Document:

EX-10.1

 Exhibit 10.1 

EXECUTION COPY 
  

 
 TERM LOAN AGREEMENT 

AMONG 
 AMERICAN TOWER
CORPORATION, 
 AS BORROWER; 

MIZUHO BANK, LTD. 
 AS
ADMINISTRATIVE AGENT FOR THE LENDERS; 
 AND 

THE FINANCIAL INSTITUTIONS WHOSE NAMES APPEAR 

AS LENDERS ON THE SIGNATURE PAGES HEREOF; 

AND WITH 
 ROYAL BANK OF
CANADA 
 and 
 TD
SECURITIES (USA) LLC 
 AS CO-SYNDICATION AGENTS; 

and 
 MIZUHO BANK, LTD.

 RBC CAPITAL MARKETS1 

and 
 TD SECURITIES (USA)
LLC 
 AS JOINT LEAD ARRANGERS AND JOINT BOOKRUNNERS 

Dated as of March 29, 2018 
  

 
  

 

	1 	A brand name for the capital markets business of ROYAL BANK OF CANADA. 

 TABLE OF CONTENTS 

 

							
	 	    	 	  	Page	 
	ARTICLE 1 - DEFINITIONS	  	 	1	 
	 Section 1.1
	    	Definitions	  	 	1	 
	 Section 1.2
	    	Interpretation	  	 	17	 
	 Section 1.3
	    	Cross References	  	 	18	 
	 Section 1.4
	    	Accounting Provisions	  	 	18	 
		
	ARTICLE 2 - LOANS	  	 	18	 
			
	 Section 2.1
	    	The Term Loans	  	 	18	 
	 Section 2.2
	    	Manner of Advance and Disbursement	  	 	18	 
	 Section 2.3
	    	Interest	  	 	20	 
	 Section 2.4
	    	Fees	  	 	22	 
	 Section 2.5
	    	[Intentionally Omitted.]	  	 	22	 
	 Section 2.6
	    	Prepayments and Repayments	  	 	22	 
	 Section 2.7
	    	Notes; Loan Accounts	  	 	22	 
	 Section 2.8
	    	Manner of Payment	  	 	23	 
	 Section 2.9
	    	Reimbursement	  	 	24	 
	 Section 2.10
	    	Pro Rata Treatment	  	 	24	 
	 Section 2.11
	    	Capital Adequacy	  	 	25	 
	 Section 2.12
	    	Lender Tax Forms	  	 	26	 
	 Section 2.13
	    	Incremental Term Loans	  	 	27	 
	 Section 2.14
	    	Defaulting Lender	  	 	28	 
		
	ARTICLE 3 - CONDITIONS PRECEDENT	  	 	28	 
			
	 Section 3.1
	    	Conditions Precedent to Effectiveness of this Agreement	  	 	28	 
		
	ARTICLE 4 - REPRESENTATIONS AND WARRANTIES	  	 	29	 
			
	 Section 4.1
	    	Representations and Warranties	  	 	29	 
	 Section 4.2
	    	Survival of Representations and Warranties, Etc	  	 	32	 
		
	ARTICLE 5 - GENERAL COVENANTS	  	 	32	 
			
	 Section 5.1
	    	Preservation of Existence and Similar Matters	  	 	32	 
	 Section 5.2
	    	Compliance with Applicable Law	  	 	33	 
	 Section 5.3
	    	Maintenance of Properties	  	 	33	 
	 Section 5.4
	    	Accounting Methods and Financial Records	  	 	33	 
	 Section 5.5
	    	Insurance	  	 	33	 
	 Section 5.6
	    	Payment of Taxes and Claims	  	 	33	 
	 Section 5.7
	    	Visits and Inspections	  	 	33	 
	 Section 5.8
	    	Use of Proceeds	  	 	34	 
	 Section 5.9
	    	Maintenance of REIT Status	  	 	34	 
	 Section 5.10
	    	Senior Credit Facilities	  	 	34	 
		
	ARTICLE 6 - INFORMATION COVENANTS	  	 	35	 
			
	 Section 6.1
	    	Quarterly Financial Statements and Information	  	 	35	 

  
 (i) 

 Table of Contents (continued) 

 

							
	 	    	 	  	Page	 
	 Section 6.2
	    	Annual Financial Statements and Information	  	 	35	 
	 Section 6.3
	    	Performance Certificates	  	 	36	 
	 Section 6.4
	    	Copies of Other Reports	  	 	36	 
	 Section 6.5
	    	Notice of Litigation and Other Matters	  	 	36	 
	 Section 6.6
	    	Certain Electronic Delivery; Public Information	  	 	37	 
	 Section 6.7
	    	Know Your Customer Information	  	 	38	 
		
	ARTICLE 7 - NEGATIVE COVENANTS	  	 	38	 
			
	 Section 7.1
	    	Indebtedness; Guaranties of the Borrower and its Subsidiaries	  	 	38	 
	 Section 7.2
	    	Limitation on Liens	  	 	40	 
	 Section 7.3
	    	Liquidation, Merger or Disposition of Assets	  	 	40	 
	 Section 7.4
	    	Restricted Payments	  	 	41	 
	 Section 7.5
	    	Senior Secured Leverage Ratio	  	 	42	 
	 Section 7.6
	    	Total Borrower Leverage Ratio	  	 	42	 
	 Section 7.7
	    	Interest Coverage Ratio	  	 	42	 
	 Section 7.8
	    	Affiliate Transactions	  	 	42	 
	 Section 7.9
	    	Restrictive Agreements	  	 	43	 
		
	ARTICLE 8 - DEFAULT	  	 	43	 
			
	 Section 8.1
	    	Events of Default	  	 	43	 
	 Section 8.2
	    	Remedies	  	 	46	 
	 Section 8.3
	    	Payments Subsequent to Declaration of Event of Default	  	 	46	 
		
	ARTICLE 9 - THE ADMINISTRATIVE AGENT	  	 	47	 
			
	 Section 9.1
	    	Appointment and Authorization	  	 	47	 
	 Section 9.2
	    	Rights as a Lender	  	 	47	 
	 Section 9.3
	    	Exculpatory Provisions	  	 	47	 
	 Section 9.4
	    	Reliance by Administrative Agent	  	 	48	 
	 Section 9.5
	    	Resignation of Administrative Agent	  	 	48	 
	 Section 9.6
	    	Non-Reliance on Administrative Agent and Other Lenders	  	 	49	 
	 Section 9.7
	    	Indemnification	  	 	50	 
	 Section 9.8
	    	No Responsibilities of the Agents	  	 	50	 
	 Section 9.9
	    	Lender ERISA Matters	  	 	50	 
		
	ARTICLE 10 - CHANGES IN CIRCUMSTANCES AFFECTING LIBOR ADVANCES AND
                          INCREASED COSTS	  	 	50	 
			
	 Section 10.1
	    	LIBOR Basis Determination Inadequate or Unfair	  	 	50	 
	 Section 10.2
	    	Illegality	  	 	51	 
	 Section 10.3
	    	Increased Costs and Additional Amounts	  	 	51	 
	 Section 10.4
	    	Effect On Other Advances	  	 	53	 
	 Section 10.5
	    	Claims for Increased Costs and Taxes; Replacement Lenders	  	 	53	 
		
	ARTICLE 11 - MISCELLANEOUS	  	 	54	 
			
	 Section 11.1
	    	Notices	  	 	54	 
	 Section 11.2
	    	Expenses	  	 	56	 

  
 (ii) 

 Table of Contents (continued) 

 

							
	 	    	 	  	Page	 
	 Section 11.3
	    	Waivers	  	 	56	 
	 Section 11.4
	    	Assignment and Participation	  	 	57	 
	 Section 11.5
	    	Indemnity	  	 	61	 
	 Section 11.6
	    	Counterparts	  	 	62	 
	 Section 11.7
	    	Governing Law; Jurisdiction	  	 	62	 
	 Section 11.8
	    	Severability	  	 	63	 
	 Section 11.9
	    	Interest	  	 	63	 
	 Section 11.10
	    	Table of Contents and Headings	  	 	63	 
	 Section 11.11
	    	Amendment and Waiver	  	 	63	 
	 Section 11.12
	    	Entire Agreement	  	 	65	 
	 Section 11.13
	    	Other Relationships; No Fiduciary Relationships	  	 	65	 
	 Section 11.14
	    	Directly or Indirectly	  	 	65	 
	 Section 11.15
	    	Reliance on and Survival of Various Provisions	  	 	65	 
	 Section 11.16
	    	Senior Debt	  	 	65	 
	 Section 11.17
	    	Obligations	  	 	65	 
	 Section 11.18
	    	Confidentiality	  	 	65	 
	 Section 11.19
	    	USA PATRIOT ACT Notice	  	 	66	 
	 Section 11.20
	    	Acknowledgement and Consent to Bail-In of EEA Financial Institutions	  	 	66	 
	 Section 11.21
	    	Right of Set-off	  	 	67	 
		
	ARTICLE 12 - WAIVER OF JURY TRIAL	  	 	67	 
			
	 Section 12.1
	    	Waiver of Jury Trial	  	 	67	 

  
 (iii) 

 EXHIBITS 
  

			
	Exhibit A	  	Form of Request for Advance
	Exhibit B	  	[Reserved]
	Exhibit C	  	Form of Note
	Exhibit D	  	Form of Loan Certificate
	Exhibit E	  	Form of Performance Certificate
	Exhibit F	  	Form of Assignment and Assumption

 SCHEDULES 
  

			
	Schedule 1	  	Commitments
	Schedule 2	  	Subsidiaries on the Agreement Date
	Schedule 3	  	Administrative Agent’s Office, Certain Notice Addresses

  

  
 (iv) 

 TERM LOAN AGREEMENT 

This Term Loan Agreement is made as of March 29, 2018, by and among AMERICAN TOWER CORPORATION, a Delaware corporation, as
Borrower, Mizuho Bank, Ltd., as Administrative Agent, and the financial institutions whose names appear as lenders on the signature page hereof (together with any permitted successors and assigns of the foregoing). 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by each of the
parties hereto, the parties hereby agree as follows: 
 ARTICLE 1 - DEFINITIONS 

Section 1.1    Definitions. For the purposes of this Agreement: 

“ABS Facility” shall mean one or more secured loans, borrowings or facilities that may be included in a commercial real
estate securitization transaction. 
 “Acquisition” shall mean (whether by purchase, lease, exchange, issuance of stock or
other equity or debt securities, merger, reorganization or any other method) (i) any acquisition by the Borrower or any of its Subsidiaries of any Person that is not a Subsidiary of the Borrower, which Person shall then become consolidated with
the Borrower or such Subsidiary in accordance with GAAP; (ii) any acquisition by the Borrower or any of its Subsidiaries of all or any substantial part of the assets of any Person that is not a Subsidiary of the Borrower; (iii) any
acquisition by the Borrower or any of its Subsidiaries of any business (or related contracts) primarily engaged in the tower, tower management or related businesses; or (iv) any acquisition by the Borrower or any of its Subsidiaries of any
communications towers or communications tower sites. 
 “Adjusted EBITDA” shall mean, for the twelve (12) month period
preceding the calculation date, for any Person, the sum of (a) Net Income, plus (b) to the extent deducted in determining Net Income, the sum, without duplication, of such Person’s (i) Interest Expense, (ii) income tax
expense, including, without limitation, taxes paid or accrued based on income, profits or capital, including state, franchise and similar taxes and foreign withholding taxes, (iii) depreciation and amortization (including, without limitation,
amortization of goodwill and other intangible assets), (iv) extraordinary losses and non-recurring non-cash charges and expenses, (v) all other non-cash charges, expenses and interest (including, without limitation, any non-cash losses in respect of Hedge Agreements, non-cash
impairment charges, non-cash valuation charges for stock option grants or vesting of restricted stock awards or any other non-cash compensation charges, and losses from
the early extinguishment of Indebtedness), (vi) non-recurring integration costs and expenses resulting from operational changes and improvements (including, without limitation, severance costs and business
optimization expenses) and (vii) non-recurring charges and expenses, restructuring charges, transaction expenses (including, without limitation, transaction expenses incurred in connection with any merger
or acquisition) and underwriters’ fees, and severance and retention payments in connection with any merger or acquisition, in each case for such period, less extraordinary gains and cash payments (not otherwise deducted in determining
Net Income) made during such period with respect to non-

 
cash charges that were added back in a prior period; provided, however, (A) with respect to any Person that became a Subsidiary of the Borrower, or was merged with or
consolidated into the Borrower or any of its Subsidiaries, during such period, or any acquisition by the Borrower or any of its Subsidiaries of the assets of any Person during such period, “Adjusted EBITDA” shall, at the option of
the Borrower in respect of any or all of the foregoing, also include the Adjusted EBITDA of such Person or attributable to such assets, as applicable, during such period as if such acquisition, merger or consolidation, including any concurrent
transaction entered into by such Person or with respect to such assets as part of such acquisition, merger or consolidation, had occurred on the first day of such period and (B) with respect to any Person that has ceased to be a Subsidiary of
the Borrower during such period, or any material assets of the Borrower or any of its Subsidiaries sold or otherwise disposed of by the Borrower or any of its Subsidiaries during such period, “Adjusted EBITDA” shall exclude the
Adjusted EBITDA of such Person or attributable to such assets, as applicable, during such period as if such sale or disposition of such Subsidiary or such assets had occurred on the first day of such period. 

“Administrative Agent” shall mean Mizuho Bank, Ltd., in its capacity as Administrative Agent for the Lenders, or any
successor Administrative Agent appointed pursuant to Section 9.5 hereof. 
 “Administrative Agent’s Office” shall
mean the Administrative Agent’s address and, as appropriate, account as set forth on Schedule 3, or such other address or account as may be designated pursuant to the provisions of Section 11.1 hereof. 

“Advance” shall mean, initially, the borrowing consisting of simultaneous Loans by the Lenders. After the Loans are
outstanding, “Advance” shall mean the aggregate amounts advanced by the Lenders to the Borrower pursuant to Article 2 hereof and having the same Interest Rate Basis and Interest Period; and “Advances” shall mean more than
one Advance. 
 “Affected Lender” shall have the meaning ascribed thereto in Section 10.5 hereof. 

“Affiliate” shall mean, with respect to a Person, any other Person directly or indirectly controlling, controlled by, or
under common control with, such first Person. For purposes of this definition, “control”, when used with respect to any Person, means the power to direct or cause the direction of the management and policies of such Person whether by
contract or otherwise. 
 “Agreement” shall mean this Term Loan Agreement, as amended, supplemented, restated or otherwise
modified in writing from time to time. 
 “Agreement Date” shall mean March 29, 2018. 

“AMT Subsidiaries” shall mean, collectively, American Towers, Inc., a Delaware corporation, American Tower LLC, a Delaware
limited liability company, American Tower, L.P., a Delaware limited partnership and American Tower International, Inc., a Delaware corporation, each of which is a Subsidiary of the Borrower. 

“Applicable Debt Rating” shall mean the highest Debt Rating received from any of Standard and Poor’s, Moody’s and
Fitch; provided that if the lowest Debt Rating received from 

  
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any such rating agency is two or more rating levels below the highest Debt Rating received from any such rating agent, the Applicable Debt Rating shall be the level that is one level below the
highest of such Debt Ratings; provided, however, that if two ratings are at the same highest level, the Applicable Debt Rating shall be the highest level. 

“Applicable Law” shall mean, in respect of any Person, all provisions of constitutions, statutes, treaties, rules,
regulations and orders of governmental bodies or regulatory agencies applicable to such Person, including, without limiting the foregoing, the Licenses, the Communications Act, zoning ordinances and all environmental laws, and all orders, decisions,
judgments and decrees of all courts and arbitrators in proceedings or actions to which the Person in question is a party or by which it is bound. 

“Applicable Margin” shall mean the interest rate margin applicable to Base Rate Advances and LIBOR Advances, as the case may
be, in each case determined in accordance with Section 2.3(f) hereof. 
 “Assignment and Assumption” shall mean an
Assignment and Assumption agreement substantially in the form of Exhibit F attached hereto. 
 “Attributable Debt” in
respect of any Sale and Leaseback Transaction shall mean, at the time of determination, the present value of the obligation of the lessee for net rental payments during the remaining term of the lease included in such Sale and Leaseback Transaction
(including any period for which such lease has been extended or may, at the option of the lessor, be extended). Such present value shall be calculated using a discount rate equal to the rate of interest implicit in such transaction, determined in
accordance with GAAP. 
 “Authorized Signatory” shall mean such senior personnel of a Person as may be duly authorized and
designated in writing by such Person to execute documents, agreements and instruments on behalf of such Person. 
 “Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution. 

“Bail-In Legislation” means, with respect to any EEA Member Country implementing
Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In
Legislation Schedule. 
 “Base Rate” shall mean for any day a
fluctuating rate per annum equal to the higher of (a) the Federal Funds Rate plus 1/2 of 1% and (b) the rate of interest most recently published in the Money Rates section of The Wall Street Journal from time to time as the Prime Rate in
the U.S. or, if The Wall Street Journal ceases to quote such rate, the highest per annum interest rate published by the Federal Reserve Board in Federal Reserve Statistical Release H.15 (519) (Selected Interest Rates) as the “bank prime
loan” rate or, if such rate is no longer quoted therein, any similar rate quoted therein (as determined by the Administrative Agent) or any similar release by the Federal Reserve Board (as determined by the Administrative Agent). Any change in
such prime rate shall take effect at the opening of business on the day specified in the public announcement of such change. 

  
 -3- 

 “Base Rate Advance” shall mean an Advance which the Borrower requests to be made
as a Base Rate Advance or is Converted to a Base Rate Advance, in accordance with the provisions of Section 2.2 hereof, and which shall be in a principal amount of at least $1,000,000.00 and in an integral multiple of $500,000.00. 

“Base Rate Basis” shall mean a simple interest rate equal to the sum of (i) the Base Rate and (ii) the Applicable
Margin applicable to Base Rate Advances for the applicable Loans. The Base Rate Basis shall be adjusted automatically as of the opening of business on the effective date of each change in the Base Rate to account for such change, and shall also be
adjusted to reflect changes of the Applicable Margin applicable to Base Rate Advances. 
 “Borrower” shall mean American
Tower Corporation, a Delaware corporation. 
 “Borrower Materials” shall have the meaning ascribed thereto in
Section 6.6 hereof. 
 “Business Day” shall mean any day other than a Saturday, Sunday or other day on which
commercial banks are authorized to close under the laws of, or are in fact closed in, the State of New York and, if such day relates to any Eurodollar Rate Loan, Business Day also means any such day that is also a London Banking Day. 

“Capitalized Lease Obligation” shall mean that portion of any obligation of a Person as lessee under a lease which at the
time would be required to be capitalized on the balance sheet of such lessee in accordance with GAAP. 
 “Cash Equivalents”
shall mean ‘cash equivalents’ as defined under and determined in accordance with generally accepted accounting principles. 

“Change of Control” shall mean (a) the acquisition, directly or indirectly, by any Person or group (as such term is used
in Section 13(d)(3) of the Exchange Act) of more than fifty percent (50%) of the voting power of the voting stock of either the Borrower (if the Borrower is not a Subsidiary of any Person) or of the ultimate parent entity of which the Borrower
is a Subsidiary (if the Borrower is a Subsidiary of any Person), as the case may be, by way of merger or consolidation or otherwise, or (b) a change shall occur in a majority of the members of the Borrower’s board of directors (including
the Chairman and President) within a year-long period such that such majority shall no longer consist of Continuing Directors. 
 “Co-Syndication Agents” shall mean Royal Bank of Canada and TD Securities (USA) LLC. 

“Code” shall mean the Internal Revenue Code of 1986, as amended from time to time. 

“Commitments” shall mean, the Term Loan Commitments and the Incremental Term Loan Commitments. 

“Communications Act” shall mean the Communications Act of 1934, and any similar or successor Federal statute, and the rules
and regulations of the FCC or other similar or successor agency thereunder, all as the same may be in effect from time to time. 

  
 -4- 

 “Consolidated Total Assets” shall mean as of any date the total assets of the
Borrower and its Subsidiaries on a consolidated basis shown on the consolidated balance sheet of the Borrower and its Subsidiaries as of such date and determined in accordance with GAAP. 

“Continue”, “Continuation”, “Continuing” and “Continued” shall mean the
continuation pursuant to Article 2 hereof of a LIBOR Advance as a LIBOR Advance from one Interest Period to a different Interest Period. 

“Continuing Director” means a director who either (a) was a member of the Borrower’s board of directors on the date
of this Agreement, (b) becomes a member of the Borrower’s board of directors subsequent to the date of this Agreement and whose appointment, election or nomination for election by the Borrower’s stockholders is duly approved by a
majority of the directors referred to in clause (a) above constituting at the time of such appointment, election or nomination at least a majority of that board, or (c) becomes a member of the Borrower’s board of directors subsequent
to the date of this Agreement and whose appointment, election or nomination for election by the Borrower’s stockholders is duly approved by a majority of the directors referred to in clauses (a) and (b) above constituting at the time of
such appointment, election or nomination at least a majority of that board. 
 “Convert”, “Conversion” and
“Converted” shall mean a conversion pursuant to Article 2 hereof of a LIBOR Advance into a Base Rate Advance or of a Base Rate Advance into a LIBOR Advance, as applicable. 

“Debt Rating” shall mean, as of any date, the senior unsecured debt rating of the Borrower that has been most recently
announced by Standard and Poor’s, Moody’s or Fitch, as the case may be. 
 “Default” shall mean any Event of
Default, and any of the events specified in Section 8.1 hereof, regardless of whether there shall have occurred any passage of time or giving of notice, or both, that would be necessary in order to constitute such event an Event of Default.

 “Default Rate” shall mean a simple per annum interest rate equal to the sum of (a) the then applicable Interest
Rate Basis (including the Applicable Margin), and (b) two percent (2.0%). 
 “Defaulting Lender” means, subject to
Section 2.14, any Lender that, as determined by the Administrative Agent, has, or has a direct or indirect parent company that has, (i) become the subject of a voluntary proceeding under any bankruptcy or other debtor relief law or has
become the subject of a Bail-In Action, (ii) had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its
business or a custodian appointed for it, or (iii) taken any action in furtherance of, or indicated its consent to, approval of or acquiescence in any voluntary or involuntary proceeding under any bankruptcy or other debtor relief law or any
such appointment; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a governmental authority so
long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of 

  
 -5- 

 
judgments or writs of attachment on its assets or permit such Lender (or such governmental authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender.
Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses (i) through (iii) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a
Defaulting Lender (subject to Section 2.14) upon delivery of written notice of such determination to the Borrower and each Lender. 

“Designated Person” means a person or entity (a) listed in the annex to, or otherwise subject to the provisions of, any
Executive Order (as defined in the definition of “Sanctions Laws and Regulations”), (b) named as a “Specifically Designated National and Blocked Person” (“SDN”) on the most current list published by the U.S. Department
of the Treasury Office of Foreign Assets Control at its official website or any replacement website or other replacement official publication of such list, (c) any Person listed in any Sanctions-related list of designated Persons maintained by
the United Nations Security Council, the European Union or any EU member state, (d) any Person operating, organized or resident in a Sanctioned Country or (e) in which an entity or person on the SDN List (or any combination of such
entities or persons) has 50% or greater direct or indirect ownership interest or that is otherwise controlled, directly or indirectly, by an entity or person on the SDN List (or any combination of such entities or persons). 

“EEA Financial Institution” means (a) any credit institution established in any EEA Member Country which is subject to
the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA
Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent. 

“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein and Norway. 

“EEA Resolution Authority” means any public administrative authority or any Person entrusted with public administrative
authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as in effect from time to time. 

“ERISA Affiliate” shall mean any Person, including a Subsidiary or an Affiliate of the Borrower, that is a member of any
group of organizations of which the Borrower is a member and is treated as a single employer with the Borrower under Section 414 of the Code. 

“EU Bail-In Legislation Schedule” means the EU
Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person), as in effect from time to time. 

“Eurodollar Rate” means, for any Interest Period with respect to a LIBOR Advance, the rate per annum equal to the ICE
Benchmark Administration Settlement Rate (or, if the ICE Benchmark Administration is no longer making such a rate available, such other commercially available source providing quotations of LIBOR as reasonably selected by the Administrative

  
 -6- 

 
Agent from time to time) (“LIBOR”), as published by Reuters (or such other commercially available source providing quotations of LIBOR as may be designated by the Administrative
Agent from time to time) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period, for US Dollar deposits (for delivery on the first day of such Interest Period) with a term equivalent to
such Interest Period; provided that if the Eurodollar Rate shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement. 

“Eurodollar Reserve Percentage” shall mean the percentage which is in effect from time to time under Regulation D of the
Board of Governors of the Federal Reserve System, as such regulation may be amended from time to time, as the maximum reserve requirement applicable with respect to Eurocurrency Liabilities (as that term is defined in Regulation D), whether or not
any Lender has any such Eurocurrency Liabilities subject to such reserve requirement at that time. 
 “Event of Default”
shall mean any of the events specified in Section 8.1 hereof; provided, however, that any requirement stated therein for notice or lapse of time, or both, has been satisfied. 

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 

“Existing Credit Agreements” shall have the meaning ascribed thereto in Section 5.10 hereof. 

“FATCA” shall mean Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor
version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1) of the Code. 

“FCC” shall mean the Federal Communications Commission, or any other similar or successor agency of the Federal government
administering the Communications Act. 
 “Federal Funds Rate” shall mean, for any period, a fluctuating interest rate per
annum equal for each day during such period to the rate published for such day (or, if such day is not a Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York for overnight Federal funds transactions with members
of the Federal Reserve System, or, if such rate is not so published for any day that is a Business Day, the quotation for such day on such transactions received by the Administrative Agent from a Federal funds broker of recognized standing selected
by it; provided that if the Federal Funds Rate shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement. 

“Fitch” shall mean Fitch, Inc. (Fitch Ratings), and its successors. 

“Foreign Subsidiary” shall mean a Subsidiary whose place of registration, incorporation, organization or domicile is outside
of the United States of America. 

  
 -7- 

 “Funds From Operations” means net income (computed in accordance with GAAP),
excluding gains (or losses) from sales of property and extraordinary and unusual items, plus depreciation, amortization and dividends declared on preferred stock, and after adjustments for unconsolidated minority interests, on a consolidated
basis for the Borrower and its Subsidiaries. 
 “GAAP” shall mean generally accepted accounting principles in the United
States, consistently applied and as in effect on the date of this Agreement. 
 “Granting Lender” shall have the meaning
ascribed thereto in Section 11.4(f) hereof. 
 “Guaranty”, as applied to an obligation, shall mean and include
(a) a guaranty, direct or indirect, in any manner, of all or any part of such obligation, and (b) any agreement, direct or indirect, contingent or otherwise, the practical effect of which is to assure in any way the payment or performance
(or payment of damages in the event of non-performance) of all or any part of such obligation, including, without limiting the foregoing, any reimbursement obligations as to amounts drawn down by beneficiaries
of outstanding letters of credit or capital call requirements; provided, however, that the term “Guaranty” shall only include guarantees of Indebtedness. 

“Hedge Agreements” shall mean, with respect to any Person, any agreements or other arrangements to which such Person is a
party relating to any rate swap transaction, basis swap, forward rate transaction, interest rate cap transaction, interest rate floor transaction, interest rate collar transaction, currency swap transaction, cross-currency rate swap transaction, or
any other similar transaction, including an option to enter into any of the foregoing or any combination of the foregoing. 

“Incremental Term Loan” shall mean the amounts advanced by the Lenders with an Incremental Term Loan Commitment to the
Borrower pursuant to this Agreement. 
 “Incremental Term Loan Commitment” shall have the meaning ascribed thereto in
Section 2.13 hereof. 
 “Indebtedness” shall mean, with respect to any Person and without duplication: 

(a)    indebtedness for money borrowed of such Person and indebtedness of such Person evidenced by notes payable, bonds,
debentures or other similar instruments or drafts accepted representing extensions of credit; 
 (b)    all
indebtedness of such Person upon which interest charges are customarily paid (other than trade payables arising in the ordinary course of business, but only if and so long as such accounts are payable on customary trade terms); 

(c)    all Capitalized Lease Obligations of such Person; 

(d)    all reimbursement obligations of such Person with respect to outstanding letters of credit; 

  
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 (e)    all indebtedness of such Person issued or assumed as full or partial
payment for property or services (other than trade payables arising in the ordinary course of business, but only if and so long as such accounts are payable on customary trade terms); 

(f)    all net obligations of such Person under Hedge Agreements valued on a marked to market basis on the date of
determination; 
 (g)    all direct or indirect obligations of any other Person secured by any Lien to which any
property or asset owned by such Person is subject, but only to the extent of the higher of the fair market value or the book value of the property or asset subject to such Lien (if less than the amount of such obligation), if the obligation secured
thereby shall not have been assumed; and 
 (h)    Guaranties by such Person of any of the foregoing of any other
Person; 
 provided, however, that the Capitalized Lease Obligations to TV Azteca described in the public filings of the Borrower with the
Securities and Exchange Commission prior to the Agreement Date shall not be deemed to be, and shall be excluded from, Indebtedness.  

“Indemnitee” shall have the meaning ascribed thereto in Section 11.5 hereof. 

“Interest Expense” shall mean, for any Person and for any period, all cash interest expense (including imputed interest with
respect to Capitalized Lease Obligations and commitment fees) with respect to any Indebtedness (including, without limitation, the Obligations) and Attributable Debt of such Person during such period pursuant to the terms of such Indebtedness. 

“Interest Period” shall mean (a) in connection with any Base Rate Advance, the period beginning on the date such Advance
is made as or Converted to a Base Rate Advance and ending on the last day of the fiscal quarter in which such Advance is made as or Converted to a Base Rate Advance; provided, however, that if a Base Rate Advance is made or Converted
on the last day of any fiscal quarter, it shall have an Interest Period ending on, and its Payment Date shall be, the last day of the following fiscal quarter, and (b) in connection with any LIBOR Advance, the term of such LIBOR Advance
selected by the Borrower or otherwise determined in accordance with this Agreement. Notwithstanding the foregoing, however, (i) any applicable Interest Period which would otherwise end on a day which is not a Business Day shall be extended to
the next Business Day unless, with respect to LIBOR Advances only, such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day, (ii) any applicable Interest Period, with
respect to LIBOR Advances only, which begins on a day for which there is no numerically corresponding day in the calendar month during which such Interest Period is to end shall (subject to clause (i) above) end on the last day of such calendar
month, and (iii) the Borrower shall not select an Interest Period with respect to any portion of the Loans which extends beyond the Term Loan Maturity Date or such earlier date as would interfere with the Borrower’s repayment obligations
under Section 2.6 hereof. Interest shall be due and payable with respect to any Advance as provided in Section 2.3 hereof. 

  
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 “Interest Rate Basis” shall mean the Base Rate Basis or the LIBOR Basis, as
appropriate. 
 “Investment” shall mean any investment or loan by the Borrower or any of its Subsidiaries in or to any
Person which Person, after giving effect to such investment or loan, is not consolidated with the Borrower and its Subsidiaries in accordance with GAAP. 

“Joint Lead Arrangers” shall mean Mizuho Bank, Ltd., RBC Capital Markets and TD Securities (USA) LLC. 

“June 2013 Agreement” shall have the meaning ascribed thereto in Section 5.10 hereof. 

“known to the Borrower”, “to the knowledge of the Borrower” or any similar phrase, shall mean known by, or
reasonably should have been known by, the executive officers of the Borrower (which shall include, without limitation, the chief executive officer, the chief operating officer, if any, the chief financial officer and the general counsel of the
Borrower). 
 “Lenders” shall mean the Persons whose names appear as “Lenders” on the signature pages
hereof, any other Person which becomes a “Lender” hereunder after the Agreement Date by executing an Assignment and Assumption substantially in the form of Exhibit F attached hereto in accordance with the provisions hereof;
and “Lender” shall mean any one of the foregoing Lenders. 
 “LIBOR Advance” shall mean an Advance which
the Borrower requests to be made as, Converted to or Continued as a LIBOR Advance in accordance with the provisions of Section 2.2 hereof, and which shall be in a principal amount of at least $5,000,000.00 and in an integral multiple of
$1,000,000.00. 
 “LIBOR Basis” shall mean a simple per annum interest rate (rounded upward, if necessary, to the nearest one-hundredth (1/100th) of one percent (1%)) equal to the sum of (a) the quotient of (i) the Eurodollar Rate divided by (ii) one (1) minus the Eurodollar Reserve Percentage, if any,
stated as a decimal, plus (b) the Applicable Margin. The LIBOR Basis shall apply to Interest Periods of one (1), two (2), three (3), or six (6) months, and, once determined, shall remain unchanged during the applicable Interest
Period, except for changes to reflect adjustments in the Eurodollar Reserve Percentage and the Applicable Margin as adjusted pursuant to Section 2.3(f) hereof. The LIBOR Basis for any LIBOR Advance shall be adjusted as of the effective date of
any change in the Eurodollar Reserve Percentage. 
 “Licenses” shall mean, collectively, any telephone, microwave, radio
transmissions, personal communications or other license, authorization, certificate of compliance, franchise, approval or permit, whether for the construction, the ownership or the operation of any communications tower facilities, granted or issued
by the FCC and held by the Borrower or any of its Subsidiaries. 
 “Lien” shall mean, with respect to any property, any
mortgage, lien, pledge, charge, security interest, title retention agreement or other encumbrance of any kind in respect of such property. 

  
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 “Loan Documents” shall mean, collectively, this Agreement, the Notes, all fee
letters, all Requests for Advance and all other certificates, documents, instruments and agreements executed or delivered by the Borrower in connection with or contemplated by this Agreement. 

“Loans” shall mean the Term Loans and the Incremental Term Loans. 

“London Banking Day” means any day on which dealings in US Dollar deposits are conducted by and between banks in the
London interbank eurodollar market. 
 “Majority Lenders” shall mean Lenders the total of whose Loans then outstanding,
exceeds fifty percent (50%) of the sum of the aggregate Loans then outstanding; provided that the Commitment of, and the portion of the Loans then outstanding held or deemed held by, any Defaulting Lender shall be excluded for purposes of
making a determination of Majority Lenders; provided, further, that (i) if at any time prior to the initial assignment by Mizuho Bank, Ltd. of all or a portion of its Loans hereunder there are only three (3) Lenders, then
Majority Lenders shall also require at least two (2) of such Lenders and (ii) at no time shall Majority Lenders consist of fewer than two (2) unaffiliated Lenders. 

“Material Subsidiary” shall mean any Subsidiary of the Borrower whose Adjusted EBITDA, as of the last day of any fiscal year,
is greater than ten percent (10%) of the Adjusted EBITDA of the Borrower and its subsidiaries on a consolidated basis as of such date. 

“Material Subsidiary Group” shall mean one or more Subsidiaries of the Borrower when taken as a whole whose Adjusted EBITDA,
as of the last day of any fiscal year, is greater than ten percent (10%) of the Adjusted EBITDA of the Borrower and its subsidiaries on a consolidated basis as of such date. 

“Materially Adverse Effect” shall mean (a) any material adverse effect upon the business, assets, liabilities, financial
condition or results of operations of the Borrower and its Subsidiaries, taken as a whole, or (b) a material adverse effect upon any material rights or benefits of the Lenders or the Administrative Agent under the Loan Documents. 

“Moody’s” shall mean Moody’s Investor’s Service, Inc., and its successors. 

“Necessary Authorizations” shall mean all approvals and licenses from, and all filings and registrations with, any
governmental or other regulatory authority, including, without limiting the foregoing, the Licenses and all approvals, licenses, filings and registrations under the Communications Act, necessary in order to enable the Borrower and its Subsidiaries
to own, construct, maintain, and operate communications tower facilities and to invest in other Persons who own, construct, maintain, manage and operate communications tower facilities. 

“Net Income” shall mean, for any Person and for any period of determination, net income of such Person determined in
accordance with GAAP. 
 “New Lender” shall have the meaning ascribed thereto in Section 2.13 hereof. 

“Non-Consenting Lender” shall have the meaning ascribed thereto in
Section 11.11(b) hereof. 

  
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 “Non-Excluded Taxes” shall have the
meaning ascribed thereto in Section 10.3(b) hereof. 
 “Non-U.S. Person” shall
mean a Person who is not a U.S. Person. 
 “Notes” shall mean, collectively, those certain term loan promissory notes in an
aggregate original principal amount of up to the Commitments, issued by the Borrower to the Lenders, each one substantially in the form of Exhibit C attached hereto, and any extensions, renewals or amendments to, or replacements of, the foregoing.

 “Obligations” shall mean all payment and performance obligations of every kind, nature and description of the Borrower
to the Lenders or the Administrative Agent, or any of them, under this Agreement and the other Loan Documents (including, without limitation, any interest, fees and other charges on the Loans or otherwise under the Loan Documents that would accrue
but for the filing of a bankruptcy action with respect to the Borrower, whether or not such claim is allowed in such bankruptcy action), as they may be amended from time to time, or as a result of making the Loans, whether such obligations are
direct or indirect, absolute or contingent, due or not due, contractual or based in tort, liquidated or unliquidated, arising by operation of law or otherwise, now existing or hereafter arising. 

“October 2013 Agreement” shall mean the Term Loan Agreement, dated as of October 29, 2013, as amended on or prior to and
in effect on the Agreement Date, among the Borrower and certain agents and lenders from time to time party thereto, 

“OFAC” means the U.S. Department of the Treasury’s Office of Foreign Assets Control. 

“Outstanding Amount” means with respect to Loans on any date, the aggregate outstanding principal amount thereof after giving
effect to any borrowings and prepayments or repayments of Loans occurring on such date. 
 “Ownership Interests” shall
mean, as applied to any Person, corporate stock and any and all securities, shares, partnership interests (whether general, limited, special or other), limited liability company interests, membership interests, equity interests, participations,
rights or other equivalents (however designated and of any character) of corporate stock of such Person or any of the foregoing issued by such Person (whether a corporation, a partnership, a limited liability company or another type of entity) and
includes, without limitation, securities convertible into Ownership Interests and rights, warrants or options to acquire Ownership Interests. 

“Payment Date” shall mean the last day of any Interest Period. 

“PBGC” shall mean the Pension Benefit Guaranty Corporation, or any successor thereto. 

“Permitted Liens” shall mean, collectively, as applied to any Person: 

(a)    (i) Liens on real estate or other property for taxes, assessments, governmental charges or levies not yet
delinquent and (ii) Liens for taxes, assessments, judgments, governmental charges or levies or claims the non-payment of which is being diligently contested in good faith by appropriate proceedings and
for which adequate reserves have been set aside on such Person’s books in accordance with GAAP; 

  
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 (b)    Liens incurred in the ordinary course of the Borrower’s business
(i) for sums not yet due or being diligently contested in good faith, or (ii) incidental to the ownership of its assets that, in each case, were not incurred in connection with the borrowing of money, such as Liens of carriers,
warehousemen, mechanics, vendors (solely to the extent arising by operation of law), laborers and materialmen, in each case, if reserves in accordance with GAAP or appropriate provisions shall have been made therefor; 

(c)    Liens incurred in the ordinary course of business in connection with worker’s compensation and unemployment
insurance, social security obligations, assessments or government charges which are not overdue for more than sixty (60) days; 

(d)    restrictions on the transfer of the Licenses or assets of the Borrower or any of its Subsidiaries imposed by any
of the Licenses by the Communications Act and any regulations thereunder; 
 (e)    easements, rights-of-way, zoning restrictions, licenses, reservations or restrictions on use and other similar encumbrances on the use of real property which do not materially interfere
with the ordinary conduct of the business of such Person or the use of such property in the operation of the business by such Person; 

(f)    Liens arising by operation of law in favor of purchasers in connection with any asset sale permitted hereunder;
provided, however, that such Lien only encumbers the property being sold; 
 (g)    Liens in respect of
Capitalized Lease Obligations, so long as such Liens only attach to the assets leased thereunder, and Liens reflected by Uniform Commercial Code financing statements filed in respect of true leases or subleases of the Borrower or any of its
Subsidiaries; 
 (h)    Liens to secure performance of statutory obligations, surety or appeal bonds, performance
bonds, bids or tenders; 
 (i)    judgment Liens which do not result in an Event of Default under Section 8.1(h)
hereof; 
 (j)    Liens in connection with escrow or security deposits made in connection with Acquisitions permitted
hereunder; 
 (k)    Liens created on any Ownership Interests of Subsidiaries of the Borrower that are not Material
Subsidiaries held by the Borrower or any of its Subsidiaries; provided, however, that such Lien is not securing Indebtedness of the Borrower or any of its U.S. Subsidiaries; 

(l)    Liens in favor of the Borrower or any of its Subsidiaries; 

(m)    banker’s Liens, rights of set-off or similar rights and remedies as
to deposit accounts or other funds maintained with a depositary institution; provided that such deposit account is not (i) a dedicated cash collateral account and is not subject to restrictions

  
 -13- 

 
against access in excess of those set forth by regulations promulgated by the Federal Reserve Board or other Applicable Law; and (ii) intended to provide collateral to the depositary
institution; 
 (n)    licenses, sublicenses, leases or subleases granted by the Borrower or any of its Subsidiaries to
any other Person in the ordinary course of business; 
 (o)    Liens in the nature of trustees’ Liens granted
pursuant to any indenture governing any Indebtedness permitted hereunder, in each case in favor of the trustee under such indenture and securing only obligations to pay compensation to such trustee, to reimburse its expenses and to indemnify it
under the terms thereof; 
 (p)    Liens on property of the Borrower or any of its Subsidiaries at the time the
Borrower or such Subsidiary acquired the property, including acquisition by means of a merger or consolidation with or into the Borrower or such Subsidiary, or an acquisition of assets; provided that such Liens (i) are not created,
incurred or assumed in connection with or in contemplation of such acquisition and (ii) may not extend to any other property owned by the Borrower or such Subsidiary; 

(q)    Liens on property or assets of any Foreign Subsidiary of the Borrower securing the Indebtedness of such Foreign
Subsidiary; and 
 (r)    Liens securing obligations under Hedge Agreements in an aggregate amount of such obligations
not to exceed $100,000,000 at any time outstanding. 
 “Person” shall mean an individual, corporation, limited liability
company, association, partnership, joint venture, trust or estate, an unincorporated organization, a government or any agency or political subdivision thereof, or any other entity. 

“Plan” shall mean an employee benefit plan within the meaning of Section 3(3) of ERISA or any other employee benefit
plan maintained for employees of the Borrower or any of its Subsidiaries or ERISA Affiliates. 
 “Platform” shall have the
meaning ascribed thereto in Section 6.6 hereof. 
 “Proposed Change” shall have the meaning ascribed thereto in
Section 11.11(b) hereof. 
 “Register” shall have the meaning ascribed thereto in Section 11.4(c) hereof. 

“REIT” shall mean a “real estate investment trust” as defined and taxed under
Section 856-860 of the Code. 
 “Related Parties” means, with respect to any
Person, such Person’s Affiliates and the partners, directors, officers, employees, agents, trustees and advisors of such Person and of such Person’s Affiliates. 

“Replacement Lender” shall have the meaning ascribed thereto in Section 10.5 hereof. 

  
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 “Request for Advance” shall mean a certificate designated as a “Request
for Advance,” signed by an Authorized Signatory of the Borrower requesting the Advance to be made under Section 2.1, or a Continuation or Conversion hereunder, which shall be in substantially the form of
Exhibit A attached hereto, and shall, among other things, (i) specify the date of the requested Advance, Continuation or Conversion (which shall be a Business Day), the amount of the Advance being made or being
Continued or Converted, the type of Advance (LIBOR or Base Rate), and, with respect to a LIBOR Advance, the Interest Period with respect thereto, (ii) state that there shall not exist, on the date of the requested Advance, Continuation or
Conversion and after giving effect thereto, a Default, (iii) specify the Applicable Margin then in effect, (iv) designate the amount of the Commitments being drawn (if any), and (v) designate the amount of the Loans being Continued or
Converted. 
 “Restricted Payment” shall mean any direct or indirect distribution, dividend or other payment to any Person
(other than to the Borrower or any of its Subsidiaries) on account of any Ownership Interests of the Borrower or any of its Subsidiaries (other than dividends payable solely in Ownership Interests of such Person or in warrants or other rights
or options to acquire such Ownership Interests). 
 “Sale and Leaseback Transaction” shall mean any arrangement, directly
or indirectly, with any third party whereby the Borrower or any of its Subsidiaries shall sell or transfer any property, real or personal, whether now owned or hereafter acquired, and whereby the Borrower or any of its Subsidiaries shall then or
thereafter rent or lease as lessee such property or any part thereof or other property which the Borrower or any of its Subsidiaries intend to use for substantially the same purpose or purposes as the property sold or transferred, except for such
arrangements for fair market value. 
 “Sanctioned Country” means a country that is, or whose government is, the target or
subject of a sanctions program identified on the list maintained by (a) OFAC and available at http://www.treas.gov/offices/enforcement/ofac/programs, or as otherwise published from time to time or (b) the United Nations Security Council,
European Union or the United Kingdom. 
 “Sanctions Laws and Regulations” means (i) any sanctions, prohibitions or
requirements imposed by any executive order (an “Executive Order”) or by any sanctions program administered by the U.S. Department of the Treasury Office of Foreign Assets Control that apply to a Borrower; and (ii) any
sanctions measures imposed by the United Nations Security Council, European Union or the United Kingdom that apply to the Borrower. 

“Senior Secured Debt” shall mean, for the Borrower and its Subsidiaries on a consolidated basis as of any date, the aggregate
amount of secured Indebtedness plus Attributable Debt of such Persons as of such date (including, without limitation, Indebtedness under the SpectraSite ABS Facility and Indebtedness under any additional ABS Facilities entered into in accordance
with Section 7.1(h) hereof). 
 “September 2014 Agreement” shall have the meaning ascribed thereto in
Section 5.10 hereof. 
 “SPC” shall have the meaning ascribed thereto in Section 11.4(f) hereof. 

  
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 “SpectraSite ABS Facility” shall mean that certain mortgage loan more fully
described in the Offering Memorandum dated March 6, 2013 regarding the $1,800,000,000 Secured Tower Revenue Securities, Series 2013-1A and Series 2013-2A. 

“Standard and Poor’s” shall mean Standard and Poor’s Ratings Services, a division of Standard &
Poor’s Ratings Services, LLC, and its successors. 
 “Subsidiary” shall mean, as applied to any Person, (a) any
corporation, partnership or other entity of which no less than a majority of the Ownership Interests having ordinary voting power to elect a majority of its board of directors or other persons performing similar functions or such corporation,
partnership or other entity, whether or not at the time any Ownership Interests of any other class or classes of such corporation, partnership or other entity shall or might have voting power by reason of the happening of any contingency, is at the
time owned directly or indirectly by such Person, or by one or more Subsidiaries of such Person, or by such Person and one or more Subsidiaries of such Person; provided, however, that if such Person and/or such Person’s
Subsidiaries directly or indirectly own less than a majority of such Subsidiary’s Ownership Interests, then such Subsidiary’s operating or governing documents must require (i) such Subsidiary’s net cash after the establishment of
reserves be distributed to its equity holders no less frequently than quarterly and (ii) the consent of such Person and/or such Person’s Subsidiaries to amend or otherwise modify the provisions of such operating or governing documents
requiring such distributions, or (b) any other entity which is directly or indirectly controlled or capable of being controlled by such Person, or by one or more Subsidiaries of such Person, or by such Person and one or more Subsidiaries of
such Person. Notwithstanding the foregoing, no Unrestricted Subsidiary shall be deemed to be a Subsidiary of the Borrower or any of its Subsidiaries for the purposes of this Agreement or any other Loan Document. 

“Taxes” shall have the meaning assigned thereto in Section 10.3(b). 

“Term Loan Commitment” shall mean, as to each Lender its obligation to make a Term Loan to the Borrower pursuant to
Section 2.1 in a principal amount not to exceed the Term Loan Commitment amount set forth (a) opposite such Lender’s name on Schedule 1 or (b) in the Assignment and Assumption pursuant to which such
Lender becomes a party hereto, as applicable. The aggregate Term Loan Commitments on the Agreement Date are $1,500,000,000. 
 “Term
Loans” shall mean, collectively, the amounts advanced by the Lenders with a Term Loan Commitment to the Borrower pursuant to this Agreement. 

“Term Loan Maturity Date” shall mean March 29, 2019, or such earlier date as payment of the Loans shall be due (whether
by acceleration or otherwise). 
 “Total Debt” shall mean, for the Borrower and its Subsidiaries on a consolidated basis as
of any date, (a) the sum (without duplication) of (i) the outstanding principal amount of the Loans as of such date, (ii) the aggregate amount of Indebtedness plus Attributable Debt of such Persons as of such date,
(iii) the aggregate amount of all Guaranties by such Persons of Indebtedness as of such date, and (iv) to the extent payable by the Borrower, an amount equal to the aggregate exposure of the Borrower under any Hedge Agreements permitted
pursuant to 

  
 -16- 

 
Section 7.1 hereof, as calculated on a marked to market basis as of the last day of the fiscal quarter being tested or the last day of the most recently completed fiscal quarter, as
applicable less (b) the sum of all unrestricted domestic cash and Cash Equivalents of the Borrower and its Subsidiaries as of such date. 

“TV Azteca” shall mean TV Azteca, S.A. de C.V., a sociedad anónima de capital variable organized under the laws of the
United Mexican States. 
 “U.S. Person” shall mean a citizen or resident of the United States of America, a corporation,
partnership or other entity created or organized in or under any laws of the United States of America, or any estate or trust that is subject to Federal income taxation regardless of the source of its income. 

“U.S. Subsidiary” shall mean any Subsidiary that is not a Foreign Subsidiary. 

“Unrestricted Subsidiary” shall mean any Subsidiary of the Borrower that is hereafter designated by the Borrower as an
Unrestricted Subsidiary by notice to the Administrative Agent and the Lenders; provided that (a) no Material Subsidiary shall be designated as an Unrestricted Subsidiary without the prior written consent of the Majority Lenders,
(b) the aggregate Adjusted EBITDA of the Unrestricted Subsidiaries (without duplication) shall not exceed 20% of consolidated Adjusted EBITDA of the Borrower and its subsidiaries, and (c) no Subsidiary of the Borrower may be designated as
an Unrestricted Subsidiary after the occurrence and during the continuance of a Default or an Event of Default; provided further that the designation by the Borrower of a Subsidiary as an Unrestricted Subsidiary may be revoked by the Borrower
at any time by notice to the Administrative Agent and the Lenders so long as no Default would be caused thereby, from and after which time such Subsidiary will no longer be an Unrestricted Subsidiary. 

“Write-Down and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers
of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule. 
 Section 1.2     Interpretation. Except
where otherwise specifically restricted, reference to a party to this Agreement or any other Loan Document includes that party and its successors and assigns. All capitalized terms used herein which are defined in Article 9 of the Uniform
Commercial Code in effect in the State of New York or other applicable jurisdiction on the date hereof and which are not otherwise defined herein shall have the same meanings herein as set forth therein. Whenever any agreement, promissory note or
other instrument or document is defined in this Agreement, such definition shall be deemed to mean and include, from and after the date of any amendment, restatement, supplement, confirmation or modification thereof, such agreement, promissory note
or other instrument or document as so amended, restated, supplemented, confirmed or modified, unless stated to be as in effect on a particular date. All terms defined in this Agreement in the singular shall have comparable meanings when used in the
plural and vice versa. The words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement.

  
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 Section 1.3    Cross References. Unless otherwise specified,
references in this Agreement and in each other Loan Document to any Article or Section are references to such Article or Section of this Agreement or such other Loan Document, as the case may be, and, unless otherwise specified, references in any
Article, Section or definition to any clause are references to such clause in such Article, Section or definition. 

Section 1.4    Accounting Provisions. Unless otherwise expressly provided herein, all references in this
Agreement to GAAP shall mean GAAP as in effect on the date of this Agreement as published by the Financial Accounting Standards Board. All accounting terms used in this Agreement and not defined expressly, completely or specifically herein shall
have the respective meanings given to them, and shall be construed, in accordance with GAAP. All financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in
accordance with GAAP applied in a manner consistent with that used to prepare the most recent audited consolidated financial statements of the Borrower and its Subsidiaries. All financial or accounting calculations or determinations required
pursuant to this Agreement shall be made, and all references to the financial statements of the Borrower, Adjusted EBITDA, Senior Secured Debt, Total Debt, Interest Expense, Consolidated Total Assets and other such financial terms shall be deemed to
refer to such items, unless otherwise expressly provided herein, on a consolidated basis for the Borrower and its Subsidiaries. 
 ARTICLE 2
- LOANS 
 Section 2.1    The Term Loans. The Lenders agree severally, and not jointly, upon the
terms and subject to the conditions of this Agreement, to lend to the Borrower on the Agreement Date an amount equal to (i) in the aggregate, the Commitments of all Lenders and, (ii) individually, the sum of such Lender’s Term Loan
Commitment and such Lender’s Incremental Term Loan Commitment. Amounts borrowed under this Section 2.1 and repaid or prepaid may not be reborrowed. 

Section 2.2    Manner of Advance and Disbursement. 

(a)     Choice of Interest Rate, Etc. The Advances hereunder shall, at the option of the Borrower, be made as one
or more Base Rate Advances or LIBOR Advances; provided, however, that at such time as there shall have occurred and be continuing a Default hereunder, the Borrower shall not have the right to Continue a LIBOR Advance or to Convert a
Base Rate Advance to a LIBOR Advance. Any notice given to the Administrative Agent in connection with a requested Advance or Conversion hereunder shall be given to the Administrative Agent prior to 11:00 a.m. (New York, New York time) in order for
such Business Day to count toward the minimum number of Business Days required. 
 (b)    Base Rate Advances.

 (i)     Advances. The Borrower shall give the Administrative Agent in the case of Base Rate
Advances irrevocable prior telephonic notice followed immediately by a Request for Advance by 9:00 A.M. (New York, New York time) on the date of such proposed Base Rate Advance; provided, however, that the Borrower’s failure

  
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to confirm any telephonic notice with a Request for Advance shall not invalidate any notice so given if acted upon by the Administrative Agent. Upon receipt of such notice from the Borrower, the
Administrative Agent shall promptly notify each Lender by telephone, email or telecopy of the contents thereof. 

(ii)    Conversions. The Borrower may, without regard to the applicable Payment Date and upon at
least three (3) Business Days’ irrevocable prior telephonic notice followed by a Request for Advance, Convert all or a portion of the principal of a Base Rate Advance to a LIBOR Advance. On the date indicated by the Borrower, such Base
Rate Advance shall be so Converted. The failure to give timely notice hereunder with respect to the Payment Date of any Base Rate Advance shall be considered a request for a Base Rate Advance. 

(c)    LIBOR Advances. Upon request, the Administrative Agent, whose determination in absence of manifest error
shall be conclusive, shall determine the available LIBOR Basis and shall notify the Borrower of such LIBOR Basis to apply for the applicable LIBOR Advance. 

(i)    Advances. The Borrower shall give the Administrative Agent in the case of LIBOR Advances at
least two (2) Business Days’ irrevocable prior telephonic notice followed immediately by a Request for Advance; provided, however, that the Borrower’s failure to confirm any telephonic notice with a Request for Advance
shall not invalidate any notice so given if acted upon by the Administrative Agent. Upon receipt of such notice from the Borrower, the Administrative Agent shall promptly notify each Lender by telephone, email or telecopy of the contents thereof.

 (ii)    Conversions and Continuations. At least three (3) Business Days prior to the
Payment Date for each LIBOR Advance, the Borrower shall give the Administrative Agent telephonic notice followed by written notice specifying whether all or a portion of such LIBOR Advance (A) is to be Continued in whole or in part as one or
more LIBOR Advances, (B) is to be Converted in whole or in part to a Base Rate Advance, or (C) is to be repaid. The failure to give such notice shall be considered a request to Continue such Advance as a LIBOR Rate Advance with a one month
Interest Period. Upon such Payment Date such LIBOR Advance will, subject to the provisions hereof, be so Continued, Converted or repaid, as applicable. 

(d)    Notification of Lenders. Upon receipt of irrevocable prior telephonic notice in accordance with
Section 2.2(b) or (c) hereof or a Request for Advance, or a notice of Conversion or Continuation from the Borrower with respect to any outstanding Advance prior to the Payment Date for such Advance, the Administrative Agent shall promptly
but no later than the close of business on the day of such notice notify each Lender having the applicable Commitment or holding a Loan subject to such request for an Advance by telephone, followed promptly by written notice or telecopy, of the
contents thereof and the amount of such Lender’s portion of the Advance. Each Lender having the applicable Commitment or holding a Loan subject to such request for an Advance shall, not later than 12:00 noon (New York, New York time) on the
date of borrowing specified in such notice, make available to the Administrative Agent at the Administrative Agent’s Office, or at such account as the 

  
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Administrative Agent shall designate, the amount of its portion of any Advance that represents a borrowing hereunder in immediately available funds. 

(e)    Disbursement. 

(i)    Prior to 2:00 p.m. (New York, New York time) on the date of the making of an Advance hereunder,
the Administrative Agent shall, subject to the satisfaction of the conditions set forth in Article 3 hereof, disburse the amounts made available to the Administrative Agent by the Lenders in like funds by (A) transferring the amounts so made
available by wire transfer pursuant to the Borrower’s instructions, or (B) in the absence of such instructions, crediting the amounts so made available to the account of the Borrower maintained with the Administrative Agent. 

(ii)    Unless the Administrative Agent shall have received notice from a Lender holding a Loan subject
to such request for an Advance prior to 12:00 noon (New York, New York time) on the date of a requested Advance that such Lender will not make available to the Administrative Agent such Lender’s ratable portion of such Advance, the
Administrative Agent may assume that such Lender has made or will make such portion available to the Administrative Agent on the date of such Advance and the Administrative Agent may in its sole discretion and in reliance upon such assumption, make
available to the Borrower on such date a corresponding amount. If and to the extent a Lender does not make such ratable portion available to the Administrative Agent, such Lender agrees to repay to the Administrative Agent on demand such
corresponding amount together with interest thereon, for each day from the date such amount is made available to the Borrower until the date such amount is repaid to the Administrative Agent, at the greater of the Federal Funds Rate and a rate
reasonably determined by the Administrative Agent in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the Administrative Agent in connection with the
foregoing. 
 (iii)    If such Lender shall repay to the Administrative Agent such corresponding
amount, such amount so repaid shall constitute such Lender’s portion of the Advances for purposes of this Agreement. If such Lender does not repay such corresponding amount immediately upon the Administrative Agent’s demand therefor and
the Administrative Agent has made such corresponding amount available to the Borrower, the Administrative Agent shall notify the Borrower, and the Borrower shall immediately pay such corresponding amount to the Administrative Agent, with interest at
the Federal Funds Rate from the date the Administrative Agent made such amount available to the Borrower. The Borrower shall not be obligated to pay, and such amount shall not accrue, any interest or fees on such amount other than as provided in the
immediately preceding sentence. The failure of any Lender to fund its portion of any Advance shall not relieve any other Lender of its obligation, if any, hereunder to fund its respective portion of the Advance on the date of such borrowing, but no
Lender shall be responsible for any such failure of any other Lender. 
 Section 2.3    Interest. 

  
 -20- 

 (a)    On Base Rate Advances. Interest on each Base Rate Advance
computed pursuant to clause (b) of the definition of Base Rate shall be computed on the basis of a year of 365/366 days and interest computed pursuant to clause (a) of the definition of Base Rate shall be computed on the basis of a 360 day
year, in each case for the actual number of days elapsed and shall be payable at the Base Rate Basis for such Advance, in arrears on the applicable Payment Date. Interest on Base Rate Advances of the Loans then outstanding shall also be due and
payable on the Term Loan Maturity Date. 
 (b)    On LIBOR Advances. Interest on each LIBOR Advance shall be
computed on the basis of a 360-day year for the actual number of days elapsed and shall be payable at the LIBOR Basis for such Advance, in arrears on the applicable Payment Date, and, in addition, if the
Interest Period for a LIBOR Advance exceeds three (3) months, interest on such LIBOR Advance shall also be due and payable in arrears on every three (3) month anniversary of the beginning of such Interest Period. Interest on LIBOR Advances
then outstanding shall also be due and payable on the Term Loan Maturity Date. 
 (c)    [Intentionally
Omitted]. 
 (d)    Interest Upon Event of Default. Immediately upon the occurrence of an Event of Default
under Section 8.1(b), (f) or (g) hereunder and following a request from the Majority Lenders upon the occurrence of any other Event of Default hereunder, the outstanding principal balance of the Loans shall bear interest at the Default
Rate. Such interest shall be payable on demand by the Majority Lenders and shall accrue until the earlier of (i) waiver or cure of the applicable Event of Default, (ii) agreement by the Majority Lenders (or, if applicable to the underlying
Event of Default, the Lenders) to rescind the charging of interest at the Default Rate or (iii) payment in full of the Obligations. 

(e)    LIBOR Contracts. At no time may the number of outstanding LIBOR Advances hereunder exceed ten (10). 

(f)    Applicable Margin. 

(i)    With respect to any Loans, the Applicable Margin shall be a percentage per annum determined by
reference to the Applicable Debt Rating (as such Applicable Debt Rating is determined pursuant to Section 2.3(f)(ii)) in effect on such date as set forth below: 
  

													
	 	  	 Applicable Debt Rating
	  	LIBOR Advance
Applicable Margin	 	Base Rate Advance
Applicable Margin
	 A.
	  	3 A- or A3	  	 	 	0.625	%	 	 	 	0.000	%
	 B.
	  	BBB+ or Baa1	  	 	 	0.750	%	 	 	 	0.000	%
	 C.
	  	BBB or Baa2	  	 	 	0.875	%	 	 	 	0.000	%
	 D.
	  	BBB- or Baa3	  	 	 	1.000	%	 	 	 	0.000	%
	 E.
	  	BB+ or Ba1	  	 	 	1.250	%	 	 	 	0.250	%
	 F.
	  	£ BB or Ba2	  	 	 	1.500	%	 	 	 	0.500	%

  
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 (ii)    Changes in Applicable Margin; Determination of
Debt Rating. Changes to the Applicable Margin shall be effective as of the next Business Day after the day on which the Debt Rating changes. Any change to any Debt Rating established by Standard and Poor’s, Moody’s or Fitch shall be
effective as of the date on which such change is first announced publicly by the applicable rating agency making such change and on and after that day the changed Debt Rating shall be the Debt Rating of such rating agency for purposes of this
Agreement. If none of Standard and Poor’s, Moody’s or Fitch shall have in effect a Debt Rating, the Applicable Margin shall be set in accordance with part E of the table set forth in Section 2.3(f)(i). If Standard and
Poor’s, Moody’s or Fitch shall change the basis on which ratings are established, each reference to the Debt Rating announced by Standard and Poor’s, Moody’s or Fitch, as the case may be, shall refer to the then equivalent rating
by Standard and Poor’s, Moody’s or Fitch, as the case may be. 
 Section 2.4    Fees. 

(a)     Fees. The Borrower agrees to pay to the Administrative Agent and the Joint Lead Arrangers certain fees in
connection with the execution and delivery of this Agreement as provided in the fee letters of even date herewith. 

Section 2.5    [Intentionally Omitted.] 

Section 2.6    Prepayments and Repayments. 

(a)    Prepayment. The principal amount of any Base Rate Advance may be prepaid in full or ratably in part at any
time, without premium or penalty and without regard to the Payment Date for such Advance. The principal amount of any LIBOR Advance may be prepaid in full or ratably in part, upon three (3) Business Days’ prior written notice, or
telephonic notice followed immediately by written notice, to the Administrative Agent, without premium or penalty; provided, however, that, to the extent prepaid prior to the applicable Payment Date for such LIBOR Advance, the Borrower
shall reimburse the applicable Lenders, on the earlier of (A) demand by the applicable Lender or (B) the Term Loan Maturity Date, for any loss or out-of-pocket
expense incurred by any such Lender in connection with such prepayment, as set forth in Section 2.9 hereof; and provided further, however, that (i) the Borrower’s failure to confirm any telephonic notice with a
written notice shall not invalidate any notice so given if acted upon by the Administrative Agent and (ii) any notice of prepayment given hereunder may be revoked by the Borrower at any time. Any prepayment hereunder shall be in amounts of not
less than $2,000,000.00 and in an integral multiple of $1,000,000.00. Amounts prepaid shall be paid together with accrued interest on the amount so prepaid. 

(b)    Repayments. The Borrower shall repay the Loans, together with accrued interest and fees with respect
thereto, in full on the Term Loan Maturity Date. 
 Section 2.7    Notes; Loan Accounts. 

(a) The Loans shall be repayable in accordance with the terms and provisions set forth herein. If requested by a Lender, one (1) Note
duly executed and delivered 

  
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by one or more Authorized Signatories of the Borrower, shall be issued by the Borrower and payable to such Lender in an amount equal to such Lender’s Commitment. 

(b)    Each Lender may open and maintain on its books in the name of the Borrower a loan account with respect to its
portion of the Loans and interest thereon. Each Lender which opens such a loan account shall debit such loan account for the principal amount of its portion of each Advance made by it and accrued interest thereon, and shall credit such loan account
for each payment on account of principal of or interest on its Loans. The records of a Lender with respect to the loan account maintained by it shall be prima facie evidence of its portion of the Loans and accrued interest thereon absent manifest
error, but the failure of any Lender to make any such notations or any error or mistake in such notations shall not affect the Borrower’s repayment obligations with respect to such Loans. 

Section 2.8    Manner of Payment. 

(a)    Each payment (including, without limitation, any prepayment) by the Borrower on account of the principal of or
interest on the Loans and any other amount owed to the Lenders or the Administrative Agent or any of them under this Agreement or the Notes shall be made not later than 1:00 p.m. (New York, New York time) on the date specified for payment under this
Agreement to the Administrative Agent at the Administrative Agent’s Office, for the account of the Lenders or the Administrative Agent, as the case may be, in lawful money of the United States of America in immediately available funds. Any
payment received by the Administrative Agent after 1:00 p.m. (New York, New York time) shall be deemed received on the next Business Day. Receipt by the Administrative Agent of any payment intended for any Lender or Lenders hereunder prior to 1:00
p.m. (New York, New York time) on any Business Day shall be deemed to constitute receipt by such Lender or Lenders on such Business Day. In the case of a payment for the account of a Lender, the Administrative Agent will promptly, but no later than
the close of business on the date such payment is deemed received, thereafter distribute the amount so received in like funds to such Lender. If the Administrative Agent shall not have received any payment from the Borrower as and when due, the
Administrative Agent will promptly notify the applicable Lenders accordingly. In the event that the Administrative Agent shall fail to make distribution to any Lender as required under this Section 2.8, the Administrative Agent agrees to pay
such Lender interest from the date such payment was due until paid at the Federal Funds Rate. 
 (b)    The Borrower
agrees to pay principal, interest, fees and all other amounts due hereunder or under the Notes without set-off or counterclaim or any deduction whatsoever, except as provided in Section 10.3 hereof. 

(c)    Prior to the acceleration of the Loans under Section 8.2 hereof, if some but less than all amounts due from
the Borrower are received by the Administrative Agent with respect to the Obligations, the Administrative Agent shall distribute such amounts in the following order of priority, all on a pro rata basis to the Lenders: (i) to the payment on a
pro rata basis of any fees or expenses then due and payable to the Administrative Agent or expenses then due and payable to the Lenders; (ii) to the payment of interest then due and payable on the Loans on a pro rata basis and of fees then due
and payable to the Lenders on a pro rata basis; (iii) to the payment of all other amounts not otherwise referred to in this Section 2.8(c) then due and 

  
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payable to the Administrative Agent and the Lenders, or any of them, hereunder or under the Notes or any other Loan Document; and (iv) to the payment of principal then due and payable on the
Loans on a pro rata basis. 
 (d)    Subject to any contrary provisions in the definition of Interest Period, if any
payment under this Agreement or any of the other Loan Documents is specified to be made on a day which is not a Business Day, it shall be made on the next Business Day, and such extension of time shall in such case be included in computing interest
and fees, if any, in connection with such payment. 
 Section 2.9 Reimbursement. 

(a) Whenever any Lender shall sustain or incur any losses or reasonable
out-of-pocket expenses in connection with (i) the failure by the Borrower to borrow, Continue or Convert any LIBOR Advance after having given notice of its
intention to borrow, Continue or Convert such Advance in accordance with Section 2.2 or 2.6 hereof (whether by reason of the Borrower’s election not to proceed or the non-fulfillment of any of the
conditions set forth in Article 3 hereof, but not as a result of a failure of such Lender to make a Loan in accordance with the terms of this Agreement), or (ii) the prepayment other than on the applicable Payment Date (or failure to prepay
after giving notice thereof) of any LIBOR Advance in whole or in part for any reason, the Borrower agrees to pay to such Lender, upon such Lender’s demand, an amount sufficient to compensate such Lender for all such losses and out-of-pocket expenses. Such Lender’s good faith determination of the amount of such losses or
out-of-pocket expenses, as set forth in writing and accompanied by calculations in reasonable detail demonstrating the basis for its demand, shall be presumptively
correct absent manifest error. 
 (b) Losses subject to reimbursement hereunder shall include, without limiting the generality of the
foregoing, reasonable out-of-pocket expenses incurred by any Lender or any participant of such Lender permitted hereunder in connection with the re-employment of funds prepaid, paid, repaid, not borrowed, or not paid, as the case may be, but not losses resulting from lost Applicable Margin or other margin. Losses subject to reimbursement will be payable
whether the Term Loan Maturity Date is changed by virtue of an amendment hereto (unless such amendment expressly waives such payment) or as a result of acceleration of the Loans. 

(c) Failure or delay on the part of any Lender to demand compensation pursuant to the foregoing provisions of this Section 2.9 shall not
constitute a waiver of such Lender’s right to demand such compensation, provided that the Borrower shall not be required to compensate a Lender pursuant to the foregoing provisions of this Section for any losses or expenses incurred more than
six (6) months prior to the date that such Lender notifies the Borrower of the circumstances giving rise to such losses or expenses and of such Lender’s intention to claim compensation therefor. 

Section 2.10    Pro Rata Treatment. 

(a) [Intentionally Omitted.] 

  
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 (b) Payments. Except as provided in Article 10 hereof, each payment and prepayment of
principal of, and interest on, the Loans shall be made to the Lenders pro rata on the basis of their respective unpaid principal amounts outstanding under the applicable Loans immediately prior to such payment or prepayment. 

(c) Sharing of Payments by Lenders. If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain
payment in respect of any principal of or interest on any of the Loans made by it resulting in such Lender’s receiving payment of a proportion of the aggregate amount of such Loans and accrued interest thereon greater than its pro rata share
thereof as provided herein, then the Lender receiving such greater proportion shall (a) notify the Administrative Agent of such fact, and (b) purchase (for cash at face value) participations in the Loans of the other Lenders, or make such
other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders ratably, provided that: 

(i)    if any such participations are purchased and all or any portion of the payment giving rise thereto
is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest; and 

(ii)    the provisions of this Section shall not be construed to apply to (y) any payment made by or
on behalf of the Borrower pursuant to and in accordance with the express terms of this Agreement or (z) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans to any assignee or
participant. 
 The Borrower agrees that any Lender so purchasing a participation from another Lender pursuant to this Section 2.10(b)
may, to the fullest extent permitted by law, exercise all its rights of payment (including, without limitation, the right of set-off) with respect to such participation as fully as if such purchasing Lender
were the direct creditor of the Borrower in the amount of such participation. 
 Section 2.11    Capital
Adequacy. If after the date hereof, the adoption of any Applicable Law regarding the capital adequacy or liquidity of banks or bank holding companies, or any change in Applicable Law (whether adopted before or after the Agreement Date) or any
change in the interpretation or administration thereof by any governmental authority, central bank or comparable agency charged with the interpretation or administration thereof, including any such change resulting from the enactment or issuance of
any regulation or regulatory interpretation affecting existing Applicable Law, or compliance by such Lender (or the bank holding company of such Lender) with any directive regarding capital adequacy or liquidity (whether or not having the force of
law) of any such governmental authority, central bank or comparable agency, has or would have the effect of reducing the rate of return on any Lender’s capital as a consequence of its obligations hereunder with respect to the Loans to a level
below that which it could have achieved but for such adoption, change or compliance (taking into consideration such Lender’s policies with respect to capital adequacy or liquidity immediately before such adoption, change or compliance and
assuming that such Lender’s (or the bank holding company of such Lender) capital was fully utilized prior to such adoption, change or compliance) by an amount reasonably 

  
 -25- 

 
deemed by such Lender to be material, then, upon demand by such Lender, the Borrower shall promptly pay to such Lender such additional amounts as shall be sufficient to compensate such Lender (on
an after-tax basis and without duplication of amounts paid by the Borrower pursuant to Section 10.3) for such reduced return which is reasonably allocable to this Agreement, together with interest on such
amount from the fourth (4th) Business Day after the date of demand or the Term Loan Maturity Date, as applicable, until payment in full thereof at the Default Rate; provided that notwithstanding anything herein to the contrary, (x) the
Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for
International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be enacted,
adopted or issued after the date hereof, regardless of the date enacted, adopted or issued. A certificate of such Lender setting forth the amount to be paid to such Lender by the Borrower as a result of any event referred to in this paragraph and
supporting calculations in reasonable detail shall be presumptively correct absent manifest error. Notwithstanding any other provision of this Section 2.11, no Lender shall demand compensation for any increased cost or reduction referred to
above if it shall not at the time be the general policy or practice of such Lender to demand such compensation in similar circumstances under comparable provisions of other credit agreements. Failure or delay on the part of any Lender to demand
compensation pursuant to the foregoing provisions of this Section 2.11 shall not constitute a waiver of such Lender’s right to demand such compensation, provided that the Borrower shall not be required to compensate a Lender pursuant to
the foregoing provisions of this Section for any increased costs incurred or reductions suffered more than six (6) months prior to the date that such Lender notifies the Borrower of the circumstances giving rise to such increased costs or
reductions and of such Lender’s intention to claim compensation therefor (except that, if the circumstances giving rise to such increased costs or reductions is retroactive, then the six (6) month period referred to above shall be extended
to include the period of retroactive effect thereof). 
 Section 2.12 Lender Tax Forms. 

(a)    On or prior to the Agreement Date and on or prior to the first Business Day of each calendar year thereafter, to
the extent it may lawfully do so at such time, each Lender which is a Non-U.S. Person shall provide each of the Administrative Agent and the Borrower (a) if such Lender is a “bank” under
Section 881(c)(3)(A) of the Code, with a properly executed original of Internal Revenue Service Form W-8BEN or W-8ECI (or any successor form) prescribed by the
Internal Revenue Service or other documents satisfactory to the Borrower and the Administrative Agent, as the case may be, certifying (i) as to such Lender’s status as exempt from United States withholding taxes with respect to all
payments to be made to such Lender hereunder and under the Notes or (ii) that all payments to be made to such Lender hereunder and under the Notes are subject to such taxes at a rate reduced to zero by an applicable tax treaty, or (b) if
such Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code and intends to claim exemption from U.S. Federal withholding tax under Section 871(h) or 881(c) of the Code with respect to payments of
“portfolio interest”, a Form W-8BEN, or any subsequent versions thereof or successors thereto (and, if such Lender delivers a Form W-8BEN, a
certificate representing that such Lender is not a bank for purposes of Section 881(c) of the Code, is not a ten-percent (10%) shareholder (within the meaning of

  
 -26- 

 
Section 871(h)(3)(B) of the Code and is not a controlled foreign corporation related to the Borrower (within the meaning of Section 864(d)(4) of the Code)), properly completed and duly
executed by such Lender, indicating that such Lender is entitled to receive payments under this Agreement without deduction or withholding of any United States Federal income taxes as permitted by the Code. If a payment made to a Lender under this
Agreement would be subject to withholding Tax imposed under FATCA if such Lender fails to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such
Lender shall deliver to the Administrative Agent and the Borrower, at the time or times prescribed by law and at such time or times reasonably requested by the Administrative Agent or the Borrower, such documentation prescribed by Applicable Law
(included as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Administrative Agent or the Borrower as may be necessary for the Administrative Agent or the Borrower to comply with
its obligations under FATCA, to determine that such Lender has complied with such Lender’s obligations under FATCA, or to determine the amount to deduct and withhold from such payment. Each such Lender agrees to provide the Administrative Agent
and the Borrower with new forms prescribed by the Internal Revenue Service upon the expiration or obsolescence of any previously delivered form, or after the occurrence of any event requiring a change in the most recent forms delivered by it to the
Administrative Agent and the Borrower, in any case, to the extent it may lawfully do so at such time. 
 (b)    On or
prior to the Agreement Date, and to the extent permitted by applicable U.S. Federal law, on or prior to the first Business Day of each calendar year thereafter, each Lender which is a U.S. Person shall provide the Administrative Agent and the
Borrower a duly completed and executed copy of the Internal Revenue Service Form W-9 or successor form to the effect that it is a U.S. Person. 

Each Lender agrees that if any form or certification it previously delivered becomes inaccurate in any respect, it shall update such form or certification or
promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so. In addition, each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete, upon written request by the
Borrower or the Administrative Agent, such Lender shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so. 

Section 2.13    Incremental Term Loans. The Borrower may, upon five (5) Business Days’ notice to the
Administrative Agent, request a commitment for an additional term loan from the Lenders or by adding one or more lenders, determined by the Borrower in its sole discretion, subject to the consent of the Administrative Agent (such consent not to be
unreasonably withheld), which lender or lenders are willing to commit to such increase (each such lender, a “New Lender,” and such commitment, an “Incremental Term Loan Commitment”); provided, however, that
(i) the Borrower may not request an Incremental Term Loan Commitment after the occurrence and during the continuance of an Event of Default, including, without limitation, any Event of Default that would result after giving effect to any
Incremental Term Loan, (ii) each Incremental Term Loan Commitment shall be in an amount not less than $10,000,000 or an integral multiple of $5,000,000 in excess thereof and (iii) the aggregate amount of all Incremental Term Loan
Commitments shall not exceed $1,000,000,000. 

  
 -27- 

 
Such notice to the Administrative Agent shall describe the amount and intended disbursement date of the Incremental Term Loan to be made pursuant to such Incremental Term Loan Commitments. An
Incremental Term Loan Commitment shall become effective upon (a) the execution by each applicable New Lender of a counterpart of this Agreement and delivering such counterpart to the Administrative Agent and (b) receipt by the
Administrative Agent of a certificate of a responsible officer of the Borrower, dated as of the date such Incremental Term Loan Commitments are proposed to take effect, certifying that as of such date each of the representations and warranties in
Article 4 hereof are true and correct in all material respects, except for those representations and warranties that are qualified by materiality or Materially Adverse Effect, which shall be true and correct, and no Default then exists. Over the
term of the Agreement the Borrower may request Incremental Term Loan Commitments no more than four (4) times. Notwithstanding anything to the contrary herein, no Lender shall be required to provide an Incremental Term Loan Commitment pursuant
to this Section 2.13. 
 Section 2.14    Defaulting Lender (a) . (a) Notwithstanding anything to the
contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as that Lender is no longer a Defaulting Lender, to the extent permitted by Applicable Law, such Defaulting Lender’s right to approve or
disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in Section 11.11. 

(b)    If the Borrower and the Administrative Agent agree in writing in their sole discretion that a Defaulting Lender
should no longer be deemed to be a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon that Lender will cease to be a Defaulting Lender; provided that except to the extent otherwise expressly agreed by the
affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. 

ARTICLE 3 - CONDITIONS PRECEDENT 

Section 3.1    Conditions Precedent to Effectiveness of this Agreement. The effectiveness of this Agreement is
subject to the prior or contemporaneous fulfillment (in the reasonable opinion of the Administrative Agent), or, if applicable, receipt by the Administrative Agent (in each case in form and substance reasonably satisfactory to the Administrative
Agent and the Lenders) of each of the following: 
 (a)    this Agreement duly executed by all relevant parties; 

(b)    a loan certificate of the Borrower dated as of the Agreement Date, in substantially the form attached hereto as
Exhibit D, including a certificate of incumbency with respect to each Authorized Signatory of the Borrower, together with the following items: (i) a true, complete and correct copy of the articles of incorporation and by-laws of the Borrower as in effect on the Agreement Date, (ii) a certificate of good standing for the Borrower issued by the Secretary of State of Delaware, and (iii) a true, complete and correct copy of
the resolutions of the Borrower authorizing it to execute, deliver and perform each of the Loan Documents to which it is a party; 

  
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 (c) legal opinions of (i) Goodwin Procter LLP, special counsel to the Borrower and
(ii) Edmund DiSanto, Esq., General Counsel of the Borrower, addressed to each Lender and the Administrative Agent and dated as of the Agreement Date; 

(d) receipt by the Borrower of evidence that all Necessary Authorizations, other than Necessary Authorizations the absence of which would not
reasonably be expected to have, individually or in the aggregate, a Materially Adverse Effect, including all necessary consents to the closing of this Agreement, have been obtained or made, are in full force and effect and are not subject to any
pending or, to the knowledge of the Borrower, threatened reversal or cancellation; 
 (e) each of the representations and warranties in
Article 4 hereof are true and correct in all material respects, except for those representations and warranties that are qualified by materiality or Materially Adverse Effect, which shall be true and correct, as of the Agreement Date, and no Default
then exists; 
 (f) the documentation that the Administrative Agent and the Lenders are required to obtain from the Borrower under
Section 326 of the USA PATRIOT ACT (P.L. 107-56, 115 Stat. 272 (2001)) and under any other provision of the Patriot Act, the Bank Secrecy Act (P.L. 91-508, 84 Stat.
1118 (1970)) or any regulations under such Act or the Patriot Act that contain document collection requirements that apply to the Administrative Agent and the Lenders; 

(g) all fees and expenses required to be paid in connection with this Agreement to the Administrative Agent, the Co-Syndication Agents, the Joint Lead Arrangers and the Lenders shall have been (or shall be simultaneously) paid in full; 

(h) audited consolidated financial statements for the three years ended December 31, 2017, in each case of the Borrower and its
Subsidiaries; and 
 (i) a certificate of the president, chief financial officer, treasurer or controller of the Borrower as to the
financial performance of the Borrower and its Subsidiaries, substantially in the form of Exhibit E attached hereto, and, to the extent applicable, using information contained in the financial statements delivered pursuant to clause
(h) of this Section 3.1 in respect of the 2017 financial year. 
 ARTICLE 4 - REPRESENTATIONS AND WARRANTIES 

Section 4.1    Representations and Warranties. The Borrower hereby represents and warrants in favor of the
Administrative Agent and each Lender that: 
 (a)    Organization; Ownership; Power; Qualification. The Borrower
is a corporation duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation. The Borrower has the power and authority to own its properties and to carry on its business as now being and as proposed
hereafter to be conducted. The Subsidiaries of the Borrower and the direct and indirect ownership thereof as of the Agreement Date are as set forth on Schedule 2 attached hereto. As of the Agreement Date and except as

  
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would not reasonably be expected to have a Materially Adverse Effect, each Subsidiary of the Borrower is a corporation, limited liability company, limited partnership or other legal entity duly
organized or formed, validly existing and in good standing under the laws of the jurisdiction of its formation and has the power and authority to own its properties and to carry on its business as now being and as proposed hereafter to be conducted.

 (b)    Authorization; Enforceability. The Borrower has the corporate power, and has taken all necessary
action, to authorize it to borrow hereunder, to execute, deliver and perform this Agreement and each of the other Loan Documents to which it is a party in accordance with their respective terms, and to consummate the transactions contemplated hereby
and thereby. This Agreement has been duly executed and delivered by the Borrower and is, and each of the other Loan Documents to which the Borrower is party is, a legal, valid and binding obligation of the Borrower and enforceable against the
Borrower in accordance with its terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar laws affecting creditors’ rights and remedies generally and subject, as to enforceability, to
general principles of equity. 
 (c)    Compliance with Other Loan Documents and Contemplated Transactions. The
execution, delivery and performance, in accordance with their respective terms, by the Borrower of this Agreement, the Notes, and each of the other Loan Documents, and the consummation of the transactions contemplated hereby and thereby, do not
(i) require any consent or approval, governmental or otherwise, not already obtained, (ii) violate any Applicable Law respecting the Borrower, (iii) conflict with, result in a breach of, or constitute a default under the articles of
incorporation or by-laws, as amended, of the Borrower, or under any indenture, agreement, or other instrument, including without limitation the Licenses, to which the Borrower is a party or by which the
Borrower or its respective properties is bound that is material to the Borrower and its Subsidiaries on a consolidated basis or (iv) result in or require the creation or imposition of any Lien upon or with respect to any property now owned or
hereafter acquired by the Borrower or any of the Material Subsidiaries, except for Liens permitted pursuant to Section 7.2 hereof. 

(d)    Compliance with Law. The Borrower and its Subsidiaries are in compliance with all Applicable Law, except
where the failure to be in compliance therewith would not individually or in the aggregate have a Materially Adverse Effect. 

(e)    Title to Assets. As of the Agreement Date, the Borrower and its Subsidiaries have good title to, or a valid
leasehold interest in, all of their respective assets, except for such exceptions as would not reasonably be expected to have, individually or in the aggregate, a Materially Adverse Effect. None of the properties or assets of the Borrower or any
Material Subsidiary is subject to any Liens, except for Liens permitted pursuant to Section 7.2 hereof. 

(f)    Litigation. There is no action, suit, proceeding or investigation pending against, or, to the knowledge of
the Borrower, threatened against the Borrower or any of its Subsidiaries or any of their respective properties, including without limitation the Licenses, in any court or before any arbitrator of any kind or before or by any governmental body
(including, without limitation, the FCC) that (i) calls into question the validity of this Agreement or any 

  
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other Loan Document or (ii) as of the Agreement Date, would reasonably be expected to have a Materially Adverse Effect, other than as may be disclosed in the public filings of the Borrower
with the Securities and Exchange Commission prior to the Agreement Date. 
 (g)    Taxes. All Federal income,
other material Federal and material state and other tax returns of the Borrower and its Material Subsidiaries required by law to be filed have been duly filed and all Federal income, other material Federal and material state and other taxes,
including, without limitation, withholding taxes, assessments and other governmental charges or levies required to be paid by the Borrower or any of its Subsidiaries or imposed upon the Borrower or any of its Subsidiaries or any of their respective
properties, income, profits or assets, which are due and payable, have been paid, except any such taxes (i) (x) the payment of which the Borrower or any of its Subsidiaries is diligently contesting in good faith by appropriate proceedings,
(y) for which adequate reserves in accordance with GAAP have been provided on the books of such Person, and (z) as to which no Lien other than a Lien permitted pursuant to Section 7.2 hereof has attached, or (ii) which may result
from audits not yet conducted, or (iii) as to which the failure to pay would not reasonably be expected to have a Materially Adverse Effect. 

(h)    Financial Statements. As of the Agreement Date, the Borrower has furnished or caused to be furnished to the
Administrative Agent and the Lenders as of the Agreement Date, the audited financial statements for the Borrower and its Subsidiaries on a consolidated basis for the fiscal year ended December 31, 2017, which present fairly in all material
respects the financial position of the Borrower and its Subsidiaries on a consolidated basis, on and as at such date and the results of operations for the period then ended. As of the date of this Agreement, none of the Borrower or its Subsidiaries
has any liabilities, contingent or otherwise, on the Agreement Date, that are material to the Borrower and its Subsidiaries on a consolidated basis other than as disclosed in the financial statements referred to in the preceding sentence or in the
reports filed by the Borrower with the Securities and Exchange Commission prior to the Agreement Date or the Obligations. 

(i)    No Material Adverse Change. Other than as may be disclosed in the public filings of the Borrower with the
Securities and Exchange Commission prior to the Agreement Date, there has occurred no event since December 31, 2017 which has had or which would reasonably be expected to have a Materially Adverse Effect. 

(j)    ERISA. The Borrower and its Subsidiaries and, to the best of their knowledge, their ERISA Affiliates have
fulfilled their respective obligations under the minimum funding standards of ERISA and the Code with respect to each Plan and are in compliance in all material respects with the currently applicable provisions of ERISA and the Code except where any
failure or non-compliance would not reasonably be expected to result in a Materially Adverse Effect. 

(k)    Compliance with Regulations U and X. The Borrower does not own or presently intend to own an amount of
“margin stock” as defined in Regulations U and X (12 C.F.R. Parts 221 and 224) of the Board of Governors of the Federal Reserve System (“margin stock”) representing twenty-five percent (25%) or more of the total assets of
the Borrower, as measured on both a consolidated and unconsolidated basis. Neither the making of 

  
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the Loans nor the use of proceeds thereof will violate, or be inconsistent with, the provisions of any of the above-mentioned regulations. 

(l)    Investment Company Act. The Borrower is not required to register under the provisions of the Investment
Company Act of 1940, as amended. 
 (m)    Solvency. As of the Agreement Date and after giving effect to the
transactions contemplated by the Loan Documents (i) the assets and property of the Borrower and its Subsidiaries on a consolidated basis, at a fair valuation, will exceed the total amount of liabilities, including contingent liabilities of the
Borrower and its Subsidiaries on a consolidated basis; (ii) the capital of the Borrower and its Subsidiaries on a consolidated basis will not be unreasonably small to conduct its business as such business is now conducted and expected to be
conducted following the Agreement Date; (iii) the Borrower and its Subsidiaries on a consolidated basis will not have incurred debts, or have intended to incur debts, beyond their ability to pay such debts as they mature; and (iv) the
present fair salable value of the assets and property of the Borrower and its Subsidiaries on a consolidated basis will be greater than the amount that will be required to pay their probable liabilities (including debts) as they become absolute and
matured. For purposes of this Section, the amount of contingent liabilities at any time will be computed as the amount that, in light of all the facts and circumstances existing as such time, can reasonably be expected to become an actual or matured
liability. 
 (n)    Designated Persons; Sanctions Laws and Regulations. Neither the Borrower nor any of its
Subsidiaries nor, to the knowledge of the Borrower, any of their respective directors, officers, brokers or other agents is a Designated Person. The Borrower, its Subsidiaries and their respective officers and employees and to the knowledge of the
Borrower, its directors and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions Laws and Regulations in all material respects. 

Section 4.2    Survival of Representations and Warranties, Etc. All representations and warranties made under
this Agreement and any other Loan Document, shall be deemed to be made, and shall be true and correct in all material respects, except for those representations and warranties that are qualified by materiality or Materially Adverse Effect, which
shall be true and correct, at and as of the Agreement Date. All representations and warranties made under this Agreement and the other Loan Documents shall survive, and not be waived by, the execution hereof by the Lenders and the Administrative
Agent, any investigation or inquiry by any Lender or the Administrative Agent, or the making of any Advance under this Agreement. 
 ARTICLE
5 - GENERAL COVENANTS 
 So long as any of the Obligations are outstanding and unpaid: 

Section 5.1    Preservation of Existence and Similar Matters. Except as permitted under Section 7.3
hereof or to the extent required for the Borrower or any of its Subsidiaries to maintain its status as a REIT, the Borrower will, and will cause each of its Subsidiaries to, preserve and maintain its existence, and its material rights, franchises,
licenses and privileges in the jurisdiction of its incorporation or formation, including, without limitation, the Licenses and all other Necessary Authorizations, except where the failure to do so would not reasonably be 

  
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expected to have a Materially Adverse Effect. Until such time as the board of directors of the Borrower deems it in the best interests of the Borrower and its stockholders not to remain qualified
as a REIT, Borrower will be organized in conformity with the requirements for qualification as a REIT under the Code, and its proposed method of operation will enable it to meet the requirements for qualification and taxation as a REIT under the
Code. 
 Section 5.2    Compliance with Applicable Law. The Borrower will, and will cause each of its
Subsidiaries to comply in all respects with the requirements of all Applicable Law, except when the failure to comply therewith would not reasonably be expected to have a Materially Adverse Effect. 

Section 5.3    Maintenance of Properties. The Borrower will, and will cause each of its Subsidiaries to,
maintain or cause to be maintained in the ordinary course of business in good repair, working order and condition (reasonable wear and tear excepted) all properties then used or useful in their respective businesses (whether owned or held under
lease) that, individually or in the aggregate, are material to the conduct of the business of the Borrower and its Subsidiaries on a consolidated basis, except where the failure to maintain would not reasonably be expected to have a Materially
Adverse Effect. 
 Section 5.4    Accounting Methods and Financial Records. The Borrower will, and will
cause each of its Subsidiaries on a consolidated and consolidating basis to, maintain a system of accounting established and administered in accordance with generally accepted accounting principles, keep adequate records and books of account in
which complete entries will be made in accordance with generally accepted accounting principles and reflecting all transactions required to be reflected by generally accepted accounting principles, and keep accurate and complete records of their
respective properties and assets. 
 Section 5.5    Insurance. The Borrower will, and will cause each
Material Subsidiary to, maintain insurance (including self-insurance) with respect to its properties and business that are material to the conduct of the business of the Borrower and its Subsidiaries on a consolidated basis from responsible
companies in such amounts and against such risks as are customary for companies engaged in the same or similar business, with all premiums thereon to be paid by the Borrower and the Material Subsidiaries. 

Section 5.6    Payment of Taxes and Claims. The Borrower will, and will cause each of its Subsidiaries to, pay
and discharge all Federal income, other material Federal and material state and other material taxes required to be paid by them or imposed upon them or their income or profits or upon any properties belonging to them, prior to the date on which
penalties attach thereto, which, if unpaid, might become a Lien or charge upon any of their properties (other than Liens permitted pursuant to Section 7.2 hereof); provided, however, that no such tax, assessment, charge, levy or
claim need be paid which is being diligently contested in good faith by appropriate proceedings and for which adequate reserves in accordance with GAAP shall have been set aside on the appropriate books or where the failure to pay would not
reasonably be expected to have a Materially Adverse Effect. 
 Section 5.7    Visits and Inspections. The
Borrower will, and will cause each Material Subsidiary to, permit representatives of the Administrative Agent and any of the Lenders, upon 

  
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reasonable notice, to (a) visit and inspect the properties of the Borrower or any Material Subsidiary during business hours, (b) inspect and make extracts from and copies of their
respective books and records, and (c) discuss with their respective principal officers and accountants (with representatives of the Borrower participating in such discussions with their accountants) their respective businesses, assets,
liabilities, financial positions, results of operations and business prospects, all at such reasonable times and as often as reasonably requested. 

Section 5.8    Use of Proceeds. The Borrower will use the aggregate proceeds of the Advances to refinance
existing Indebtedness, for working capital needs, to finance acquisitions and other general corporate purposes of the Borrower and its Subsidiaries (including, without limitation, to refinance or repurchase Indebtedness and to purchase issued and
outstanding Ownership Interests of the Borrower). 
 Section 5.9    Maintenance of REIT Status. The Borrower
will, at all times, conduct its affairs in a manner so as to continue to qualify as a REIT and elect to be treated as a REIT under all Applicable Laws, rules and regulations until such time as the board of directors of the Borrower deems it in the
best interests of the Borrower and its stockholders not to remain qualified as a REIT. 
 Section 5.10    Senior
Credit Facilities. If the provisions of Articles 7 (Negative Covenants) and/or 8 (Default) (and the definitions of defined terms used therein) of any of (i) the Amended and Restated Loan Agreement, dated as of September 19,
2014, as amended on or prior to and in effect on the Agreement Date (the “September 2014 Agreement”), among the Borrower and certain agents and lenders from time to time party thereto, (ii) the Loan Agreement dated as of
June 28, 2013, as amended on or prior to and in effect on the Agreement Date (the “June 2013 Agreement”), among the Borrower and certain agents and lenders from time to time party thereto and (iii) the Loan Agreement,
dated as of October 29, 2013, as amended on or prior to and in effect on the Agreement Date (the “October 2013 Agreement” and together with the September 2014 Agreement and the June 2013 Agreement, the “Existing Credit
Agreements”) are proposed to be amended or otherwise modified in a manner that is more restrictive from the Borrower’s perspective (a “Restrictive Change”), the Borrower covenants and agrees that it shall
(a) provide the Lenders with written notice describing such proposed Restrictive Change promptly and in any event prior to the effectiveness of such Restrictive Change, and (b) upon fifteen (15) Business Days prior written notice from
the Majority Lenders requesting that such Restrictive Change be effected with respect to this Agreement, take such steps as are necessary to effect a Restrictive Change with respect to this Agreement that is acceptable to the Majority Lenders and
the Borrower; provided, that, in the event the Borrower fails to effect such equivalent Restrictive Change within such fifteen (15) Business Day period, then, such Restrictive Change to such Existing Credit Agreement shall automatically
be applied to this Agreement; provided, further that (i) no default or event of default would occur solely by reason of such amendment to this Agreement or any other debt agreement of the Borrower, and (ii) such Restrictive
Change shall not be made if doing so would cause the Borrower to fail to maintain, or prevent it from being able to elect, REIT status. Notwithstanding the foregoing, any such Restrictive Change made to this Agreement hereunder shall remain in
effect until such time as the applicable Existing Credit Agreement has matured or otherwise been terminated, at which point, unless the Borrower’s Debt Ratings (or their related outlooks) have declined since the date 

  
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this Agreement was executed, the Administrative Agent, Lenders and the Borrower will take such steps as are necessary to amend this Agreement to remove entirely any such amendments made under
this Section 5.10 to this Agreement; provided, however, that in the event that (A) the applicable Existing Credit Agreement has matured or otherwise been terminated, and (B) the Borrower’s Debt Ratings (or their related outlooks)
have declined since the date this Agreement was executed, the Administrative Agent, the Lenders and the Borrower shall negotiate in good faith to modify such Restrictive Change with respect to its application for the remainder of this Agreement.

 ARTICLE 6 - INFORMATION COVENANTS 

So long as any of the Obligations are outstanding and unpaid, the Borrower will furnish or cause to be furnished to the Administrative Agent
(with the Administrative Agent to make the same available to the Lenders), at its office: 

Section 6.1    Quarterly Financial Statements and Information. Within forty-five (45) days after the last
day of each of the first three (3) quarters of each fiscal year of the Borrower, the consolidated balance sheet of the Borrower and its Subsidiaries at the end of such quarter and as of the end of the preceding fiscal year, and the related
consolidated statement of operations and the related consolidated statement of cash flows of the Borrower and its Subsidiaries for such quarter and for the elapsed portion of the year ended with the last day of such quarter, which shall set forth in
comparative form such figures as at the end of and for such quarter and appropriate prior period and shall be certified by the chief financial officer of the Borrower to have been prepared in accordance with generally accepted accounting principles
and to present fairly in all material respects the consolidated financial position of the Borrower and its Subsidiaries as at the end of such period and the results of operations for such period, and for the elapsed portion of the year ended with
the last day of such period, subject only to normal year-end and audit adjustments; provided, that in the event of any change in generally accepted accounting principles used in the preparation of such
financial statements, the Borrower shall also provide, if necessary for the determination of compliance with Section 7.5, 7.6 and 7.7, a statement of reconciliation conforming such financial statements to GAAP; provided, further, that
notwithstanding anything to the contrary in this Section 6.1, no financial statements delivered pursuant to this Section 6.1 shall be required to include footnotes. 

Section 6.2    Annual Financial Statements and Information. As soon as available, but in any event not later
than the earlier of (a) the date such deliverables are required (if at all) by the Securities and Exchange Commission and (b) one hundred twenty (120) days after the end of each fiscal year of the Borrower, the audited consolidated
balance sheet of the Borrower and its Subsidiaries as of the end of such fiscal year and the related audited consolidated statement of operations for such fiscal year and for the previous fiscal year, the related audited consolidated statements of
cash flow and stockholders’ equity for such fiscal year and for the previous fiscal year, which shall be accompanied by an opinion of Deloitte & Touche, LLP, or other independent certified public accountants of recognized national
standing reasonably acceptable to the Administrative Agent, together with a statement of such accountants (unless the giving of such statement is contrary to accounting practice for the continuing independence of such 

  
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accountant) that in connection with their audit, nothing came to their attention that caused them to believe that the Borrower was not in compliance with Sections 7.5, 7.6 and 7.7 hereof insofar
as they relate to accounting matters; provided that in the event of any change in generally accepted accounting principles used in the preparation of such financial statements, the Borrower shall also provide, if necessary for the
determination of compliance with Section 7.5, 7.6 and 7.7, a statement of reconciliation conforming such financial statements to GAAP. 

Section 6.3    Performance Certificates. At the time the financial statements are furnished pursuant to
Sections 6.1 and 6.2 hereof, a certificate of the president, chief financial officer or treasurer of the Borrower as to the financial performance of the Borrower and its Subsidiaries on a consolidated basis, in substantially the form attached hereto
as Exhibit E: 
 (a)    setting forth as and at the end of such quarterly period or fiscal year, as the case may
be, the arithmetical calculations required to establish whether or not the Borrower was in compliance with Sections 7.5, 7.6 and 7.7 hereof; and 

(b)    stating that, to the best of his or her knowledge, no Default has occurred and is continuing as at the end of such
quarterly period or year, as the case may be, or, if a Default has occurred, disclosing each such Default and its nature, when it occurred, whether it is continuing and the steps being taken by the Borrower with respect to such Default. 

Section 6.4    Copies of Other Reports. 

(a)    Promptly upon receipt thereof, copies of the management letter prepared in connection with the annual audit
referred to in Section 6.2 hereof. 
 (b)    Promptly upon receipt thereof, copies of any adverse notice or report
regarding any License that would reasonably be expected to have a Materially Adverse Effect. 
 (c)    From time to
time and promptly upon each request, such data, certificates, reports, statements, documents or further information regarding the business, assets, liabilities, financial position, projections, results of operations or business prospects of the
Borrower and its Subsidiaries, as the Administrative Agent or any Lender may reasonably request. 
 (d)    Promptly
after the sending thereof, copies of all statements, reports and other information which the Borrower sends to public security holders of the Borrower generally or publicly files with the Securities and Exchange Commission, but solely in the event
that any such statement, report or information has not been made publicly available by the Securities and Exchange Commission on the EDGAR or similar system or by the Borrower on its internet website. 

Section 6.5    Notice of Litigation and Other Matters. Unless previously disclosed in the public filings of
the Borrower with the Securities and Exchange Commission, notice specifying the nature and status of any of the following events, promptly, but in any event not later than fifteen (15) days after the occurrence of any of the following events
becomes known to the Borrower: 

  
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 (a)    the commencement of all proceedings and investigations by or before
any governmental body and all actions and proceedings in any court or before any arbitrator against the Borrower or any of its Subsidiaries or, to the extent known to the Borrower, threatened in writing against the Borrower or any of its
Subsidiaries, which would reasonably be expected to have a Materially Adverse Effect; 
 (b)    any material adverse
change with respect to the business, assets, liabilities, financial position, results of operations or business prospects of the Borrower and its Subsidiaries, taken as a whole, other than changes which have not had and would not reasonably be
expected to have a Materially Adverse Effect and other than changes in the industry in which the Borrower or any of its Subsidiaries operates or the economy or business conditions in general; 

(c)    any Default, giving a description thereof and specifying the action proposed to be taken with respect thereto; and

 (d)    the commencement or threatened commencement of any litigation regarding any Plan or naming it or the trustee
of any such Plan with respect to such Plan or any action taken by the Borrower or any of its Subsidiaries or any ERISA Affiliate of the Borrower to withdraw or partially withdraw from any Plan or to terminate any Plan, that in each case would
reasonably be expected to have a Materially Adverse Effect. 
 Section 6.6    Certain Electronic Delivery;
Public Information. Documents required to be delivered pursuant to this Section 6 (to the extent any such documents are included in materials otherwise filed with the Securities and Exchange Commission) may be delivered
electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which the Borrower posts such documents, or provides a link thereto on the Borrower’s website on the Internet at the website address listed on
Schedule 3; or (ii) on which such documents are posted on the Borrower’s behalf on an Internet or intranet website, if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party website or
whether sponsored by the Administrative Agent); provided that the Administrative Agent shall receive notice (by telecopier or electronic mail) of the posting of any such documents and shall be provided access (by electronic mail) to
electronic versions (i.e., soft copies) of such documents. 
 The Borrower hereby acknowledges that (a) the Administrative Agent
will make available to the Lenders materials and/or information provided by or on behalf of the Borrower hereunder (collectively, the “Borrower Materials”) by posting the Borrower Materials on IntraLinks or another similar
electronic system (the “Platform”) and (b) certain of the Lenders (each, a “Public Lender”) may have personnel who do not wish to receive material non-public information
with respect to the Borrower or its Affiliates, or the respective securities of any of the foregoing, and who may be engaged in investment and other market-related activities with respect to such Persons’ securities. The Borrower hereby agrees
that (w) all Borrower Materials that are to be made available to Public Lenders shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first
page thereof; (x) by marking Borrower Materials “PUBLIC,” the Borrower shall be deemed to have authorized the Administrative Agent and the Lenders to treat such Borrower Materials as not containing any material non-public information with respect to the Borrower or 

  
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its securities for purposes of United States federal and state securities laws (provided, however, that to the extent such Borrower Materials constitute confidential information,
they shall be treated as set forth in Section 11.18); (y) all Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform designated “Public Side Information;” and (z) the
Administrative Agent and the Joint Lead Arrangers shall be entitled to treat any Borrower Materials that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not marked as “Public Investor.”
Notwithstanding the foregoing, (1) the Borrower shall be under no obligation to mark any Borrower Materials “PUBLIC” and (2) the following Borrower Materials shall be marked “PUBLIC”, unless the Borrower notifies the
Administrative Agent promptly that any such document contains material non-public information: (1) the Loan Documents and (2) notification of changes in the terms of the Loans. 

Each Public Lender agrees to cause at least one individual at or on behalf of such Public Lender to at all times have selected the
“Private Side Information” or similar designation on the content declaration screen of the Platform in order to enable such Public Lender or its delegate, in accordance with such Public Lender’s compliance procedures and applicable
law, including United States federal and state securities laws, to make reference to communications that are not made available through the “Public Side Information” portion of the Platform and that may contain material non-public information with respect to the Borrower or its securities for purposes of United States federal or state securities laws. 

Section 6.7    Know Your Customer Information. Upon a merger or consolidation pursuant to Section 7.3(b),
the Borrower or the surviving corporation into which the Borrower is merged or consolidated shall deliver for the benefit of the Lenders and the Administrative Agent, such other documents as may reasonably be requested in connection with such merger
or consolidation, including, without limitation, information in respect of “know your customer” and similar requirements, an incumbency certificate and an opinion of nationally recognized independent counsel, or other independent counsel
reasonably satisfactory to the Majority Lenders, to the effect that all agreements or instruments effecting the assumption of the Obligations of the Borrower under the Notes, this Agreement and the other Loan Documents pursuant to the terms of
Section 7.3(b) are enforceable in accordance with their terms and comply with the terms hereof. 
 ARTICLE 7 - NEGATIVE COVENANTS 

So long as any of the Obligations are outstanding and unpaid: 

Section 7.1    Indebtedness; Guaranties of the Borrower and its Subsidiaries. The Borrower shall not, and
shall not permit any of its Subsidiaries to, create, assume, incur or otherwise become or remain obligated in respect of, or permit to be outstanding, any Indebtedness (including, without limitation, any Guaranty) except: 

(a)    Indebtedness existing on the date hereof and disclosed in the public filings of the Borrower with the Securities
and Exchange Commission and any refinancing, extensions, renewals and replacements (including through open market purchases and tender offers) of any such Indebtedness that do not (i) increase the outstanding principal amount and any existing
commitments not utilized thereunder, or accreted value thereof (or, in the case of 

  
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open market purchases and tender offers, exceed the current market value thereof) plus any accrued interest thereon, the amount of any premiums and any costs and expenses incurred to effect such
refinancing, extension, renewal or replacement, (ii) result in an earlier maturity date or decrease the weighted average life thereof or (iii) change the direct or any contingent obligor with respect thereto; 

(b)    Indebtedness owed to the Borrower or any of its Subsidiaries; 

(c)    Indebtedness existing at the time a Subsidiary of the Borrower (not having previously been a Subsidiary) (i)
becomes a Subsidiary of the Borrower or (ii) is merged or consolidated with or into a Subsidiary of the Borrower and any refinancing, extensions, renewals and replacements (including through open market purchases and tender offers) of any such
Indebtedness that do not (x) increase the outstanding principal amount, including any existing commitments not utilized thereunder, or accreted value thereof (or, in the case of open market purchases and tender offers, exceed the current market
value thereof) plus any accrued interest thereon, the amount of any premiums and any costs and expenses incurred to effect such refinancing, extension, renewal or replacement or (y) result in an earlier maturity date or decrease the weighted
average life thereof; provided that such Indebtedness is not created in contemplation of such merger or consolidation; 

(d)    Indebtedness secured by Permitted Liens; 

(e)    Capitalized Lease Obligations; 

(f)    obligations under Hedge Agreements; provided that such Hedge Agreements shall not be speculative in nature;

 (g)    Indebtedness of Subsidiaries of the Borrower, so long as (i) no Default exists or would be caused
thereby and (ii) the principal outstanding amount of such Indebtedness at the time of its incurrence does not exceed (when taken together with the principal outstanding amount at such time of Indebtedness incurred under Section 7.1(i)
hereof (or portion thereof) that is guaranteed by any Subsidiary of the Borrower), in the aggregate, the greater of (x) $2,250,000,000 and (y) fifty percent (50%) of Adjusted EBITDA of the Borrower and its Subsidiaries on a consolidated basis
as of the last day of the most recently completed fiscal quarter; 
 (h)    Indebtedness under (i) the SpectraSite
ABS Facility and (ii) any additional ABS Facilities entered into by the Borrower or any of its Subsidiaries (including any increase of the SpectraSite ABS Facility) so long as, in each case after giving pro forma effect to such ABS Facility,
the Borrower is in compliance with Sections 7.5, 7.6 and 7.7 hereof; 
 (i)    (i) Indebtedness under the Loan
Documents and (ii) other Indebtedness of the Borrower so long as, in each case after giving pro forma effect to such other Indebtedness, the Borrower is in compliance with Sections 7.5, 7.6 and 7.7 hereof; 

(j)    Guaranties by the Borrower of any of the foregoing except for the Indebtedness set forth under Section 7.1(h)
hereof; and 

  
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 (k)    Guaranties by any Subsidiary of the Borrower of any of the foregoing
except for the Indebtedness set forth under Section 7.1(h) hereof; provided that there shall be no prohibition against Guaranties by any Subsidiaries of the Borrower that (i) are special purposes entities directly involved in any ABS
Facilities and (ii) have no material assets other than the direct or indirect Ownership Interests in special purpose entities directly involved in such ABS Facilities; provided further that the principal outstanding amount of any Indebtedness
set forth in Section 7.1(i) hereof (or portion thereof) that is guaranteed by any Subsidiary of the Borrower shall not exceed (when taken together with the principal outstanding amount at such time of Indebtedness incurred under
Section 7.1(g) hereof), in the aggregate, the greater of (x) $2,250,000,000 and (y) fifty percent (50%) of Adjusted EBITDA of the Borrower and its Subsidiaries on a consolidated basis as of the last day of the most recently completed
fiscal quarter; and 
 (l)    In respect of Subsidiaries of the Borrower that are owned by the Borrower and one or more
joint venture partners, Indebtedness of such Subsidiaries owed to such joint venture partners. 
 For purposes of determining compliance with this
Section 7.1, (A) if an item of Indebtedness meets the criteria of more than one of the types of Indebtedness described above, the Borrower, in its sole discretion, shall classify such item of Indebtedness and only be required to include the
amount and type of such Indebtedness in one of such clauses, although the Borrower may divide and classify an item of Indebtedness in one or more of the types of Indebtedness and may later re-divide or
reclassify all or a portion of such item of Indebtedness in any manner that complies with this Section 7.1 and (B) the amount of Indebtedness issued at a price that is less than the principal amount thereof shall be equal to the amount of
the liability in respect thereof determined in conformity with GAAP. 
 Section 7.2    Limitation on Liens.
The Borrower shall not, and shall not permit any of its Subsidiaries to, create, assume, incur or permit to exist or to be created, assumed, incurred or permitted to exist, directly or indirectly, any Lien on any of its properties or assets, whether
now owned or hereafter acquired, except for (i) Liens securing the Obligations (if any), (ii) Permitted Liens, and (iii) Liens securing Indebtedness permitted under Section 7.1(a) (but only if and to the extent such Indebtedness (or
the Indebtedness which was refinanced, extended, renewed or replaced) is secured as of the date hereof), Section 7.1(c) (but only if and to the extent such Indebtedness (or the Indebtedness which was refinanced, extended, renewed or replaced)
is secured as of the date the Subsidiary that incurred such Indebtedness became a Subsidiary of the Borrower), Section 7.1(g), Section 7.1(h) or Section 7.1(k). 

Section 7.3    Liquidation, Merger or Disposition of Assets. 

(a)    Disposition of Assets. The Borrower shall not, and shall not permit any of its Subsidiaries to, at any time
sell, lease, abandon, or otherwise dispose of any assets (other than assets disposed of in the ordinary course of business), except for (i) the transfer of assets among the Borrower and its Subsidiaries (excluding Subsidiaries of such Persons
described in clause (b) of the definition of “Subsidiary” if the requirements of clause (a) thereof are not otherwise met) or the transfer of assets between or among the Borrower’s Subsidiaries (excluding Subsidiaries
of such Persons described in clause (b) of the definition of “Subsidiary” 

  
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if the requirements of clause (a) thereof are not otherwise met), (ii) the transfer of assets by the Borrower or any of its Subsidiaries to Unrestricted Subsidiaries representing an amount
not to exceed, in any given fiscal year, fifteen percent (15%) of Adjusted EBITDA of the Borrower and its Subsidiaries on a consolidated basis as of the last day of the immediately preceding fiscal year, but in aggregate for the period commencing on
the Agreement Date and ending of the date of such transfer, not more than twenty-five percent (25%) of Adjusted EBITDA of the Borrower and its Subsidiaries on a consolidated basis as of the last day of the fiscal year immediately preceding the date
of such transfer, or (iii) the disposition of assets for fair market value so long as no Default exists or will be caused to occur as a result of such disposition; provided that, in respect of this clause (iii), the fair market value of
all such assets disposed of by the Borrower and its Subsidiaries during any fiscal year shall not exceed fifteen percent (15%) of Consolidated Total Assets as of the last day of the immediately preceding fiscal year. For the avoidance of doubt, cash
and cash equivalents shall not be considered assets subject to the provisions of this Section 7.3(a). 

(b)    Liquidation or Merger. The Borrower shall not, at any time, liquidate or dissolve itself (or suffer any
liquidation or dissolution) or otherwise wind up, or enter into any merger or consolidation, other than (i) a merger or consolidation among the Borrower and one or more of its Subsidiaries; provided, however, that the Borrower is
the surviving Person, (ii) in connection with an Acquisition permitted hereunder effected by a merger in which the Borrower is the surviving Person, or (iii) a merger or consolidation (including, without limitation, in connection with an
Acquisition permitted hereunder) among the Borrower, on the one hand, and any other Person (including, without limitation, an Affiliate), on the other hand, where the surviving Person (if other than the Borrower) (A) is a corporation,
partnership, or limited liability company organized and existing under the laws of the United States of America, any State thereof or the District of Columbia and (B) on the effective date of such merger or consolidation expressly assumes, by
supplemental agreement, executed and delivered to the Administrative Agent, for itself and on behalf of the Lenders, in form and substance reasonably satisfactory to the Majority Lenders, all the Obligations of the Borrower under the Notes, this
Agreement and the other Loan Documents; provided, however, that, in each case, no Default exists or would be caused thereby. 

Section 7.4    Restricted Payments. The Borrower shall not, and shall not permit any of its Subsidiaries to,
make any Restricted Payments; provided, however that the Borrower and its Subsidiaries may make any Restricted Payments so long as no Default exists or would be caused thereby, and, provided, further that, (a) for so
long as the Borrower is a REIT, during the continuation of a Default, the Borrower and its Subsidiaries may make any Restricted Payments provided they do not exceed in the aggregate for any four consecutive fiscal quarters of the Borrower occurring
from and after September 30, 2013, (i) 95% of Funds From Operations for such four fiscal quarter period, or (ii) such greater amount as may be required to comply with Section 5.9 or to avoid the imposition of income or excise taxes on
the Borrower, and (b) the Borrower may make any Restricted Payment required to comply with section 5.9, including, for the avoidance of doubt, any Restricted Payment necessary to satisfy the requirements of section 857(a)(2)(B) of the Code, or
any successor provision. 

  
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 Section 7.5    Senior Secured Leverage Ratio. As of the end of
each fiscal quarter, the Borrower shall not permit the ratio of (i) Senior Secured Debt on such calculation date to (ii) Adjusted EBITDA, as of the last day of such fiscal quarter, to be greater than 3.00 to 1.00. 

Section 7.6    Total Borrower Leverage Ratio. As of the end of each fiscal quarter, the Borrower shall not
permit the ratio of (a) Total Debt on such calculation date to (b) Adjusted EBITDA, as of the last day of such fiscal quarter to be greater than 6.00 to 1.00; provided that in lieu of the foregoing, for any such date occurring after a
Qualified Acquisition (as defined below) and on or prior to the last day of the fourth full fiscal quarter of the Borrower after the consummation of such Qualified Acquisition, the Borrower will not permit such ratio as of such date to exceed 7.00
to 1.00. 
 “Qualified Acquisition” means an Acquisition by the Borrower or any Subsidiary which has been designated to the
Lenders by an authorized officer of the Borrower as a “Qualified Acquisition” so long as, on a pro forma basis after giving effect to such Acquisition, the ratio of Total Debt to Adjusted EBITDA as of the last day of the most recently
ended fiscal quarter of the Borrower (for which financial statements have been delivered pursuant to Section 6.1 or 6.2) prior to such acquisition would be no less than 5.00 to 1.00; provided that (i) no such designation may be made with
respect to any Acquisition prior to the end of the fourth full fiscal quarter following the completion of the most recently consummated Qualified Acquisition unless the ratio of Total Debt to Adjusted EBITDA as of the last day of the most recently
ended fiscal quarter of the Borrower (for which financial statements have been delivered pursuant to Section 6.1 or 6.2) prior to the consummation of such Acquisition was no greater than 5.50 to 1.00, (ii) the aggregate consideration for such
Acquisition (including the aggregate principal amount of any Indebtedness assumed thereby) is equal to or greater than $850,000,000 and (iii) the Borrower may designate no more than three (3) such Acquisitions as a “Qualified
Acquisition” during the term of this Agreement. 
 Section 7.7    Interest Coverage Ratio. So long as
the Debt Rating received from each of Standard and Poor’s, Moody’s and Fitch is lower than BBB-, Baa3, or BBB-, respectively, as of the end of each fiscal
quarter, based upon the financial statements delivered pursuant to Section 6.1 or 6.2 hereof for such quarter, the Borrower shall maintain a ratio of (a) Adjusted EBITDA as of the end of such fiscal quarter to (b) Interest Expense for
the twelve (12) month period then ending, of not less than 2.50 to 1.00. 
 Section 7.8    Affiliate
Transactions. Except (i) as specifically provided herein (including, without limitation, Sections 7.1, 7.3 and 7.4 hereof), (ii) investments of cash and cash equivalents in Unrestricted Subsidiaries, and (iii) as may be disclosed in
the public filings of the Borrower with the Securities and Exchange Commission prior to the Agreement Date, the Borrower shall not, and shall not permit any of its Subsidiaries to, at any time engage in any transaction with an Affiliate, other than
between or among the Borrower and/or any Subsidiaries of the Borrower or in the ordinary course of business, or make an assignment or other transfer of any of its properties or assets to any Affiliate, in each case on terms less advantageous in any
material respect to the Borrower or such Subsidiary than would be the case if such transaction had been effected with a non-Affiliate. 

  
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 Section 7.9    Restrictive Agreements. The Borrower shall not,
nor shall the Borrower permit any of its Material Subsidiaries to, directly or indirectly, enter into, incur or permit to exist any agreement or other arrangement that prohibits, restricts or imposes any condition upon the ability of any Material
Subsidiary of the Borrower to pay dividends or other distributions with respect to any shares of its capital stock or to make or repay loans or advances to the Borrower or any other Material Subsidiary of the Borrower; provided that
(i) the foregoing shall not apply to restrictions and conditions imposed by Applicable Law or by any Loan Document, (ii) the foregoing shall not apply to restrictions and conditions contained in agreements relating to the sale of a
Material Subsidiary of the Borrower pending such sale; provided that such restrictions and conditions apply only to the Material Subsidiary that is to be sold and such sale is permitted hereunder, (iii) the foregoing shall not apply to
restrictions and conditions contained in any instrument governing Indebtedness or Ownership Interests of a Person acquired by the Borrower or any of its Material Subsidiaries as in effect at the time of such acquisition (except to the extent such
Indebtedness was incurred, or such Ownership Interests were issued, in connection with or in contemplation of such acquisition), which encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than
the Person or the property or assets of the Person so acquired, and any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of those instruments; provided that the encumbrances
or restrictions contained in any such amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings, taken as whole, are not materially more restrictive than the encumbrances or restrictions
contained in instruments as in effect on the date of acquisition, (iv) the foregoing shall not apply to restrictions and conditions on cash or other deposits or net worth imposed by customers or lessors under contracts or leases entered into in
the ordinary course of business, (v) the foregoing shall not apply to restrictions and conditions imposed on the transfer of copyrighted or patented materials or other intellectual property and customary provisions in agreements that restrict
the assignment of such agreements or any rights thereunder, (vi) the foregoing shall not apply to restrictions and conditions imposed by contracts or leases entered into in the ordinary course of business by the Borrower or any of its Material
Subsidiaries with such Person’s customers, lessors or suppliers and (vii) the foregoing shall not apply to restrictions and conditions imposed upon the “borrower”, “issuer”, “guarantor”, “pledgor” or
“lender” entities under ABS Facilities permitted under Section 7.1(h) hereof or which arise in connection with any payment default regarding Indebtedness otherwise permitted under Section 7.1 hereof 

7.10    Use of Proceeds. The Borrower shall not, nor shall the Borrower permit any of its Subsidiaries to, use the
proceeds of any Loan directly, or to the Borrower’s knowledge indirectly, to fund any operations in, finance any investments or activities in, or make any payments to a Designated Person or a Sanctioned Country, in violation of Anti-Corruption
Laws or in any manner that would result in the violation of any Sanctions Laws and Regulations applicable to any party hereto. 
 ARTICLE 8 -
DEFAULT 
 Section 8.1    Events of Default. Each of the following shall constitute an Event of Default,
whatever the reason for such event and whether it shall be voluntary or involuntary or 

  
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be effected by operation of law or pursuant to any judgment or order of any court or any order, rule or regulation of any governmental or non-governmental
body: 
 (a)    any representation or warranty made under this Agreement shall prove to be incorrect in any material
respect when made or deemed to be made pursuant to Section 4.2 hereof; 
 (b)    the Borrower shall default in the
payment of (i) any interest hereunder or under any of the Notes or fees or other amounts payable to the Lenders and the Administrative Agent under any of the Loan Documents, or any of them, when due, and such Default shall not be cured by
payment in full within five (5) Business Days from the due date or (ii) any principal hereunder or under any of the Notes when due; 

(c)    the Borrower or any Material Subsidiary, as applicable, shall default in the performance or observance of any
agreement or covenant contained in Sections 5.1 (as to the existence of the Borrower), 5.8, 5.10, 7.1, 7.2, 7.3, 7.4, 7.5, 7.6, 7.7 and 7.9 hereof; 

(d)    the Borrower or any of its Subsidiaries, as applicable, shall default in the performance or observance of any
other agreement or covenant contained in this Agreement not specifically referred to elsewhere in this Section 8.1, and such default shall not be cured within a period of thirty (30) days (or with respect to Sections 5.3, 5.4, 5.5, 5.6,
6.4, 6.5 and 7.8 hereof, such longer period not to exceed sixty (60) days if such default is curable within such period and the Borrower is proceeding in good faith with all diligent efforts to cure such default) from the later of
(i) occurrence of such Default and (ii) the date on which such Default became known to the Borrower; 

(e)    there shall occur any default in the performance or observance of any agreement or covenant or breach of any
representation or warranty contained in any of the Loan Documents (other than this Agreement or as otherwise provided in this Section 8.1) by the Borrower, which shall not be cured within a period of thirty (30) days (or such longer period
not to exceed sixty (60) days if such default is curable within such period and the Borrower is proceeding in good faith with all diligent efforts to cure such default) from the date on which such default became known to the Borrower; 

(f)    there shall be entered and remain unstayed a decree or order for relief in respect of the Borrower or any Material
Subsidiary Group under Title 11 of the United States Code, as now constituted or hereafter amended, or any other applicable Federal or state bankruptcy law or other similar law, or appointing a receiver, liquidator, assignee, trustee, custodian,
sequestrator or similar official of the Borrower or any Material Subsidiary Group, or of any substantial part of their respective properties, or ordering the winding-up or liquidation of the affairs of the
Borrower or any Material Subsidiary Group; or an involuntary petition shall be filed against the Borrower or any Material Subsidiary Group, and (i) such petition shall not be diligently contested, or (ii) any such petition shall continue
undismissed or unstayed for a period of ninety (90) consecutive days; 
 (g)    the Borrower or any Material
Subsidiary Group shall file a petition, answer or consent seeking relief under Title 11 of the United States Code, as now 

  
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constituted or hereafter amended, or any other applicable Federal or state bankruptcy law or other similar law, or the Borrower or any Material Subsidiary Group shall consent to the institution
of proceedings thereunder or to the filing of any such petition or to the appointment or taking of possession of a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Borrower or any Material Subsidiary
Group or of any substantial part of their respective properties, or the Borrower or any Material Subsidiary Group shall fail generally to pay their respective debts as they become due or shall be adjudicated insolvent; or the Borrower or any
Material Subsidiary Group shall take any action in furtherance of any such action; 
 (h)    a judgment not covered by
insurance or indemnification, where the indemnifying party has agreed to indemnify and is financially able to do so, shall be entered by any court against the Borrower or any Material Subsidiary Group for the payment of money which exceeds singly,
or in the aggregate with other such judgments, $300,000,000.00, or a warrant of attachment or execution or similar process shall be issued or levied against property of the Borrower or any Material Subsidiary Group which, together with all other
such property of the Borrower or any Material Subsidiary Group subject to other such process, exceeds in value $300,000,000.00 in the aggregate, and if, within thirty (30) days after the entry, issue or levy thereof, such judgment, warrant or
process shall not have been paid or discharged or stayed pending appeal or removed to bond, or if, after the expiration of any such stay, such judgment, warrant or process, shall not have been paid or discharged or removed to bond; 

(i)    except to the extent that would not reasonably be expected to have a Materially Adverse Effect collectively or
individually, (i) there shall be at any time any “accumulated funding deficiency,” as defined in ERISA or in Section 412 of the Code, with respect to any Plan maintained by the Borrower, any of its Subsidiaries or any ERISA
Affiliate, or to which the Borrower, any of its Subsidiaries or any ERISA Affiliate has any liabilities, or any trust created thereunder; (ii) a trustee shall be appointed by a United States District Court to administer any such Plan;
(iii) PBGC shall institute proceedings to terminate any such Plan; (iv) the Borrower, any of its Subsidiaries or any ERISA Affiliate shall incur any liability to PBGC in connection with the termination of any such Plan; or (v) any
Plan or trust created under any Plan of the Borrower, any of its Subsidiaries or any ERISA Affiliate shall engage in a “prohibited transaction” (as such term is defined in Section 406 of ERISA or Section 4975 of the Code) which
would subject any such Plan, any trust created thereunder, any trustee or administrator thereof, or any party dealing with any such Plan or trust to material tax or penalty on “prohibited transactions” imposed by Section 502 of ERISA
or Section 4975 of the Code; 
 (j)    there shall occur (i) any acceleration of the maturity of any
Indebtedness of the Borrower or any Material Subsidiary in an aggregate principal amount exceeding $300,000,000.00, or, as a result of a failure to comply with the terms thereof, such Indebtedness shall otherwise have become due and payable prior to
its scheduled maturity; or (ii) any failure to make any payment when due (after any applicable grace period) with respect to any Indebtedness of the Borrower or any Material Subsidiary (other than the Obligations) in an aggregate principal
amount exceeding $300,000,000.00; 
 (k)    any material Loan Document or any material provision thereof, shall at any
time and for any reason be declared by a court of competent jurisdiction to be null 

  
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and void, or a proceeding shall be commenced by the Borrower seeking to establish the invalidity or unenforceability thereof (exclusive of questions of interpretation of any provision thereof),
or the Borrower shall deny that it has any liability or obligation for the payment of principal or interest purported to be created under any Loan Document (other than in accordance with its terms); or 

(l)    there shall occur any Change of Control.  

Section 8.2    Remedies. 

(a)    If an Event of Default specified in Section 8.1 (other than an Event of Default under Section 8.1(f) or
(g) hereof) shall have occurred and shall be continuing, the Administrative Agent, at the request of the Majority Lenders but subject to Section 9.3 hereof, shall declare the principal of and interest on the Loans and the Notes, if any,
and all other amounts owed to the Lenders and the Administrative Agent under this Agreement, the Notes and any other Loan Documents to be forthwith due and payable without presentment, demand, protest or other notice of any kind, all of which are
hereby expressly waived, anything in this Agreement, the Notes or any other Loan Document to the contrary notwithstanding. 

(b)    Upon the occurrence and continuance of an Event of Default specified in Section 8.1(f) or (g) hereof,
all principal, interest and other amounts due hereunder and under the Notes, and all other Obligations, shall thereupon and concurrently therewith become due and payable and the principal amount of the Loans outstanding hereunder shall bear interest
at the Default Rate, all without any action by the Administrative Agent, the Lenders, the Majority Lenders or any of them, and without presentment, demand, protest or other notice of any kind, all of which are expressly waived, anything in this
Agreement or in the other Loan Documents to the contrary notwithstanding. 
 (c)    Upon acceleration of the Loans, as
provided in Section 8.2(a) or (b) hereof, the Administrative Agent and the Lenders shall have all of the post-default rights granted to them, or any of them, as applicable under the Loan Documents and under Applicable Law. 

(d)    The rights and remedies of the Administrative Agent and the Lenders hereunder shall be cumulative, and not
exclusive. 
 Section 8.3    Payments Subsequent to Declaration of Event of Default. Subsequent to the
acceleration of the Loans under Section 8.2 hereof, payments and prepayments under this Agreement made to the Administrative Agent and the Lenders or otherwise received by any of such Persons shall be paid over to the Administrative Agent (if
necessary) and distributed by the Administrative Agent as follows: first, to the Administrative Agent’s and the Lenders’ reasonable costs and expenses, if any, incurred in connection with the collection of such payment or
prepayment, including, without limitation, all amounts under Section 11.2(b) hereof; second, to the Administrative Agent for any fees hereunder or under any of the other Loan Documents then due and payable; third, to the Lenders
pro rata on the basis of their respective unpaid principal amounts (except as provided in Section 2.2(e) hereof), for the payment of any unpaid interest which may have accrued on the Obligations and any fees hereunder or under any of the 

  
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other Loan Documents then due and payable; fourth, to the Lenders pro rata until all Loans have been paid in full, for the payment of the Loans; fifth, to the Lenders pro rata on
the basis of their respective unpaid amounts, for the payment of any other unpaid Obligations; and sixth, to the Borrower or as otherwise required by Applicable Law. 

ARTICLE 9 - THE ADMINISTRATIVE AGENT 

Section 9.1    Appointment and Authorization. Each of the Lenders hereby irrevocably appoints Mizuho Bank,
Ltd. to act on its behalf as the Administrative Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by
the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto. The provisions of this Article are solely for the benefit of the Administrative Agent and the Lenders, and the Borrower shall not have
rights as a third party beneficiary of any of such provisions. 
 Section 9.2    Rights as a Lender. The
Person serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent and the term “Lender” or
“Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits
from, lend money to, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent
hereunder and without any duty to account therefor to the Lenders. 
 Section 9.3    Exculpatory Provisions.
The Administrative Agent shall not have any duties or obligations except those expressly set forth herein and in the other Loan Documents. Without limiting the generality of the foregoing, the Administrative Agent: 

(a)    shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has
occurred and is continuing; 
 (b)    shall not have any duty to take any discretionary action or
exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed in writing by the Majority Lenders (or such
other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents), provided that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its
counsel, may expose the Administrative Agent to liability or that is contrary to any Loan Document or Applicable Law; and 

(c)    shall not, except as expressly set forth herein and in the other Loan Documents, have any duty to
disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of its Affiliates that is communicated to 

  
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or obtained by the Person serving as the Administrative Agent or any of its Affiliates in any capacity. 

The Administrative Agent shall not be liable for any action taken or not taken by it (i) with the consent or at the request of the
Majority Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be necessary, under the circumstances as provided in Sections 11.11 and 8.2) or
(ii) in the absence of its own gross negligence or willful misconduct. The Administrative Agent shall be deemed not to have knowledge of any Default unless and until notice describing such Default is given to the Administrative Agent in writing
by the Borrower or a Lender. 
 The Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into
(i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection
herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity, enforceability, effectiveness or
genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document or (v) the satisfaction of any condition set forth in Article 3 or elsewhere herein, other than to confirm receipt of items expressly
required to be delivered to the Administrative Agent. 
 Section 9.4    Reliance by Administrative Agent.
The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or
intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone
and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan that by its terms must be fulfilled to the satisfaction
of a Lender, the Administrative Agent may presume that such condition is satisfactory to such Lender unless the Administrative Agent shall have received notice to the contrary from such Lender prior to the making of such Loan. The Administrative
Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel,
accountants or experts. 
 Section 9.5    Resignation of Administrative Agent. (a) The Administrative Agent
may at any time give notice of its resignation to the Lenders and the Borrower. Upon receipt of any such notice of resignation, the Majority Lenders shall have the right to appoint a successor, which shall (i) be a bank with (A) an office
in the United States, or an Affiliate of a bank with an office in the United States, and (B) combined capital and reserves in excess of $250,000,000 (clauses (A) and (B) together, the “Agent Qualifications”) and
(ii) so long as no Event of Default is continuing, be reasonably acceptable to Borrower. If no such successor shall have been so appointed by the Majority Lenders and shall have accepted such appointment within 30 days after the retiring
Administrative Agent gives notice of its resignation (the “Resignation Effective  

  
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Date”), then the retiring Administrative Agent may (but shall not be obligated to), on behalf of the Lenders and in consultation with the Borrower, appoint a successor Administrative
Agent meeting the Agent Qualifications. Whether or not a successor has been appointed, such resignation shall become effective in accordance with such notice on the Resignation Effective Date. 

(b)    If the Person serving as Administrative Agent has, (i) become the subject of a voluntary proceeding under any
bankruptcy or other debtor relief law, (ii) had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or a custodian appointed for it,
or (iii) taken any action in furtherance of, or indicated its consent to, approval of or acquiescence in any voluntary or involuntary proceeding under any bankruptcy or other debtor relief law or any such appointment, the Majority Lenders may,
to the extent permitted by Applicable Law, by notice in writing to the Borrower and such Person remove such Person as Administrative Agent and appoint a successor Administrative Agent meeting the Agent Qualifications and which, so long as no Event
of Default is continuing, is reasonably acceptable to Borrower. If no such successor shall have been so appointed by the Majority Lenders and shall have accepted such appointment within 30 days (or such earlier day as shall be agreed by the Majority
Lenders) (the “Removal Effective Date”), then such removal shall nonetheless become effective in accordance with such notice on the Removal Effective Date. 

(c)    With effect from, as applicable, the Resignation Effective Date or the Removal Effective Date (1) the retiring
Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any collateral security held by the Administrative Agent on behalf of the Lenders under any of the Loan
Documents, the retiring Administrative Agent shall continue to hold such collateral security until such time as a successor Administrative Agent is appointed) and (2) all payments, communications and determinations provided to be made by, to or
through the Administrative Agent shall instead be made by or to each Lender directly, until such time as the Majority Lenders appoint a successor Administrative Agent as provided for above in this Section. Upon the acceptance of a successor’s
appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or retired) Administrative Agent, and the retiring Administrative Agent shall be
discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this Section). The fees payable by the Borrower to a successor Administrative Agent shall be the
same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the retiring Administrative Agent’s resignation hereunder and under the other Loan Documents, the provisions of this Article and
Sections 11.2 and 11.5 shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of any
actions taken or omitted to be taken by any of them while the retiring Administrative Agent was acting as Administrative Agent. 

Section 9.6    Non-Reliance on Administrative Agent and Other Lenders.
Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit
analysis and decision to enter into this 

  
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Agreement. Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such
documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document
furnished hereunder or thereunder. 
 Section 9.7    Indemnification. The Lenders severally agree to
indemnify the Administrative Agent (to the extent not reimbursed by the Borrower but without affecting the Borrower’s obligations with respect thereto) pro rata, from and against any and all liabilities, obligations, losses (other than the loss
of principal, interest and fees hereunder in the event of a bankruptcy or out-of-court ‘work-out’ of the Loans),
damages, penalties, actions, judgments, suits, or reasonable out-of-pocket costs, expenses (including, without limitation, fees and disbursements of experts, agents,
consultants and counsel), or disbursements of any kind or nature whatsoever which may be imposed on, incurred by or asserted against the Administrative Agent in any way relating to or arising out of this Agreement, any other Loan Document, or any
other document contemplated by this Agreement or any other Loan Document or any action taken or omitted by the Administrative Agent under this Agreement, any other Loan Document, or any other document contemplated by this Agreement, except that no
Lender shall be liable to the Administrative Agent for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, or reasonable
out-of-pocket costs, expenses or disbursements resulting from the gross negligence or willful misconduct of the Administrative Agent as determined by a final, non-appealable judicial order of a court having jurisdiction over the subject matter. 

Section 9.8    No Responsibilities of the Agents. Notwithstanding any provision to the contrary contained
elsewhere herein or in any other Loan Document, the Co-Syndication Agents, the Joint Lead Arrangers and the Joint Bookrunners (as set forth on the cover page hereof) shall not have any duties or
responsibilities, nor shall the Co-Syndication Agents, the Joint Lead Arrangers or Joint Bookrunners have or be deemed to have any fiduciary relationship with any Lender or participant, and no implied
covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Loan Document or otherwise exist against the Co-Syndication Agents, the Joint Lead
Arrangers or Joint Bookrunners. 
 Section 9.9    Lender ERISA Matters. Each Lender represents and warrants
as of the date hereof to the Administrative Agent and each Joint Lead Arranger and their respective Affiliates, and not, for the avoidance of doubt, for the benefit of the Borrower, that such Lender is not and will not be (i) an employee
benefit plan subject to Title I of ERISA, (ii) a plan or account subject to Section 4975 of the Internal Revenue Code; (iii) an entity deemed to hold “plan assets” of any such plans or accounts for purposes of ERISA or the
Internal Revenue Code that is using “plan assets” of any such plans or accounts to fund or hold Loans or perform its obligations under this Agreement; or (iv) a “governmental plan” within the meaning of ERISA. 

ARTICLE 10 - CHANGES IN CIRCUMSTANCES 

AFFECTING LIBOR ADVANCES AND INCREASED COSTS 

Section 10.1    LIBOR Basis Determination Inadequate or Unfair. If with respect to any proposed LIBOR Advance
for any Interest Period, (a) the Majority Lenders notify the 

  
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Administrative Agent that the Eurodollar Rate for any Interest Period for such Advance will not adequately reflect the cost to such Lenders of making, funding or maintaining their LIBOR Advances
for such Interest Period, or (b) the Administrative Agent determines after consultation with the Lenders that adequate and fair means do not exist for determining the LIBOR Basis, the Administrative Agent shall forthwith give notice thereof to
the Borrower and the Lenders, whereupon until the Administrative Agent notifies the Borrower that the circumstances giving rise to such situation no longer exist, the obligations of any affected Lender to make its portion of such LIBOR Advances
shall be suspended and each affected Lender shall make its portion of such LIBOR Advance as a Base Rate Advance. 

Section 10.2    Illegality. If, after the date hereof, the adoption of any Applicable Law, or any change in
any Applicable Law (whether adopted before or after the Agreement Date), or any change in interpretation or administration thereof by any governmental authority, central bank or comparable agency charged with the interpretation or administration
thereof, or compliance by any Lender with any directive (whether or not having the force of law) of any such authority, central bank or comparable agency, shall make it unlawful or impossible for any Lender to make, maintain or fund its portion of
LIBOR Advances, such Lender shall so notify the Administrative Agent, and the Administrative Agent shall forthwith give notice thereof to the other Lenders and the Borrower. Before giving any notice to the Administrative Agent pursuant to this
Section 10.2, such Lender shall designate a different lending office if such designation will avoid the need for giving such notice and will not, in the sole reasonable judgment of such Lender, be otherwise materially disadvantageous to such
Lender. Upon receipt of such notice, notwithstanding anything contained in Article 2 hereof, the Borrower shall Convert such LIBOR Advance to a Base Rate Advance on either (a) the last day of the then current Interest Period applicable to such
affected LIBOR Advance if such Lender may lawfully continue to maintain and fund its portion of such LIBOR Advance to such day or (b) immediately if such Lender may not lawfully continue to fund and maintain its portion of such affected LIBOR
Advance to such day. 
 Section 10.3    Increased Costs and Additional Amounts. 

(a)    If after the date hereof, the adoption of any Applicable Law, or any change in any Applicable Law (whether adopted
before or after the Agreement Date), or any interpretation or change in interpretation or administration thereof by any governmental authority, central bank or comparable agency charged with the interpretation or administration thereof or compliance
by any Lender with any directive issued after the Agreement Date (whether or not having the force of law) of any such authority, central bank or comparable agency: 

(i)    shall subject any Lender to any Tax with respect to its obligation to make its portion of LIBOR
Advances, or its portion of other Advances, or shall change the basis of taxation of payments to any Lender of the principal of or interest on its portion of LIBOR Advance or in respect of any other amounts due under this Agreement, or its
obligation to make its portion of Advances (except for changes with respect to Taxes imposed on the revenues or net income of such Lender, and except for any Taxes referred to in Section 10.3(b) hereof); or 

  
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 (ii)    shall impose, modify or deem applicable any reserve
(including, without limitation, any imposed by the Board of Governors of the Federal Reserve System, but excluding any included in an applicable Eurodollar Reserve Percentage), special deposit, capital adequacy or liquidity, assessment or other
requirement or condition against assets of, deposits with or for the account of, or commitments or credit extended by, any Lender or shall impose on any Lender or the London interbank borrowing market any other condition affecting its obligation to
make its portion of such LIBOR Advances or its portion of existing Advances; 
 and the result of any of the foregoing is to increase the cost to such
Lender of making or maintaining any of its portion of such LIBOR Advances, or to reduce the amount of any sum received or receivable by such Lender under this Agreement or under its Note, if any, with respect thereto, then, within ten (10) days
after demand by such Lender, the Borrower agrees to pay to such Lender such additional amount or amounts as will compensate such Lender on an after-tax basis for such increased costs; provided that
notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules,
guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel
III, shall in each case be deemed to be enacted, adopted or issued after the date hereof, regardless of the date enacted, adopted or issued. 

(b)    All payments made by the Borrower under this Agreement shall be made free and clear of, and without deduction or
withholding for or on account of, any present or future income or other similar taxes, levies, imposts, duties, charges, fees, deductions or withholdings (“Taxes”), now or hereafter imposed, levied, collected, withheld or assessed
by any governmental authority, excluding any Taxes imposed on a Lender by reason of any connection between the Lender and the taxing jurisdiction other than executing, delivering, performing or enforcing this Agreement and receiving payments
hereunder. If any such non-excluded Taxes (collectively, the “Non-Excluded Taxes”) are required to be withheld or deducted from any such payment, the
Borrower shall pay such additional amounts as may be necessary to ensure that the net amount actually received by a Lender after such withholding or deduction is equal to the amount that the Lender would have received had no such withholding or
deduction been required; provided, however, that the Borrower shall not be required to increase any such amounts payable to any Lender if such Lender may lawfully comply with the requirements of Section 2.12 hereof and fails to do
so and, provided, further, that the Borrower shall not be required to pay any additional amounts in respect of Taxes imposed under FATCA. Whenever any Non-Excluded Taxes are payable by the
Borrower, as promptly as possible thereafter the Borrower shall send to the Administrative Agent for its own account or for the account of such Lender, as the case may be, a certified copy of an original official receipt received by the Borrower
showing payment thereof. If the Borrower fails to pay any Non-Excluded Taxes when due to the appropriate taxing authority or fail to remit to the Administrative Agent the required receipts or other documentary
evidence, the Borrower shall indemnify the Administrative Agent and the Lenders for any incremental taxes, interest or penalties that may become payable by the Administrative Agent or any Lender as result of any such failure. The Borrower shall make
any payments required pursuant to the immediately preceding sentence within thirty (30) days after 

  
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receipt of written demand therefor from the Administrative Agent or any Lender, as the case may be. The agreements set forth in this Section 10.3 shall survive the termination of this
Agreement and the payment of the Obligations. Each Lender will promptly notify the Borrower and the Administrative Agent of any event of which it has knowledge, occurring after the date hereof, which will entitle such Lender to compensation pursuant
to this Section 10.3 and will designate a different lending office if such designation will avoid the need for, or reduce the amount of, such compensation and will not, in the reasonable judgment of such Lender made in good faith, be otherwise
disadvantageous to such Lender. Notwithstanding any provision herein to the contrary, the Borrower shall have no obligation to pay to any Lender any amount which the Borrower is liable to withhold due to the failure of such Lender to file any
statement of exemption required under the Code in order to permit the Borrower to make payments to such Lender without such withholding. 

(c)    Any Lender claiming compensation under this Section 10.3 shall provide the Borrower with a written
certificate setting forth the additional amount or amounts to be paid to it hereunder and calculations therefor in reasonable detail. Such certificate shall be presumptively correct absent manifest error. In determining such amount, such Lender may
use any reasonable averaging and attribution methods. Failure or delay on the part of any Lender to demand compensation pursuant to the foregoing provisions of this Section 10.3 shall not constitute a waiver of such Lender’s right to
demand such compensation, provided that, other than in respect of Taxes, the Borrower shall not be required to compensate a Lender pursuant to the foregoing provisions of this Section if the circumstances giving rise to such compensation
occurred more than six (6) months prior to the date that such Lender notifies the Borrower of such circumstances and of such Lender’s intention to claim compensation therefor (except that, if such circumstances are retroactive, then the
six (6) month period referred to above shall be extended to include the period of retroactive effect thereof). If any Lender demands compensation under this Section 10.3, the Borrower may at any time, upon at least five (5) Business
Days’ prior notice to such Lender, Convert into a Base Rate Advance such Lender’s portion of the then outstanding LIBOR Advances, and pay to such Lender the accrued interest and fees thereon to the date of Conversion, along with any
reimbursement required under Section 2.9 hereof and this Section 10.3. 
 (d)    The Borrower shall pay any
present or future stamp, transfer or documentary Taxes or any other excise or property Taxes that may be imposed in connection with the execution, delivery or registration of this Agreement or any other Loan Documents. 

Section 10.4    Effect On Other Advances. If notice has been given pursuant to
Section 10.1, 10.2 or 10.3 hereof suspending the obligation of any Lender to make its portion of any LIBOR Advance, or requiring such Lender’s portion of LIBOR Advances to be Converted, then, unless and until such Lender notifies the
Borrower that the circumstances giving rise to such Conversion no longer apply, all amounts which would otherwise be made by such Lender as its portion of LIBOR Advances shall be made instead as Base Rate Advances, unless otherwise notified by the
Borrower. 
 Section 10.5    Claims for Increased Costs and Taxes; Replacement Lenders. In the event that
any Lender shall (y) decline to make LIBOR Advances pursuant to Sections 10.1 and 10.2 hereof, or (z) have notified the Borrower that it is entitled to claim compensation pursuant to 

  
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Section 10.3, 2.8, 2.9 or 2.11 hereof or is unable to complete the form required or is subject to withholding on account of any Tax (each such lender being an “Affected
Lender”), the Borrower at its own cost and expense may designate a replacement lender (a “Replacement Lender”) to purchase the outstanding Loans of such Affected Lender and such Affected Lender’s rights hereunder and
with respect thereto, and within ten (10) Business Days of such designation the Affected Lender shall (a) sell to such Replacement Lender, without recourse upon, warranty by or expense to such Affected Lender, by way of an Assignment and
Assumption substantially in the form of Exhibit F attached hereto, for a purchase price equal to (unless such Lender agrees to a lesser amount) the outstanding principal amount of the Loans of such Affected Lender, plus all interest accrued
and unpaid thereon and all other amounts owing to such Affected Lender hereunder, including without limitation, payment by the Borrower of any amount which would be payable to such Affected Lender pursuant to Section 2.9 hereof (provided that
the administrative fee set forth in Section 11.4(b)(iv) shall not apply to an assignment described in this clause (a)), and (b) upon such assumption and purchase by the Replacement Lender, such Replacement Lender shall be deemed to be a
“Lender” for purposes of this Agreement and such Affected Lender shall cease to be a “Lender” for purposes of this Agreement and shall no longer have any obligations or rights hereunder (other than any obligations
or rights which according to this Agreement shall survive the termination of this Agreement). 
 ARTICLE 11 - MISCELLANEOUS 

Section 11.1    Notices. 

(a)    Notices Generally. Except in the case of notices and other communications expressly permitted to be given
by telephone (and except as provided in subsection (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or
sent by telecopier as follows, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows: 

(i)    if to the Borrower or the Administrative Agent, to the address, telecopier number, electronic mail
address or telephone number specified for such Person on Schedule 3; and 
 (ii)    if to any
other Lender, to the address, telecopier number, electronic mail address or telephone number specified to the Administrative Agent (including, as appropriate, notices delivered solely to the Person designated by a Lender for the delivery of notices
that may contain material non-public information relating to the Borrower). 
 Notices and other communications sent
by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices and other communications sent by telecopier shall be deemed to have been given when sent (except that, if not
given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next business day for the recipient). Notices and other 

  
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communications delivered through electronic communications to the extent provided in subsection (b) below, shall be effective as provided in such subsection (b). 

(b)    Electronic Communications. Notices and other communications to the Lenders hereunder may be delivered or
furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent and the Borrower, provided that the foregoing shall
not apply to notices to any Lender pursuant to Article 2 if such Lender has notified the Administrative Agent and the Borrower that it is incapable of receiving notices under such Article by electronic communication. The Administrative Agent
or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it, provided that approval of such procedures may be limited to
particular notices or communications. 
 Unless the Administrative Agent otherwise prescribes, (i) notices and other communications
sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available,
return e-mail or other written acknowledgement); provided that if such notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be
deemed to have been sent at the opening of business on the next business day for the recipient, and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended
recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address therefor. 

(c)    The Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT PARTIES
(AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS,
IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT
PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall the Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to the Borrower, any Lender or any
other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of the Borrower’s or the Administrative Agent’s transmission of Borrower Materials through the Internet,
except to the extent that such losses, claims, damages, liabilities or expenses are determined by a court of competent jurisdiction by a final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Agent
Party; provided, however, that in no event shall any Agent Party have any liability to the Borrower, any Lender or any other Person for indirect, special, incidental, consequential or punitive damages (as opposed to direct or actual
damages). 
 (d)    Change of Address, Etc. Each of the Borrower and the Administrative Agent may change its
address, telecopier or telephone number for notices and 

  
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other communications hereunder by notice to the other parties hereto. Each other Lender may change its address, telecopier or telephone number for notices and other communications hereunder by
notice to the Borrower and the Administrative Agent. In addition, each Lender agrees to notify the Administrative Agent from time to time to ensure that the Administrative Agent has on record (i) an effective address, contact name, telephone
number, telecopier number and electronic mail address to which notices and other communications may be sent and (ii) accurate wire instructions for such Lender. Furthermore, each Public Lender agrees to cause at least one individual at or on
behalf of such Public Lender to at all times have selected the “Private Side Information” or similar designation on the content declaration screen of the Platform in order to enable such Public Lender or its delegate, in accordance with
such Public Lender’s compliance procedures and Applicable Law, including United States Federal and state securities Laws, to make reference to Borrower Materials that are not made available through the “Public Side Information”
portion of the Platform and that may contain material non-public information with respect to the Borrower or its securities for purposes of United States Federal or state securities laws. 

(e)    Reliance by Administrative Agent and Lenders. The Administrative Agent and the Lenders shall be
entitled to rely and act upon any notices purportedly given by or on behalf of the Borrower even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice
specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. The Borrower shall indemnify the Administrative Agent, each Lender and the Related Parties of each of them from all losses,
costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of the Borrower. All telephonic notices to and other telephonic communications with the Administrative Agent may be recorded
by the Administrative Agent, and each of the parties hereto hereby consents to such recording. 
 Section 11.2 Expenses. The
Borrower will promptly pay, or reimburse: 
 (a)    all reasonable and documented out-of-pocket expenses of the Administrative Agent in connection with the preparation, negotiation, execution and delivery of this Agreement and the other Loan Documents, and the transactions contemplated
hereunder and thereunder any amendments, waivers and consents associated therewith, including, without limitation, the reasonable and documented fees and disbursements of Shearman & Sterling LLP, special counsel for the Administrative
Agent; and 
 (b)    all documented
out-of-pocket costs and expenses of the Administrative Agent and the Lenders of enforcement under this Agreement or the other Loan Documents and all documented out-of-pocket costs and expenses of collection if an Event of Default occurs in the payment of the Notes, which in each case shall include, without limitation, reasonable fees
and out-of-pocket expenses of one counsel for the Administrative Agent and one counsel for all Lenders. 

Section 11.3    Waivers. The rights and remedies of the Administrative Agent and the Lenders under this
Agreement and the other Loan Documents shall be cumulative and not exclusive of any rights or remedies which they would otherwise have. No failure or delay by the 

  
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Administrative Agent, the Majority Lenders and the Lenders, or any of them, in exercising any right, shall operate as a waiver of such right. No waiver of any provision of this Agreement or
consent to any departure by the Borrower or any of its Subsidiaries therefrom shall in any event be effective unless the same shall be permitted by Section 11.11, and then such waiver or consent shall be effective only in the specific instance
and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent or any Lender may have had notice or
knowledge of such Default at the time. 
 Section 11.4    Assignment and Participation. 

(a)    Successors and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and assigns permitted hereby, except that the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the
Administrative Agent and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions of subsection (b) of this Section, (ii) by way
of participation in accordance with the provisions of subsection (d) of this Section, (iii) by way of pledge or assignment of a security interest subject to the restrictions of subsection (e) of this Section, or (iv) to an SPC in
accordance with the provisions of subsection (f) of this Section (and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any
Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in subsection (d) of this Section and, to the extent expressly contemplated hereby, the Related Parties of each
of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

(b)    Assignments by Lenders. Any Lender may at any time assign to one or more assignees all or a portion of its
rights and obligations under this Agreement (including all or a portion of the Loans at the time owing to it); provided that any such assignment shall be subject to the following conditions: 

(i)    Minimum Amounts. 

(A)    in the case of an assignment of the entire remaining amount of the Loans at the time owing to the
assigning Lender or in the case of an assignment to a Lender, an Affiliate of a Lender, no minimum amount need be assigned; and 

(B)    in any case not described in subsection (b)(i)(A) of this Section, the aggregate amount of the
principal outstanding balance of the Loans of the assigning Lender subject to each such assignment, determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent or, if “Trade
Date” is specified in the Assignment and Assumption, as of the Trade Date, shall not be less than $1,000,000 unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrower
otherwise consents (each such consent not to be unreasonably withheld or delayed). 

  
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 (ii)    Proportionate Amounts. Each partial assignment
shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement with respect to the Loans assigned; 

(iii)    Required Consents. No consent shall be required for any assignment except to the extent
required by subsection (b)(i)(B) of this Section and, in addition: 
 (A)    the consent of the
Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless (1) an Event of Default has occurred and is continuing at the time of such assignment or (2) such assignment is to a Lender or an Affiliate of a
Lender; and 
 (B)    the consent of the Administrative Agent (such consent not to be unreasonably
withheld or delayed) shall be required if such assignment is to a Person that is not a Lender or an Affiliate of such Lender; 

(iv)    Assignment and Assumption. The parties to each assignment shall execute and deliver to the
Administrative Agent an Assignment and Assumption, together with a processing and recordation fee in the amount of $3,500; provided, however, that the Administrative Agent may, in its sole discretion, elect to waive such processing and
recordation fee in the case of any assignment. The assignee, if it is not a Lender, shall deliver to the Administrative Agent an administrative questionnaire in form and substance reasonably satisfactory to the Administrative Agent. 

(v)    No Assignment to Certain Persons. No such assignment shall be made (A) to the Borrower
or any of the Borrower’s Affiliates or (B) to a natural person. 
 Subject to acceptance and recording thereof by the Administrative Agent
pursuant to subsection (c) of this Section, from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment
and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this
Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of
Sections 10.2, 10.3 and 10.5 with respect to facts and circumstances occurring prior to the effective date of such assignment. Upon request, the Borrower (at its expense) shall execute and deliver a Note to the assignee Lender.
Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this subsection shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations
in accordance with subsection (d) of this Section. 
 (c)    Register. The Administrative Agent, acting
solely for this purpose as an agent of the Borrower (and such agency being solely for tax purposes), shall maintain at the Administrative Agent’s Office a copy of each Assignment and Assumption delivered to it and a register for the recordation
of the names and addresses of the Lenders, and the principal amounts 

  
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of the Loans owing to each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, absent manifest error, and the
Borrower, the Administrative Agent and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The
Register shall be available for inspection by the Borrower and any Lender, as to its Commitments only, at any reasonable time and from time to time upon reasonable prior notice. 

(d)    Participations. Any Lender may at any time, without the consent of, or notice to, the Borrower or the
Administrative Agent, sell participations to any Person (other than a natural person or the Borrower or any of the Borrower’s Affiliates) (each, a “Participant”) in all or a portion of such Lender’s rights and/or
obligations under this Agreement (including all or a portion of the Loans owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible
to the other parties hereto for the performance of such obligations and (iii) the Borrower, the Administrative Agent and the Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and
obligations under this Agreement. 
 Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that
such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not,
without the consent of the Participant, agree to any amendment, waiver or other modification described in clauses (ii)(A), (B) or (C) of Section 11.11(a) that affects such Participant. Subject to the following
paragraph, the Borrower agrees that each Participant shall be entitled to the benefits of Section 10.3 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to subsection
(b) of this Section. 
 A Participant shall not be entitled to receive any greater payment under Section 10.3 than the applicable
Lender would have been entitled to receive with respect to the participation sold to such Participant. A Participant that would be a foreign Lender if it were a Lender shall not be entitled to the benefits of Section 2.12 unless the Company is
notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 2.12 as though it were a Lender. Each Lender that sells a participation shall, acting solely for this
purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each participant and the principal amounts (and stated interest) of each participant’s
interest in the Loans or other obligations under this Agreement (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register to any Person (including the
identity of any participant or any information relating to a participant’s interest in any Commitments, Loans, or its other obligations under any Loan Document) except each Lender that sells a participation shall make a copy of the Participant
Register available for the Borrower and the Administrative Agent to the extent that such disclosure is necessary to establish that such Commitment, Loan or other obligation is in registered form under
Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and the Borrower, the Lenders and the Administrative Agent
shall treat each Person whose name is recorded in the 

  
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Participant Register as the owner of such participation for all purposes of this Agreement, notwithstanding any notice to the contrary. 

(e)    Certain Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of
its rights under this Agreement (including under its Note, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank or other central banking authority; provided that no
such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 

(f)    Notwithstanding anything to the contrary contained herein, any Lender (a “Granting Lender”) may
grant to a special purpose funding vehicle (an “SPC”) sponsored by such Granting Lender, identified as such in writing from time to time by the Granting Lender to the Administrative Agent and the Borrower, the option to provide to
the Borrower all or any part of any Advance that such Granting Lender would otherwise be obligated to make to the Borrower pursuant to this Agreement; provided that (i) nothing herein shall constitute a commitment by any SPC to make any
Advance and (ii) if an SPC elects not to exercise such option or otherwise fails to provide all or any part of such Advance, the Granting Lender shall be obligated to make such Advance pursuant to the terms hereof. The Loans by an SPC hereunder
shall be Loans of the Granting Lender to the same extent, and as if, such Loans were made by such Granting Lender. Each party hereto hereby agrees that no SPC shall be liable for any indemnity or similar payment obligation under this Agreement (all
liability for which shall remain with the Granting Lender). In furtherance of the foregoing, each party hereto hereby agrees (which agreement shall survive the termination of this Agreement) that, prior to the date that is one year and one day after
the payment in full of all outstanding commercial paper or other senior indebtedness of any SPC, it, solely in its capacity as a party hereto and to any other Loan Document, will not institute against, or join any other person in instituting
against, such SPC any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under the laws of the United States or any State thereof. In addition, notwithstanding anything to the contrary contained in this Section 11.4,
any SPC may (i) with notice to, but without the prior written consent of, the Borrower and the Administrative Agent and without paying any processing fee therefor, assign all or a portion of its interests in any Advance to the Granting Lender
or to any financial institutions (consented to by the Borrower and the Administrative Agent) providing liquidity and/or credit support to or for the account of such SPC to support the funding or maintenance of Advance and (ii) disclose on a
confidential basis any non-public information relating to its Loans to any rating agency, commercial paper dealer or provider of any surety, guarantee or credit or liquidity enhancement to such SPC. This
Section 11.4(f) may not be amended without the written consent of any SPC which has been designated in writing as provided in the first sentence hereof and holds any outstanding Loans. The designation by a Granting Lender of an SPC to fund
Advances shall be deemed to be a representation, warranty, covenant and agreement by such Granting Lender to the Borrower and all other parties hereunder that (A) the funding and maintaining of such Advances by such SPC shall not constitute a
“prohibited transaction” (as such term is defined in Section 406 of ERISA or Section 4975 of the Code), and (B) such designation, funding and maintenance would not result in any interest requiring registration under the
Securities Act of 1933, as amended, or qualification under any state securities law. The SPC shall from time to time provide to the Borrower the tax and other forms required pursuant to Section 2.12 hereof with respect to such SPC as though
such SPC 

  
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were a Lender hereunder. In no event shall the Borrower or any Lender other than the Granting Lender be obligated hereunder to pay any additional amounts under any provision of this Agreement
(pursuant to Article 10 hereof or otherwise) by reason of a Granting Lender’s designation of an SPC or the funding or maintenance of Advances by such SPC, in excess of amounts which the Borrower would have been obligated to pay if such Granting
Lender had not made such designation and such Granting Lender were itself funding and maintaining such Advances. The Administrative Agent shall register the interest of any SPC in an Advance from time to time on the Register maintained pursuant to
Section 11.4(c) hereof. 
 Section 11.5    Indemnity. The Borrower agrees to indemnify and hold
harmless each Lender, the Administrative Agent and each of their respective Related Parties (any of the foregoing shall be an “Indemnitee”) from and against any and all claims, liabilities, obligations, losses, damages, actions,
reasonable and documented external attorneys’ fees and expenses (as such fees and expenses are reasonably incurred), penalties, judgments, suits, reasonable and documented
out-of-pocket costs and demands by any third party, including the costs of investigating and defending such claims, whether or not the Borrower or the Person seeking
indemnification is the prevailing party (a) resulting from any breach or alleged breach by the Borrower of any representation or warranty made hereunder or under any Loan Document; or (b) otherwise arising out of (i) this Agreement,
any Loan Document or any transaction contemplated hereby or thereby, including, without limitation, the use of the proceeds of Loans hereunder in any fashion by the Borrower or the performance of its obligations under the Loan Documents,
(ii) allegations of any participation by a Lender, the Administrative Agent or any of them, in the affairs of the Borrower or any of its Subsidiaries, or allegations that any of them has any joint liability with the Borrower for any reason and
(iii) any claims against the Lenders, the Administrative Agent or any of them, by any shareholder or other investor in or lender to the Borrower, by any brokers or finders or investment advisers or investment bankers retained by the Borrower or
by any other third party, arising out of or under this Agreement, except to the extent that (A) the Person seeking indemnification hereunder is determined in such case to have acted with gross negligence or willful misconduct, in any case, by a
final, non-appealable judicial order of a court of competent jurisdiction or (B) such claims are for lost profits, foreseeable and unforeseeable, consequential, special, incidental or indirect damages or
punitive damages. Upon receipt of notice in writing of any actual or prospective claim, litigation, investigation or proceeding for which indemnification is provided pursuant to the immediately preceding sentence (a “Relevant
Proceeding”), the recipient shall promptly notify the Administrative Agent (which shall promptly notify the other parties hereto) thereof, and the Borrower and the Lenders agree to consult, to the extent appropriate, with a view to
minimizing the cost to the Borrower of its obligations hereunder. The Borrower shall be entitled, to the extent feasible, to participate in any Relevant Proceeding and shall be entitled to assume the defense thereof with counsel of the
Borrower’s choice; provided, however, that such counsel shall be reasonably satisfactory to such of the Indemnitees as are parties thereto; provided, further, however, that, after the Borrower has assumed the defense
of any Relevant Proceeding, it will not settle, compromise or consent to the entry of any order adjudicating or otherwise disposing of any claims against any Indemnitee (1) if such settlement, compromise or order involves the payment of money
damages, except if the Borrower agrees, as between the Borrower and such Indemnitee, to pay such money damages, and, if not simultaneously paid, to furnish such Indemnitee with satisfactory evidence of its ability to pay the same, and (2) if
such settlement, compromise or order involves any relief against such Indemnitee other than the payment of money damages, except with the prior written 

  
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consent of such Indemnitee (which consent shall not be unreasonably withheld). Notwithstanding the Borrower’s election to assume the defense of such Relevant Proceeding, such of the
Indemnitees as are parties thereto shall have the right to employ separate counsel and to participate in the defense of such action or proceeding at the expense of such Indemnitee. The obligations of the Borrower under this Section 11.5 are in
addition to, and shall not otherwise limit, any liabilities which the Borrower might otherwise have in connection with any warranties or similar obligations of the Borrower in any other Loan Document. 

Section 11.6    Counterparts. This Agreement may be executed in any number of counterparts, each of which
shall be deemed to be an original, but all such separate counterparts shall together constitute one and the same instrument. 

Section 11.7    Governing Law; Jurisdiction. 

(a)    Governing Law. This Agreement and the Notes shall be construed in accordance with and governed by the
internal laws of the State of New York applicable to agreements made and to be performed the State of New York. 

(b)    Jurisdiction. The Borrower irrevocably and unconditionally agrees that it will not commence any action,
litigation or proceeding of any kind or description, whether in law or equity, whether in contract or in tort or otherwise, against the Administrative Agent, any Lender, or any Related Party of the foregoing in any way relating to this Agreement or
any other Loan Document or the transactions relating hereto or thereto, in any forum other than the courts of the State of New York sitting in New York County, and of the United States District Court of the Southern District of New York, and any
appellate court from any thereof, and each of the parties hereto irrevocably and unconditionally submits to the jurisdiction of such courts and agrees that all claims in respect of any such action, litigation or proceeding may be heard and
determined in such New York State court or, to the fullest extent permitted by applicable law, in such federal court. Each of the parties hereto agrees that a final judgment in any such action, litigation or proceeding shall be conclusive and may be
enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement or in any other Loan Document shall affect any right that the Administrative Agent or any Lender may otherwise have to bring
any action or proceeding relating to this Agreement or any other Loan Document against the Borrower or its properties in the courts of any jurisdiction. 

(c)    Waiver of Venue. The Borrower irrevocably and unconditionally waives, to the fullest extent permitted by
applicable law, any objection that it may now or hereafter have to the laying of venue of any action or proceeding arising out of or relating to this Agreement or any other Loan Document in any court referred to in paragraph (b) of this
Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by applicable law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

(d)    Services of Process. Each party hereto irrevocably consents to service of process in the manner provided for
notices in Section 11.1. Nothing in this Agreement will affect the right of any party hereto to serve process in any other manner permitted by applicable law. 

  
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 Section 11.8    Severability. To the extent permitted by law, any
provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof in that jurisdiction or affecting
the validity or enforceability of such provision in any other jurisdiction. 
 Section 11.9    Interest.

 (a)    In no event shall the amount of interest due or payable hereunder or under the Notes exceed the maximum rate
of interest allowed by Applicable Law, and in the event any such payment is inadvertently made by the Borrower or inadvertently received by the Administrative Agent or any Lender, then such excess sum shall be credited as a payment of principal,
unless, if no Event of Default shall have occurred and be continuing, the Borrower shall notify the Administrative Agent or such Lender, in writing, that it elects to have such excess sum returned forthwith. It is the express intent hereof that the
Borrower not pay and the Administrative Agent and the Lenders not receive, directly or indirectly in any manner whatsoever, interest in excess of that which may legally be paid by the Borrower under Applicable Law. 

(b)    Notwithstanding the use by the Lenders of the Base Rate and the Eurodollar Rate as reference rates for the
determination of interest on the Loans, the Lenders shall be under no obligation to obtain funds from any particular source in order to charge interest to the Borrower at interest rates related to such reference rates. 

Section 11.10    Table of Contents and Headings. The Table of Contents and the headings of the various
subdivisions used in this Agreement are for convenience only and shall not in any way modify or amend any of the terms or provisions hereof, nor be used in connection with the interpretation of any provision hereof. 

Section 11.11    Amendment and Waiver. 

(a)    Neither this Agreement nor any Loan Document nor any term hereof or thereof may be amended orally, nor may any
provision hereof or thereof be waived orally but only by an instrument in writing signed by or at the written direction of: 

(i)    except as set forth in (ii) and (iii) below, the Majority Lenders and, in the case of any
amendment, by the Borrower; 
 (ii)    with respect to (A) any increase in the amount of any
Lender’s portion of the Commitments or any extension of the Lender’s Commitments, (B) any reduction in the rate of, or postponement in the payment of any interest or fees due hereunder or the payment thereof to any Lender without a
corresponding payment of such interest or fee amount by the Borrower, (C) (1) any waiver of any Default due to the failure by the Borrower to pay any sum due to any of the Lenders hereunder or (2) any reduction in the principal amount of
the Loans without a corresponding payment, (D) any release of the Borrower from this Agreement, except in connection with a merger, sale or other disposition otherwise permitted hereunder (in which case, such release shall require no further
approval by the Lenders), (E) any amendment to the pro rata treatment of the 

  
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Lenders set forth in Section 8.3 hereof, (F) any amendment of this Section 11.11, of the definition of Majority Lenders, or of any Section herein to the extent that such Section
requires action by all Lenders, (G) any subordination of the Loans in full to any other Indebtedness, or (H) any extension of the Term Loan Maturity Date, the affected Lenders and in the case of an amendment, the Borrower, (it being
understood that, for purposes of this Section 11.11(a)(ii), changes to provisions of the Loan Documents that relate only to one or more of the Loans shall be deemed to “affect” only the Lenders holding such Loans); and 

(iii)    no amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent
in addition to the Lenders required above to take such action, affect the rights or duties of the Administrative Agent under this Agreement or any other Loan Document. 

(b)    Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or
disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than
Defaulting Lenders), except that (x) the Commitment of any Defaulting Lender may not be increased or extended without the consent of such Lender and (y) any waiver, amendment or modification requiring the consent of all Lenders or each
affected Lender that by its terms affects any Defaulting Lender more adversely than other affected Lenders shall require the consent of such Defaulting Lender. 

(c)    In connection with any proposed amendment, modification, waiver or termination (a “Proposed
Change”) requiring the consent of all Lenders, if the consent of Majority Lenders is obtained, but the consent of the other Lenders whose consent is required is not obtained (any such Lender whose consent is not obtained being referred to
as a “Non-Consenting Lender”), then, at the Borrower’s request (and at the Borrower’s sole cost and expense), a Replacement Lender selected by the Borrower and reasonably acceptable
to the Administrative Agent, shall have the right to purchase from such Non-Consenting Lenders, and such Non-Consenting Lenders agree that they shall, upon the
Borrower’s request, sell and assign to such Person, all of the Loans of such Non-Consenting Lenders for an amount equal to the principal balance of all Loans held by the
Non-Consenting Lenders and all accrued interest and fees and other amounts due (including without limitation amounts due to such Non-Consenting Lender pursuant to
Section 2.9 hereof) or outstanding to such Non-Consenting Lender through the date of sale, such purchase and sale to be consummated pursuant to an executed Assignment and Assumption substantially in the
form on Exhibit F attached hereto. Upon execution of any Assignment and Assumption pursuant to this Section 11.11(b), (i) the Replacement Lender shall be entitled to vote on any pending waiver, amendment or consent in lieu of the Non-Consenting Lender replaced by such Replacement Lender, (ii) such Replacement Lender shall be deemed to be a “Lender” for purposes of this Agreement and (iii) such Non-Consenting Lender shall cease to be a “Lender” for purposes of this Agreement and shall no longer have any obligations or rights hereunder (other than any obligations or rights which according
to this Agreement shall survive the termination of the Loans). 

  
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 Section 11.12    Entire Agreement. Except as otherwise expressly
provided herein, this Agreement, the other Loan Documents and the other documents described or contemplated herein or therein will embody the entire agreement and understanding among the parties hereto and thereto and supersede all prior agreements
and understandings relating to the subject matter hereof and thereof. 
 Section 11.13    Other Relationships;
No Fiduciary Relationships. No relationship created hereunder or under any other Loan Document shall in any way affect the ability of the Administrative Agent and each Lender to enter into or maintain business relationships with the Borrower or
any Affiliate thereof beyond the relationships specifically contemplated by this Agreement and the other Loan Documents. The Borrower agrees that in connection with all aspects of the transactions contemplated hereby and any communications in
connection therewith, the Borrower, its Subsidiaries and their respective Affiliates, on the one hand, and the Administrative Agent, the Lenders and their respective Affiliates, on the other hand, will have a business relationship that does not
create, by implication or otherwise, any fiduciary duty on the part of the Administrative Agent, any Lender or any of their respective Affiliates, and no such duty will be deemed to have arisen in connection with any such transactions or
communications. 
 Section 11.14    Directly or Indirectly. If any provision in this Agreement refers to any
action taken or to be taken by any Person, or which such Person is prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly by such Person, whether or not expressly specified in such provision.

 Section 11.15    Reliance on and Survival of Various Provisions. All covenants, agreements, statements,
representations and warranties made by the Borrower herein or in any certificate delivered pursuant hereto shall (a) be deemed to have been relied upon by the Administrative Agent and each of the Lenders notwithstanding any investigation
heretofore or hereafter made by them and (b) survive the execution and delivery of this Agreement and shall continue in full force and effect so long as any Loans are outstanding and unpaid. Any right to indemnification hereunder, including,
without limitation, rights pursuant to Sections 2.9, 2.11, 10.3, 11.2 and 11.5 hereof, shall survive the termination of this Agreement and the payment and performance of all Obligations. 

Section 11.16    Senior Debt. The Obligations are intended by the parties hereto to be senior in right of
payment to any Indebtedness of the Borrower that by its terms is subordinated to any other Indebtedness of the Borrower. 

Section 11.17    Obligations. The obligations of the Administrative Agent and each of the Lenders hereunder
are several, not joint. 
 Section 11.18    Confidentiality. The Administrative Agent and the Lenders shall
hold confidentially all non-public and proprietary information and all other information designated by the Borrower as confidential, in each case, obtained from the Borrower or its Affiliates pursuant to the
requirements of this Agreement in accordance with their customary procedures for handling confidential information of this nature and in accordance with safe and sound lending practices; provided, however, that the Administrative Agent
and the Lenders may make disclosure of any such information (a) to their examiners, Affiliates, outside auditors, counsel, 

  
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consultants, appraisers, agents, other professional advisors, any credit insurance provider relating to the Borrower and its obligations and any direct or indirect contractual counterparty in
swap agreements or such counterparty’s professional advisor in connection with this Agreement or as reasonably required by any proposed syndicate member or any proposed transferee or participant in connection with the contemplated transfer of
any Note or participation therein (including, without limitation, any pledgee referred to in Section 11.4(e) hereof), in each case, so long as any such Person (other than any examiners) receiving such information is advised of the
provisions of this Section 11.18 and agrees to be bound thereby, (b) as required or requested by any governmental authority or self-regulatory body or representative thereof or in connection with the enforcement hereof or of any Loan
Document or related document or (c) pursuant to legal process or with respect to any litigation between or among the Borrower and any of the Administrative Agent or the Lenders. In no event shall the Administrative Agent or any Lender be
obligated or required to return any materials furnished to it by the Borrower. The foregoing provisions shall not apply to the Administrative Agent or any Lender with respect to information that (i) is or becomes generally available to the
public (other than through the Administrative Agent or such Lender), (ii) is already in the possession of the Administrative Agent or such Lender on a non-confidential basis, or (iii) comes into the
possession of the Administrative Agent or such Lender from a source other than the Borrower or its Affiliates in a manner not known to the Administrative Agent or such Lender to involve a breach of a duty of confidentiality owing to the Borrower or
its Affiliates. 
 Section 11.19 USA PATRIOT ACT Notice. Each Lender that is subject to the Act (as hereinafter defined) and the
Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Borrower that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law
October 26, 2001)) (the “Act”), it is required to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow such
Lender or the Administrative Agent, as applicable, to identify the Borrower in accordance with the Act. 
 Section 11.20
Acknowledgement and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in this Agreement, any other Loan Document or in any other agreement, arrangement or
understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion
Powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: 

(a)    the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities
arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and 

(b)    the effects of any Bail-In Action on any such liability, including, if applicable: 

(i)    a reduction in full or in part or cancellation of any such liability; 

  
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 (ii)    a conversion of all, or a portion of, such liability
into shares or other instruments of ownership in such EEA Financial Institution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be
accepted by it in lieu of any rights with respect to any such liability under this Agreement; or 

(iii)    the variation of the terms of such liability in connection with the exercise of the Write-Down
and Conversion Powers of any EEA Resolution Authority. 
 Section 11.21    Right of Set-off. If an Event of Default shall have occurred and be continuing, each Lender and each of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted
by applicable law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held, and other obligations (in whatever currency) at any time owing, by such Lender or any
such Affiliate, to or for the credit or the account of the Borrower against any and all of the obligations of the Borrower now or hereafter existing under this Agreement or any other Loan Document to such Lender or its Affiliates, irrespective of
whether or not such Lender or Affiliate shall have made any demand under this Agreement or any other Loan Document and although such obligations of the Borrower may be contingent or unmatured or are owed to a branch, office or Affiliate of such
Lender different from the branch, office or Affiliate holding such deposit or obligated on such indebtedness; provided that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be
paid over immediately to the Administrative Agent for further application in accordance with the provisions of Section 2.14 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust
for the benefit of the Administrative Agent and the Lenders, and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Advances owing to such Defaulting Lender as to which
it exercised such right of setoff. The rights of each Lender and their respective Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender or its Affiliates may have. Each Lender
agrees to notify the Borrower and the Administrative Agent promptly after any such setoff and application; provided that the failure to give such notice shall not affect the validity of such setoff and application. 

ARTICLE 12 - WAIVER OF JURY TRIAL 

Section 12.1    Waiver of Jury Trial. EACH OF THE BORROWER AND THE ADMINISTRATIVE AGENT AND THE LENDERS,
HEREBY AGREE, TO THE EXTENT PERMITTED BY LAW, TO WAIVE AND HEREBY WAIVE THE RIGHT TO A TRIAL BY JURY IN ANY COURT AND IN ANY ACTION OR PROCEEDING OF ANY TYPE IN WHICH THE BORROWER, ANY OF THE LENDERS, THE ADMINISTRATIVE AGENT, OR ANY OF THEIR
RESPECTIVE SUCCESSORS OR ASSIGNS IS A PARTY, AS TO ALL MATTERS AND THINGS ARISING DIRECTLY OR INDIRECTLY OUT OF THIS AGREEMENT, ANY OF THE NOTES OR THE OTHER LOAN DOCUMENTS AND THE RELATIONS AMONG THE PARTIES LISTED IN THIS SECTION 12.1. EXCEPT AS

  
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PROHIBITED BY LAW, EACH PARTY TO THIS AGREEMENT WAIVES ANY RIGHTS IT MAY HAVE TO CLAIM OR RECOVER IN ANY LITIGATION REFERRED TO IN THIS SECTION, ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL
DAMAGES OR ANY DAMAGES OTHER THAN, OR IN ADDITION TO, ACTUAL DAMAGES. EACH PARTY TO THIS AGREEMENT (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE ADMINISTRATIVE AGENT OR ANY LENDER HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT
THE ADMINISTRATIVE AGENT OR ANY LENDER WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVERS AND (B) ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND EACH OTHER LOAN DOCUMENT BY, AMONG OTHER THINGS,
THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. THE PROVISIONS OF THIS SECTION HAVE BEEN FULLY DISCLOSED BY AND TO THE PARTIES AND THE PROVISIONS SHALL BE SUBJECT TO NO EXCEPTIONS. NO PARTY HAS IN ANY WAY AGREED WITH OR REPRESENTED TO ANY
OTHER PARTY THAT THE PROVISIONS OF THIS SECTION WILL NOT BE FULLY ENFORCED IN ALL INSTANCES. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement or caused it to be
executed by their duly authorized officers, all as of the day and year first above written. 
  

			
	BORROWER:	  	 AMERICAN TOWER CORPORATION
  

By: /s/ Thomas A. Bartlett
 Name:
Thomas A. Bartlett
 Title: Executive Vice President, Chief Financial

Officer and Treasurer

  
  

[Signature Page to Term Loan Agreement] 

			
	 ADMINISTRATIVE AGENT
 AND
LENDERS:
	  	 MIZUHO BANK, LTD.
 as Administrative
Agent and as a Lender
  
 By: /s/ Daniel Guevara

      Name: Daniel Guevara

      Title: Authorized Signatory

		
		  	 THE TORONTO-DOMINION BANK, NEW
 YORK
BRANCH,
 as a Lender
  

By: /s/ Alice Mare

      Name: Alice Mare

      Title: Authorized Signatory

		
		  	 ROYAL BANK OF CANADA,
 as a Lender

 
 By: /s/ Alexander Oliver

      Name: Alexander Oliver

      Title: Authorized Signatory

  
 [Signature Page to Term Loan
Agreement] 

 SCHEDULE 1 

LOAN AMOUNTS 
  

					
	 Entity
	  	 Term
Loan
Amounts
  
	 
	
Mizuho Bank, Ltd.
	  	 	$900,000,000	 
	
Royal Bank of Canada
	  	 	$300,000,000	 
	
The Toronto-Dominion Bank, New York Branch
	  	 	$300,000,000	 
	 	  	 	 	 
	 	  	 	 	 
	
Total
	  	 	$1,500,000,000	 

 SCHEDULE 2 

SCHEDULE 2 
 SUBSIDIARIES
ON THE AGREEMENT DATE 
  

	
	 
	
Entity Name
  

	10 Presidential Way Associates, LLC
	ACC Tower Sub, LLC
	Adquisiciones y Proyectos Inalámbricos, S. de R. L. de C.V. (API)
	Alternative Networking LLC
	American Tower Asset Sub II, LLC
	American Tower Asset Sub, LLC
	American Tower Charitable Foundation, Inc.
	American Tower Corporation De Mexico, S. de R.L. de C.V.
	American Tower Delaware Corporation
	American Tower Depositor Sub, LLC
	American Tower do Brasil—Cessão de Infraestruturas Ltda.
	American Tower Guarantor Sub, LLC
	American Tower Holding Sub, LLC
	American Tower Holding Sub II, LLC
	American Tower International Holding I LLC
	American Tower International Holding II LLC
	American Tower International, Inc.
	American Tower Investments LLC
	American Tower LLC
	American Tower Management, LLC
	American Tower Mauritius
	American Tower, L.P.
	American Tower Servicios Fibra, S. de R.L. de C.V.
	American Tower Tanzania Operations Limited
	American Towers LLC
	AT Kenya C.V.
	AT Netherlands C.V.
	AT Netherlands Coöperatief U.A
	AT Sao Paulo C.V.
	AT Sher Netherlands Coöperatief U.A.
	AT South America C.V.
	ATC Antennas Holding LLC
	ATC Antennas LLC
	ATC Argentina Coöperatief U.A.
	ATC Argentina C.V.
	ATC Argentina Holding LLC

	
	 
	
Entity Name
  

	ATC Asia Holding Company, LLC
	ATC Asia Pacific Pte. Ltd.
	ATC Atlantic C.V.
	ATC Backhaul LLC
	ATC Brazil Holding LLC
	ATC Brazil I LLC
	ATC Brazil II LLC
	ATC Chile Holding LLC
	ATC Colombia B.V.
	ATC Colombia Holding I LLC
	ATC Colombia Holding LLC
	ATC Colombia I LLC
	ATC EH GmbH & Co KG
	ATC Europe B.V.
	ATC Europe LLC
	ATC European Holdings, Inc.
	ATC France SAS
	ATC France Coöperatief U.A.
	ATC France Holding II LLC
	ATC France Holding SAS
	ATC Germany Holdings GmbH
	ATC Germany Services GmbH
	ATC GP GmbH
	ATC Holding Fibra Mexico S. de R.L. DE C.V.
	ATC India Infrastructure Private Limited
	ATC Indoor DAS Holding LLC
	ATC Indoor DAS LLC
	ATC International Coöperatief U.A.
	ATC International Financing B.V.
	ATC International Holding Corp.
	ATC IP LLC
	ATC Iris I LLC
	ATC Kenya Operations Limited
	ATC Latin America S.A. de C.V., SOFOM, E.N.R.
	ATC Managed Sites Holding LLC
	ATC Managed Sites LLC
	ATC Marketing (Uganda) Limited
	ATC MexHold LLC
	ATC Mexico Holding LLC
	ATC Nigeria Coöperatief U.A.
	ATC Nigeria C.V.
	ATC Nigeria Holding LLC

	
	 
	
Entity Name
  

	ATC Nigeria Technical Solutions Limited
	ATC Nigeria Wireless Infrastructure Limited
	ATC On Air + LLC
	ATC Operations LLC
	ATC Outdoor DAS, LLC
	ATC Paraguay Holding LLC
	ATC Paraguay S.R.L.
	ATC Peru Holding LLC
	ATC Ponderosa B-I LLC
	ATC Ponderosa B-II LLC
	ATC Ponderosa BKT Inc.
	ATC Ponderosa H-I LLC
	ATC Ponderosa H-II LLC
	ATC Ponderosa K LLC
	ATC Ponderosa K Acquisition Inc.
	ATC Ponderosa K Ohio LLC
	ATC Ponderosa K-R LLC
	ATC Sequoia LLC
	ATC Sitios de Chile S.A.
	ATC Sitios de Colombia S.A.S.
	ATC Sitios del Peru S.R.L.
	ATC Sitios Infraco S.A.S.
	ATC South Africa Investment Holdings (Proprietary) Limited
	ATC South Africa Wireless Infrastructure (Pty) Ltd
	ATC South Africa Wireless Infrastructure II (Pty) Ltd
	ATC South America Holding LLC
	ATC South LLC
	ATC Tanzania Holding LLC
	ATC Telecom Infrastructure Private Limited
	ATC Tower (Ghana) Limited
	ATC Tower Services LLC
	ATC TRS I LLC
	ATC TRS II LLC
	ATC Uganda Limited
	ATC Watertown LLC
	ATS-Needham LLC (80%)
	Blue Transfer Sociedad Anonima
	BR Towers SPE 1 S.A.
	California Tower, Inc.
	Cell Site NewCo II, LLC
	Cell Tower Lease Acquisition LLC
	Central States Tower Holdings, LLC

	
	 
	
Entity Name
  

	CFCA Telecomm, S.A.P.I. DE C.V.
	CNC2 Associates, LLC
	Columbia Steel, Inc.
	Comunicaciones y Consumos S.A.
	DCS Tower Sub, LLC
	Germany Tower Interco B.V.
	Ghana Tower InterCo B.V. (51%)
	Global Tower Assets II, LLC
	Global Tower Assets III, LLC
	Global Tower Assets, LLC
	Global Tower Holdings, LLC
	Global Tower Services, LLC
	Global Tower, LLC
	GLP Cell Site I, LLC
	GLP Cell Site III, LLC
	Gondola Tower Holdings LLC
	GTP Acquisition Partners I, LLC
	GTP Acquisition Partners II, LLC
	GTP Acquisition Partners III, LLC
	GTP Costa Rica Finance, LLC
	GTP Infrastructure I, LLC
	GTP Infrastructure II, LLC
	GTP Infrastructure III, LLC
	GTP Investments LLC
	GTP LATAM Holdings B.V.
	GTP LatAm Holdings Coöperatieve U.A.
	GTP Operations CR, S.R.L.
	GTP South Acquisitions II, LLC
	GTP Structures I, LLC
	GTP Structures II, LLC
	GTP Structures III, LLC
	GTP Torres CR, S.R.L.
	GTP Towers Costa Rica Holdcorp S.R.L.
	GTP Towers I, LLC
	GTP Towers II, LLC
	GTP Towers III, LLC
	GTP Towers IV, LLC
	GTP Towers IX, LLC
	GTP Towers V, LLC
	GTP Towers VII, LLC
	GTP Towers VIII, LLC
	GTP TRS I LLC

	
	 
	
Entity Name
  

	GTPI HoldCo, LLC
	Haysville Towers, LLC, (67%)
	Iron & Steel Co., Inc.
	Lap do Brasil Empreendimentos Imobiliários Ltda
	LAP Inmobiliaria Limitada
	Loxel SAS
	MATC Digital, S. de R.L. de C.V.
	MATC Fibraoptica, S. de R.L. de C.V.
	MATC Infraestructura, S. de R.L. de C.V.
	MATC Servicios, S. de R.L. de C.V.
	MHB Tower Rentals of America, LLC
	New Towers LLC
	PCS Structures Towers, LLC
	Red Spires Asset Sub, LLC
	Richland Towers, LLC
	SpectraSite Communications, LLC
	SpectraSite, LLC
	T8 Ulysses Site Management LLC
	Tecnologías Especializadas en Líneas de Conexión Óptica,
S.A.P.I. de C.V.
	TeleCom Towers, L.L.C.
	Tower Management, Inc.
	Tower Marketco Ghana Limited
	Towers of America, L.L.L.P.
	Transcend Infrastructure Holdings Pte. Ltd.
	Uganda Tower Interco B.V.
	Ulysses Asset Sub I, LLC
	Ulysses Asset Sub II, LLC
	UniSite, LLC
	UniSite/Omnipoint FL Tower Venture, LLC (95%)
	UniSite/Omnipoint NE Tower Venture, LLC (95%)
	UniSite/Omnipoint PA Tower Venture LLC (95%)
	Verus Management One, LLC
	Wireless Resource Group, LLC
	WRG Holdings, LLC

 SCHEDULE 3 

AGENT’S OFFICE; 

CERTAIN ADDRESSES FOR NOTICES 

BORROWER: 
 American Tower Corporation 

116 Huntington Avenue 
 Boston, MA 02116 

Attention: Treasurer (or General Counsel if legal notice) 

Telephone: 617-375-7500 

Telecopier: 617-375-7575 

Electronic Mail: _______@_____ 
 Website Address:
www.americantower.com 
 U.S. Taxpayer Identification Number: 65-0723837 

AGENT: 
 Agent’s Office 

(for payments and Requests for Credit Extensions): 
 Mizuho
Bank, LTD 
 1800 Plaza Ten, Harborside Financial Center 

Jersey City, NJ 07311 
 Attention: Verleria Wilson

Telephone: 201-626-9330     

Telecopier: 201-626-9935 

Electronic Mail: lau_agent@mizuhocbus.com 
 Bank
Name: Mizuho Bank, Ltd 
 Account Name: Mizuho Bank, Ltd 

Account No.: H79-740-222205

ABA#: 026004307 
 Attn: Agency Operations 

Ref: American Tower CorporationEX-10.2

 Exhibit 10.2 

EXECUTION VERSION 
  

 
  

SECOND AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT 

between 
 AMERICAN TOWER ASSET
SUB, LLC, AMERICAN TOWER ASSET SUB II, LLC AND ANY ADDITIONAL BORROWER OR BORROWERS THAT MAY BECOME A PARTY 
 HERETO 

as Borrowers 
 and 

U.S. BANK NATIONAL ASSOCIATION, 

as Trustee for American Tower Trust I, 

as Lender 
 Dated March 29,
2018 
  
  

 

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	 ARTICLE I DEFINITIONS
	  	 	2	 
			
	 Section 1.1
	 	 Certain Defined Terms
	  	 	2	 
	 Section 1.2
	 	 Accounting Terms
	  	 	27	 
	 Section 1.3
	 	 Other Definitional Provisions
	  	 	27	 
		
	 ARTICLE II TERMS OF THE LOAN
	  	 	28	 
			
	 Section 2.1
	 	 Loan
	  	 	28	 
	 Section 2.2
	 	 Interest
	  	 	28	 
	 Section 2.3
	 	 Additional Borrowers
	  	 	29	 
	 Section 2.4
	 	 Payments
	  	 	31	 
	 Section 2.5
	 	 Maturity
	  	 	32	 
	 Section 2.6
	 	 Prepayment
	  	 	32	 
	 Section 2.7
	 	 Outstanding Balance
	  	 	34	 
	 Section 2.8
	 	 Reserved
	  	 	34	 
	 Section 2.9
	 	 Reasonableness of Charges
	  	 	34	 
	 Section 2.10
	 	 Servicing/Special Servicing
	  	 	34	 
		
	 ARTICLE III CONDITIONS TO LOAN
	  	 	34	 
			
	 Section 3.1
	 	 Conditions to Funding of the Loan on the Closing Date
	  	 	34	 
	 Section 3.2
	 	 Conditions to any Loan Increase
	  	 	37	 
		
	 ARTICLE IV REPRESENTATIONS AND WARRANTIES
	  	 	38	 
			
	 Section 4.1
	 	 Organization, Powers, Capitalization, Good Standing, Business
	  	 	38	 
	 Section 4.2
	 	 Authorization of Borrowing, etc.
	  	 	39	 
	 Section 4.3
	 	 Financial Statements
	  	 	40	 
	 Section 4.4
	 	 Indebtedness and Contingent Obligations
	  	 	40	 
	 Section 4.5
	 	 Title to the Sites
	  	 	40	 
	 Section 4.6
	 	 Zoning; Compliance with Laws
	  	 	40	 
	 Section 4.7
	 	 Leases; Agreements
	  	 	41	 
	 Section 4.8
	 	 Condition of the Sites
	  	 	41	 
	 Section 4.9
	 	 Litigation; Adverse Facts
	  	 	42	 
	 Section 4.10
	 	 Payment of Taxes
	  	 	42	 
	 Section 4.11
	 	 Adverse Contracts
	  	 	42	 
	 Section 4.12
	 	 Performance of Agreements
	  	 	42	 
	 Section 4.13
	 	 Governmental Regulation
	  	 	42	 
	 Section 4.14
	 	 Employee Benefit Plans and ERISA Affiliates
	  	 	43	 
	 Section 4.15
	 	 Broker’s Fees
	  	 	43	 
	 Section 4.16
	 	 Solvency
	  	 	43	 
	 Section 4.17
	 	 Disclosure
	  	 	43	 
	 Section 4.18
	 	 Use of Proceeds and Margin Security
	  	 	44	 
	 Section 4.19
	 	 Insurance
	  	 	44	 

  
 -i- 

							
	 Section 4.20
	 	 Investments
	  	 	44	 
	 Section 4.21
	 	 No Plan Assets
	  	 	44	 
	 Section 4.22
	 	 Plans
	  	 	44	 
	 Section 4.23
	 	 Not Foreign Person
	  	 	44	 
	 Section 4.24
	 	 No Collective Bargaining Agreements
	  	 	44	 
	 Section 4.25
	 	 Ground Leases
	  	 	44	 
	 Section 4.26
	 	 Reserved
	  	 	46	 
	 Section 4.27
	 	 Principal Place of Business
	  	 	46	 
	 Section 4.28
	 	 Environmental Compliance
	  	 	46	 
	 Section 4.29
	 	 Separate Tax Lot
	  	 	46	 
	 Section 4.30
	 	 Sites Generally
	  	 	46	 
		
	 ARTICLE V COVENANTS OF BORROWER PARTIES
	  	 	47	 
			
	 Section 5.1
	 	 Financial Statements and Other Reports
	  	 	47	 
	 Section 5.2
	 	 Existence; Qualification
	  	 	50	 
	 Section 5.3
	 	 Payment of Impositions and Claims
	  	 	50	 
	 Section 5.4
	 	 Maintenance of Insurance
	  	 	51	 
	 Section 5.5
	 	 Operation and Maintenance of the Sites; Casualty; Condemnation
	  	 	53	 
	 Section 5.6
	 	 Inspection
	  	 	56	 
	 Section 5.7
	 	 Compliance with Laws and Contractual Obligations
	  	 	57	 
	 Section 5.8
	 	 Further Assurances
	  	 	57	 
	 Section 5.9
	 	 Performance of Agreements and Leases
	  	 	57	 
	 Section 5.10
	 	 Leases
	  	 	58	 
	 Section 5.11
	 	 Management Agreement
	  	 	58	 
	 Section 5.12
	 	 Deposits; Application of Receipts
	  	 	59	 
	 Section 5.13
	 	 Estoppel Certificates
	  	 	59	 
	 Section 5.14
	 	 Indebtedness
	  	 	59	 
	 Section 5.15
	 	 No Liens
	  	 	60	 
	 Section 5.16
	 	 Contingent Obligations
	  	 	60	 
	 Section 5.17
	 	 Restriction on Fundamental Changes
	  	 	60	 
	 Section 5.18
	 	 Transactions with Related Persons
	  	 	60	 
	 Section 5.19
	 	 Bankruptcy, Receivers, Similar Matters
	  	 	61	 
	 Section 5.20
	 	 ERISA
	  	 	61	 
	 Section 5.21
	 	 Ground Leases
	  	 	62	 
	 Section 5.22
	 	 Conversion of an Other Site to a Mortgaged Site
	  	 	66	 
	 Section 5.23
	 	 Lender’s Expenses
	  	 	66	 
		
	 ARTICLE VI RESERVES
	  	 	67	 
			
	 Section 6.1
	 	 Security Interest in Reserves; Other Matters Pertaining to Reserves
	  	 	67	 
	 Section 6.2
	 	 Funds Deposited with Lender
	  	 	67	 
	 Section 6.3
	 	 Impositions and Insurance Reserve
	  	 	68	 
	 Section 6.4
	 	 Advance Rents Reserve Sub-Account
	  	 	69	 
	 Section 6.6
	 	 Cash Trap Reserve
	  	 	69	 
		
	 ARTICLE VII DEPOSIT ACCOUNT; LOCK BOX ACCOUNT; CASH MANAGEMENT
	  	 	70	 
			
	 Section 7.1
	 	 Establishment of Deposit Account and Central Account
	  	 	70	 

  
 -ii- 

							
	 Section 7.2
	 	 Application of Funds in Central Account
	  	 	71	 
	 Section 7.3
	 	 Application of Funds After Event of Default
	  	 	71	 
		
	 ARTICLE VIII DEFAULT, RIGHTS AND REMEDIES
	  	 	72	 
			
	 Section 8.1
	 	 Event of Default
	  	 	72	 
	 Section 8.2
	 	 Acceleration and Remedies
	  	 	74	 
	 Section 8.3
	 	 Performance by Lender
	  	 	76	 
	 Section 8.4
	 	 Evidence of Compliance
	  	 	77	 
		
	 ARTICLE IX LIMITED-PURPOSE, BANKRUPTCY-REMOTE REPRESENTATIONS,
	  			
		 	 WARRANTIES AND COVENANTS
	  	 	77	 
			
	 Section 9.1
	 	 Applicable to Additional Borrowers
	  	 	77	 
	 Section 9.2
	 	 Applicable to Borrower Parties
	  	 	80	 
		
	 ARTICLE X PLEDGE OF OTHER COMPANY COLLATERAL
	  	 	83	 
			
	 Section 10.1
	 	 Grant of Security Interest/UCC Collateral
	  	 	83	 
		
	 ARTICLE XI RESTRICTIONS ON LIENS, TRANSFERS; ASSUMABILITY; RELEASE OF
	  			
		 	 PROPERTIES
	  	 	84	 
			
	 Section 11.1
	 	 Restrictions on Transfer and Encumbrance
	  	 	84	 
	 Section 11.2
	 	 Transfers of Beneficial Interests
	  	 	85	 
	 Section 11.3
	 	 Defeasance
	  	 	85	 
	 Section 11.4
	 	 Release of Sites
	  	 	87	 
	 Section 11.5
	 	 Substitution of a Mortgaged Site
	  	 	91	 
	 Section 11.6
	 	 Substitution of Other Pledged Sites
	  	 	93	 
	 Section 11.7
	 	 Addition of an Additional Site or Additional Borrower Site
	  	 	94	 
	 Section 11.8
	 	 Determination of Allocated Loan Amounts
	  	 	98	 
		
	 ARTICLE XII RECOURSE; LIMITATIONS ON RECOURSE
	  	 	99	 
			
	 Section 12.1
	 	 Limitations on Recourse
	  	 	99	 
	 Section 12.2
	 	 Certain Liabilities
	  	 	99	 
	 Section 12.3
	 	 Miscellaneous
	  	 	100	 
		
	 ARTICLE XIII WAIVERS OF DEFENSES OF GUARANTORS AND SURETIES
	  	 	100	 
			
	 Section 13.1
	 	 Waivers
	  	 	100	 
		
	 ARTICLE XIV MISCELLANEOUS
	  	 	102	 
			
	 Section 14.1
	 	 Expenses and Attorneys’ Fees
	  	 	102	 
	 Section 14.2
	 	 Indemnity
	  	 	102	 
	 Section 14.3
	 	 Amendments and Waivers
	  	 	103	 
	 Section 14.4
	 	 Retention of the Borrowers’ Documents
	  	 	103	 
	 Section 14.5
	 	 Notices
	  	 	103	 
	 Section 14.6
	 	 Survival of Warranties and Certain Agreements
	  	 	105	 
	 Section 14.7
	 	 Failure or Indulgence Not Waiver; Remedies Cumulative
	  	 	105	 

  
 -iii- 

							
	 Section 14.8
	 	 Marshalling; Payments Set Aside
	  	 	106	 
	 Section 14.9
	 	 Severability
	  	 	106	 
	 Section 14.10
	 	 Headings
	  	 	106	 
	 Section 14.11
	 	 APPLICABLE LAW
	  	 	106	 
	 Section 14.12
	 	 Successors and Assigns
	  	 	107	 
	 Section 14.13
	 	 Sophisticated Parties, Reasonable Terms, No Fiduciary Relationship
	  	 	107	 
	 Section 14.14
	 	 Limitation of Liability
	  	 	107	 
	 Section 14.15
	 	 No Duty
	  	 	108	 
	 Section 14.16
	 	 Entire Agreement
	  	 	108	 
	 Section 14.17
	 	 Construction; Supremacy of Loan Agreement
	  	 	108	 
	 Section 14.18
	 	 CONSENT TO JURISDICTION
	  	 	108	 
	 Section 14.19
	 	 WAIVER OF JURY TRIAL
	  	 	109	 
	 Section 14.20
	 	 Counterparts; Effectiveness
	  	 	109	 
	 Section 14.21
	 	 Servicer
	  	 	110	 
	 Section 14.22
	 	 Obligations of Borrower Parties
	  	 	110	 
	 Section 14.23
	 	 Cross-Default; Cross-Collateralization; Waiver of Marshalling of Assets
	  	 	110	 

  

  
 -iv- 

 SECOND AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT 

This SECOND AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT (this “Loan
Agreement”) is dated as of March 29, 2018, and entered into by and among AMERICAN TOWER ASSET SUB, LLC, a Delaware limited liability company (“Asset Sub”), AMERICAN TOWER ASSET SUB II, LLC, a
Delaware limited liability company (“Asset Sub II”; together with Asset Sub, the “Initial Borrowers”) and the ADDITIONAL BORROWER OR BORROWERS that may become a party hereto (collectively and,
together with the Initial Borrowers, the “Borrowers” and, individually, each, a “Borrower”) and U.S. BANK NATIONAL ASSOCIATION, a national banking association, as Trustee for American Tower
Trust I Secured Tower Revenue Securities, as successor in interest to American Tower Depositor Sub, LLC (“Original Lender”) (together with its successors and assigns, “Lender”). 

RECITALS 

WHEREAS, Asset Sub, Asset Sub II and Original Lender entered into that certain Loan and Security Agreement (the
“Initial Loan Agreement”), dated as of May 4, 2007 (the “Initial Closing Date”), as supplemented by that First Loan and Security Agreement Supplement, dated as of May 4, 2007, and as further
supplemented by that Loan and Security Agreement Supplement, dated as of May 4, 2012, pursuant to which American Tower Antenna Asset Sub, LLC, a Delaware limited liability company, became a Borrower under the Initial Loan Agreement and the Loan
Documents (the Initial Loan Agreement, as so supplemented, the “Original Loan Agreement”); 

WHEREAS, pursuant to the Initial Loan Agreement, Original Lender advanced to Asset Sub and Asset Sub II an aggregate
principal amount of One Billion Seven Hundred Fifty Million Dollars and 00/100 Cents ($1,750,000,000) (the “Original Indebtedness”); 

WHEREAS, Asset Sub, Asset Sub II and Lender entered into that certain First Amended and Restated Loan and Security
Agreement (the “First Amended Loan Agreement”), dated as of March 15, 2013 (the “2013 Closing Date”), as supplemented by that First Supplement to First Amended and Restated Loan and Security
Agreement, dated as of March 15, 2013, pursuant to which the Borrowers and the Lender amended and restated in its entirety the Original Loan Agreement (the First Amended Loan Agreement, as so supplemented, the “2013 Loan
Agreement”); 
 WHEREAS, pursuant to the 2013 Loan Agreement, Lender advanced to Asset Sub and Asset
Sub II an aggregate principal amount of One Billion Eight Hundred Million Dollars and 00/100 Cents ($1,800,000,000), a portion of which was used to fully repay the Original Indebtedness. 

WHEREAS, the Borrowers and Lender desire to amend and restate in its entirety the First Amended Loan Agreement and in
connection therewith Lender shall provide for an advance to the Borrowers in an amount (the “Indebtedness”) such that the Principal Amount of the Loan outstanding as of the date hereof will be One Billion Eight Hundred Twenty
Six 

 
Million Four Hundred Thousand Dollars and 00/100 Cents ($1,826,400,000) pursuant to the terms hereof; 

WHEREAS, the Parties agree that (i) from and after the date hereof the terms, covenants and provisions of the
First Amended Loan Agreement are hereby modified, amended, replaced, superseded and restated in their entirety by this Loan Agreement and (ii) this Loan Agreement modifies the First Amended Loan Agreement but is not a novation thereof; 

WHEREAS, to secure the Obligations in connection with the Indebtedness, the Borrowers have delivered certain
Collateral to Lender pursuant to the terms hereof; 
 WHEREAS, the Borrowers and Lender have agreed to treat each
Component as a separate loan for U.S. federal income tax purposes; 
 WHEREAS, the Borrowers and Lender intend these
recitals to be a material part of this Loan Agreement; and 
 WHEREAS, all things necessary to make this Loan
Agreement the valid and legally binding obligation of the Borrowers in accordance with its terms, for the uses and purposes herein set forth, have been done and performed. 

NOW, THEREFORE, to evidence and secure the payment of the principal of, Yield Maintenance (if any) and interest on the
Indebtedness to be incurred under this Loan Agreement, and any Loan Increase and all other obligations, liabilities or sums due or to become due pursuant to the Loan Documents, the Borrowers and Lender have executed and delivered this Loan Agreement
and the Borrowers and Lender by these presents and by the execution and delivery hereof do hereby irrevocably agree as follows: 
 ARTICLE
I 
 DEFINITIONS 

Section 1.1    Certain Defined Terms. The terms defined below are
used in this Loan Agreement as so defined. Terms defined in the preamble and recitals to this Loan Agreement are used in this Loan Agreement as so defined. 

“2013 Closing Date” has the meaning set forth in the Recitals. 

“2013 Loan Agreement” has the meaning set forth in the Recitals. 

“2013-2A Component” means the Component corresponding to the
Series 2013-2A Securities. 
 “Acceptable Manager” means
SpectraSite Communications, LLC or an Affiliate thereof or another Manager, in each case, as provided in Section 5.11(C). 

“Account Collateral” means all of the Borrowers’ right, title and interest in and to the
Accounts, the Reserves, all monies and amounts which may from time to time be on 

  
 -2- 

 
deposit therein, all monies, checks, notes, instruments, documents, deposits, and credits from time to time in the possession of Lender representing or evidencing such Accounts and Reserves and
all earnings and investments held therein and proceeds thereof. 
 “Accounts” means, collectively,
the Deposit Account, the Central Account, the Sub-Accounts thereof, and any other accounts pledged to Lender pursuant to this Loan Agreement or any other Loan Document. 

“Addition” has the meaning set forth in Section 11.7. 

“Additional Borrower Site” and “Additional Borrower Sites” means,
individually or collectively, any properties (including land and Improvements) and all related facilities that are owned or leased by an Additional Borrower. 

“Additional Borrower” and “Additional Borrowers” means, individually or
collectively, any additional borrower that becomes a party hereto pursuant to Section 2.3. 

“Additional Borrower Documents” has the meaning set forth in Section 2.3.

 “Additional Closing Date” means the date on which any Additional Closing occurs. 

“Additional Closing” means any funding of a Loan Increase pursuant to a Loan Agreement Supplement and
the consummation of the other transactions contemplated by such Loan Agreement Supplement. 
 “Additional
Site” and “Additional Sites” means, individually or collectively, any additional properties (including land and Improvements) and all related facilities that become owned or leased by a Borrower after the Closing
Date, and, in the case of any other Additional Borrower, the date on which such Additional Borrower became a Borrower, in each case, in accordance with Section 11.7. 

“Additional Trust Fund Expenses” has the meaning set forth in the Trust Agreement. 

“Administrative Fees” has the meaning set forth in Section 2.10. 

“Advance Interest” has the meaning assigned thereto in the Trust Agreement. 

“Advance Rate” has the meaning assigned thereto in the Trust Agreement. 

“Advance Rents Reserve” has the meaning set forth in Section 6.4. 

“Advance Rents Deposit Condition” has the meaning set forth in the Cash Management Agreement. 

“Advance Rents Reserve Deposit” has the meaning set forth in the Cash Management Agreement. 

  
 -3- 

 “Advance Rents Reserve
Sub-Account” has the meaning set forth in Section 6.4. 

“Affiliate” means in relation to any Person, any other Person: (i) directly or indirectly
controlling, controlled by, or under common control with, the first Person; (ii) directly or indirectly owning or holding fifty percent (50%) or more of the voting stock or other equity interest in the first Person; or (iii) fifty percent
(50%) or more of whose voting stock or other equity interest is directly or indirectly owned or held by the first Person. For purposes of this definition, “control” (including with correlative meanings, the terms
“controlling”, “controlled by” and “under common control with”) means the possession directly or indirectly of the power to direct or cause the direction of the management and
policies of a Person, whether through the ownership of voting securities, by contract or otherwise. Where expressions such as “[name of party] or any Affiliate” are used, the same shall refer to the named party and any Affiliate of the
named party. Further, the Affiliates of any Person that is an entity shall include all natural persons who are officers, agents, directors, members or partners of the entity Person. 

“Allocated Loan Amount” means (a) for any Site, other than a Replacement Site prior to the first
Allocated Loan Amount Determination Date following the date on which such Site became a Replacement Site, (i) during the period from and including the Closing Date to but excluding the first Allocated Loan Amount Determination Date following
the Closing Date, the amount with respect to such Site set forth on Exhibit A and (ii) during the period from and including the first Allocated Loan Amount Determination Date following the Closing Date or any Allocated
Loan Amount Determination Date thereafter to but excluding the next succeeding Allocated Loan Amount Determination Date, the amount with respect to such Site determined by Lender for such period in accordance with
Section 11.8 and (b) for any Replacement Site prior to the first Allocated Loan Amount Determination Date following the date on which such Site became a Replacement Site, an amount equal to the Allocated Loan Amount
for the related Substituted Site or Substituted Sites. 
 “Allocated Loan Amount Determination
Date” means any of the following dates: an Additional Closing Date or the date of any Addition. 

“Amended Deed of Trust” means an amendment to the Deed of Trust originally encumbering the Mortgaged
Site for which an Amended Ground Lease has been executed, the effect of which is to add additional property (including land and Improvements) to the existing Mortgage Site and to spread the lien of the existing Deed of Trust to encumber the existing
Mortgaged Site and such additional property subject to the Amended Ground Lease, as applicable. 
 “Amended
Ground Lease” has the meaning set forth in Section 5.21. 
 “Amortization
Period” means the period which shall commence (i) at such time as Lender determines that as of the end of any calendar quarter the Debt Service Coverage Ratio was equal to or fell below the Minimum DSCR for such calendar quarter
and will continue to exist until the Lender determines that as of the end of any two consecutive calendar quarters the Debt Service Coverage Ratio exceeds the Minimum DSCR for such two consecutive quarters, or (ii) on such Anticipated Repayment
Date if any Component of the Loan is not repaid in full on or 

  
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prior to the Anticipated Repayment Date for such Component, and will continue to exist until such Component of the Loan is repaid in full; provided, however, that the Amortization Period under
this clause (ii) will only be applicable with respect to the Component that is not repaid in full on or prior to its Anticipated Repayment Date. 

“Annual Advance Rents Reserve Deposit” has the meaning set forth in the Cash Management Agreement.

 “Annualized Run Rate Net Cash Flow” means, for any Site as of any date of determination, the
Annualized Run Rate Revenue for such Site as of such date, less the sum, as of such date, of (i) budgeted annual real and personal property taxes (including payments in lieu of taxes), budgeted annual insurance expenses and run rate Ground
Lease payments, if applicable, annualized as of such date of determination with respect to such Site, and amounts payable to a Third Party Owner under a Site Management Agreement, if applicable, (ii) trailing twelve (12) month expenses in
respect of such Site for repairs, maintenance, utilities and other miscellaneous expenses, (iii) for Maintenance Capital Expenditures which are assumed to be $600 per Site per year, and (iv) a Management Fee equal to 4.5% of the annual
Operating Revenues for such Site. For purposes of clause (ii) of this definition, for any Additional Site or Additional Borrower Site, the calculation of the trailing twelve (12) month expenses shall be based on, at the time of,
acquisition of such Site and through three (3) full calendar months thereafter, the applicable Borrower’s annual budgeted expenses in respect of such Site for repairs, maintenance, utilities and other miscellaneous expenses, and following
the third full calendar month following the acquisition of such Site and through the date that the Site ceases to be an Unseasoned Site, actual expenses in respect of such Site for repairs, utilities and maintenance annualized based upon the number
of full calendar months of ownership of such Site. 
 “Annualized Run Rate Revenue” means, at any
point in time, the net annualized rent payable by Lessees for occupancy of a Site at such time. 
 “Anticipated
Repayment Date” for each Component, has the meaning set forth in the Loan Agreement Supplement relating to such Component. 

“Approved Accounting Firm” means any nationally recognized accounting firm, reasonably acceptable to
Lender, including, as of the date hereof, Deloitte & Touche LLP. 
 “ARD Component Rate”
for each Component, has the meaning set forth in the Loan Agreement Supplement relating to such Component. 

“ASC 840” means Accounting Standards Certification No. 840. 

“Assignment of Management Agreement” means the Collateral assignment of the Management Agreement,
dated as of the Initial Closing Date, among the Borrowers, any Additional Borrower that becomes a party thereto, and Manager, constituting an Assignment of the Management Agreement as Collateral for the Loan, as same may be amended or modified from
time to time. 
 “Asset Sub” has the meaning set forth in the Preamble. 

  
 -5- 

 “Asset Sub II” has the meaning set forth in the
Preamble. 
 “AT Parent” has the meaning set forth in Section 5.1. 

“AT&T Sites” means Sites subleased by the Borrowers from AT&T pursuant to the AT&T
Sublease. 
 “AT&T Site Purchase Options” means the Asset Sub II’s options to purchase the
AT&T Sites from time to time, as set forth in, and subject to the terms and conditions of, the AT&T Sublease. 

“AT&T Sublease” means the lease and sublease agreement, as amended, dated December 14, 2000,
by and among predecessors in interest to the Borrowers and AT&T and as further amended on September 30, 2008, as further amended on July 1, 2010 and as further amended on June 28, 2012. 

“Available Funds” has the meaning set forth in the Cash Management Agreement. 

“Bankruptcy Code” means Title 11 of the United States Code, as amended from time to time, and
all rules and regulations promulgated thereunder. 
 “Borrower” and
“Borrowers” have the meanings set forth in the preamble; provided that, (i) following a Borrower Release, “Borrowers” will mean each of the Borrowers remaining as a party to the Loan
Documents and “Borrower” will mean any of such remaining parties, and (ii) following the addition of an Additional Borrower as provided by Section 2.3, “Borrower” will
include such Additional Borrower as a Borrower for all purposes hereunder. 
 “Borrower Party”
and “Borrower Parties” means, individually or collectively, the Borrowers, any Additional Borrower, Guarantor, and Parent Guarantor. 

“Borrower Party Secretary” has the meaning set forth in Section 3.1. 

“Borrower Release” has the meaning set forth in Section 11.4(F). 

“Business Day” means any day other than a Saturday, a Sunday or a legal holiday in the State of New
York, the Commonwealth of Massachusetts, the State of Illinois, the State of Minnesota, the state where the primary servicing office of Servicer is located or the state in which the corporate trust office of the Trustee is located, or any day on
which banking institutions located in any such state are generally not open for the conduct of regular business. 

“CapEx Budget” means the annual budget covering the planned Capital Expenditures for the period
covered by such budget. The CapEx Budget shall not include Discretionary Capital Expenditures. 
 “Capital
Expenditures” means expenditures for Capital Improvements. 

  
 -6- 

 “Capital Improvements” means capital improvements,
repairs or alterations, fixtures, equipment and other capital items (whether paid in cash or property or accrued as liabilities) made by the Borrowers that, in conformity with GAAP, would not be included in the Borrowers’ annual financial
statements as an operating expense. 
 “Cash Management Agreement” means the Second Amended and
Restated Cash Management Agreement of even date herewith among the Borrowers, any Additional Borrower that becomes a party thereto, Lender, Manager, Central Account Bank and Servicer. 

“Cash Trap Condition” has the meaning set forth in Section 6.5. 

“Cash Trap DSCR” means, as of the last day of any calendar quarter ending prior to the Anticipated
Repayment Date, 1.30:1 for such calendar quarter. 
 “Cash Trap Reserve” has the meaning set forth
in Section 6.5. 
 “Central Account” and “Central Account
Bank” have the meanings set forth in Section 7.1. 

“Certificate” has the meaning set forth in the Trust Agreement. 

“Claims” has the meaning set forth in Section 5.3. 

“Closing” means the funding of the initial Principal Amount on the terms and conditions hereto. 

“Closing Date” means the date on which the Closing occurs. 

“Collateral” means rights, interests, and property of every kind, real and personal, tangible and
intangible, which is granted, pledged, liened, or encumbered as security for the Loan or any of the other Obligations including, without limitation, the Sites and the Account Collateral. 

“Compliance Certificate” has the meaning set forth in Section 5.1. 

“Component” has the meaning set forth in Section 2.1(A). 

“Component Principal Balance” means, for any Component on any date of determination, the outstanding
principal amount of such Component. The initial Component Principal Balance for each Component will be specified in the Loan Agreement Supplement relating to such Component. 

“Component Rate” for each Component, has the meaning set forth in the Loan Agreement Supplement
relating to such Component. 
 “Condemnation Proceeds” means, collectively, the proceeds of any
condemnation or taking pursuant to the exercise of the power of eminent domain or purchase in lieu thereof. 

  
 -7- 

 “Contingent Obligation”, as applied to any Person, means
any direct or indirect liability, contingent or otherwise, of that Person: (A) with respect to any indebtedness, lease, dividend or other obligation of another if the primary purpose or intent of the Person incurring such liability, or the
primary effect thereof, is to provide assurance to the obligee of such liability that such liability will be paid or discharged, or that any agreements relating thereto will be complied with, or that the holders of such liability will be protected
(in whole or in part) against loss with respect thereto; (B) with respect to any letter of credit issued for the account of that Person or as to which that Person is otherwise liable for reimbursement of drawings; (C) under any interest
rate swap agreement, interest rate cap agreement, interest rate collar agreement or other similar agreement or arrangement designed to protect against fluctuations in interest rates; or (D) under any foreign exchange contract, currency swap
agreement or other similar agreement or arrangement designed to protect that Person against fluctuations in currency values. Contingent Obligations shall include (i) the direct or indirect guaranty, endorsement (other than for collection or
deposit in the ordinary course of business), co-making (other than the Loan), discounting with recourse or sale with recourse by such Person of the obligation of another, (ii) the obligation to make take-or-pay or similar payments if required regardless of nonperformance by any other party or parties to an agreement, and (iii) any liability of such Person for the
obligations of another through any agreement to purchase, repurchase or otherwise acquire such obligation or any property constituting security therefor, to provide funds for the payment or discharge of such obligation or to maintain the solvency,
financial condition or any balance sheet item or level of income of another. The amount of any Contingent Obligation shall be equal to the amount of the obligation so guaranteed or otherwise supported or, if not a fixed and determined amount, the
maximum amount so guaranteed. 
 “Contractual Obligation” as applied to any Person, means any
indenture, mortgage, deed of trust, contract, undertaking, agreement or other instrument to which that Person is a party or by which it or any of its properties is bound or to which it or any of its properties is subject, other than the Loan
Documents. 
 “Database” has the meaning set forth in Section 3.1. 

“Debt Service Coverage Ratio” or “DSCR” as of any date of determination is
the Net Cash Flow for the Sites divided by the amount of interest, Servicing Fees and Trustee Fees that the Borrowers will be required to pay over the succeeding twelve (12) months on the Principal Amount of the Loan (excluding any Post-ARD Additional Interest, interest on the Components corresponding to any Series of Risk Retention Securities or Value Reduction Accrued Interest), determined without giving effect to any reduction in interest
due related to any Value Reduction Amount and determined on a pro-forma basis to exclude Net Cash Flow from any Site that is released from the Collateral. 

“Deeds of Trust” means, collectively, (i) the Deeds of Trust, Assignments, Security Agreements
and Financing Statements, (ii) the Mortgages, Assignments, Security Agreements and Financing Statements, and (iii) the Deeds to Secure Debt, Assignments, Security Agreements and Financing Statements from the Borrowers, constituting Liens
on the Mortgaged Sites as Collateral for the Loan as the same have been, or may be, assigned, modified or amended from time to time. 

  
 -8- 

 “Default” means any breach or default under any of the
Loan Documents, whether or not the same is an Event of Default, and also any condition or event that, after notice or lapse of time or both, would constitute an Event of Default if that condition or event were not cured or removed within any
applicable grace or cure period. 
 “Default Rate” for any Component is the same as the Component
Rate for such Component. 
 “Defease” means to deliver Federal Obligations as substitute Collateral
for the Loan in accordance with Section 11.3; and the term “Defeasance” has the meaning correlative to the foregoing. 

“Deposit Account” has the meaning set forth in Section 7.1. 

“Deposit Account Agreement” has the meaning set forth in Section 7.1. 

“Deposit Bank” has the meaning set forth in Section 7.1. 

“Depositor” means American Tower Depositor Sub, LLC, a Delaware limited liability company (together
with any successors or assigns). 
 “Discretionary Capital Expenditures” means Capital Expenditures
made to acquire fee or perpetual easement interests with respect to any Ground Lease Site, one-time payments made to obtain long-term extensions of Ground Leases, or
non-recurring expenditures made to enhance the Operating Revenues or decrease the Operating Expenses of a Site. 

“Discretionary Release” has the meaning set forth in Section 11.4(E). 

“Distribution Date” shall mean the fifteenth
15th day of each calendar month or, if any such fifteenth 15th day is not a Business Day, the next succeeding Business Day. 

“Dollars” and the sign “$” mean the lawful money of the United States of
America. 
 “Due Date” means each day that is four (4) Business Days prior to any Distribution
Date, except that, with respect to any Component for which a Distribution Date is the Anticipated Repayment Date, the Due Date shall be the day that is two (2) Business Days prior to such Distribution Date. 

“Eligible Account” has the meaning set forth in the Trust Agreement. 

“Eligible Institution” has the meaning set forth in the Trust Agreement. 

“Employee Benefit Plan” means any employee benefit plan within the meaning of Section 3(3) of
ERISA subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA (including any Multiemployer Plan) and (i) which is maintained for employees of any of the Borrowers or any ERISA Affiliate,
(ii) which has at any time within the preceding six (6) years been maintained for the employees of any of the Borrowers or any 

  
 -9- 

 current or former ERISA Affiliate or (iii) for which any of the Borrowers or any ERISA
Affiliate has or may have any liability, including contingent liability. 
 “Environmental
Indemnity” means the Environmental Indemnity dated as of the Initial Closing Date among the Borrowers, Lender, and any Additional Borrower that becomes a party thereto, as same may be amended or modified from time to time, and as
reaffirmed as of the Closing Date by the Borrowers. 
 “Environmental Laws” means all present and
future local, state, federal or other Governmental Authority, statutes, ordinances, codes, orders, decrees, laws, rules or regulations pertaining to or imposing liability or standards of conduct concerning environmental regulation (including,
without limitation, regulations concerning health and safety), contamination or clean-up or the handling, generation, release or storage of Hazardous Material affecting the Sites including, without limitation,
the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended, the Resource Conservation and Recovery Act, as amended, the Emergency Planning and Community Right-to-Know Act of 1986, as amended, the Hazardous Substances Transportation Act, as amended, the Solid Waste Disposal Act, as amended, the Clean Water Act, as amended, the Clean Air Act, as amended, the
Toxic Substances Control Act, as amended, the Safe Drinking Water Act, as amended, the Occupational Safety and Health Act, as amended, any state superlien and environmental clean-up statutes and all
regulations adopted in respect of the foregoing laws whether now or hereafter in effect, but excluding any local, state, federal, or other governmental historic preservation or similar laws relating to historical resources and historic preservation
not related to (i) protection of health or the environment or (ii) Hazardous Materials. 

“ERISA” means the Employee Retirement Income Security Act of 1974, and all rules and regulations
promulgated thereunder, as amended from time to time. 
 “ERISA Affiliate” means, in relation to
any Person, any other Person under common control with the first Person, within the meaning of Section 4001(a)(14) of ERISA. 

“Estoppel” has the meaning set forth in Section 4.25(A). 

“Event of Default” has the meaning set forth in Section 8.1. 

“Excess Cash Flow” means Available Funds remaining in the Central Account on any Due Date after
allocations and/or distributions of all amounts required to be allocated or distributed pursuant to Section 3.3(a)(i)-(vii) of the Cash Management Agreement. 

“Excess Interest” has the meaning set forth in Section 2.2. 

“Exculpated Parties” has the meaning set forth in Section 12.2. 

“Extraordinary Expenses” means Capital Expenditures and Operating Expenses not set forth in either
the annual CapEx Budget or the Operating Budget. 
 “Federal Obligations” means non-callable direct obligations of, or obligations fully guaranteed as to payment of principal and interest by, the United States of America or any 

  
 -10- 

 
agency or instrumentality thereof, provided that such obligations are backed by the full faith and credit of the United States of America as chosen by the Borrowers, subject to the
approval of Lender. 
 “Financial Statements” means statements of operations and retained earnings,
statements of cash flow and balance sheets. 
 “Financing Statements” means the Uniform Commercial
Code Financing Statements naming the applicable Borrower Parties as debtor, and Lender as secured party, required under applicable state law to perfect the security interests created hereunder or under the other Loan Documents. 

“First Amended Loan Agreement” has the meaning set forth in the Recitals. 

“Fitch” means Fitch Ratings, Inc. 

“GAAP” means generally accepted accounting principles as set forth in Statement on Auditing Standards
No. 69 entitled “The Meaning of Presenting Fairly in Conformity with Generally Accepted Accounting Principles in the Independent Auditor’s Report” issued by the Auditing Standards Board of the Institute of Certified Public
Accountants and statements and pronouncements of the Financial Accounting Standards Board to the extent such principles are applicable to the facts and circumstances as of the date of determination. 

“Governmental Authority” means, with respect to any Person, any federal or state government or other
political subdivision thereof and any entity, including any regulatory or administrative authority or court, exercising executive, legislative, judicial, regulatory or administrative or quasi-administrative functions of or pertaining to government,
and any arbitration board or tribunal in each case having jurisdiction over such applicable Person or such Person’s property, and any stock exchange on which shares of capital stock of such Person are listed or admitted for trading. 

“Governmental Leases” means Leases with any federal or state government or other political
subdivision thereof for space on a Tower located on a Site, provided that such lease (by way of a lease, purchase order, request for proposal, or similar requisition system) does not contain any provision that would materially and adversely
affect Lender’s Collateral or the priority of any Deed of Trust. 
 “Ground Lease” and
“Ground Leases” means, collectively or individually, the ground leases and non-perpetual easements described on Schedule 4.25 attached hereto; provided that,
(i) following termination of a Ground Lease, or the conversion of a Ground Lease Site to an Owned Land Site pursuant to Section 5.21, “Ground Leases” shall not include such Ground Lease relating
to such Ground Lease Site, (ii) following a Substitution with respect to a Ground Lease Site, “Ground Leases” shall include the ground lease relating to the Replacement Site and shall exclude the ground lease relating to
the Substituted Site, and (iii) with respect to, or following, the addition of any Additional Site(s) and/or Additional Borrower Site(s), “Ground Leases” shall also include all ground leases relating to the Additional
Sites and/or Additional Borrower Sites. For all purposes hereunder, with respect to the AT&T Sites, Ground Lease shall mean the AT&T Sublease. 

  
 -11- 

 “Ground Lease Default” has the meaning set forth in
Section 4.25(A)(iii). 
 “Ground Lease Site” means each Site that is the
subject of a Ground Lease. 
 “Ground Lessors” means the landlords under the Ground Lease. For all
purposes hereunder, Ground Lessor with respect to the AT&T Sites shall mean the sublessor under the AT&T Sublease. 

“Guarantor” means American Tower Holding Sub, LLC, a Delaware limited liability company, and its
permitted successors and assigns. 
 “Guaranty” means collectively, the Environmental Indemnity,
the Parent Guaranty and the Payment Guaranty. 
 “Hazardous Material” means all or any of the
following: (A) substances, materials, compounds, wastes, products, emissions and vapors that are defined or listed in, regulated by, or otherwise classified pursuant to, any applicable Environmental Laws, including any so defined, listed,
regulated or classified as “hazardous substances”, “hazardous materials”, “hazardous wastes”, “toxic substances”, “pollutants”, “contaminants”, or any other formulation intended to
regulate, define, list or classify substances by reason of deleterious, harmful or dangerous properties; (B) waste oil, oil, petroleum or petroleum derived substances, natural gas, natural gas liquids or synthetic gas and drilling fluids,
produced waters and other wastes associated with the exploration, development or production of crude oil, natural gas or geothermal resources; (C) any flammable substances or explosives or any radioactive materials; (D) asbestos in any
form; (E) electrical or hydraulic equipment which contains any oil or dielectric fluid containing polychlorinated biphenyls; (F) radon; (G) mold; or (H) urea formaldehyde, provided, however, such definition shall
not include (i) cleaning materials and other substances commonly used in the ordinary course of the Borrowers’ business, which materials exist only in reasonable quantities and are stored, contained, transported, used, released, and
disposed of in accordance with all applicable Environmental Laws, or (ii) cleaning materials and other substances commonly used in the ordinary course of the Borrowers’ lessee’s, or any of their respective agent’s, business,
which materials exist only in reasonable quantities and are stored, contained, transported, used, released, and disposed of in accordance with all applicable Environmental Laws. 

“Impositions” means (i) all real and personal property taxes, and other similar charges, general
and special, ordinary and extraordinary, foreseen and unforeseen, of every kind and nature whatsoever (including any payments in lieu of taxes), which at any time prior to, at or after the execution hereof may be assessed, levied or imposed by, in
each case, a Governmental Authority upon any of the Sites or the Rents relating thereto or upon the ownership, use, occupancy or enjoyment thereof, and any interest, cost or penalties imposed by such Governmental Authority with respect to any of the
foregoing and (ii) all rent and other amounts payable by the Borrowers for each of the Ground Leases. Impositions shall not include (x) any sales or use taxes payable by the Borrowers, (y) taxes payable by Lessees or guests occupying
any portions of the Sites, or (z) taxes or other charges payable by any Manager unless such taxes are being paid on behalf of the Borrowers. 

  
 -12- 

 “Impositions and Insurance Reserve” means the reserve
established pursuant to Section 6.3. 
 “Improvements” means all
buildings, structures, fixtures, additions, enlargements, extensions, modifications, repairs, replacements and improvements of every kind and nature now or hereafter located on the Sites and owned by the Borrowers. 

“Indebtedness” or “indebtedness”, means, for any Person, without duplication:
(i) all indebtedness of such Person for borrowed money, for amounts drawn under a letter of credit, or for the deferred purchase price of property for which such Person or its assets is liable, (ii) all unfunded amounts under a loan
agreement, letter of credit (unless secured in full by Dollars), or other credit facility for which such Person would be liable if such amounts were advanced thereunder, (iii) all amounts required to be paid by such Person as a guaranteed
payment to partners or a preferred or special dividend, including any mandatory redemption of shares or interests but not any preferred return or special dividend paid solely from, and to the extent of, excess cash flow after the payment of all
operating expenses, capital improvements and debt service on all Indebtedness, (iv) all obligations under leases that constitute capital leases for which such Person is liable, and (v) all obligations of such Person under interest rate
swaps, caps, floors, collars and other interest hedge agreements, in each case whether such Person is liable contingently or otherwise, as obligor, guarantor or otherwise, or in respect of which obligations such Person otherwise assures a creditor
against loss, provided that reimbursement or indemnity obligations related to surety bonds or letters of credit incurred in the ordinary course of business and fully secured by cash collateral shall not be considered
“Indebtedness” hereunder. 
 “Indemnified Liabilities” has the
meaning set forth in Section 14.2. 
 “Indemnitees” has the meaning set
forth in Section 14.2. 
 “Independent Director” means, with respect to
any entity, an individual who has prior experience as an independent director, independent manager or independent member with at least three years of employment experience and who is provided by Corporation Service Company, CT Corporation, Lord
Securities Corporation, National Registered Agents, Inc., Stewart Management Company, Wilmington Trust Company, or, if none of those companies is then providing professional independent directors, another nationally-recognized company reasonably
approved by Lender, in each case that is not an Affiliate of the applicable Borrower and that provides professional independent directors and other corporate services in the ordinary course of its business, and which individual is duly appointed as
an Independent Director and is not, and has never been, and will not while serving as Independent Director be, any of the following: 

(i)    a member, partner, equityholder, manager, director, officer or employee of the
Borrower, the Borrower’s member, or any of their respective equityholders or Affiliates (other than as an Independent Director of the Borrower, another Borrower or an Affiliate of the Borrower that is not in the direct chain of ownership of the
Borrower and that is required by a creditor to be a single purpose bankruptcy remote entity, provided that such Independent Director is employed by a company that routinely provides 

  
 -13- 

 
professional independent directors in the ordinary course of its business); 

(ii)    a creditor, supplier or service provider (including provider of professional
services) to the Borrower, or any of its equityholders or Affiliates (other than a nationally-recognized company that routinely provides professional independent directors and other corporate services to the Borrower or any of its equityholders or
Affiliates in the ordinary course of its business); 
 (iii)    a family member of any
such member, partner, equityholder, manager, director, officer, employee, creditor, supplier or service provider; or 

(iv)    a Person that controls (whether directly, indirectly or otherwise) any of (i),
(ii) or (iii) above. 
 A natural person who otherwise satisfies the foregoing definition and satisfies subparagraph
(i) by reason of being the Independent Director of a “special purpose entity” affiliated with the Borrower shall be qualified to serve as an Independent Director of the Borrower, provided that the fees that such individual earns from
serving as Independent Director of affiliates of the Borrower in any given year constitute in the aggregate less than five percent (5%) of such individual’s annual income for that year. 

“Initial Borrowers” has the meaning set forth in the Recitals. 

“Initial Loan Agreement” has the meaning set forth in the Recitals. 

“Insurance Policies” has the meaning set forth in Section 5.4. 

“Insurance Premiums” means the annual insurance premiums for the insurance policies required to be
maintained by the Borrowers with respect to the Sites under Section 5.4. 
 “Insurance
Proceeds” means all of the proceeds received under the Insurance Policies. 
 “Interest Accrual
Period” means, with respect to each Due Date, the period from and including the Distribution Date immediately preceding such Due Date to but excluding the Distribution Date immediately following such Due Date. 

“Involuntary Borrower Bankruptcy” has the meaning set forth in
Section 5.19. 
 “IRC” means the Internal Revenue Code of 1986, and any
rule or regulation promulgated thereunder from time to time, in each case as amended from time to time. 

“IRS” means the Internal Revenue Service or any successor thereto. 

“Knowledge” whenever in this Loan Agreement or any of the Loan Documents, or in any document or
certificate executed on behalf of any Borrower Party pursuant to this Loan Agreement or any of the Loan Documents, reference is made to the knowledge of any Borrower or any other Borrower Party (whether by use of the words “knowledge” or
“known”, or other 

  
 -14- 

 
words of similar meaning, and whether or not the same are capitalized), such shall be deemed to refer to the knowledge (without independent investigation unless otherwise specified) (i) of
the individuals who have significant responsibility for any policy making, major decisions or financial affairs of the applicable entity; and (ii) also to the knowledge of the person signing such document or certificate. 

“Lease” means any lease, tenancy, license, assignment and/or other rental or occupancy agreement or
other agreement or arrangement (including, without limitation, any and all guaranties of any of the foregoing) heretofore or hereafter entered into affecting the use, enjoyment or occupancy of, or the conduct of any activity upon or in, the Sites or
any portion thereof, including any extensions, renewals, modifications or amendments thereof, and including any ground lease where a Borrower is the landlord thereunder. 

“Lender” has the meaning set forth in the Recitals. 

“Lessee” means a tenant or licensee under a Lease. 

“Lien” means any lien, mortgage, pledge, security interest, charge or encumbrance of any kind,
whether voluntary or involuntary, (including any conditional sale or other title retention agreement, any lease in the nature thereof, and any agreement to give any security interest). 

“Liquidation Fees” has the meaning set forth in the Trust Agreement. 

“Liquidated Tower Replacement Account” shall mean a
sub-account of the Central Account pursuant to which certain proceeds from Site dispositions will be deposited by the Borrowers as required under Section 11.4(E). 

“Loan” has the meaning set forth in Section 2.1(a). 

“Loan Agreement” means this Second Amended and Restated Loan and Security Agreement, as same may be
amended, modified or restated from time to time (including all schedules, exhibits, annexes and appendices hereto). 

“Loan Agreement Supplement” means a loan agreement supplement to this Loan Agreement to be executed
by the Borrowers and Lender which provides for certain terms for the Components and may, among other things, provide for a Loan Increase or an Addition as described therein. 

“Loan Documents” means this Loan Agreement, the Notes, the Deeds of Trust, the Assignment of
Management Agreement, the Payment Guaranty, the Parent Guaranty, the Pledge Agreement, the Environmental Indemnity, the Reaffirmation Agreement, the Financing Statements, the Cash Management Agreement, and any and all other documents and agreements
from the Borrowers, Guarantor, Parent Guarantor, or Manager and accepted by Lender for the purposes of evidencing and/or securing the Loan. 

  
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 “Loan Increase” means any increase in the outstanding
principal amount of the Loan made pursuant to a Loan Agreement Supplement, including for purposes of refinancing any existing Components. 

“Loss Proceeds” means, collectively, all Insurance Proceeds and all Condemnation Proceeds. 

“Loss Proceeds Reserve Sub-Account” has the meaning set forth
in the Cash Management Agreement. 
 “Maintenance Capital Expenditures” means Capital Expenditures
made for the purpose of maintaining the Sites or complying with applicable laws, regulations, ordinances, statutes, codes, or rules applicable to the Sites but shall exclude Discretionary Capital Expenditures. 

“Managed Sites” means (i) following the addition of any Additional Site(s) and/or Additional
Borrower Site(s), “Managed Sites” shall include any Additional Site(s) and/or Additional Borrower Site(s) that is not an Owned Site and is subject to a Site Management Agreement and identified as “Managed
Sites” in any related Loan Agreement Supplement, (ii) following an Other Pledged Site Substitution with respect to a Property that will be subject to a Site Management Agreement, “Managed Sites” shall
include the Replacement Other Pledged Sites and shall exclude the Substituted Other Pledged Site and (iii) following termination of a Site Management Agreement pursuant to Section 5.9, “Managed
Sites” shall mean each of the Sites that remain subject to a Site Management Agreement. 

“Management Agreement” means the First Amended and Restated Management Agreement between the
Borrowers, any Additional Borrower which becomes a party thereto, and the Manager, dated as of the 2013 Closing Date, as the same may be amended, modified or restated from time to time, and any management agreement which may hereafter be entered
into in accordance with the terms and conditions hereof, pursuant to which any subsequent Manager may hereafter manage one or more of the Sites. 

“Management Fee” means the fees earned by Manager pursuant to the terms of the Management Agreement.

 “Manager” means SpectraSite Communications, LLC, as the initial Manager or another Manager as
provided in Section 5.11(C) which may hereafter be charged with management of one or more of the Sites in accordance with the terms and conditions hereof. 

“Master Lease Deposit Account Agreement” means the Deposit Account Agreement dated as of the 2013
Closing Date, by and among Citibank, N.A., the Borrowers, the Lender and the Servicer, as the same may be amended or modified from time to time. 

“Material Adverse Effect” means, as determined by either Lender or Borrower, as applicable, in its
reasonable discretion, (A) a material adverse effect upon the business, operations, or condition (financial or otherwise) of Parent Guarantor, the Borrowers and Guarantor (taken as a whole), or (B) the material impairment of the ability of
Parent Guarantor, the Borrowers and Guarantor (taken as a whole) to perform their obligations under the Loan 

  
 -16- 

 
Documents (taken as a whole), (C) the material impairment of the ability of Lender to enforce or collect the Obligations under the Loan Documents as such Obligations become due, or
(D) a material adverse effect on the use, value or operation of the Sites as a whole as Collateral for the Loan, provided, however that if five percent (5%) or more of the Operating Revenues derived from the Sites taken as a whole
are materially and adversely affected (other than an impact arising as a result of the renegotiation of an existing lessee lease or sublease arrangement in the ordinary course of business), then a Material Adverse Effect shall be deemed to exist. In
determining whether any individual event would result in a Material Adverse Effect, notwithstanding that such event does not of itself have such effect, a Material Adverse Effect shall be deemed to have occurred if the cumulative effect of such
event and all other then occurring events and existing conditions would result in a Material Adverse Effect. 

“Material Agreement” means any Site Management Agreements and any written contract or agreement, or
series of related agreements, by the Borrowers relating to the ownership, management, development, use, operation, leasing, maintenance, repair or improvement of the Sites under which there is an obligation of the Borrowers, in the aggregate, to
pay, or under which the Borrowers receive in compensation, more than $250,000 per annum, excluding (i) the Management Agreement, (ii) the Leases and (iii) any agreement which is terminable by the Borrowers on not more than sixty
(60) days’ prior written notice without any fee or penalty. 
 “Material Ground Lease
Term” means any amendment or modification to a Ground Lease that (i) after giving effect to the terms of such amendment or modification, would result in a material reduction of DSCR (when compared against the Closing Date DSCR),
(ii) would reduce the term (including any extension options) of the Ground Lease or (iii) would materially modify any mortgagee or Lender protections in such Ground Lease. 

“Material Ground Lease Default” has the meaning set forth in
Section 5.21(C). 
 “Maturity Date” for each Component has the meaning
set forth in the Loan Agreement Supplement relating to such Component. The “Maturity Date” for each Note is the date set forth on such Note, as amended, modified or restated, on which the final payment of principal of such
Note becomes due and payable as provided herein, whether at such stated Maturity Date, by acceleration, or otherwise. 

“Maximum Rate” has the meaning set forth in Section 2.2. 

“Minimum DSCR” means 1.15:1, for any full calendar quarter. 

“Moody’s” means Moody’s Investors Service, Inc. 

“Mortgages” means the mortgages, deeds of trust and deeds to secure debt creating first priority
mortgage liens on the Borrowers’ interests (fee or leasehold) in the Mortgaged Sites. 
 “Mortgaged
Sites” and “Mortgaged Site” means, collectively, or individually, the properties (including land and Improvements) described in Exhibit C, and all related facilities, owned or leased by
the Borrowers and which shall be encumbered by and are more 

  
 -17- 

 
particularly described in the respective Deeds of Trust; provided that, (i) following a Release of a Mortgaged Site, “Mortgaged Sites” shall not include such
Mortgaged Site, (ii) following a Substitution with respect to a Mortgaged Site, “Mortgaged Sites” shall include the Replacement Site and shall exclude the Substituted Site and, (iii) with respect to, or following,
the addition of any Additional Site(s) and/or Additional Borrower Site(s), “Mortgaged Sites” shall include all such Sites required to be encumbered by a Deed of Trust pursuant to the Loan Agreement Supplement relating to such
Additional Sites or Additional Borrower Sites. 
 “Multiemployer Plan” means a “multiemployer
plan” as defined in Section 3(37) or Section 4001(a)(3) of ERISA to which any of the Borrowers or any Affiliate is making, or is accruing an obligation to make, contributions or has made, or been obligated to make, contributions
within the preceding six (6) years, or for which any of the Borrowers or any ERISA Affiliate has or may have any liability, including contingent liability. 

“Net Cash Flow” for the Sites is four times the excess of the Net Operating Income for the trailing
three-month period ended as of the most recently ended calendar month for which the Borrowers have been required to deliver Financial Statements to Lender pursuant to Section 5.1(A)(iv) over the Management Fee payable for
such period; provided that for any period during the first three (3) full calendar months following acquisition of an Additional Site or the addition of an Additional Borrower Site, Net Cash Flow for such Additional Sites or Additional
Borrower Sites shall be calculated as the Annualized Run Rate Net Cash Flow of such Sites. 
 “Net Operating
Income” means, for any period, the amount by which Operating Revenues exceed Operating Expenses (excluding Management Fees, interest, income taxes, depreciation, accretion and amortization). 

“Notes” has the meaning set forth in Section 2.1(B). 

“Obligations” means the Loan and all obligations, liabilities and indebtedness of every nature to be
paid or performed by the Borrowers under the Loan Documents, including the Principal Amount of the Loan, interest accrued thereon and all fees, costs and expenses, management fees and reimbursements and other sums now or hereafter owing, due or
payable and whether before or after the filing of a proceeding under the Bankruptcy Code by or against any of the Borrowers, and the performance of all other terms, conditions and covenants under the Loan Documents. 

“Officer’s Certificate” means a certificate delivered to Lender by a Borrower or Manager, as
applicable, which is signed on behalf of such Borrower or Manager by an authorized officer of such Borrower or Manager which states that the items set forth in such certificate are true, accurate and complete in all material respects. 

“Operating Budget” means, for any period, the Borrowers’ budget setting forth the
Borrowers’ best estimate, after due consideration, of all Operating Expenses and any other expenses for the Sites for such period, as same may be amended pursuant to Section 5.1(D) hereof. 

  
 -18- 

 “Operating Expenses” means, for any period, without
duplication, all direct costs and expenses of operating and maintaining the Sites (including Management Fees) determined in accordance with GAAP and all Maintenance Capital Expenditures related to the Sites excluding (i) the impact on rent
expense of accounting for Ground Leases with fixed escalators on a straight-line basis as required under ASC 840 and (ii) the amortization of costs associated with operations support personnel provided by the Manager to perform site
inspections. Operating Expenses do not include Discretionary Capital Expenditures. 
 “Operating
Revenues” means, for any period, all revenues of the Borrowers from operation of the Sites or otherwise arising in respect of the Sites that are properly allocable to the Sites for such period in accordance with GAAP, excluding
(i) the impact on revenues of accounting for Leases with fixed escalators on a straight-line basis as required under ASC 840 and (ii) miscellaneous fee revenue, including structural analyses and the impact of amortization of Lease
origination fees. 
 “Original Indebtedness” has the meaning set forth in the Recitals. 

“Original Lender” has the meaning set forth in the Recitals. 

“Original Loan Agreement” has the meaning set forth in the Recitals. 

“Other Advance Rents Reserve Deposit” has the meaning set forth in the Cash Management Agreement.

 “Other Company Collateral” has the meaning set forth in Section 10.1.

 “Other Pledged Site Substitution” has the meaning set forth in
Section 11.6. 
 “Other Pledged Sites” means, collectively, the
properties (including land and Improvements) described in Exhibit D, and all related facilities, owned or leased by the Borrowers; provided that, following (x) an Other Pledged Site Substitution,
“Other Pledged Sites” shall include the Replacement Other Pledged Site and shall exclude the Substituted Other Pledged Site, and (y) the addition of any Additional Sites or Additional Borrower Sites, “Other
Pledged Sites” shall include all Additional Sites and Additional Borrower Sites that are not Mortgaged Sites pursuant to the Loan Agreement Supplement relating to such Additional Sites or Additional Borrower Sites, including any such
Sites which any Borrower manages on behalf of a Third Party Owner pursuant to a Site Management Agreement. 

“Other Rents Reserve Deposit” has the meaning set forth in the Cash Management Agreement. 

“Other Title Policies” means the ALTA policies of title insurance, together with any date down
endorsements thereto, pertaining to the Other Pledged Sites issued by the Title Company to the Borrowers, to the extent required by the terms of this Loan Agreement. 

“Owned Land Sites” and “Owned Land Site” means, collectively or individually,
all real estate owned in fee by the Borrowers, or occupied pursuant to a perpetual easement agreement with no ongoing rent payable by the Borrowers, including, following the 

  
 -19- 

 
addition of an Additional Site or Additional Borrower Site, any such Additional Site or Additional Borrower Site owned in fee, and any Ground Lease Site a fee interest or perpetual easement
interest in which is acquired by a Borrower, in each case, together with any fixtures and appurtenances thereon. 

“Owned Site” and “Owned Sites” means, collectively or
individually, all Owned Land Sites, Ground Lease Sites and AT&T Sites. 
 “Parent Guarantor”
means American Tower Guarantor Sub, LLC. 
 “Parent Guaranty” means the Parent Guaranty of even
date herewith, from Parent Guarantor to Lender, as same may be amended or modified from time to time. 

“Payment Guaranty” means the Payment Guaranty of even date herewith, from Guarantor to Lender, as
same may be amended or modified from time to time. 
 “Permitted Encumbrances” means, collectively,
(i) the Deeds of Trust and the other Liens of the Loan Documents in favor of Lender, (ii) the items shown in Schedule B to the Title Policies and owner’s title insurance policies as of Closing, (iii) Liens for Impositions
not yet due and payable or Liens arising after the date hereof which are being contested in good faith by appropriate proceedings promptly instituted and diligently conducted in accordance with Section 5.3(B);
(iv) statutory Liens of carriers, warehousemen, mechanics, materialmen and other similar Liens arising by operation of law, which are incurred in the ordinary course of business and discharged by the Borrowers by payment, bonding or otherwise
within forty-five (45) days after the filing thereof or which are being contested in good faith in accordance with Section 5.3(B); (v) Liens arising from reasonable and customary purchase money financing of
personal property and equipment leasing to the extent the same are created in the ordinary course of business in accordance with Section 5.14(B); (vi) all easements, rights-of-way, restrictions and other similar charges or non-monetary encumbrances against real property which do not have a Material Adverse Effect; (vii) rights
of Lessees, and (viii) Liens on cash collateral accounts to secure reimbursement or indemnity obligations related to surety bonds and letters of credit obtained in the ordinary course of business. 

“Permitted Indebtedness” has the meaning set forth in Section 5.14. 

“Permitted Investments” has the meaning set forth in the Cash Management Agreement. 

“Permitted Ownership Interest Transfers” has the meaning set forth in
Section 11.2. 
 “Permitted Subsidiary” has the meaning set forth in
Section 14.24. 
 “Perpetual Easements” has the meaning set forth in
Section 4.26. 
 “Perpetual Easement Agreement Default” has the meaning
set forth in Section 4.26. 

  
 -20- 

 “Person” means and includes natural persons,
corporations, limited liability companies, limited partnerships, general partnerships, joint stock companies, joint ventures, associations, companies, trusts, banks, trust companies, land trusts, business trusts or other organizations, whether or
not legal entities, and governments and agencies and political subdivisions thereof and their respective permitted successors and assigns (or in the case of a governmental Person, the successor functional equivalent of such Person). 

“Pledge Agreement” means, collectively, that certain Pledge and Security Agreement delivered by
Guarantor and that certain Pledge and Security Agreement delivered by Parent Guarantor, each dated as of the Initial Closing Date and given for the benefit of Lender, as reaffirmed as of the Closing Date by the Guarantor and Parent Guarantor,
respectively. 
 “Post-ARD Additional Interest” has the
meaning set forth in Section 2.4(A)(ii). 

“Pre-Existing Condition” has the meaning set forth in
Section 5.5. 
 “Property” has the meaning set forth in
Section 9.1. 
 “Principal Amount” means, with respect to the Loan, the
aggregate Component Principal Balance of all Components of the Loan, and with respect to any Component, the principal amount of such Component, in each case as such amount may be reduced from time to time pursuant to the terms of this Loan
Agreement, the Notes or the other Loan Documents. 
 “Quarterly Advance Rents Reserve Deposit” has
the meaning set forth in the Cash Management Agreement. 
 “RAC-Only
Release” means, with respect to any release of Sites in accordance with Sections 11.4(B), (C) or (F) of this Loan Agreement, that neither a Rating Agency Declination nor a waiver of Rating Agency Confirmation
in accordance with Section 11.13 of the Trust Agreement shall be applicable to the obligation herein or therein to obtain Rating Agency Confirmation. 

“Rating Agency” for each Component, has the meaning set forth in the Loan Agreement Supplement
relating to such Component. 
 “Rating Agency Confirmation” has the meaning set forth in, and is
subject to the provisions of, the Trust Agreement, including Section 11.3 of the Trust Agreement, the provisions of which are hereby incorporated by reference. 

“Rating Agency Declination” has the meaning set forth in, and is subject to the provisions of, the
Trust Agreement; provided that Rating Agency Declination shall not apply to Loan Increases as set forth in Section 3.2 and any RAC-Only Releases. 

“Reaffirmation Agreement” means the Reaffirmation Agreement dated as of the Closing Date, among the
Borrowers, Guarantor, Parent Guarantor, Manager and Lender. 
 “Receipts” means all revenues,
receipts and other payments to the Borrowers of every kind arising from ownership, operation or management of the Sites, including without 

  
 -21- 

 
limitation, all warrants, stock options, or equity interests in any Lessee, licensee or other Person occupying space at, or providing services related to or for the benefit of, the Sites received
by the Borrowers or any Related Person in lieu of rent or other payment, but excluding, (i) any amounts received by the Borrowers and required to be paid to any Person that is not a Related Person as management fees, brokerage fees, fees
payable to the owner of a Managed Site or similar fees or reimbursements, (ii) any other amounts received by the Borrowers or any Related Person that constitute the property of a Person other than a Borrower (including, without limitation, all
revenues, receipts and other payments arising from the ownership, operation or management of properties by Affiliates of the Borrower), (iii) security deposits received under a Lease, unless and until such security deposits are applied to the
payment of amounts due under such Lease, and (iv) revenues from structural analyses and site inspections performed on a Site and any other revenues not attributed to a Site under the Borrowers’ accounting practices in effect prior to the
Closing Date. 
 “Refinancing Window” means, with respect to any Components, the period prior to
the Anticipated Repayment Date of such Component when no Yield Maintenance is payable in connection with a prepayment of such Component, as set forth in the Loan Agreement Supplement relating to such Component. 

“Register” has the meaning set forth in Section 14.12. 

“Register Agent” has the meaning set forth in Section 14.12. 

“Related AT Party” has the meaning set forth in Section 9.2(C). 

“Related Party” has the meaning set forth in Section 9.1. 

“Related Person” means any Person in which a Borrower, Parent Guarantor or Guarantor holds, directly
or indirectly, greater than a ten percent (10%) equity interest. 
 “Release” means the release of
a Site from the applicable Loan Documents in accordance with Section 11.4. 
 “Release
Price” means an amount equal to 115% of the Allocated Loan Amount of the applicable Site or Sites to be Released; provided that with respect to a Site to be Released in connection with a Title Defect Cash Flow Event, the Release
Price shall equal the greater of (i) 125% of the Allocated Loan Amount of such Site and (y) the amount of principal of Components of the Loan the repayment of which is necessary to cause the DSCR to be equal to the DSCR immediately prior to
occurrence of such Title Defect Cash Flow Event. 
 “Released Site” means a Site that has been
released from the applicable Loan Documents in accordance with Section 11.4. 

“Release or Substitution Conditions” mean the following conditions: 

(i) no Event of Default has occurred and is continuing (unless the applicable release, substitution or termination of a Site
has the effect of curing such Event of Default); 

  
 -22- 

 (ii) no Amortization Period is continuing (unless such release, substitution or
termination of a Site has the effect of curing such Amortization Period); 
 (iii) if a Special Servicing Period is
continuing, Servicer shall have confirmed satisfaction of the other Release or Substitution Conditions and any other conditions to the applicable release, substitution or termination, which confirmation shall not be unreasonably withheld,
conditioned or delayed (unless such release, substitution or termination would cure the Special Servicing Period); 
 (iv)
the following attributes of the remaining Sites securing the Loan following any proposed release, substitution or termination, as applicable, shall remain constant (subject to the negative variances described below) or increase as a result of such
proposed release, substitution or termination: 
 (A) the DSCR (determined to within 0.2x after taking into
account any required prepayment of the Loan); 
 (B) the weighted average remaining term (including all
available extensions) of all Ground Leases (excluding those Ground Leases with a remaining term of 90 years or greater in duration and calculating the weighted average to within one year based upon Annualized Run Rate Net Cash Flow); 

(C) the weighted average remaining term (excluding extensions) of all Leases (calculating the weighted
average to within one year based upon the Annualized Run Rate Revenue); 
 (D) the percentage of Annualized
Run Rate Revenue from the remaining Sites represented by telephony Lessees and non-telephony investment grade Lessees (taken together and determined to within 5 %); 

(E) the percentage of Sites located in the Top 100 BTAs (determined to within 3.5%); and 

(F) following any proposed release, substitution or termination, the percentage of the Annualized Run Rate
Net Cash Flow from Mortgaged Sites (taken together and determined to within 5%); 
 (v) following any proposed release,
substitution or termination, the maintenance capital expenditures for the remaining Sites (taken together and averaged on a per Site basis) is not materially greater than the maintenance capital expenditures on all Sites prior to such release,
substitution or termination, averaged on a per Site basis; and 
 (vi) the Manager delivers a certificate to Lender
substantially in the form set forth in Exhibit E that each of the foregoing conditions will be satisfied. 
 The Release or
Substitution Conditions will not apply in connection with any (i) Discretionary Releases and (ii) any releases or substitutions of a Site or Sites in connection with the cure of a breach of representation, warranty, covenant or other
default with respect to such Site or Sites. 

  
 -23- 

 “Rents” has the meaning set forth in the Deeds of Trust.

 “Replacement Other Pledged Site” and “Replacement Other Pledged Sites”
have the meanings set forth in Section 11.6. 
 “Replacement Site” and
“Replacement Sites” have the meanings set forth in Section 11.5. 

“Reserve Sub-Accounts” has the meaning set forth in
Section 7.1. 
 “Reserves” means the Imposition and Insurance Reserve,
the Advance Rents Reserve, the Cash Trap Reserve and any other reserves held by or on behalf of Lender pursuant to this Loan Agreement or the other Loan Documents. 

“Responsible Officer” means a chief executive officer, president or chief financial officer (or other
individual performing the functions of any of the foregoing of such person). 
 “Restoration” has
the meaning set forth in Section 5.5. 
 “Risk Retention Securities” has
the meaning set forth in the Trust Agreement. 
 “S&P” means Standard and Poor’s Rating
Service, a division of The McGraw Hill Companies, Inc. 
 “Scheduled Defeasance Payments” means
payments on or prior to, but as close as possible to (i) each Due Date after the date of defeasance and through and including the first Due Date in the Refinancing Window for each Component in amounts equal to the scheduled payments due on such
dates under the Loan Documents, including payment of any Workout Fees due under the Trust Agreement and (ii) the first Due Date in the Refinancing Window for each Component in an amount equal to the Principal Amount of the Loan and accrued
interest thereon, including payment of any Workout Fees due under the Trust Agreement. 
 “SEC” has
the meaning set forth in Section 5.1. 
 “Securitization” means an
offering of any Securities from time to time. 
 “Securities” mean any securities rated by the
Rating Agencies representing the direct or indirect interests in the Loan or the right to receive income therefrom, as may be issued from time to time pursuant to the Trust Agreement. 

“Security Agreement” has the meaning set forth in Section 11.3. 

“Semi-Annual Advance Rents Reserve Deposit” has the meaning set forth in the Cash Management
Agreement. 
 “Series 2013-2A Securities” has the meaning
set forth in the Trust Agreement. 

  
 -24- 

 “Servicer” means a Person selected by Lender from time
to time in its sole discretion to service the Loan. 
 “Servicing Report” has the meaning set forth
in the Trust Agreement. 
 “Site Management Agreement” means any lease (other than a Ground Lease),
management agreement, or similar agreement pursuant to which a Borrower is authorized to sublease or otherwise broker space at a Managed Site. 

“Sites” means, collectively, the Mortgaged Sites and the Other Pledged Sites. 

“Special Servicing Period” has the meaning set forth in the Trust Agreement. 

“Specially Serviced Loan” has the meaning set forth in the Trust Agreement. 

“Sub-Accounts” has the meaning set forth in
Section 7.1. 
 “Substituted Other Pledged Site” has the meaning set
forth in Section 11.6. 
 “Substituted Site” has the meaning set forth in
Section 11.5. 
 “Substitution” has the meaning set forth in
Section 11.5. 
 “Substitution and Additions Threshold” means the point
at which the aggregate Allocated Loan Amount of all (i) Ground Lease Sites to be amended pursuant to Section 5.21(A)(iii), (ii) Substituted Sites to be replaced pursuant to Section 11.5, (iii)
Substituted Other Pledged Sites to be replaced pursuant to Section 11.6, (iv) Additional Sites or Additional Borrower Sites that are to constitute Mortgaged Sites pursuant to Section 11.7 and
(v) Additional Sites or Additional Borrower Sites that are to constitute Other Pledged Sites pursuant to Section 11.8 exceeds (y) 1% of the aggregate Original Component Principal Balance of all Components of the Loan
in any given year or (z) an aggregate cap of 5% of the aggregate original Component Principal Balance of all Components of the Loan then outstanding. 

“Successor Borrowers” has the meaning set forth in Section 11.3. 

“Supplemental Financial Information” means (i) a comparison of budgeted expenses and the actual
expenses for the prior calendar year or corresponding calendar quarter for such prior year, and (ii) such other financial reports as the subject entity shall routinely and regularly prepare as reasonably requested by Lender. 

“Termination and Assignment Threshold” means the point at which the aggregate Allocated Loan Amount
of all Sites subject to (x) Ground Lease terminations or assignments in accordance with Section 5.21(A)(ii) (except assignments to another Borrower) and (y) terminations or assignments of Site Management
Agreements in accordance with Section 5.9 (except assignments to another Borrower), and all prior such terminations and assignments, constitute 5% of the aggregate original Component Principal Balance of all Components of
the Loan outstanding at the time of such proposed termination or assignment. 

  
 -25- 

 “Third Party Owner” means a third party with which a
Borrower has entered into a lease, management or similar agreement with respect to a Site. 
 “Third Party
Receipts” has the meaning set forth in the Cash Management Agreement. 
 “Title
Company” means Stewart Title Insurance Company, a New York corporation, and such other national title insurance company as may be reasonably acceptable to Lender. 

“Title Defect Cash Flow Event” means a condition that shall exist with respect to any Mortgaged Site
if the rent or any other revenue payable to the Borrower with respect to such Mortgaged Site is decreased or otherwise disrupted directly as a result of a dispute over title to such Mortgaged Site, or as a result of a Lien (other than a Permitted
Encumbrance) on such Mortgaged Site, in each case in the reasonable judgement of the Manager and with notice to the Servicer and the Trustee. 

“Title Policies” means the ALTA mortgagee policies of title insurance pertaining to the Deeds of
Trust on the Mortgaged Sites issued by the Title Company to Lender, together with any date down endorsements thereto. 

“Top 100 BTAs” means the 100 largest basic trading areas (measured by population) as of the Closing
Date, as determined by the Federal Communications Commission for licensing purposes. 
 “Tower” and
“Towers” means collectively, or individually, any communications towers owned, leased or managed (or to be owned, leased or managed) by a Borrower, including any rooftop or other sites owned, leased or managed by a Borrower,
together with any real estate, fixtures and appurtenances that accompany the towers, rooftops or other sites that may be added as Additional Site(s) and/or Additional Borrower Site(s). 

“Transfer” has the meaning set forth in Section 11.2. 

“Trust Agreement” means the Second Amended and Restated Trust and Servicing Agreement dated as of the
date hereof, among the Depositor, U.S. Bank National Association, as trustee, and Midland Loan Services, a Division of PNC Bank, National Association, as servicer, as supplemented by that certain First Trust Agreement Supplement dated as of the
Closing Date among Depositor, U.S. Bank National Association, as trustee, and Midland Loan Services, a Division of PNC Bank, National Association, as servicer, as the same may be further amended, modified or supplemented from time to time. 

“Trustee” means the trustee of the trust established to hold the Loan in connection with the
Securitization. 
 “UCC” means the Uniform Commercial Code in effect in each State in which any of
the Collateral or Other Company Collateral may be located from time to time. 

  
 -26- 

 “Unseasoned Site” means any Site that has been owned by
the Borrowers, or any of them or any Affiliate of a Borrower, for less than twelve (12) full calendar months. 

“Value Reduction Accrued Interest” has the meaning set forth in
Section 2.4(A)(iii). 
 “Value Reduction Amount” has the meaning set
forth in the Trust Agreement. 
 “Waiving Party” has the meaning set forth in
Section 13.1. 
 “Workout Fees” has the meaning set forth in the Trust
Agreement. 
 “Yield Maintenance” has the meaning set forth in
Section 2.6(C). 
 Section 1.2    Accounting
Terms. For purposes of this Loan Agreement, all accounting terms not otherwise defined herein shall have the meanings assigned to such terms in conformity with GAAP. 

Section 1.3    Other Definitional Provisions. 

(A)    References to “Articles”,
“Sections”, “Subsections”, “Exhibits” and “Schedules” shall be to Articles, Sections, Subsections, Exhibits and Schedules, respectively, of this Loan
Agreement unless otherwise specifically provided. Any of the terms defined in Section 1.1 may, unless the context otherwise requires, be used in the singular or the plural depending on the reference. In this Loan Agreement,
“hereof”, “herein”, “hereto”, “hereunder” and the like mean and refer to this Loan Agreement as a whole and not merely to the specific article, section,
subsection, paragraph or clause in which the respective word appears; words importing any gender include the other genders; references to “writing” include printing, typing, lithography and other means of reproducing words in
a tangible visible form; the words “including”, “includes” and “include” shall be deemed to be followed by the words “without limitation”; and any reference to any
statute or regulation may include any amendments of same and any successor statutes and regulations. Further, (i) any reference to any agreement or other document may include subsequent amendments, assignments, and other modifications thereto,
and (ii) any reference to any Person may include such Person’s respective permitted successors and assigns or, in the case of governmental Persons, Persons succeeding to the relevant functions of such Persons. 

(B)    To the extent any defined term used herein is incorporated by reference from the
Trust Agreement, Lender agrees that such defined term shall not be modified without the prior written consent of the Borrowers. 

  
 -27- 

 ARTICLE II 

TERMS OF THE LOAN 

Section 2.1    Loan. 

(A)    Components. Subject to the terms and conditions of this Loan
Agreement and in reliance upon the representations and warranties of the Borrowers contained herein, Lender and the Borrowers agree that the Indebtedness hereunder shall consist of separate components (each, a “Component”),
as provided from time to time in one or more Loan Agreement Supplements. Such Components (each being treated as a separate loan for U.S. federal income tax purposes) and the obligation of the Borrowers to repay such Components together with all
interest and other amounts from time to time owing hereunder, may be referred to collectively herein as the “Loan”. The designation and original principal amount of any additional Component will be as provided for in the Loan
Agreement Supplement relating to such Component. 
 (B)    Notes. The
Borrowers shall (i) execute and deliver to Lender from time to time Promissory Notes (as amended, modified or restated, together with any additional Notes executed pursuant to a Loan Increase, by the Borrowers and any Additional Borrower, and
any replacement or substitute notes therefor, by means of multiple notes or otherwise, collectively, the “Notes”), made by the Borrowers to the order of Lender evidencing each Component as provided for in the Loan Agreement
Supplement relating to such Component, and having an initial principal amount and Maturity Date provided for therein and (ii) execute amended and restated Notes whereby the Additional Borrowers will become jointly and severally liable, along
with the Borrowers, for the then existing Loan and for any Loan Increase. 

(C)    Use of Proceeds. The proceeds of the Components funded from time to
time shall be as set forth in the Loan Agreement Supplement relating to such Component. 

(D)    Release. Upon repayment by the Borrowers in full of all of their
Obligations under the Loan Documents, or Defeasance of the Loan in full, in each case, when permitted or required hereunder, Lender shall execute such instruments prepared by Borrower and reasonably satisfactory to Lender, which, at Borrower’s
election and at Borrower’s sole cost and expense release and discharge all Liens on all Collateral securing payment of the Indebtedness, including all balances in any of the Sub-Accounts. In addition,
those limited liability company certificates delivered to Lender hereunder shall be returned to the Borrowers pursuant to the terms of the Pledge Agreement. 

Section 2.2    Interest. 

(A)    Rate of Interest. The outstanding principal balance of each
Component of the Loan shall bear interest for each Interest Accrual Period at a rate per annum equal to the lesser of (i) the Component Rate, or following the Anticipated Repayment Date for such Component (other than any such Component
corresponding to any Series of Risk Retention Securities), the ARD Component Rate, as applicable, for such Component and (ii) the Maximum Rate. 

(B)    Computation of Interest. Interest on each Component of the Loan and
all other Obligations owing to Lender shall be computed on the basis of a 360-day year 

  
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consisting of twelve (12) thirty (30) day months (for the avoidance of doubt, each Interest Accrual Period is one such month), and shall be charged for the actual number of days elapsed
during any partial thirty (30) day month, in each case, except to the extent provided in any Loan Agreement Supplement. Interest shall be payable in arrears (except with respect to the number of days from the Due Date in any Interest Accrual
Period to the last day of such Interest Accrual Period as to which interest shall be payable in advance, if any). 

(C)    Interest Laws. Notwithstanding any provision to the contrary
contained in this Loan Agreement or the other Loan Documents, the Borrowers shall not be required to pay, and Lender shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by law
(“Excess Interest”). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan Documents, then in such event:
(1) the provisions of this subsection shall govern and control; (2) the Borrowers shall not be obligated to pay any Excess Interest; (3) any Excess Interest that Lender may have received hereunder shall be, at Lender’s option,
(a) applied as a credit against either or both of the outstanding principal balance of the Loan or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (b) refunded to the payor thereof, or
(c) any combination of the foregoing; (4) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the “Maximum Rate”), and
this Loan Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5) the Borrowers shall not have any action against Lender for any damages arising out of the
payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Obligation is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such
applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, remain at the Maximum Rate until Lender shall have received or accrued the amount of interest which Lender
would have received or accrued during such period on Obligations had the rate of interest not been limited to the Maximum Rate during such period. 

Section 2.3    Additional Borrowers. Subject to the
satisfaction of the conditions set forth below, the Borrowers may elect, pursuant to a Loan Agreement Supplement, other newly executed Loan Documents and/or modifications, amendments or supplements to the Loan Documents (in each case, reasonably
acceptable to Lender) to cause one or more direct or indirect wholly-owned subsidiaries of Guarantor to assume and become jointly and severally obligated under the Notes and the Loan Documents for repayment of the Loan, to add the Additional
Borrower Sites of such Additional Borrower in accordance with Section 11.7, and to pledge the Other Company Collateral of such Additional Borrower. Upon such election and satisfaction of such conditions,
(i) Schedule 1 shall be amended to include such Additional Borrowers as are designated to become “Borrowers” hereunder; and (ii) all references to the Borrowers hereunder shall include all of the Additional Borrowers
identified on such amended Schedule 1. Any election to add an Additional Borrower shall be subject to the satisfaction of the following conditions precedent: 

  
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 (A)    No Event of Default or Amortization
Period is then continuing (unless such Event of Default or Amortization Period would be cured by the addition of an Additional Borrower); 

(B)    No event or condition has occurred or exists that, with the giving or notice or
passage of time, would give rise to an Event of Default; 
 (C)    If a Special
Servicing Period is then in effect, the Servicer shall have confirmed satisfaction of the conditions precedent to such Additional Borrower, such confirmation not to be unreasonably withheld, conditioned or delayed. 

(D)    Such Additional Borrower must be a direct or indirect wholly-owned subsidiary of
Guarantor; 
 (E)    Guarantor shall have pledged 100% of the equity of such Additional
Borrower, or, if such Additional Borrower is not a direct subsidiary of Guarantor, of the direct parent of such Additional Borrower, pursuant to the Pledge Agreement to secure its obligations pursuant to the Payment Guaranty and, if such Additional
Borrower is not a direct subsidiary of Guarantor, the direct parent of such Additional Borrower shall have pledged 100% of the equity of such Additional Borrower in support of its obligation to guarantee the Loan, by executing a pledge and a
guaranty substantially in the form of the Payment Guaranty and the Pledge Agreement, subject to Lender’s reasonable approval; 

(F)    On or prior to the date of such election, the Borrowers shall deliver to Lender an
opinion or opinions of counsel reasonably satisfactory to Lender stating (i) that the addition of such Additional Borrower will not constitute a “significant modification” of the Loan or “deemed exchange” of the Notes under
section 1001 of the IRC and (ii) the Loan Increase, if any, will not create a taxable event, for U.S. Federal income tax purposes, to any holder of a Certificate; 

(G)    On or prior to the date of such election, the Borrowers shall deliver to Lender an
opinion of counsel reasonably satisfactory to Lender concerning the substantive non-consolidation of such Additional Borrower, in a form reasonably satisfactory to Lender, provided that an opinion in
the form of the substantive non-consolidation opinion delivered to Lender on the Closing Date with regards to the Borrowers pursuant to Section 3.1(D)(iv) shall be satisfactory to
Lender; 
 (H)    Such Additional Borrower shall have represented and warranted to
Lender, in the Loan Agreement Supplement, as to itself, the representations and warranties set forth in Article IV (other than Section 4.30) as of the date of such election; 

(I)    Such Additional Borrower shall have represented and warranted to Lender, in the
Loan Agreement Supplement, as to itself, the representations and warranties set forth in Section 9.1; 

(J)    On or prior to the date of such election, the conditions with respect to the
Addition of the Additional Borrower Sites of such Additional Borrower set forth in Section 11.7 shall have been satisfied; 

  
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 (K)    On or prior to the date of such
election, the organizational documents of such Additional Borrower shall contain provisions that limit the purposes of such Additional Borrower in a manner that is consistent with the provisions governing the purposes of the Borrowers set forth in
the organizational documents of the Borrowers on the Closing Date; and 
 (L)    Rating
Agency Confirmation shall have been obtained. 
 Notwithstanding the foregoing, in connection with a Permitted Subsidiary
becoming an Additional Borrower in accordance with Section 14.24, only the conditions set forth in Section 2.3(H) and (I) shall apply. 

Section 2.4    Payments. 

(A)    Payments of Interest and Principal. The Borrowers shall make
payments of interest and principal on the Notes as follows: 
 (i)      On
each Due Date commencing with the first Due Date, and on each Due Date thereafter through and including the Maturity Date for any Component then outstanding (except as modified by clause (ii) of this Section 2.4(A)),
the Borrowers shall make (a) first, payment of all Administrative Fees then due and owing under the Loan Documents, which funds shall be applied as permitted by the Trust Agreement, (b) second, a payment of interest at the applicable
Component Rate on each Component for the Interest Accrual Period ending immediately following such Due Date, and (c) third, a payment of principal on the Loan, if any, each of which shall be paid in accordance with
Section 3.3(a) of the Cash Management Agreement. Notwithstanding the foregoing, during the continuance of an Event of Default, payments shall be applied to the Obligations in accordance with
Section 3.3(e) of the Cash Management Agreement. Upon repayment by the Borrowers in full of all of their Obligations under the Loan Documents, those limited liability company certificates delivered to the Lender shall be
returned to the Borrowers pursuant to the terms of the Pledge Agreement. 

(ii)      Commencing on the first Due Date after the commencement of an
Amortization Period, and on each Due Date during such Amortization Period, 100% of Excess Cash Flow on such Due Date shall be due. Until paid as provided for in Section 3.3 of the Cash Management Agreement, payment of
interest accruing in an amount equal to the excess of (x) the applicable ARD Component Rate for each Component over (y) the applicable Component Rate for such Component, shall be deferred (the
“Post-ARD Additional Interest”). Post-ARD Additional Interest shall not bear interest. Notwithstanding the foregoing, no Post-ARD Additional Interest shall accrue on any Component of the Loan corresponding to any Series of Risk Retention Securities. 

(iii)      If a Value Reduction Amount is determined to exist in accordance with
the Trust Agreement, commencing on the first Due Date after such Value Reduction Amount is in effect, the interest due on any Component shall be the amount of accrued and unpaid interest on such Component calculated as if the Component Principal
Balance thereof had been reduced by the portion of the Value Reduction Amount allocated to such Component. 

  
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The Value Reduction Amount shall be applied to the principal amounts of the Components in inverse order of alphabetical designation, and among the Components of the same alphabetical designation
(starting with the Components corresponding to any Risk Retention Securities) pro rata based on the Component Principal Balance. Until paid as provided for in Section 3.3 of the Cash Management Agreement,
interest accrued and not paid as a consequence of a Value Reduction Amount shall be deferred and, on each Due Date, shall be added to any interest previously deferred pursuant to this sentence and remaining unpaid (“Value Reduction
Accrued Interest”). Value Reduction Accrued Interest shall not bear interest. 

(B)    Date and Time of Payment. Two (2) Business Days prior to the
applicable Due Date, Lender shall provide to Manager a statement of principal and interest and any other amounts required to be paid to Lender on such Due Date. The Borrowers shall receive credit for payments on the Loan which are transferred to the
account of Lender as provided below (i) on the day that such funds are received by Lender if such receipt occurs by 2:00 p.m. (New York time) on such day, or (ii) on the next succeeding Business Day after such funds are received by
Lender if such receipt occurs after 2:00 p.m. (New York time). Whenever any payment to be made hereunder shall be stated to be due on a day that is not a Business Day, the payment may be made on the next succeeding Business Day. 

(C)    Manner of Payment; Application of Payments. The Borrowers promise to
pay all of the Obligations relating to the Loan as such amounts become due or are declared due pursuant to the terms of this Loan Agreement. All payments by the Borrowers on the Loan shall be made without deduction, defense, set off or counterclaim
and in immediately available funds delivered to Lender by wire transfer to the Central Account, or, in connection with a Loan Increase in connection with a refinancing, to the Distribution Account (as defined in the Trust Agreement) if determined by
the Borrowers to be necessary to facilitate such refinancing. Payment shall be made in accordance with Section 3.3(a) of the Cash Management Agreement and, to the extent sufficient funds are contained in the Central
Account, or an Account or Sub-Account thereof, to make the required monthly payments on such Due Date, the Borrowers shall be deemed to have satisfied their obligation to make such payments. Notwithstanding
the foregoing, upon the occurrence and during the continuance of an Event of Default, payments shall be applied to the Obligations in such order as Lender shall determine in its sole and absolute discretion, provided that, if amounts are applied to
pay interest or principal of the Loan, such payments shall be made in the priority provided in items (iii) and (ix) through (xi) of Section 3.3(a) of the Cash Management Agreement. 

Section 2.5    Maturity. 

(A)    Maturity Date. To the extent not sooner due and payable in
accordance with the Loan Documents, the then outstanding principal balance of each Note and all accrued and unpaid interest thereon (and including interest through the end of the Interest Accrual Period then in effect), shall be due and payable on
the Maturity Date for such Note. 
 Section 2.6    Prepayment. 

(A)    Manner of Prepayment. Except as otherwise set forth in the Loan
Agreement Supplement with regard to any Component, the Borrowers may voluntarily prepay 

  
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the Loan in whole or in part on any date upon payment of the applicable Yield Maintenance, including to satisfy the DSCR requirements set forth in the Release or Substitution Conditions in
connection with Sections 11.4(A), 11.4(B), 11.5 or 11.6; provided that no Yield Maintenance shall be payable in connection with (i) prepayments of a Component during the Refinancing Window related to such
Component, (ii) in respect of any Component corresponding to Risk Retention Securities, (iii) prepayments made to cure a breach of a representation, warranty or other default as set forth in Section 11.4(B),
(iv) prepayments of proceeds received as a result of any casualty or condemnation of a Site as set forth in Section 5.5(C) or prepayments as a result of a Title Defect Cash Flow Event or (v) prepayments made
during an Amortization Period. Together with such prepayment the Borrowers also will pay (i) any and all outstanding Advance Interest and Additional Trust Fund Expenses, (ii) all accrued and unpaid interest on the principal amount of the
Loan being prepaid through the date of such prepayment and (iii) all other Obligations, in each case, then due and owing. For the Component corresponding to the Series 2013-2A Securities only, if any
prepayment (whether in whole or in part) occurs, the Borrowers are also required to pay the amount of interest that would have accrued on the principal amount prepaid from and including the date of such prepayment to the end of the Interest Accrual
Period during which such prepayment occurs. 
 (B)    Application of Prepayments. Except
during the continuation of an Event of Default or an Amortization Period that commenced because the DSCR fell below the Minimum DSCR, prepayments will be applied after any payment of Advance Interest or Additional Trust Fund Expenses, at the option
of the Borrowers, either (x) to the payment of the principal of the Components of the Loan corresponding to Series of Securities other than Risk Retention Securities sequentially in order of the alphabetical designation of each such Component,
and pro rata among any such Components of the same alphabetical designation, based on the Component Principal Balance of each such Component, in each case, in the amount up to the Component Principal Balance of each such Component or (y) to the
payment in full of the Component Principal Balances of the Components having the same numerical designation. Prepayments during the continuation of an Event of Default or an Amortization Period that commenced as the result of the occurrence of an
event described in clause (i) of the definition thereof will be applied, after payment of Advance Interest and Additional Trust Fund Expenses, in accordance with clause (x) of the preceding sentence. Upon the repayment in full of each
Component corresponding to Securities other than Risk Retention Securities, available funds will be applied to repayment of the principal of each Component corresponding to Risk Retention Securities, pro rata among such Components. 

(C)    Yield Maintenance. If any prepayment of all or any portion of the Components of the
Loan shall occur, then except as provided in clause (A) above or as otherwise expressly provided in this Loan Agreement or the other Loan Documents to the contrary, the Borrowers shall pay the Yield Maintenance on each Component (or portion
thereof) being prepaid to Lender together with such prepayment, as liquidated damages (which shall be the sole and exclusive remedy of Lender in connection with such prepayment) and compensation for costs incurred, and in addition to all other
amounts due and owing to Lender. “Yield Maintenance” for each Component has the meaning set forth in the Loan Agreement Supplement relating to such Component. 

  
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 Section 2.7    Outstanding
Balance. The balance on Lender’s books and records shall be presumptive evidence (absent manifest error) of the amounts owing to Lender by the Borrowers; provided that any failure to record any transaction affecting such
balance or any error in so recording shall not limit or otherwise affect the Borrowers’ obligation to pay the Obligations. 

Section 2.8    Reserved. 

Section 2.9    Reasonableness of Charges. The Borrower
Parties agree that (i) the actual costs and damages that Lender would suffer by reason of an Event of Default (exclusive of reasonable attorneys’ fees and other costs incurred in connection with enforcement of Lender’s rights under
the Loan Documents) or a prepayment would be difficult and needlessly expensive to calculate and establish, and (ii) the amount of Yield Maintenance is reasonable, taking into consideration the circumstances known to the parties at this time,
and (iii) such Yield Maintenance, and Lender’s reasonable attorneys’ fees and other costs and expenses incurred in connection with enforcement of Lender’s rights under the Loan Documents shall be due and payable as provided
herein, and (iv) such Yield Maintenance, and the obligation to pay Lender’s reasonable attorneys’ fees and other enforcement costs do not, individually or collectively, constitute a penalty. 

Section 2.10    Servicing/Special Servicing. Lender may
change Servicer from time to time in accordance with the Trust Agreement without the consent of the Borrowers, on prior written notice to the Borrowers. The Borrowers expressly acknowledge and agree that Servicer Fees and Trustee Fees, and if the
Loan becomes a Specially Serviced Loan, any additional fees of Servicer payable in connection therewith (including, but not limited to any Liquidation Fees and Workout Fees), and any Advance Interest and any other Additional Trust Fund Expenses and
fees, including any Rating Agency fees, reimbursements and indemnifications as shall be incurred or payable in connection with any Securitization (collectively, the “Administrative Fee”) shall be payable by the Borrowers and
shall constitute a portion of the Obligations. Lender shall provide a reasonably detailed statement of Administrative Fees for which the Borrowers are liable two (2) Business Days prior to the date when due; provided that failure to
timely provide such statement shall not relieve the Borrowers from the obligation to pay all such Administrative Fees. 
 ARTICLE III

 CONDITIONS TO LOAN 

Section 3.1    Conditions to Funding of the Loan on the Initial Closing
Date. The obligations of Lender to fund the Loan on the Initial Closing Date were subject to the prior or concurrent satisfaction or waiver of the conditions set forth below, and to satisfaction of any other conditions specified
herein or elsewhere in the Loan Documents. Where in this Section any documents, instruments or information are to be delivered to Lender, then the condition shall not be satisfied unless (i) the same shall be in form and substance reasonably
satisfactory to Lender, and (ii) if so required by Lender, the Borrowers shall deliver to Lender a certificate duly executed by the Borrowers stating that the applicable document, instrument or information is true

  
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and complete and does not omit to state any information without which the same might reasonably be deemed materially misleading. 

(A)    Loan Documents. On or before the Closing Date, the Borrowers shall
execute and deliver and cause to be executed and delivered to Lender all of the Loan Documents together with such other documents as may be reasonably required by Lender, each, unless otherwise noted, of even date herewith, duly executed, in form
and substance satisfactory to Lender and in quantities designated by Lender (except for the Notes executed on the Closing Date, of which only one of each designation shall be signed), which Loan Documents shall become effective, or reaffirmed, upon
the Closing. 
 (B)    Deposits. The deposits required herein, including
without limitation, the initial deposits into the Reserves and Accounts, shall have been made (and at the Borrowers’ option, the same may be made from the proceeds of the Loan). 

(C)    Performance of Agreements, Truth of Representations and Warranties.
Each Borrower Party and all other Persons executing any agreement on behalf of any Borrower Party shall have performed in all material respects all agreements which this Loan Agreement provides shall be performed on or before the Closing Date. The
representations and warranties contained herein and in the other Loan Documents shall be true, correct and complete on and as of the Closing Date. 

(D)    Opinions of Counsel. On or before the Closing Date, Lender shall
have received from legal counsel for the Borrowers reasonably satisfactory to Lender, written legal opinions, each in form and substance reasonably acceptable to Lender, as to such matters as Lender shall request, including opinions to the effect
that (i) each of the Borrower Parties is validly existing and in good standing in its state of organization, (ii) this Loan Agreement and the Loan Documents have been duly authorized, executed and delivered and are enforceable in
accordance with their terms subject to customary qualifications for bankruptcy, general equitable principles, and other customary assumptions and qualifications; (iii) the Deposit Account Agreement and Cash Management Agreement have been duly
authorized, executed and delivered by the Borrowers and Manager and are enforceable in accordance with their terms and the security interests in favor of Lender in the Account Collateral have been validly created and perfected; and (iv) none of
the Borrowers, Parent Guarantor or Guarantor would be consolidated in any bankruptcy proceeding affecting AT Parent, Parent Guarantor or Manager. Also on or before the Closing Date, Lender shall have received the following legal opinions, each in
form and substance reasonably acceptable to Lender: (a) opinions of Delaware counsel, reasonably acceptable to Lender, for each of the Borrowers that, among other matters, (1) under Delaware law (x) the prior unanimous written consent
of its board of directors (including the Independent Directors) would be required for a voluntary bankruptcy filing by each of the Borrowers, (y) such unanimous consent requirements are enforceable against the Borrowers in accordance with their
terms; (2) under Delaware law the bankruptcy or dissolution of Guarantor would not cause the dissolution of the Borrowers; (3) under Delaware law, creditors of Guarantor shall have no legal or equitable remedies with respect to the assets
of the Borrowers; and (4) a federal bankruptcy court would hold that Delaware law governs the determination of what Persons have authority to file a voluntary bankruptcy petition on behalf of the Borrowers; (b) opinions of Delaware
counsel, reasonably acceptable 

  
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to Lender, for each of Guarantor and Parent Guarantor that, among other matters, (1) under Delaware law (x) the prior unanimous written consent of its board of directors (including the
Independent Directors) would be required for a voluntary bankruptcy filing by Guarantor and Parent Guarantor, (y) such unanimous consent requirements are enforceable against Guarantor and Parent Guarantor in accordance with their terms;
(2) under Delaware law the bankruptcy or dissolution of its member would not cause the dissolution of Guarantor and Parent Guarantor; (3) under Delaware law, creditors of its member shall have no legal or equitable remedies with respect to
the assets of Guarantor and Parent Guarantor; and (4) a federal bankruptcy court would hold that Delaware law governs the determination of what Persons have authority to file a voluntary bankruptcy petition on behalf of Guarantor and Parent
Guarantor; and (c) such other legal opinions as Lender may reasonably request. 

(E)    Title Policies. (i) On or before the Closing Date, Lender shall
have received and approved the Title Policies. The Title Policies shall be in form and substance reasonably satisfactory to Lender, shall be in full force and effect, shall be freely assignable to and will inure to the benefit of the Trustee
(subject to recordation of assignments of the Deeds of Trust) without the consent or any notification to the Title Company, shall have the premium therefor paid in full as of the Closing Date, the Title Company shall be licensed in each state in
which a Mortgaged Site is located, shall have no claims made under such Title Policy, and shall affirmatively insure the first priority of the Mortgage on the applicable Site, subject to any exceptions provided for in such Title Policy. 

(ii)    On or before the Closing Date, Lender shall have received copies of the Other
Title Policies or an original or copy of an irrevocable binding commitment to issue such Other Title Policies. 

(F)    Certificates of Formation and Good Standing. On or before the
Closing Date, Lender shall have received copies of the organizational documents and filings of each Borrower Party, together with good standing certificates (or similar documentation) (including verification of tax status) from the state of its
formation and from all states in which the laws thereof require such Person to be qualified and/or licensed to do business. Each such certificate shall be dated not more than thirty (30) days prior to the Closing Date, as applicable, and
certified by the applicable Secretary of State or other authorized governmental entity. In addition, on or before the Closing Date, as applicable, the secretary or corresponding officer of each Borrower Party, or the secretary or corresponding
officer of the partner, trustee, or other Person as required by such Borrower Party’s organizational documents (as the case may be, the “Borrower Party Secretary”) shall have delivered to Lender a certificate stating
that the copies of the organizational documents as delivered to Lender are true and correct and are in full force and effect, and that the same have not been amended except by such amendments as have been so delivered to Lender. 

(G)    Certificates of Incumbency and Resolutions. On or before the Closing
Date, Lender shall have received certificates of incumbency and resolutions of each Borrower Party and its constituents as requested by Lender, approving and authorizing the Loan and the execution, delivery and performance of the Loan Documents,
certified as of the Closing Date by the Borrower Party Secretary as being in full force and effect without modification or amendment. 

  
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 (H)    Database. Prior to the
Closing, Lender shall have received from the Borrowers a copy of the Database provided to the Borrowers’ auditor in connection with the agreed upon audit procedure (the “Database”). 

(I)    Insurance Policies and Endorsements. On or before the Closing Date,
Lender shall have received copies of certificates of insurance (dated not more than twenty (20) days prior to the Closing Date) regarding insurance required to be maintained under this Loan Agreement and the other Loan Documents, together with
endorsements satisfactory to Lender naming Lender as an additional insured and loss payee, as required by this Loan Agreement, under such policies. 

(J)    Legal Fees; Closing Expenses. The Borrowers shall have paid any and
all reasonable legal fees and expenses of counsel to Lender, together with all recording fees and taxes, title insurance premiums, and other reasonable costs and expenses related to the Closing. 

Section 3.2    Conditions to any Loan Increase.
(A) The Borrowers may increase the outstanding principal amount of the Loan (including in connection with a refinancing of the Loan within the Trust) with Rating Agency Confirmation upon execution of a Loan Agreement Supplement relating
thereto, along with such other documents required by such Loan Agreement Supplement (all of which shall be reasonably acceptable to Lender), upon satisfaction of the following conditions: 

(i)      No Event of Default or Amortization Period is then continuing; 

(ii)      No event or condition has occurred or exists that, with the giving or
notice or passage of time, would give rise to an Event of Default; 

(iii)      If a Special Servicing Period is then in effect, Servicer shall have
confirmed satisfaction of the conditions precedent to such Loan Increase, which confirmation shall not be unreasonably withheld, conditioned or delayed; 

(iv)      The Borrowers shall have obtained Rating Agency Confirmation for the
transactions contemplated by the relevant Loan Agreement Supplement; provided that a Rating Agency Declination shall not be applicable to the foregoing obligation to obtain Rating Agency Confirmation; 

(v)      If such Loan Increase is being made in conjunction with the addition of
Additional Sites, the conditions set forth in Section 11.7 shall have been satisfied; 

(vi)      On or prior to the date of such Loan Increase, the Borrowers shall
deliver to Lender an opinion of counsel reasonably satisfactory to Lender providing that the Loan Increase will not cause a taxable event, for U.S. federal income tax purposes, to any holder of a Security; 

(vii)      If such Loan Increase is being made in conjunction with the addition
of one or more Additional Borrowers, the conditions set forth in Section 2.3 shall have been satisfied; 

  
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 (viii)      If such Loan Increase
is being made without the addition of any Additional Sites or Additional Borrower Sites, the pro forma DSCR immediately after giving effect to such increase shall be equal to or greater than 2.0:1 (provided, that such requirement is not required to
be satisfied if the Loan Increase is in connection with any refinancing of existing Securities); 

(ix)      The representations and warranties of the Borrowers set forth in
Article IV hereof shall be true as of the Additional Closing Date (except for Section 4.30); and 

(x)      Borrower shall have paid all fees and expenses, including all fees and
expenses of Lender and Servicer on its behalf, related to such Loan Increase. 
 All other terms and conditions of the Loan
Increase shall be provided for in the related Loan Agreement Supplement. The Borrowers and Loan Agreement Supplement shall also comply with the requirements of Section 2.01 and Section 3.23 of the
Trust Agreement, Lender hereby agreeing that no modifications may be made to Section 3.23 of the Trust Agreement without Borrowers’ consent. 

(B)    On the date of a Loan Increase, the Borrowers shall deliver an Officer’s
Certificate to Lender to the effect that there is no Event of Default, Amortization Period then continuing or event or condition that, with the giving of notice or passage of time, would give rise to an Event of Default. 

(C)    Any Loan Increase will be represented by one or more new Components provided for
in the Loan Agreement Supplement relating to such Loan Increase and will not change the terms of any existing Components. Any new Component issued hereunder shall bear an alphabetical designation as set forth in the Loan Agreement Supplement
relating to such Component, which may be the same, earlier than or later than the alphabetical designation of any then outstanding Component. 

(D)    An additional Note shall be executed by the Borrowers in respect of each Component
relating to such Loan Increase as provided in Section 2.1. 
 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES 

In order to induce Lender to enter into this Loan Agreement and to make the Loan, each Borrower represents and warrants to
Lender that, except as set forth on Schedule 4, the statements set forth in this Article IV, after giving effect to the Closing, will be, true, correct and complete in all respects as of the Closing Date. 

Section 4.1    Organization, Powers, Capitalization, Good Standing, Business. 

(A)    Organization and Powers. Each Borrower Party is duly organized,
validly existing and in good standing under the laws of the state of its formation or incorporation. Each Borrower Party has all requisite power and authority to own and operate 

  
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its properties, to carry on its business as now conducted and proposed to be conducted, and to enter into each Loan Document to which it is a party and to perform the terms thereof. 

(B)    Qualification. Each Borrower Party is duly qualified and in good
standing in the state of its formation or incorporation. In addition, each Borrower Party is duly qualified and in good standing in each state where necessary to carry on its present business and operations, except in jurisdictions in which the
failure to be qualified and in good standing could not reasonably be expected to have a Material Adverse Effect. 

(C)    Organization. The organizational chart set forth as
Schedule 4.1(C) accurately sets forth the direct and indirect ownership structure of the Borrowers. 

Section 4.2    Authorization of Borrowing, etc. 

(A)    Authorization of Borrowing. The Borrowers have the power and
authority to incur the Indebtedness evidenced by the Notes. The execution, delivery and performance by each Borrower Party of each of the Loan Documents to which it is a party and the consummation of the transactions contemplated thereby have been
duly authorized by all necessary limited liability company, partnership, trustee, corporate or other action, as the case may be. 

(B)    No Conflict. The execution, delivery and performance by each
Borrower Party of the Loan Documents to which it is a party and the consummation of the transactions contemplated thereby do not and will not: (1) violate (x) any provision of law applicable to any Borrower Party; (y) the partnership
agreement, certificate of limited partnership, certificate of formation, certificate of incorporation, bylaws, declaration of trust, limited liability company agreement, operating agreement or other organizational documents, as the case may be, of
each Borrower Party; or (z) any order, judgment or decree of any Governmental Authority binding on any Borrower Party or any of its Affiliates; (2) conflict with, result in a breach of or constitute (with due notice or lapse of time or
both) a default under any Contractual Obligation of any Borrower Party or any of its Affiliates (except where such breach will not cause a Material Adverse Effect); (3) result in or require the creation or imposition of any Lien (other than the
Lien of the Loan Documents) upon the Sites or assets of any Borrower Party; or (4) require any approval or consent of any Person under any Contractual Obligation of any Borrower Party, which approvals or consents have not been obtained on or
before the dates required under such Contractual Obligation, but in no event later than the Closing Date (except where the failure to obtain such approval or consent will not have a Material Adverse Effect). 

(C)    Governmental Consents. The execution and delivery by each Borrower
Party of the Loan Documents to which it is a party, and the consummation of the transactions contemplated thereby do not and will not require any registration with, consent or approval of, or notice to, or other action to, with or by, any
Governmental Authority. 
 (D)    Binding Obligations. This Loan
Agreement is, and the Loan Documents, including the Notes, when executed and delivered will be, the legally valid and binding obligations of each Borrower Party that is a party thereto, enforceable against each of

  
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the Borrower Parties, as applicable, in accordance with their respective terms, subject to bankruptcy, insolvency, moratorium, reorganization and other similar laws affecting creditor’s
rights. No Borrower Party has any defense or offset to any of its obligations under the Loan Documents to which it is a party. No Borrower Party has any claim against Lender or any Affiliate of Lender. 

Section 4.3    Financial Statements. All financial
statements concerning the Borrowers, Guarantor and Parent Guarantor which have been furnished by or on behalf of the Borrowers to Lender pursuant to this Loan Agreement present fairly in all material respects the financial condition of the Persons
covered thereby. 
 Section 4.4    Indebtedness and Contingent
Obligations. As of the Closing, the Borrowers shall have no outstanding Indebtedness or Contingent Obligations other than the Obligations or any other Permitted Indebtedness. 

Section 4.5    Title to the Sites. The Borrowers have good
and marketable or insurable fee simple title or a perpetual easement (or, in the case of the Ground Lease Sites, insurable leasehold title) to the Sites, other than the Managed Sites, free and clear of all Liens except for the Permitted
Encumbrances, except to the extent failure to comply would not, in the aggregate, be reasonably likely to have a Material Adverse Effect. The Borrowers own all personal property on the Sites (other than the Managed Sites and personal property which
is owned by Lessees of such Site, not used or necessary for the operation of the applicable Site or leased by the Borrowers as permitted hereunder), subject only to the Permitted Encumbrances and except to the extent failure to comply would not, in
the aggregate, be reasonably likely to have a Material Adverse Effect. The Deeds of Trust create (i) a valid, perfected first lien on the applicable Sites, subject only to the Permitted Encumbrances, and (ii) perfected first priority
security interests in and to, and perfected collateral assignments of, all personalty at the Sites, all in accordance with the terms of thereof, in each case subject only to any applicable Permitted Encumbrances. There are no proceedings in
condemnation or eminent domain affecting any of the Sites, and to the actual Knowledge of the Borrowers, none is threatened that would individually or in the aggregate cause a Material Adverse Effect. No Person has any option or other right to
purchase (other than rights of first refusal) all or any portion of any interest owned by the Borrowers with respect to the Sites. There are no mechanic’s, materialman’s or other similar liens or claims which have been filed for work,
labor or materials affecting the Sites which are or will be liens prior to, or equal or coordinate with, the lien of the applicable Deed of Trust the effect of which is reasonably likely to have a Material Adverse Effect. The Permitted Encumbrances,
in the aggregate, do not materially interfere with the benefits of the security intended to be provided by the Deeds of Trust and this Loan Agreement, materially and adversely affect the value of the Mortgaged Sites taken as a whole, impair the use
or operations of any of the Mortgaged Sites or impair the Borrowers’ ability to pay their obligations in a timely manner. 

Section 4.6    Zoning; Compliance with Laws. The Sites and
the use thereof comply with all applicable zoning, subdivision and land use laws, regulations and ordinances, all applicable health, fire, building codes and all other laws, statutes, codes, ordinances, rules and regulations applicable to the Sites,
or any of them, except to the extent failure to so comply would not, in the aggregate, be reasonably likely to have a Material Adverse Effect. All permits, 

  
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approvals, licenses and certificates for the lawful use, occupancy and operation of each component of each of the Sites given as Collateral hereunder in the manner in which it is currently being
used, occupied and operated have been obtained and are current and in full force and effect, except to the extent failure to obtain any such permits, licenses or certificates would not, in the aggregate, be reasonably likely to have a Material
Adverse Effect. To the Borrowers’ Knowledge, (i) no legal proceedings are pending or threatened with respect to the zoning of any Site and (ii) neither the zoning nor any other right to construct, use or operate any Site and any
easement appurtenant or related to such Site is in any way dependent upon or related to any real estate other than such Site (other than the parent parcel such Site is a part of to the extent permitted by applicable building or zoning codes) and
such easement, except to the extent same would not, in the aggregate, be reasonably likely to have a Material Adverse Effect. 

Section 4.7    Leases; Agreements. 

(A)    Leases; Agreements. The Borrowers have made available, pursuant to
Section 3.1(H) to Lender a copy of the Database. Except for the rights of Manager pursuant to the Management Agreement, and the fee owners of Managed Sites, no Person has any right or obligation to manage any of the Sites
or to receive compensation in connection with such management. No Person other than the Manager has any right or obligation to lease or solicit Lessees for the Sites, or (except for revenue sharing arrangements under Ground Leases) to receive
compensation in connection with such leasing. 
 (B)    Database
Disclosure. A true and correct copy of the Database has been made available to Lender. To the Borrowers’ Knowledge, (i) the Leases are in full force and effect; (ii) the Borrowers have not given any notice of default to any
lessee under any Lease which remains uncured; (iii) no lessee has any set off, claim or defense to the enforcement of any Lease; (iv) no lessee is in default in the performance of any other obligations under its Lease; and (v) there
are no rent concessions (whether in form of cash contributions, work agreements, assumption of an existing lessee’s other obligations, or otherwise) or extensions of time whatsoever not reflected in such Database, except to the extent that the
failure of the representations set forth in items (i) through (iv) to be true with respect to the Leases in the aggregate is not reasonably likely to have a Material Adverse Effect. To the Borrowers’ Knowledge, each of the Leases is
valid and binding on the parties thereto in accordance with its terms. 

(C)    Management Agreement. The Borrowers have delivered to Lender a true
and complete copy of the Management Agreement that will be in effect on the Closing Date, and such Management Agreement has not been modified or amended except pursuant to amendments or modifications delivered to Lender. The Management Agreement is
in full force and effect and no default by any of the Borrowers or Manager exists thereunder. 

Section 4.8    Condition of the Sites. As of the Closing
Date all Improvements are in good repair and condition, except for ordinary wear and tear as is customary in the tower industry or as would not have a Material Adverse Effect. Any damage to the Improvements is fully covered by insurance (subject to
the applicable deductible) or is individually or in the aggregate not likely to have a Material Adverse Effect. The Borrowers are not aware of any latent or patent structural or other material defect or deficiency in the Sites, and all necessary

  
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utilities are connected and are operational, are sufficient to meet the reasonable needs of each of the Sites as now used or presently contemplated to be used, and no other utility facilities or
repairs are necessary to meet the reasonable needs of each of the Sites as now used or presently contemplated, except to the extent the same would not, in the aggregate, be reasonably likely to have a Material Adverse Effect. To the Borrowers’
Knowledge, none of the Improvements create encroachments over, across or upon the Sites’ boundary lines, rights of way or easements, and no building or other improvements on adjoining land create such an encroachment, which, in the aggregate,
could reasonably be expected to have a Material Adverse Effect. Access has been insured by the Title Company for all Sites except to the extent that failure to have such access would not be reasonably likely to have a Material Adverse Effect. 

Section 4.9    Litigation; Adverse Facts. There are no
judgments outstanding against any Borrower Party, or affecting any of the Sites or any property of any Borrowers, nor to the Borrowers’ Knowledge is there any action, charge, claim, demand, suit, proceeding, petition, governmental investigation
or arbitration now pending or threatened against any Borrower Party or any of the Sites that could, in the aggregate, reasonably be expected to result in a Material Adverse Effect. 

Section 4.10    Payment of Taxes. All federal, state and
local tax returns and reports of each Borrower required to be filed have been timely filed (or each Borrower has timely filed for an extension and the applicable extension has not expired), and all taxes, assessments, fees and other governmental
charges (including any payments in lieu of taxes) upon such Person and upon its properties, assets, income and franchises which are due and payable have been paid except to the extent same are being contested in accordance with
Section 5.3(B). 
 Section 4.11    Adverse
Contracts. Except for the Loan Documents, the Borrowers are not parties to or bound by, nor is any property of such Person subject to or bound by, any contract or other agreement which restricts such Person’s ability to conduct
its business in the ordinary course as currently conducted that, either individually or in the aggregate, has a Material Adverse Effect or could reasonably be expected to have a Material Adverse Effect. 

Section 4.12    Performance of Agreements. To the
Borrowers’ Knowledge, no Borrower is in default in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any Contractual Obligation of any such Borrower which could, in the aggregate,
reasonably be expected to have a Material Adverse Effect, and no condition exists that, with the giving of notice or the lapse of time or both, would constitute such a default which could, in the aggregate, reasonably be expected to have a Material
Adverse Effect. 
 Section 4.13    Governmental
Regulation. No Borrower Party is subject to regulation under the Public Utility Holding Company Act of 1935, the Federal Power Act or the Investment Company Act of 1940 or to any other federal or state statute or regulation limiting
its ability to incur indebtedness for borrowed money. 

  
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 Section 4.14    Employee
Benefit Plans and ERISA Affiliates. No Borrower Party maintains or contributes to, or has any obligation (including a contingent obligation) under, or liability with respect to, any Employee Benefit Plan. No Borrower Party or any of
their respective ERISA Affiliates has or will have any liability relating to Employee Benefit Plans that could result in a Lien on any Other Pledged Site and no Lien on the assets of any Borrower Party in favor of the Pension Benefit Guaranty
Corporation established pursuant to Subtitle A of Title IV or ERISA (or any successor) with respect to any Employee Benefit Plan has arisen during the six year period prior to the date on which this representation is made or deemed made.

 Section 4.15    Broker’s Fees. No broker’s
or finder’s fee, commission or similar compensation will be payable by or pursuant to any contract or other obligation of the Borrowers with respect to the making of the Loan or any of the other transactions contemplated hereby or by any of the
Loan Documents. The Borrowers shall indemnify, defend, protect, pay and hold Lender harmless from any and all broker’s or finder’s fees claimed to be due in connection with the making of the Loan arising from any Borrower Parties’
actions. 
 Section 4.16    Solvency. The Borrowers
(a) have not entered into the transactions contemplated hereby or by any Loan Document with the actual intent to hinder, delay, or defraud any creditor and (b) received reasonably equivalent value in exchange for their obligations under
the Loan Documents, including their assumption of liabilities under the Indebtedness. After giving effect to the Loan, the fair saleable value of each Borrower’s assets exceed and will, immediately following the making of the Loan, exceed such
Borrower’s total liabilities, including, without limitation, subordinated, unliquidated, disputed and Contingent Obligations. The fair saleable value of each Borrower’s assets is and will, immediately following the making of the Loan, be
greater than such Borrower’s probable liabilities, including the maximum amount of its Contingent Obligations on its debts as such debts become absolute and matured. Each Borrower’s assets do not and, immediately following the making of
the Loan will not, constitute unreasonably small capital to carry out its business as conducted or as proposed to be conducted. The Borrowers do not intend to, and do not believe that they will, incur Indebtedness and liabilities (including
Contingent Obligations and other commitments) beyond their ability to pay such Indebtedness and liabilities as they mature (taking into account the timing and amounts of cash to be received by the Borrowers and the amounts to be payable on or in
respect of obligations of the Borrowers). 

Section 4.17    Disclosure. No financial statements or
other information furnished to Lender by the Borrowers contains any untrue representation, warranty or statement of a material fact, or omits to state a material fact necessary in order to make the statements contained therein not misleading. No
Loan Document or any other document, certificate or written statement for use in connection with the Loan and prepared by the Borrowers, or any information provided by any Borrower and contained in, or used in preparation of, any document or
certificate for use in connection with the Loan, contains any untrue representation, warranty or statement of a material fact, or omits to state a material fact necessary in order to make the statements contained therein not misleading. There is no
fact known to the Borrowers that has had or could have a Material Adverse Effect and that has not been disclosed in writing to Lender by the Borrowers. 

  
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 Section 4.18    Use of
Proceeds and Margin Security. The Borrowers shall use the proceeds of the Loan for the purposes set forth herein and consistent with all applicable laws, statutes, rules and regulations. No portion of the proceeds of the Loan shall be
used by the Borrowers or any Person in any manner that might cause the borrowing or the application of such proceeds to violate Regulation T, Regulation U or Regulation X or any other regulation of the Board of Governors of the
Federal Reserve System. 
 Section 4.19    Insurance.
Set forth on Schedule 4.19 is a complete and accurate description of all policies of insurance for each Borrower that are in effect as of the Closing Date. Such insurance policies conform to the requirements of
Section 5.4. No notice of cancellation has been received with respect to such policies, and, to each Borrower’s Knowledge, the Borrowers are in compliance with all material conditions contained in such policies. 

Section 4.20    Investments. The Borrowers have no
(i) direct or indirect interest in, including without limitation stock, partnership interest or other securities of, any other Person except for any Permitted Subsidiary, or (ii) direct or indirect loan, advance or capital contribution to
any other Person, including all indebtedness from that other Person except for any Permitted Subsidiary. 

Section 4.21    No Plan Assets. No Borrower Party is or
will be (i) an employee benefit plan as defined in Section 3(3) of ERISA which is subject to ERISA, (ii) a plan as defined in Section 4975(e)(1) of the IRC which is subject to Section 4975 of the IRC, or (iii) an entity
whose underlying assets constitute “plan assets” of any such employee benefit plan or plan for purposes of Title I of ERISA or Section 4975 of the IRC. 

Section 4.22    Plans. No Borrower Party is or will be a
“governmental plan” within the meaning of Section 3(32) of ERISA. 

Section 4.23    Not Foreign Person. No Borrower Party is a
“foreign person” within the meaning of Section 1445(f)(3) of the IRC. 

Section 4.24    No Collective Bargaining Agreements. No
Borrower Party is a party to any collective bargaining agreement. 

Section 4.25    Ground Leases. (A) With respect to
each Ground Lease (or, with respect to the AT&T Sites, the AT&T Sublease between AT&T and the applicable Borrower) encumbered by a Deed of Trust: 

(i)      The Ground Lease and any easements appurtenant or related thereto
contain the entire agreement of the Ground Lessor and the applicable Borrower pertaining to the Ground Lease Site covered thereby. The Borrowers have no estate, right, title or interest in or to the Ground Lease Site except under and pursuant to the
Ground Lease and any easements appurtenant or related thereto. The Ground Lease has not been modified, amended or assigned except as set forth therein or in a separate agreement with respect thereto. 

(ii)      There are no rights of Ground Lessor to terminate the Ground Lease
other than the Ground Lessor’s right to terminate by reason of default, casualty, condemnation or 

  
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other reasons, in each case as expressly set forth in the applicable Ground Lease or as provided by applicable law. 

(iii)      The Ground Lease is in full force and effect, and no breach or
default or event that with the giving of notice or passage of time would constitute a breach or default under the Ground Lease (a “Ground Lease Default”) exists on the part of the Borrowers or, to the Borrowers’
Knowledge, on the part of the Ground Lessor under the Ground Lease, except to the extent such Ground Lease Default would not be reasonably likely to have a Material Adverse Effect. The Borrowers have not received any written notice that a Ground
Lease Default exists, or that the Ground Lessor or any third party alleges the same to exist that would, in either case, be reasonably likely to have a Material Adverse Effect. 

(iv)      The applicable Borrower is the exclusive owner of the lessee’s
interest under and pursuant to the applicable Ground Lease and has not assigned, transferred, or encumbered its interest in, to, or under the Ground Lease (other than assignments that will terminate on or prior to Closing), except in favor of Lender
pursuant to this Loan Agreement and the other Loan Documents. 

(v)      Except for the Permitted Encumbrances, the applicable Borrower’s
interests in the Ground Lease is not subject to any liens or encumbrances superior to, or of equal priority with, the related Deed of Trust unless a non-disturbance agreement has been obtained from the
applicable holder of such lien or encumbrance. 
 (vi)      The Ground Lease
does not impose restrictions on subletting that would be reasonably likely to cause a Material Adverse Effect. 

(B)    With respect to the Ground Leases constituting (or, with respect to the AT&T
Sites, the AT&T Sublease between AT&T and the applicable Borrower) an Other Pledged Site: 

(i)      The Ground Lease and any easements appurtenant or related thereto
contain the entire agreement of the Ground Lessor and the applicable Borrower pertaining to the Ground Lease Site covered thereby. The Borrowers have no estate, right, title or interest in or to the Ground Lease Site except under and pursuant to the
Ground Leases. The Ground Lease has not been modified, amended or assigned except as set forth therein (or in a separate agreement with respect thereto). 

(ii)      There are no rights to terminate the Ground Lease other than the
Ground Lessor’s right to terminate by reason of default, casualty, condemnation or other reasons, in each case as expressly set forth in the Ground Lease or as provided by applicable law. 

(iii)      The Ground Lease is in full force and effect, and no Ground Lease
Default exists on the part of the Borrowers or, to the Borrowers’ Knowledge, on the part of the Ground Lessor under the Ground Lease except to the extent such Ground Lease Default would not, be reasonably likely to have a Material Adverse
Effect. The Borrowers have not received any written notice that a Ground Lease Default exists, or that the Ground Lessor or any third party alleges the same to exist, that would, in either case, be reasonably likely to have a Material Adverse
Effect. 

  
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 (iv)      The applicable Borrower
is the exclusive owner of the lessee’s interest under and pursuant to the Ground Lease and has not assigned, transferred, or encumbered its interest in, to, or under the Ground Lease (other than assignments that will terminate on or prior to
Closing), except in favor of Lender pursuant to this Loan Agreement and the other Loan Documents. 

(v)      The Ground Lease does not impose restrictions on subletting that would
be reasonably likely to cause a Material Adverse Effect. 

Section 4.26    Perpetual Easement Agreements.The perpetual
easement agreements with no ongoing rent payable by the Borrowers (the “Perpetual Easements”) are in full force and effect, and no breach or default or event that with the giving of notice or passage of time would constitute
a breach or default under the Perpetual Easements (a “Perpetual Easement Agreement Default”) exists on the part of the Borrowers or, to the Borrowers’ Knowledge, on the part of the other parties thereto under the
Perpetual Easements, except to the extent such default would not be reasonably likely to have a Material Adverse Effect. The Borrowers have not received any written notice that a Perpetual Easement Agreement Default exists, or that the other parties
thereto or any third party alleges the same to exist that would, in either case, be reasonably likely to have a Material Adverse Effect. 

Section 4.27    Principal Place of Business. Each of the
Borrowers has been organized in the State of Delaware, and its principal place of business is located in the Commonwealth of Massachusetts. 

Section 4.28    Environmental Compliance. Except to the
extent the effect of which is not reasonably likely to have a Material Adverse Effect or cause an imminent threat to human health: the Sites are in compliance with all applicable Environmental Laws and no notice of violation of such Environmental
Laws has been issued by any Governmental Authority which has not been resolved; no action has been taken by the Borrowers that would cause the Sites to not be in compliance with all applicable Environmental Laws pertaining to Hazardous Materials;
and no Hazardous Materials are present at the Sites, except in quantities not violative of applicable Environmental Laws. 

Section 4.29    Separate Tax Lot. Each of the Owned Land
Sites that the Borrowers own in fee constitute one or more separate tax parcels. 

Section 4.30    Sites Generally. 

(A)    With respect to the Sites generally: 

(i)      With respect to Sites generating at least 85% of the Annualized Run
Rate Net Cash Flow of all Sites as of December 31, 2012, the Sites are Owned Land Sites, AT&T Sites or Ground Lease Sites where the Ground Lease or AT&T Sublease (or the applicable Estoppel) requires that, if there shall be a monetary
default by the applicable Borrower under the Ground Lease or AT&T Sublease, Ground Lessor shall accept the cure thereof by Lender after the expiration of any grace period provided to such Borrower under the Ground Lease or AT&T Sublease to
cure such default prior to terminating the Ground Lease or AT&T Sublease (with respect to that Site). If there shall be a non-monetary default by the 

  
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applicable Borrower under the Ground Lease or AT&T Sublease, Ground Lessor shall accept the cure thereof by Lender after the expiration of any grace period provided to such Borrower under the
Ground Lease or AT&T Sublease to cure such default prior to terminating the Ground Lease or AT&T Sublease with respect to that site. 

(ii)      At least 65% of the Annualized Run Rate Net Cash Flow of all Sites as
of December 31, 2012 is represented by the Owned Land Sites, AT&T Sites plus Ground Lease Sites which have a term (including all available extensions) that extends beyond the Maturity Date of the Components with the numerical designation
2013. 
 (iii)      Reserved. 

(iv)      At least 84% of the Annualized Run Rate Net Cash Flow of all Sites
(except AT&T Sites) as of December 31, 2012 are Owned Land Sites or Ground Lease Sites where the Ground Lease (or a separate agreement with respect thereto) requires that, if such Ground Lease is terminated as result of a Borrower default
under such Ground Lease or is rejected in any bankruptcy proceeding, Ground Lessor will be obligated to enter into a new lease with Lender or its designee on the same terms as the Ground Lease after Lender’s request made after notice of such
termination or rejection, provided Lender pays all past due amounts under the Ground Lease. The foregoing is not applicable to normal expirations of the Ground Lease term or to AT&T Sites. 

ARTICLE V 
 COVENANTS OF
BORROWER PARTIES 
 Each Borrower covenants and agrees that until payment in full of the Loan, all accrued and unpaid
interest and all other Obligations, it shall perform and comply with all covenants in this Article V applicable to such Person. 

Section 5.1    Financial Statements and Other Reports. 

(A)    Financial Statements. 

(i)      Annual Reporting. Within one hundred twenty
(120) days after the end of each calendar year, the Borrowers shall, and shall cause American Tower Corporation or its successors or assigns (“AT Parent”) to, provide true and complete copies of combined Financial
Statements for the Borrowers and consolidated Financial Statements for AT Parent for such year to Lender; provided that, while AT Parent is a publicly traded entity, filing of AT Parent’s annual report on
form 10-K filed with the United States Securities and Exchange Commission (the “SEC”) shall be deemed to satisfy the requirements of this
Section 5.1(A)(i) with respect to AT Parent. All such Financial Statements shall be audited by an Approved Accounting Firm or by other independent certified public accountants reasonably acceptable to Lender and, in each
case, shall bear the unqualified certification of such accountants that such Financial Statements present fairly in all material respects the financial position of AT Parent and the Borrowers, as applicable. The annual Financial Statements shall be
accompanied by Supplemental Financial Information for such calendar year. The annual Financial Statements for the Borrowers shall also be accompanied by a 

  
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certification executed by each Borrower’s chief executive officer or chief financial officer (or other officer with similar duties), satisfying the criteria set forth in
Section 5.1(A)(vii) below, and a Compliance Certificate (as defined below). 

(ii)      Quarterly Reporting. Within forty-five (45) days
after the end of each of the first three fiscal quarters in each calendar year, the Borrowers shall provide, and shall cause AT Parent to provide, copies of their Financial Statements for such quarter to Lender, together with a certification
executed on behalf of the Borrowers by their respective chief executive officers or chief financial officers (or other officer with similar duties) in accordance with the criteria set forth in Section 5.1(A)(vii) below;
provided that, while AT Parent is a publicly traded entity, filing of AT Parent’s quarterly report on Form 10-Q filed with the SEC shall be deemed to satisfy the requirements of this
Section 5.1(A)(ii)(a) with respect to AT Parent. Such quarterly Financial Statements shall be accompanied by Supplemental Financial Information and a Compliance Certificate for such calendar quarter. 

(iii)      Monthly Reporting. Within thirty (30) days after
the end of each calendar month after the Closing Date, each Borrower shall provide, or cause Manager to provide, to Lender the report in the form set forth in Schedule 5.1(a)(iii). 

(iv)      Reserved. 

(v)      Additional Reporting. In addition to the foregoing, the
Borrowers shall, and shall cause Parent Guarantor, Guarantor and Manager to, promptly provide to Lender such further documents and information concerning the operation of a Site and its operations, properties, ownership, and finances as Lender shall
from time to time reasonably request upon prior written notice to the Borrowers. 

(vi)      GAAP. The Borrowers will, and will cause Parent
Guarantor, Guarantor and Manager to, maintain systems of accounting established and administered in accordance with sound business practices and sufficient in all respects to permit preparation of Financial Statements in conformity with GAAP. All
annual Financial Statements shall be prepared in accordance with GAAP. 

(vii)      Certifications of Financial Statements and Other Documents,
Compliance Certificate. Together with the Financial Statements and other documents and information provided to Lender by or on behalf of the Borrowers and AT Parent under Sections 5.1(A)(i) and (ii), the Borrowers also shall
deliver, and shall cause AT Parent to deliver, to Lender a certification to Lender, executed on behalf of the Borrowers and AT Parent by their respective chief executive officer or chief financial officer (or other officer with similar duties),
stating that to their Knowledge after due inquiry such quarterly and annual Financial Statements and information fairly present the financial condition and results of operations of the Borrowers and AT Parent for the period(s) covered thereby
(except for the absence of footnotes with respect to the quarterly Financial Statement), and do not omit to state any material information without which the same might reasonably be misleading, and all other
non-financial documents submitted to Lender (whether quarterly or annually) are true, correct, accurate and complete in all material respects. In addition, where this Loan Agreement requires a
“Compliance Certificate”, the Person required to 

  
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submit the same shall deliver a certificate duly executed on behalf of such Person by its chief executive officer or chief financial officer (or other officer with similar duties) stating that,
to their Knowledge after due inquiry, there does not exist any Default or Event of Default under the Loan Documents (or if any exists, specifying the same in detail). 

(viii)      Fiscal Year. Each Borrower represents that its fiscal
year and that of Guarantor and Parent Guarantor ends on December 31, or such other fiscal year end as determined by such Borrower with the consent of Lender, such consent not to be unreasonably withheld. 

(B)    Accountants’ Reports. Within a reasonable period of time, each
Borrower will deliver to Lender copies of all material reports submitted by independent public accountants in connection with each annual audit of the Financial Statements or other business operations of such Borrower made by such accountants,
including the comment letter submitted by such accountants to management in connection with the annual audit. 

(C)    Reserved. 

(D)    Annual Operating Budget and CapEx Budgets. On or prior to
February 28 of each calendar year, the Borrowers shall deliver to Lender the Operating Budget and CapEx Budget (either separately or combined, and in each case presented on a monthly and annual basis) for such calendar year for informational
purposes only. The Borrowers may make changes to the Operating Budget and the CapEx Budget from time to time as deemed reasonably necessary by the Borrowers, including to reflect the addition of any Additional Borrower, Additional Sites, or
Additional Borrower Sites. Notice of any material modifications to the Operating Budget and the CapEx Budget shall be delivered to Lender within thirty (30) days after such modification is made. The Operating Budget shall identify and set forth
each Borrower’s reasonable estimate, after due consideration, of all Operating Expenses on a line-item basis consistent with the form of Operating Budget delivered to Lender prior to Closing. The Operating Budget and the CapEx Budget will be
delivered to Lender for Lender’s information only and shall not be subject to Lender’s approval provided that each such budget is consistent in form with the budgets delivered to Lender in connection with the Closing. 

(E)    Material Notices. (i) The Borrowers shall promptly deliver, or cause to be
delivered, copies of all notices given or received with respect to a default under any term or condition related to any Permitted Indebtedness of any Borrower which is reasonably likely to result in a Material Adverse Effect, and shall notify Lender
within five (5) Business Days of any material default with respect to any such Permitted Indebtedness. 

(ii)      The Borrowers shall promptly deliver to Lender copies of any and all
notices of a material default or breach which is reasonably likely to result in a Material Adverse Effect. 

(F)    Events of Default, etc. Promptly upon any of the Borrowers obtaining
Knowledge of any of the following events or conditions, such Borrower shall deliver to Lender and the Trustee a certificate executed on its behalf by its chief financial officer or 

  
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similar officer specifying the nature and period of existence of such condition or event and what action such Borrower or any Affiliate thereof has taken, is taking and proposes to take with
respect thereto: (i) any condition or event that constitutes an Event of Default; or (ii) any actual or alleged breach or default which is reasonably likely to have a Material Adverse Effect, or assertion of (or written threat to assert)
remedies under the Management Agreement, the effect of which would be reasonably likely to have a Material Adverse Effect, or any actual or alleged breach or default of any Ground Lease which is reasonably likely to have a Material Adverse Effect.

 (G)    Litigation. Promptly upon any of the Borrowers obtaining
knowledge of (1) the institution of any action, suit, proceeding, governmental investigation or arbitration against the Borrowers or any of the Sites not previously disclosed in writing by the Borrowers to Lender which would be reasonably
likely to have a Material Adverse Effect and is not covered by insurance or (2) any material development in any action, suit, proceeding, governmental investigation or arbitration at any time pending against or affecting the Borrowers or the
Sites which, in each case, if adversely determined and not covered by insurance could reasonably be expected to have a Material Adverse Effect, the Borrowers will give notice thereof to Lender and, upon request from Lender, provide such other
information as may be reasonably available to them to enable Lender and its counsel to evaluate such matter. 

(H)    Insurance. On or before the last day of each insurance policy period
of the Borrowers, the Borrowers will deliver certificates, reports, and/or other information (all in form and substance reasonably satisfactory to Lender), (i) outlining all material insurance coverage maintained as of the date thereof by the
Borrowers and all material insurance coverage planned to be maintained by the Borrowers in the subsequent insurance policy period and (ii) to the extent not paid directly by Servicer, evidencing payment in full of the premiums for such
insurance policies. 
 (I)    Other Information. Within a reasonable
period following Lender’s request, Borrowers will deliver such other information and data with respect to such Person and its Affiliates or the Sites as from time to time may be reasonably requested by Lender upon prior written notice. 

Section 5.2    Existence; Qualification. The Borrowers
will, and will cause Guarantor and Parent Guarantor to, at all times preserve and keep in full force and effect their existence as a limited partnership, limited liability company, or corporation, as the case may be, and all rights and franchises
material to its business, including their qualification to do business in each state where it is required by law to so qualify. 

Section 5.3    Payment of Impositions and Claims.
(A) Except for those matters being contested pursuant to clause (B) below, the Borrowers will pay (i) all Impositions; (ii) all claims (including claims for labor, services, materials and supplies) for sums that have become due
and payable and that by law have or may become a Lien upon any of its properties or assets (hereinafter referred to as the “Claims”); and (iii) all federal, state and local income taxes, sales taxes, excise taxes and all
other taxes and assessments of the Borrowers on their 

  
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business, income or assets; in each instance before any material penalty or fine is incurred with respect thereto and before any other material adverse consequence of such nonpayment. 

(B)    The Borrowers shall not be required to pay, discharge or remove any Imposition or
Claim relating to a Site so long as the Borrowers contest in good faith such Imposition, Claim or the validity, applicability or amount thereof by an appropriate legal proceeding which operates to prevent the collection of such amounts and the sale
of the applicable Site or any portion thereof, so long as: (i) no Event of Default shall have occurred and be continuing; (ii) prior to the date on which such Imposition or Claim would otherwise have become delinquent, the Borrowers shall
have given Lender prior written notice of their intent to contest said Imposition or Claim and shall (A) if the Securities are then rated “AAA”, by the Rating Agencies, certify to Lender in an Officer’s Certificate that the
Borrowers are holding adequate reserves (after giving effect to any Reserves then held by Lender for the item subject to contest) to pay any such Imposition or Claim, including any interest, penalties costs and other charges accrued or accumulated
thereon, and (B) if the Securities are then rated less than “AAA” by the Rating Agencies, shall have deposited with Lender (or with a court of competent jurisdiction or other appropriate body reasonably approved by Lender) such
additional amounts as are necessary to keep on deposit at all times, an amount by way of cash (or other form reasonably satisfactory to Lender), equal to (after giving effect to any Reserves then held by Lender for the item then subject to contest)
at least one hundred twenty-five percent (125%) of the total of (x) the balance of such Imposition or Claim then remaining unpaid, and (y) all interest, penalties, costs and charges accrued or accumulated thereon; (iii) no risk of
sale, forfeiture or loss of any interest in the applicable Site or any part thereof arises, in Lender’s reasonable judgment, during the pendency of such contest; (iv) such contest does not, in Lender’s reasonable determination, have a
Material Adverse Effect; and (v) such contest is based on bona fide, material, and reasonable claims or defenses. Any such contest shall be prosecuted with due diligence, and the Borrowers shall promptly pay the amount of such Imposition or
Claim as finally determined, together with all interest and penalties payable in connection therewith. Lender shall have full power and authority, but no obligation, to apply any amount deposited with Lender to the payment of any unpaid Imposition
or Claim to prevent the sale or forfeiture of the applicable Site for non-payment thereof, if Lender reasonably believes that such sale or forfeiture is threatened. 

Section 5.4    Maintenance of Insurance. The Borrowers
will continuously maintain the following described policies of insurance without cost to Lender (the “Insurance Policies”): 

(i)      Commercial general liability insurance, including death, bodily injury
and broad form property damage coverage with a combined single limit in an amount not less than one million dollars ($1,000,000) per occurrence and two million dollars ($2,000,000) in the aggregate for any policy year; 

(ii)      For each Site (other than the Managed Sites) located in whole or in
part in a federally designated “special flood hazard area”, flood insurance to the extent required by law and available at federally subsidized rates; 

  
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 (iii)      An umbrella excess
liability policy with a limit of not less than ten million dollars ($10,000,000) over primary insurance, which policy shall include coverage for water damage, so-called assumed and contractual liability
coverage, premises medical payment and automobile liability coverage, and coverage for safeguarding of personalty and shall also include such additional coverages and insured risks which are acceptable to Lender; 

(iv)      Business interruption and/or rent loss insurance with an aggregate
limit equal to $5,000,000; 
 (v)      Property insurance in an amount equal
to $5,000,000; and 
 (vi)      During any period of construction, repair or
restoration, builders “all risk” insurance in an amount equal to not less than the full insurable value of the applicable Sites. 

All Insurance Policies shall be in content (including, without limitation, endorsements or exclusions, if any), form, and
amounts, and issued by companies, satisfactory to Lender from time to time and shall name Lender and its successors and assignees as their interests may appear as an “additional insured” or “loss payee” (with respect to property
policies) for each of the policies under this Section 5.4 for which such designation is applicable and shall (except for Worker’s Compensation Insurance) contain a waiver of subrogation clause reasonably acceptable to
Lender. All Insurance Policies under Sections 5.4(ii), (iv), and (v), hereof with respect to the Mortgaged Sites shall contain a Non-Contributory Standard mortgagee clause and a mortgagee’s Loss
Payable Endorsement (Form 438 BFU NS), or their equivalents (such endorsements shall entitle Lender to collect any and all proceeds payable under all such insurance, with the insurance company waiving any claim or defense against Lender for
premium payment, deductible, self-insured retention or claims reporting provisions). All Insurance Policies shall provide that the coverage shall not be modified without thirty (30) days’ advance written notice to Lender and shall provide
that no claims (other than claims under liability policies) shall be paid thereunder to a Person other than Lender without ten (10) days’ advance written notice to Lender. The Borrowers may obtain any insurance required by this Section
through blanket policies; provided, however, that such blanket policies shall separately set forth the amount of insurance in force (together with applicable deductibles, and per occurrence limits) with respect to the Sites and shall
afford all the protections to Lender as are required under this Section. Except as may be expressly provided above, all policies of insurance required hereunder shall contain no annual aggregate limit of liability, other than with respect to
liability, flood and earthquake insurance. If a blanket policy is issued, a certified copy of said policy shall be furnished, together with a certificate indicating that Lender is an additional insured (and, if applicable, loss payee) under such
policy in the designated amount. The Borrowers will deliver duplicate originals of all Insurance Policies, premium prepaid for a period of one (1) year (or quarterly in the case of casualty insurance), to Lender and, in case of Insurance
Policies about to expire, the Borrowers will deliver duplicate originals of replacement policies or certificates thereof satisfying the requirements hereof to Lender prior to the date of expiration; provided, however, if such
replacement policy is not yet available, the Borrowers shall provide Lender with an insurance certificate executed by the insurer or its authorized agent evidencing that the insurance required hereunder is being maintained under such policy, which
certificate shall be acceptable to Lender on an interim basis until the duplicate original of the policy is available. An insurance company shall not be satisfactory unless such insurance 

  
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company is licensed or authorized to issue insurance in the State where the applicable Site is located and has a claims paying ability rating by S&P of “A” (or its equivalent), by
Fitch of “A”, and, if rated by Moody’s, “Baa2”. With Rating Agency Confirmation, the Borrowers may satisfy any of the obligations under this Section 5.4 through self-insurance. Notwithstanding the
foregoing, a carrier which does not meet the foregoing ratings requirement shall nevertheless be deemed acceptable hereunder, provided that such carrier is reasonably acceptable to Lender and the Borrowers shall deliver notice to each of the
Rating Agencies of the ratings of such carriers. If any insurance coverage required under this Section 5.4 is maintained by a syndicate of insurers, the preceding ratings requirements shall be deemed satisfied (without any
required Rating Agency Confirmation) as long as at least seventy-five percent (75%) of the coverage (if there are four or fewer members of the syndicate) or at least sixty percent (60%) of the coverage (if there are five or more members of the
syndicate) is maintained with carriers meeting the claims-paying ability ratings requirements by S&P, Fitch (if applicable) or Moody’s (if applicable) set forth above and all carriers in such syndicate have a claims-paying ability rating by
Fitch of not less than “BBB” (to the extent rated by Fitch), by Moody’s of not less than “Baa2” (to the extent rated by Moody’s) or by S&P of not less than “BBB”. The Borrowers shall furnish Lender
receipts for the payment of premiums on such insurance policies or other evidence of such payment reasonably satisfactory to Lender in the event that such premiums have not been paid by Lender pursuant to the Loan Agreement. The requirements of this
Section 5.4 shall apply to any separate policies of insurance taken out by the Borrowers concurrent in form or contributing in the event of loss with the Insurance Policies. Property losses shall be payable to Lender
notwithstanding (1) any act, failure to act or negligence of the Borrowers or their agents or employees, Lender or any other insured party which might, absent such agreement, result in a forfeiture or all or part of such insurance payment,
other than the willful misconduct of Lender knowingly in violation of the conditions of such policy, (2) the occupation or use of the Sites or any part thereof for purposes more hazardous than permitted by the terms of such policy, (3) any
foreclosure or other action or proceeding taken pursuant to this Loan Agreement or (4) any change in title to or ownership of the Sites or any part thereof. The property insurance described in this Section 5.4 hereof
shall include “time element” coverage by which Lender shall be assured payment of all amounts due under the Notes, this Loan Agreement and the other Loan Documents; “extra expense” (i.e., soft costs), clean-up, transit and ordinary payroll coverage; and “expediting expense” coverage to facilitate rapid repair or restoration of the Sites. The Insurance Policies shall not contain any deductible in excess
of $300,000, with the exception for Hurricane coverage with a $750,000 per occurrence deductible for each “Named Wind” storm and $1,000,000 for flood coverage within the 100 year flood plain. 

Section 5.5    Operation and Maintenance of the Sites; Casualty;
Condemnation. (A) The Borrowers shall maintain or cause to be maintained in good repair, working order and condition all material property necessary for use in the business of each Borrower, including the applicable Site, and
will make or cause to be made all appropriate repairs and improvements, renewals and replacements thereof, all in accordance with the then applicable customs and practices of the Borrower’s industry in all material respects. All work required
or permitted under this Loan Agreement shall be performed in a workmanlike manner and in compliance with all applicable laws in all material respects. 

(B)      (i) In the event of casualty or loss at any of the Sites, the
Borrowers shall give immediate written notice of any such casualty or loss which, in the Borrowers’ 

  
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reasonable opinion, is likely to result in a Material Adverse Effect and shall, to the extent permitted by law and consistent with prudent business practices, promptly commence and diligently
prosecute to completion, in accordance with the terms hereof, the repair and restoration of the Site as nearly as possible to the Pre-Existing Condition, excluding replacement of obsolete Other Company
Collateral which is not required in connection with operating the applicable Site (a “Restoration”). The Borrowers hereby authorize and empower Lender as
attorney-in-fact for the Borrowers (jointly with the Borrowers unless an Event of Default has occurred and is continuing), or any of them and upon not less than 10
business days prior written notice, with respect to Insurance Proceeds related to a casualty in excess of $1,000,000 to make proof of loss, to adjust and compromise any claim under insurance policies, to appear in and prosecute any action arising
from such insurance policies, to collect and receive Insurance Proceeds (and regardless of the amount of such Insurance Proceeds if an Event of Default exists, to deposit such Insurance Proceeds directly into and be held in the Loss Proceeds Reserve
Sub-Account pending Lender’s determination with respect to Restoration of the affected Site as set forth in Section 5.5(C)), and to deduct therefrom Lender’s reasonable
expenses incurred in the collection of such proceeds; provided, however, that nothing contained in this Section shall require Lender to incur any expense or take any action hereunder. The Borrowers further authorize Lender, at
Lender’s option, with respect to Insurance Proceeds in excess of $1,000,000 (and regardless of the amount of such Insurance Proceeds if an Event of Default exists) (a) to hold the balance of such proceeds to be used to reimburse the
Borrowers for the cost of Restoration of any of the Sites or (b) subject to Section 5.5(C), to apply such Insurance Proceeds to payment of the Obligations whether or not then due, in any order after payment of any
outstanding Additional Trust Fund Expenses and Advance Interest. 

(ii)      The Borrowers shall promptly give Lender written notice of the
commencement of any condemnation or eminent domain proceeding affecting the Sites or any portion thereof that Borrowers have actual Knowledge of and that could, in Borrower’s reasonable opinion, be likely to result in a Material Adverse Effect.
Lender is hereby irrevocably appointed as the attorney-in-fact for the Borrowers (jointly with the Borrowers unless an Event of Default has occurred and is continuing),
or any of them, only with respect to condemnation proceedings likely to result in Condemnation Proceeds in excess of $1,000,000 to collect, receive and retain any Condemnation Proceeds (and regardless of the amount of such Condemnation Proceeds if
an Event of Default exists, to be deposited directly into and held in the Loss Proceeds Reserve Sub-Account pending the Borrowers’ determination with respect to Restoration of the affected Site as set
forth in Section 5.5(C)) and to make any compromise or settlement in connection with such proceeding. In accordance with the terms hereof, the Borrowers shall cause the Condemnation Proceeds in excess of $1,000,000 (and
regardless of the amount of such Condemnation Proceeds if an Event of Default exists) which are payable to the Borrowers, to be paid directly to Lender for deposit into the Loss Proceeds Reserve Sub-Account.
If the applicable Site is sold following an Event of Default, through foreclosure or otherwise, prior to the receipt by Lender of Condemnation Proceeds, Lender shall have the right, whether or not a deficiency judgment on the Notes shall have been
sought, recovered or denied, to receive said Condemnation Proceeds, or a portion thereof sufficient to pay the Obligations. Notwithstanding the foregoing, the Borrowers may prosecute any condemnation proceeding and settle or compromise and collect
Condemnation Proceeds of not more than $1,000,000 

  
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provided that: (a) no Event of Default shall have occurred and be continuing, (b) in the Borrowers’ reasonable good faith judgment, such condemnation or taking does not and
will not materially restrict access to the Sites or otherwise have a Material Adverse Effect and the Site remaining after such condemnation or taking is capable of being restored to an economically viable whole of substantially the same type which
existed prior to the condemnation or taking or in substantial compliance with all applicable laws, (c) the Borrowers apply the Condemnation Proceeds to any reconstruction or repair of the Site necessary as a result of such condemnation or
taking, and (d) the Borrowers promptly commence and diligently prosecute such reconstruction or repair to completion in accordance with all applicable laws. Subject to the terms hereof, the Borrowers authorize Lender to apply such Condemnation
Proceeds, after the deduction of Lender’s reasonable expenses incurred in the collection of such Condemnation Proceeds (provided, however, that nothing contained in this Section shall require Lender to incur any expenses or take
any action hereunder), at Lender’s option, to restoration or repair of the Sites or to payment of the Obligations, whether or not then due, in the order determined by Lender, with the balance, if any, to the Borrowers. Lender shall not exercise
Lender’s option to apply such Condemnation Proceeds to payment of the Obligations, provided that each of the conditions (as applicable) to the release of Loss Proceeds for restoration or repair of the Sites under
Section 5.5(C) below have been satisfied with respect to such Condemnation Proceeds in all material respects. 

(iii)      Notwithstanding anything to the contrary herein, Borrower shall have
the right to apply Condemnation Proceeds toward repayment of the Obligations (without any Yield Maintenance) in lieu of applying same toward restoration. 

(C)    Lender shall not exercise Lender’s option to apply Loss Proceeds to payment
of the Obligations if all of the following conditions are met: (i) no Event of Default then exists; (ii) Lender reasonably determines that there will be sufficient funds to complete the Restoration of the Site to at least substantially to
the condition it was in immediately prior to such casualty or condemnation (excluding replacement of obsolete Other Company Collateral which is not required in connection with operating the applicable Site) and in compliance with applicable laws
(the “Pre-Existing Condition”) and to timely make all payments due under the Loan Documents (including but not limited to Administrative Fees) during the Restoration of the affected
Site; (iii) Lender reasonably determines that the Net Operating Income of the Sites (including rental income or business interruption insurance) will be sufficient to pay principal and interest on the Loan (and any outstanding Administrative
Fees); and Operating Revenues of the Sites, after the Restoration thereof to the Pre-Existing Condition, will be sufficient to meet all Operating Expenses, and payments for Reserves; and (iv) Lender
determines that the Restoration of the affected Site to the Pre-Existing Condition will be completed not later than six (6) months prior to the next succeeding Anticipated Repayment Date for any Component
of the Loan. If Lender elects to apply Loss Proceeds to payment of the Obligations, such application shall be made on the Due Date immediately following such election in accordance with the terms of the Cash Management Agreement. Notwithstanding the
foregoing to the contrary, in the event the Borrowers, in their reasonable discretion, and within one hundred eighty (180) days of receipt of such Loss Proceeds, elect not to restore or replace a Site or are not able to restore or replace a
Site after the use of commercially reasonable efforts, any Loss Proceeds relating to such Site 

  
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(less any Loss Proceeds expended to restore or replace such Site) held in the Loss Proceeds Reserve Sub-Account shall be applied to payment of the
Obligations on the Due Date immediately following such election. 
 (D)    Lender shall
not be obligated to disburse Loss Proceeds more frequently than once every calendar month. If Loss Proceeds are applied to the payment of the Obligations, any such application of Loss Proceeds to principal shall not extend or postpone the due dates
of the monthly payments due under the Notes or otherwise under the Loan Documents, or change the amounts of such payments. If Lender elects to apply all of such insurance or condemnation proceeds toward the repayment of the Obligations, the
Borrowers shall (subject to compliance with Section 11.4) be entitled to obtain from Lender a Site Release (without representation or warranty) of the applicable Site from the Lien of the Deed of Trust relating to such Site
(in which event the Borrowers shall not be obligated to restore the applicable Site pursuant to Section 5.5(B), above) provided that the Borrowers pay to Lender the amount, if any, by which the Release Price for such
Site exceeds the Loss Proceeds received by Lender and applied to repayment of the Obligations. Any amount of Loss Proceeds remaining in Lender’s possession after full and final payment and discharge of all Obligations shall be refunded to, or
as directed by, the Borrowers or otherwise paid in accordance with applicable law. If the Site is sold at foreclosure or if Lender acquires title to the Site, Lender shall have all of the right, title and interest of the applicable Borrower in and
to any Loss Proceeds and unearned premiums on Insurance Policies. 
 (E)    In no event
shall Lender be obligated to make disbursements of Loss Proceeds in excess of an amount equal to the costs actually incurred from time to time for work in place as part of the Restoration, as certified by the Borrowers, less a retainage equal to the
greater of (x) the actual retainage required pursuant to the permitted contract, or (y) ten percent (10%) of such costs incurred until the Restoration has been completed. The retainage shall in no event be less than the amount actually
held back by the Borrowers from contractors, subcontractors and materialmen engaged in the Restoration. The retainage shall not be released until Lender is reasonably satisfied that the Restoration has been completed in accordance with the
provisions of this Section 5.5 and that all approvals necessary for the re-occupancy and use of the Site have been obtained from all appropriate governmental authorities, and Lender
receives final lien waivers and such other evidence reasonably satisfactory to Lender that the costs of the Restoration have been paid in full or will be paid in full out of the retainage. 

Section 5.6    Inspection. Each Borrower shall permit any
authorized representatives designated by Lender to visit and inspect during normal business hours its Sites and its business, including its financial and accounting records, and to make copies and take extracts therefrom and to discuss its affairs,
finances and business with its officers and independent public accountants (with such Borrower’s representative(s) present), at such reasonable times during normal business hours and as often as may be reasonably requested, provided that
same is conducted in such a manner as to not unreasonably interfere with the Borrowers’ business, and in accordance with the applicable Ground Lease, if any. Unless an Event of Default has occurred and is continuing, Lender shall provide
advance written notice of at least three (3) Business Days prior to visiting or inspecting any Site or such Borrower’s offices. 

  
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 Section 5.7    Compliance
with Laws and Contractual Obligations. The Borrowers will (A) comply with the requirements of all present and future applicable laws, rules, regulations and orders of any Governmental Authority in all jurisdictions in which it is
now doing business or may hereafter be doing business, other than those laws, rules, regulations and orders the noncompliance with which collectively could not reasonably be expected to have, either individually or in the aggregate, a Material
Adverse Effect, (B) maintain all licenses, approvals and permits now held or hereafter acquired by any Borrower, the loss, suspension, or revocation of which, or failure to renew, in the aggregate could have a Material Adverse Effect and
(C) perform, observe, comply and fulfill all of its material obligations, covenants and conditions contained in any Contractual Obligation. 

Section 5.8    Further Assurances. The Borrowers shall,
from time to time, execute and/or deliver such documents, instruments, agreements, financing statements, and perform such acts as Lender at any time may reasonably request to evidence, preserve and/or protect the Collateral at any time securing or
intended to secure the Obligations and/or to better and more effectively carry out the purposes of this Loan Agreement and the other Loan Documents. 

Section 5.9    Performance of Agreements and Leases. Each
Borrower Party shall duly and punctually perform, observe and comply in all material respects with all of the terms, provisions, conditions, covenants and agreements on its part to be performed, observed and complied with (i) hereunder and
under the other Loan Documents to which it is a party, (ii) under all Material Agreements and Leases and (iii) all other agreements entered into or assumed by such Person in connection with the Sites, and will not suffer or permit any
material default (giving effect to any applicable notice requirements and cure periods) to exist under any of the foregoing except where the failure to perform, observe or comply with any agreement referred to in this clause (iii) would not
reasonably be expected to have a Material Adverse Effect. Notwithstanding the foregoing to the contrary, the Borrowers shall be permitted to terminate or assign any Site Management Agreement (x) which the Borrowers reasonably deem to be in
accordance with prudent business practices (including, but not limited to, instances in which the applicable Site has, and the Borrowers reasonably anticipate that such Site will continue to have, negative Annualized Run Rate Net Cash Flow), (y) to
cure a breach of a representation, warranty, covenant or other default or (z) in connection with any Site disposition if the Release or Substitution Conditions are met (except that assignments of a Site Management Agreement to another Borrower
need not satisfy the Release or Substitution Conditions). In each of the foregoing, at any time if the Termination and Assignment Threshold is exceeded, any subsequent termination or assignment of a Site Management Agreement (except with respect to
assignments to another Borrower) shall require (i) satisfaction of the Release or Substitution Conditions and (ii) written notice to the Rating Agencies of such Site Management Agreement termination or assignment, as well as any subsequent
Site Management Agreement terminations or assignments (except with respect to assignments to another Borrower) that, collectively, constitute a successive 5% increase in the total Allocated Loan Amount for all Sites affected by the proposed
termination or assignment. In connection with any sale permitted pursuant to the terms of this Section 5.9, the Borrowers may sell any Other Company Collateral associated with the applicable Site and no longer required in
connection with the operation of the Borrowers’ business. 

  
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Section 5.10    Leases. Any Rents which constitute Advance
Rents Reserve Deposits shall be deposited into the Advance Rents Reserve Sub-Account to be applied in accordance with the Cash Management Agreement. The Borrowers, at Lender’s request, shall make
available to Lender executed copies of all Leases hereafter made. 

Section 5.11    Management Agreement. (A) The
Borrowers shall cause Manager to manage the Sites in accordance with the Management Agreement. The Borrowers shall (i) perform and observe all of the material terms, covenants and conditions of the Management Agreement on the part of each
Borrower to be performed and observed, (ii) promptly notify Lender of any notice to any of the Borrowers of any material default under the Management Agreement of which they are aware, and (iii) prior to termination of Manager in
accordance with Section 5.11(C), the Borrowers shall renew the Management Agreement prior to each expiration date thereunder in accordance with its terms. If the Borrowers shall default in the performance or observance of
any material term, covenant or condition of the Management Agreement on the part of the Borrowers to be performed or observed, then, without limiting Lender’s other rights or remedies under this Loan Agreement or the other Loan Documents, and
without waiving or releasing the Borrowers from any of their obligations hereunder or under the Management Agreement, Lender shall have the right, upon prior written notice to the Borrowers, but shall be under no obligation, to pay any sums and to
perform any act as may be reasonably appropriate to cause such material conditions of the Management Agreement on the part of the Borrowers to be performed or observed. If the Borrowers fail to renew the Management Agreement, Lender has the right,
but not the obligation, to renew the Management Agreement within ten (10) Business Days’ of receipt of notice from Manager that the Management Agreement will terminate unless otherwise renewed. 

(B)    The Borrowers shall not surrender, terminate, cancel, or modify other than non-material changes, the Management Agreement, or enter into any other Management Agreement with any new Manager, other than an Acceptable Manager (under a management agreement substantially similar in all material
respects to the initial Management Agreement, except that the Management Fee thereunder shall be an amount agreed by the successor Manager not to exceed 7.5% of Operating Revenues), or consent to the assignment by Manager of its interest under the
Management Agreement, other than to an Acceptable Manager, in each case without delivery of Rating Agency Confirmations from each of the Rating Agencies (which Rating Agency Confirmation may not be deemed satisfied pursuant to
Section 11.13 of the Trust Agreement) and the written consent of Lender. In any case, the Borrowers shall deliver to Lender copies of all material modifications, amendments and supplements to the Management Agreement promptly upon
execution thereof. If at any time Lender consents to the appointment of a new Manager, or if an Acceptable Manager shall become Manager, such new Manager, or the Acceptable Manager, as the case may be, and the Borrowers shall, as a condition of
Lender’s consent, or with respect to an Acceptable Manager, prior to commencement of its duties as Manager, execute a subordination of management agreement in substantially the form delivered in connection with the closing of the Loan. 

(C)    Lender shall have the right to terminate the Management Agreement and require that
Manager be replaced with a Person chosen by the Borrowers (or, if an Event of Default has occurred and is then continuing, Lender) and reasonably acceptable to Lender, 

  
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upon the earliest to occur of any one or more of the following events: (i) an Event of Default has occurred and is then continuing, (ii) thirty (30) days after notice from Lender
to the Borrowers if Manager has engaged in fraud, gross negligence or willful misconduct arising from or in connection with its performance under the Management Agreement, (iii) thirty (30) days after notice from Lender to the Borrowers
following the latest Maturity Date of any Component then outstanding, (iv) if the DSCR is less than 1.1:1 as of the end of any calendar quarter and Lender reasonably determines that such decline in the DSCR is primarily attributable to acts or
omissions of Manager rather than factors affecting the Borrowers’ industry generally or (v) a default by Manager in the performance of its obligations under the Management Agreement, which default could reasonably be expected to have a
Material Adverse Effect, and such default remains unremedied for thirty (30) days following written notice to Manager. The appointment of any Person chosen by the Borrowers (or Lender) to be successor Manager will require Rating Agency
Confirmation (which Rating Agency Confirmation may not be deemed satisfied pursuant to Section 11.13 of the Trust Agreement). A replacement Manager who satisfies the foregoing shall be an “Acceptable Manager”.

 Section 5.12    Deposits; Application of Receipts.
The Borrowers will deposit all Receipts into, and otherwise comply with, the Accounts established from time to time hereunder. Subject to Article VII hereof and the Cash Management Agreement, each Borrower shall promptly apply all Receipts to
the payment of all current and past due Operating Expenses, and to the repayment of all sums currently due or past due under the Loan Documents, including all payments into the Reserves. 

Section 5.13    Estoppel Certificates. (A) Within ten
(10) Business Days following a written request by Lender, the Borrowers shall provide to Lender a duly acknowledged written statement confirming (i) the amount of the outstanding principal balance of the Loan, (ii) the terms of
payment and Maturity Dates of the Notes, (iii) the date to which interest has been paid, (iv) whether any offsets or defenses exist against the Obligations, and if any such offsets or defenses are alleged to exist, the nature thereof shall
be set forth in detail and (v) that this Loan Agreement, the Notes, the Deeds of Trust and the other Loan Documents are legal, valid and binding obligations of the Borrower Parties and have not been modified or amended, or if modified or
amended, describing such modification or amendments. 
 (B)    Within ten
(10) Business Days following a written request by the Borrowers, Lender shall provide to the Borrowers a duly acknowledged written statement setting forth the amount of the outstanding principal balance of the Loan, the date to which interest
has been paid, and whether Lender has provided the Borrowers with written notice of any Event of Default. Compliance by Lender with the requirements of this Section shall be for informational purposes only and shall not be deemed to be a waiver of
any rights or remedies of Lender hereunder or under any other Loan Document. 

Section 5.14    Indebtedness. The Borrowers will not
directly or indirectly create, incur, assume, guaranty, or otherwise become or remain directly or indirectly liable with respect to any Indebtedness except for the following (collectively, “Permitted Indebtedness”): 

(A)    The Obligations; 

  
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 (B)    (i) Unsecured trade payables
(other than for expenses reimbursable to the Manager) not evidenced by a note and arising out of purchases of goods or services in the ordinary course of business, (ii) Indebtedness incurred in the financing of equipment or other personal
property used at any Site in the ordinary course of business, and (iii) contingent earn-out obligations and (iv) reimbursement obligations to the Manager; provided that (a) each such
trade payable is paid not later than ninety (90) days after the original invoice date, and (b) the aggregate amount of such trade payables and Indebtedness relating to financing of equipment and personal property, contingent earn out
obligations, and reimbursement obligations to the Manager referred to in clauses (i), (ii), (iii) and (iv) above outstanding does not, at any time, exceed 3% of the initial Principal Balance of the Loan on the Closing Date. 

In no event shall any Indebtedness other than the Loan be secured, in whole or in part, by the Sites or any portion thereof or interest
therein or any proceeds of the foregoing. 
 Section 5.15    No
Liens. The obligations of each Borrower under this Section are in addition to and not in limitation of its obligations under Article XI herein. The Borrowers shall not create, incur, assume or permit to exist any Lien on or with
respect to the Sites, any other Collateral or any such direct or indirect ownership interest in the Borrowers, except as otherwise permitted hereunder (e.g., pledges of minority equity interests) and the Permitted Encumbrances. 

Section 5.16    Contingent Obligations. Other than
Permitted Indebtedness, no Borrower Party shall directly or indirectly create or become or be liable with respect to any material Contingent Obligation. 

Section 5.17    Restriction on Fundamental Changes. Except
as otherwise expressly permitted in this Loan Agreement, no Borrower Party shall, or shall permit any other Person to, (i) amend, modify or waive any term or provision of such Borrower Party’s partnership agreement, certificate of limited
partnership, articles of incorporation, by-laws, articles of organization, operating agreement or other organizational documents so as to violate or permit the violation of the limited-purpose entity
provisions set forth in Article IX, unless required by law; or (ii) liquidate, wind-up or dissolve such Borrower Party. 

Section 5.18    Transactions with Related Persons. The
Borrowers shall not directly or indirectly enter into or permit to exist any transaction (including the purchase, sale, lease or exchange of any property or the rendering of any service) with any Related Person or with any director, officer or
employee of any Borrower Party, except transactions in the ordinary course of business and pursuant to the reasonable requirements of the business of the Borrowers and upon fair and reasonable terms and are no less favorable to any of the Borrowers
than would be obtained in a comparable arm’s length transaction with a Person that is not a Related Person. The Borrowers shall not make any payment or permit any payment to be made on behalf of the Borrowers to any Related Person when or as to
any time when any Event of Default shall exist except for payments under the Management Agreement and as may be permitted by Lender pursuant to the terms of the Cash Management Agreement. 

  
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 Section 5.19    Bankruptcy, Receivers, Similar
Matters. 
 (A)    Voluntary Cases. The Borrower Parties shall
not commence any voluntary case under the Bankruptcy Code or under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect. 

(B)    Involuntary Cases, Receivers, etc. The Borrower Parties shall not
apply for, consent to, or aid, solicit, support, or otherwise act, cooperate or collude to cause the appointment of or taking possession by, a receiver, trustee or other custodian for all or a substantial part of the assets of any Borrower. As used
in this Loan Agreement, an “Involuntary Borrower Bankruptcy” shall mean any involuntary case under the Bankruptcy Code or any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, in which any
Borrower is a debtor or any portion of the Sites is property of the estate therein. The Borrowers shall not file a petition for, consent to the filing of a petition for, or aid, solicit, support, or otherwise act, cooperate or collude to cause the
filing of a petition for an Involuntary Borrower Bankruptcy. In any Involuntary Borrower Bankruptcy, no Borrower Party shall, without the prior written consent of Lender, consent to the entry of any order, file any motion, or support any motion
(irrespective of the subject of the motion), and the Borrowers shall not file or support any plan of reorganization. The Borrowers having any interest in any Involuntary Borrower Bankruptcy shall do all things reasonably requested by Lender to
assist Lender in obtaining such relief as Lender shall seek, and shall in all events vote as directed by Lender. Without limitation of the foregoing, each such Borrower shall do all things reasonably requested by Lender to support any motion for
relief from stay or plan of reorganization proposed or supported by Lender. 

Section 5.20    ERISA. 

(A)    No ERISA Plans. None of the Borrower Parties will establish any
Employee Benefit Plan or Multiemployer Plan, will commence making contributions to (or become obligated to make contributions to) or become liable with respect to any Employee Benefit Plan or Multiemployer Plan. 

(B)    Compliance with ERISA. No Borrower Party shall engage in any non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the IRC with respect to any employee benefit plans sponsored by Borrower Parties. 

(C)    No Plan Assets. The Borrower Parties shall not at any time during
the term of this Loan Agreement become (1) an employee benefit plan defined in Section 3(3) of ERISA whether or not subject to ERISA, (2) a plan as defined in Section 4975(e)(1) of the IRC which is subject to Section 4975 of
the IRC, (3) a “governmental plan” within the meaning of Section 3(32) of ERISA or (4) an entity any of whose underlying assets constitute “plan assets” of any such employee benefit plan, plan or governmental plan
for purposes of Title I of ERISA, Section 4975 of the IRC or any other statutes applicable to the Borrower Party regulating investments of plans. 

  
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 Section 5.21    Ground Leases. 

(A)    Modification. Except as provided in this
Section 5.21, the Borrowers shall not modify or amend any Material Ground Lease Term, or, subject to the terms of Section 11.5, terminate, assign or surrender any Ground Lease, in each case without
the prior written consent of Lender, which consent shall not be unreasonably withheld, conditioned or delayed. Any such attempted or purported material modification, amendment, or any surrender or termination of any Ground Lease without
Lender’s prior written consent shall be null and void and of no force or effect. Notwithstanding the foregoing to the contrary, the Borrowers shall be permitted, without Lender’s consent, to: 

(i)    (a) extend the terms of the Ground Leases, add renewal terms or option
periods, relocate or correct related easements, in each case on terms and conditions in accordance with prudent business practices or (b) convert any Ground Lease Site to an Owned Land Site; provided that in each case, during a Special
Servicing Period, Servicer shall have confirmed satisfaction of the conditions precedent to such modification, which confirmation shall not be unreasonably withheld, conditioned or delayed; 

(ii)    terminate or assign any Ground Lease (a) in accordance with prudent business
practices (including, but not limited to, instances in which the Ground Lease Site to be terminated or assigned has, and the Borrower reasonably anticipates that such Ground Lease Site will continue to have, negative Annualized Run Rate Net Cash
Flow), (b) to cure a breach of a representation, warranty, covenant or other default or (c) in connection with any Site disposition, provided the Release or Substitution Conditions are met (except that assignments of a Ground Lease to another
Borrower need not satisfy the Release or Substitution Conditions). In each of the foregoing, at any time if the Termination and Assignment Threshold is exceeded, any subsequent termination or assignment of a Ground Lease (except with respect to
assignments to another Borrower) shall require (i) satisfaction of the Release or Substitution Conditions and (ii) written notice to the Rating Agencies of such Ground Lease termination or assignment, as well as any subsequent Ground Lease
terminations or assignments (except with respect to assignments to another Borrower) that, collectively, constitute a successive 5% increase in the total Allocated Loan Amount for all Sites affected by the proposed termination or assignment. In
connection with any termination or assignment permitted pursuant to the terms of this Section 5.21(A), the Borrowers may sell any Other Company Collateral associated with the applicable Site and no longer required in
connection with the operation of the Borrowers’ business; and 

(iii)    provided no Event of Default shall have occurred and is then continuing
(unless the same shall cure such Event of Default), increase, decrease or reconfigure the area of real property covered by a Ground Lease, and in connection therewith amend and restate the existing Ground Lease or replace the existing Ground Lease
(either, an “Amended Ground Lease”), to include such additional real property or reflect such decrease or reconfiguration, provided that such Ground Lease is on commercially reasonable substantive and economic terms
(taking into consideration the additional, reduced or reconfigured real property covered by the Amended Ground Lease), with no reduction in the economic value of the applicable Site, and subject to the following conditions: 

  
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 (a)      Reserved. 

(b)      if additional property is being added to the Ground Lease, on or
prior to execution and delivery of the Amended Ground Lease, Lender shall have received the most recent ASTM compliant Phase I environmental report obtained by Borrowers or any Affiliate thereof on such subject property, together with a
Phase II environment assessment report (if any database search Phase I environmental report reveals any condition that in Lender’s reasonable judgment warrants such a report) which concludes that the subject property does not contain
any Hazardous Materials (except for cleaning and other products used in connection with the routine maintenance, operation or repair of the subject property) in material violation of any Environmental Laws; 

(c)      if the Ground Lease being replaced is with respect to a Mortgaged
Site, within 120 days of the execution and delivery of the Amended Ground Lease, Lender shall have received an Amended Deed of Trust executed and delivered by a duly authorized officer of the applicable Borrower encumbering the property included
under the Amended Ground Lease, together with an endorsement to the existing Title Policy in substantially the form delivered at Closing insuring the lien of the Amended Deed of Trust, or a replacement policy in an amount equal to 115% of the
Allocated Loan Amount with respect to such Site, in either case issued by the Title Company and dated as of the date of the Amended Ground Lease; and 

(d)      the applicable Borrower shall pay or reimburse Lender for all
reasonable costs and expenses incurred by Lender (including, without limitation, reasonable attorneys’ fees and disbursements) in connection with such Amended Ground Lease, and all recording charges, filing fees, taxes or other expenses
(including, without limitation, mortgage and intangibles taxes and documentary stamp taxes) payable in connection therewith. 

Notwithstanding the requirements of this Section 5.21(A)(iii) to the contrary, Borrowers need not
comply with the requirements of Section 5.21(A)(iii)(c) unless the Substitutions and Additions Threshold is exceeded in any given year or in the aggregate. 

(B)    Performance of Ground Leases. The Borrowers shall fully perform as
and when due each and all of their obligations under each Ground Lease in accordance with the terms of such Ground Lease, and shall not cause or suffer to occur any material breach or default in any of such obligations. The Borrowers shall exercise
any option to renew or extend any Ground Lease and if the Borrowers elect not to exercise any option to renew a Ground Lease (which shall only be permitted if the Borrowers would be entitled to terminate such Ground Lease pursuant to clause (A)
above) the Borrowers shall give Lender thirty (30) days prior written notice of the Borrowers’ intention not to renew such Ground Lease. If the Borrowers fail to exercise any option to renew a Ground Lease which is required to be renewed
pursuant to this Section 5.21(B), Lender shall have the right to renew such Ground Lease on behalf of the Borrowers. Notwithstanding that certain of the obligations of the Borrowers under this Loan Agreement may be similar
or identical to certain of the obligations 

  
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of the Borrowers under the Ground Leases, all of the obligations of the Borrowers under this Loan Agreement are and shall be separate from and in addition to such Borrowers’ obligations
under the Ground Leases. For the avoidance of doubt, the Borrowers have no obligation to renew a Ground Lease that expires by its terms if the Ground Lease does not provide to the applicable Borrower an extension option. 

(C)    Notice of Default. If the Borrowers shall have or receive any
written notice that any Ground Lease Default has occurred, the effect of which, in Borrower’s reasonable opinion, is likely to result in a Material Adverse Effect (a “Material Ground Lease Default”), then the Borrowers
shall immediately notify Lender in writing of the same and deliver to Lender a true and complete copy of each such notice. Further, the Borrowers shall provide such documents and information as Lender shall reasonably request concerning the Ground
Lease Default. 
 (D)    Lender’s Right to Cure. If any Material
Ground Lease Default shall occur and be continuing, and notice has been given pursuant to Section 5.21(C) or if any Ground Lessor asserts in writing to the Borrower or Lender that a material Ground Lease Default has
occurred (whether or not the Borrowers question or deny such assertion), then, subject to (i) the terms and conditions of the applicable Ground Lease, and (ii) the Borrowers’ right to terminate Ground Leases in accordance with
Section 5.21(A) hereof, Lender, upon five (5) Business Days’ prior written notice to the Borrowers, unless Lender reasonably determines that a shorter period (or no period) of notice is necessary to protect
Lender’s interest in the Ground Lease, may (but shall not be obligated to) take any action that Lender deems reasonably necessary, including, without limitation, (i) performance or attempted performance of the applicable Borrower’s
obligations under the applicable Ground Lease, (ii) curing or attempting to cure any actual or purported Ground Lease Default, (iii) mitigating or attempting to mitigate any damages or consequences of the same and (iv) entry upon the
applicable Ground Lease Site for any or all of such purposes. Upon Lender’s written request, each Borrower shall submit satisfactory evidence of payment or performance of any of its obligations under each Ground Lease. Lender may pay and expend
such sums of money as Lender in its sole discretion deems necessary or desirable for any such purpose, and the Borrowers shall pay to Lender within five (5) Business Days of the written demand of Lender all such sums so paid or expended by
Lender, together with interest thereon at the Advance Rate. 
 (E)    Legal
Action. The Borrowers shall not commence any action or proceeding against any Ground Lessor or affecting or potentially affecting any Ground Lease or the Borrowers’ or Lender’s interest therein, the effect of which could, in
Borrowers’ reasonable opinion, be reasonably likely to result in a Material Adverse Effect, without the prior written consent of Lender, which consent shall not be unreasonably withheld, conditioned or delayed. The Borrowers shall notify Lender
immediately if any action or proceeding shall be commenced between any Ground Lessor and any Borrower, or affecting or potentially affecting any Ground Lease or any Borrowers’ or Lender’s interest therein (including, without limitation,
any case commenced by or against any Ground Lessor under the Bankruptcy Code), if such action or proceeding is likely, in Borrower’s reasonable opinion, to result in a Material Adverse Effect. Lender shall have the option, exercisable upon
notice from Lender to the Borrowers, to participate in any action or proceeding of which it is 

  
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notified in compliance with this Section with counsel of Lender’s choice. The Borrowers shall cooperate with Lender, comply with the reasonable instructions of Lender, execute any and all
powers, authorizations, consents or other documents reasonably required by Lender in connection therewith, and shall not settle any such action or proceeding which could, in Borrowers’ reasonable opinion, be reasonably likely to result in a
Material Adverse Effect without the prior written consent of Lender, which consent shall not be unreasonably withheld, conditioned or delayed. 

(F)    Bankruptcy. (i) If any Ground Lessor shall reject any Ground Lease under or
pursuant to Section 365 of the Bankruptcy Code, without Lender’s prior written consent, the Borrowers shall not elect to treat the Ground Lease as terminated but shall elect to remain in possession of the applicable Ground Lease Site and
the leasehold estate under such Ground Lease. The lien of the Deed of Trust covering such Site does and shall encumber and attach to all of the Borrowers’ rights and remedies at any time arising under or pursuant to Section 365 of the
Bankruptcy Code, including without limitation, all of such Borrowers’ rights to remain in possession of such Site and the leasehold estate. 

(ii)      The Borrowers acknowledge and agree that in any case commenced by or
against the Borrowers under the Bankruptcy Code, Lender by reason of the liens and rights granted under the Deed of Trust covering such Site and the Loan Documents shall have a substantial and material interest in the treatment and preservation of
such Borrower’s rights and obligations under such Ground Lease, and that such Borrower shall, in any such bankruptcy case, provide to Lender immediate and continuous reasonably adequate protection of such interests. Each Borrower and Lender
agree that such adequate protection shall include but shall not necessarily be limited to the following: 

(a)    Lender shall be deemed a party to the Ground Lease (but shall not have any
obligations thereunder) for purposes of Section 365 of the Bankruptcy Code, and shall, provided that, prior to an Event of Default, no such action by Lender would adversely and materially affect the Borrowers’ ability to prosecute,
or defend, any such claims asserted therein, have standing to appear and act as a party in interest in relation to any matter arising out of or related to the Ground Lease or such Site. 

(b)    The Borrowers shall serve Lender with copies of all notices, pleadings and other
documents relating to or affecting the Ground Lease or the applicable Site. Any notice, pleading or document served by the Borrowers on any other party in the bankruptcy case shall be contemporaneously served by such Borrower on Lender, and any
notice, pleading or document served upon or received by such Borrower from any other party in the bankruptcy case shall be served by such Borrower on Lender promptly upon receipt by such Borrower. 

(c)    Upon written request of Lender, the Borrowers shall assume the Ground Lease, and
shall take such steps as are necessary to preserve such Borrower’s right to assume the Ground Lease, including without limitation using commercially reasonable efforts to obtain extensions of time to assume or reject

  
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the Ground Lease under Subsection 365(d) of the Bankruptcy Code to the extent it is applicable. 

(G)    If the Borrowers or the applicable Ground Lessor seeks to reject any Ground Lease
or have the Ground Lease deemed rejected, then prior to the hearing on such rejection Lender shall, subject to applicable law, be given no less than twenty (20) days’ notice and opportunity to elect in lieu of rejection to have the Ground
Lease assumed and assigned to a nominee of Lender. If Lender shall so elect to assume and assign the Ground Lease, then the Borrowers shall, subject to applicable law, continue any request to reject the Ground Lease until after the motion to assume
and assign has been heard. If Lender shall not elect to assume and assign the Ground Lease, then Lender may, subject to applicable law, obtain in connection with the rejection of the Ground Lease a determination that the applicable Ground Lessor, at
Lender’s option, shall (1) agree to terminate the Ground Lease and enter into a new lease with Lender on the same terms and conditions as the Ground Lease, for the remaining term of the Ground Lease, or (2) treat the Ground Lease as
breached and provide Lender with the rights to cure defaults under the Ground Lease and to assume the rights and benefits of the Ground Lease. 

Each Borrower shall join with and support any request by Lender to grant and approve the foregoing as necessary for adequate
protection of Lender’s interests. Notwithstanding the foregoing, Lender may seek additional terms and conditions, including such economic and monetary protections as it deems reasonably appropriate to adequately protect its interests, and any
request for such additional terms or conditions shall not delay or limit Lender’s right to receive the specific elements of adequate protection set forth herein. 

Each Borrower hereby appoints Lender as its attorney in fact to act on behalf of Lender in connection with all matters
relating to or arising out of the assumption or rejection of any Ground Lease, in which the other party to the lease is a debtor in a case under the Bankruptcy Code. This grant of power of attorney is present, unconditional, irrevocable, durable and
coupled with an interest. 
 Section 5.22    Conversion of an Other
Site to a Mortgaged Site. The Borrowers may, without Lender consent, convert any Other Pledged Site to a Mortgaged Site, and upon satisfaction of the conditions required in Section 11.5 (A) through (L), other than
(I) and (K) the applicable Other Pledged Site shall be deemed to be a Mortgaged Site hereunder and all references herein to the Deeds of Trust shall be deemed to include such Other Pledged Sites so mortgaged. 

Section 5.23    Lender’s Expenses. The Borrowers shall pay,
on written demand by Lender, all Administrative Fees and all other reasonable out-of-pocket expenses, charges, costs and fees (including reasonable attorneys’ fees
and expenses) in connection with the negotiation, documentation, closing, administration, servicing, enforcement, interpretation, and collection of the Loan and the Loan Documents, and in the preservation and protection of Lender’s rights
hereunder and thereunder. Without limitation the Borrowers shall pay all costs and expenses, including reasonable attorneys’ fees, incurred by Lender in any case or proceeding under the Bankruptcy Code (or any law succeeding or replacing any of
the same). 

  
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 ARTICLE VI 

RESERVES 

Section 6.1    Security Interest in Reserves; Other Matters Pertaining to
Reserves. (A) The Borrowers hereby pledge, assign and grant to Lender a security interest in and to all of the Borrowers’ right, title and interest in and to the Account Collateral, including the Reserves, as security for
payment and performance of all of the Obligations hereunder and under the Notes and the other Loan Documents. The Reserves constitute Account Collateral and are subject to the security interest in favor of Lender created herein and all provisions of
this Loan Agreement and the other Loan Documents pertaining to Account Collateral. 
 (B) In addition to the rights
and remedies provided in Article VII and elsewhere herein, upon the occurrence and during the continuance of any Event of Default, Lender shall have all rights and remedies pertaining to the Reserves and other Account Collateral as are provided
for in any of the Loan Documents or under any applicable law. Without limiting the foregoing, upon and at all times after the occurrence and during the continuance of an Event of Default, Lender in its sole and absolute discretion, may use the
Reserves and other Account Collateral (or any portion thereof) for any purpose, including but not limited to any combination of the following: (i) payment of any of the Obligations including Administrative Fees in such order as Lender may
determine in its sole discretion; provided, however, that such application of funds shall not cure or be deemed to cure any default and provided, further, that any payments applied to the interest or principal of the Loan
shall be made in accordance with items (iii) and (ix) through (xvii) of Section 3.3(a) of the Cash Management Agreement; (ii) reimbursement of Lender for any actual losses or expenses (including, without
limitation, reasonable legal fees) suffered or incurred as a result of such Event of Default; (iii) payment for the work or obligation for which such Reserves and other Account Collateral were reserved or were required to be reserved; and
(iv) application of the Reserves and other Account Collateral in connection with the exercise of any and all rights and remedies available to Lender at law or in equity or under this Loan Agreement or pursuant to any of the other Loan
Documents. Nothing contained in this Loan Agreement shall obligate Lender to apply all or any portion of the funds contained in the Reserves and other Account Collateral during the continuance of an Event of Default to payment of the Loan or in any
specific order of priority, provided that any payments applied to interest or principal of the Loan shall be made in accordance with items (iii) and (ix) through (xvii) of Section 3.3(a) of the Cash
Management Agreement. 
 Section 6.2    Funds Deposited with Lender. 

(A)    Interest, Offsets. All funds of the Borrowers which are deposited
with Central Account Bank as Reserves hereunder shall be held by Central Account Bank in one or more Permitted Investments, such Permitted Investments, prior to an Event of Default, to be made as directed by the Borrowers. All interest which accrues
on the Reserves shall be taxable to the Borrowers and shall be added to and disbursed in the same manner and under the same conditions as the principal sum on which said interest accrued. The amount of actual losses sustained on a liquidation of a
Permitted Investment shall be deposited by the Borrowers into the Central Account (with regard to losses sustained in the Central Account) no later than three (3) Business Days following such liquidation. Additional provisions

  
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pertaining to investments are set forth in Article VII. After repayment of all of the Obligations, all funds held as Reserves will be promptly returned to, or as directed by, the Borrowers.

 (B)    Funding at Closing. The Borrowers shall deposit with Lender the
amounts necessary to fund each of the Reserves as set forth below. Deposits into the Reserves at Closing may occur by deduction from the amount of the Loan that otherwise would be disbursed to the Borrowers, followed by deposit of the same into the
applicable Sub-Account or Account of the Central Account in accordance with the Cash Management Agreement on the Closing Date. Notwithstanding such deductions, the initial Principal Amount of the Loan shall be
deemed for all purposes to be fully disbursed at Closing. 
 (C)    Funding upon
any Addition. The Borrowers shall deposit, upon the Addition of any Additional Sites or Additional Borrower Sites, any amounts necessary to fully fund the Reserves described below after giving effect to any increase in the Reserves
made to reflect such Addition. Deposits into the Reserves on any Additional Closing Date may occur by deduction from the amount of the Loan Increase that would be disbursed to the Borrowers. Notwithstanding such deductions, the Loan Increase shall
be deemed for all purposes to be fully disbursed at the Additional Closing. 

Section 6.3    Impositions and Insurance Reserve. On the
2013 Closing Date, the Borrowers shall deposit or cause to be deposited with Central Account Bank $6,366,566 and, pursuant to the Cash Management Agreement, the Borrowers shall deposit monthly, on each Due Date commencing on the Payment Date in
April, 2013, the amount of charges (as reasonably estimated by Lender) for all Impositions and all Insurance Premiums (provided, that the Borrowers are not required to make deposits into the Impositions and Insurance Reserve for Insurance
Premiums if the Sites are covered under a blanket insurance policy maintained with respect to the Sites and other sites not owned by the Borrowers) payable in the ensuing calendar month with respect to the Sites hereunder (said funds, together with
any interest thereon and additions thereto, the “Impositions and Insurance Reserve”). In connection with the addition of any Additional Site or Additional Borrower Sites, the Borrowers shall deposit a sum of money sufficient
(together with future monthly deposits) to make the payment of Impositions and Insurance Premiums with respect to the applicable Sites at least ten (10) Business Days prior to the date initially due, and deliver to Lender an Officer’s
Certificate setting forth in reasonable detail the calculation of the required sums to be deposited into the Impositions and Insurance Reserve with respect to the Sites to be added. The Borrowers shall also deposit with Central Account Bank within
ten (10) Business Days of the written demand by Lender, to be added to and included within the Impositions and Insurance Reserve, a sum of money which Lender reasonably estimates, together with such monthly deposits, will be sufficient to make
the payment of all Impositions and all Insurance Premiums (but, with respect to blanket policies, only that portion of the Insurance Premiums allocated to the coverage provided for the Borrowers and the Sites) at least ten (10) Business Days
prior to the date initially due. The Borrowers shall provide Lender with bills or a statement of amounts in respect of Impositions and Insurance Premiums due for the next calendar month which shall be accompanied by an Officer’s Certificate and
such other documents as may be reasonably required to establish the amounts required to be paid in the following calendar month at least five (5) Business Days prior to the date on which each payment shall first become subject to penalty or
interest if not paid, or 

  
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if paid, copies of paid bills. So long as (i) no Event of Default has occurred and is continuing, (ii) the Borrowers have provided Lender with the foregoing materials in a timely
manner, and (iii) sufficient funds are held by Lender for the payment of the Impositions and Insurance Premiums relating to the Sites, as applicable, Lender shall at Lender’s election, (x) pay said items, (y) disburse to the
Borrowers from such Reserve an amount sufficient to pay said items, or (z) reimburse the Borrowers for items previously paid by the Borrowers. Interest shall accrue in favor of the Borrowers on funds in the Impositions and Insurance Reserve.
The Imposition and Insurance Reserve shall be deposited into the Imposition and Insurance Reserve Sub-Account and applied in accordance with the Cash Management Agreement. 

Section 6.4    Advance Rents Reserve
Sub-Account. On the 2013 Closing Date, the Borrowers shall deposit or cause to be deposited with Central Account Bank $13,919,851 and, pursuant to the Cash Management Agreement, the Borrowers
shall deposit, or instruct Central Account Bank to deposit on each Due Date the amount of the Advance Rents Reserve Deposit for such Due Date, such amounts to be deposited into a sub-account of the Central
Account (said sub-account, the “Advance Rents Reserve Sub-Account”), and such amounts (the “Advance Rents Reserve”) shall
be held, allocated and disbursed in accordance with the terms and conditions of the Cash Management Agreement. Notwithstanding the foregoing, no amounts shall be required to be deposited into the Advance Rents Reserve
Sub-Account on any Due Date following the date hereof unless the Servicing Report with respect to such Due Date indicates that (x) an Advance Rents Deposit Condition is continuing on such Due Date or
(y) the Advance Rents Required Deposit Amount for such Due Date is greater than zero. The Advance Rents Reserve Sub-Account shall be under the sole dominion and control of Lender and/or its designee
including any Servicer, and the Borrowers shall have no rights to control or direct the investment or payment of funds therein except as expressly provided herein. 

Section 6.5    Cash Trap Reserve. If a Cash Trap Condition
shall occur, then, from and after the date that it is determined that a Cash Trap Condition has occurred (which shall be based upon the financial reporting required to be delivered pursuant to Section 5.1(A)(ii)) and for so
long as such Cash Trap Condition continues to exist, all Excess Cash Flow (except as otherwise expressly provided below) shall be deposited with Lender (or its Servicer or agent) and held in the Central Account in accordance with the terms of the
Cash Management Agreement (said funds, together with any interest thereon, the “Cash Trap Reserve”). A “Cash Trap Condition” shall exist at such time as Lender determines that as of last day of any
calendar quarter ending prior to an Anticipated Repayment Date, the Debt Service Coverage Ratio is equal to or less than the Cash Trap DSCR, and shall continue to exist until Lender determines that the Debt Service Coverage Ratio exceeds the Cash
Trap DSCR for two (2) consecutive calendar quarters. Upon the commencement of an Amortization Period, Lender will apply any amounts in the Cash Trap Reserve on the next Due Date in accordance with the terms and conditions of the Trust
Agreement, in the manner provided in Section 3.3(a) of the Cash Management Agreement for Available Funds. Any funds on deposit in the Cash Trap Reserve shall continue to be held as additional Collateral in accordance with
this Section 6.5. Provided that no Event of Default exists and Lender determines that the Cash Trap DSCR test has been satisfied for two (2) consecutive calendar quarters (as determined above), any funds remaining in
the Cash Trap Reserve shall be released to the Borrowers. The existence of a Cash Trap Condition shall be a reasonable determination made by Lender in good faith. 

  
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 ARTICLE VII 

DEPOSIT ACCOUNT; 
 LOCK
BOX ACCOUNT; CASH MANAGEMENT 
 Section 7.1    Establishment of Deposit Account and
Central Account. 
 (A)    (i) Deposit Account. The
Borrowers have established one or more deposit accounts, which are Eligible Accounts with respect to which Lender is a secured party thereunder (said accounts, and any accounts replacing same in accordance with this Loan Agreement and the Deposit
Account Agreement, collectively, the “Deposit Account”) with one or more financial institutions reasonably approved by Lender (collectively, the “Deposit Bank”), pursuant to one or more agreements
(collectively, the “Deposit Account Agreement”) in form and substance reasonably acceptable to Lender and Borrowers, executed and delivered by the Borrowers and the Deposit Bank. The Deposit Account shall be under the sole
dominion and control of Lender (which dominion and control may be exercised by Servicer). Among other things, the Deposit Account Agreement shall provide that the Borrowers shall have no access to or control over the Deposit Account (except as
otherwise authorized in the applicable Deposit Account Agreement), that all available funds on deposit in the Deposit Account (other than Third Party Receipts (as defined in the Cash Management Agreement)) shall be transferred within two Business
Day of receipt by the Deposit Bank into the Central Account, for application in accordance with the Cash Management Agreement. The Deposit Bank and the Central Account Bank shall be directed to deliver to the Borrowers copies of bank statements and
other information made available by the Deposit Bank and the Central Account Bank concerning the Deposit Account and the Central Account, respectively. 

(ii)    Each Lessee occupying space at the Sites has been instructed to pay all Rents and
other amounts owed to the Borrowers directly to the Deposit Account or the lockboxes associated with it and Borrower shall not rescind such instruction unless Lender shall otherwise direct in writing. The Borrowers shall cause any and all other
Receipts to be deposited on the next succeeding Business Day after such Receipts are identified into the Deposit Account and in no event later than five (5) Business Days after receipt thereof by the Borrowers or Manager. To the extent that the
Borrowers or any Person on their behalf holds any Receipts, whether in accordance with this Loan Agreement or otherwise, the Borrowers shall be deemed to hold the same in trust for Lender for the protection of the interests of Lender hereunder and
under the Loan Documents. 
 (iii)    The Borrowers shall pay all reasonable out-of-pocket costs and expenses incurred by Lender in connection with the transactions and other matters contemplated by this Section 7.1, including
but not limited to, Lender’s reasonable attorneys’ fees and expenses, and all reasonable fees and expenses of the Deposit Bank and the Central Account Bank, including without limitation their reasonable attorneys’ fees and expenses.

 (iv)    Borrower and Manager have directed all Lessees under certain master leases to
pay rents directly to the Deposit Accounts subject to the Master Lease Deposit Account Agreement, and in connection therewith: 

  
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 (a)     Lender hereby agrees that any instructions delivered
by or on behalf of Lender to the Deposit Bank pursuant to the Master Lease Deposit Account Agreement (including during the continuance of an Event of Default) shall include direction to remit all Third Party Receipts to the applicable Affiliates of
the Borrowers in accordance with an Officer’s Certificate delivered to Lender by the Borrower or Manager on Borrower’s behalf; 

(b)     Borrower hereby agrees that any instructions delivered by or on behalf of Borrower to the Deposit
Bank pursuant to the Master Lease Deposit Account Agreement shall include direction to remit the amount of all Receipts deposited in such Deposit Accounts (other than Third Party Receipts) to the Central Account and to remit all Third Party Receipts
to the applicable Affiliates of the Borrower; and 
 (c)     Lender hereby agrees that a Notice of
Exclusive Control (as defined in the Master Lease Deposit Account Agreement) will only be delivered upon the occurrence and during the continuance of an Event of Default. 

(B)    Central Account. Pursuant to the terms of the Cash Management
Agreement, the Borrowers have established an Eligible Account in the name of Lender, as secured party hereunder, to serve as the “Central Account” (said account, and any account replacing the same in accordance with this Loan Agreement and
the Cash Management Agreement, the “Central Account”; and the depositary institution in which the Central Account is maintained, the “Central Account Bank”). The Central Account is under the sole
dominion and control of Lender (which dominion and control may be exercised by Servicer); and except as expressly provided hereunder or in the Cash Management Agreement, the Borrowers shall not have the right to control or direct the investment or
payment of funds therein during the continuance of an Event of Default. Lender may elect to change any financial institution in which the Central Account shall be maintained if such institution is no longer an Eligible Bank, upon not less than five
(5) Business Days’ written notice to the Borrowers. The Central Account shall be deemed to contain such sub-accounts as Lender may designate
(“Sub-Accounts”), which may be maintained as separate ledger accounts and need not be separate Eligible Accounts. The Sub-Accounts shall include
the “Reserve Sub Accounts” as more particularly described in the Cash Management Agreement. The “Reserve Sub-Accounts” shall include the Sub-Accounts of the Central Account established for the purpose of holding funds in the Reserves including: (a) the “Imposition and Insurance Reserve
Sub-Account”, (b) the “Cash Trap Reserve Sub-Account”, (c) the “Advance Rents Reserve
Sub-Account” and (d) the “Loss Proceeds Reserve Sub-Account”. 

Section 7.2    Application of Funds in Central Account.
Funds in the Central Account shall be allocated to the Sub-Accounts or the other Accounts (or paid, as the case may be) in accordance with the Cash Management Agreement. 

Section 7.3    Application of Funds After Event of
Default. If any Event of Default shall occur and be continuing, then notwithstanding anything to the contrary in this Section or elsewhere, Lender shall have all rights and remedies available under applicable law and under the Loan
Documents. Without limitation of the foregoing, for so long as an Event of 

  
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Default exists, Lender may apply any and all funds held by or on behalf of Lender, including but not limited to Reserves, Receipts in the Deposit Account, the Central Account (except as otherwise
provided in the Cash Management Agreement with respect to Third Party Receipts), the Cash Trap Reserve Sub Account, the Advance Rents Reserve Sub-Account, the Imposition and Insurance Reserve Sub-Account, the Loss Proceeds Reserve Sub-Account and any other Accounts or Sub-Accounts against all or any portion of any of the
Obligations, in any order, provided that any payments applied to interest or principal of the Loan shall be made in accordance with the priority set forth in items (iii) and (ix) through (xi) of
Section 3.3(a) of the Cash Management Agreement and that payments applied to Advances and Additional Servicing Compensation shall be made subject to the terms of the Trust Agreement. 

ARTICLE VIII 
 DEFAULT,
RIGHTS AND REMEDIES 
 Section 8.1    Event of Default. 

“Event of Default” shall mean the occurrence or existence of any one or more of the following: 

(A)    Scheduled Payments. Failure of the Borrowers to pay any principal or
interest on the Loan when the same is due under this Loan Agreement, the Notes, or any other Loan Documents (other than interest on any Component corresponding to Risk Retention Securities); or 

(B)    Other Payments. Failure of the Borrowers to pay any other amount
from time to time owing under this Loan Agreement, the Notes or any other Loan Documents (other than amounts subject to the preceding paragraph), within 10 days after written notice from Lender that such amounts have become due; or 

(C)    Breach of Reporting Provisions. Failure of any Borrower Party to
perform or comply with any term or condition contained in Section 5.1 which continues for a period of thirty (30) days after written notice to the Borrowers from Lender, unless such period is otherwise extended upon
request by Borrowers and Lender receives Rating Agency Confirmation; or 

(D)    Breach of Covenants. A default shall occur in the performance of or
compliance with any covenant contained in this Loan Agreement (other than a default already described in another subsection of this Section 8.1) or the other Loan Documents by any Borrower Parties and such default is
reasonably likely to cause a Material Adverse Effect and such default is not cured within thirty (30) days after receipt by the Borrowers of written notice from Lender of such default; provided, however, if such default is
reasonably susceptible of cure, but not within such thirty (30) day period, then the Borrower Parties as applicable, may be permitted up to an additional one hundred twenty (120) days to cure such default, provided, that the
Borrower Parties, if applicable, diligently and continuously pursues such cure; or 

  
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 (E)    Breach of Warranty. Any
representation, warranty, certification or other statement made by any Borrower Party in any Loan Document or in any statement or certificate at any time given in writing pursuant to or in connection with any Loan Document is false as of the date
made and such breach is reasonably likely to cause a Material Adverse Effect, provided that such breach shall not constitute an Event of Default if such breach is reasonably susceptible of cure and within forty-five (45) days after
receipt by the Borrowers of written notice from Lender of such default, such Borrower Party takes such action as may be required to make such representation, warranty, certification or other statement to be true as made, which may include removing
the affected Site by effectuating a Release, Substitution or Other Pledged Site Substitution subject to the terms of Section 11.4, Section 11.5 or Section 11.6,
respectively; or 
 (F)    Involuntary Bankruptcy; Appointment of Receiver,
etc. (i) A court enters a decree or order for relief with respect to any Borrower Party in an Involuntary Borrower Bankruptcy, which decree or order is not stayed or other similar relief is not granted under any applicable federal or
state law unless dismissed within ninety (90) days; (ii) the occurrence and continuance of any of the following events for ninety (90) days unless dismissed or discharged within such time: (x) an Involuntary Borrower Bankruptcy
is commenced, (y) a decree or order of a court for the appointment of a receiver, liquidator, sequestrator, trustee, custodian or other officer having similar powers over any Borrower Party, or over all or a substantial part of its or their
property, is entered, or (z) an interim receiver, trustee or other custodian is appointed without the consent of any Borrower Party, for all or a substantial part of the property of such Person; or 

(G)    Voluntary Bankruptcy; Appointment of Receiver, etc. (i) An
order for relief is entered with respect to any Borrower Party, or any Borrower Party commences a voluntary case under the Bankruptcy Code or any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or consents to the
entry of an order for relief in an involuntary case or to the conversion of an involuntary case to a voluntary case under any such law or consents to the appointment of or taking possession by a receiver, trustee or other custodian for any Borrower
Party, or for all or a substantial part of the property of any Borrower Party; (ii) any Borrower Party makes any assignment for the benefit of creditors; or (iii) the Board of Directors or other governing body of any Borrower Party adopts
any resolution or otherwise authorizes action to approve any of the actions referred to in this Section 8.1(G); or 

(H)    Bankruptcy Involving Ownership Interests or Sites. Other than as
described in either of Sections 8.1(F) or 8.1(G), all or any portion of the Collateral (other than Ground Lease Sites for which the Ground Lessor is the subject of a bankruptcy proceeding) becomes property of the
estate or subject to the automatic stay in any case or proceeding under the Bankruptcy Code or any applicable bankruptcy, insolvency or other similar law now or hereafter in effect (provided that if the same occurs in the context of an
involuntary proceeding, it shall not constitute an Event of Default if it is dismissed or discharged within ninety (90) days following its occurrence); or 

(I)    Solvency. Any Borrower Party admits in writing its present or
prospective inability to pay its debts as they become due. 

  
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 (J)    Judgment and
Attachments. Any lien, money judgment, writ or warrant of attachment, or similar process is entered or filed against any Borrower Party or any of its assets which claim is not fully covered by insurance (other than with respect to the amount
of commercially reasonable deductibles permitted hereunder), would have a Material Adverse Effect and remains undischarged, unvacated, unbonded or unstayed for a period of forty-five (45) days; or 

(K)    Injunction. The Borrowers are enjoined, restrained or in any way
prevented by the order of any court or any administrative or regulatory agency from conducting their business and such order continues for more than thirty (30) days; or 

(L)    Invalidity of Loan Documents. This Loan Agreement, any Deed of Trust
or any of the Loan Documents for any reason ceases to be in full force and effect or ceases to be a legally valid, binding and enforceable obligation of any Borrower or any Lien securing the Obligations shall, in whole or in part, cease to be a
perfected first priority Lien, subject to the Permitted Encumbrances (except in any of the foregoing cases in accordance with the terms hereof or under any other Loan Document) which is reasonably likely to have a Material Adverse Effect, and the
Borrowers do not take all actions requested by Lender to correct such defect within ten (10) days after the written request by Lender to take such action, or any Borrower Party, denies that it has any further liability (as distinguished from
denial of the existence of a Default or Event of Default) under any Loan Documents to which it is party, or gives notice to such effect; or 

(M)    Default under Management Agreement. Any breach or default
shall occur in the material obligations of the Borrowers under the Management Agreement, and such breach or default either is of such a nature or continues for such a period of time beyond applicable notice and cure periods, if any, that Manager
shall have the right to exercise material remedies as a consequence thereof; or 

(N)    Ground Lease. Any default by the Borrowers beyond any applicable
grace period shall occur under any Ground Lease, which such default is reasonably likely to cause a Material Adverse Effect and the Borrowers have not effectuated a Release or Substitution of such affected Site within sixty (60) days of the
expiration of such grace period, or, subject to Section 5.21 or Section 11.5, any actual or attempted surrender, termination, modification or amendment of any Ground Lease without Lender’s
prior written consent. 
 Except with respect to a default order under Section 8.1(c), if more
than one of the foregoing paragraphs shall describe the same condition or event, then Lender shall have the right to select which paragraph or paragraphs shall apply. In any such case, Lender shall have the right (but not the obligation) to
designate the paragraph or paragraphs which provide for non-written notice (or for no notice) or for a shorter time to cure (or for no time to cure). 

Section 8.2    Acceleration and Remedies. (A) Upon
the occurrence and during the continuance of any Event of Default described in any of Sections 8.1(F), 8.1(G), or 8.1(H), the unpaid principal amount of and accrued interest and fees on the Loan and all other
Obligations shall automatically become immediately due and payable, without presentment, demand, protest, notice of intent to accelerate, notice of acceleration or other requirements of any 

  
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kind, all of which are hereby expressly waived by the Borrowers. Upon and at any time after the occurrence of any other Event of Default, at the option of Lender, which may be exercised without
notice or demand to anyone, all of the Loan and all or any portion of the other Obligations shall immediately become due and payable. 

(B)    Upon the occurrence and during the continuance of an Event of Default, all or any
one or more of the rights, powers, privileges and other remedies available to Lender against the Borrowers under this Loan Agreement (including Article X hereof) or any of the other Loan Documents, or at law or in equity, may be exercised by
Lender at any time and from time to time, whether or not all or any of the Obligations shall be declared due and payable, and whether or not Lender shall have commenced any foreclosure proceeding or other action for the enforcement of its rights and
remedies under any of the Loan Documents with respect to the Sites. Any such actions taken by Lender shall be cumulative and concurrent and may be pursued independently, singly, successively, together or otherwise, at such time and in such order as
Lender may determine in its sole discretion, to the fullest extent permitted by law, without impairing or otherwise affecting the other rights and remedies of Lender permitted by law, equity or contract or as set forth herein or in the other Loan
Documents. Without limiting the generality of the foregoing, if an Event of Default is continuing (i) to the fullest extent permitted by law, Lender shall not be subject to any “one action” or “election of remedies” law or
rule, and (ii) all liens and other rights, remedies or privileges provided to Lender shall remain in full force and effect until Lender has exhausted all of its remedies against each Site and the Deeds of Trust have been foreclosed, sold and/or
otherwise realized upon in satisfaction of the Obligations or the Obligations have been paid in full. 

(C)    Upon the occurrence and during the continuance of an Event of Default, Lender
shall have the right from time to time to partially foreclose the Deeds of Trust in any manner and for any amounts secured by the Deeds of Trust then due and payable as determined by Lender in its sole discretion including, without limitation, the
following circumstances: (i) in the event the Borrowers default beyond any applicable grace period in the payment of one or more scheduled payments of principal and interest, Lender may foreclose the Deed of Trust to recover such delinquent
payments, or (ii) in the event Lender elects to accelerate less than the entire outstanding principal balance of the Loan, Lender may foreclose the Deed of Trust or any of them to recover so much of the principal balance of the Loan as Lender
may accelerate and such other sums secured by the Deed of Trust as Lender may elect. Notwithstanding one or more partial foreclosures, the Site shall remain subject to the Deed of Trust to secure payment of sums secured by the Deed of Trust and not
previously recovered. 
 (D)    During the continuance of an Event of Default, Lender
shall have the right from time to time to sever any Note and the other Loan Documents into one or more separate notes, mortgages and other security documents in such denominations as Lender shall determine in its sole discretion for purposes of
evidencing and enforcing its rights and remedies provided hereunder. The Borrowers shall execute and deliver to Lender from time to time, within ten (10) days after the request of Lender, a severance agreement and such other documents as Lender
shall reasonably request in order to effect the severance described in the preceding sentence, all in form and substance reasonably satisfactory to Lender. The 

  
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Borrowers hereby absolutely and irrevocably appoint Lender as their true and lawful attorney-in-fact, coupled with
an interest, in their name and stead to make and execute all documents reasonably necessary to effect the aforesaid severance if the Borrowers fail to do so within ten (10) days of Lender’s written request, the Borrowers ratifying all that
their said attorney-in-fact shall do by virtue thereof. 

(E)    Any amounts recovered from the Sites or any other collateral for the Loan after an
Event of Default may be applied by Lender toward the payment of any interest and/or principal of the Loan and/or any other amounts due under the Loan Documents in such order, priority and proportions as Lender in its sole discretion shall determine,
provided that any payments applied to interest or principal of the Loan shall be made in accordance with the priority set forth in items (iii) and (ix) through (xvii) of Section 3.3(a) of the Cash
Management Agreement. 
 (F)    The rights, powers and remedies of Lender under this
Loan Agreement shall be cumulative and not exclusive of any other right, power or remedy which Lender may have against the Borrowers pursuant to this Loan Agreement or the other Loan Documents, or existing at law or in equity or otherwise.
Lender’s rights, powers and remedies may be pursued singly, concurrently or otherwise, at such time and in such order as Lender may determine in Lender’s sole discretion. No delay or omission to exercise any remedy, right or power accruing
upon an Event of Default shall impair any such remedy, right or power or shall be construed as a waiver thereof, but any such remedy, right or power may be exercised from time to time and as often as may be deemed expedient. A waiver of one Default
or Event of Default with respect to the Borrowers shall not be construed to be a waiver of any subsequent Default or Event of Default by the Borrowers or to impair any remedy, right or power consequent thereon. 

Section 8.3    Performance by Lender. (A) Upon the
occurrence and during the continuance of an Event of Default, if any of the Borrowers shall fail to perform, or cause to be performed, any material covenant, duty or agreement contained in any of the Loan Documents (subject to applicable notice and
cure periods), Lender may perform or attempt to perform such covenant, duty or agreement on behalf of the Borrowers including making protective advances on behalf of any Borrower, or, in its sole discretion, causing the obligations of any of the
Borrowers to be satisfied with the proceeds of any Reserve. In such event, the Borrowers shall, at the request of Lender, promptly pay to Lender, or reimburse, as applicable, any of the Reserves, any actual amount reasonably expended or disbursed by
Lender in such performance or attempted performance, together with interest thereon at the Advance Rate (including reimbursement of any applicable Reserves), from the date of such expenditure or disbursement, until paid. Any amounts advanced or
expended by Lender to perform or attempt to perform any such matter shall be added to and included within the indebtedness evidenced by the applicable Notes and shall be secured by all of the Collateral securing the applicable Loan. Notwithstanding
the foregoing, it is expressly agreed that Lender shall not have any liability or responsibility for the performance of any obligation of the Borrowers under this Loan Agreement or any other Loan Document, and it is further expressly agreed that no
such performance by Lender shall cure any Event of Default hereunder. 

  
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 (B)    Lender may cease or suspend any and
all performance required of Lender under the Loan Documents upon and at any time after the occurrence and during the continuance of any Event of Default. 

Section 8.4    Evidence of Compliance. Promptly following
request in writing by Lender, each Borrower shall provide such documents and instruments as shall be reasonably satisfactory to Lender to evidence compliance with any material provision of the Loan Documents applicable to the Borrowers. 

ARTICLE IX 

LIMITED-PURPOSE, BANKRUPTCY-REMOTE REPRESENTATIONS, 

WARRANTIES AND COVENANTS 

Section 9.1    Applicable to Additional Borrowers. Each
Additional Borrower shall be acceptable to Lender and, at the time it enters into this Agreement, each Additional Borrower that was in existence prior to the date upon which it enters into this Agreement hereby represents, warrants and covenants
that since the date of its formation, such Additional Borrower: 
 (A)    is and always
has been duly formed, validly existing, and in good standing in the state of its incorporation and in all other jurisdictions where it is qualified to do business; 

(B)    has no judgments or liens of any nature against it except for tax liens not yet
due and Permitted Encumbrances and such other liens as may be described in a schedule to the related Loan Agreement Supplement; 

(C)    is in compliance with all material laws, regulations, and orders applicable to it
and, except as otherwise disclosed in this Loan Agreement, has received all material permits necessary for it to operate; 

(D)    has paid all taxes which it owes or is engaged in a good faith dispute over such
taxes; 
 (E)    has never owned any property other than the property that is the
subject of the current transaction (“Property”), and personal property necessary or incidental to the development, ownership or operation of the Property, and has never engaged in any business other than the development,
ownership and operation of the Property; 
 (F)    is not now, nor has ever been, a
defendant in any lawsuit, arbitration, summons, or legal proceeding or in any other litigation that resulted in a judgment against it that has not been paid in full, unless a timely appeal has been filed and is pending; 

(G)    has provided Lender with complete financial statements that reflect a fair and
accurate view of the entity’s financial condition; 

  
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 (H)    has obtained a Phase I environmental
site assessment prepared consistent with ASTM Practice E 1527-05 respecting the Properties and the environmental site assessment has not identified any recognized environmental conditions that require further
investigation or remediation; 
 (I)    has no material contingent or actual
obligations not related to the Property; 
 (J)    from the date of such entity’s
formation or incorporation to the date it becomes an Additional Borrower under this Agreement that it: 

(i)      except for capital contributions and distributions properly reflected
on the books and records of the Borrower or as expressly contemplated or permitted by the Loan Documents, has not entered into any contract or agreement with any of its Affiliates, constituents, or owners, or any guarantors of any of its obligations
or any Affiliate of any of the foregoing (individually, a “Related Party” and collectively, the “Related Parties”), except upon terms and conditions that are commercially reasonable and substantially
similar to those available in an arm’s-length transaction with an unrelated party; 

(ii)      except as expressly contemplated or permitted by the Loan Documents,
has paid all of its debts and liabilities from its own assets; 

(iii)      has done or caused to be done all things necessary to observe all
organizational formalities applicable to it and to preserve its existence; 

(iv)      except as expressly contemplated or permitted by the Loan Documents,
has maintained all of its books, records, financial statements and its bank accounts separate from those of any other Person; 

(v)      has been, and at all times has held itself out to the public as, a
legal entity separate and distinct from any other Person (including any Affiliate or other Related Party); 

(vi)      has corrected any known misunderstanding regarding its status as a
separate entity; 
 (vii)      has conducted all of its business and held all
of its assets in its own name; 
 (viii)      has not identified itself or any
of its Affiliates as a division or part of the other; 
 (ix)      except as
expressly contemplated or permitted by the Loan Documents, has not commingled its funds or other assets with those of any other Person and has held all of its funds or other assets in its own name; 

(x)      has not guaranteed or become obligated for the debts of any other
Person with respect to debts that are still outstanding or will not be discharged as a result of the Closing of the Loan; 

  
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 (xi)      except as expressly
contemplated or permitted by the Loan Documents, has not held itself out as being responsible for the debts or material obligations of any other Person with respect to debts or obligations that are still outstanding or will not be discharged as a
result of the Closing of the Loan; 
 (xii)      has allocated fairly and
reasonably any overhead expenses that have been shared with an Affiliate, including paying for office space and services performed by any employee of an Affiliate or Related Party; 

(xiii)      except as expressly permitted or contemplated by the Loan Documents,
has not pledged its assets to secure the obligations of any other Person with respect to obligations that are still outstanding or will not be discharged as a result of the Additional Closing; 

(xiv)      has maintained adequate capital in light of its contemplated business
operations; 
 (xv)      has not incurred any indebtedness that is still
outstanding other than indebtedness that is permitted under the Loan Documents; 

(xvi)      except as expressly permitted or contemplated by the Loan Documents,
has not had any of its obligations guaranteed by an Affiliate, except for guarantees that have been either released or discharged (or that will be discharged as a result of the closing of the Loan); 

(xvii)      has not had its assets listed as assets on the financial statement
of any other Person, provided, however, that an Additional Borrower’s assets may be included in a consolidated financial statement of its Affiliate provided that (i) appropriate notation shall be made on such consolidated financial
statements to indicate the separateness of such Additional Borrower from such Affiliate and to indicate that such Additional Borrower’s assets and credit are not available to satisfy the debts and other obligations of such Affiliate or any
other Person and (ii) such assets shall also be listed on the Additional Borrower’s own separate balance sheet; and 

(xviii)      has filed its own tax returns (except to the extent that it has
been a tax-disregarded entity not required to file tax returns under applicable law) and, if it is a corporation, has not filed a consolidated federal income tax return with any other Person. 

(K)      from the date of its formation or incorporation to the date it becomes
an Additional Borrower under this Loan Agreement and until such time as all Obligations are paid in full, that: 

(i)      space on each Tower located on one of the Properties has been and will
be leased to lessees either pursuant to a separate Lease or pursuant to an individual site lease (or other similarly titled agreement) (“Site Lease”) under a master lease, and to which individual lease Borrower is lessor
thereunder; 

  
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 (ii)      each such separate Lease
and each Site Lease is a separate lease relating to a single Tower; and 

(iii)      no such separate Lease or Site Lease is cross-collateralized with any
Lease or Site Lease respecting another Tower; and 
 (iv)      other than
pursuant to a master lease, no Affiliate of an Additional Borrower or any other Person has guaranteed any of such Additional Borrower’s obligations under any such separate Lease or Site Lease. 

Section 9.2    Applicable to Borrower Parties. In addition
to any obligations under Section 9.1, each of the Borrowers hereby represents, warrants and covenants as of the Closing Date or Additional Closing Date and until such time as all Obligations are paid in full, that absent
express advance written waiver from Lender, which may be withheld in Lender’s sole discretion: 

(A)    Each of the Borrower Parties shall not, without the prior unanimous written
consent of its board of directors, including its two (2) Independent Directors, institute proceedings for itself to be adjudicated bankrupt or insolvent; consent to the institution of bankruptcy or insolvency proceedings against it; file a
petition seeking, or consent to, reorganization or relief under any applicable federal or state law relating to bankruptcy; consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) for itself
or a substantial part of its property; make any assignment for the benefit of creditors; or admit in writing its inability to pay its debts generally as they become due; 

(B)    Each of the Borrower Parties at all times shall maintain at least two
(2) Independent Directors on its board of directors, who shall be selected by such Borrower Party, as applicable; 

(C)    Each of the Borrower Parties except for capital contributions and distributions
properly reflected on the books and records of such entity, shall not enter into any contract or agreement with any of its Affiliates, constituents, or owners, or any guarantors of any of its obligations or any Affiliate of any of the foregoing
(individually, a “Related AT Party” and collectively, the “Related AT Parties”), except upon terms and conditions that are commercially reasonable and substantially similar to those available in an arm’s-length transaction with an unrelated party; 

(D)    Except as contemplated or permitted by the Loan Documents, each of the Borrower
Parties shall pay all of its debts and liabilities from its own assets; 
 (E)    Each
of the Borrower Parties shall cause to be done all things necessary to observe all organizational formalities applicable to it that are necessary to preserve its existence; 

(F)    Each of the Borrower Parties shall maintain all of its books, records, financial
statements and bank accounts separate from those of any other Person, or shall hire the Manager to maintain such books and records; 

  
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 (G)    Each of the Borrower Parties shall be
and shall hold itself out to the public as, a legal entity separate and distinct from any other Person (including any Affiliate or other Related AT Party); 

(H)    Each of the Borrower Parties shall correct any known misunderstanding regarding
its status as a separate entity; 
 (I)    Each of the Borrower Parties shall conduct
all of its business and shall hold all of its assets in its own name; 
 (J)    Each of
the Borrower Parties shall not identify itself or any of its Affiliates as a division or part of the other; 

(K)    Except (i) as permitted under the Loan Documents, (ii) with respect to
the Deposit Account under the Master Lease Deposit Account Agreement into which rents paid by Lessees under certain master leases are directly remitted and (iii) as otherwise contemplated or permitted by the Loan Documents, from the date hereof
with respect to the Borrower Parties, each of the Borrower Parties shall not commingle its funds or other assets with those of any other Person, and shall hold all of its funds or other assets in its own name; 

(L)    Each of the Borrower Parties shall not guaranty or become obligated for the debts
of any other Person, except as contemplated or permitted by the Loan Documents from the date hereof with respect to the Borrower Parties; 

(M)    Each of the Borrower Parties shall not hold itself or its credit out as being
responsible for the debts or material obligations of any other Person, except as contemplated or permitted by the Loan Documents from the date hereof with respect to the Borrower Parties; 

(N)    Each of the Borrower Parties shall allocate fairly and reasonably any overhead
expenses that have been shared with an Affiliate, including paying for office space and services performed by any employee of an Affiliate or Related AT Party; 

(O)    Each of the Borrower Parties shall not pledge its assets to secure the obligations
of any other Person, except as contemplated or permitted by the Loan Documents from the date hereof with respect to the Borrower Parties; 

(P)    Each of the Borrower Parties shall maintain adequate capital in light of its
contemplated business operations; 
 (Q)    Each of the Borrower Parties shall not
incur any indebtedness other than indebtedness that is permitted under the Loan Documents; 

(R)    Except with respect to (i) SpectraSite, LLC’s guarantee of Asset Sub
II’s obligations under the AT&T Sublease and (ii) guarantees that are expressly contemplated or permitted by the Loan Documents, none of the Borrower Parties shall have any of its obligations guaranteed by an Affiliate; 

  
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 (T)    Each of the Borrower Parties shall
file their own tax returns, if any, as may be required under applicable law, to the extent (1) not part of a consolidated group filing a consolidated return or returns or (2) not treated as a division for tax purposes of another taxpayer,
and has paid and shall pay any taxes required to be paid under applicable law; 

(U)    Each of the Borrower Parties shall maintain separate financial statements showing
its assets and liabilities separate and apart from those of any other Person and not have their assets listed on any financial statement of any other Person; provided, however, that a Borrower Party’s assets may be included in a consolidated
financial statement of its Affiliate provided that (i) appropriate notation shall be made on such consolidated financial statements to indicate the separateness of such Borrower Party from such Affiliate and to indicate that such Borrower
Party’s assets and credit are not available to satisfy the debts and other obligations of such Affiliate or any other Person and (ii) such assets shall also be listed on the Borrower Party’s own separate balance sheet; 

(V)    Each of the Borrower Parties shall not acquire any obligation or securities of its
member or of any Affiliate of such Borrower Party (including any Related AT Party), except for a Permitted Subsidiary; 

(W)    Each of the Borrower Parties shall not own any asset or property other than, with
respect to the Borrowers, the Property and incidental personal property necessary for the ownership and operation of such Property (including any Permitted Subsidiary), with respect to Guarantor, its equity interest in each of the Borrowers and
incidental personal property necessary for the acquisition, ownership, holding, management and maintenance of such equity interest and with respect to Parent Guarantor, its equity interest in the Guarantor and incidental personal property necessary
for the acquisition, ownership, holding, management and maintenance of such equity interest; 

(X)    Each of the Borrower Parties shall not engage in any business other than the
ownership, management and operation of its assets (as such assets are set forth in Section 9.2(W)) and shall conduct and operate its business as presently conducted and operated, except with respect to any Permitted
Subsidiary; 
 (Y)    Each of the Borrower Parties shall not make or permit to remain
outstanding any loan or advance to, or own any stock or securities of, any Person (other than investment grade securities and Guarantor’s equity interests in the Borrowers and Parent Guarantor’s equity interests in Guarantor and except
with respect to any Permitted Subsidiary); 
 (Z)    To the fullest extent permitted by
law, each of the Borrower Parties shall not engage in any dissolution, liquidation, consolidation, merger, asset sale or transfer of ownership interest other than such activities as are expressly permitted pursuant to any provision of the Loan
Documents and subject to obtaining any approvals required under its organizational documents; 

(AA)  Each of the Borrower Parties shall not buy or hold evidence of indebtedness issued by any
other Person (other than cash or investment-grade securities); and 

  
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 (BB)  Each of the Borrower Parties shall not form,
acquire or hold any subsidiary (whether corporate, partnership, limited liability company or other) or own any equity interest in any other entity (other than Guarantor’s equity interests in the Borrowers and Parent Guarantor’s equity
interests in Guarantor) except for interests in Additional Borrowers in accordance with the Loan Documents (including any Permitted Subsidiary). 

ARTICLE X 
 PLEDGE OF
OTHER COMPANY COLLATERAL 
 Section 10.1    Grant of Security
Interest/UCC Collateral. The Borrowers hereby reaffirm their pledge, assignment and grant to Lender of a security interest in and to all of the Borrowers’ fixtures and personal property including, but not limited to all,
(i) equipment in all of its forms, now or hereafter existing, all parts thereof and all accessions thereto, including but not limited to machinery, towers, satellite receivers, antennas, motor vehicles and rolling stock, (ii) of the
Borrowers’ fixtures now existing or hereafter acquired, all substitutes and replacements therefor, all accessions and attachments thereto, and all tools, parts and equipment now or hereafter added to or used in connection with the fixtures on
or above the Sites described herein and all real property now owned or hereafter acquired by the Borrowers and all substitutes and replacements for, accessions, attachments and other additions to, tools, parts, and equipment used in connection with,
and all proceeds, products, and increases of, any and all of the foregoing Collateral (including, without limitation, proceeds which constitute property of the types described herein), (iii) accounts now or hereafter existing (except with
respect to amounts released from such accounts, or are required to be released to such accounts, pursuant to the Loan Agreement or the Cash Management Agreement), (iv) inventory now or hereafter existing, (v) general intangibles (other
than Site Management Agreements) now or hereafter existing, (vi) investment property now or hereafter existing, (vii) deposit accounts now or hereafter existing, (viii) chattel paper now or hereafter existing, (ix) instruments
now owned or hereafter existing, (x) Site Management Agreements now or hereafter existing (including all rights to payment thereunder, but excluding any other rights that cannot be assigned without third party consent under such Site Management
Agreements), and (xi) the equity interests of any subsidiary of any Borrower now owned or hereafter existing and the proceeds of the foregoing) (collectively, the “Other Company Collateral”), as security for payment and
performance of all of the Obligations. The Other Company Collateral is subject to the security interest in favor of Lender created herein and all provisions of this Loan Agreement and the other Loan Documents. The Borrowers hereby authorize Lender,
at Borrowers’ expense, to file such financing statements as Lender shall deem reasonably necessary to perfect Lender’s interest in the Other Company Collateral. Upon the occurrence and during the continuance of any Event of Default, Lender
shall have all rights and remedies pertaining to the Other Company Collateral as are provided for in any of the Loan Documents or under any applicable law including, without limitation Lender’s rights of enforcement with respect to the Other
Company Collateral or any part thereof, exercising its rights of enforcement with respect to the Other Company Collateral or any part thereof under the UCC as amended (or under the UCC in force in any other state to the extent the same is applicable
law) and in conjunction with, in addition to, or in substitution for, such rights and remedies of the following: 

  
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 (A)      Lender may enter upon the
Borrowers’ premises to take possession of, assemble and collect the Other Company Collateral or to render it unusable. 

(B)      Lender may require the Borrowers to assemble the Other Company
Collateral and make it available at a place Lender designates which is mutually convenient to allow Lender to take possession or dispose of the Other Company Collateral. 

(C)      Written notice mailed to the Borrowers as provided herein at least five
(5) days prior to the date of public sale of the Other Company Collateral or prior to the date after which private sale of the Other Company Collateral will be made shall constitute reasonable notice. 

(D)      In the event of a foreclosure sale, the Other Company Collateral and
the other Sites may, at the option of Lender, be sold as a whole. 

(E)      It shall not be necessary that Lender take possession of the Other
Company Collateral or any part thereof prior to the time that any sale pursuant to the provisions of this section is conducted and it shall not be necessary that the Other Company Collateral or any part thereof be present at the location of such
sale. 
 (F)      Prior to application of proceeds of disposition of the Other
Company Collateral to the Obligations, such proceeds shall be applied to the reasonable expenses of retaking, holding, preparing for sale or lease, selling, leasing and the like and the reasonable attorneys’ fees and legal expenses incurred by
Lender. 
 (G)      Any and all statements of fact or other recitals made in
any bill of sale or assignment or other instrument evidencing any foreclosure sale hereunder as to nonpayment of the Obligations or as to the occurrence of any default, or as to Lender having declared all of such Obligations to be due and payable,
or as to notice of time, place and terms of sale and of the properties to be sold having been duly given, or as to any other act or thing having been duly done by Lender, shall be taken as prima facie evidence of the truth of the facts so
stated and recited. 
 (H)      Lender may appoint or delegate any one or more
persons as agent to perform any act or acts necessary or incident to any sale held by Lender, including the sending of notices and the conduct of the sale, but in the name and on behalf of Lender. 

ARTICLE XI 

RESTRICTIONS ON LIENS, TRANSFERS; ASSUMABILITY; 

RELEASE OF PROPERTIES 

Section 11.1    Restrictions on Transfer and Encumbrance.
Except as expressly permitted under this Article XI, transfers of Sites among the Borrowers (provided that appropriate amendments to the Loan Documents are delivered in connection with such transfer as are necessary to continue Lender’s
first priority perfected security interest in the Collateral), and Leases entered into as permitted hereunder, the Borrowers shall not cause or suffer to occur or exist, directly or indirectly, voluntarily or involuntarily, by operation of law or
otherwise, any 

  
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sale, transfer, mortgage, pledge, Lien or encumbrance (other than the Permitted Encumbrances) of (i) all or any part of the Sites or any interest therein (except in connection with a
termination permitted pursuant to Section 5.9 or 5.21(A)), or (ii) any direct or indirect ownership or beneficial interest in any Borrower, Guarantor or Parent Guarantor, irrespective of the number of tiers of
ownership without Lender’s consent and receipt of a Rating Agency Confirmation (which Rating Agency Confirmation may not be deemed satisfied pursuant to Section 11.13 of the Trust Agreement). 

Section 11.2    Transfers of Beneficial Interests. The
following voluntary or involuntary sales, encumbrances, conveyances, transfers and pledges (each, a “Transfer”) of a direct, indirect or beneficial interest shall be permitted without Lender’s consent and Rating Agency
Confirmation (“Permitted Ownership Interest Transfers”): 

(A)    A Transfer of no more than forty-nine percent (49%) of the direct or indirect
ownership interests in Parent Guarantor (in the aggregate) and the related indirect transfers of its direct or indirect subsidiaries. 

(B)    A Transfer or a series of Transfers that result in the proposed transferee,
together with Affiliates of such transferee, owning in the aggregate (directly or indirectly) more than forty-nine percent (49%) of the economic and beneficial interests in Parent Guarantor and its direct or indirect subsidiaries; provided
that such Transfer shall not be a Permitted Ownership Interest Transfer unless Lender receives, prior to such Transfer, both (x) evidence reasonably satisfactory to Lender (which shall include a legal
non-consolidation opinion reasonably acceptable to Lender and the Rating Agencies) that the single purpose nature and bankruptcy remoteness of the Borrowers, Guarantor, and Parent Guarantor (and their members
and general partners, as applicable) following such Transfer or Transfers will be the same as prior to such Transfer or Transfers and (y) a Rating Agency Confirmation (which Rating Agency Confirmation may not be deemed satisfied pursuant to
Section 11.13 of the Trust Agreement) and, during a Special Servicing Period, Servicer consent. 

(C)    Any Transfer or issuance of stock of AT Parent, or the issuance of additional
capital stock of AT Parent (including common or preferred shares). 
 (D)    A Transfer
or series of Transfers in Parent Guarantor and the related indirect transfers of its direct or indirect subsidiaries to directly or indirectly wholly owned Affiliates of AT Parent. 

Section 11.3    Defeasance. At any time prior to the
Anticipated Repayment Date for any Component then outstanding, the Borrowers may Defease all Components of the Loan at any time, as of the last day of an Interest Accrual Period, in accordance with the following provisions: 

(A)    Lender shall have received from the Borrowers not less than thirty
(30) days’ prior written notice specifying the date proposed for such Defeasance and the amount which is to be Defeased (which amount must represent the aggregate Component Principal Balance of all then outstanding Components of the
Loan)). 

  
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 (B)    The Borrowers shall also pay to
Lender all interest due through and including the last day of the Interest Accrual Period during which such defeasance is being made, together with any and all other amounts due and owing pursuant to the terms of the Loan Documents, including,
without limitation, then outstanding Administrative Fees and any costs incurred in connection with a Defeasance. 

(C)    No Event of Default shall have occurred and be continuing. 

(D)    The Borrowers shall (i) deliver Federal Obligations sufficient to make the
Scheduled Defeasance Payments to Lender and (ii) deliver to Lender (1) a security agreement, in form and substance reasonably satisfactory to Lender, creating a first priority lien on the Federal Obligations purchased by Borrowers in
accordance with the terms of this Section 11.3 (the “Security Agreement”); (2) an Officer’s Certificate certifying that the requirements set forth in this
Section 11.3 have been satisfied; (3) an opinion of counsel for the Borrowers in form and substance reasonably satisfactory to Lender stating, among other things, that Lender has a first priority perfected security
interest in the Federal Obligations; (4) a certificate, in form and substance reasonably satisfactory to Lender from an independent certified public accountant confirming that the requirements of Section 11.3(D)(i)
have been satisfied; and (5) such other certificates, documents, opinions or instruments as Lender may reasonably request. 

(E)    Lender shall have received a Rating Agency Confirmation. 

(F)    If the Borrowers will continue to own any assets other than the Federal
Obligations delivered to Lender, the Borrowers shall establish or designate a special-purpose bankruptcy-remote successor entity reasonably acceptable to Lender (the “Successor Borrowers”), with respect to which a substantive
non-consolidation opinion satisfactory to Lender has been delivered to Lender (provided, that a non-consolidation opinion substantially equivalent to the non-consolidation opinion delivered to Lender on the Closing Date shall be deemed satisfactory to Lender) and the Borrowers shall transfer and assign to the Successor Borrowers all obligations, rights and duties
under the Notes and the Security Agreement, together with the pledged Federal Obligations. The Successor Borrowers shall assume the obligations of the Borrowers under the Notes and the Security Agreement and the Borrowers shall be relieved of their
obligations hereunder and thereunder. The Borrowers shall pay Ten and No/100 Dollars ($10.00) to the Successor Borrowers as consideration for assuming such Borrowers obligations. 

(G)    The Borrower shall deliver an opinion of counsel to the effect that the Defeasance
will not constitute a “significant modification” of the Loan or a “deemed exchange” of the Notes under section 1001 of the IRC. 

(H)    If the Borrowers Defease all Components pursuant to this
Section 11.3, Lender shall, promptly upon satisfaction of all the following terms and conditions execute, acknowledge and deliver to the Borrowers a release of the applicable Loan Documents with respect to the Sites in
recordable form for such Release; provided that the Borrowers shall, at their sole expense, prepare any and all documents and instruments necessary to effect the Release, all of which shall be subject to the reasonable approval of Lender, and the
Borrowers 

  
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shall pay all costs reasonably incurred by Lender (including, but not limited to, reasonable attorneys’ fees and disbursements, title search costs or endorsement premiums) in connection with
the review, execution and delivery of the Release. 
 Section 11.4    Release of Sites.

 (A)    Prepayments with Loss Proceeds or during a Title Defect Cash Flow
Event. If a prepayment is made pursuant to Section 5.5(C) hereof or item (xiii) of Section 3.3(a) of the Cash Management Agreement, Lender shall, promptly upon satisfaction of all the
following terms and conditions execute, acknowledge and deliver to the Borrowers a release of the applicable Loan Documents with respect to the Sites to be released pursuant to such prepayment, in recordable form with respect to the Sites or the
applicable Site, for such Release: 
 (i)      In the event of a prepayment of
the Loan in part, but not in whole, with Loss Proceeds or pursuant to item (xiii) of Section 3.3.(a) of the Cash Management Agreement, Lender shall have received payment of all then-outstanding Administrative Fees together with the Release
Price on the date proposed for such prepayment, which solely in the case of Loss Proceeds (to the extent not applied to satisfy Administrative Fees) shall be applied in accordance with Section 2.4(A). 

(ii)      Except for prepayments which are made contemporaneously with the
application of Loss Proceeds towards the payment of the Loan where such Loss Proceeds constitute at least fifty percent (50%) of the Release Price, Lender shall have received from the Borrowers evidence in form and substance satisfactory to Lender
that the Release or Substitution Conditions have been satisfied. 

(iii)      The Borrowers shall, at their sole expense, prepare any and all
documents and instruments necessary to effect the Release, all of which shall be subject to the reasonable approval of Lender, and the Borrowers shall pay all costs reasonably incurred by Lender (including, but not limited to, reasonable
attorneys’ fees and disbursements, title search costs or endorsement premiums) in connection with the review, execution and delivery of the Release. 

(B)    Site Dispositions. The Borrowers shall be permitted, without
Lender’s consent, to sell or dispose (x) any Sites in accordance with prudent business practices or (y) any Sites in order to cure a breach of any representation, warranty or other Default with respect to such Site or to satisfy the
DSCR requirements set forth in the Release or Substitution Conditions pursuant to Sections 11.4(A), 11.4(B), 11.5 or 11.6, and Lender shall, promptly upon satisfaction of all the following terms and conditions execute,
acknowledge and deliver to the Borrowers a Release for the applicable Site, provided that, the Borrowers are permitted to make a prepayment under Section 2.6 and together with the payment of all then outstanding
Administrative Fees, the Borrowers prepay the Loan in an amount equal to the Release Price on the date proposed for such sale or disposition, together with any Yield Maintenance due on a prepayment made on such date required by
Section 2.6. Such prepayment (to the extent not applied to satisfy Administrative Fees) shall be applied in the 

  
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manner provided in Section 2.6(B). The following additional conditions must also be satisfied: 

(i)      If such sale or disposal of a Site is in accordance with prudent
business practices (but not to cure a breach of a representation, warranty or Default with respect to the applicable Site), the Borrowers shall have satisfied the Release or Substitution Conditions. 

(ii)      The Borrowers provide written notice to Lender of such disposition not
later than thirty (30) days prior to such sale. 
 (iii)      The
Borrowers shall, at their sole expense, prepare any and all documents and instruments necessary to effect the Release, all of which shall be subject to the reasonable approval of Lender, and the Borrowers shall pay all costs reasonably incurred by
Lender (including, but not limited to, reasonable attorneys’ fees and disbursements, title search costs or endorsement premiums) in connection with the review, execution and delivery of such disposition. 

(iv)      If the aggregate Allocated Loan Amount of Sites released, after taking
into account the proposed release, is greater than 5% of the aggregate original Component Principal Balance of all Components of the Loan then outstanding, a Rating Agency Confirmation is obtained (which Rating Agency Confirmation may not be deemed
satisfied pursuant to Section 11.13 of the Trust Agreement). 
 In connection with any disposition permitted
pursuant to the terms of this Section 11.4(B), the Borrowers may sell any Other Company Collateral associated with the applicable Mortgaged Site and no longer required in connection with the operation of the Borrower’s
business, and the net proceeds of sale (after reasonable and customary expenses and payment of any then outstanding Administrative Fees) of any Mortgaged Site and Other Company Collateral pursuant to the terms of this
Section 11.4 shall be deemed “Receipts” for all intents and purposes under Loan Agreement and shall be applied in accordance with the terms of the Cash Management Agreement. 

(C)    Payment in Full of Components of the Loan Having the Same Numerical
Designation. In connection with the payment in full of the Component Principal Balance of the Components of the Loan having the same numerical designation, the Borrowers may sell or dispose of Sites selected by the Borrowers
(including to an Affiliate of the Borrowers), upon satisfaction of the following conditions: 

(i)      If any Component is then outstanding, the Release or Substitution
Conditions shall have been satisfied. 
 (ii)      Lender shall have received
payment of all then outstanding Administrative Fees. 
 (iii)      The
Borrowers shall, at their sole expense, prepare any and all documents and instruments necessary to effect the Release, all of which shall be subject to the reasonable approval of Lender, and the Borrowers shall pay all costs reasonably incurred by

  
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Lender (including, but not limited to, reasonable attorneys’ fees and disbursements, title search costs or endorsement premiums) in connection with the review, execution and delivery of the
Release. 
 (iv)      Payment of any Yield Maintenance due and payable with
respect to the prepayment of the applicable Component of the Loan (or portion thereof) in accordance with Section 2.6(A). 

(v)      If the aggregate Allocated Loan Amount of Sites released, after taking
into account the proposed release, is greater than 5% of the aggregate original Component Principal Balance of all Components of the Loan then outstanding, a Rating Agency Confirmation is obtained (which Rating Agency Confirmation may not be deemed
satisfied pursuant to Section 11.13 of the Trust Agreement). 
 Upon the satisfaction of the
foregoing conditions precedent, Lender shall promptly execute, acknowledge and deliver to the Borrowers a Release with respect to such Sites. 

(D)    Release of Borrower upon Release of Sites. Upon the Release of
all Sites of any Borrower pursuant to this Section 11.4, such Borrower shall be released and discharged from all Obligations under the Loan Documents and the Notes (a “Borrower Release”). 

(E)    Discretionary Dispositions. The Borrowers, in addition to any
other sale, disposition or release permitted under this Section 11.4 or any termination or assignment permitted under Sections 5.21(A) and 5.9, may dispose of, terminate or assign, Sites (a
“Discretionary Release”) representing an aggregate Allocated Loan Amount no greater than 2% of the aggregate original Component Principal Balance of all Components then outstanding without consent or conditions. Discretionary
Releases in excess of the 2% cap up to a cap of 10% of the aggregate original Component Principal Balance of all Components of the Loan then outstanding shall be permitted subject to satisfaction of either of the following conditions (i) or
(ii) and all other conditions set forth in this Section 11.4(E): 

(i)      Prepayment of the Loan in an amount equal to the Release Price on the
date proposed for such disposition, termination, or assignment, together with any Yield Maintenance due on a prepayment made on such date required by Section 2.6, or 

(ii)      Lender shall have received written notice of such Discretionary
Release at least thirty (30) days prior to such Discretionary Release and confirmation from the Borrowers set forth in such notice that an amount equal to the Release Price for the Site or Sites to be released shall be deposited by the
Borrowers into the Liquidated Tower Replacement Account within twelve (12) months of the Discretionary Release. The Borrowers are obligated to use any and all amounts in the Liquidated Tower Replacement Account for the acquisition of Additional
Sites within twelve (12) months of the deposit of any monies therein, on satisfaction of the requirements of Section 11.7 for the Additional Sites. If the Borrowers fail to use such amounts deposited in the Liquidated
Tower Replacement Account within such twelve (12) month period, the Borrowers shall be 

  
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required to prepay the Loan in the amount of the Release Price (together with any applicable Yield Maintenance) with respect to the released Sites corresponding to the unused portions on deposit
in the Liquidated Tower Replacement Account. 
 (iii)      The Borrowers
shall, at their sole expense, prepare any and all documents and instruments necessary to effect such disposition, all of which shall be subject to the reasonable approval of Lender, and the Borrowers shall pay all costs reasonably incurred by Lender
(including, but not limited to, reasonable attorneys’ fees and disbursements, title search costs or endorsement premiums) in connection with the review, execution and delivery of such disposition. 

(iv)      The Manager shall have delivered an Officer’s Certificate to
Lender confirming compliance with the requirements of this Section 11.4(E). 
 Upon satisfaction
of the foregoing conditions precedent, Lender shall promptly execute, acknowledge and deliver to Borrowers a Release for the applicable Site. For the avoidance of doubt, the Release or Substitution Conditions do not apply to any Discretionary
Releases. In connection with any disposition permitted pursuant to the terms of this Section 11.4(E), the Borrowers may sell any Other Company Collateral associated with the applicable Mortgaged Site and no longer required
in connection with the operation of the Borrower’s business, and the net proceeds of sale (after reasonable and customary expenses and payment of any then outstanding Administrative Fees) of any Mortgaged Site and Other Company Collateral
pursuant to the terms of this Section 11.4(E) shall be deemed “Receipts” for all intents and purposes under the Loan Agreement and shall be applied in accordance with the terms of the Cash Management Agreement.

 (F)      Additional Dispositions. In addition to all Site
dispositions set forth herein, the Borrowers shall be permitted to Release and dispose of Sites upon receipt of Rating Agency Confirmation (which Rating Agency Confirmation may not be deemed satisfied pursuant to Section 11.13 of the
Trust Agreement and shall not be subject to a Rating Agency Declination) and the following conditions precedent: 

(i)      The Borrowers solicit such Rating Agency Confirmation no later than
thirty (30) days prior to such sale or disposition. 
 (ii)      The
Borrowers shall, at their sole expense, prepare any and all documents and instruments necessary to effect the Release, all of which shall be subject to the reasonable approval of the Lender, and the Borrowers shall pay all costs reasonably incurred
by Lender (including, but not limited to, reasonable attorneys’ fees and disbursements, title search costs or endorsement premiums) in connection with the review, execution and delivery of such disposition. 

(iii)      The Manager shall have delivered an Officer’s Certificate to
Lender confirming that such Rating Agency Confirmation has been obtained. 

(G)      Upon the satisfaction of the foregoing conditions precedent, Lender
shall promptly execute, acknowledge and deliver to Borrowers a Release with respect to such Sites. In connection with any disposition permitted pursuant to the terms of this Section 11.4,

  
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the Borrowers may sell any Other Company Collateral associated with the applicable Mortgaged Site and no longer required in connection with the operation of the Borrowers’ business, and the
net proceeds of sale (after reasonable and customary expenses and payment of any then outstanding Administrative Fees) of any Mortgaged Site and Other Company Collateral pursuant to the terms of this Section 11.4 shall be
deemed “Receipts” for all intents and purposes under the Loan Agreement and shall be applied in accordance with the terms of the Cash Management Agreement. 

Section 11.5    Substitution of a Mortgaged Site. Subject
to the terms and conditions set forth in this Section 11.5, the Borrowers shall have the right to obtain a release of the lien of the applicable Deed of Trust (and the related Loan Documents) encumbering one or more Mortgaged Sites and
dispose of such Mortgaged Sites (for purposes of this section only, hereinafter referred to as, the “Substituted Sites”) by (i) substituting therefor one or more properties of like or better quality (which shall include,
among other things, the geographic diversity of the Substituted Sites and markets and submarkets with, among other similarities, similar demographics, populations, absorption trends, accessibility and visibility, taken as a whole) or (ii) with
respect to any of the Ground Lease Sites, subjecting the applicable Borrower’s interest in such Ground Lease Site to the lien of a security instrument in favor of Lender as security for the Loan (individually, a “Replacement
Site” and, collectively, the “Replacement Sites”). In addition, any such substitution (each, a “Substitution”) shall be subject, in each case, to the satisfaction of the following
conditions precedent: 
 (A)      The Release or Substitution Conditions
shall have been satisfied (unless the Substitution is in connection with the cure of a breach of a representation, warranty, covenant or other default hereunder with respect to the Substituted Site or if the Substituted Site is subject to a Title
Defect Cash Flow Event, for which the Release or Substitution Conditions need not be satisfied; provided, however, that in such case on or prior to the date of Substitution, the Borrowers shall deliver an Officer’s Certificate to
Lender dated as of the date of such Substitution certifying that the requirements set forth in this Section 11.5 have been satisfied). 

(B)      The Borrowers shall have given Lender at least forty five
(45) days prior written notice of its election to seek a Substitution. 

(C)      Lender shall have received a copy of the instrument conveying to the
applicable Borrower the transferred interests in respect of the Replacement Site. 

(D)       The Borrowers shall have executed, acknowledged and delivered to
Lender (i) a mortgage, a deed of trust, or a deed to secure debt, as applicable, with respect to the Replacement Sites, so as to effectively create upon recording and filing valid and enforceable liens upon the Replacement Sites, of first
priority, in favor of Lender (or such other trustee as may be desired under local law), subject only to the Permitted Encumbrances, (ii) an environmental indemnity with respect to the Replacement Sites, (iii) written confirmation from
Parent Guarantor and Guarantor regarding such Substitution, (iv) modifications to the Loan Documents as necessary to properly reflect the Substitution, and (v) such other documents and agreements as reasonably requested to evidence the

  
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Substitution. The security instrument and environmental indemnity shall be in the same form and substance as the counterparts of such documents executed and delivered with respect to the
Substituted Sites, subject to modifications reflecting the Replacement Sites as the property that is the subject of such documents and such modifications reflecting the laws of the State in which the Replacement Sites are located. 

(E)      Lender shall have received (i) a title insurance policy (or a
marked, signed and predated commitment to issue such title insurance policy) reasonably satisfactory to Lender insuring the lien of the security instrument encumbering the Replacement Sites, issued by the Title Company and dated as of the date of
the Substitution, and (ii) reasonably requested endorsements to the title policies delivered to Lender in connection with the Deeds of Trust to reflect the Substitution; provided, that a title insurance policy which is similar in form
and substance to the title insurance policies in respect of the Mortgaged Sites delivered on the Initial Closing Date shall be satisfactory to Lender and not require additional endorsements. 

(F)      The Borrowers shall deliver or cause to be delivered to Lender
resolutions, if any are required, authorizing the Substitution and any actions taken in connection with such Substitution. 

(G)      Lender shall have received such opinions as may be reasonably
requested with respect to the Loan Documents delivered with respect to the Replacement Sites, the Borrowers’ qualifications, and authorization substantially in the form delivered at Closing, together with an update of the insolvency opinion
delivered at the Closing indicating that the Substitution does not affect the opinions set forth therein, and an opinion of counsel stating that the Substitution does not constitute a “significant modification” of the Loan or “deemed
exchange” of the Notes under Section 1001 of the IRC. 

(H)      The Borrowers shall have paid or reimbursed Lender for all third party
out-of-pocket costs and expenses incurred by Lender (including, without limitation, reasonable attorneys’ fees and disbursements) in connection with the
Substitution and the Borrowers shall have paid all recording charges, filing fees, taxes or other expenses (including, without limitation, mortgage and intangibles taxes and documentary stamp taxes) payable in connection with the Substitution. 

(I)      Lender shall have received the most recent ASTM compliant Phase I
environmental report obtained by the Borrowers or any Affiliate thereof regarding the Replacement Site, together with a Phase II environment assessment report (if any database search Phase I environmental report reveals any condition that
in Lender’s reasonable judgment warrants such a report) which concludes that any such Replacement Site does not contain any Hazardous Materials (except for cleaning and other products used in connection with the routine maintenance or repair of
the subject property) in material violation of any Environmental Laws. 

(J)      Reserved. 

  
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 (K)      If the aggregate
Allocated Loan Amount of all substituted Sites during any calendar year exceeds five percent (5%) of the aggregate principal balance of the Components then outstanding (with any excess limit permitted to be carried over into subsequent years,
subject to an aggregate limit of 15% of the aggregate principal balance of the Components then outstanding), then Rating Agency Confirmation must be obtained. 

(L)      Upon the satisfaction of the foregoing conditions precedent, as
reasonably determined by Lender, (i) Lender will release its lien from the Substituted Sites, (ii) the Replacement Sites shall be deemed to be “Mortgaged Sites” hereunder, (iii) all references herein to the Deeds of Trust
shall include the applicable security instrument encumbering the Replacement Sites, and (iv) the applicable Allocated Loan Amount with respect to the Substituted Sites shall be deemed to be the Allocated Loan Amount with respect to the
Replacement Sites for all purposes hereunder. 
 The foregoing conditions precedent shall not apply to any substitution of
a Ground Lease interest in a Ground Lease Site with a fee interest or easement in such Site. Notwithstanding the foregoing conditions precedent, if the Substitutions and Additions Threshold is not exceeded in any given year or in the aggregate, the
Borrowers need not fulfill the conditions set forth in Sections 11.5(C), (D) or (E). 

Section 11.6    Substitution of Other Pledged Sites.
Subject to the terms and conditions set forth in this Section 11.6, the Borrowers shall have the right to transfer Other Pledged Sites (for purposes of this section only, hereinafter referred to as, the
“Substituted Other Pledged Site”) by substituting therefor one or more properties of like kind and quality (which shall include, among other things, the geographic diversity of the Substituted Other Pledged Site and markets
and submarkets with, among other similarities, similar demographics, populations, absorption trends, accessibility and visibility) (individually, a “Replacement Other Pledged Site” and collectively, the
“Replacement Other Pledged Sites”). In addition, any such substitution (each an “Other Pledged Site Substitution”) shall be subject, in each case, to the satisfaction of the following conditions
precedent: 
 (A)      The Release or Substitution Conditions shall have been
satisfied (unless the Other Pledged Site Substitution is in connection with the cure of a breach of a representation, warranty, covenant or other default hereunder with respect to the Substituted Site, for which the Release or Substitution
Conditions need not be satisfied; provided, however, that in such case on or prior to the date of Other Pledged Site Substitution, the Borrowers shall deliver an Officer’s Certificate to Lender dated as of the date of such Other
Pledged Site Substitution certifying the requirements set forth in this Section 11.6 have been satisfied). 

(B)      The Borrowers shall have given Lender at least forty-five
(45) days prior written notice of its election to seek an Other Pledged Site Substitution. 

(C)      Lender shall have received a copy of the instrument conveying to the
applicable Borrower the transferred interests. 

  
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 (D)      The Borrowers shall
deliver or cause to be delivered to Lender resolutions, if any are required, authorizing the Other Pledged Site Substitution and any actions taken in connection with such Other Pledged Site Substitution. 

(E)      The Borrowers shall have paid or reimbursed Lender for all third party
out-of-pocket costs and expenses incurred by Lender (including, without limitation, reasonable attorneys’ fees and disbursements) in connection with the Other
Pledged Site Substitution. 
 (F)      Lender shall have received the most
recent ASTM compliant Phase I environmental report obtained by Borrowers or any Affiliate thereof on such Replacement Other Pledged Site (if any database search Phase I environmental report reveals any condition that in Lender’s reasonable
judgment warrants such a report) which concludes that the Replacement Other Pledged Site does not contain any Hazardous Materials (except for cleaning and other products used in connection with the routine maintenance or repair of the subject
property) in material violation of any Environmental Laws. 
 (G)      On or
prior to the date of the Other Pledged Site Substitution, the Borrowers shall deliver an Officer’s Certificate to Lender dated as of the date of Other Pledged Site Substitution certifying that the requirements set forth in this
Section 11.6 have been satisfied. 
 (H)      On or
prior to the date of the Other Pledged Site Substitution, the Borrowers shall deliver an opinion of counsel stating that the Other Pledged Site Substitution does not constitute a “significant modification” of the Loan or “deemed
exchange” of the Notes under Section 1001 of the IRC. 

(I)      Lender shall have received a title insurance policy (or a marked,
signed and predated commitment to issue such title insurance policy) reasonably satisfactory to Lender insuring the Borrower’s interest in the Replacement Other Pledged Site for an amount equal to the aggregate Allocated Loan Amount of the
Replacement Other Pledged Site, issued by the Title Company and dated as of the date of the Substitution, provided that a title insurance policy which is substantially similar in form and substance to the title policies in respect of the
Substituted Other Pledged Site shall be satisfactory to Lender, and not require additional endorsements. 

(J)      Upon the satisfaction of the foregoing conditions precedent, as
reasonably determined by Lender, the Replacement Other Pledged Site shall be deemed to be an “Other Pledged Site” hereunder. 

Notwithstanding the foregoing conditions precedent, if the Substitutions and Additions Threshold is not met in any given year
or in the aggregate, the Borrowers need not fulfill the conditions set forth in Sections 11.6(C) or (I). 

Section 11.7    Addition of an Additional Site or Additional Borrower
Site. The Borrowers may acquire interests in properties (including land and Improvements) and related facilities or a subsidiary of Guarantor that owns interests in properties (including land and Improvements) and related facilities
may become an Additional Borrower in accordance with 

  
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Section 2.3 (each, an “Addition”) subject, in each case, to the satisfaction of the following conditions precedent: 

(A)      If the Addition is with respect to any Additional Site or Additional
Borrower Site that is to be a Mortgaged Site: 
 (i)      No Event of Default,
event that with the passage of time or the giving of notice will become an Event of Default or Amortization Period, then exists, is continuing, or would be caused by the Addition (unless the applicable Addition has the effect of curing such Event of
Default or Amortization Period). 
 (ii)      In the case of an Additional
Site, Lender shall have received a copy of the instrument conveying to the applicable Borrower the transferred interests and, if such instrument creates a leasehold interest or an easement interest in favor of the applicable Borrower, such
instrument shall be reasonably satisfactory to Lender. 
 (iii)      The
Borrowers shall have executed, acknowledged and delivered to Lender (a) a mortgage, a deed of trust, or a deed to secure debt, as applicable, with respect to the Additional Sites or Additional Borrower Sites, so as to effectively create upon
recording and filing valid and enforceable liens upon the Additional Sites or Additional Borrower Sites, as the case may be, of first priority, in favor of Lender (or such other trustee as may be desired under local law), subject only to the
Permitted Encumbrances, (b) an environmental indemnity with respect to the Additional Sites or Additional Borrower Sites, (c) written confirmation from Parent Guarantor and Guarantor regarding such Addition, and (d) modifications to
the Loan Documents as necessary to properly reflect the Addition. The security instrument and environmental indemnity shall be in the same form and substance as the counterparts of such documents executed and delivered with respect to the Sites on
the Closing Date, subject to modifications reflecting the Additional Sites or Additional Borrower Sites as the property that is the subject of such documents and such modifications reflecting the laws of the State in which the Additional Sites or
Additional Borrower Sites are located. 
 (iv)      The Borrowers shall have
entered into a Loan Agreement Supplement with respect to such Additional Sites or Additional Borrower Sites and shall have (a) represented and warranted in such Loan Agreement Supplement with respect to such Additional Sites or Additional
Borrower Sites substantially to the effect set forth in Sections 4.5 through 4.8, and Section 4.25(A) (if any such Additional Site or Additional Borrower Site is a Ground Lease Site) and
(b) agreed that they will deliver to and deposit with, or cause to be delivered to and deposited with, Servicer such documents and agreements as reasonably requested to evidence the Addition or are required to be delivered by the Borrowers
pursuant to Section 2.01 of the Trust Agreement (or, if any of the foregoing items are not in the actual possession of the Borrowers, as soon as reasonably practical, but in any event within 90 days after the date of the
Addition). 
 (v)      Lender shall have received (a) a title insurance
policy (or a marked, signed and predated commitment to issue such title insurance policy) reasonably satisfactory to Lender insuring the lien of the security instrument encumbering the Additional Sites or

  
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Additional Borrower Sites for an amount equal to the aggregate Allocated Loan Amount of such Additional Sites or Additional Borrower Sites, issued by the Title Company and dated as of the date of
the Addition, and (b) reasonably requested endorsements to the title policies delivered to Lender in connection with the Deeds of Trust to reflect the Addition, provided that a title insurance policy which is similar in form and
substance to the title insurance policies in respect of the Mortgaged Sites delivered on the Initial Closing Date shall be satisfactory to Lender, and not require additional endorsements. 

(vi)      The Borrowers shall deliver or cause to be delivered to Lender
resolutions, if any are required, authorizing the Addition and any actions taken in connection with such Addition. 

(vii)      Lender shall have received such opinions as may be reasonably
requested with respect to the Loan Documents delivered with respect to the Addition, the Borrower’s qualification, and authorization substantially in the form delivered at Closing, together with an update of the bankruptcy opinion delivered at
the Closing indicating that the Addition does not affect the opinions set forth therein, and an opinion of counsel stating that the Addition does not constitute a “significant modification” of the Loan or “deemed exchange” of the
Notes under Section 1001 of the IRC. 
 (viii)       The Borrowers shall
have paid or reimbursed Lender for all third party out-of-pocket costs and expenses incurred by Lender (including, without limitation, reasonable attorneys’ fees
and disbursements) in connection with the Addition and the Borrowers shall have paid all recording charges, filing fees, taxes or other expenses (including, without limitation, mortgage and intangibles taxes and documentary stamp taxes) payable in
connection with the Addition. 
 (ix)      Lender shall have received the most
recent ASTM compliant Phase I environmental report obtained by Borrowers or any Affiliate thereof on the Additional Sites or Additional Borrower Sites, as the case may be, together with a Phase II environment assessment report (if any database
search Phase I environmental report reveals any condition that in Lender’s reasonable judgment warrants such a report) which concludes that any such Additional Sites or Additional Borrower Sites, as the case may be, do not contain any Hazardous
Materials (except for cleaning and other products used in connection with the routine maintenance or repair of the subject property) in material violation of any Environmental Laws. 

(x)      On or prior to the date of the Addition, the Borrowers shall deliver an
Officer’s Certificate to Lender dated as of the date of Addition certifying that the requirements set forth in this Section 11.7(A) have been satisfied. 

(xi)      If during a Special Servicing Period, Servicer shall have confirmed
satisfaction of the conditions precedent to such Addition, which confirmation shall not be unreasonably withheld, conditioned or delayed;. 

Upon the satisfaction of the foregoing conditions precedent, as reasonably determined by Lender, (a) the Additional
Sites or Additional Borrower Sites shall be deemed to 

  
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be “Mortgaged Sites” hereunder and (b) all references herein to the Deeds of Trust shall include the applicable security instrument encumbering the Additional Sites or Additional
Borrower Sites, as the case may be. Notwithstanding the foregoing, if the Substitutions and Additions Threshold is not met in any given year or in the aggregate, the Borrowers need not fulfill the conditions set forth in Sections 11.7(A)(ii),
(iii) or (v). 
 (B)      If the Addition is with respect to
any Additional Site or Additional Borrower Site that is to be an Other Pledged Site: 

(i)      No Event of Default, event that with the passage of time or the giving
of notice will become an Event of Default or Amortization Period then exists or would be caused by the Addition (unless the applicable Addition has the effect of curing such Event of Default or Amortization Period). 

(ii)      In the case of an Additional Site, Lender shall have received a copy
of the instrument conveying to the applicable Borrower the transferred interests and, if such instrument creates a leasehold interest or an easement interest in favor of the applicable Borrower, such instrument shall be reasonably satisfactory to
Lender. 
 (iii)      The Borrowers shall have executed and delivered to
Lender (a) an environmental indemnity with respect to the Additional Sites or Additional Borrower Sites, (b) written confirmation from Parent Guarantor and Guarantor regarding such Addition and (c) modifications to the Loan Documents
as necessary to properly reflect the Addition. The environmental indemnity shall be in the same form and substance as the environmental indemnity executed and delivered with respect to the Sites on the Closing Date, subject to modifications
reflecting the Additional Sites or Additional Borrower Sites as the property that is the subject of such agreement. 

(iv)      The Borrowers shall have entered into a Loan Agreement Supplement with
respect to such Additional Sites or Additional Borrower Sites and shall have (a) represented and warranted in such Loan Agreement Supplement with respect to such Additional Sites or Additional Borrower Sites substantially to the effect set
forth in Sections 4.5 through 4.8 and Section 4.25(A) (if any such Additional Site or Additional Borrower Site is a Ground Lease Site) and (b) agreed that they will deliver to and deposit with, or
cause to be delivered to and deposited with, Servicer such documents and agreements reasonably requested to evidence the Addition or are required to be delivered by the Borrowers pursuant to Section 2.01 of the Trust
Agreement (or, if any of the foregoing items are not in the actual possession of the Borrowers, as soon as reasonably practical, but in any event within 90 days after the date of the Addition). 

(v)      The Borrowers shall deliver or cause to be delivered to Lender
resolutions, if any are required, authorizing the Addition and any actions taken in connection with such Addition. 

(vi)      The Borrowers shall have paid or reimbursed Lender for all third party
out-of-pocket costs and expenses incurred by Lender (including, without limitation, reasonable attorneys’ fees and disbursements) in connection with the Addition.

  
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 (vii)      Lender shall have
received a title insurance policy (or a marked, signed and predated commitment to issue such title insurance policy) reasonably satisfactory to Lender insuring the Borrower’s or Additional Borrower’s interest in the Additional Sites or
Additional Borrower Sites for an amount equal to the aggregate Allocated Loan Amount of such Additional Sites or Additional Borrower Sites, issued by the Title Company and dated as of the date of the Addition, provided that a title insurance
policy which is similar in form and substance to the title insurance policies in respect of the Other Pledged Sites delivered on the Initial Closing Date shall be satisfactory to Lender, and not require additional endorsements. 

(viii)      Lender shall have received the most recent ASTM compliant Phase I
environmental report obtained by Borrowers or any Affiliate thereof on the Additional Sites or Additional Borrower Sites, as the case may be, together with a Phase II environment assessment report (if any database search Phase I environmental
report reveals any condition that in Lender’s reasonable judgment warrants such a report) which concludes that any such Additional Sites or Additional Borrower Sites, as the case may be, do not contain any Hazardous Materials (except for
cleaning and other products used in connection with the routine maintenance or repair of the subject property) in material violation of any Environmental Laws. 

(ix)      On or prior to the date of the Addition, the Borrowers shall deliver
an Officer’s Certificate to Lender dated as of the date of the Addition certifying that the requirements set forth in this Section 11.7(B) have been satisfied. 

(x)      Lender shall have received such opinions as may be reasonably requested
with respect to the Loan Documents delivered with respect to the Addition, the Borrower’s qualification, and authorization substantially in the form delivered at Closing, together with an update of the insolvency opinion delivered at the
Closing indicating that the Addition does not affect the opinions set forth therein, and an opinion of counsel stating that the Addition does not constitute a “significant modification” of the Loan or “deemed exchange” of the
Notes under Section 1001 of the IRC. 
 (xi)      If during a Special
Servicing Period, Servicer shall have confirmed satisfaction of the conditions precedent to such Addition, which confirmation shall not be unreasonably withheld, conditioned or delayed. 

Upon the satisfaction of the foregoing conditions precedent, as reasonably determined by Lender, the Additional Site or
Additional Borrower Site shall be deemed to be an “Other Pledged Site” hereunder. Notwithstanding the foregoing, if the Substitutions and Additions Threshold is not met in any given year or in the aggregate, the Borrowers
need not fulfill the conditions set forth in Sections 11.7(B)(ii) or (vii). 

Section 11.8    Determination of Allocated Loan Amounts.
On or prior to each Allocated Loan Amount Determination Date, Lender shall determine the Allocated Loan Amount for each Site in accordance with the provisions set forth on Exhibit A, using the Annualized Run Rate Net Cash
Flow for each Site and total Annualized Run Rate Net Cash Flow for all Sites most recently provided to Lender by Manager and which are as of a date which is no 

  
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more than 120 days prior to such Allocated Loan Amount Determination Date; provided, that no Allocated Loan Amount shall, at any time, be less than $10,000. 

ARTICLE XII 
 RECOURSE;
LIMITATIONS ON RECOURSE 
 Section 12.1    Limitations on
Recourse. Subject to the provisions of this Article, and notwithstanding any provision of the Loan Documents other than this Article, the personal liability of the Borrowers (but not that of the Guarantor and Parent Guarantor, which
each are fully liable under the Guaranty to which it is a party) to pay any and all Obligations including but not limited to the principal of and interest on the debt evidenced by the Notes and any other agreement evidencing the Borrowers’
obligations under the Notes shall be limited to (i) the Sites, (ii) the rents, profits, issues, products and income of the Sites, received or collected by or on behalf of the Borrowers or any Borrower Party after an Event of Default, and
(iii) any other Collateral. 
 Notwithstanding anything to the contrary in this Loan Agreement, the Deeds of Trust or
any of the Loan Documents, Lender shall not be deemed to have waived any right which Lender may have under Section 506(a), 506(b), 1111(b) or any other provisions of the Bankruptcy Code to file a claim for the full amount of the Obligations
secured by the Deeds of Trust or to require that all collateral shall continue to secure all of the Obligations owing to Lender in accordance with the Loan Documents. 

THE LENDER HEREBY ACKNOWLEDGES THAT NEITHER THE TRUST FUND NOR THE COLLATERAL FOR THE LOAN, THE GUARANTY OR THE PARENT
GUARANTY WILL INCLUDE, AND THAT THERE SHALL BE NO RECOURSE FOR THE LOAN, THE GUARANTY, THE PARENT GUARANTY OR THE CERTIFICATES TO, THE STOCK OR ASSETS OF AT PARENT AND ITS DIRECT AND INDIRECT SUBSIDIARIES, OTHER THAN THE BORROWERS, THE GUARANTOR AND
THE PARENT GUARANTOR. 
 Section 12.2    Certain
Liabilities. Notwithstanding Section 12.1, the Borrowers, (but, other than Parent Guarantor and Guarantor, not their members, partners, shareholders, agents, directors or officers (the “Exculpated
Parties”)) shall be personally liable to the extent of any liability, loss, damage, cost or expense (including, without limitation, attorneys’ fees and expenses) suffered or incurred by Lender, or Servicer on its behalf, resulting
from any and all of the following: (i) fraud of any of the Borrowers; (ii) any material misrepresentation made by the Borrowers in this Loan Agreement or any other Loan Documents; (iii) insurance proceeds, condemnation awards, or
other sums or payments attributable to the Sites that are not applied in accordance with the provisions of the Loan Documents; (iv) all Receipts of the Sites received by or on behalf of the Borrowers or any Borrower Party or Manager and not
deposited into the Deposit Account in accordance with Article VII and the Cash Management Agreement; (v) failure to turn over to Lender, after an Event of Default, or misappropriation of any, lessee security deposits or rents collected in
advance (other than by Lender or Servicer); (vi) failure to notify Lender of any change in the jurisdiction of organization or principal place of business of any of the Borrower Parties or of any change in the name of any of the Borrowers or if
any of the 

  
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Borrower Parties take any other action which could make the information set forth in the Financing Statements relating to the Loan materially misleading; (vii) failure by the Borrowers to
comply with the covenants, obligations, liabilities, warranties and representations contained in the Environmental Indemnity or otherwise pertaining to environmental matters; (viii) any uncured default under
Section 11.1; and (ix) any material uncured default under Article IX. 

Section 12.3    Miscellaneous. No provision of this
Article shall (i) affect the enforcement of the Environmental Indemnity, the Guaranty or any guaranty or similar agreement executed in connection with the Loan, (ii) release or reduce the debt evidenced by the Notes, (iii) impair the
lien of any of the Deeds of Trust or any other security document, (iv) impair the rights of Lender to enforce any provisions of the Loan Documents, or (v) limit Lender’s ability to obtain a deficiency judgment or judgment on the Notes
or otherwise against any Borrower Party but not any Exculpated Party to the extent necessary to obtain any amount for which such Borrower Party may be liable in accordance with this Article or any other Loan Document. 

ARTICLE XIII 
 WAIVERS
OF DEFENSES OF GUARANTORS AND SURETIES 

Section 13.1    Waivers. To the extent that any of the
Borrowers (in this Article, a “Waiving Party”) is deemed for any reason to be a guarantor or surety of or for any other Borrower Party or Affiliate or to have rights or obligations in the nature of the rights or obligations
of a guarantor or surety (whether by reason of execution of a guaranty, provision of security for the obligations of another, or otherwise) then this Article shall apply. This Article shall not affect the rights of the Waiving Party other than to
waive or limit rights and defenses that Waiving Party would have (i) in its capacity as a guarantor or surety or (ii) in its capacity as one having rights or obligations in the nature of a guarantor or surety. 

Waiving Party hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of
receivership or bankruptcy of any of the other Borrower Parties, protest or notice with respect to any of the obligations of any of the other Borrower Parties, setoffs and counterclaims and all presentments, demands for performance, notices of
nonperformance, protests, notices of protest, notices of dishonor and notices of acceptance, the benefits of all statutes of limitation, and all other demands whatsoever (and shall not require that the same be made on any of the other Borrower
Parties as a condition precedent to the obligations of Waiving Party), and covenants that the Loan Documents will not be discharged, except by complete payment and performance of the obligations evidenced and secured thereby, except only as limited
by the express contractual provisions of the Loan Documents. Waiving Party further waives all notices that the principal amount, or any portion thereof, and/or any interest on any instrument or document evidencing all or any part of the obligations
of any of the other Borrower Parties to Lender is due, notices of any and all proceedings to collect from any of the other Borrower Parties or any endorser or any other guarantor of all or any part of their obligations, or from any other person or
entity, and, to the extent permitted by law, notices of exchange, sale, surrender or other handling of any security or collateral given to Lender to secure payment of all or any part of the obligations of any of the other Borrower Parties. 

  
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 Except only to the extent provided otherwise in the express contractual
provisions of the Loan Documents, Waiving Party hereby agrees that all of its obligations under the Loan Documents shall remain in full force and effect, without defense, offset or counterclaim of any kind, notwithstanding that any right of Waiving
Party against any of the other Borrower Parties or defense of Waiving Party against Lender may be impaired, destroyed, or otherwise affected by reason of any action or inaction on the part of Lender. Waiving Party waives all rights and defenses
arising out of an election of remedies by Lender, even though that election of remedies, may have destroyed the Waiving Party’s rights of subrogation and reimbursement against the other Borrower Parties. 

Lender is hereby authorized, without notice or demand, from time to time, (a) to renew, extend, accelerate or otherwise
change the time for payment of, or other terms relating to, all or any part of the obligations of any of the other Borrower Parties; (b) to accept partial payments on all or any part of the obligations of any of the other Borrower Parties;
(c) to take and hold security or collateral for the payment of all or any part of the obligations of any of the other Borrower Parties; (d) to exchange, enforce, waive and release any such security or collateral for such obligations;
(e) to apply such security or collateral and direct the order or manner of sale thereof as in its discretion it may determine; and (f) to settle, release, exchange, enforce, waive, compromise or collect or otherwise liquidate all or any
part of such obligations and any security or collateral for such obligations. Any of the foregoing may be done in any manner, and Waiving Party agrees that the same shall not affect or impair the obligations of Waiving Party under the Loan
Documents. 
 Waiving Party hereby assumes responsibility for keeping itself informed of the financial condition of all of
the other Borrower Parties and any and all endorsers and/or other guarantors of all or any part of the obligations of the other Borrower Parties, and of all other circumstances bearing upon the risk of nonpayment of such obligations, and Waiving
Party hereby agrees that Lender shall have no duty to advise Waiving Party of information known to it regarding such condition or any such circumstances. 

Waiving Party agrees that neither Lender nor any person or entity acting for or on behalf of Lender shall be under any
obligation to marshal any assets in favor of Waiving Party or against or in payment of any or all of the obligations secured hereby. Waiving Party further agrees that, to the extent that any of the other Borrower Parties or any other guarantor of
all or any part of the obligations of the other Borrower Parties makes a payment or payments to Lender, or Lender receives any proceeds of collateral for any of the obligations of the other Borrower Parties, which payment or payments or any part
thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside and/or required to be repaid or refunded, then, to the extent of such payment or repayment, the part of such obligations which has been paid, reduced or
satisfied by such amount shall be reinstated and continued in full force and effect as of the time immediately preceding such initial payment, reduction or satisfaction. 

Waiving Party (i) shall have no right of subrogation with respect to the obligations of the other Borrower Parties;
(ii) waives any right to enforce any remedy that Lender now has or may hereafter have against any of the other Borrower Parties, any endorser or any guarantor of all or any part of such obligations or any other person; and (iii) waives any
benefit of, and any right to participate in, any security or collateral given to Lender to secure the 

  
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payment or performance of all or any part of such obligations or any other liability of the other parties to Lender. 

Waiving Party agrees that any and all claims that it may have against any of the other Borrower Parties, any endorser or any
other guarantor of all or any part of the obligations of the other Borrower Parties, or against any of their respective properties, shall be subordinate and subject in right of payment to the prior payment in full of all obligations secured hereby.
Notwithstanding any right of any of the Waiving Party to ask, demand, sue for, take or receive any payment from the other Borrower Parties, all rights, liens and security interests of Waiving Party, whether now or hereafter arising and howsoever
existing, in any assets of any of the other Borrower Parties (whether constituting part of the security or collateral given to Lender to secure payment of all or any part of the obligations of the other Borrower Parties or otherwise) shall be and
hereby are subordinated to the rights of Lender in those assets. 
 ARTICLE XIV 

MISCELLANEOUS 

Section 14.1    Expenses and Attorneys’ Fees. Whether
or not the transactions contemplated hereby shall be consummated, the Borrowers agree to promptly pay all reasonable fees, costs and expenses incurred by Lender in connection with any matters contemplated by or arising out of this Loan Agreement,
including the following, and all such fees, costs and expenses shall be part of the Obligations, payable on demand: (A) reasonable fees, costs and expenses (including reasonable fees of attorneys and other professionals retained by Lender)
incurred in connection with the examination, review, due diligence investigation, documentation and closing of the financing arrangements evidenced by the Loan Documents; (B) reasonable fees, costs and expenses (including reasonable fees of
attorneys and other professionals retained by Lender) incurred in connection with the administration of the Loan Documents and the Loan and any amendments, modifications and waivers relating thereto; (C) reasonable fees, costs and expenses
(including reasonable attorneys’ fees) incurred in connection with the review, documentation, negotiation, closing and administration of any subordination or intercreditor agreements; (D) reasonable fees, costs and expenses (including
reasonable fees of attorneys and other professionals retained by Lender) incurred in any action to enforce or interpret this Loan Agreement or the other Loan Documents or to collect any payments due from the Borrowers under this Loan Agreement, the
Notes or any other Loan Document or incurred in connection with any refinancing or restructuring of the credit arrangements provided under this Loan Agreement, whether in the nature of a “workout” or in connection with any insolvency or
bankruptcy proceedings or otherwise; and (E) any other Administrative Fees. Any costs and expenses due and payable to Lender after the Closing Date may be paid to Lender pursuant to the Cash Management Agreement. 

Section 14.2    Indemnity. In addition to the payment of
expenses as required elsewhere herein, whether or not the transactions contemplated hereby shall be consummated, the Borrowers agree to indemnify, defend, protect, pay and hold Lender, Servicer and their successors and assigns (including, without
limitation, the Trustee and/or the Trust and any other Person which may hereafter be the holder of the Notes or any interest therein), and the officers, directors, stockholders, partners, members, employees, agents, Affiliates and attorneys of

  
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Lender, Servicer and such successors and assigns (collectively called the “Indemnitees”) harmless from and against any and all liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, claims, broker’s or finders fees, reasonable costs, expenses and disbursements of any kind or nature whatsoever (including the reasonable fees and disbursements of outside counsel for such Indemnitees in
connection with any investigative, administrative or judicial proceeding commenced or threatened, whether or not such Indemnitee shall be designated a party thereto) that are imposed on, incurred by, or asserted against that Indemnitee, in any
manner relating to or arising out of (A) the negotiation, execution, delivery, performance, administration, ownership, or enforcement of any of the Loan Documents; (B) any of the transactions contemplated by the Loan Documents;
(C) any breach by the Borrowers of any material representation, warranty, covenant, or other agreement contained in any of the Loan Documents; (D) Lender’s agreement to make the Loan hereunder; (E) any claim brought by any third
party arising out of any condition or occurrence at or pertaining to the Sites; (F) any design, construction, operation, repair, maintenance, use, non-use or condition of the Sites or Improvements,
including claims or penalties arising from violation of any applicable laws or insurance requirements, as well as any claim based on any patent or latent defect, whether or not discoverable by Lender; (G) any performance of any labor or
services or the furnishing of any materials or other property in respect of the Sites or any part thereof; (H) any contest referred to in Section 5.3(B); (I) any obligation or undertaking relating to the
performance or discharge of any of the terms, covenants and conditions of the landlord contained in the Leases; or (J) the use or intended use of the proceeds of any of the Loan (the foregoing liabilities herein collectively referred to as the
“Indemnified Liabilities”); provided that the Borrowers shall not have an obligation to an Indemnitee hereunder with respect to Indemnified Liabilities arising from the fraud, gross negligence or willful misconduct of
such Indemnitee as determined by a court of competent jurisdiction. The obligations and liabilities of the Borrowers under this Section 14.2 shall survive the term of the Loan and the exercise by Lender of any of its rights
or remedies under the Loan Documents, including the acquisition of the Sites by foreclosure or a conveyance in lieu of foreclosure. 

Section 14.3    Amendments and Waivers. Except as
otherwise provided herein, no amendment, modification, termination or waiver of any provision of this Loan Agreement, the Notes or any other Loan Document, or consent to any departure therefrom, shall in any event be effective unless the same shall
be in writing and signed by Lender and any other party to be charged. Each amendment, modification, termination or waiver shall be effective only in the specific instance and for the specific purpose for which it was given. No notice to or demand on
the Borrowers in any case shall entitle the Borrowers or other Person to any other or further notice or demand in similar or other circumstances. 

Section 14.4    Retention of the Borrowers’
Documents. Lender may, in accordance with Lender’s customary practices, destroy or otherwise dispose of all documents, schedules, invoices or other papers, delivered by the Borrowers to Lender (other than the Notes and Deeds of
Trust) unless the Borrowers request in writing that same be returned. Upon such request and at the Borrowers’ expense, Lender shall return such papers when Lender’s actual or anticipated need for same has terminated. 

Section 14.5    Notices. Unless otherwise specifically
provided herein, any notice or other communication required or permitted to be given shall be in writing and addressed to the 

  
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respective party as set forth below; provided that communications may be transmitted through wired or electronic medium which produces a tangible record of transmission and receipt by the
appropriate receiving party. Notices shall be effective (i) three (3) days after the date such notice is sent by certified mail, return receipt requested, postage prepaid, (ii) on the next Business Day if sent by a nationally
recognized overnight courier service, (iii) on the date of delivery by personal delivery and (iv) on the date of transmission if sent by telefax (with confirmation sent by certified mail) during business hours on a Business Day (otherwise
on the next Business Day). 
 Notices shall be addressed as follows: 

If to the Borrowers or any Borrower Party: 

American Tower Asset Sub, LLC 

American Tower Asset Sub II, LLC 

1209 Orange Street, Wilmington, DE 19801 (County of New Castle) 

Attn: Victor A. Duva 

Fax: 302-658-5459 

With a copy to: 

c/o American Tower Corporation 

Thomas A. Bartlett 

Executive Vice President, Chief Financial Officer and Treasurer 

116 Huntington Avenue 

Boston, MA 02116 

Fax: 617-375-7575 

Edmund DiSanto 

Executive Vice President, Chief Administrative Officer, General Counsel and 

Secretary 
 116
Huntington Avenue 
 Boston, MA 02116 

Fax: 617-375-7575 

And 

Simpson Thacher & Bartlett LLP 

425 Lexington Avenue 

New York, NY 10017 

Attn: John D. Schueller 

Fax: 212-455-2502 

  
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 If to Lender: 

U.S. Bank National Association 

190 S. LaSalle Street, 7th Floor 

Chicago, IL 60603 

Attention: American Tower Trust I 

With a copy to: 

Midland Loan Services, a Division of PNC Bank, National Association 

10851 Mastin, Building 82, Suite 300 

Overland Park, Kansas 66210 

Attention: President 

Fax: (913) 253-9001 

If to Servicer: 

Midland Loan Services, a Division of PNC Bank, National Association 

10851 Mastin, Building 82, Suite 300 

Overland Park, Kansas 66210 

Attention: President 

Fax: (913) 253-9001 

Any party may change the address at which it is to receive notices to another address in the United States at which business is conducted (and
not a post-office box or other similar receptacle), by giving notice of such change of address in accordance with the foregoing. This provision shall not invalidate or impose additional requirements for the delivery or effectiveness of any notice
(i) given in accordance with applicable statutes or rules of court, or (ii) by service of process in accordance with applicable law. If there is any assignment or transfer of Lender’s interest in the Loan, then the new Lenders may
give notice to the parties in accordance with this Section, specifying the addresses at which the new Lenders shall receive notice, and they shall be entitled to notice at such address in accordance with this Section. 

Section 14.6    Survival of Warranties and Certain
Agreements. All agreements, representations and warranties made herein shall survive the execution and delivery of this Loan Agreement, the making of the Loan hereunder and the execution and delivery of the Notes. Notwithstanding
anything in this Loan Agreement or implied by law to the contrary, the agreements of the Borrowers to indemnify or release Lender or Persons related to Lender, or to pay Lender’s costs, expenses, or taxes shall survive the payment of the Loan
and the termination of this Loan Agreement. 
 Section 14.7    Failure
or Indulgence Not Waiver; Remedies Cumulative. No failure or delay on the part of Lender in the exercise of any power, right or privilege hereunder or under the Notes or any other Loan Document shall impair such power, right or
privilege or be construed to be a waiver of any default or acquiescence therein, nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercise thereof or of any

  
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other right, power or privilege. All rights and remedies existing under this Loan Agreement, the Notes and the other Loan Documents are cumulative to, and not exclusive of, any rights or remedies
otherwise available. 
 Section 14.8    Marshalling; Payments Set
Aside. Lender shall not be under any obligation to marshal any assets in favor of any Person or against or in payment of any or all of the Obligations. To the extent that any Person makes a payment or payments to Lender, or Lender
enforces its remedies or exercises its rights of set off, and such payment or payments or the proceeds of such enforcement or set off or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside and/or
required to be repaid to a trustee, receiver or any other party under any bankruptcy law, state or federal law, common law or equitable cause, then to the extent of such recovery, the Obligations or part thereof originally intended to be satisfied,
and all Liens, if any, and rights and remedies therefor, shall be revived and continued in full force and effect as if such payment had not been made or such enforcement or set off had not occurred. 

Section 14.9    Severability. The invalidity, illegality
or unenforceability in any jurisdiction of any provision in or obligation under this Loan Agreement, the Notes or other Loan Documents shall not affect or impair the validity, legality or enforceability of the remaining provisions or obligations
under this Loan Agreement, the Notes or other Loan Documents or of such provision or obligation in any other jurisdiction. 

Section 14.10  Headings. Section and subsection headings in this
Loan Agreement are included herein for convenience of reference only and shall not constitute a part of this Loan Agreement for any other purpose or be given any substantive effect. 

Section 14.11  APPLICABLE LAW. THIS LOAN AGREEMENT AND THE OTHER LOAN
DOCUMENTS WERE NEGOTIATED IN THE STATE OF NEW YORK, AND EXECUTED AND DELIVERED IN THE STATE OF NEW YORK, AND THE PROCEEDS OF THE LOAN WERE DISBURSED FROM NEW YORK, WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO
THE UNDERLYING TRANSACTION EMBODIED HEREBY, AND IN ALL RESPECTS, INCLUDING, WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE. THIS LOAN AGREEMENT AND THE OTHER LOAN DOCUMENTS AND THE OBLIGATIONS
ARISING HEREUNDER AND THEREUNDER SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN THE STATE OF NEW YORK AND ANY APPLICABLE LAWS OF THE UNITED STATES OF AMERICA
EXCEPT THAT AT ALL TIMES THE PROVISIONS FOR THE CREATION, PERFECTION AND ENFORCEMENT OF THE LIENS AND SECURITY INTERESTS CREATED PURSUANT TO THE DEEDS OF TRUST AND THE ASSIGNMENT OF LEASES SHALL BE GOVERNED BY THE LAWS OF THE STATE WHERE THE
PROPERTY IS LOCATED, EXCEPT THAT THE SECURITY INTERESTS IN ACCOUNT COLLATERAL SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK OR THE STATE WHERE THE SAME IS HELD, AT THE OPTION OF LENDER. 

  
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 Section 14.12  Successors and
Assigns. This Loan Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns except that the Borrowers may not assign their rights or obligations hereunder or under any
of the other Loan Documents except as expressly provided in Article XI, and Lender and its successors and assigns may not assign any interest in this Loan Agreement without notice to the Borrower or the Register Agent (as defined below). The
Borrower shall maintain at its address referred to in Section 14.5 a register for the recordation of names and address of Lender and its successors and assigns and the principal amount owing to each such person from time to
time (the “Register”). Upon the assignment of an interest in this Loan Agreement, the Borrower shall record the assignment in the Register, including the name and address of the assignee and the principal amount owing to the
assignee. The Borrower may appoint one or more persons to act as its agent in respect of the Register (each a “Register Agent”). The Register shall be available for inspection by Lender or its successors and assigns at any
reasonable time and from time to time upon reasonable prior notice. 

Section 14.13  Sophisticated Parties, Reasonable Terms, No Fiduciary
Relationship. The Borrowers, on behalf of themselves and all Borrower Parties, represent, warrant and acknowledge that (i) they are sophisticated real estate investors, familiar with transactions of this kind, and (ii) they
have entered into this Loan Agreement and the other Loan Documents after conducting their own assessment of the alternatives available to them in the market, and after lengthy negotiations in which they have been represented by legal counsel of
their choice. The Borrowers, on behalf of themselves and all Borrower Parties, also acknowledge and agree that the rights of Lender under this Loan Agreement and the other Loan Documents are reasonable and appropriate, taking into consideration all
of the facts and circumstances including without limitation the quantity of the Loan, the nature of the Sites, and the risks incurred by Lender in this transaction. No provision in this Loan Agreement or in any of the other Loan Documents and no
course of dealing between the parties shall be deemed to create (i) any partnership or joint venture between Lender and the Borrowers or any other Person, or (ii) any fiduciary or similar duty by Lender to the Borrowers or any other
Person. The relationship between Lender and the Borrowers are exclusively the relationship of a creditor and a debtor, and all relationships between Lender and any other Borrower are ancillary to such creditor/debtor relationship. 

Section 14.14  Limitation of Liability. (A) Neither
Lender, nor any Affiliate, officer, director, employee, attorney, or agent of Lender, shall have any liability with respect to, and each of the Borrowers hereby waives, releases, and agrees not to sue any of them upon, any claim for any special,
indirect, incidental, or consequential damages suffered or incurred by the Borrower Parties in connection with, arising out of, or in any way related to, this Loan Agreement or any of the other Loan Documents, or any of the transactions contemplated
by this Loan Agreement or any of the other Loan Documents, other than the gross negligence or willful misconduct of Lender. Each of the Borrowers hereby waives, releases, and agrees not to sue Lender or any of Lender’s Affiliates, officers,
directors, employees, attorneys, or agents for punitive damages in respect of any claim in connection with, arising out of, or in any way related to, this Loan Agreement or any of the other Loan Documents, or any of the transactions contemplated by
this Loan Agreement or any of the transactions contemplated hereby, except to the extent the same is caused by the gross negligence or willful misconduct of Lender. 

  
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 (B)      Neither Servicer, nor any
Affiliate, officer, director, employee, attorney, or agent of Servicer, shall have any liability with respect to, and each of the Borrowers hereby waives, releases, and agrees not to sue any of them upon, any claim for any special, indirect,
incidental, or consequential damages suffered or incurred by the Borrower Parties in connection with, arising out of, or in any way related to, this Loan Agreement or any of the other Loan Documents, or any of the transactions contemplated by this
Loan Agreement or any of the other Loan Documents, other than the gross negligence or willful misconduct of Servicer. Each of the Borrowers hereby waives, releases, and agrees not to sue Servicer or any of Servicer’s Affiliates, officers,
directors, employees, attorneys, or agents for punitive damages in respect of any claim in connection with, arising out of, or in any way related to, this Loan Agreement or any of the other Loan Documents, or any of the transactions contemplated by
this Loan Agreement or any of the transactions contemplated hereby, except to the extent the same is caused by the gross negligence or willful misconduct of Servicer. 

Section 14.15  No Duty. All attorneys, accountants, appraisers, and
other professional Persons and consultants retained by Lender shall have the right to act exclusively in the interest of Lender and shall have no duty of disclosure, duty of loyalty, duty of care, or other duty or obligation of any type or nature
whatsoever to any of the Borrowers or Affiliates thereof, or any other Person. 

Section 14.16  Entire Agreement. This Loan Agreement, the Notes, and
the other Loan Documents referred to herein embody the final, entire agreement among the parties hereto and supersede any and all prior commitments, agreements, representations, and understandings, whether written or oral, relating to the subject
matter hereof and may not be contradicted or varied by evidence of prior, contemporaneous, or subsequent oral agreements or discussions of the parties hereto. There are no oral agreements among the parties to the Loan Documents. 

Section 14.17  Construction; Supremacy of Loan Agreement. The
Borrowers and Lender acknowledge that each of them has had the benefit of legal counsel of its own choice and has been afforded an opportunity to review this Loan Agreement and the other Loan Documents with its legal counsel and that this Loan
Agreement and the other Loan Documents shall be construed as if jointly drafted by the Borrowers and Lender. If any term, condition or provision of this Loan Agreement shall be inconsistent with any term, condition or provision of any other Loan
Document, then this Loan Agreement shall control. 
 Section 14.18  CONSENT TO JURISDICTION. EACH
OF THE BORROWERS HEREBY CONSENTS TO THE JURISDICTION OF ANY STATE OR FEDERAL COURT LOCATED WITHIN THE COUNTY OF NEW YORK, STATE OF NEW YORK OR WITHIN THE COUNTY AND STATE IN WHICH THE PROPERTY IS LOCATED AND IRREVOCABLY AGREES THAT, ALL ACTIONS OR
PROCEEDINGS ARISING OUT OF OR RELATING TO THIS LOAN AGREEMENT OR THE OTHER LOAN DOCUMENTS SHALL BE LITIGATED IN SUCH COURTS. EACH OF THE BORROWERS ACCEPTS FOR ITSELF AND IN CONNECTION WITH THE PROPERTY, GENERALLY AND UNCONDITIONALLY, THE
NONEXCLUSIVE JURISDICTION OF THE AFORESAID COURTS AND WAIVES ANY DEFENSE OF 

  
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FORUM NON CONVENIENS, AND IRREVOCABLY AGREES TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY IN CONNECTION WITH THIS LOAN AGREEMENT, THE NOTES, SUCH OTHER LOAN DOCUMENTS OR SUCH OBLIGATION. NOTHING
HEREIN SHALL AFFECT THE RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR SHALL LIMIT THE RIGHT OF LENDER TO BRING PROCEEDINGS AGAINST ANY BORROWER IN THE COURTS OF ANY OTHER JURISDICTION. 

Section 14.19  WAIVER OF JURY TRIAL. EACH OF THE BORROWERS AND LENDER HEREBY WAIVES ITS RESPECTIVE
RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS LOAN AGREEMENT, ANY OF THE LOAN DOCUMENTS, OR ANY DEALINGS BETWEEN ANY BORROWER PARTY AND LENDER RELATING TO THE SUBJECT MATTER OF THIS LOAN TRANSACTION AND THE
LENDER/BORROWER RELATIONSHIP THAT IS BEING ESTABLISHED. EACH OF THE BORROWER PARTIES AND LENDER ALSO WAIVES ANY BOND OR SURETY OR SECURITY UPON SUCH BOND WHICH MIGHT, BUT FOR THIS WAIVER, BE REQUIRED OF IT. THE SCOPE OF THIS WAIVER IS INTENDED TO BE
ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY
CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. EACH OF THE BORROWERS AND LENDER ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO THIS LOAN AGREEMENT, THAT EACH HAS ALREADY RELIED ON THE WAIVER IN ENTERING INTO THIS LOAN
AGREEMENT AND THAT EACH WILL CONTINUE TO RELY ON THE WAIVER IN THE FUTURE. EACH OF THE BORROWERS AND LENDER FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS
JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THE WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS
TO THIS LOAN AGREEMENT, THE LOAN DOCUMENTS, OR TO ANY OTHER DOCUMENTS OR AGREEMENT RELATING TO THE LOAN. IN THE EVENT OF LITIGATION, THIS LOAN AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 

Section 14.20  Counterparts; Effectiveness. This Loan Agreement and
other Loan Documents and any amendments or supplements thereto may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all
of which counterparts together shall constitute but one and the same instrument. This Loan Agreement shall become effective upon the execution of a counterpart hereof by each of the parties hereto. Delivery of an executed counterpart of a signature
page of this Loan Agreement in Portable Document Format (PDF) or 

  
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by facsimile transmission shall be effective as delivery of a manually executed original counterpart of this Loan Agreement. 

Section 14.21  Servicer. Lender shall have the right from time to
time to designate and appoint a Servicer and special servicer, and to change or replace any Servicer or special servicer; provided that the Borrowers have been notified of such Servicer’s role, all rights of Lender hereunder may be
exercised by Servicer on behalf of Lender; provided further that Servicer is not obligated to fund any Loan Increase itself. Lender shall notify the Borrowers in writing as to the identity of Servicer and any special servicer. Lender
acknowledges Midland Loan Services as Servicer for the Trust with the right to act on behalf of Lender in the Securitization. 

Section 14.22  Obligations of Borrower Parties. The Borrower Parties
other than the Borrowers are parties to this Loan Agreement only with regard to the representations, warranties, and covenants specifically applicable to them. 

Section 14.23  Cross-Default; Cross-Collateralization; Waiver of Marshalling of
Assets. (A) Each of the Borrowers acknowledges that Lender has made the Loan to each of the Borrowers upon the security of the Sites and the Other Company Collateral and in reliance upon the aggregate value of the Sites and the
Other Company Collateral taken together being of greater value as collateral security than the sum of each such Site and each of the Borrowers’ interests in the Company Collateral taken separately. Each of the Borrowers agrees that the Deeds of
Trusts and other security agreements given hereunder are and will be cross-collateralized and cross-defaulted with each other so that (i) an Event of Default shall constitute an Event of Default under each of the Deeds of Trusts and the other
security agreements given hereunder which secure the Note; (ii) subject to any limitations contained therein, each Deed of Trust and the other security agreements given hereunder shall constitute security for the Notes as if a single blanket
lien were placed on all of the Sites and the Other Company Collateral as security for the Note; and (iii) such cross-collateralization shall in no event be deemed to constitute a fraudulent conveyance. 

(B)      To the fullest extent permitted by law, each of the Borrowers, for
itself and its successors and assigns, waives all rights to a marshalling of the assets of each of the Borrowers, each of the Borrower’s members and others with interests in each of the Borrowers, and of the Sites and the Other Company
Collateral, or to a sale in inverse order of alienation in the event of foreclosure of all or any of the Deeds of Trusts or the Other Company Collateral, and agrees not to assert any right under any laws pertaining to the marshalling of assets, the
sale in inverse order of alienation, homestead exemption, the administration of estates of decedents, or any other matters whatsoever to defeat, reduce or affect the right of Lender under the Loan Documents to a sale of the Sites and the Other
Company Collateral for the collection of the Loan without any prior or different resort for collection or of the right of Lender to the payment of the Loan out of the net proceeds of the Sites and the Other Company Collateral in preference to every
other claimant whatsoever. In addition, each of the Borrowers, for itself and its successors and assigns, waives in the event of foreclosure of any or all of the Deeds of Trusts or Other Company Collateral, any equitable right otherwise available to
each of the Borrowers which would require the separate sale of the Sites and the Other Company Collateral or require Lender to exhaust its remedies against 

  
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any such Sites and the Other Company Collateral or any combination of the Sites and the Other Company Collateral before proceeding against any other Sites and the Other Company Collateral or
combination of Sites and the Other Company Collateral; and further in the event of such foreclosure each of the Borrowers do hereby expressly consent to and authorize, at the option of Lender, the foreclosure and sale either separately or together
of any combination of the Sites and the Other Company Collateral. 

Section 14.24  Permitted Subsidiaries. 

(A)        Notwithstanding anything contained herein to the contrary,
Borrowers shall be permitted to form one or more Subsidiaries without Lender’s consent, provided that any such Subsidiary becomes an Additional Borrower in accordance with the applicable terms of this Loan Agreement (each, a
“Permitted Subsidiary”) and subject to satisfaction of the conditions set forth in this Section 14.24. 

(B)      The Borrowers shall be permitted to transfer to any Permitted
Subsidiary any Other Company Collateral constituting (i) equipment in all of its forms, now or hereafter existing, all parts thereof and all accessions thereto, including but not limited to machinery, towers, satellite receivers, antennas,
motor vehicles and rolling stock, (ii) fixtures now existing or hereafter acquired, all substitutes and replacements therefor, all accessions and attachments thereto, and all tools, parts and equipment now or hereafter added to or used in
connection with the fixtures on or above the Sites described herein and all real property now owned or hereafter acquired by the Borrowers and all substitutes and replacements for, accessions, attachments and other additions to, tools, parts, and
equipment used in connection with, and all proceeds, products, and increases of, any and all of the foregoing Collateral (including, without limitation, proceeds which constitute property of the types described herein) or (iii) inventory. 

(C)      In connection with the formation of any Permitted Subsidiary and the
transfer of Other Company Collateral thereto, the Borrowers shall be required to satisfy the following conditions: 

(i)      The Borrowers and the Permitted Subsidiary shall have entered into a
Loan Agreement Supplement in substantially the form attached hereto as Exhibit F-1 and the Permitted Subsidiary shall have entered into a joinder to other Loan Documents in substantially the form
attached hereto as Exhibit F-2. 

(ii)      The Borrowers shall deliver or cause to be delivered to Lender
resolutions, if any are required, authorizing the Permitted Subsidiary and the transfer of Other Company Collateral thereto and other any actions taken in connection therewith in substantially the form attached hereto as Exhibit F-3. 
 (iii)      The applicable
Borrower shall have pledged 100% of the equity of such Permitted Subsidiary to Lender pursuant to a pledge agreement in substantially the form attached hereto as Exhibit F-4; 

  
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 (iv)      The Borrowers shall have
paid or reimbursed Lender for all third party out-of-pocket costs and expenses incurred by Lender (including, without limitation, reasonable attorneys’ fees and
disbursements) in connection with such Permitted Subsidiary. 
 (v)      On or
prior to the effective date of formation of such Permitted Subsidiary, the Borrowers shall deliver an Officer’s Certificate to Lender certifying that the requirements set forth in this Section 14.24 have been
satisfied. 
 Section 14.25  Additional Inspections; Reports.
Notwithstanding anything contained in this Loan Agreement to the contrary, if for any reason whatsoever Lender suspects that any conditions exist or may exist at any Site which might have a Material Adverse Effect, Lender shall have the right, at
Borrowers’ sole reasonable cost and expense, to cause inspections and reports to be prepared and performed with respect to any Site as Lender shall reasonably determine. 

Section 14.26  Trustee Capacity. It is expressly understood and agreed by
the parties hereto that insofar as this Loan Agreement is executed by U.S. Bank National Association (i) it is executed and delivered, not in its individual capacity but solely as “trustee” under the under the Trust and Servicing
Agreement, in the exercise of the powers and authority conferred upon and vested in it thereunder, (ii) each of the representations, undertakings and agreements herein made is made and intended not as a personal representation, undertaking or
agreement of U.S. Bank National Association, but is made and intended solely for the purpose of binding the trust fund established pursuant to the Trust and Servicing Agreement, and (iii) under no circumstances shall the Trustee 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, representation, warranty or covenant made or undertaken under this Loan Agreement or any
related document, or be responsible for the contents of any related disclosure document, including without limitation any offering memorandum relating to Securities. 

[Signatures follow on next page] 

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

			
	 BORROWERS:

	
	 AMERICAN TOWER ASSET SUB, LLC

		
	 By:
	 	 /s/ Mneesha O. Nahata

		 	 Name: Mneesha O. Nahata

		 	Title: Vice President, Corporate Legal Finance and Risk Management and Assistant Secretary
	
	 AMERICAN TOWER ASSET SUB II, LLC

		
	 By:
	 	 /s/ Mneesha O. Nahata

		 	 Name: Mneesha O. Nahata

		 	Title: Vice President, Corporate Legal Finance and Risk Management and Assistant Secretary
	
	 LENDER:

	
	 U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity, but solely as Trustee

		
	 By:
	 	 /s/ Christopher J. Nuxoll

		 	 Name: Christopher J. Nuxoll

		 	 Title: Vice President

 [Signature Page to Second Amended and Restated Loan and Security Agreement] 

 LIST OF EXHIBITS AND SCHEDULES 

 

							
		 	 Exhibit A
	  	 –
	    	 Allocated Loan Amount

		 	 Exhibit B
	  	 –
	    	 Reserved

		 	 Exhibit C
	  	 –
	    	 Mortgaged Sites

		 	 Exhibit D
	  	 –
	    	 Other Pledged Sites

		 	 Exhibit E
	  	 –
	    	 Form of Manager’s Certificate

		 	 Exhibit F
	  	 –
	    	 Forms of Permitted Subsidiary Documents

		 	 Schedule 1
	  	 –
	    	 Borrower

		 	 Schedule 4
	  	 –
	    	 Schedule of Exceptions

		 	 Schedule 4.1(C)
	  	 –
	    	 Organizational Chart for Borrower Parties

		 	 Schedule 4.19
	  	 –
	    	 Insurance

		 	 Schedule 4.25
	  	 –
	    	 List of Ground Lease Sites

		 	 Schedule 5.1(A)(iii)
	  	 –
	    	 Form of Monthly Report

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