Document:

EXECUTION COPY

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                      AMENDED AND RESTATED TRUST AGREEMENT

                                      among

                  NORTHSTAR REALTY FINANCE LIMITED PARTNERSHIP,
                                  as Depositor

                    JPMORGAN CHASE BANK, NATIONAL ASSOCIATION
                               as Property Trustee

                      CHASE BANK USA, NATIONAL ASSOCIATION,
                               as Delaware Trustee

                                       and

                    THE ADMINISTRATIVE TRUSTEES NAMED HEREIN
                           as Administrative Trustees

                                ----------------

                           Dated as of April 12, 2005

                                ----------------

                         NORTHSTAR REALTY FINANCE TRUST

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                                    CONTENTS

CLAUSE                                                                      PAGE

ARTICLE I.    Defined Terms....................................................1
     Section 1.1.   Definitions................................................1

ARTICLE II.   The Trust.......................................................11
     Section 2.1.   Name......................................................11
     Section 2.2.   Office of the Delaware Trustee; Principal Place
                    of Business...............................................11
     Section 2.3.   Initial Contribution of Trust Property; Fees,
                    Costs and Expenses........................................11
     Section 2.4.   Purposes of Trust.........................................12
     Section 2.5.   Authorization to Enter into Certain Transactions..........12
     Section 2.6.   Assets of Trust...........................................15
     Section 2.7.   Title to Trust Property...................................15

ARTICLE III.  Payment Account;  Paying Agents.................................15
     Section 3.1.   Payment Account...........................................15
     Section 3.2.   Appointment of Paying Agents..............................15

ARTICLE IV.   Distributions; Redemption.......................................16
     Section 4.1.   Distributions.............................................16
     Section 4.2.   Redemption................................................18
     Section 4.3.   Subordination of Common Securities........................20
     Section 4.4.   Payment Procedures........................................21
     Section 4.5.   Withholding Tax...........................................21
     Section 4.6.   Tax Returns and Other Reports.............................22
     Section 4.7.   Payment of Taxes, Duties, Etc. of the Trust...............22
     Section 4.8.   Payments under Indenture or Pursuant to Direct Actions....22
     Section 4.9.   Exchanges.................................................22
     Section 4.10.  Calculation Agent.........................................23
     Section 4.11.  Certain Accounting Matters................................23

ARTICLE V.    Securities......................................................25
     Section 5.1.   Initial Ownership.........................................25
     Section 5.2.   Authorized Trust Securities...............................25
     Section 5.3.   Issuance of the Common Securities; Subscription and
                    Purchase of Notes.........................................25
     Section 5.4.   The Securities Certificates...............................25
     Section 5.5.   Rights of Holders.........................................26
     Section 5.6.   Book-Entry Preferred Securities...........................26
     Section 5.7.   Registration of Transfer and Exchange of Preferred
                    Securities Certificates...................................28

                                        i

                                    CONTENTS

CLAUSE                                                                      PAGE

     Section 5.8.   Mutilated, Destroyed, Lost or Stolen Securities
                    Certificates..............................................29
     Section 5.9.   Persons Deemed Holders....................................30
     Section 5.10.  Cancellation..............................................30
     Section 5.11.  Ownership of Common Securities by Depositor...............31
     Section 5.12.  Restricted Legends........................................31
     Section 5.13.  Form of Certificate of Authentication.....................33

ARTICLE VI.   Meetings; Voting; Acts of Holders...............................34
     Section 6.1.   Notice of Meetings........................................34
     Section 6.2.   Meetings of Holders of the Preferred Securities...........34
     Section 6.3.   Voting Rights.............................................35
     Section 6.4.   Proxies, Etc..............................................35
     Section 6.5.   Holder Action by Written Consent..........................35
     Section 6.6.   Record Date for Voting and Other Purposes.................35
     Section 6.7.   Acts of Holders...........................................35
     Section 6.8.   Inspection of Records.....................................36
     Section 6.9.   Limitations on Voting Rights..............................37
     Section 6.10.  Acceleration of Maturity; Rescission of Annulment;
                    Waivers of Past Defaults..................................37

ARTICLE VII.  Representations and Warranties..................................40
     Section 7.1.   Representations and Warranties of the Property Trustee
                    and the Delaware Trustee..................................40
     Section 7.2.   Representations and Warranties of Depositor...............41

ARTICLE VIII. The Trustees....................................................42
     Section 8.1.   Number of Trustees........................................42
     Section 8.2.   Property Trustee Required.................................42
     Section 8.3.   Delaware Trustee Required.................................43
     Section 8.4.   Appointment of Administrative Trustees....................43
     Section 8.5.   Duties and Responsibilities of the Trustees...............43
     Section 8.6.   Notices of Defaults and Extensions........................45
     Section 8.7.   Certain Rights of Property Trustee........................45
     Section 8.8.   Delegation of Power.......................................48
     Section 8.9.   May Hold Securities.......................................48
     Section 8.10.  Compensation; Reimbursement; Indemnity....................48
     Section 8.11.  Resignation and Removal; Appointment of Successor.........49
     Section 8.12.  Acceptance of Appointment by Successor....................50
     Section 8.13.  Merger, Conversion, Consolidation or Succession
                    to Business...............................................51

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                                    CONTENTS

CLAUSE                                                                      PAGE

     Section 8.14.  Not Responsible for Recitals or Issuance of Securities....51
     Section 8.15.  Property Trustee May File Proofs of Claim.................51
     Section 8.16.  Reports to the Property Trustee...........................52

ARTICLE IX.   Termination, Liquidation and Merger.............................53
     Section 9.1.   Dissolution Upon Expiration Date..........................53
     Section 9.2.   Early Termination.........................................53
     Section 9.3.   Termination...............................................53
     Section 9.4.   Liquidation...............................................53
     Section 9.5.   Mergers, Consolidations, Amalgamations or
                    Replacements of Trust.....................................55

ARTICLE X.    Miscellaneous Provisions........................................56
     Section 10.1.  Limitation of Rights of Holders...........................56
     Section 10.2.  Agreed Tax Treatment of Trust and Trust Securities........56
     Section 10.3.  Amendment.................................................57
     Section 10.4.  Separability..............................................58
     Section 10.5.  Governing Law.............................................58
     Section 10.6.  Successors................................................58
     Section 10.7.  Headings..................................................58
     Section 10.8.  Reports, Notices and Demands..............................59
     Section 10.9.  Agreement Not to Petition.................................59
     Section 10.10. Counterparts..............................................60

Exhibit A     Certificate of Trust of NorthStar Realty Finance Trust
Exhibit B     Form of Common Securities Certificate
Exhibit C     Form of Preferred Securities Certificate
Exhibit D     Junior Subordinated Indenture
Exhibit E     Form of Transferor Certificate to be Executed by Transferees
Exhibit F     Form of Officer's Financial Certificate of the Depositor

Schedule A    Calculation of LIBOR

                                       iii

     THIS AMENDED AND RESTATED TRUST AGREEMENT, dated as of April 12, 2005,
among (i) NorthStar Realty Finance Limited Partnership, a Delaware limited
partnership (including any successors or permitted assigns, the "Depositor"),
(ii) JPMorgan Chase Bank, National Association, a national banking association,
as property trustee (in such capacity, the "Property Trustee"), (iii) Chase Bank
USA, National Association, a national banking association, as Delaware trustee
(in such capacity, the "Delaware Trustee"), (iv) David T. Hamamoto, an
individual, Mark E. Chertok, an individual and Richard J. McCready, an
individual, each of whose address is c/o NorthStar Realty Finance Limited
Partnership, 527 Madison Avenue, New York, New York 10022, as administrative
trustees (in such capacities, each an "Administrative Trustee" and,
collectively, the "Administrative Trustees" and, together with the Property
Trustee and the Delaware Trustee, the "Trustees") and (v) the several Holders,
as hereinafter defined.

                                   WITNESSETH

     WHEREAS, the Depositor and the Delaware Trustee have heretofore created a
Delaware statutory trust pursuant to the Delaware Statutory Trust Act by
entering into a Trust Agreement, dated as of April 1, 2005 (the "Original Trust
Agreement"), and by executing and filing with the Secretary of State of the
State of Delaware the Certificate of Trust, substantially in the form attached
as Exhibit A; and

     WHEREAS, the Depositor and the Trustees desire to amend and restate the
Original Trust Agreement in its entirety as set forth herein to provide for,
among other things, (i) the issuance of the Common Securities by the Trust to
the Depositor, (ii) the issuance and sale of the Preferred Securities by the
Trust pursuant to the Purchase Agreement and (iii) the acquisition by the Trust
from the Depositor of all of the right, title and interest in and to the Notes;

     NOW, THEREFORE, in consideration of the agreements and obligations set
forth herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, each party, for the benefit of the
other parties and for the benefit of the Holders, hereby amends and restates the
Original Trust Agreement in its entirety and agrees as follows:

                                   ARTICLE I.

                                  DEFINED TERMS

     SECTION 1.1. Definitions.

     For all purposes of this Trust Agreement, except as otherwise expressly
provided or unless the context otherwise requires:

          (a) the terms defined in this Article I have the meanings assigned to
     them in this Article I;

          (b) the words "include", "includes" and "including" shall be deemed to
     be followed by the phrase "without limitation";

          (c) all accounting terms used but not defined herein have the meanings
     assigned to them in accordance with United States generally accepted
     accounting principles;

          (d) unless the context otherwise requires, any reference to an
     "Article", a "Section", a "Schedule" or an "Exhibit" refers to an Article,
     a Section, a Schedule or an Exhibit, as the case may be, of or to this
     Trust Agreement;

          (e) the words "hereby", "herein", "hereof" and "hereunder" and other
     words of similar import refer to this Trust Agreement as a whole and not to
     any particular Article, Section or other subdivision;

          (f) a reference to the singular includes the plural and vice versa;
     and

          (g) the masculine, feminine or neuter genders used herein shall
     include the masculine, feminine and neuter genders.

     "Act" has the meaning specified in Section 6.7.

     "Additional Interest" has the meaning specified in Section 1.1 of the
Indenture.

     "Additional Interest Amount" means, with respect to Trust Securities of a
given Liquidation Amount and/or a given period, the amount of Additional
Interest paid by the Depositor on a Like Amount of Notes for such period.

     "Additional Taxes" has the meaning specified in Section 1.1 of the
Indenture.

     "Additional Tax Sums" has the meaning specified in Section 10.5 of the
Indenture.

     "Administrative Trustee" means each of the Persons identified as an
"Administrative Trustee" in the preamble to this Trust Agreement, solely in each
such Person's capacity as Administrative Trustee of the Trust and not in such
Person's individual capacity, or any successor Administrative Trustee appointed
as herein provided.

     "Affiliate" of any specified Person means any other Person directly or
indirectly controlling or controlled by or under direct or indirect common
control with such specified Person. For the purposes of this definition,
"control" when used with respect to any specified Person means the power to
direct the management and policies of such Person, directly or indirectly,
whether through the ownership of voting securities, by contract or otherwise;
and the terms "controlling" and "controlled" have meanings correlative to the
foregoing.

     "Applicable Depositary Procedures" means, with respect to any transfer or
transaction involving a Book-Entry Preferred Security, the rules and procedures
of the Depositary for such Book-Entry Preferred Security, in each case to the
extent applicable to such transaction and as in effect from time to time.

                                       2

     "Bankruptcy Event" means, with respect to any Person:

          (a) the entry of a decree or order by a court having jurisdiction in
          the premises (i) judging such Person a bankrupt or insolvent, (ii)
          approving as properly filed a petition seeking reorganization,
          arrangement, adjudication or composition of or in respect of such
          Person under any applicable Federal or state bankruptcy, insolvency,
          reorganization or other similar law, (iii) appointing a custodian,
          receiver, liquidator, assignee, trustee, sequestrator or other similar
          official of such Person or of any substantial part of its property or
          (iv) ordering the winding up or liquidation of its affairs, and the
          continuance of any such decree or order unstayed and in effect for a
          period of sixty (60) consecutive days; or

          (b) the institution by such Person of proceedings to be adjudicated a
          bankrupt or insolvent, or the consent by it to the institution of
          bankruptcy or insolvency proceedings against it, or the filing by it
          of a petition or answer or consent seeking reorganization or relief
          under any applicable Federal or State bankruptcy, insolvency,
          reorganization or other similar law, or the consent by it to the
          filing of any such petition or to the appointment of a custodian,
          receiver, liquidator, assignee, trustee, sequestrator or similar
          official of such Person or of any substantial part of its property, or
          the making by it of an assignment for the benefit of creditors, or the
          admission by it in writing of its inability to pay its debts generally
          as they become due and its willingness to be adjudicated a bankrupt or
          insolvent, or the taking of corporate action by such Person in
          furtherance of any such action.

     "Bankruptcy Laws" means all Federal and state bankruptcy, insolvency,
reorganization and other similar laws, including the United States Bankruptcy
Code.

     "Book-Entry Preferred Security" means a Preferred Security, the ownership
and transfers of which shall be made through book entries by a Depositary.

     "Business Day" means a day other than (a) a Saturday or Sunday, (b) a day
on which banking institutions in the City of New York are authorized or required
by law or executive order to remain closed or (c) a day on which the Corporate
Trust Office is closed for business.

     "Calculation Agent" has the meaning specified in Section 4.10.

     "Closing Date" has the meaning specified in the Purchase Agreement.

     "Code" means the United States Internal Revenue Code of 1986, as amended.

     "Commission" means the Securities and Exchange Commission, as from time to
time constituted, created under the Exchange Act or, if at any time after the
execution of this Trust

                                       3

Agreement such Commission is not existing and performing the duties assigned to
it, then the body performing such duties at such time.

     "Common Securities Certificate" means a certificate evidencing ownership of
Common Securities, substantially in the form attached as Exhibit B.

     "Common Security" means an undivided beneficial interest in the assets of
the Trust, having a Liquidation Amount of $1,000 and having the rights provided
therefor in this Trust Agreement.

     "Corporate Trust Office" means the principal office of the Property Trustee
at which any particular time its corporate trust business shall be administered,
which office at the date of this Trust Agreement is located at 600 Travis, 50th
Floor, Houston, Texas 77002, Attention: Institutional Trust Services-- NorthStar
Realty Finance Trust.

     "Definitive Preferred Securities Certificates" means Preferred Securities
issued in certificated, fully registered form that are not Global Preferred
Securities.

     "Delaware Statutory Trust Act" means Chapter 38 of Title 12 of the Delaware
Code, 12 Del. Code ss. 3801 et seq., or any successor statute thereto, in each
case as amended from time to time.

     "Delaware Trustee" means the Person identified as the "Delaware Trustee" in
the preamble to this Trust Agreement, solely in its capacity as Delaware Trustee
of the Trust and not in its individual capacity, or its successor in interest in
such capacity, or any successor Delaware Trustee appointed as herein provided.

     "Depositary" means an organization registered as a clearing agency under
the Exchange Act that is designated as Depositary by the Depositor or any
successor thereto. DTC will be the initial Depositary.

     "Depositary Participant" means a broker, dealer, bank, other financial
institution or other Person for whom from time to time the Depositary effects
book-entry transfers and pledges of securities deposited with the Depositary.

     "Depositor" has the meaning specified in the preamble to this Trust
Agreement and any successors and permitted assigns.

     "Depositor Affiliate" has the meaning specified in Section 4.9.

     "Distribution Date" has the meaning specified in Section 4.1(a)(i).

     "Distributions" means amounts payable in respect of the Trust Securities as
provided in Section 4.1.

     "DTC" means The Depository Trust Company, a New York corporation, or any
successor thereto.

                                       4

     "Early Termination Event" has the meaning specified in Section 9.2.

     "Event of Default" means any one of the following events (whatever the
reason for such event and whether it shall be voluntary or involuntary or be
effected by operation of law or pursuant to any judgment, decree or order of any
court or any order, rule or regulation of any administrative or governmental
body):

          (a) the occurrence of a Note Event of Default; or

          (b) default by the Trust in the payment of any Distribution when it
          becomes due and payable, and continuation of such default for a period
          of thirty (30) days; or

          (c) default by the Trust in the payment of any Redemption Price of any
          Trust Security when it becomes due and payable; or

          (d) default in the performance, or breach, in any material respect of
          any covenant or warranty of the Trustees in this Trust Agreement
          (other than those specified in clause (b) or (c) above) and
          continuation of such default or breach for a period of thirty (30)
          days after there has been given, by registered or certified mail, to
          the Trustees and to the Depositor by the Holders of at least twenty
          five percent (25%) in aggregate Liquidation Amount of the Outstanding
          Preferred Securities a written notice specifying such default or
          breach and requiring it to be remedied and stating that such notice is
          a "Notice of Default" hereunder; or

          (e) the occurrence of a Bankruptcy Event with respect to the Property
          Trustee if a successor Property Trustee has not been appointed within
          ninety (90) days thereof.

     "Exchange Act" means the Securities Exchange Act of 1934, and any successor
statute thereto, in each case as amended from time to time.

     "Expiration Date" has the meaning specified in Section 9.1.

     "Extension Period" has the meaning specified in Section 4.1(a)(ii).

     "Extension Right" has the meaning specified in Section 4.1(a)(ii).

     "Fiscal Year" shall be the fiscal year of the Trust, which shall be the
calendar year, or such other period as is required by the Code.

     "Fixed Rate Period" shall mena the period through the interest payment date
in March 2015.

     "Global Preferred Security" means a Preferred Securities Certificate
evidencing ownership of Book-Entry Preferred Securities.

                                       5

     "Holder" means a Person in whose name a Trust Security or Trust Securities
are registered in the Securities Register; any such Person shall be deemed to be
a beneficial owner within the meaning of the Delaware Statutory Trust Act.

     "Indemnified Person" has the meaning specified in Section 8.10(c).

     "Indenture" means the Junior Subordinated Indenture executed and delivered
by the Depositor and the Note Trustee contemporaneously with the execution and
delivery of this Trust Agreement, for the benefit of the holders of the Notes, a
copy of which is attached hereto as Exhibit D, as amended or supplemented from
time to time.

     "Indenture Redemption Price" means the Optional Note Redemption Price or
the Special Note Redemption Price, as applicable.

     "Interest Payment Date" has the meaning specified in Section 1.1 of the
Indenture.

     "Investment Company Act" means the Investment Company Act of 1940, or any
successor statute thereto, in each case as amended from time to time.

     "Investment Company Event" has the meaning specified in Section 1.1 of the
Indenture.

     "LIBOR" has the meaning specified in Schedule A.

     "LIBOR Business Day" has the meaning specified in Schedule A.

     "LIBOR Determination Date" has the meaning specified in Schedule A.

     "Lien" means any lien, pledge, charge, encumbrance, mortgage, deed of
trust, adverse ownership interest, hypothecation, assignment, security interest
or preference, priority or other security agreement or preferential arrangement
of any kind or nature whatsoever.

     "Like Amount" means (a) with respect to a redemption of any Trust
Securities, Trust Securities having a Liquidation Amount equal to the principal
amount of Notes to be contemporaneously redeemed or paid at maturity in
accordance with the Indenture, the proceeds of which will be used to pay the
Redemption Price of such Trust Securities, (b) with respect to a distribution of
Notes to Holders of Trust Securities in connection with a dissolution of the
Trust, Notes having a principal amount equal to the Liquidation Amount of the
Trust Securities of the Holder to whom such Notes are distributed and (c) with
respect to any distribution of Additional Interest Amounts to Holders of Trust
Securities, Notes having a principal amount equal to the Liquidation Amount of
the Trust Securities in respect of which such distribution is made.

     "Liquidation Amount" means the stated amount of $1,000 per Trust Security.

     "Liquidation Date" means the date on which assets are to be distributed to
Holders in accordance with Section 9.4(a) hereunder following dissolution of the
Trust.

     "Liquidation Distribution" has the meaning specified in Section 9.4(d).

                                       6

     "Majority in Liquidation Amount" means Common or Preferred Securities, as
the case may be, representing more than fifty percent (50%) of the aggregate
Liquidation Amount of all (or a specified group of) then Outstanding Common or
Preferred Securities, as the case may be.

     "Note Event of Default" means any "Event of Default" specified in Section
5.1 of the Indenture.

     "Note Redemption Date" means, with respect to any Notes to be redeemed
under the Indenture, the date fixed for redemption of such Notes under the
Indenture.

     "Note Trustee" means the Person identified as the "Trustee" in the
Indenture, solely in its capacity as Trustee pursuant to the Indenture and not
in its individual capacity, or its successor in interest in such capacity, or
any successor Trustee appointed as provided in the Indenture.

     "Notes" means the Depositor's Floating Rate Junior Subordinated Notes
issued pursuant to the Indenture.

     "Officers' Certificate" means a certificate signed by the Chief Executive
Officer, the President or an Executive Vice President, and by the Chief
Financial Officer, Treasurer or an Assistant Treasurer, of the Depositor, and
delivered to the Trustees. Any Officers' Certificate delivered with respect to
compliance with a condition or covenant provided for in this Trust Agreement
(other than the certificate provided pursuant to Section 8.16 which is not an
Officers' Certificate) shall include:

          (a) a statement by each officer signing the Officers' Certificate that
          such officer has read the covenant or condition and the definitions
          relating thereto;

          (b) a brief statement of the nature and scope of the examination or
          investigation undertaken by such officer in rendering the Officers'
          Certificate;

          (c) a statement that such officer has made such examination or
          investigation as, in such officer's opinion, is necessary to enable
          such officer to express an informed opinion as to whether or not such
          covenant or condition has been complied with; and

          (d) a statement as to whether, in the opinion of such officer, such
          condition or covenant has been complied with.

     "Operative Documents" means the Purchase Agreement, the Indenture, the
Trust Agreement, the Notes and the Trust Securities.

     "Opinion of Counsel" means a written opinion of counsel, who may be counsel
for, or an employee of, the Depositor or any Affiliate of the Depositor.

                                       7

     "Optional Redemption Price" means, with respect to any Trust Security, an
amount equal to one hundred percent (100%) of the Liquidation Amount of such
Trust Security on the Redemption Date, plus accumulated and unpaid Distributions
to the Redemption Date, plus the related amount of the premium, if any, and/or
accrued interest, including Additional Interest, if any, thereon paid by the
Depositor upon the concurrent redemption or payment at maturity of a Like Amount
of Notes.

     "Optional Note Redemption Price" means, with respect to any Note to be
redeemed on any Redemption Date under the Indenture, an amount equal to one
hundred percent (100%) of the outstanding principal amount of such Note,
together with accrued interest, including any Additional Interest (to the extent
legally enforceable), thereon through but not including the date fixed as such
Redemption Date.

     "Original Issue Date" means the date of original issuance of the Trust
Securities.

     "Original Trust Agreement" has the meaning specified in the recitals to
this Trust Agreement.

     "Outstanding", when used with respect to any Trust Securities, means, as of
the date of determination, all Trust Securities theretofore executed and
delivered under this Trust Agreement, except:

          (a) Trust Securities theretofore canceled by the Property Trustee or
          delivered to the Property Trustee for cancellation;

          (b) Trust Securities for which payment or redemption money in the
          necessary amount has been theretofore deposited with the Property
          Trustee or any Paying Agent in trust for the Holders of such Trust
          Securities; provided, that if such Trust Securities are to be
          redeemed, notice of such redemption has been duly given pursuant to
          this Trust Agreement; and

          (c) Trust Securities that have been paid or in exchange for or in lieu
          of which other Trust Securities have been executed and delivered
          pursuant to the provisions of this Trust Agreement, unless proof
          satisfactory to the Property Trustee is presented that any such Trust
          Securities are held by Holders in whose hands such Trust Securities
          are valid, legal and binding obligations of the Trust;

provided, that in determining whether the Holders of the requisite Liquidation
Amount of the Outstanding Preferred Securities have given any request, demand,
authorization, direction, notice, consent or waiver hereunder, Preferred
Securities owned by the Depositor, any Trustee or any Affiliate of the Depositor
or of any Trustee shall be disregarded and deemed not to be Outstanding, except
that (i) in determining whether any Trustee shall be protected in relying upon
any such request, demand, authorization, direction, notice, consent or waiver,
only Preferred Securities that such Trustee knows to be so owned shall be so
disregarded and (ii) the foregoing shall not apply at any time when all of the
Outstanding Preferred Securities are owned by the Depositor, one or more of the
Trustees and/or any such Affiliate. Preferred Securities so owned that have been
pledged in good faith may be regarded as Outstanding if the pledgee establishes
to the satisfaction of the Administrative Trustees the pledgee's right so to act
with

                                       8

respect to such Preferred Securities and that the pledgee is not the Depositor,
any Trustee or any Affiliate of the Depositor or of any Trustee.

     "Owner" means each Person who is the beneficial owner of Book-Entry
Preferred Securities as reflected in the records of the Depositary or, if a
Depositary Participant is not the beneficial owner, then the beneficial owner as
reflected in the records of the Depositary Participant.

     "Paying Agent" means any Person authorized by the Administrative Trustees
to pay Distributions or other amounts in respect of any Trust Securities on
behalf of the Trust.

     "Payment Account" means a segregated non-interest-bearing corporate trust
account maintained by the Property Trustee for the benefit of the Holders in
which all amounts paid in respect of the Notes will be held and from which the
Property Trustee, through the Paying Agent, shall make payments to the Holders
in accordance with Sections 3.1, 4.1 and 4.2.

     "Person" means a legal person, including any individual, corporation,
estate, partnership, joint venture, association, joint stock company, company,
limited liability company, trust, unincorporated association or government, or
any agency or political subdivision thereof, or any other entity of whatever
nature.

     "Preferred Security" means an undivided beneficial interest in the assets
of the Trust, having a Liquidation Amount of $1,000 and having the rights
provided therefor in this Trust Agreement.

     "Preferred Securities Certificate" means a certificate evidencing ownership
of Preferred Securities, substantially in the form attached as Exhibit C.

     "Property Trustee" means the Person identified as the "Property Trustee" in
the preamble to this Trust Agreement, solely in its capacity as Property Trustee
of the Trust and not in its individual capacity, or its successor in interest in
such capacity, or any successor Property Trustee appointed as herein provided.

     "Purchase Agreement" means the Purchase Agreement executed and delivered by
the Trust, the Depositor and Taberna Preferred Funding I, Ltd., as purchaser,
contemporaneously with the execution and delivery of this Trust Agreement, as
amended from time to time.

     "QIB" means a "qualified institutional buyer" as defined in Rule 144A under
the Securities Act of 1933, as amended.

     "QP" means a "qualified purchaser" as defined in Section 2(a)(51) of the
Investment Company Act of 1940, as amended.

     "QIB/QP" means a QIB that is also a QP.

     "Redemption Date" means, with respect to any Trust Security to be redeemed,
the date fixed for such redemption by or pursuant to this Trust Agreement;
provided, that each Note

                                       9

Redemption Date and the stated maturity (or any date of principal repayment upon
early maturity) of the Notes shall be a Redemption Date for a Like Amount of
Trust Securities.

     "Redemption Price" means the Special Redemption Price or Optional
Redemption Price, as applicable. If the Depositor has redeemed the Notes at the
Special Note Redemption Price, the Trust shall redeem the Trust Securities at
the Special Redemption Price. If the Depositor has redeemed the Notes at the
Optional Note Redemption Price, the Trust shall redeem the Trust Securities at
the Optional Redemption Price.

     "Reference Banks" has the meaning specified in Schedule A.

     "Responsible Officer" means, with respect to the Property Trustee, the
officer in the Institutional Trust Services department of the Property Trustee
having direct responsibility for the administration of this Trust Agreement.

     "Securities Act" means the Securities Act of 1933, and any successor
statute thereto, in each case as amended from time to time.

     "Securities Certificate" means any one of the Common Securities
Certificates or the Preferred Securities Certificates.

     "Securities Register" and "Securities Registrar" have the respective
meanings specified in Section 5.7.

     "Special Redemption Price" means, with respect to any Trust Security, an
amount equal to one hundred seven and one half percent (107.5%) of the
Liquidation Amount of such Trust Security on the Redemption Date, plus
accumulated and unpaid Distributions to the Redemption Date, plus the related
amount of the premium, if any, and/or accrued interest, including Additional
Interest, if any, thereon paid by the Depositor upon the concurrent redemption
or payment at maturity of a Like Amount of Notes.

     "Special Note Redemption Price" means, with respect to any Note to be
redeemed on any Redemption Date under the Indenture, an amount equal to one
hundred seven and one half percent (107.5%) of the outstanding principal amount
of such Note, together with accrued interest, including Additional Interest,
thereon through but not including the date fixed as such Redemption Date.

     "Successor Securities" has the meaning specified in Section 9.5(a).

     "Tax Event" has the meaning specified in Section 1.1 of the Indenture.

     "Trust" means the Delaware statutory trust known as "NorthStar Realty
Finance Trust," which was created on April 1, 2005 under the Delaware Statutory
Trust Act pursuant to the Original Trust Agreement and the filing of the
Certificate of Trust, and continued pursuant to this Trust Agreement.

                                       10

     "Trust Agreement" means this Amended and Restated Trust Agreement, as the
same may be modified, amended or supplemented from time to time in accordance
with the applicable provisions hereof, including all Schedules and Exhibits.

     "Trustees" means the Administrative Trustees, the Property Trustee and the
Delaware Trustee, each as defined in this Article I.

     "Trust Property" means (a) the Notes, (b) any cash on deposit in, or owing
to, the Payment Account and (c) all proceeds and rights in respect of the
foregoing and any other property and assets for the time being held or deemed to
be held by the Property Trustee pursuant to the trusts of this Trust Agreement.

     "Trust Security" means any one of the Common Securities or the Preferred
Securities.

                                   ARTICLE II.

                                    THE TRUST

     SECTION 2.1. Name.

     The trust continued hereby shall be known as "NorthStar Realty Finance
Trust", as such name may be modified from time to time by the Administrative
Trustees following written notice to the Holders of Trust Securities and the
other Trustees, in which name the Trustees may conduct the business of the
Trust, make and execute contracts and other instruments on behalf of the Trust
and sue and be sued.

     SECTION 2.2. Office of the Delaware Trustee; Principal Place of Business.

     The address of the Delaware Trustee in the State of Delaware is Chase Bank
USA, National Association, 500 Stanton Christiana Road, Building 4 (3rd Floor),
Newark, DE 19713, Attention: Institutional Trust Services, or such other address
in the State of Delaware as the Delaware Trustee may designate by written notice
to the Holders, the Depositor, the Property Trustee and the Administrative
Trustees. The principal executive office of the Trust is 527 Madison Avenue, New
York, NY 10022, Attention: Richard J. McCready, as such address may be changed
from time to time by the Administrative Trustees following written notice to the
Holders and the other Trustees.

     SECTION 2.3. Initial Contribution of Trust Property; Fees, Costs and
Expenses.

     The Property Trustee acknowledges receipt from the Depositor in connection
with the Original Trust Agreement of the sum of ten dollars ($10), which
constituted the initial Trust Property. The Depositor shall pay all fees, costs
and expenses of the Trust (except with respect to the Trust Securities) as they
arise or shall, upon request of any Trustee, promptly reimburse such Trustee for
any such fees, costs and expenses paid by such Trustee. The Depositor shall make
no claim upon the Trust Property for the payment of such fees, costs or
expenses.

                                       11

     SECTION 2.4. Purposes of Trust.

     (a) The exclusive purposes and functions of the Trust are to (i) issue and
sell Trust Securities and use the proceeds from such sale to acquire the Notes
and (ii) engage in only those activities necessary or incidental thereto. The
Delaware Trustee, the Property Trustee and the Administrative Trustees are
trustees of the Trust, and have all the rights, powers and duties to the extent
set forth herein. The Trustees hereby acknowledge that they are trustees of the
Trust.

     (b) So long as this Trust Agreement remains in effect, the Trust (or the
Trustees acting on behalf of the Trust) shall not undertake any business,
activities or transaction except as expressly provided herein or contemplated
hereby. In particular, the Trust (or the Trustees acting on behalf of the Trust)
shall not (i) acquire any investments or engage in any activities not authorized
by this Trust Agreement, (ii) sell, assign, transfer, exchange, mortgage,
pledge, set-off or otherwise dispose of any of the Trust Property or interests
therein, including to Holders, except as expressly provided herein, (iii) incur
any indebtedness for borrowed money or issue any other debt, (iv) take or
consent to any action that would result in the placement of a Lien on any of the
Trust Property, (v) take or consent to any action that would reasonably be
expected to cause the Trust to become taxable as a corporation or classified as
other than a grantor trust for United States federal income tax purposes, (vi)
take or consent to any action that would cause the Notes to be treated as other
than indebtedness of the Depositor for United States federal income tax purposes
or (vii) take or consent to any action that would cause the Trust to be deemed
to be an "investment company" required to be registered under the Investment
Company Act.

     SECTION 2.5. Authorization to Enter into Certain Transactions.

     (a) The Trustees shall conduct the affairs of the Trust in accordance with
and subject to the terms of this Trust Agreement. In accordance with the
following provisions (i) and (ii), the Trustees shall have the authority to
enter into all transactions and agreements determined by the Trustees to be
appropriate in exercising the authority, express or implied, otherwise granted
to the Trustees, under this Trust Agreement, and to perform all acts in
furtherance thereof, including the following:

          (i) As among the Trustees, each Administrative Trustee shall severally
     have the power and authority to act on behalf of the Trust with respect to
     the following matters:

               (A) the issuance and sale of the Trust Securities;

               (B) to cause the Trust to enter into, and to execute, deliver and
          perform on behalf of the Trust, such agreements as may be necessary or
          desirable in connection with the purposes and function of the Trust,
          including, without limitation, a common securities subscription
          agreement and a junior subordinated note purchase agreement;

               (C) assisting in the sale of the Preferred Securities in one or
          more transactions exempt from registration under the Securities Act,
          and in compliance with applicable state securities or blue sky laws;

                                       12

               (D) assisting in the sending of notices (other than notices of
          default) and other information regarding the Trust Securities and the
          Notes to the Holders in accordance with this Trust Agreement;

               (E) the appointment of a Paying Agent and Securities Registrar in
          accordance with this Trust Agreement;

               (F) execution of the Trust Securities on behalf of the Trust in
          accordance with this Trust Agreement;

               (G) execution and delivery of closing certificates, if any,
          pursuant to the Purchase Agreement and application for a taxpayer
          identification number for the Trust;

               (H) preparation and filing of all applicable tax returns and tax
          information reports that are required to be filed on behalf of the
          Trust;

               (I) establishing a record date with respect to all actions to be
          taken hereunder that require a record date to be established, except
          as provided in Section 6.10(a);

               (J) unless otherwise required by the Delaware Statutory Trust Act
          to execute on behalf of the Trust (either acting alone or together
          with the other Administrative Trustees) any documents that such
          Administrative Trustee has the power to execute pursuant to this Trust
          Agreement; and

               (K) the taking of any action incidental to the foregoing as such
          Administrative Trustee may from time to time determine is necessary or
          advisable to give effect to the terms of this Trust Agreement.

          (ii) As among the Trustees, the Property Trustee shall have the power,
     duty and authority to act on behalf of the Trust with respect to the
     following matters:

               (A) the receipt and holding of legal title of the Notes;

               (B) the establishment of the Payment Account;

               (C) the collection of interest, principal and any other payments
          made in respect of the Notes and the holding of such amounts in the
          Payment Account;

               (D) the distribution through the Paying Agent of amounts
          distributable to the Holders in respect of the Trust Securities;

               (E) the exercise of all of the rights, powers and privileges of a
          holder of the Notes in accordance with the terms of this Trust
          Agreement;

                                       13

               (F) the sending of notices of default and other information
          regarding the Trust Securities and the Notes to the Holders in
          accordance with this Trust Agreement;

               (G) the distribution of the Trust Property in accordance with the
          terms of this Trust Agreement;

               (H) to the extent provided in this Trust Agreement, the winding
          up of the affairs of and liquidation of the Trust, provided that the
          Administrative Trustees shall have the power, duty and authority to
          act on behalf of the Trust with respect to the preparation, execution
          and filing of the certificate of cancellation of the Trust with the
          Secretary of State of the State of Delaware; and

               (I) the taking of any action incidental to the foregoing as the
          Property Trustee may from time to time determine is necessary or
          advisable to give effect to the terms of this Trust Agreement and
          protect and conserve the Trust Property for the benefit of the Holders
          (without consideration of the effect of any such action on any
          particular Holder).

     (b) In connection with the issue and sale of the Preferred Securities, the
Depositor shall have the right and responsibility to assist the Trust with
respect to, or effect on behalf of the Trust, the following (and any actions
taken by the Depositor in furtherance of the following prior to the date of this
Trust Agreement are hereby ratified and confirmed in all respects):

          (i) the negotiation of the terms of, and the execution and delivery
     of, the Purchase Agreement providing for the sale of the Preferred
     Securities in one or more transactions exempt from registration under the
     Securities Act, and in compliance with applicable state securities or blue
     sky laws; and

          (ii) the taking of any other actions necessary or desirable to carry
     out any of the foregoing activities.

     (c) Notwithstanding anything herein to the contrary, the Administrative
Trustees are authorized and directed to conduct the affairs of the Trust and
authorized to operate the Trust so that the Trust will not be taxable as a
corporation or classified as other than a grantor trust for United States
federal income tax purposes, so that the Notes will be treated as indebtedness
of the Depositor for United States federal income tax purposes and so that the
Trust will not be deemed to be an "investment company" required to be registered
under the Investment Company Act. In respect thereof, each Administrative
Trustee is authorized to take any action, not inconsistent with applicable law,
the Certificate of Trust or this Trust Agreement, that such Administrative
Trustee determines in his or her discretion to be necessary or desirable for
such purposes, as long as such action does not adversely affect in any material
respect the interests of the Holders of the Outstanding Preferred Securities. In
no event shall the Administrative Trustees be liable to the Trust or the Holders
for any failure to comply with this Section 2.5 to the extent that such failure
results solely from a change in law or regulation or in the interpretation
thereof.

                                       14

     (d) Any action taken by a Trustee in accordance with its powers shall
constitute the act of and serve to bind the Trust. In dealing with any Trustee
acting on behalf of the Trust, no Person shall be required to inquire into the
authority of such Trustee to bind the Trust. Persons dealing with the Trust are
entitled to rely conclusively on the power and authority of any Trustee as set
forth in this Trust Agreement.

     SECTION 2.6. Assets of Trust.

     The assets of the Trust shall consist of the Trust Property.

     SECTION 2.7. Title to Trust Property.

     (a) Legal title to all Trust Property shall be vested at all times in the
Property Trustee and shall be held and administered by the Property Trustee in
trust for the benefit of the Trust and the Holders in accordance with this Trust
Agreement.

     (b) The Holders shall not have any right or title to the Trust Property
other than the undivided beneficial interest in the assets of the Trust
conferred by their Trust Securities and they shall have no right to call for any
partition or division of property, profits or rights of the Trust except as
described below. The Trust Securities shall be personal property giving only the
rights specifically set forth therein and in this Trust Agreement.

                                  ARTICLE III.

                         PAYMENT ACCOUNT; PAYING AGENTS

     SECTION 3.1. Payment Account.

     (a) On or prior to the Closing Date, the Property Trustee shall establish
the Payment Account. The Property Trustee and the Paying Agent shall have
exclusive control and sole right of withdrawal with respect to the Payment
Account for the purpose of making deposits in and withdrawals from the Payment
Account in accordance with this Trust Agreement. All monies and other property
deposited or held from time to time in the Payment Account shall be held by the
Property Trustee in the Payment Account for the exclusive benefit of the Holders
and for Distribution as herein provided.

     (b) The Property Trustee shall deposit in the Payment Account, promptly
upon receipt, all payments of principal of or interest on, and any other
payments with respect to, the Notes. Amounts held in the Payment Account shall
not be invested by the Property Trustee pending distribution thereof.

     SECTION 3.2. Appointment of Paying Agents.

     The Paying Agent shall initially be the Property Trustee. The Paying Agent
shall make Distributions to Holders from the Payment Account and shall report
the amounts of such Distributions to the Property Trustee and the Administrative
Trustees. Any Paying Agent shall have the revocable power to withdraw funds from
the Payment Account solely for the purpose of

                                       15

making the Distributions referred to above. The Administrative Trustees may
revoke such power and remove the Paying Agent in their sole discretion. Any
Person acting as Paying Agent shall be permitted to resign as Paying Agent upon
thirty (30) days' written notice to the Administrative Trustees and the Property
Trustee. If the Property Trustee shall no longer be the Paying Agent or a
successor Paying Agent shall resign or its authority to act be revoked, the
Administrative Trustees shall appoint a successor (which shall be a bank or
trust company) to act as Paying Agent. Such successor Paying Agent appointed by
the Administrative Trustees shall execute and deliver to the Trustees an
instrument in which such successor Paying Agent shall agree with the Trustees
that as Paying Agent, such successor Paying Agent will hold all sums, if any,
held by it for payment to the Holders in trust for the benefit of the Holders
entitled thereto until such sums shall be paid to such Holders. The Paying Agent
shall return all unclaimed funds to the Property Trustee and upon removal of a
Paying Agent such Paying Agent shall also return all funds in its possession to
the Property Trustee. The provisions of Article VIII shall apply to the Property
Trustee also in its role as Paying Agent, for so long as the Property Trustee
shall act as Paying Agent and, to the extent applicable, to any other Paying
Agent appointed hereunder. Any reference in this Trust Agreement to the Paying
Agent shall include any co-paying agent unless the context requires otherwise.

                                   ARTICLE IV.

                            DISTRIBUTIONS; REDEMPTION

     SECTION 4.1. Distributions.

     (a) The Trust Securities represent undivided beneficial interests in the
Trust Property, and Distributions (including any Additional Interest Amounts)
will be made on the Trust Securities at the rate and on the dates that payments
of interest (including any Additional Interest) are made on the Notes.
Accordingly:

          (i) Distributions on the Trust Securities shall be cumulative, and
     shall accumulate whether or not there are funds of the Trust available for
     the payment of Distributions. Distributions shall accumulate from April 12,
     2005, and, except as provided in clause (ii) below, shall be payable
     quarterly in arrears on March 30, June 30, September 30 and December 30 of
     each year, commencing on June 30, 2005. If any date on which a Distribution
     is otherwise payable on the Trust Securities is not a Business Day, then
     the payment of such Distribution shall be made on the next succeeding
     Business Day (and no interest shall accrue in respect of the amounts whose
     payment is so delayed for the period from and after each such date until
     the next succeeding Business Day), except that, if such Business Day falls
     in the next succeeding calendar year, such payment shall be made on the
     immediately preceding Business Day, in each case, with the same force and
     effect as if made on such date (each date on which Distributions are
     payable in accordance with this Section 4.1(a)(i), a "Distribution Date");

          (ii) in the event (and to the extent) that the Depositor exercises its
     right under the Indenture to defer the payment of interest on the Notes,
     Distributions on the Trust

                                       16

     Securities shall be deferred. Under the Indenture, so long as no Note Event
     of Default has occurred and is continuing, after October 12, 2006, the
     Depositor shall have the right, at any time and from time to time during
     the term of the Notes, to defer the payment of interest on the Notes for a
     period of up to six (6) consecutive quarterly interest payment periods
     (such right to defer, the "Extension Right" and each such extended interest
     payment period, an "Extension Period"), during which Extension Period(s),
     no interest shall be due and payable (except any Additional Tax Sums that
     may be due and payable); provided, that, the Depositor shall not be
     entitled to exercise its Extension Right so that it would be able to defer
     the payment of interest on the Notes for more than six (6) quarterly
     interest payment periods; provided, further, that, after the expiration of
     any Extension Period, the Depositor may not exercise its Extension Right to
     begin any subsequent Extension Period until it pays all interest then
     accrued and unpaid on the Notes, together with such Additional Interest
     prior to beginning such subsequent Extension Period. No interest on the
     Notes shall be due and payable during an Extension Period, except at the
     end thereof, but each installment of interest that would otherwise have
     been due and payable during such Extension Period shall bear Additional
     Interest (to the extent payment of such interest would be legally
     enforceable) at a fixed rate equal to 8.15% per annum through the interest
     payment date in March 2015 and thereafter at a variable rate equal to LIBOR
     plus 3.25% per annum compounded quarterly, from the dates on which amounts
     would have otherwise been due and payable until paid or until funds for the
     payment thereof have been made available for payment. If Distributions are
     deferred, the deferred Distributions (including Additional Interest
     Amounts) shall be paid on the date that the related Extension Period
     terminates, to Holders of the Trust Securities as they appear on the books
     and records of the Trust on the record date immediately preceding such
     termination date.

          (iii) Distributions shall accumulate in respect of the Trust
     Securities at a fixed rate equal to 8.15% per annum through the interest
     payment date in March 2010 and thereafter at a variable rate equal to LIBOR
     plus 3.25% per annum of the Liquidation Amount of the Trust Securities,
     such rate being the rate of interest payable on the Notes. LIBOR shall be
     determined by the Calculation Agent in accordance with Schedule A. During
     the Fixed Rate Period, the amount of Distributions payable for any period
     less than a full Distribution period shall be computed on the basis of a
     360-day year of twelve 30-day months and the amount payable for any partial
     period shall be computed on the basis of the number of days elapsed in a
     360-day year of twelve 30-day months. Upon expiration of the Fixed Rate
     Period, the amount of interest payable for any Interest Payment Period will
     be computed on the basis of a 360-day year and the actual number of days
     elapsed in the relevant interest period. The amount of Distributions
     payable for any period shall include any Additional Interest Amounts in
     respect of such period; and

          (iv) Distributions on the Trust Securities shall be made by the Paying
     Agent from the Payment Account and shall be payable on each Distribution
     Date only to the extent that the Trust has funds then on hand and available
     in the Payment Account for the payment of such Distributions.

     (b) Distributions on the Trust Securities with respect to a Distribution
Date shall be payable to the Holders thereof as they appear on the Securities
Register for the Trust Securities at

                                       17

the close of business on the relevant record date, which shall be at the close
of business on the fifteenth day (whether or not a Business Day) preceding the
relevant Distribution Date, except that Distributions and any Additional
Interest Amounts payable on the stated maturity (or any date of principal
repayment upon early maturity) of the principal of a Trust Security or on a
Redemption Date shall be paid to the Person to whom principal is paid.
Distributions payable on any Trust Securities that are not punctually paid on
any Distribution Date as a result of the Depositor having failed to make an
interest payment under the Notes will cease to be payable to the Person in whose
name such Trust Securities are registered on the relevant record date, and such
defaulted Distributions and any Additional Interest Amounts will instead be
payable to the Person in whose name such Trust Securities are registered on the
special record date, or other specified date for determining Holders entitled to
such defaulted Distribution and Additional Interest Amount, established in the
same manner, and on the same date, as such is established with respect to the
Notes under the Indenture.

     SECTION 4.2. Redemption.

     (a) On each Note Redemption Date and on the stated maturity (or any date of
principal repayment upon early maturity) of the Notes and on each other date on
(or in respect of) which any principal on the Notes is repaid, the Trust will be
required to redeem a Like Amount of Trust Securities at the Redemption Price.

     (b) Notice of redemption shall be given by the Property Trustee by
first-class mail, postage prepaid, mailed not less than thirty (30) nor more
than sixty (60) days prior to the Redemption Date to each Holder of Trust
Securities to be redeemed, at such Holder's address appearing in the Securities
Register. All notices of redemption shall state:

          (i) the Redemption Date;

          (ii) the Redemption Price or, if the Redemption Price cannot be
     calculated prior to the time the notice is required to be sent, the
     estimate of the Redemption Price provided pursuant to the Indenture, as
     calculated by the Depositor, together with a statement that it is an
     estimate and that the actual Redemption Price will be calculated by the
     Calculation Agent on the fifth Business Day prior to the Redemption Date
     (and if an estimate is provided, a further notice shall be sent of the
     actual Redemption Price on the date that such Redemption Price is
     calculated);

          (iii) if less than all the Outstanding Trust Securities are to be
     redeemed, the identification (and, in the case of partial redemption, the
     respective amounts) and Liquidation Amounts of the particular Trust
     Securities to be redeemed;

          (iv) that on the Redemption Date, the Redemption Price will become due
     and payable upon each such Trust Security, or portion thereof, to be
     redeemed and that Distributions thereon will cease to accumulate on such
     Trust Security or such portion, as the case may be, on and after said date,
     except as provided in Section 4.2(d);

          (v) the place or places where the Trust Securities are to be
     surrendered for the payment of the Redemption Price; and

                                       18

          (vi) such other provisions as the Property Trustee deems relevant.

     (c) The Trust Securities (or portion thereof) redeemed on each Redemption
Date shall be redeemed at the Redemption Price with the proceeds from the
contemporaneous redemption or payment at maturity of Notes. Redemptions of the
Trust Securities (or portion thereof) shall be made and the Redemption Price
shall be payable on each Redemption Date only to the extent that the Trust has
funds then on hand and available in the Payment Account for the payment of such
Redemption Price. Under the Indenture, the Notes may be redeemed by the
Depositor on any Interest Payment Date, at the Depositor's option, on or after
March 30, 2010, in whole or in part, from time to time at the Optional Note
Redemption Price. The Notes may also be redeemed by the Depositor, at its option
pursuant to the terms of the Indenture, in whole but not in part, upon the
occurrence and during the continuation of an Investment Company Event or a Tax
Event, at the Special Note Redemption Price.

     (d) If the Property Trustee gives a notice of redemption in respect of any
Preferred Securities, then by 10:00 A.M., New York City time, on the Redemption
Date, the Depositor shall deposit sufficient funds with the Property Trustee to
pay the Redemption Price. If such deposit has been made by such time, then by
12:00 noon, New York City time, on the Redemption Date, the Property Trustee
will, with respect to Book-Entry Preferred Securities, irrevocably deposit with
the Depositary for such Book-Entry Preferred Securities, to the extent available
therefor, funds sufficient to pay the applicable Redemption Price and will give
such Depositary irrevocable instructions and authority to pay the Redemption
Price to the Holders of the Preferred Securities. With respect to Preferred
Securities that are not Book-Entry Preferred Securities, the Property Trustee
will irrevocably deposit with the Paying Agent, to the extent available
therefor, funds sufficient to pay the applicable Redemption Price and will give
the Paying Agent irrevocable instructions and authority to pay the Redemption
Price to the Holders of the Preferred Securities upon surrender of their
Preferred Securities Certificates. Notwithstanding the foregoing, Distributions
payable on or prior to the Redemption Date for any Trust Securities (or portion
thereof) called for redemption shall be payable to the Holders of such Trust
Securities as they appear on the Securities Register on the relevant record
dates for the related Distribution Dates. If notice of redemption shall have
been given and funds deposited as required, then upon the date of such deposit,
all rights of Holders holding Trust Securities (or portion thereof) so called
for redemption will cease, except the right of such Holders to receive the
Redemption Price and any Distribution payable in respect of the Trust Securities
on or prior to the Redemption Date, but without interest, and, in the case of a
partial redemption, the right of such Holders to receive a new Trust Security or
Securities of authorized denominations, in aggregate Liquidation Amount equal to
the unredeemed portion of such Trust Security or Securities, and such Securities
(or portion thereof) called for redemption will cease to be Outstanding. In the
event that any date on which any Redemption Price is payable is not a Business
Day, then payment of the Redemption Price payable on such date will be made on
the next succeeding Business Day (and no interest shall accrue in respect of the
amounts whose payment is so delayed for the period from and after each such date
until the next succeeding Business Day), except that, if such Business Day falls
in the next succeeding calendar year, such payment shall be made on the
immediately preceding Business Day, in each case, with the same force and effect
as if made on such date. In the event that payment of the Redemption Price in
respect of any Trust Securities (or portion thereof) called for redemption is
improperly withheld or refused and not paid either by the Trust, Distributions
on such Trust Securities (or portion

                                       19

thereof) will continue to accumulate, as set forth in Section 4.1, from the
Redemption Date originally established by the Trust for such Trust Securities
(or portion thereof) to the date such Redemption Price is actually paid, in
which case the actual payment date will be the date fixed for redemption for
purposes of calculating the Redemption Price.

     (e) Subject to Section 4.3(a), if less than all the Outstanding Trust
Securities are to be redeemed on a Redemption Date, then the aggregate
Liquidation Amount of Trust Securities to be redeemed shall be allocated pro
rata to the Common Securities and the Preferred Securities based upon the
relative aggregate Liquidation Amounts of the Common Securities and the
Preferred Securities. The Preferred Securities to be redeemed shall be selected
on a pro rata basis based upon their respective Liquidation Amounts not more
than sixty (60) days prior to the Redemption Date by the Property Trustee from
the Outstanding Preferred Securities not previously called for redemption;
provided, that with respect to Holders that would be required to hold less than
one hundred (100) but more than zero (0) Trust Securities as a result of such
redemption, the Trust shall redeem Trust Securities of each such Holder so that
after such redemption such Holder shall hold either one hundred (100) Trust
Securities or such Holder no longer holds any Trust Securities, and shall use
such method (including, without limitation, by lot) as the Trust shall deem fair
and appropriate; and provided, further, that so long as the Preferred Securities
are Book-Entry Preferred Securities, such selection shall be made in accordance
with the Applicable Depositary Procedures for the Preferred Securities by such
Depositary. The Property Trustee shall promptly notify the Securities Registrar
in writing of the Preferred Securities (or portion thereof) selected for
redemption and, in the case of any Preferred Securities selected for partial
redemption, the Liquidation Amount thereof to be redeemed. For all purposes of
this Trust Agreement, unless the context otherwise requires, all provisions
relating to the redemption of Preferred Securities shall relate, in the case of
any Preferred Securities redeemed or to be redeemed only in part, to the portion
of the aggregate Liquidation Amount of Preferred Securities that has been or is
to be redeemed.

     (f) The Trust in issuing the Trust Securities may use "CUSIP" numbers (if
then generally in use), and, if so, the Property Trustee shall indicate the
"CUSIP" numbers of the Trust Securities in notices of redemption and related
materials as a convenience to Holders; provided, that any such notice may state
that no representation is made as to the correctness of such numbers either as
printed on the Trust Securities or as contained in any notice of redemption and
related materials.

     SECTION 4.3. Subordination of Common Securities.

     (a) Payment of Distributions (including any Additional Interest Amounts)
on, the Redemption Price of and the Liquidation Distribution in respect of, the
Trust Securities, as applicable, shall be made, pro rata among the Common
Securities and the Preferred Securities based on the Liquidation Amount of the
respective Trust Securities; provided, that if on any Distribution Date,
Redemption Date or Liquidation Date an Event of Default shall have occurred and
be continuing, no payment of any Distribution (including any Additional Interest
Amounts) on, Redemption Price of or Liquidation Distribution in respect of, any
Common Security, and no other payment on account of the redemption, liquidation
or other acquisition of Common Securities, shall be made unless payment in full
in cash of all accumulated and unpaid Distributions (including any Additional
Interest Amounts) on all Outstanding Preferred

                                       20

Securities for all Distribution periods terminating on or prior thereto, or in
the case of payment of the Redemption Price the full amount of such Redemption
Price on all Outstanding Preferred Securities then called for redemption, or in
the case of payment of the Liquidation Distribution the full amount of such
Liquidation Distribution on all Outstanding Preferred Securities, shall have
been made or provided for, and all funds immediately available to the Property
Trustee shall first be applied to the payment in full in cash of all
Distributions (including any Additional Interest Amounts) on, or the Redemption
Price of or the Liquidation Distribution in respect of, the Preferred Securities
then due and payable.

     (b) In the case of the occurrence of any Event of Default, the Holders of
the Common Securities shall have no right to act with respect to any such Event
of Default under this Trust Agreement until all such Events of Default with
respect to the Preferred Securities have been cured, waived or otherwise
eliminated. Until all such Events of Default under this Trust Agreement with
respect to the Preferred Securities have been so cured, waived or otherwise
eliminated, the Property Trustee shall act solely on behalf of the Holders of
the Preferred Securities and not on behalf of the Holders of the Common
Securities, and only the Holders of all the Preferred Securities will have the
right to direct the Property Trustee to act on their behalf.

     SECTION 4.4. Payment Procedures.

     Payments of Distributions (including any Additional Interest Amounts), the
Redemption Price, Liquidation Amount or any other amounts in respect of the
Preferred Securities shall be made by wire transfer at such place and to such
account at a banking institution in the United States as may be designated in
writing at least ten (10) Business Days prior to the date for payment by the
Person entitled thereto unless proper written transfer instructions have not
been received by the relevant record date, in which case such payments shall be
made by check mailed to the address of such Person as such address shall appear
in the Securities Register. If any Preferred Securities are held by a
Depositary, such Distributions thereon shall be made to the Depositary in
immediately available funds. Payments in respect of the Common Securities shall
be made in such manner as shall be mutually agreed between the Property Trustee
and the Holder of all the Common Securities.

     SECTION 4.5. Withholding Tax.

     (a) The Trust and the Administrative Trustees shall comply with all
withholding and backup withholding tax requirements under United States federal,
state and local law. The Administrative Trustees on behalf of the Trust shall
request, and the Holders shall provide to the Trust, such forms or certificates
as are necessary to establish an exemption from withholding and backup
withholding tax with respect to each Holder and any representations and forms as
shall reasonably be requested by the Administrative Trustees on behalf of the
Trust to assist it in determining the extent of, and in fulfilling, its
withholding and backup withholding tax obligations. The Administrative Trustees
shall file required forms with applicable jurisdictions and, unless an exemption
from withholding and backup withholding tax is properly established by a Holder,
shall remit amounts withheld with respect to the Holder to applicable
jurisdictions. To the extent that the Trust is required to withhold and pay over
any amounts to any jurisdiction with respect to Distributions or allocations to
any Holder, the amount withheld shall be deemed to be a Distribution in the
amount of the withholding to the Holder. In the event of any claimed

                                       21

overwithholding, Holders shall be limited to an action against the applicable
jurisdiction. If the amount required to be withheld was not withheld from actual
Distributions made, the Administrative Trustees on behalf of the Trust may
reduce subsequent Distributions by the amount of such required withholding.

     SECTION 4.6. Tax Returns and Other Reports.

     The Administrative Trustees shall prepare (or cause to be prepared) at the
principal office of the Trust in the United States, as defined for purposes of
Treasury regulations section 301.7701-7, at the Depositor's expense, and file,
all United States federal, state and local tax and information returns and
reports required to be filed by or in respect of the Trust. The Administrative
Trustees shall prepare at the principal office of the Trust in the United
States, as defined for purposes of Treasury regulations section 301.7701-7, and
furnish (or cause to be prepared and furnished), by January 31 in each taxable
year of the Trust to each Holder all Internal Revenue Service forms and returns
required to be provided by the Trust. The Administrative Trustees shall provide
the Depositor, Cohen Bros. & Company and the Property Trustee with a copy of all
such returns and reports promptly after such filing or furnishing.

     SECTION 4.7. Payment of Taxes, Duties, Etc. of the Trust.

     Upon receipt under the Notes of Additional Tax Sums and upon the written
direction of the Administrative Trustees, the Property Trustee shall promptly
pay, solely out of monies on deposit pursuant to this Trust Agreement, any
Additional Taxes imposed on the Trust by the United States or any other taxing
authority.

     SECTION 4.8. Payments under Indenture or Pursuant to Direct Actions.

     Any amount payable hereunder to any Holder of Preferred Securities shall be
reduced by the amount of any corresponding payment such Holder (or any Owner
with respect thereto) has directly received pursuant to Section 5.8 of the
Indenture or Section 6.10(b) of this Trust Agreement.

     SECTION 4.9. Exchanges.

     (a) If at any time the Depositor or any of its Affiliates (in either case,
a "Depositor Affiliate") is the Owner or Holder of any Preferred Securities,
such Depositor Affiliate shall have the right to deliver to the Property Trustee
all or such portion of its Preferred Securities as it elects and, subject to
compliance with Sections 2.2 and 3.5 of the Indenture, receive, in exchange
therefor, a Like Amount of Notes. Such election shall be exercisable effective
on any Distribution Date by such Depositor Affiliate delivering to the Property
Trustee (i) at least ten (10) Business Days prior to the Distribution Date on
which such exchange is to occur, the registration instructions and the
documentation, if any, required pursuant to Sections 2.2 and 3.5 of the
Indenture to enable the Indenture Trustee to issue the requested Like Amount of
Notes, (ii) a written notice of such election specifying the Liquidation Amount
of Preferred Securities with respect to which such election is being made and
the Distribution Date on which such exchange shall occur, which Distribution
Date shall be not less than ten (10) Business Days after the date of receipt by
the Property Trustee of such election notice and (iii) shall be conditioned upon
such Depositor Affiliate having delivered or caused to be delivered to the
Property Trustee or its

                                       22

designee the Preferred Securities that are the subject of such election by 10:00
A.M. New York time, on the Distribution Date on which such exchange is to occur.
After the exchange, such Preferred Securities will be canceled and will no
longer be deemed to be Outstanding and all rights of the Depositor Affiliate
with respect to such Preferred Securities will cease.

     (b) In the case of an exchange described in Section 4.9(a), the Property
Trustee on behalf of the Trust will, on the date of such exchange, exchange
Notes having a principal amount equal to a proportional amount of the aggregate
Liquidation Amount of the Outstanding Common Securities, based on the ratio of
the aggregate Liquidation Amount of the Preferred Securities exchanged pursuant
to Section 4.9(a) divided by the aggregate Liquidation Amount of the Preferred
Securities Outstanding immediately prior to such exchange, for such proportional
amount of Common Securities held by the Depositor (which contemporaneously shall
be canceled and no longer be deemed to be Outstanding); provided, that the
Depositor delivers or causes to be delivered to the Property Trustee or its
designee the required amount of Common Securities to be exchanged by 10:00 A.M.
New York time, on the Distribution Date on which such exchange is to occur.

     SECTION 4.10. Calculation Agent.

     (a) The Property Trustee shall initially, and, subject to the immediately
following sentence, for so long as it holds any of the Notes, be the Calculation
Agent for purposes of determining LIBOR for each Distribution Date. The
Calculation Agent may be removed by the Administrative Trustees at any time. If
the Calculation Agent is unable or unwilling to act as such or is removed by the
Administrative Trustees, the Administrative Trustees will promptly appoint as a
replacement Calculation Agent the London office of a leading bank which is
engaged in transactions in six-month Eurodollar deposits in the international
Eurodollar market and which does not control or is not controlled by or under
common control with the Administrative Trustee or its Affiliates. The
Calculation Agent may not resign its duties without a successor having been duly
appointed.

     (b) The Calculation Agent shall be required to agree that, as soon as
possible after 11:00 a.m. (London time) on each LIBOR Determination Date, but in
no event later than 11:00 a.m. (London time) on the Business Day immediately
following each LIBOR Determination Date, the Calculation Agent will calculate
the interest rate (rounded to the nearest cent, with half a cent being rounded
upwards) for the related Distribution Date, and will communicate such rate and
amount to the Depositor, the Administrative Trustees, the Note Trustee, each
Paying Agent and the Depositary. The Calculation Agent will also specify to the
Administrative Trustee the quotations upon which the foregoing rates and amounts
are based and, in any event, the Calculation Agent shall notify the
Administrative Trustees before 5:00 p.m. (London time) on each LIBOR
Determination Date that either: (i) it has determined or is in the process of
determining the foregoing rates and amounts or (ii) it has not determined and is
not in the process of determining the foregoing rates and amounts, together with
its reasons therefor. The Calculation Agent's determination of the foregoing
rates and amounts for any Distribution Date will (in the absence of manifest
error) be final and binding upon all parties. For the sole purpose of
calculating the interest rate for the Trust Securities, "Business Day" shall be
defined as any day on which dealings in deposits in Dollars are transacted in
the London interbank market.

                                       23

     SECTION 4.11. Certain Accounting Matters.

     (a) At all times during the existence of the Trust, the Administrative
Trustees shall keep, or cause to be kept at the principal office of the Trust in
the United States, as defined for purposes of Treasury Regulations section
301.7701-7, full books of account, records and supporting documents, which shall
reflect in reasonable detail each transaction of the Trust. The books of account
shall be maintained on the accrual method of accounting, in accordance with
generally accepted accounting principles, consistently applied.

     (b) The Administrative Trustees shall either (i) if the Depositor is then
subject to such reporting requirements, cause each Form 10-K and Form 10-Q
prepared by the Depositor and filed with the Commission in accordance with the
Exchange Act to be delivered to each Holder, with a copy to the Property
Trustee, within thirty (30) days after the filing thereof or (ii) cause to be
prepared at the principal office of the Trust in the United States, as defined
for purposes of Treasury Regulations section 301.7701-7, and delivered to each
of the Holders, with a copy to the Property Trustee, within ninety (90) days
after the end of each Fiscal Year, annual financial statements of the Trust,
including a balance sheet of the Trust as of the end of such Fiscal Year, and
the related statements of income or loss.

     (c) If the Depositor intends to file its annual and quarterly information
with the Commission in electronic form pursuant to Regulation S-T of the
Commission using the Commission's Electronic Data Gathering, Analysis and
Retrieval ("EDGAR") system, the Administrative Trustees shall notify the
Property Trustee in the manner prescribed herein of each such annual and
quarterly filing. The Property Trustee is hereby authorized and directed to
access the EDGAR system for purposes of retrieving the financial information so
filed. Compliance with the foregoing shall constitute delivery by the
Administrative Trustees of its financial statements to the Property Trustee in
compliance with the provisions of Section 314(a) of the Trust Indenture Act, if
applicable. The Property Trustee shall have no duty to search for or obtain any
electronic or other filings that the Depositor makes with the Commission,
regardless of whether such filings are periodic, supplemental or otherwise.
Delivery of reports, information and documents to the Property Trustee pursuant
to this Section 4.11(c) shall be solely for purposes of compliance with this
Section 4.11 and, if applicable, with Section 314(a) of the Trust Indenture Act.
The Property Trustee's receipt of such reports, information and documents shall
not constitute notice to it of the content thereof or any matter determinable
from the content thereof, including the Depositor's compliance with any of its
covenants hereunder, as to which the Property Trustee is entitled to rely upon
Officers' Certificates.

     (d) The Trust shall maintain one or more bank accounts in the United
States, as defined for purposes of Treasury Regulations section 301.7701-7, in
the name and for the sole benefit of the Trust; provided, however, that all
payments of funds in respect of the Notes held by the Property Trustee shall be
made directly to the Payment Account and no other funds of the Trust shall be
deposited in the Payment Account. The sole signatories for such accounts
(including the Payment Account) shall be designated by the Property Trustee.

                                       24

                                   ARTICLE V.

                                   SECURITIES

     SECTION 5.1. Initial Ownership.

     Upon the creation of the Trust and the contribution by the Depositor
referred to in Section 2.3 and until the issuance of the Trust Securities, and
at any time during which no Trust Securities are Outstanding, the Depositor
shall be the sole beneficial owner of the Trust.

     SECTION 5.2. Authorized Trust Securities.

     The Trust shall be authorized to issue one series of Preferred Securities
having an aggregate Liquidation Amount of $40,000,000 and one series of Common
Securities having an aggregate Liquidation Amount of $1,240,000.

     SECTION 5.3. Issuance of the Common Securities; Subscription and Purchase
of Notes.

     On the Closing Date, an Administrative Trustee, on behalf of the Trust,
shall execute and deliver to the Depositor Common Securities Certificates,
registered in the name of the Depositor, evidencing an aggregate of One Million
Two Hundred Forty Thousand (1,240) Common Securities having an aggregate
Liquidation Amount of One Million Two Hundred Forty Thousand Dollars
($1,240,000), against receipt by the Trust of the aggregate purchase price of
such Common Securities of One Million Two Hundred Forty Thousand Dollars
($1,240,000). Contemporaneously therewith and with the sale by the Trust to the
Holders of an aggregate of Forty Thousand (40,000) Preferred Securities having
an aggregate Liquidation Amount of Forty Million Dollars ($40,000,000), an
Administrative Trustee, on behalf of the Trust, shall purchase from the
Depositor Notes, to be registered in the name of the Property Trustee on behalf
of the Trust and having an aggregate principal amount equal to Forty One Million
Two Hundred Forty Thousand Dollars ($41,240,000), and, in satisfaction of the
purchase price for such Notes, the Property Trustee, on behalf of the Trust,
shall deliver to the Depositor the sum of Forty One Million Two Hundred Forty
Thousand Dollars ($41,240,000) (being the aggregate amount paid by the Holders
for the Preferred Securities, and the amount paid by the Depositor for the
Common Securities).

     SECTION 5.4. The Securities Certificates.

     (a) The Preferred Securities Certificates shall be issued in minimum
denominations of $100,000 Liquidation Amount and integral multiples of $1,000 in
excess thereof, and the Common Securities Certificates shall be issued in
minimum denominations of $10,000 Liquidation Amount and integral multiples of
$1,000 in excess thereof. The Securities Certificates shall be executed on
behalf of the Trust by manual or facsimile signature of at least one
Administrative Trustee. Securities Certificates bearing the signatures of
individuals who were, at the time when such signatures shall have been affixed,
authorized to sign such Securities Certificates on behalf of the Trust shall be
validly issued and entitled to the benefits of this Trust Agreement,
notwithstanding that such individuals or any of them shall have ceased to be so

                                       25

authorized prior to the delivery of such Securities Certificates or did not have
such authority at the date of delivery of such Securities Certificates.

     (b) On the Closing Date, upon the written order of an authorized officer of
the Depositor, the Administrative Trustees shall cause Securities Certificates
to be executed on behalf of the Trust and delivered, without further corporate
action by the Depositor, in authorized denominations.

     (c) The Preferred Securities issued to QIBs/QPs shall be, except as
provided in Section 5.6, Book-Entry Preferred Securities issued in the form of
one or more Global Preferred Securities registered in the name of the
Depositary, or its nominee and deposited with the Depositary or a custodian for
the Depositary for credit by the Depositary to the respective accounts of the
Depositary Participants thereof (or such other accounts as they may direct). The
Preferred Securities issued to a Person other than a QIB/QP shall be issued in
the form of Definitive Preferred Securities Certificates.

     (d) A Preferred Security shall not be valid until authenticated by the
manual signature of an authorized signatory of the Property Trustee. Such
signature shall be conclusive evidence that the Preferred Security has been
authenticated under this Trust Agreement. Upon written order of the Trust signed
by one Administrative Trustee, the Property Trustee shall authenticate the
Preferred Securities for original issue. The Property Trustee may appoint an
authenticating agent that is a U.S. Person acceptable to the Trust to
authenticate the Preferred Securities. A Common Security need not be so
authenticated and shall be valid upon execution by one or more Administrative
Trustees. The form of this certificate of authentication can be found in Section
5.13.

     SECTION 5.5. Rights of Holders.

     The Trust Securities shall have no preemptive or similar rights and when
issued and delivered to Holders against payment of the purchase price therefor
will be fully paid and non-assessable by the Trust. Except as provided in
Section 5.11(b), the Holders of the Trust Securities, in their capacities as
such, shall be entitled to the same limitation of personal liability extended to
stockholders of private corporations for profit organized under the General
Corporation Law of the State of Delaware.

     SECTION 5.6. Book-Entry Preferred Securities.

     (a) A Global Preferred Security may be exchanged, in whole or in part, for
Definitive Preferred Securities Certificates registered in the names of the
Owners only if such exchange complies with Section 5.7 and (i) the Depositary
advises the Administrative Trustees and the Property Trustee in writing that the
Depositary is no longer willing or able properly to discharge its
responsibilities with respect to the Global Preferred Security, and no qualified
successor is appointed by the Administrative Trustees within ninety (90) days of
receipt of such notice, (ii) the Depositary ceases to be a clearing agency
registered under the Exchange Act and the Administrative Trustees fail to
appoint a qualified successor within ninety (90) days of obtaining knowledge of
such event, (iii) the Administrative Trustees at their option advise the
Property Trustee in writing that the Trust elects to terminate the book-entry
system through the Depositary

                                       26

or (iv) a Note Event of Default has occurred and is continuing. Upon the
occurrence of any event specified in clause (i), (ii), (iii) or (iv) above, the
Administrative Trustees shall notify the Depositary and instruct the Depositary
to notify all Owners of Book-Entry Preferred Securities, the Delaware Trustee
and the Property Trustee of the occurrence of such event and of the availability
of the Definitive Preferred Securities Certificates to Owners of the Preferred
Securities requesting the same. Upon the issuance of Definitive Preferred
Securities Certificates, the Trustees shall recognize the Holders of the
Definitive Preferred Securities Certificates as Holders. Notwithstanding the
foregoing, if an Owner of a beneficial interest in a Global Preferred Security
wishes at any time to transfer an interest in such Global Preferred Security to
a Person other than a QIB/QP, such transfer shall be effected, subject to the
Applicable Depositary Procedures, in accordance with the provisions of this
Section 5.6 and Section 5.7, and the transferee shall receive a Definitive
Preferred Securities Certificate in connection with such transfer. A holder of a
Definitive Preferred Securities Certificate that is a QIB/QP may, upon request
and in accordance with the provisions of this Section 5.6 and Section 5.7,
exchange such Definitive Preferred Securities Certificate for a beneficial
interest in a Global Preferred Security.

     (b) If any Global Preferred Security is to be exchanged for Definitive
Preferred Securities Certificates or canceled in part, or if any Definitive
Preferred Securities Certificate is to be exchanged in whole or in part for any
Global Preferred Security, then either (i) such Global Preferred Security shall
be so surrendered for exchange or cancellation as provided in this Article V or
(ii) the aggregate Liquidation Amount represented by such Global Preferred
Security shall be reduced, subject to Section 5.4, or increased by an amount
equal to the Liquidation Amount represented by that portion of the Global
Preferred Security to be so exchanged or canceled, or equal to the Liquidation
Amount represented by such Definitive Preferred Securities Certificates to be so
exchanged for any Global Preferred Security, as the case may be, by means of an
appropriate adjustment made on the records of the Securities Registrar,
whereupon the Property Trustee, in accordance with the Applicable Depositary
Procedures, shall instruct the Depositary or its authorized representative to
make a corresponding adjustment to its records. Upon any such surrender to the
Administrative Trustees or the Securities Registrar of any Global Preferred
Security or Securities by the Depositary, accompanied by registration
instructions, the Administrative Trustees, or any one of them, shall execute the
Definitive Preferred Securities Certificates in accordance with the instructions
of the Depositary. None of the Securities Registrar or the Trustees shall be
liable for any delay in delivery of such instructions and may conclusively rely
on, and shall be fully protected in relying on, such instructions.

     (c) Every Definitive Preferred Securities Certificate executed and
delivered upon registration or transfer of, or in exchange for or in lieu of, a
Global Preferred Security or any portion thereof shall be executed and delivered
in the form of, and shall be, a Global Preferred Security, unless such
Definitive Preferred Securities Certificate is registered in the name of a
Person other than the Depositary for such Global Preferred Security or a nominee
thereof.

     (d) The Depositary or its nominee, as registered owner of a Global
Preferred Security, shall be the Holder of such Global Preferred Security for
all purposes under this Trust Agreement and the Global Preferred Security, and
Owners with respect to a Global Preferred Security shall hold such interests
pursuant to the Applicable Depositary Procedures. The Securities Registrar and
the Trustees shall be entitled to deal with the Depositary for all purposes of
this Trust Agreement relating to the Global Preferred Securities (including the
payment of the

                                       27

Liquidation Amount of and Distributions on the Book-Entry Preferred Securities
represented thereby and the giving of instructions or directions by Owners of
Book-Entry Preferred Securities represented thereby and the giving of notices)
as the sole Holder of the Book-Entry Preferred Securities represented thereby
and shall have no obligations to the Owners thereof. None of the Trustees nor
the Securities Registrar shall have any liability in respect of any transfers
effected by the Depositary.

     (e) The rights of the Owners of the Book-Entry Preferred Securities shall
be exercised only through the Depositary and shall be limited to those
established by law, the Applicable Depositary Procedures and agreements between
such Owners and the Depositary and/or the Depositary Participants; provided,
that solely for the purpose of determining whether the Holders of the requisite
amount of Preferred Securities have voted on any matter provided for in this
Trust Agreement, to the extent that Preferred Securities are represented by a
Global Preferred Security, the Trustees may conclusively rely on, and shall be
fully protected in relying on, any written instrument (including a proxy)
delivered to the Property Trustee by the Depositary setting forth the Owners'
votes or assigning the right to vote on any matter to any other Persons either
in whole or in part. To the extent that Preferred Securities are represented by
a Global Preferred Security, the initial Depositary will make book-entry
transfers among the Depositary Participants and receive and transmit payments on
the Preferred Securities that are represented by a Global Preferred Security to
such Depositary Participants, and none of the Depositor or the Trustees shall
have any responsibility or obligation with respect thereto.

     (f) To the extent that a notice or other communication to the Holders is
required under this Trust Agreement, for so long as Preferred Securities are
represented by a Global Preferred Security, the Trustees shall give all such
notices and communications to the Depositary, and shall have no obligations to
the Owners.

     SECTION 5.7. Registration of Transfer and Exchange of Preferred Securities
Certificates.

     (a) The Property Trustee shall keep or cause to be kept, at the Corporate
Trust Office, a register or registers (the "Securities Register") in which the
registrar and transfer agent with respect to the Trust Securities (the
"Securities Registrar"), subject to such reasonable regulations as it may
prescribe, shall provide for the registration of Preferred Securities
Certificates and Common Securities Certificates and registration of transfers
and exchanges of Preferred Securities Certificates as herein provided. The
Person acting as the Property Trustee shall at all times also be the Securities
Registrar. The provisions of Article VIII shall apply to the Property Trustee in
its role as Securities Registrar.

     (b) Subject to Section 5.7(d), upon surrender for registration of transfer
of any Preferred Securities Certificate at the office or agency maintained
pursuant to Section 5.7(f), the Administrative Trustees or any one of them shall
execute by manual or facsimile signature and deliver to the Property Trustee,
and the Property Trustee shall authenticate and deliver, in the name of the
designated transferee or transferees, one or more new Preferred Securities
Certificates in authorized denominations of a like aggregate Liquidation Amount
as may be required by this Trust Agreement dated the date of execution by such
Administrative Trustee or Trustees. At the option of a Holder, Preferred
Securities Certificates may be exchanged for other

                                       28

Preferred Securities Certificates in authorized denominations and of a like
aggregate Liquidation Amount upon surrender of the Preferred Securities
Certificate to be exchanged at the office or agency maintained pursuant to
Section 5.7(f). Whenever any Preferred Securities Certificates are so
surrendered for exchange, the Administrative Trustees or any one of them shall
execute by manual or facsimile signature and deliver to the Property Trustee,
and the Property Trustee shall authenticate and deliver, the Preferred
Securities Certificates that the Holder making the exchange is entitled to
receive.

     (c) The Securities Registrar shall not be required, (i) to issue, register
the transfer of or exchange any Preferred Security during a period beginning at
the opening of business fifteen (15) days before the day of selection for
redemption of such Preferred Securities pursuant to Article IV and ending at the
close of business on the day of mailing of the notice of redemption or (ii) to
register the transfer of or exchange any Preferred Security so selected for
redemption in whole or in part, except, in the case of any such Preferred
Security to be redeemed in part, any portion thereof not to be redeemed.

     (d) Every Preferred Securities Certificate presented or surrendered for
registration of transfer or exchange shall be duly endorsed, or be accompanied
by a written instrument of transfer in form satisfactory to the Securities
Registrar duly executed by the Holder or such Holder's attorney duly authorized
in writing and (i) if such Preferred Securities Certificate is being transferred
to a QIB, accompanied by a certificate of the transferor substantially in the
form set forth as Exhibit E hereto or (ii) if such Preferred Securities
Certificate is being transferred otherwise than to a QIB, accompanied by a
certificate of the transferee substantially in the form set forth as Exhibit F
hereto.

     (e) No service charge shall be made for any registration of transfer or
exchange of Preferred Securities Certificates, but the Property Trustee on
behalf of the Trust may require payment of a sum sufficient to cover any tax or
governmental charge that may be imposed in connection with any transfer or
exchange of Preferred Securities Certificates.

     (f) The Administrative Trustees shall designate an office or offices or
agency or agencies where Preferred Securities Certificates may be surrendered
for registration of transfer or exchange and initially designate the Corporate
Trust Office as its office and agency for such purposes. The Administrative
Trustees shall give prompt written notice to the Depositor, the Property Trustee
and to the Holders of any change in the location of any such office or agency.

     SECTION 5.8. Mutilated, Destroyed, Lost or Stolen Securities Certificates.

     (a) If any mutilated Securities Certificate shall be surrendered to the
Securities Registrar together with such security or indemnity as may be required
by the Securities Registrar to save each of the Trustees harmless, the
Administrative Trustees, or any one of them, on behalf of the Trust, shall
execute and make available for delivery in exchange therefor a new Securities
Certificate of like class, tenor and denomination.

     (b) If the Securities Registrar shall receive evidence to its satisfaction
of the destruction, loss or theft of any Securities Certificate and there shall
be delivered to the Securities Registrar such security or indemnity as may be
required by it to save each of the

                                       29

Trustees harmless, then in the absence of notice that such Securities
Certificate shall have been acquired by a protected purchaser, the
Administrative Trustees, or any one of them, on behalf of the Trust, shall
execute and make available for delivery, and, with respect to Preferred
Securities, the Property Trustee shall authenticate, in exchange for or in lieu
of any such destroyed, lost or stolen Securities Certificate, a new Securities
Certificate of like class, tenor and denomination.

     (c) In connection with the issuance of any new Securities Certificate under
this Section 5.8, the Administrative Trustees or the Securities Registrar may
require the payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection therewith.

     (d) Any duplicate Securities Certificate issued pursuant to this Section
5.8 shall constitute conclusive evidence of an undivided beneficial interest in
the assets of the Trust corresponding to that evidenced by the mutilated, lost,
stolen or destroyed Securities Certificate, as if originally issued, whether or
not the lost, stolen or destroyed Securities Certificate shall be found at any
time.

     (e) If any such mutilated, destroyed, lost or stolen Securities Certificate
has become or is about to become due and payable, the Depositor in its
discretion may provide the Administrative Trustee with the funds to pay such
Trust Security and upon receipt of such funds, the Administrative Trustee shall
pay such Trust Security instead of issuing a new Securities Certificate.

     (f) The provisions of this Section 5.8 are exclusive and shall preclude (to
the extent lawful) all other rights and remedies with respect to the replacement
of mutilated, destroyed, lost or stolen Securities Certificates.

     SECTION 5.9. Persons Deemed Holders.

     The Trustees and the Securities Registrar shall each treat the Person in
whose name any Securities Certificate shall be registered in the Securities
Register as the owner of such Securities Certificate for the purpose of
receiving Distributions and for all other purposes whatsoever, and none of the
Trustees and the Securities Registrar shall be bound by any notice to the
contrary.

     SECTION 5.10. Cancellation.

     All Preferred Securities Certificates surrendered for registration of
transfer or exchange or for payment shall, if surrendered to any Person other
than the Property Trustee, be delivered to the Property Trustee, and any such
Preferred Securities Certificates and Preferred Securities Certificates
surrendered directly to the Property Trustee for any such purpose shall be
promptly canceled by it. The Administrative Trustees may at any time deliver to
the Property Trustee for cancellation any Preferred Securities Certificates
previously delivered hereunder that the Administrative Trustees may have
acquired in any manner whatsoever, and all Preferred Securities Certificates so
delivered shall be promptly canceled by the Property Trustee. No Preferred
Securities Certificates shall be executed and delivered in lieu of or in
exchange for any Preferred Securities Certificates canceled as provided in this
Section 5.10, except as expressly permitted by this Trust Agreement. All
canceled Preferred Securities Certificates shall be retained by the Property
Trustee in accordance with its customary practices.

                                       30

     SECTION 5.11. Ownership of Common Securities by Depositor.

     (a) On the Closing Date, the Depositor shall acquire, and thereafter shall
retain, beneficial and record ownership of the Common Securities. Neither the
Depositor nor any successor Holder of the Common Securities may transfer less
than all the Common Securities, and the Depositor or any such successor Holder
may transfer the Common Securities only (i) in connection with a consolidation
or merger of the Depositor into another Person, or any conveyance, transfer or
lease by the Depositor of its properties and assets substantially as an entirety
to any Person (in which event such Common Securities will be transferred to such
surviving entity, transferee or lessee, as the case may be), pursuant to Section
8.1 of the Indenture or (ii) to the Depositor or an Affiliate of the Depositor,
in each such case in compliance with applicable law (including the Securities
Act, and applicable state securities and blue sky laws). To the fullest extent
permitted by law, any attempted transfer of the Common Securities other than as
set forth in the immediately preceding sentence shall be void. The
Administrative Trustees shall cause each Common Securities Certificate issued to
the Depositor to contain a legend stating substantially "THIS CERTIFICATE IS NOT
TRANSFERABLE EXCEPT IN COMPLIANCE WITH APPLICABLE LAW AND SECTION 5.11 OF THE
TRUST AGREEMENT."

     (b) Any Holder of the Common Securities shall be liable for the debts and
obligations of the Trust in the manner and to the extent set forth with respect
to the Depositor and agrees that it shall be subject to all liabilities to which
the Depositor may be subject and, prior to becoming such a Holder, shall deliver
to the Administrative Trustees an instrument of assumption satisfactory to such
Trustees.

     SECTION 5.12. Restricted Legends.

     (a) Each Preferred Security Certificate shall bear a legend in
substantially the following form:

     "[IF THIS SECURITY IS A GLOBAL SECURITY INSERT: THIS PREFERRED SECURITY IS
     A GLOBAL SECURITY WITHIN THE MEANING OF THE TRUST AGREEMENT HEREINAFTER
     REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY
     ("DTC") OR A NOMINEE OF DTC. THIS PREFERRED SECURITY IS EXCHANGEABLE FOR
     SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN DTC OR ITS NOMINEE
     ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE TRUST AGREEMENT, AND NO
     TRANSFER OF THIS PREFERRED SECURITY (OTHER THAN A TRANSFER OF THIS
     PREFERRED SECURITY AS A WHOLE BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE OF
     DTC TO DTC OR ANOTHER NOMINEE OF DTC) MAY BE REGISTERED EXCEPT IN LIMITED
     CIRCUMSTANCES.

     UNLESS THIS PREFERRED SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
     OF DTC TO NORTHSTAR REALTY FINANCE TRUST OR ITS AGENT FOR REGISTRATION OF
     TRANSFER, EXCHANGE OR PAYMENT, AND ANY PREFERRED SECURITY ISSUED IS
     REGISTERED IN THE NAME OF CEDE

                                       31

     & CO. OR IN SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
     DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY
     AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER,
     PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
     WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
     INTEREST HEREIN.]

     THE PREFERRED SECURITIES REPRESENTED BY THIS CERTIFICATE WERE ORIGINALLY
     ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT
     OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND SUCH PREFERRED SECURITIES
     OR ANY INTEREST THEREIN, MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED
     IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM.
     EACH PURCHASER OF ANY PREFERRED SECURITIES IS HEREBY NOTIFIED THAT THE
     SELLER OF THE PREFERRED SECURITIES MAY BE RELYING ON THE EXEMPTION FROM THE
     PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A UNDER
     THE SECURITIES ACT.

     THE HOLDER OF THE PREFERRED SECURITIES REPRESENTED BY THIS CERTIFICATE
     AGREES FOR THE BENEFIT OF THE TRUST AND THE DEPOSITOR THAT (A) SUCH
     PREFERRED SECURITIES MAY BE OFFERED, RESOLD OR OTHERWISE TRANSFERRED ONLY
     (I) TO THE TRUST, (II) TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A
     "QUALIFIED INSTITUTIONAL BUYER" (AS DEFINED IN RULE 144A UNDER THE
     SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A,
     (III) TO AN INSTITUTIONAL "ACCREDITED INVESTOR" WITHIN THE MEANING OF
     SUBPARAGRAPH (a) (1), (2), (3) OR (7) OF RULE 501 UNDER THE SECURITIES ACT
     THAT IS ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT OF
     AN "ACCREDITED INVESTOR," FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO,
     OR FOR OFFER OR SALE IN CONNECTION WITH, ANY DISTRIBUTION IN VIOLATION OF
     THE SECURITIES ACT, (IV) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
     UNDER THE SECURITIES ACT OR (V) PURSUANT TO AN EXEMPTION FROM THE
     SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES
     LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION
     AND, IN THE CASE OF (III) OR (V), SUBJECT TO THE RIGHT OF THE TRUST AND THE
     DEPOSITOR TO REQUIRE AN OPINION OF COUNSEL AND OTHER INFORMATION
     SATISFACTORY TO EACH OF THEM AND (B) THE HOLDER WILL NOTIFY ANY PURCHASER
     OF ANY PREFERRED SECURITIES FROM IT OF THE RESALE RESTRICTIONS REFERRED TO
     IN (A) ABOVE.

     THE PREFERRED SECURITIES WILL BE ISSUED AND MAY BE TRANSFERRED ONLY IN
     BLOCKS HAVING AN AGGREGATE LIQUIDATION AMOUNT OF NOT LESS THAN $100,000. TO
     THE FULLEST EXTENT PERMITTED BY LAW, ANY

                                       32

     ATTEMPTED TRANSFER OF PREFERRED SECURITIES, OR ANY INTEREST THEREIN, IN A
     BLOCK HAVING AN AGGREGATE LIQUIDATION AMOUNT OF LESS THAN $100,000 AND
     MULTIPLES OF $1,000 IN EXCESS THEREOF SHALL BE DEEMED TO BE VOID AND OF NO
     LEGAL EFFECT WHATSOEVER. TO THE FULLEST EXTENT PERMITTED BY LAW, ANY SUCH
     PURPORTED TRANSFEREE SHALL BE DEEMED NOT TO BE THE HOLDER OF SUCH PREFERRED
     SECURITIES FOR ANY PURPOSE, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF
     PRINCIPAL OF OR INTEREST ON SUCH PREFERRED SECURITIES, OR ANY INTEREST
     THEREIN, AND SUCH PURPORTED TRANSFEREE SHALL BE DEEMED TO HAVE NO INTEREST
     WHATSOEVER IN SUCH PREFERRED SECURITIES.

     THE HOLDER OF THIS SECURITY, OR ANY INTEREST THEREIN, BY ITS ACCEPTANCE
     HEREOF OR THEREOF ALSO AGREES, REPRESENTS AND WARRANTS THAT IT IS NOT AN
     EMPLOYEE BENEFIT, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER PLAN OR
     ARRANGEMENT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY
     ACT OF 1974, AS AMENDED ("ERISA"), OR SECTION 4975 OF THE INTERNAL REVENUE
     CODE OF 1986, AS AMENDED (THE "CODE") (EACH A "PLAN"), OR AN ENTITY WHOSE
     UNDERLYING ASSETS INCLUDE "PLAN ASSETS" BY REASON OF ANY PLAN'S INVESTMENT
     IN THE ENTITY, AND NO PERSON INVESTING "PLAN ASSETS" OF ANY PLAN MAY
     ACQUIRE OR HOLD THIS PREFERRED SECURITY OR ANY INTEREST THEREIN. ANY
     PURCHASER OR HOLDER OF THE PREFERRED SECURITIES OR ANY INTEREST THEREIN
     WILL BE DEEMED TO HAVE REPRESENTED BY ITS PURCHASE AND HOLDING THEREOF THAT
     IT IS NOT AN EMPLOYEE BENEFIT PLAN WITHIN THE MEANING OF SECTION 3(3) OF
     ERISA, OR A PLAN TO WHICH SECTION 4975 OF THE CODE IS APPLICABLE, A TRUSTEE
     OR OTHER PERSON ACTING ON BEHALF OF AN EMPLOYEE BENEFIT PLAN OR PLAN, OR
     ANY OTHER PERSON OR ENTITY USING THE ASSETS OF ANY EMPLOYEE BENEFIT PLAN OR
     PLAN TO FINANCE SUCH PURCHASE."

     (b) The above legend shall not be removed from any of the Preferred
Securities Certificates unless there is delivered to the Property Trustee and
the Depositor satisfactory evidence, which may include an opinion of counsel, as
may be reasonably required to ensure that any future transfers thereof may be
made without restriction under the provisions of the Securities Act and other
applicable law. Upon provision of such satisfactory evidence, one or more of the
Administrative Trustees on behalf of the Trust shall execute and deliver to the
Property Trustee, and the Property Trustee shall deliver, at the written
direction of the Administrative Trustees and the Depositor, Preferred Securities
Certificates that do not bear the legend.

     SECTION 5.13. Form of Certificate of Authentication.

          The Property Trustee's certificate of authentication shall be in
     substantially the following form:

                                       33

          This is one of the Preferred Securities referred to in the
     within-mentioned Trust Agreement.

Dated:                                JPMORGAN CHASE BANK, NATIONAL ASSOCIATION,
                                      not in its individual capacity, but solely
                                      as Property Trustee

                                      By:
                                          --------------------------------------
                                          Authorized signatory

                                   ARTICLE VI.

                        MEETINGS; VOTING; ACTS OF HOLDERS

     SECTION 6.1. Notice of Meetings.

     Notice of all meetings of the Holders of the Preferred Securities, stating
the time, place and purpose of the meeting, shall be given by the Property
Trustee pursuant to Section 10.8 to each Holder of Preferred Securities, at such
Holder's registered address, at least fifteen (15) days and not more than ninety
(90) days before the meeting. At any such meeting, any business properly before
the meeting may be so considered whether or not stated in the notice of the
meeting. Any adjourned meeting may be held as adjourned without further notice.

     SECTION 6.2. Meetings of Holders of the Preferred Securities.

     (a) No annual meeting of Holders is required to be held. The Property
Trustee, however, shall call a meeting of the Holders of the Preferred
Securities to vote on any matter upon the written request of the Holders of at
least twenty five percent (25%) in aggregate Liquidation Amount of the
Outstanding Preferred Securities and the Administrative Trustees or the Property
Trustee may, at any time in their discretion, call a meeting of the Holders of
the Preferred Securities to vote on any matters as to which such Holders are
entitled to vote.

     (b) The Holders of at least a Majority in Liquidation Amount of the
Preferred Securities, present in person or by proxy, shall constitute a quorum
at any meeting of the Holders of the Preferred Securities.

     (c) If a quorum is present at a meeting, an affirmative vote by the Holders
present, in person or by proxy, holding Preferred Securities representing at
least a Majority in Liquidation Amount of the Preferred Securities held by the
Holders present, either in person or by proxy, at such meeting shall constitute
the action of the Holders of the Preferred Securities, unless this Trust
Agreement requires a lesser or greater number of affirmative votes.

                                       34

     SECTION 6.3. Voting Rights.

     Holders shall be entitled to one vote for each $10,000 of Liquidation
Amount represented by their Outstanding Trust Securities in respect of any
matter as to which such Holders are entitled to vote.

     SECTION 6.4. Proxies, Etc.

     At any meeting of Holders, any Holder entitled to vote thereat may vote by
proxy, provided, that no proxy shall be voted at any meeting unless it shall
have been placed on file with the Administrative Trustees, or with such other
officer or agent of the Trust as the Administrative Trustees may direct, for
verification prior to the time at which such vote shall be taken. Pursuant to a
resolution of the Property Trustee, proxies may be solicited in the name of the
Property Trustee or one or more officers of the Property Trustee. Only Holders
of record shall be entitled to vote. When Trust Securities are held jointly by
several Persons, any one of them may vote at any meeting in person or by proxy
in respect of such Trust Securities, but if more than one of them shall be
present at such meeting in person or by proxy, and such joint owners or their
proxies so present disagree as to any vote to be cast, such vote shall not be
received in respect of such Trust Securities. A proxy purporting to be executed
by or on behalf of a Holder shall be deemed valid unless challenged at or prior
to its exercise, and the burden of proving invalidity shall rest on the
challenger. No proxy shall be valid more than three years after its date of
execution.

     SECTION 6.5. Holder Action by Written Consent.

     Any action that may be taken by Holders at a meeting may be taken without a
meeting and without prior notice if Holders holding at least a Majority in
Liquidation Amount of all Preferred Securities entitled to vote in respect of
such action (or such lesser or greater proportion thereof as shall be required
by any other provision of this Trust Agreement) shall consent to the action in
writing; provided, that notice of such action is promptly provided to the
Holders of Preferred Securities that did not consent to such action. Any action
that may be taken by the Holders of all the Common Securities may be taken
without a meeting and without prior notice if such Holders shall consent to the
action in writing.

     SECTION 6.6. Record Date for Voting and Other Purposes.

     Except as provided in Section 6.10(a), for the purposes of determining the
Holders who are entitled to notice of and to vote at any meeting or to act by
written consent, or to participate in any distribution on the Trust Securities
in respect of which a record date is not otherwise provided for in this Trust
Agreement, or for the purpose of any other action, the Administrative Trustees
may from time to time fix a date, not more than ninety (90) days prior to the
date of any meeting of Holders or the payment of a Distribution or other action,
as the case may be, as a record date for the determination of the identity of
the Holders of record for such purposes.

     SECTION 6.7. Acts of Holders.

     (a) Any request, demand, authorization, direction, notice, consent, waiver
or other action provided or permitted by this Trust Agreement to be given, made
or taken by Holders may

                                       35

be embodied in and evidenced by one or more instruments of substantially similar
tenor signed by such Holders in person or by an agent thereof duly appointed in
writing; and, except as otherwise expressly provided herein, such action shall
become effective when such instrument or instruments are delivered to an
Administrative Trustee. Such instrument or instruments (and the action embodied
therein and evidenced thereby) are herein sometimes referred to as the "Act" of
the Holders signing such instrument or instruments. Proof of execution of any
such instrument or of a writing appointing any such agent shall be sufficient
for any purpose of this Trust Agreement and conclusive in favor of the Trustees,
if made in the manner provided in this Section 6.7.

     (b) The fact and date of the execution by any Person of any such instrument
or writing may be proved by the affidavit of a witness of such execution or by a
certificate of a notary public or other officer authorized by law to take
acknowledgments of deeds, certifying that the individual signing such instrument
or writing acknowledged to him the execution thereof. Where such execution is by
a signer acting in a capacity other than such signer's individual capacity, such
certificate or affidavit shall also constitute sufficient proof of such signer's
authority. The fact and date of the execution of any such instrument or writing,
or the authority of the Person executing the same, may also be proved in any
other manner that any Trustee receiving the same deems sufficient.

     (c) The ownership of Trust Securities shall be proved by the Securities
Register.

     (d) Any request, demand, authorization, direction, notice, consent, waiver
or other Act of the Holder of any Trust Security shall bind every future Holder
of the same Trust Security and the Holder of every Trust Security issued upon
the registration of transfer thereof or in exchange therefor or in lieu thereof
in respect of anything done, omitted or suffered to be done by the Trustees, the
Administrative Trustees or the Trust in reliance thereon, whether or not
notation of such action is made upon such Trust Security.

     (e) Without limiting the foregoing, a Holder entitled hereunder to take any
action hereunder with regard to any particular Trust Security may do so with
regard to all or any part of the Liquidation Amount of such Trust Security or by
one or more duly appointed agents each of which may do so pursuant to such
appointment with regard to all or any part of such Liquidation Amount.

     (f) If any dispute shall arise among the Holders or the Trustees with
respect to the authenticity, validity or binding nature of any request, demand,
authorization, direction, notice, consent, waiver or other Act of such Holder or
Trustee under this Article VI, then the determination of such matter by the
Property Trustee shall be conclusive with respect to such matter.

     SECTION 6.8. Inspection of Records.

     Upon reasonable written notice to the Administrative Trustees and the
Property Trustee, the records of the Trust shall be open to inspection by any
Holder during normal business hours for any purpose reasonably related to such
Holder's interest as a Holder.

                                       36

     SECTION 6.9. Limitations on Voting Rights.

     (a) Except as expressly provided in this Trust Agreement and in the
Indenture and as otherwise required by law, no Holder of Preferred Securities
shall have any right to vote or in any manner otherwise control the
administration, operation and management of the Trust or the obligations of the
parties hereto, nor shall anything herein set forth, or contained in the terms
of the Securities Certificates, be construed so as to constitute the Holders
from time to time as partners or members of an association.

     (b) So long as any Notes are held by the Property Trustee on behalf of the
Trust, the Property Trustee shall not (i) direct the time, method and place of
conducting any proceeding for any remedy available to the Note Trustee, or
exercise any trust or power conferred on the Property Trustee with respect to
the Notes, (ii) waive any past default that may be waived under Section 5.13 of
the Indenture or waive compliance with any covenant or condition under Section
10.7 of the Indenture, (iii) exercise any right to rescind or annul a
declaration that the principal of all the Notes shall be due and payable or (iv)
consent to any amendment, modification or termination of the Indenture or the
Notes, where such consent shall be required, without, in each case, obtaining
the prior approval of the Holders of at least a Majority in Liquidation Amount
of the Preferred Securities; provided, that where a consent under the Indenture
would require the consent of each holder of Notes (or each Holder of Preferred
Securities) affected thereby, no such consent shall be given by the Property
Trustee without the prior written consent of each Holder of Preferred
Securities. The Property Trustee shall not revoke any action previously
authorized or approved by a vote of the Holders of the Preferred Securities,
except by a subsequent vote of the Holders of the Preferred Securities. In
addition to obtaining the foregoing approvals of the Holders of the Preferred
Securities, prior to taking any of the foregoing actions, the Property Trustee
shall, at the expense of the Depositor, obtain an Opinion of Counsel experienced
in such matters to the effect that such action shall not cause the Trust to be
taxable as a corporation or classified as other than a grantor trust for United
States federal income tax purposes.

     (c) If any proposed amendment to the Trust Agreement provides for, or the
Trustees otherwise propose to effect, (i) any action that would adversely affect
in any material respect the powers, preferences or special rights of the
Preferred Securities, whether by way of amendment to the Trust Agreement or
otherwise or (ii) the dissolution, winding-up or termination of the Trust, other
than pursuant to the terms of this Trust Agreement, then the Holders of
Outstanding Preferred Securities as a class will be entitled to vote on such
amendment or proposal and such amendment or proposal shall not be effective
except with the approval of the Holders of at least a Majority in Liquidation
Amount of the Preferred Securities. Notwithstanding any other provision of this
Trust Agreement, no amendment to this Trust Agreement may be made if, as a
result of such amendment, it would cause the Trust to be taxable as a
corporation or classified as other than a grantor trust for United States
federal income tax purposes.

     SECTION 6.10. Acceleration of Maturity; Rescission of Annulment; Waivers of
Past Defaults.

     (a) For so long as any Preferred Securities remain Outstanding, if, upon a
Note Event of Default, the Note Trustee fails or the holders of not less than
twenty five percent (25%) in

                                       37

principal amount of the outstanding Notes fail to declare the principal of all
of the Notes to be immediately due and payable, the Holders of at least twenty
five percent (25%) in Liquidation Amount of the Preferred Securities then
Outstanding shall have the right to make such declaration by a notice in writing
to the Property Trustee, the Depositor and the Note Trustee. At any time after a
declaration of acceleration with respect to the Notes has been made and before a
judgment or decree for payment of the money due has been obtained by the Note
Trustee as provided in the Indenture, the Holders of at least a Majority in
Liquidation Amount of the Preferred Securities, by written notice to the
Property Trustee, the Depositor and the Note Trustee, may rescind and annul such
declaration and its consequences if:

          (i) the Depositor has paid or deposited with the Note Trustee a sum
     sufficient to pay:

               (A) all overdue installments of interest on all of the Notes;

               (B) any accrued Additional Interest on all of the Notes;

               (C) the principal of and any premium, if any, on any Notes that
          have become due otherwise than by such declaration of acceleration and
          interest and Additional Interest thereon at the rate borne by the
          Notes; and

               (D) all sums paid or advanced by the Note Trustee under the
          Indenture and the reasonable compensation, expenses, disbursements and
          advances of the Note Trustee, the Property Trustee and their agents
          and counsel; and

          (ii) all Note Events of Default, other than the non-payment of the
     principal of the Notes that has become due solely by such acceleration,
     have been cured or waived as provided in Section 5.13 of the Indenture.

     Upon receipt by the Property Trustee of written notice requesting such an
acceleration, or rescission and annulment thereof, by Holders of any part of the
Preferred Securities, a record date shall be established for determining Holders
of Outstanding Preferred Securities entitled to join in such notice, which
record date shall be at the close of business on the day the Property Trustee
receives such notice. The Holders on such record date, or their duly designated
proxies, and only such Persons, shall be entitled to join in such notice,
whether or not such Holders remain Holders after such record date; provided,
that, unless such declaration of acceleration, or rescission and annulment, as
the case may be, shall have become effective by virtue of the requisite
percentage having joined in such notice prior to the day that is ninety (90)
days after such record date, such notice of declaration of acceleration, or
rescission and annulment, as the case may be, shall automatically and without
further action by any Holder be canceled and of no further effect. Nothing in
this paragraph shall prevent a Holder, or a proxy of a Holder, from giving,
after expiration of such ninety (90)-day period, a new written notice of
declaration of acceleration, or rescission and annulment thereof, as the case
may be, that is identical to a written notice that has been canceled pursuant to
the proviso to the preceding sentence, in which event a new record date shall be
established pursuant to the provisions of this Section 6.10(a).

     (b) For so long as any Preferred Securities remain Outstanding, to the
fullest extent permitted by law and subject to the terms of this Trust Agreement
and the Indenture, upon a Note

                                       38

Event of Default specified in paragraph (a) or (b) of Section 5.1 of the
Indenture, any Holder of Preferred Securities shall have the right to institute
a proceeding directly against the Depositor, pursuant to Section 5.8 of the
Indenture, for enforcement of payment to such Holder of any amounts payable in
respect of Notes having an aggregate principal amount equal to the aggregate
Liquidation Amount of the Preferred Securities of such Holder. Except as set
forth in Section 6.10(a) and this Section 6.10(b), the Holders of Preferred
Securities shall have no right to exercise directly any right or remedy
available to the holders of, or in respect of, the Notes.

     (c) Notwithstanding paragraphs (a) and (b) of this Section 6.10, the
Holders of at least a Majority in Liquidation Amount of the Preferred Securities
may, on behalf of the Holders of all the Preferred Securities, waive any Note
Event of Default, except any Note Event of Default arising from the failure to
pay any principal of or any premium, if any, or interest on (including any
Additional Interest) the Notes (unless such Note Event of Default has been cured
and a sum sufficient to pay all matured installments of interest and all
principal and premium, if any, on all Notes due otherwise than by acceleration
has been deposited with the Note Trustee) or a Note Event of Default in respect
of a covenant or provision that under the Indenture cannot be modified or
amended without the consent of the holder of each outstanding Note. Upon any
such waiver, such Note Event of Default shall cease to exist and any Note Event
of Default arising therefrom shall be deemed to have been cured for every
purpose of the Indenture; but no such waiver shall affect any subsequent Note
Event of Default or impair any right consequent thereon.

     (d) Notwithstanding paragraphs (a) and (b) of this Section 6.10, the
Holders of at least a Majority in Liquidation Amount of the Preferred Securities
may, on behalf of the Holders of all the Preferred Securities, waive any past
Event of Default and its consequences. Upon such waiver, any such Event of
Default shall cease to exist, and any Event of Default arising therefrom shall
be deemed to have been cured, for every purpose of this Trust Agreement, but no
such waiver shall extend to any subsequent or other Event of Default or impair
any right consequent thereon.

     (e) The Holders of a Majority in Liquidation Amount of the Preferred
Securities shall have the right to direct the time, method and place of
conducting any proceeding for any remedy available to the Property Trustee in
respect of this Trust Agreement or the Notes or exercising any trust or power
conferred upon the Property Trustee under this Trust Agreement; provided, that,
subject to Sections 8.5 and 8.7, the Property Trustee shall have the right to
decline to follow any such direction if the Property Trustee being advised by
counsel determines that the action so directed may not lawfully be taken, or if
the Property Trustee in good faith shall, by an officer or officers of the
Property Trustee, determine that the proceedings so directed would be illegal or
involve it in personal liability or be unduly prejudicial to the rights of
Holders not party to such direction, and provided, further, that nothing in this
Trust Agreement shall impair the right of the Property Trustee to take any
action deemed proper by the Property Trustee and which is not inconsistent with
such direction.

                                       39

                                  ARTICLE VII.

                         REPRESENTATIONS AND WARRANTIES

     SECTION 7.1. Representations and Warranties of the Property Trustee and the
Delaware Trustee.

     The Property Trustee and the Delaware Trustee, each severally on behalf of
and as to itself, hereby represents and warrants for the benefit of the
Depositor and the Holders that:

          (a) the Property Trustee is a national banking association, duly
     organized and validly existing under the laws of the United States;

          (b) the Property Trustee has full corporate power, authority and legal
     right to execute, deliver and perform its obligations under this Trust
     Agreement and has taken all necessary action to authorize the execution,
     delivery and performance by it of this Trust Agreement;

          (c) the Delaware Trustee is a national banking association, duly
     formed and validly existing under the laws of the United States;

          (d) the Delaware Trustee has full corporate power, authority and legal
     right to execute, deliver and perform its obligations under this Trust
     Agreement and has taken all necessary action to authorize the execution,
     delivery and performance by it of this Trust Agreement;

          (e) this Trust Agreement has been duly authorized, executed and
     delivered by the Property Trustee and the Delaware Trustee and constitutes
     the legal, valid and binding agreement of each of the Property Trustee and
     the Delaware Trustee enforceable against each of them in accordance with
     its terms, subject to applicable bankruptcy, insolvency, fraudulent
     transfer, reorganization, moratorium and similar laws affecting creditors'
     rights generally and to general principles of equity;

          (f) the execution, delivery and performance of this Trust Agreement
     have been duly authorized by all necessary corporate or other action on the
     part of the Property Trustee and the Delaware Trustee and do not require
     any approval of stockholders of the Property Trustee and the Delaware
     Trustee and such execution, delivery and performance will not (i) violate
     the Restated Organization Certificate or Articles of Association, as
     applicable, or By-laws of the Property Trustee or the Delaware Trustee,
     (ii) violate any provision of, or constitute, with or without notice or
     lapse of time, a default under, or result in the imposition of any lien on
     any properties included in the Trust Property pursuant to the provisions of
     any indenture, mortgage, credit agreement, license or other agreement or
     instrument to which the Property Trustee or the Delaware Trustee is a party
     or by which it is bound, or (iii) violate any applicable law, governmental
     rule or regulation of the United States or the State of Delaware, as the
     case may be, governing the banking, trust or general powers of the Property
     Trustee or the Delaware Trustee or any order, judgment or decree applicable
     to the Property Trustee or the Delaware Trustee;

                                       40

          (g) neither the authorization, execution or delivery by the Property
     Trustee or the Delaware Trustee of this Trust Agreement nor the
     consummation of any of the transactions by the Property Trustee or the
     Delaware Trustee contemplated herein requires the consent or approval of,
     the giving of notice to, the registration with or the taking of any other
     action with respect to any governmental authority or agency under any
     existing law of the United States or the State of Delaware governing the
     banking, trust or general powers of the Property Trustee or the Delaware
     Trustee, as the case may be; and

          (h) to the best of each of the Property Trustee's and the Delaware
     Trustee's knowledge, there are no proceedings pending or threatened against
     or affecting the Property Trustee or the Delaware Trustee in any court or
     before any governmental authority, agency or arbitration board or tribunal
     that, individually or in the aggregate, would materially and adversely
     affect the Trust or would question the right, power and authority of the
     Property Trustee or the Delaware Trustee, as the case may be, to enter into
     or perform its obligations as one of the Trustees under this Trust
     Agreement.

     SECTION 7.2. Representations and Warranties of Depositor.

     The Depositor hereby represents and warrants for the benefit of the Holders
that:

          (a) the Depositor is a corporation duly organized, validly existing
     and in good standing under the laws of its state of incorporation;

          (b) the Depositor has full corporate power, authority and legal right
     to execute, deliver and perform its obligations under this Trust Agreement
     and has taken all necessary action to authorize the execution, delivery and
     performance by it of this Trust Agreement;

          (c) this Trust Agreement has been duly authorized, executed and
     delivered by the Depositor and constitutes the legal, valid and binding
     agreement of the Depositor enforceable against the Depositor in accordance
     with its terms, subject to applicable bankruptcy, insolvency and similar
     laws affecting creditors' rights generally and to general principles of
     equity;

          (d) the Securities Certificates issued at the Closing Date on behalf
     of the Trust have been duly authorized and will have been duly and validly
     executed, issued and delivered by the applicable Trustees pursuant to the
     terms and provisions of, and in accordance with the requirements of, this
     Trust Agreement and the Holders will be, as of such date, entitled to the
     benefits of this Trust Agreement;

          (e) the execution, delivery and performance of this Trust Agreement
     have been duly authorized by all necessary corporate or other action on the
     part of the Depositor and do not require any approval of stockholders of
     the Depositor and such execution, delivery and performance will not (i)
     violate the articles or certificate of incorporation or by-laws (or other
     organizational documents) of the Depositor or (ii) violate any applicable
     law, governmental rule or regulation governing the Depositor

                                       41

     or any material portion of its property or any order, judgment or decree
     applicable to the Depositor or any material portion of its property;

          (f) neither the authorization, execution or delivery by the Depositor
     of this Trust Agreement nor the consummation of any of the transactions by
     the Depositor contemplated herein requires the consent or approval of, the
     giving of notice to, the registration with or the taking of any other
     action with respect to any governmental authority or agency under any
     existing law governing the Depositor or any material portion of its
     property; and

          (g) there are no proceedings pending or, to the best of the
     Depositor's knowledge, threatened against or affecting the Depositor or any
     material portion of its property in any court or before any governmental
     authority, agency or arbitration board or tribunal that, individually or in
     the aggregate, would materially and adversely affect the Trust or would
     question the right, power and authority of the Depositor, as the case may
     be, to enter into or perform its obligations under this Trust Agreement.

                                  ARTICLE VIII.

                                  THE TRUSTEES

     SECTION 8.1. Number of Trustees.

     The number of Trustees shall be five (5); provided, that the Property
Trustee and the Delaware Trustee may be the same Person, in which case the
number of Trustees shall be four (4). The number of Trustees may be increased or
decreased by Act of the Holder of the Common Securities subject to Sections 8.2,
8.3, and 8.4. The death, resignation, retirement, removal, bankruptcy,
incompetence or incapacity to perform the duties of a Trustee shall not operate
to annul, dissolve or terminate the Trust.

     SECTION 8.2. Property Trustee Required.

     There shall at all times be a Property Trustee hereunder with respect to
the Trust Securities. The Property Trustee shall be a corporation organized and
doing business under the laws of the United States or of any state thereof,
authorized to exercise corporate trust powers, having a combined capital and
surplus of at least fifty million dollars ($50,000,000), subject to supervision
or examination by federal or state authority and having an office within the
United States. If any such Person publishes reports of condition at least
annually pursuant to law or to the requirements of its supervising or examining
authority, then for the purposes of this Section 8.2, the combined capital and
surplus of such Person shall be deemed to be its combined capital and surplus as
set forth in its most recent report of condition so published. If at any time
the Property Trustee shall cease to be eligible in accordance with the
provisions of this Section 8.2, it shall resign immediately in the manner and
with the effect hereinafter specified in this Article VIII.

                                       42

     SECTION 8.3. Delaware Trustee Required.

     (a) If required by the Delaware Statutory Trust Act, there shall at all
times be a Delaware Trustee with respect to the Trust Securities. The Delaware
Trustee shall either be (i) a natural person who is at least 21 years of age and
a resident of the State of Delaware or (ii) a legal entity that has its
principal place of business in the State of Delaware, otherwise meets the
requirements of applicable Delaware law and shall act through one or more
persons authorized to bind such entity. If at any time the Delaware Trustee
shall cease to be eligible in accordance with the provisions of this Section
8.3, it shall resign immediately in the manner and with the effect hereinafter
specified in this Article VIII. The Delaware Trustee shall have the same rights,
privileges and immunities as the Property Trustee.

     (b) The Delaware Trustee shall not be entitled to exercise any powers, nor
shall the Delaware Trustee have any of the duties and responsibilities, of the
Property Trustee or the Administrative Trustees set forth herein. The Delaware
Trustee shall be one of the trustees of the Trust for the sole and limited
purpose of fulfilling the requirements of Section 3807 of the Delaware Statutory
Trust Act and for taking such actions as are required to be taken by a Delaware
trustee under the Delaware Statutory Trust Act. The duties (including fiduciary
duties), liabilities and obligations of the Delaware Trustee shall be limited to
(a) accepting legal process served on the Trust in the State of Delaware and (b)
the execution of any certificates required to be filed with the Secretary of
State of the State of Delaware that the Delaware Trustee is required to execute
under Section 3811 of the Delaware Statutory Trust Act and there shall be no
other duties (including fiduciary duties) or obligations, express or implied, at
law or in equity, of the Delaware Trustee.

     SECTION 8.4. Appointment of Administrative Trustees.

     (a) There shall at all times be one or more Administrative Trustees
hereunder with respect to the Trust Securities. Each Administrative Trustee
shall be either a natural person who is at least 21 years of age or a legal
entity that shall act through one or more persons authorized to bind that
entity. Each of the individuals identified as an "Administrative Trustee" in the
preamble of this Trust Agreement hereby accepts his or her appointment as such.

     (b) Except where a requirement for action by a specific number of
Administrative Trustees is expressly set forth in this Trust Agreement, any act
required or permitted to be taken by, and any power of the Administrative
Trustees may be exercised by, or with the consent of, any one such
Administrative Trustee. Whenever a vacancy in the number of Administrative
Trustees shall occur, until such vacancy is filled by the appointment of an
Administrative Trustee in accordance with Section 8.11, the Administrative
Trustees in office, regardless of their number (and notwithstanding any other
provision of this Trust Agreement), shall have all the powers granted to the
Administrative Trustees and shall discharge all the duties imposed upon the
Administrative Trustees by this Trust Agreement.

     SECTION 8.5. Duties and Responsibilities of the Trustees.

     (a) The rights, immunities, duties and responsibilities of the Trustees
shall be as provided by this Trust Agreement and there shall be no other duties
(including fiduciary duties)

                                       43

or obligations, express or implied, at law or in equity, of the Trustees;
provided, however, that if an Event of Default known to the Property Trustee has
occurred and is continuing, the Property Trustee shall, prior to the receipt of
directions, if any, from the Holders of at least a Majority in Liquidation
Amount of the Preferred Securities, exercise such of the rights and powers
vested in it by this Trust Agreement, and use the same degree of care and skill
in its exercise, as a prudent person would exercise or use under the
circumstances in the conduct of such person's own affairs. Notwithstanding the
foregoing, no provision of this Trust Agreement shall require any of the
Trustees to expend or risk its own funds or otherwise incur any financial
liability in the performance of any of its duties hereunder, or in the exercise
of any of its or their rights or powers, if it or they shall have reasonable
grounds for believing that repayment of such funds or adequate indemnity against
such risk or liability is not reasonably assured to it. Whether or not herein
expressly so provided, every provision of this Trust Agreement relating to the
conduct or affecting the liability of or affording protection to the Trustees
shall be subject to the provisions of this Section 8.5. Nothing in this Trust
Agreement shall be construed to release any Administrative Trustee from
liability for his or her own negligent action, negligent failure to act; or his
or her own willful misconduct. To the extent that, at law or in equity, a
Trustee has duties and liabilities relating to the Trust or to the Holders, such
Trustee shall not be liable to the Trust or to any Holder for such Trustee's
good faith reliance on the provisions of this Trust Agreement. The provisions of
this Trust Agreement, to the extent that they restrict the duties and
liabilities of the Trustees otherwise existing at law or in equity, are agreed
by the Depositor and the Holders to replace such other duties and liabilities of
the Trustees.

     (b) All payments made by the Property Trustee or a Paying Agent in respect
of the Trust Securities shall be made only from the revenue and proceeds from
the Trust Property and only to the extent that there shall be sufficient revenue
or proceeds from the Trust Property to enable the Property Trustee or a Paying
Agent to make payments in accordance with the terms hereof. Each Holder, by its
acceptance of a Trust Security, agrees that it will look solely to the revenue
and proceeds from the Trust Property to the extent legally available for
distribution to it as herein provided and that the Trustees are not personally
liable to it for any amount distributable in respect of any Trust Security or
for any other liability in respect of any Trust Security. This Section 8.5(b)
does not limit the liability of the Trustees expressly set forth elsewhere in
this Trust Agreement.

     (c) No provisions of this Trust Agreement shall be construed to relieve the
Property Trustee from liability with respect to matters that are within the
authority of the Property Trustee under this Trust Agreement for its own
negligent action, negligent failure to act or willful misconduct, except that:

          (i) the Property Trustee shall not be liable for any error or judgment
     made in good faith by an authorized officer of the Property Trustee, unless
     it shall be proved that the Property Trustee was negligent in ascertaining
     the pertinent facts;

          (ii) the Property Trustee shall not be liable with respect to any
     action taken or omitted to be taken by it in good faith in accordance with
     the direction of the Holders of at least a Majority in Liquidation Amount
     of the Preferred Securities relating to the time, method and place of
     conducting any proceeding for any remedy available to the Property

                                       44

     Trustee hereunder or under the Indenture, or exercising any trust or power
     conferred upon the Property Trustee under this Trust Agreement;

          (iii) the Property Trustee's sole duty with respect to the custody,
     safe keeping and physical preservation of the Notes and the Payment Account
     shall be to deal with such Property in a similar manner as the Property
     Trustee deals with similar property for its own account, subject to the
     protections and limitations on liability afforded to the Property Trustee
     under this Trust Agreement;

          (iv) the Property Trustee shall not be liable for any interest on any
     money received by it except as it may otherwise agree in writing with the
     Depositor; and money held by the Property Trustee need not be segregated
     from other funds held by it except in relation to the Payment Account
     maintained by the Property Trustee pursuant to Section 3.1 and except to
     the extent otherwise required by law; and

          (v) the Property Trustee shall not be responsible for monitoring the
     compliance by the Administrative Trustees or the Depositor with their
     respective duties under this Trust Agreement, nor shall the Property
     Trustee be liable for the default or misconduct of any other Trustee or the
     Depositor.

     SECTION 8.6. Notices of Defaults and Extensions.

     (a) Within ninety (90) days after the occurrence of a default actually
known to the Property Trustee, the Property Trustee shall transmit notice of
such default to the Holders, the Administrative Trustees and the Depositor,
unless such default shall have been cured or waived. For the purpose of this
Section 8.6, the term "default" means any event that is, or after notice or
lapse of time or both would become, an Event of Default.

     (b) Within five (5) Business Days after the receipt of notice of the
Depositor's exercise of its right to defer the payment of interest on the Notes
pursuant to the Indenture, the Property Trustee shall transmit, in the manner
and to the extent provided in Section 10.8, notice of such exercise to the
Holders and the Administrative Trustees, unless such exercise shall have been
revoked.

     (c) The Property Trustee shall not be charged with knowledge of any Event
of Default unless either (i) a Responsible Officer of the Property Trustee shall
have actual knowledge or (ii) the Property Trustee shall have received written
notice thereof from the Depositor, an Administrative Trustee or a Holder.

     (d) The Property Trustee shall notify all Holders of the Preferred
Securities of any notice of default received with respect to the Notes.

     SECTION 8.7. Certain Rights of Property Trustee.

     Subject to the provisions of Section 8.5:

          (a) the Property Trustee may conclusively rely and shall be protected
     in acting or refraining from acting in good faith and in accordance with
     the terms hereof upon any

                                       45

     resolution, Opinion of Counsel, certificate, written representation of a
     Holder or transferee, certificate of auditors or any other resolution,
     certificate, statement, instrument, opinion, report, notice, request,
     direction, consent, order, appraisal, bond, debenture, note, other evidence
     of indebtedness or other paper or document believed by it to be genuine and
     to have been signed or presented by the proper party or parties;

          (b) if (i) in performing its duties under this Trust Agreement the
     Property Trustee is required to decide between alternative courses of
     action, (ii) in construing any of the provisions of this Trust Agreement
     the Property Trustee finds a provision ambiguous or inconsistent with any
     other provisions contained herein or (iii) the Property Trustee is unsure
     of the application of any provision of this Trust Agreement, then, except
     as to any matter as to which the Holders of the Preferred Securities are
     entitled to vote under the terms of this Trust Agreement, the Property
     Trustee shall deliver a notice to the Depositor requesting the Depositor's
     written instruction as to the course of action to be taken and the Property
     Trustee shall take such action, or refrain from taking such action, as the
     Property Trustee shall be instructed in writing to take, or to refrain from
     taking, by the Depositor; provided, that if the Property Trustee does not
     receive such instructions of the Depositor within ten (10) Business Days
     after it has delivered such notice or such reasonably shorter period of
     time set forth in such notice, the Property Trustee may, but shall be under
     no duty to, take such action, or refrain from taking such action, as the
     Property Trustee shall deem advisable and in the best interests of the
     Holders, in which event the Property Trustee shall have no liability except
     for its own negligence, bad faith or willful misconduct;

          (c) any direction or act of the Depositor contemplated by this Trust
     Agreement shall be sufficiently evidenced by an Officers' Certificate
     unless otherwise expressly provided herein;

          (d) any direction or act of an Administrative Trustee contemplated by
     this Trust Agreement shall be sufficiently evidenced by a certificate
     executed by such Administrative Trustee and setting forth such direction or
     act;

          (e) the Property Trustee shall have no duty to see to any recording,
     filing or registration of any instrument (including any financing or
     continuation statement or any filing under tax or securities laws) or any
     re-recording, re-filing or re-registration thereof;

          (f) the Property Trustee may consult with counsel (which counsel may
     be counsel to the Property Trustee, the Depositor or any of its Affiliates,
     and may include any of its employees) and the advice of such counsel shall
     be full and complete authorization and protection in respect of any action
     taken, suffered or omitted by it hereunder in good faith and in reliance
     thereon and in accordance with such advice; the Property Trustee shall have
     the right at any time to seek instructions concerning the administration of
     this Trust Agreement from any court of competent jurisdiction;

          (g) the Property Trustee shall be under no obligation to exercise any
     of the rights or powers vested in it by this Trust Agreement at the request
     or direction of any of the Holders pursuant to this Trust Agreement, unless
     such Holders shall have offered to

                                       46

     the Property Trustee reasonable security or indemnity against the costs,
     expenses (including reasonable attorneys' fees and expenses) and
     liabilities that might be incurred by it in compliance with such request or
     direction, including reasonable advances as may be requested by the
     Property Trustee; provided, however, that nothing contained in this Section
     8.7(g) shall be construed to relieve the Property Trustee, upon the
     occurrence of an Event of Default, of its obligation to exercise the rights
     and powers in it vested by this Trust Agreement; provided, further, that
     nothing contained in this Section 8.7(g) shall prevent the Property Trustee
     from exercising its rights under Section 8.11 hereof;

          (h) the Property Trustee shall not be bound to make any investigation
     into the facts or matters stated in any resolution, certificate, statement,
     instrument, opinion, report, notice, request, direction, consent, order,
     approval, bond, debenture, note or other evidence of indebtedness or other
     paper or document, unless requested in writing to do so by one or more
     Holders, but the Property Trustee may make such further inquiry or
     investigation into such facts or matters as it may see fit, and, if the
     Property Trustee shall determine to make such inquiry or investigation, it
     shall be entitled to examine the books, records and premises of the
     Depositor, personally or by agent or attorney;

          (i) the Property Trustee may execute any of the trusts or powers
     hereunder or perform any duties hereunder either directly or by or through
     its agents, attorneys, custodians or nominees and the Property Trustee
     shall not be responsible for any negligence or misconduct on the part of
     any such agent, attorney, custodian or nominee appointed with due care by
     it hereunder;

          (j) whenever in the administration of this Trust Agreement the
     Property Trustee shall deem it desirable to receive instructions with
     respect to enforcing any remedy or right hereunder, the Property Trustee
     (i) may request instructions from the Holders (which instructions may only
     be given by the Holders of the same proportion in Liquidation Amount of the
     Trust Securities as would be entitled to direct the Property Trustee under
     this Trust Agreement in respect of such remedy, right or action), (ii) may
     refrain from enforcing such remedy or right or taking such other action
     until such instructions are received and (iii) shall be protected in acting
     in accordance with such instructions;

          (k) except as otherwise expressly provided by this Trust Agreement,
     the Property Trustee shall not be under any obligation to take any action
     that is discretionary under the provisions of this Trust Agreement;

          (l) without prejudice to any other rights available to the Property
     Trustee under applicable law, when the Property Trustee incurs expenses or
     renders services in connection with a Bankruptcy Event, such expenses
     (including legal fees and expenses of its agents and counsel) and the
     compensation for such services are intended to constitute expenses of
     administration under any bankruptcy law or law relating to creditors rights
     generally; and

          (m) whenever in the administration of this Trust Agreement the
     Property Trustee shall deem it desirable that a matter be proved or
     established prior to taking,

                                       47

     suffering or omitting any action hereunder, the Property Trustee (unless
     other evidence be herein specifically prescribed) may, in the absence of
     bad faith on its part, request and rely on an Officers' Certificate which,
     upon receipt of such request, shall be promptly delivered by the Depositor.

     No provision of this Trust Agreement shall be deemed to impose any duty or
obligation on any Trustee to perform any act or acts or exercise any right,
power, duty or obligation conferred or imposed on it, in any jurisdiction in
which it shall be illegal, or in which such Person shall be unqualified or
incompetent in accordance with applicable law, to perform any such act or acts,
or to exercise any such right, power, duty or obligation.

     SECTION 8.8. Delegation of Power.

     Any Trustee may, by power of attorney consistent with applicable law,
delegate to any other natural person over the age of 21 its, his or her power
for the purpose of executing any documents contemplated in Section 2.5. The
Trustees shall have power to delegate from time to time to such of their number
or to the Depositor the doing of such things and the execution of such
instruments either in the name of the Trust or the names of the Trustees or
otherwise as the Trustees may deem expedient, to the extent such delegation is
not prohibited by applicable law or contrary to the provisions of this Trust
Agreement.

     SECTION 8.9. May Hold Securities.

     Any Trustee or any other agent of any Trustee or the Trust, in its
individual or any other capacity, may become the owner or pledgee of Trust
Securities and except as provided in the definition of the term "Outstanding" in
Article I, may otherwise deal with the Trust with the same rights it would have
if it were not an Trustee or such other agent.

     SECTION 8.10. Compensation; Reimbursement; Indemnity.

     The Depositor agrees:

          (a) to pay to the Trustees from time to time such reasonable
     compensation for all services rendered by them hereunder as may be agreed
     by the Depositor and the Trustees from time to time (which compensation
     shall not be limited by any provision of law in regard to the compensation
     of a trustee of an express trust);

          (b) to reimburse the Trustees upon request for all reasonable
     expenses, disbursements and advances incurred or made by the Trustees in
     accordance with any provision of this Trust Agreement (including the
     reasonable compensation and the expenses and disbursements of their agents
     and counsel), except any such expense, disbursement or advance as may be
     attributable to their gross negligence, bad faith or willful misconduct;
     and

          (c) to the fullest extent permitted by applicable law, to indemnify
     and hold harmless (i) each Trustee, (ii) any Affiliate of any Trustee,
     (iii) any officer, director, shareholder, employee, representative or agent
     of any Trustee or any Affiliate of any Trustee and (iv) any employee or
     agent of the Trust (referred to herein as an

                                       48

     "Indemnified Person") from and against any loss, damage, liability, tax
     (other than income, franchise or other taxes imposed on amounts paid
     pursuant to Section 8.10(a) or (b) hereof), penalty, expense or claim of
     any kind or nature whatsoever incurred without negligence, bad faith or
     willful misconduct on its part, arising out of or in connection with the
     acceptance or administration of the Trust hereunder, including the
     advancement of funds to cover the costs and expenses of defending itself
     against any claim or liability in connection with the exercise or
     performance of any of its powers or duties hereunder.

     The Trust shall have no payment, reimbursement or indemnity obligations to
the Trustees under this Section 8.10. The provisions of this Section 8.10 shall
survive the termination of this Trust Agreement and the earlier removal or
resignation of any Trustee.

     No Trustee may claim any Lien on any Trust Property whether before or after
termination of the Trust as a result of any amount due pursuant to this Section
8.10.

     To the fullest extent permitted by law, in no event shall the Property
Trustee and the Delaware Trustee be liable for any indirect, special, punitive
or consequential loss or damage of any kind whatsoever, including, but not
limited to, lost profits, even if the Trustee has been advised of the likelihood
of such loss or damage and regardless of the form of action.

     In no event shall the Property Trustee and the Delaware Trustee be liable
for any failure or delay in the performance of its obligations hereunder because
of circumstances beyond its control, including, but not limited to, acts of God,
flood, war (whether declared or undeclared), terrorism, fire, riot, embargo,
government action, including any laws, ordinances, regulations, governmental
action or the like which delay, restrict or prohibit the providing of the
services contemplated by this Trust Agreement.

     SECTION 8.11. Resignation and Removal; Appointment of Successor.

     (a) No resignation or removal of any Trustee and no appointment of a
successor Trustee pursuant to this Article VIII shall become effective until the
acceptance of appointment by the successor Trustee in accordance with the
applicable requirements of Section 8.12.

     (b) A Trustee may resign at any time by giving written notice thereof to
the Depositor and, in the case of the Property Trustee and the Delaware Trustee,
to the Holders.

     (c) Unless an Event of Default shall have occurred and be continuing, the
Property Trustee or the Delaware Trustee, or both of them, may be removed (with
or without cause) at any time by Act of the Holder of Common Securities. If an
Event of Default shall have occurred and be continuing, the Property Trustee or
the Delaware Trustee, or both of them, may be removed (with or without cause) at
such time by Act of the Holders of at least a Majority in Liquidation Amount of
the Preferred Securities, delivered to the removed Trustee (in its individual
capacity and on behalf of the Trust). An Administrative Trustee may be removed
(with or without cause) only by Act of the Holder of the Common Securities at
any time.

     (d) If any Trustee shall resign, be removed or become incapable of acting
as Trustee, or if a vacancy shall occur in the office of any Trustee for any
reason, at a time when no Event of Default shall have occurred and be
continuing, the Holder of the Common Securities, by Act of

                                       49

the Holder of the Common Securities, shall promptly appoint a successor Trustee
or Trustees, and such successor Trustee and the retiring Trustee shall comply
with the applicable requirements of Section 8.12. If the Property Trustee or the
Delaware Trustee shall resign, be removed or become incapable of continuing to
act as the Property Trustee or the Delaware Trustee, as the case may be, at a
time when an Event of Default shall have occurred and be continuing, the Holders
of the Preferred Securities, by Act of the Holders of a Majority in Liquidation
Amount of the Preferred Securities, shall promptly appoint a successor Property
Trustee or Delaware Trustee, and such successor Property Trustee or Delaware
Trustee and the retiring Property Trustee or Delaware Trustee shall comply with
the applicable requirements of Section 8.12. If an Administrative Trustee shall
resign, be removed or become incapable of acting as Administrative Trustee, at a
time when an Event of Default shall have occurred and be continuing, the Holder
of the Common Securities by Act of the Holder of Common Securities shall
promptly appoint a successor Administrative Trustee and such successor
Administrative Trustee and the retiring Administrative Trustee shall comply with
the applicable requirements of Section 8.12. If no successor Trustee shall have
been so appointed by the Holder of the Common Securities or Holders of the
Preferred Securities, as the case may be, and accepted appointment in the manner
required by Section 8.12 within thirty (30) days after the giving of a notice of
resignation by a Trustee, the removal of a Trustee, or a Trustee becoming
incapable of acting as such Trustee, any Holder who has been a Holder of
Preferred Securities for at least six (6) months may, on behalf of himself and
all others similarly situated, and any resigning Trustee may, in each case, at
the expense of the Depositor, petition any court of competent jurisdiction for
the appointment of a successor Trustee.

     (e) The Depositor shall give notice of each resignation and each removal of
the Property Trustee or the Delaware Trustee and each appointment of a successor
Property Trustee or Delaware Trustee to all Holders in the manner provided in
Section 10.8. Each notice shall include the name of the successor Property
Trustee or Delaware Trustee and the address of its Corporate Trust Office if it
is the Property Trustee.

     (f) Notwithstanding the foregoing or any other provision of this Trust
Agreement, in the event any Administrative Trustee or a Delaware Trustee who is
a natural person dies or becomes, in the opinion of the Holder of Common
Securities, incompetent or incapacitated, the vacancy created by such death,
incompetence or incapacity may be filled by (i) the unanimous act of the
remaining Administrative Trustees if there are at least two of them or (ii)
otherwise by the Holder of the Common Securities (with the successor in each
case being a Person who satisfies the eligibility requirement for Administrative
Trustees or Delaware Trustee, as the case may be, set forth in Sections 8.3 and
8.4).

     (g) Upon the appointment of a successor Delaware Trustee, such successor
Delaware Trustee shall file a Certificate of Amendment to the Certificate of
Trust in accordance with Section 3810 of the Delaware Statutory Trust Act.

     SECTION 8.12. Acceptance of Appointment by Successor.

     (a) In case of the appointment hereunder of a successor Trustee, each
successor Trustee shall execute and deliver to the Depositor and to the retiring
Trustee an instrument accepting such appointment, and thereupon the resignation
or removal of the retiring Trustee

                                       50

shall become effective and each such successor Trustee, without any further act,
deed or conveyance, shall become vested with all the rights, powers, trusts and
duties of the retiring Trustee; but, on request of the Trust or any successor
Trustee such retiring Trustee shall, upon payment of its charges, duly assign,
transfer and deliver to such successor Trustee all Trust Property, all proceeds
thereof and money held by such retiring Trustee hereunder with respect to the
Trust Securities and the Trust.

     (b) Upon request of any such successor Trustee, the Trust (or the retiring
Trustee if requested by the Depositor) shall execute any and all instruments for
more fully and certainly vesting in and confirming to such successor Trustee all
such rights, powers and trusts referred to in the preceding paragraph.

     (c) No successor Trustee shall accept its appointment unless at the time of
such acceptance such successor Trustee shall be qualified and eligible under
this Article VIII.

     SECTION 8.13. Merger, Conversion, Consolidation or Succession to Business.

     Any Person into which the Property Trustee or the Delaware Trustee may be
merged or converted or with which it may be consolidated, or any Person
resulting from any merger, conversion or consolidation to which such Trustee
shall be a party, or any Person succeeding to all or substantially all the
corporate trust business of such Trustee, shall be the successor of such Trustee
hereunder, without the execution or filing of any paper or any further act on
the part of any of the parties hereto, provided, that such Person shall be
otherwise qualified and eligible under this Article VIII.

     SECTION 8.14. Not Responsible for Recitals or Issuance of Securities.

     The recitals contained herein and in the Securities Certificates shall be
taken as the statements of the Trust and the Depositor, and the Trustees do not
assume any responsibility for their correctness. The Trustees make no
representations as to the title to, or value or condition of, the property of
the Trust or any part thereof, nor as to the validity or sufficiency of this
Trust Agreement, the Notes or the Trust Securities. The Trustees shall not be
accountable for the use or application by the Depositor of the proceeds of the
Notes.

     SECTION 8.15. Property Trustee May File Proofs of Claim.

     (a) In case of any Bankruptcy Event (or event that with the passage of time
would become a Bankruptcy Event) relative to the Trust or any other obligor upon
the Trust Securities or the property of the Trust or of such other obligor or
their creditors, the Property Trustee (irrespective of whether any Distributions
on the Trust Securities shall then be due and payable and irrespective of
whether the Property Trustee shall have made any demand on the Trust for the
payment of any past due Distributions) shall be entitled and empowered, to the
fullest extent permitted by law, by intervention in such proceeding or
otherwise:

          (i) to file and prove a claim for the whole amount of any
     Distributions owing and unpaid in respect of the Trust Securities and to
     file such other papers or documents as may be necessary or advisable in
     order to have the claims of the Property Trustee (including any claim for
     the reasonable compensation, expenses, disbursements and

                                       51

     advances of the Property Trustee, its agents and counsel) and of the
     Holders allowed in such judicial proceeding; and

          (ii) to collect and receive any monies or other property payable or
     deliverable on any such claims and to distribute the same;

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or
other similar official in any such proceeding is hereby authorized by each
Holder to make such payments to the Property Trustee and, in the event the
Property Trustee shall consent to the making of such payments directly to the
Holders, to pay to the Property Trustee first any amount due it for the
reasonable compensation, expenses, disbursements and advances of the Property
Trustee, its agents and counsel, and any other amounts due the Property Trustee.

     (b) Nothing herein contained shall be deemed to authorize the Property
Trustee to authorize or consent to or accept or adopt on behalf of any Holder
any plan of reorganization, arrangement, adjustment or compensation affecting
the Trust Securities or the rights of any Holder thereof or to authorize the
Property Trustee to vote in respect of the claim of any Holder in any such
proceeding.

     SECTION 8.16. Reports to the Property Trustee.

     (a) The Depositor and the Administrative Trustees shall deliver to the
Property Trustee, not later than forty five (45) days after the end of each of
the first three fiscal quarters of the Depositor and not later than ninety (90)
days after the end of each fiscal year of the Trust ending after the date of
this Trust Agreement, an Officers' Certificate covering the preceding fiscal
year, stating whether or not to the knowledge of the signers thereof the
Depositor and the Trust are in default in the performance or observance of any
of the terms, provisions and conditions of this Trust Agreement (without regard
to any period of grace or requirement of notice provided hereunder) and, if the
Depositor or the Trust shall be in default, specifying all such defaults and the
nature and status thereof of which they have knowledge.

     (b) The Depositor shall furnish (i) to the Property Trustee; (ii) Cohen
Bros. & Company, 450 Park, 23rd Floor, New York, NY 10022 or such other address
as designated by Cohen Bros. & Company); and (iii) any Owner of the Preferred
Securities reasonably identified to the Depositor and the Trust (which
identification may be made either by such Owner or by Cohen Bros. & Company) a
duly completed and executed certificate substantively and substantially in the
form attached hereto as Exhibit G, including the financial statements referenced
in such Exhibit, which certificate and financial statements shall be so
furnished by the Depositor not later than forty five (45) days after the end of
each of the first three fiscal quarters of each fiscal year of the Depositor and
not later than ninety (90) days after the end of each fiscal year of the
Depositor.

     The Property Trustee shall obtain all reports, certificate and information,
which it is entitled to obtain under each of the Operative Documents.

                                       52

                                   ARTICLE IX.

                       TERMINATION, LIQUIDATION AND MERGER

     SECTION 9.1. Dissolution Upon Expiration Date.

     Unless earlier dissolved, the Trust shall automatically dissolve on March
15, 2040 (the "Expiration Date"), and the Trust Property shall be liquidated in
accordance with Section 9.4.

     SECTION 9.2. Early Termination.

     The first to occur of any of the following events is an "Early Termination
Event", upon the occurrence of which the Trust shall be dissolved:

          (a) the occurrence of a Bankruptcy Event in respect of, or the
     dissolution or liquidation of, the Depositor, in its capacity as the Holder
     of the Common Securities, unless the Depositor shall have transferred the
     Common Securities as provided by Section 5.11, in which case this provision
     shall refer instead to any such successor Holder of the Common Securities;

          (b) the written direction to the Property Trustee from the Holder of
     the Common Securities at any time to dissolve the Trust and, after
     satisfaction of any liabilities of the Trust as required by applicable law,
     to distribute the Notes to Holders in exchange for the Preferred Securities
     (which direction is optional and wholly within the discretion of the Holder
     of the Common Securities);

          (c) the redemption of all of the Preferred Securities in connection
     with the payment at maturity or redemption of all the Notes; and

          (d) the entry of an order for dissolution of the Trust by a court of
     competent jurisdiction.

     SECTION 9.3. Termination.

     The respective obligations and responsibilities of the Trustees and the
Trust shall terminate upon the latest to occur of the following: (a) the
distribution by the Property Trustee to Holders of all amounts required to be
distributed hereunder upon the liquidation of the Trust pursuant to Section 9.4,
or upon the redemption of all of the Trust Securities pursuant to Section 4.2;
(b) the satisfaction of any expenses owed by the Trust; and (c) the discharge of
all administrative duties of the Administrative Trustees, including the
performance of any tax reporting obligations with respect to the Trust or the
Holders.

     SECTION 9.4. Liquidation.

     (a) If an Early Termination Event specified in Section 9.2(a), (b) or (d)
occurs or upon the Expiration Date, the Trust shall be liquidated by the
Property Trustee as expeditiously as the Property Trustee shall determine to be
possible by distributing, after satisfaction of liabilities to creditors of the
Trust as provided by applicable law, to each Holder a Like Amount

                                       53

of Notes, subject to Section 9.4(d). Notice of liquidation shall be given by the
Property Trustee not less than thirty (30) nor more than sixty (60) days prior
to the Liquidation Date to each Holder of Trust Securities at such Holder's
address appearing in the Securities Register. All such notices of liquidation
shall:

          (i) state the Liquidation Date;

          (ii) state that from and after the Liquidation Date, the Trust
     Securities will no longer be deemed to be Outstanding and (subject to
     Section 9.4(d)) any Securities Certificates not surrendered for exchange
     will be deemed to represent a Like Amount of Notes; and

          (iii) provide such information with respect to the mechanics by which
     Holders may exchange Securities Certificates for Notes, or if Section
     9.4(d) applies, receive a Liquidation Distribution, as the Property Trustee
     shall deem appropriate.

     (b) Except where Section 9.2(c) or 9.4(d) applies, in order to effect the
liquidation of the Trust and distribution of the Notes to Holders, the Property
Trustee, either itself acting as exchange agent or through the appointment of a
separate exchange agent, shall establish a record date for such distribution
(which shall not be more than forty five (45) days prior to the Liquidation Date
nor prior to the date on which notice of such liquidation is given to the
Holders) and establish such procedures as it shall deem appropriate to effect
the distribution of Notes in exchange for the Outstanding Securities
Certificates.

     (c) Except where Section 9.2(c) or 9.4(d) applies, after the Liquidation
Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii)
certificates representing a Like Amount of Notes will be issued to Holders of
Securities Certificates, upon surrender of such Certificates to the exchange
agent for exchange, (iii) the Depositor shall use its best efforts to have the
Notes listed on the New York Stock Exchange or on such other exchange,
interdealer quotation system or self-regulatory organization on which the
Preferred Securities are then listed, if any, (iv) Securities Certificates not
so surrendered for exchange will be deemed to represent a Like Amount of Notes
bearing accrued and unpaid interest in an amount equal to the accumulated and
unpaid Distributions on such Securities Certificates until such certificates are
so surrendered (and until such certificates are so surrendered, no payments of
interest or principal will be made to Holders of Securities Certificates with
respect to such Notes) and (v) all rights of Holders holding Trust Securities
will cease, except the right of such Holders to receive Notes upon surrender of
Securities Certificates.

     (d) Notwithstanding the other provisions of this Section 9.4, if
distribution of the Notes in the manner provided herein is determined by the
Property Trustee not to be permitted or practical, the Trust Property shall be
liquidated, and the Trust shall be wound up by the Property Trustee in such
manner as the Property Trustee determines. In such event, Holders will be
entitled to receive out of the assets of the Trust available for distribution to
Holders, after satisfaction of liabilities to creditors of the Trust as provided
by applicable law, an amount equal to the Liquidation Amount per Trust Security
plus accumulated and unpaid Distributions thereon to the date of payment (such
amount being the "Liquidation Distribution"). If, upon any such winding up the
Liquidation Distribution can be paid only in part because the Trust has

                                       54

insufficient assets available to pay in full the aggregate Liquidation
Distribution, then, subject to the next succeeding sentence, the amounts payable
by the Trust on the Trust Securities shall be paid on a pro rata basis (based
upon Liquidation Amounts). The Holder of the Common Securities will be entitled
to receive Liquidation Distributions upon any such winding up pro rata (based
upon Liquidation Amounts) with Holders of all Trust Securities, except that, if
an Event of Default has occurred and is continuing, the Preferred Securities
shall have a priority over the Common Securities as provided in Section 4.3.

     SECTION 9.5. Mergers, Consolidations, Amalgamations or Replacements of
Trust.

     The Trust may not merge with or into, consolidate, amalgamate, or be
replaced by, or convey, transfer or lease its properties and assets
substantially as an entirety to, any Person except pursuant to this Article IX.
At the request of the Holders of the Common Securities, without the consent of
the Holders of the Preferred Securities, the Trust may merge with or into,
consolidate, amalgamate, or be replaced by or convey, transfer or lease its
properties and assets substantially as an entirety to a trust organized as such
under the laws of any State; provided, that:

          (a) such successor entity either (i) expressly assumes all of the
     obligations of the Trust under this Trust Agreement with respect to the
     Preferred Securities or (ii) substitutes for the Preferred Securities other
     securities having substantially the same terms as the Preferred Securities
     (such other Securities, the "Successor Securities") so long as the
     Successor Securities have the same priority as the Preferred Securities
     with respect to distributions and payments upon liquidation, redemption and
     otherwise;

          (b) a trustee of such successor entity possessing substantially the
     same powers and duties as the Property Trustee is appointed to hold the
     Notes;

          (c) if the Preferred Securities or the Notes are rated, such merger,
     consolidation, amalgamation, replacement, conveyance, transfer or lease
     does not cause the Preferred Securities or the Notes (including any
     Successor Securities) to be downgraded by any nationally recognized
     statistical rating organization that then assigns a rating to the Preferred
     Securities or the Notes;

          (d) the Preferred Securities are listed, or any Successor Securities
     will be listed upon notice of issuance, on any national securities exchange
     or interdealer quotation system on which the Preferred Securities are then
     listed, if any;

          (e) such merger, consolidation, amalgamation, replacement, conveyance,
     transfer or lease does not adversely affect the rights, preferences and
     privileges of the Holders of the Preferred Securities (including any
     Successor Securities) in any material respect;

          (f) such successor entity has a purpose substantially identical to
     that of the Trust;

          (g) prior to such merger, consolidation, amalgamation, replacement,
     conveyance, transfer or lease, the Depositor has received an Opinion of
     Counsel to the

                                       55

     effect that (i) such merger, consolidation, amalgamation, replacement,
     conveyance, transfer or lease does not adversely affect the rights,
     preferences and privileges of the Holders of the Preferred Securities
     (including any Successor Securities) in any material respect; (ii)
     following such merger, consolidation, amalgamation, replacement,
     conveyance, transfer or lease, neither the Trust nor such successor entity
     will be required to register as an "investment company" under the
     Investment Company Act and (iii) following such merger, consolidation,
     amalgamation, replacement, conveyance, transfer or lease, the Trust (or the
     successor entity) will continue to be classified as a grantor trust for
     U.S. federal income tax purposes; and

          (h) the Depositor or its permitted transferee owns all of the common
     securities of such successor entity.

Notwithstanding the foregoing, the Trust shall not, except with the consent of
Holders of all of the Preferred Securities, consolidate, amalgamate, merge with
or into, or be replaced by or convey, transfer or lease its properties and
assets substantially as an entirety to any other Person or permit any other
entity to consolidate, amalgamate, merge with or into, or replace, the Trust if
such consolidation, amalgamation, merger, replacement, conveyance, transfer or
lease would cause the Trust or the successor entity to be taxable as a
corporation or classified as other than a grantor trust for United States
federal income tax purposes or cause the Notes to be treated as other than
indebtedness of the Depositor for United States federal income tax purposes.

                                   ARTICLE X.

                            MISCELLANEOUS PROVISIONS

     SECTION 10.1. Limitation of Rights of Holders.

     Except as set forth in Section 9.2, the death, bankruptcy, termination,
dissolution or incapacity of any Person having an interest, beneficial or
otherwise, in Trust Securities shall not operate to terminate this Trust
Agreement, nor annul, dissolve or terminate the Trust nor entitle the legal
representatives or heirs of such Person or any Holder for such Person, to claim
an accounting, take any action or bring any proceeding in any court for a
partition or winding up of the arrangements contemplated hereby, nor otherwise
affect the rights, obligations and liabilities of the parties hereto or any of
them.

     SECTION 10.2. Agreed Tax Treatment of Trust and Trust Securities.

     The parties hereto and, by its acceptance or acquisition of a Trust
Security or a beneficial interest therein, the Holder of, and any Person that
acquires a beneficial interest in, such Trust Security intend and agree to treat
the Trust as a grantor trust for United States federal, state and local tax
purposes, and to treat the Trust Securities (including all payments and proceeds
with respect to such Trust Securities) as undivided beneficial ownership
interests in the Trust Property (and payments and proceeds therefrom,
respectively) for United States federal, state and local tax purposes and to
treat the Notes as indebtedness of the Depositor for United States federal,
state and local tax purposes. The provisions of this Trust Agreement shall be
interpreted to further this intention and agreement of the parties.

                                       56

     SECTION 10.3. Amendment.

     (a) This Trust Agreement may be amended from time to time by the Property
Trustee, the Administrative Trustees and the Holder of all the Common
Securities, without the consent of any Holder of the Preferred Securities, (i)
to cure any ambiguity, correct or supplement any provision herein that may be
defective or inconsistent with any other provision herein, or to make or amend
any other provisions with respect to matters or questions arising under this
Trust Agreement, which shall not be inconsistent with the other provisions of
this Trust Agreement, (ii) to modify, eliminate or add to any provisions of this
Trust Agreement to such extent as shall be necessary to ensure that the Trust
will neither be taxable as a corporation nor be classified as other than a
grantor trust for United States federal income tax purposes at all times that
any Trust Securities are Outstanding or to ensure that the Notes are treated as
indebtedness of the Depositor for United States federal income tax purposes, or
to ensure that the Trust will not be required to register as an "investment
company" under the Investment Company Act or (iii) to add to the covenants,
restrictions or obligations of the Depositor; provided, that in the case of
clauses (i), (ii) or (iii), such action shall not adversely affect in any
material respect the interests of any Holder.

     (b) Except as provided in Section 10.3(c), any provision of this Trust
Agreement may be amended by the Property Trustee, the Administrative Trustees
and the Holder of all of the Common Securities and with (i) the consent of
Holders of at least a Majority in Liquidation Amount of the Preferred Securities
and (ii) receipt by the Trustees of an Opinion of Counsel to the effect that
such amendment or the exercise of any power granted to the Trustees in
accordance with such amendment will not cause the Trust to be taxable as a
corporation or classified as other than a grantor trust for United States
federal income tax purposes or affect the treatment of the Notes as indebtedness
of the Depositor for United States federal income tax purposes or affect the
Trust's exemption from status (or from any requirement to register) as an
"investment company" under the Investment Company Act.

     (c) Notwithstanding any other provision of this Trust Agreement, without
the consent of each Holder, this Trust Agreement may not be amended to (i)
change the accrual rate, amount, currency or timing of any Distribution on or
the redemption price of the Trust Securities or otherwise adversely affect the
amount of any Distribution or other payment required to be made in respect of
the Trust Securities as of a specified date, (ii) restrict or impair the right
of a Holder to institute suit for the enforcement of any such payment on or
after such date, (iii) reduce the percentage of aggregate Liquidation Amount of
Outstanding Preferred Securities, the consent of whose Holders is required for
any such amendment, or the consent of whose Holders is required for any waiver
of compliance with any provision of this Trust Agreement or of defaults
hereunder and their consequences provided for in this Trust Agreement; (iv)
impair or adversely affect the rights and interests of the Holders in the Trust
Property, or permit the creation of any Lien on any portion of the Trust
Property; or (v) modify the definition of "Outstanding," this Section 10.3(c),
Sections 4.1, 4.2, 4.3, 6.10(e) or Article IX.

     (d) Notwithstanding any other provision of this Trust Agreement, no Trustee
shall enter into or consent to any amendment to this Trust Agreement that would
cause the Trust to be taxable as a corporation or to be classified as other than
a grantor trust for United States federal income tax purposes or that would
cause the Notes to fail or cease to be treated as indebtedness

                                       57

of the Depositor for United States federal income tax purposes or that would
cause the Trust to fail or cease to qualify for the exemption from status (or
from any requirement to register) as an "investment company" under the
Investment Company Act.

     (e) If any amendment to this Trust Agreement is made, the Administrative
Trustees or the Property Trustee shall promptly provide to the Depositor and the
Note Trustee a copy of such amendment.

     (f) No Trustee shall be required to enter into any amendment to this Trust
Agreement that affects its own rights, duties or immunities under this Trust
Agreement. The Trustees shall be entitled to receive an Opinion of Counsel and
an Officers' Certificate stating that any amendment to this Trust Agreement is
in compliance with this Trust Agreement and all conditions precedent herein
provided for relating to such action have been met.

     (g) No amendment or modification to this Trust Agreement that adversely
affects in any material respect the rights, duties, liabilities, indemnities or
immunities of the Delaware Trustee hereunder shall be permitted without the
prior written consent of the Delaware Trustee.

     SECTION 10.4. Separability.

     If any provision in this Trust Agreement or in the Securities Certificates
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, and there shall be deemed substituted for the provision at
issue a valid, legal and enforceable provision as similar as possible to the
provision at issue.

     SECTION 10.5. Governing Law.

     THIS TRUST AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF EACH OF THE HOLDERS,
THE TRUST, THE DEPOSITOR AND THE TRUSTEES WITH RESPECT TO THIS TRUST AGREEMENT
AND THE TRUST SECURITIES SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH AND
GOVERNED BY THE LAWS OF THE STATE OF DELAWARE WITHOUT REFERENCE TO ITS CONFLICTS
OF LAWS PROVISIONS.

     SECTION 10.6. Successors.

     This Trust Agreement shall be binding upon and shall inure to the benefit
of any successor to the Depositor, the Trust and any Trustee, including any
successor by operation of law. Except in connection with a transaction involving
the Depositor that is permitted under Article VIII of the Indenture and pursuant
to which the assignee agrees in writing to perform the Depositor's obligations
hereunder, the Depositor shall not assign its obligations hereunder.

     SECTION 10.7. Headings.

     The Article and Section headings are for convenience only and shall not
affect the construction of this Trust Agreement

                                       58

     SECTION 10.8. Reports, Notices and Demands.

     (a) Any report, notice, demand or other communication that by any provision
of this Trust Agreement is required or permitted to be given or served to or
upon any Holder or the Depositor may be given or served in writing delivered in
person, or by reputable, overnight courier, by telecopy or by deposit thereof,
first-class postage prepaid, in the United States mail, addressed, (a) in the
case of a Holder of Preferred Securities, to such Holder as such Holder's name
and address may appear on the Securities Register; and (b) in the case of the
Holder of all the Common Securities or the Depositor, to NorthStar Realty
Finance Limited Partnership, 527 Madison Avenue, New York, NY 10022, Attention:
Richard J. McCready, or to such other address as may be specified in a written
notice by the Holder of all the Common Securities or the Depositor, as the case
may be, to the Property Trustee. Such report, notice, demand or other
communication to or upon a Holder or the Depositor shall be deemed to have been
given when received in person, within one (1) Business Day following delivery by
overnight courier, when telecopied with receipt confirmed, or within three (3)
Business Days following delivery by mail, except that if a notice or other
document is refused delivery or cannot be delivered because of a changed address
of which no notice was given, such notice or other document shall be deemed to
have been delivered on the date of such refusal or inability to deliver.

     (b) Any notice, demand or other communication that by any provision of this
Trust Agreement is required or permitted to be given or served to or upon the
Property Trustee, the Delaware Trustee, the Administrative Trustees or the Trust
shall be given in writing by deposit thereof, first-class postage prepaid, in
the U.S. mail, personal delivery or facsimile transmission, addressed to such
Person as follows: (i) with respect to the Property Trustee to JPMorgan Chase
Bank, National Association, 600 Travis, 50th Floor, Houston, Texas 77002,
Attention: Institutional Trust Services-- NorthStar Realty Finance Trust,
facsimile no. (713) 216-2101, (ii) with respect to the Delaware Trustee, to
Chase Bank USA, National Association, c/o JPMorgan Chase Bank, National
Association, 500 Stanton Christiana Road, Building 4 (3rd Floor), Newark,
Delaware 19713, Attention: Institutional Trust Services-- NorthStar Realty
Finance Trust, facsimile no. (302) 552-6280; (iii) with respect to the
Administrative Trustees, to them at the address above for notices to the
Depositor, marked "Attention: Administrative Trustees of NorthStar Realty
Finance Trust", and (iv) with respect to the Trust, to its principal executive
office specified in Section 2.2, with a copy to the Property Trustee. Such
notice, demand or other communication to or upon the Trust, the Property Trustee
or the Administrative Trustees shall be deemed to have been sufficiently given
or made only upon actual receipt of the writing by the Trust, the Property
Trustee or the Administrative Trustees.

     SECTION 10.9. Agreement Not to Petition.

     Each of the Trustees and the Depositor agree for the benefit of the Holders
that, until at least one year and one day after the Trust has been terminated in
accordance with Article IX, they shall not file, or join in the filing of, a
petition against the Trust under any Bankruptcy Law or otherwise join in the
commencement of any proceeding against the Trust under any Bankruptcy Law. If
the Depositor takes action in violation of this Section 10.9, the Property
Trustee agrees, for the benefit of Holders, that at the expense of the
Depositor, it shall file an answer with the applicable bankruptcy court or
otherwise properly contest the filing of such petition by the Depositor against
the Trust or the commencement of such action and raise the

                                       59

defense that the Depositor has agreed in writing not to take such action and
should be estopped and precluded therefrom and such other defenses, if any, as
counsel for the Property Trustee or the Trust may assert.

     SECTION 10.10. Counterparts. This instrument may be executed in any number
of counterparts, each of which so executed shall be deemed to be an original,
but all such counterparts shall together constitute but one and the same
instrument.

                [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]
                -------------------------------------------------

                                       60

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

                                        NORTHSTAR REALTY FINANCE LIMITED
                                        PARTNERSHIP, as Depositor
                                        By: NorthStar Realty Finance Corp.,
                                            as General Partner

                                        By: /s/ Mark E. Chertok
                                            ------------------------------------
                                            Name:  Mark E. Chertok
                                            Title: Chief Financial Officer and
                                                   Treasurer

JPMORGAN CHASE BANK, NATIONAL           CHASE BANK USA, NATIONAL ASSOCIATION,
ASSOCIATION, not in its individual      as Delaware Trustee
capacity but solely as Property
Trustee

By: /s/ Maria D. Calzado                By: /s/ Sarika M. Sheth
    -------------------------------         ------------------------------------
    Name:  Maria D. Calzado                 Name:  Sarika M. Sheth
    Title: Vice President                   Title: Trust Officer

/s/ David T. Hamamoto                   /s/ Mark E. Chertok
-----------------------------------     ----------------------------------------
         David T. Hamamoto,                         Mark E. Chertok,
     as Administrative Trustee                 as Administrative Trustee

/s/ Richard J. McCready
-----------------------------------
       Richard J. McCready,
    as Administrative Trustee

                                                                       Exhibit A

                              CERTIFICATE OF TRUST

                                       OF

                         NORTHSTAR REALTY FINANCE TRUST

     This Certificate of Trust of NorthStar Realty Finance Trust (the "Trust")
is being duly executed and filed on behalf of the Trust by the undersigned, as
trustees, to form a statutory trust under the Delaware Statutory Trust Act (12
Del. C. ss.3801 et seq.) (the "Act").

     1. Name. The name of the statutory trust formed by this Certificate of
Trust is: NorthStar Realty Finance Trust.

     2. Delaware Trustee. The name and business address of the trustee of the
Trust with its principal place of business in the State of Delaware are Chase
Bank USA, National Association c/o JPMorgan Chase Bank, National Association,
500 Stanton Christiana Road, Building 4 (3rd Floor), Newark, Delaware 19713,
Attention: Institutional Trust Services.

     3. Effective Date. This Certificate of Trust shall be effective upon its
filing with the Secretary of State of the State of Delaware.

     IN WITNESS WHEREOF, the undersigned have duly executed this Certificate of
Trust in accordance with Section 3811(a)(1) of the Act.

                                    CHASE BANK USA, NATIONAL ASSOCIATION,
                                    not in its individual capacity, but solely
                                    as Delaware Trustee

                                    By:
                                        ----------------------------------------
                                        Name:
                                        Title:

                                       A-1

                                                                       Exhibit B

                     [FORM OF COMMON SECURITIES CERTIFICATE]

             THIS COMMON SECURITY HAS NOT BEEN REGISTERED UNDER THE
       SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS OR
          ANY OTHER APPLICABLE SECURITIES LAWS AND MAY NOT BE OFFERED,
          SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN
              EXEMPTION FROM REGISTRATION. THIS CERTIFICATE IS NOT
            TRANSFERABLE EXCEPT IN COMPLIANCE WITH APPLICABLE LAW AND
                       SECTION 5.11 OF THE TRUST AGREEMENT

CERTIFICATE NUMBER                                   NUMBER OF COMMON SECURITIES

       C-1                                                                 1,240

                    CERTIFICATE EVIDENCING COMMON SECURITIES

                                       OF

                         NORTHSTAR REALTY FINANCE TRUST

                         FLOATING RATE COMMON SECURITIES

                 (LIQUIDATION AMOUNT $1,000 PER COMMON SECURITY)

NorthStar Realty Finance Trust, a statutory trust created under the laws of the
State of Delaware (the "Trust"), hereby certifies that NorthStar Realty Finance
Limited Partnership, a Delaware limited partnership (the "Holder") is the
registered owner of One Thousand Two Hundred Forty (1,240) common securities of
the Trust representing undivided common beneficial interests in the assets of
the Trust and designated the NorthStar Realty Finance Trust Floating Rate Common
Securities (liquidation amount $1,000 per Common Security) (the "Common
Securities"). Except in accordance with Section 5.11 of the Trust Agreement (as
defined below), the Common Securities are not transferable and, to the fullest
extent permitted by law, any attempted transfer hereof other than in accordance
therewith shall be void. The designations, rights, privileges, restrictions,
preferences and other terms and provisions of the Common Securities are set
forth in, and this certificate and the Common Securities represented hereby are
issued and shall in all respects be subject to the terms and provisions of, the
Amended and Restated Trust Agreement of the Trust, dated as of April 12, 2005 as
the same may be amended from time to time (the "Trust Agreement"), among
NorthStar Realty Finance Limited Partnership, as Depositor, JPMorgan Chase Bank,
National Association, as Property Trustee, Chase Bank USA, National Association,
as Delaware Trustee, the Administrative Trustees named therein and the Holders,
from time to time, of Trust Securities. The Trust will furnish a copy of the
Trust Agreement to the Holder without charge upon written request to the Trust
at its principal place of business or registered office.

                                       B-1

Upon receipt of this certificate, the Holder is bound by the Trust Agreement and
is entitled to the benefits thereunder.

This Common Securities Certificate shall be governed by and construed in
accordance with the laws of the State of Delaware.

Terms used but not defined herein have the meanings set forth in the Trust
Agreement.

IN WITNESS WHEREOF, one of the Administrative Trustees of the Trust has executed
on behalf of the Trust this certificate this __ day of _______________, 200__.

                                            NORTHSTAR REALTY FINANCE TRUST

                                            By:
                                                --------------------------------
                                                            , as Administrative
                                                Trustee

                                       B-2

                                                                       Exhibit D

                   [FORM OF PREFERRED SECURITIES CERTIFICATE]

"[IF THIS SECURITY IS A GLOBAL SECURITY INSERT: THIS PREFERRED SECURITY IS A
GLOBAL SECURITY WITHIN THE MEANING OF THE TRUST AGREEMENT HEREINAFTER REFERRED
TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY ("DTC") OR A
NOMINEE OF DTC. THIS PREFERRED SECURITY IS EXCHANGEABLE FOR PREFERRED SECURITIES
REGISTERED IN THE NAME OF A PERSON OTHER THAN DTC OR ITS NOMINEE ONLY IN THE
LIMITED CIRCUMSTANCES DESCRIBED IN THE TRUST AGREEMENT, AND NO TRANSFER OF THIS
PREFERRED SECURITY (OTHER THAN A TRANSFER OF THIS PREFERRED SECURITY AS A WHOLE
BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF
DTC) MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES.

UNLESS THIS PREFERRED SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC TO NORTHSTAR REALTY FINANCE TRUST OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT, AND ANY PREFERRED SECURITY ISSUED IS REGISTERED IN THE NAME
OF CEDE & CO. OR IN SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS
IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH
AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

THE PREFERRED SECURITIES REPRESENTED BY THIS CERTIFICATE WERE ORIGINALLY ISSUED
IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE "SECURITIES ACT"), AND SUCH PREFERRED SECURITIES OR ANY INTEREST
THEREIN MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH
REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF ANY
PREFERRED SECURITIES IS HEREBY NOTIFIED THAT THE SELLER OF THE PREFERRED
SECURITIES MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF
THE SECURITIES ACT PROVIDED BY RULE 144A UNDER THE SECURITIES ACT.

THE HOLDER OF THE PREFERRED SECURITIES REPRESENTED BY THIS CERTIFICATE AGREES
FOR THE BENEFIT OF THE TRUST AND THE DEPOSITOR THAT (A) SUCH PREFERRED
SECURITIES MAY BE OFFERED, RESOLD OR OTHERWISE TRANSFERRED ONLY (I) TO THE
TRUST, (II) TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A "QUALIFIED
INSTITUTIONAL BUYER" (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A
TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (III) TO AN INSTITUTIONAL
"ACCREDITED INVESTOR" WITHIN THE MEANING OF SUBPARAGRAPH (a) (1), (2), (3) OR
(7) OF RULE 501 UNDER THE SECURITIES ACT THAT IS ACQUIRING THE SECURITY FOR ITS
OWN ACCOUNT, OR FOR THE ACCOUNT OF AN "ACCREDITED INVESTOR," FOR INVESTMENT
PURPOSES AND NOT WITH A VIEW TO, OR FOR

                                       D-1

OFFER OR SALE IN CONNECTION WITH, ANY DISTRIBUTION IN VIOLATION OF THE
SECURITIES ACT, (IV) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
SECURITIES ACT OR (V) PURSUANT TO AN EXEMPTION FROM THE SECURITIES ACT, IN EACH
CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE
UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION AND, IN THE CASE OF (III) OR
(V), SUBJECT TO THE RIGHT OF THE TRUST AND THE DEPOSITOR TO REQUIRE AN OPINION
OF COUNSEL AND OTHER INFORMATION SATISFACTORY TO EACH OF THEM AND (B) THE HOLDER
WILL NOTIFY ANY PURCHASER OF ANY PREFERRED SECURITIES FROM IT OF THE RESALE
RESTRICTIONS REFERRED TO IN (A) ABOVE.

THE PREFERRED SECURITIES WILL BE ISSUED AND MAY BE TRANSFERRED ONLY IN BLOCKS
HAVING AN AGGREGATE LIQUIDATION AMOUNT OF NOT LESS THAN $100,000. TO THE FULLEST
EXTENT PERMITTED BY LAW, ANY ATTEMPTED TRANSFER OF PREFERRED SECURITIES, OR ANY
INTEREST THEREIN, IN A BLOCK HAVING AN AGGREGATE LIQUIDATION AMOUNT OF LESS THAN
$100,000 AND MULTIPLES OF $1,000 IN EXCESS THEREOF SHALL BE DEEMED TO BE VOID
AND OF NO LEGAL EFFECT WHATSOEVER. TO THE FULLEST EXTENT PERMITTED BY LAW, ANY
SUCH PURPORTED TRANSFEREE SHALL BE DEEMED NOT TO BE THE HOLDER OF SUCH PREFERRED
SECURITIES FOR ANY PURPOSE, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF
PRINCIPAL OF OR INTEREST ON SUCH PREFERRED SECURITIES, OR ANY INTEREST THEREIN,
AND SUCH PURPORTED TRANSFEREE SHALL BE DEEMED TO HAVE NO INTEREST WHATSOEVER IN
SUCH PREFERRED SECURITIES.

THE HOLDER OF THIS SECURITY, OR ANY INTEREST THEREIN, BY ITS ACCEPTANCE HEREOF
OR THEREOF ALSO AGREES, REPRESENTS AND WARRANTS THAT IT IS NOT AN EMPLOYEE
BENEFIT, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER PLAN OR ARRANGEMENT SUBJECT TO
TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
("ERISA"), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
"CODE") (EACH A "PLAN"), OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE "PLAN
ASSETS" BY REASON OF ANY PLAN'S INVESTMENT IN THE ENTITY, AND NO PERSON
INVESTING "PLAN ASSETS" OF ANY PLAN MAY ACQUIRE OR HOLD THIS PREFERRED SECURITY
OR ANY INTEREST THEREIN. ANY PURCHASER OR HOLDER OF THE PREFERRED SECURITIES OR
ANY INTEREST THEREIN WILL BE DEEMED TO HAVE REPRESENTED BY ITS PURCHASE AND
HOLDING THEREOF THAT IT IS NOT AN EMPLOYEE BENEFIT PLAN WITHIN THE MEANING OF
SECTION 3(3) OF ERISA, OR A PLAN TO WHICH SECTION 4975 OF THE CODE IS
APPLICABLE, A TRUSTEE OR OTHER PERSON ACTING ON BEHALF OF AN EMPLOYEE BENEFIT
PLAN OR PLAN, OR ANY OTHER PERSON OR ENTITY USING THE ASSETS OF ANY EMPLOYEE
BENEFIT PLAN OR PLAN TO FINANCE SUCH PURCHASE.

THIS OBLIGATION IS NOT A DEPOSIT AND IS NOT INSURED BY THE UNITED STATES OR ANY
AGENCY OR FUND OF THE UNITED STATES, INCLUDING THE FEDERAL DEPOSIT INSURANCE
CORPORATION (THE "FDIC").

                                       D-2

CERTIFICATE NUMBER                                  AGGREGATE LIQUIDATION AMOUNT
                                                            PREFERRED SECURITIES
P-___                                                  $________________________

                                 ---------------

                   CERTIFICATE EVIDENCING PREFERRED SECURITIES

                                       OF

                         NORTHSTAR REALTY FINANCE TRUST

                       FLOATING RATE PREFERRED SECURITIES
               (LIQUIDATION AMOUNT $1,000 PER PREFERRED SECURITY)

NorthStar Realty Finance Trust, a statutory trust created under the laws of the
State of Delaware (the "Trust"), hereby certifies that _____________, a
_________ (the "Holder") is the registered owner of [___________ (______)]
Preferred Securities [if the Preferred Security is a Global Security, then
insert - or such other number of Preferred Securities represented hereby as may
be set forth in the records of the Securities Registrar hereinafter referred to
in accordance with the Trust Agreement (as defined below)] of the Trust
representing an undivided preferred beneficial interest in the assets of the
Trust and designated the NorthStar Realty Finance Trust Floating Rate Preferred
Securities, (liquidation amount $1,000 per Preferred Security) (the "Preferred
Securities"). Subject to the terms of the Trust Agreement (as defined below),
the Preferred Securities are transferable on the books and records of the Trust,
in person or by a duly authorized attorney, upon surrender of this certificate
duly endorsed and in proper form for transfer as provided in Section 5.7 of the
Trust Agreement (as defined below). The designations, rights, privileges,
restrictions, preferences and other terms and provisions of the Preferred
Securities are set forth in, and this certificate and the Preferred Securities
represented hereby are issued and shall in all respects be subject to the terms
and provisions of, the Amended and Restated Trust Agreement of the Trust, dated
as of April 12, 2005, as the same may be amended from time to time (the "Trust
Agreement"), among NorthStar Realty Finance Limited Partnership, as Depositor,
JPMorgan Chase Bank, National Association, as Property Trustee, Chase Bank USA,
National Association, as Delaware Trustee, the Administrative Trustees named
therein and the Holders, from time to time, of Trust Securities. The Trust will
furnish a copy of the Trust Agreement to the Holder without charge upon written
request to the Property Trustee at its Corporate Trust Office.

Upon receipt of this certificate, the Holder is bound by the Trust Agreement and
is entitled to the benefits thereunder.

                                      D-3

This Preferred Securities Certificate shall be governed by and construed in
accordance with the laws of the State of Delaware.

All capitalized terms used but not defined in this Preferred Securities
Certificate are used with the meanings specified in the Trust Agreement,
including the Schedules and Exhibits thereto.

IN WITNESS WHEREOF, one of the Administrative Trustees of the Trust has executed
on behalf of the Trust this certificate this __ day of __________, 2005.

                                      NORTHSTAR REALTY FINANCE TRUST

                                      By:
                                          --------------------------------------
                                          Name:
                                          Administrative Trustee

     This is one of the Preferred Securities referred to in the within-mentioned
Trust Agreement.

Dated:
                                      JPMORGAN CHASE BANK, NATIONAL ASSOCIATION,
                                      not in its individual capacity, but solely
                                      as Property Trustee

                                      By:
                                          --------------------------------------
                                          Authorized signatory

                                      D-4

                          [FORM OF REVERSE OF SECURITY]

     The Trust promises to pay Distributions from April 12, 2005, or from the
most recent Distribution Date to which Distributions have been paid or duly
provided for, quarterly (subject to deferral as set forth herein) in arrears on
March 30, June 30, September 30 and December 30 of each year, commencing on June
30, 2005, at a fixed rate equal to 8.15% per annum through the interest payment
date in March 2010 and thereafter at a variable rate equal to LIBOR plus 3.25%
per annum of the Liquidation Amount of the Preferred Securities represented by
this Preferred Securities Certificate, together with any Additional Interest
Amounts, in respect to such period.

     Distributions on the Trust Securities shall be made by the Paying Agent
from the Payment Account and shall be payable on each Distribution Date only to
the extent that the Trust has funds then on hand and available in the Payment
Account for the payment of such Distributions.

     In the event (and to the extent) that the Depositor exercises its right
under the Indenture to defer the payment of interest on the Notes, Distributions
on the Preferred Securities shall be deferred.

     Under the Indenture, so long as no Note Event of Default has occurred and
is continuing, after October 12, 2006, the Depositor shall have the right, at
any time and from time to time during the term of the Notes, to defer the
payment of interest on the Notes for a period of up to six (6) consecutive
quarterly interest payment periods (such right to defer, the "Extension Right"
and each such extended interest payment period, an "Extension Period"), during
which Extension Period(s), no interest shall be due and payable (except any
Additional Tax Sums that may be due and payable); provided, that, the Depositor
shall not be entitled to exercise its Extension Right so that it would be able
to defer the payment of interest on the Notes for more than six (6) quarterly
interest payment periods; provided, further, that, after the expiration of any
Extension Period, the Depositor may not exercise its Extension Right to begin
any subsequent Extension Period until it pays all interest then accrued and
unpaid on the Notes, together with such Additional Interest prior to beginning
such subsequent Extension Period. No interest on the Notes shall be due and
payable during an Extension Period, except at the end thereof, but each
installment of interest that would otherwise have been due and payable during
such Extension Period shall bear Additional Interest (to the extent payment of
such interest would be legally enforceable) at a fixed rate equal to 8.15% per
annum through the interest payment date in March 2015 and thereafter at a
variable rate equal to LIBOR plus 3.25% per annum compounded quarterly, from the
dates on which amounts would have otherwise been due and payable until paid or
until funds for the payment thereof have been made available for payment. If
Distributions are deferred, the deferred Distributions (including Additional
Interest Amounts) shall be paid on the date that the related Extension Period
terminates to Holders (as defined in the Trust Agreement) of the Trust
Securities as they appear on the books and records of the Trust on the record
date immediately preceding such termination date.

     Distributions on the Securities must be paid on the dates payable (after
giving effect to any Extension Period) to the extent that the Trust has funds
available for the payment of such Distributions in the Payment Account of the
Trust. The Trust's funds available for Distribution

                                      D-5

to the Holders of the Preferred Securities will be limited to payments received
from the Depositor.

     During any Extension Period or Event of Default, the Depositor shall not
(i) declare or pay any dividends or distributions on, or redeem, purchase,
acquire or make a liquidation payment with respect to, any of the Depositor's
capital stock or (ii) make any payment of principal of or any interest or
premium, if any, on or repay, repurchase or redeem any debt securities of the
Depositor that rank pari passu in all respects with or junior in interest to the
Notes (other than (a) repurchases, redemptions or other acquisitions of shares
of capital stock of the Depositor in connection with (1) any employment
contract, benefit plan or other similar arrangement with or for the benefit of
any one or more employees, officers, directors or consultants, (2) a dividend
reinvestment or stockholder stock purchase plan or (3) the issuance of capital
stock of the Depositor (or securities convertible into or exercisable for such
capital stock) as consideration in an acquisition transaction entered into prior
to the applicable Extension Period or Event of Default, (b) as a result of an
exchange or conversion of any class or series of the Depositor's capital stock
(or any capital stock of a Subsidiary (as defined in the Indenture) of the
Depositor) for any class or series of the Depositor's capital stock or of any
class or series of the Depositor's indebtedness for any class or series of the
Depositor's capital stock, (c) the purchase of fractional interests in shares of
the Depositor's capital stock pursuant to the conversion or exchange provisions
of such capital stock or the security being converted or exchanged, (d) any
declaration of a dividend in connection with any Rights Plan (as defined in the
Indenture), the issuance of rights, stock or other property under any Rights
Plan, or the redemption or repurchase of rights pursuant thereto or (e) any
dividend in the form of stock, warrants, options or other rights where the
dividend stock or the stock issuable upon exercise of such warrants, options or
other rights is the same stock as that on which the dividend is being paid or
ranks pari passu with or junior to such stock).

     On each Note Redemption Date, on the stated maturity (or any date of
principal repayment upon early maturity) of the Notes and on each other date on
(or in respect of) which any principal on the Notes is repaid, the Trust will be
required to redeem a Like Amount of Trust Securities at the Redemption Price.
Under the Indenture, the Notes may be redeemed by the Depositor on any Interest
Payment Date, at the Depositor's option, on or after March 30, 2010 in whole or
in part from time to time at the Optional Note Redemption Price of the principal
amount thereof or the redeemed portion thereof, as applicable, together, in the
case of any such redemption, with accrued interest, including any Additional
Interest, to but excluding the date fixed for redemption. The Notes may also be
redeemed by the Depositor, at its option, at any time, in whole but not in part,
upon the occurrence of an Investment Company Event or a Tax Event at the Special
Note Redemption Price; provided, that such Investment Company Event or a Tax
Event is continuing on the Redemption Date.

     The Trust Securities redeemed on each Redemption Date shall be redeemed at
the Redemption Price with the proceeds from the contemporaneous redemption or
payment at maturity of Notes. Redemptions of the Trust Securities (or portion
thereof) shall be made and the Redemption Price shall be payable on each
Redemption Date only to the extent that the Trust has funds then on hand and
available in the Payment Account for the payment of such Redemption Price.

                                      D-6

     Payments of Distributions (including any Additional Interest Amounts), the
Redemption Price, Liquidation Amount or any other amounts in respect of the
Preferred Securities shall be made by wire transfer at such place and to such
account at a banking institution in the United States as may be designated in
writing at least ten (10) Business Days prior to the date for payment by the
Person entitled thereto unless proper written transfer instructions have not
been received by the relevant record date, in which case such payments shall be
made by check mailed to the address of such Person as such address shall appear
in the Security Register. If any Preferred Securities are held by a Depositary,
such Distributions shall be made to the Depositary in immediately available
funds.

     The indebtedness evidenced by the Notes is, to the extent provided in the
Indenture, subordinate and junior in right of payment to the prior payment in
full of all Senior Debt (as defined in the Indenture), and this Security is
issued subject to the provisions of the Indenture with respect thereto.

                                      D-7

                                   ASSIGNMENT

FOR VALUE RECEIVED, the undersigned assigns and transfers this Preferred
Securities Certificate to:

        (Insert assignee's social security or tax identification number)

                    (Insert address and zip code of assignee)

and irrevocably appoints

agent to transfer this Preferred Securities Certificate on the books of the
Trust. The agent may substitute another to act for him or her.

Date:
      -----------------------

Signature:
           ---------------------------------------------------------------------
               (Sign exactly as your name appears on the other side of this
                             Preferred Securities Certificate)

The signature(s) should be guaranteed by an eligible guarantor institution
(banks, stockbrokers, savings and loan associations and credit unions with
membership in an approved signature guarantee medallion program), pursuant to
S.E.C. Rule 17Ad-15.

                                      D-8

                                                                       Exhibit E

                          JUNIOR SUBORDINATED INDENTURE

                                       E-1

                                                                       Exhibit F

                         FORM OF TRANSFEREE CERTIFICATE
                          TO BE EXECUTED BY TRANSFEREES

                                                                 __________,  ]

JPMorgan Chase Bank, National Association
600 Travis, 50th Floor
Houston, Texas 77002
Attention: Institutional Trust Services

NorthStar Realty Finance Limited Partnership
NorthStar Realty Finance Trust
527 Madison Avenue
New York, NY 10022

          Re:    Purchase of $____________ stated liquidation amount of Floating
                 Rate Preferred Securities (the "Preferred Securities") of
                 NorthStar Realty Finance Trust

Ladies and Gentlemen:

          In connection with our purchase of the Preferred Securities we confirm
that:

          1. We understand that the Floating Rate Preferred Securities (the
"Preferred Securities") of NorthStar Realty Finance Trust (the "Trust") and the
Floating Rate Junior Subordinated Notes due 2035 (the "Subordinated Notes") of
NorthStar Realty Finance Limited Partnership (the "Company") (the entire amount
of the Trust's outstanding Preferred Securities and the Subordinated Notes
together being referred to herein as the "Offered Securities"), have not been
registered under the Securities Act of 1933, as amended (the "Securities Act"),
and may not be offered or sold except as permitted in the following sentence. We
agree on our own behalf and on behalf of any investor account for which we are
purchasing the Offered Securities that, if we decide to offer, sell or otherwise
transfer any such Offered Securities, (i) such offer, sale or transfer will be
made only (a) to the Trust, (b) to a person we reasonably believe is a
"qualified purchaser" (a "QP") (as defined in Section 2(a)(51) of the Investment
Company Act of 1940, as amended). We understand that the certificates for any
Offered Security that we receive will bear a legend substantially to the effect
of the foregoing.

          2. We are a "qualified purchaser" within the meaning of Section
2(a)(51) of the Investment Company Act of 1940, as amended, and are purchasing
for our own account or for the account of such a "qualified purchaser," and we
have such knowledge and experience in financial and business matters as to be
capable of evaluating the merits and risks of our investment in the Offered
Securities, and we and any account for which we are acting are each able to bear
the economic risks of our or its investment.

          3. We are acquiring the Offered Securities purchased by us for our own
account (or for one or more accounts as to each of which we exercise sole
investment discretion and have authority to make, and do make, the statements
contained in this letter) and not with a

                                      F-1

view to any distribution of the Offered Securities, subject, nevertheless, to
the understanding that the disposition of our property will at all times be and
remain within our control.

          4. In the event that we purchase any Preferred Securities or any
Subordinated Notes, we will acquire such Preferred Securities having an
aggregate stated liquidation amount of not less than $100,000 or such
Subordinated Notes having an aggregate principal amount not less than $100,000,
for our own account and for each separate account for which we are acting.

          5. We acknowledge that we are not a fiduciary of (i) an employee
benefit, individual retirement account or other plan or arrangement subject to
Title I of the Employee Retirement Income Security Act of 1974, as amended
("ERISA"), or Section 4975 of the Internal Revenue Code of 1986, as amended (the
"Code") (each a "Plan"); or (ii) an entity whose underlying assets include "plan
assets" by reason of any Plan's investment in the entity, and are not purchasing
any of the Offered Securities on behalf of or with "plan assets" by reason of
any Plan's investment in the entity.

          6. We acknowledge that the Trust and the Company and others will rely
upon the truth and accuracy of the foregoing acknowledgments, representations,
warranties and agreements and agree that if any of the acknowledgments,
representations, warranties and agreements deemed to have been made by our
purchase of any of the Offered Securities are no longer accurate, we shall
promptly notify the Company. If we are acquiring any Offered Securities as a
fiduciary or agent for one or more investor accounts, we represent that we have
sole discretion with respect to each such investor account and that we have full
power to make the foregoing acknowledgments, representations and agreement on
behalf of each such investor account.

                                            (Name of Purchaser)

                                            By:
                                                --------------------------------
                                            Date:
                                                  ------------------------------

          Upon transfer, the Preferred Securities (having a stated liquidation
amount of $_____________) would be registered in the name of the new beneficial
owner as follows.

Name:

Address:
         -------------------------------

Taxpayer ID Number:
                    --------------------

                                       F-2

                                                                       Exhibit G

                         OFFICER'S FINANCIAL CERTIFICATE

     The undersigned, the [Chairman/Vice Chairman/Chief Executive
Officer/President/Vice President/Chief Financial Officer/Treasurer/Assistant
Treasurer], hereby certifies pursuant to Section 8.16(b) of the Amended and
Restated Trust Agreement, dated as of April 12, 2005 (the "Trust Agreement"),
among NorthStar Realty Finance Limited Partnership (the "Company"), JPMorgan
Chase Bank, National Association, as property trustee, Chase Bank USA, National
Association, as Delaware trustee, and the administrative trustees named therein,
that, as of [date], [20__], the Company had the following ratios and balances:

As of [Quarterly/Annual Financial Date], 20__

Senior secured indebtedness for borrowed money ("Debt")                  $_____

Senior unsecured Debt                                                    $_____

Subordinated Debt                                                        $_____

Total Debt                                                               $_____

Ratio of (x) senior secured and unsecured Debt to (y) total Debt          _____%

* A table describing the officer's financial certificate calculation procedures
is provided on page 3

[FOR FISCAL YEAR END: Attached hereto are the audited consolidated financial
statements (including the balance sheet, income statement and statement of cash
flows, and notes thereto, together with the report of the independent
accountants thereon) of the Company and its consolidated subsidiaries for the
three years ended _______, 20___].]

[FOR FISCAL QUARTER END: Attached hereto are the unaudited consolidated and
consolidating financial statements (including the balance sheet and income
statement) of the Company and its consolidated subsidiaries for the fiscal
quarter ended [date], 20__.]

The financial statements fairly present in all material respects, in accordance
with U.S. generally accepted accounting principles ("GAAP"), the financial
position of the Company and its consolidated subsidiaries, and the results of
operations and changes in financial condition as of the date, and for the
[QUARTER] [ANNUAL] period ended [DATE], 20__, and such financial statements have
been prepared in accordance with GAAP consistently applied throughout the period
involved (expect as otherwise noted therein).

     IN WITNESS WHEREOF, the undersigned has executed this Officer's Financial
Certificate as of this _____ day of _____________, 20__.

                                       G-1

                                    By:
                                        ----------------------------------------
                                        Name:
                                        Title:

                                    NorthStar Realty Finance Limited Partnership
                                    c/o NorthStar Realty Finance Corp.
                                    527 Madison Avenue
                                    New York, NY 10022
                                    212-319-8801

                                       G-2

                             DETERMINATION OF LIBOR

     With respect to the Trust Securities, the London interbank offered rate
("LIBOR") shall be determined by the Calculation Agent in accordance with the
following provisions (in each case rounded to the nearest .000001%):

     (1) On the second LIBOR Business Day (as defined below) prior to a
Distribution Date (except with respect to the first interest payment period,
such date shall be April 8, 2005) (each such day, a "LIBOR Determination Date"),
LIBOR for any given security shall for the following interest payment period
equal the rate, as obtained by the Calculation Agent from Bloomberg Financial
Markets Commodities News, for three-month Eurodollar deposits that appears on
Dow Jones Telerate Page 3750 (as defined in the International Swaps and
Derivatives Association, Inc. 2000 Interest Rate and Currency Exchange
Definitions), or such other page as may replace such Page 3750, as of 11:00 a.m.
(London time) on such LIBOR Determination Date.

     (2) If, on any LIBOR Determination Date, such rate does not appear on Dow
Jones Telerate Page 3750 or such other page as may replace such Page 3750, the
Calculation Agent shall determine the arithmetic mean of the offered quotations
of the Reference Banks (as defined below) to leading banks in the London
interbank market for three-month Eurodollar deposits in an amount determined by
the Calculation Agent by reference to requests for quotations as of
approximately 11:00 a.m. (London time) on the LIBOR Determination Date made by
the Calculation Agent to the Reference Banks. If, on any LIBOR Determination
Date, at least two of the Reference Banks provide such quotations, LIBOR shall
equal such arithmetic mean of such quotations. If, on any LIBOR Determination
Date, only one or none of the Reference Banks provide such quotations, LIBOR
shall be deemed to be the arithmetic mean of the offered quotations that leading
banks in the City of New York selected by the Calculation Agent are quoting on
the relevant LIBOR Determination Date for three-month Eurodollar deposits in an
amount determined by the Calculation Agent by reference to the principal London
offices of leading banks in the London interbank market; provided, that if the
Calculation Agent is required but is unable to determine a rate in accordance
with at least one of the procedures provided above, LIBOR shall be LIBOR as
determined on the previous LIBOR Determination Date.

     (3) As used herein: "Reference Banks" means four major banks in the London
interbank market selected by the Calculation Agent; and "LIBOR Business Day"
means a day on which commercial banks are open for business (including dealings
in foreign exchange and foreign currency deposits) in London.EXHIBIT 10.35.1

                                                                  EXECUTION COPY

================================================================================

                                   $95,000,000

                  SECOND AMENDED AND RESTATED CREDIT AGREEMENT

                           Dated as of April 15, 2005

                                      among

                    GLOBAL SIGNAL OPERATING PARTNERSHIP, L.P.
                                as the Borrower,

                             BANK OF AMERICA, N.A.,
                             as Administrative Agent
                                       and
                                   L/C Issuer,

                                       and

                         The Other Lenders Party Hereto

================================================================================

                                TABLE OF CONTENTS

                                                                            PAGE

ARTICLE I.    DEFINITIONS AND ACCOUNTING TERMS.................................2

      1.01    Defined Terms....................................................2

      1.02    Other Interpretive Provisions...................................24

      1.03    Accounting Terms................................................25

      1.04    Rounding........................................................25

      1.05    Times of Day....................................................25

      1.06    Letter of Credit Amounts........................................25

      1.07    Effect of Amendment and Restatement.............................26

ARTICLE II.   THE COMMITMENTS AND CREDIT EXTENSIONS...........................26

      2.01    Loans...........................................................26

      2.02    Borrowings, Conversions and Continuations of Loans..............28

      2.03    Letters of Credit...............................................29

      2.04    [Intentionally Omitted.]........................................37

      2.05    Prepayments.....................................................37

      2.06    Termination or Reduction of Revolving Commitments...............38

      2.07    Repayment of Loans..............................................39

      2.08    Interest........................................................39

      2.09    Fees............................................................40

      2.10    Computation of Interest and Fees................................40

      2.11    Evidence of Debt................................................41

      2.12    Payments Generally; Administrative Agent's Clawback.............41

      2.13    Sharing of Payments by Lenders..................................43

ARTICLE III.  TAXES, YIELD PROTECTION AND ILLEGALITY..........................44

      3.01    Taxes...........................................................44

      3.02    Illegality......................................................47

      3.03    Inability to Determine Rates....................................47

      3.04    Requirements of Law.............................................48

      3.05    Survival........................................................49

ARTICLE IV.   CONDITIONS PRECEDENT TO Credit Extensions.......................49

      4.01    Conditions of Initial Term B Loan Credit Extension..............49

                                        i

                                TABLE OF CONTENTS
                                   (continued)
                                                                            PAGE

      4.02    Conditions to all Credit Extensions.............................50

ARTICLE V.    REPRESENTATIONS AND WARRANTIES..................................51

      5.01    Financial Condition.............................................51

      5.02    No Change.......................................................52

      5.03    Existence; Compliance with Law..................................52

      5.04    Power; Authorization; Enforceable Obligations...................52

      5.05    No Legal Bar....................................................52

      5.06    No Material Litigation..........................................53

      5.07    No Default......................................................53

      5.08    Ownership of Property; Liens....................................53

      5.09    Intellectual Property...........................................53

      5.10    No Burdensome Restrictions......................................53

      5.11    Taxes...........................................................53

      5.12    Federal Regulations.............................................54

      5.13    ERISA...........................................................54

      5.14    Investment Company Act; Other Regulations.......................54

      5.15    Subsidiaries....................................................54

      5.16    Security Documents..............................................55

      5.17    True and Complete Disclosure....................................55

      5.18    Labor Relations.................................................55

      5.19    Insurance.......................................................56

      5.20    Purpose of Loans................................................56

      5.21    Environmental Matters...........................................56

      5.22    Foreign Person..................................................56

      5.23    No Synthetic Leases.............................................56

      5.24    Limited Partner.................................................56

ARTICLE VI.   AFFIRMATIVE COVENANTS...........................................57

      6.01    [Intentionally Omitted.]........................................57

      6.02    Certificates; Other Information.................................57

      6.03    Payment of Obligations..........................................57

                                       ii

                                TABLE OF CONTENTS
                                   (continued)
                                                                            PAGE

      6.04    Conduct of Business and Maintenance of Existence................57

      6.05    Maintenance of Property.........................................58

      6.06    Maintenance of Insurance........................................58

      6.07    Inspection of Property; Books and Records; Discussions..........58

      6.08    Notices.........................................................58

      6.09    Environmental Laws..............................................59

      6.10    Compliance with Laws............................................59

      6.11    Additional Guarantors; Guarantors...............................59

      6.12    Further Assurances..............................................60

ARTICLE VII.  NEGATIVE COVENANTS..............................................60

      7.01    Limitation on Indebtedness......................................60

      7.02    Liens...........................................................61

      7.03    Limitation on Guarantee Obligations.............................62

      7.04    Limitation on Fundamental Changes...............................63

      7.05    Limitation on Sale of Assets....................................63

      7.06    Limitation on Distributions.....................................64

      7.07    [Intentionally Omitted.]........................................64

      7.08    Limitation on Investments, Loans and Advances...................64

      7.09    Limitation on Prepayments and Modifications of
              Debt Instruments................................................65

      7.10    Limitation on Transactions with Affiliates......................65

      7.11    Limitation on Synthetic Leases and Sale/Leaseback Transactions..65

      7.12    Limitation on Changes in Fiscal Year............................66

      7.13    Limitation on Negative Pledges..................................66

      7.14    Limitation on Lines of Business.................................66

      7.15    Governing Documents.............................................66

      7.16    Limitation on Subsidiary Formation..............................66

      7.17    Carl Lewis Transaction Agreement................................66

ARTICLE VIII. EVENTS OF DEFAULT AND REMEDIES..................................66

      8.01    Events of Default...............................................66

      8.02    Remedies Upon Event of Default..................................69

                                       iii

                                TABLE OF CONTENTS
                                   (continued)
                                                                            PAGE

      8.03    Application of Funds............................................69

ARTICLE IX.   ADMINISTRATIVE AGENT............................................70

      9.01    Appointment and Authority.......................................70

      9.02    Rights as a Lender..............................................70

      9.03    Exculpatory Provisions..........................................70

      9.04    Reliance by Administrative Agent................................71

      9.05    Delegation of Duties............................................72

      9.06    Resignation of Administrative Agent.............................72

      9.07    Non-Reliance on Administrative Agent and Other Lenders..........73

      9.08    Administrative Agent May File Proofs of Claim...................73

      9.09    Collateral and Guarantee Matters................................73

ARTICLE X.    MISCELLANEOUS...................................................74

     10.01    Amendments, Etc.................................................74

     10.02    Notices; Effectiveness; Electronic Communication................75

     10.03    No Waiver; Cumulative Remedies..................................77

     10.04    Expenses; Indemnity; Damage Waiver..............................77

     10.05    Payments Set Aside..............................................79

     10.06    Successors and Assigns..........................................79

     10.07    Treatment of Certain Information; Confidentiality...............82

     10.08    Right of Setoff.................................................82

     10.09    Interest Rate Limitation........................................83

     10.10    Counterparts; Integration; Effectiveness........................83

     10.11    Survival of Representations and Warranties......................83

     10.12    Severability....................................................84

     10.13    Replacement of Lenders..........................................84

     10.14    Governing Law; Jurisdiction; Etc................................85

     10.15    Waiver of Jury Trial............................................86

     10.16    USA PATRIOT Act Notice..........................................86

     10.17    ENTIRE AGREEMENT................................................86

                                       iv

                                TABLE OF CONTENTS
                                   (continued)
                                                                            PAGE

SCHEDULES

    2.01    Commitments and Applicable Percentages
    2.03    Original Letters of Credit
    5.15    Subsidiaries
    5.16    Filing Jurisdictions
    5.19    Insurance
    5.21    Environmental Claims
   10.02    Administrative Agent's Office; Certain Addresses for Notices
   10.06    Direct Competitors

EXHIBITS

            FORM OF

     A      Loan Notice
     B      Pledge Agreement
     C      Security Agreement
     D      Note
     E      Assignment and Assumption
     F-1    Parent Guarantee
     F-2    Subsidiary Guarantee
     G      Section 3.01 Certificate
     H      Deed of Charge with respect to Pinnacle Towers Limited

                                        v

                  SECOND AMENDED AND RESTATED CREDIT AGREEMENT

     This SECOND AMENDED AND RESTATED CREDIT AGREEMENT ("Agreement") is entered
into as of April 15, 2005, among GLOBAL SIGNAL OPERATING PARTNERSHIP, L.P., a
Delaware limited partnership (the "Borrower"), each lender from time to time
party hereto (collectively, the "Lenders" and individually, a "Lender"), and
BANK OF AMERICA, N.A., as Administrative Agent and L/C Issuer.

                                    RECITALS

     WHEREAS, The Borrower, the Lenders and the Administrative Agent are each
party to that certain Credit Agreement, dated as of December 3, 2004, as
heretofore amended, supplemented or otherwise modified by that certain Amended
and Restated Credit Agreement, dated as of February 9, 2005 (without giving
effect to this Second Amended and Restated Credit Agreement, the "Original
Credit Agreement") and the Loan Documents (as defined in the Original Credit
Agreement, the "Original Loan Documents"), pursuant to which the Lenders
provided a credit facility for the making of revolving loans and term loans (the
"Original Loans") by the Lenders and the issuance of letters of credit (the
"Original Letters of Credit") by the L/C Issuer, in an aggregate principal
amount and/or face amount not to exceed $70,000,000; and

     WHEREAS, in order to secure all Obligations under and as defined in the
Original Credit Agreement, (i) the Borrower has pledged and has granted to
Administrative Agent a security interest in and lien upon substantially all of
its personal and real property and each Parent (as hereinafter defined) has
pledged and has granted to the Administrative Agent a security interest in and
lien upon all of the Capital Stock of the Borrower and certain of its
Subsidiaries (collectively, the "Original Collateral"), and (ii) the Parents and
the Subsidiary Guarantors (as hereinafter defined) have provided guarantees of
all such Obligations; and

     WHEREAS, the Borrower, Lenders and Administrative Agent wish to amend and
restate the Original Credit Agreement, subject to the terms and conditions set
forth herein, to, among other things, provide the Borrower with an additional
$25,000,000 multi-draw term loan; the proceeds of which shall be used in
connection with the Carl Lewis Transaction (as hereinafter defined) and to pay
fees and expenses in connection therewith; and

     WHEREAS, the Borrower, Lenders and Administrative Agent intend that (i) the
Obligations under and as defined in the Original Credit Agreement shall continue
to exist under, and to be evidenced by, this Agreement, (ii) the Original Loans
shall be Loans under and as defined in this Agreement, (iii) the Original
Letters of Credit shall be Letters of Credit under and as defined in this
Agreement, and (iv) the Original Collateral shall continue to secure the
Obligations (as hereinafter defined); and

     WHEREAS, Borrower desires to continue to secure all of the Obligations by
continuing to grant to Administrative Agent, for the benefit of Administrative
Agent, Lenders and the L/C Issuer, a security interest in and lien upon
substantially all of its personal and real property; and

     WHEREAS, the Parents desire to continue to secure all of the Obligations by
continuing to grant to Administrative Agent, for the benefit of Administrative
Agent, Lenders and the L/C

Issuer, a security interest in and lien upon the Capital Stock of the Borrower
and certain of its Subsidiaries and to continue to guarantee all of the
Obligations; and

     WHEREAS, the Subsidiary Guarantors desire to continue to guarantee all of
the Obligations.

     In consideration of the mutual covenants and agreements herein contained,
the parties hereto covenant and agree as follows:

                                   ARTICLE I.
                        DEFINITIONS AND ACCOUNTING TERMS

     1.01 DEFINED TERMS. As used in this Agreement, the following terms shall
have the meanings set forth below:

     "Account Control Agreement" has the definition given to it in the Security
Agreement.

     "Acquisition" means any acquisition by (i) the Borrower or any Subsidiary
of the Borrower (except Pinnacle Towers and any of its Subsidiaries) of all of
the Capital Stock of any Person, or (ii) a Subsidiary of the Borrower of Towers
or of all the Capital Stock of any Person that holds Towers as a principal
asset.

     "Administrative Agent" means Bank of America in its capacity as
administrative agent or as security trustee under any of the Loan Documents, or
any successor administrative agent.

     "Administrative Agent's Office" means the Administrative Agent's address
and, as appropriate, account as set forth on Schedule 10.02, or such other
address or account as the Administrative Agent may from time to time notify to
the Borrower and the Lenders.

     "Administrative Questionnaire" means an administrative questionnaire in a
form supplied by the Administrative Agent.

     "Affiliate" means as to any Person, any other Person which, directly or
indirectly, is in control of, is controlled by, or is under common control with,
such Person. For purposes of this definition, "control" of a Person (including,
with its correlative meanings, "controlled by" and "under common control with")
means the power, directly or indirectly, either to (a) vote 10% or more of the
securities having ordinary voting power for the election of directors of such
Person or (b) direct or cause the direction of the management and policies of
such Person, whether by contract or otherwise.

     "Aggregate Commitments" means the Commitments of all the Lenders.

     "Aggregate Revolving Commitments" means the Revolving Commitments of all
the Lenders.

     "Aggregate Term A Loan Commitments" means the Term A Loan Commitments of
all the Lenders.

                                       2

     "Aggregate Term B Loan Commitments" means the Term B Loan Commitments of
all Lenders.

     "Agreement" means this Amended and Restated Credit Agreement, as amended,
restated, modified or otherwise supplemented from time to time.

     "Applicable Percentage" means, collectively, with respect to any Lender at
any time, its Applicable Revolving Percentage, its Applicable Term A Loan
Percentage and its Applicable Term B Loan Percentage.

     "Applicable Rate" means a per annum rate equal to:

          (a) with respect to Revolving Loans which are Base Rate Loans, 2.00%;

          (b) with respect to Term Loans which are Base Rate Loans, 0.75%

          (c) with respect to Revolving Loans which are Eurodollar Rate Loans
     and Letter of Credit Fees, 3.00%;

          (d) with respect to Term Loans which are Eurodollar Rate Loans, 1.75%;
     and

          (e) with respect to the Revolving Facility Fee, 0.75%.

     "Applicable Revolving Percentage" means with respect to any Lender at any
time, the percentage (carried out to the ninth decimal place) of the Aggregate
Revolving Commitments represented by such Lender's Revolving Commitment at such
time. If the Revolving Commitment of each Lender to make Revolving Loans and the
obligation of the L/C Issuer to make L/C Credit Extensions have been terminated
pursuant to Section 8.02 or if the Aggregate Revolving Commitments have expired,
then the Applicable Revolving Percentage of each Lender shall be determined
based on the Applicable Revolving Percentage of such Lender most recently in
effect, giving effect to any subsequent assignments. The initial Applicable
Revolving Percentage of each Lender is set forth opposite the name of such
Lender on Schedule 2.01 or in the Assignment and Assumption pursuant to which
such Lender becomes a party hereto, as applicable.

     "Applicable Term A Loan Percentage" means with respect to any Lender at any
time, the percentage (carried out to the ninth decimal place) of the Outstanding
Amount of the Term A Loans at such time. If the Term A Loan Commitment of each
Lender to make Term A Loans has been terminated pursuant to Section 8.02 or if
the Aggregate Term A Loans Commitments have expired, then the Applicable Term A
Loan Percentage of each Lender shall be determined based on the Applicable Term
A Loan Percentage of such Lender most recently in effect, giving effect to any
subsequent assignments. The initial Applicable Term A Loan Percentage of each
Lender is set forth opposite the name of such Lender on Schedule 2.01 or in the
Assignment and Assumption pursuant to which such Lender becomes a party hereto,
as applicable.

     "Applicable Term B Loan Percentage" means with respect to any Lender at any
time, the percentage (carried out to the ninth decimal place) of (i) the
Aggregate Term B Loan Commitments represented by such Lender's Term B Loan
Commitment at such time, or (ii) if

                                       3

Term B Loan Commitments have been terminated pursuant to Section 2.01(c)(ii),
the Outstanding Amount of Term B Loans. If the Term B Loan Commitment of each
Lender to make Term B Loans has been terminated pursuant to Section 8.02 or if
the Aggregate Term B Loans Commitments have expired, then the Applicable Term B
Loan Percentage of each Lender shall be determined based on the Applicable Term
B Loan Percentage of such Lender most recently in effect, giving effect to any
subsequent assignments. The initial Applicable Term B Loan Percentage of each
Lender is set forth opposite the name of such Lender on Schedule 2.01 or in the
Assignment and Assumption pursuant to which such Lender becomes a party hereto,
as applicable.

     "Approved Fund" means any Fund that is administered or managed by (a) a
Lender, (b) an Affiliate of a Lender or (c) a Person or an Affiliate of a Person
that administers or manages a Lender (in each case, other than a natural
person).

     "Asset Sale" means any sale, lease or other disposition of property or
series of related sales, leases or other dispositions of property (excluding any
such sale, lease or other disposition permitted by Sections 7.05(b), (c) and
(d)).

     "Assignee" have the meaning specified in Section 10.07.

     "Assignment and Assumption" means an assignment and assumption entered into
by a Lender and an Eligible Assignee (with the consent of any party whose
consent is required by Section 10.06(b)), and accepted by the Administrative
Agent, in substantially the form of Exhibit E or any other form approved by the
Administrative Agent.

     "Attributable Indebtedness" means, on any date, (a) in respect of any
capital lease of any Person, the capitalized amount thereof that would appear on
a balance sheet of such Person prepared as of such date in accordance with GAAP,
and (b) in respect of any Synthetic Lease Obligation, the capitalized amount of
the remaining lease payments under the relevant lease that would appear on a
balance sheet of such Person prepared as of such date in accordance with GAAP if
such lease were accounted for as a capital lease.

     "Audited Financial Statements" means the audited consolidated balance sheet
of Global Signal and its consolidated Subsidiaries for the fiscal year ended
December 31, 2004, and the related consolidated statements of income or
operations, shareholders' equity and cash flows for such fiscal year of Global
Signal and its consolidated Subsidiaries, including the notes thereto.

     "Bank of America" means Bank of America, N.A. and its successors.

     "Base Rate" means for any day a fluctuating rate per annum equal to the
higher of (a) the Federal Funds Rate plus 1/2 of 1% and (b) the rate of interest
in effect for such day as publicly announced from time to time by Bank of
America as its "prime rate." The "prime rate" is a rate set by Bank of America
based upon various factors including Bank of America's costs and desired return,
general economic conditions and other factors, and is used as a reference point
for pricing some loans, which may be priced at, above, or below such announced
rate. Any change in such rate announced by Bank of America shall take effect at
the opening of business on the day specified in the public announcement of such
change.

                                       4

     "Base Rate Loan" means a Loan that bears interest based on the Base Rate.

     "Borrower" has the meaning specified in the introductory paragraph hereto.

     "Borrowing" means a borrowing consisting of simultaneous Loans of the same
Type and, in the case of Eurodollar Rate Loans, having the same Interest Period
made by each of the Lenders pursuant to Section 2.01.

     "Business Day" means any day other than a Saturday, Sunday or other day on
which commercial banks are authorized to close under the Laws of, or are in fact
closed in, the state where the Administrative Agent's Office is located and, if
such day relates to any Eurodollar Rate Loan, means any such day on which
dealings in Dollar deposits are conducted by and between banks in the London
interbank eurodollar market.

     "Capital Stock" means any and all shares, interests, participations or
other equivalents (however designated) of capital stock of a corporation, any
and all similar ownership interests in a Person (other than a corporation) and
any and all warrants, rights or options to purchase any of the foregoing.

     "Carl Lewis" means Sprint Corporation, a Kansas corporation, together with
certain Subsidiaries thereof or a newly formed Subsidiary of Sprint Corporation
to be party to the Carl Lewis Transaction Agreement, as the context may require.

     "Carl Lewis Indebtedness" means, as to any Person at any date, Indebtedness
of such Person incurred in connection with the consummation of the Carl Lewis
Transaction; provided, however, that such Indebtedness is incurred under a
financing or other financial accommodation provided to such Person by Bank of
America, or any of its Affiliates, and Morgan Stanley, or any of its Affiliates.

     "Carl Lewis Transaction" means a transaction in which Global Acquisitions
II (as a designee of Global Signal) acquires a 32-year master lease of
approximately sixty-six hundred Towers and related co-location agreements from
Carl Lewis pursuant to the Carl Lewis Transaction Agreement.

     "Carl Lewis Transaction Agreement" means the Agreement to Contribute, Lease
and Sublease, dated on or about February 9, 2005, between Global Signal and Carl
Lewis pursuant to which Global Signal and Carl Lewis agree to consummate the
Carl Lewis Transaction.

     "Cash Equivalents" means (a) securities with maturities of 90 days or less
from the date of acquisition issued or fully guaranteed or insured by the United
States Government or any agency thereof, (b) certificates of deposit and
eurodollar time deposits with maturities of 90 days or less from the date of
acquisition and overnight bank deposits of any Lender or of any commercial bank
having capital and surplus in excess of $500,000,000, (c) repurchase obligations
of any Lender or of any commercial bank satisfying the requirements of clause
(b) of this definition, having a term of not more than seven days with respect
to securities issued or fully guaranteed or insured by the United States
Government, (d) commercial paper of a domestic issuer rated at least A-1 or the
equivalent thereof by S&P or P-1 or the equivalent thereof by Moody's and in
either case maturing within 90 days after the day of acquisition,

                                       5

(e) securities with maturities of 90 days or less from the date of acquisition
issued or fully guaranteed by any state, commonwealth or territory of the United
States, by any political subdivision or taxing authority of any such state,
commonwealth or territory or by any foreign government, the securities of which
state, commonwealth, territory, political subdivision, taxing authority or
foreign government (as the case may be) are rated at least A by S&P or A by
Moody's, (f) securities with maturities of 90 days or less from the date of
acquisition backed by standby letters of credit issued by any Lender or any
commercial bank satisfying the requirements of clause (b) of this definition or
(g) shares of money market mutual or similar funds which invest exclusively in
assets satisfying the requirements of clauses (a) through (f) of this
definition.

     "Cash Collateralize" has the meaning specified in Section 2.03(g).

     "Change of Control" means the occurrence of any of the following:

          (a) the Equity Investors and/or any Person controlled by Fortress
     Investment Group LLC or Greenhill Capital Partners, L.P. or any of its
     Affiliates shall, directly or indirectly, cease to own and/or control in
     the aggregate (i) at least 51% of the voting interest in the Capital Stock
     of Global Signal or (ii) at least 51% of the voting and economic interest
     (directly or indirectly) in the Capital Stock of the Borrower; or

          (b) Global Signal shall cease to own at least 51% of the voting and
     economic interest in the Capital Stock of the Borrower; or

          (c) prior to the Permitted Securitization, GSOP shall cease to own at
     least 100% of the voting and economic interest in the Capital Stock of
     Pinnacle Towers; or

          (d) with respect to any direct or indirect Subsidiary of the Borrower,
     an event or series of events resulting in the Borrower ceasing to own
     directly or indirectly less than 100% of the Capital Stock of such
     Subsidiary (other than pursuant to a dissolution of such Subsidiary);

          (e) an event or series of events by which during any period of 12
     consecutive months, a majority of the members of the board of directors or
     other equivalent governing body of Global Signal, the Borrower and/or any
     Subsidiary of the Borrower cease to be composed of individuals (i) who were
     members of that board or equivalent governing body on the first day of such
     period, (ii) whose election or nomination to that board or equivalent
     governing body was approved by individuals referred to in clause (i) above
     constituting at the time of such election or nomination at least a majority
     of that board or equivalent governing body or (iii) whose election or
     nomination to that board or other equivalent governing body was approved by
     individuals referred to in clauses (i) and (ii) above constituting at the
     time of such election or nomination at least a majority of that board or
     equivalent governing body (excluding, in the case of both clause (ii) and
     clause (iii), any individual whose initial nomination for, or assumption of
     office as, a member of that board or equivalent governing body occurs as a
     result of an actual or threatened solicitation of proxies or consents for
     the election or removal of one or more

                                       6

     directors by any person or group other than a solicitation for the election
     of one or more directors by or on behalf of the board of directors); or

          (f) if at any time, Wesley R. Edens, or such replacement acceptable to
     the Lenders, shall cease to be Chairman of the board of directors or other
     equivalent governing body of Global Signal, and a replacement Chairman has
     not been appointed within thirty (30) days following such occurrence, or if
     a replacement Chairman has not been appointed, all of the Obligations have
     not been paid in full within such thirty (30) day period;

provided that in no event shall the merger of the Borrower with or into Global
Signal or a Subsidiary of Global Signal be deemed a "Change of Control" so long
as the Required Lenders reasonably determine that such merger is not adverse to
their interests and provide written notice to the Borrower of the same. For the
purposes of this definition, "control" of a Person (including, with its
correlative meanings, "controlled by" and "under common control with") means the
power, directly or indirectly, either to (a) vote 10% or more of the securities
having ordinary voting power for the election of directors of such Person or (b)
direct or cause the direction of the management and policies of such Person,
whether by contract or otherwise.

     "Class" means, with respect to a Loan, its character as a Revolving Loan or
a Term Loan.

     "Closing Date" means the first date all the conditions precedent in Section
4.01 are satisfied or waived in accordance with Section 10.01.

     "Code" means the Internal Revenue Code of 1986.

     "Collateral" means all property and interests in property of the Parents
and the Borrower, now owned or hereinafter acquired, upon which a Lien is
purported to be created by any Security Document.

     "Commitment" means, collectively, as to each Lender, its Revolving
Commitment, Term A Loan Commitment and Term B Loan Commitment.

     "Commonly Controlled Entity" means an entity, whether or not incorporated,
which is under common control with Global Signal or the Borrower within the
meaning of Section 4001 of ERISA or is part of a group which includes Global
Signal or the Borrower and which is treated as a single employer under Section
414(b) or (c) of the Code or, for purposes of the Code, Section 414(m) or (o) of
the Code.

     "Contingent Liability" means, as to any Person and its consolidated
Subsidiaries, determined on a consolidated basis, any obligation or Guarantee
Obligation, contingent or otherwise, of such Person or any of its consolidated
Subsidiaries, having the effect of guaranteeing or having the economic effect of
guaranteeing any Indebtedness or obligation of any other Person in any manner,
whether directly or indirectly, including without limitation any obligation of
such Person or any of its consolidated Subsidiaries (a) to purchase or pay (or
advance or supply funds for the purchase or payment of) such Indebtedness or to
purchase (or to advance or supply funds for the purchase of) any security for
the payment of such Indebtedness, (b) to purchase property or services for the
purpose of assuring the owner of such Indebtedness

                                       7

of its payment or (c) to maintain the solvency, working capital, equity, cash
flow, fixed charge or other coverage ratio, or any other financial condition of
the primary obligor so as to enable the primary obligor to pay any Indebtedness
or to comply with any agreement relating to any Indebtedness or obligation, but
excluding endorsement of checks, drafts and other instruments in the ordinary
course of business.

     "Contractual Obligation" means, as to any Person, any provision of any
security issued by such Person or of any agreement, instrument or other
undertaking to which such Person is a party or by which it or any of its
property is bound.

     "Credit Extension" means each of the following: (a) a Borrowing and (b) an
L/C Credit Extension.

     "Debt for Borrowed Money" means, with respect to any Person and its
consolidated Subsidiaries, determined on a consolidated basis, from time to
time, at any date, without duplication, (i) all indebtedness (including
principal, interest, fees and charges) of such Person or any of its consolidated
Subsidiaries for borrowed money or for the deferred purchase price of property
or services other than trade accounts payable and accrued expenses incurred and
paid in the ordinary course of business, (ii) the maximum amount available to be
drawn under all letters of credit, bankers' acceptances and similar obligations
issued for the account of such Person or any of its consolidated Subsidiaries
and all unpaid drawings in respect of such letters of credit, banker's
acceptances and similar obligations, (iii) all indebtedness of the types
described in clause (i), (ii), (iv), (v), (vi) or (vii) of this definition
secured by any Lien on any property owned by such Person or any its consolidated
Subsidiaries, whether or not such indebtedness has been assumed by such Person
or any of its consolidated Subsidiaries, (iv) all Attributable Indebtedness of
such Person or its consolidated Subsidiaries, (v) all obligations of such Person
or its consolidated Subsidiaries to pay a specified purchase price for goods or
services, whether or not delivered or accepted, i.e., take-or-pay and similar
obligations, other than trade accounts payable and accrued expenses incurred and
paid in the ordinary course of business, (vi) all Contingent Liabilities of such
Person or its consolidated Subsidiaries that are required to be disclosed and
quantified in notes of financial statements in accordance with GAAP (except
those items excluded from the definition of "Guarantee Obligation" pursuant to
clauses (i) and (ii) of the proviso thereof), and (vii) all obligations of such
Person or any of its consolidated Subsidiaries under any Hedge Agreement or any
similar type of agreement; provided, however, that with respect to Global Signal
or any of its consolidated Subsidiaries, Debt for Borrowed Money shall not
include (i) Indebtedness incurred pursuant to the Permitted Securitization to
the extent the proceeds thereof are held in an acquisition reserve account
located at LaSalle Bank in an amount not to exceed $150,000,000; provided that
such amounts are subject to no Liens, other than Liens permitted under Section
7.02 and are used exclusively for the purchase of Towers by Pinnacle Towers or
any of its Subsidiaries and (ii) the obligations of any of the United Kingdom
Subsidiaries, unless such obligations are guaranteed by such Person or any of
its consolidated Subsidiaries or any of their respective assets are pledged to
secure the United Kingdom Subsidiaries' obligations. The amount of any Debt for
Borrowed Money at any time under (x) clause (iii) shall be equal to the lesser
of (A) the stated amount of the relevant obligations, and (B) the fair market
value of the property subject to the relevant Lien at such time, and (y) clause
(vii) shall be the net amount at such time, including net termination payments,

                                       8

required to be paid to a counterparty, rather than the notional amount of the
applicable Hedge Agreement.

     "Debtor Relief Laws" means the Bankruptcy Code of the United States, and
all other liquidation, conservatorship, bankruptcy, assignment for the benefit
of creditors, moratorium, rearrangement, receivership, insolvency,
reorganization, or similar debtor relief Laws of the United States or other
applicable jurisdictions from time to time in effect and affecting the rights of
creditors generally.

     "Deed of Charge" means the Deed of Charge and Memorandum of Deposit to be
executed and delivered by the Borrower and Pinnacle Towers Limited,
substantially in the Form of Exhibit H, as the same may be amended, restated,
supplemented or otherwise modified from time to time.

     "Default" means any event or condition that constitutes an Event of Default
or that, with the giving of any notice, the passage of time, or both, would be
an Event of Default.

     "Default Rate" means (a) when used with respect to Obligations other than
Letter of Credit Fees, an interest rate equal to (i) the Base Rate plus (ii) the
Applicable Rate, if any, applicable to Base Rate Loans plus (iii) 2% per annum;
provided, however, that with respect to a Eurodollar Rate Loan, the Default Rate
shall be an interest rate equal to the interest rate (including any Applicable
Rate) otherwise applicable to such Loan plus 2% per annum, and (b) when used
with respect to Letter of Credit Fees, a rate equal to the Applicable Rate plus
2% per annum.

     "Defaulting Lender" means any Lender that (a) has failed to fund any
portion of the Loans or participations in L/C Obligations required to be funded
by it hereunder within one Business Day of the date required to be funded by it
hereunder, (b) has otherwise failed to pay over to the Administrative Agent or
any other Lender any other amount required to be paid by it hereunder within one
Business Day of the date when due, unless the subject of a good faith dispute,
or (c) has been deemed insolvent or become the subject of a bankruptcy or
insolvency proceeding; provided that, Morgan Stanley shall not be deemed to be a
Defaulting Lender for failing to make any Revolving Loans or L/C Advances
hereunder prior to the occurrence of an Event of Default.

     "Dollar" and "$" mean lawful money of the United States.

     "Eligible Assignee" means (a) a Lender; (b) an Affiliate of a Lender; (c)
an Approved Fund; and (d) any other Person (other than a natural person)
approved by (i) (A) the Administrative Agent and the L/C Issuer, and (B) solely
in the case of any assignment prior to the funding of the Morgan Stanley
Participations by Morgan Stanley pursuant to Section 2.01(b), (1) by Bank of
America in the case of an assignment by Morgan Stanley and (2) by Morgan Stanley
in the case of an assignment by Bank of America, and (ii) unless an Event of
Default has occurred and is continuing, the Borrower (each such approval not to
be unreasonably withheld or delayed); provided that notwithstanding the
foregoing, "Eligible Assignee" shall not include the Borrower or any of the
Borrower's Affiliates or Subsidiaries or any direct competitor of the Borrower
listed on Schedule 10.06.

                                       9

     "Environmental Laws" means any and all foreign, Federal, state, local or
municipal laws, rules, orders, regulations, statutes, ordinances, codes,
decrees, requirements of any Governmental Authority or other Requirements of Law
(including common law) regulating, relating to or imposing liability or
standards of conduct concerning protection of human health or the environment,
as now or may at any time hereafter be in effect, including any applicable
Historical Preservation Laws.

     "Equity Investors" means, collectively, Fortress Pinnacle Acquisition LLC,
FRIT Pinn LLC and Greenhill Capital Partners, L.P., Greenhill Capital, L.P.,
Greenhill Capital Partners (Executives), L.P. and Greenhill Capital Partners
(Cayman), L.P. or any other Person reasonably acceptable to the Required
Lenders.

     "ERISA" means the Employee Retirement Income Security Act of 1974.

     "Eurodollar Base Rate" has the meaning specified in the definition of
Eurodollar Rate.

     "Eurodollar Rate" means for any Interest Period with respect to a
Eurodollar Rate Loan, a rate per annum determined by the Administrative Agent
pursuant to the following formula:

                              Eurodollar Base Rate
          Eurodollar Rate  =  ------------------------------------
                              1.00 - Eurodollar Reserve Percentage

     Where,

     "Eurodollar Base Rate" means, for such Interest Period:

          (a) the rate per annum equal to the rate determined by the
     Administrative Agent to be the offered rate that appears on the page of the
     Telerate screen (or any successor thereto) that displays an average British
     Bankers Association Interest Settlement Rate for deposits in Dollars (for
     delivery on the first day of such Interest Period) with a term equivalent
     to such Interest Period, determined as of approximately 11:00 a.m. (London
     time) two Business Days prior to the first day of such Interest Period, or

          (b) if the rate referenced in the preceding clause (a) does not appear
     on such page or service or such page or service shall not be available, the
     rate per annum equal to the rate determined by the Administrative Agent to
     be the offered rate on such other page or other service that displays an
     average British Bankers Association Interest Settlement Rate for deposits
     in Dollars (for delivery on the first day of such Interest Period) with a
     term equivalent to such Interest Period, determined as of approximately
     11:00 a.m. (London time) two Business Days prior to the first day of such
     Interest Period, or

          (c) if the rates referenced in the preceding clauses (a) and (b) are
     not available, the rate per annum determined by the Administrative Agent as
     the rate of interest at which deposits in Dollars for delivery on the first
     day of such Interest Period in same day funds in the approximate amount of
     the Eurodollar Rate Loan being made, continued or converted by Bank of
     America and with a term equivalent to such Interest Period would be offered
     by Bank of America's London Branch to major banks in the

                                       10

     London interbank eurodollar market at their request at approximately 4:00
     p.m. (London time) two Business Days prior to the first day of such
     Interest Period.

     "Eurodollar Rate Loan" means a Loan that bears interest at a rate based on
the Eurodollar Rate.

     "Eurodollar Reserve Percentage" means, for any day during any Interest
Period, the reserve percentage (expressed as a decimal, carried out to five
decimal places) in effect on such day, whether or not applicable to any Lender,
under regulations issued from time to time by the FRB (or any successor thereof)
for determining the maximum reserve requirement (including any emergency,
supplemental or other marginal reserve requirement) with respect to Eurocurrency
funding (currently referred to as "Eurocurrency liabilities"). The Eurodollar
Rate for each outstanding Eurodollar Rate Loan shall be adjusted automatically
as of the effective date of any change in the Eurodollar Reserve Percentage.

     "Event of Default" has the meaning specified in Section 8.01.

     "Excluded Subsidiary" means each of Global Signal Holdings I LLC, Global
Signal Holdings II LLC, Global Signal Holdings III LLC, Global Signal Services
LLC, Towers Finco LLC and Towers Finco II LLC, and each of their respective
Subsidiaries, after the consummation of the Permitted Securitization, Pinnacle
Towers and its Subsidiaries, Global Acquisitions II and its Subsidiaries;
provided, however, that if the Carl Lewis Transaction is not consummated prior
to the Term Loan Maturity Date, Global Acquisitions II and its Subsidiaries
shall cease to be Excluded Subsidiaries hereunder; and, upon the effectiveness
of the Global Acquisitions Credit Agreement, Global Acquisitions and its
Subsidiaries.. "Excluded Subsidiaries" shall mean, collectively, each Excluded
Subsidiary.

     "Excluded Taxes" has the meaning specified in Section 3.01(f).

     "Extraordinary Receipt" means any cash received by or paid to or for the
account of any Person other than in the ordinary course of business in respect
of tax refunds, pension plan reversions, proceeds of insurance (other than
proceeds of Recovery Events, proceeds of business interruption insurance to the
extent such proceeds constitute compensation for lost earnings and proceeds from
reinsurance received in the ordinary course of business), indemnity payments,
purchase price adjustments received in connection with any purchase agreement
(or other similar agreement) and payments in respect of judgments or settlements
of claims, litigation or proceedings; provided that Extraordinary Receipts shall
not include cash receipts received from proceeds of indemnity payments or
payments in respect of judgments or settlements of claims, litigation or
proceedings to the extent that such proceeds, awards or payments are received by
any Person in respect of any third party claim against or loss by such Person
and promptly applied to pay (or to reimburse such Person for its prior payment
of) such claim or loss and the costs and expenses of such Person with respect
thereto so long as such application is commenced prior to or within 90 days
after the receipt of such proceeds, awards or payments and that any such third
party being so reimbursed shall not be a Loan Party or a Subsidiary or Affiliate
of a Loan Party.

                                       11

     "Federal Funds Rate" means, for any day, the rate per annum equal to the
weighted average of the rates on overnight Federal funds transactions with
members of the Federal Reserve System arranged by Federal funds brokers on such
day, as published by the Federal Reserve Bank of New York on the Business Day
next succeeding such day; provided that (a) if such day is not a Business Day,
the Federal Funds Rate for such day shall be such rate on such transactions on
the next preceding Business Day as so published on the next succeeding Business
Day, and (b) if no such rate is so published on such next succeeding Business
Day, the Federal Funds Rate for such day shall be the average rate (rounded
upward, if necessary, to a whole multiple of 1/100 of 1%) charged to Bank of
America on such day on such transactions as determined by the Administrative
Agent.

     "Fee Letter" means the amended letter agreement, dated as of the First
Amendment Closing Date, as amended as of the date hereof, between the Borrower
and the Administrative Agent, as the same may be amended, restated, supplemented
and otherwise modified from time to time.

     "Financing Lease" means any lease of property, real or personal, the
obligations of the lessee in respect of which are required in accordance with
GAAP to be capitalized on a balance sheet of the lessee.

     "First Amendment Closing Date" means February 9, 2005.

     "Foreign Lender" means any Lender that is organized under the laws of a
jurisdiction other than that in which the Borrower is resident for tax purposes.
For purposes of this definition, the United States, each State thereof and the
District of Columbia shall be deemed to constitute a single jurisdiction.

     "Frit Pinn Credit Agreement" means that certain Credit Agreement, dated as
of December 21, 2004, among Frit Pinn, LLC, as borrower, Bank of America, as
administrative agent, the lenders from time to time party thereto, and Banc of
America Securities LLC and Morgan Stanley Asset Funding Inc., as joint lead
arrangers and joint book runners, as the same may be amended, amended and
restated, supplemented, or otherwise modified from time to time.

     "FRB" means the Board of Governors of the Federal Reserve System of the
United States.

     "Fund" means any Person (other than a natural person) that is engaged in
making, purchasing, holding or otherwise investing in commercial loans and
similar extensions of credit in the ordinary course of its business.

     "GAAP" means generally accepted accounting principles in the United States
set forth in the opinions and pronouncements of the Accounting Principles Board
and the American Institute of Certified Public Accountants and statements and
pronouncements of the Financial Accounting Standards Board or such other
principles as may be approved by a significant segment of the accounting
profession in the United States, that are applicable to the circumstances as of
the date of determination.

                                       12

     "Global Acquisitions" means Global Signal Acquisitions LLC, a Delaware
limited liability Company.

     "Global Acquisitions II" means Global Signal Acquisitions II LLC, a
Delaware limited liability company.

     "Global Acquisitions Credit Agreement" means the Credit or Loan Agreement,
acceptable to the Lenders, to be entered into by Global Acquisitions, as
borrower, the lenders from time to time party thereto, and Morgan Stanley Asset
Funding, Inc., as administrative and collateral agent, as the same may be
amended, supplemented, restated or otherwise modified from time to time, the
original principal amount of which shall not exceed $200,000,000.

     "Global Signal" means Global Signal Inc., a Delaware corporation.

     "Global Signal Default" has the meaning specified in the Parent Guarantee.

     "Governing Documents" means, (a) with respect to any corporation, the
certificate or articles of incorporation and the bylaws (or equivalent or
comparable constitutive documents with respect to any non-U.S. jurisdiction);
(b) with respect to any limited liability company, the certificate or articles
of formation or organization and operating agreement; and (c) with respect to
any partnership, joint venture, trust or other form of business entity, the
partnership, joint venture or other applicable agreement of formation or
organization and any agreement, instrument, filing or notice with respect
thereto filed in connection with its formation or organization with the
applicable Governmental Authority in the jurisdiction of its formation or
organization and, if applicable, any certificate or articles of formation or
organization of such entity.

     "Governmental Authority" means the government of the United States or any
other nation, or of any political subdivision thereof, whether state or local,
and any agency, authority, instrumentality, regulatory body, court, central bank
or other entity exercising executive, legislative, judicial, taxing, regulatory
or administrative powers or functions of or pertaining to government (including
any supra-national bodies such as the European Union or the European Central
Bank).

     "Guarantee Obligation" means as to any Person (the "guaranteeing person"),
any obligation of (a) the guaranteeing person or (b) another Person (including,
without limitation, any bank under any letter of credit) the creation of which
induces the guaranteeing person to issue a reimbursement, counterindemnity or
similar obligation, in either case guaranteeing or in effect guaranteeing any
Indebtedness, leases, dividends or other obligations (the "primary obligations")
of any other Person (the "primary obligor") in any manner, whether directly or
indirectly, including, without limitation, any obligation of the guaranteeing
person, whether or not contingent, (i) to purchase any such primary obligation
or any property constituting direct or indirect security therefor, (ii) to
advance or supply funds (1) for the purchase or payment of any such primary
obligation or (2) to maintain working capital or equity capital of the primary
obligor or otherwise to maintain the net worth or solvency of the primary
obligor, (iii) to purchase property, securities or services primarily for the
purpose of assuring the owner of any such primary obligation of the ability of
the primary obligor to make payment of such primary

                                       13

obligation or (iv) otherwise to assure or hold harmless the owner of any such
primary obligation against loss in respect thereof; provided, however, that the
term Guarantee Obligation shall not include (i) endorsements of instruments for
deposit or collection in the ordinary course of business and (ii) guarantees
required by the sellers party to an acquisition agreement in connection with any
Acquisition of Towers or the Capital Stock of any Person that holds Towers as a
principal asset, whereby Global Signal or any of its Subsidiaries guarantees
payment and performance by a Subsidiary of Global Signal under such agreement,
provided that the aggregate amount of such required guarantees referred to in
this clause (ii) outstanding at any time shall not exceed $125,000,000 plus the
aggregate amount of any required guarantee given in connection with a
transaction or series of transactions with a telecommunications entity disclosed
to and approved by the Lenders prior to the date hereof pursuant to which Global
Signal or one of its Subsidiaries acquires certain assets of such
telecommunications entity and/or its affiliates. The terms "Guarantee" and
"Guaranteed" used as a verb shall have a correlative meaning. The amount of any
Guarantee Obligation of any guaranteeing person shall be deemed to be the lower
of (a) an amount equal to the stated or determinable amount of the primary
obligation in respect of which such Guarantee Obligation is made, and (b) the
maximum amount for which such guaranteeing person may be liable pursuant to the
terms of the instrument embodying such Guarantee Obligation, unless such primary
obligation and the maximum amount for which such guaranteeing person may be
liable are not stated or determinable, in which case the amount of such
Guarantee Obligation shall be such guaranteeing person's maximum reasonably
anticipated liability in respect thereof as determined by the Borrower in good
faith.

     "Guarantees" means, collectively, the Parent Guarantee and the Subsidiary
Guarantees.

     "Guarantors" means, collectively, the Parents and each Subsidiary
Guarantor.

     "Hedge Agreement" means any interest rate or currency swap, cap or collar
agreement or similar arrangement or foreign exchange contract entered into by
any Person or its consolidated Subsidiaries providing for protection against
fluctuations in interest rates or currency exchange rates or the exchange of
nominal interest obligations, either generally or under specific contingencies.

     "Historical Preservation Laws" means the National Historic Preservation Act
of 1966 and each historic preservation program of any State under and in
conjunction with the National Historic Preservation Act of 1966 and any similar
foreign, Federal, state, local or municipal laws, rules or regulations, orders,
statutes, ordinances, codes, decrees, requirements of any Governmental Authority
or other Requirements of Law (including common law).

     "Indebtedness" means, as to any Person at any date, without duplication,
(a) all Debt for Borrowed Money of such Person, (b) any other indebtedness of
such Person which is evidenced by a note, bond, debenture or similar instrument,
(c) all Attributable Indebtedness of such Person, (d) all liabilities referred
to in clauses (a), (b), (c) and (e) of this definition secured by (or for which
the holder of such obligations has an existing right, contingent or otherwise,
to be secured by) any Lien on any property owned by such Person even though such
Person has not assumed or otherwise become liable for the payment thereof, and
(e) all Guarantee Obligations of such Person in respect of obligations of the
kind referred to in clauses (a) through (d) above. The amount of any
Indebtedness under clause (d) shall be equal to the lesser of (i) the stated

                                       14

amount of the relevant obligations, and (ii) the fair market value of the
property subject to the relevant Lien.

     "Indemnified Taxes" means Taxes other than Excluded Taxes.

     "Indemnitees" has the meaning specified in Section 10.04(b).

     "Insolvency" means, with respect to any Multiemployer Plan, the condition
that such Plan is insolvent within the meaning of Section 4245 of ERISA.

     "Insolvent" means a condition of Insolvency.

     "Intercompany Note" means an intercompany note in favor of the Borrower in
the amount equal to any loans made by the Borrower to any directly owned
Subsidiary pursuant to Section 7.01(d) and Section 7.08(e), in each case in form
and substance reasonably satisfactory to the Administrative Agent.

     "Interest Payment Date" means, (a) as to any Loan other than a Base Rate
Loan, the last day of each Interest Period applicable to such Loan and the
Maturity Date; provided, however, that if any Interest Period for a Eurodollar
Rate Loan exceeds three months, the respective dates that fall every three
months after the beginning of such Interest Period shall also be Interest
Payment Dates; and (b) as to any Base Rate Loan, the last Business Day of each
March, June, September and December and the Maturity Date.

     "Interest Period" means, as to each Eurodollar Rate Loan, the period
commencing on the date such Eurodollar Rate Loan is disbursed or converted to or
continued as a Eurodollar Rate Loan and ending on the date one, two, three or
six months thereafter, as selected by the Borrower in its Loan Notice; provided
that:

          (i) any Interest Period that would otherwise end on a day that is not
     a Business Day shall be extended to the next succeeding Business Day unless
     such Business Day falls in another calendar month, in which case such
     Interest Period shall end on the next preceding Business Day;

          (ii) any Interest Period that begins on the last Business Day of a
     calendar month (or on a day for which there is no numerically corresponding
     day in the calendar month at the end of such Interest Period) shall end on
     the last Business Day of the calendar month at the end of such Interest
     Period; and

          (iii) no Interest Period shall extend beyond the Maturity Date.

     "Investment Company Act" has the meaning specified in Section 5.14.

     "IRS" means the United States Internal Revenue Service.

     "ISP" means, with respect to any Letter of Credit, the "International
Standby Practices 1998" published by the Institute of International Banking Law
& Practice (or such later version thereof as may be in effect at the time of
issuance).

                                       15

     "Issuer Documents" means with respect to any Letter of Credit, the Letter
Credit Application, and any other document, agreement and instrument entered
into by the L/C Issuer and the Borrower (or any Subsidiary) or in favor the L/C
Issuer and relating to any such Letter of Credit.

     "Laws" means, collectively, all international, foreign, Federal, state and
local statutes, treaties, rules, guidelines, regulations, ordinances, codes and
administrative or judicial precedents or authorities, including the
interpretation or administration thereof by any Governmental Authority charged
with the enforcement, interpretation or administration thereof, and all
applicable administrative orders, decrees, licenses, authorizations and permits
of, and agreements with, any Governmental Authority, in each case whether or not
having the force of law.

     "L/C Advance" means, with respect to each Lender, such Lender's funding of
its participation in any L/C Borrowing in accordance with its Applicable
Percentage.

     "L/C Borrowing" means an extension of credit resulting from a drawing under
any Letter of Credit which has not been reimbursed on the date when made or
refinanced as a Borrowing.

     "L/C Credit Extension" means, with respect to any Letter of Credit, the
issuance thereof or extension of the expiry date thereof, or the increase of the
amount thereof.

     "L/C Issuer" means Bank of America in its capacity as issuer of Letters of
Credit hereunder, or any successor issuer of Letters of Credit hereunder.

     "L/C Obligations" means, as at any date of determination, the aggregate
amount available to be drawn under all outstanding Letters of Credit plus the
aggregate of all Unreimbursed Amounts, including all L/C Borrowings. For
purposes of computing the amount available to be drawn under any Letter of
Credit, the amount of such Letter of Credit shall be determined in accordance
with Section 1.06. For all purposes of this Agreement, if on any date of
determination a Letter of Credit has expired by its terms but any amount may
still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP,
such Letter of Credit shall be deemed to be "outstanding" in the amount so
remaining available to be drawn.

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

     "Lender" has the meaning specified in the introductory paragraph hereto.

     "Lender Fee Letter" means the amended letter agreement, dated as of the
First Amendment Closing Date, as amended as of the date hereof, among the
Lenders and the Administrative Agent, as the same may be amended, restated,
supplemented and otherwise modified from time to time.

     "Lending Office" means, as to any Lender, the office or offices of such
Lender described as such in such Lender's Administrative Questionnaire, or such
other office or offices as a Lender may from time to time notify the Borrower
and the Administrative Agent.

                                       16

     "Letter of Credit" means any letter of credit issued hereunder.

     "Letter of Credit Application" means an application and agreement for the
issuance or amendment of a Letter of Credit in the form from time to time in use
by the L/C Issuer.

     "Letter of Credit Expiration Date" means the day that is seven days prior
to the Maturity Date then in effect (or, if such day is not a Business Day, the
next preceding Business Day).

     "Letter of Credit Fee" has the meaning specified in Section 2.03(i).

     "Lien" means any mortgage, pledge, hypothecation, assignment, deposit
arrangement, encumbrance, lien (statutory or other), charge, or preference,
priority or other security interest or preferential arrangement in the nature of
a security interest of any kind or nature whatsoever (including any conditional
sale or other title retention agreement, any easement, right of way or other
encumbrance on title to real property, and any financing lease having
substantially the same economic effect as any of the foregoing).

     "Loans" means, collectively, the Term Loans and the Revolving Loans.

     "Loan Notice" means a notice of (a) a Borrowing, (b) a conversion of Loans
from one Type to the other, or (c) a continuation of Eurodollar Rate Loans,
pursuant to Section 2.02(a), which, if in writing, shall be substantially in the
form of Exhibit A.

     "Loan Documents" means this Agreement, each Note, the Security Documents,
each Issuer Document and the Guarantees. Loan Documents shall include, without
limitation, the Original Loan Documents, to the extent not expressly superseded
by documents, instruments and/or agreements delivered in connection with this
Agreement.

     "Loan Parties" means, collectively, the Borrower, the Guarantors and any
Subsidiary of the Borrower party to a Loan Document.

     "Management Agreement" means each of (i) the Management Agreement between
Pinnacle Towers and its Subsidiaries signatory thereto and Global Signal
Services LLC dated as of December 7, 2004 (as amended, amended and restated,
supplemented or otherwise modified from time to time), a copy of which has been
delivered to the Lenders, and (ii) any management agreement which may hereafter
be entered into in accordance with the terms and conditions hereof, pursuant to
which any manager may hereafter manage one or more of the Tower Properties (as
such management agreement may be amended or modified pursuant to a written
instrument in form and substance reasonably satisfactory to the Required
Lenders). "Management Agreements" shall mean, collectively, each Management
Agreement.

     "Material Adverse Effect" means a material adverse effect on (a) the
business, assets, property, condition (financial or otherwise) or prospects of
Global Signal and its Subsidiaries, taken as a whole, or the Borrower and its
Subsidiaries, taken as a whole, respectively or (b) the validity or
enforceability of any of the Loan Documents or the rights and remedies of the
Administrative Agent or the Lenders thereunder.

     "Memorandum" has the meaning specified in Section 10.11.

                                       17

     "Moody's" means Moody's Investors Service, Inc.

     "Morgan Stanley" means Morgan Stanley Asset Funding Inc., together with its
successors.

     "Morgan Stanley Participation" has the meaning specified in Section
2.01(b).

     "Multiemployer Plan" means a Plan which is a "multiemployer plan" as
defined in Section 4001(a)(3) of ERISA and which is subject to Title IV of
ERISA.

     "Net Cash Proceeds" means the gross cash proceeds received by the Borrower
or any of its Subsidiaries (other than by the Excluded Subsidiaries, and
Pinnacle Towers and its Subsidiaries prior to the Permitted Securitization) in
connection with or as a result of (a) any sale of any assets, (b) the issuance
of any Indebtedness, (c) the issuance of any equity (other than equity issued to
a Loan Party by another Loan Party), and (d) the receipt of any capital
contributions (other than by a Loan Party with respect to capital contributions
made by another Loan Party) or Extraordinary Receipts, MINUS with respect to
each of the foregoing (so long as each of the following are estimated in good
faith by the management of the Borrower and certified to the Administrative
Agent in reasonable detail by a Responsible Officer) (i) actual taxes paid or
payable with respect to such asset sale or Recovery Event (if any) in an amount
equal to the tax liability of the Borrower or any of its Subsidiaries in respect
of such sale or Recovery Event (taking into account all tax benefits of each of
the parties), (ii) reasonable and customary transaction costs payable by the
Borrower or any such Subsidiary of the Borrower to any Person that is not an
Affiliate or an Equity Investor or Affiliate of an Equity Investor related to
such transaction, (iii) Indebtedness secured by the assets sold or otherwise
subject to a Recovery Event that is immediately repaid as a consequence of such
sale, except Indebtedness that constitutes any of the Obligations, (iv) with
respect to clause (a), the portion of such cash proceeds reserved for
post-closing adjustments, including, without limitation, indemnification
payments and purchase price adjustments which are held in a third-party escrow
account or in a segregated deposit account in which the Administrative Agent has
a first priority perfect security interest, provided that on the date all such
post-closing adjustments have been determined, the amount (if any) by which the
reserved amount exceeds the actual post-closing adjustments payable by the
Borrower or any of its Subsidiaries shall constitute Net Cash Proceeds on such
date, and (v) with respect to clause (a), an amount, not in excess of the
taxable gain recognized on such asset sale, necessary to meet the REIT
Distribution Requirement with respect thereto.

     "Note" means a promissory note made by the Borrower in favor of a Lender
evidencing Loans made by such Lender, substantially in the form of Exhibit D.

     "Non-Excluded Taxes" has the meaning specified in Section 3.01(a).

     "Non-Exempt Lender" has the meaning specified in Section 3.01(f).

     "Obligations" means all advances to, and debts, liabilities, obligations,
covenants and duties of, any Loan Party arising under any Loan Document, or
otherwise with respect to any Loan or Letter of Credit, whether direct or
indirect (including those acquired by assumption), absolute or contingent, due
or to become due, now existing or hereafter arising and including without
limitation (i) interest and fees that accrue after the commencement by or
against any

                                       18

Loan Party or any Affiliate thereof of any proceeding under any Debtor Relief
Laws naming such Person as the debtor in such proceeding, regardless of whether
such interest and fees are allowed claims in such proceeding and (ii) all
reasonable expenses and charges, legal and otherwise, incurred by the
Administrative Agent, the L/C Issuer and/or any Lender in collecting and
enforcing any Obligation or in realizing or protecting any security therefor
provided for in any of the Loan Documents.

     "Original Closing Date" means December 3, 2004.

     "Original Collateral" has the meaning specified in the recitals.

     "Original Credit Agreement" has the meaning specified in the recitals.

     "Original Letters of Credit" has the meaning specified in the recitals.

     "Original Loan Documents" has the meaning specified in the recitals.

     "Original Loans" has the meaning specified in the recitals.

     "Other Taxes" has the meaning specified in Section 3.01(b).

     "Outstanding Amount" means (i) with respect to Revolving Loans on any date,
the aggregate outstanding principal amount thereof after giving effect to any
borrowings and prepayments or repayments of Revolving Loans, occurring on such
date; (ii) with respect to the Term A Loans, the aggregate outstanding principal
amount thereof after giving effect to any prepayments or repayments of the Term
A Loans; (iii) with respect to the Term B Loans, the aggregate outstanding
principal amount thereof after giving effect to any prepayments or repayments of
Term B Loans; and (iv) with respect to any L/C Obligations on any date, the
amount of such L/C Obligations on such date after giving effect to any L/C
Credit Extension occurring on such date and any other changes in the aggregate
amount of the L/C Obligations as of such date, including as a result of any
reimbursements by the Borrower of Unreimbursed Amounts.

     "Owned Property" means all real estate owned in fee by the Borrower and its
Subsidiaries, together with any fixtures and appurtenances thereon.

     "Parent Guarantee" means the Guarantee dated as of the Original Closing
Date, as amended by the First Amendment to the Parent Guarantee, dated as of the
First Amendment Closing Date, as further amended as of the date hereof, made by
the Parents in favor of the Administrative Agent for the benefit of the Lenders,
substantially in the form of Exhibit F-1, as the same may be amended, restated,
supplemented and otherwise modified from time to time.

     "Parent Guarantee Second Amendment" means the Second Amendment to the
Parent Guarantee, dated as of the Closing Date, by and among the Parents and the
Administrative Agent.

     "Parents" means, collectively, Global Signal and Global Signal GP LLC, a
Delaware limited liability company.

                                       19

     "Participant" has the meaning specified in Section 10.06(d).

     "PBGC" means the Pension Benefit Guaranty Corporation.

     "Permitted Securitization" means any transaction that may be entered into
by Pinnacle Towers and any one or more of its Subsidiaries pursuant to which
Pinnacle Towers and such Subsidiaries securitize or otherwise finance their
Towers or Tower Properties and any assets related thereto in a rated term
transaction; provided that there shall be no recourse under such transaction to
the Borrower or any other Subsidiary of the Borrower, in each case other than
pursuant to Standard Securitization Undertakings.

     "Person" means any natural person, corporation, limited liability company,
trust, joint venture, association, company, partnership, Governmental Authority
or other entity.

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

     "Pinnacle Towers Credit Agreement" means the Amended and Restated Credit
Agreement dated as of October 15, 2004 by and among Pinnacle Towers, the lenders
from time to time parties thereto, and Morgan Stanley Asset Funding Inc., as
administrative agent and collateral agent, as the same may be amended,
supplemented, restated or otherwise modified from time to time.

     "Plan" means, at a particular time, any employee benefit plan which is
covered by ERISA and in respect of which Global Signal, the Borrower or a
Commonly Controlled Entity is (or, if such plan were terminated at such time,
would under Section 4069 of ERISA be deemed to be) an "employer" as defined in
Section 3(5) of ERISA.

     "Pledge Agreement" means the Pledge Agreement dated as of the Original
Closing Date made by the Borrower and the Parents in favor of the Administrative
Agent, substantially in the form of Exhibit B, as the same may be amended,
restated, supplemented or otherwise modified from time to time.

     "Reaffirmations" means, collectively, the Consent and Reaffirmation of each
Guarantee and the Pledge Agreement and the Reaffirmation of the Security
Agreement, each dated as of the date hereof, made by the applicable Loan Parties
and acknowledged and agreed to by the Administrative Agent, pursuant to which
each such Loan Party consents to this Agreement and/or reaffirms its respective
obligations under the applicable Guarantee, Pledge Agreement or Security
Document.

     "Recovery Event" means any settlement of or payment in respect of any
property or casualty insurance claim or any condemnation proceeding relating to
any asset of the Borrower or any of its Subsidiaries.

     "Register" has the meaning specified in Section 10.06(c).

                                       20

     "REIT Distribution Requirement" means distributions in an amount reasonably
necessary to enable Global Signal to pay the dividends required to maintain its
REIT Status and not be subject to corporate level tax based on income or to
excise tax under Section 4981 of the Code.

     "REIT Status" means, with respect to any Person, such Person's status as a
real estate investment trust, as defined in Section 856(a) of the Code, that
satisfies the conditions and limitations set forth in Section 856(b) and 856(c)
of the Code.

     "Related Parties" means, with respect to any Person, such Person's
Affiliates and the partners, directors, officers, employees, agents and advisors
of such Person and of such Person's Affiliates.

     "Reorganization" means, with respect to any Multiemployer Plan, the
condition that such plan is in reorganization within the meaning of Section 4241
of ERISA.

     "Reportable Event" means any of the events set forth in Section 4043(c) of
ERISA, other than events for which the 30 day notice period has been waived.

     "Request for Credit Extension" means (a) with respect to a Borrowing,
conversion or continuation of Loans, a Loan Notice and (b) with respect to an
L/C Credit Extension, a Letter of Credit Application.

     "Required Lenders" means the Required Term A Loan Lenders, Required Term B
Loan Lender and the Required Revolving Lenders; provided that the Commitment of,
and the portion of the Total Outstandings held or deemed held by, any Defaulting
Lender shall be excluded for purposes of making a determination of Required
Lenders.

     "Required Revolving Lenders" means, as of the date of determination,
Lenders having more than 50% of the Aggregate Revolving Commitments or, if the
commitment of each Lender to make Revolving Loans and the obligation of the L/C
Issuer to make L/C Credit Extensions have been terminated pursuant to Section
8.02, Lenders holding in the aggregate more than 50% of the Revolving
Outstandings (with the aggregate amount of each Lender's risk participation and
funded participation in L/C Obligations being deemed "held" by such Lender for
purposes of this definition).

     "Required Term A Loan Lenders" means, as of any date of determination,
Lenders having more that 50% of the Outstanding Amount of the Term A Loans.

     "Required Term B Loan Lenders" means, as of any date of determination,
Lenders having more than 50% of the Aggregate Term B Loan Commitments or, if the
Commitment of each Lender to make Term B Loans has terminated pursuant to
Section 2.01(c)(ii) or Section 8.02, Lenders holding more than 50% of the
Outstanding Amount of Term B Loans.

     "Requirement of Law" means as to any Person, the certificate of
incorporation and by-laws or other organizational or Governing Documents of such
Person, and any law, treaty, rule or regulation or determination of an
arbitrator or a court or other Governmental Authority, in each case applicable
to or binding upon such Person or any of its property or to which such Person or
any of its property is subject.

                                       21

     "Responsible Officer" means as to any Loan Party, the chief executive
officer, any vice president and the president of such entity (or, if none, a
direct or indirect parent company of such entity acting on behalf of such
entity) or, with respect to financial matters, the chief financial officer or
treasurer of such entity (or, if none, a direct or indirect parent company of
such entity acting on behalf of such entity) or any individual performing the
functions of the foregoing officers pursuant to any Management Agreement.

     "Revolving Commitment" means, as to each Lender, its obligation to (a) make
Revolving Loans to the Borrower pursuant to Section 2.01(a) and (b) purchase
participations in L/C Obligations, in an aggregate principal amount at any one
time outstanding not to exceed the amount set forth opposite such Lender's name
on Schedule 2.01 or in the Assignment and Assumption pursuant to which such
Lender becomes a party hereto, as applicable, as such amount may be adjusted
from time to time in accordance with this Agreement.

     "Revolving Facility Fee" has the meaning specified in Section 2.09(a).

     "Revolving Loan" has the meaning specified in Section 2.01(a).

     "Revolving Loan Availability Period" means the period from and including
the Original Closing Date to the earliest of (a) the Revolving Loan Maturity
Date, (b) the date of termination of the Aggregate Revolving Commitments
pursuant to Section 2.06, and (c) the date of termination of the commitment of
each Lender to make Revolving Loans and of the obligation of the L/C Issuer to
make L/C Credit Extensions pursuant to Section 8.02.

     "Revolving Loan Maturity Date" means the date which is 364 days after the
Original Closing Date.

     "Revolving Outstandings" means the aggregate Outstanding Amount of all
Revolving Loans and L/C Obligations.

     "S&P" means Standard & Poor's Ratings Services, a division of The
McGraw-Hill Companies, Inc.

     "SEC" means the Securities and Exchange Commission, or any Governmental
Authority succeeding to any of its principal functions.

     "Section 3.01 Certificate" has the meaning specified in Section 3.01(f)(2).

     "Security Agreement" means the Security Agreement, dated as of the Original
Closing Date, executed and delivered by the Borrower, substantially in the form
of Exhibit C, as the same may be amended, supplemented, restated or otherwise
modified from time to time.

     "Security Documents" means the collective reference to the Account Control
Agreements, the Pledge Agreement, the Security Agreement, the Deed of Charge and
all other security documents hereafter delivered to the Administrative Agent
granting a Lien on any asset or assets of any Person in favor of the
Administrative Agent for the benefit of the Lenders, including the L/C Issuer,
to secure any of the Obligations or to secure any guarantee of any such
Obligations. The Security Documents shall include, without limitation, the
"Security

                                       22

Documents" (as defined in the Original Credit Agreement), to the extent not
expressly superseded by documents, instruments and/or agreements delivered in
connection with this Agreement.

     "Single Employer Plan" means any Plan which is covered by Title IV of
ERISA, but which is not a Multiemployer Plan.

     "Site Management Agreements" means those certain leases, management
agreements or similar agreements pursuant to which Pinnacle Towers or any of its
Subsidiaries is authorized to sublease or otherwise broker space on any Tower
Properties.

     "Standard Securitization Undertakings" means representations, warranties,
covenants and indemnities entered into or made by Pinnacle Towers or any of its
wholly owned Subsidiaries that are reasonably customary in transactions similar
to Permitted Securitizations.

     "Subsidiary" of a Person means a corporation, partnership, joint venture,
limited liability company or other business entity of which a majority of the
shares of securities or other interests having ordinary voting power for the
election of directors or other governing body (other than securities or
interests having such power only by reason of the happening of a contingency)
are at the time beneficially owned, or the management of which is otherwise
controlled, directly, or indirectly through one or more intermediaries, or both,
by such Person. Unless otherwise specified, all references herein to a
"Subsidiary" or to "Subsidiaries" shall refer to a Subsidiary or Subsidiaries of
the Borrower.

     "Subsidiary Guarantee" means a Guarantee made by a Subsidiary of the
Borrower in favor of the Administrative Agent for the benefit of the Lenders,
including the L/C Issuer, substantially in the form of Exhibit F-2, as the same
may be amended, supplemented or otherwise modified from time to time.

     "Subsidiary Guarantors" means, collectively, Pinnacle Towers and each of
its Subsidiaries until the consummation of the Permitted Securitization, and
each other Subsidiary of the Borrower who is party to a Subsidiary Guarantee.

     "Synthetic Lease" means any lease entered into in connection with the lease
or acquisition of fixed assets which is treated under GAAP as an operating lease
but for tax purposes as a capital lease.

     "Taxes" has the meaning specified in Section 3.01(a).

     "Term A Loan Commitment" means, as to each Lender, its obligation to make a
Term A Loan to the Borrower pursuant to Section 2.01(c)(i) in an aggregate
principal amount at any one time outstanding not to exceed the amount set forth
opposite such Lender's name on Schedule 2.01 or in the Assignment and Assumption
pursuant to which such Lender becomes a party hereto, as applicable, as such
amount may be adjusted from time to time in accordance with this Agreement.

     "Term B Loan Availability Period" means the period from and including the
Closing Date to the earliest of (a) the Term Loan Maturity Date, (b) the date of
termination of the

                                       23

commitment of each Lender to make Term B Loans pursuant to Section 2.01(c)(ii)
and (iii) the date of termination of the commitment of each Lender to make Term
B Loans pursuant to Section 8.02.

     "Term B Loan Commitment" means, as to each Lender, its obligation to make
Term B Loans to the Borrower pursuant to Section 2.01(c)(ii) in an aggregate
principal amount at any one time outstanding not to exceed the amount set forth
opposite such lender's name on Schedule 2.01 or in the Assignment and Assumption
pursuant to which such Lender becomes a party hereto, as applicable, as such
amount may be adjusted from time to time in accordance with this Agreement.

     "Term A Loans" has the meaning specified in Section 2.01(c)(i).

     "Term B Loans" has the meaning specified in Section 2.01(c)(ii).

     "Term Loan Maturity Date" means the earliest to occur of (i) August 14,
2005, (ii) the date on which Global Signal receives a refund of its $50,000,000
deposit under the Carl Lewis Transaction Agreement and (iii) the consummation of
the Carl Lewis Transaction.

     "Term Loans" means the Term A Loans and Term B Loans.

     "Threshold Amount" means with respect to Global Signal and its
Subsidiaries, $1,000,000.

     "Total Outstandings" means the aggregate Outstanding Amount of all Term
Loans and the Revolving Outstandings.

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

     "Towers" means (i) any wireless communications towers owned, leased or
managed (or to be owned, leased or managed) by any Subsidiary of the Borrower,
including any rooftop or other sites owned, leased or managed by such
Subsidiary, together with any real estate, fixtures and appurtenances that
accompany the towers, rooftops or other sites, and (ii) any fee simple interest,
ground lease, sub-ground lease, long-term easement, long-term sub-easement or
right to use and occupy in or on any real property on which wireless
communications towers are built.

     "Transferee" has the meaning specified in Section 10.07.

     "Type" means, with respect to a Loan, its character as a Base Rate Loan or
a Eurodollar Rate Loan.

     "United Kingdom Subsidiaries" means, collectively, all direct or indirect
Subsidiaries of Global Signal organized under the laws of the United Kingdom,
including, without limitation, Pinnacle Towers Limited.

     "United States" and "U.S." mean the United States of America.

                                       24

     "Unreimbursed Amount" has the meaning specified in Section 2.03(c)(i).

     1.02 OTHER INTERPRETIVE PROVISIONS. With reference to this Agreement and
each other Loan Document, unless otherwise specified herein or in such other
Loan Document:

          (a) The definitions of terms herein shall apply equally to the
singular and plural forms of the terms defined. Whenever the context may
require, any pronoun shall include the corresponding masculine, feminine and
neuter forms. The words "include," "includes" and "including" shall be deemed to
be followed by the phrase "without limitation." The word "will" shall be
construed to have the same meaning and effect as the word "shall." Unless the
context requires otherwise, (i) any definition of or reference to any agreement,
instrument or other document (including any Governing Document) shall be
construed as referring to such agreement, instrument or other document as from
time to time amended, supplemented, restated or otherwise modified (subject to
any restrictions on such amendments, supplements, restatements or modifications
set forth herein or in any other Loan Document), (ii) any reference herein to
any Person shall be construed to include such Person's successors and assigns,
(iii) the words "herein," "hereof" and "hereunder," and words of similar import
when used in any Loan Document, shall be construed to refer to such Loan
Document in its entirety and not to any particular provision thereof, (iv) all
references in a Loan Document to Articles, Sections, Exhibits and Schedules
shall be construed to refer to Articles and Sections of, and Exhibits and
Schedules to, the Loan Document in which such references appear, (v) any
reference to any law shall include all statutory and regulatory provisions
consolidating, amending replacing or interpreting such law and any reference to
any law or regulation shall, unless otherwise specified, refer to such law or
regulation as amended, modified or supplemented from time to time, and (vi) the
words "asset" and "property" shall be construed to have the same meaning and
effect and to refer to any and all tangible and intangible assets and
properties, including cash, securities, accounts and contract rights.

          (b) In the computation of periods of time from a specified date to a
later specified date, the word "from" means "from and including;" the words "to"
and "until" each mean "to but excluding;" and the word "through" means "to and
including."

          (c) Section headings herein and in the other Loan Documents are
included for convenience of reference only and shall not affect the
interpretation of this Agreement or any other Loan Document.

     1.03 ACCOUNTING TERMS. (a) Generally. All accounting terms not specifically
or completely defined herein shall be construed in conformity with, and all
financial data (including financial ratios and other financial calculations)
required to be submitted pursuant to this Agreement shall be prepared in
conformity with, GAAP applied on a consistent basis, as in effect from time to
time, applied in a manner consistent with that used in preparing the Audited
Financial Statements, except as otherwise specifically prescribed herein.

          (b) Changes in GAAP. If at any time any change in GAAP would affect
the computation of any financial ratio or requirement set forth in any Loan
Document, and either the Borrower or the Required Lenders shall so request, the
Administrative Agent, the Lenders and the Borrower shall negotiate in good faith
to amend such ratio or requirement to preserve the

                                       25

original intent thereof in light of such change in GAAP (subject to the approval
of the Required Lenders); provided that, until so amended, (i) such ratio or
requirement shall continue to be computed in accordance with GAAP prior to such
change therein and (ii) the Borrower shall provide to the Administrative Agent
and the Lenders financial statements and other documents required under this
Agreement or as reasonably requested hereunder setting forth a reconciliation
between calculations of such ratio or requirement made before and after giving
effect to such change in GAAP.

     1.04 ROUNDING. Any financial ratios required to be maintained by the
Borrower pursuant to this Agreement shall be calculated by dividing the
appropriate component by the other component, carrying the result to one place
more than the number of places by which such ratio is expressed herein and
rounding the result up or down to the nearest number (with a rounding-up if
there is no nearest number).

     1.05 TIMES OF DAY. Unless otherwise specified, all references herein to
times of day shall be references to Eastern time (daylight or standard, as
applicable).

     1.06 LETTER OF CREDIT AMOUNTS. Unless otherwise specified herein, the
amount of a Letter of Credit at any time shall be deemed to be the stated amount
of such Letter of Credit in effect at such time; provided, however, that with
respect to any Letter of Credit that, by its terms or the terms of any Issuer
Document related thereto, provides for one or more automatic increases in the
stated amount thereof, the amount of such Letter of Credit shall be deemed to be
the maximum stated amount of such Letter of Credit after giving effect to all
such increases, whether or not such maximum stated amount is in effect at such
time.

     1.07 EFFECT OF AMENDMENT AND RESTATEMENT. On the Closing Date, the
indebtedness and other liabilities of the Borrower previously governed by the
Original Credit Agreement shall continue in full force and effect, but shall be
governed by the terms and conditions set forth in this Agreement. Such
liabilities, together with any and all additional liabilities incurred by the
Borrower hereunder or under any of the other Loan Documents, shall continue to
be secured, by, among other things, the Collateral, whether now existing or
hereafter acquired and wheresoever located, all as more specifically set forth
in the Security Documents. Borrower hereby reaffirms its obligations,
liabilities, grants of security interests, pledges and the validity of all
covenants by the Borrower contained in any and all Security Documents. The
execution and delivery of this Agreement shall not constitute a novation or
repayment of the indebtedness outstanding under the Original Credit Agreement.
Borrower hereby acknowledges and agrees that on and after the Closing Date any
and all references in any Loan Documents to the Original Credit Agreement shall
be deemed to be amended to refer to this Agreement. Borrower hereby reaffirms
its obligations, liabilities and indebtedness arising under each of the Loan
Documents existing on the date hereof (as amended or otherwise modified through
and including the Closing Date), in each case after giving effect to the
provisions of the preceding sentence.

                                   ARTICLE II.
                      THE COMMITMENTS AND CREDIT EXTENSIONS

     2.01 LOANS. Subject to the terms and conditions set forth herein,
including, without limitation, the next succeeding paragraph, each Lender
severally agrees as follows:

                                       26

          (a) REVOLVING LOANS. Each Lender will make revolving loans (each such
loan, a "Revolving Loan") to the Borrower from time to time, on any Business Day
during the Revolving Loan Availability Period, in an aggregate amount not to
exceed at any time outstanding the amount of such Lender's Revolving Commitment;
provided, however, that after giving effect to any such Borrowing, (i) the
Revolving Outstandings shall not exceed the Aggregate Revolving Commitments, and
(ii) the aggregate Outstanding Amount of the Revolving Loans of any Lender, plus
such Lender's Applicable Revolving Percentage of the Outstanding Amount of all
L/C Obligations shall not exceed such Lender's Revolving Commitment. Within the
limits of each Lender's Revolving Commitment, and subject to the other terms and
conditions hereof, the Borrower may borrow Revolving Loans under this Section
2.01(a), prepay Revolving Loans under Section 2.05, and reborrow Revolving Loans
under this Section 2.01(a). Revolving Loans may be Base Rate Loans or Eurodollar
Rate Loans, as further provided herein.

          (b) MORGAN STANLEY PARTICIPATIONS. Notwithstanding the foregoing,
prior to the occurrence of any Event of Default, Morgan Stanley (but no other
Lender, by assignment or otherwise) shall not be required to make any Revolving
Loans pursuant to this Section 2.01 or any Revolving Loans or L/C Advances
pursuant to Sections 2.03(c)(ii) and (iii), and Bank of America, as a Lender,
hereby agrees to make such Revolving Loans and L/C Advances otherwise required
to be made by Morgan Stanley, as a Lender (and its successors and assigns
permitted pursuant to Section 10.06(a)), pursuant to the terms of this
Agreement, but shall be required, and hereby agrees, to purchase a participation
interest (each a "Morgan Stanley Participation") in any such Revolving Loans or
L/C Advances made on its behalf by Bank of America, as Lender, each in an amount
equal to Morgan Stanley's Applicable Revolving Percentage; provided, however,
that in the event Bank of America, as a Lender or LC Issuer, makes a Credit
Extension after receipt by the Administrative Agent and Bank of America of
written notice from Morgan Stanley prior to the proposed time for any such
Credit Extension of its reasonable determination that the conditions contained
in Section 4.02 have not been met with respect to any such Credit Extension,
Morgan Stanley will not have been deemed to purchase a Morgan Stanley
Participation with respect to any such Credit Extension. Further, prior to the
occurrence of any Event of Default, (i) Morgan Stanley shall not be deemed a
Defaulting Lender hereunder for not making such Revolving Loans or L/C Advances
prior to the occurrence of an Event of Default and (ii) Morgan Stanley's
Commitment and the portion of the Revolving Outstandings held or deemed held by
it via each Morgan Stanley Participation shall be included for the purposes of
making a determination of Required Revolving Lenders. Upon the occurrence of any
Event of Default, Morgan Stanley shall immediately fund each Morgan Stanley
Participation in any outstanding Revolving Loans or L/C Advances in an amount
equal to its Applicable Revolving Percentage of the Revolving Outstandings to
the Administrative Agent in immediately available funds at the Administrative
Agent's Office for the account of Bank of America, as Lender, and, automatically
and without any further action, shall have all rights, responsibilities and
obligations under this Agreement as a Lender, including, without limitation, its
obligations to make Revolving Loans under this Section 2.01, and purchase risk
participations in Letters of Credit and make Revolving Loans and L/C Advances as
required under Sections 2.03. If Morgan Stanley fails to fund any Morgan Stanley
Participation in any outstanding Revolving Loans or L/C Advances, it shall be a
Defaulting Lender hereunder, and subject to the provisions of Section
2.12(b)(c)(iv), and Sections 2.03(c)(iv), (v) and (vi), respectively, and any
other similar provisions under this Agreement.

                                       27

          (c) TERM LOANS.

               (i) Each Lender party to the Original Credit Agreement made a
     term A loan (the "Term A Loans") to the Borrower on the First Amendment
     Closing Date, in an aggregate amount not to exceed the amount of such
     Lender's Term A Loan Commitment. The Aggregate Term A Loan Commitments
     terminated concurrently with the making of the Term A Loans on the First
     Amendment Closing Date. Any portion of the Term A Loans which is repaid or
     prepaid by the Borrower may not be reborrowed. Term A Loans may be Base
     Rate Loans or Eurodollar Rate Loans, as further provided herein.

               (ii) Each Lender will make a term B loan (the "Term B Loans") to
     the Borrower from time to time, on any Business Day during the Term B Loan
     Availability Period, in an aggregate amount not to exceed the amount of
     such Lender's Term B Loan Commitment. Concurrently with the making of any
     Term B Loans to the Borrower on any Business Day, a portion of the
     Aggregate Term B Loan Commitments shall automatically terminate in an
     amount equal to the principal amount of Term B Loans made on any such
     Business Day. Any portion of the Term B Loans which is repaid or prepaid by
     the Borrower may not be reborrowed. Term B Loans may be Base Rate Loans or
     Eurodollar Rate Loans, as further provided herein.

     2.02 BORROWINGS, CONVERSIONS AND CONTINUATIONS OF LOANS.

     (a) Each Borrowing, each conversion of Loans from one Type to the other,
and each continuation of Eurodollar Rate Loans shall be made upon the Borrower's
irrevocable notice to the Administrative Agent, which may be given by telephone.
Each such notice must be received by the Administrative Agent not later than
11:00 a.m. (i) three Business Days prior to the requested date of any Borrowing
of, conversion to or continuation of Eurodollar Rate Loans or of any conversion
of Eurodollar Rate Loans to Base Rate Loans, and (ii) on the requested date of
any Borrowing of Base Rate Loans. Each telephonic notice by the Borrower
pursuant to this Section 2.02(a) must be confirmed promptly by delivery to the
Administrative Agent of a written Loan Notice, appropriately completed and
signed by a Responsible Officer of the Borrower. Each Borrowing of, conversion
to or continuation of Eurodollar Rate Loans shall be in a principal amount of
$500,000 or a whole multiple of $100,000 in excess thereof; provided, however
that each Borrowing of Term B Loans shall be in a principal amount of $5,000,000
or a whole multiple of $500,000 in excess thereof. Except as provided in
Sections 2.03(c) and 2.04(c), each Borrowing of or conversion to Base Rate Loans
shall be in a principal amount of $100,000 or a whole multiple of $50,000 in
excess thereof. Each Loan Notice (whether telephonic or written) shall specify
(i) whether the Borrower is requesting a Borrowing, a conversion of Loans from
one Type to the other, or a continuation of Eurodollar Rate Loans, (ii) the
requested date of the Borrowing, conversion or continuation, as the case may be
(which shall be a Business Day), (iii) the principal amount of Loans to be
borrowed, converted or continued, (iv) the Class and Type of Loans to be
borrowed or to which existing Loans are to be converted, and (v) if applicable,
the duration of the Interest Period with respect thereto. If the Borrower fails
to specify a Type of Loan in a Loan Notice or if the Borrower fails to give a
timely notice requesting a conversion or continuation, then the applicable Loans
shall be made as, or converted to, Base Rate Loans. Any such automatic
conversion to Base Rate Loans shall be effective as of the last day of the
Interest Period then in effect with respect to the applicable Eurodollar Rate

                                       28

Loans. If the Borrower requests a Borrowing of, conversion to, or continuation
of Eurodollar Rate Loans in any such Loan Notice, but fails to specify an
Interest Period, it will be deemed to have specified an Interest Period of one
month.

     (b) Following receipt of a Loan Notice, the Administrative Agent shall
promptly notify each Lender of the amount of its Applicable Percentage of the
applicable Loans, and if no timely notice of a conversion or continuation is
provided by the Borrower, the Administrative Agent shall notify each Lender of
the details of any automatic conversion to Base Rate Loans described in the
preceding subsection. In the case of a Borrowing, each Lender shall make the
amount of its Loan available to the Administrative Agent in immediately
available funds at the Administrative Agent's Office not later than 1:00 p.m. on
the Business Day specified in the applicable Loan Notice. Upon satisfaction of
the applicable conditions set forth in Section 4.02, the Administrative Agent
shall make all funds so received available to the Borrower in like funds as
received by the Administrative Agent either by (i) crediting the account of the
Borrower on the books of Bank of America with the amount of such funds or (ii)
wire transfer of such funds, in each case in accordance with instructions
provided to (and reasonably acceptable in form and substance to) the
Administrative Agent by the Borrower; provided, however, that if, on the date
the Loan Notice with respect to such Borrowing is given by the Borrower, there
are L/C Borrowings outstanding, then the proceeds of such Borrowing, first,
shall be applied to the payment in full of any such L/C Borrowings, and second,
shall be made available to the Borrower as provided above.

     (c) Except as otherwise provided herein, a Eurodollar Rate Loan may be
continued or converted only on the last day of an Interest Period for such
Eurodollar Rate Loan. During the existence of a Default, no Loans may be
requested as, converted to or continued as Eurodollar Rate Loans without the
consent of the Required Term A Loan Lenders with respect to the Term A Loans,
the Required Term B Loan Lenders with respect to the Term B Loans, or the
Required Revolving Loan Lenders with respect to the Revolving Loans.

     (d) The Administrative Agent shall promptly notify the Borrower and the
Lenders of the interest rate applicable to any Interest Period for Eurodollar
Rate Loans upon determination of such interest rate. At any time that Base Rate
Loans are outstanding, the Administrative Agent shall notify the Borrower and
the Lenders of any change in Bank of America's prime rate used in determining
the Base Rate promptly following the public announcement of such change.

     (e) After giving effect to all Borrowings, all conversions of Loans from
one Type to the other, and all continuations of Loans as the same Type, there
shall not be more than ten Interest Periods in effect with respect to Loans.

     2.03 LETTERS OF CREDIT.

     (a) The Letter of Credit Commitment.

          (i) Subject to the terms and conditions set forth herein, (A) the L/C
     Issuer agrees, in reliance upon the agreements of the Lenders set forth in
     this Section 2.03, (1) from time to time on any Business Day during the
     period from the Original Closing Date until the Letter of Credit Expiration
     Date, to issue Letters of Credit for the account of

                                       29

     the Borrower or its Subsidiaries, and to amend or extend Letters of Credit
     previously issued by it, in accordance with subsection (b) below, and (2)
     to honor drawings under the Letters of Credit; and (B) the Lenders
     severally agree to participate in Letters of Credit issued for the account
     of the Borrower or its Subsidiaries and any drawings thereunder; provided
     that after giving effect to any L/C Credit Extension with respect to any
     Letter of Credit, (x) the Revolving Outstandings shall not exceed the
     Aggregate Revolving Commitments and (y) the aggregate Outstanding Amount of
     the Revolving Loans of any Lender, plus such Lender's Applicable Revolving
     Percentage of the Outstanding Amount of all L/C Obligations shall not
     exceed such Lender's Revolving Commitment. As of the Closing Date, the
     Original Letters of Credit listed on Schedule 2.03 are outstanding under
     the Original Credit Agreement. The Borrower, Lenders and the L/C Issuer
     agree that on the Closing Date, the Original Letters of Credit shall be
     deemed to be Letters of Credit issued by the L/C Issuer under this
     Agreement. Each request by the Borrower for the issuance or amendment of a
     Letter of Credit shall be deemed to be a representation by the Borrower
     that the L/C Credit Extension so requested complies with the conditions set
     forth in the proviso to the preceding sentence. Within the foregoing
     limits, and subject to the terms and conditions hereof, the Borrower's
     ability to obtain Letters of Credit shall be fully revolving, and
     accordingly the Borrower may, during the foregoing period, obtain Letters
     of Credit to replace Letters of Credit that have expired or that have been
     drawn upon and reimbursed.

          (ii) The L/C Issuer shall not issue any Letter of Credit, if:

               (A) the expiry date of such requested Letter of Credit would
          occur more than twelve months after the date of issuance or last
          extension, unless all the Lenders have approved such expiry date; or

               (B) the expiry date of such requested Letter of Credit would
          occur after the Letter of Credit Expiration Date, unless such Letter
          of Credit is Cash Collateralized as required pursuant to Section
          2.03(g).

          (iii) The L/C Issuer shall not be under any obligation to issue any
     Letter of Credit if:

               (A) any order, judgment or decree of any Governmental Authority
          or arbitrator shall by its terms purport to enjoin or restrain the L/C
          Issuer from issuing such Letter of Credit, or any Law applicable to
          the L/C Issuer or any request or directive (whether or not having the
          force of law) from any Governmental Authority with jurisdiction over
          the L/C Issuer shall prohibit, or request that the L/C Issuer refrain
          from, the issuance of letters of credit generally or such Letter of
          Credit in particular or shall impose upon the L/C Issuer with respect
          to such Letter of Credit any restriction, reserve or capital
          requirement (for which the L/C Issuer is not otherwise compensated
          hereunder) not in effect on the Closing Date, or shall impose upon the
          L/C Issuer any unreimbursed loss, cost or expense which was not
          applicable on the Closing Date and which the L/C Issuer in good faith
          deems material to it;

                                       30

               (B) the issuance of such Letter of Credit would violate one or
          more policies of the L/C Issuer;

               (C) except as otherwise agreed by the Administrative Agent and
          the L/C Issuer, such Letter of Credit is in an initial stated amount
          less than $2,000;

               (D) such Letter of Credit is to be denominated in a currency
          other than Dollars;

               (E) a default of any Lender's obligations to fund under Section
          2.03(c) exists or any Lender is at such time a Defaulting Lender
          hereunder, unless the L/C Issuer has entered into satisfactory
          arrangements with the Borrower or such Lender to eliminate the L/C
          Issuer's risk with respect to such Lender.

          (iv) The L/C Issuer shall not amend any Letter of Credit if the L/C
     Issuer would not be permitted at such time to issue such Letter of Credit
     in its amended form under the terms hereof.

          (v) The L/C Issuer shall be under no obligation to amend any Letter of
     Credit if (A) the L/C Issuer would have no obligation at such time to issue
     such Letter of Credit in its amended form under the terms hereof, or (B)
     the beneficiary of such Letter of Credit does not accept the proposed
     amendment to such Letter of Credit.

          (vi) The L/C Issuer shall act on behalf of the Lenders with respect to
     any Letters of Credit issued by it and the documents associated therewith,
     and the L/C Issuer shall have all of the benefits and immunities (A)
     provided to the Administrative Agent in Article IX with respect to any acts
     taken or omissions suffered by the L/C Issuer in connection with Letters of
     Credit issued by it or proposed to be issued by it and Issuer Documents
     pertaining to such Letters of Credit as fully as if the term
     "Administrative Agent" as used in Article IX included the L/C Issuer with
     respect to such acts or omissions, and (B) as additionally provided herein
     with respect to the L/C Issuer.

     (b) Procedures for Issuance and Amendment of Letters of Credit.

          (i) Each Letter of Credit shall be issued or amended, as the case may
     be, upon the request of the Borrower delivered to the L/C Issuer (with a
     copy to the Administrative Agent) in the form of a Letter of Credit
     Application, appropriately completed and signed by a Responsible Officer of
     the Borrower. Such Letter of Credit Application must be received by the L/C
     Issuer and the Administrative Agent not later than 11:00 a.m. at least two
     Business Days (or such later date and time as the Administrative Agent and
     the L/C Issuer may agree in a particular instance in their sole discretion)
     prior to the proposed issuance date or date of amendment, as the case may
     be. In the case of a request for an initial issuance of a Letter of Credit,
     such Letter of Credit Application shall specify in form and detail
     reasonably satisfactory to the L/C Issuer: (A) the proposed issuance date
     of the requested Letter of Credit (which shall be a Business Day); (B) the
     amount thereof; (C) the expiry date thereof; (D) the name and address of
     the beneficiary thereof; (E) the documents to be presented by such
     beneficiary in case of any drawing thereunder; (F) the full text of any
     certificate to be presented by such beneficiary in case of any drawing

                                       31

     thereunder; (G) evidence that such requested Letter of Credit has been Cash
     Collateralized as required pursuant to Section 2.03(g); and (H) such other
     matters as the L/C Issuer may reasonably require. In the case of a request
     for an amendment of any outstanding Letter of Credit, such Letter of Credit
     Application shall specify in form and detail reasonably satisfactory to the
     L/C Issuer (A) the Letter of Credit to be amended; (B) the proposed date of
     amendment thereof (which shall be a Business Day); (C) the nature of the
     proposed amendment; and (D) such other matters as the L/C Issuer may
     reasonably require, including, if necessary, evidence of additional amounts
     deposited to fully Cash Collateralize the Letter of Credit as required
     pursuant to Section 2.03(g). Additionally, the Borrower shall furnish to
     the L/C Issuer and the Administrative Agent such other documents and
     information pertaining to such requested Letter of Credit issuance or
     amendment, including any Issuer Documents, as the L/C Issuer or the
     Administrative Agent may reasonably require.

          (ii) Promptly after receipt of any Letter of Credit Application, the
     L/C Issuer will confirm with the Administrative Agent (by telephone or in
     writing) that the Administrative Agent has received a copy of such Letter
     of Credit Application from the Borrower and, if not, the L/C Issuer will
     provide the Administrative Agent with a copy thereof. Unless the L/C Issuer
     has received written notice from any Lender, the Administrative Agent or
     any Loan Party, at least one Business Day prior to the requested date of
     issuance or amendment of the applicable Letter of Credit, that one or more
     applicable conditions contained in Article IV shall not then be satisfied,
     then, subject to the terms and conditions hereof, the L/C Issuer shall, on
     the requested date, issue a Letter of Credit for the account of the
     Borrower (or the applicable Subsidiary) or enter into the applicable
     amendment, as the case may be, in each case in accordance with the L/C
     Issuer's usual and customary business practices. Immediately upon the
     issuance of each Letter of Credit, each Lender shall be deemed to, and
     hereby irrevocably and unconditionally agrees to, purchase from the L/C
     Issuer a risk participation in such Letter of Credit in an amount equal to
     the product of such Lender's Applicable Revolving Percentage times the
     amount of such Letter of Credit.

          (iii) Promptly after its delivery of any Letter of Credit or any
     amendment to a Letter of Credit to an advising bank with respect thereto or
     to the beneficiary thereof, the L/C Issuer will also deliver to the
     Borrower and the Administrative Agent a true and complete copy of such
     Letter of Credit or amendment.

     (c) Drawings and Reimbursements; Funding of Participations.

          (i) Upon receipt from the beneficiary of any Letter of Credit of any
     notice of a drawing under such Letter of Credit, the L/C Issuer shall
     notify the Borrower and the Administrative Agent thereof. Not later than
     11:00 a.m. on the date of any payment by the L/C Issuer under a Letter of
     Credit (each such date, an "Honor Date"), the Borrower shall reimburse the
     L/C Issuer through the Administrative Agent in an amount equal to the
     amount of such drawing. If the Borrower fails to so reimburse the L/C
     Issuer by such time, the Administrative Agent shall promptly notify each
     Lender of the Honor Date, the amount of the unreimbursed drawing (the
     "Unreimbursed Amount"), and the amount of such Lender's Applicable
     Revolving Percentage thereof. In such event, the Borrower shall

                                       32

     be deemed to have requested a Borrowing of Base Rate Loans to be disbursed
     on the Honor Date in an amount equal to the Unreimbursed Amount, without
     regard to the minimum and multiples specified in Section 2.02 for the
     principal amount of Base Rate Loans, but subject to the amount of the
     unutilized portion of the Aggregate Revolving Commitments and the
     conditions set forth in Section 4.02 (other than the delivery of a Loan
     Notice). Any notice given by the L/C Issuer or the Administrative Agent
     pursuant to this Section 2.03(c)(i) may be given by telephone if
     immediately confirmed in writing; provided that the lack of such an
     immediate confirmation shall not affect the conclusiveness or binding
     effect of such notice.

          (ii) Subject to Section 2.01(b), each Lender shall upon any notice
     pursuant to Section 2.03(c)(i) make funds available to the Administrative
     Agent for the account of the L/C Issuer at the Administrative Agent's
     Office in an amount equal to its Applicable Revolving Percentage of the
     Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified
     in such notice by the Administrative Agent, whereupon, subject to the
     provisions of Section 2.03(c)(iii), each Lender that so makes funds
     available shall be deemed to have made a Base Rate Loan to the Borrower in
     such amount. The Administrative Agent shall remit the funds so received to
     the L/C Issuer.

          (iii) Subject to Section 2.01(b), with respect to any Unreimbursed
     Amount that is not fully refinanced by a Borrowing of Base Rate Loans
     because the conditions set forth in Section 4.02 cannot be satisfied or for
     any other reason, the Borrower shall be deemed to have incurred from the
     L/C Issuer an L/C Borrowing in the amount of the Unreimbursed Amount that
     is not so refinanced, which L/C Borrowing shall be due and payable on
     demand (together with interest) and shall bear interest at the Default
     Rate. In such event, each Lender's payment to the Administrative Agent for
     the account of the L/C Issuer pursuant to Section 2.03(c)(ii) shall be
     deemed payment in respect of its participation in such L/C Borrowing and
     shall constitute an L/C Advance from such Lender in satisfaction of its
     participation obligation under this Section 2.03.

          (iv) Subject to Section 2.01(b), until each Lender funds its Loan or
     L/C Advance pursuant to this Section 2.03(c) to reimburse the L/C Issuer
     for any amount drawn under any Letter of Credit, interest in respect of
     such Lender's Applicable Revolving Percentage of such amount shall be
     solely for the account of the L/C Issuer.

          (v) Subject to Section 2.01(b), each Lender's obligation to make Loans
     or L/C Advances to reimburse the L/C Issuer for amounts drawn under Letters
     of Credit, as contemplated by this Section 2.03(c), shall be absolute and
     unconditional and shall not be affected by any circumstance, including (A)
     any setoff, counterclaim, recoupment, defense or other right which such
     Lender may have against the L/C Issuer, the Borrower or any other Person
     for any reason whatsoever; (B) the occurrence or continuance of a Default,
     or (C) any other occurrence, event or condition, whether or not similar to
     any of the foregoing; provided, however, that each Lender's obligation to
     make Loans pursuant to this Section 2.03(c) is subject to the conditions
     set forth in Section 4.02 (other than delivery by the Borrower of a Loan
     Notice). No such making of an L/C Advance shall relieve or otherwise impair
     the obligation of the Borrower to reimburse the L/C Issuer for

                                       33

     the amount of any payment made by the L/C Issuer under any Letter of
     Credit, together with interest as provided herein.

          (vi) Subject to Section 2.01(b), if any Lender fails to make available
     to the Administrative Agent for the account of the L/C Issuer any amount
     required to be paid by such Lender pursuant to the foregoing provisions of
     this Section 2.03(c) by the time specified in Section 2.03(c)(ii), the L/C
     Issuer shall be entitled to recover from such Lender (acting through the
     Administrative Agent), on demand, such amount with interest thereon for the
     period from the date such payment is required to the date on which such
     payment is immediately available to the L/C Issuer at a rate per annum
     equal to the greater of the Federal Funds Rate and a rate determined by the
     L/C Issuer in accordance with banking industry rules on interbank
     compensation. A certificate of the L/C Issuer submitted to any Lender
     (through the Administrative Agent) with respect to any amounts owing under
     this clause (vi) shall be conclusive absent manifest error.

     (d) Repayment of Participations.

          (i) At any time after the L/C Issuer has made a payment under any
     Letter of Credit and has received from any Lender such Lender's L/C Advance
     in respect of such payment in accordance with Section 2.03(c), if the
     Administrative Agent receives for the account of the L/C Issuer any payment
     in respect of the related Unreimbursed Amount or interest thereon (whether
     directly from the Borrower or otherwise, including proceeds of Cash
     Collateral applied thereto by the Administrative Agent), the Administrative
     Agent will distribute to such Lender its Applicable Revolving Percentage
     thereof (appropriately adjusted, in the case of interest payments, to
     reflect the period of time during which such Lender's L/C Advance was
     outstanding) in the same funds as those received by the Administrative
     Agent.

          (ii) If any payment received by the Administrative Agent for the
     account of the L/C Issuer pursuant to Section 2.03(c)(i) is required to be
     returned under any of the circumstances described in Section 10.05
     (including pursuant to any settlement entered into by the L/C Issuer in its
     discretion), each Lender shall pay to the Administrative Agent for the
     account of the L/C Issuer its Applicable Revolving Percentage thereof on
     demand of the Administrative Agent, plus interest thereon from the date of
     such demand to the date such amount is returned by such Lender, at a rate
     per annum equal to the Federal Funds Rate from time to time in effect. The
     obligations of the Lenders under this clause shall survive the payment in
     full of the Obligations and the termination of this Agreement.

     (e) Obligations Absolute. The obligation of the Borrower to reimburse the
L/C Issuer for each drawing under each Letter of Credit and to repay each L/C
Borrowing shall be absolute, unconditional and irrevocable, and shall be paid
strictly in accordance with the terms of this Agreement under all circumstances,
including the following:

          (i) any lack of validity or enforceability of such Letter of Credit,
     this Agreement, or any other Loan Document;

                                       34

          (ii) the existence of any claim, counterclaim, setoff, defense or
     other right that the Borrower or any Subsidiary may have at any time
     against any beneficiary or any transferee of such Letter of Credit (or any
     Person for whom any such beneficiary or any such transferee may be acting),
     the L/C Issuer or any other Person, whether in connection with this
     Agreement, the transactions contemplated hereby or by such Letter of Credit
     or any agreement or instrument relating thereto, or any unrelated
     transaction;

          (iii) any draft, demand, certificate or other document presented under
     such Letter of Credit proving to be forged, fraudulent, invalid or
     insufficient in any respect or any statement therein being untrue or
     inaccurate in any respect; or any loss or delay in the transmission or
     otherwise of any document required in order to make a drawing under such
     Letter of Credit;

          (iv) any payment by the L/C Issuer under such Letter of Credit against
     presentation of a draft or certificate that does not strictly comply with
     the terms of such Letter of Credit; or any payment made by the L/C Issuer
     under such Letter of Credit to any Person purporting to be a trustee in
     bankruptcy, debtor-in-possession, assignee for the benefit of creditors,
     liquidator, receiver or other representative of or successor to any
     beneficiary or any transferee of such Letter of Credit, including any
     arising in connection with any proceeding under any Debtor Relief Law; or

          (v) any other circumstance or happening whatsoever, whether or not
     similar to any of the foregoing, including any other circumstance that
     might otherwise constitute a defense available to, or a discharge of, the
     Borrower or any Subsidiary.

     The Borrower shall promptly examine a copy of each Letter of Credit and
each amendment thereto that is delivered to it and, in the event of any claim of
noncompliance with the Borrower's instructions or other irregularity, the
Borrower will immediately notify the L/C Issuer. The Borrower shall be
conclusively deemed to have waived any such claim against the L/C Issuer and its
correspondents unless such notice is given as aforesaid.

     (f) Role of L/C Issuer. Each Lender and the Borrower agree that, in paying
any drawing under a Letter of Credit, the L/C Issuer shall not have any
responsibility to obtain any document (other than any sight draft, certificates
and documents expressly required by the Letter of Credit) or to ascertain or
inquire as to the validity or accuracy of any such document or the authority of
the Person executing or delivering any such document. None of the L/C Issuer,
the Administrative Agent, any of their respective Related Parties nor any
correspondent, participant or assignee of the L/C Issuer shall be liable to any
Lender for (i) any action taken or omitted in connection herewith at the request
or with the approval of the Lenders or the Required Revolving Lenders, as
applicable; (ii) any action taken or omitted in the absence of gross negligence
or willful misconduct; or (iii) the due execution, effectiveness, validity or
enforceability of any document or instrument related to any Letter of Credit or
Issuer Document. The Borrower hereby assumes all risks of the acts or omissions
of any beneficiary or transferee with respect to its use of any Letter of
Credit; provided, however, that this assumption is not intended to, and shall
not, preclude the Borrower's pursuing such rights and remedies as it may have
against the beneficiary or transferee at law or under any other agreement. None
of the L/C Issuer, the Administrative Agent, any of their respective Related
Parties nor any correspondent, participant

                                       35

or assignee of the L/C Issuer shall be liable or responsible for any of the
matters described in clauses (i) through (v) of Section 2.03(e); provided,
however, that anything in such clauses to the contrary notwithstanding, the
Borrower may have a claim against the L/C Issuer, and the L/C Issuer may be
liable to the Borrower, to the extent, but only to the extent, of any direct, as
opposed to consequential or exemplary, damages suffered by the Borrower which
the Borrower proves were caused by the L/C Issuer's willful misconduct or gross
negligence or the L/C Issuer's willful failure to pay under any Letter of Credit
after the presentation to it by the beneficiary of a sight draft and
certificate(s) strictly complying with the terms and conditions of a Letter of
Credit. In furtherance and not in limitation of the foregoing, the L/C Issuer
may accept documents that appear on their face to be in order, without
responsibility for further investigation, regardless of any notice or
information to the contrary, and the L/C Issuer shall not be responsible for the
validity or sufficiency of any instrument transferring or assigning or
purporting to transfer or assign a Letter of Credit or the rights or benefits
thereunder or proceeds thereof, in whole or in part, which may prove to be
invalid or ineffective for any reason.

     (g) Cash Collateral. The Borrower shall Cash Collateralize each requested
Letter of Credit with an expiry date that would occur after the Letter of Credit
Expiration Date (or requested increases in the face amount of any such
outstanding Letter of Credit) prior to or simultaneously with the submission of
any Letter of Credit Application delivered to the L/C Issuer pursuant to Section
2.03(b) in an amount equal to 104% of the face amount of such requested Letter
of Credit or outstanding Letter of Credit, as the case may be. Further, upon the
request of the Administrative Agent, as to any L/C Obligation not Cash
Collateralized pursuant to the previous sentence, (i) if the L/C Issuer has
honored any full or partial drawing request under any Letter of Credit and such
drawing has resulted in an L/C Borrowing, (ii) if, as of the Letter of Credit
Expiration Date, any such L/C Obligation for any reason remains outstanding, or
(iii) if, as of the fifteenth day prior to the current Revolving Maturity Date,
the Borrower has not received, to the satisfaction of the Administrative Agent,
firm commitments from the Lenders to extend such Revolving Maturity Date for at
least another 364 days, and firm commitments from the Lenders and any financial
institutions not party to this Agreement on such date, but who have committed to
become Lenders under this Agreement when extended by an additional 364 days, in
an amount not less than the Outstanding Amount of all L/C Obligations, the
Borrower shall, in each case, immediately Cash Collateralize any such
Outstanding Amount of all L/C Obligations that has not been previously Cash
Collateralized. Sections 2.05(b) and 8.02(c) set forth certain additional
requirements to deliver Cash Collateral hereunder. For purposes of this Section
2.03, Section 2.05(b) and Section 8.02(c), "Cash Collateralize" means to pledge
and deposit with or deliver to the Administrative Agent, for the benefit of the
L/C Issuer and the Lenders, as collateral for the L/C Obligations, cash or
deposit account balances pursuant to documentation in form and substance
reasonably satisfactory to the Administrative Agent and the L/C Issuer (which
documents are hereby consented to by the Lenders). Derivatives of such term have
corresponding meanings. The Borrower hereby grants to the Administrative Agent,
for the benefit of the L/C Issuer and the Lenders, a security interest in all
such cash, deposit accounts and all balances therein and all proceeds of the
foregoing. Cash Collateral shall be maintained in blocked, non-interest bearing
deposit accounts at Bank of America.

     (h) Applicability of ISP. Unless otherwise expressly agreed by the L/C
Issuer and the Borrower when a Letter of Credit is issued, the rules of the ISP
shall apply to each standby Letter of Credit.

                                       36

     (i) Letter of Credit Fees. The Borrower shall pay to the Administrative
Agent for the account of each Lender in accordance with its Applicable Revolving
Percentage a Letter of Credit fee (the "Letter of Credit Fee") for each Letter
of Credit equal to the Applicable Rate times the daily amount available to be
drawn under such Letter of Credit. For purposes of computing the daily amount
available to be drawn under any Letter of Credit, the amount of such Letter of
Credit shall be determined in accordance with Section 1.06. Letter of Credit
Fees shall be (i) computed on a quarterly basis in arrears and (ii) due and
payable on the first Business Day after the end of each March, June, September
and December, commencing with the first such date to occur after the issuance of
such Letter of Credit, on the Letter of Credit Expiration Date and thereafter on
demand. Notwithstanding anything to the contrary contained herein, upon the
request of the Required Revolving Lenders, while any Event of Default exists,
all Letter of Credit Fees shall accrue at the Default Rate. Notwithstanding the
foregoing, the Administrative Agent shall disperse the Letter of Credit Fee
among the applicable Lenders in accordance with the Lender Fee Letter.

     (j) Fronting Fee and Documentary and Processing Charges Payable to L/C
Issuer. The Borrower shall pay directly to the L/C Issuer for its own account a
fronting fee with respect to each Letter of Credit, at the rate per annum equal
to 0.125%, computed on the daily amount available to be drawn under such Letter
of Credit on a quarterly basis in arrears, and due and payable on the first
Business Day after the end of each March, June, September and December,
commencing with the first such date to occur after the issuance of such Letter
of Credit, on the Letter of Credit Expiration Date and thereafter on demand. For
purposes of computing the daily amount available to be drawn under any Letter of
Credit, the amount of such Letter of Credit shall be determined in accordance
with Section 1.06. In addition, the Borrower shall pay directly to the L/C
Issuer for its own account the customary issuance, presentation, amendment and
other processing fees, and other standard costs and charges, of the L/C Issuer
relating to letters of credit as from time to time in effect. Such customary
fees and standard costs and charges are due and payable on demand and are
nonrefundable.

     (k) Conflict with Issuer Documents. In the event of any conflict between
the terms hereof and the terms of any Issuer Document, the terms hereof shall
control.

     (l) Letters of Credit Issued for Subsidiaries. Notwithstanding that a
Letter of Credit issued or outstanding hereunder is in support of any
obligations of, or is for the account of, a Subsidiary, the Borrower shall be
obligated to reimburse the L/C Issuer hereunder for any and all drawings under
such Letter of Credit. The Borrower hereby acknowledges that the issuance of
Letters of Credit for the account of Subsidiaries inures to the benefit of the
Borrower, and that the Borrower's business derives substantial benefits from the
businesses of such Subsidiaries.

     2.04 [INTENTIONALLY OMITTED.]

     2.05 PREPAYMENTS.

     (a) Optional Prepayments. The Borrower may, upon notice to the
Administrative Agent, at any time or from time to time voluntarily prepay Loans
in whole or in part without premium or penalty; provided that (i) such notice
must be received by the Administrative Agent not later than 11:00 a.m. (A) three
Business Days prior to any date of prepayment of Eurodollar

                                       37

Rate Loans and (B) on the date of prepayment of Base Rate Loans; (ii) any
prepayment of Eurodollar Rate Loans shall be in a principal amount of $500,000
or a whole multiple of $100,000 in excess thereof; and (iii) any prepayment of
Base Rate Loans shall be in a principal amount of $100,000 or a whole multiple
of $50,000 in excess thereof or, in each case, if less, the entire principal
amount thereof then outstanding. Each such notice shall specify the date and
amount of such prepayment and the Type(s) of Loans to be prepaid. The
Administrative Agent will promptly notify each Lender of its receipt of each
such notice, and of the amount of such Lender's Applicable Percentage of such
prepayment. If such notice is given by the Borrower, the Borrower shall make
such prepayment and the payment amount specified in such notice shall be due and
payable on the date specified therein. Any prepayment of a Eurodollar Rate Loan
shall be accompanied by all accrued interest on the amount prepaid, together
with any additional amounts required pursuant to Section 3.04. Each such
prepayment shall be applied to the Loans of the Lenders in accordance with their
respective Applicable Percentages.

     (b) Mandatory Prepayments.

          (i) If for any reason the Revolving Outstandings at any time exceed
     the Aggregate Revolving Commitments then in effect, the Borrower shall
     immediately prepay Revolving Loans and/or Cash Collateralize the L/C
     Obligations in an aggregate amount equal to such excess; provided, however,
     that the Borrower shall not be required to Cash Collateralize the L/C
     Obligations pursuant to this Section 2.05(b)(i) unless after the prepayment
     in full of the Revolving Loans the Revolving Outstandings exceed the
     Aggregate Revolving Commitments then in effect.

          (ii) If on any date the Borrower or any of its Subsidiaries (except
     its Excluded Subsidiaries, and Pinnacle Towers and its Subsidiaries prior
     to the date of the Permitted Securitization) shall receive Net Cash
     Proceeds from (A) any incurrence of Indebtedness by the Borrower or any
     such Subsidiaries, other than Indebtedness permitted pursuant to Section
     7.01, (B) any Asset Sale, the Net Cash Proceeds of which, when taken
     together with the Net Cash Proceeds of all other Asset Sales consummated
     from the Closing Date, exceed $1,000,000 or (C) any Extraordinary Receipts,
     the Net Cash Proceeds of which exceed $50,000 from any individual or series
     of events, then 100% of such Net Cash Proceeds (1) shall be applied on the
     third Business Day following receipt of such Net Cash Proceeds toward the
     prepayment of the Loans, or (2) if no there are Loans outstanding, shall be
     used to Cash Collateralize the Letters of Credit.

          (iii) If on any date the Borrower or any of its Subsidiaries (except
     its Excluded Subsidiaries, and Pinnacle Towers and its Subsidiaries prior
     to the date of the Permitted Securitization) shall receive Net Cash
     Proceeds from any Recovery Event, 100% of such Net Cash Proceeds shall be
     applied on the third Business Day following receipt of such Net Cash
     Proceeds toward the prepayment of the Loans, or, if there are no Loans
     outstanding, to Cash Collateralize the Letters of Credit; provided that
     such prepayment shall not be required if all of the following requirements
     are satisfied: (i) the aggregate amount of all such Net Cash Proceeds is
     not greater than $5,000,000, (ii) such Net Cash Proceeds are (A) reinvested
     in other like assets within 180 days of the Recovery Event that gave rise
     to such Net Cash Proceeds or (B) committed to be reinvested in other like
     assets within 180 days of such Recovery Event and reinvested in such assets
     within 270 days of

                                       38

     such Recovery Event, (iii) such Net Cash Proceeds are held in a segregated
     deposit account that is subject to a perfected first priority security
     interest in favor of Administrative Agent for the benefit of the Agents and
     the Lenders, and (iv) the reinvestment or commitment to reinvest such Net
     Cash Proceeds pursuant to clause (ii) above is pre-approved in writing by
     the Required Lenders in their reasonable discretion.

     2.06 TERMINATION OR REDUCTION OF REVOLVING COMMITMENTS. On the earlier to
occur of (i) the date that is six months from the Original Closing Date and (ii)
the date of any issuance of the Capital Stock of Global Signal (other than as a
result of the exercise of any options or warrants outstanding on the date hereof
or any issuance of Capital Stock in connection with the consummation of the Carl
Lewis Transaction), the aggregate Net Cash Proceeds of which exceed $5,000,0000,
the Borrower shall permanently reduce the Aggregate Revolving Commitments, after
giving effect thereto and to any concurrent prepayments hereunder, to an amount
not to exceed $15,000,000. Further, the Borrower may, upon notice to the
Administrative Agent, terminate the Aggregate Revolving Commitments, or from
time to time permanently reduce the Aggregate Revolving Commitments; provided
that (i) any such notice shall be irrevocable and shall be received by the
Administrative Agent not later than 11:00 a.m. five Business Days prior to the
date of termination or reduction, (ii) any such partial reduction shall be in an
aggregate amount of $500,000 or any whole multiple of $100,000 in excess
thereof, and (iii) the Borrower shall not terminate or reduce the Aggregate
Revolving Commitments if, after giving effect thereto and to any concurrent
prepayments hereunder, the Revolving Outstandings would exceed the Aggregate
Revolving Commitments. The Administrative Agent will promptly notify the Lenders
of any such notice of termination or reduction of the Aggregate Revolving
Commitments. Any reduction of the Aggregate Revolving Commitments shall be
applied to the Revolving Commitment of each Lender according to its Applicable
Revolving Percentage. All fees accrued until the effective date of any
termination of the Aggregate Revolving Commitments shall be paid on the
effective date of such termination.

     2.07 REPAYMENT OF LOANS. Subject to Section 8.02, The Borrower shall repay
to the Lenders (i) on the Term Loan Maturity Date the aggregate principal amount
of the Term Loans outstanding on such date, together with all accrued and unpaid
interest thereon and (ii) on the Revolving Loan Maturity Date the aggregate
principal amount of Loans outstanding on such date, together with any other
unpaid Obligations.

     2.08 INTEREST.

     (a) Subject to the provisions of subsection (b) below, (i) each Eurodollar
Rate Loan shall bear interest on the outstanding principal amount thereof for
each Interest Period at a rate per annum equal to the Eurodollar Rate for such
Interest Period plus the Applicable Rate; and (ii) each Base Rate Loan shall
bear interest on the outstanding principal amount thereof from the applicable
borrowing date at a rate per annum equal to the Base Rate plus the Applicable
Rate. Notwithstanding the foregoing, the Administrative Agent shall distribute
the amounts paid in respect of the Revolving Loans pursuant to this Section
2.08(a) among the Lenders in accordance with the Lender Fee Letter.

                                       39

     (b) (i) If any amount of principal of any Loan is not paid when due
(without regard to any applicable grace periods), whether at stated maturity, by
acceleration or otherwise, such amount shall thereafter bear interest at a
fluctuating interest rate per annum at all times equal to the Default Rate to
the fullest extent permitted by applicable Laws.

          (ii) If any amount (other than principal of any Loan) payable by the
     Borrower under any Loan Document is not paid when due (without regard to
     any applicable grace periods), whether at stated maturity, by acceleration
     or otherwise, then upon the request of the Required Lenders, such amount
     shall thereafter bear interest at a fluctuating interest rate per annum at
     all times equal to the Default Rate to the fullest extent permitted by
     applicable Laws.

          (iii) Upon the request of the Required Lenders, while any Event of
     Default exists, the Borrower shall pay interest on the principal amount of
     all outstanding Obligations hereunder at a fluctuating interest rate per
     annum at all times equal to the Default Rate to the fullest extent
     permitted by applicable Laws.

          (iv) Accrued and unpaid interest on past due amounts (including
     interest on past due interest) shall be due and payable upon demand.

     (c) Interest on each Loan shall be due and payable in arrears on each
Interest Payment Date applicable thereto and at such other times as may be
specified herein. Interest hereunder shall be due and payable in accordance with
the terms hereof before and after judgment, and before and after the
commencement of any proceeding under any Debtor Relief Law.

     2.09 FEES. In addition to certain fees described in subsections (i) and (j)
of Section 2.03:

     (a) Facility Fee. The Borrower shall pay to the Administrative Agent for
the account of each Lender in accordance with its Applicable Revolving
Percentage, a facility fee with respect to the Aggregate Revolving Commitments
(the "Revolving Facility Fee") equal to the Applicable Rate times the sum of the
actual daily amount of the Aggregate Revolving Commitments (or, if the Aggregate
Revolving Commitments have terminated, on the sum of the Outstanding Amount of
all Revolving Loans), regardless of usage. The Revolving Facility Fee shall
accrue at all times during the Revolving Loan Availability Period (and
thereafter so long as any Revolving Loans or L/C Obligations remain
outstanding), including at any time during which one or more of the conditions
in Article IV is not met, and shall be due and payable quarterly in arrears on
the last Business Day of each March, June, September and December, commencing
with the first such date to occur after the Original Closing Date, and on the
Maturity Date (and, if applicable, thereafter on demand). The Revolving Facility
Fee shall be calculated quarterly in arrears. Notwithstanding the foregoing, the
Administrative Agent shall disburse the Revolving Facility Fee among the Lenders
in accordance with the Lender Fee Letter.

                                       40

     (b) Other Fees. (i) The Borrower shall pay to the Administrative Agent for
its own account fees in the amounts and at the times specified in the Fee
Letter. Such fees shall be fully earned when paid and shall not be refundable
for any reason whatsoever.

          (ii) The Borrower shall pay to the Lenders such fees as shall have
     been separately agreed upon in writing in the amounts and at the times so
     specified. Such fees shall be fully earned when paid and shall not be
     refundable for any reason whatsoever.

     2.10 COMPUTATION OF INTEREST AND FEES. All computations of interest for
Base Rate Loans when the Base Rate is determined by Bank of America's "prime
rate" shall be made on the basis of a year of 365 or 366 days, as the case may
be, and actual days elapsed. All other computations of fees and interest shall
be made on the basis of a 360-day year and actual days elapsed (which results in
more fees or interest, as applicable, being paid than if computed on the basis
of a 365-day year). Interest shall accrue on each Loan for the day on which the
Loan is made, and shall not accrue on a Loan, or any portion thereof, for the
day on which the Loan or such portion is paid, provided that any Loan that is
repaid on the same day on which it is made shall, subject to Section 2.12(a),
bear interest for one day. Each determination by the Administrative Agent of an
interest rate or fee hereunder shall be conclusive and binding for all purposes,
absent manifest error.

     2.11 EVIDENCE OF DEBT.

     (a) The Credit Extensions made by each Lender shall be evidenced by one or
more accounts or records maintained by such Lender and by the Administrative
Agent in the ordinary course of business. The accounts or records maintained by
the Administrative Agent and each Lender shall be conclusive absent manifest
error of the amount of the Credit Extensions made by the Lenders to the Borrower
and the interest and payments thereon. Any failure to so record or any error in
doing so shall not, however, limit or otherwise affect the obligation of the
Borrower hereunder to pay any amount owing with respect to the Obligations. In
the event of any conflict between the accounts and records maintained by any
Lender and the accounts and records of the Administrative Agent in respect of
such matters, the accounts and records of the Administrative Agent shall control
in the absence of manifest error. Upon the request of any Lender made through
the Administrative Agent, the Borrower shall execute and deliver to such Lender
(through the Administrative Agent) a Note, which shall evidence such Lender's
Loans in addition to such accounts or records. Each Lender may attach schedules
to its Note and endorse thereon the date, Type (if applicable), Class, amount
and maturity of its Loans and payments with respect thereto.

     (b) In addition to the accounts and records referred to in subsection (a),
each Lender and the Administrative Agent shall maintain in accordance with its
usual practice accounts or records evidencing the purchases and sales by such
Lender of participations in Letters of Credit. In the event of any conflict
between the accounts and records maintained by the Administrative Agent and the
accounts and records of any Lender in respect of such matters, the accounts and
records of the Administrative Agent shall control in the absence of manifest
error.

                                       41

     2.12 PAYMENTS GENERALLY; ADMINISTRATIVE AGENT'S CLAWBACK.

     (a) General. All payments to be made by the Borrower shall be made without
condition or deduction for any counterclaim, defense, recoupment or setoff.
Except as otherwise expressly provided herein, all payments by the Borrower
hereunder shall be made to the Administrative Agent, for the account of the
respective Lenders to which such payment is owed, at the Administrative Agent's
Office in Dollars and in immediately available funds not later than 2:00 p.m. on
the date specified herein. The Administrative Agent will promptly distribute to
each Lender its Applicable Percentage (or other applicable share as provided
herein) of such payment in like funds as received by wire transfer to such
Lender's Lending Office. All payments received by the Administrative Agent after
2:00 p.m. shall be deemed received on the next succeeding Business Day and any
applicable interest or fee shall continue to accrue. If any payment to be made
by the Borrower shall come due on a day other than a Business Day, payment shall
be made on the next following Business Day, and such extension of time shall be
reflected in computing interest or fees, as the case may be. Notwithstanding the
foregoing, the Administrative Agent shall disperse the any payments hereunder
among the Lenders in accordance with the Lender Fee Letter.

     (b) (i) Funding by Lenders; Presumption by Administrative Agent. Subject to
Section 2.01(b), unless the Administrative Agent shall have received notice from
a Lender prior to the proposed time of any Borrowing that such Lender will not
make available to the Administrative Agent such Lender's share of such
Borrowing, the Administrative Agent may assume that such Lender has made such
share available on such date in accordance with Section 2.02 and may, in
reliance upon such assumption, make available to the Borrower a corresponding
amount. In such event, if a Lender has not in fact made its share of the
applicable Borrowing available to the Administrative Agent, then the applicable
Lender and the Borrower severally agree to pay to the Administrative Agent
forthwith on demand such corresponding amount in immediately available funds
with interest thereon, for each day from and including the date such amount is
made available to the Borrower to but excluding the date of payment to the
Administrative Agent, at (A) in the case of a payment to be made by such Lender,
the greater of the Federal Funds Rate and a rate determined by the
Administrative Agent in accordance with banking industry rules on interbank
compensation and (B) in the case of a payment to be made by the Borrower, the
interest rate applicable to Base Rate Loans. If the Borrower and such Lender
shall pay such interest to the Administrative Agent for the same or an
overlapping period, the Administrative Agent shall promptly remit to the
Borrower the amount of such interest paid by the Borrower for such period. If
such Lender pays its share of the applicable Borrowing to the Administrative
Agent, then the amount so paid shall constitute such Lender's Loan included in
such Borrowing. Any payment by the Borrower shall be without prejudice to any
claim the Borrower may have against a Lender that shall have failed to make such
payment to the Administrative Agent.

          (ii) Payments by Borrower; Presumptions by Administrative Agent.
     Unless the Administrative Agent shall have received notice from the
     Borrower prior to the date on which any payment is due to the
     Administrative Agent for the account of the Lenders or the L/C Issuer
     hereunder that the Borrower will not make such payment, the Administrative
     Agent may assume that the Borrower has made such payment on such date in
     accordance herewith and may, in reliance upon such assumption, distribute
     to the

                                       42

     Lenders or the L/C Issuer, as the case may be, the amount due. In such
     event, if the Borrower has not in fact made such payment, then each of the
     Lenders or the L/C Issuer, as the case may be, severally agrees to repay to
     the Administrative Agent forthwith on demand the amount so distributed to
     such Lender or the L/C Issuer, in immediately available funds with interest
     thereon, for each day from and including the date such amount is
     distributed to it to but excluding the date of payment to the
     Administrative Agent, at the greater of the Federal Funds Rate and a rate
     determined by the Administrative Agent in accordance with banking industry
     rules on interbank compensation.

     A notice of the Administrative Agent to any Lender or the Borrower with
respect to any amount owing under this subsection (b) shall be conclusive,
absent manifest error.

     (c) Failure to Satisfy Conditions Precedent. If any Lender makes available
to the Administrative Agent funds for any Loan to be made by such Lender as
provided in the foregoing provisions of this Article II, and such funds are not
made available to the Borrower by the Administrative Agent because the
conditions to the applicable Credit Extension set forth in Article IV are not
satisfied or waived in accordance with the terms hereof, the Administrative
Agent shall promptly return such funds (in like funds as received from such
Lender) to such Lender, without interest.

     (d) Obligations of Lenders Several. The obligations of the Lenders
hereunder to make Loans, to fund participations in Letters of Credit and to make
payments pursuant to Section 10.04(c) are several and not joint. The failure of
any Lender to make any Loan, to fund any such participation or to make any
payment under Section 10.04(c) on any date required hereunder shall not relieve
any other Lender of its corresponding obligation to do so on such date, and no
Lender shall be responsible for the failure of any other Lender to so make its
Loan, to purchase its participation or to make its payment under Section
10.04(c).

     (e) Funding Source. Nothing herein shall be deemed to obligate any Lender
to obtain the funds for any Loan in any particular place or manner or to
constitute a representation by any Lender that it has obtained or will obtain
the funds for any Loan in any particular place or manner.

     2.13 SHARING OF PAYMENTS BY LENDERS. If any Lender shall, by exercising any
right of setoff or counterclaim or otherwise, obtain payment in respect of any
principal of or interest on any of the Loans made by it, or the participations
in L/C Obligations held by it, resulting in such Lender's receiving payment of a
proportion of the aggregate amount of such Loans or participations and accrued
interest thereon greater than its pro rata share thereof as provided herein,
then the Lender receiving such greater proportion shall (a) notify the
Administrative Agent of such fact, and (b) purchase (for cash at face value)
participations in the Loans and subparticipations in L/C Obligations of the
other Lenders, or make such other adjustments as shall be equitable, so that the
benefit of all such payments shall be shared by the Lenders ratably in
accordance with the aggregate amount of principal of and accrued interest on
their respective Loans and other amounts owing them, provided that:

                                       43

          (i) if any such participations or subparticipations are purchased and
     all or any portion of the payment giving rise thereto is recovered, such
     participations or subparticipations shall be rescinded and the purchase
     price restored to the extent of such recovery, without interest; and

          (ii) the provisions of this Section 2.13 shall not be construed to
     apply to (x) any payment made by the Borrower pursuant to and in accordance
     with the express terms of this Agreement or (y) any payment obtained by a
     Lender as consideration for the assignment of or sale of a participation in
     any of its Loans or subparticipations in L/C Obligations to any assignee or
     participant, other than to the Borrower or any Subsidiary thereof (as to
     which the provisions of this Section 2.13 shall apply).

     Each Loan Party consents to the foregoing and agrees, to the extent it may
effectively do so under applicable law, that any Lender acquiring a
participation pursuant to the foregoing arrangements may exercise against such
Loan Party rights of setoff and counterclaim with respect to such participation
as fully as if such Lender were a direct creditor of such Loan Party in the
amount of such participation.

                                  ARTICLE III.
                     TAXES, YIELD PROTECTION AND ILLEGALITY

     3.01 TAXES.

     (a) Any and all payments by the Borrower under or in respect of this
Agreement or any other Loan Documents to which the Borrower is a party shall be
made free and clear of, and without deduction or withholding for or on account
of, any and all present or future taxes, levies, imposts, deductions, charges or
withholdings, and all liabilities (including penalties, interest and additions
to tax) with respect thereto, whether now or hereafter imposed, levied,
collected, withheld or assessed by any taxation authority or other Governmental
Authority (collectively, "Taxes"), unless required by law. If the Borrower shall
be required under any applicable Requirement of Law to deduct or withhold any
Taxes from or in respect of any sum payable under or in respect of this
Agreement or any of the other Loan Documents to any Lender, (i) Borrower shall
make all such deductions and withholdings in respect of Taxes, (ii) Borrower
shall pay the full amount deducted or withheld in respect of Taxes to the
relevant taxation authority or other Governmental Authority in accordance with
the applicable Requirement of Law, and (iii) the sum payable by Borrower shall
be increased as may be necessary so that after Borrower has made all required
deductions and withholdings (including deductions and withholdings applicable to
additional sums payable under this Section 3.01) such Lender receives an amount
equal to the sum it would have received had no such deductions or withholdings
been made in respect of Non-Excluded Taxes. For purposes of this Agreement and
except as otherwise provided in Section 3.01(f) and Section 3.01(g), the term
"Non-Excluded Taxes" are Taxes other than, in the case of each Lender, Taxes
that are imposed on or measured by its overall net income (including franchise
taxes imposed in lieu thereof and branch profit taxes, and including penalties,
interest and additions to Tax with respect thereto), by the jurisdiction under
the laws of which such Lender is organized or of its Applicable Lending Office,
or any political subdivision thereof, unless Taxes are imposed as a result of a
connection that arises solely from such Lender having executed, delivered or
performed its obligations or

                                       44

received payments under, or enforced, this Agreement or any of the other Loan
Documents (in which case such Taxes will be treated as Non-Excluded Taxes).

     (b) In addition, Borrower hereby agrees to pay any present or future stamp,
recording, documentary, excise, property or similar taxes, charges or levies
that arise from any payment made under or in respect of this Agreement or any
other Loan Document or from the execution, delivery or registration of, any
performance under, or otherwise with respect to, this Agreement or any other
Loan Document (collectively, "Other Taxes").

     (c) Borrower hereby agrees to indemnify each Lender for, and to hold each
of them harmless against, the full amount of Non-Excluded Taxes and Other Taxes,
and the full amount of Taxes of any kind imposed on or paid by such Lender, and
any liability (including penalties, additions to tax, interest and expenses)
arising therefrom or with respect thereto, in each case, imposed by any
jurisdiction on amounts payable under this Section 3.01. The indemnity by
Borrower provided for in this Section 3.01(c) shall apply and be made whether or
not the Non-Excluded Taxes or Other Taxes for which indemnification hereunder is
sought have been correctly or legally asserted. Amounts payable by Borrower
under the indemnity set forth in this Section 3.01(c) shall be paid within ten
(10) days from the date on which the applicable Lender, as the case may be,
makes written demand therefor, and provides to Borrower any notice or assessment
made for such Non-Excluded Taxes or Other Taxes received by such Lender from a
Governmental Authority or tax authority.

     (d) Any Lender that receives additional payments from the Borrower pursuant
to Sections 3.01(a), (b) or (c) shall take all reasonable actions (consistent
with its internal policy and legal and regulatory restrictions) requested by
Borrower to assist Borrower, as the case may be, at the sole expense of
Borrower, to recover from the relevant taxation authority or other Governmental
Authority any Taxes in respect of which amounts were paid by Borrower pursuant
to Sections 3.01(a), (b) or (c). However, such Lender will not be required to
take any action that would be, in the sole judgment of such Lender, legally
inadvisable, or commercially or otherwise disadvantageous to such Lender in any
respect, and in no event shall such Lender be required to disclose any tax
returns or any other information that, in the sole judgment of such Lender is
confidential.

     (e) Within 30 days after the date of any payment of Taxes pursuant to
Section 3.01, Borrower (or any Person making such payment on behalf of Borrower)
shall furnish to the applicable Lender a certified copy of the original official
receipt evidencing payment thereof. In the case of any payment under or in
respect of this Agreement or any of the other Loan Documents by or on behalf of
Borrower through an account or branch outside the United States, or on behalf of
Borrower by a payor that is not a United States person, if Borrower determines
that no Taxes are payable in respect thereof, Borrower shall furnish, or shall
cause such payor to furnish, to the applicable Lender an opinion of counsel
reasonably acceptable to the applicable Lender stating that such payment is
exempt from Taxes. For purposes of this Section 3.01(e) and subsection (f) of
this Section 3.01, the terms "United States" and "United States person" shall
have the meanings specified in Section 7701 of the Internal Revenue Code.

     (f) On or before the first payment date hereunder to which each Lender
(including any participant, assignee or successor) is entitled, and from time to
time thereafter if requested in

                                       45

writing by Borrower (but only so long as such Lender remains lawfully able to do
so), any Lender that either (i) is not incorporated under the laws of the United
States, any State thereof, or the District of Columbia or (ii) whose name does
not include "Incorporated," "Inc.," "Corporation," "Corp.," "P.C.," "insurance
company," or "assurance company" (a "Non-Exempt Lender"), shall deliver or cause
to be delivered to Borrower the following properly completed and duly executed
documents:

          (i) a complete and executed (x) U.S. Internal Revenue Form W-8BEN with
     Part II completed in which a Lender claims the benefits of a tax treaty
     with the United States providing for a reduced or zero rate of withholding
     (or any successor forms thereto), including all appropriate attachments or
     (y) a U.S. Internal Revenue Service Form W-8ECI (or any successor form
     thereto); or

          (ii) in the case of an individual, (x) a complete and executed U.S.
     Internal Revenue Service Form W-8BEN (or any successor forms thereto) and a
     certificate substantially in the form of Exhibit G (a "Section 3.01
     Certificate") or (y) a complete and executed Internal Revenue Service Form
     W-9 (or any successor form thereto); or

          (iii) in the case of a Non-Exempt Lender that is organized under the
     laws of the United States, any State thereof, or the District of Columbia,
     (x) a complete and executed Internal Revenue Service Form W-9 (or any
     successor forms thereto), including all appropriate attachments or (y) if
     such Non-Exempt Lender is disregarded for federal income tax purposes, the
     documents that would be required by clause (1), (2), (3), (4) or (5) with
     respect to its beneficial owner if such beneficial owner were Lender; or

          (iv) in the case of a Non-Exempt Lender that (i) is not organized
     under the laws of the United States, any State thereof, or the District of
     Columbia, and (ii) is treated as a corporation for U.S. federal income tax
     purposes, a complete and executed U.S. Internal Revenue Service Form W-8BEN
     claiming a zero rate of withholding (or any successor forms thereto) and a
     Section 3.01 Certificate; or

          (v) in the case of a Non-Exempt Lender that (A) is treated as a
     partnership or other non-corporate entity, or is disregarded for U.S.
     federal income tax purposes, and (B) is not organized under the laws of the
     United States, any State thereof, or the District of Columbia, a (x) a
     complete and executed Internal Revenue Service Form W-8IMY (including all
     required documents and attachments) (or any successor form thereto), and
     (y)(i) a Section 3.01 Certificate, and (ii) without duplication, with
     respect to each of its beneficial owners and the beneficial owners of such
     beneficial owners looking through chains of owners to individuals or
     entities that are treated as corporations for U.S. federal income tax
     purposes (all such owners, "beneficial owners"), the documents that would
     be required by clause (1), (2), (3), (4) or this clause (5) with respect to
     each such beneficial owner if such beneficial owner were a Lender;
     provided, however, that no such documents will be required with respect to
     a beneficial owner to the extent the actual Lender is determined to be in
     compliance with the requirements for certification on behalf of its
     beneficial owner as may be provided in applicable U.S. Treasury
     regulations, or the requirements of this clause (5) are otherwise
     determined to be unnecessary, all such determinations under this clause (5)
     to be made in the sole discretion of Borrower.

                                       46

     If the forms referred to above in this Section 3.01(f) that are provided by
a Lender at the time such Lender first becomes a party to this Agreement
indicate a United States interest withholding tax rate in excess of zero,
withholding tax at such rate shall be treated as Taxes other than "Non-Excluded
Taxes" ("Excluded Taxes") and shall not qualify as Non-Excluded Taxes unless and
until such Lender provides the appropriate form certifying that a lesser rate
applies, whereupon withholding tax at such lesser rate shall be considered
Excluded Taxes solely for the periods governed by such form. If, however, on the
date of the Assignment and Acceptance pursuant to which a Lender assignee
becomes a party to this Agreement, Lender assignor was entitled to
indemnification or increased amounts under this Section 3.01, then the Lender
assignee shall be entitled to indemnification or increased amounts to the extent
(and only to the extent) that the Lender assignor was entitled to such
indemnification or increased amounts for Non-Excluded Taxes, and the Lender
assignee shall be entitled to additional indemnification or increased amounts
for any other or additional Non-Excluded Taxes. Any additional Taxes in respect
of a Lender that result solely and directly from a change in the Applicable
Lending Office of such Lender shall be treated as Excluded Taxes (and shall not
qualify as Non-Excluded Taxes) (A) except for any additional Non-Excluded Taxes
imposed as a result of a change in the applicable Requirement of Law, or in the
interpretation or application thereof, occurring after the date of such change
or (B) unless such change is made at the request of the Borrower for such Lender
to change its Applicable Lending Office.

     (g) For any period with respect to which any Lender has failed to provide
Borrower with the appropriate form, certificate or other document described in
subsection (f) of this Section 3.01 (other than (i) if such failure is due to a
change in any applicable Requirement of Law, or in the interpretation or
application thereof, occurring after the date on which a form, certificate or
other document originally was required to be provided, (ii) if such form,
certificate or other document otherwise is not required under subsection (f) of
this Section 3.01 or (iii) if it is legally inadvisable or otherwise
commercially disadvantageous for such Lender to deliver such form, certificate
or other document), such Lender shall not be entitled to indemnification or
additional amounts under subsection (a) or (c) of this Section 3.01 with respect
to Non-Excluded Taxes imposed by the United States by reason of such failure;
provided, however, that should a Lender become subject to Non-Excluded Taxes
because of its failure to deliver a form, certificate or other document required
hereunder, Borrower shall take such steps as such Lender shall reasonably
request to assist such Lender in recovering such Non-Excluded Taxes.

     (h) The agreements in this Section 3.01 shall survive the termination of
this Agreement and the payment of the Loans and all other amounts payable
hereunder.

     (i) For the purposes of this Section 3.01, references to the Lenders shall
be deemed to refer to the Lenders and/or the L/C Issuer, as applicable.

     3.02 ILLEGALITY. Notwithstanding any other provision herein, if the
adoption of or any change in any Requirement of Law or in the interpretation or
application thereof shall make it unlawful for any Lender to make or maintain
Eurodollar Rate Loans as contemplated by this Agreement, (a) the commitment of
such Lender hereunder to make Eurodollar Rate Loans and continue Eurodollar Rate
Loans as such shall forthwith be cancelled, and (b) such Lender's Loans then
outstanding as Eurodollar Rate Loans, if any, shall be converted automatically
to Base Rate Loans.

                                       47

     3.03 INABILITY TO DETERMINE RATES. If on any day:

     (a) the Administrative Agent shall have determined (which determination
shall be conclusive and binding upon the Borrower) that, by reason of
circumstances affecting the relevant market, adequate and reasonable means do
not exist for ascertaining the Eurodollar Rate; or

     (b) the Administrative Agent shall have received notice from the Required
Lenders that the Eurodollar Rate determined or to be determined on such day will
not adequately and fairly reflect the cost to such Lenders (as conclusively
certified by such Lenders) of making or maintaining their Eurodollar Rate Loans,

then the Administrative Agent shall give telecopy or telephonic notice thereof
to the Borrower as soon as practicable thereafter. If such notice is given (x)
any Eurodollar Rate Loans under this Agreement requested to be made on such day
shall be made as Base Rate Loans, (y) any Base Rate Loans that were to have been
converted on such day to Eurodollar Rate Loans shall be continued as Base Rate
Loans, and (z) any outstanding Eurodollar Rate Loans shall be converted on such
day to Base Rate Loans. Until such notice has been withdrawn by the
Administrative Agent, no further Eurodollar Rate Loans under this Agreement
shall be made or continued as such. The Administrative Agent shall withdraw any
such notice pursuant to clause (a) above if the Administrative Agent determines
that the relevant circumstances have ceased to exist.

     3.04 REQUIREMENTS OF LAW.

     (a) If the adoption of or any change in any Requirement of Law or in the
interpretation or application thereof or compliance by any Lender with any
request or directive (whether or not having the force of law) from any central
bank or other Governmental Authority made subsequent to (A) the date that such
Lender became a party to this Agreement, (B) with respect to a transfer or
assignment made pursuant to Section 10.06(b) or (d) hereof, the effective date
of such transfer or assignment, except to the extent that such Transferee's
predecessor was entitled to such amounts or (C) with respect to the designation
of a new lending office, the effective date of such designation:

          (i) does or shall subject any Lender to any tax of any kind whatsoever
     with respect to this Agreement, any Note or any Eurodollar Rate Loan made
     by it, or change the basis of taxation of payments to such Lender in
     respect thereof (except for Non-Excluded Taxes resulting from such Lender's
     failure to comply with the provisions of Section 3.01 hereof and changes in
     the rate or manner of determination of tax on the overall net income of
     such Lender together with, in each case, any interest, penalties or
     additions to such taxes);

          (ii) does or shall impose, modify or hold applicable any reserve,
     special deposit, compulsory loan or similar requirement against assets held
     by, deposits or other liabilities in or for the account of, advances, loans
     or other extensions of credit by, or any other acquisition of funds by, any
     office of such Lender which is not otherwise included in the determination
     of the Eurodollar Rate; or

          (iii) does or shall impose on such Lender any other condition;

                                       48

and the result of any of the foregoing is to increase the cost to such Lender,
by an amount which such Lender deems to be material, of making, continuing or
maintaining Eurodollar Rate Loans or to reduce any amount receivable hereunder
in respect thereof, then, in any such case, the Borrower shall promptly, after
receiving notice as specified in Section 3.04(c), pay such Lender such
additional amount or amounts as will compensate such Lender for such increased
cost or reduced amount receivable.

     (b) If any Lender shall have determined that the adoption of or any change
in any Requirement of Law regarding capital adequacy or in the interpretation or
application thereof or compliance by such Lender or any corporation controlling
such Lender with any request or directive regarding capital adequacy (whether or
not having the force of law) from any Governmental Authority made subsequent to
the date hereof shall have the effect of reducing the rate of return on such
Lender's or such corporation's capital as a consequence of its obligations
hereunder to a level below that which such Lender or such corporation could have
achieved but for such adoption, change or compliance (taking into consideration
such Lender's or such corporation's policies with respect to capital adequacy)
by an amount deemed by such Lender to be material, then from time to time, the
Borrower shall promptly pay to such Lender such additional amount or amounts as
will compensate such Lender for such reduction.

     (c) If any Lender becomes entitled to claim any additional amounts pursuant
to this Section 3.04, it shall promptly notify the Borrower (with a copy to the
Administrative Agent) of the event by reason of which it has become so entitled.
A certificate as to any additional amounts payable pursuant to this Section 3.04
submitted by such Lender to the Borrower (with a copy to the Administrative
Agent) shall be conclusive in the absence of manifest error. The agreements in
this Section 3.04 shall survive the termination of this Agreement and the
payment of the Loans and all other amounts payable hereunder.

     (d) Any Lender, if claiming any additional amounts payable pursuant to
Section 3.01 or this Section 3.04, shall use reasonable efforts (consistent with
its internal policy and legal and regulatory restrictions and so long as, in its
sole determination, such efforts would not be disadvantageous to it) to file any
certificate or document reasonably requested in writing by the Borrower if the
making of such a filing would avoid the need for or reduce the amount of any
such additional amounts.

     (e) For the purposes of this Section 3.04, references to the Lenders shall
be deemed to refer to the Lenders and/or the L/C Issuer, as applicable.

     3.05 SURVIVAL. All of the Borrower's obligations under this Article III
shall survive termination of the Aggregate Commitments and repayment of all
other Obligations hereunder.

                                   ARTICLE IV.
                    CONDITIONS PRECEDENT TO CREDIT EXTENSIONS

     4.01 CONDITIONS OF INITIAL TERM B LOAN CREDIT EXTENSION. The obligation of
each Lender to make its initial Term B Loan hereunder is subject to satisfaction
of the following conditions precedent:

                                       49

     (a) The Administrative Agent's receipt of the following, each of which
shall be originals or telecopies (followed promptly by originals) unless
otherwise specified, each properly executed by a Responsible Officer of the
signing Loan Party, each dated the Closing Date (or, in the case of certificates
of governmental officials, a recent date before the Closing Date) and each in
form and substance satisfactory to the Administrative Agent and each of the
Lenders:

          (i) executed counterparts of this Agreement, the Parent Guarantee
     Second Amendment and the Reaffirmations, sufficient in number for
     distribution to the Administrative Agent, each Lender and the Borrower;

          (ii) a Note executed by the Borrower in favor of each Lender
     requesting a Note;

          (iii) such certificates of resolutions or other action, incumbency
     certificates Agent may require evidencing the identity, authority and
     capacity of each Responsible Officer and/or other certificates of
     Responsible Officers of each Loan Party as the Administrative Officer
     thereof authorized to act as a Responsible Officer in connection with this
     Agreement and the other Loan Documents to which such Loan Party is a party;

          (iv) such documents and certifications as the Administrative Agent may
     reasonably require to evidence that each Loan Party is duly organized or
     formed, and that each of the Borrower and the Guarantors is validly
     existing, in good standing and qualified to engage in business in each
     jurisdiction where its ownership, lease or operation of properties or the
     conduct of its business requires such qualification, except to the extent
     that failure to do so could not reasonably be expected to have a Material
     Adverse Effect;

          (v) favorable opinion of Skadden, Arps, Slate, Meagher & Flom LLP, New
     York counsel to the Loan Parties addressed to the Administrative Agent and
     each Lender as to such matters concerning the Loan Parties and the Loan
     Documents as the Required Lenders may reasonably request;

          (vi) a certificate of a Responsible Officer of the Borrower as to the
     matters set forth in Section 5.04;

          (vii) a certificate signed by a Responsible Officer of the Borrower
     certifying (A) that the conditions specified in Sections 4.02(a) and (b)
     have been satisfied, and (B) that there has been no event or circumstance
     since the date of the Audited Financial Statements that has had or could be
     reasonably expected to have, either individually or in the aggregate, a
     Material Adverse Effect;

          (viii) such other assurances, certificates, documents, consents or
     opinions as the Administrative Agent, the L/C Issuer or the Required
     Lenders reasonably may require.

     (b) Any fees required to be paid on or before the Closing Date shall have
been paid.

     (c) Unless waived by the Administrative Agent, the Borrower shall have paid
all fees, charges and disbursements of counsel to the Administrative Agent to
the extent invoiced prior to or on the Closing Date (provided that such invoice
shall not thereafter preclude a final settling of accounts between the Borrower
and the Administrative Agent).

                                       50

     Without limiting the generality of the provisions of Section 9.04, for
purposes of determining compliance with the conditions specified in this Section
4.01, each Lender that has signed this Agreement shall be deemed to have
consented to, approved or accepted or to be satisfied with, each document or
other matter required thereunder to be consented to or approved by or acceptable
or satisfactory to a Lender unless the Administrative Agent shall have received
notice from such Lender prior to the proposed Closing Date specifying its
objection thereto.

     4.02 CONDITIONS TO ALL CREDIT EXTENSIONS. The obligation of each Lender to
honor any Request for Credit Extension (other than a Loan Notice requesting only
a conversion of Loans to the other Type, or a continuation of Eurodollar Rate
Loans) is subject to the following conditions precedent:

     (a) The representations and warranties of the Borrower and each other Loan
Party contained in Article V or any other Loan Document shall be true and
correct in all material respects on and as of the date of such Credit Extension,
except to the extent that such representations and warranties specifically refer
to an earlier date, in which case they shall be true and correct in all material
respects as of such earlier date.

     (b) No Default shall exist, or would result from such proposed Credit
Extension or from the application of the proceeds thereof.

     (c) The Administrative Agent and, if applicable, the L/C Issuer shall have
received a Request for Credit Extension in accordance with the requirements
hereof.

     Each Request for Credit Extension (other than a Loan Notice requesting only
a conversion of Loans to the other Type or a continuation of Eurodollar Rate
Loans) submitted by the Borrower shall be deemed to be a representation and
warranty that the conditions specified in Sections 4.02(a) and (b) have been
satisfied on and as of the date of the applicable Credit Extension.

                                   ARTICLE V.
                         REPRESENTATIONS AND WARRANTIES

     The Borrower represents and warrants to the Administrative Agent and the
Lenders that:

     5.01 FINANCIAL CONDITION. The unaudited consolidated balance sheet of
Global Signal and its consolidated Subsidiaries as at the end of each calendar
month from and after December 31, 2004 until the date hereof, and the related
consolidated statements of income and of cash flows for the calendar month ended
on such dates, certified by a Responsible Officer, copies of which have
heretofore been furnished to each Lender, are complete and correct in all
material respects and present fairly the consolidated condition of the Borrower
and its consolidated Subsidiaries as at such dates, and the consolidated results
of their operations and their consolidated cash flows for the calendar month
then ended. All such financial statements, including the related schedules and
notes thereto, have been prepared in accordance with GAAP (except for, in the
case of any unaudited financial statements, the absence of footnotes and
quarterly and year-end adjustments) applied consistently throughout the periods
involved (except as approved by such accountants or Responsible Officer, as the
case may be, and as disclosed therein). Neither the Borrower nor any of its
consolidated Subsidiaries had, at the date of the

                                       51

most recent balance sheet referred to above, any material Guarantee Obligation,
Contingent Liability (other than earnouts pursuant to an Acquisition) or
liability for taxes, or any long-term lease or unusual forward or long-term
commitment, including, without limitation, any Hedge Agreement (other than those
Hedge Agreements with the Administrative Agent with trades dates of January 11,
2005, February 2, 2005 and March 21, 2005) or other financial derivative, which
is not reflected in the foregoing statements or in the notes thereto, subject to
normal year-end adjustments. During the period from December 31, 2004 to and
including the date hereof there has been no sale, transfer or other disposition
by Global Signal, the Borrower or any of their respective consolidated
Subsidiaries of any material part of its business or property (other than as
permitted hereunder) and no purchase or other acquisition of any business or
property (including any Capital Stock of any other Person), other than
Acquisitions, material in relation to the consolidating financial condition of
Global Signal and its consolidated Subsidiaries at December 31, 2004.

     5.02 NO CHANGE. Since December 31, 2004, there has been no development or
event which has had or is reasonably expected to have a Material Adverse Effect.

     5.03 EXISTENCE; COMPLIANCE WITH LAW. Each of the Borrower and its
Subsidiaries (a) is duly organized, validly existing and in good standing under
the laws of the jurisdiction of its organization, (b) has the requisite power
and authority, and the legal right, to own and operate its property, to lease
the property it operates as lessee and to conduct the business in which it is
currently engaged, (c) is duly qualified as a limited liability company or
corporation, as applicable, and is in good standing under the laws of each
jurisdiction where its ownership, lease or operation of property or the conduct
of its business requires such qualification, and (d) is in compliance with all
Requirements of Law, except to the extent that the failure to comply with any of
the foregoing is not, in the aggregate, reasonably expected to have a Material
Adverse Effect.

     5.04 POWER; AUTHORIZATION; ENFORCEABLE OBLIGATIONS. The Borrower has the
limited partnership power and authority, and the legal right, to make, deliver
and perform the Loan Documents to which it is a party and to borrow hereunder
and has taken all necessary limited partnership company action to authorize the
borrowings on the terms and conditions of this Agreement and any Notes and to
authorize the execution, delivery and performance of the Loan Documents to which
it is a party. With respect to each other Loan Party, such Loan Party has the
limited liability company or corporate (as applicable) power and authority, and
the legal right, to make, deliver and perform the Loan Documents to which it is
a party and has taken all necessary limited liability company or corporate
action (as applicable) to authorize the execution, delivery and performance of
the Loan Documents to which it is a party. No consent or authorization of,
filing with, notice to or other act by or in respect of, any Governmental
Authority or any other Person is required in connection with the borrowings
hereunder or with the execution, delivery, performance, validity or
enforceability of the Loan Documents to which the Borrower is a party. This
Agreement has been, and each other Loan Document to which it is a party will be,
duly executed and delivered on behalf of the Borrower. This Agreement
constitutes, and each other Loan Document to which it is a party when executed
and delivered will constitute, a legal, valid and binding obligation of the
Borrower enforceable against the Borrower in accordance with its terms, subject
to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium and other similar laws relating to or affecting creditors' rights
generally, general

                                       52

equitable principles (whether considered in a proceeding in equity or at law)
and an implied covenant of good faith and fair dealing.

     5.05 NO LEGAL BAR. The execution, delivery and performance of the Loan
Documents to which each of the Borrower and its Subsidiaries is a party, the
borrowings hereunder and the use of the proceeds thereof will not violate any
Requirement of Law or Contractual Obligation of the Borrower or of any of its
Subsidiaries and will not result in, or require, the creation or imposition of
any Lien on any of its or their respective properties or revenues pursuant to
any such Requirement of Law or Contractual Obligation (other than Liens created
by the Security Documents in favor of the Administrative Agent for the benefit
of the Administrative Agent and the Lenders).

     5.06 NO MATERIAL LITIGATION. No litigation, investigation or proceeding of
or before any arbitrator or Governmental Authority is pending or, to the
knowledge of the Borrower, threatened by or against the Borrower or any of its
Subsidiaries or against any of its or their respective properties or revenues
(a) with respect to any of the Loan Documents or any of the transactions
contemplated hereby or thereby or (b) which is reasonably expected to have a
Material Adverse Effect.

     5.07 NO DEFAULT. Neither the Borrower nor any of its Subsidiaries is in
default under or with respect to any of its Contractual Obligations in any
respect which is reasonably expected to have a Material Adverse Effect. No
Default or Event of Default has occurred and is continuing.

     5.08 OWNERSHIP OF PROPERTY; LIENS. Each of the Borrower and each Subsidiary
has good record and marketable title in fee simple to, or valid leasehold
interests in, all real property (other than Towers subject to Site Management
Agreements) necessary or used in the ordinary conduct of its business, except
for such defects in title as could not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect. The property of the
Borrower and its Subsidiaries is subject to no Liens, other than Liens permitted
by Section 7.02.

     5.09 INTELLECTUAL PROPERTY. Each of the Borrower and its Subsidiaries owns,
or is licensed to use, all trademarks, tradenames, copyrights, technology,
know-how and processes necessary for the conduct of its business as currently
conducted except for those of which the failure to so own or license are not
reasonably expected to have a Material Adverse Effect (the "Intellectual
Property"). No claim has been asserted and is pending by any Person challenging
or questioning the use of any such Intellectual Property or the validity or
effectiveness of any such Intellectual Property, which, if successful, would
reasonably be expected to have a Material Adverse Effect, nor does the Borrower
know of any valid basis for any such claim. The use of such Intellectual
Property by the Borrower and its Subsidiaries does not infringe on the rights of
any Person, except for such claims and infringements that, in the aggregate, are
not reasonably expected to have a Material Adverse Effect.

     5.10 NO BURDENSOME RESTRICTIONS. No Requirement of Law or Contractual
Obligation of the Borrower or any of its Subsidiaries has had or is reasonably
expected to have a Material Adverse Effect.

                                       53

     5.11 TAXES.

     (a) Each of the Borrower and its Subsidiaries has timely filed all tax
returns that are required to be filed by them and have timely paid all taxes,
except for any such taxes as are being appropriately contested in good faith by
appropriate proceedings diligently conducted and with respect to which adequate
reserves have been provided.

     (b) There are no Liens for Taxes, except for statutory Liens for Taxes not
yet due and payable and except as permitted by Section 7.02(a); provided that,
with respect to previously purchased Owned Property, to the knowledge of the
Borrower, there are no Liens for Taxes, except for statutory Liens for Taxes not
yet due and payable and except as permitted by Section 7.02(a).

     5.12 FEDERAL REGULATIONS. No part of the proceeds of any Loans will be used
for "purchasing" or "carrying" any "margin stock" within the respective meanings
of each of the quoted terms under Regulation U of the Board of Governors of the
Federal Reserve System as now and from time to time hereafter in effect, or for
any purpose which violates, or which would be inconsistent with, the provisions
of the regulations of such Board of Governors

     5.13 ERISA. Neither a Reportable Event nor an "accumulated funding
deficiency" (within the meaning of Section 412 of the Code or Section 302 of
ERISA) has occurred during the five year period prior to the date on which this
representation is made or deemed made with respect to any Single Employer Plan,
and each Plan (other than a Multiemployer Plan or a multiemployer welfare plan
maintained pursuant to a collective bargaining agreement) has complied in all
material respects with the applicable provisions of ERISA and the Code. No
termination of a Single Employer Plan has occurred, and no Lien in favor of the
PBGC or a Plan has arisen, during such five-year period. The present value of
all accrued benefits under each Single Employer Plan (based on those assumptions
used to fund such Plans) did not, as of the last annual valuation date prior to
the date on which this representation is made or deemed made, exceed the value
of the assets of such Plan allocable to such accrued benefits. Neither the
Borrower nor any Commonly Controlled Entity has had a complete or partial
withdrawal from any Multiemployer Plan, and, to the knowledge of the Borrower,
the Borrower would not become subject to any material liability under ERISA if
Global Signal, the Borrower or any Commonly Controlled Entity were to withdraw
completely from all Multiemployer Plans as of the valuation date most closely
preceding the date on which this representation is made or deemed made. To the
knowledge of the Borrower, no such Multiemployer Plan is in Reorganization or
Insolvent. Except to the extent that any such excess could not have a Material
Adverse Effect, the present value (determined using actuarial and other
assumptions which are reasonable in respect of the benefits provided and the
employees participating) of the liability of the Borrower and each Commonly
Controlled Entity for post retirement benefits to be provided to their current
and former employees under Plans which are welfare benefit plans (as defined in
Section 3(1) of ERISA) other than such liability disclosed in the financial
statements of Global Signal or the Borrower does not, in the aggregate, exceed
the assets under all such Plans allocable to such benefits.

     5.14 INVESTMENT COMPANY ACT; OTHER REGULATIONS. The Borrower is not an
"investment company" within the meaning of the Investment Company Act of 1940
(as

                                       54

amended, the "Investment Company Act"), is not "controlled" by an "investment
company" within the meaning of the Investment Company Act that is not registered
thereunder, and is not required to register under the Investment Company Act.
The Borrower is not subject to regulation under any Federal or State statute or
regulation (other than Regulation X of the Board of Governors of the Federal
Reserve System) which limits its ability to incur Indebtedness.

     5.15 SUBSIDIARIES. Schedule 5.15 sets forth the name of each direct or
indirect Subsidiary of the Borrower, its form of organization, its jurisdiction
of organization, the total number of issued and outstanding shares or other
interests of Capital Stock thereof, the classes and number of issued and
outstanding shares or other interests of Capital Stock of each such class, the
name of each holder of Capital Stock thereof and the number of shares or other
interests of such Capital Stock held by each such holder and the percentage of
all outstanding shares or other interests of such class of Capital Stock held by
such holders.

     5.16 SECURITY DOCUMENTS. The provisions of each Security Document are
effective to create in favor of the Administrative Agent for the benefit of the
Administrative Agent and the Lenders a legal, valid and enforceable security
interest in all right, title and interest of the Loan Party thereto in the
"Collateral" described therein.

     (a) When proper Uniform Commercial Code financing statements or amendments
to Uniform Commercial Code financing statements previously filed in connection
with this Agreement have been filed in the offices in the jurisdictions listed
in Schedule 5.16, the security interest created by the Security Agreement shall
constitute a fully perfected first priority Lien on, and security interest in,
all right, title and interest of the Borrower in the "Collateral" described
therein, which can be perfected by such filing.

     (b) (i) When certificates representing the Pledged Stock (as defined in the
Pledge Agreement) are delivered to the Administrative Agent, together with stock
powers endorsed in blank by a duly authorized officer of the pledgors thereof,
the security interest created by the Pledge Agreement shall constitute a fully
perfected first priority Lien on, and security interest in, all right, title and
interest of the pledgors parties thereto in the "Collateral" described therein.

          (ii) The Borrower does not own any property, or have any interest in
     any property, that is not subject to a fully perfected first priority Lien
     on, or security interest in, such property in favor of the Administrative
     Agent (for the benefit of the Administrative Agent and the Lenders),
     subject only to Liens permitted under Section 7.02 other than its ownership
     interests in the Excluded Subsidiaries, and, prior to the Permitted
     Securitization, Pinnacle Towers and its Subsidiaries.

     5.17 TRUE AND COMPLETE DISCLOSURE. The information, reports, financial
statements, exhibits and schedules furnished in writing by or on behalf of the
Loan Parties to the Administrative Agent or the Lenders in connection with the
negotiation, preparation or delivery of this Agreement and the other Loan
Documents, or included herein or delivered pursuant hereto, when taken as a
whole, do not contain any untrue statement of material fact or omit to state any
material fact necessary to make the statements herein or therein, in light of
the circumstances under which they were made, not misleading. All written
information furnished after the date hereof by or on behalf of the Loan Parties
to the Administrative Agent or the

                                       55

Lenders in connection with this Agreement and the other Loan Documents and the
transactions contemplated hereby and thereby will be true, complete and accurate
in every material respect, or (in the case of projections) based on reasonable
estimates, on the date as of which such information is stated or certified, it
being understood that there is no assurance that any projections will be
obtained. There is no fact known to a Responsible Officer of the Borrower, after
due inquiry, that could reasonably be expected to have a Material Adverse Effect
that has not been disclosed herein, in the other Loan Documents or in a report,
financial statement, exhibit, schedule, disclosure letter or other writing
furnished to the Administrative Agent or the Lenders for use in connection with
the transactions contemplated hereby or thereby.

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

     5.19 INSURANCE. The Borrower and each of its Subsidiaries have, with
respect to their respective properties and businesses, insurance covering the
risks, in the amounts, with the deductible or other retention amounts, and with
the carriers, listed on Schedule 5.19. No Person, including the Borrower, has
done, by act or omission, anything which would impair the coverage of such
policies.

     5.20 PURPOSE OF LOANS. (a) The proceeds of the Revolving Loans shall be
used by the Borrower for general corporate purposes, (b) the proceeds of the
Term A Loans shall be used in connection with posting the deposit under the Carl
Lewis Transaction Agreement and to pay transaction costs and any fees or other
charges arising in connection therewith and (c) the proceeds of the Term B Loans
shall be used to pay pre-closing transaction costs and any fees or other charges
arising in connection with the Carl Lewis Transaction and the incurrence of any
Carl Lewis Indebtedness, including the reimbursement of costs and expenses paid
to date by Global Signal, in each case, not in contravention of any Law or any
Loan Document.

     5.21 ENVIRONMENTAL MATTERS. The Borrower and its Subsidiaries conduct in
the ordinary course of business a review of the claims alleging potential
liability or responsibility for violation of any Environmental Law on their
respective businesses, operations and properties and the Environmental Laws
related to such respective businesses, operations and properties, and as a
result thereof the Borrower has reasonably concluded that, except as
specifically disclosed in Schedule 5.21, such Environmental Laws and claims
could not, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect.

     5.22 FOREIGN PERSON. The Borrower is not a "foreign person" within the
meaning of Section 1445(f)(3) of the Code.

                                       56

     5.23 NO SYNTHETIC LEASES. Neither the Borrower nor any of its Subsidiaries
is a party to any Synthetic Lease.

     5.24 LIMITED PARTNER. The Borrower is a limited partnership organized under
the laws of Delaware and is disregarded as an entity separate from its owner for
U.S. federal income tax purposes.

                                   ARTICLE VI.
                              AFFIRMATIVE COVENANTS

     So long as any Lender shall have any Commitment hereunder, any Loan or
other Obligation hereunder shall remain unpaid or unsatisfied, or any Letter of
Credit shall remain outstanding, the Borrower shall, and shall (except in the
case of the covenants set forth in Sections 6.02 and 6.03) cause each Subsidiary
(other than the Excluded Subsidiaries, except as required herein) to:

     6.01 [INTENTIONALLY OMITTED.]

     6.02 CERTIFICATES; OTHER INFORMATION. Deliver to the Administrative Agent
and each Lender, in form and detail satisfactory to the Administrative Agent and
the Required Lenders, promptly, such financial and other information as any
Lender may from time to time reasonably request in addition to the financial and
other information delivered to the Administrative Agent by Global Signal
pursuant to Section 12(a) of the Parent Guarantee.

     The Borrower hereby acknowledges that (a) the Administrative Agent will
make available to the Lenders and the L/C Issuer materials and/or information
provided by or on behalf of the Borrower hereunder (collectively, "Borrower
Materials") by posting the Borrower Materials on IntraLinks or another similar
electronic system (the "Platform") and (b) certain of the Lenders may be
"public-side" Lenders (i.e., Lenders that do not wish to receive material
non-public information with respect to the Borrower or its securities) (each, a
"Public Lender"). The Borrower hereby agrees that (w) all Borrower Materials
that are to be made available to Public Lenders shall be clearly and
conspicuously marked "PUBLIC" which, at a minimum, shall mean that the word
"PUBLIC" shall appear prominently on the first page thereof; (x) by marking
Borrower Materials "PUBLIC," the Borrower shall be deemed to have authorized the
Administrative Agent, the L/C Issuer and the Lenders to treat such Borrower
Materials as either publicly available information or not material information
(although it may be sensitive and proprietary) with respect to the Borrower or
its securities for purposes of United States Federal and state securities laws;
(y) all Borrower Materials marked "PUBLIC" are permitted to be made available
through a portion of the Platform designated "Public Investor;" and (z) the
Administrative Agent shall be entitled to treat any Borrower Materials that are
not marked "PUBLIC" as being suitable only for posting on a portion of the
Platform not designated "Public Investor."

     6.03 PAYMENT OF OBLIGATIONS. Pay, discharge or otherwise satisfy at or
before maturity or before they become delinquent, as the case may be, all its
material obligations of whatever nature, except where the amount or validity
thereof is currently being contested in good

                                       57

faith by appropriate proceedings and reserves in conformity with GAAP with
respect thereto have been provided on the books of the Borrower or its
Subsidiaries, as the case may be.

     6.04 CONDUCT OF BUSINESS AND MAINTENANCE OF EXISTENCE. Continue to engage
in business of the same general type as now conducted by it and preserve, renew
and keep in full force and effect its corporate existence and take all
reasonable action to maintain all rights, privileges and franchises necessary or
desirable in the normal conduct of its business except as otherwise permitted
pursuant to Section 7.04; comply with all Contractual Obligations and
Requirements of Law except to the extent that failure to comply therewith is
not, in the aggregate, reasonably expected to have a Material Adverse Effect.

     6.05 MAINTENANCE OF PROPERTY. (a) Maintain, preserve and protect all of its
material properties and equipment necessary in the operation of its business in
good working order and condition, ordinary wear and tear excepted; (b) make all
necessary repairs thereto and renewals and replacements thereof except where the
failure to do so could not reasonably be expected to have a Material Adverse
Effect and (c) use the standard of care typical in the industry in the operation
and maintenance of its facilities.

     6.06 MAINTENANCE OF INSURANCE. Maintain with financially sound and
reputable insurance companies not Affiliates of the Borrower, insurance with
respect to its properties and business against loss or damage of the kinds
customarily insured against by Persons engaged in the same or similar business,
of such types and in such amounts as are customarily carried under similar
circumstances by such other Persons and providing for not less than 30 days'
prior notice to the Administrative Agent of termination, lapse or cancellation
of such insurance.

     6.07 INSPECTION OF PROPERTY; BOOKS AND RECORDS; DISCUSSIONS. Keep proper
books of records and account in which full, true and correct entries in
conformity with GAAP and all Requirements of Law shall be made of all dealings
and transactions in relation to its business and activities; and permit
representatives of the Administrative Agent or Lender to visit and inspect any
of its properties and examine and make abstracts from any of its books and
records during business hours, upon advance notice and as often as may
reasonably be desired, at the Administrative Agent's or Lender's expense (unless
a Default shall have occurred and be continuing, in which case, at the
Borrower's expense) and to discuss the business, operations, properties and
financial and other condition of the Borrower and its Subsidiaries with officers
and employees of the Borrower and its Subsidiaries and with its independent
certified public accountants.

     6.08 NOTICES. Promptly, upon any officer thereof obtaining knowledge of any
of the following, notify the Administrative Agent and each Lender of:

     (a) the occurrence of any Default or Event of Default;

     (b) any (i) default or event of default under any Contractual Obligation of
the Borrower or any of its Subsidiaries (including the Excluded Subsidiaries) or
(ii) litigation, investigation or proceeding which may exist at any time between
the Borrower or any of its Subsidiaries (including the Excluded Subsidiaries)
and any Governmental Authority, which in

                                       58

either case, if not cured or if adversely determined, as the case may be, is
reasonably expected to have a Material Adverse Effect;

     (c) any litigation or proceeding affecting the Borrower or any of its
Subsidiaries (including the Excluded Subsidiaries) in which the amount involved
is $1,000,000 or more and not covered by insurance or in which injunctive or
similar relief is sought that, if enforced, would be of similar impact;

     (d) the acquisition by the Borrower of any property or interest in property
(including, without limitation, real property) with a value greater than
$100,000 that is not subject to a perfected Lien in favor of the Administrative
Agent pursuant to the Security Documents;

     (e) the occurrence of any transaction or occurrence referred to in Sections
2.05(b) triggering a mandatory prepayment;

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

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

     Each notice pursuant to this Section 6.08 shall be accompanied by a
statement of a Responsible Officer of the Borrower setting forth details of the
occurrence referred to therein and stating what action the Borrower has taken
and proposes to take with respect thereto. Each notice pursuant to Section
6.08(a) shall describe with particularity any and all provisions of this
Agreement and any other Loan Document that have been breached.

     6.09 ENVIRONMENTAL LAWS. Comply with, and shall use its commercially
reasonable efforts to ensure compliance by all tenants and subtenants, if any,
with, all applicable Environmental Laws and obtain and comply in all material
respects with and maintain, and use commercially reasonable efforts to ensure
that all tenants and subtenants obtain and comply in all material respects with
and maintain, any and all licenses, approvals, notifications, registrations or
permits required by applicable Environmental Laws except, in each case described
above, to the extent that failure to do so could not be reasonably expected to
have a Material Adverse Effect.

     6.10 COMPLIANCE WITH LAWS. Comply in all material respects with the
Requirements of Law and all orders, writs, injunctions and decrees applicable to
it or to its business or property, except in such instances in which (a) such
Requirement of Law or order, writ, injunction or decree is being contested in
good faith by appropriate proceedings diligently conducted; or (b) the failure
to comply therewith could not reasonably be expected to have a Material Adverse
Effect.

                                       59

     6.11 ADDITIONAL GUARANTORS; GUARANTORS.

     (a) In the event that the Borrower acquires any property or interest in
property (including, without limitation, real property), other than the
ownership interests in the Excluded Subsidiaries, Pinnacle Towers or any of its
Subsidiaries if prior to the consummation of the Permitted Securitization, that
is not subject to a perfected Lien in favor of the Administrative Agent (for the
benefit of the Administrative Agent and the Lenders) pursuant to the Security
Documents, the Borrower shall take such action as the Administrative Agent shall
reasonably request in order to create and/or perfect a Lien in favor of the
Administrative Agent for the benefit of the Administrative Agent and the Lenders
on such property.

     (b) In the event that the Borrower or any Subsidiary (other than an
Excluded Subsidiary, Pinnacle Towers or any of its Subsidiaries, or any foreign
Subsidiary) is permitted to acquire or form any additional Subsidiary, such
newly formed Subsidiary (a "New Subsidiary") shall execute a supplement to the
Subsidiary Guarantee in accordance with Section 22 thereof, and the Borrower
and/or any Subsidiary (other than an Excluded Subsidiary, or, if prior to the
Permitted Securitization, Pinnacle Towers or any of its Subsidiaries) which is a
holder of any Capital Stock of such New Subsidiary shall execute a supplement to
the Pledge Agreement in accordance with Section 5(e) thereof, and shall take
such other action as shall be necessary or advisable (including, without
limitation, the execution of Uniform Commercial Code financing statements) in
order to perfect the Liens granted by the Borrower or such Subsidiary, as the
case may be, in favor of the Administrative Agent for the benefit of the
Administrative Agent and the Lenders and to effect and perfect the pledge of all
of the Capital Stock of such New Subsidiary in favor of the Administrative Agent
for the benefit of the Administrative Agent and the Lenders. The Administrative
Agent shall be entitled to receive legal opinions of one or more counsel to the
Borrower or such Subsidiary, as the case may be, addressing such matters as the
Administrative Agent or its counsel may reasonably request, including, without
limitation, the enforceability of the guaranty against such New Subsidiary, and
the Pledge Agreement against the Borrower or such Subsidiary, as the case may
be, and the creation, validity and perfection of the Liens so granted by the
Borrower or such Subsidiary, as the case may be, to the Administrative Agent for
the benefit of the Administrative Agent and the Lenders.

     6.12 FURTHER ASSURANCES. The Borrower will, and will cause each of its
Subsidiaries (other than Excluded Subsidiaries and Pinnacle Towers and its
Subsidiaries if prior to the consummation of the Permitted Securitization) to,
execute any and all further documents, agreements and instruments, and take all
such further actions (including filing registrations and other documents), which
may be required under any applicable law, or which the Administrative Agent or
the Required Lenders may reasonably request, to cause the Collateral to remain a
first priority security interest in favor of the Administrative Agent for the
benefit of the Lenders, all at the expense of the Loan Parties.

                                  ARTICLE VII.
                               NEGATIVE COVENANTS

     So long as any Lender shall have any Commitment hereunder, any Loan or
other Obligation hereunder shall remain unpaid or unsatisfied, or any Letter of
Credit shall remain

                                       60

outstanding, the Borrower shall not, nor shall it permit any Subsidiary (other
than the Excluded Subsidiaries, except as expressly limited herein) to, directly
or indirectly:

     7.01 LIMITATION ON INDEBTEDNESS. Create, incur, assume or suffer to exist
any Indebtedness, except:

     (a) Indebtedness of the Borrower under this Agreement;

     (b) Indebtedness of Pinnacle Towers and its Subsidiaries permitted under
the Pinnacle Towers Credit Agreement prior to the Permitted Securitization;

     (c) Indebtedness, other than as permitted pursuant to clauses (b) and (d)
of this Section 7.01, of the Excluded Subsidiaries outstanding on the date
hereof, and any refinancings, refundings, renewals or extensions thereof;
provided that the principal amount of such Indebtedness outstanding at any time
after giving effect to any such refinancing, refunding, renewal or extension
shall not exceed an amount equal to the outstanding principal amount of such
Indebtedness immediately prior to giving effect to any such refinancing,
refunding, renewal or extension plus an amount equal to a reasonable premium or
other reasonable amount paid, and fees and expenses reasonably incurred, in
connection with such refinancing, refunding or renewal;

     (d) Indebtedness of the Borrower or any Subsidiary of the Borrower to the
Borrower or any Subsidiary of the Borrower, provided that such Indebtedness of
any directly owned Subsidiary to the Borrower is evidenced by an Intercompany
Note and pledged to the Administrative Agent for the benefit of the Lenders and
subordinated to the Obligations on terms and conditions reasonably satisfactory
to the Required Lenders;

     (e) Indebtedness in connection with the Permitted Securitization;

     (f) any Indebtedness, the aggregate principal amount of which shall not
exceed $2,500,000 at any time outstanding, assumed pursuant to an Acquisition by
Pinnacle Towers or any of its Subsidiaries prior to the Permitted
Securitization;

     (g) any Guarantee Obligation permitted under Section 7.03; and

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

     (i) any Indebtedness of Pinnacle Towers Limited and its Subsidiaries
permitted under the Parent Guarantee; and

     (j) any Carl Lewis Indebtedness.

     7.02 LIENS. Create, incur, assume or suffer to exist any Lien upon any of
its property, assets or revenues, whether now owned or hereafter acquired,
except for:

     (a) Liens for taxes, assessments, governmental charges, levies or claims
not yet due or which are being contested in good faith by appropriate
proceedings (excluding Liens arising under any Environmental Laws, Liens in
favor of the Internal Revenue Service of the United

                                       61

States, the PBGC or any Plan), provided that adequate reserves with respect
thereto are maintained on the books of the Borrower or its Subsidiaries, as the
case may be, in conformity with GAAP;

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

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

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

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

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

     (g) Licenses, sublicenses, leases or subleases granted by the Borrower or
such Subsidiary in the ordinary course of its businesses and not expressly
prohibited by any provision of this Agreement or any other Loan Document and not
materially interfering with the conduct of the business of the Borrower or any
of such Subsidiary;

     (h) Liens created pursuant to the Security Documents, the Pinnacle Towers
Credit Agreement and the Permitted Securitization;

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

     (j) Liens on Indebtedness of Pinnacle Towers Limited and its Subsidiaries
permitted pursuant to Section 7.01(i);

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

     (l) Liens securing the payment of any Carl Lewis Indebtedness; and

                                       62

     (m) Liens granted by the Borrower pursuant to the Global Acquisitions
Credit Agreement.

     7.03 LIMITATION ON GUARANTEE OBLIGATIONS. Create, incur, assume or suffer
to exist any Guarantee Obligation, other than (i) the Guarantees, (ii) Guarantee
Obligations to third parties in respect of liabilities (other than Indebtedness)
of Subsidiaries of the Borrower incurred in the ordinary course of business,
(iii) Guarantee Obligations of the Borrower in connection with the Pinnacle
Towers Credit Agreement and the Global Acquisitions Credit Agreement, (iv)
Guarantee Obligations of Pinnacle Towers and any of its Subsidiaries required by
or permitted under the Pinnacle Towers Credit Agreement (v) indemnities made by
Pinnacle Towers in favor of the title company in connection with the issuance of
a title policy on a Mortgaged Property (as defined in the Pinnacle Towers Credit
Agreement) to the extent that the liability thereunder does not exceed at any
time (A) 5% of the Tower Value (as defined in the Pinnacle Towers Credit
Agreement) on such Mortgaged Property or (B) when aggregated together with the
liability under all other such indemnities provided by Pinnacle Towers or any of
its Subsidiaries, 2% of the aggregate Tower Value of Towers included in the
Borrowing Base (as defined in the Pinnacle Towers Credit Agreement) at such
time, and (vi) Guarantee Obligations in respect of any Carl Lewis Indebtedness.

     7.04 LIMITATION ON FUNDAMENTAL CHANGES. Enter into any merger,
consolidation or amalgamation, or liquidate, wind up or dissolve itself (or
suffer any liquidation or dissolution), or convey, sell, lease, assign, transfer
or otherwise dispose of, all or substantially all of its property, business or
assets, or make any material change in its present method of conducting
business, except:

     (a) any such Subsidiary may be merged or consolidated with or into the
Borrower (provided that the Borrower shall be the continuing or surviving
entity) or with or into any one or more wholly owned Subsidiaries (other than
Excluded Subsidiaries, or, if prior to the Permitted Securitization, Pinnacle
Towers and its Subsidiaries) of the Borrower (provided that such wholly owned
Subsidiary or Subsidiaries shall be the continuing or surviving entity);

     (b) any such Subsidiary may sell, lease, transfer or otherwise dispose of
any or all of its assets (upon voluntary liquidation or otherwise) to the
Borrower or any other wholly owned Subsidiary (other than Excluded Subsidiaries,
or, if prior to the Permitted Securitization, Pinnacle Towers and its
Subsidiaries, except as permitted by Section 7.05(c)) of the Borrower;

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

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

     (e) the dissolution of Concorde Swindon Limited.

                                       63

     7.05 LIMITATION ON SALE OF ASSETS. Convey, sell, lease, assign, transfer or
otherwise dispose of any of its property, business or assets (including, without
limitation, receivables and leasehold interests), whether now owned or hereafter
acquired, or, in the case of any such Subsidiary, issue or sell any shares of
such Subsidiary's Capital Stock to any Person other than the Borrower or any
wholly owned Subsidiary, except:

     (a) the sale or other disposition of obsolete or worn out property in the
ordinary course of business, provided that the Net Cash Proceeds of each such
transaction are applied in accordance with and to the extent required by Section
2.05(b);

     (b) as permitted by Section 7.04(b);

     (c) the sale or transfer of Towers to any Excluded Subsidiary by any
Subsidiary of the Borrower; provided that the aggregate allocated purchase price
of such Towers so sold or transferred from the Closing Date shall not exceed
$1,000,000; and

     (d) the sale or other disposition of any property in the ordinary course of
business.

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

     (b) Enter into any derivative or other transaction with any financial
institution, commodities or stock exchange or clearinghouse (a "Derivatives
Counterparty") obligating the Borrower or any Subsidiary to make payments to
such Derivatives Counterparty as a result of any change in market value of any
such Capital Stock;

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

     7.07 [INTENTIONALLY OMITTED.]

                                       64

     7.08 LIMITATION ON INVESTMENTS, LOANS AND ADVANCES. Make any advance, loan,
extension of credit or capital contribution to, or purchase any stock, bonds,
notes, debentures or other securities of or any assets constituting a business
unit of, or make any other investment in, any Person, except:

     (a) prior to the Permitted Securitization, investments permitted pursuant
to the Pinnacle Towers Credit Agreement;

     (b) extensions of trade credit in the ordinary course of business;

     (c) investments in Cash Equivalents;

     (d) investments arising from transactions by the Borrower or any Subsidiary
with customers or suppliers in the ordinary course of business, including
endorsements of negotiable instruments, debt obligations and other investments
received in connection with the bankruptcy or reorganization of customers and
suppliers and in settlement of delinquent obligations of, and other disputes
with, customers and suppliers;

     (e) investments by the Borrower in any Subsidiary and investments by any
such Subsidiary in the Borrower and in other Subsidiaries of the Borrower,
provided that each such investment by the Borrower that is a loan to a directly
owned Subsidiary is evidenced by an Intercompany Note;

     (f) investments in a Person for the purpose of consummating an Acquisition
so long as such Person becomes a Subsidiary of the Borrower upon the
consummation of such Acquisition and the requirements of Section 6.11 hereto are
satisfied; and

     (g) any purchase of assets by the Borrower constituting a business unit of
any Person, provided that, the requirements of Section 6.11 hereto are
satisfied.

     7.09 LIMITATION ON PREPAYMENTS AND MODIFICATIONS OF DEBT INSTRUMENTS. (a)
Make any optional payment or prepayment on or redemption or purchase of any
Indebtedness (other than the Loans and the Pinnacle Towers Credit Agreement),
(b) amend, modify or change, or consent or agree to any amendment, modification
or change to any of the terms relating to the payment or prepayment of, or
principal of or interest on, any such Indebtedness (other than any such
amendment, modification or change which would extend the maturity or reduce the
amount of any payment of principal thereof or which would reduce the rate or
extend the date for payment of interest thereon, or as permitted under clause
(c) of this Section 7.09) or (c) refinance, amend, restate or otherwise make any
material modification to any such Indebtedness.

     7.10 LIMITATION ON TRANSACTIONS WITH AFFILIATES. Enter into any
transaction, including, without limitation, any purchase, sale, lease or
exchange of property or the rendering of any service, with any Affiliate, unless
such transaction is (a) otherwise permitted under this Agreement, (b) in the
ordinary course of the Borrower's or such Subsidiary's business, and (c) on fair
and reasonable terms no less favorable to the Borrower or such Subsidiary, as
the case may be, than it would obtain in a comparable arm's-length transaction
with a Person which is not an Affiliate; provided that the restrictions set
forth in this Section 7.10 shall not apply to (i) any

                                       65

Management Agreement, so long as such Management Agreement is subordinated to
the Obligations on terms reasonably satisfactory to the Administrative Agent and
shall be otherwise in form and substance reasonably satisfactory to the Required
Lenders, (ii) any transaction with Pinnacle Towers or any of its Subsidiaries
pursuant to the Permitted Securitization, (iii) the payment of any Restricted
Payment permitted under Section 7.06; (iv) the incurrence of Indebtedness
permitted under Section 7.01(d); (v) any investments made pursuant to Section
7.08(e) and (vi) the sale or transfers of Towers pursuant to Sections 7.04(b)
and 7.05(c).

     7.11 LIMITATION ON SYNTHETIC LEASES AND SALE/LEASEBACK TRANSACTIONS. Enter
into any Synthetic Lease or any other arrangement with any Person providing for
the leasing by the Borrower or any Subsidiary (other than any Excluded
Subsidiary) of real or personal property which has been or is to be sold or
transferred by the Borrower or such Subsidiary to such Person or to any other
Person to whom funds have been or are to be advanced by such Person on the
security of such property or rental obligations of the Borrower or such
Subsidiary.

     7.12 LIMITATION ON CHANGES IN FISCAL YEAR. Permit the fiscal year of the
Borrower to end on a day other than December 31.

     7.13 LIMITATION ON NEGATIVE PLEDGES. Enter into with any Person any
agreement, other than the Loan Documents, which prohibits or limits the ability
of the Borrower or any of its Subsidiaries (other than Excluded Subsidiaries,
or, if prior to the Permitted Securitization, Pinnacle Towers and its
Subsidiaries) to create, incur, assume or suffer to exist any Lien on any of its
property, assets or revenues, whether now owned or hereafter acquired, except as
required under the Permitted Securitization.

     7.14 LIMITATION ON LINES OF BUSINESS. Enter into any business, either
directly or through any Subsidiary (other than any Excluded Subsidiary), except
for those businesses in which the Borrower and its Subsidiaries (other than any
Excluded Subsidiary) are engaged (or proposed to be engaged) on the date of this
Agreement or which are directly related thereto.

     7.15 GOVERNING DOCUMENTS. (a) With respect to the Borrower, amend its
Governing Documents in a manner which would have a Material Adverse Effect and
(b) with respect to any Subsidiary (other than any Excluded Subsidiary) of the
Borrower, amend its Governing Documents in a manner that would adversely affect
the interests of any Lender under the Loan Documents without the prior written
consent of the Required Lenders, which shall not be unreasonably withheld or
delayed.

     7.16 LIMITATION ON SUBSIDIARY FORMATION. Form any Subsidiaries (other than
an Excluded Subsidiary) unless, immediately upon the formation of such
Subsidiary, all requirements of Section 6.11 shall have been satisfied.

     7.17 CARL LEWIS TRANSACTION AGREEMENT. So long as the Term Loans are
outstanding, amend, supplement or otherwise modify, or provide waivers of, any
of the terms or provisions of the Carl Lewis Transaction Agreement in any manner
that could reasonably be expected to be materially adverse to the Lenders,
without the express prior written consent of each Lender.

                                       66

                                  ARTICLE VIII.
                         EVENTS OF DEFAULT AND REMEDIES

     8.01 EVENTS OF DEFAULT. Any of the following shall constitute an Event of
Default:

     (a) Non-Payment. The Borrower or any other Loan Party fails to pay (i) when
and as required to be paid herein, any amount of principal of any Loan or any
L/C Obligation, or (ii) within three days after the same becomes due, any
interest on any Loan or on any L/C Obligation, or any fee due hereunder, or
(iii) within five days after the same becomes due, any other amount payable
hereunder or under any other Loan Document; or

     (b) Specific Covenants. The Borrower fails to perform or observe any term,
covenant or agreement contained in any of Section 6.11, Section 6.13 or Article
VII, Global Signal fails to perform or observe any term, covenant or agreement
contained in Section 12(f) and Section 22 of the Parent Guarantee, Section 6 of
the Pledge Agreement or Sections 5(a), (b), (h), (i), (j), (k) and (p) of the
Security Agreement; or

     (c) Other Defaults. Any Loan Party fails to perform or observe any other
covenant or agreement (not specified in subsection (a) or (b) above) contained
in any Loan Document on its part to be performed or observed and such failure
continues for 30 days after the earlier of (i) an officer of such Loan Party
becoming aware of such default or (ii) the Administrative Agent or any Lender
giving notice of such default to such Loan Party; or

     (d) Representations and Warranties. Any representation, warranty,
certification or statement of fact made or deemed made by or on behalf of the
Borrower or any other Loan Party herein, in any other Loan Document, or in any
document delivered in connection herewith or therewith shall prove to have been
incorrect in any material respect on or as of the date made or deemed made; or

     (e) Cross-Default. Global Signal, the Borrower or any of their respective
Subsidiaries shall (i) default in any payment of principal of or interest of any
Indebtedness (other than the Loans) or in the payment of any Guarantee
Obligation, in excess of the Threshold Amount and beyond the period of grace, if
any, provided in the instrument or agreement under which such Indebtedness or
Guarantee Obligation was created; or (ii) default in the observance or
performance of any other agreement or condition relating to any such
Indebtedness or Guarantee Obligation or contained in any instrument or agreement
evidencing, securing or relating thereto, or any other event shall occur or
condition exist, the effect of which default or other event or condition is to
cause, or to permit the holder or holders of such Indebtedness or beneficiary or
beneficiaries of such Guarantee Obligation (or a trustee or administrative agent
on behalf of such holder or holders or beneficiary or beneficiaries) to cause,
with the giving of notice if required, such Indebtedness to become due prior to
its stated maturity or such Guarantee Obligation to become payable;

     (f) (i) Global Signal, the Borrower or any of their respective Subsidiaries
shall commence any case, proceeding or other action (A) under any existing or
future law of any jurisdiction, domestic or foreign, relating to bankruptcy,
insolvency, reorganization or relief of debtors, seeking to have an order for
relief entered with respect to it, or seeking to adjudicate it a

                                       67

bankrupt or insolvent, or seeking reorganization, arrangement, adjustment,
winding-up, liquidation, dissolution, composition or other relief with respect
to it or its debts or (B) seeking appointment of a receiver, trustee, custodian,
conservator or other similar official for it or for all or any substantial part
of its assets, or Global Signal, the Borrower or any of their respective
Subsidiaries shall make a general assignment for the benefit of its creditors;
or (ii) there shall be commenced against Global Signal, the Borrower or any of
their respective Subsidiaries any case, proceeding or other action of a nature
referred to in clause (i) above which (A) results in the entry of an order for
relief or any such adjudication or appointment or (B) remains undismissed,
undischarged or unstayed for a period of 30 days; or (iii) there shall be
commenced against Global Signal, the Borrower or any of their respective
Subsidiaries any case, proceeding or other action seeking issuance of a warrant
of attachment, execution, distraint or similar process against all or any
substantial part of its assets which results in the entry of an order for any
such relief which shall not have been vacated, discharged, or stayed or bonded
pending appeal within 60 days from the entry thereof; or (iv) Global Signal, the
Borrower or any of their respective Subsidiaries shall take any action in
furtherance of, or indicating its consent to, approval of, or acquiescence in,
any of the acts set forth in clause (i), (ii) or (iii) above; or (v) Global
Signal, the Borrower or any of their respective Subsidiaries shall generally
not, or shall be unable to, or shall admit in writing its inability to, pay its
debts as they become due;

     (g) (i) Any Person shall engage in any "prohibited transaction" (as defined
in Section 406 of ERISA or Section 4975 of the Code) involving any Plan, (ii)
any "accumulated funding deficiency" (as defined in Section 302 of ERISA),
whether or not waived, shall exist with respect to any Plan or any Lien in favor
of the PBGC or a Plan shall arise on the assets of Global Signal, the Borrower
or any Commonly Controlled Entity, (iii) a Reportable Event shall occur with
respect to, or proceedings shall commence to have a trustee appointed, or a
trustee shall be appointed, to administer or to terminate, any Single Employer
Plan, which Reportable Event or commencement of proceedings or appointment of a
trustee is, in the reasonable opinion of the Required Lenders, likely to result
in the termination of such Plan for purposes of Title IV of ERISA, (iv) any
Single Employer Plan shall terminate for purposes of Title IV of ERISA, (v) the
Borrower or any Commonly Controlled Entity shall, or in the reasonable opinion
of the Required Lenders is likely to, incur any liability in connection with a
withdrawal from, or the Insolvency or Reorganization of, a Multiemployer Plan or
(vi) any other event or condition shall occur or exist with respect to a Plan;
and in each case in clauses (i) through (vi) above, such event or condition,
together with all other such events or conditions, if any, is reasonably
expected to have a Material Adverse Effect;

     (h) One or more judgments or decrees shall be entered against Global Signal
or any of its Subsidiaries involving in the aggregate a liability (to the extent
not paid or covered by insurance) of $5,000,000 or more, and all such judgments
or decrees shall not have been vacated, discharged, stayed or bonded pending
appeal within 30 days from the entry thereof;

     (i) (i) Except as consented to by the Required Lenders, any of the Security
Documents shall cease, for any reason, to be in full force and effect or the
Borrower or any other Loan Party which is a party to any of the Security
Documents shall so assert or (ii) the Lien created by any of the Security
Documents shall cease to be enforceable and of the same effect and priority
purported to be created thereby;

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     (j) Any Change of Control shall occur; provided, however, that a Change of
Control resulting from a breach under clause (a) of the definition thereof shall
be deemed an Event of Default hereunder only in the event that any of the
following shall occur:

               (A) the ownership percentages as set forth in subclauses (i) and
          (ii) thereof decrease from 51% to less than 40% solely as the result
          of any issuance of Capital Stock of Global Signal;

               (B) the ownership percentages as set forth in subclauses (i) and
          (ii) thereof fall below 51% as a result of the sale by the Equity
          Investors and/or any Person controlled by Fortress Investment Group
          LLC or Greenhill Capital Partners, L.P. or its Affiliates of its
          Capital Stock of Global Signal to satisfy a margin call under the Frit
          Pinn Credit Agreement and the same remains unremedied for a period of
          thirty (30) days or all of the Obligations have not been paid in full
          within such thirty (30) day period; or

               (C) the ownership percentages as set forth in subclauses (i) and
          (ii) thereof fall below 51% as a result of the sale by any Person
          controlled by Fortress Investments Group LLC or Greenhill Capital
          Partners, L.P. or its Affiliates of its Capital Stock of Global Signal
          and the same remains unremedied for a period of thirty (30) days or
          all of the Obligations have not been paid in full within such thirty
          (30) day period; provided, however, that an Event of Default shall
          occur immediately if such ownership percentage ceases to be at least
          40% immediately following any such sale; and

     (k) Any Global Signal Default shall occur and such default shall continue
unremedied for a period of 30 days;

     (l) The failure of Global Signal to at any time continue to be (i)
qualified as a real estate investment trust as defined in Section 856 of the
Code, and (ii) entitled to a dividend paid deduction under Section 857 of the
Code with respect to dividends paid by it with respect to each taxable year for
which it claims a deduction on its Form 1120 - REIT filed with the United States
Internal Revenue Service for such year, or the entering into by Global Signal of
any material "prohibited transactions" as defined in Sections 857(b) and 856(c)
of the Code; or

     (m) Either of the Parent Guarantee or any Subsidiary Guarantee for any
reason, other than the satisfaction in full of all Obligations, shall cease to
be in full force and effect (other than in accordance with its terms or pursuant
to the Permitted Securitization), or shall be declared to be null and void or
any guarantor shall repudiate its obligations thereunder.

     8.02 REMEDIES UPON EVENT OF DEFAULT. If any Event of Default occurs and is
continuing, the Administrative Agent shall, at the request of, or may, with the
consent of, the Required Lenders, take any or all of the following actions:

     (a) declare the commitment of each Lender to make Loans and any obligation
of the L/C Issuer to make L/C Credit Extensions to be terminated, whereupon such
commitments and obligation shall be terminated;

                                       69

     (b) declare the unpaid principal amount of all outstanding Loans, all
interest accrued and unpaid thereon, and all other amounts owing or payable
hereunder or under any other Loan Document to be immediately due and payable,
without presentment, demand, protest or other notice of any kind, all of which
are hereby expressly waived by the Borrower;

     (c) require that the Borrower Cash Collateralize the L/C Obligations (in an
amount equal to the then Outstanding Amount thereof); and

     (d) exercise on behalf of itself and the Lenders all rights and remedies
available to it and the Lenders under the Loan Documents;

provided, however, that upon the occurrence of an actual or deemed entry of an
order for relief with respect to the Borrower under the Bankruptcy Code of the
United States, the obligation of each Lender to make Loans and any obligation of
the L/C Issuer to make L/C Credit Extensions shall automatically terminate, the
unpaid principal amount of all outstanding Loans and all interest and other
amounts as aforesaid shall automatically become due and payable, and the
obligation of the Borrower to Cash Collateralize the L/C Obligations as
aforesaid shall automatically become effective, in each case without further act
of the Administrative Agent or any Lender.

     8.03 APPLICATION OF FUNDS. After the exercise of remedies provided for in
Section 8.02 (or after the Loans have automatically become immediately due and
payable and the L/C Obligations have automatically been required to be Cash
Collateralized as set forth in the proviso to Section 8.02), any amounts
received on account of the Obligations shall be applied by the Administrative
Agent in the following order:

     First, to payment of that portion of the Obligations constituting fees,
indemnities, expenses and other amounts (including reasonable fees, charges and
disbursements of counsel to the Administrative Agent and amounts payable under
Article III) payable to the Administrative Agent in its capacity as such;

     Second, to payment of that portion of the Obligations constituting fees,
indemnities and other amounts (other than principal and interest) payable to the
Lenders and the L/C Issuer (including reasonable fees, charges and disbursements
of counsel to the respective Lenders and the L/C Issuer and amounts payable
under Article III), ratably among them in proportion to the amounts described in
this clause Second payable to them;

     Third, to payment of that portion of the Obligations constituting accrued
and unpaid interest on the Loans, L/C Borrowings and other Obligations, ratably
among the Lenders and the L/C Issuer in proportion to the respective amounts
described in this clause Third payable to them;

     Fourth, to payment of that portion of the Obligations constituting unpaid
principal of the Loans and L/C Borrowings, ratably among the Lenders and the L/C
Issuer in proportion to the respective amounts described in this clause Fourth
held by them;

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     Fifth, to the Administrative Agent for the account of the L/C Issuer, to
Cash Collateralize that portion of L/C Obligations comprised of the aggregate
undrawn amount of Letters of Credit; and

     Last, the balance, if any, after all of the Obligations have been
indefeasibly paid in full, to the Borrower or as otherwise required by Law.

Subject to Section 2.03(b), amounts used to Cash Collateralize the aggregate
undrawn amount of Letters of Credit pursuant to clause Fifth above shall be
applied to satisfy drawings under such Letters of Credit as they occur. If any
amount remains on deposit as Cash Collateral after all Letters of Credit have
either been fully drawn or expired, such remaining amount shall be applied to
the other Obligations, if any, in the order set forth above.

                                   ARTICLE IX.
                              ADMINISTRATIVE AGENT

     9.01 APPOINTMENT AND AUTHORITY. Each of the Lenders and the L/C Issuer
hereby irrevocably appoints Bank of America to act on its behalf as the
Administrative Agent and as security trustee (with respect to the Collateral
subject to the Deed of Charge) hereunder and under the other Loan Documents and
authorizes the Administrative Agent to take such actions on its behalf and to
exercise such powers as are delegated to the Administrative Agent by the terms
hereof or thereof, together with such actions and powers as are reasonably
incidental thereto. Except as set forth in Section 9.06, the provisions of this
Article are solely for the benefit of the Administrative Agent, the Lenders and
the L/C Issuer, and neither the Borrower nor any other Loan Party shall have
rights as a third party beneficiary of any of such provisions.

     9.02 RIGHTS AS A LENDER. The Person serving as the Administrative Agent
hereunder shall have the same rights and powers in its capacity as a Lender as
any other Lender and may exercise the same as though it were not the
Administrative Agent and the term "Lender" or "Lenders" shall, unless otherwise
expressly indicated or unless the context otherwise requires, include the Person
serving as the Administrative Agent hereunder in its individual capacity. Such
Person and its Affiliates may accept deposits from, lend money to, act as the
financial advisor or in any other advisory capacity for and generally engage in
any kind of business with the Borrower or any Subsidiary or other Affiliate
thereof as if such Person were not the Administrative Agent hereunder and
without any duty to account therefor to the Lenders.

     9.03 EXCULPATORY PROVISIONS. The Administrative Agent shall not have any
duties or obligations except those expressly set forth herein and in the other
Loan Documents. Without limiting the generality of the foregoing, the
Administrative Agent:

     (a) shall not be subject to any fiduciary or other implied duties,
regardless of whether a Default has occurred and is continuing;

     (b) shall not have any duty to take any discretionary action or exercise
any discretionary powers, except discretionary rights and powers expressly
contemplated hereby or by the other Loan Documents that the Administrative Agent
is required to exercise as directed in writing by the Required Lenders (or such
other number or percentage of the Lenders as shall be expressly provided for
herein or in the other Loan Documents), provided that the Administrative

                                       71

Agent shall not be required to take any action that, in its opinion or the
opinion of its counsel, may expose the Administrative Agent to liability or that
is contrary to any Loan Document or applicable law; and

     (c) shall not, except as expressly set forth herein and in the other Loan
Documents, have any duty to disclose, and shall not be liable for the failure to
disclose, any information relating to the Borrower or any of its Affiliates that
is communicated to or obtained by the Person serving as the Administrative Agent
or any of its Affiliates in any capacity.

     The Administrative Agent shall not be liable for any action taken or not
taken by it (i) with the consent or at the request of the Required Lenders (or
such other number or percentage of the Lenders as shall be necessary, or as the
Administrative Agent shall believe in good faith shall be necessary, under the
circumstances as provided in Sections 10.01 and 8.02) or (ii) in the absence of
its own gross negligence or willful misconduct. The Administrative Agent shall
be deemed not to have knowledge of any Default unless and until notice
describing such Default is given to the Administrative Agent by the Borrower, a
Lender or the L/C Issuer.

     The Administrative Agent shall not be responsible for or have any duty to
ascertain or inquire into (i) any statement, warranty or representation made in
or in connection with this Agreement or any other Loan Document, (ii) the
contents of any certificate, report or other document delivered hereunder or
thereunder or in connection herewith or therewith, (iii) the performance or
observance of any of the covenants, agreements or other terms or conditions set
forth herein or therein or the occurrence of any Default, (iv) the validity,
enforceability, effectiveness or genuineness of this Agreement, any other Loan
Document or any other agreement, instrument or document or (v) the satisfaction
of any condition set forth in Article IV or elsewhere herein, other than to
confirm receipt of items expressly required to be delivered to the
Administrative Agent.

     9.04 RELIANCE BY ADMINISTRATIVE AGENT. The Administrative Agent shall be
entitled to rely upon, and shall not incur any liability for relying upon, any
notice, request, certificate, consent, statement, instrument, document or other
writing (including any electronic message, Internet or intranet website posting
or other distribution) believed by it to be genuine and to have been signed,
sent or otherwise authenticated by the proper Person. The Administrative Agent
also may rely upon any statement made to it orally or by telephone and believed
by it to have been made by the proper Person, and shall not incur any liability
for relying thereon. In determining compliance with any condition hereunder to
the making of a Loan, or the issuance of a Letter of Credit, that by its terms
must be fulfilled to the satisfaction of a Lender or the L/C Issuer, the
Administrative Agent may presume that such condition is satisfactory to such
Lender or the L/C Issuer unless the Administrative Agent shall have received
notice to the contrary from such Lender or the L/C Issuer prior to the making of
such Loan or the issuance of such Letter of Credit. The Administrative Agent may
consult with legal counsel (who may be counsel for the Borrower), independent
accountants and other experts selected by it, and shall not be liable for any
action taken or not taken by it in accordance with the advice of any such
counsel, accountants or experts.

     9.05 DELEGATION OF DUTIES. The Administrative Agent may perform any and all
of its duties and exercise its rights and powers hereunder or under any other
Loan Document by or

                                       72

through any one or more sub-agents appointed by the Administrative Agent. The
Administrative Agent and any such sub-agent may perform any and all of its
duties and exercise its rights and powers by or through their respective Related
Parties. The exculpatory provisions of this Article shall apply to any such
sub-agent and to the Related Parties of the Administrative Agent and any such
sub-agent, and shall apply to their respective activities in connection with the
syndication of the credit facilities provided for herein as well as activities
as Administrative Agent.

     9.06 RESIGNATION OF ADMINISTRATIVE AGENT. The Administrative Agent may at
any time give notice of its resignation to the Lenders, the L/C Issuer and the
Borrower. Upon receipt of any such notice of resignation, the Required Lenders
shall have the right, with the approval of the Borrower, to appoint a successor,
which shall be a bank with an office in the United States, or an Affiliate of
any such bank with an office in the United States. If no such successor shall
have been so appointed by the Required Lenders and shall have accepted such
appointment within 30 days after the retiring Administrative Agent gives notice
of its resignation, then the retiring Administrative Agent may on behalf of the
Lenders and the L/C Issuer, and with the approval of the Borrower, appoint a
successor Administrative Agent meeting the qualifications set forth above; upon
the appointment of such successor Administrative Agent such resignation shall
become effective in accordance with such notice and (1) the retiring
Administrative Agent shall be discharged from its duties and obligations
hereunder and under the other Loan Documents (except that in the case of any
Collateral held by the Administrative Agent on behalf of the Lenders or the L/C
Issuer under any of the Loan Documents, the retiring Administrative Agent shall
continue to hold such Collateral until such time as a successor Administrative
Agent is appointed) and (2) all payments, communications and determinations
provided to be made by, to or through the Administrative Agent shall instead be
made by or to each Lender and the L/C Issuer directly, until such time as the
Required Lenders appoint a successor Administrative Agent as provided for above
in this Section. Upon the acceptance of a successor's appointment as
Administrative Agent hereunder, such successor shall succeed to and become
vested with all of the rights, powers, privileges and duties of the retiring (or
retired) Administrative Agent, and the retiring Administrative Agent shall be
discharged from all of its duties and obligations hereunder or under the other
Loan Documents (if not already discharged therefrom as provided above in this
Section). The fees payable by the Borrower to a successor Administrative Agent
shall be the same as those payable to its predecessor unless otherwise agreed
between the Borrower and such successor. After the retiring Administrative
Agent's resignation hereunder and under the other Loan Documents, the provisions
of this Article and Section 10.04 shall continue in effect for the benefit of
such retiring Administrative Agent, its sub-agents and their respective Related
Parties in respect of any actions taken or omitted to be taken by any of them
while the retiring Administrative Agent was acting as Administrative Agent.

     9.07 NON-RELIANCE ON ADMINISTRATIVE AGENT AND OTHER LENDERS. Each Lender
and the L/C Issuer acknowledges that it has, independently and without reliance
upon the Administrative Agent or any other Lender or any of their Related
Parties and based on such documents and information as it has deemed
appropriate, made its own credit analysis and decision to enter into this
Agreement. Each Lender and the L/C Issuer also acknowledges that it will,
independently and without reliance upon the Administrative Agent or any other
Lender or any of their Related Parties and based on such documents and
information as it shall from time to time deem appropriate, continue to make its
own decisions in taking or not taking action under or

                                       73

based upon this Agreement, any other Loan Document or any related agreement or
any document furnished hereunder or thereunder.

     9.08 ADMINISTRATIVE AGENT MAY FILE PROOFS OF CLAIM. In case of the pendency
of any receivership, insolvency, liquidation, bankruptcy, reorganization,
arrangement, adjustment, composition or other judicial proceeding relative to
any Loan Party, the Administrative Agent (irrespective of whether the principal
of any Loan or L/C Obligation shall then be due and payable as herein expressed
or by declaration or otherwise and irrespective of whether the Administrative
Agent shall have made any demand on the Borrower) shall be entitled and
empowered, by intervention in such proceeding or otherwise

     (a) to file and prove a claim for the whole amount of the principal and
interest owing and unpaid in respect of the Loans, L/C Obligations and all other
Obligations that are owing and unpaid and to file such other documents as may be
necessary or advisable in order to have the claims of the Lenders, the L/C
Issuer and the Administrative Agent (including any claim for the reasonable
compensation, expenses, disbursements and advances of the Lenders, the L/C
Issuer and the Administrative Agent and their respective agents and counsel and
all other amounts due the Lenders, the L/C Issuer and the Administrative Agent
under Sections 2.03(i) and (j), 2.09 and 10.04) allowed in such judicial
proceeding; and

     (b) to collect and receive any monies or other property payable or
deliverable on any such claims and to distribute the same;

     and any custodian, receiver, assignee, trustee, liquidator, sequestrator or
other similar official in any such judicial proceeding is hereby authorized by
each Lender and the L/C Issuer to make such payments to the Administrative Agent
and, in the event that the Administrative Agent shall consent to the making of
such payments directly to the Lenders and the L/C Issuer, to pay to the
Administrative Agent any amount due for the reasonable compensation, expenses,
disbursements and advances of the Administrative Agent and its agents and
counsel, and any other amounts due the Administrative Agent under Sections 2.09
and 10.04.

     Nothing contained herein shall be deemed to authorize the Administrative
Agent to authorize or consent to or accept or adopt on behalf of any Lender or
the L/C Issuer any plan of reorganization, arrangement, adjustment or
composition affecting the Obligations or the rights of any Lender or to
authorize the Administrative Agent to vote in respect of the claim of any Lender
in any such proceeding.

     9.09 COLLATERAL AND GUARANTEE MATTERS. The Lenders and the L/C Issuer
irrevocably authorize the Administrative Agent, at its option and in its
discretion,

     (a) to release any Lien on any property granted to or held by the
Administrative Agent under any Loan Document (i) upon termination of the
Aggregate Commitments and payment in full of all Obligations (other than
contingent indemnification obligations) and the expiration or termination of all
Letters of Credit, (ii) that is sold or to be sold, or otherwise disposed of, as
part of or in connection with any sale or other transaction permitted hereunder
or under any other Loan Document, (iii) that is to be released in connection
with the Permitted

                                       74

Securitization, or (iv) subject to Section 10.01, if approved, authorized or
ratified in writing by the Required Lenders; and

     (b) to release any Guarantor from its obligations under the relevant
Guarantee if such Person ceases to be a Subsidiary as a result of a transaction
permitted hereunder or any other Loan Document, including due to the Permitted
Securitization.

     Upon request by the Administrative Agent at any time, the Required Lenders
will confirm in writing the Administrative Agent's authority to release or
subordinate its interest in particular types or items of property, or to release
any Guarantor from its obligations under the relevant Guarantee pursuant to this
Section 9.09.

                                   ARTICLE X.
                                  MISCELLANEOUS

     10.01 AMENDMENTS, ETC. No amendment or waiver of any provision of this
Agreement or any other Loan Document, and no consent to any departure by the
Borrower or any other Loan Party therefrom, shall be effective unless in writing
signed by the Required Lenders and the Borrower or the applicable Loan Party, as
the case may be, and acknowledged by the Administrative Agent, and each such
waiver or consent shall be effective only in the specific instance and for the
specific purpose for which given; provided, however, that no such amendment,
waiver or consent shall:

     (a) waive any condition set forth in Section 4.01(a) without the written
consent of each Lender;

     (b) extend or increase the Commitment of any Lender (or reinstate any
Commitment terminated pursuant to Section 8.02) without the written consent of
such Lender;

     (c) postpone any date fixed by this Agreement or any other Loan Document
for any payment or mandatory prepayment of principal, interest, fees or other
amounts due to the Lenders (or any of them) or any scheduled or mandatory
reduction of the Aggregate Commitments hereunder or under any other Loan
Document without the written consent of each Lender directly affected thereby;

     (d) reduce the principal of, or the rate of interest specified herein on,
any Loan or L/C Borrowing, or (subject to clause (iii) of the second proviso to
this Section 10.01) any fees or other amounts payable hereunder or under any
other Loan Document, without the written consent of each Lender directly
affected thereby; provided, however, that only the consent of the Required
Lenders shall be necessary (i) to amend the definition of "Default Rate" or to
waive any obligation of the Borrower to the Default Rate paid with respect to
any Obligation;

     (e) change Section 2.13 or Section 8.03 in a manner that would alter the
pro rata sharing of payments required thereby without the written consent of
each Lender;

     (f) change the definition of "Applicable Percentage", "Applicable Revolving
Percentage", "Applicable Term A Loan Percentage", "Applicable Term B Loan
Percentage",

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"Required Term A Loan Lenders", "Required Term B Loan Lenders", or "Required
Revolving Loan Lenders" without the consent of each Lender directly affected
thereby;

     (g) change any provision of this Section 10.01 or the definition of
"Required Lenders" or any other provision hereof specifying the number or
percentage of Lenders required to amend, waive or otherwise modify any rights
hereunder or make any determination or grant any consent hereunder, without the
written consent of each Lender; or

     (h) release any one or more Guarantors which accounts for, individually or
in the aggregate, at least 25% of the net assets or net cash flow of Global
Signal and its Subsidiaries, determined on a consolidated basis in accordance
with GAAP, from its Guarantee without the written consent of each Lender, except
as contemplated in Section 9.09(b);

and, provided further, that (i) no amendment, waiver or consent shall, unless in
writing and signed by the L/C Issuer in addition to the Lenders required above,
affect the rights or duties of the L/C Issuer under this Agreement or any Issuer
Document relating to any Letter of Credit issued or to be issued by it; (ii) no
amendment, waiver or consent shall, unless in writing and signed by the
Administrative Agent in addition to the Lenders required above, affect the
rights or duties of the Administrative Agent under this Agreement or any other
Loan Document; (iii) neither the Fee Letter nor the Lender Fee Letter may be
amended, or rights or privileges thereunder waived, in a writing executed only
by the parties thereto. Notwithstanding anything to the contrary herein, no
Defaulting Lender shall have any right to approve or disapprove any amendment,
waiver or consent hereunder, except as specified in clauses (b) and (d) of this
Section 10.01.

     10.02 NOTICES; EFFECTIVENESS; ELECTRONIC COMMUNICATION.

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

          (i) if to the Borrower, the Administrative Agent or the L/C Issuer, to
     the address, telecopier number, electronic mail address or telephone number
     specified for such Person on Schedule 10.02; and

          (ii) if to any other Lender, to the address, telecopier number,
     electronic mail address or telephone number specified in its Administrative
     Questionnaire.

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

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     (b) Electronic Communications. Notices and other communications to the
Lenders and the L/C Issuer hereunder may be delivered or furnished by electronic
communication (including e-mail and Internet or intranet websites) pursuant to
procedures approved by the Administrative Agent, provided that the foregoing
shall not apply to notices to any Lender or the L/C Issuer pursuant to Article
II if such Lender or the L/C Issuer, as applicable, has notified the
Administrative Agent that it is incapable of receiving notices under such
Article by electronic communication. The Administrative Agent or the Borrower
may, in its discretion, agree to accept notices and other communications to it
hereunder by electronic communications pursuant to procedures approved by it,
provided that approval of such procedures may be limited to particular notices
or communications.

     Unless the Administrative Agent otherwise prescribes, (i) notices and other
communications sent to an e-mail address shall be deemed received upon the
sender's receipt of an acknowledgement from the intended recipient (such as by
the "return receipt requested" function, as available, return e-mail or other
written acknowledgement), provided that if such notice or other communication is
not sent during the normal business hours of the recipient, such notice or
communication shall be deemed to have been sent at the opening of business on
the next business day for the recipient, and (ii) notices or communications
posted to an Internet or intranet website shall be deemed received upon the
deemed receipt by the intended recipient at its e-mail address as described in
the foregoing clause (i) of notification that such notice or communication is
available and identifying the website address therefor.

     (c) Change of Address, Etc. Each of the Borrower, the Administrative Agent
and the L/C Issuer may change its address, telecopier or telephone number for
notices and other communications hereunder by notice to the other parties
hereto. Each other Lender may change its address, telecopier or telephone number
for notices and other communications hereunder by notice to the Borrower, the
Administrative Agent and the L/C Issuer.

     (d) Reliance by Administrative Agent, L/C Issuer and Lenders. The
Administrative Agent, the L/C Issuer and the Lenders shall be entitled to rely
and act upon any notices (including telephonic Loan Notices) purportedly given
by or on behalf of the Borrower even if (i) such notices were not made in a
manner specified herein, were incomplete or were not preceded or followed by any
other form of notice specified herein, or (ii) the terms thereof, as understood
by the recipient, varied from any confirmation thereof. The Borrower shall
indemnify the Administrative Agent, the L/C Issuer, each Lender and the Related
Parties of each of them from all losses, costs, expenses and liabilities
resulting from the reliance by such Person on each notice purportedly given by
or on behalf of the Borrower. All telephonic notices to and other telephonic
communications with the Administrative Agent may be recorded by the
Administrative Agent, and each of the parties hereto hereby consents to such
recording.

     10.03 NO WAIVER; CUMULATIVE REMEDIES. No failure by any Lender, the L/C
Issuer or the Administrative Agent to exercise, and no delay by any such Person
in exercising, any right, remedy, power or privilege hereunder shall operate as
a waiver thereof; nor shall any single or partial exercise of any right, remedy,
power or privilege hereunder preclude any other or further exercise thereof or
the exercise of any other right, remedy, power or privilege. The rights,
remedies, powers and privileges herein provided are cumulative and not exclusive
of any rights, remedies, powers and privileges provided by law.

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     10.04 EXPENSES; INDEMNITY; DAMAGE WAIVER.

     (a) Costs and Expenses. The Borrower shall pay (i) all reasonable
out-of-pocket expenses incurred by the Administrative Agent and its respective
Affiliates (including the reasonable fees, charges and disbursements of counsel
for the Administrative Agent), in connection with the syndication of the credit
facilities provided for herein, the preparation, negotiation, execution,
delivery and administration of this Agreement and the other Loan Documents or
any amendments, modifications or waivers of the provisions hereof or thereof
(whether or not the transactions contemplated hereby or thereby shall be
consummated), (ii) all reasonable out-of-pocket expenses incurred by the L/C
Issuer in connection with the issuance, amendment, renewal or extension of any
Letter of Credit or any demand for payment thereunder and (iii) all
out-of-pocket expenses incurred by the Administrative Agent, any Lender or the
L/C Issuer (including the reasonable fees, charges and disbursements of any
counsel for the Administrative Agent, any Lender or the L/C Issuer), in
connection with the enforcement or protection of its rights (A) in connection
with this Agreement and the other Loan Documents, including its rights under
this Section, or (B) in connection with the Loans made or Letters of Credit
issued hereunder, including all such out-of-pocket expenses incurred during any
workout, restructuring or negotiations in respect of such Loans or Letters of
Credit. In addition, the Borrower agrees to pay as and when billed by any Lender
party to the Credit Agreement on the Closing Date and who is not the
Administrative Agent all of its reasonable out-of-pocket costs and expenses
incurred in connection with the development, preparation and execution of the
Loan Documents, including without limitation all reasonable fees, distributions
and expenses of counsel, in an amount not to exceed $25,000 in the aggregate.

     (b) Indemnification by the Borrower. The Borrower shall indemnify the
Administrative Agent (and any sub-agent thereof), each Lender and the L/C
Issuer, and each Related Party of any of the foregoing Persons (each such Person
being called an "Indemnitee") against, and hold each Indemnitee harmless from,
any and all losses, claims, damages, liabilities and related expenses (including
the reasonable fees, charges and disbursements of any counsel for any
Indemnitee), reasonably incurred by any Indemnitee or asserted against any
Indemnitee by any third party or by the Borrower or any other Loan Party arising
out of, in connection with, or as a result of (i) the execution or delivery of
this Agreement, any other Loan Document or any agreement or instrument
contemplated hereby or thereby, including the Fee Letter, the performance by the
parties hereto of their respective obligations hereunder or thereunder or the
consummation of the transactions contemplated hereby or thereby, (ii) any Loan
or Letter of Credit or the use or proposed use of the proceeds therefrom
(including any refusal by the L/C Issuer to honor a demand for payment under a
Letter of Credit if the documents presented in connection with such demand do
not strictly comply with the terms of such Letter of Credit), (iii) any actual
or alleged presence or release of Hazardous Materials on or from any property
owned or operated by the Borrower or any of its Subsidiaries, or any
Environmental Liability related in any way to the Borrower or any of its
Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation
or proceeding relating to any of the foregoing, whether based on contract, tort
or any other theory, whether brought by a third party or by the Borrower or any
other Loan Party, and regardless of whether any Indemnitee is a party thereto,
in all cases, whether or not caused by or arising, in whole or in part, out of
the comparative, contributory or sole negligence of the Indemnitee; provided
that such indemnity shall not, as to any Indemnitee, be available to the extent
that such losses, claims, damages, liabilities or related expenses (x) are

                                       78

determined by a court of competent jurisdiction by final and nonappealable
judgment to have resulted from the gross negligence or willful misconduct of
such Indemnitee or (y) result from a claim brought by the Borrower or any other
Loan Party against an Indemnitee for breach in bad faith of such Indemnitee's
obligations hereunder or under any other Loan Document, if the Borrower or such
Loan Party has obtained a final and nonappealable judgment in its favor on such
claim as determined by a court of competent jurisdiction.

     (c) Reimbursement by Lenders. To the extent that the Borrower for any
reason fails to indefeasibly pay any amount required under subsection (a) or (b)
of this Section 10.04 to be paid by it to the Administrative Agent (or any
sub-agent thereof), the L/C Issuer or any Related Party of any of the foregoing,
each Lender severally agrees to pay to the Administrative Agent (or any such
sub-agent), the L/C Issuer or such Related Party, as the case may be, such
Lender's Applicable Percentage (determined as of the time that the applicable
unreimbursed expense or indemnity payment is sought) of such unpaid amount,
provided that the unreimbursed expense or indemnified loss, claim, damage,
liability or related expense, as the case may be, was incurred by or asserted
against the Administrative Agent (or any such sub-agent) or the L/C Issuer in
its capacity as such, or against any Related Party of any of the foregoing
acting for the Administrative Agent (or any such sub-agent) or L/C Issuer in
connection with such capacity. The obligations of the Lenders under this
subsection (c) are subject to the provisions of Section 2.12(d).

     (d) Waiver of Consequential Damages, Etc. To the fullest extent permitted
by applicable law, the Borrower shall not assert, and hereby waives, any claim
against any Indemnitee, on any theory of liability, for special, indirect,
consequential or punitive damages (as opposed to direct or actual damages)
arising out of, in connection with, or as a result of, this Agreement, any other
Loan Document or any agreement or instrument contemplated hereby, the
transactions contemplated hereby or thereby, any Loan or Letter of Credit or the
use of the proceeds thereof. No Indemnitee referred to in subsection (b) above
shall be liable for any damages arising from the use by unintended recipients of
any information or other materials distributed by it through telecommunications,
electronic or other information transmission systems in connection with this
Agreement or the other Loan Documents or the transactions contemplated hereby or
thereby; so long as such information or other materials were distributed by such
Indemnitee in accordance with the terms hereof.

     (e) Payments. All amounts due under this Section 10.04 shall be payable not
later than ten Business Days after demand therefor.

     (f) Survival. The agreements in this Section 10.04 shall survive the
resignation of the Administrative Agent and the L/C Issuer, the replacement of
any Lender, the termination of the Aggregate Commitments and the repayment,
satisfaction or discharge of all the other Obligations.

     10.05 PAYMENTS SET ASIDE. To the extent that any payment by or on behalf of
the Borrower is made to the Administrative Agent, the L/C Issuer or any Lender,
or the Administrative Agent, the L/C Issuer or any Lender exercises its right of
setoff, and such payment or the proceeds of such setoff or any part thereof is
subsequently invalidated, declared to be fraudulent or preferential, set aside
or required (including pursuant to any settlement

                                       79

entered into by the Administrative Agent, the L/C Issuer or such Lender in its
discretion) to be repaid to a trustee, receiver or any other party, in
connection with any proceeding under any Debtor Relief Law or otherwise, then
(a) to the extent of such recovery, the obligation or part thereof originally
intended to be satisfied shall be revived and continued in full force and effect
as if such payment had not been made or such setoff had not occurred, and (b)
each Lender and the L/C Issuer severally agrees to pay to the Administrative
Agent upon demand its applicable share (without duplication) of any amount so
recovered from or repaid by the Administrative Agent, plus interest thereon from
the date of such demand to the date such payment is made at a rate per annum
equal to the Federal Funds Rate from time to time in effect. The obligations of
the Lenders and the L/C Issuer under clause (b) of the preceding sentence shall
survive the payment in full of the Obligations and the termination of this
Agreement.

     10.06 SUCCESSORS AND ASSIGNS.

     (a) Successors and Assigns Generally. The provisions of this Agreement
shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns permitted hereby, except that neither the
Borrower nor any other Loan Party may assign or otherwise transfer any of its
rights or obligations hereunder without the prior written consent of the
Administrative Agent and each Lender and no Lender may assign or otherwise
transfer any of its rights or obligations hereunder except (i) to an Eligible
Assignee in accordance with the provisions of subsection (b) of this Section,
(ii) by way of participation in accordance with the provisions of subsection (d)
of this Section, or (iii) by way of pledge or assignment of a security interest
subject to the restrictions of subsection (f) of this Section (and any other
attempted assignment or transfer by any party hereto shall be null and void).
Nothing in this Agreement, expressed or implied, shall be construed to confer
upon any Person (other than the parties hereto, their respective successors and
assigns permitted hereby, Participants to the extent provided in subsection (d)
of this Section and, to the extent expressly contemplated hereby, the Related
Parties of each of the Administrative Agent, the L/C Issuer and the Lenders) any
legal or equitable right, remedy or claim under or by reason of this Agreement.

     (b) Assignments by Lenders. Any Lender may at any time assign to one or
more Eligible Assignees all or a portion of its rights and obligations under
this Agreement (including all or a portion of its Commitment and the Loans
(including for purposes of this subsection (b), participations in L/C
Obligations) at the time owing to it); provided that

          (i) except in the case of an assignment of the entire remaining amount
     of the assigning Lender's Commitment and the Loans at the time owing to it
     or in the case of an assignment to a Lender or an Affiliate of a Lender or
     an Approved Fund with respect to a Lender, the aggregate amount of the
     Commitment (which for this purpose includes Loans outstanding thereunder)
     or, if the Commitment is not then in effect, the principal outstanding
     balance of the Loans of the assigning Lender subject to each such
     assignment, determined as of the date the Assignment and Assumption with
     respect to such assignment is delivered to the Administrative Agent or, if
     "Trade Date" is specified in the Assignment and Assumption, as of the Trade
     Date, shall not be less than $2,500,000 unless each of the Administrative
     Agent and, so long as no Event of Default has occurred and is continuing,
     the Borrower otherwise consents (each such consent not to be unreasonably
     withheld or delayed);

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          (ii) each partial assignment shall be made as an assignment of a
     proportionate part of all the assigning Lender's rights and obligations
     under this Agreement with respect to the Loans or the Commitment assigned;

          (iii) any assignment of a Commitment must be approved by the
     Administrative Agent and the L/C Issuer unless the Person that is the
     proposed assignee is itself a Lender (whether or not the proposed assignee
     would otherwise qualify as an Eligible Assignee); and

          (iv) the parties to each assignment shall execute and deliver to the
     Administrative Agent an Assignment and Assumption, together with a
     processing and recordation fee of $2,500, and the Eligible Assignee, if it
     shall not be a Lender, shall deliver to the Administrative Agent an
     Administrative Questionnaire.

Subject to acceptance and recording thereof by the Administrative Agent pursuant
to subsection (c) of this Section, from and after the effective date specified
in each Assignment and Assumption, the Eligible Assignee thereunder shall be a
party to this Agreement and, to the extent of the interest assigned by such
Assignment and Assumption, have the rights and obligations of a Lender under
this Agreement, and the assigning Lender thereunder shall, to the extent of the
interest assigned by such Assignment and Assumption, be released from its
obligations under this Agreement (and, in the case of an Assignment and
Assumption covering all of the assigning Lender's rights and obligations under
this Agreement, such Lender shall cease to be a party hereto) but shall continue
to be entitled to the benefits of Sections 3.01, 3.04, and 10.04 with respect to
facts and circumstances occurring prior to the effective date of such
assignment. Upon request, the Borrower (at its expense) shall execute and
deliver a Note to the assignee Lender. Any assignment or transfer by a Lender of
rights or obligations under this Agreement that does not comply with this
subsection shall be treated for purposes of this Agreement as a sale by such
Lender of a participation in such rights and obligations in accordance with
subsection (d) of this Section.

     (c) Register. The Administrative Agent, acting solely for this purpose as
an agent of the Borrower, shall maintain at the Administrative Agent's Office a
copy of each Assignment and Assumption delivered to it and a register for the
recordation of the names and addresses of the Lenders, and the Commitments of,
and principal amounts of the Loans and L/C Obligations owing to, each Lender
pursuant to the terms hereof from time to time (the "Register"). The entries in
the Register shall be conclusive, and the Borrower, the Administrative Agent and
the Lenders may treat each Person whose name is recorded in the Register
pursuant to the terms hereof as a Lender hereunder for all purposes of this
Agreement, notwithstanding notice to the contrary. The Register shall be
available for inspection by each of the Borrower and the L/C Issuer at any
reasonable time and from time to time upon reasonable prior notice. In addition,
at any time that a request for a consent for a material or substantive change to
the Loan Documents is pending, any Lender wishing to consult with other Lenders
in connection therewith may request and receive from the Administrative Agent a
copy of the Register.

     (d) Participations. Any Lender may at any time, without the consent of, or
notice to, the Borrower or the Administrative Agent, sell participations to any
Person (other than a natural person or the Borrower or any of the Borrower's
Affiliates or Subsidiaries or any direct

                                       81

competitor of the Borrower listed on Schedule 10.06) (each, a "Participant") in
all or a portion of such Lender's rights and/or obligations under this Agreement
(including all or a portion of its Commitment and/or the Loans (including such
Lender's participations in L/C Obligations) owing to it); provided that (i) such
Lender's obligations under this Agreement shall remain unchanged, (ii) such
Lender shall remain solely responsible to the other parties hereto for the
performance of such obligations and (iii) the Borrower, the Administrative
Agent, the Lenders and the L/C Issuer shall continue to deal solely and directly
with such Lender in connection with such Lender's rights and obligations under
this Agreement.

     Any agreement or instrument pursuant to which a Lender sells such a
participation shall provide that such Lender shall retain the sole right to
enforce this Agreement and to approve any amendment, modification or waiver of
any provision of this Agreement; provided that in no event shall any Participant
under any such participation have the right to approve any amendment to or
waiver of any provision of any Loan Document, or any consent to any departure by
any Loan Party therefrom, except to the extent that such amendment, waiver or
consent would reduce the principal of, or the stated date of interest on, the
Loans or any fees payable hereunder, or postpone the date of the final maturity
of the Loans or the Obligations, in each case to the extent subject to such
participation. Subject to subsection (e) of this Section, the Borrower agrees
that each Participant shall be entitled to the benefits of Sections 3.01 and
3.04 to the same extent as if it were a Lender and had acquired its interest by
assignment pursuant to subsection (b) of this Section. To the extent permitted
by law, each Participant also shall be entitled to the benefits of Section 10.08
as though it were a Lender, provided such Participant agrees to be subject to
Section 2.13 as though it were a Lender.

     (e) Limitations upon Participant Rights. A Participant shall not be
entitled to receive any greater payment under Section 3.01 or 3.04 than the
applicable Lender would have been entitled to receive with respect to the
participation sold to such Participant, without the Borrower's prior written
consent. A Participant that would be a Foreign Lender if it were a Lender shall
not be entitled to the benefits of Section 3.01 unless the Borrower is notified
of the participation sold to such Participant and such Participant agrees, for
the benefit of the Borrower, to comply with Section 3.01(e) as though it were a
Lender.

     (f) Certain Pledges. Any Lender may at any time pledge or assign a security
interest in all or any portion of its rights under this Agreement (including
under its Note, if any) to secure obligations of such Lender, including any
pledge or assignment to secure obligations to a Federal Reserve Bank; provided
that no such pledge or assignment shall release such Lender from any of its
obligations hereunder or substitute any such pledgee or assignee for such Lender
as a party hereto and no such pledgee or assignee shall be a direct competitor
of the Borrower listed on Schedule 10.06.

     (g) Electronic Execution of Assignments. The words "execution," "signed,"
"signature," and words of like import in any Assignment and Assumption shall be
deemed to include electronic signatures or the keeping of records in electronic
form, each of which shall be of the same legal effect, validity or
enforceability as a manually executed signature or the use of a paper-based
recordkeeping system, as the case may be, to the extent and as provided for in
any applicable law, including the Federal Electronic Signatures in Global and
National Commerce

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Act, the New York State Electronic Signatures and Records Act, or any other
similar state laws based on the Uniform Electronic Transactions Act.

     (h) Resignation as L/C Issuer after Assignment. Notwithstanding anything to
the contrary contained herein, if at any time Bank of America assigns all of its
Commitment and Loans to any Person other than Morgan Stanley pursuant to
subsection (b) above, Bank of America may, upon 30 days' notice to the Borrower
and the Lenders, resign as L/C Issuer. In the event of any such resignation as
L/C Issuer, the Borrower shall be entitled to appoint from among the Lenders
(other than Morgan Stanley) a successor L/C Issuer hereunder; provided, however,
that no failure by the Borrower to appoint any such successor shall affect the
resignation of Bank of America as L/C Issuer, as the case may be. If Bank of
America resigns as L/C Issuer, it shall retain all the rights and obligations of
the L/C Issuer hereunder with respect to all Letters of Credit outstanding as of
the effective date of its resignation as L/C Issuer and all L/C Obligations with
respect thereto (including the right to require the Lenders to make Base Rate
Loans or fund risk participations in Unreimbursed Amounts pursuant to Section
2.03(c)).

     10.07 TREATMENT OF CERTAIN INFORMATION; CONFIDENTIALITY. Each Lender and
the L/C Issuer agrees to keep confidential any written or oral information (a)
provided to it by or on behalf of the Borrower or any of its Subsidiaries
pursuant to or in connection with this Agreement or (b) obtained by such Lender
or the L/C Issuer based on a review of the books and records of the Borrower or
any of its Subsidiaries; provided that nothing herein shall prevent any Lender
or the L/C Issuer from disclosing any such information (i) to any Transferee or
Assignee, or to any actual or prospective counterparty (or its advisors) to any
swap, credit derivative or other derivative transaction relating to the Borrower
and its obligations, which has signed a confidentiality agreement containing the
terms of this Section 10.07, (ii) to its employees, directors, agents,
attorneys, accountants and other professional advisors who reasonably need to
know such information in connection with such Lender's or the L/C Issuer's
rights and obligations under the Loan Documents and who have a duty to keep such
information confidential, (iii) upon the request or demand of any examiner or
other Governmental Authority having jurisdiction over such Lender or the L/C
Issuer, (iv) in response to any order of any court or other Governmental
Authority or as may otherwise be required pursuant to any Requirement of Law,
(v) which has been publicly disclosed other than in breach of this Agreement,
(vi) in connection with the exercise of any remedy hereunder or (vii) to the
National Association of Insurance Commissioners, any nationally recognized
statistical rating agency or any other similar organization.

     10.08 RIGHT OF SETOFF. If an Event of Default shall have occurred and be
continuing, each Lender, the L/C Issuer and each of their respective Affiliates
is hereby authorized at any time and from time to time, to the fullest extent
permitted by applicable law, to set off and apply any and all deposits (general
or special, time or demand, provisional or final, in whatever currency) at any
time held and other obligations (in whatever currency) at any time owing by such
Lender, the L/C Issuer or any such Affiliate to or for the credit or the account
of the Borrower or any other Loan Party against any and all of the obligations
of the Borrower or such Loan Party now or hereafter existing under this
Agreement or any other Loan Document to such Lender or the L/C Issuer,
irrespective of whether or not such Lender or the L/C Issuer shall have made any
demand under this Agreement or any other Loan Document and although such
obligations of the Borrower or such Loan Party may be contingent or unmatured or
are owed to a

                                       83

branch or office of such Lender or the L/C Issuer different from the branch or
office holding such deposit or obligated on such indebtedness. The rights of
each Lender, the L/C Issuer and their respective Affiliates under this Section
are in addition to other rights and remedies (including other rights of setoff)
that such Lender, the L/C Issuer or their respective Affiliates may have. Each
Lender and the L/C Issuer agrees to notify the Borrower and the Administrative
Agent promptly after any such setoff and application, provided that the failure
to give such notice shall not affect the validity of such setoff and
application.

     10.09 INTEREST RATE LIMITATION. Notwithstanding anything to the contrary
contained in any Loan Document, the interest paid or agreed to be paid under the
Loan Documents shall not exceed the maximum rate of non-usurious interest
permitted by applicable Law (the "Maximum Rate"). If the Administrative Agent or
any Lender shall receive interest in an amount that exceeds the Maximum Rate,
the excess interest shall be applied to the principal of the Loans or, if it
exceeds such unpaid principal, refunded to the Borrower. In determining whether
the interest contracted for, charged, or received by the Administrative Agent or
a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by
applicable Law, (a) characterize any payment that is not principal as an
expense, fee, or premium rather than interest, (b) exclude voluntary prepayments
and the effects thereof, and (c) amortize, prorate, allocate, and spread in
equal or unequal parts the total amount of interest throughout the contemplated
term of the Obligations hereunder.

     10.10 COUNTERPARTS; INTEGRATION; EFFECTIVENESS. This Agreement may be
executed in counterparts (and by different parties hereto in different
counterparts), each of which shall constitute an original, but all of which when
taken together shall constitute a single contract. This Agreement and the other
Loan Documents constitute the entire contract among the parties relating to the
subject matter hereof and supersede any and all previous agreements and
understandings, oral or written, relating to the subject matter hereof. Except
as provided in Section 4.01, this Agreement shall become effective when it shall
have been executed by the Administrative Agent and when the Administrative Agent
shall have received counterparts hereof that, when taken together, bear the
signatures of each of the other parties hereto. Delivery of an executed
counterpart of a signature page of this Agreement by telecopy shall be effective
as delivery of a manually executed counterpart of this Agreement.

     10.11 SURVIVAL OF REPRESENTATIONS AND WARRANTIES. All representations and
warranties made hereunder and in any other Loan Document or other document
delivered pursuant hereto or thereto or in connection herewith or therewith
shall survive the execution and delivery hereof and thereof. Such
representations and warranties have been or will be relied upon by the
Administrative Agent and each Lender, regardless of any investigation made by
the Administrative Agent or any Lender or on their behalf and notwithstanding
that the Administrative Agent or any Lender may have had notice or knowledge of
any Default at the time of any Credit Extension, and shall continue in full
force and effect as long as any Loan or any other Obligation hereunder shall
remain unpaid or unsatisfied or any Letter of Credit shall remain outstanding.

     10.12 SEVERABILITY. If any provision of this Agreement or the other Loan
Documents is held to be illegal, invalid or unenforceable, (a) the legality,
validity and enforceability of the remaining provisions of this Agreement and
the other Loan Documents shall not be affected or

                                       84

impaired thereby and (b) the parties shall endeavor in good faith negotiations
to replace the illegal, invalid or unenforceable provisions with valid
provisions the economic effect of which comes as close as possible to that of
the illegal, invalid or unenforceable provisions. The invalidity of a provision
in a particular jurisdiction shall not invalidate or render unenforceable such
provision in any other jurisdiction.

     10.13 REPLACEMENT OF LENDERS. If any Lender requests compensation under
Section 3.04, or if the Borrower is required to pay any additional amount to any
Lender or any Governmental Authority for the account of any Lender pursuant to
Section 3.01, or if any Lender is a Defaulting Lender, then the Borrower may, at
its sole expense and effort, upon notice to such Lender and the Administrative
Agent, require such Lender to assign and delegate, without recourse (in
accordance with and subject to the restrictions contained in, and consents
required by, Section 10.06), all of its interests, rights and obligations under
this Agreement and the related Loan Documents to an assignee that shall assume
such obligations (which assignee may be another Lender, if a Lender accepts such
assignment), provided that:

     (a) the Borrower shall have paid to the Administrative Agent the assignment
fee specified in Section 10.06(b);

     (b) such Lender shall have received payment of an amount equal to the
outstanding principal of its Loans and L/C Advances, accrued interest thereon,
accrued fees and all other amounts payable to it hereunder and under the other
Loan Documents (including any amounts under Section 3.04) from the assignee (to
the extent of such outstanding principal and accrued interest and fees) or the
Borrower (in the case of all other amounts);

     (c) in the case of any such assignment resulting from a claim for
compensation under Section 3.04 or payments required to be made pursuant to
Section 3.01, such assignment will result in a reduction in such compensation or
payments thereafter; and

     (d) such assignment does not conflict with applicable Laws.

     A Lender shall not be required to make any such assignment or delegation
if, prior thereto, as a result of a waiver by such Lender or otherwise, the
circumstances entitling the Borrower to require such assignment and delegation
cease to apply.

     10.14 GOVERNING LAW; JURISDICTION; ETC.

     (a) GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

     (b) SUBMISSION TO JURISDICTION. THE BORROWER AND EACH OTHER LOAN PARTY
IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE
NONEXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW
YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF
NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING
ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR FOR
RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT IN

                                       85

RESPECT THEREOF, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY
AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD
AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT
A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE
ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER
PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL
AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT, ANY LENDER OR THE L/C ISSUER MAY
OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR
ANY OTHER LOAN DOCUMENT AGAINST THE BORROWER OR ANY OTHER LOAN PARTY OR ITS
PROPERTIES IN THE COURTS OF ANY JURISDICTION.

     (c) WAIVER OF VENUE. THE BORROWER AND EACH OTHER LOAN PARTY IRREVOCABLY AND
UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION
OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN
DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (B) OF THIS SECTION. EACH OF THE
PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH
ACTION OR PROCEEDING IN ANY SUCH COURT.

     (d) SERVICE OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE
OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 10.02 TO THE EXTENT
PERMITTED BY APPLICABLE LAW. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF
ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE
LAW.

     10.15 WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL
BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR
RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER
THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR
ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH
OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE
FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE
BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG
OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

                                       86

     10.16 USA PATRIOT ACT NOTICE. Each Lender that is subject to the Act (as
hereinafter defined) and the Administrative Agent (for itself and not on behalf
of any Lender) hereby notifies the Borrower that pursuant to the requirements of
the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26,
2001)) (the "Act"), it is required to obtain, verify and record information that
identifies the Borrower, which information includes the name and address of the
Borrower and other information that will allow such Lender or the Administrative
Agent, as applicable, to identify the Borrower in accordance with the Act.

     10.17 ENTIRE AGREEMENT. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS
REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY
EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE
PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.

                                       87

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed as of the date first above written.

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

                                          By: Global Signal GP LLC, its Managing
                                              General Partner

                                          By: /s/ Ronald G. Bizick
                                              ----------------------------------

                                          Name: Ronald G. Bizick
                                                --------------------------------

                                          Title: Executive Vice President
                                                 -------------------------------

                                      S-1

                                          BANK OF AMERICA, N.A., as
                                          Administrative Agent

                                          By: /s/ Todd Shipley
                                              ----------------------------------

                                          Name: Todd Shipley
                                                --------------------------------

                                          Title: Senior Vice President
                                                 -------------------------------

                                      S-2

                                          LENDERS

                                          BANK OF AMERICA, N.A., as a Lender,
                                          L/C Issuer

                                          By: /s/ Todd Shipley
                                              ----------------------------------

                                          Name: Todd Shipley
                                                --------------------------------

                                          Title: Senior Vice President
                                                 -------------------------------

                                          MORGAN STANLEY ASSET FUNDING INC.,
                                          as a Lender

                                          By: /s/ Barbara Isaacman
                                              ----------------------------------

                                          Name: Barbara Isaacman
                                                --------------------------------

                                          Title: Vice President
                                                 -------------------------------

                                      S-3

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