Document:

harb_Ex10_11

		
			Exhibit 10.11
		

		
			AMENDED AND RESTATED EMPLOYMENT AGREEMENT
		

		
			AGREEMENT made and entered into as of the 10th day of May, 2016, by and among HarborOne Bancorp, Inc., a Massachusetts stock holding company (the “Company”), HarborOne Bank, a Massachusetts-chartered stock co-operative bank with its principal place of business in Brockton, Massachusetts (the “Bank”) (the Bank and the Company shall be hereinafter collectively referred to as the “Employers”), and Joseph F. Casey, of Hingham, Massachusetts (the “Employee”).
		

		
			WITNESSETH THAT:
		

		
			WHEREAS, the Employee is currently, and has been for approximately twelve (12) years, employed by the Employers; and
		

		
			WHEREAS, the Employee’s experience in the financial services industry and the Employee’s reputation and contacts in such industry are valuable to the Employers; and
		

		
			WHEREAS, the Employers desire to continue to employ the Employee in an executive capacity in the conduct of its business; and
		

		
			WHEREAS, the Employee desires to continue his employment with the Employers; and
		

		
			WHEREAS, the Bank and the Employee had previously entered into an Employment Agreement dated July 31, 2013, which agreement was amended and restated in its entirety in an Employment Agreement dated March 1, 2016; and
		

		
			WHEREAS, to address a comment by a regulatory authority with jurisdiction over the Employers, the Bank and the Employee wish to amend and restate the Employment Agreement dated March 1, 2016 as set forth in this Agreement.
		

		
			NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
		

		
			1.Employment.  The Employers hereby agree to continue the employment of the Employee and the Employee hereby agrees to continue in the employ of the Employers on the terms and conditions hereinafter set forth.
		

		
			2.Effective Date, Term.  The effective date of this Agreement (the “Effective Date”) shall be the day first written above.  The term of the Employee’s employment pursuant to this Agreement shall commence on the Effective Date and shall continue thereafter until terminated as provided in Section 5.
		

		
			 
		

		 

 

		
			3.Capacity and Extent of Service.
		

		
			(a)During the term of this Agreement, the Employers shall employ the Employee as their Executive Vice President, Chief Operating Officer and Chief Financial 
		

		
			Officer, subject to his election by the Employers’ Boards of Directors (the “Boards of Directors”).
		

		
			(b)The Employee shall be employed on a full-time basis, reporting to the President and Chief Executive Officer of the Employers, and shall be assigned only such duties and tasks as are appropriate for a person in the position of Executive Vice President, Chief Operating Officer and Chief Financial Officer.  
		

		
			(c)During his employment hereunder, the Employee shall devote his full business time and his best efforts, business judgment, skill and knowledge to the performance of his duties and responsibilities hereunder.  The Employee shall not engage in any other business activity during the term of this Agreement except as may be approved by the Board of Directors.
		

		
			(d)The Employers encourage participation by the Employee on community boards and committees and in activities generally considered to be in the public interest, but the Board of Directors shall have the right to approve or disapprove, in its sole discretion, the Employee’s participation on such boards and committees.
		

		
			4.Compensation and Benefits.
		

		
			(a)Base Salary.  As compensation for services performed under and during the term of this Agreement, the Employee shall receive a minimum annual base salary (“Base Salary”) at a rate of Four Hundred Sixteen Thousand Two Hundred Eighty-Nine Dollars ($416,289).  The Employee’s minimum Base Salary may be increased (but not decreased, except for across-the-board salary reductions based on the Employers’ financial performance similarly affecting all executive officers of the Employers) from time to time during the term hereof by such amounts as the Compensation Committee of the Company’s Board of Directors in its sole discretion may determine.
		

		
			(b)Incentive and/or Bonus Compensation.  In addition to the foregoing minimum Base Salary, the Employee shall be eligible during the term of this Agreement to receive incentive compensation determined and payable in accordance with any incentive compensation plans of the Employers in effect from time to time for members of executive management generally. 
		

		
			(c)Fringe Benefits.  At all times during the term of this Agreement, the Employers shall provide the Employee with fringe benefits as set forth in Exhibit A to this Agreement, which Exhibit is incorporated herein by reference and the terms of which are thereby made a part hereof.  The Employee shall also be entitled to participate in any employee benefit plans, including without limitation the Employers’ Section 401(k) Plan, from time to time in effect for executive officers of the Employers generally.
		

		
			(d)Business Expenses.  The Employers shall reimburse the Employee for all reasonable travel and other business expenses incurred by him in the performance of his duties and 
		

		 

		

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			responsibilities, subject to such reasonable requirements with respect to substantiation and documentation as may be specified by the Employers, their auditors, the Internal Revenue 
		

		
			Service or other regulatory authorities having jurisdiction over the Employers and their operations.
		

		
			(e)SERP.  The Bank and the Employee have entered into an amended and restated Supplemental Executive Retirement Plan Agreement (“SERP”) dated as of March 1, 2016, as amended and restated.  The Bank and the Employee agree to fulfill their respective obligations under the SERP.
		

		
			5.Termination and Termination Benefits.
		

		
			Notwithstanding the provisions of Section 2, the Employee’s employment hereunder shall terminate under the following circumstances:
		

		
			(a)Death.  In the event of the Employee’s death during his employment under this Agreement, the Employee’s employment shall terminate on the date of his death; provided, however, that if the Employee is survived by his spouse, the Employers shall continue to pay to his spouse the Employee’s Base Salary in effect at the time of his death until the expiration of two (2) months following the Employee’s death.  
		

		
			(b)Disability.  The Employers may terminate the Employee’s employment if he is disabled and unable to perform the essential functions of the Employee’s then existing position or positions under this Agreement with or without reasonable accommodation for a period of one hundred eighty (180) days (which need not be consecutive) in any twelve (12) month period.  If any question shall arise as to whether during any period the Employee is disabled so as to be unable to perform the essential functions of the Employee’s then existing position or positions with or without reasonable accommodation, the Employee may, and at the request of the Employers shall, submit to the Employers a certification in reasonable detail by a physician mutually agreeable to the Employers and the Employee or the Employee’s guardian as to whether the Employee is so disabled or how long such disability is expected to continue, and such certification shall for the purposes of this Agreement be conclusive of the issue.  The Employee shall cooperate with any reasonable request of the physician in connection with such certification.  If such question shall arise and the Employee through his own fault shall fail to submit such certification, the Employers’ determination of such issue shall be binding on the Employee.  Nothing in this Section 5(b) shall be construed to waive the Employee’s rights, if any, under existing law including, without limitation, the Family and Medical Leave Act of 1993, 29 U.S.C. §2601 et seq. and the Americans with Disabilities Act, 42 U.S.C. §12101 et seq.    
		

		
			(c)Termination by the Employee Without Cause.  Notwithstanding the provisions of Section 2, the Employee may resign from the Employers at any time upon sixty (60) days prior written notice to the Boards of Directors.  In the event of resignation by the Employee under this Section 5(c), the Boards of Directors in their sole discretion may elect to waive the period of notice, or any portion thereof.  From and after the effective date of such termination by the Employee of his employment hereunder, the Employers shall have no further liability to the Employee for salary or other compensation or benefits, except as provided pursuant to the terms of any employee benefit plan of the Employers in which the Employee is then a participant.
		

		 

		

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			(d)Termination by the Employers Without Cause.  The Employee’s employment under this Agreement may be terminated without cause by a vote of two-thirds (2/3rds) of all (except the Employee, if he is then serving on either Board of Directors) of the members of each Board of Directors and on written notice to the Employee.  In the event of such termination, the Employee shall be entitled to the following benefits:
		

		
			(i)For a period of twenty-four (24) months, the Employers shall continue to pay to the Employee, or to the Employee’s designated beneficiary (or to his estate if he fails to make such designation) the Employee’s salary at the rate of his Base Salary in effect as of the date of such termination;
		

		
			(ii)For each year during the period specified in paragraph (i) of this Section 5(d), the Employee shall be entitled to receive incentive compensation equal to the average incentive compensation received by the Employee during the three (3) full fiscal years of the Employers immediately preceding such termination, with such amount to be paid when incentive compensation is otherwise paid to other executives of the Employers in the first seventy-five (75) days of the Employers’ fiscal year;
		

		
			(iii)If the Employee was participating in the Employers’ group health plan immediately prior to the date of termination and elects COBRA health continuation, then the Employers shall pay to the Employee a monthly cash payment for eighteen (18) months or the Employee’s COBRA health continuation period, whichever ends earlier, in an amount equal to the monthly employer contribution that the Employers would have made to provide health insurance to the Employee if the Employee had remained employed by the Employers; and
		

		
			(iv)The Employee shall be entitled to receive a payment equal to the amount the Employers would have contributed on his behalf to any qualified pension, profit sharing or 401(k) or similar plan had he remained in the employ of the Employers for an additional twenty-four (24) month period at the same Base Salary as in effect as of the date of the Employee’s termination.  Such amount shall be paid in the twenty-fourth (24th) month following termination of employment.
		

		
			Notwithstanding the above, in the event of a termination by the Employers without Cause that occurs within twenty-four (24) months after a Change in Control, the amounts payable under Section 5(d)(i) shall be increased to three (3) times the Employee’s Base Salary and be paid to the Employee in a single lump sum within ten (10) days following the termination of employment, and the Employee shall have no further obligations to the Employers except his obligations under Sections 6(a) and 6(b).
		

		
			(e)Termination by the Employee For Good Reason.  The Employee may terminate his employment hereunder for Good Reason.  Only the following shall constitute “Good Reason” for such termination:
		

		
			(i)Failure of the Employers to continue the Employee in the position of Executive Vice President, Chief Operating Officer and Chief Financial Officer during the term of this Agreement;
		

		 

		

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			(ii)Material change by the Employers in the nature or scope of the Employee’s responsibilities, title, authorities, powers, functions or duties from the responsibilities, title, authorities, powers, functions or duties normally exercised by an executive in the position of Executive Vice President, Chief Operating Officer and Chief Financial Officer, or any reassignment of the Employee to a place of business which is more than fifty (50) miles from Brockton, Massachusetts;
		

		
			(iii)Material breach by the Employers of Section 4 hereof or of any other provision of this Agreement, which breach continues for more than thirty (30) days following written notice given by the Employee to the Employers, such written notice to set forth in reasonable detail the nature of such breach; or
		

		
			In the event the Employee terminates his employment for Good Reason, the Employee shall be entitled to the termination benefits set forth in Section 5(d) above, provided, however, that, in the event of a termination for Good Reason that occurs within twenty-four (24) months after a Change in Control, the amounts payable under Section 5(d)(i) shall be increased to three (3) times the Employee’s Base Salary and be paid to the Employee in a single lump sum within ten (10) days following the termination of employment, and the Employee shall have no further obligations to the Employers except his obligations under Sections 6(a) and 6(b).
		

		
			For purposes hereof, a “Change in Control” shall be deemed to occur upon the occurrence of any one of the following events:
		

		
			(A)any “Person,” as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Act”) (other than HarborOne Bancorp or the Company), any of their subsidiaries, or any trustee, fiduciary or other person or entity holding securities under any employee benefit plan or trust of the Company or any of its subsidiaries), together with all “affiliates” and “associates” (as such terms are defined in Rule 12b-2 under the Act) of such person, shall become the “beneficial owner” (as such term is defined in Rule 13d-3 under the Act), directly or indirectly, of securities of the Company representing forty percent (40%) or more of the combined voting power of the Company’s then outstanding securities having the right to vote in an election of the Company’s Board of Directors (“Voting Securities”) (in such case other than as a result of an acquisition of securities directly from the Company or in connection with a public offering); or
		

		
			(B)persons who, as of the date hereof, constitute the Company’s Board of Directors (the “Incumbent Directors”) cease for any reason, including, without limitation, as a result of a tender offer, proxy contest, merger or similar transaction, to constitute at least a majority of the Company’s Board of Directors, provided that any person becoming a director of the Company subsequent to the date hereof shall be considered an Incumbent Director if such person’s election was approved by or such 
		

		 

		

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			person was nominated for election by either (1) a vote of at least a majority of the Incumbent Directors or (2) a vote of at least a majority of the Incumbent Directors who are members of a nominating committee comprised, in the majority, of Incumbent Directors; but provided further, that any such person whose initial assumption of office is in connection with an actual or threatened election contest relating to the election of members of the Company’s Board of Directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Company’s Board of Directors, including by reason of agreement intended to avoid or settle any such actual or threatened contest or solicitation, shall not be considered an Incumbent Director; or 
		

		
			(C)the consummation of (1) any consolidation or merger of the Company where the stockholders of the Company, immediately prior to the consolidation or merger, would not, immediately after the consolidation or merger, beneficially own (as such term is defined in Rule 13d-3 under the Act), directly or indirectly, shares representing in the aggregate more than fifty percent (50%) of the voting shares of the Company issuing cash or securities in the consolidation or merger (or of its ultimate parent corporation, if any), or (2) any sale, lease, exchange or other transfer (in one transaction or a series of transactions contemplated or arranged by any party as a single plan) of all or substantially all of the assets of the Company or of the Bank. 
		

		
			Notwithstanding the foregoing, a “Change in Control” shall not be deemed to have occurred for purposes of the foregoing clause (A) solely as the result of an acquisition of securities by the Company that, by reducing the number of shares of Voting Securities outstanding, increases the proportionate number of shares of Voting Securities beneficially owned by any person to forty percent (40%) or more of the combined voting power of all then outstanding Voting Securities; provided, however, that if any person referred to in this sentence shall thereafter become the beneficial owner of any additional shares of Voting Securities (other than pursuant to a stock split, stock dividend, or similar transaction or as a result of an acquisition of securities directly from the Company) and immediately thereafter beneficially owns forty percent (40%) or more of the combined voting power of all then outstanding Voting Securities, then a “Change in Control” shall be deemed to have occurred for purposes of the foregoing clause (A).
		

		
			(f)Termination by the Employers For Cause.  The Employee’s employment hereunder may be terminated for cause by the Employers, effective immediately, by a vote, at a meeting duly called for such purpose of the members of the Boards of Directors and on written notice to the Employee setting forth in reasonable detail the nature of such cause.  The Boards of Directors shall vote separately on the issue of cause and on the issue of termination, but such separate votes may be taken at the same meeting.  A determination that “cause” exists and a determination to terminate the Employee following an affirmative determination of “cause” shall require a two-thirds (2/3rds) vote of all (except the Employee, if he is then serving on either Board of 

		 

		

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Directors) of the members of Board of Directors.  Only the following shall constitute “cause” for such termination:
		

		
			(i)Conviction by a court of competition jurisdiction (or plea of nolo contendere) for felony criminal conduct or other criminal conduct involving dishonesty or moral turpitude;
		

		
			(ii)Willful misconduct in the performance of the Employee’s duties hereunder;
		

		
			(iii)Gross negligence in the performance of the Employee’s duties hereunder that results in a material detriment to the Employers or their affiliates;
		

		
			(iv)Chronic substance abuse which interferes with Employee’s performance of his duties hereunder, as reasonably determined in good faith by Board; or
		

		
			(v)Fraud, embezzlement, theft, intentional misrepresentation or other similar acts by the Employee with respect to the Employers or any of their affiliates.
		

		
			In the event of the termination of the Employee under this Section 5(f), the Employers shall have no further obligation to the Employee, except as required pursuant to the terms of any employee benefit plan of the Employers in which the Employee is then a participant.
		

		
			(g)Vote of Boards of Directors Pursuant to Sections 5(d) or 5(f).  In the event of a vote of the Boards of Directors pursuant to Sections 5(d) or 5(f) of this Agreement, including any vote to give written notice of cause pursuant to Sections 5(f), the Employee shall not be entitled to vote.
		

		
			6.Non-Competition, Non-Solicitation and Confidential Information.  
		

		
			(a)Non-Competition and Non-Solicitation.  During the term of the Employee’s employment under this Agreement and for twelve (12) months thereafter (or, in the event of a termination of the Employee without Cause or resignation of the Employee for Good Reason pursuant to Section 5(e), during such longer period as the Employers are making payments of severance compensation to the Employee in accordance with the provisions of Section 5(a)(i) hereof), the Employee (i) will not, directly or indirectly, whether as owner, partner, shareholder consultant, agent, employee, co-venturer or otherwise, engage, participate, assist or invest in any business conducted anywhere in any town in which the Employers have a branch or any town contiguous thereto or within a thirty-five (35) mile radius of the Employers’ headquarters that is competitive with any business that the Employers or any of their affiliates conduct or propose to conduct at any time during the employment of the Employee; (ii) will refrain from directly or indirectly employing, attempting to employ, recruiting or otherwise soliciting, inducing or influencing any person to leave employment with the Employers (other than terminations of employment of subordinate employees undertaken in the course of the Employee’s employment with the Employers); and (iii) will refrain from soliciting or encouraging any customer or supplier to terminate or otherwise modify adversely its business relationship with the Employers.  

		 

		

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Notwithstanding the foregoing, the Employee may own up to three percent (3%) of the outstanding stock of a publicly held corporation which constitutes or is affiliated with a Competing Business.
		

		
			(b)Confidential Information.  The Employee shall not at any time divulge, use, furnish, disclose or make accessible to anyone other than an employee or director of the Employers with a reasonable need to know, any knowledge or information with respect to confidential or secret data, procedures or techniques of the Employers; provided, however, that nothing in this Section 6(b) shall prevent the disclosure by the Employee of any such information which at any time comes into the public domain other than as a result of the violation of the terms of this Section 6(b) by the Employee or which is otherwise lawfully acquired by the Employee.
		

		
			(c)The Employee understands that the restrictions set forth in this Section 6 are intended to protect the Employers’ interest in their Confidential Information and established employee, customer and supplier relationships and goodwill, and agrees that such restrictions are reasonable and appropriate for this purpose.  
		

		
			7.Withholding.  All payments made by the Employers under this Agreement shall be subject to withholding of any tax or other amounts required to be withheld by the Employers under applicable law or benefit plans of the Employers in which the Employee is participating.
		

		
			8.Indemnification.  The Employers agree to indemnify the Employee in his capacity as an officer of the Employers and, to the extent he serves with the approval of the Employers as a representative, an officer or a Board member of any community organization or financial services industry association or similar entity, as set forth in the Charter or By-laws of each of the Employers, as amended from time to time; provided, however, that the terms of such indemnification shall be no less favorable to the Employee than those set forth in the Charter or By-laws of each of the Employers as of the date of this Agreement.
		

		
			9.Notices.  Any notices, requests, demands and other communications provided for by this Agreement shall be sufficient if in writing and delivered in person or sent by registered or certified mail, postage paid, to the Employee at the last address the Employee has filed in writing with the Employers or, in the case of the Employers, at its main office, attention of the Chairman of the Board.
		

		
			10.Return of Employer Property.  The Employee will return to the Employers all records and files and all other Employer documentation and other property immediately upon termination of his employment.
		

		
			11.Equitable Relief.  It is agreed that the Employers’ remedy at law for any actual or threatened breach of this Agreement by the Employee would be inadequate and that the Employers will, in addition to whatever remedies they may have at law or in equity under this Agreement, be entitled to immediate injunctive relief from actual or threatened breach of this Agreement.
		

		
			12.Entire Agreement.  This Agreement constitutes the entire Agreement between the parties with respect to its subject matter and may not be changed except by a writing duly executed and delivered by the Employers and the Employee in the same manner as this Agreement.  
		

		 

		

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			13.Binding Effect; Non-assignability.  This Agreement shall be binding upon and inure to the benefit of the Employers and their successors and assigns.  Neither this Agreement nor any rights arising hereunder may be subject in any way to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment or garnishment by the Employee or creditors of the Employee or any beneficiary.  This Agreement shall inure to the benefit of and be enforceable by the Employee’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. 
		

		
			14.Amendment.  This Agreement may be amended or modified only by a written instrument signed by the Employee and the Chairman of the Board of Directors, upon concurrence of two-thirds (2/3rds) of all (except the Employee, if he is then serving on either Board of Directors) of the members of each Board of Directors.  
		

		
			15.Enforceability.  If any portion or provision of this Agreement shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or the application of such portion or provisions in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law.
		

		
			16.Applicable Law.  This Agreement shall be construed and enforced in all respects in accordance with the laws of the Commonwealth of Massachusetts and in accordance with any applicable federal laws to which the Bank may be subject as an FDIC insured institution.
		

		
			17.No Mitigation.  The Employee shall not be required to mitigate the amount of any payment provided for in this Agreement by seeking other employment or otherwise.  No payment provided for in this Agreement shall be reduced by any compensation earned by the Employee as the result of employment by another employer, or the Employee’s receipt of income from any other sources, after termination of his employment with the Employers.  
		

		
			18.Dispute Resolution.  If a dispute arises out of or relates to this Agreement, or the breach hereof, and if such dispute is not settled within a commercially reasonable time through negotiations, the parties shall attempt in good faith to settle the dispute by mediation under the Commercial Mediation Rules of the American Arbitration Association before resorting to arbitration, litigation or other dispute resolution procedures.  No resolution or attempted resolution of any dispute or disagreement pursuant to this Section 18 shall be deemed to be a waiver of any term or provision of this Agreement or consent to any breach or default, unless such waiver or consent shall be in writing and signed by the party claimed to have waived or consented.
		

		
			19.Compliance with Section 409A.  The Employers and the Employee acknowledge and agree that the provisions for payments and benefits in Sections 4 and 5 of this Agreement may constitute a “non-qualified deferred compensation plan” subject to Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and Treasury Regulations and other guidance thereunder (“Section 409A”).  The Employers and the Employee intend to administer such provisions in a manner that at all times is either exempt from or complies in form and operation with 

		 

		

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the applicable limitations and the standards of Section 409A.  Accordingly, the following limitations are expressly imposed with respect to such provisions for payments.
		

		
			(a)The Employee’s entitlement to receive or begin to receive payments pursuant to the provisions of Section 5 is conditioned upon the Employee’s separation from service.  For this purpose, the Employee will be deemed to have separated from service only if his level of services to the Employers and their affiliated entities decreases and is expected to remain at a level equal to twenty percent (20%) or less of the average level of services performed by the Employee during the immediately preceding thirty-six (36) month period.
		

		
			(b)If at the time of the Employee’s separation from service, the Employee is considered a “specified employee” (within the meaning of Section 409A) by the Bank, the payment of any amount payable to the Employee that constitutes non-qualified deferred compensation subject to Section 409A shall be delayed until six months and a day after the Employee’s separation from service.
		

		
			(c)It is intended that each installment, if any, of the payments and benefits provided by the provisions of Section 5 shall be treated as a separate “payment” for purposes of Section 409A.  Neither the Employers nor the Employee will have the right to accelerate or defer the delivery of any such payments or benefits except to the extent specifically permitted or required by Section 409A.
		

		
			(d)All reimbursements and in-kind benefits provided under this Agreement shall be made or provided in accordance with the requirements of Section 409A to the extent that such reimbursements or in-kind benefits are subject to Section 409A.  All expenses or reimbursements paid pursuant to this Agreement that are taxable income to the Employee shall in no event be paid later than the end of the calendar year next following the calendar year in which the Employee incurs such expense or pays the related tax.  With regard to any provision in the Agreement for the right to reimbursement or in-kind benefits, such right shall not be subject to liquidation or exchange for another benefit, the amount of expenses eligible for reimbursement or in-kind benefits provided during any taxable year shall not affect the expenses eligible for reimbursement or in-kind benefits to be provided in any other taxable year, provided that the foregoing clause shall not  be violated with regard to expenses reimbursed under any  arrangement covered by Section 105(b) of the Code solely because such expenses are subject to a limit related to the period the arrangement is in effect, and such payments shall be made on or before the last day of the Employee’s taxable year following the taxable year in which the expense was incurred.
		

		
			20.Additional Limitation.
		

		
			(a)Anything in this Agreement to the contrary notwithstanding, in the event that the amount of any compensation, payment or distribution by the Employers to or for the benefit of the Employee, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise, calculated in a manner consistent with Section 280G of the of the Code and the applicable regulations thereunder (the “Aggregate Payments”), would be subject to the excise tax imposed by Section 4999 of the Code, then the Aggregate Payments shall be reduced (but not below zero) so that the sum of all of the Aggregate Payments shall be $1.00 less than the amount at which the Employee becomes subject to the excise tax imposed by Section 
		

		 

		

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			4999 of the Code; provided that such reduction shall only occur if it would result in the Employee receiving a higher After Tax Amount (as defined below) than the Employee would receive if the Aggregate Payments were not subject to such reduction.  In such event, the Aggregate Payments shall be reduced in the following order, in each case, in reverse chronological order beginning with the Aggregate Payments that are to be paid the furthest in time from consummation of the transaction that is subject to Section 280G of the Code:  (1) cash payments not subject to Section 409A; (2) cash payments subject to Section 409A; (3) equity-based payments and acceleration; and (4) non-cash forms of benefits; provided that in the case of all the foregoing Aggregate Payments all amounts or payments that are not subject to calculation under Treas. Reg. §1.280G-1, Q&A-24(b) or (c) shall be reduced before any amounts that are subject to calculation under Treas. Reg. §1.280G-1, Q&A-24(b) or (c). 
		

		
			(b)For purposes of this Section 20, the “After Tax Amount” means the amount of the Aggregate Payments less all federal, state, and local income, excise and employment taxes imposed on the Employee as a result of the Employee’s receipt of the Aggregate Payments.  For purposes of determining the After Tax Amount, the Employee shall be deemed to pay federal income taxes at the highest marginal rate of federal income taxation applicable to individuals for the calendar year in which the determination is to be made, and state and local income taxes at the highest marginal rates of individual taxation in each applicable state and locality, net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes. 
		

		
			(c)The determination as to whether a reduction in the Aggregate Payments shall be made pursuant to Section 20(a) shall be made by a nationally recognized accounting firm selected by the Employers (the “Accounting Firm”), which shall provide detailed supporting calculations both to the Employers and the Employee within 15 business days of the Date of Termination, if applicable, or at such earlier time as is reasonably requested by the Employers or the Employee.  Any determination by the Accounting Firm shall be binding upon the Employers and the Employee. 
		

		
			21.Allocation of Obligations Between Employers.  The obligations of the Employers under this Agreement are intended to be the joint and several obligations of the Bank and the Company, and the Employers shall, as between themselves, allocate these obligations in a manner agreed upon by them.
		

		
			22.Required Regulatory Provision. Notwithstanding anything herein contained to the contrary, any payments to the Employee by the Employers, whether pursuant to this Agreement or otherwise, are subject to and conditioned upon their compliance with Section 18(k) of the Federal Deposit Insurance Act, 12 U.S.C. §1828(k), and any regulations promulgated thereunder.
		

		
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			IN WITNESS WHEREOF, this Agreement has been executed as a sealed instrument by the Employers, by their duly authorized officers, and by the Employee, as of the date first above written.
		

		
			 
		

			
					
						 

					
						 

					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						EMPLOYEE:

					
					
						 

					
					
						 

					
					
						HARBORONE BANCORP, INC.:

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						/s/ Joseph F. Casey

					
					
						By:

					
					
						 

					
					
						/s/ Timothy R. Lynch

				
	
					
						Joseph F. Casey

					
					
						 

					
					
						 

					
					
						Timothy R. Lynch

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Chairman of the Board

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						HARBORONE BANK:

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

					
					
						/s/ Timothy R. Lynch

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Timothy R. Lynch

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Chairman of the Board

				

		
			 
		

		
			 
		

		
			 
		

		
			

		 

 

EXHIBIT A
		

		
			to
		

		
			EMPLOYMENT AGREEMENT
		

		
			by and among
		

		
			HarborOne Bancorp, Inc., 
		

		
			HarborOne Bank
		

		
			and
		

		
			Joseph F. Casey
		

		
			Dated May 10, 2016
		

		
			1.Automobile.The Employee shall be entitled to a monthly automobile allowance of $900 as compensation for all reasonable expenses related to maintaining and operating an automobile for the Employee’s personal and business use.  Such allowance may be increased (but not decreased) by the Employers from time to time during the term hereof by such amounts as the Board of Directors in its sole discretion may determine. 
		

		
			2.Vacation.  The Employee shall be entitled to four (4) weeks of paid vacation benefits in each calendar year, accrued monthly during the calendar year.
		

		
			3.Insurance.  The Employers shall maintain in effect for the Employee, at the Employers’ sole expense, life insurance equal to three (3) times the Employee’s Base Salary, subject to the terms of the insurance plan specific to him.  If the Employee’s benefit limits exceed the amount available under the Employers’ group insurance plan, then the Employee will be entitled to Employer-paid coverage under a different plan, in addition to or in lieu of the group insurance plan, to accommodate the difference.  
		

		
			4.Technology Assistance.  The Employers shall supply the Employee with full capability for remote access to Employer systems, as necessary, including a laptop computer, cell phone, personal digital assistant and wireless connection at his residence, all at the Employers’ sole expense for purchase, customary monthly charges, and upgrades, including new equipment on a periodic basis as technology improvements and communications needs dictate.
		

		
			5.Medical Insurance in Retirement.  The Employee will be entitled to coverage in a supplemental medical insurance plan for the Employee and his spouse, pending his eligibility as determined by the medical insurer, at the Employers’ sole expense, once he reaches age sixty-five (65) and is no longer covered by the Employers’ group medical insurance plan, to supplement what is covered in his Medicare plan. This supplemental insurance plan, commonly referred to as a “Medigap” plan, is designed to cover medical and related costs that are not covered by the Employee’s Medicare plan.  The supplemental insurance plan will include prescription medication coverage.  Supplemental insurance will remain in effect during the entire term of the Employee’s and his wife’s retirement.EX-10.13

 Exhibit 10.13 

EXECUTION VERSION 
 SBA TOWER TRUST

 U.S. $700,000,000 Secured Tower Revenue Securities, Series 2016-1, Subclass 2016-1C 

PURCHASE AGREEMENT 

June 21, 2016 
 Barclays
Capital Inc. 
 Citigroup Global Markets Inc. 
 Wells Fargo
Securities, LLC 
   as Representatives of the several Initial 

  Purchasers listed in Schedule I hereto 
 c/o Barclays
Capital Inc. 
 745 Seventh Avenue 
 New York, New York 10019

 Ladies and Gentlemen: 
 SBA Tower Trust
(the “Trust”), a New York common law trust formed pursuant to the Trust and Servicing Agreement dated as of November 18, 2005 (the “Initial Closing Date”) and amended and restated in its entirety by the Amended
and Restated Trust and Servicing Agreement (the “Amended and Restated Trust Agreement”) dated as of October 15, 2014 (the “2014 Closing Date”) among SBA Depositor LLC, a Delaware limited liability company (the
“Depositor”), Midland Loan Services, a division of PNC Bank, National Association, as servicer (the “Servicer”), and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”), as supplemented
by the First Trust Agreement Supplement dated as of October 14, 2015 (the “2015 Closing Date”) between the Servicer and the Trustee (the Amended and Restated Trust Agreement, as so supplemented, the “Existing Trust
Agreement”), proposes to issue U.S.$700,000,000 principal amount of its Secured Tower Revenue Securities, Series 2016-1, 2.877% Subclass 2016-1C (the “Offered Securities”), representing a fractional undivided interest in
the Trust, pursuant to the Existing Trust Agreement, as supplemented by the Second Trust Agreement Supplement (the “Second Trust Agreement Supplement”), to be dated as of the Closing Date (as hereinafter defined), between the
Servicer and the Trustee (the Existing Trust Agreement as so supplemented, the “Trust Agreement”). Capitalized terms used herein and not otherwise herein defined shall have the meanings assigned to such terms in the Trust Agreement.

 The assets of the Trust currently consist primarily of a monthly pay, nonrecourse mortgage loan
(the “Existing Mortgage Loan”) in an aggregate principal amount of $4,530,000,000, evidenced by the promissory note evidencing the 2010-2C component of the Mortgage Loan (the “2010-2C Note”) originally issued on
April 16, 2010 (the “2010 Closing Date”), the promissory note evidencing the 2012-1C component of the Mortgage Loan (the “2012-1C Note”) originally issued on August 9, 2012 (the “2012 Closing
Date”), the promissory note evidencing the 2013-1C component of the Mortgage Loan (the “2013-1C Note”), the promissory note evidencing the 2013-1D component of the Mortgage Loan (the “2013-1D Note”) and the
promissory note evidencing the 2013-2C component of the Mortgage Loan (the “2013-2C Note”) originally issued on April 18, 2013 (the “2013 Closing Date”), the promissory note evidencing the 2014-1C component of
the Mortgage Loan (the “2014-1C Note”) and the promissory note evidencing the 2014-2C component of the Mortgage Loan (the “2014-2C Note”) originally issued on the 2014 Closing Date and the promissory note evidencing
the 2015-1C component of the Mortgage Loan (the “2015-1C Note”) originally issued on the 2015 Closing Date, in respect of which each of (i) SBA Properties, LLC, a Delaware limited liability company (“SBA
Properties” or the “Initial Borrower”), SBA Sites, LLC, a Delaware limited liability company (“SBA Sites”), SBA Structures, LLC a Delaware limited liability company (“SBA Structures”), SBA
Infrastructure, LLC, a Delaware limited liability company (“SBA Infrastructure”), SBA Monarch Towers III, LLC, a Delaware limited liability company (“SBA Monarch III”), SBA 2012 TC Assets PR, LLC, a Delaware limited
liability company (“SBA TC PR”), SBA 2012 TC Assets, LLC, a Delaware limited liability company (“SBA TC”), SBA Towers IV, LLC, a Delaware limited liability company (“SBA Towers IV”), SBA Monarch
Towers I, LLC, a Delaware limited liability company (“SBA Monarch I”), SBA Towers USVI, Inc., a U.S. Virgin Islands corporation (“SBA USVI”), SBA Towers VII, LLC, a Delaware limited liability company (“SBA
Towers VII”), and SBA GC Towers, LLC, a Delaware limited liability company (“SBA GC”, and, together with SBA Properties, SBA Sites, SBA Structures, SBA Infrastructure, SBA Monarch III, SBA TC PR, SBA TC, SBA Towers IV, SBA
Monarch I, SBA USVI and SBA Towers VII, the “2014 Existing Borrowers”) and (ii) SBA Towers V, LLC, a Delaware limited liability company (“SBA Towers V”), and SBA Towers VI, LLC, a Delaware limited liability
company (“SBA Towers VI”, and, together with SBA Towers V and the 2014 Existing Borrowers, the “Borrowers”) is currently jointly and severally liable pursuant to the Second Amended and Restated Loan and Security
Agreement (the “Amended and Restated Loan Agreement”) dated as of the 2014 Closing Date between the Servicer on behalf of the Trustee and the 2014 Existing Borrowers, as amended and supplemented by the First Loan and Security
Agreement Supplement and Amendment dated as of the 2015 Closing Date between the Servicer on behalf of the Trustee and the Borrowers (the Amended and Restated Loan Agreement as so amended and supplemented, the “Existing Loan
Agreement”). The Trust issued (i) Secured Tower Revenue Securities in two subclasses on the 2010 Closing Date, one of which remains outstanding, the Series 2010-2 Securities, Subclass 2010-2C, (ii) Secured Tower Revenue Securities
in one subclass on the 2012 Closing Date, the Series 2012-1 Securities, Subclass 2012-1C, (iii) Secured Tower Revenue Securities in three subclasses on the 2013 Closing Date, the Series 2013-1 Securities, Subclass 2013-1C, the Series 2013-1
Securities, Subclass 2013-1D, and the Series 2013-2 Securities, Subclass 2013-

  
 2 

 
2C, (iv) Secured Tower Revenue Securities in two subclasses on the 2014 Closing Date, the Series 2014-1 Securities, Subclass 2014-1C, and the Series 2014-2 Securities, Subclass 2014-2C and
(v) Secured Tower Revenue Securities in one subclass on the 2015 Closing Date, the Series 2015-1 Securities, Subclass 2015-1C (collectively, the “Existing Securities”). 

On the Closing Date, the Borrowers and the Servicer on behalf of the Trustee will enter into the Second Loan and Security Agreement Supplement
(the “Second Loan and Security Agreement Supplement”), to be dated as of the Closing Date, to the Existing Loan Agreement (the Existing Loan Agreement, as so supplemented, the “Loan Agreement”), pursuant to which
the Existing Mortgage Loan will be increased by $700,000,000 (the “Closing Date Mortgage Loan Increase”), which Closing Date Mortgage Loan Increase will be evidenced by one promissory note evidencing the 2016-1C component of the
Mortgage Loan (the “2016-1C Note”), and the Borrowers will use a portion of the proceeds of the Closing Date Mortgage Loan Increase to repay the 2010-2C Note and thereby retire the Series 2010-1 Securities, Subclass 2010-2C. The
Existing Securities, excluding the Series 2010-2 Securities, Subclass 2010-2C, being retired on the Closing Date are referred to herein as the “Remaining Securities”. The 2012-1C Note, the 2013-1C Note, the 2013-1D Note, the 2013-2C
Note, the 2014-1C Note, the 2014-2C Note and the 2015-1C Note (collectively, the “Remaining Notes”) and the 2016-1C Note (together with any promissory notes evidencing additional mortgage loan increases after the Closing Date, the
“Mortgage Loan”) and the other obligations of the Borrowers under the Loan Agreement will be secured in part by mortgages on certain of the Borrowers’ interests in certain of their wireless communications tower sites (the
“Closing Date Sites”) on which space is leased to wireless communications companies and other users (the “Lessees”) pursuant to leases or licenses (the “Leases”) for placement of transmission
equipment and other purposes. 
 Repayment of the Mortgage Loan is guaranteed by (i) SBA Guarantor LLC, a Delaware limited liability
company (the “Guarantor”), which is the direct or indirect parent of the Borrowers, pursuant to the Payment Guaranty, which will be ratified as of the Closing Date pursuant to the Ratification of the Payment Guaranty and Pledge and
Security Agreement to be dated as of the Closing Date (the “Ratification of the Payment Guaranty and Pledge”), (ii) SBA Holdings LLC, a Delaware limited liability company (“SBA Holdings”), which is the direct
parent of the Guarantor, pursuant to the Parent Guaranty, which will be ratified as of the Closing Date pursuant to the Ratification of the Parent Guaranty and Parent Pledge and Security Agreement to be dated as of the Closing Date (the
“Ratification of the Parent Guaranty and Pledge”) and (iii) SBA GC Holdings, LLC, a Delaware limited liability company (“SBA GC Holdings”), the direct parent of SBA GC, SBA GC Parent I, LLC, a Delaware limited
liability company (“SBA GC Parent I”), a direct parent of SBA GC Holdings, and SBA GC Parent II, LLC, a Delaware limited liability company and a direct parent of SBA GC Holdings (“SBA GC Parent II” and, collectively
with SBA GC Holdings and SBA GC Parent I, the “2014 Additional Guarantors”), pursuant to the Additional Guaranty dated as of the 2014 Closing Date (the “2014 Additional Guaranty”), which will be ratified as of the
Closing Date pursuant to the Ratification of the Additional Guaranty and Pledge and Security Agreement to be dated as of the Closing Date (the “Ratification of Additional Guaranty and Pledge”). 

  
 3 

 The Guarantor previously pledged to the Trustee all of the equity interests of the Borrowers
(other than SBA GC), SBA GC Parent I and SBA GC Parent II to secure the repayment of the Mortgage Loan pursuant to the Guarantor Pledge Agreement and, on the Closing Date, will re-affirm such pledge pursuant to the Ratification of Payment Guaranty
and Pledge. 
 SBA Holdings pledged all of the equity interests of the Guarantor to secure the repayment of the Mortgage Loan pursuant to
the Parent Pledge Agreement and, on the Closing Date, will re-affirm such pledge pursuant to the Ratification of Parent Guaranty and Pledge. SBA Holdings is a wholly-owned subsidiary of SBA Senior Finance, LLC, a Florida limited liability company
(“SBA Finance”), and an indirect subsidiary of SBA Communications Corporation (“SBA Parent”). 
 Each 2014
Additional Guarantor pledged all of its respective equity interests of SBA GC Holdings and SBA GC to secure the repayment of the Mortgage Loan pursuant to a Pledge and Security Agreement, dated as of the 2014 Closing Date (the “2014
Additional Pledge Agreement”) by the 2014 Additional Guarantors in favor of the Trustee and, on the Closing Date, will re-affirm such pledges pursuant to the Ratification of Additional Guaranty and Pledge. 

SBA Network Management, Inc. (the “Manager”), a Florida corporation and an indirect subsidiary of SBA Parent, will manage the
Closing Date Sites on behalf of the Borrowers pursuant to a Management Agreement, dated as of the Initial Closing Date, as amended as of November 6, 2006 (the “2006 Closing Date”), as of the 2012 Closing Date, as of the 2013
Closing Date, as of the 2014 Closing Date, as of the 2015 Closing Date and as of the Closing Date (the “Management Agreement”), among the Manager, the Borrowers and any Additional Borrower that becomes a party thereto. The Manager
has delegated its duties under the Management Agreement to SBA Network Services, LLC pursuant to a Sub-Management Agreement (the “Sub-Management Agreement”), dated as of the 2010 Closing Date, between the Manager and SBA Network
Services, LLC (the “Sub-Manager”). 
 The following agreements are referred to herein as the “Existing Transaction
Documents”: 
 (a) the Existing Trust Agreement; 

(b) the Remaining Securities; 

(c) the Existing Loan Agreement; 

(d) the Remaining Notes; 

(e) the Assignment, Acceptance and Consent Agreement, dated as of the Initial Closing Date, among the Depositor and the
existing lenders party thereto; 

  
 4 

 (f) the Assumption and Release Agreement, dated as of the Initial Closing Date,
between Lehman Commercial Paper Inc., the Depositor, the Initial Borrower, SBA Finance, SBA Towers and Tampa Towers, Inc.; 

(g) the Contribution Agreement dated as of the 2006 Closing Date between SBA Finance and SBA Holdings; 

(h) the Contribution Agreement dated as of the 2006 Closing Date between SBA Holdings and the Guarantor; 

(i) the Contribution Agreement dated as of the 2012 Closing Date between SBA Finance and SBA Holdings; 

(j) the Contribution Agreement dated as of the 2012 Closing Date between SBA Holdings and the Guarantor; 

(k) the Contribution Agreement dated as of the 2013 Closing Date between SBA Finance and SBA Holdings; 

(l) the Contribution Agreement dated as of the 2013 Closing Date between SBA Holdings and the Guarantor; 

(m) the Contribution Agreement dated as of the 2014 Closing Date between SBA Finance and SBA Holdings; 

(n) the Contribution Agreement dated as of the 2014 Closing Date between SBA Holdings and the Guarantor; 

(o) the Contribution Agreement dated as of the 2015 Closing Date between SBA Finance and SBA Holdings; 

(p) the Contribution Agreement dated as of the 2015 Closing Date between SBA Holdings and the Guarantor; 

(q) the Payment Guaranty; 

(r) the Parent Guaranty; 

(s) the 2014 Additional Guaranty; 

(t) the Guarantor Pledge Agreement; 

(u) the Parent Pledge Agreement; 

(v) the 2014 Additional Pledge Agreement; 

  
 5 

 (w) the Contribution and Subrogation Agreement dated as of the 2015 Closing Date
among the Borrowers; 
 (x) the Amended and Restated Cash Management Agreement dated as of the 2014 Closing Date among the
2014 Existing Borrowers, the Servicer on behalf of the Trustee, Deutsche Bank Trust Company Americas, as agent, and the Manager, including the Joinder and Amendment to Cash Management Agreement dated as of the 2015 Closing Date among the Borrowers,
the Servicer on behalf of the Trustee, Deutsche Bank Trust Company Americas, as agent, and the Manager (the “Cash Management Agreement”); 

(y) the Deposit Account Control Agreements relating to the Borrowers; 

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

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

  
 6 

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

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

 

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

  

	 	(b)	the Second Trust Agreement Supplement; 

  

	 	(c)	the Offered Securities; 

  

	 	(d)	the Second Loan Agreement Supplement; 

  

	 	(e)	the 2016-1C Note; 

  

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

  
 7 

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

  

	 	(h)	the Ratification of Additional Guaranty and Pledge; 

  

	 	(i)	the Amendment to Management Agreement dated as of the Closing Date among the Borrowers, the Manager, SBA Finance and consented to by the Servicer; and 

 

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

The Existing Transaction Documents and the Closing Date Transaction Documents are referred to herein as the “Transaction Documents.” The
Borrowers, the Depositor, the Guarantor, SBA Holdings, the 2014 Additional Guarantors, the Manager and the Sub-Manager are referred to herein as the “Transaction Parties.” 

The Offered Securities will be offered and sold to the initial purchasers named in Schedule I annexed hereto (the “Initial
Purchasers”) for whom Barclays Capital Inc., Citigroup Global Markets Inc. and Wells Fargo Securities, LLC are acting as representatives (the “Representatives”) without being registered under the Securities Act of 1933, as
amended (the “Securities Act”), in reliance upon an exemption therefrom. In consultation with the Representatives, SBA Finance has prepared a preliminary offering memorandum, dated June 16, 2016 (the “Preliminary
Offering Memorandum”), a pricing term sheet substantially in the form attached hereto as Schedule II (the “Pricing Term Sheet”) setting forth the terms of the Offered Securities omitted from the Preliminary Offering
Memorandum and a final offering memorandum, dated June 21, 2016 (the “Offering Memorandum”), setting forth information concerning the Borrowers, the Manager, SBA Finance, SBA Parent and certain affiliated and unaffiliated
entities, the Closing Date Sites, the Leases, the Lessees and the Offered Securities. The Preliminary Offering Memorandum, together with the Pricing Term Sheet and the documents listed on Schedule III hereto are collectively referred to as
the “Pricing Disclosure Package.” “Applicable Time” means 2:00 p.m. (New York City time) on the date of this Agreement. Copies of the Preliminary Offering Memorandum have been, and copies of the Offering Memorandum
will be, delivered by SBA Finance to the Initial Purchasers pursuant to the terms of this Agreement. Any references herein to the Offering Memorandum shall be deemed to include all amendments and supplements thereto. SBA Finance hereby confirms that
it has authorized the use of the Pricing Disclosure Package and the Offering Memorandum in connection with the offering and resale of the Offered Securities by the Initial Purchasers in accordance with Section 2. 

SBA Finance and the Trustee hereby confirm their agreement with the Initial Purchasers concerning the purchase of the Offered Securities from
the Trustee by the Initial Purchasers. 
 1. Representations, Warranties and Agreements of SBA Finance. 

SBA Finance represents and warrants to, and agrees with, the Initial Purchasers on and as of the date hereof and the Closing Date that: 

  
 8 

 (i) The Preliminary Offering Memorandum and the Marketing Materials (as hereinafter defined)
(when read together with the Preliminary Offering Memorandum) as of their respective dates, did not, the Pricing Disclosure Package, as of the Applicable Time, did not, and as of the Closing Date, will not, and the Offering Memorandum, as of its
date and as of the Closing Date, will not, contain an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading,
except that this representation and warranty does not apply to statements in or omissions from the Pricing Disclosure Package or the Offering Memorandum made in reliance upon and in conformity with the Initial Purchasers’ Information (as
defined in Section 7(e)) or the Servicer Information (as defined in Section 7(a)); 
 (ii) Each of the Preliminary Offering
Memorandum and the Offering Memorandum, as of its respective date, contained or contains all of the information that, if requested by a prospective purchaser of the Offered Securities, would be required to be provided to such prospective purchaser
pursuant to Rule 144A(d)(4) under the Securities Act; 
 (iii) Assuming the accuracy of the representations and warranties of the Initial
Purchasers contained in Section 2 and their compliance with the agreements set forth therein, it is not necessary, in connection with the issuance and sale of the Offered Securities to the Initial Purchasers and the offer, resale and delivery
of the Offered Securities by the Initial Purchasers in the manner contemplated by this Agreement, the Preliminary Offering Memorandum and the Offering Memorandum, to register the Offered Securities under the Securities Act; 

(iv) Each of the Depositor, SBA Holdings, the Guarantor, SBA Properties, SBA Structures, SBA Sites, SBA Infrastructure, SBA Monarch III, SBA
TC PR, SBA TC, SBA Towers IV, SBA Monarch I, SBA GC, SBA Towers VII, SBA Towers V, SBA Towers VI, SBA GC Parent I, SBA GC Parent II and SBA GC Holdings has been duly formed as a limited liability company and is validly existing and in good standing
under the laws of the State of Delaware, is qualified to do business and is in good standing as a foreign limited liability company in each jurisdiction or place where the nature of its properties or the conduct of its business requires such
registration or qualification, except where the failure to be duly registered or qualified would not have caused a Material Adverse Effect, and has the requisite power and authority to own or hold its properties and to conduct the business in which
it is engaged as described in the Preliminary Offering Memorandum and the Offering Memorandum; 
 (v) Each of SBA Senior Finance and the
Sub-Manager has been duly formed as a limited liability company and is validly existing and in good standing under the laws of the State of Florida, is qualified to do business and is in good standing as a foreign limited liability company in each
jurisdiction or place where the nature of its properties or the conduct of its business requires such registration or qualification, except where the failure to be duly registered or qualified would not have caused a Material

  
 9 

 
Adverse Effect, and has the requisite power and authority to own or hold its properties and to conduct the business in which it is engaged as described in the Preliminary Offering Memorandum and
the Offering Memorandum; 
 (vi) The Manager is duly incorporated and is validly existing and in good standing under the laws of the State
of Florida, is qualified to do business and is in good standing as a foreign corporation in each jurisdiction or place where the nature of its properties or the conduct of its business requires such registration or qualification, except where the
failure to be duly registered or qualified would not have caused a Material Adverse Effect, and has all the requisite corporate power and authority to own, lease and operate its properties and to conduct the business in which it is engaged as
described in the Preliminary Offering Memorandum and the Offering Memorandum; 
 (vii) SBA USVI is duly incorporated and is validly
existing and in good standing under the laws of the U.S. Virgin Islands, is qualified to do business and is in good standing as a foreign corporation in each jurisdiction or place where the nature of its properties or the conduct of its business
requires such registration or qualification, except where the failure to be duly registered or qualified would not have caused a Material Adverse Effect, and has all the requisite corporate power and authority to own, lease and operate its
properties and to conduct the business in which it is engaged as described in the Preliminary Offering Memorandum and the Offering Memorandum; 

(viii) Each of the Depositor, SBA Holdings, the Guarantor, SBA Properties, SBA Structures, SBA Sites, SBA Infrastructure, SBA Monarch III,
SBA TC PR, SBA TC, SBA Towers IV, SBA Monarch I, SBA GC, SBA Towers VII, SBA Towers V, SBA Towers VI, SBA GC Parent I, SBA GC Parent II, SBA GC Holdings and the Sub-Manager has all requisite limited liability company power and authority to execute,
deliver and perform its obligations under the Transaction Documents to which it is a party; 
 (ix) Each of SBA USVI and the Manager has
all requisite corporate power and authority to execute, deliver and perform its obligations under the Transaction Documents to which it is a party; 

(x) SBA Finance has all requisite limited liability company power and authority to execute, deliver and perform its obligations under this
Agreement; 
 (xi) This Agreement has been duly authorized, executed and delivered by SBA Finance; 

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

  
 10 

 (xiii) Each of the Existing Transaction Documents to which each Transaction Party is a party has
been duly authorized, executed and delivered by such Transaction Party and, assuming due authorization, execution and delivery by the other parties thereto, constitutes the legal, valid and binding obligation of such Transaction Party enforceable
against such Transaction Party in accordance with its terms (subject to (i) bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting creditors’ rights generally; (ii) general
principles of equity (regardless of whether enforceability is considered in a proceeding in equity or at law); and (iii) the qualification that certain remedial provisions of the Existing Transaction Documents are or may be unenforceable in
whole or in part under the laws of the State of New York, but the inclusion of such provisions does not make the remedies afforded by the Existing Transaction Documents inadequate for the practical realization of the rights and benefits purported to
be provided by the Existing Transaction Documents except for the economic consequences resulting from any delay imposed by, or any procedure required by, applicable New York laws, rules, regulations and court decisions and by constitutional
requirements in and of the State of New York); 
 (xiv) Each of the Closing Date Transaction Documents (other than this Agreement) to which
each Transaction Party will be a party will be duly authorized, executed and delivered by such Transaction Party on or prior to the Closing Date and, assuming due authorization, execution and delivery by the other parties thereto, will constitute
the legal, valid and binding obligation of such Transaction Party enforceable against such Transaction Party in accordance with its terms (subject to (i) bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or
similar laws affecting creditors’ rights generally; (ii) general principles of equity (regardless of whether enforceability is considered in a proceeding in equity or at law); and (iii) the qualification that certain remedial
provisions of the Closing Date Transaction Documents are or may be unenforceable in whole or in part under the laws of the State of New York, but the inclusion of such provisions does not make the remedies afforded by the Closing Date Transaction
Documents inadequate for the practical realization of the rights and benefits purported to be provided by the Closing Date Transaction Documents except for the economic consequences resulting from any delay imposed by, or any procedure required by,
applicable New York laws, rules, regulations and court decisions and by constitutional requirements in and of the State of New York); 

(xv) The execution, delivery and performance of this Agreement by SBA Finance and the consummation of the transactions contemplated hereby
and by the Transaction Documents, including the sale of the Offered Securities by the Trustee, will not conflict with, or result in a breach or violation of any of the terms or provisions of, or (including with the giving of notice or the lapse of
time or both) constitute a default under (i) any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which SBA Finance is a party or by which SBA Finance is bound or to which any of the properties or assets of
SBA Finance is subject, (ii) the provisions of the operating agreement of SBA Finance or (iii) any statute or any order, rule or regulation of any court or governmental agency or body having jurisdiction over SBA Finance or any of its
properties or assets, except in the cases of clause (i) or (iii), such breaches, violations or defaults that in the aggregate would not reasonably be expected to have a Material Adverse Effect; 

  
 11 

 (xvi) The execution, delivery and performance of the Existing Transaction Documents to which
each Transaction Party is a party by such Transaction Party and the consummation of the transactions contemplated thereby do not and will not conflict with, or result in a breach or violation of any of the terms or provisions of, or (including with
the giving of notice or the lapse of time or both) constitute a default under (i) any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which such Transaction Party is a party or by which such Transaction
Party is bound or to which any of the properties or assets of such Transaction Party is subject, (ii) the provisions of the operating agreement, certificate of incorporation, certificate of formation and by-laws or other constitutive documents
of such Transaction Party or (iii) any statute or any order, rule or regulation of any court or governmental agency or body having jurisdiction over such Transaction Party or any of its properties or assets, except in the cases of clause
(i) or (iii), such breaches, violations or defaults that in the aggregate would not reasonably be expected to have a Material Adverse Effect; 

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

  
 12 

 (xx) There are no legal or governmental proceedings pending or, to the knowledge of SBA Finance,
threatened against any Transaction Party or to which any of the respective properties of the Transaction Parties is subject, that are not disclosed in the Preliminary Offering Memorandum and the Offering Memorandum and which are reasonably likely to
have a Material Adverse Effect or to materially affect the issuance or sale of the Offered Securities or the consummation of any of the other transactions contemplated by the Transaction Documents; 

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

(xxiii) SBA GC Parent I and SBA GC Parent II are the only members of SBA GC Holdings and own their membership interest in SBA GC Holdings
free and clear of Liens, other than Liens created under the Transaction Documents; 
 (xxiv) SBA GC Holdings is the sole member of SBA GC
and owns the membership interests in SBA GC free and clear of Liens, other than Liens created under the Transaction Documents; 
 (xxv) SBA
Holdings is the sole member of the Guarantor and owns the membership interests in the Guarantor free and clear of Liens, other than Liens created under the Transaction Documents; 

(xxvi) SBA Finance is the sole member of each of SBA Holdings and the Depositor and owns its membership interests in SBA Holdings and the
Depositor free and clear of Liens; 
 (xxvii) SBA Finance has provided a written representation (the “17g-5
Representation”) to each nationally recognized statistical rating organization hired by SBA Finance to rate the Offered Securities, which satisfies the requirements of paragraph (a)(3)(iii) of Rule 17g-5 of the Securities Exchange Act of
1934, as amended (the “Exchange Act”) (“Rule 17g-5”), a copy of which has been delivered to each Initial Purchaser, and SBA Finance has complied with the 17g-5 Representation; 

  
 13 

 (xxviii) Ernst & Young LLP (“E&Y”), whose review reports are
included or incorporated by reference in the Preliminary Offering Memorandum and the Offering Memorandum and who has delivered the initial letter referred to in Section 5(d) hereof, are independent public accountants as required by the
Securities Act and the rules and regulations promulgated thereunder (the “Rules and Regulations”) and were independent accountants as required by the Securities Act and the Rules and Regulations during the periods covered by the
financial statements on which they reported included or incorporated by reference in the Preliminary Offering Memorandum and the Offering Memorandum; 

(xxix) The historical financial statements (including the related notes) included or incorporated by reference in the Pricing Disclosure
Package and the Offering Memorandum present fairly in all material respects the financial condition, results of operations and cash flows of the entities purported to be shown thereby, at the dates and for the periods indicated, and have been
prepared in conformity with generally accepted accounting principles (“GAAP”) consistently applied throughout such periods. Such historical financial statements fairly present the financial position of the entities purported to be
shown thereby at the respective dates indicated and the results of operations for the respective periods indicated, in each case in accordance with GAAP consistently applied throughout such periods. The other financial information and data included
in the Pricing Disclosure Package and the Offering Memorandum are, in all material respects, accurately presented and prepared on a basis consistent with such financial statements and the books and records of the Borrowers; 

(xxx) Since the date as of which information is given in the Pricing Disclosure Package, there has not occurred a Material Adverse Effect or
an event which has had a material adverse effect on the general affairs, management, consolidated financial position, stockholders’ equity, results of operations, business or prospects of SBA Parent and its subsidiaries taken as a whole (a
“SBA Parent Material Adverse Effect”), nor to SBA Finance’s knowledge, after due inquiry, has there occurred any development or event involving a prospective Material Adverse Effect or a prospective SBA Parent Material Adverse
Effect; 
 (xxxi) None of SBA Finance or the Transaction Parties is currently or will be, upon sale of the Offered Securities in accordance
herewith and the application of the net proceeds therefrom as described in the Preliminary Offering Memorandum and the Offering Memorandum under the caption “Use of Proceeds,” required to register as an “investment company”
within the meaning of the Investment Company Act of 1940, as amended (the “1940 Act”); 
 (xxxii) The Trust Agreement is
not required to be qualified under the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”); 
 (xxxiii)
The Trust is not a “covered fund” under Section 13 of the U.S. Bank Holding Company Act of 1956, as amended, and the applicable rules and regulations thereunder because the Trust may rely on the non-exclusive exemption provided by
Section 3(c)(5) of the 1940 Act; 

  
 14 

 (xxxiv) No forward-looking statement (within the meaning of Section 27A of the Securities
Act and Section 21E of the Exchange Act) contained in the Pricing Disclosure Package or the Offering Memorandum has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith; 

(xxxv) The statements in the Preliminary Offering Memorandum and the Offering Memorandum under the headings “Description of the Mortgage
Loan,” “The Guaranties,” “The Management Agreement,” “Description of the Securities” and “Description of the Trust Agreement” to the extent such statements summarize material terms of the Transaction
Documents, fairly summarize such terms in all material respects; 
 (xxxvi) The industry-related, tower-related and customer-related data
and estimates included in the Pricing Disclosure Package and the Offering Memorandum are based on or derived from sources which SBA Finance believes to be reliable and accurate; 

(xxxvii) Neither SBA Finance nor any affiliate (as defined in Rule 501(b) of Regulation D (“Regulation D”) under the
Securities Act) of SBA Finance has directly, or through any agent (provided that no representation is made as to the Initial Purchasers or any person acting on their behalf), (i) sold, offered for sale, solicited offers to buy or
otherwise negotiated in respect of, any security (as defined in the Securities Act) which is or could be integrated with the offering and sale of the Offered Securities in a manner that would require the registration of the Offered Securities under
the Securities Act or (ii) engaged in any form of general solicitation or general advertising (within the meaning of Regulation D, including, but not limited to, advertisements, articles, notices or other communications published in any
newspaper, magazine, or similar medium or broadcast over television or radio, or any seminar or meeting whose attendees have been invited by any general solicitation or general advertising) in connection with the offering of the Offered Securities;

 (xxxviii) When the Offered Securities are issued and delivered pursuant to this Agreement, the Offered Securities will not be of the
same class (within the meaning of Rule 144A under the Securities Act) as securities that are listed on a national securities exchange registered under Section 6 of the Exchange Act or that are quoted in a United States automated inter-dealer
quotation system; 
 (xxxix) Neither SBA Finance nor any of affiliate of SBA Finance or any person acting on their behalf has engaged or
will engage during the applicable restricted period in any directed selling efforts within the meaning of Rule 902(b) of Regulation S with respect to the Offered Securities, and SBA Finance and the affiliates of SBA Finance and all persons acting on
their behalf have complied with and will comply with the offering restriction requirements of Regulation S in connection with the offering of the Offered Securities outside the United States; provided that no representation is made as to the
Initial Purchasers or any person, acting on their behalf; 
 (xl) Assuming the accuracy of the representations and warranties of the
Initial Purchasers contained in Section 2 and their compliance with the agreements set 

  
 15 

 
forth therein, the sale of the Offered Securities pursuant to Regulation S are “offshore transactions” and, to the knowledge of SBA Finance, are not part of a plan or scheme to evade
the registration provisions of the Securities Act; 
 (xli) Neither SBA Finance nor any affiliate of SBA Finance has taken or may take,
directly or indirectly, any action designed to cause or result in, or which has constituted or which might reasonably be expected to constitute, the stabilization or manipulation of the price of the Offered Securities to facilitate the sale or
resale of the Offered Securities; 
 (xlii) On and immediately after the Closing Date, each of the Transaction Parties (after giving effect
to the Closing Date Mortgage Loan Increase, the repayment of the 2010-2C Note, the issuance of the Offered Securities and to the other transactions related thereto as described in the Preliminary Offering Memorandum and the Offering Memorandum) will
not be insolvent within the meaning of the Bankruptcy Code and none of the Transaction Parties is the subject of any voluntary or involuntary case or proceeding seeking liquidation, reorganization or other relief with respect to itself or its debts
under any bankruptcy or insolvency law and no Event of Bankruptcy has occurred with respect to any Transaction Party; 
 (xliii) Neither
SBA Finance nor the Depositor has engaged any third-party to provide “due diligence services” (as defined in Rule 17g-10(d)(1) under the Exchange Act) relating to the Offered Securities, other than E&Y and Deloitte & Touche
LLP (“Deloitte”), or obtained a “third-party due diligence report” (as defined in Rule 15Ga-2 under the Exchange Act (“Rule 15Ga-2”)), other than the Report of Independent Accountants on Applying
Agreed-Upon Procedures prepared by E&Y, dated June 13, 2016 (the “E&Y Report”), and the Independent Accountants’ Report on Applying Agreed-Upon Procedures prepared by Deloitte, dated May 25, 2016 (the
“Deloitte Report”), copies of which have been made available to the Representatives. SBA Finance or the Depositor has complied with Rule 15Ga-2 with respect to the E&Y Report and the Deloitte Report, including by furnishing a
Form ABS-15G containing the E&Y Report and the Deloitte Report to the Securities Exchange Commission (the “SEC”) within the time period required by Rule 15Ga-2; and 

(xliv) As of the Closing Date, the representations and warranties of each Transaction Party contained in the Transaction Documents to which
such Transaction Party is a party will be true and correct and are repeated herein as though fully set forth herein. 
 2. Purchase and
Resale of the Offered Securities. 
 (a) On the basis of the representations, warranties and agreements contained herein, and subject to
the terms and conditions set forth herein, the Trustee, on behalf of the Trust, agrees to sell to the Initial Purchasers, and each of the Initial Purchasers, severally and not jointly, agrees to purchase from the Trustee, the principal amount of
Offered Securities set forth opposite the name of such Initial Purchaser on Schedule I hereto at a purchase price equal to 99.00% of the principal amount thereof. The Trustee shall not be obligated to deliver any of the Offered Securities
except upon payment for all of the Offered Securities to be purchased as provided herein. 

  
 16 

 (b) The Initial Purchasers have advised the Trustee that they propose to offer the Offered
Securities for resale upon the terms and subject to the conditions set forth herein and in the Pricing Disclosure Package. Each of the Initial Purchasers represents and warrants to, and agrees with, SBA Finance and the Trustee that (i) it is
purchasing the Offered Securities pursuant to a private sale exempt from registration under the Securities Act and in compliance with any applicable state or foreign securities laws, (ii) neither it nor any of its affiliates, nor any person
acting on its behalf, has solicited offers for, or offered or sold, and neither it, nor any of its affiliates, nor any person acting on its behalf, will solicit offers for, or offer or sell, the Offered Securities by means of any form of general
solicitation or general advertising within the meaning of Rule 502(c) of Regulation D or in any manner involving a public offering within the meaning of Section 4(a)(2) of the Securities Act, (iii) it has solicited and will solicit offers
for the Offered Securities only from, and has offered or sold and will offer, sell or deliver the Offered Securities, as part of its initial offering, only to (A) persons whom it reasonably believes to be qualified institutional buyers
(“Qualified Institutional Buyers”) as defined in Rule 144A under the Securities Act (“Rule 144A”), or if any such person is buying for one or more institutional accounts for which such person is acting as fiduciary
or agent, only when such person has represented to it that each such account is a Qualified Institutional Buyer to whom notice has been given that such sale or delivery is being made in reliance on Rule 144A and, in each case in transactions in
accordance with Rule 144A, (B) a limited number of other entities that qualify as “accredited investors”, as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act (“IAIs”), that make certain
representations and agreements to the Trustee and the Initial Purchasers and (C) to certain non-“U.S. Persons” in “Offshore Transactions” as defined in, and in reliance on, Regulation S under the Securities Act, and
(iv) (A) it has complied and will comply with all applicable provisions of the Financial Services and Markets Act 2000 (the “FSMA”) with respect to anything done by it in relation to the Offered Securities in, from, or
otherwise involving the United Kingdom, and it has only communicated or caused to be communicated and it will only communicate or cause to be communicated any invitation or inducement to engage in investment activity (within the meaning of section
21 of the FSMA) received by it in connection with the issue or sale of any Offered Securities, in circumstances in which section 21(1) of the FSMA does not apply to the Trustee, and (B) in relation to each Member State of the European Economic
Area (each, a “Relevant Member State”) with effect from and including the date on which the Prospectus Directive is implemented in that Relevant Member State, it has not made and will not make an offer of the Offered Securities to
the public in that Relevant Member State other than: 
 (1) to any legal entity which is a qualified investor as defined in
the Prospectus Directive; 
 (2) to fewer than 150 natural or legal persons (other than qualified investors as defined in the
Prospectus Directive), as permitted under the Prospectus Directive, subject to obtaining the prior consent of the relevant dealer or dealers nominated by SBA Finance for any such offer; or 

  
 17 

 (3) in any other circumstances falling within Article 3(2) of the Prospectus
Directive. 
 For the purposes of the representation in clause (iv)(B) above, the expression an “offer of Offered Securities to the public” in
relation to any Offered Securities in any Relevant Member State means the communication in any form and by any means of sufficient information on the terms of the offer and the Offered Securities so as to enable an investor to decide to purchase or
subscribe for the Offered Securities, as the same may be varied in that Relevant Member State by any measure implementing the Prospectus Directive in that Relevant Member State and the expression “Prospectus Directive” means Directive
2003/71/EC and all amendments thereto, including Directive 2010/73/EU, and any relevant implementing measure adopted by a Relevant Member State. The Initial Purchasers agree that prior to or on the Closing Date the Initial Purchasers shall furnish
to each purchaser of any of the Offered Securities a copy of the Offering Memorandum. In addition to the foregoing, the Initial Purchasers acknowledge and agree that SBA Finance, the Trustee and, for purposes of the opinions to be delivered to the
Initial Purchasers pursuant to Section 5, counsel for SBA Finance and for the Initial Purchasers, respectively, may rely upon the accuracy of the representations and warranties of the Initial Purchasers and their compliance with their
agreements contained in this Section 2 (except clause (i) of this subsection (b)), and the Initial Purchasers hereby consent to such reliance. 

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

(a) Delivery of and payment for the Offered Securities shall be made at the offices of Simpson Thacher & Bartlett LLP, New York, New
York, or at such other place as shall be agreed upon by the Representatives, SBA Finance and the Trustee, at 10:00 A.M., New York City time, on July 7, 2016, or at such other time or date, not later than seven full business days thereafter, as
shall be agreed upon by the Representatives, SBA Finance and the Trustee (such date and time of payment and delivery being referred to herein as the “Closing Date”). 

(b) On the Closing Date, payment of the purchase price for the Offered Securities shall be made to the Trustee by wire or book-entry transfer
of same-day funds to such account or accounts as the Trustee shall specify prior to the Closing Date or by such other means as the parties hereto shall agree prior to the Closing Date against delivery to

  
 18 

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

SBA Finance agrees with the Initial Purchasers: 

(a) (i) to advise the Representatives promptly and, if requested, confirm such advice in writing, of the happening of any event which
makes any statement of a material fact made in the Pricing Disclosure Package or the Offering Memorandum untrue or which requires the making of any additions to or changes in the Offering Memorandum in order to make the statements therein, in the
light of the circumstances under which they were made, not misleading, (ii) to advise the Representatives promptly of any order preventing or suspending the use of the Pricing Disclosure Package or the Offering Memorandum, of any suspension of
the qualification of the Offered Securities for offering or sale in any jurisdiction and of the initiation or threatening of any proceeding for any such purpose and (iii) to use commercially reasonable efforts to prevent the issuance of any
such order preventing or suspending the use of the Pricing Disclosure Package or the Offering Memorandum or suspending any such qualification and, if any such suspension is issued, to obtain the lifting thereof at the earliest possible time; 

(b) to prepare the Offering Memorandum in a form reasonably acceptable to the Initial Purchasers and to furnish promptly to the Initial
Purchasers and counsel for the Initial Purchasers, without charge, as many copies of the Preliminary Offering Memorandum and the Offering Memorandum (and any amendments or supplements thereto) as may be reasonably requested; 

(c) not to amend or supplement the Offering Memorandum unless the Initial Purchasers shall previously have been advised of, and shall not have
reasonably objected to, such amendment or supplement within a reasonable time, but in any event not longer than five days after being furnished a copy of such amendment or supplement; 

(d) if, at any time prior to completion of the resale of the Offered Securities by the Initial Purchasers, any event shall occur that, in the
judgment of SBA Finance or in the judgment of counsel to the Initial Purchasers, makes any statement of a material fact in the Offering Memorandum untrue or that requires the making of any additions to or changes in the Offering Memorandum in order
to make the statements in the Offering 

  
 19 

 
Memorandum, in light of the circumstances at the time that the Offering Memorandum is delivered to prospective investors, not misleading, or if it is necessary to amend or supplement the Offering
Memorandum to comply with any applicable laws, to promptly notify the Representatives of such event and prepare an appropriate amendment or supplement to the Offering Memorandum so that (i) the statements in the Offering Memorandum as amended
or supplemented will, in light of the circumstances at the time that the Offering Memorandum is delivered to prospective investors, not be misleading and (ii) the Offering Memorandum will comply with applicable law; 

(e) for so long as the Offered Securities are outstanding and are “restricted securities” within the meaning of Rule 144(a)(3) under
the Securities Act, to furnish to holders of the Offered Securities and prospective purchasers of the Offered Securities designated by such holders, upon request of such holders or such prospective purchasers, the information required to be
delivered pursuant to Rule 144A(d)(4) under the Securities Act (the foregoing agreement being for the benefit of the holders from time to time of the Offered Securities and prospective purchasers of the Offered Securities designated by such
holders); 
 (f) to promptly take from time to time such actions as the Representatives may reasonably request to qualify the Offered
Securities for offering and sale under the securities or Blue Sky laws of such jurisdictions as the Representatives may designate and to continue such qualifications in effect for so long as required for the resale of the Offered Securities; and to
arrange for the determination of the eligibility for investment of the Offered Securities under the laws of such jurisdictions as the Representatives may request; provided that none of the Borrowers or the Trustee on behalf of the holders of
the Certificates shall be obligated to qualify as a foreign corporation in any jurisdiction in which it is not so qualified or to file a general consent to service of process in any jurisdiction in which it is not now so subject; 

(g) to use its reasonable best efforts to do and perform all things required to be done and performed under this Agreement by it prior to or
after the Closing Date and to satisfy all conditions precedent on its part to the delivery of the Offered Securities; 
 (h) to assist the
Representatives in arranging for the Offered Securities to be eligible for clearance and settlement through DTC; 
 (i) not to, and to cause
its affiliates not to, sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as such term is defined in the Securities Act) that would be integrated with the sale of the Offered Securities in a manner which
would require the registration under the Securities Act of the sale to the Initial Purchasers or the resale to investors hereunder of the Offered Securities; 

(j) not to, and to use its best efforts to cause its controlled affiliates not to, either alone or with one or more other persons, offer or
sell the Offered Securities by means of any form of general solicitation or general advertising within the meaning of Rule 502(c) under the Securities Act or in any manner involving a public offering within the meaning of Section 4(a)(2) of the
Securities Act; and not to offer, sell, contract to sell or otherwise 

  
 20 

 
dispose of, directly or indirectly, any securities under circumstances where such offer, sale, contract or disposition would cause the exemption afforded by Section 4(a)(2) of the Securities
Act to cease to be applicable to the offering and sale of the Offered Securities as contemplated by this Agreement and the Preliminary Offering Memorandum; 

(k) with respect to any Offered Securities sold in reliance on Rule 903 under the Securities Act, not to, and to use its best efforts to cause
its controlled affiliates not to, either alone or with one or more other persons, offer or sell the Offered Securities in the United States by means of any directed selling effort within the meaning of Rule 902 or otherwise in violation of the
offering restriction requirements of Regulation S under the Securities Act; 
 (l) for a period of 60 days from the date of the Offering
Memorandum, not to, directly or indirectly, sell, contract to sell, grant any option to purchase, issue any instrument convertible into or exchangeable for, or otherwise transfer or dispose of, any securities issued by the Trust or any other
asset-backed securities backed by wireless communications sites and related Leases owned by SBA Parent or any of its affiliates, except with the prior written consent of the Initial Purchasers; 

(m) in connection with the offering of the Offered Securities, until the Representatives shall have notified SBA Finance of the completion of
the initial resale of the Offered Securities, not to, and to cause its affiliated purchasers (as defined in Regulation M under the Exchange Act) not to, either alone or with one or more other persons, bid for or purchase, for any account in which it
or any of its affiliated purchasers has a beneficial interest, any Offered Securities, or attempt to induce any person to purchase any Offered Securities; and not to, and to cause its affiliated purchasers not to, make bids or purchase for the
purpose of creating actual, or apparent, active trading in or of raising the price of the Offered Securities; 
 (n) in connection with the
offering of the Offered Securities, until the Representatives shall have notified SBA Finance of the completion of the initial resale of the Offered Securities by the Initial Purchasers, to extend to each prospective investor, at the request of the
Initial Purchasers, the reasonable opportunity to discuss with, and obtain information from, SBA Finance and its affiliates concerning their businesses, management and financial affairs, the Offered Securities and the terms and conditions of the
offering thereof, to the extent SBA Finance and its affiliates possess the same or can acquire it without unreasonable effort or expense; 

(o) to cause the net proceeds from the sale of the Offered Securities to be applied as set forth in the Preliminary Offering Memorandum and
the Offering Memorandum under the heading “Use of Proceeds”, including to the payment of all fees owing to the Initial Purchasers and the fees and expenses set forth in Section 9 hereof; 

(p) to the extent that the ratings to be provided with respect to the Offered Securities as set forth in the Pricing Disclosure Package and
the Offering Memorandum by Fitch, Inc. (“Fitch”) and Moody’s Investors Service, Inc. (“Moody’s”) are conditional upon the furnishing of documents or the taking of any other actions by SBA Finance or any of
its affiliates, to furnish such documents and take any such other action; 

  
 21 

 (q) to comply with the 17g-5 Representation in all material respects; and 

(r) for a period from the date of this Agreement until the retirement of the Offered Securities, to cause to be furnished to the Initial
Purchasers, as soon as practicable after becoming available to SBA Finance, copies of (i) (A) any annual statement of compliance delivered by the Servicer to the Trustee under the Trust Agreement, (B) any annual independent public
accountants’ servicing report furnished to the Trustee pursuant to the Trust Agreement, (C) any reports distributed by the Servicer pursuant to Section 4.02(a) or (e) of the Trust Agreement and (D) from time to time, such
other information concerning the Offered Securities which may be furnished by the Servicer to the extent SBA Finance possesses the same or can acquire it without unreasonable effort or expense and (ii) (A) all annual and periodic financial
reports furnished to the Servicer or the Trustee by any of the Transaction Parties or SBA Parent and (B) all material reports, information and correspondence sent to holders of the Offered Securities. It is understood that, to the extent any of
the information described in the preceding sentence is posted on the Trustee’s internet website pursuant to the Trust Agreement, the requirements of the preceding sentence shall be deemed to have been satisfied so long as the Initial Purchasers
have access to such website. 
 5. Conditions to Obligations of Initial Purchasers and Trust. 

The obligations of the Initial Purchasers hereunder are subject to the accuracy, on and as of the date hereof and the Closing Date, of the
representations and warranties of SBA Finance contained herein, to the accuracy of the statements of the other Transaction Parties and their respective officers made in any certificates delivered pursuant hereto, to the performance by SBA Finance of
its obligations hereunder and to each of the following additional terms and conditions: 
 (a) The Offering Memorandum (and
any amendments or supplements thereto) shall have been printed and copies distributed to the Initial Purchasers not later than 11:00 a.m., New York City time, on the fourth business day following the date of this Agreement, or at such later date and
time as the Representatives may approve in writing; and no stop order suspending the sale of the Offered Securities in any jurisdiction shall have been issued and no proceeding for that purpose shall have been commenced or shall be pending or
threatened; 
 (b) The Initial Purchasers shall not have discovered and disclosed to SBA Finance on or prior to the Closing
Date that (i) the Pricing Disclosure Package, as of the Applicable Time, contained an untrue statement of a fact which, in the opinion of counsel for the Initial Purchasers, is material or omits to state any fact which, in the opinion of such
counsel, is material and is necessary to make the statements therein, in light of the circumstances existing as of the Applicable Time, not misleading or (ii) the Pricing Disclosure Package or the Offering Memorandum, or any amendment or
supplement thereto, contains an untrue 

  
 22 

 
statement of a fact which, in the opinion of counsel for the Initial Purchasers, is material or omits to state any fact which, in the opinion of such counsel, is material and is necessary to make
the statements therein, in the light of the circumstances under which they were made, not misleading; 
 (c) All corporate
proceedings and other legal matters incident to the authorization, form and validity of each of the Transaction Documents and the Offering Memorandum, and all other legal matters relating to the Transaction Documents and the transactions
contemplated thereby, shall be reasonably satisfactory in all material respects to the Initial Purchasers, and SBA Finance and the Transaction Parties shall have furnished to the Initial Purchasers all documents and information that they or their
counsel may reasonably request to enable them to pass upon such matters; 
 (d) On the date hereof, SBA Finance shall have
furnished to the Representatives a letter from E&Y (the “Initial Letter”), addressed to the Initial Purchasers and dated the date hereof concerning the accounting and financial information with respect to SBA Parent and its
subsidiaries included or incorporated by reference in the Preliminary Offering Memorandum and certain statistical information set forth in the Preliminary Offering Memorandum and confirming that they are independent public accountants with respect
to SBA Parent and its subsidiaries within the meaning of the Securities Act and the applicable rules and regulations thereunder adopted by the SEC and the Public Company Accounting Oversight Board; 

(e) SBA Finance shall have furnished to the Representatives a letter from E&Y (the “Bring-Down Letter”),
addressed to the Initial Purchasers and dated the Closing Date concerning the accounting and financial information with respect to SBA Parent and its subsidiaries included or incorporated by reference in the Offering Memorandum and certain
statistical information set forth in the Offering Memorandum and (i) confirming that they are independent public accountants with respect to SBA Parent and its subsidiaries within the meaning of the Securities Act and the applicable rules and
regulations thereunder adopted by the SEC and the Public Company Accounting Oversight Board, (ii) stating, as of the date of the Bring-Down Letter (or, with respect to matters involving changes or developments since the respective dates as of
which specified financial information is included or incorporated by reference in the Offering Memorandum, as of a date not more than three business days prior to the date of the Bring-Down Letter), that the conclusions and findings of such
accountants with respect to the financial information and other matters covered by the Initial Letter are accurate and (iii) confirming in all material respects the conclusions and findings set forth in the Initial Letter; 

(f) SBA Finance shall have furnished to the Representatives (i) a report from a nationally recognized accounting firm, who
are independent accountants reasonably acceptable to the Representatives (the “Independent Accounting Firm”), dated June 16, 2016, in form and substance reasonably satisfactory to the 

  
 23 

 
Representatives, concerning certain agreed upon procedures performed in respect of the information presented in the Preliminary Offering Memorandum on the Cover and under the captions
“Security Summary,” “Summary of Memorandum,” “Risk Factors,” “The Business of the Closing Date Borrowers,” “The Closing Date Sites,” “The Tenant Leases,” “Description of the Mortgage
Loan,” “Security for the Mortgage Loan,” “Description of the Securities” and “Yield and Maturity Considerations” and certain information in the Sales Slides (as hereinafter defined) addressed to the Initial
Purchasers and (ii) a report from the Independent Accounting Firm, dated on or about June 21, 2016, in form and substance reasonably satisfactory to the Representatives, concerning certain agreed upon procedures performed in respect of the
information presented in the Offering Memorandum on the Cover and under the captions “Security Summary,” “Summary of Memorandum,” “Risk Factors,” “The Business of the Closing Date Borrowers,” “The Closing
Date Sites,” “The Tenant Leases,” “Description of the Mortgage Loan,” “Security for the Mortgage Loan,” “Description of the Securities” and “Yield and Maturity Considerations” addressed to the
Initial Purchasers; 
 (g) The Closing Date Transaction Documents shall have been executed and delivered by the parties
thereto in form satisfactory to the Representatives; the Transaction Documents shall be in full force and effect, the representations and warranties of the parties thereto contained in the Transaction Documents shall be true and correct and each of
such parties shall have performed its obligations thereunder required to be performed on or prior to the Closing Date; 
 (h)
The Offered Securities shall have been duly executed and delivered by the Trustee and duly authenticated by the Certificate Registrar and shall be eligible for clearance and settlement through DTC; 

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

(j) Subsequent to the execution and delivery of this Agreement there shall not have occurred any of the following:
(i) trading in securities generally on the New York Stock Exchange, the Nasdaq National Market or in the over-the-counter market, or trading in any securities of SBA Parent on any exchange or in the over-the-counter market, shall have been
suspended or minimum prices shall have been established on any such exchange or such market by the SEC, by such exchange or by any other regulatory body or governmental authority having jurisdiction, (ii) a material disruption in securities
settlement, payment or clearance services in the United States, (iii) a banking moratorium shall have been declared by Federal or state authorities, (iv) any attack on, outbreak or escalation of hostilities or act of terrorism involving
the United States, any declaration of war by Congress or any other national or international calamity, crisis or emergency if, in the judgment of the Representatives, the effect of any such 

  
 24 

 
attack, outbreak, escalation, act, declaration, calamity, crisis or emergency makes it impractical or inadvisable to proceed with the completion of the offering or sale of and payment for the
Offered Securities, or (v) the occurrence of any other calamity, crisis (including without limitation as a result of terrorist activities), or material adverse change in general economic, political or financial conditions (or the effect of
international conditions on the financial markets in the United States shall be such) as to make it, in the judgment of the Representatives, impracticable or inadvisable to proceed with the offering or delivery of the Offered Securities being
delivered on the Closing Date on the terms and in the manner contemplated by this Agreement and in the Offering Memorandum (exclusive of any amendment or supplement thereto) or that, in the judgment of the Representatives, would materially and
adversely affect the financial markets or the markets for the Offered Securities and or debt or equity securities; 
 (k)
Since the date as of which information is given in the Pricing Disclosure Package, there shall not have occurred any change, or any development which would reasonably be expected to involve a prospective change, in or affecting the financial
condition, or in the business, assets or results of operations, of SBA Finance or any Transaction Party, or in the Trust Fund, other than as set forth in or contemplated by the Pricing Disclosure Package and the Offering Memorandum at the date of
this Agreement, the effect of which is, in the Representatives’ judgment, such as to make it impracticable or inadvisable to market or sell the Offered Securities on the terms and in the manner contemplated in the Preliminary Offering
Memorandum and the Offering Memorandum (exclusive of any amendment or supplement thereto); 
 (l) The Representatives and the
Trustee shall have received evidence reasonably satisfactory to the Representatives and their counsel, that all amendments to all Mortgages with respect to all Mortgaged Sites of the Borrowers included in the Closing Date Sites required to be filed
in connection with the Closing Date Mortgage Loan Increase have been prepared and are ready to be filed; 
 (m) (1) The
Representatives and the Trustee shall have received an opinion of Paul, Weiss, Rifkind, Wharton & Garrison LLP, special New York counsel to SBA Finance and the Transaction Parties, dated the Closing Date and addressed to the Initial
Purchasers, regarding due authorization, execution and delivery of the Transaction Documents by each of the Transaction Parties other than SBA USVI, the Manager and the Sub-Manager, and, with respect to the Transaction Documents to which the
Depositor is a party, the Depositor, due authorization of the direction by the Borrowers to the Trustee and the Certificate Registrar to execute and authenticate the Offered Securities, due authorization of the order by the Depositor to the Trustee
to enter into this Agreement, with respect to the Transaction Parties, the enforceability of the Transaction Documents (other than this Agreement), the Offered Securities’ entitlement to the benefits of the Trust Agreement, required
authorizations and consents of federal and New York governmental authorities, no violations of federal or New York 

  
 25 

 
law or regulation, the validity of the security interests created under the Transaction Documents, the perfection and priority of those security interests created under the Transaction Documents
the perfection and priority of which is governed by New York law, the exemption from registration of the Offered Securities under the Securities Act, the exemption from qualification of the Trust Agreement under the Trust Indenture Act, the
exemption from registration as an “investment company” under the 1940 Act of the Trust (to the effect that the Trust does not rely solely on the exemption from the definition of “investment company” set forth in
Section 3(c)(1) and/or 3(c)(7) of the 1940 Act), SBA Holdings, the Guarantor, the Borrowers and the 2014 Additional Guarantors and such other matters as the Representatives may reasonably request, each in form and substance reasonably
satisfactory to the Representatives and their counsel (in each case subject to customary exceptions, assumptions and qualifications); 
 (2)
The Representatives shall have received an opinion of Paul, Weiss, Rifkind, Wharton & Garrison LLP, special New York counsel to SBA Finance and the Transaction Parties, dated the Closing Date and addressed to the Initial Purchasers,
(A) to the effect that the Offered Securities, the Loan Agreement, the Trust Agreement, the Cash Management Agreement, the Payment Guaranty, the Parent Guaranty, the 2014 Additional Guaranty and the Management Agreement conform in all material
respects to their descriptions contained in the Pricing Disclosure Package and the Offering Memorandum, (B) to the effect that the statements in the Pricing Disclosure Package and the Offering Memorandum under the caption “Certain ERISA
Considerations,” to the extent such statements constitute summaries of United States federal or New York State statutes, rules and regulations, or portions of them, are accurate in all material respects. and (C) such other matters as the
Representatives may reasonably request, each in form and substance reasonably satisfactory to the Representatives and their counsel; and 

(3) The Representatives shall have received a letter of Paul, Weiss, Rifkind, Wharton & Garrison LLP, special New York counsel to SBA
Finance and the Transaction Parties, dated the Closing Date and addressed to the Initial Purchasers, relating to negative assurances with respect to the Pricing Disclosure Package as of the Applicable Time and the Offering Memorandum as of its date
and the Closing Date, in form and substance reasonably satisfactory to the Representatives and their counsel; 
 (n) The
Representatives and the Trustee shall have received an opinion of Paul, Weiss, Rifkind, Wharton & Garrison LLP, special New York counsel to the Transaction Parties, dated the Closing Date and addressed to the Initial Purchasers, regarding
the substantive nonconsolidation of the assets and liabilities of the Borrowers, SBA Holdings, the Guarantor or the 2014 Additional Guarantors with those of SBA Finance, in form and substance reasonably satisfactory to the Representatives and their
counsel; 

  
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 (o) The Representatives and the Trustee shall have received an opinion of Paul,
Weiss, Rifkind, Wharton & Garrison LLP, special United States federal income tax counsel to SBA Finance, dated the Closing Date and addressed to the Initial Purchasers, that (i) the statements made in the Preliminary Offering
Memorandum and the Offering Memorandum under the heading “Certain U.S. Federal Income Tax Considerations,” to the extent such statements summarize material tax consequences of the purchase, beneficial ownership and disposition of the
Offered Securities to the holders thereof described therein, are correct in all material respects, (ii) (A) the Component of the Mortgage Loan corresponding to the Offered Securities will be characterized as indebtedness for United States
federal income tax purposes and (B) the Trust will be treated as a grantor trust and will not be classified as an association taxable as a corporation or as a publicly-traded partnership taxable as a corporation for United States federal income
tax purposes, (iii) none of the issuance of the Offered Securities and the increase in the outstanding principal amount of the Mortgage Loan by the Closing Date Mortgage Loan Increase will result in an Adverse Tax Status Event, and
(iv) otherwise satisfying the condition to the Closing Date Mortgage Loan Increase set forth in Section 3.2(A)(vi) of the Loan Agreement, in form and substance reasonably satisfactory to the Representatives and their counsel; 

(p) The Representatives and the Trustee shall have received an opinion of Greenberg Traurig LLP, Florida counsel to SBA
Finance, the Manager and the Sub-Manager, dated the Closing Date and addressed to the Initial Purchasers, regarding organizational matters, power and authority, due authorization, execution and delivery of the Transaction Documents by SBA Finance,
the Manager and the Sub-Manager, absence of litigation, no conflicts with organizational documents, Florida laws or regulations, court orders or contracts, required authorizations and consents of Florida governmental authorities, the exemption from
regulation as an “investment company” under the 1940 Act of SBA Finance, the Manager and the Sub-Manager and such other matters as the Representatives may reasonably request, in form and substance reasonably satisfactory to the
Representatives and their counsel; 
 (q) The Representatives and the Trustee shall have received an opinion of Dudley,
Topper and Feuerzeig, LLP, U.S. Virgin Islands counsel to SBA USVI, or other counsel reasonably satisfactory to the Representatives and their counsel, dated the Closing Date and addressed to the Initial Purchasers, regarding organizational matters,
power and authority, due authorization, execution and delivery of the Transaction Documents by SBA USVI, absence of litigation, no conflicts with organizational documents, U.S. Virgin Islands laws or regulations, court orders or contracts, required
authorizations and consents of U.S. Virgin Islands governmental authorities, regarding the filed UCC-1 financing statement, the perfection and priority of the security interests created under the Transaction Documents the perfection and priority of
which is governed by U.S. Virgin Islands law and such other matters as the Representatives may reasonably request, in form and substance reasonably satisfactory to the Representatives and their counsel; 

  
 27 

 (r) The Representatives and the Trustee shall have received an opinion of
Richards, Layton & Finger, PA, special Delaware counsel to the Borrowers (other than SBA USVI), the Depositor, SBA Holdings, the Guarantor and the 2014 Additional Guarantors, regarding the due organization of each of the Borrowers (other
than SBA USVI), the Depositor, SBA Holdings, the Guarantor and the 2014 Additional Guarantors, no conflicts with organizational documents and Delaware laws or regulations, the enforceability of the limited liability company agreement of each of the
Borrowers (other than SBA USVI), the Depositor, SBA Holdings, the Guarantor and the 2014 Additional Guarantors, including certain provisions thereof relating to the filing of a voluntary bankruptcy petition, the rights of a judgment creditor of such
members against the property of the Borrowers (other than SBA USVI), the Depositor, SBA Holdings, the Guarantor and the 2014 Additional Guarantors, as applicable, treatment as a separate legal entity and the impact of the bankruptcy or dissolution
of such members on the Borrowers (other than SBA USVI), the Depositor, SBA Holdings, the Guarantor and the 2014 Additional Guarantors, as applicable, in form and substance reasonably satisfactory to the Representatives and their counsel; 

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

(u) The Representatives shall have received opinions of counsel to the Trustee and Certificate Registrar dated the Closing Date
and addressed to the Initial Purchasers, in form and substance reasonably satisfactory to the Representatives and their counsel; 

(v) The Representatives and the Trustee shall have received an opinion of Andrascik & Tita LLC, counsel to the
Servicer, dated the Closing Date and addressed to the Initial Purchasers, including, among other matters, negative 

  
 28 

 
assurances concerning the Servicer Information included in the Pricing Disclosure Package as of the Applicable Time and the Offering Memorandum as of its date and the Closing Date, in form and
substance reasonably satisfactory to the Representatives and their counsel; 
 (w) The Representatives and the Trustee shall
have received an opinion of Wiley Rein & Fielding, FCC counsel to SBA Finance and the Borrowers, dated the Closing Date and addressed to the Initial Purchasers, in form and substance reasonably satisfactory to the Representatives and their
counsel; 
 (x) The Representatives shall have received an opinion of Simpson Thacher & Bartlett LLP, dated the
Closing Date and addressed to the Initial Purchasers, with respect to the validity of the Offered Securities and such other matters as the Representatives may reasonably request; 

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

  
 29 

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

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

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

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

6. Termination. 
 The
obligations of the Initial Purchasers hereunder may be terminated by the Initial Purchasers in their absolute discretion, by notice given to and received by the Trustee and SBA Finance prior to delivery of and payment for the Offered Securities if,
prior to that time, any event described in Sections 5(j) or 5(k) shall have occurred and be continuing. 
 7. Indemnification and
Contribution. 
 (a) SBA Finance hereby agrees to indemnify and hold harmless each Initial Purchaser, its directors, officers, employees
and affiliates and each person, if any, who controls such Initial Purchaser within the meaning of the Securities Act, from and against any loss, claim, damage or liability, joint or several, or any action in respect thereof (including, but not
limited to, any loss, claim, damage, liability or action relating to purchases and sales of Offered Securities), to which such Initial Purchaser, director, officer, employee, affiliate or controlling person may become subject, under the Securities
Act or otherwise, insofar as such loss, claim, damage, liability or action arises out of, or is based upon, (i) any untrue statement or alleged untrue statement of a material fact contained (A) in the Pricing Disclosure Package or the
Offering Memorandum or in any amendment or supplement thereto, (B) in the materials and information provided to investors by, or with the approval of, SBA Finance, in connection with the marketing of

  
 31 

 
the offering and sale of the Offered Securities listed on Schedule III , including the sales presentation dated June 2016 (the “Sales Slides”) (collectively, the
“Marketing Materials”) or (C) any Form ABS-15G furnished to the SEC on EDGAR with respect to the Offered Securities, (ii) the omission or alleged omission to state in the Pricing Disclosure Package or the Offering
Memorandum or in any amendment or supplement thereto or in any Marketing Materials or in any Form ABS-15G furnished to the SEC on EDGAR with respect to the Offered Securities, any material fact required to be stated therein or necessary in order to
make the statements therein, in the light of the circumstances under which they were made, not misleading, (iii) the website maintained in compliance with Rule 17g-5 under the Exchange Act by or on behalf of SBA Finance, the Borrowers, the
Guarantor or SBA Holdings in connection with the offering of the Offered Securities, or (iv) any act or failure to act or any alleged act or failure to act by such Initial Purchaser in connection with, or relating in any manner to, the Offered
Securities or the offering contemplated hereby, and which is included as part of or referred to in any loss, claim, damage, liability or action arising out of or based upon matters covered by clauses (i), (ii) or (iii) above
(provided that SBA Finance shall not be liable under clause (iv) to the extent that it is determined in a final judgment by a court of competent jurisdiction that such loss, claim, damage, liability or action resulted directly from any
such acts or failures to act undertaken or omitted to be taken by such Initial Purchaser through its gross negligence or willful misconduct); and shall reimburse such Initial Purchaser and each such director, officer, employee, affiliate or
controlling person promptly upon demand for any legal or other expenses reasonably incurred by such Initial Purchaser, director, officer, employee, affiliate or controlling person in connection with investigating or defending or preparing to defend
against any such loss, claim, damage, liability or action as such expenses are incurred; provided, however, that SBA Finance shall not be liable in any such case to the extent that any such loss, claim, damage, liability or action arises out
of, or is based upon, any untrue statement or alleged untrue statement or omission or alleged omission made in the Pricing Disclosure Package or the Offering Memorandum or in any amendment or supplement thereto or in any Marketing Materials in
reliance upon and in conformity with (i) the Initial Purchasers’ Information or (ii) the information set forth in the Preliminary Offering Memorandum and the Offering Memorandum under the heading “Description of the Trust
Agreement—The Servicer” (the “Servicer Information”). The foregoing indemnity agreement is in addition to any liability which SBA Finance may otherwise have to such Initial Purchaser or to any director, officer, employee,
affiliate or controlling person of such Initial Purchaser. 
 (b) Each of the Initial Purchasers, severally and not jointly, shall indemnify
and hold harmless SBA Finance, its directors, officers, employees and affiliates, and each person, if any, who controls SBA Finance within the meaning of the Securities Act, from and against any loss, claim, damage or liability, joint or several, or
any action in respect thereof, to which SBA Finance or any such director, officer, employee, affiliate or controlling person may become subject, under the Securities Act or otherwise, insofar as such loss, claim, damage, liability or action arises
out of, or is based upon, (i) any untrue statement or alleged untrue statement of a material fact contained (A) in the Pricing Disclosure Package or the Offering Memorandum or in any amendment or supplement

  
 32 

 
thereto or (B) the Marketing Materials or (ii) the omission or alleged omission to state in the Pricing Disclosure Package or the Offering Memorandum or in any amendment or supplement
thereto or in any Marketing Materials, any material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, but in each case only to the
extent that the untrue statement or alleged untrue statement or omission or alleged omission was made in reliance upon and in conformity with the Initial Purchasers’ Information, and shall reimburse SBA Finance and any such director, officer,
employee, affiliate or controlling person for any legal or other expenses reasonably incurred by SBA Finance or any such director, officer, employee, affiliate or controlling person in connection with investigating or defending or preparing to
defend against any such loss, claim, damage, liability or action as such expenses are incurred. The foregoing indemnity agreement is in addition to any liability which the Initial Purchasers may otherwise have to SBA Finance or any such director,
officer, employee, affiliate or controlling person. 
 (c) Promptly after receipt by an indemnified party under this Section 7 of the
notice of any claim or the commencement of any action, the indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under this Section 7, notify the indemnifying party in writing of the claim or the
commencement of that action; provided, however, that the failure to notify the indemnifying party shall not relieve it from any liability which it may have under this Section 7 except to the extent it has been materially prejudiced by
such failure and, provided, further, that the failure to notify the indemnifying party shall not relieve it from any liability which it may have to an indemnified party otherwise than under this Section 7. If any such claim or action
shall be brought against an indemnified party, and it shall notify the indemnifying party thereof, the indemnifying party shall be entitled to participate therein and, to the extent that it wishes, jointly with any other indemnifying party, to
assume the defense thereof with counsel reasonably satisfactory to the indemnified party (which may be counsel to an indemnifying party with the consent of the indemnified party). After notice from the indemnifying party to the indemnified party of
its election to assume the defense of such claim or action, the indemnifying party shall not be liable to the indemnified party under this Section 7 for any legal or other expenses subsequently incurred by the indemnified party in connection
with the defense thereof other than reasonable costs of investigation; provided, however, that the Initial Purchasers shall have the right to employ counsel (in addition to local counsel, if necessary) to represent jointly the Initial
Purchasers and their respective directors, officers, employees, affiliates and controlling persons who may be subject to liability arising out of any claim in respect of which indemnity may be sought by the Initial Purchasers against SBA Finance
under this Section 7 if (i) the Initial Purchasers shall have reasonably concluded that there may be legal defenses available to them that are different from or in addition to those available to the indemnifying parties or (ii) the
named parties in any such proceeding (including any impleaded parties) include both the indemnifying parties and the Initial Purchasers and representation of both parties by the same counsel would be inappropriate due to actual or potential
differing interests between them, and in that event the fees and expenses of such separate counsel shall be paid by SBA Finance. No indemnifying party shall (i) without the prior written consent of the indemnified parties (which consent shall
not be unreasonably 

  
 33 

 
withheld), settle or compromise or consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of which indemnification or
contribution may be sought hereunder (whether or not the indemnified parties are actual or potential parties to such claim or action) unless such settlement, compromise or consent includes (x) an unconditional release of each indemnified party
from all liability arising out of such claim, action, suit or proceeding and (y) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of the indemnified party, or (ii) be liable for
any settlement of any such action effected without its written consent (which consent shall not be unreasonably withheld), but if settled with the consent of the indemnifying party or if there be a final judgment of the plaintiff in any such action,
the indemnifying party agrees to indemnify and hold harmless any indemnified party from and against any loss or liability by reason of such settlement or judgment. 

(d) If the indemnification provided for in this Section 7 shall for any reason be unavailable to or insufficient to hold harmless an
indemnified party under Section 7(a) or 7(b) in respect of any loss, claim, damage or liability, or any action in respect thereof, referred to therein, then each indemnifying party shall, in lieu of indemnifying such indemnified party,
contribute to the amount paid or payable by such indemnified party as a result of such loss, claim, damage or liability, or action in respect thereof, (i) in such proportion as shall be appropriate to reflect the relative benefits received by
SBA Finance and its affiliates on the one hand and the Initial Purchasers on the other from the offering of the Offered Securities or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such
proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of SBA Finance and its affiliates on the one hand and the Initial Purchasers on the other with respect to the
statements or omissions which resulted in such loss, claim, damage or liability, or action in respect thereof, as well as any other relevant equitable considerations. The relative benefits received by SBA Finance and its affiliates on the one hand
and the Initial Purchasers on the other with respect to such offering shall be deemed to be in the same proportion as the total net proceeds from the offering of the Offered Securities purchased under this Agreement (before deducting expenses)
received by SBA Finance and its affiliates, on the one hand, and the total discounts and commissions received by the Initial Purchasers with respect to the Offered Securities purchased under this Agreement, on the other hand, bear to the total gross
proceeds from the offering of the Offered Securities under this Agreement. The relative fault shall be determined by reference to whether the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material
fact relates to information supplied by SBA Finance or its affiliates, or the Initial Purchasers, the intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such statement or omission. SBA
Finance and the Initial Purchasers agree that it would not be just and equitable if contributions pursuant to this Section 7(d) were to be determined by pro rata allocation (even if the Initial Purchasers were treated as one entity for such
purpose) or by any other method of allocation which does not take into account the equitable considerations referred to herein. The amount paid or payable by an indemnified party as a result of the loss, claim, damage or liability, or action in
respect thereof, referred to above in this Section shall be deemed to include, for purposes of this Section 7(d), any legal or other 

  
 34 

 
expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 7(d), the
Initial Purchasers shall not be required to contribute any amount in excess of the amount by which the total price at which the Offered Securities purchased by them were resold to Eligible Purchasers exceeds the amount of any damages which the
Initial Purchasers have otherwise paid or become liable to pay by reason of any untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Initial Purchasers’ obligations to contribute as provided in this Section 7(d) are several in proportion to
their respective obligations and not joint. 
 (e) The Initial Purchasers confirm and SBA Finance acknowledges that, for all purposes of
this Agreement, the information relating to the Initial Purchasers furnished to SBA Finance by or on behalf of the Initial Purchasers expressly for use in the Preliminary Offering Memorandum, the Pricing Disclosure Package and the Offering
Memorandum (the “Initial Purchasers’ Information”) consists solely of (i) the second sentence of the last paragraph on the cover page of the Preliminary Offering Memorandum and the Offering Memorandum, the second paragraph
of the section of the Preliminary Offering Memorandum and the Offering Memorandum entitled “Offering of Securities” and (ii) the names, addresses and telephone numbers on page 30 of the Sales Slides. 

8. Persons Entitled to Benefit of Agreement. 

This Agreement shall inure to the benefit of and be binding upon the Initial Purchasers, the Trustee, SBA Finance and their respective
successors. This Agreement and the terms and provisions hereof are for the sole benefit of only those persons, except as provided in Section 7 with respect to officers, directors, employees, affiliates or controlling persons of SBA Finance and
the Initial Purchasers and in Section 4(e) with respect to holders and prospective purchasers of the Offered Securities. Nothing in this Agreement is intended or shall be construed to give any person, other than the persons referred to in this
Section 8, any legal or equitable right, remedy or claim under or in respect of this Agreement or any provision contained herein. 
 9.
Expenses. 
 (a) SBA Finance agrees to pay all costs, expenses, fees and taxes incident to and in connection with (i) the
authorization, issuance, sale, preparation and delivery of the Offered Securities; (ii) the preparation, printing and distribution of the Preliminary Offering Memorandum and the Offering Memorandum and any amendments or supplements thereto;
(iii) reproducing and distributing each of the Transaction Documents; (iv) the preparation, printing and delivery of the certificates evidencing the Offered Securities, including stamp duties and transfer taxes, if any, payable upon
issuance of the Offered Securities; (v) preparing, printing and distributing the Blue Sky Memoranda (including related fees and expenses of counsel for the Initial Purchasers); (vi) any fees charged by rating agencies for ratings letters
and/or ratings confirmation letters issued in connection with the issuance of the Offered Securities; (vii) any fees 

  
 35 

 
charged by the rating agencies for rating the Offered Securities; (viii) the fees and expenses of E&Y and the Independent Accounting Firm incurred in connection with the delivery of the
comfort letters and procedures letters to the Initial Purchasers pursuant to the terms of this Agreement; (ix) the fees and expenses of the Trustee and the Certificate Registrar (including related fees and expenses of any counsel to such
parties); (x) the fees and expenses of counsel to SBA Finance and the Transaction Parties, (xi) the fees and expenses of the Servicer (including related fees and expenses of counsel to the Servicer); (xii) the reasonable fees and
disbursements of Simpson Thacher & Bartlett LLP, counsel to the Initial Purchasers; (xiii) the reasonable out-of-pocket expenses of the Initial Purchasers incurred by the Initial Purchasers in connection with this Agreement and the
purchase and reoffering of the Offered Securities, including, without limitation, all travel expenses of the Initial Purchasers and all expenses of the Initial Purchasers incurred in connection with attending or hosting meetings with prospective
purchasers of the Offered Securities; (xiv) the reasonable out-of-pocket fees and expenses incurred by SBA Finance in connection with attending meetings with prospective purchasers of the Offered Securities, (xv) all expenses and
application fees incurred in connection with the approval of the Offered Securities for book entry transfer by DTC; and (xvi) all other costs and expenses incident to the performance of the obligations of SBA Finance under this Agreement which
are not otherwise specifically provided for in this Section 9. 
 (b) In addition, if the Trustee shall fail to tender the Offered
Securities for delivery to the Initial Purchasers by reason of any failure, refusal or inability on the part of the Trustee or SBA Finance to perform any agreement on its part to be performed, or if the Initial Purchasers shall decline to purchase
the Offered Securities because any other condition of the Initial Purchasers’ obligations hereunder required to be fulfilled is not fulfilled, SBA Finance will reimburse the Initial Purchasers for any reasonable out-of-pocket fees and expenses
incurred by the Initial Purchasers in connection with this Agreement and the proposed purchase of the Offered Securities, including the reasonable fees and disbursements of Simpson Thacher & Bartlett LLP, counsel to the Initial Purchasers,
and the reasonable out-of-pocket fees and expenses incurred by the Initial Purchasers in connection with hosting or attending meetings with prospective purchasers of the Offered Securities. 

10. Indemnification of the Trustee 

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

  
 36 

 11. Certain Additional Matters Regarding the Trustee 

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

The respective indemnities, rights of contribution, representations, warranties and agreements of SBA Finance and the Initial Purchasers
contained in this Agreement or made by or on behalf of the Guarantor, SBA Holdings, each of the Borrowers, the 2014 Additional Guarantors, the Manager or the Initial Purchasers pursuant to this Agreement or any certificate delivered pursuant hereto
shall survive the delivery of and payment for the Offered Securities and shall remain in full force and effect, regardless of any termination or cancellation of this Agreement or any investigation made by or on behalf of any of them or any of their
respective affiliates, officers, directors, employees, representatives, agents or controlling persons. 
 13. Notices. etc. 

All statements, requests, notices and agreements hereunder shall be in writing, and: 

(a) if to the Representatives, shall be delivered or sent by mail or telecopy transmission to: 

Barclays Capital Inc. 
 745 7th
Avenue 
 New York, New York 10019 

Attention: Securitized Products Origination Group 

Facsimile no.: (212) 412-2663 

Citigroup Global Markets Inc. 

390 Greenwich Street 
 New York,
New York 10013 
 Attention: Global Securitized Products 

Facsimile no.: (646) 291-5473 

  
 37 

 and 

Wells Fargo Securities, LLC 

550 South Tryon Street 

Charlotte, NC 28202 
 Attention:
Asset-Backed Finance Syndicate 
 Facsimile no.: (704) 410-0220 

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

SBA Senior Finance, LLC 
 8051
Congress Ave. 
 Boca Raton, FL 33487 

Attention: Thomas P. Hunt 

Facsimile no.: (561) 997-0343 

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

100 Plaza One 
 Jersey City, New
Jersey 07311 
 Attention: Institutional Cash & Securities Services (GSS) 

Any such statements, requests, notices or agreements shall take effect at the time of receipt thereof. 

14. Definition of Terms. 

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

SBA Finance acknowledges and agree that the Initial Purchasers’ research analysts and research departments are required to be independent
from its investment banking division and are subject to certain regulations and internal policies, and that the Initial Purchasers’ research analysts may hold and make statements or investment recommendations and/or publish research reports
with respect to SBA Parent and its subsidiaries and/or the offering that differ from the views of its investment bankers. SBA Finance hereby waives and releases, to the fullest extent permitted by law, any claims that SBA Finance may have against
the Initial Purchasers with respect to any conflict of interest that may arise from the fact that the views expressed by its independent research 

  
 38 

 
analysts and research department may be different from or inconsistent with the views or advice communicated to SBA Finance by the Initial Purchasers’ investment banking division. SBA
Finance acknowledges that each of the Initial Purchasers is a full service securities firm and as such from time to time, subject to applicable securities laws, may effect transactions for its own account or the account of its customers and hold
long or short positions in the Offered Securities. 
 16. No Fiduciary Duty. 

SBA Finance acknowledges and agrees that in connection with this offering of the Offered Securities or any other services the Initial
Purchasers may be deemed to be providing hereunder, notwithstanding any preexisting relationship, advisory or otherwise, between the parties or any oral representations or assurances previously or subsequently made by the Initial Purchasers:
(i) no fiduciary or agency relationship between SBA Finance and any other person, on the one hand, and the Initial Purchasers, on the other, exists; (ii) the Initial Purchasers are not acting as advisor, expert or otherwise, to SBA
Finance, and such relationship between SBA Finance, on the one hand, and the Initial Purchasers, on the other, is entirely and solely commercial, based on arms-length negotiations; (iii) any duties and obligations that the Initial Purchasers
may have to SBA Finance shall be limited to those duties and obligations specifically stated herein; and (iv) the Initial Purchasers and their respective affiliates may have interests that differ from those of SBA Finance. SBA Finance hereby
waives any claims that SBA Finance may have against the Initial Purchasers with respect to any breach of fiduciary duty in connection with the offering of the Offered Securities. 

17. Governing Law and Forum Selection. 

THIS AGREEMENT, AND ANY CLAIM, CONTROVERSY OR DISPUTE RELATING TO OR ARISING OUT OF THIS AGREEMENT, SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 EACH PARTY TO THIS AGREEMENT HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE
JURISDICTION OF ANY UNITED STATES FEDERAL OR NEW YORK STATE COURT SITTING IN NEW YORK COUNTY, NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY DOCUMENT EXECUTED BY SUCH PERSON PURSUANT TO THIS AGREEMENT AND
EACH PARTY HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR
PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS AN INCONVENIENT FORUM. 

  
 39 

 18. Counterparts. 

This Agreement may be executed in one or more counterparts (which may include counterparts delivered by facsimile) and, if executed in more
than one counterpart, the executed counterparts shall each be deemed to be an original, but all such counterparts shall together constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this Agreement in
Portable Document Format (PDF) or by facsimile transmission shall be effective as delivery of a manually executed original counterpart of this Agreement. 

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

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

  
 40 

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

			
	Very truly yours,
	
	DEUTSCHE BANK TRUST COMPANY AMERICAS, not in its individual capacity, but solely as Trustee, on behalf of the Trust
		
	By:	 	 /s/ Susan Barstock

	Name: Susan Barstock
	Title: Vice President
		
	By:	 	 /s/ Ellen Jean-Baptiste

	Name: Ellen Jean-Baptiste
	Title: Associate
	
	SBA SENIOR FINANCE, LLC
		
	By:	 	 /s/ Brendan T. Cavanagh

	Name: Brendan T. Cavanagh
	Title: Executive Vice President and Chief Financial Officer

 Accepted: 
  

			
	BARCLAYS CAPITAL INC.
		
	By:	 	 /s/ Benjamin Fernandez

		 	Authorized Signatory
	
	CITIGROUP GLOBAL MARKETS INC.
		
	By:	 	 /s/ Jed Drumm

		 	Authorized Signatory
	
	WELLS FARGO SECURITIES, LLC
		
	By:	 	 /s/ Greg Williamson

		 	Authorized Signatory

 For themselves and as Representatives of the several 

  
 [Signature Page to
Purchase Agreement] 

 Initial Purchasers named on Schedule I hereto 

SCHEDULE I 
  

					
	 Initial Purchasers
	  	Principal Amount
Offered Securities	 
	 Barclays Capital Inc.
	  	$	252,000,000	  
	 Citigroup Global Markets Inc.
	  	$	140,000,000	  
	 Wells Fargo Securities, LLC
	  	$	140,000,000	  
	 Deutsche Bank Securities Inc.
	  	$	42,000,000	  
	 J.P. Morgan Securities LLC
	  	$	42,000,000	  
	 Mizuho Securities USA Inc.
	  	$	42,000,000	  
	 TD Securities (USA) LLC
	  	$	42,000,000	  
	 Total
	  	$	700,000,000	  
		  	  
	  
	 

  
 [Signature Page to
Purchase Agreement] 

 SCHEDULE II 

Pricing Term Sheet 

 EXECUTION VERSION 

THIS PRICING SUPPLEMENT TO THE PRELIMINARY OFFERING MEMORANDUM DATED JUNE 16, 2016 IS INTENDED FOR THE PERSONAL AND CONFIDENTIAL USE OF THE DESIGNATED
RECIPIENT(S) NAMED IN THE EMAIL TO WHICH THIS PRICING SUPPLEMENT IS ATTACHED. IF YOU ARE NOT THE INTENDED RECIPIENT OF THIS PRICING SUPPLEMENT YOU ARE HEREBY NOTIFIED THAT ANY REVIEW, DISSEMINATION, DISTRIBUTION OR COPYING OF THIS PRICING SUPPLEMENT
IS STRICTLY PROHIBITED. 
 BY ELECTING TO VIEW THIS INFORMATION, YOU REPRESENT, WARRANT AND AGREE THAT YOU WILL NOT COPY, RECORD OR OTHERWISE ATTEMPT
TO REPRODUCE OR RETRANSMIT THIS INFORMATION TO ANY OTHER PERSON. 

 PRICING SUPPLEMENT 

TO THE PRELIMINARY OFFERING 

MEMORANDUM DATED JUNE 16, 2016 

of 
 SBA TOWER TRUST

 This is the First Supplement dated June 21, 2016 (the “Pricing Supplement”) to the confidential preliminary offering
memorandum dated June 16, 2016 (the “Preliminary Offering Memorandum”) of SBA Tower Trust. 
 The information in this Pricing
Supplement supplements the Preliminary Offering Memorandum and supersedes the information in the Preliminary Offering Memorandum to the extent inconsistent with the information in the Preliminary Offering Memorandum. This Pricing Supplement is
qualified in its entirety by reference to, and must be read in conjunction with, the Preliminary Offering Memorandum. Terms used herein but not defined herein shall have the respective meanings as set forth in the Preliminary Offering Memorandum.

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

IMPORTANT: You must read the following notice before continuing. The following notice applies to this Pricing Supplement to the Preliminary Offering
Memorandum and you are therefore advised to read this notice carefully before reading, accessing or making any other use of this Pricing Supplement. In reading, accessing or making any other use of this Pricing Supplement, you agree to be bound by
the following terms and conditions, including any modifications to them any time you receive any information from the Initial Purchasers as a result of such access. 

NOTHING IN THIS ELECTRONIC TRANSMISSION CONSTITUTES AN OFFER OF THE OFFERED SECURITIES FOR SALE IN ANY JURISDICTION WHERE IT IS UNLAWFUL TO DO SO. THE OFFER
AND SALE OF THE OFFERED SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE SECURITIES ACT OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND THE OFFERED SECURITIES MAY NOT BE OFFERED OR SOLD WITHIN THE
U.S. OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT), EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND
APPLICABLE STATE OR LOCAL SECURITIES LAWS. 
 WITHIN THE UNITED KINGDOM, THE DISTRIBUTION OF THIS PRICING SUPPLEMENT (A) IF MADE BY A PERSON WHO
IS NOT AN AUTHORIZED PERSON UNDER THE FINANCIAL SERVICES AND MARKETS ACT 2000 (“FSMA”), IS BEING MADE ONLY TO, OR DIRECTED ONLY AT, PERSONS WHO (I) ARE OUTSIDE OF THE UNITED KINGDOM, (II) ARE INVESTMENT PROFESSIONALS, AS SUCH
TERM IS DEFINED IN ARTICLE 19(5) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005, AS AMENDED (THE “FINANCIAL PROMOTION ORDER”) OR (III) ARE PERSONS FALLING WITHIN ARTICLE 49(2)(A) THROUGH
(D) (“HIGH NET WORTH COMPANIES, UNINCORPORATED ASSOCIATIONS, ETC.”) OF THE FINANCIAL PROMOTION ORDER  

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

 in conjunction with, the Preliminary Offering Memorandum dated June 16, 2016 

 
  

 
(ALL SUCH PERSONS TOGETHER BEING REFERRED TO AS “FPO PERSONS”); AND (B) IF MADE BY A PERSON WHO IS AN AUTHORIZED PERSON UNDER THE FSMA, IS BEING MADE ONLY TO, OR
DIRECTED ONLY AT, PERSONS WHO (I) ARE OUTSIDE OF THE UNITED KINGDOM, (II) HAVE PROFESSIONAL EXPERIENCE IN PARTICIPATING IN UNREGULATED COLLECTIVE INVESTMENT SCHEMES OR (III) ARE PERSONS FALLING WITHIN ARTICLE 22(2)(A) THROUGH
(D) (“HIGH NET WORTH COMPANIES, UNINCORPORATED ASSOCIATIONS, ETC.”) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (PROMOTION OF COLLECTIVE INVESTMENT SCHEMES) (EXEMPTIONS) ORDER 2001, AS AMENDED (ALL SUCH PERSONS, TOGETHER WITH FPO
PERSONS, THE “RELEVANT PERSONS”). THIS PRICING SUPPLEMENT MUST NOT BE ACTED ON OR RELIED ON BY PERSONS WHO ARE NOT RELEVANT PERSONS. ANY INVESTMENT OR INVESTMENT ACTIVITY TO WHICH THIS PRICING SUPPLEMENT RELATES, INCLUDING THE
OFFERED SECURITIES, IS AVAILABLE ONLY TO RELEVANT PERSONS AND WILL BE ENGAGED IN ONLY WITH RELEVANT PERSONS. 
 PROSPECTIVE INVESTORS IN THE UNITED
KINGDOM ARE ADVISED THAT ALL, OR MOST, OF THE PROTECTIONS AFFORDED BY THE UNITED KINGDOM REGULATORY SYSTEM WILL NOT APPLY TO AN INVESTMENT IN THE TOWER TRUST AND THAT COMPENSATION WILL NOT BE AVAILABLE UNDER THE UNITED KINGDOM FINANCIAL SERVICES
COMPENSATION SCHEME. 
 THIS PRICING SUPPLEMENT MAY NOT BE FORWARDED OR DISTRIBUTED TO ANY OTHER PERSON AND MAY NOT BE REPRODUCED IN ANY MANNER WHATSOEVER.
ANY FORWARDING, DISTRIBUTION OR REPRODUCTION OF THIS PRICING SUPPLEMENT IN WHOLE OR IN PART IS UNAUTHORIZED. FAILURE TO COMPLY WITH THIS DIRECTIVE MAY RESULT IN A VIOLATION OF THE SECURITIES ACT OR THE APPLICABLE SECURITIES LAWS OF OTHER
JURISDICTIONS. 
 Confirmation of Your Representation: In order to be eligible to view this Pricing Supplement or make an investment decision with
respect to the Offered Securities, you must be (A) (i) a Qualified Institutional Buyer, (ii) aware that the sale of the Offered Securities to you is being made in reliance on Rule 144A and (iii) acquiring such Offered Securities
for your own account or for the account of another Qualified Institutional Buyer, as the case may be, (B) (i) an Institutional Accredited Investor or an entity owned entirely by other Institutional Accredited Investors, (ii) acquiring such
Offered Securities for your own account and (iii) do not intend to resell or distribute such Offered Securities in any manner that would violate, or require registration under, Section 5 of the Securities Act, or (C) (i) not a
“U.S. person” as defined in Rule 902(k) of Regulation S (a “U.S. Person”), (ii) not acquiring such Offered Securities for the account or benefit of a U.S. Person and (iii) is acquiring such Offered Securities in
an “offshore transaction” as defined in Rule 902(h) of Regulation S. 
 You are reminded that this Pricing Supplement has been delivered to
you on the basis that you are a person into whose possession this Pricing Supplement may be lawfully delivered in accordance with the laws of the jurisdiction in which you are located and you may not, nor are you authorized to, deliver this Pricing
Supplement to any other person. 
 The materials relating to the offering do not constitute, and may not be used in connection with, an offer or
solicitation in any place where such offers or solicitations are not permitted by law. If a jurisdiction requires that the offering be made by a licensed broker or dealer and the Initial Purchasers or any affiliate of the Initial Purchasers is a
licensed broker or dealer in that jurisdiction, the offering shall be deemed to be made by the Initial Purchasers or such affiliate on behalf of the Issuer in such jurisdiction. 

This Pricing Supplement has been sent to you in an electronic form. You are reminded that documents transmitted via this medium may be altered or changed
during the process of electronic transmission and consequently none of Barclays Capital Inc., Citigroup Global Markets Inc., Wells Fargo Securities, LLC, the other initial purchasers nor any person who controls any of them nor any director, officer,
employee or agent of any of them nor any affiliate of any such person accepts any liability or responsibility whatsoever in respect of any difference between this Pricing Supplement distributed to you in electronic format and the hard copy version
available to you on request from Barclays Capital Inc., Citigroup Global Markets Inc., Wells Fargo Securities, LLC and the other initial purchasers. By accepting delivery of this Pricing Supplement, you agree to the foregoing. 

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

 in conjunction with, the Preliminary Offering Memorandum dated June 16, 2016 

 
  

			
	ISSUER:	  	SBA Tower Trust
		
	SERIES OF SECURITIES:	  	Secured Tower Revenue Securities, Series 2016-1
		
	SUBCLASS:	  	 2016-1C
  

Initial Subclass Principal Balance: $700,000,000
  

% of Class Principal Balance: 16.09%

		
	CURRENCY:	  	U.S. Dollars
		
	OFFERING FORM:	  	144A/IAI/Reg S
		
	PASS-THROUGH RATE:	  	2.877%
		
	BASE COMPONENT RATE:	  	2.877%
		
	POST-ARD SPREAD:	  	1.70%
		
	DSCR AS OF CLOSING DATE:	  	4.78x
		
	ANTICIPATED REPAYMENT DATE:	  	July 2021
		
	FINAL REPAYMENT DATE:	  	July 2046
		
	PAYMENT FREQUENCY	  	Monthly
		
	RATINGS:1	  	Moody’s/Fitch: A2(sf)/Asf
		
	DENOMINATIONS:	  	The Offered Securities will be issued in a denomination of not less than $25,000 initial principal balance and in integral multiples of $1,000 in excess thereof, except that Offered Securities issued to Institutional Accredited
Investors that are not Qualified Institutional Buyers will be issued in minimum denominations of $100,000 and integral multiples of $1,000 in excess thereof.
		
	DAY COUNT:	  	30/360
		
	OFFERING PRICE:	  	100.0%
		
	PRICING DATE:	  	June 21, 2016
		
	CLOSING DATE:	  	July 7, 2016
		
	EXPECTED SETTLEMENT:	  	T+11 (July 7, 2016)2

  

 

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

	2 	The Initial Purchasers expect to deliver the Offered Securities on July 7, 2016, which will be the 11th Business Day following the date of pricing of the Offered Securities (such settlement schedule being herein
referred to as “T+11”). Under Rule 15c6-1 under the United States Securities Exchange Act of 1934, as amended (the “Exchange Act”), trades in the secondary market generally are required to settle in three Business Days, unless
the parties to any such trade expressly agree otherwise. Because the Offered Securities will not be delivered before closing, purchasers trading the Offered Securities on the date of pricing or the next eight Business Days will be required to
specify a longer settlement cycle at the time of any such trade to prevent a failed settlement. Purchasers of the Offered Securities who wish to trade Offered Securities on the date of pricing or the next eight Business Days should consult their own
advisor. 

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

 in conjunction with, the Preliminary Offering Memorandum dated June 16, 2016 

 
  

			
		
	CUSIP:	  	 78403D AK6 (Rule 144A)
 U80547 AK5
(Regulation S)

		
	ISIN:	  	 US78403DAK63 (Rule 144A)
 USU80547AK50
(Regulation S)

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

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

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

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

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