon as they are available, but in any event within 45 days after the end of each Financial Quarter of each if its Financial Years: 

 

	 	(i)	a written breakdown of all reinsurance and retrocession balances of the Group at the end of that Financial Quarter including details of the counterparty from whom such
balances are owed, an ageing of such balances, and details of any movements in any receivables and recoveries made during such period; and 

  

	 	(ii)	details of any bad debt or other provisions held by a member of the Group at the end of that Financial Quarter including details of changes made in relation to such bad
debts or other provisions together with the reasons for such provisions being made; 

  

	 	(d)	for each Material Company with Gross Loss Reserves in excess of US$2,500,000, as soon as it is available, but in any event within 60 days after the start of each of its
Financial Years, an actuarial review conducted by a duly qualified independent actuarial company.” 

  

	3.1.3	Clause 21.4.1 of the Facility Agreement shall be deleted in its entirety and replaced with the following:- 

“The Parent shall procure that each set of Annual Financial Statements and Quarterly Financial Statements includes a balance sheet,
profit and loss account and cashflow statement. In addition, the Parent shall procure that:- 
  

	 	(a)	each set of Annual Financial Statements shall where required be audited by the Auditors; 

 

	 	(b)	each set of Annual Financial Statements of the Parent shall include:- 

  

	 	(i)	for each UK Regulated Insurance Entity, its Solvency I minimum capital requirement or, post-Solvency II implementation, its Pillar I Capital Requirement;

  

	 	(ii)	for each UK Regulated Insurance Entity, as soon as it is available, but in any event within 90 days after the start of each of its Financial Years, its ICA Capital
Requirement; 

  

	 	(iii)	for each Non-UK Regulated Insurance Entity, its local capital requirement/Solvency II capital requirement, as appropriate. 

 

	 	(c)	each set of Quarterly Financial Statements of the Parent includes: 

  

	 	(i)	a cashflow forecast (comprising the Capital Release Schedule) in respect of the Group relating to the twelve month period commencing at the end of the relevant
Financial Quarter; 

  

	 	(ii)	a statement by the directors of the Parent commenting on the performance of the Group for the quarter to which the financial statements relate and the Financial Year to
date and any material developments or material proposals affecting the Group or its business; and 

  

	 	(iii)	a report setting out, in respect of each Regulated Insurance Entity: (i) its capital resources; (ii) any deductions made from its capital resources when
determining its compliance with its local capital requirement as determined by the relevant regulator and (iii) any waivers provided by the local regulator in respect of solvency requirement compliance.” 

  
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	3.1.4	Clause 21.8.1 (c) of the Facility Agreement shall be deleted in its entirety and replaced with the following:- 

“(c) promptly upon becoming aware of them, the details of any litigation, arbitration or administrative proceedings which are
current, threatened or pending against any member of the Group outside the normal course of business, and which, if adversely determined would involve a liability, or a potential or alleged liability, exceeding US$2,000,000 (or its equivalent in
other currencies);”. 
  

	3.1.5	Clause 22.2.1 (c) of the Facility Agreement shall be deleted in its entirety and replaced with the following:- 

“(c) Regulatory Cover: Regulatory Cover of each Regulated Entity shall at all times be more than 1.1:1 or as otherwise agreed with
the regulator of a Regulated Insurance Entity subject to the aggregate shortfall in regulatory capital not exceeding $20m.” 
  

	3.1.6	The definition of Cash, as defined in Clause 1.1, shall be deleted in its entirety and replaced with the following:- 

“Cash means, at any time, cash denominated in freely transferable and freely convertible currency in hand or at bank (in the
latter case) credited to an account in the name of a member of the Group with an Acceptable Bank and to which a member of the Group is alone (or together with other members of the Group) beneficially entitled and for so long as that cash is
repayable on demand.” 
  

	3.1.7	The definition of Cash Equivalent Investments, as defined in Clause 1.1, shall be deleted in its entirety and replaced with the following:- 

“Cash Equivalent Investments means, at any time: 

 

	 	(a)	any investment in marketable securities for 

  

	 	(i)	which a recognised trading market exists, 

  

	 	(ii)	maturing within 92 days of the purchase date of the security, 

  

	 	(iii)	which has a minimum rating of either BBB or A-2 by Standard & Poor’s Rating services or Baa2 or P-2 by Moody’s Investor Services Limited or an
equivalent rating by any Nationally Recognized Statistical Rating Organization (“NRSRO”); 

  

	 	(b)	any money market fund which has liquidity provisions enabling accessibility to funds within 30 business days and with a minimum rating of A-1 by Standard &
Poor’s Rating Services or P-1 by Moody’s Investor Services Limited or an equivalent rating by any NRSRO; 

  

	 	(c)	any UCITS fund which has liquidity provisions enabling accessibility to funds within 30 business days and with a minimum weighted average rating of A- or A-1 by
Standard & Poor’s Rating Services or A3 or P-1 by Moody’s Investor Services Limited or an equivalent rating by any NRSRO; or 

  

	 	(d)	any other debt or equity security approved by the Majority Lenders.” 

  
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	4.	AFFIRMATION 

 The Facility
Agreement and the other Finance Documents shall continue in full force and effect, but subject to the amendment specified in this letter. 
  

	5.	COUNTERPARTS 

 This letter
may be executed in any number of counterparts, each of which when executed and delivered shall be an original, but all of which when taken together shall constitute a single instrument. 

 

	6.	GOVERNING LAW AND JURISDICTION 

  

	6.1	This letter and all non-contractual obligations arising in any way whatsoever out of or in connection with this letter shall be governed by, construed and take effect
in accordance with English law. 

  

	6.2	Clauses 39 (Governing Law) and 40 (Enforcement) of the Facility Agreement shall apply to this letter as if set out in full in this letter and as if
reference in those provisions to this “Agreement” were a reference to this letter. 

 Please sign and return the
attached copy of this letter to indicate your acknowledgement, and acceptance, of the terms of this letter. 
  

	
	Yours faithfully
	
	/s/ Carole Palmer
	 for and on behalf of

National Australia Bank Limited
 as
Agent

 Accepted and agreed 
  

	
	
	/s/ Richard J. Harris
	 for and on behalf of

Enstar Group Limited
 (for itself and in
its capacity as Obligors’ Agent
 for and on behalf of each Obligor)

  

  
 5Purchase Agreement

 Exhibit 10.2 
 EXECUTION VERSION 
 SBA TOWER TRUST 

U.S. $610,000,000 Secured Tower Revenue Securities, Series 2012-1 
 PURCHASE AGREEMENT 
 July 26, 2012 

Barclays Capital Inc. 
 Deutsche Bank Securities
Inc. 
 as Representatives of the several Initial 
 Purchasers listed in Schedule I hereto 
 c/o Barclays Capital Inc. 

745 Seventh Avenue 
 New York, New York 10019

 Ladies and Gentlemen: 
 SBA Tower Trust (the “Trust”), a New York common law trust formed pursuant to the Trust and Servicing Agreement (the “Initial Trust Agreement”), dated as of
November 18, 2005 (the “Initial Closing Date”), among SBA Depositor LLC, a Delaware limited liability company (the “Depositor”), Midland Loan Services, a division of PNC Bank, National Association, as servicer
(the “Servicer”), and Deutsche Bank Trust Company Americas, as successor in interest to Bank of America, N.A., successor by merger to LaSalle Bank National Association, as trustee (the “Trustee”), as supplemented by
the First Trust Agreement Supplement (the “First Trust Agreement Supplement”), dated as of November 6, 2006 (the “2006 Closing Date”), the Second Trust Agreement Supplement (the “Second Trust Agreement
Supplement”), dated as of April 16, 2010 (the “2010 Closing Date”), and the Third Trust Agreement Supplement (the “Third Trust Agreement Supplement”), dated as of the 2010 Closing Date (the Initial
Trust Agreement, as so supplemented, the “Existing Trust Agreement”), and as further supplemented by the Fourth Trust Agreement Supplement (the “Closing Date Trust Agreement Supplement”), to be dated as of the
Closing Date (as hereinafter defined), in each case, between the Servicer and the Trustee (the Existing Trust Agreement as so supplemented, the “Trust Agreement”), proposes to issue U.S.$610,000,000 principal amount of its Secured
Tower Revenue Securities, Series 2012-1, 2.933% Subclass 2012-1C (the “Offered Certificates”), representing a fractional undivided interest in the Trust. Capitalized terms used herein and not otherwise herein defined shall have the
meanings assigned to such terms in the Trust Agreement. 

 The assets of the Trust currently consist primarily of a monthly pay, nonrecourse mortgage
loan (the “Existing Mortgage Loan”) in an aggregate principal amount of $1,230,000,000, evidenced by two promissory notes (the “2010 Notes”), in respect of which each of SBA Properties, Inc. (“SBA
Properties”), SBA Sites, Inc. (“SBA Sites”) and SBA Structures, Inc. (“SBA Structures”), each a Florida corporation (each an “Existing Borrower” and collectively, the “Existing
Borrowers”), is currently jointly and severally liable pursuant to the Amended and Restated Loan and Security Agreement dated as of the Initial Closing Date, between the Depositor and SBA Properties, as amended and supplemented by the
Second Loan and Security Agreement Supplement and Amendment, dated as of the 2006 Closing Date, the Third Loan and Security Agreement Supplement and Amendment, dated as of the 2010 Closing Date, and the Fourth Loan and Security Agreement Supplement
and Amendment, dated as of the 2010 Closing Date (as so amended and supplemented, the “Existing Loan Agreement”), in each case, between the Servicer on behalf of the Trustee and the Borrowers then party thereto. The Trust issued
Certificates in two subclasses on the 2010 Closing Date (the “2010 Certificates”). 
 On the Closing Date,
(a) SBA Infrastructure, LLC, a Delaware limited liability company (“SBA Infrastructure”), SBA Towers USVI II, Inc., a Florida corporation (“SBA USVI”), and SBA Monarch Towers III, LLC, a Delaware limited
liability company (“SBA Monarch” and, together with SBA Infrastructure and SBA USVI, the “SBA III Borrowers”), will become additional borrowers under the Existing Loan Agreement, as supplemented by the Fifth Loan
and Security Agreement Supplement and Amendment, to be dated as of the Closing Date (the “Closing Date Loan Supplement”), among the Existing Borrowers, the SBA III Borrowers and the Servicer on behalf of the Trustee (as
supplemented, the “Loan Agreement”), (b) the outstanding principal amount of the Existing Mortgage Loan will be increased by $610,000,000 (the “Closing Date Mortgage Loan Increase”), which Closing Date Mortgage
Loan Increase will be evidenced by one promissory note (the “2012 Note”), and (c) pursuant to Section 3.25 of the Trust Agreement, upon the execution of the Closing Date Loan Supplement, the Trustee will execute the
Closing Date Trust Agreement Supplement and cause the Trust to issue the Offered Certificates. The Closing Date Mortgage Loan Increase (together with the Existing Mortgage Loan and any additional mortgage loan increase after the Closing Date, the
“Mortgage Loan”) and the other obligations of the Existing Borrowers and the SBA III Borrowers (collectively, the “Closing Date Borrowers”) under the Loan Agreement will be secured in part by mortgages on the
Closing Date Borrowers’ interests in certain of their wireless communications tower sites (the “Closing Date Sites”) on which space is leased to wireless communications companies and other users (the “Lessees”)
pursuant to leases or licenses (the “Leases”) for placement of transmission equipment and other purposes. 

Repayment of the Mortgage Loan is guaranteed by SBA Guarantor LLC, a Delaware limited liability company (the
“Guarantor”), which is or will be the direct parent of the Closing Date Borrowers, pursuant to the Guaranty, dated as of the Initial Closing Date, which will be ratified as of the Closing Date pursuant to the Ratification of the
Guaranty, to be dated as of the Closing Date (the “Ratification of the Guaranty”), and by SBA Holdings LLC, a Delaware limited liability company (“SBA Holdings”), which

  
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is the direct parent of the Guarantor, pursuant to the Parent Guaranty, dated as of the Initial Closing Date, which will be ratified as of the Closing Date pursuant to the Ratification of the
Parent Guaranty, to be dated as of the Closing Date (the “Ratification of the Parent Guaranty”). On the Initial Closing Date, the Guarantor had pledged all of the equity interests of SBA Properties as security in support of its
obligations under the Guaranty pursuant to the Pledge and Security Agreement, dated as of the Initial Closing Date (the “Initial Guarantor Pledge Agreement”), between the Guarantor and the Trustee, and SBA Holdings pledged all of
the equity interests of the Guarantor as security in support of its obligations under the Parent Guaranty pursuant to the Parent Pledge Agreement. On the 2006 Closing Date, the Guarantor pledged all of the equity interests of SBA Sites, SBA
Structures, SBA Towers, Inc. (“SBA Towers”), SBA Puerto Rico, Inc. (“SBA Puerto Rico”) and SBA Towers USVI, Inc. (“SBA Towers USVI”; together with SBA Towers and SBA Puerto Rico, the
“Released Borrowers”), as security in support of its obligations under the Guaranty pursuant to the Pledge and Security Agreement, dated as of the 2006 Closing Date (the “Second Guarantor Pledge Agreement”), between
the Guarantor and the Trustee. On the Closing Date, the Guarantor will re-affirm its pledge of all of the equity interests of SBA Properties under the Initial Guarantor Pledge Agreement pursuant to the Ratification of Pledge, to be dated as of the
Closing Date (the “Ratification of the Initial Pledge”), re-affirm its pledge of all of the equity interests of SBA Sites and SBA Structures under the Second Guarantor Pledge Agreement pursuant to the Ratification of Pledge, to be
dated as of the Closing Date (the “Ratification of the Second Pledge”), and will pledge all of the equity interests of each of the SBA III Borrowers as security in support of its obligations under the Guaranty pursuant to a Pledge
and Security Agreement, to be dated as of the Closing Date, between the Guarantor and the Trustee (the “SBA III Borrower Guarantor Pledge Agreement”), and SBA Holdings will re-affirm its pledge of all of the equity interests of the
Guarantor as security in support of its obligations under the Parent Guaranty pursuant to the Ratification of Parent Pledge, to be dated as of the Closing Date (the “Ratification of Parent Pledge”). SBA Holdings is a wholly-owned
subsidiary of SBA Senior Finance, LLC, a Florida limited liability company (“SBA Finance”), and an indirect subsidiary of SBA Communications Corporation (“SBA Parent”). On July 28, 2009, the Released Borrowers
entered into a Pay-Off, Release and Termination Agreement with, among others, the Existing Borrowers, the Servicer and the Trustee, pursuant to which the Released Borrowers were released from their obligations under the Loan Documents. 

SBA Network Management, Inc. (the “Manager”), a Florida corporation and an indirect subsidiary of SBA Parent, will
manage the Closing Date Sites on behalf of the Closing Date Borrowers pursuant to a Management Agreement, dated as of the Initial Closing Date, as amended as of the 2006 Closing Date and as of the Closing Date (the “Management
Agreement”), among the Manager, the Closing Date Borrowers and any Additional Borrower that becomes a party thereto. The Manager has delegated its duties under the Management Agreement to SBA Network Services, LLC pursuant to a
Sub-Management Agreement (the “Sub-Management Agreement”), dated as of the 2010 Closing Date, between the Manager and SBA Network Services, LLC (the “Sub-Manager”). 

  
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 The following agreements are referred to herein as the “Existing Transaction
Documents”: 
 (a) the Existing Trust Agreement; 

(b) the 2010 Certificates; 
 (c) the Existing Loan Agreement; 
 (d) the 2010 Notes; 

(e) the Assignment, Acceptance and Consent Agreement, dated as of the Initial Closing Date, among the Depositor and the
existing lenders party thereto; 
 (f) the Assumption and Release Agreement, dated as of the Initial Closing
Date, between Lehman Commercial Paper Inc., the Depositor, SBA Properties, SBA Finance, SBA Towers and Tampa Towers, Inc.; 
 (g) the Contribution Agreement dated as of the 2006 Closing Date between SBA Finance and SBA Holdings; 
 (h) the Contribution Agreement dated as of the 2006 Closing Date between SBA Holdings and the Guarantor; 
 (i) the Contribution and Subrogation Agreement, dated as of the 2006 Closing Date, among the Closing Date Borrowers and the Released Borrowers; 

(j) the Contribution and Subrogation Agreement, dated as of the 2010 Closing Date, among the Existing Borrowers;

 (k) the Guaranty; 
 (l) the Parent Guaranty; 
 (m) the Initial Guarantor Pledge
Agreement; 
 (n) the Second Guarantor Pledge Agreement; 

(o) the Parent Pledge Agreement; 
 (p) the Cash Management Agreement, including the Joinder and Amendment to Cash Management Agreement dated as of the 2006 Closing Date among the Existing Borrowers, the Released Borrowers, the Servicer,
Deutsche Bank Trust Services America, as agent, and the Manager, and the First Cash Management Agreement Supplement and Amendment dated as of the 2010 Closing Date among the Existing Borrowers, the Servicer, Deutsche Bank Trust Services America, as
agent, and the Manager; 

  
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 (q) the Deposit Account Control Agreements, 

(r) the Environmental Indemnity, including the Joinder to Environmental Indemnity dated as of the 2006 Closing Date among
the Closing Date Borrowers, the Released Borrowers, the Guarantor and the Servicer; 
 (s) the Management
Agreement, including the Joinder and Amendment to Management Agreement dated as of the 2006 Closing Date among the Closing Date Borrowers, the Released Borrowers, the Servicer and the Manager; 

(t) the Sub-Management Agreement; 
 (u) the Assignment and Subordination of Management Agreement, including the Joinder to Assignment and Subordination of Management Agreement dated as of the 2006 Closing Date among the Closing Date
Borrowers, the Released Borrowers and the Manager; and 
 (v) the Advance Reimbursement Agreement, including the
Joinder to Advance Reimbursement dated as of the 2006 Closing Date among the Closing Date Borrowers, the Released Borrowers, the Servicer and the Trustee. 
 The following agreements are referred to herein as the “Closing Date Transaction Documents”: 
 (a) this Agreement; 
 (b) the Closing Date Trust Agreement
Supplement; 
 (c) the Offered Certificates; 

(d) the Closing Date Loan Supplement; 

(e) the 2012 Note; 
 (f) the Contribution Agreement dated as of the Closing Date between SBA Finance and SBA Holdings; 
 (g) the Contribution Agreement dated as of the Closing Date between SBA Holdings and the Guarantor; 
 (h) the Contribution and Subrogation Agreement dated as of the Closing Date among the Closing Date Borrowers; 
 (i) the Ratification of the Guaranty; 

  
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 (j) the Ratification of the Parent Guaranty; 

(k) the Ratification of Initial Pledge; 

(l) the Ratification of Second Pledge; 

(m) the SBA III Borrower Guarantor Pledge Agreement; 

(n) the Ratification of Parent Pledge; 

(o) the Joinder and Amendment to Cash Management Agreement dated as of the Closing Date among the Closing Date Borrowers,
the Servicer, Deutsche Bank Trust Services Americas, as agent, and the Manager; 
 (p) the Joinder to
Environmental Indemnity dated as of the Closing Date among the Closing Date Borrowers, the Guarantor and the Servicer; 
 (q) the Joinder and Amendment to Management Agreement dated as of the Closing Date among the Closing Date Borrowers, the Servicer and the Manager; 

(r) the Joinder to Assignment and Subordination of Management Agreement dated as of the Closing Date among the Closing
Date Borrowers and the Manager; and 
 (s) the Joinder to Advance Reimbursement Agreement dated as of the Closing
Date among the Closing Date Borrowers, the Servicer and the Trustee. 
 The Existing Transaction Documents and the Closing Date Transaction
Documents are referred to herein as the “Transaction Documents.” The Closing Date Borrowers, the Depositor, the Guarantor, SBA Holdings, the Manager and the Sub-Manager are referred to herein as the “Transaction
Parties.” 
 The Offered Certificates will be offered and sold to the initial purchasers named in Schedule I
annexed hereto (the “Initial Purchasers”) for whom Barclays Capital Inc. and Deutsche Bank Securities Inc. are acting as representatives (the “Representatives”) without being registered under the Securities Act of
1933, as amended (the “Securities Act”), in reliance upon an exemption therefrom. In consultation with the Representatives, SBA Finance has prepared a preliminary offering memorandum, dated July 25, 2012 (the
“Preliminary Offering Memorandum”), a pricing term sheet substantially in the form attached hereto as Schedule II (the “Pricing Term Sheet”) setting forth the terms of the Offered Certificates omitted from
the Preliminary Offering Memorandum and a final offering memorandum, dated July 26, 2012 (the “Offering Memorandum”), setting forth information concerning the Closing Date Borrowers, the Manager, SBA Finance, SBA Parent and
certain affiliated and unaffiliated entities, the 

  
 6 

 
Closing Date Sites, the Leases, the Lessees and the Offered Certificates. The Preliminary Offering Memorandum, together with the Pricing Term Sheet and the documents listed on Schedule III
hereto are collectively referred to as the “Pricing Disclosure Package.” “Applicable Time” means 3:30 p.m. (New York City time) on the date of this Agreement. Copies of the Preliminary Offering Memorandum have been,
and copies of the Offering Memorandum will be, delivered by SBA Finance to the Initial Purchasers pursuant to the terms of this Agreement. Any references herein to the Preliminary Offering Memorandum and the Offering Memorandum shall be deemed to
include all amendments and supplements thereto. SBA Finance hereby confirms that it has authorized the use of the Pricing Disclosure Package and the Offering Memorandum in connection with the offering and resale of the Offered Certificates by the
Initial Purchasers in accordance with Section 2. 
 SBA Finance and the Trustee hereby confirm their agreement with the
Initial Purchasers concerning the purchase of the Offered Certificates from the Trustee by the Initial Purchasers. 
  

	 	1.	Representations, Warranties and Agreements of SBA Finance. 

 SBA Finance represents and warrants to, and agrees with, the Initial Purchasers on and as of the date hereof and the Closing Date (as defined in Section 3) that: 

(i) The Preliminary Offering Memorandum and the Marketing Materials (as hereinafter defined) (when read together with the Preliminary
Offering Memorandum) as of their respective dates, did not, the Pricing Disclosure Package, as of the Applicable Time, did not, and as of the Closing Date, will not, and the Offering Memorandum, as of its date and as of the Closing Date, will not,
contain an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading, except that this representation and warranty
does not apply to statements in or omissions from the Pricing Disclosure Package or the Offering Memorandum made in reliance upon and in conformity with the Initial Purchasers’ Information (as defined in Section 7(e)); 

(ii) Each of the Preliminary Offering Memorandum and the Offering Memorandum, as of its respective date, contained or contains all of the
information that, if requested by a prospective purchaser of the Offered Certificates, would be required to be provided to such prospective purchaser pursuant to Rule 144A(d)(4) under the Securities Act; 

(iii) Assuming the accuracy of the representations and warranties of the Initial Purchasers contained in Section 2 and their
compliance with the agreements set forth therein, it is not necessary, in connection with the issuance and sale of the Offered Certificates to the Initial Purchasers and the offer, resale and delivery of the Offered Certificates by the Initial
Purchasers in the manner contemplated by this Agreement, the Preliminary Offering Memorandum and the Offering Memorandum, to register the Offered Certificates under the Securities Act; 

  
 7 

 (iv) Each of the Depositor, SBA Holdings, the Guarantor, SBA Infrastructure and SBA Monarch
has been duly formed as a limited liability company and is validly existing and in good standing under the laws of the State of Delaware, is qualified to do business and is in good standing as a foreign limited liability company in each jurisdiction
or place where the nature of its properties or the conduct of its business requires such registration or qualification, except where the failure to be duly registered or qualified would not have caused a Material Adverse Effect, and has the
requisite power and authority to own or hold its properties and to conduct the business in which it is engaged as described in the Preliminary Offering Memorandum and the Offering Memorandum; 

(v) Each of SBA Senior Finance and the Sub-Manager has been duly formed as a limited liability company and is validly existing and in
good standing under the laws of the State of Florida, is qualified to do business and is in good standing as a foreign limited liability company in each jurisdiction or place where the nature of its properties or the conduct of its business requires
such registration or qualification, except where the failure to be duly registered or qualified would not have caused a Material Adverse Effect, and has the requisite power and authority to own or hold its properties and to conduct the business in
which it is engaged as described in the Preliminary Offering Memorandum and the Offering Memorandum; 
 (vi) Each of the
Existing Borrowers, SBA USVI and the Manager is duly incorporated and is validly existing and in good standing under the laws of the State of Florida, is qualified to do business and is in good standing as a foreign corporation in each jurisdiction
or place where the nature of its properties or the conduct of its business requires such registration or qualification, except where the failure to be duly registered or qualified would not have caused a Material Adverse Effect, and has all the
requisite corporate power and authority to own, lease and operate its properties and to conduct the business in which it is engaged as described in the Preliminary Offering Memorandum and the Offering Memorandum; 

(vii) Each of the Depositor, SBA Holdings, the Guarantor, SBA Infrastructure, SBA Monarch and the Sub-Manager has all requisite limited
liability company power and authority to execute, deliver and perform its obligations under the Transaction Documents to which it is a party; 
 (viii) Each of the Existing Borrowers, SBA USVI and the Manager has all requisite corporate power and authority to execute, deliver and perform its obligations under the Transaction Documents to which it
is a party; 
 (ix) SBA Finance has all requisite limited liability company power and authority to execute, deliver and perform
its obligations under this Agreement; 
 (x) This Agreement has been duly authorized, executed and delivered by SBA Finance;

  
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 (xi) On the Closing Date, the Offered Certificates will have been duly and validly
authorized and, when the Offered Certificates are duly and validly executed by or on behalf of the Trustee, authenticated by the Certificate Registrar and delivered in accordance with the Trust Agreement and delivered and paid for as provided
herein, will be validly issued and outstanding and entitled to the benefits and security afforded by the Trust Agreement. 

(xii) Each of the Existing Transaction Documents to which each Transaction Party is a party has been duly authorized, executed and
delivered by such Transaction Party and, assuming due authorization, execution and delivery by the other parties thereto, constitutes the legal, valid and binding obligation of such Transaction Party enforceable against such Transaction Party in
accordance with its terms (subject to applicable bankruptcy, insolvency reorganization, moratorium, fraudulent transfer and other similar laws affecting creditors’ rights generally from time to time in effect and to general equitable principles
(whether considered in a proceeding in equity or at law) and an implied covenant of good faith and fair dealing); 
 (xiii) Each
of the Closing Date Transaction Documents (other than this Agreement) to which each Transaction Party will be a party will be duly authorized, executed and delivered by such Transaction Party on or prior to the Closing Date and, assuming due
authorization, execution and delivery by the other parties thereto, will constitute the legal, valid and binding obligation of such Transaction Party enforceable against such Transaction Party in accordance with its terms (subject to applicable
bankruptcy, insolvency reorganization, moratorium, fraudulent transfer and other similar laws affecting creditors’ rights generally from time to time in effect and to general equitable principles (whether considered in a proceeding in equity or
at law) and an implied covenant of good faith and fair dealing); 
 (xiv) The execution, delivery and performance of this
Agreement by SBA Finance and the consummation of the transactions contemplated hereby and by the Transaction Documents, including the sale of the Offered Certificates by the Trustee, will not conflict with, or result in a breach or violation of any
of the terms or provisions of, or (including with the giving of notice or the lapse of time or both) constitute a default under (i) any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which SBA Finance is
a party or by which SBA Finance is bound or to which any of the properties or assets of SBA Finance is subject, (ii) the provisions of the operating agreement of SBA Finance or (iii) any statute or any order, rule or regulation of any
court or governmental agency or body having jurisdiction over SBA Finance or any of its properties or assets, except in the cases of clause (i) or (iii), such breaches, violations or defaults that in the aggregate would not have a Material
Adverse Effect; 
 (xv) The execution, delivery and performance of the Existing Transaction Documents to which each Transaction
Party is a party by such Transaction Party and the consummation of the transactions contemplated thereby do not and will not conflict with, or result in a breach or violation of any of the terms or provisions of, or (including with the giving of
notice or the lapse of time or both) constitute a default under (i) any indenture, mortgage, deed of trust, loan agreement or other agreement or 

  
 9 

 
instrument to which such Transaction Party is a party or by which such Transaction Party is bound or to which any of the properties or assets of such Transaction Party is subject, (ii) the
provisions of the operating agreement, certificate of incorporation and by-laws or other constitutive documents of such Transaction Party or (iii) any statute or any order, rule or regulation of any court or governmental agency or body having
jurisdiction over such Transaction Party or any of its properties or assets, except in the cases of clause (i) or (iii), such breaches, violations or defaults that in the aggregate would not have a Material Adverse Effect; 

(xvi) The execution, delivery and performance of the Closing Date Transaction Documents to which each Transaction Party will be a party
by such Transaction Party and the consummation of the transactions contemplated thereby will not conflict with, or result in a breach or violation of any of the terms or provisions of, or (including with the giving of notice or the lapse of time or
both) constitute a default under (i) any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which such Transaction Party is a party or by which such Transaction Party is bound or to which any of the
properties or assets of such Transaction Party is subject, (ii) the provisions of the operating agreement, certificate of incorporation and by-laws or other constitutive documents of such Transaction Party or (iii) any statute or any
order, rule or regulation of any court or governmental agency or body having jurisdiction over such Transaction Party or any of its properties or assets, except in the cases of clause (i) or (iii), such breaches, violations or defaults that in
the aggregate would not have a Material Adverse Effect; 
 (xvii) No consent, approval, authorization or order of, or filing or
registration with, any court or any regulatory authority or other governmental agency or body is required for the execution, delivery and performance by SBA Finance of this Agreement and the sale of the Offered Certificates by the Trustee and the
consummation of the transactions contemplated hereby except as may be required by the securities or Blue Sky laws of any state of the United States or any foreign jurisdiction in connection with the sale of the Offered Certificates; 

(xviii) No consent, approval, authorization or order of, or filing or registration with, any court or any regulatory authority or other
governmental agency or body is required for the execution, delivery and performance of the Transaction Documents to which each Transaction Party is or will be a party by such Transaction Party and the consummation by such Transaction Party of the
transactions contemplated by such Transaction Documents; 
 (xix) There are no legal or governmental proceedings pending or, to
the knowledge of SBA Finance, threatened against any Transaction Party or to which any of the respective properties of the Transaction Parties is subject, that are not disclosed in the Preliminary Offering Memorandum and the Offering Memorandum and
which are reasonably likely to have a Material Adverse Effect or to materially affect the issuance or sale of the Offered Certificates or the consummation of any of the other transactions contemplated by the Transaction Documents. 

  
 10 

 (xx) None of the Transaction Parties is (i) in violation of its operating agreement,
certificate of incorporation and by-laws or other constitutive documents, (ii) in default, and no event has occurred which, with notice or lapse of time or both, would constitute such a default, in the due performance or observance of any term,
covenant or condition contained in any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which it is a party or by which it is bound or to which any of its properties or assets is subject or (iii) in
violation of any statute or any order, rule or regulation of any court or governmental agency or body having jurisdiction over it, other than, a default or violation described in clauses (ii) and (iii) which is not reasonably likely to
have a Material Adverse Effect; 
 (xxi) The Guarantor is the sole holder of the capital stock or the sole member, as
applicable, of each of the Closing Date Borrowers and owns such stock or membership interests therein, as applicable, free and clear of Liens, other than Liens created under the Transaction Documents; 

(xxii) SBA Holdings is the sole member of the Guarantor and owns its membership interests therein free and clear of Liens, other than
Liens created under the Transaction Documents; 
 (xxiii) SBA Finance is the sole member of each of SBA Holdings and the
Depositor and owns its membership interests in SBA Holdings and the Depositor free and clear of Liens; 
 (xxiv) SBA Finance has
provided a written representation (the “17g-5 Representation”) to each nationally recognized statistical rating organization hired by SBA Finance to rate the Offered Certificates (collectively, the “Hired NRSROs”),
which satisfies the requirements of paragraph (a)(3)(iii) of Rule 17g-5 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (“Rule 17g-5”), a copy of which has been delivered to each Initial
Purchaser, and SBA Finance has complied with the 17g-5 Representation; 
 (xxv) Ernst & Young LLP
(“E&Y”), whose review reports are included or incorporated by reference in the Preliminary Offering Memorandum and the Offering Memorandum and who has delivered the initial letter referred to in Section 5(d) hereof, are
independent public accountants as required by the Securities Act and the rules and regulations promulgated thereunder (the “Rules and Regulations”) and were independent accountants as required by the Securities Act and the Rules and
Regulations during the periods covered by the financial statements on which they reported included or incorporated by reference in the Preliminary Offering Memorandum and the Offering Memorandum; 

(xxvi) The historical financial statements (including the related notes) included or incorporated by reference in the Pricing Disclosure
Package and the Offering Memorandum present fairly in all material respects the financial condition, results of operations and cash flows of the entities purported to be shown thereby, at the dates and for the periods indicated, and have been
prepared in conformity with generally accepted 

  
 11 

 
accounting principles (“GAAP”) consistently applied throughout such periods. The other financial information and data included in the Pricing Disclosure Package and the Offering
Memorandum are, in all material respects, accurately presented and prepared on a basis consistent with such financial statements and the books and records of the Closing Date Borrowers; 

(xxvii) Since the date as of which information is given in the Pricing Disclosure Package, there has not occurred a Material Adverse
Effect or an event which has had a material adverse effect on the general affairs, management, consolidated financial position, stockholders’ equity, results of operations, business or prospects of SBA Parent and its subsidiaries taken as a
whole (a “SBA Parent Material Adverse Effect”), nor to SBA Finance’s knowledge, after due inquiry, has there occurred any development or event involving a prospective Material Adverse Effect or a prospective SBA Parent Material
Adverse Effect; 
 (xxviii) None of SBA Finance or the Transaction Parties is currently or will be, upon sale of the Offered
Certificates in accordance herewith and the application of the net proceeds therefrom as described in the Preliminary Offering Memorandum and the Offering Memorandum under the caption “Use of Proceeds,” an “investment company”
within the meaning of the Investment Company Act of 1940, as amended (the “1940 Act”); 
 (xxix) The Trust
Agreement is not required to be qualified under the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”); 
 (xxx) No forward-looking statement (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act) contained in the Pricing Disclosure Package or the Offering
Memorandum has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith; 
 (xxxi) The
statements in the Preliminary Offering Memorandum and the Offering Memorandum under the headings “Description of the Mortgage Loan,” “The Guaranties,” “The Management Agreement,” “Description of the
Securities” and “Description of the Trust Agreement” to the extent such statements summarize material terms of the Transaction Documents, are accurate in all material respects; 

(xxxii) The industry-related, tower-related and customer-related data and estimates included in the Pricing Disclosure Package and the
Offering Memorandum are based on or derived from sources which SBA Finance believes to be reliable and accurate; 
 (xxxiii)
Neither SBA Finance nor any affiliate (as defined in Rule 501(b) of Regulation D (“Regulation D”) under the Securities Act) of SBA Finance has directly, or through any agent (provided that no representation is made as to the
Initial Purchasers or any person acting on their behalf), (i) sold, offered for sale, solicited offers to buy or otherwise negotiated in respect of, any security (as defined in the Securities Act) which is or could be integrated with the
offering and sale of the Offered Certificates 

  
 12 

 
in a manner that would require the registration of the Offered Certificates under the Securities Act or (ii) engaged in any form of general solicitation or general advertising (within the
meaning of Regulation D, including, but not limited to, advertisements, articles, notices or other communications published in any newspaper, magazine, or similar medium or broadcast over television or radio, or any seminar or meeting whose
attendees have been invited by any general solicitation or general advertising) in connection with the offering of the Offered Certificates; 
 (xxxiv) When the Offered Certificates are issued and delivered pursuant to this Agreement, the Offered Certificates will not be of the same class (within the meaning of Rule 144A under the Securities Act)
as securities that are listed on a national securities exchange registered under Section 6 of the Exchange Act or that are quoted in a United States automated inter-dealer quotation system; 

(xxxv) Neither SBA Finance nor any of affiliate of SBA Finance or any person acting on their behalf has engaged or will engage during the
applicable restricted period in any directed selling efforts within the meaning of Rule 902(b) of Regulation S with respect to the Offered Certificates, and SBA Finance and the affiliates of SBA Finance and all persons acting on their behalf have
complied with and will comply with the offering restriction requirements of Regulation S in connection with the offering of the Offered Certificates outside the United States; provided that no representation is made as to the Initial
Purchasers or any person, acting on their behalf; 
 (xxxvi) The sale of the Offered Certificates pursuant to Regulation S are
“offshore transactions” and, to its knowledge, are not part of a plan or scheme to evade the registration provisions of the Securities Act; 
 (xxxvii) Neither SBA Finance nor any affiliate of SBA Finance has taken or may take, directly or indirectly, any action designed to cause or result in, or which has constituted or which might reasonably
be expected to constitute, the stabilization or manipulation of the price of the Offered Certificates to facilitate the sale or resale of the Offered Certificates; 
 (xxxviii) On and immediately after the Closing Date, each of the Transaction Parties (after giving effect to the Closing Date Mortgage Loan Increase, the issuance of the Offered Certificates and to the
other transactions related thereto as described in the Preliminary Offering Memorandum and the Offering Memorandum) will not be insolvent within the meaning of the Bankruptcy Code and none of the Transaction Parties is the subject of any voluntary
or involuntary case or proceeding seeking liquidation, reorganization or other relief with respect to itself or its debts under any bankruptcy or insolvency law and no Event of Bankruptcy has occurred with respect to any Transaction Party; and

 (xxxix) As of the Closing Date, the representations and warranties of each Transaction Party contained in the Transaction
Documents to which such Transaction Party is a party will be true and correct and are repeated herein as though fully set forth herein. 

  
 13 

	 	2.	Purchase and Resale of the Offered Certificates. 

 (a) On the basis of the representations, warranties and agreements contained herein, and subject to the terms and conditions set forth herein, the Trustee, on behalf of the Certificateholders, agrees to
sell to the Initial Purchasers, and each of the Initial Purchasers, severally and not jointly, agrees to purchase from the Trustee, the principal amount of Offered Certificates set forth opposite the name of such Initial Purchaser on Schedule
I hereto at a purchase price equal to 98.8% of the principal amount thereof. The Trustee shall not be obligated to deliver any of the Offered Certificates except upon payment for all of the Offered Certificates to be purchased as provided
herein. 
 (b) The Initial Purchasers have advised the Trustee that they propose to offer the Offered Certificates for resale
upon the terms and subject to the conditions set forth herein and in the Pricing Disclosure Package. Each of the Initial Purchasers represents and warrants to, and agrees with, SBA Finance and the Trustee that (i) it is purchasing the Offered
Certificates pursuant to a private sale exempt from registration under the Securities Act, (ii) neither it nor any of its affiliates, nor any person acting on its behalf, has solicited offers for, or offered or sold, and neither it, nor any of
its affiliates, nor any person acting on its behalf, will solicit offers for, or offer or sell, the Offered Certificates by means of any form of general solicitation or general advertising within the meaning of Rule 502(c) of Regulation D or in any
manner involving a public offering within the meaning of Section 4(2) of the Securities Act, (iii) it has solicited and will solicit offers for the Offered Certificates only from, and has offered or sold and will offer, sell or deliver the
Offered Certificates, as part of its initial offering, only to (A) persons whom it reasonably believes to be qualified institutional buyers (“Qualified Institutional Buyers”) as defined in Rule 144A under the Securities Act
(“Rule 144A”), or if any such person is buying for one or more institutional accounts for which such person is acting as fiduciary or agent, only when such person has represented to it that each such account is a Qualified
Institutional Buyer to whom notice has been given that such sale or delivery is being made in reliance on Rule 144A and, in each case in transactions in accordance with Rule 144A, (B) a limited number of other institutional “accredited
investors”, as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act (“IAIs”), that make certain representations and agreements to the Trustee and the Initial Purchasers and (C) in the case of
offers outside the United States, to persons other than U.S. Persons (as defined in Regulation S under the Securities Act) in accordance with Rule 903 of Regulation S, and (iv) (A) it has complied and will comply with all applicable
provisions of the Financial Services and Markets Act 2000 (the “FSMA”) with respect to anything done by it in relation to the Offered Certificates in, from, or otherwise involving the United Kingdom, and it has only communicated or
caused to be communicated and it will only communicate or cause to be communicated any invitation or inducement to engage in investment activity (within the meaning of section 21 of the FSMA) received by it in connection with the issue or sale of
any Offered Certificates, in circumstances in which section 21(1) of the FSMA does not apply to the Trustee, and (B) in relation to each Member State of the European Economic Area (each, a “Relevant Member State”) with effect
from and including the date on which the Prospectus Directive is implemented in that Relevant Member State, it has not made and will not make an offer of the Offered Certificates to the public in that Relevant Member State other than: 

(1) to any legal entity which is a qualified investor as defined in the Prospectus Directive; 

  
 14 

 (2) to fewer than 150 natural or legal persons (other than qualified
investors as defined in the Prospectus Directive), as permitted under the Prospectus Directive, subject to obtaining the prior consent of the relevant dealer or dealers nominated by SBA Finance for any such offer; or 

(3) in any other circumstances falling within Article 3(2) of the Prospectus Directive. 

For the purposes of the representation in clause (iv)(B) above, the expression an “offer of Offered Certificates to the public” in relation to
any Offered Certificates in any Relevant Member State means the communication in any form and by any means of sufficient information on the terms of the offer and the Offered Certificates so as to enable an investor to decide to purchase or
subscribe for the Offered Certificates, as the same may be varied in that Relevant Member State by any measure implementing the Prospectus Directive in that Relevant Member State and the expression “Prospectus Directive” means Directive
2003/71/EC and all amendments thereto, including Directive 2010/73/EU, and any relevant implementing measure adopted by a Relevant Member State. The Initial Purchasers agree that prior to or on the Closing Date the Initial Purchasers shall furnish
to each purchaser of any of the Offered Certificates a copy of the Offering Memorandum. In addition to the foregoing, the Initial Purchasers acknowledge and agree that SBA Finance, the Trustee and, for purposes of the opinions to be delivered to the
Initial Purchasers pursuant to Section 5, counsel for SBA Finance and for the Initial Purchasers, respectively, may rely upon the accuracy of the representations and warranties of the Initial Purchasers and their compliance with their
agreements contained in this Section 2 (except clause (i) of this subsection (b)), and the Initial Purchasers hereby consent to such reliance. 
 (c) The Trustee acknowledges and agrees that the Initial Purchasers may sell Offered Certificates to any affiliate of the Initial Purchasers and that any such affiliate may sell Offered Certificates
purchased by it to the Initial Purchasers. 
  

	 	3.	Delivery of and Payment for the Offered Certificates. 

 (a) Delivery of and payment for the Offered Certificates shall be made at the offices of Cadwalader, Wickersham & Taft LLP, New York, New York, or at such other place as shall be agreed upon by
the Representatives, SBA Finance and the Trustee, at 10:00 A.M., New York City time, on August 9, 2012, or at such other time or date, not later than seven full business days thereafter, as shall be agreed upon by the Representatives, SBA
Finance and the Trustee (such date and time of payment and delivery being referred to herein as the “Closing Date”). 
 (b) On the Closing Date, payment of the purchase price for the Offered Certificates shall be made to the Trustee by wire or book-entry transfer of same-day funds to such account or accounts as the Trustee
shall specify prior to the Closing Date or 

  
 15 

 
by such other means as the parties hereto shall agree prior to the Closing Date against delivery to Barclays Capital Inc. on behalf of the Initial Purchasers of the Offered Certificates as
described herein. Time shall be of the essence, and delivery at the time and place specified pursuant to this Agreement is a further condition of the obligation of the Initial Purchasers hereunder. Upon delivery, the Offered Certificates shall be in
definitive form, registered in such names and in such denominations as the Representatives shall have requested in writing not less than two full business days prior to the Closing Date, in the case of any Offered Certificates being resold to IAIs
on the Closing Date, and otherwise in global form, registered in the name of The Depository Trust Company (“DTC”) or its nominee and delivered through the facilities of DTC. SBA Finance agrees to make the definitive certificates and
one or more global certificates evidencing the Offered Certificates available for inspection by the Representatives in New York, New York at least 24 hours prior to the Closing Date. 

 

	 	4.	Further Agreements of SBA Finance 

 SBA Finance agrees with the Initial Purchasers: 
 (a) (i) to advise the
Representatives promptly and, if requested, confirm such advice in writing, of the happening of any event which makes any statement of a material fact made in the Pricing Disclosure Package or the Offering Memorandum untrue or which requires the
making of any additions to or changes in the Offering Memorandum in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, (ii) to advise the Representatives promptly of any order
preventing or suspending the use of the Pricing Disclosure Package or the Offering Memorandum, of any suspension of the qualification of the Offered Certificates for offering or sale in any jurisdiction and of the initiation or threatening of any
proceeding for any such purpose and (iii) to use commercially reasonable efforts to prevent the issuance of any such order preventing or suspending the use of the Pricing Disclosure Package or the Offering Memorandum or suspending any such
qualification and, if any such suspension is issued, to obtain the lifting thereof at the earliest possible time; 
 (b) to
prepare the Offering Memorandum in a form reasonably acceptable to the Initial Purchasers and to furnish promptly to the Initial Purchasers and counsel for the Initial Purchasers, without charge, as many copies of the Preliminary Offering Memorandum
and the Offering Memorandum (and any amendments or supplements thereto) as may be reasonably requested; 
 (c) not to amend or
supplement the Offering Memorandum unless the Initial Purchasers shall previously have been advised of, and shall not have reasonably objected to, such amendment or supplement within a reasonable time, but in any event not longer than five days
after being furnished a copy of such amendment or supplement; 
 (d) if, at any time prior to completion of the resale of the
Offered Certificates by the Initial Purchasers, any event shall occur that, in the judgment of SBA Finance or in the judgment of counsel to the Initial Purchasers, makes any statement of a material fact

  
 16 

 
in the Offering Memorandum untrue or that requires the making of any additions to or changes in the Offering Memorandum in order to make the statements in the Offering Memorandum, in light of the
circumstances at the time that the Offering Memorandum is delivered to prospective investors, not misleading, or if it is necessary to amend or supplement the Offering Memorandum to comply with any applicable laws, to promptly notify the
Representatives of such event and prepare an appropriate amendment or supplement to the Offering Memorandum so that (i) the statements in the Offering Memorandum as amended or supplemented will, in light of the circumstances at the time that
the Offering Memorandum is delivered to prospective investors, not be misleading and (ii) the Offering Memorandum will comply with applicable law; 
 (e) for so long as the Offered Certificates are outstanding and are “restricted securities” within the meaning of Rule 144(a)(3) under the Securities Act, to furnish to holders of the Offered
Certificates and prospective purchasers of the Offered Certificates designated by such holders, upon request of such holders or such prospective purchasers, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities
Act (the foregoing agreement being for the benefit of the holders from time to time of the Offered Certificates and prospective purchasers of the Offered Certificates designated by such holders); 

(f) to promptly take from time to time such actions as the Representatives may reasonably request to qualify the Offered Certificates for
offering and sale under the securities or Blue Sky laws of such jurisdictions as the Representatives may designate and to continue such qualifications in effect for so long as required for the resale of the Offered Certificates; and to arrange for
the determination of the eligibility for investment of the Offered Certificates under the laws of such jurisdictions as the Representatives may request; provided that none of the Closing Date Borrowers or the Trustee on behalf of the holders
of the Certificates shall be obligated to qualify as a foreign corporation in any jurisdiction in which it is not so qualified or to file a general consent to service of process in any jurisdiction in which it is not now so subject; 

(g) to use its reasonable best efforts to do and perform all things required to be done and performed under this Agreement by it prior to
or after the Closing Date and to satisfy all conditions precedent on its part to the delivery of the Offered Certificates; 

(h) to assist the Representatives in arranging for the Offered Certificates to be eligible for clearance and settlement through DTC;

 (i) not to, and to cause its affiliates not to, sell, offer for sale or solicit offers to buy or otherwise negotiate in
respect of any security (as such term is defined in the Securities Act) that would be integrated with the sale of the Offered Certificates in a manner which would require the registration under the Securities Act of the sale to the Initial
Purchasers or the resale to investors hereunder of the Offered Certificates; 
 (j) not to, and to use its best efforts to cause
its controlled affiliates not to, either alone or with one or more other persons, offer or sell the Offered Certificates by means of any form of general solicitation or general advertising within the meaning of Rule 502(c)

  
 17 

 
under the Securities Act or in any manner involving a public offering within the meaning of Section 4(2) of the Securities Act; and not to offer, sell, contract to sell or otherwise dispose
of, directly or indirectly, any securities under circumstances where such offer, sale, contract or disposition would cause the exemption afforded by Section 4(2) of the Securities Act to cease to be applicable to the offering and sale of the
Offered Certificates as contemplated by this Agreement and the Preliminary Offering Memorandum; 
 (k) with respect to any
Offered Certificates sold in reliance on Rule 903 under the Securities Act, not to, and to use its best efforts to cause its controlled affiliates not to, either alone or with one or more other persons, offer or sell the Offered Certificates in the
United States by means of any directed selling effort within the meaning of Rule 902 or otherwise in violation of the offering restriction requirements of Regulation S under the Securities Act; 

(l) for a period of 60 days from the date of the Offering Memorandum, not to, directly or indirectly, sell, contract to sell, grant any
option to purchase, issue any instrument convertible into or exchangeable for, or otherwise transfer or dispose of, any securities issued by the Trust or any other securities backed by wireless communications sites and related leases and licenses
owned by SBA Parent or any of its affiliates, except with the prior written consent of the Initial Purchasers; 
 (m) in
connection with the offering of the Offered Certificates, until the Representatives shall have notified SBA Finance of the completion of the resale of the Offered Certificates, not to, and to cause its affiliated purchasers (as defined in Regulation
M under the Exchange Act) not to, either alone or with one or more other persons, bid for or purchase, for any account in which it or any of its affiliated purchasers has a beneficial interest, any Offered Certificates, or attempt to induce any
person to purchase any Offered Certificates; and not to, and to cause its affiliated purchasers not to, make bids or purchase for the purpose of creating actual, or apparent, active trading in or of raising the price of the Offered Certificates;

 (n) in connection with the offering of the Offered Certificates, until the Representatives shall have notified SBA Finance of
the completion of the initial resale of the Offered Certificates by the Initial Purchasers, to extend to each prospective investor, at the request of the Initial Purchasers, the reasonable opportunity to discuss with, and obtain information from,
SBA Finance and its affiliates concerning their businesses, management and financial affairs, the Offered Certificates and the terms and conditions of the offering thereof, to the extent SBA Finance and its affiliates possess the same or can acquire
it without unreasonable effort or expense; 
 (o) to cause the net proceeds from the sale of the Offered Certificates to be
applied as set forth in the Preliminary Offering Memorandum and the Offering Memorandum under the heading “Use of Proceeds”, including to the payment of all fees owing to the Initial Purchasers and the fees and expenses set forth in
Section 9 hereof; 
 (p) to the extent that the ratings to be provided with respect to the Offered Certificates as set
forth in the Pricing Disclosure Package and the Offering Memorandum 

  
 18 

 
by Fitch Ratings, Inc. (“Fitch”) and Moody’s Investors Service, Inc. (“Moody’s”) are conditional upon the furnishing of documents or the taking of any
other actions by SBA Finance or any of its affiliates, to furnish such documents and take any such other action; 
 (q) to
comply with the 17g-5 Representation in all material respects; and 
 (r) for a period from the date of this Agreement until the
retirement of the Offered Certificates, to cause to be furnished to the Initial Purchasers, as soon as practicable after becoming available, copies of (i) (A) the annual statement of compliance delivered by the Servicer to the Trustee
under the Trust Agreement, (B) the annual independent public accountants’ servicing report furnished to the Trustee pursuant to the Trust Agreement, (C) any reports distributed by the Servicer pursuant to Section 4.02(a) or
(e) of the Trust Agreement and (D) from time to time, such other information concerning the Offered Certificates which may be furnished by the Servicer to the extent SBA Finance possesses the same or can acquire it without unreasonable
effort or expense and (ii) (A) all annual and periodic financial reports furnished to the Servicer or the Trustee by any of the Transaction Parties or SBA Parent and (B) all material reports, information and correspondence sent to
holders of the Offered Certificates. 
  

	 	5.	Conditions to Obligations of Initial Purchasers and Trust. 

 The obligations of the Initial Purchasers hereunder are subject to the accuracy, on and as of the date hereof and the Closing Date, of the representations and warranties of SBA Finance contained herein,
to the accuracy of the statements of the other Transaction Parties and their respective officers made in any certificates delivered pursuant hereto, to the performance by SBA Finance of its obligations hereunder and to each of the following
additional terms and conditions: 
 (a) The Offering Memorandum (and any amendments or supplements thereto) shall
have been printed and copies distributed to the Initial Purchasers not later than 11:00 a.m., New York City time, on the fourth business day following the date of this Agreement, or at such later date and time as the Representatives may approve in
writing; and no stop order suspending the sale of the Offered Certificates in any jurisdiction shall have been issued and no proceeding for that purpose shall have been commenced or shall be pending or threatened; 

(b) The Initial Purchasers shall not have discovered and disclosed to SBA Finance on or prior to the Closing Date that
(i) the Pricing Disclosure Package, as of the Applicable Time, contained an untrue statement of a fact which, in the opinion of counsel for the Initial Purchasers, is material or omits to state any fact which, in the opinion of such counsel, is
material and is necessary to make the statements therein, in light of the circumstances existing as of the Applicable Time, not misleading or (ii) the Pricing Disclosure Package or the Offering Memorandum, or any amendment or supplement
thereto, contains an untrue statement of a fact which, in the opinion of counsel for the Initial Purchasers, is material or omits to state any fact which, in the opinion of such counsel, is material and is necessary to make the statements therein,
in the light of the circumstances under which they were made, not misleading; 

  
 19 

 (c) All corporate proceedings and other legal matters incident to the
authorization, form and validity of each of the Transaction Documents and the Offering Memorandum, and all other legal matters relating to the Transaction Documents and the transactions contemplated thereby, shall be reasonably satisfactory in all
material respects to the Initial Purchasers, and SBA Finance and the Transaction Parties shall have furnished to the Initial Purchasers all documents and information that they or their counsel may reasonably request to enable them to pass upon such
matters; 
 (d) On the date hereof, SBA Finance shall have furnished to the Representatives a letter from E&Y
(the “Initial Letter”), addressed to the Initial Purchasers and dated the date hereof concerning the accounting and financial information with respect to SBA Parent and its subsidiaries incorporated by reference in the Preliminary
Offering Memorandum and certain statistical information with respect to the Closing Date Borrowers set forth in the Preliminary Offering Memorandum; 
 (e) SBA Finance shall have furnished to the Representatives a letter from E&Y (the “Bring-Down Letter”), addressed to the Initial Purchasers and dated the Closing Date concerning the
accounting and financial information with respect to SBA Parent and its subsidiaries incorporated by reference in the Offering Memorandum and certain statistical information with respect to the Closing Date Borrowers set forth in the Offering
Memorandum and (i) confirming that they are independent public accountants with respect to SBA Parent and its subsidiaries within the meaning of Rule 101 of the Code of Professional Conduct of the AICPA and its interpretations and rulings
thereunder, (ii) stating, as of the date of the Bring-Down Letter (or, with respect to matters involving changes or developments since the respective dates as of which specified financial information is incorporated by reference in the Offering
Memorandum, as of a date not more than three business days prior to the date of the Bring-Down Letter), that the conclusions and findings of such accountants with respect to the financial information and other matters covered by the Initial Letter
are accurate and (iii) confirming in all material respects the conclusions and findings set forth in the Initial Letter; 
 (f) SBA Finance shall have furnished to the Representatives (i) a report from Deloitte & Touche LLP (“Deloitte”), dated July 26, 2012, in form and substance reasonably
satisfactory to the Representatives, concerning certain agreed upon procedures performed in respect of the information presented in the Preliminary Offering Memorandum on the Cover and under the captions “Security Summary,” “Summary
of Memorandum,” “Risk Factors,” “The Business of the Closing Date Borrowers,” “The Closing Date Sites,” “Description of the Mortgage Loan,” “Description of the Securities” and “Yield and
Maturity Considerations” and certain information in the Sales Slides (as hereinafter 

  
 20 

 
defined) addressed to the Initial Purchasers, (ii) a report from Deloitte, dated July 26, 2012, in form and substance reasonably satisfactory to the Representatives, concerning certain
agreed upon procedures performed in respect of the information presented in the Offering Memorandum on the Cover and under the captions “Security Summary,” “Summary of Memorandum,” “Risk Factors,” “The Business of
the Closing Date Borrowers,” “The Closing Date Sites,” “Description of the Mortgage Loan,” “Description of the Securities” and “Yield and Maturity Considerations” addressed to the Initial Purchasers,
(iii) a report from Deloitte, dated July 26, 2012, in form and substance reasonably satisfactory to the Representatives, concerning certain agreed upon procedures performed in respect of the information presented in the data file
containing certain information pertaining to wireless communication sites, tenant leases, and wireless communication towers; 
 (g) The Closing Date Transaction Documents shall have been executed and delivered by the parties thereto in form satisfactory to the Representatives; the Transaction Documents shall be in full force and
effect, the representations and warranties of the parties thereto contained in the Transaction Documents shall be true and correct and each of such parties shall have performed its obligations thereunder required to be performed on or prior to the
Closing Date; 
 (h) The Offered Certificates shall have been duly executed and delivered by the Trustee and duly
authenticated by the Certificate Registrar and shall be eligible for clearance and settlement through DTC; 
 (i)
The Representatives and the Trustee shall have received a letter from Moody’s stating that the Offered Certificates have received a rating of “A2” and a letter from Fitch stating that the Offered Certificates have received a rating of
“A”; 
 (j) Subsequent to the execution and delivery of this Agreement there shall not have occurred
any of the following: (i) trading in securities generally on the New York Stock Exchange, the Nasdaq National Market or in the over-the-counter market, or trading in any securities of SBA Parent on any exchange or in the over-the-counter
market, shall have been suspended or minimum prices shall have been established on any such exchange or such market by the Securities and Exchange Commission, by such exchange or by any other regulatory body or governmental authority having
jurisdiction, (ii) a material disruption in securities settlement, payment or clearance services in the United States, (iii) a banking moratorium shall have been declared by Federal or state authorities, (iv) any attack on, outbreak
or escalation of hostilities or act of terrorism involving the United States, any declaration of war by Congress or any other national or international calamity, crisis or emergency if, in the judgment of the Representatives, the effect of any such
attack, outbreak, escalation, act, declaration, calamity, crisis or emergency makes it impractical or inadvisable to proceed with the completion of the offering or sale of and payment for the Offered Certificates, or (v) the occurrence of any
other calamity, crisis (including 

  
 21 

 
without limitation as a result of terrorist activities), or material adverse change in general economic, political or financial conditions (or the effect of international conditions on the
financial markets in the United States shall be such) as to make it, in the judgment of the Representatives, impracticable or inadvisable to proceed with the public offering or delivery of the Offered Certificates being delivered on the Closing Date
on the terms and in the manner contemplated by this Agreement and in the Offering Memorandum (exclusive of any amendment or supplement thereto) or that, in the judgment of the Representatives, would materially and adversely affect the financial
markets or the markets for the Offered Certificates and or debt or equity securities; 
 (k) Since the date as of
which information is given in the Pricing Disclosure Package, there shall not have occurred any change, or any development which would reasonably be expected to involve a prospective change, in or affecting the financial condition, or in the
business, assets or results of operations, of SBA Finance or any Transaction Party, or in the Trust Fund, other than as set forth in or contemplated by the Pricing Disclosure Package and the Offering Memorandum at the date of this Agreement, the
effect of which is, in the Representatives’ judgment, such as to make it impracticable or inadvisable to market or sell the Offered Certificates on the terms and in the manner contemplated in the Preliminary Offering Memorandum and the Offering
Memorandum (exclusive of any amendment or supplement thereto); 
 (l) The Representatives and the Trustee shall
have received (i) all title insurance policies (or a marked, signed and predated commitment to issue all title insurance policies) and all endorsements to previously issued title insurance policies required to be delivered to the Servicer in
connection with the addition of the Additional Borrower Sites and the Closing Date Mortgage Loan Increase pursuant to the Loan Agreement and (ii) evidence reasonably satisfactory to the Representatives and their counsel, that (A) all
amendments to all Mortgages with respect to all Mortgaged Sites of the Existing Borrowers included in the Closing Date Sites, all Mortgages with respect to all Mortgaged Sites of the SBA III Borrowers included in the Closing Date Sites and all
assignments of rent with respect to the Other Sites included in the Closing Date Sites have been properly prepared and duly executed by the Closing Date Borrowers, (B) all UCC-1 financing statements required to be filed on or prior to the
Closing Date pursuant to the Transaction Documents have been prepared and are ready to be filed and (C) on or prior to the Closing Date, the sixty-eight (68) Ground Lease Sites owned by the Existing Borrowers but excluded from the Closing Date
Sites (as defined in the Pricing Disclosure Package) have been assigned or terminated in accordance with the terms of Section 5.21(A)(ii) of the Loan Agreement; 

(m) On or prior to the Closing Date, the organizational documents of SBA Infrastructure shall have been amended to add
certain provisions consistent with the current criteria of the Rating Agencies for special purpose entities, and such documents shall have been furnished to the Representatives and shall be reasonably satisfactory to the Representatives and their
counsel; 

  
 22 

 (n) (1) The Representatives and the Trustee shall have received an
opinion of Cadwalader, Wickersham & Taft LLP, special New York counsel to SBA Finance and the Transaction Parties, dated the Closing Date and addressed to the Initial Purchasers, regarding due authorization, execution and delivery of the
Transaction Documents by SBA Holdings, the Guarantor, SBA Infrastructure and SBA Monarch and, with respect to the Transaction Documents to which the Depositor is a party, the Depositor, due authorization of the direction by the Closing Date
Borrowers to the Trustee and the Certificate Registrar to execute and authenticate the Offered Certificates, due authorization of the order by the Depositor to the Trustee to enter into this Agreement, with respect to the Transaction Parties, the
enforceability of certain Transaction Documents, the Offered Certificates’ entitlement to the benefits of the Trust Agreement, required authorizations and consents of federal and New York governmental authorities, no violations of federal or
New York law or regulation, the validity of the security interests created under the Transaction Documents, perfection matters with respect to those security interests created under the Transaction Documents the perfection of which is governed by
New York law, the exemption from registration of the Offered Certificates under the Securities Act, the exemption from qualification of the Trust Agreement under the Trust Indenture Act, the exemption from regulation as an “investment
company” under the 1940 Act of SBA Holdings, the Guarantor and the Closing Date Borrowers and such other matters as the Representatives may reasonably request, each in form and substance reasonably satisfactory to the Representatives and their
counsel; 
 (2) The Representatives shall have received an opinion of Cadwalader, Wickersham & Taft LLP, special New
York counsel to SBA Finance and the Transaction Parties, dated the Closing Date and addressed to the Initial Purchasers, regarding the accuracy of the descriptions of the Transaction Documents in the Pricing Disclosure Package and the Offering
Memorandum and securities law matters, including negative assurances concerning the Pricing Disclosure Package as of the Applicable Time and the Offering Memorandum as of its date and the Closing Date and such other matters as the Representatives
may reasonably request, each in form and substance reasonably satisfactory to the Representatives and their counsel; 
 (o) The Representatives and the Trustee shall have received an opinion of Cadwalader, Wickersham & Taft LLP, special New York counsel to the Transaction Parties, dated the Closing Date and
addressed to the Initial Purchasers, regarding the substantive nonconsolidation of the assets and liabilities of the Closing Date Borrowers, SBA Holdings or the Guarantor with those of SBA Finance, in form and substance reasonably satisfactory to
the Representatives and their counsel; 
 (p) The Representatives and the Trustee shall have received an opinion
of Cadwalader, Wickersham & Taft LLP, special counsel to SBA Finance, dated the Closing Date and addressed to the Initial Purchasers, to the effect that the 

  
 23 

 
statements made in the Preliminary Offering Memorandum and the Offering Memorandum under the captions “Certain U.S. Federal Income Tax Considerations” and “Certain ERISA
Considerations” to the extent such statements summarize material tax consequences or material consequences under ERISA, respectively, of the purchase, beneficial ownership and disposition of the Offered Certificates to the holders thereof
described therein, constitute accurate summaries of the matters described therein in all material respects, and will confirm its opinion under the caption “Certain U.S. Federal Income Tax Considerations” that the Trust will be treated as a
mere security device or, alternatively, as one or more grantor trusts and will not be taxable as a corporation for U.S. federal income tax purposes, in form and substance reasonably satisfactory to the Representatives and their counsel; 

(q) The Representatives and the Trustee shall have received an opinion of Greenberg Traurig LLP, Florida counsel to SBA
Finance, the Manager, the Sub-Manager, the Existing Borrowers and SBA USVI, dated the Closing Date and addressed to the Initial Purchasers, regarding organizational matters, power and authority, due authorization, execution and delivery of the
Transaction Documents by SBA Finance, the Manager, the Sub-Manager, the Existing Borrowers and SBA USVI, absence of litigation, no conflicts with organizational documents, Florida laws or regulations, court orders or contracts, required
authorizations and consents of Florida governmental authorities, the exemption from regulation as an “investment company” under the 1940 Act of SBA Finance, the Manager and the Sub-Manager and such other matters as the Representatives may
reasonably request, in form and substance reasonably satisfactory to the Representatives and their counsel; 

(r) The Representatives and the Trustee shall have received an opinion of Greenberg and Traurig LLP, Florida counsel to
the Existing Borrowers and SBA USVI, regarding the filing of UCC-1 financing statements and the perfection of the security interests created under the Transaction Documents the perfection of which is governed by Florida law, in form and substance
reasonably satisfactory to the Representatives and their counsel; 
 (s) The Representatives and the Trustee
shall have received an opinion of The Delaware Counsel Group LLP, special Delaware counsel to the Depositor, SBA Holdings, the Guarantor, SBA Infrastructure and SBA Monarch, regarding the due organization of each of the Depositor, SBA Holdings, the
Guarantor, SBA Infrastructure and SBA Monarch, no conflicts with organizational documents and Delaware laws or regulations, the enforceability of the limited liability company agreement of each of the Depositor, SBA Holdings, the Guarantor, SBA
Infrastructure and SBA Monarch, including certain provisions thereof relating to the filing of a voluntary bankruptcy petition, the rights of a judgment creditor of such members against the property of the Depositor, SBA Holdings, the Guarantor, SBA
Infrastructure or SBA Monarch, as applicable, treatment as a separate legal entity and the impact of the bankruptcy or dissolution of such members on the Depositor, SBA Holdings, the Guarantor, SBA Infrastructure or SBA Monarch, as applicable, in
form and substance reasonably satisfactory to the Representatives and their counsel; 

  
 24 

 (t) The Representatives and the Trustee shall have received an opinion of
The Delaware Counsel Group LLP, special Delaware counsel to the Depositor, SBA Holdings, the Guarantor, SBA Infrastructure and SBA Monarch, regarding the applicability of Delaware law to the determination of what persons have the authority to file a
voluntary bankruptcy petition on behalf of each of the Depositor, SBA Holdings, the Guarantor, SBA Infrastructure and SBA Monarch, as applicable, in form and substance reasonably satisfactory to the Representatives and their counsel; 

(u) The Representatives and the Trustee shall have received an opinion of The Delaware Counsel Group LLP, special Delaware
counsel to the Depositor, SBA Holdings, the Guarantor, SBA Infrastructure and SBA Monarch, regarding the filing of UCC-1 financing statements and the perfection of the security interests created under the Transaction Documents the perfection of
which is governed by Delaware law, in form and substance reasonably satisfactory to the Representatives and their counsel; 
 (v) The Representatives shall have received opinions of counsel to the Trustee and Certificate Registrar dated the Closing Date and addressed to the Initial Purchasers, in form and substance reasonably
satisfactory to the Representatives and their counsel; 
 (w) The Representatives and the Trustee shall have
received an opinion of Andrascik & Tita LLC, counsel to the Servicer, dated the Closing Date and addressed to the Initial Purchasers, in form and substance reasonably satisfactory to the Representatives and their counsel; 

(x) The Representatives and the Trustee shall have received an opinion of Wiley Rein & Fielding, FCC counsel to
SBA Finance and the Closing Date Borrowers, dated the Closing Date and addressed to the Initial Purchasers, in form and substance reasonably satisfactory to the Representatives and their counsel; 

(y) The Representatives shall have received an opinion of Simpson Thacher & Bartlett LLP, dated the Closing Date
and addressed to the Initial Purchasers, with respect to the validity of the Offered Certificates and such other matters as the Representatives may reasonably request; 

(z) The Representatives and the Trustee shall have received copies of any opinions of counsel to the Transaction Parties
supplied to the Rating Agencies, the Servicer or the Trustee in connection with the issuance of the Offered Securities which opinions shall be dated the Closing Date and addressed to the Initial Purchasers or accompanied by reliance letters
addressed to the Initial Purchasers; 

  
 25 

 (aa) The Representatives and the Trustee shall have received a certificate
or certificates signed by any two of the Chairman of the Board of Directors, the President, any Vice President or the Treasurer of SBA Finance, dated the Closing Date, in which each such officer shall state that (i) the representations and
warranties of SBA Finance in this Agreement are true and correct on and as of the Closing Date; (ii) that SBA Finance has complied with all agreements and satisfied all conditions on its part to be performed or satisfied hereunder at or prior
to the Closing Date; and (iii) he or she has carefully examined the Pricing Disclosure Package and the Offering Memorandum and, in his or her opinion the Pricing Disclosure Package, as of the Applicable Time and as of the Closing Date, and the
Offering Memorandum, as of its date and as of the Closing Date, did not and do not contain any untrue statement of a material fact and did not and do not omit to state a material fact necessary in order to make the statements therein, in the light
of the circumstances under which they were made, not misleading; 
 (bb) The Representatives and the Trustee
shall have received a certificate or certificates signed by any two of the Chairman of the Board of Directors, the President, any Vice President or the Treasurer of each of the Closing Date Borrowers, dated the Closing Date, in which each such
officer shall state that (i) the representations and warranties of such Closing Date Borrower in the Transaction Documents to which such Closing Date Borrower is a party are true and correct on and as of the Closing Date; (ii) that such
Closing Date Borrower has complied with all agreements and satisfied all conditions on its part to be performed or satisfied under the Transaction Documents at or prior to the Closing Date; and (iii) he or she has carefully examined the Pricing
Disclosure Package and the Offering Memorandum and, in his or her opinion the Pricing Disclosure Package, as of the Applicable Time and as of the Closing Date, and the Offering Memorandum, as of its date and as of the Closing Date, did not and do
not contain any untrue statement of a material fact and did not and do not omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; 

(cc) The Representatives and the Trustee shall have received a certificate or certificates signed by any two of the
Chairman of the Managers, the President, any Vice President or the Treasurer of SBA Holdings, dated the Closing Date, in which each such officer shall state that (i) the representations and warranties of SBA Holdings in the Transaction
Documents to which SBA Holdings is a party are true and correct on and as of the Closing Date; and (ii) that SBA Holdings has complied with all agreements and satisfied all conditions on its part to be performed or satisfied under the
Transaction Documents at or prior to the Closing Date; 
 (dd) The Representatives and the Trustee shall have
received a certificate or certificates signed by any two of the Chairman of the Managers, the President, any Manager, any Vice President or the Treasurer of the Guarantor, dated the Closing Date, in which each such officer shall state that
(i) the representations and warranties of the Guarantor in the Transaction Documents to which the Guarantor 

  
 26 

 
is a party are true and correct on and as of the Closing Date; and (ii) that the Guarantor has complied with all agreements and satisfied all conditions on its part to be performed or
satisfied under the Transaction Documents at or prior to the Closing Date; and 
 (ee) The Representatives and
the Trustee shall have received a certificate or certificates signed by any two of the Chairman of the Board of Directors, the President, any Vice President or the Treasurer of the Manager, dated the Closing Date, in which each such officer shall
state that (i) the representations and warranties of the Manager in the Transaction Documents to which the Manager is a party are true and correct on and as of the Closing Date; and (ii) that the Manager has complied with all agreements
and satisfied all conditions on its part to be performed or satisfied under the Transaction Documents at or prior to the Closing Date. 
 All opinions, letters, evidence and certificates mentioned above or elsewhere in this Agreement shall be deemed to be in compliance with the provisions hereof only if they are in form and substance
reasonably satisfactory to counsel for the Initial Purchasers. 
  

	 	6.	Termination. 

 The
obligations of the Initial Purchasers hereunder may be terminated by the Initial Purchasers in their absolute discretion, by notice given to and received by the Trustee and SBA Finance prior to delivery of and payment for the Offered Certificates
if, prior to that time, any event described in Sections 5(j) or 5(k) shall have occurred and be continuing. 
  

	 	7.	Indemnification and Contribution. 

 (a) SBA Finance hereby agrees to indemnify and hold harmless each Initial Purchaser, its directors, officers and employees and each person, if any, who controls such Initial Purchaser within the meaning
of the Securities Act, from and against any loss, claim, damage or liability, joint or several, or any action in respect thereof (including, but not limited to, any loss, claim, damage, liability or action relating to purchases and sales of Offered
Certificates), to which such Initial Purchaser, director, officer, employee or controlling person may become subject, under the Securities Act or otherwise, insofar as such loss, claim, damage, liability or action arises out of, or is based upon,
(i) any untrue statement or alleged untrue statement of a material fact contained (A) in any Preliminary Offering Memorandum, the Pricing Disclosure Package or the Offering Memorandum or in any amendment or supplement thereto or
(B) in any materials or information provided to investors by, or with the approval of, SBA Finance, in connection with the marketing of the offering and sale of the Offered Certificates, including the sales presentation dated July 25 2012
(the “Sales Slides”), and any roadshow or other investor presentation made to investors by or on behalf of SBA Finance (whether in person or electronically) (collectively, the “Marketing Materials”), (ii) the
omission or alleged omission to state in any Preliminary Offering Memorandum, 

  
 27 

 
the Pricing Disclosure Package or the Offering Memorandum or in any amendment or supplement thereto or in any Marketing Materials, any material fact required to be stated therein or necessary in
order to make the statements therein, in the light of the circumstances under which they were made, not misleading, (iii) the website maintained in compliance with Rule 17g-5 under the Exchange Act by or on behalf of SBA Finance, the Closing
Date Borrowers, the Guarantor or SBA Holdings in connection with the offering of the Offered Certificates, or (iv) any act or failure to act or any alleged act or failure to act by such Initial Purchaser in connection with, or relating in any
manner to, the Offered Certificates or the offering contemplated hereby, and which is included as part of or referred to in any loss, claim, damage, liability or action arising out of or based upon matters covered by clauses (i), (ii) or
(iii) above (provided that SBA Finance shall not be liable under clause (iv) to the extent that it is determined in a final judgment by a court of competent jurisdiction that such loss, claim, damage, liability or action resulted
directly from any such acts or failures to act undertaken or omitted to be taken by such Initial Purchaser through its gross negligence or willful misconduct); and shall reimburse such Initial Purchaser and each such director, officer, employee or
controlling person promptly upon demand for any legal or other expenses reasonably incurred by such Initial Purchaser, director, officer, employee or controlling person in connection with investigating or defending or preparing to defend against any
such loss, claim, damage, liability or action as such expenses are incurred; provided, however, that SBA Finance shall not be liable in any such case to the extent that any such loss, claim, damage, liability or action arises out of, or is
based upon, any untrue statement or alleged untrue statement or omission or alleged omission made in any Preliminary Offering Memorandum, the Pricing Disclosure Package or the Offering Memorandum or in any amendment or supplement thereto or in any
Marketing Materials in reliance upon and in conformity with the Initial Purchasers’ Information. The foregoing indemnity agreement is in addition to any liability which SBA Finance may otherwise have to such Initial Purchaser or to any
director, officer, employee or controlling person of such Initial Purchaser. 
 (b) Each of the Initial Purchasers, severally
and not jointly, shall indemnify and hold harmless SBA Finance, its directors, officers, employees, and each person, if any, who controls SBA Finance within the meaning of the Securities Act, from and against any loss, claim, damage or liability,
joint or several, or any action in respect thereof, to which SBA Finance or any such director, officer, employee or controlling person may become subject, under the Securities Act or otherwise, insofar as such loss, claim, damage, liability or
action arises out of, or is based upon, (i) any untrue statement or alleged untrue statement of a material fact contained (A) in any Preliminary Offering Memorandum, the Pricing Disclosure Package or the Offering Memorandum or in any
amendment or supplement thereto or (B) the Marketing Materials or (ii) the omission or alleged omission to state in any Preliminary Offering Memorandum, the Pricing Disclosure Package or the Offering Memorandum or in any amendment or
supplement thereto or in any Marketing Materials, any material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, but in each case
only to the extent that the untrue statement or alleged untrue statement or omission or alleged omission was made in 

  
 28 

 
reliance upon and in conformity with the Initial Purchasers’ Information, and shall reimburse SBA Finance and any such director, officer, employee or controlling person for any legal or
other expenses reasonably incurred by SBA Finance or any such director, officer, employee or controlling person in connection with investigating or defending or preparing to defend against any such loss, claim, damage, liability or action as such
expenses are incurred. The foregoing indemnity agreement is in addition to any liability which the Initial Purchasers may otherwise have to SBA Finance or any such director, officer, employee or controlling person. 

(c) Promptly after receipt by an indemnified party under this Section 7 of the notice of any claim or the commencement of any
action, the indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under this Section 7, notify the indemnifying party in writing of the claim or the commencement of that action; provided,
however, that the failure to notify the indemnifying party shall not relieve it from any liability which it may have under this Section 7 except to the extent it has been materially prejudiced by such failure and, provided, further,
that the failure to notify the indemnifying party shall not relieve it from any liability which it may have to an indemnified party otherwise than under this Section 7. If any such claim or action shall be brought against an indemnified party,
and it shall notify the indemnifying party thereof, the indemnifying party shall be entitled to participate therein and, to the extent that it wishes, jointly with any other similarly notified indemnifying party, to assume the defense thereof with
counsel reasonably satisfactory to the indemnified party. After notice from the indemnifying party to the indemnified party of its election to assume the defense of such claim or action, the indemnifying party shall not be liable to the indemnified
party under this Section 7 for any legal or other expenses subsequently incurred by the indemnified party in connection with the defense thereof other than reasonable costs of investigation; provided, however, that the Initial Purchasers
shall have the right to employ counsel (in addition to local counsel, if necessary) to represent jointly the Initial Purchasers and their respective directors, officers, employees and controlling persons who may be subject to liability arising out
of any claim in respect of which indemnity may be sought by the Initial Purchasers against SBA Finance under this Section 7 if, in the reasonable judgment of the Initial Purchasers, it is advisable for the Initial Purchasers and those
directors, officers, employees and controlling persons to be jointly represented by separate counsel, and in that event the fees and expenses of such separate counsel shall be paid by SBA Finance. No indemnifying party shall (i) without the
prior written consent of the indemnified parties (which consent shall not be unreasonably withheld), settle or compromise or consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect
of which indemnification or contribution may be sought hereunder (whether or not the indemnified parties are actual or potential parties to such claim or action) unless such settlement, compromise or consent includes (x) an unconditional
release of each indemnified party from all liability arising out of such claim, action, suit or proceeding and (y) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of the indemnified
party, or (ii) be liable for any settlement of any such action effected without its written consent (which consent shall not be unreasonably withheld), but if settled with the consent of the indemnifying party or if there be a final judgment of
the plaintiff in any such action, the indemnifying party agrees to indemnify and hold harmless any indemnified party from and against any loss or liability by reason of such settlement or judgment. 

  
 29 

 (d) If the indemnification provided for in this Section 7 shall for any reason be
unavailable to or insufficient to hold harmless an indemnified party under Section 7(a) or 7(b) in respect of any loss, claim, damage or liability, or any action in respect thereof, referred to therein, then each indemnifying party shall, in
lieu of indemnifying such indemnified party, contribute to the amount paid or payable by such indemnified party as a result of such loss, claim, damage or liability, or action in respect thereof, (i) in such proportion as shall be appropriate
to reflect the relative benefits received by SBA Finance and its affiliates on the one hand and the Initial Purchasers on the other from the offering of the Offered Certificates or (ii) if the allocation provided by clause (i) above is not
permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of SBA Finance and its affiliates on the one hand and the Initial Purchasers
on the other with respect to the statements or omissions which resulted in such loss, claim, damage or liability, or action in respect thereof, as well as any other relevant equitable considerations. The relative benefits received by SBA Finance and
its affiliates on the one hand and the Initial Purchasers on the other with respect to such offering shall be deemed to be in the same proportion as the total net proceeds from the offering of the Offered Certificates purchased under this Agreement
(before deducting expenses) received by SBA Finance and its affiliates, on the one hand, and the total discounts and commissions received by the Initial Purchasers with respect to the Offered Certificates purchased under this Agreement, on the other
hand, bear to the total gross proceeds from the offering of the Offered Certificates under this Agreement. The relative fault shall be determined by reference to whether the untrue or alleged untrue statement of a material fact or omission or
alleged omission to state a material fact relates to information supplied by SBA Finance or its affiliates, or the Initial Purchasers, the intent of the parties and their relative knowledge, access to information and opportunity to correct or
prevent such statement or omission. SBA Finance and the Initial Purchasers agree that it would not be just and equitable if contributions pursuant to this Section 7(d) were to be determined by pro rata allocation (even if the Initial Purchasers
were treated as one entity for such purpose) or by any other method of allocation which does not take into account the equitable considerations referred to herein. The amount paid or payable by an indemnified party as a result of the loss, claim,
damage or liability, or action in respect thereof, referred to above in this Section shall be deemed to include, for purposes of this Section 7(d), any legal or other expenses reasonably incurred by such indemnified party in connection with
investigating or defending any such action or claim. Notwithstanding the provisions of this Section 7(d), the Initial Purchasers shall not be required to contribute any amount in excess of the amount by which the total price at which the
Offered Certificates purchased by them were resold to Eligible Purchasers exceeds the amount of any damages which the Initial Purchasers have otherwise paid or become liable to pay by reason of any untrue or alleged untrue statement or omission or
alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The
Initial Purchasers’ obligations to contribute as provided in this Section 7(d) are several in proportion to their respective obligations and not joint. 

  
 30 

 (e) The Initial Purchasers confirm and SBA Finance acknowledges that, for all purposes of
this Agreement, the information relating to the Initial Purchasers furnished to SBA Finance by or on behalf of the Initial Purchasers expressly for use in the Preliminary Offering Memorandum, the Pricing Disclosure Package and the Offering
Memorandum (the “Initial Purchasers’ Information”) consists solely of the second sentence of the last paragraph on the cover page of the Preliminary Offering Memorandum and the Offering Memorandum, the second paragraph of the
section of the Preliminary Offering Memorandum and the Offering Memorandum entitled “Offering of Securities” and the names, addresses and telephone numbers on pages 29 and 33 of the Sales Slides. 

 

	 	8.	Persons Entitled to Benefit of Agreement. 

 This Agreement shall inure to the benefit of and be binding upon the Initial Purchasers, the Trustee, SBA Finance and their respective successors. This Agreement and the terms and provisions hereof are
for the sole benefit of only those persons, except as provided in Section 7 with respect to officers, directors, employees or controlling persons of SBA Finance and the Initial Purchasers and in Section 4(e) with respect to holders and
prospective purchasers of the Offered Certificates. Nothing in this Agreement is intended or shall be construed to give any person, other than the persons referred to in this Section 8, any legal or equitable right, remedy or claim under or in
respect of this Agreement or any provision contained herein. 
  

	 	9.	Expenses. 

 (a) SBA
Finance agrees to pay all costs, expenses, fees and taxes incident to and in connection with (i) the authorization, issuance, sale, preparation and delivery of the Offered Certificates; (ii) the preparation, printing and distribution of
the Preliminary Offering Memorandum and the Offering Memorandum and any amendments or supplements thereto; (iii) reproducing and distributing each of the Transaction Documents; (iv) the preparation, printing and delivery of the
certificates evidencing the Offered Certificates, including stamp duties and transfer taxes, if any, payable upon issuance of the Offered Certificates; (v) preparing, printing and distributing the Blue Sky Memoranda (including related fees and
expenses of counsel for the Initial Purchasers); (vi) any fees charged by rating agencies for ratings letters and/or ratings confirmation letters issued in connection with the issuance of the Offered Certificates; (vii) any fees charged by
the rating agencies for rating the Offered Certificates; (viii) the fees and expenses of E&Y and Deloitte incurred in connection with the delivery of the comfort letters and procedures letters to the Initial Purchasers pursuant to the terms
of this Agreement; (ix) the fees and expenses of the Trustee and the Certificate Registrar (including related fees and expenses of any counsel to such parties); (x) the fees and expenses of counsel to SBA Finance and the Transaction
Parties, (xi) the fees and expenses of the Servicer (including related fees and expenses of counsel to the Servicer); (xii) the reasonable fees and disbursements of Simpson Thacher & Bartlett LLP, counsel to the Initial
Purchasers; (xiii) the reasonable out-of-pocket expenses of the Initial Purchasers incurred by the Initial Purchasers in connection with this Agreement and the purchase and reoffering of the Offered Certificates, including, without limitation,
all travel expenses of the Initial Purchasers and all expenses of the Initial Purchasers 

  
 31 

 
incurred in connection with attending or hosting meetings with prospective purchasers of the Offered Certificates; (xiv) the reasonable out-of-pocket fees and expenses incurred by SBA
Finance in connection with attending meetings with prospective purchasers of the Offered Certificates, (xv) expenses of all expenses and application fees incurred in connection with the approval of the Offered Certificates for book entry
transfer by DTC; and (xvi) all other costs and expenses incident to the performance of the obligations of SBA Finance under this Agreement which are not otherwise specifically provided for in this Section 9. 

(b) In addition, if the Trustee shall fail to tender the Offered Certificates for delivery to the Initial Purchasers by reason of any
failure, refusal or inability on the part of the Trustee or SBA Finance to perform any agreement on its part to be performed, or if the Initial Purchasers shall decline to purchase the Offered Certificates because any other condition of the Initial
Purchasers’ obligations hereunder required to be fulfilled is not fulfilled, SBA Finance will reimburse the Initial Purchasers for any reasonable out-of-pocket fees and expenses incurred by the Initial Purchasers in connection with this
Agreement and the proposed purchase of the Offered Certificates, including the reasonable fees and disbursements of Simpson Thacher & Bartlett LLP, counsel to the Initial Purchasers, and the reasonable out-of-pocket fees and expenses
incurred by the Initial Purchasers in connection with hosting or attending meetings with prospective purchasers of the Offered Certificates. 
  

	 	10.	Indemnification of the Trustee 

 SBA Finance hereby agrees to indemnify and hold harmless the Trustee (including in its individual capacity) and any Affiliates, directors, officers, employees or agents of the Trustee for and against any
loss, liability, claim or expense (including costs and expenses of litigation, and of investigation, reasonable counsel’s fees, damages, judgments and amounts paid in settlement) arising out of, or incurred in connection with, this Agreement,
the marketing and Offering of the Offered Certificates hereunder, or any act or omission of the Trustee relating to the exercise and performance of any of the rights and duties of the Trustee hereunder; provided, however, that the Trustee shall not
be entitled to indemnification pursuant to this Section 10 for any loss, liability, claim or expense incurred by reason of any willful misfeasance, bad faith or gross negligence of the Trustee in the performance of, or reckless disregard of,
its obligations and duties hereunder. 
  

	 	11.	Certain Additional Matters Regarding the Trustee 

 It is expressly understood and agreed by the parties hereto that insofar as this Agreement is executed by the Trustee (i) this Agreement is executed and delivered by Deutsche Bank Trust Company
Americas, not in its individual capacity but solely as Trustee under the Trust Agreement, in the exercise of the powers and authority conferred upon and vested in it thereunder, (ii) each of the undertakings and agreements herein made on behalf
of the Trust is made and intended not as a personal undertaking or agreement of the Trustee but is made and intended solely for the purpose of binding only the Trust, and (iii) under no circumstances shall Deutsche Bank Trust Company

  
 32 

 
Americas, in its individual capacity be personally liable for the payment of any indebtedness or expenses or be personally liable for the breach or failure of any obligation or covenant made or
undertaken by it on behalf of the Trust under this Agreement. 
  

	 	12.	Survival. 

 The respective
indemnities, rights of contribution, representations, warranties and agreements of SBA Finance and the Initial Purchasers contained in this Agreement or made by or on behalf of the Guarantor, SBA Holdings, each of the Closing Date Borrowers, the
Manager or the Initial Purchasers pursuant to this Agreement or any certificate delivered pursuant hereto shall survive the delivery of and payment for the Offered Certificates and shall remain in full force and effect, regardless of any termination
or cancellation of this Agreement or any investigation made by or on behalf of any of them or any of their respective affiliates, officers, directors, employees, representatives, agents or controlling persons. 

 

	 	13.	Notices. etc. 

 All
statements, requests, notices and agreements hereunder shall be in writing, and: 
 (a) if to the
Representatives, shall be delivered or sent by mail or telecopy transmission to: 
 Barclays Capital Inc.

 745 7th Avenue 

New York, New York 10019 
 Attention: Asset Securitization Group 
 Facsimile no.:
(212) 412-2663 
 and 

Deutsche Bank Securities Inc. 
 60 Wall Street 
 New York, New York 10005 

Attention: Credit Solutions Group 
 Facsimile no.: (212) 797-5300 
 (b) if to SBA Finance or the
Trustee, shall be delivered or sent by mail or telecopy transmission to: 
 SBA Senior Finance, LLC 

5900 Broken Sound Parkway NW 
 Boca Raton, Florida 33487 
 Attention: Thomas P. Hunt 

Facsimile no.: (561) 997-0343 

  
 33 

 or 

Deutsche Bank Trust Company Americas 

60 Wall Street 
 New York, New York 10005 
 Attention: TSS-Alternative and
Structured Finance Services 
 w/ a copy to: 

Deutsche Bank National Trust Company 

100 Plaza One MS: JCY 03-0699 
 Jersey City, New Jersey 07311 
 Any such statements, requests, notices or agreements shall take
effect at the time of receipt thereof. 
  

	 	14.	Definition of Terms. 

 For
purposes of this Agreement, (a) the term “Material Adverse Effect” shall have the meaning given to such term in the Loan Agreement, (b) the term “business day” means any day on which the New York Stock Exchange, Inc. is
open for trading and (c) except where otherwise expressly provided, the term “affiliate” has the meaning set forth in Rule 405 under the Securities Act. 
  

	 	15.	Research Independence. 

SBA Finance acknowledges and agree that the Initial Purchasers’ research analysts and research departments are required to be
independent from its investment banking division and are subject to certain regulations and internal policies, and that the Initial Purchasers’ research analysts may hold and make statements or investment recommendations and/or publish research
reports with respect to SBA Parent and its subsidiaries and/or the offering that differ from the views of its investment bankers. SBA Finance hereby waives and releases, to the fullest extent permitted by law, any claims that SBA Finance may have
against the Initial Purchasers with respect to any conflict of interest that may arise from the fact that the views expressed by its independent research analysts and research department may be different from or inconsistent with the views or advice
communicated to SBA Finance by the Initial Purchasers’ investment banking division. SBA Finance acknowledges that each of the Initial Purchasers is a full service securities firm and as such from time to time, subject to applicable securities
laws, may effect transactions for its own account or the account of its customers and hold long or short positions in the Offered Certificates. 
  

	 	16.	No Fiduciary Duty. 

 SBA
Finance acknowledges and agrees that in connection with this offering of the Offered Certificates or any other services the Initial Purchasers may be deemed to be providing hereunder, notwithstanding any preexisting relationship, advisory or
otherwise, between the parties or any oral representations or assurances previously or subsequently made by the Initial Purchasers: (i) no fiduciary or agency relationship between SBA 

  
 34 

 
Finance and any other person, on the one hand, and the Initial Purchasers, on the other, exists; (ii) the Initial Purchasers are not acting as advisor, expert or otherwise, to SBA Finance,
and such relationship between SBA Finance, on the one hand, and the Initial Purchasers, on the other, is entirely and solely commercial, based on arms-length negotiations; (iii) any duties and obligations that the Initial Purchasers may have to
SBA Finance shall be limited to those duties and obligations specifically stated herein; and (iv) the Initial Purchasers and their respective affiliates may have interests that differ from those of SBA Finance. SBA Finance hereby waives any
claims that SBA Finance may have against the Initial Purchasers with respect to any breach of fiduciary duty in connection with the offering of the Offered Certificates. 

 

	 	17.	Governing Law. 

This Agreement shall be governed by and construed in accordance with the laws of the State of New York. 

 

	 	18.	Counterparts. 

 This
Agreement may be executed in one or more counterparts (which may include counterparts delivered by facsimile) and, if executed in more than one counterpart, the executed counterparts shall each be deemed to be an original, but all such counterparts
shall together constitute one and the same instrument. 
  

	 	19.	Amendments. 

 No amendment
or waiver of any provision of this Agreement, nor any consent or approval to any departure therefrom, shall in any event be effective unless the same shall be in writing and signed by the parties hereto. 

 

	 	20.	Headings. 

 The headings
herein are inserted for convenience of reference only and are not intended to be part of, or to affect the meaning or interpretation of, this Agreement. 

  
 35 

 If the foregoing is in accordance with your understanding of our agreement, kindly sign and
return to us a counterpart hereof, whereupon this instrument will become a binding agreement, effective as of the date first written above, among the Trustee, on behalf of the Certificateholders, SBA Finance and the Initial Purchasers in accordance
with its terms. 
  

			
	Very truly yours,
	
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee
		
	By:	 	 /s/ Maria Inoa

	Name:	 	Maria Inoa
	Title:	 	Associate
		
	By:	 	/s/ Diana Vasconez
	Name:	 	Diana Vasconez
	Title:	 	Associate
	
	SBA SENIOR FINANCE, LLC
		
	By:	 	 /s/ Jeffrey A. Stoops

	Name:	 	Jeffrey A. Stoops
	Title:	 	President and Chief Executive Officer

  

			
	Accepted:
	
	BARCLAYS CAPITAL INC.
		
	By:	 	 /s/ Cory Wishengrad

		 	Authorized Signatory
	
	DEUTSCHE BANK SECURITIES INC.
		
	By:	 	 /s/ Matt Bissonette

		 	Authorized Signatory
		
	By:	 	 /s/ Amit Patel

		 	Authorized Signatory
	
	For themselves and as Representatives of the several Initial Purchasers named on Schedule I hereto

  
 36 

 SCHEDULE I 
  

					
	 Initial Purchasers
	  	Principal Amount
2012-1C 
Certificates	 
	 Barclays Capital Inc.
	  	$	195,200,000	  
	 Deutsche Bank Securities Inc.
	  	$	140,300,000	  
	 Citigroup Global Markets Inc.
	  	$	54,900,000	  
	 J.P. Morgan Securities LLC
	  	$	54,900,000	  
	 Wells Fargo Securities, LLC
	  	$	54,900,000	  
	 RBS Securities Inc.
	  	$	54,900,000	  
	 TD Securities (USA) LLC
	  	$	54,900,000	  
		  	  
	  
	 
	 Total
	  	$	610,000,000	  
		  	  
	  
	 

 SCHEDULE II 
 Pricing Term Sheet 
 From: BC STRUCT PROD SYND BARCLAY (BARCLAYS CAPITAL INC) 

[mailto:bbarclays27@bloomberg.net] 
 Sent:
Thursday, July 26, 2012 3:37 PM 
 To: Suresh, Ravi: Securitized Products (NYK) 
 Subject: *PRICING DETAILS* $610mm SBA Communications 2012-1C 
 $610mm SBA Communications Series
2012-1C 
  

									
	Joint Bookrunners	 	:	 	Barclays (Str), Deutsche Bank                     144A/Reg
S

									
	Active Bookrunners	 	:	 	Citi, JPM, Wells Fargo Passive Bookrunners	 	:	 	TD Securities, RBS

  

																	
	 Cl
	  	 $AMT(MM)
	  	 WAL
	  	 MDY/F
	  	 EXP. FNL
	  	 LEGAL FNL
	  	 YIELD
	  	 COUP
	  	 PRICE

	A	  	610.000	  	5.35	  	A2/A	  	12/2017	  	12/2042	  	2.95%	  	2.933%	  	100%

  

													
	REGISTRATION	 	:	 	144A/Reg S	 		 	EXP RATINGS	 	:	  	Moodys/Fitch
	ERISA ELIGIBLE	 	:	 	YES	 		 		 		  	
	EXP SETTLE	 	:	 	August 9, 2012	 		 	Bill & Deliver	 	:	  	Barclays
	FIRST PAY	 	:	 	09/15/12	 		 	Bloomberg Ticker	 	:	  	SBAC <CORP>

 THE SECURITIES REFERENCED HAVE NOT BEEN REGISTERED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION DUE TO AN EXEMPTION
OR EXEMPTIONS FROM REGISTRATION. A COPY OF THE PRELIMINARY OFFERING MEMORANDUM AND FINAL OFFERING MEMORANDUM (WHEN AVAILABLE) MAY BE OBTAINED BY ELIGIBLE INVESTORS FROM YOUR BARCLAYS CAPITAL INC. SALES REPRESENTATIVE. 

 SCHEDULE III 
  

	1.	Sales Slides

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