Document:

EX-10.12

 Exhibit 10.12E 

EXECUTION VERSION 
  

 
  

FIFTH 
 LOAN AND SECURITY AGREEMENT
SUPPLEMENT 
 among 
 SBA
PROPERTIES, LLC, 
 SBA SITES, LLC, 

SBA STRUCTURES, LLC, 
 SBA
INFRASTRUCTURE, LLC, 
 SBA MONARCH TOWERS III, LLC, 

SBA 2012 TC ASSETS PR, LLC, 
 SBA
2012 TC ASSETS, LLC, 
 SBA TOWERS IV, LLC, 

SBA MONARCH TOWERS I, LLC, 
 SBA
TOWERS USVI, INC., 
 SBA GC TOWERS, LLC, 

SBA TOWERS VII, LLC 
 SBA TOWERS V,
LLC 
 SBA TOWERS VI, LLC 
 as
Closing Date Borrowers, 
 and 

MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION, 

as Servicer on behalf of Deutsche Bank Trust Company Americas, as Trustee 

dated as of September 13, 2019 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
		  	ARTICLE I	  			
			
		  	DEFINITIONS AND INCORPORATION BY REFERENCE	  			
			
	 Section 1.01
	  	Definitions	  	 	2	 
			
		  	ARTICLE II	  			
			
		  	2019-1C COMPONENT AND 2019-1R COMPONENT DETAILS	  			
			
	 Section 2.01
	  	2019-1C Component and 2019-1R Component Details	  	 	3	 
			
		  	ARTICLE III	  			
			
		  	MORTGAGE LOAN INCREASE	  			
			
	 Section 3.01
	  	Loan Increase	  	 	5	 
	 Section 3.02
	  	Use of Proceeds	  	 	6	 
			
		  	ARTICLE IV	  			
		
	REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE BORROWERS	  			
			
	 Section 4.01
	  	Representations and Warranties	  	 	6	 
	 Section 4.02
	  	Amendments to Exhibits and Schedules to the Loan Agreement	  	 	6	 
			
		  	ARTICLE V	  			
			
		  	GENERAL PROVISIONS	  			
			
	 Section 5.01
	  	Governing Law	  	 	7	 
	 Section 5.02
	  	Severability	  	 	7	 
	 Section 5.03
	  	Counterparts	  	 	7	 
			
		  	ARTICLE VI	  			
			
		  	APPLICABILITY OF THE LOAN AGREEMENT	  			
			
	 Section 6.01
	  	Applicability	  	 	7	 

  
 -i- 

 FIFTH LOAN AND SECURITY AGREEMENT SUPPLEMENT 

FIFTH LOAN AND SECURITY AGREEMENT SUPPLEMENT (this “Loan Agreement Supplement”), dated as of September 13, 2019,
and entered into by and among SBA PROPERTIES, LLC, a Delaware limited liability company (“SBA Properties”), SBA SITES, LLC, a Delaware limited liability company (“SBA Sites”), SBA STRUCTURES,
LLC, a Delaware limited liability company (“SBA Structures”), SBA INFRASTRUCTURE, LLC, a Delaware limited liability company (“SBA Infrastructure”), SBA MONARCH TOWERS III, LLC, a Delaware limited
liability company (“SBA Monarch III”), SBA 2012 TC ASSETS PR, LLC, a Delaware limited liability company (“SBA TC PR”), SBA 2012 TC ASSETS, LLC, a Delaware limited liability company
(“SBA TC”), SBA TOWERS IV, LLC, a Delaware limited liability company (“SBA Towers IV”), SBA MONARCH TOWERS I, LLC, a Delaware limited liability company (“SBA Monarch
I”), SBA TOWERS USVI, INC., a U.S. Virgin Islands corporation (“SBA USVI”), SBA GC TOWERS, LLC, a Delaware limited liability company (“SBA GC”), SBA TOWERS VII, LLC, a Delaware
limited liability company (“SBA Towers VII”), SBA TOWERS V, LLC, a Delaware limited liability company (“SBA Towers V”) and SBA TOWERS VI, LLC, a Delaware limited liability company (“SBA Towers
VI” and, collectively with SBA Properties, SBA Sites, SBA Structures, SBA Infrastructure, SBA Monarch III, SBA TC PR, SBA TC, SBA Towers IV, SBA Monarch I, SBA USVI, SBA GC, SBA Towers VII and SBA Towers V, the “Closing Date
Borrowers” and, each individually, a “Closing Date Borrower”), and MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION, as servicer (the “Servicer”), on behalf of DEUTSCHE
BANK TRUST COMPANY AMERICAS, as trustee (the “Trustee”) under that certain Amended and Restated Trust and Servicing Agreement (as amended, restated, supplemented or otherwise modified from time to time, the “Trust
Agreement”) dated as of October 15, 2014 among SBA DEPOSITOR LLC (the “Depositor”), the Servicer and the Trustee. 

RECITALS 
 WHEREAS,
the Closing Date Borrowers are the Borrowers under a Second Amended and Restated Loan and Security Agreement, dated as of October 15, 2014, as supplemented and amended by the First Loan and Security Agreement Supplement and Amendment, dated as
of October 14, 2015, the Second Loan and Security Agreement Supplement, dated as of July 7, 2016, the Third Loan and Security Agreement Supplement and Amendment, dated as of April 17, 2017 and the Fourth Loan and Security Agreement
Supplement, dated as of March 9, 2018 (the “Loan Agreement”), among the Closing Date Borrowers and the Servicer on behalf of the Trustee; 

WHEREAS, pursuant to Section 3.2 of the Loan Agreement, the Closing Date Borrowers desire to effect a Loan Increase in an
amount equal to $1,226,400,000 (the “Fifth Mortgage Loan Increase”), in the form of (i) one (1) component in an amount equal to $1,165,000,000 designated as the 2019-1C Component (the
“2019-1C Component”) and (ii) one (1) component in an amount equal to $61,400,000 designated as the 2019-1R Component (the “2019-1R Component”), and the Lender has agreed to the Fifth Mortgage Loan Increase and to advance the amount of the Fifth Mortgage Loan Increase; 

  
 -1- 

 WHEREAS, each of the 2019-1C Component and
the 2019-1R Component constitutes a Component as defined in the Loan Agreement; 
 WHEREAS,
the Closing Date Borrowers and the Lender have agreed to certain amendments to the Loan Agreement in accordance with Section 14.3 thereof; 

WHEREAS, the Closing Date Borrowers and the Lender intend these recitals to be a material part of this Loan Agreement Supplement; and

 WHEREAS, all things necessary to make this Loan Agreement Supplement the valid and legally binding obligation of the Closing Date
Borrowers in accordance with its terms, for the uses and purposes herein set forth, have been done and performed. 
 NOW, THEREFORE,
it is mutually covenanted and agreed as follows: 
 ARTICLE I 

DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.01 Definitions. All defined terms used herein and not defined herein shall have the meanings ascribed to such terms in
the Loan Agreement. All words and phrases defined in the Loan Agreement shall have the same meanings in this Loan Agreement Supplement, except as otherwise appears in this Article. In addition, the following terms have the following meanings in this
Loan Agreement Supplement unless the context clearly requires otherwise: 
 “2019-1C
Component” shall have the meaning ascribed to it in the Recitals hereto. 

“2019-1C Note” shall have the meaning ascribed to it in Section 3.01(b) hereof.

 “2019-1C Securities” shall mean the Series
2019-1C securities issued by the SBA Tower Trust pursuant to the Trust Agreement corresponding to the 2019-1C Component. 

“2019-1R Component” shall have the meaning ascribed to it in the Recitals hereto.

 “2019-1R Note” shall have the meaning ascribed to it in Section 3.01(b)
hereof. 
 “2019-1R Securities” shall mean the Series 2019-1R securities issued by the SBA Tower Trust pursuant to the Trust Agreement corresponding to the 2019-1R Component. 

“Additional Closing Date” shall mean September 13, 2019. 

“Anticipated Repayment Date” shall have the meaning ascribed to it in Section 2.01(a)(iv) hereof. 

  
 -2- 

 “Component Rate” shall mean, for each of the
2019-1C Component and the 2019-1R Component, the applicable rate per annum set forth in respect of such Component in Section 2.01(a)(i) hereof. 

“Fifth Mortgage Loan Increase” shall have the meaning ascribed to it in the Recitals hereto. 

“Loan Agreement” shall have the meaning ascribed to it in the Recitals hereto. 

“Maturity Date” shall mean the date set forth in Section 2.01(a)(iii) hereof. 

“Mortgage File” shall have the meaning ascribed to it in the Trust Agreement. 

“Post-ARD Additional Interest Rate” shall have the meaning ascribed to it in
Section 2.01(a)(ii) hereof. 
 “Yield Maintenance” shall have the meaning ascribed to it in Section 2.01(a)(iv)
hereof. 
 Words importing the masculine gender include the feminine gender. Words importing persons include firms, associations and
corporations. Words importing the singular number include the plural number and vice versa. Additional terms are defined in the body of this Loan Agreement Supplement. 

In the event that any term or provision contained herein with respect to the 2019-1C Component or the 2019-1R Component shall conflict with or
be inconsistent with any term or provision contained in the Loan Agreement, the terms and provisions of this Loan Agreement Supplement shall govern. 

ARTICLE II 
 2019-1C COMPONENT AND 2019-1R COMPONENT DETAILS 
 Section 2.01 2019-1C Component and 2019-1R
Component Details. (a) Except as otherwise set forth below, each of the 2019-1C Component and the 2019-1R Component authenticated and delivered under this Loan
Agreement Supplement shall consist of one (1) Component having: 
 (i) The designation, the initial Component Principal
Balance and the Component Rate set forth below. 

  
 -3- 

									
	 Component
	  	Initial Component
Principal Balance	 	  	Component Rate	 
	 2019-1C Component
	  	$	1,165,000,000	 	  	 	2.836	% 
	 2019-1R Component
	  	$	61,400,000	 	  	 	4.213	% 

 (ii) With respect to the 2019-1C Component only, Post-ARD Additional Interest Rate determined by the Servicer to be the greater of (i) five percent (5%) and (ii) the amount, if any, by which the sum of the following exceeds the Component Rate for the 2019-1C Component: (x) the yield to maturity (adjusted to a “mortgage equivalent basis” pursuant to the standards and practices of the Securities Industry Association) on the Anticipated Repayment
Date for the 2019-1C Component, of the United States Treasury Security having a term closest to ten (10) years plus (y) 1.30% plus (z) five percent (5%). No
Post-ARD Additional Interest will accrue with respect to the 2019-1R Component. 

(iii) A Maturity Date which is the Due Date occurring in January 2050 or such earlier date on which the final payment of
principal of the Notes becomes due and payable as provided in the Loan Agreement, whether at such Maturity Date, by acceleration, or otherwise. 

(iv) With respect to the 2019-1C Component only, Yield Maintenance in an amount equal
to the excess, if any, of (i) the present value as of the date of prepayment (by acceleration or otherwise) of all future installments of principal and interest that the Closing Date Borrowers would otherwise be required to pay on the 2019-1C Component (or portion thereof) on the related Due Date from the date of such prepayment to and including the first Due Date that occurs less than twelve months prior to the Anticipated Repayment Date for the
2019-1C Component absent such prepayment, assuming the entire unpaid Principal Amount of the 2019-1C Component is required to be paid on such Due Date, with such present
value determined by the use of a discount rate equal to the sum of (x) the yield to maturity (adjusted to a “mortgage equivalent basis” pursuant to the standards and practices of the Securities Industry Association), on the Due Date
relating to the date of such prepayment, of the United States Treasury Security having the maturity closest to the Distribution Date that occurs twelve months prior to the Assumed Final Distribution Date related to the Due Date in January 2025 (such
date with respect to each of the 2019-1C Component and the 2019-1R Component, the “Anticipated Repayment Date”) plus (y) 0.50% over (ii) the
Component Principal Balance of the 2019-1C Component (or portion thereof) on the date of such prepayment. No Yield Maintenance is payable in connection with any prepayment of the
2019-1C Component that occurs less than twelve months prior to the Anticipated Repayment Date for the 2019-1C Component. No Yield Maintenance is payable in connection
with any repayment of the 2019-1R Component at any time. 
 (v) Interest shall accrue
on each of the (i) 2019-1C Component and the corresponding 2019-1C Note and (ii) 2019-1R Component and the corresponding 2019-1R Note, from and including the Additional Closing Date. 

  
 -4- 

 (b) There are no scheduled principal payments in respect of either the 2019-1C Component or the 2019-1R Component, and the Closing Date Borrowers shall not be required to pay any principal of the 2019-1C
Component or the 2019-1R Component prior to the Anticipated Repayment Date, other than after the occurrence and during the continuation of an Amortization Period or an Event of Default as provided in the Loan
Agreement or as otherwise required under the terms of the Loan Documents. 
 ARTICLE III 

MORTGAGE LOAN INCREASE 

Section 3.01 Loan Increase. (a) Pursuant to Section 3.2 of the Loan Agreement, the Lender and the Closing Date Borrowers
agree to the Fifth Mortgage Loan Increase corresponding to the 2019-1C Component and the 2019-1R Component. 

(b) On the Additional Closing Date, each Closing Date Borrower shall execute and deliver to the Trustee (i) a promissory note payable to
the order of the Trustee evidencing the 2019-1C Component, in the initial principal amount equal to $1,165,000,000 (the “2019-1C Note”) and (ii) a promissory note payable to the order of
the Trustee evidencing the 2019-1R Component, in the initial principal amount equal to $61,400,000 (the “2019-1R Note”). Each of the 2019-1C Note and
the 2019-1R Note shall bear interest on the unpaid principal amount thereof at the applicable Component Rate set forth in respect of such Component in Section 2.01(a)(i) hereof and mature on the Maturity
Date set forth in Section 2.01(a)(iii) hereof. 
 (c) The Closing Date Borrowers hereby agree that they will deliver to and deposit
with, or cause to be delivered to and deposited with, the Servicer, on or before the Additional Closing Date (or, if any of the following items are not in the actual possession of the Closing Date Borrowers, as soon as reasonably practical, but in
any event within 90 days after the Additional Closing Date): (i) the documents with respect to the Fifth Mortgage Loan Increase required for the Mortgage File (other than the 2019-1C Note and the 2019-1R Note referred to in Section 3.01(b) hereof) and (ii) originals or copies of all other documents, certificates and opinions in the possession or under the control of the Closing Date Borrowers with
respect to the Fifth Mortgage Loan Increase that are necessary for the ongoing servicing and administration of the Loan. 
 (d) The Closing
Date Borrowers hereby represent and warrant to the Lender that each condition of Section 3.2 of the Loan Agreement in respect of the Fifth Mortgage Loan Increase has been satisfied, as of the Additional Closing Date, including the delivery to:

 (i) the Servicer of an opinion of counsel satisfying the requirements of Section 3.2(A)(vi) of the Loan Agreement;

 (ii) the Trustee of the list required to be delivered pursuant to Section 3.2(A)(x) of the Loan Agreement of the
Mortgaged Sites encumbered by Deeds of Trust being amended in connection with the Fifth Mortgage Loan Increase, identified by Site number, together with such other information with respect to such Mortgaged Sites as shall have been reasonably
requested by the Trustee; and 

  
 -5- 

 (iii) the Servicer of an Officer’s Certificate dated as of the
Additional Closing Date to the effect set forth in Section 3.2(B) of the Loan Agreement. 
 (e) The parties hereto agree that the
Additional Closing Date is an Allocated Loan Amount Determination Date, pursuant to Section 11.8 of the Loan Agreement, and the Servicer has determined the Allocated Loan Amounts for each Site after giving effect to the Fifth Mortgage Loan
Increase, as described herein, based on information provided to it by the Manager, and until any subsequent Allocated Loan Amount Determination Date, such Allocated Loan Amounts shall be as set forth on Exhibit A hereto.

 Section 3.02 Use of Proceeds. The proceeds from the sale of the 2019-1C Securities
and the 2019-1R Securities shall be used to fund the Fifth Mortgage Loan Increase and the proceeds of the Fifth Mortgage Loan Increase shall be used to (i) prepay the
2014-1C Component, including accrued and unpaid interest thereon, (ii) pay all recording fees and taxes, reasonable out of pocket costs and expenses incurred by the Lender, including reasonable legal fees
and expenses of counsel to the Lender, and other costs and expenses approved by the Lender (which approval will not be unreasonably withheld or delayed) related to the 2019-1C Component and the 2019-1R Component; and (iii) pay all fees and expenses incurred by the Closing Date Borrowers; and (iv) make a cash distribution to the Guarantor. 

ARTICLE IV 

REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE BORROWERS 

Section 4.01 Representations and Warranties. (a) Each Closing Date Borrower hereby represents and warrants to the Lender
that, as to itself and its Sites, each of the representations and warranties set forth in Article IV of the Loan Agreement is true as of the Additional Closing Date. 

(b) Each of the Closing Date Borrowers hereby represents and warrants to the Lender that each condition of Section 3.2 of the Loan
Agreement and Section 3.25 of the Trust Agreement have been satisfied as of the Additional Closing Date. 
 Section 4.02
Amendments to Exhibits and Schedules to the Loan Agreement. 
 (a) The parties hereto agree that Exhibits B, C and
D of the Loan Agreement are hereby deleted in their entirety and replaced by Exhibits B, C and D hereto. 

(b) The parties hereto agree that Schedules 4.25, 4.26 and 4.27 of the Loan Agreement are hereby
deleted in their entirety and replaced by Schedules 4.25, 4.26 and 4.27, respectively, hereto. 

  
 -6- 

 ARTICLE V 

GENERAL PROVISIONS 

Section 5.01 Governing Law. THIS LOAN AGREEMENT SUPPLEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK. THE CLOSING DATE BORROWERS IRREVOCABLY SUBMIT TO THE JURISDICTION OF ANY NEW YORK STATE COURT OR UNITED STATES FEDERAL COURT SITTING IN THE BOROUGH OF MANHATTAN, THE CITY OF NEW YORK IN RESPECT OF ANY SUIT, ACTION
OR PROCEEDING ARISING OUT OF OR IN RELATION TO THE LOAN AGREEMENT, THIS LOAN AGREEMENT SUPPLEMENT OR THE OTHER LOAN DOCUMENTS. 

Section 5.02 Severability. In case any provision in this Loan Agreement Supplement shall be invalid, illegal or unenforceable, the
validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 5.03 Counterparts. This Loan Agreement Supplement may be executed in any number of counterparts, each of which so executed
shall be deemed to be an original, but all such respective counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart of a signature page of this Loan Agreement Supplement in Portable Document Format
(PDF) or by facsimile transmission shall be as effective as delivery of a manually executed original counterpart of this Loan Agreement Supplement. 

ARTICLE VI 

APPLICABILITY OF THE LOAN AGREEMENT 

Section 6.01 Applicability. The provisions of the Loan Agreement are hereby ratified, approved and confirmed, as supplemented and
amended by this Loan Agreement Supplement. The representations, warranties and covenants contained in the Loan Agreement (except as expressly modified herein) are hereby reaffirmed with the same force and effect as if fully set forth herein and made
again as of the Additional Closing Date. 
 [SIGNATURE PAGE FOLLOWS] 

  
 -7- 

 IN WITNESS WHEREOF, the Closing Date Borrowers and the Servicer on behalf of the Trustee
have caused this Loan Agreement Supplement to be duly executed by their respective officers, thereunto duly authorized, all as of the day and year first above written. 
  

									
	SBA PROPERTIES, LLC, as Closing Date Borrower	 		 	SBA SITES, LLC, as Closing Date Borrower

									
					
	By:	 	 /s/ Thomas P. Hunt
	 		 	By:	 	 /s/ Thomas P. Hunt

									
		 	Name:  Thomas P. Hunt	 		 		 	Name:  Thomas P. Hunt
		 	Title:    Executive Vice President and General Counsel	 		 		 	Title:    Executive Vice President and General Counsel
			
	SBA STRUCTURES, LLC, as Closing Date Borrower	 		 	SBA INFRASTRUCTURE, LLC, as Closing Date Borrower

									
					
	By:	 	 /s/ Thomas P. Hunt
	 		 	By:	 	 /s/ Thomas P. Hunt

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

  

									
	SBA MONARCH TOWERS III, LLC, as Closing Date Borrower	 		 	SBA 2012 TC ASSETS PR, LLC, as Closing Date Borrower

									
					
	By:	 	 /s/ Thomas P. Hunt
	 		 	By:	 	 /s/ Thomas P. Hunt

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

  

									
	SBA 2012 TC ASSETS, LLC, as Closing Date Borrower	 		 	SBA TOWERS IV, LLC, as Closing Date Borrower

									
					
	By:	 	 /s/ Thomas P. Hunt
	 		 	By:	 	 /s/ Thomas P. Hunt

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

									
	SBA MONARCH TOWERS I, LLC, as Closing Date Borrower	 		 	SBA TOWERS USVI, INC., as Closing Date Borrower

									
					
	By:	 	 /s/ Thomas P. Hunt
	 		 	By:	 	 /s/ Thomas P. Hunt

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

  

									
	SBA GC TOWERS, LLC, as Closing Date Borrower	 		 	SBA TOWERS VII, LLC, as Closing Date Borrower

									
					
	By:	 	 /s/ Thomas P. Hunt
	 		 	By:	 	 /s/ Thomas P. Hunt

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

  

									
	SBA TOWERS V, LLC, as Closing Date Borrower	 		 	SBA TOWERS VI, LLC, as Closing Date Borrower

									
					
	By:	 	 /s/ Thomas P. Hunt
	 		 	By:	 	 /s/ Thomas P. Hunt

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

			
	 MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION, as
Servicer

			
		
	By: 	 	/s/ David A. Eckels
		 	Name:  David A. Eckels
		 	 Title:    Senior Vice PresidentEX-10.93

 Exhibit 10.93 

SBA TOWER TRUST 
 U.S.
$1,165,000,000 Secured Tower Revenue Securities, Series 2019-1, Subclass 2019-1C 

PURCHASE AGREEMENT 

September 10, 2019 
 Barclays Capital Inc.

 Citigroup Global Markets 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 dated as of November 18, 2005 (the “Initial Closing Date”) and amended and restated in its entirety by the
Amended and Restated Trust and Servicing Agreement (the “Amended and Restated Trust Agreement”) dated as of October 15, 2014 (the “2014 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 trustee (the “Trustee”), as
supplemented and amended by the First Trust Agreement Supplement dated as of October 14, 2015 (the “2015 Closing Date”), by the Second Trust Agreement Supplement dated as of July 7, 2016 (the “2016 Closing
Date”) by the Third Trust Agreement Supplement and Amendment dated as of April 17, 2017 (the “2017 Closing Date”), and by the Fourth Trust Agreement Supplement and Amendment dated as of March 9, 2018 (the
“2018 Closing Date”), each between the Servicer and the Trustee (the Amended and Restated Trust Agreement, as so supplemented, the “Existing Trust Agreement”), proposes to issue U.S.$1,165,000,000 principal amount
of its Secured Tower Revenue Securities, Series 2019-1, 2.836% Subclass 2019-1C (the “Offered Securities”) and U.S.$61,400,000 principal amount of its
Secured Tower Revenue Securities, Series 2019-1, 4.213% Subclass 2019-1R (the “Class R Securities” and, together with the Offered
Securities, the “Securities”), each 
  

 
representing a fractional undivided interest in the Trust, pursuant to the Existing Trust Agreement, as supplemented and amended by the Fifth Trust Agreement Supplement and Amendment (the
“Fifth Trust Agreement Supplement”), to be dated as of the Closing Date (as hereinafter defined), between the Servicer and the Trustee (the Existing Trust Agreement as so supplemented and amended the “Trust
Agreement”). Capitalized terms used herein and not otherwise herein defined shall have the meanings assigned to such terms in the Trust Agreement (or, if not defined in the Trust Agreement, in the Preliminary Offering Memorandum (as
hereinafter defined)). 
 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 $4,788,700,000, evidenced by the promissory note evidencing the 2013-2C component of the Mortgage Loan (the “2013-2C Note”) originally issued on April 18, 2013 (the “2013 Closing Date”), the promissory note evidencing the 2014-1C component of the
Mortgage Loan (the “2014-1C Note”) and the promissory note evidencing the 2014-2C component of the Mortgage Loan (the “2014-2C Note”) originally issued on the 2014 Closing Date, the promissory note evidencing the 2015-1C component of the Mortgage Loan (the “2015-1C Note”) originally issued on the 2015 Closing Date and the promissory note evidencing the 2016-1C component of the Mortgage Loan (the “2016-1C Note”) originally issued on the 2016 Closing Date, the promissory note evidencing the 2017-1C component of the Mortgage Loan (the “2017-1C Note”) and the promissory note evidencing the 2017-1R component of the Mortgage Loan (the “2017-1R
Note”) originally issued on the 2017 Closing Date, and the promissory note evidencing the 2018-1C component of the Mortgage Loan (the “2018-1C
Note”) and the promissory note evidencing the 2018-1R component of the Mortgage Loan (the “2018-1R Note”) originally issued on the 2018 Closing
Date, in respect of which each of (i) SBA Properties, LLC, a Delaware limited liability company (“SBA Properties” or the “Initial Borrower”), SBA Sites, LLC, a Delaware limited liability company (“SBA
Sites”), SBA Structures, LLC a Delaware limited liability company (“SBA Structures”), SBA Infrastructure, LLC, a Delaware limited liability company (“SBA Infrastructure”), SBA Monarch Towers III, LLC, a
Delaware limited liability company (“SBA Monarch III”), SBA 2012 TC Assets PR, LLC, a Delaware limited liability company (“SBA TC PR”), SBA 2012 TC Assets, LLC, a Delaware limited liability company (“SBA
TC”), SBA Towers IV, LLC, a Delaware limited liability company (“SBA Towers IV”), SBA Monarch Towers I, LLC, a Delaware limited liability company (“SBA Monarch I”), SBA Towers USVI, Inc., a U.S. Virgin
Islands corporation (“SBA USVI”), SBA Towers VII, LLC, a Delaware limited liability company (“SBA Towers VII”), and SBA GC Towers, LLC, a Delaware limited liability company (“SBA
GC”, and, together with SBA Properties, SBA Sites, SBA Structures, SBA Infrastructure, SBA Monarch III, SBA TC PR, SBA TC, SBA Towers IV, SBA Monarch I, SBA USVI and SBA Towers VII, the “2014 Existing Borrowers”) and
(ii) SBA Towers V, LLC, a Delaware limited liability company (“SBA Towers V”), and SBA Towers VI, LLC, a Delaware limited liability company (“SBA Towers VI”, and, together with SBA Towers V and the 2014
Existing Borrowers, the “Borrowers”) is currently jointly and severally liable pursuant to the Second Amended and Restated Loan and Security Agreement (the “Amended and Restated Loan Agreement”) dated as

  
 2 

 
of the 2014 Closing Date between the Servicer on behalf of the Trustee and the 2014 Existing Borrowers, as supplemented and amended by the First Loan and Security Agreement Supplement and
Amendment dated as of the 2015 Closing Date, the Second Loan and Security Agreement Supplement dated as of the 2016 Closing Date, the Third Loan and Security Agreement Supplement and Amendment dated as of the 2017 Closing Date and the Fourth Loan
and Security Agreement Supplement dated as of the 2018 Closing Date, each between the Servicer on behalf of the Trustee and the Borrowers (the Amended and Restated Loan Agreement as so amended and supplemented, the “Existing Loan
Agreement”). The Trust issued (i) Series 2013-2 of the Secured Tower Revenue Securities in one subclass on the 2013 Closing Date, the Series 2013-2
Securities, Subclass 2013-2C, (ii) Secured Tower Revenue Securities in two subclasses on the 2014 Closing Date, the Series 2014-1 Securities, Subclass 2014-1C, and the Series 2014-2 Securities, Subclass 2014-2C, (ii) Secured Tower Revenue Securities in one subclass on the 2015
Closing Date, the Series 2015-1 Securities, Subclass 2015-1C, (iii) Secured Tower Revenue Securities in one subclass on the 2016 Closing Date, the Series 2016-1 Securities, Subclass 2016-1C, (iv) Secured Tower Revenue Securities in two subclasses on the 2017 Closing Date, the Series
2017-1 Securities, Subclass 2017-1C, and the Series 2017-1 Securities, Subclass 2017-1R,
and (v) Secured Tower Revenue Securities in two subclasses on the 2018 Closing Date, the Series 2018-1 Securities, Subclass 2018-1C, and the Series 2018-1 Securities, Subclass 2018-1R (collectively, the “Existing Securities”). 

On the Closing Date, the Borrowers and the Servicer on behalf of the Trustee will enter into the Fifth Loan and Security Agreement Supplement
(the “Fifth Loan and Security Agreement Supplement”), to be dated as of the Closing Date, to the Existing Loan Agreement (the Existing Loan Agreement, as so supplemented and amended, the “Loan Agreement”). Pursuant
to the Fifth Loan and Security Agreement Supplement the Existing Mortgage Loan will be increased by $1,226,400,000 (the “Closing Date Mortgage Loan Increase”), which Closing Date Mortgage Loan Increase will be evidenced by one
promissory note evidencing the 2019-1C component of the Mortgage Loan (the “2019-1C Note”) and one promissory note evidencing the 2019-1R Component of the Mortgage Loan (the “2019-1R Note”), and the Borrowers will use the proceeds of the Closing Date Mortgage Loan Increase to repay the 2014-1C Note and thereby retire the Series 2014-1 Securities, Subclass 2014-1C. The Existing Securities, excluding the Series 2014-1 Securities, Subclass 2014-1C being retired on the Closing Date, are referred to herein as the “Remaining Securities”. The 2013-2C Note, the 2014-2C Note, the 2015-1C Note, the 2016-1C Note, 2017-1C Note, the 2017-1R Note, the 2018-1C Note and the 2018-1R Note (collectively, the
“Remaining Notes”), the 2019-1C Note and the 2019-1R Note (together with any promissory notes evidencing additional mortgage loan increases after the
Closing Date, the “Mortgage Loan”) and the other obligations of the Borrowers under the Loan Agreement will be secured in part by mortgages on certain of the 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. 

  
 3 

 Repayment of the Mortgage Loan is guaranteed by (i) SBA Guarantor LLC, a Delaware
limited liability company (the “Guarantor”), which is the direct or indirect parent of the Borrowers, pursuant to the Payment Guaranty, which will be ratified as of the Closing Date pursuant to the Ratification of the Payment
Guaranty and Pledge and Security Agreement to be dated as of the Closing Date (the “Ratification of the Payment Guaranty and Pledge”), (ii) SBA Holdings LLC, a Delaware limited liability company (“SBA Holdings”),
which is the direct parent of the Guarantor, pursuant to the Parent Guaranty, which will be ratified as of the Closing Date pursuant to the Ratification of the Parent Guaranty and Parent Pledge and Security Agreement to be dated as of the Closing
Date (the “Ratification of the Parent Guaranty and Pledge”) and (iii) SBA GC Holdings, LLC, a Delaware limited liability company (“SBA GC Holdings”), the direct parent of SBA GC, SBA GC Parent I, LLC, a
Delaware limited liability company (“SBA GC Parent I”), a direct parent of SBA GC Holdings, and SBA GC Parent II, LLC, a Delaware limited liability company and a direct parent of SBA GC Holdings (“SBA GC Parent II”
and, collectively with SBA GC Holdings and SBA GC Parent I, the “2014 Additional Guarantors”), pursuant to the Additional Guaranty dated as of the 2014 Closing Date (the “2014 Additional Guaranty”), which will be
ratified as of the Closing Date pursuant to the Ratification of the Additional Guaranty and Pledge and Security Agreement to be dated as of the Closing Date (the “Ratification of Additional Guaranty and Pledge”). 

The Guarantor previously pledged to the Trustee all of the equity interests of the Borrowers (other than SBA GC), SBA GC Parent I and SBA GC
Parent II to secure the repayment of the Mortgage Loan pursuant to the Guarantor Pledge Agreement and, on the Closing Date, will re-affirm such pledge pursuant to the Ratification of Payment Guaranty and
Pledge. 
 SBA Holdings pledged all of the equity interests of the Guarantor to secure the repayment of the Mortgage Loan pursuant to the
Parent Pledge Agreement and, on the Closing Date, will re-affirm such pledge pursuant to the Ratification of Parent Guaranty and 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”). 

Each 2014 Additional Guarantor pledged all of its respective equity interests of SBA GC Holdings and SBA GC to secure the repayment of the
Mortgage Loan pursuant to a Pledge and Security Agreement, dated as of the 2014 Closing Date (the “2014 Additional Pledge Agreement”) by the 2014 Additional Guarantors in favor of the Trustee and, on the Closing Date, will re-affirm such pledges pursuant to the Ratification of Additional Guaranty and Pledge. 
 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 Borrowers pursuant to a Management Agreement, dated as of the Initial Closing
Date, as amended as of November 6, 2006 (the “2006 Closing Date”), as of August 9, 2012 (the “2012 Closing Date”), as of the 2013 Closing Date, as of the 2014 Closing Date, as of the 2015 Closing Date and
as of the 2016 Closing Date (the “Management Agreement”), among the Manager, the Borrowers and any Additional Borrower that becomes a 

  
 4 

 
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 April 16, 2010, between the Manager and SBA Network Services, LLC (the “Sub-Manager”).

 The following agreements are referred to herein as the “Existing Transaction Documents”: 

(a)    the Existing Trust Agreement; 

(b)    the Remaining Securities; 

(c)    the Existing Loan Agreement; 

(d)    the Remaining 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, the Initial Borrower, 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 Agreement dated as of the 2012 Closing Date between SBA Finance
and SBA Holdings; 
 (j)    the Contribution Agreement dated as of the 2012 Closing Date between SBA
Holdings and the Guarantor; 
 (k)    the Contribution Agreement dated as of the 2013 Closing Date
between SBA Finance and SBA Holdings; 
 (l)    the Contribution Agreement dated as of the 2013 Closing
Date between SBA Holdings and the Guarantor; 
 (m)    the Contribution Agreement dated as of the 2014
Closing Date between SBA Finance and SBA Holdings; 
 (n)    the Contribution Agreement dated as of the
2014 Closing Date between SBA Holdings and the Guarantor; 

  
 5 

 (o)    the Contribution Agreement dated as of the 2015
Closing Date between SBA Finance and SBA Holdings; 
 (p)    the Contribution Agreement dated as of the
2015 Closing Date between SBA Holdings and the Guarantor; 
 (q)    the Payment Guaranty; 

(r)    the Parent Guaranty; 

(s)    the 2014 Additional Guaranty; 

(t)    the Guarantor Pledge Agreement; 

(u)    the Parent Pledge Agreement; 

(v)    the 2014 Additional Pledge Agreement; 

(w)    the Contribution and Subrogation Agreement dated as of the 2015 Closing Date among the Borrowers;

 (x)    the Amended and Restated Cash Management Agreement dated as of the 2014 Closing Date among the
2014 Existing Borrowers, the Servicer on behalf of the Trustee, Deutsche Bank Trust Company Americas, as agent, and the Manager, including the Joinder and Amendment to Cash Management Agreement dated as of the 2015 Closing Date and the Second
Amendment to Cash Management Agreement dated as of the 2017 Closing Date, each among the Borrowers, the Servicer on behalf of the Trustee, Deutsche Bank Trust Company Americas, as agent, and the Manager (the “Cash Management
Agreement”); 
 (y)    the Deposit Account Control Agreements relating to the Borrowers; 

(z)    the Environmental Indemnity, including (i) the Joinder to Environmental Indemnity dated as of
the 2006 Closing Date from the Initial Borrower, SBA Sites, SBA Structures and SBA Towers, Inc., SBA Puerto Rico, Inc. and SBA USVI (collectively, the “Released Borrowers”) to the Trustee, (ii) the Joinder to Environmental
Indemnity dated as of the 2012 Closing Date from the Initial Borrower, SBA Sites, SBA Structures, SBA Infrastructure and SBA Monarch III to the Trustee, (iii) the Joinder to Environmental Indemnity dated as of the 2013 Closing Date from the
Initial Borrower, SBA Sites, SBA Structures, SBA Infrastructure, SBA Monarch III, SBA TC PR, SBA TC, SBA Towers IV, SBA Monarch I and SBA USVI to the Trustee, (iv) the Joinder to Environmental Indemnity dated as of the 2014 Closing Date from
the 2014 Existing Borrowers to the Trustee and (v) the Joinder to Environmental Indemnity dated as of the 2015 Closing Date from the Borrowers to the Trustee; 

  
 6 

 (aa)    the Management Agreement, including (i) the
Joinder and Amendment to Management Agreement dated as of the 2006 Closing Date among the Initial Borrower, SBA Sites, SBA Structures, the Released Borrowers, the Manager and the Trustee, (ii) the Joinder and Amendment to Management Agreement
dated as of the 2012 Closing Date among the Initial Borrower, SBA Sites, SBA Structures, SBA Infrastructure and SBA Monarch III, the Manager and consented to by the Servicer, (iii) the Joinder and Amendment to Management Agreement dated as of
the 2013 Closing Date among the Initial Borrower, SBA Sites, SBA Structures, SBA Infrastructure, SBA Monarch III, SBA TC PR, SBA TC, SBA Towers IV, SBA Monarch I and SBA USVI, the Manager and consented to by the Servicer, (iv) the Joinder and
Amendment to Management Agreement dated as of the 2014 Closing Date among the 2014 Existing Borrowers, the Manager and consented to by the Servicer, (v) the Joinder and Amendment to Management Agreement dated as of the 2015 Closing Date among
the Borrowers, the Manager, SBA Finance and consented to by the Servicer and (vi) the Amendment to Management Agreement dated as of the 2016 Closing Date among the Borrowers, the Manager, SBA Finance and consented to by the Servicer; 

(bb)    the Sub-Management Agreement; 

(cc)    the Assignment and Subordination of Management Agreement, including (i) the Joinder to
Assignment and Subordination of Management Agreement dated as of the 2006 Closing Date among the Initial Borrower, SBA Sites, SBA Structures, the Released Borrowers and the Manager, (ii) the Joinder to Assignment and Subordination of Management
Agreement dated as of the 2012 Closing Date among the Initial Borrower, SBA Sites, SBA Structures, SBA Infrastructure and SBA Monarch III and the Manager, (iii) the Joinder to Assignment and Subordination of Management Agreement dated as of the
2013 Closing Date among the Initial Borrower, SBA Sites, SBA Structures, SBA Infrastructure, SBA Monarch III, SBA TC PR, SBA TC, SBA Towers IV, SBA Monarch I and SBA USVI and the Manager, (iv) the Joinder to Assignment and Subordination of
Management Agreement dated as of the 2014 Closing Date among the 2014 Existing Borrowers and the Manager and (v) the Joinder to Assignment and Subordination of Management Agreement dated as of the 2015 Closing Date among the Borrowers and the
Manager; and 
 (dd)    the Advance Reimbursement Agreement, including (i) the Joinder to Advance
and Reimbursement Agreement dated as of the 2006 Closing Date among the Initial Borrower, SBA Sites, SBA Structures, the Released Borrowers, the Servicer and the Trustee, (ii) the Joinder to Advance and Reimbursement Agreement dated as of the
2012 Closing Date among the Initial Borrower, SBA Sites, SBA Structures, SBA 

  
 7 

 
Infrastructure and SBA Monarch III, the Servicer and the Trustee, (iii) the Joinder to Advance and Reimbursement Agreement dated as of the 2013 Closing Date among the Initial Borrower, SBA
Sites, SBA Structures, SBA Infrastructure, SBA Monarch III, SBA TC PR, SBA TC, SBA Towers IV, SBA Monarch I and SBA USVI, the Servicer and the Trustee, (iv) the Joinder to Advance and Reimbursement Agreement dated as of the 2014 Closing Date
among the 2014 Existing Borrowers, the Servicer and the Trustee and (v) the Joinder to Advance and Reimbursement Agreement dated as of the 2015 Closing Date among the Borrowers, the Servicer and the Trustee. 

The following agreements are referred to herein as the “Closing Date Transaction Documents”: 

 

	 	(a)	 this Purchase Agreement (the “Agreement”); 

 

	 	(b)	 the Fifth Trust Agreement Supplement; 

 

	 	(c)	 the Offered Securities; 

 

	 	(d)	 the Class R Securities; 

 

	 	(e)	 the Fifth Loan and Security Agreement Supplement; 

 

	 	(f)	 the 2019-1C Note; 

 

	 	(g)	 the 2019-1R Note; 

 

	 	(h)	 the Ratification of the Payment Guaranty and Pledge; 

 

	 	(i)	 the Ratification of the Parent Guaranty and Pledge; 

 

	 	(j)	 the Ratification of Additional Guaranty and Pledge; and 

 

	 	(k)	 the Indemnification Agreement dated as of the Closing Date among the Servicer, SBA Finance and the
Representatives, as representatives of the several Initial Purchasers listed in Schedule I hereto. 

 The Existing
Transaction Documents and the Closing Date Transaction Documents are referred to herein as the “Transaction Documents.” The Borrowers, the Depositor, the Guarantor, SBA Holdings, the 2014 Additional Guarantors, the Manager and the Sub-Manager are referred to herein as the “Transaction Parties.” 
 The Offered
Securities will be offered and sold to the initial purchasers named in Schedule I annexed hereto (the “Initial Purchasers”) for whom Barclays Capital Inc., Citigroup Global Markets 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

  
 8 

 
the Representatives, SBA Finance has prepared a preliminary offering memorandum, dated August 30, 2019 (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 Securities omitted from the Preliminary Offering Memorandum and a final offering memorandum, dated
September 10, 2019 (the “Offering Memorandum”), setting forth information concerning the Borrowers, the Manager, SBA Finance, SBA Parent and certain affiliated and unaffiliated entities, the Closing Date Sites, the Leases, the
Lessees and the Offered Securities. 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 1:29 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 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 Securities by the Initial Purchasers in accordance with Section 2. 

Concurrently with the issuance of the Offered Securities, the Trust will issue the Class R Securities. The Class R Securities will
not be purchased by the Initial Purchasers and will initially be sold to an affiliate of the Depositor. 
 SBA Finance and the Trustee
hereby confirm their agreement with the Initial Purchasers concerning the purchase of the Offered Securities 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 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)) or the Servicer Information (as defined in Section 7(a)); 
 (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 Securities, would be required to be provided to such prospective
purchaser pursuant to Rule 144A(d)(4) under the Securities Act; 

  
 9 

 (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 Securities to the Initial Purchasers and the offer, resale
and delivery of the Offered Securities by the Initial Purchasers in the manner contemplated by this Agreement, the Preliminary Offering Memorandum and the Offering Memorandum, to register the Offered Securities under the Securities Act; 

(iv)    Each of the Depositor, SBA Holdings, the Guarantor, SBA Properties, SBA Structures, SBA Sites, SBA Infrastructure,
SBA Monarch III, SBA TC PR, SBA TC, SBA Towers IV, SBA Monarch I, SBA GC, SBA Towers VII, SBA Towers V, SBA Towers VI, SBA GC Parent I, SBA GC Parent II and SBA GC Holdings 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)    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)    SBA USVI is duly incorporated
and is validly existing and in good standing under the laws of the U.S. Virgin Islands, 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; 

  
 10 

 (viii)    Each of the Depositor, SBA Holdings, the Guarantor, SBA
Properties, SBA Structures, SBA Sites, SBA Infrastructure, SBA Monarch III, SBA TC PR, SBA TC, SBA Towers IV, SBA Monarch I, SBA GC, SBA Towers VII, SBA Towers V, SBA Towers VI, SBA GC Parent I, SBA GC Parent II, SBA GC Holdings 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; 

(ix)    Each of 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; 
 (x)    SBA Finance has all requisite
limited liability company power and authority to execute, deliver and perform its obligations under this Agreement; 

(xi)    This Agreement has been duly authorized, executed and delivered by SBA Finance; 

(xii)    On the Closing Date, the Securities will have been duly and validly authorized and, when the Securities 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 (in the case of the Offered Securities) and in the
agreement in respect of the purchase of the Class R Securities (in the case of the Class R Securities), will be validly issued and outstanding and entitled to the benefits and security afforded by the Trust Agreement; 

(xiii)    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 (i) bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting creditors’ rights generally; (ii) general principles of equity
(regardless of whether enforceability is considered in a proceeding in equity or at law); and (iii) the qualification that certain remedial provisions of the Existing Transaction Documents are or may be unenforceable in whole or in part under
the laws of the State of New York, but the inclusion of such provisions does not make the remedies afforded by the Existing Transaction Documents inadequate for the practical realization of the rights and benefits purported to be provided by the
Existing Transaction Documents except for the economic consequences resulting from any delay imposed by, or any procedure required by, applicable New York laws, rules, regulations and court decisions and by constitutional requirements in and of the
State of New York); 

  
 11 

 (xiv)    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 (i) bankruptcy, insolvency, reorganization, fraudulent conveyance or
transfer, moratorium or similar laws affecting creditors’ rights generally; (ii) general principles of equity (regardless of whether enforceability is considered in a proceeding in equity or at law); and (iii) the qualification that
certain remedial provisions of the Closing Date Transaction Documents are or may be unenforceable in whole or in part under the laws of the State of New York, but the inclusion of such provisions does not make the remedies afforded by the Closing
Date Transaction Documents inadequate for the practical realization of the rights and benefits purported to be provided by the Closing Date Transaction Documents except for the economic consequences resulting from any delay imposed by, or any
procedure required by, applicable New York laws, rules, regulations and court decisions and by constitutional requirements in and of the State of New York); 

(xv)    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 Securities 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 reasonably be expected to have a Material Adverse Effect; 

(xvi)    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 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, certificate of formation 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 reasonably be expected to have a Material Adverse Effect; 

  
 12 

 (xvii)    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, certificate of formation 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 reasonably be expected to have a Material Adverse Effect; 

(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 by SBA Finance of this Agreement and the sale of the Offered Securities 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 Securities; 

(xix)    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; 
 (xx)    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 Securities or the consummation of any of the other transactions contemplated by the
Transaction Documents; 
 (xxi)    None of the Transaction Parties is (i) in violation of its operating agreement,
certificate of incorporation, certificate of formation 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; 

  
 13 

 (xxii)    The Guarantor is the sole holder of the capital stock or the
sole member, as applicable, of each of the Borrowers (other than SBA GC), SBA GC Parent I and SBA GC Parent II and owns such stock or membership interests therein, as applicable, free and clear of Liens, other than Liens created under the
Transaction Documents; 
 (xxiii)    SBA GC Parent I and SBA GC Parent II are the only members of SBA GC Holdings and
own their membership interest in SBA GC Holdings free and clear of Liens, other than Liens created under the Transaction Documents; 

(xxiv)    SBA GC Holdings is the sole member of SBA GC and owns the membership interests in SBA GC free and clear of
Liens, other than Liens created under the Transaction Documents; 
 (xxv)    SBA Holdings is the sole member of the
Guarantor and owns the membership interests in the Guarantor free and clear of Liens, other than Liens created under the Transaction Documents; 

(xxvi)    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; 
 (xxvii)    SBA Parent has provided a written representation
(the “17g-5 Representation”) to each nationally recognized statistical rating organization hired by SBA Parent to rate the Offered Securities, 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 Parent has complied with the 17g-5 Representation; 

(xxviii)    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; 

(xxix)    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 accounting 

  
 14 

 
principles in the United States promulgated or adopted by the Financial Accounting Standards Board (“GAAP”) consistently applied throughout such periods. Such historical
financial statements fairly present the financial position of the entities purported to be shown thereby at the respective dates indicated and the results of operations for the respective periods indicated, in each case in accordance with 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 Borrowers; 
 (xxx)    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; 
 (xxxi)    None
of SBA Finance or the Transaction Parties is currently or will be, upon sale of the Offered Securities 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,” required to register as an “investment company” within the meaning of the Investment Company Act of 1940, as amended (the “1940 Act”); 

(xxxii)    The Trust Agreement is not required to be qualified under the Trust Indenture Act of 1939, as amended (the
“Trust Indenture Act”); 
 (xxxiii)    The Trust is not a “covered fund” under
Section 13 of the U.S. Bank Holding Company Act of 1956, as amended, and the applicable rules and regulations thereunder because the Trust may rely on the non-exclusive exemption provided by
Section 3(c)(5) of the 1940 Act; 
 (xxxiv)    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; 

(xxxv)    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, fairly summarize such terms in all material respects; 
 (xxxvi)    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; 

  
 15 

 (xxxvii)    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 Securities in a manner that
would require the registration of the Offered Securities 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 Securities; 
 (xxxviii)    When the Offered Securities are issued and
delivered pursuant to this Agreement, the Offered Securities 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; 
 (xxxix)    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 Securities, 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 Securities outside the United States; provided that no representation is made as to the Initial Purchasers or any person, acting on their behalf; 

(xl)    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, the sale of the Offered Securities pursuant to Regulation S are “offshore transactions” and, to the knowledge of SBA Finance, are not part of a plan or scheme to evade the
registration provisions of the Securities Act; 
 (xli)    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 Securities to
facilitate the sale or resale of the Offered Securities; 

  
 16 

 (xlii)    On and immediately after the Closing Date, each of the
Transaction Parties (after giving effect to the Closing Date Mortgage Loan Increase, the repayment of the 2014-1C Note, the issuance of the Securities 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; 

(xliii)    Neither SBA Finance nor the Depositor has engaged any third-party to provide “due diligence services”
(as defined in Rule 17g-10(d)(1) under the Exchange Act) relating to the Offered Securities, other than E&Y and Deloitte & Touche LLP (“Deloitte”), or obtained a “third-party
due diligence report” (as defined in Rule 15Ga-2 under the Exchange Act (“Rule 15Ga-2”)), other than the Report of Independent Accountants on
Applying Agreed-Upon Procedures prepared by E&Y, dated August 30, 2019 (the “E&Y Report”), and the Independent Accountants’ Report on Applying Agreed-Upon Procedures prepared by Deloitte, dated August 29, 2019
(the “Deloitte Report”), copies of which have been made available to the Representatives. SBA Finance or the Depositor has complied with Rule 15Ga-2 with respect to the E&Y Report and the
Deloitte Report, including by furnishing a Form ABS-15G containing the E&Y Report and the Deloitte Report to the Securities Exchange Commission (the “SEC”) within the time period required
by Rule 15Ga-2; 
 (xliv)    The Depositor is the “sponsor” (as such
term is defined in Regulation RR, 17 C.F.R. §246.1 et seq. (the “Risk Retention Rules”)) in connection with the transactions contemplated by the Transaction Documents and has complied, and is the appropriate entity to comply,
with all requirements imposed on the “sponsor” of a “securitization transaction” (as each such term is defined in the Risk Retention Rules) in accordance with the provisions of the Risk Retention Rules in connection with the
transactions contemplated by the Transaction Documents. On the Closing Date, the Depositor will hold, either directly or through a “majority-owned affiliate” (as such term is defined in the Risk Retention Rules), an “eligible
horizontal residual interest” (as such term is defined in the Risk Retention Rules) with respect to the transactions contemplated by the Transaction Documents in an amount equal to at least 5% of the fair value of all the “ABS
interests” (as such term is defined in the Risk Retention Rules) issued as part of the transactions contemplated by the Transaction Documents, determined as of the Closing Date using a fair value measurement framework under United States
generally accepted accounting principles (such interest, the “Retained Interest”). The Depositor has determined such fair value of the Retained Interest based on its own valuation methodology, inputs and assumptions and is solely
responsible therefor; 
 (xlv)    As of the respective dates of the Preliminary Offering Memorandum, the Pricing
Disclosure Package and the Offering Memorandum, the Depositor complied with and was solely responsible for ensuring that the disclosure required by Section 4(c)(1) of the Risk Retention Rules was contained in the Preliminary Offering
Memorandum, the Pricing Disclosure Package and the Offering Memorandum; 

  
 17 

 (xlvi)    SBA Parent will undertake, pursuant to a letter agreement
addressed to the Trust, the Trustee (for the benefit of the Applicable Investors) and the Initial Purchasers (the “EU Risk Retention Letter”), amongst other matters, to retain a material net economic interest of not less than five
percent of the nominal value of the securitised exposures as determined in accordance with the EU Securitization Laws; 

(xlvii)    the operations of SBA Parent and SBA Finance are and have been conducted at all times in compliance with
applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the applicable money laundering statutes of all jurisdictions where SBA Parent or SBA Finance conduct business,
the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency in a jurisdiction where SBA Parent or SBA Finance conducts business (collectively, the
“SBA Money Laundering Laws”) and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving SBA Parent or SBA Finance with respect to the SBA Money Laundering Laws is
pending or, to the knowledge of SBA Parent or SBA Finance, threatened, except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; 

(xlviii)    none of SBA Parent or SBA Finance or, to the knowledge of SBA Parent and SBA Finance, any director, officer,
agent, employee or affiliate, is currently subject to or the target of any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury (“Sanctions”), or will use the proceeds from the
sale of the Offered Securities in any manner that would violate the Sanctions; 
 (xlix)    none of SBA Parent or SBA
Finance or, to the knowledge of SBA Parent and SBA Finance, any director, officer, agent, employee or other person acting on behalf of SBA Parent or SBA Finance has (A) used any corporate funds for any unlawful contribution, gift, entertainment
or other unlawful expense relating to political activity, (B) made any direct or indirect unlawful payment to any foreign or domestic government official or employee from corporate funds, (C) violated or is in violation of any provision of
the Foreign Corrupt Practices Act of 1977, or (D) made any unlawful bribe, rebate, payoff, influence payment, kickback or other unlawful payment; and 

(l)    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. 

2.    Purchase and Resale of the Offered Securities. 

(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 Trust, 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
Securities set forth opposite the name of such Initial Purchaser on Schedule I hereto at a purchase price equal to 99.2% of the principal amount thereof. The Trustee shall not be obligated to deliver any of the Offered Securities except upon
payment for all of the Offered Securities to be purchased as provided herein. 

  
 18 

 (b)    The Initial Purchasers have advised the Trustee that they propose
to offer the Offered Securities 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 Securities pursuant to a private sale exempt from registration under the Securities Act and in compliance with any applicable state or foreign securities laws, (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 Securities 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(a)(2) of the Securities Act, (iii) it has solicited
and will solicit offers for the Offered Securities only from, and has offered or sold and will offer, sell or deliver the Offered Securities, 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 entities that qualify as “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) to certain non-“U.S. Persons” in “Offshore Transactions” as defined in, and in reliance on,
Regulation S under the Securities Act, and (iv) (A) it has complied and will comply with all applicable provisions of the Financial Services and Markets Act 2000 (as amended, the “FSMA”) with respect to anything done by it in
relation to the Offered Securities 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 an 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 Securities, in circumstances in which section 21(1) of the FSMA does not apply to the Trust or the Trustee, and
(B) it has not offered, sold or otherwise made available, and will not offer, sell or otherwise make available, any Offered Securities to any retail investor in the European Economic Area. For the purposes of this provision: 

 

	 	(i)	 the expression “retail investor” means a person who is one (or more) of the following:

  

	 	1.	 a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended,
“MiFID II”); 

  
 19 

	 	2.	 a customer within the meaning of Directive (EU) 2016/97 (as amended), where that customer would not qualify as
a professional client as defined in point (10) of Article 4(1) of MiFID II; or 

  

	 	3.	 not a qualified investor as defined in Regulation (EU) 2017/1129 (as amended); and 

 

	 	(ii)	 the expression “offer” includes the communication in any form and by any means of sufficient
information on the terms of the offer and the Offered Securities so as to enable an investor to decide to purchase or subscribe for the Offered Securities. 

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 Securities 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)    Each Initial
Purchaser, severally and not jointly, represents and agrees that it has not engaged any person to provide third-party “due diligence services” (as defined in Rule 17g-10(d)(1) under the Exchange Act)
relating to the Offered Securities. 
 (d)    The Trustee, on behalf of the Trust, acknowledges and agrees that the
Initial Purchasers may sell Offered Securities to any affiliate of the Initial Purchasers and that any such affiliate may sell Offered Securities purchased by it to the Initial Purchasers. 

3.    Delivery of and Payment for the Offered Securities. 

(a)    Delivery of and payment for the Offered Securities shall be made at the offices of Simpson Thacher &
Bartlett 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 September 13, 2019, 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 Securities 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 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 Securities 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 

  
 20 

 
Purchasers hereunder. Upon delivery, the Offered Securities 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 Securities 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 Securities 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 Securities 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 Securities 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 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 

  
 21 

 
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 Securities 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 Securities and prospective purchasers of the Offered Securities 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 Securities and prospective purchasers of the Offered Securities designated
by such holders); 
 (f)    to promptly take from time to time such actions as the Representatives may reasonably
request to qualify the Offered Securities 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 Securities; and to arrange for the determination of the eligibility for investment of the Offered Securities under the laws of such jurisdictions as the Representatives may request; provided that none of the 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 Securities; 

(h)    to assist the Representatives in arranging for the Offered Securities 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 Securities 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 Securities; 
 (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 Securities by means of any form of general solicitation or general advertising within the meaning of Rule 502(c) under
the Securities Act or in any manner involving a public offering within the meaning of Section 4(a)(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(a)(2) of the Securities Act to cease to be applicable to the offering and sale of the Offered Securities as contemplated by this
Agreement and the Preliminary Offering Memorandum; 

  
 22 

 (k)    with respect to any Offered Securities 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 Securities 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 asset-backed securities backed by wireless communications sites and
related Leases owned by SBA Parent or any of its affiliates (other than the Securities), except with the prior written consent of the Initial Purchasers; 

(m)    in connection with the offering of the Offered Securities, until the Representatives shall have notified SBA
Finance of the completion of the initial resale of the Offered Securities, 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 Securities, or attempt to induce any person to purchase any Offered Securities; 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 Securities; 

(n)    in connection with the offering of the Offered Securities, until the Representatives shall have notified SBA
Finance of the completion of the initial resale of the Offered Securities 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 Securities 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
Securities 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 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 Securities as set forth in the Pricing
Disclosure Package and the Offering Memorandum by Fitch, 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; 

  
 23 

 (r)    for a period from the date of this Agreement until the retirement
of the Offered Securities, to cause to be furnished to the Initial Purchasers, as soon as practicable after becoming available to SBA Finance, copies of (i) (A) any annual statement of compliance delivered by the Servicer to the Trustee under
the Trust Agreement, (B) any 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 Securities 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
Securities. It is understood that, to the extent any of the information described in the preceding sentence is posted on the Trustee’s internet website pursuant to the Trust Agreement, the requirements of the preceding sentence shall be deemed
to have been satisfied so long as the Initial Purchasers have access to such website; 
 (s)    to cause the Depositor
(or, to the extent permitted by the Risk Retention Rules, a majority-owned affiliate of ) to continue to comply with and be solely responsible for compliance with all requirements imposed on the “sponsor of a securitization transaction” by
the Risk Retention Rules for so long as those requirements are applicable, including, without limitation (1) complying with the post-closing disclosure requirements set forth in Section 4(c)(1)(ii) of the Risk Retention Rules in an
appropriate method that does not require any action by the Initial Purchasers, (2) complying with the records maintenance requirements set forth in Section 4(d) of the Risk Retention Rules, and (3) complying and causing compliance
with the hedging, transfer and financing prohibitions set forth in Section 12 of the Risk Retention Rules for the duration required by the Risk Retention Rules; and 

(t)    to cause SBA Parent to undertake, pursuant to the EU Risk Retention Letter, amongst other matters, to retain the EU
Retained Interest directly or indirectly (which may include indirectly through one or more Holding Subsidiaries) as determined in accordance with the EU Securitization Laws, and to not sell, transfer or otherwise surrender all or any part of its
rights, benefits or obligations arising from the EU Retained Interest, or hedge or otherwise mitigate its credit risk arising from the EU Retained Interest, in each case, except to the extent not restricted by the EU Securitization Laws, all in
accordance with the terms of the EU Risk Retention Letter. 
 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: 

  
 24 

 (a)    The Offering Memorandum (and any amendments or supplements
thereto) shall have been printed (or made available in electronic form if the Initial Purchasers have not requested printed copies) 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 Securities 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; 

(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 the Guarantor and its subsidiaries included or incorporated by reference in the
Preliminary Offering Memorandum and certain statistical information set forth in the Preliminary Offering Memorandum and confirming that they are independent public accountants with respect to the Guarantor and its subsidiaries within the meaning of
the Securities Act and the applicable rules and regulations thereunder adopted by the SEC and the American Institute of Certified Public Accountants; 

  
 25 

 (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 the Guarantor and its subsidiaries included or incorporated
by reference in the Offering Memorandum and certain statistical information set forth in the Offering Memorandum and (i) confirming that they are independent public accountants with respect to the Guarantor and its subsidiaries within the
meaning of the Securities Act and the applicable rules and regulations thereunder adopted by the SEC and the American Institute of Certified Public Accountants, (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 included or 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 a nationally recognized accounting firm, who are independent accountants reasonably acceptable to the Representatives (the “Independent Accounting Firm”), dated September 9, 2019, 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,” “The Tenant Leases,” “Description of the Mortgage Loan,” “Security for the Mortgage
Loan,” “Description of the Securities” and “Yield and Maturity Considerations” and certain information in the Sales Slides (as hereinafter defined) addressed to the Initial Purchasers and (ii) a report from the
Independent Accounting Firm, dated on or about September 12, 2019, 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,” “The Tenant
Leases,” “Description of the Mortgage Loan,” “Security for the Mortgage Loan,” “Description of the Securities” and “Yield and Maturity Considerations” addressed to the Initial Purchasers; 

(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 Securities 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; 

  
 26 

 (i)    The Representatives and the Trustee shall have received a letter
from Moody’s stating that the Offered Securities have received a rating of “A2(sf)” and a letter from Fitch stating that the Offered Securities have received a rating of “Asf”; 

(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 SEC, 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 Securities, or (v) the occurrence of any other calamity, crisis (including 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 offering or delivery
of the Offered Securities 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 Securities 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 Securities 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)    [Reserved]; 

  
 27 

 (m)    (1)    The Representatives and the Trustee
shall have received an opinion of Paul, Weiss, Rifkind, Wharton & Garrison LLP, special New York counsel to SBA Finance and the Transaction Parties, dated the Closing Date and addressed to the Initial Purchasers regarding, with respect to
the Transaction Parties, the enforceability of the Transaction Documents (other than this Agreement), the Offered Securities’ 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, the perfection and priority of those security interests created under the Transaction
Documents the perfection and priority of which is governed by New York law, the exemption from registration of the Offered Securities under the Securities Act, the exemption from qualification of the Trust Agreement under the Trust Indenture Act,
the exemption from registration as an “investment company” under the 1940 Act of the Trust (to the effect that the Trust does not rely solely on the exemption from the definition of “investment company” set forth in
Section 3(c)(1) and/or 3(c)(7) of the 1940 Act), SBA Holdings, the Guarantor, the Borrowers and the 2014 Additional Guarantors and such other matters as the Representatives may reasonably request, each in form and substance reasonably
satisfactory to the Representatives and their counsel (in each case subject to customary exceptions, assumptions and qualifications); 

(2)    The Representatives shall have received an opinion of Paul, Weiss, Rifkind, Wharton & Garrison LLP,
special New York counsel to SBA Finance and the Transaction Parties, dated the Closing Date and addressed to the Initial Purchasers, (A) to the effect that the Offered Securities, the Loan Agreement, the Trust Agreement, the Cash Management
Agreement, the Payment Guaranty, the Parent Guaranty, the 2014 Additional Guaranty and the Management Agreement conform in all material respects to their descriptions contained in the Pricing Disclosure Package and the Offering Memorandum,
(B) to the effect that the statements in the Pricing Disclosure Package and the Offering Memorandum under the caption “Certain ERISA Considerations,” to the extent such statements constitute summaries of United States federal or New
York State statutes, rules and regulations, or portions of them, are accurate in all material respects. and (C) such other matters as the Representatives may reasonably request, each in form and substance reasonably satisfactory to the
Representatives and their counsel; and 
 (3)    The Representatives shall have received a letter of Paul, Weiss,
Rifkind, Wharton & Garrison LLP, special New York counsel to SBA Finance and the Transaction Parties, dated the Closing Date and addressed to the Initial Purchasers, relating to negative assurances with respect to the Pricing Disclosure
Package as of the Applicable Time and the Offering Memorandum as of its date and the Closing Date, in form and substance reasonably satisfactory to the Representatives and their counsel; 

  
 28 

 (n)    The Representatives and the Trustee shall have received an
opinion of Paul, Weiss, Rifkind, Wharton & Garrison 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 Borrowers, SBA Holdings, the Guarantor or the 2014 Additional Guarantors with those of SBA Finance, in form and substance reasonably satisfactory to the Representatives and their counsel; 

(o)    The Representatives and the Trustee shall have received an opinion of Paul, Weiss, Rifkind, Wharton &
Garrison LLP, special United States federal income tax counsel to SBA Finance, dated the Closing Date and addressed to the Initial Purchasers, that (i) the statements made in the Preliminary Offering Memorandum and the Offering Memorandum under
the heading “Certain U.S. Federal Income Tax Considerations,” to the extent such statements summarize material United States federal income tax consequences of the purchase, beneficial ownership and disposition of the Offered Securities to
the holders thereof described therein, are correct in all material respects, (ii) (A) the Component of the Mortgage Loan corresponding to the Offered Securities will be characterized as indebtedness for United States federal income tax purposes
and (B) the Trust will be treated as a grantor trust and will not be classified as an association taxable as a corporation or as a publicly traded partnership taxable as a corporation for United States federal income tax purposes,
(iii) neither the issuance of the Offered Securities nor the increase in the outstanding principal amount of the Mortgage Loan by the Closing Date Mortgage Loan Increase will result in an Adverse Tax Status Event, and (iv) otherwise
satisfies the condition to the Closing Date Mortgage Loan Increase set forth in Section 3.2(A)(vi) of the Loan Agreement, in form and substance reasonably satisfactory to the Representatives and their counsel; 

(p)    The Representatives and the Trustee shall have received an opinion of Greenberg Traurig LLP, Florida counsel to SBA
Finance, the Manager and the Sub-Manager, 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 and the Sub-Manager, 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; 

(q)    The Representatives and the Trustee shall have received an opinion of Dudley, Newman and Feuerzeig, LLP, U.S.
Virgin Islands counsel to SBA USVI, or other counsel reasonably satisfactory to the Representatives and their counsel, 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 

  
 29 

 
USVI, absence of litigation, no conflicts with organizational documents, U.S. Virgin Islands laws or regulations, court orders or contracts, required authorizations and consents of U.S. Virgin
Islands governmental authorities, regarding the filed UCC-1 financing statement, the perfection and priority of the security interests created under the Transaction Documents the perfection and priority of
which is governed by U.S. Virgin Islands law 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 Richards, Layton & Finger, PA,
special Delaware counsel to the Borrowers (other than SBA USVI), the Depositor, SBA Holdings, the Guarantor and the 2014 Additional Guarantors, regarding due authorization, execution and delivery of the Transaction Documents by each of the Borrowers
(other than SBA USVI), the Depositor, SBA Holdings, the Guarantor and the 2014 Additional Guarantors, due authorization of the direction by the Borrowers to the Trustee and the Certificate Registrar to execute and authenticate the Offered
Securities, due authorization of the order by the Depositor to the Trustee to enter into this Agreement, the due organization of each of the Borrowers (other than SBA USVI), the Depositor, SBA Holdings, the Guarantor and the 2014 Additional
Guarantors, no conflicts with organizational documents and Delaware laws or regulations, the enforceability of the limited liability company agreement of each of the Borrowers (other than SBA USVI), the Depositor, SBA Holdings, the Guarantor and the
2014 Additional Guarantors, 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 Borrowers (other than SBA USVI), the
Depositor, SBA Holdings, the Guarantor and the 2014 Additional Guarantors, as applicable, treatment as a separate legal entity and the impact of the bankruptcy or dissolution of such members on the Borrowers (other than SBA USVI), the Depositor, SBA
Holdings, the Guarantor and the 2014 Additional Guarantors, as applicable, in form and substance reasonably satisfactory to the Representatives and their counsel; 

(s)    The Representatives and the Trustee shall have received an opinion of Richards, Layton & Finger, PA,
special Delaware counsel to the Borrowers (other than SBA USVI), the Depositor, SBA Holdings, the Guarantor and the 2014 Additional Guarantors, 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 Borrowers (other than SBA USVI), the Depositor, SBA Holdings, the Guarantor and the 2014 Additional Guarantors, as applicable, in form and substance reasonably satisfactory to the
Representatives and their counsel; 

  
 30 

 (t)    The Representatives and the Trustee shall have received an
opinion of Richards, Layton & Finger, PA, special Delaware counsel to the Borrowers (other than SBA USVI), the Depositor, SBA Holdings, the Guarantor and the 2014 Additional Guarantors, regarding the filed
UCC-1 financing statements, the perfection and priority of the security interests created under the Transaction Documents, and a description of the lien search results against the Borrowers (other than SBA
USVI), the Depositor, SBA Holdings, the Guarantor and the 2014 Additional Guarantors obtained from the Delaware Secretary of State, in form and substance reasonably satisfactory to the Representatives and their counsel; 

(u)    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; 

(v)    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, including, among other matters, negative assurances concerning the Servicer Information included in the Pricing Disclosure Package as of the Applicable Time and the Offering
Memorandum as of its date and the Closing Date, in form and substance reasonably satisfactory to the Representatives and their counsel; 

(w)    The Representatives and the Trustee shall have received an opinion of Greenberg Traurig LLP, FCC counsel to SBA
Finance and the Borrowers, 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 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 Securities and such other matters as the Representatives may reasonably request; 

(y)    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; 
 (z)    SBA Finance shall have furnished to the Representatives a copy of a
memorandum addressed to SBA Finance from Paul, Weiss, Rifkind, Wharton & Garrison LLP, special New York counsel to SBA Finance and the Transaction Parties, with respect to compliance with the Risk Retention Rules, in form and substance
satisfactory to the Representatives and their counsel; 

  
 31 

 (aa)    SBA Finance shall have furnished to the Representatives a copy
of a memorandum addressed to SBA Parent, SBA Finance and the Representatives from Sidley Austin LLP, special EU securitization counsel to SBA Parent, setting out the basis on which the securitization transaction pursuant to which the Notes are
issued has been structured for purposes of the EU Retention Requirements, in form and substance reasonably satisfactory to the Representatives and their counsel (subject to customary exceptions, assumptions and qualifications); 

(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 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; 
 (cc)    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 Borrowers, dated the Closing Date, in which each such officer shall state that (i) the representations and warranties
of such Borrower in the Transaction Documents to which such Borrower is a party are true and correct on and as of the Closing Date; (ii) that such Borrower has complied in all material respects with all agreements and satisfied in all material
respects 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; 

(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 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 in all material respects with all agreements and satisfied in all material respects all conditions
on its part to be performed or satisfied under the Transaction Documents at or prior to the Closing Date; 

  
 32 

 (ee)    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 is a party are true and correct on and as of the Closing Date; and (ii) that the Guarantor has complied in all material respects with all
agreements and satisfied in all material respects all conditions on its part to be performed or satisfied under the Transaction Documents at or prior to the Closing Date; 

(ff)    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 GC Parent I, dated the Closing Date, in which each such officer shall state that (i) the representations and warranties of SBA GC Parent I in the
Transaction Documents to which SBA GC Parent I is a party are true and correct on and as of the Closing Date; and (ii) that SBA GC Parent I has complied in all material respects with all agreements and satisfied in all material respects
all conditions on its part to be performed or satisfied under the Transaction Documents at or prior to the Closing Date; 

(gg)    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 GC Parent II, dated the Closing Date, in which each such officer shall state that (i) the representations and warranties of SBA GC Parent II in the
Transaction Documents to which SBA GC Parent II is a party are true and correct on and as of the Closing Date; and (ii) that SBA GC Parent II has complied in all material respects with all agreements and satisfied in all material respects all
conditions on its part to be performed or satisfied under the Transaction Documents at or prior to the Closing Date; 

(hh)    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 GC Holdings, dated the Closing Date, in which each such officer shall state that (i) the representations and warranties of SBA GC Holdings in the
Transaction Documents to which SBA GC Holdings is a party are true and correct on and as of the Closing Date; and (ii) that SBA GC Holdings has complied in all material respects with all agreements and satisfied in all material respects all
conditions on its part to be performed or satisfied under the Transaction Documents at or prior to the Closing Date; and 

  
 33 

 (ii)    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 in all material respects with all agreements
and satisfied in all material respects 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 Securities 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, employees
and affiliates 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 Securities), to which such Initial Purchaser, director, officer, employee, affiliate 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 the Pricing Disclosure Package or the
Offering Memorandum or in any amendment or supplement thereto, (B) in the materials and 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
Securities listed on Schedule III, including the sales presentation dated September 2019 (the “Sales Slides”) (collectively, the “Marketing Materials”) and, as of the date therein, in that Word file titled
SBA – Preliminary Offering Memorandum (2018-1) (As-Printed), or (C) any Form ABS-15G furnished to the SEC on EDGAR with
respect to the Offered Securities, (ii) the omission or alleged omission to state in the Pricing Disclosure Package or the Offering Memorandum or in any amendment or supplement thereto or in any Marketing Materials or in any Form ABS-15G furnished to the SEC on EDGAR with respect to the Offered Securities, 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 Borrowers, the Guarantor or SBA Holdings
in connection with the offering of the 

  
 34 

 
Offered Securities, 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 Securities
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, affiliate or controlling person promptly upon
demand for any legal or other expenses reasonably incurred by such Initial Purchaser, director, officer, employee, affiliate 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 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 (i) the Initial Purchasers’ Information or (ii) the information set forth in the Preliminary Offering Memorandum and the Offering Memorandum under the heading “Description of the Trust Agreement—The Servicer” (the
“Servicer 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, affiliate 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 affiliates, 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, affiliate 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 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 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 reliance upon and in conformity with the Initial Purchasers’ Information, and shall reimburse SBA Finance and any such director, officer, employee, affiliate or controlling person for any legal or other expenses reasonably
incurred by SBA Finance or any such director, officer, employee, affiliate 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, affiliate or controlling person. 

  
 35 

 (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
indemnifying party, to assume the defense thereof with counsel reasonably satisfactory to the indemnified party (which may be counsel to an indemnifying party with the consent of 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, affiliates 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 (i) the indemnifying party has agreed in writing to pay such fees and expenses, (ii) the indemnifying party has failed to provide counsel reasonably satisfactory to the Initial
Purchasers in a timely manner, (iii) the Initial Purchasers shall have reasonably concluded that there may be legal defenses available to them that are different from or in addition to those available to the indemnifying parties or
(iv) the named parties in any such proceeding (including any impleaded parties) include both the indemnifying parties and the Initial Purchasers and representation of both parties by the same counsel would be inappropriate due to actual or
potential differing interests between them, 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. 

  
 36 

 (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 Securities 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 Securities
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 Securities purchased under
this Agreement, on the other hand, bear to the total gross proceeds from the offering of the Offered Securities 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 Securities 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. 

  
 37 

 (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 (i) 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 (ii) the names, addresses and telephone numbers on page 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, affiliates 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 Securities. 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 Securities; (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 Securities, including stamp duties and transfer taxes, if any, payable upon
issuance of the Offered Securities; (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 Securities; (vii) any fees charged by the rating agencies for rating the Offered Securities; (viii) the fees and expenses of E&Y and the Independent
Accounting Firm 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, 

  
 38 

 
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 Securities, including, without limitation, all travel expenses of the Initial Purchasers and all expenses of the Initial Purchasers
incurred in connection with attending or hosting meetings with prospective purchasers of the Offered Securities; (xiv) the reasonable out-of-pocket fees and
expenses incurred by SBA Finance in connection with attending meetings with prospective purchasers of the Offered Securities, (xv) all expenses and application fees incurred in connection with the approval of the Offered Securities 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 Securities 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 Securities 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 Securities, 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 Securities. 

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 Securities 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 

  
 39 

 
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 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 Borrowers, the 2014 Additional Guarantors, 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 Securities 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: Securitized Products Origination Group 

Facsimile no.: (212) 412-2663 

Citigroup Global Markets Inc. 

388 Greenwich Street, 7th Floor 

New York, New York 10013 

Attention: Global ABS Financing & Securitization 

and 
 Deutsche
Bank Securities Inc. 
 60 Wall Street 

New York, New York 10005 

Attention: Global Credit Financing & Solutions 

  
 40 

 (b)    if to SBA Finance or the Trustee, shall be
delivered or sent by mail or telecopy transmission to: 
 SBA Senior Finance, LLC 

8051 Congress Ave. 
 Boca Raton,
FL 33487 
 Attention: Thomas P. Hunt 

Facsimile no.: (561) 997-0343 

or 
 Deutsche
Bank Trust Company Americas 
 c/o Deutsche Bank National Trust Company 

100 Plaza One 
 Jersey City, New
Jersey 07311 
 Attention: Trust & Agency Services 

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 Securities. 

  
 41 

 16.    No Fiduciary Duty. 

SBA Finance acknowledges and agrees that in connection with this offering of the Offered Securities 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 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 Securities. 

17.    Governing Law and Forum Selection. 

THIS AGREEMENT, AND ANY CLAIM, CONTROVERSY OR DISPUTE RELATING TO OR ARISING OUT OF THIS AGREEMENT, SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 EACH PARTY TO THIS AGREEMENT HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE
JURISDICTION OF ANY UNITED STATES FEDERAL OR NEW YORK STATE COURT SITTING IN NEW YORK COUNTY, NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY DOCUMENT EXECUTED BY SUCH PERSON PURSUANT TO THIS AGREEMENT AND
EACH PARTY HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR
PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS AN INCONVENIENT FORUM. 
 18.    Recognition of the U.S.
Special Resolution Regimes. 
 (a)    In the event that any Initial Purchaser that is a Covered Entity becomes
subject to a proceeding under a U.S. Special Resolution Regime, the transfer from such Initial Purchaser of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be
effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States. 

  
 42 

 (b)    In the event that any Initial Purchaser that is a Covered Entity
or a BHC Act Affiliate of such Initial Purchaser becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Initial Purchaser are permitted to be exercised to no
greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States. 

For purposes of this Section 18, a “BHC Act Affiliate” has the meaning assigned to the term “affiliate” in,
and shall be interpreted in accordance with, 12 U.S.C. § 1841(k). “Covered Entity” means any of the following: (i) a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R.
§ 252.82(b); (ii) a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a “covered FSI” as that term is defined in, and interpreted in accordance with, 12
C.F.R. § 382.2(b). “Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable. “U.S. Special Resolution
Regime” means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.

 19.    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. Delivery of an executed counterpart of a signature page of this Agreement in
Portable Document Format (PDF) or by facsimile transmission shall be effective as delivery of a manually executed original counterpart of this Agreement. 

20.    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. 
 21.    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. 

  
 43 

 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 Trust, SBA Finance and the Initial Purchasers in accordance with its
terms. 
  

			
	 Very truly yours,
  

DEUTSCHE BANK TRUST COMPANY AMERICAS, not in its individual capacity, but solely as Trustee, on behalf of the Trust

		
	By:	 	/s/ Susan Barstock
	Name:	 	Susan Barstock
	Title:	 	Vice President
		
	By:	 	/s/ Michele H.Y. Voon
	Name:	 	Michele H.Y. Voon
	Title:	 	Vice President
	
	SBA SENIOR FINANCE, LLC
		
	By:	 	/s/ Brendan T. Cavanagh
	Name:	 	Brendan T. Cavanagh
	Title:	 	Chief Financial Officer

 [Signature Page to Purchase Agreement] 

			
	Accepted:
	
	BARCLAYS CAPITAL INC.
		
	By:	 	/s/ Peter Walgren
	Name:	 	Peter Walgren
	Title:	 	Director
	
	CITIGROUP GLOBAL MARKETS INC.
		
	By:	 	/s/ Gerard Drumm
	Name:	 	Gerard Drumm
	Title:	 	Director
	
	DEUTSCHE BANK SECURITIES INC.
		
	By:	 	/s/ Robert Sannicandro
	Name:	 	Robert Sannicandro
	Title:	 	Managing Director
		
	By:	 	/s/ Kaz Ang
	Name:	 	Kaz Ang
	Title:	 	Director

 For themselves and as Representatives of the several 

Initial Purchasers named on Schedule I hereto 

[Signature Page to Purchase Agreement] 
  

 SCHEDULE I 
  

					
	 Initial Purchasers
	  	Principal Amount
Offered Securities	 
	 Barclays Capital Inc.
	  	$	466,000,000	 
	 Citigroup Global Markets Inc.
	  	$	233,000,000	 
	 Deutsche Bank Securities Inc.
	  	$	233,000,000	 
	 J.P. Morgan Securities LLC
	  	$	58,250,000	 
	 Mizuho Securities USA LLC
	  	$	58,250,000	 
	 TD Securities (USA) LLC
	  	$	58,250,000	 
	 Wells Fargo Securities, LLC
	  	$	58,250,000	 
	 Total
	  	$	1,165,000,000	 
		  	  
	  
	 

 SCHEDULE II 

Pricing Term Sheet 

 THIS PRICING SUPPLEMENT TO THE PRELIMINARY OFFERING MEMORANDUM DATED AUGUST 30, 2019 IS INTENDED FOR
THE PERSONAL AND CONFIDENTIAL USE OF THE DESIGNATED RECIPIENT(S) NAMED IN THE EMAIL TO WHICH THIS PRICING SUPPLEMENT IS ATTACHED. IF YOU ARE NOT THE INTENDED RECIPIENT OF THIS PRICING SUPPLEMENT YOU ARE HEREBY NOTIFIED THAT ANY REVIEW,
DISSEMINATION, DISTRIBUTION OR COPYING OF THIS PRICING SUPPLEMENT IS STRICTLY PROHIBITED. 
 BY ELECTING TO VIEW THIS INFORMATION, YOU REPRESENT,
WARRANT AND AGREE THAT YOU WILL NOT COPY, RECORD OR OTHERWISE ATTEMPT TO REPRODUCE OR RETRANSMIT THIS INFORMATION TO ANY OTHER PERSON. 

 This Pricing Supplement is qualified in its entirety by reference to, and must be read

 in conjunction with, the Preliminary Offering Memorandum dated August 30, 2019 

 
 PRICING SUPPLEMENT 

TO THE PRELIMINARY OFFERING 

MEMORANDUM DATED AUGUST 30, 2019 

of 
 SBA TOWER TRUST

 This is the First Supplement dated September 10, 2019 (the “Pricing Supplement”) to the confidential preliminary offering
memorandum dated August 30, 2019 (the “Preliminary Offering Memorandum”) of SBA Tower Trust. 
 The information in this Pricing
Supplement supplements the Preliminary Offering Memorandum and supersedes the information in the Preliminary Offering Memorandum to the extent inconsistent with the information in the Preliminary Offering Memorandum. This Pricing Supplement is
qualified in its entirety by reference to, and must be read in conjunction with, the Preliminary Offering Memorandum. Terms used herein but not defined herein shall have the respective meanings as set forth in the Preliminary Offering Memorandum.

 IMPORTANT NOTICE 
 THE OFFER AND
SALE OF THE OFFERED SECURITIES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR REGISTERED OR QUALIFIED UNDER ANY STATE OR FOREIGN SECURITIES LAWS, AND THE OFFERED SECURITIES
ARE BEING OFFERED AND SOLD (1) IN THE UNITED STATES ONLY TO “QUALIFIED INSTITUTIONAL BUYERS” (“QUALIFIED INSTITUTIONAL BUYERS”) WITHIN THE MEANING OF, AND IN RELIANCE ON, RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) AND TO ENTITIES THAT QUALIFY AS “ACCREDITED INVESTORS” (“INSTITUTIONAL ACCREDITED INVESTORS”) WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT; AND (2) TO
CERTAIN NON “U.S. PERSONS” IN “OFFSHORE TRANSACTIONS” AS DEFINED IN, AND IN RELIANCE ON, REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”). 

THE TOWER TRUST BELIEVES THAT IT IS NOT A “COVERED FUND” UNDER THE VOLCKER RULE BECAUSE IT BELIEVES THAT IT IS NOT AN “INVESTMENT
COMPANY” WITHIN THE MEANING OF SECTION 3(a)(1) OF THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED, AND IS NOT RELYING SOLELY ON THE EXEMPTION FROM THE DEFINITION OF “INVESTMENT COMPANY” SET FORTH IN SECTION 3(c)(1) OR SECTION 3(c)(7)
OF THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED. 
 IMPORTANT: You must read the following notice before continuing. The following notice
applies to this Pricing Supplement and to the Preliminary Offering Memorandum and you are therefore advised to read this notice carefully before reading, accessing or making any other use of this Pricing Supplement. In reading, accessing or making
any other use of this Pricing Supplement, you agree to be bound by the following terms and conditions, including any modifications to them any time you receive any information from the Initial Purchasers as a result of such access. 

NOTHING IN THIS ELECTRONIC TRANSMISSION CONSTITUTES AN OFFER OF THE OFFERED SECURITIES FOR SALE IN ANY JURISDICTION WHERE IT IS UNLAWFUL TO DO SO. THE OFFER
AND SALE OF THE OFFERED SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE SECURITIES ACT OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND THE OFFERED SECURITIES MAY NOT BE OFFERED OR SOLD WITHIN THE
U.S. OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT), EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND
APPLICABLE STATE OR LOCAL SECURITIES LAWS. 
  

 This Pricing Supplement is qualified in its entirety by reference to, and must be read

 in conjunction with, the Preliminary Offering Memorandum dated August 30, 2019 

 
  

 NOTICE TO RESIDENTS OF THE UNITED KINGDOM 

THE DISTRIBUTION OF THIS PRICING SUPPLEMENT (A) IF MADE BY A PERSON WHO IS NOT AN AUTHORIZED PERSON UNDER THE FSMA, IS BEING MADE ONLY
TO, OR DIRECTED ONLY AT, PERSONS WHO (I) HAVE PROFESSIONAL EXPERIENCE IN MATTERS RELATING TO INVESTMENTS AND WHO FALL WITHIN ARTICLE 19(5) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005, AS AMENDED (THE
“FINANCIAL PROMOTION ORDER”); (II) ARE PERSONS FALLING WITHIN ARTICLE 49(2)(A) THROUGH (D) (“HIGH NET WORTH COMPANIES, UNINCORPORATED ASSOCIATIONS, ETC.”) OF THE FINANCIAL PROMOTION ORDER; OR (III) OTHER PERSONS
TO WHOM IT MAY OTHERWISE LAWFULLY BE COMMUNICATED (ALL SUCH PERSONS TOGETHER BEING REFERRED TO AS “FPO PERSONS”); AND (B) IF MADE BY A PERSON WHO IS AN AUTHORIZED PERSON UNDER THE FSMA, IS BEING MADE ONLY TO, OR DIRECTED ONLY
AT, PERSONS WHO (I) HAVE PROFESSIONAL EXPERIENCE IN PARTICIPATING IN UNREGULATED COLLECTIVE INVESTMENT SCHEMES (AS DEFINED FOR PURPOSES OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (PROMOTION OF COLLECTIVE INVESTMENT SCHEMES) (EXEMPTIONS)
ORDER 2001 (AS AMENDED, THE “PROMOTION OF COLLECTIVE INVESTMENT SCHEMES EXEMPTIONS ORDER”)) AND WHICH FALL WITHIN ARTICLE 14(5) OF THE PROMOTION OF COLLECTIVE INVESTMENT SCHEMES EXEMPTIONS ORDER; (II) ARE PERSONS FALLING WITHIN
ARTICLE 22(2)(A) THROUGH (D) (“HIGH NET WORTH COMPANIES, UNINCORPORATED ASSOCIATIONS, ETC.”) OF THE PROMOTION OF COLLECTIVE INVESTMENT SCHEMES EXEMPTIONS ORDER; OR (III) PERSONS TO WHICH THE TOWER TRUST MAY LAWFULLY BE PROMOTED IN
ACCORDANCE WITH SECTION 4.12 OF THE UNITED KINGDOM FINANCIAL CONDUCT AUTHORITY’S CONDUCT OF BUSINESS SOURCEBOOK (ALL SUCH PERSONS, TOGETHER WITH FPO PERSONS, THE “RELEVANT PERSONS”). THIS PRICING SUPPLEMENT MUST NOT BE ACTED ON
OR RELIED ON BY PERSONS IN THE UNITED KINGDOM WHO ARE NOT RELEVANT PERSONS. IN THE UNITED KINGDOM, ANY INVESTMENT OR INVESTMENT ACTIVITY TO WHICH THIS PRICING SUPPLEMENT RELATES, INCLUDING THE OFFERED SECURITIES, IS AVAILABLE ONLY TO RELEVANT
PERSONS AND WILL BE ENGAGED IN ONLY WITH RELEVANT PERSONS. 
 PROSPECTIVE INVESTORS IN THE UNITED KINGDOM ARE ADVISED THAT ALL, OR MOST, OF THE PROTECTIONS
AFFORDED BY THE UNITED KINGDOM REGULATORY SYSTEM WILL NOT APPLY TO AN INVESTMENT IN THE TOWER TRUST AND THAT COMPENSATION WILL NOT BE AVAILABLE UNDER THE UNITED KINGDOM FINANCIAL SERVICES COMPENSATION SCHEME. 

NOTICE TO RESIDENTS OF THE EUROPEAN ECONOMIC AREA 

THE OFFERED SECURITIES ARE NOT INTENDED TO BE OFFERED, SOLD OR OTHERWISE MADE AVAILABLE TO AND SHOULD NOT BE OFFERED, SOLD OR OTHERWISE MADE
AVAILABLE TO ANY RETAIL INVESTOR IN THE EUROPEAN ECONOMIC AREA (“EEA”). FOR THESE PURPOSES, A RETAIL INVESTOR MEANS A PERSON WHO IS ONE (OR MORE) OF: (I) A RETAIL CLIENT AS DEFINED IN POINT (11) OF ARTICLE 4(1) OF
DIRECTIVE 2014/65/EU (AS AMENDED, “MIFID II” ); OR (II) A CUSTOMER WITHIN THE MEANING OF DIRECTIVE (EU) 2016/97 (AS AMENDED, THE “INSURANCE DISTRIBUTION DIRECTIVE”), WHERE THAT CUSTOMER WOULD NOT QUALIFY AS A
PROFESSIONAL CLIENT AS DEFINED IN POINT (10) OF ARTICLE 4(1) OF MIFID II; OR (III) NOT A QUALIFIED INVESTOR (“QUALIFIED INVESTOR”) AS DEFINED IN REGULATION (EU) 2017/1129 (AS AMENDED, THE “PROSPECTUS
REGULATION”). 
 CONSEQUENTLY NO KEY INFORMATION DOCUMENT REQUIRED BY REGULATION (EU) NO 1286/2014 (AS AMENDED, THE “PRIIPS
REGULATION”) FOR OFFERING OR SELLING THE OFFERED SECURITIES OR OTHERWISE MAKING THEM AVAILABLE TO RETAIL INVESTORS IN THE EEA HAS BEEN PREPARED AND THEREFORE OFFERING OR SELLING THE OFFERED SECURITIES OR OTHERWISE MAKING THEM AVAILABLE TO
ANY RETAIL INVESTOR IN THE EEA MAY BE UNLAWFUL UNDER THE PRIIPS REGULATION. 
 THIS PRICING SUPPLEMENT IS NOT A PROSPECTUS FOR PURPOSES OF
THE PROSPECTUS REGULATION. THIS PRICING SUPPLEMENT HAS BEEN PREPARED ON THE BASIS THAT ANY OFFER OF OFFERED SECURITIES IN THE EEA WILL BE MADE ONLY TO A QUALIFIED INVESTOR. ACCORDINGLY, ANY PERSON MAKING OR INTENDING TO MAKE AN OFFER IN THE EEA OF
OFFERED SECURITIES WHICH ARE THE SUBJECT OF THE OFFERING CONTEMPLATED IN THIS PRICING SUPPLEMENT MAY DO SO ONLY WITH RESPECT TO QUALIFIED INVESTORS. NEITHER THE TOWER TRUST, NOR ANY INITIAL PURCHASER HAS AUTHORIZED, NOR DO THEY AUTHORIZE, THE MAKING
OF ANY OFFER OF OFFERED SECURITIES IN THE EEA OTHER THAN TO QUALIFIED INVESTORS. 

 This Pricing Supplement is qualified in its entirety by reference to, and must be read

 in conjunction with, the Preliminary Offering Memorandum dated August 30, 2019 

 
  

 ANY DISTRIBUTOR SUBJECT TO MIFID II THAT IS OFFERING, SELLING OR RECOMMENDING THE OFFERED
SECURITIES IS RESPONSIBLE FOR UNDERTAKING ITS OWN TARGET MARKET ASSESSMENT IN RESPECT OF THE OFFERED SECURITIES AND DETERMINING ITS OWN DISTRIBUTION CHANNELS FOR THE PURPOSES OF THE MIFID II PRODUCT GOVERNANCE RULES UNDER COMMISSION DELEGATED
DIRECTIVE (EU) 2017/593 (AS AMENDED, THE “DELEGATED DIRECTIVE”). NEITHER THE TOWER TRUST, THE DEPOSITOR NOR ANY INITIAL PURCHASER MAKES ANY REPRESENTATIONS OR WARRANTIES AS TO A DISTRIBUTOR’S COMPLIANCE WITH THE DELEGATED
DIRECTIVE. 
  
 THIS PRICING SUPPLEMENT MAY NOT BE
FORWARDED OR DISTRIBUTED TO ANY OTHER PERSON AND MAY NOT BE REPRODUCED IN ANY MANNER WHATSOEVER. ANY FORWARDING, DISTRIBUTION OR REPRODUCTION OF THIS PRICING SUPPLEMENT IN WHOLE OR IN PART IS UNAUTHORIZED. FAILURE TO COMPLY WITH THIS DIRECTIVE MAY
RESULT IN A VIOLATION OF THE SECURITIES ACT OR THE APPLICABLE SECURITIES LAWS OF OTHER JURISDICTIONS. 
 Confirmation of Your Representation: In
order to be eligible to view this Pricing Supplement or make an investment decision with respect to the Offered Securities, you must be (A) (i) a Qualified Institutional Buyer, (ii) aware that the sale of the Offered Securities to you is
being made in reliance on Rule 144A and (iii) acquiring such Offered Securities for your own account or for the account of another Qualified Institutional Buyer, as the case may be, (B) (i) an Institutional Accredited Investor or an entity
owned entirely by other Institutional Accredited Investors, (ii) acquiring such Offered Securities for your own account and (iii) not intending to resell or distribute such Offered Securities in any manner that would violate, or require
registration under, Section 5 of the Securities Act, or (C) (i) not a “U.S. person” as defined in Rule 902(k) of Regulation S (a “U.S. Person”), (ii) not acquiring such Offered Securities for the account or
benefit of a U.S. Person and (iii) acquiring such Offered Securities in an “offshore transaction” as defined in Rule 902(h) of Regulation S. 

You are reminded that this Pricing Supplement has been delivered to you on the basis that you are a person into whose possession this Pricing Supplement may
be lawfully delivered in accordance with the laws of the jurisdiction in which you are located and you may not, nor are you authorized to, deliver this Pricing Supplement to any other person. 

The materials relating to the offering do not constitute, and may not be used in connection with, an offer or solicitation in any place where such offers or
solicitations are not permitted by law. If a jurisdiction requires that the offering be made by a licensed broker or dealer and the Initial Purchasers or any affiliate of the Initial Purchasers is a licensed broker or dealer in that jurisdiction,
the offering shall be deemed to be made by the Initial Purchasers or such affiliate on behalf of the Issuer in such jurisdiction. 
 This Pricing Supplement
has been sent to you in an electronic form. You are reminded that documents transmitted via this medium may be altered or changed during the process of electronic transmission and consequently none of Barclays Capital Inc., Citigroup Global Markets
Inc., Deutsche Bank Securities Inc., the other initial purchasers nor any person who controls any of them nor any director, officer, employee or agent of any of them nor any affiliate of any such person accepts any liability or responsibility
whatsoever in respect of any difference between this Pricing Supplement distributed to you in electronic format and the hard copy version available to you on request from Barclays Capital Inc., Citigroup Global Markets Inc., Deutsche Bank Securities
Inc. and the other initial purchasers. By accepting delivery of this Pricing Supplement, you agree to the foregoing. 

 This Pricing Supplement is qualified in its entirety by reference to, and must be read

 in conjunction with, the Preliminary Offering Memorandum dated August 30, 2019 

 
  

			
	 ISSUER:
	  	SBA Tower Trust
		
	 SERIES OF SECURITIES:
	  	Secured Tower Revenue Securities, Series 2019-1
		
	 SUBCLASS:
	  	 2019-1C
  

Initial Subclass Principal Balance: $1,165,000,000
  

% of Class Principal Balance: 23.49%

		
	 CURRENCY:
	  	U.S. Dollars
		
	 OFFERING FORM:
	  	144A/IAI/Reg S
		
	 PASS-THROUGH RATE:
	  	2.836%
		
	 BASE COMPONENT RATE:
	  	2.836%
		
	 POST-ARD SPREAD:
	  	1.30%
		
	 DSCR AS OF CLOSING DATE:
	  	4.60x
		
	 ANTICIPATED REPAYMENT DATE:
	  	January 2025
		
	 FINAL REPAYMENT DATE:
	  	January 2050
		
	 PAYMENT FREQUENCY
	  	Monthly
		
	 RATINGS:1
	  	Moody’s/Fitch: A2(sf)/Asf
		
	 DENOMINATIONS:
	  	The Offered Securities will be issued in a denomination of not less than $25,000 initial principal balance and in integral multiples of $1,000 in excess thereof, except that Offered Securities issued to Institutional Accredited
Investors that are not Qualified Institutional Buyers will be issued in minimum denominations of $100,000 and integral multiples of $1,000 in excess thereof.
		
	 DAY COUNT:
	  	30/360
		
	 OFFERING PRICE:
	  	100.0%
		
	 PRICING DATE:
	  	September 10, 2019
		
	 CLOSING DATE:
	  	September 13, 2019
		
	 EXPECTED SETTLEMENT:
	  	T+3 (September 13, 2019)2

  
  

	1 	 An explanation of the significance of ratings may be obtained from the rating agencies. Generally, rating
agencies base their ratings on such material and information, and such of their own investigations, studies and assumptions, as they deem appropriate. The rating of the securities should be evaluated independently from similar ratings of other
securities. A credit rating of a security is not a recommendation to buy, sell or hold securities and may be subject to review, revision, suspension, reduction or withdrawal at any time by the assigning rating agency. 

	2 	 The Initial Purchasers expect to deliver the Offered Securities on September 13, 2019, which will be the 3rd
Business Day following the date of pricing of the Offered Securities (such settlement schedule being herein referred to as “T+3”). Under Rule 15c6-1 under the United States Securities Exchange Act of
1934, as amended (the “Exchange Act”), trades in the secondary market generally are required to settle in two Business Days, unless the parties to any such trade expressly agree otherwise. Because the Offered Securities will not be
delivered before closing, purchasers trading the Offered Securities on the date of pricing or the next Business Day will be required to specify a longer settlement cycle at the time of any such trade to prevent a failed settlement. Purchasers of the
Offered Securities who wish to trade Offered Securities on the date of pricing or the next Business Day should consult their own advisor. 

 This Pricing Supplement is qualified in its entirety by reference to, and must be read

 in conjunction with, the Preliminary Offering Memorandum dated August 30, 2019 

 
  

			
	 CUSIP:
	  	 78403D AN0 (Rule 144A)
 U80547 AN9
(Regulation S)

		
	 ISIN:
	  	 US78403DAN03 (Rule 144A)
 USU80547AN99
(Regulation S)

		
	 SETTLEMENT:
	  	DTC, Euroclear, Clearstream
		
	 INITIAL PURCHASERS:
	  	 Barclays Capital Inc.
 Citigroup Global Markets
Inc.
 Deutsche Bank Securities Inc.
 Wells Fargo Securities,
LLC
 J.P. Morgan Securities LLC
 Mizuho Securities USA LLC

TD Securities (USA) LLC

 This communication is intended for the sole use of the person to whom it is provided by the sender. 

A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. 

ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR BELOW ARE NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMERS OR OTHER NOTICES
WERE AUTOMATICALLY GENERATED AS A RESULT OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00300-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00300-of-00352.parquet"}]]