Document:

REGISTRATION RIGHTS

 Exhibit 4.4 

  
 REGISTRATION RIGHTS AGREEMENT 
  
 Dated as of August 4, 2003 
  
 Among 
  
 AMERICAN TOWER CORPORATION 
  
 as Issuer 
  
 and 
  
 THE
INITIAL PURCHASERS 
  
 named in Schedule I to the Purchase
Agreement referred to herein 
  

 REGISTRATION RIGHTS AGREEMENT 
  
 This Registration Rights Agreement (the “Agreement”) is dated as of August 4, 2003, among American Tower
Corporation, a Delaware corporation (the “Company”), and the initial purchasers (individually, an “Initial Purchaser”; together, the “Initial Purchasers”) named in Schedule I to the Purchase Agreement referenced below
for whom Goldman, Sachs & Co. is acting as Representative (the “Representative”). This Agreement is entered into in connection with the Purchase Agreement, dated August 4, 2003, between the Company and the Initial Purchasers (the
“Purchase Agreement”), which provides for the issuance and sale by the Company to the Initial Purchasers of the Company’s 3.25% Convertible Notes Due 2010 (the “Convertible Notes”). In order to induce the Initial Purchasers
to enter into the Purchase Agreement, the Company has agreed to provide the registration rights set forth in this Agreement for the benefit of the Initial Purchasers and their direct and indirect transferees and assigns. The execution and delivery
of this Agreement is a condition to the Initial Purchasers’ obligation to purchase the Convertible Notes under the Purchase Agreement. 
  
 The parties hereby agree as follows: 
  
 Section 1. Definitions 
  
 (a) As used in this Agreement, the following terms shall have the following meanings: 
  
 Advice: See Section 4 hereof. 
  
 Agreement: See the first introductory paragraph hereto. 
  
 Amount of Registrable Securities: (a) With respect to Convertible Notes constituting Registrable Securities, their
aggregate principal amount, (b) with respect to Underlying Shares constituting Registrable Securities, the principal amount of Convertible Note that would have been surrendered for conversion or exchange as of that date of determination in order to
receive such number of Underlying Shares, and (c) with respect to combinations thereof, the sum of (a) and (b) for the relevant Registrable Securities. 
  
 Certificate Shares: See Section 9 hereof. 
  
 Closing Date: August 4, 2003. 
  
 Company: See the first introductory paragraph hereto. 
  
 Convertible Notes: See the second introductory paragraph hereto. 
  
 Damages Payment Date: See Section 3(c) hereof. 
  
 Depositary: The Depository Trust Company until a successor is appointed by the Company. 
  
 Effectiveness Date: The 180th day after the Closing Date. 

 Effectiveness Period: See Section 2 hereof. 
  
 Effective Time: the time at which the SEC declares the Shelf
Registration effective or at which the Shelf Registration otherwise becomes effective. 
  
 Electing Holder: See Section 4(a)(iii) hereof. 
  
 Exchange Act: The Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder. 
  
 Filing Date: The 90th day after the Closing Date. 
  
 Global Certificate: See Section 9 hereof. 
  
 Holder: Any holder of Registrable Securities. 
  
 Indemnified Person: See Section 6(a) hereof. 
  
 Indenture: The Indenture, dated as of August 4, 2003, between the Company and The Bank of New York, as Trustee,
pursuant to which the Convertible Notes are issued, as amended or supplemented from time to time. 
  
 Initial Purchaser: See the first introductory paragraph hereto. 
  
 Initial Purchasers: See the first introductory paragraph hereto. 
  
 Inspectors: See Section 4(o) hereof. 
  
 Liquidated Damages: See Section 3(a) hereof. 
  
 NASD: See Section 4(r) hereof. 
  
 Notice and Questionnaire: means a Notice of Registration Statement and
Selling Securityholder Questionnaire substantially in the form of Appendix A hereto. 
  
 Participant: See Section 6(a) hereof. 
  
 Person: An individual, partnership, corporation, limited liability company, unincorporated association, trust or joint venture, or a governmental agency or political subdivision thereof. 
  
 Prospectus: The prospectus included in any Registration Statement
(including, without limitation, any prospectus subject to completion and a prospectus that includes any information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated
under the Securities Act), as amended or supplemented by any prospectus supplement, and all other amendments and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be
incorporated by reference in such Prospectus. 
  

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 Purchase Agreement: See the second introductory paragraph hereto. 
  
 Records: See Section 4(o) hereof. 
  
 Registrable Securities: All Convertible Notes and all Underlying
Shares upon original issuance thereof and at all times subsequent thereto until the earliest to occur of (i) a Registration Statement covering such Convertible Notes and Underlying Shares has been declared effective by the SEC and such Convertible
Notes and Underlying Shares have been disposed of in accordance with such effective Registration Statement, (ii) such Convertible Notes and Underlying Shares are sold in compliance with Rule 144 or could (except with respect to affiliates of the
Company within the meaning of the Securities Act) be sold in compliance with paragraph (k) of such Rule 144, or (iii) such Convertible Notes and any Underlying Shares cease to be outstanding. 
  
 Registration Default: See Section 3(a) hereof. 
  
 Registration Statement: Any registration statement of the Company
filed with the SEC pursuant to the provisions of this Agreement, including the Prospectus, amendments and supplements to such registration statement, including post-effective amendments, all exhibits and all material incorporated by reference or
deemed to be incorporated by reference in such registration statement. 
  
 Restricted Security: means any Convertible Note or share of Class A Common Stock issuable upon conversion thereof except any such Convertible Note or share of Class A Common Stock that (i) has been effectively registered under the
Securities Act and sold in a manner contemplated by the Shelf Registration, (ii) has been transferred in compliance with Rule 144 under the Securities Act (or any successor provision thereto) or is transferable pursuant to paragraph (k) of such Rule
144 (or any successor provision thereto) (assuming that the Holder thereto is not an affiliate of the Company) or (iii) has otherwise been transferred and a new Security or share of Class A Common Stock not subject to transfer restrictions under the
Securities Act has been delivered by or on behalf of the Company in accordance with the Indenture. 
  
 Rule 144: Rule 144 promulgated under the Securities Act, as such Rule may be amended from time to time, or any similar rule (other than Rule 144A)
or regulation hereafter adopted by the SEC providing for offers and sales of securities made in compliance therewith resulting in offers and sales by subsequent holders that are not affiliates of an issuer of such securities being free of the
registration and prospectus delivery requirements of the Securities Act. 
  
 Rule 144A: Rule 144A promulgated under the Securities Act, as such Rule may be amended from time to time, or any similar rule (other than Rule 144) or regulation hereafter adopted by the SEC. 
  
 Rule 415: Rule 415 promulgated under the Securities Act, as such Rule
may be amended from time to time, or any similar rule or regulation hereafter adopted by the SEC. 
  

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 SEC: The Securities and Exchange Commission. 
  
 Securities Act: The Securities Act of 1933, as amended, and the rules
and regulations of the SEC promulgated thereunder. 
  
 Shelf
Registration: See Section 2 hereof. 
  
 Subsequent Shelf
Registration: See Section 2(b) hereof. 
  
 Suspension
Period: See Section 2(c) hereof 
  
 TIA: The Trust
Indenture Act of 1939, as amended, and the rules and regulations of the SEC promulgated thereunder. 
  
 Trustee: The Trustee under the Indenture. 
  
 Underlying Shares: The shares of the Company’s Class A Common Stock, par value $.01 per share, issuable upon conversion of the Convertible
Notes. 
  
 Underwritten registration or underwritten
offering: A registration in which securities of the Company are sold to an underwriter for reoffering to the public. 
  
 Section 2. Shelf Registration 
  
 (a) Shelf Registration. The Company shall use its reasonable best efforts to file with the SEC, no later than the Filing Date, a Registration
Statement for an offering to be made on a continuous basis pursuant to Rule 415 covering all of the Registrable Securities (the “Shelf Registration”). The Shelf Registration shall be on Form S-3 or another appropriate form permitting
registration of such Registrable Securities for resale by Holders in the manner or manners designated by them (including, without limitation, one or more underwritten offerings); provided, however, that no Holders shall be entitled to be named as
selling securityholder in the Shelf Registration or to use the Prospectus forming a part thereof for resales of Registrable Securities unless such Holder is an Electing Holder. Subject to obtaining a waiver to its Amended and Restated Registration
Rights Agreement dated February 25, 1999, the Company shall not permit any securities other than the Registrable Securities to be included in the Shelf Registration. The Company shall use it reasonable best efforts to cause such waiver to be
obtained. 
  
 The Company shall use its reasonable best efforts to
cause the Shelf Registration to be declared effective under the Securities Act on or prior to the Effectiveness Date and to keep the Shelf Registration continuously effective under the Securities Act until the date that is 24 months from the Closing
Date or, if later, 24 months from the last date on which any Convertible Notes are issued upon exercise of the Initial Purchasers’ option to purchase additional Convertible Notes (as it may be shortened pursuant to clause (A) or clause (B)
immediately following, the “Effectiveness Period”), or such shorter period ending when (A) all the shares of Registrable Securities covered by the Shelf Registration have been sold in the manner set forth and as contemplated in the Shelf
Registration, (B) the date on which all the Registrable 

  

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Securities (x) held by persons who are not affiliates of the Company may be resold pursuant to Rule 144(k) under the Securities Act or (y) cease to be
outstanding, or (C) a Subsequent Shelf Registration covering all of the Registrable Securities has been declared effective under the Securities Act. 
  
 (b) Supplements and Amendments. Subject to Section 2(c) and Section 4(d), the Company shall promptly supplement and amend the Shelf Registration if
(i) required by the rules, regulations or instructions applicable to the registration form used for such Shelf Registration, (ii) required by the Securities Act, or (iii) reasonably requested by the Holders of a majority of the Amount of Registrable
Securities covered by such Registration Statement or by any underwriter of such Registrable Securities. 
  
 (c) Suspension Period. The Company may suspend the use of the Prospectus for a period not to exceed 30 days in any three-month period or more than
90 days for all such periods in any twelve-month period (each, a “Suspension Period”) if the Company determines in good faith that any supplement or amendment would, in the reasonable judgment of the Company (i) interfere with or affect
the negotiation or completion of a transaction that is being contemplated by the Company (whether or not a final decision has been made to undertake such transaction) or (ii) involve initial or continuing disclosure obligations that are not in the
best interests of the Company’s shareholders at such time, and prior to suspending such use the Company provides the Electing Holders with written notice of such suspension, which notice need not specify the nature of the event giving rise to
such suspension; provided, however, that such Suspension Period shall not affect the Company’s obligation to pay Liquidated Damages as contemplated in Section 3. 
  
 (d) Other Securities. If at any time the Securities, pursuant to Article Eight of the Indenture, are convertible into
securities other than Class A Common Stock of the Company, to cause, or to cause any successor under the Indenture to cause, such securities to be included in the Shelf Registration Statement no later than the date on which the Convertible Notes may
then be convertible into such securities. 
  
 Section 3.
Liquidated Damages 
  
 (a) The Company and the Initial
Purchasers agree that the Holders of Convertible Notes will suffer damages if the Company fails to fulfill its obligations under Section 2 hereof and that it would not be feasible to ascertain the extent of such damages with precision. Accordingly,
the Company agrees to pay, as liquidated damages, on the Registrable Securities (“Liquidated Damages”) as follows if any of the following events occur (each such event in clauses (i) through (iii) below, a “Registration
Default”): 
  

	 	(i)	 	If on or prior to the Filing Date, the Shelf Registration has not been filed with the SEC; 

  

	 	(ii)	 	If on or prior to the Effectiveness Date, the Shelf Registration has not been declared effective by the SEC; or 

  

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	 	(iii)	 	If after the Shelf Registration is declared effective (A) the Shelf Registration thereafter ceases to be effective and a subsequent Shelf Registration covering the Registrable
Securities has not become effective or (B) a Shelf Registration or the related prospectus ceases to be usable (except as permitted in Section 3(b) hereof) in connection with resales of Registrable Securities during the periods specified herein
because either (1) any event occurs as a result of which the related prospectus forming part of such Shelf Registration would include any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein
in the light of the circumstances under which they were made not misleading, or (2) it shall be necessary to amend such Shelf Registration or supplement the related prospectus, to comply with the Securities Act or the Exchange Act or the respective
rules thereunder. 

  
 Liquidated Damages shall
accrue on outstanding Convertible Notes constituting Registrable Securities over and above the interest set forth in the title of the Convertible Notes and shall accrue on outstanding Underlying Shares constituting Registrable Securities, in each
case from and including the date on which any such Registration Default shall occur to, but excluding, the date on which all such Registration Defaults have been cured, at a rate of 0.50% per annum of the Amount of such Registrable Securities. The
Company shall notify the Trustee within one business day after each and every date on which a Registration Default occurs. The Company in no event shall be required to pay Liquidated Damages for more than one Registration Default at any given time.

  
 (b) A Registration Default referred to in Section 3(a)(iii)(B)
hereof shall be deemed not to have occurred and be continuing in relation to the Shelf Registration or the related prospectus if (i) such Registration Default has occurred solely as a result of material events with respect to the Company that would
need to be described in such Shelf Registration or the related prospectus and (ii) the Company is proceeding promptly and in good faith to amend or supplement such Shelf Registration and related prospectus to describe such events; provided, however,
that in any case if an event described in clause (i) above occurs for a continuous period in excess of 30 days, Liquidated Damages shall be payable in accordance with Section 3(a) hereof from the day such event occurs until such Registration Default
is cured. 
  
 (c) Any amount of Liquidated Damages due pursuant to
clause (i), (ii) or (iii) of Section 3(a) hereof will be payable in cash on each February 1 and August 1 (a “Damages Payment Date”) to the Holder to whom regular interest is payable on such Damages Payment Date with respect to Convertible
Notes that are Registrable Securities and to the Person that is a registered Holder on the January 15 or July 15, as the case may be, prior to such Damages Payment Date with respect to Underlying Shares that are Registrable Securities. The amount of
Liquidated Damages for Registrable Securities will be determined by multiplying the applicable Liquidated Damages rate by the Amount of such Registrable Securities on the Damages Payment Date following such Registration Default in the case of the
first such payment of Liquidated Damages with respect to a Registration Default (and thereafter at the next succeeding Damages Payment Date until the cure of such Registration Default), multiplied by a fraction, the numerator of which is the number
of days such Liquidated Damages rate was applicable during 

  

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such period (determined on the basis of a 360-day year comprised of twelve 30-day months), and the denominator of which is 360. 
  
 Section 4. Registration Procedures 
  
 In connection with the filing of any Registration Statement pursuant to
Section 2 hereof, the Company shall effect such registrations to permit the sale of the securities covered thereby in accordance with the intended method or methods of disposition thereof, and pursuant thereto and in connection with any Registration
Statement filed by the Company hereunder the Company shall: 
  

	 	(a)	 	(i) Not less than 30 calendar days prior to the Effective Time of the Shelf Registration, the Company shall mail the Notice and Questionnaire to the Holders. Holders shall have at
least 20 calendar days from the date on which the Notice and Questionnaire is first mailed to such Holders to return a completed and signed Notice and Questionnaire to the Company. The Company shall take action to name each Holder that is an
Electing Holder as of the date that is 5 business days prior to the effectiveness of the Shelf Registration as a selling securityholder in the Shelf Registration at the time of its effectiveness so that such Holder is permitted to deliver the
Prospectus forming a part thereof as of such time to purchasers of such Holder’s Registrable Securities in accordance with applicable law. The Company shall not be required to take any action to name any Holder as a selling securityholder in
the Shelf Registration or to enable any Holder to use the Prospectus forming a part thereof for resales of Registrable Securities until such Holder has returned a completed and signed Notice and Questionnaire to the Company.

  
 (i) After the Effective Time of the Shelf
Registration, the Company shall, upon the written request of any Holder of Registrable Securities that is not then an Electing Holder, promptly send a Notice and Questionnaire to such Holder. From and after the Effective Time of the Shelf
Registration, the Company shall (A) as promptly as is practicable after the date a completed and signed Notice and Questionnaire is delivered to the Company, and in any event within ten business days after such date, prepare and file with the SEC
(x) a supplement to the Prospectus or, if required by applicable law, a post-effective amendment to the Shelf Registration and (y) any other document required by applicable law, so that the Holder delivering such Notice and Questionnaire is named as
a selling securityholder in the Shelf Registration and is permitted to deliver the Prospectus to purchasers of such Holder’s Registrable Securities in accordance with applicable law, and (B) if the Company shall file a post-effective amendment
to the Shelf Registration, use its reasonable best efforts to cause such post-effective amendment to become effective under the Securities Act as promptly as is practicable; provided, however, that (A) if a Notice and Questionnaire is
delivered to the Company during a 

  

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Suspension Period, the Company shall not be obligated to take the actions set forth in this clause (ii) until the termination of such Suspension Period and
(B) if the Company, for the sole purpose of adding Electing Holders to the Shelf Registration, is required to file a post-effective amendment to the Shelf Registration, the Company shall not be required to file a post-effective amendment more
frequently than once every 30 days. 
  
 (ii) The term
“Electing Holder” shall mean any Holder that has returned a completed and signed Notice and Questionnaire to the Company in accordance with Section 4(a)(i) or 4(a)(ii) hereof. 
  
 (b) Prepare and file with the SEC prior to the Filing Date, a Registration Statement or Registration Statements as
prescribed by Section 2 hereof, and use its reasonable best efforts to cause each such Registration Statement to become effective and remain effective as provided herein; provided, however, that the Company shall furnish to and afford a
representative chosen by the Holders of a majority in Amount of the Registrable Securities covered by such Registration Statement or designated by the Representative if the Holders of a majority of in Amount of the Registrable Securities covered by
such Registration Statement have not so chosen, and, if applicable, one counsel for the Holders covered by such Registration Statement and any managing underwriters, a reasonable opportunity to review copies of all such documents (including copies
of any documents to be incorporated by reference therein and all exhibits thereto) proposed to be filed (in each case where possible at least five business days prior to such filing and where not possible as promptly as possible). The Company shall
not file any Registration Statement or Prospectus or any amendments or supplements thereto if the Holders of a majority in Amount of the Registrable Securities covered by such Registration Statement, their counsel, or the managing underwriters, if
any, shall reasonably object. 
  
 (c) Prepare and file with the
SEC such amendments and post-effective amendments to each Shelf Registration, as may be necessary to keep such Registration Statement continuously effective for the Effectiveness Period; cause the related Prospectus to be supplemented by any
Prospectus supplement required by applicable law, and as so supplemented to be filed pursuant to Rule 424 (or any similar provisions then in force) promulgated under the Securities Act; and comply in all material respects with the provisions of the
Securities Act and the Exchange Act applicable to it with respect to the disposition of all securities covered by such Registration Statement as so amended or in such Prospectus as so supplemented. The Company shall be deemed not to have used its
reasonable best efforts to keep a Registration Statement effective during the Effectiveness Period if it voluntarily takes any action that would result in Electing Holders of the Registrable Securities covered thereby not being able to sell such
Registrable Securities during that period unless such action is required by applicable law or unless the Company complies with this Agreement, including without limitation the provisions of Section 4(l) hereof and the last paragraph of Section 4(u)
hereof. 
  
 (d) Notify the Electing Holders (and their designated
counsel, if any) and the managing underwriters, if any, promptly (but in any event within two business days): 
  

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 (i) when a Prospectus or any prospectus supplement or post-effective amendment has been
filed, and, with respect to a Registration Statement or any post-effective amendment, when the same has become effective under the Securities Act (including in such notice a written statement that any Holder may, upon request, obtain, at the sole
expense of the Company, one conformed copy of such Registration Statement or post-effective amendment including financial statements and schedules, documents incorporated or deemed to be incorporated by reference and exhibits), in each case making
publicly available such documents on the Company’s website or by public release made to Dow Jones & Company, Inc., Reuter Economic Services and Bloomberg Business News; 
  
 (ii) of any request by the Commission for post-effective amendments or supplements to the Shelf Registration Statement or
the Prospectus included therein; 
  
 (iii) of the issuance by the
SEC of any stop order suspending the effectiveness of a Registration Statement or the initiation of any proceedings for that purpose, and 
  
 (iv) of the happening of any event, the existence of any condition or any information becoming known that makes any statement made in such Registration
Statement or related Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires the making of any changes in or amendments or supplements to such Registration Statement,
Prospectus or documents so that, in the case of the Registration Statement, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not
misleading, and that in the case of the Prospectus, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading. 
  
 (e)
Use its reasonable best efforts to prevent the issuance of any order suspending the effectiveness of a Registration Statement or of any order preventing or suspending the use of a Prospectus and, if any such order is issued, to use its reasonable
best efforts to obtain the withdrawal of any such order at the earliest possible moment. 
  
 (f) If requested by the managing underwriter or underwriters (if any), or the Holders of a majority in Amount of the Registrable Securities being sold in connection with an underwritten offering, (i) promptly
incorporate in a prospectus supplement or post-effective amendment such information as the managing underwriter or underwriters (if any), such Holders or counsel for any of them determine is reasonably necessary to be included therein, (ii) make all
required filings of such prospectus supplement or such post-effective amendment as soon as reasonably practicable after the Company has received notification of the matters to be incorporated in such prospectus supplement or post-effective amendment
and (iii) supplement or make amendments to such Registration Statement. 
  

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 (g) The Company shall furnish, upon written request, to each Electing Holder and to counsel and each
managing underwriter, if any, at the sole expense of the Company, one conformed copy of the Registration Statement or Registration Statements and each post-effective amendment thereto, including financial statements and schedules, and, if requested,
all documents incorporated or deemed to be incorporated therein by reference and all exhibits. 
  
 (h) Deliver to each Electing Holder, their respective counsel, and the underwriters, if any, at the sole expense of the Company, as many copies of the Prospectus (including each form of preliminary prospectus) and
each amendment or supplement thereto and any documents incorporated by reference therein as such Persons may reasonably request; and, subject to the second paragraph of Section 4(u) hereof, the Company hereby consents to the use of such Prospectus
and each amendment or supplement thereto by each of the Electing Holders and the underwriters or agents, if any, and dealers (if any), in connection with the offering and sale of the Registrable Securities covered by such Prospectus and any
amendment or supplement thereto. 
  
 (i) Prior to any public
offering of Registrable Securities, to use its reasonable best efforts to register or qualify, to the extent required by applicable law, and to cooperate with the Electing Holders, the managing underwriter or underwriters, if any, and their
respective counsel in connection with the registration or qualification (or exemption from such registration or qualification) of such Registrable Securities or offer and sale under the securities or Blue Sky laws of such jurisdictions within the
United States as any Electing Holder, or the managing underwriter or underwriters reasonably request; provided, however, that where Registrable Securities are offered other than through an underwritten offering, the Company agrees to cause the
Company’s counsel to perform Blue Sky investigations and file registrations and qualifications required to be filed pursuant to this Section 4(i); keep each such registration or qualification (or exemption therefrom) effective during the period
such Registration Statement is required to be kept effective and do any and all other acts or things reasonably necessary or advisable to enable the disposition in such jurisdictions of the Registrable Securities covered by the applicable
Registration Statement; provided, however, that the Company shall not be required to qualify as a foreign corporation or to execute a general consent to service of process in any jurisdiction or subject itself to taxation generally in any
jurisdiction. 
  
 (j) Unless any Registrable Securities shall be
in book-entry only form, cooperate with the Electing Holders and the managing underwriter or underwriters, if any, to facilitate the timely preparation and delivery of certificates representing shares of Registrable Securities to be sold, which
certificates shall not bear any restrictive legends and shall be in a form eligible for deposit with The Depository Trust Company; and enable such shares of Registrable Securities to be in such denominations and registered in such names as the
managing underwriter or underwriters, if any, or Holders may reasonably request. 
  
 (k) Subject to Section 2(c), upon the occurrence of any event contemplated by Section 4(d)(iv) hereof, as promptly as practicable prepare and (subject to Section 4(b) hereof) file with the SEC, at the sole expense of
the Company, a supplement or post-effective amendment to the Registration Statement or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, or file any other 

  

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required document so that, as thereafter delivered to the purchasers of the Registrable Securities being sold thereunder, any such Prospectus will not
contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; 
  
 (l) Prior to the effective date of the Registration Statement relating to the
Registrable Securities, (i) provide the Trustee with certificates for the Registrable Securities in a form eligible for deposit with The Depository Trust Company and (ii) provide a CUSIP number for the Registrable Securities. 
  
 (m) In connection with any underwritten offering of Registrable Securities
pursuant to a Shelf Registration, enter into an underwriting agreement as is customary in underwritten offerings of securities similar to the Registrable Securities and take all such other actions as are reasonably requested by the managing
underwriter or underwriters; in order to expedite or facilitate the registration or the disposition of such Registrable Securities and, in such connection, (i) make such representations and warranties to, and covenants with, the underwriters with
respect to the business of the Company and its subsidiaries (including any acquired business, properties or entity, if applicable) and the Registration Statement, Prospectus and documents, if any, incorporated or deemed to be incorporated by
reference therein, in each case, as are customarily made by issuers to underwriters in underwritten offerings of securities similar to the Registrable Securities and confirm the same in writing if and when requested; (ii) obtain the written opinion
of counsel to the Company and written updates thereof in form, scope and substance reasonably satisfactory to the managing underwriter or underwriters, addressed to the underwriters covering the matters customarily covered in opinions requested in
underwritten offerings of securities similar to the Registrable Securities and such other matters as may be reasonably requested by the managing underwriter or underwriters; (iii) obtain “cold comfort” letters and updates thereof in form,
scope and substance reasonably satisfactory to the managing underwriter or underwriters from the independent certified public accountants of the Company (and, if necessary, any other independent certified public accountants of any subsidiary of the
Company or of any business acquired by the Company for which financial statements and financial data are, or are required to be, included or incorporated by reference in the Registration Statement), addressed to each of the underwriters, such
letters to be in customary form and covering matters of the type customarily covered in “cold comfort” letters in connection with underwritten offerings of securities similar to the Registrable Securities and such other matters as
reasonably requested by the managing underwriter or underwriters provided the required representation letters are provided under Statement on Auditing Standards No. 72; and (iv) if an underwriting agreement is entered into, the same shall contain
indemnification provisions and procedures no less favorable than those set forth in Section 6 hereof (or such other provisions and procedures acceptable to Holders of a majority in Amount of Registrable Securities covered by such Registration
Statement and the managing underwriter or underwriters or agents) with respect to all parties to be indemnified pursuant to said Section. The above shall be done at each closing under such underwriting agreement, or as and to the extent required
thereunder. 
  
 (n) Make available for inspection by
representatives and agents chosen by the Holders of a majority in Amount of the Registrable Securities covered by such Registration Statement and the managing underwriter participating in any such disposition of Registrable 

  

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Securities, if any and any attorney, accountant or other agent retained by any such representatives and agents, or underwriter (collectively, the
“Inspectors”), at the offices where normally kept, during reasonable business hours at such time or times as shall be mutually convenient for the Company and the Inspectors as a group, all financial and other records, pertinent corporate
documents and instruments of the Company and its subsidiaries (collectively, the “Records”) as shall be reasonably necessary to enable them to exercise any applicable due diligence responsibilities, and cause the officers, directors and
employees of the Company and its subsidiaries to supply all information reasonably requested by any such Inspector in connection with such Registration Statement. Records that the Company determines, in good faith, to be confidential and any Records
that it notifies the Inspectors are confidential shall not be disclosed by any Inspector unless (i) the disclosure of such Records is necessary to avoid or correct a material misstatement or material omission in such Registration Statement as
determined solely by the Company in consultation with its counsel, (ii) the release of such Records is ordered pursuant to a subpoena or other order from a court of competent jurisdiction, or (iii) the information in such Records has been made
generally available to the public other than through the acts of such Inspector. Each Electing Holder of such Registrable Securities will be required to agree that information obtained by it as a result of such inspections shall be deemed
confidential and shall not be used by it as the basis for any market transactions in the securities of the Company unless and until such information is generally available to the public. Each Electing Holder of such Registrable Securities will be
required to further agree that it will, upon learning that disclosure of such Records is sought in a court of competent jurisdiction, give notice to the Company and allow the Company to undertake appropriate action to prevent disclosure of the
Records deemed confidential at the Company’s sole expense. The Company shall have the right to approve the Inspectors and such approval shall not be unreasonably withheld. 
  
 (o) Provide (i) the representatives of the Holders of a majority in Amount of Registrable Securities covered by the
registration statement and not more than one counsel for all the Holders of such Registrable Securities, (ii) the underwriters (which term, for purposes of this Registration Rights Agreement, shall include a person deemed to be an underwriter within
the meaning of Section 2(11) of the Securities Act), if any, thereof, (iii) the sales or placement agent, if any, thereof, and (iv) one counsel for such underwriters or agents, reasonable opportunity to participate in the preparation of such
registration statement, each prospectus included therein or filed with the SEC, and each amendment or supplement thereto. 
  
 (p) Comply in all material respect with all applicable rules and regulations of the SEC and make generally available to its securityholders earning
statements satisfying the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any similar rule promulgated under the Securities Act) no later than 45 days after the end of any 12-month period (or 90 days after the end of
any 12-month period if such period is a fiscal year) (i) commencing at the end of any fiscal quarter in which Registrable Securities are sold to underwriters in a firm commitment or best efforts underwritten offering and (ii) if not sold to
underwriters in such an offering, commencing on the first day of the first fiscal quarter of the Company after the effective date of a Registration Statement, which statements shall cover said 12-month periods. 
  

 12 

 (q) Cooperate with each seller of Registrable Securities covered by any Registration Statement and each
underwriter, if any, participating in the disposition of such Registrable Securities and their respective counsel in connection with any filings required to be made with the National Association of Securities Dealers, Inc. (the “NASD”),
including if the Rules of Fair Practice and the By- Laws of the NASD or any successor thereto, as amended from time to time (including Schedule E thereto) so require, engaging a “qualified independent underwriter” (“QIU”) as
contemplated therein and making Records available to such QIU as though it were a participating underwriter for the purposes of Section 4(o) and otherwise applying the provisions of this Agreement to such QIU (including indemnification) as though it
were a participating underwriter. 
  
 (r) Cause the Indenture to
be qualified under the TIA not later than the effective date of the first Registration Statement relating to the Registrable Securities; and in connection therewith, cooperate with the Trustee and the Holders of the Registrable Securities to effect
such changes to the Indenture as may be required for the Indenture to be so qualified in accordance with the terms of the TIA; and execute, and use its reasonable best efforts to cause the Trustee to execute, all documents as may be required to
effect such changes, and all other forms and documents required to be filed with the SEC to enable the Indenture to be so qualified in a timely manner. 
  
 (s) Use its reasonable best efforts to cause the Registrable Securities covered by a Registration Statement, to be rated with the appropriate rating
agencies, if so requested by the Holders of a majority in Amount of Registrable Securities covered by such Registration Statement, or the managing underwriter or underwriters, if any. 
  
 (t) Use its reasonable best efforts to cause the Underlying Shares to be listed on the New York Stock Exchange or other
stock exchange or trading system on which the Class A Common Stock of the Company primarily trades on or prior to the Effective time of the Shelf Registration. 
  

(u) Use its reasonable best efforts to take all other steps necessary or advisable to effect the registration of the Registrable Securities covered by
a Registration Statement contemplated hereby. 
  
 The Company may
require each seller of Registrable Securities as to which any registration is being effected to furnish to the Company such information regarding such seller and the distribution of such Registrable Securities as the Company may, from time to time,
reasonably request to the extent necessary or advisable to comply with the Securities Act. The Company may exclude from such registration the Registrable Securities of any seller who fails to furnish such information within a reasonable time after
receiving such request. Each seller as to which any Shelf Registration is being effected agrees to furnish promptly to the Company all information required to be disclosed in order to make the information previously furnished to the Company by such
seller not materially misleading or to omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances under which they were made. 
  

 13 

 Each Holder of Registrable Securities agrees by acquisition of such Registrable Securities that, upon
actual receipt of any notice from the Company of the happening of any event of the kind described in Section 4(d)(iv) or Section 2(c) hereof, such Holder will (i) forthwith discontinue disposition of such Registrable Securities covered by such
Registration Statement or Prospectus and (ii) keep confidential the fact the Holder has received such notice, until such Holder’s receipt of the copies of the supplemented or amended Prospectus contemplated by Section 4(l) hereof, or until it
is advised in writing (the “Advice”) by the Company that the use of the applicable Prospectus may be resumed, and has received copies of any amendments or supplements thereto. Any notice need not specify the nature of the event giving rise
to such suspension. 
  
 Section 5. Registration Expenses

  
 (a) All fees and expenses incident to the performance of or
compliance with this Agreement by the Company shall be borne by the Company whether or not a Shelf Registration is filed or becomes effective, including, without limitation, (i) all registration and filing fees (including, without limitation, (A)
fees with respect to filings required to be made with the NASD in connection with an underwritten offering and (B) fees and expenses of compliance with state securities or Blue Sky laws (including, without limitation, reasonable fees and
disbursements of counsel in connection with Blue Sky qualifications of the Registrable Securities and determination of the eligibility of the Registrable Securities for investment under the laws of such jurisdictions as provided in Section 4(i)
hereof, in the case of Registrable Securities), (ii) printing expenses, including, without limitation, expenses of printing certificates for Registrable Securities in a form eligible for deposit with The Depository Trust Company and of printing
prospectuses if the printing of prospectuses is requested by the managing underwriter or underwriters, if any, by the Holders of a majority of shares of the Registrable Securities included in any Registration Statement, (iii) messenger, telephone
and delivery expenses, (iv) fees and disbursements of counsel for the Company and fees and disbursements of special counsel for the sellers of Registrable Securities (subject to the provisions of Section 5(b) hereof), (v) fees and disbursements of
all independent certified public accountants referred to in Section 4(n)(iii) hereof (including, without limitation, the expenses of any special audit and “cold comfort” letters required by or incident to such performance), (vi) rating
agency fees, (vii) Securities Act liability insurance, if the Company desires such insurance, (viii) fees and expenses of all other Persons retained by the Company, (ix) internal expenses of the Company (including, without limitation, all salaries
and expenses of officers and employees of the Company performing legal or accounting duties), (x) the expense of any annual audit, (xi) the fees and expenses incurred in connection with the listing of the securities to be registered on any
securities exchange, if applicable, and (xii) the expenses relating to printing, word processing and distributing all Registration Statements, underwriting agreements, securities sales agreements, indentures and any other documents necessary in
order to comply with this Agreement. 
  
 (b) The Company shall
reimburse the Holders of the Registrable Securities being registered in a Shelf Registration for the reasonable fees and disbursements of not more than one counsel (in addition to appropriate local counsel) chosen by the Holders of a majority in
Amount of the Registrable Securities to be included in such Registration Statement (or 

  

 14 

 
designated by the Representative if the Holders of a majority of the Registrable Securities has not so designated one counsel) and other reasonable
out-of-pocket expenses of such Holders of Registrable Securities incurred in connection with the registration and sale of the Registrable Securities pursuant to any Registration Statement. 
  
 Section 6. Indemnification  
  
 (a) Upon the registration of the Registrable Securities pursuant to Section
2 hereof, the Company shall indemnify and hold harmless each Electing Holder and each underwriter, selling agent or other securities professional, if any, which facilitates the disposition of Registrable Securities, and each of their respective
officers and directors and each person who controls such Electing Holder, underwriter, selling agent or other securities professional within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (each such person being
sometimes referred to as an “Indemnified Person”) against any losses, claims, damages or liabilities, joint or several, to which such Indemnified Person may become subject under the Securities Act or otherwise, insofar as such losses,
claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained in any Shelf Registration under which such Registrable Securities are to be
registered under the Securities Act, or any Prospectus contained therein or furnished by the Company to any Indemnified Person, or any amendment or supplement thereto, or arise out of or are based upon the omission or alleged omission to state
therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and the Company hereby agrees to reimburse such Indemnified Person for any legal or other expenses reasonably incurred by them in
connection with investigating or defending any such action or claim as such expenses are incurred; provided, however, that the Company shall not be liable to any such Indemnified Person in any such case to the extent that any such
loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in such Shelf Registration or Prospectus, or amendment or supplement, in reliance upon and in
conformity with written information furnished to the Company by such Indemnified Person expressly for use therein; and provided, further, that the Company shall not be liable for loss, claim, damage or expense (1) arising from any offer or
sale of Registrable Securities during a Suspension Period of which the Electing Holder has received notice, or (2) if the Electing Holder fails to deliver, within the time required by the Securities Act, a Prospectus that is amended or supplemented,
and such Prospectus, as amended or supplemented, would have corrected the untrue statement or omission or alleged untrue statement or omission of a material fact contained in the Prospectus delivered by the Electing Holder, so long as the
Prospectus, as amended or supplemented, has been delivered to such Holder prior to such time. 
  
 (b) Each Electing Holder agrees, as a consequence of the inclusion of any of such Electing Holder’s Registrable Securities in such Shelf Registration, and each underwriter, selling agent or other securities
professional, if any, which facilitates the disposition of Registrable Securities shall agree, as a consequence of facilitating such disposition of Registrable Securities, severally and not jointly, to (i) indemnify and hold harmless the Company,
its directors, officers who sign any Shelf Registration and each person, if any, who controls the Company within the meaning of either Section 15 of the Securities Act or Section 20 of the 

  

 15 

 
Exchange Act, against any losses, claims, damages or liabilities to which the Company or such other persons may become subject, under the Securities Act or
otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained in such Shelf Registration or Prospectus,
or any amendment or supplement, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, in each case to the extent,
but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in reliance upon and in conformity with written information furnished to the Company by such Electing Holder, underwriter,
selling agent or other securities professional expressly for use therein, and (ii) reimburse the Company for any legal or other expenses reasonably incurred by the Company in connection with investigating or defending any such action or claim as
such expenses are incurred. 
  
 (c) Promptly after receipt by an
indemnified party under subsection (a) or (b) above of notice of the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against an indemnifying party under this Section 5, notify such indemnifying
party in writing of the commencement thereof; but the omission so to notify the indemnifying party shall not relieve it from any liability which it may have to any indemnified party otherwise than under the indemnification provisions of or
contemplated by subsection (a) or (b) above. In case any such action shall be brought against any indemnified party and it shall notify an indemnifying party of the commencement thereof, such indemnifying party shall be entitled to participate
therein and, to the extent that it shall wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel satisfactory to such indemnified party (who shall not, except with the consent of the
indemnified party, be counsel to the indemnifying party), and, after notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof, such indemnifying party shall not be liable to such indemnified party
under this Section 5 for any legal expenses of other counsel or any other expenses, in each case subsequently incurred by such indemnified party, in connection with the defense thereof other than reasonable costs of investigation. No indemnifying
party shall, without the written consent of the indemnified party, effect the settlement or compromise of, or consent to the entry of any judgment with respect to, any pending or threatened action or claim in respect of which indemnification or
contribution may be sought hereunder (whether or not the indemnified party is an actual or potential party to such action or claim) unless such settlement, compromise or judgment (i) includes an unconditional release of the indemnified party from
all liability arising out of such action or claim and (ii) does not include a statement as to, or an admission of, fault, culpability or a failure to act, by or on behalf of any indemnified party. 
  
 (d) If the indemnification provided for in this Section 6 is unavailable to
or insufficient to hold harmless an indemnified party under subsection (a) or (b) above in respect of any losses, claims, damages or liabilities (or actions in respect thereof) referred to therein, then each indemnifying party shall contribute to
the amount paid or payable by such indemnified party as a result of such losses, claims, damages or liabilities (or actions in respect thereof) in (i) such proportion as is appropriate to reflect the relative benefits received by the Company on the
one hand and to the Holders and the Initial Purchasers on the other hand from the sale of the 

  

 16 

 
securities or (ii) if the allocation provided by clause (i) is for any reason held unenforceable or not permitted by applicable law, in such proportion as is
appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the indemnifying party and the indemnified party in connection with the statements or omissions which resulted in such losses,
claims, damages or liabilities (or actions in respect thereof), as well as any other relevant equitable considerations. The relative benefits received by the Company on the one hand and any Indemnified Person on the other shall be deemed to be in
the same proportion as the total net proceeds (before deducting expenses) received by the Company from the offering and sale of the Convertible Notes bear to the total net proceeds received by such Indemnified Person from sales of Registrable
Securities giving rise to such obligations. The relative fault of such indemnifying party and indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or omission or
alleged omission to state a material fact relates to information supplied by such indemnifying party or by such indemnified party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such
statement or omission. The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 6(d) were determined by pro rata allocation (even if the Electing Holders or any underwriters, selling agents or other
securities professionals or all of them were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to in this Section 6(d). The amount paid or payable by an
indemnified party as a result of the losses, claims, damages or liabilities (or actions in respect thereof) referred to above shall be deemed to include any legal or other fees or expenses reasonably incurred by such indemnified party in connection
with investigating or defending any such action or claim. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such
fraudulent misrepresentation. The obligations of the Electing Holders and any underwriters, selling agents or other securities professionals in this Section 6(d) to contribute shall be several in proportion to the percentage of principal amount of
Registrable Securities registered or underwritten, as the case may be, by them and not joint. 
  
 (e) Notwithstanding any other provision of this Section 6, in no event will any (i) Electing Holder be required to undertake liability to any person under this Section 6 for any amounts in excess of the dollar amount
of the proceeds to be received by such Holder from the sale of such Holder’s Registrable Securities (after deducting any fees, discounts and commissions applicable thereto) pursuant to any Shelf Registration under which such Registrable
Securities are to be registered under the Securities Act and (ii) underwriter, selling agent or other securities professional be required to undertake liability to any person hereunder for any amounts in excess of the discount, commission or other
compensation payable to such underwriter, selling agent or other securities professional with respect to the Registrable Securities underwritten by it and distributed to the public. 
  
 (f) The obligations of the Company under this Section 6 shall be in addition to any liability which the Company may
otherwise have to any Indemnified Person and the obligations of any Indemnified Person under this Section 6 shall be in addition to any liability which such Indemnified Person may otherwise have to the Company. The remedies provided in 

  

 17 

 
this Section 5 are not exclusive and shall not limit any rights or remedies which may otherwise be available to an indemnified party at law or in equity.

  
 Section 7. Rules 144 and 144A. 
  
 The Company covenants that it will file the reports required to be filed by
it under the Securities Act and the Exchange Act and the rules and regulations adopted by the SEC thereunder in a timely manner in accordance with the requirements of the Securities Act and the Exchange Act and such rules and regulations and, if at
any time the Company is not required to file such reports, it will, upon the request of any Holder of Registrable Securities, make publicly available annual reports and such information, documents and other reports of the type specified in Sections
13 and 15(d) of the Exchange Act. The Company further covenants for so long as any Registrable Securities remain outstanding, to make available to any Holder or beneficial owner of Registrable Securities in connection with any sale thereof and any
prospective purchaser of such Registrable Securities from such Holder or beneficial owner, the information required by Rule 144A(d)(4) under the Securities Act in order to permit resales of such Registrable Securities pursuant to Rule 144A.

  
 Section 8. Underwritten Registrations. 
  
 If any of the Registrable Securities covered by any Shelf Registration is to
be sold in an underwritten offering, the investment banker or investment bankers and manager or managers that will manage the offering will be selected by the Holders of a majority in Amount of such Registrable Securities included in such offering
and reasonably acceptable to the Company. 
  
 No Holder of
Registrable Securities may participate in any underwritten registration hereunder unless such Holder (a) agrees to sell such Holder’s Registrable Securities on the basis provided in any underwriting arrangements approved by the Persons entitled
hereunder to approve such arrangements and (b) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents required under the terms of such underwriting arrangements. 
  
 Section 9. Miscellaneous 
  
 (a) No Inconsistent Agreements. The Company has not, as of the date
hereof, and the Company shall not, after the date of this Agreement, enter into any agreement with respect to any of its securities that is inconsistent with the rights granted to the Holders of Registrable Securities in this Agreement or otherwise
conflicts with the provisions hereof. Other than its Amended and Restated Registration Rights Agreement dated February 25, 1999, the Company has not entered and will not enter into any agreement with respect to any of its securities that will grant
to any Person piggyback registration rights with respect to a Registration Statement, and the Company shall undertake to use its reasonable best efforts to obtain a waiver of such piggyback registration rights. 
  
 (b) Adjustments Affecting Registrable Securities. The Company shall
not, directly or indirectly, take any action with respect to the Registrable Securities as a class that 

  

 18 

 
would adversely affect the ability of the Holders of Registrable Securities to include such Registrable Securities in a registration undertaken pursuant to
this Agreement. 
  
 (c) Amendments and Waivers. The
provisions of this Agreement may not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, otherwise than with the prior written consent of the Company and the Holders of not less
than a majority in Amount of the then outstanding Registrable Securities; provided, however, that Section 6 and this Section 10(c) may not be amended, modified or supplemented without the prior written consent of the Company and each Holder
(including, in the case of an amendment, modification or supplement of Section 6, any person who was a Holder of Registrable Securities, disposed of pursuant to any Registration Statement). Notwithstanding the foregoing, a waiver or consent to
depart from the provisions hereof with respect to a matter that relates exclusively to the rights of Holders of Registrable Securities whose securities are being sold pursuant to a Registration Statement and that does not directly or indirectly
affect, impair, limit or compromise the rights of other Holders of Registrable Securities may be given by Holders of at least a majority in Amount of the Registrable Securities being sold by such Holders pursuant to such Registration Statement;
provided, however, that the provisions of this sentence may not be amended, modified or supplemented except in accordance with the provisions of the immediately preceding sentence. 
  
 (d) Notices. All notices and other communications provided for or permitted hereunder shall be made in writing by
hand-delivery, registered first-class mail, next-day air courier or facsimile: 
  
 (1) if to a Holder of the Registrable Securities, at the most current address of such Holder on the Security Register (as defined in the
Indenture), in the case of Convertible Notes, and the stock ledger of the Company, in the case of Class A Common Stock, with a copy in like manner to the Initial Purchasers as follows: 
  
 GOLDMAN, SACHS & CO. 
 c/o Goldman, Sachs & Co. 
 85 Broad Street 
 New York, New York 10004 
 Attention:
Registration Department 
  
 (2) if to the Initial
Purchasers, at the addresses specified in Section 10(d)(1); 
  

 19 

 (3) if to the Company, at the addresses as follows: 
  
 American Tower Corporation 
 116 Huntington Avenue 
 Boston, Massachusetts
02116 
 Facsimile No.: (617) 375-7575 
 Attention: William H. Hess, Esq. 
  
 Executive Vice
President and General Counsel 
  
 with copies to: 
  
 Palmer & Dodge LLP 
 Boston, Massachusetts 
 Facsimile No.: (617)
239-0100 
 Attention: Matthew J. Gardella, Esq. 
  
 All such notices and communications shall be deemed to have been duly given: when delivered by hand, if personally delivered; five business days after
being deposited in the mail, postage prepaid, if mailed; one business day after being timely delivered to a next-day air courier; and when receipt is acknowledged by the addressee, if sent by facsimile. 
  
 (e) Successors and Assigns. This Agreement shall inure to the benefit
of and be binding upon the successors and assigns of each of the parties hereto, including the Holders; provided, however, that this Agreement shall not inure to the benefit of or be binding upon a successor or assign of a Holder unless and except
to the extent such successor or assign holds Registrable Securities. 
  
 (f) Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall
constitute one and the same agreement. 
  
 (g) Headings.
The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof. 
  
 (h) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS
MADE AND PERFORMED WHOLLY WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. EACH OF THE PARTIES HERETO AGREES TO SUBMIT TO THE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT
OF OR RELATING TO THIS AGREEMENT. 
  
 (i) Severability. If
any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein 

  

 20 

 
shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their best efforts to find
and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have
executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable. 
  
 (j) Securities Held by the Company or Its Affiliates. Whenever the consent or approval of Holders of a specified
percentage in Amount of Registrable Securities is required hereunder, Registrable Securities held by the Company or its affiliates (as such term is defined in Rule 405 under the Securities Act) shall not be counted in determining whether such
consent or approval was given by the Holders of such required percentage. 
  
 (k) Third-Party Beneficiaries. Holders of Registrable Securities are intended third-party beneficiaries of this Agreement and this Agreement may be enforced by such Persons. 
  
 (l) Specific Performance. The parties hereto acknowledge that there
would be no adequate remedy at law if the Company fails to perform any of its obligations hereunder and that the Purchaser and the Holders from time to time may be irreparably harmed by any such failure, and accordingly agree that the Purchaser and
such Holders, in addition to any other remedy to which they may be entitled at law or in equity and without limiting the remedies available to the Electing Holders under Section 7 hereof, shall be entitled to compel specific performance of the
obligations of the Company under this Registration Rights Agreement in accordance with the terms and conditions of this Registration Rights Agreement, in any court of the United States or any State thereof having jurisdiction. 
  
 (m) Survival. The respective indemnities, agreements, representations,
warranties and other provisions set forth in this Agreement or made pursuant hereto shall remain in full force and effect, regardless of any investigation (or any statement as to the results thereof) made by or on behalf of any Electing Holder, any
director, officer or partner of such Holder, any agent or underwriter, any director, officer or partner of such agent or underwriter, or any controlling person of any of the foregoing, and shall survive the transfer and registration of Registrable
Securities of such Holder. 
  
 (n) Entire Agreement. This
Agreement, together with the Purchase Agreement and the Indenture, is intended by the parties as a final and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein and therein
and any and all prior oral or written agreements, representations, or warranties, contracts, understandings, correspondence, conversations and memoranda between the Initial Purchasers on the one hand and the Company on the other, or between or among
any agents, representatives, parents, subsidiaries, affiliates, predecessors in interest or successors in interest with respect to the subject matter hereof and thereof are merged herein and replaced hereby. 
  

 21 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

  

	 AMERICAN TOWER CORPORATION

		
	 By:
	 	     /s/ Bradley E. Singer

	 	 	 Name: Bradley E. Singer

	 	 	 Title:   Chief Financial Officer and Treasurer

	
	 The Initial Purchasers named in Schedule I of the Purchase Agreement

		
	 By:
	 	 GOLDMAN, SACHS & CO.

	
	     /s/ Goldman, Sachs & Co.

	 	 	   (Goldman, Sachs & Co.)

  
  

 22 

 Appendix A 
  

American Tower Corporation 
  
 INSTRUCTION TO DTC PARTICIPANTS 
  
 (Date of Mailing) 
  
 URGENT—IMMEDIATE ATTENTION REQUESTED 
  
 DEADLINE FOR RESPONSE: [DATE] 
  
 The Depository Trust Company (“DTC”) has identified you as a DTC Participant through which beneficial interests in the 3.25% Convertible Notes
due August 4, 2010 (the “Convertible Notes”) of American Tower Corporation (the “Company”) are held. 
  
 The Company is in the process of registering the Convertible Notes under the Securities Act of 1933 for resale by the beneficial owners thereof. In order
to have their Convertible Notes included in the registration statement, beneficial owners must complete and return the enclosed Notice of Registration Statement and Selling Securityholder Questionnaire. 
  
 It is important that beneficial owners of the Convertible Notes receive a
copy of the enclosed materials as soon as possible as their rights to have the Convertible Notes included in the registration statement depend upon their returning the Notice and Questionnaire by [Deadline for response]. Please forward a
copy of the enclosed documents to each beneficial owner that holds interests in the Convertible Notes through you. If you require more copies of the enclosed materials or have any questions pertaining to this matter, please contact [Name, address
and telephone number of contact at the Issuer]. 

 American Tower Corporation 
  
 Notice of Registration Statement 
 and 
 Selling Securityholder Questionnaire 
  
 [Date] 
  
 American Tower Corporation (the “Company”) has filed with the United States Securities and Exchange
Commission (the “Commission”) a registration statement on Form S-3 (the “Shelf Registration Statement”) for the registration and resale under Rule 415 of the United States Securities Act of 1933, as amended (the
“Securities Act”), of the Company’s 3.25% Convertible Notes due August 1, 2010 (the “Securities”) and the shares of Class A common stock, par value $.01 per share (the “Class A Common Stock”),
issuable upon conversion thereof, in accordance with the Registration Rights Agreement, dated as of August 4, 2003 (the “Registration Rights Agreement”), between the Company and the purchasers named therein. A copy of the
Registration Rights Agreement is attached hereto. All capitalized terms not otherwise defined herein shall have the meanings ascribed thereto in the Registration Rights Agreement. 
  
 In order to have Registrable Securities included in the Shelf Registration Statement (or a supplement or amendment thereto),
this Notice of Registration Statement and Selling Securityholder Questionnaire (“Notice and Questionnaire”) must be completed, executed and delivered to the Company at the address set forth herein for receipt ON OR BEFORE
[DEADLINE FOR RESPONSE]. Beneficial owners of Registrable Securities who do not complete, execute and return this Notice and Questionnaire by such date (i) will not be named as selling securityholders in the Shelf Registration
Statement and (ii) may not use the Prospectus forming a part thereof for resales of Registrable Securities. 
  
 Certain legal consequences arise from being named as a selling securityholder in the Shelf Registration Statement and related Prospectus. Accordingly,
holders and beneficial owners of Registrable Securities are advised to consult their own securities law counsel regarding the consequences of being named or not being named as a selling securityholder in the Shelf Registration Statement and related
Prospectus. 
  

 A-2 

 The term “Registrable Securities” is defined in the Registration Rights Agreement
to mean all or any portion of the Convertible Notes issued from time to time under the Indenture in registered form and the shares of Class A Common Stock issuable upon conversion of such Convertible Notes; provided, however, that a
security ceases to be a Registrable Security when it is no longer a Restricted Security. 
  
 The term “Restricted Security” is defined in the Registration Rights Agreement to mean any Security or share of Common Stock issuable upon conversion thereof except any such Security or share of Class
A Common Stock that (i) has been effectively registered under the Securities Act and sold in a manner contemplated by the Shelf Registration Statement, or (ii) has been transferred in compliance with Rule 144 under the Securities Act (or any
successor provision thereto) or is transferable pursuant to paragraph (k) of such Rule 144 (or any successor provision thereto), or (iii) has otherwise been transferred and a new Security or share of Class A Common Stock not subject to transfer
restrictions under the Securities Act has been delivered by or on behalf of the Company in accordance with the Indenture. 
  
 ELECTION 
  
 The undersigned holder (the “Selling Securityholder”) of Registrable Securities hereby elects to include in the Shelf Registration Statement the
Registrable Securities beneficially owned by it and listed below in Item (3). The undersigned, by signing and returning this Notice and Questionnaire, agrees to be bound with respect to such Registrable Securities by the terms and conditions of this
Notice and Questionnaire and the Registration Rights Agreement, including, without limitation, Section 6 of the Registration Rights Agreement, as if the undersigned Selling Securityholder were an original party thereto. 
  
 Upon any sale of Registrable Securities pursuant to the Shelf Registration
Statement, the Selling Securityholder will be required to deliver to the Company and the Trustee the Notice of Transfer (completed and signed) set forth in Exhibit 1 to this Notice and Questionnaire. 
  
 The Selling Securityholder hereby provides the following information to the
Company and represents and warrants that such information is accurate and complete: 
  

 A-3 

 QUESTIONNAIRE 
  

	 (1)
	  	 (a)
	  	 Full Legal Name of Selling Securityholder:
  
                                       
                                        
                                        
                                        
                                        
                                     
 

	 	  	 (b)
	  	 Full Legal Name of Registered Holder (if not the same as in (a) above) of Registrable Securities Listed in Item (3) Below:

 
                                       
                                        
                                        
                                        
                                        
                                     
 

			
	 	  	 (c)
	  	Full Legal Name of DTC Participant (if applicable and if not the same as (b) above) Through Which Registrable Securities Listed in Item (3) Below are Held:
			
	 (2)
	  	 	  	Address for Notices to Selling Securityholder:
	 	  	 	  	  

	 	  	 	  	  

	 	  	 	  	  

			
	 	  	 	  	 Telephone:

	 	  	 	  	 Fax:

	 	  	 	  	 Contact Person:

			
	 (3)
	  	 	  	Beneficial Ownership of Convertible Notes:
			
	 	  	 	  	Except as set forth below in this Item (3), the undersigned Selling Securityholder does not beneficially own any Convertible Notes or shares of Class A Common Stock issued upon
conversion, repurchase or redemption of any Convertible Notes.
			
	 	  	 (a)
	  	 Principal amount of Registrable Securities (as defined in the Registration Rights Agreement) beneficially owned:
  

	 	  	 	  	                                       
                                        
                                        
                                        
                                        
                                     
 

			
	 	  	 	  	 CUSIP No(s). of such Registrable Securities:
  

	 	  	 	  	                                       
                                        
                                        
                                        
                                        
                                     
 

			
	 	  	 	  	 Number of shares of Class A Common Stock (if any) issued upon conversion, repurchase or redemption of Registrable
Securities:
                                       
                                        
                                        
                                        
                                        
                                     
 

			
	 	  	 (b)
	  	Principal amount of Convertible Notes other than Registrable Securities beneficially owned:
                                        
                                 
			
	 	  	 	  	CUSIP No(s). of such other Convertible Notes:
                                        
                                        
                                        
                                
			
	 	  	 	  	Number of shares of Class A Common Stock (if any) issued upon conversion of such other
Convertible Notes:                                    
    

  

 A-4 

			
	 	  	(c)	  	 Principal amount of Registrable Securities which the undersigned wishes to be included in the Shelf Registration Statement:

 

			
	 	  	 	  	 CUSIP No(s). of such Registrable Securities to be included in the Shelf Registration Statement:
  

			
	 	  	 	  	 Number of shares of Class A Common Stock (if any) issued upon conversion of Registrable Securities which are to be included in the
Shelf Registration Statement:
  

			
	(4)	  	 	  	Beneficial Ownership of Other Securities of the Company:
			
	 	  	 	  	Except as set forth below in this Item (4), the undersigned Selling Securityholder is not the beneficial or registered owner of any shares of Class A Common Stock or any other
securities of the Company, other than the Convertible Notes and shares of Class A Common Stock listed above in Item (3).
			
	 	  	 	  	State any exceptions here:
			
	(5)	  	 	  	Relationships with the Company:
			
	 	  	 	  	Except as set forth below, neither the Selling Securityholder nor any of its affiliates, officers, directors or principal equity holders (5% or more) has held any position or
office or has had any other material relationship with the Company (or its predecessors or affiliates) during the past three years.
			
	 	  	 	  	State any exceptions here:
			
	(6)	  	 	  	Nature of the Selling Securityholder:
			
	 	  	(a)	  	Is the selling Securityholder a reporting company under the Securities Exchange Act, a majority owned subsidiary of a reporting company under the Securities Exchange Act or a
registered investment company under the Investment Company Act? If so, please state which one.
			
	 	  	 	  	If the entity is a majority owned subsidiary of a reporting company, identify the majority stockholder that is a reporting company.
			
	 	  	 	  	If the entity is not any of the above, identify the natural person or persons having voting and investment control over the Company’s securities that the entity
owns.

  

 A-5 

	 	  	(b)	  	Is the Selling Securityholder a registered broker-dealer?    Yes               No
        
			
	 	  	 	  	State whether the Selling Securityholder received the Registrable Securities as compensation for underwriting activities and, if so, provide a brief description of the
transaction(s) involved.
			
	 	  	 	  	 State whether the Selling Securityholder is an affiliate of a broker-dealer and if so, list the name(s) of the broker-dealer
affiliate(s).
  
 Yes
               No         

			
	 	  	 	  	 If the answer is “Yes,” you must answer the following:

			
	 	  	 	  	 If the Selling Securityholder is an affiliate of a registered broker-dealer, the Selling Securityholder purchased, the Registrable
Securities (i) in the ordinary course of business and (ii) at the time of the purchase of the Registrable Securities, had no agreements or understandings, directly or indirectly, with any person to distribute the Registrable
Securities.
  
 Yes
               No         
  
 If the answer is “No”, state any exceptions here:

			
	 	  	 	  	 If the answer is “No,” this may affect your ability to be included in the registration statement.

			
	(7)	  	 	  	Plan of Distribution:
			
	 	  	 	  	Except as set forth below, the undersigned Selling Securityholder intends to distribute the Registrable Securities listed above in Item (3) only as follows (if at all): Such
Registrable Securities may be sold from time to time directly by the undersigned Selling Securityholder or, alternatively, through underwriters, broker-dealers or agents. Such Registrable Securities may be sold in one or more transactions at fixed
prices, at prevailing market prices at the time of

  

 A-6 

			
	 	  	 	  	 sale, at varying prices determined at the time of sale or at negotiated prices. Such sales may be effected in transactions (which
may involve crosses or block transactions) (i) on any national securities exchange or quotation service on which the Registrable Securities may be listed or quoted at the time of sale, (ii) in the over-the-counter market, (iii) in transactions
otherwise than on such exchanges or services or in the over-the-counter market or (iv) through the writing of options. In connection with sales of the Registrable Securities or otherwise, the Selling Securityholder may enter into transactions with
broker-dealers, which may in turn engage in short sales of the Registrable Securities in the course of hedging the positions they assume. The Selling Securityholder may also sell Registrable Securities short and deliver Registrable Securities to
close out such short positions, or loan or pledge Registrable Securities to broker-dealers that in turn may sell such securities.
  
 State any exceptions here:

  
 By signing below, the
Selling Securityholder acknowledges that it understands its obligation to comply, and agrees that it will comply, with the prospectus delivery and other provisions of the Securities Act and the Exchange Act and the rules and regulations thereunder,
particularly Regulation M. 
  
 In the event that the Selling
Securityholder transfers all or any portion of the Registrable Securities listed in Item (3) above after the date on which such information is provided to the Company, the Selling Securityholder agrees to notify the transferee(s) at the time of the
transfer of its rights and obligations under this Notice and Questionnaire and the Registration Rights Agreement. 
  
 By signing below, the Selling Securityholder consents to the disclosure of the information contained herein in its answers to Items (1) through (6) above
and the inclusion of such information in the Shelf Registration Statement and related Prospectus. The Selling Securityholder understands that such information will be relied upon by the Company in connection with the preparation of the Shelf
Registration Statement and related Prospectus. 
  
 In accordance
with the Selling Securityholder’s obligation under Section 3(a) of the Registration Rights Agreement to provide such information as may be required by law for inclusion in the Shelf Registration Statement, the Selling Securityholder agrees to
promptly notify the Company of any inaccuracies or changes in the information provided herein which may occur subsequent to the date hereof at any time while the Shelf Registration Statement remains in effect. All notices hereunder and pursuant to
the Registration Rights Agreement shall be made in writing, by hand-delivery, first-class mail or air courier guaranteeing overnight delivery as follows: 
  

	 (i) To the Company:
	 	 
		
	 	 	

		
	 	 	

		
	 	 	

		
	 	 	

		
	 	 	

		
	 (ii) With a copy to:
	 	 

  

 A-7 

		
	 	 	

		
	 	 	

		
	 	 	

		
	 	 	

		
	 	 	

  
 Once this Notice and
Questionnaire is executed by the Selling Securityholder and received by the Company, the terms of this Notice and Questionnaire, and the representations and warranties contained herein, shall be binding on, shall inure to the benefit of and shall be
enforceable by the respective successors, heirs, personal representatives, and assigns of the Company and the Selling Securityholder (with respect to the Registrable Securities beneficially owned by such Selling Securityholder and listed in Item (3)
above). This Agreement shall be governed in all respects by the laws of the State of New York. 
  

 A-8 

 IN WITNESS WHEREOF, the undersigned, by authority duly given, has caused this Notice and Questionnaire to
be executed and delivered either in person or by its duly authorized agent. 
  
 Dated:                                  
  

	  

 Selling Securityholder

	(Print/type full legal name of beneficial owner of Registrable Securities)
	
	 By:

	 Name:

	 Title:

  
 PLEASE RETURN THE COMPLETED AND
EXECUTED NOTICE AND QUESTIONNAIRE FOR RECEIPT ON OR BEFORE [DEADLINE FOR RESPONSE] TO THE COMPANY AT: 

	  

 
	
 
	
 
	
 
	
 

  

 A-9 

 Exhibit 1 
 to Appendix A 
  
 NOTICE OF
TRANSFER PURSUANT TO REGISTRATION STATEMENT 
  
 American Tower Corporation

 116 Huntington Avenue 
 Boston, Massachusetts 02116 

 
 Attention:  
  
 The Bank of New York 
 101 Barclay Street, 21W

 New York, New York 10286 
  
 Attention: Corporate Trust Office 
  
 Re:      American Tower Corporation (the “Company”) 
 3.25% Convertible Notes due August 1, 2010 (the “Convertible Notes”) 
  
 Dear Sirs: 
  
 Please be advised that
                         has transferred
$                 aggregate principal amount of the Convertible Notes, or shares of the Company’s Class A common stock, issued upon conversion of Convertible
Notes, pursuant to an effective Registration Statement on Form S-3 (File No. 333-        ) filed by the Company. 
  

We hereby certify that the prospectus delivery requirements, if any, of the Securities Act of 1933, as amended, have been satisfied with respect to the
transfer described above and that the above-named beneficial owner of the Convertible Notes or common stock is named as a selling securityholder in the Prospectus dated [date], or in amendments or supplements thereto, and that the aggregate
principal amount of the Convertible Notes or number of shares of common stock transferred are a portion of the Convertible Notes or shares of common stock listed in such Prospectus as amended or supplemented opposite such owner’s name.

  
 Dated: 
  

	 	 	 Very truly yours,

		
	 	 	  

 (Name)

		
	By:	 	  

	 	 	 (Authorized Signature)THIS DEBENTURE, AND THE SECURITIES INTO WHICH IT IS CONVERTIBLE (COLLECTIVELY,
THE "SECURITIES"), HAVE NOT BEEN REGISTERED WITH THE UNITED STATES SECURITIES
AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE. THE
SECURITIES ARE BEING OFFERED PURSUANT TO A SAFE HARBOR FROM REGISTRATION UNDER
REGULATION D PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
"ACT"). THE SECURITIES ARE "RESTRICTED" AND MAY NOT BE OFFERED OR SOLD UNLESS
THE SECURITIES ARE REGISTERED UNDER THE ACT, PURSUANT TO REGULATION D OR
PURSUANT TO AVAILABLE EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE ACT
AND THE COMPANY WILL BE PROVIDED WITH OPINION OF COUNSEL OR OTHER SUCH
INFORMATION AS IT MAY REASONABLY REQUIRE TO CONFIRM THAT SUCH EXEMPTIONS ARE
AVAILABLE. FURTHER HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE MADE
EXCEPT IN COMPLIANCE WITH THE ACT.

                                    DEBENTURE

                           IVOICE ACQUISITION 1, INC.

                            5% Convertible Debenture

                             Due September 19, 2005

No. 006                                                             $ 100,000.00

      This Debenture is issued by iVOICE ACQUISITION 1, INC., a Delaware
corporation (the "Company"), to Cornell Capital Partners, LP (together with its
permitted successors and assigns, the "Holder") pursuant to exemptions from
registration under the Securities Act of 1933, as amended.

                                   ARTICLE I.

      Section 1.01 Principal and Interest. For value received, on September 19,
2003, the Company hereby promises to pay to the order of the Holder in lawful
money of the United States of America and in immediately available funds the
principal sum of One Hundred Thousand Dollars (US $100,000.00), together with
interest on the unpaid principal of this Debenture at the rate of five percent
(5%) per year (computed on the basis of a 365-day year and the actual days
elapsed) from the date of this Debenture until paid. At the Company's option,
the entire principal amount and all accrued interest shall be either (a) paid to
the Holder on the second (2nd) year anniversary from the date hereof or (b)
converted in accordance with Section 1.02 herein.

<PAGE>

      Section 1.02 Optional Conversion. The Holder is entitled, at its option,
to convert, and sell on the same day, at any time and from time to time, until
payment in full of this Debenture, all or any part of the principal amount of
the Debenture, plus accrued interest, into shares (the "Conversion Shares") of
the Company's common stock, par value $0.0001 per share ("Common Stock"), at the
price per share (the "Conversion Price") equal to either (a) an amount equal to
one hundred twenty percent (120%) of the closing bid price of the Common Stock
as listed on a Principal Market (as defined herein), as quoted by Bloomberg L.P.
(the "Closing Bid Price") as of the date hereof, or (b) an amount equal to
eighty percent (80%) of the average of the four (4) lowest Closing Bid Prices of
the Common Stock for the five (5) trading days immediately preceding the
Conversion Date (as defined herein). Subparagraphs (a) and (b) above are
individually referred to as a "Conversion Price". As used herein, "Principal
Market" shall mean The National Association of Securities Dealers Inc.'s
Over-The-Counter Bulletin Board, Nasdaq SmallCap Market, or American Stock
Exchange. If the Common Stock is not traded on a Principal Market, the Closing
Bid Price shall mean, the reported Closing Bid Price for the Common Stock, as
furnished by the National Association of Securities Dealers, Inc., for the
applicable periods. No fraction of shares or scrip representing fractions of
shares will be issued on conversion, but the number of shares issuable shall be
rounded to the nearest whole share. To convert this Debenture, the Holder hereof
shall deliver written notice thereof, substantially in the form of Exhibit "A"
to this Debenture, with appropriate insertions (the "Conversion Notice"), to the
Company at its address as set forth herein. The date upon which the conversion
shall be effective (the "Conversion Date") shall be deemed to be the date set
forth in the Conversion Notice.

      Section 1.03 Reservation of Common Stock. The Company shall reserve and
keep available out of its authorized but unissued shares of Common Stock, solely
for the purpose of effecting the conversion of this Debenture, such number of
shares of Common Stock as shall from time to time be sufficient to effect such
conversion, based upon the Conversion Price. If at any time the Company does not
have a sufficient number of Conversion Shares authorized and available, then the
Company shall call and hold a special meeting of its stockholders within sixty
(60) days of that time for the sole purpose of increasing the number of
authorized shares of Common Stock.

      Section 1.04 Right of Redemption. The Company at its option shall have the
right to redeem, with thirty (30) business days advance written notice (the
"Redemption Notice"), a portion of or all of the outstanding principal sum under
this Debenture. The redemption price shall be equal to one hundred twenty
percent (120%) multiplied by the portion of the principal sum being redeemed,
plus any accrued and unpaid interest. Once the Company has issued to the Holder
a Redemption Notice, the Holder may continue to convert this Debenture, in
accordance with Section 1.02 hereof, for the thirty (30) day business period
after the Holder receives the Redemption Notice, provided that the closing bid
price of the Company's Common Stock the day prior to the Conversion Date as
specified in the Conversion Notice is greater than the Closing Bid Price of the
Company's Common Stock on the Closing Date.

                                       2
<PAGE>

In the event the Company exercises its right of a redemption of either all or a
portion of the principal sum outstanding under this Debenture, as provided for
in this section, the Company shall issue to the Holder a warrant (the "Warrant")
to purchase ten thousand (10,000) shares of the Company's Common Stock for every
One Hundred Thousand Dollars ($100,000) of principal sum redeemed by the
Company, provided the Holder shall receive a pro rata portion of Warrants if the
Company redeems less than One Hundred Thousand Dollars ($100,000). The Warrant
shall be exercisable for cash consideration only and have an exercise price of
one hundred twenty percent (120%) of the closing bid price for a period of two
(2) years from the issuance of the Warrant. The Warrant shall have "piggy-back"
registration rights, shall be exercised on a "cash-basis".

      Section 1.04 Registration Rights. The Company is obligated to register the
resale of the Conversion Shares under the Securities Act of 1933, as amended,
pursuant to the terms of a Registration Rights Agreement, between the Company
and the Holder dated January 27, 2003 (the "Investor Registration Rights
Agreement").

      Section 1.05 Guaranty. In the event of default and/or on non-performance
pursuant to the Securities Purchase Agreement, Registration Rights Agreement,
this Convertible Debenture, the Escrow Agreement, or the Transfer Agent
Agreement, this Convertible Debenture shall be immediately due and payable and
repayment shall be guaranteed pursuant to the Guaranty Agreement dated January
27, 2003.

      Section 1.06 Interest Payments. The interest so payable will be paid at
the time of maturity or conversion to the person in whose name this Debenture is
registered. At the time such interest is payable, the Company, in its sole
discretion, may elect to pay interest in cash (via wire transfer or certified
funds) or in the form of Common Stock. In the event of default, as described in
Article III Section 3.01 hereunder, the Holder may elect that the interest be
paid in cash (via wire transfer or certified funds) or in the form of Common
Stock. If paid in the form of Common Stock, the amount of stock to be issued
will be calculated as follows: the value of the stock shall be the Closing Bid
Price on: (i) the date the interest payment is due; or (ii) if the interest
payment is not made when due, the date the interest payment is made. A number of
shares of Common Stock with a value equal to the amount of interest due shall be
issued. No fractional shares will be issued; therefore, in the event that the
value of the Common Stock per share does not equal the total interest due, the
Company will pay the balance in cash.

      Section 1.07 Paying Agent and Registrar. Initially, the Company will act
as paying agent and registrar. The Company may change any paying agent,
registrar, or Company-registrar by giving the Holder not less than ten (10)
business days' written notice of its election to do so, specifying the name,
address, telephone number and facsimile number of the paying agent or registrar.
The Company may act in any such capacity.

      Section 1.08 Subordinated Nature of Debenture. This Debenture and all
payments hereon, including principal or interest, shall be subordinate and
junior in right of payment to all accounts payable of the Company incurred in
the ordinary course of business and/or bank debt of the Company not to exceed
$250,000.

                                       3
<PAGE>

                                  ARTICLE II.

      Section 2.01 Amendments and Waiver of Default. The Debenture may not be
amended with the consent of the Holder. Notwithstanding the above, without the
consent of the Holder, the Debenture may be amended to cure any ambiguity,
defect or inconsistency, to provide for assumption of the Company obligations to
the Holder or to make any change that does not adversely affect the rights of
the Holder.

                                  ARTICLE III.

      Section 3.01 Events of Default. An Event of Default is defined as follows:
(a) failure by the Company to pay amounts due hereunder within fifteen (15) days
of the date of maturity of this Debenture; (b) failure by the Company to comply
with the terms of the Irrevocable Transfer Agent Instructions outlined in the
Securities Purchase Agreement; (c) failure by the Company's transfer agent to
issue Common Stock to the Holder within ten (10) days of the Company's receipt
of the attached Notice of Conversion from Holder; (d) failure by the Company for
ten (10) days after notice to it to comply with any of its other agreements in
the Debenture; (e) events of bankruptcy or insolvency; (f) a breach by the
Company of its obligations under the Securities Purchase Agreement or the
Investor Registration Rights Agreement which is not cured by the Company within
ten (10) days after receipt of written notice thereof.

      Section 3.02 Failure to Issue Unrestricted Common Stock. As indicated in
Article III Section 3.01, a breach by the Company of its obligations under the
Investor Registration Rights Agreement shall be deemed an Event of Default,
which if not cured within ten (10) days, shall entitle the Holder accelerated
full repayment of all debentures outstanding. The Company acknowledges that
failure to honor a Notice of Conversion shall cause irreparable harm to the
Holder.

                                  ARTICLE IV.

      Section 4.01 Rights and Terms of Conversion. This Debenture, in whole or
in part, may be converted at any time following the date of closing, into shares
of Common Stock at a price equal to the Conversion Price as described in Section
1.02 above.

      Section 4.02 Re-issuance of Debenture. When the Holder elects to convert a
part of the Debenture, then the Company shall reissue a new Debenture in the
same form as this Debenture to reflect the new principal amount.

      Section 4.03 Termination of Conversion Rights. The Holder's right to
convert the Debenture into the Common Stock in accordance with paragraph 4.01
shall terminate on the date that is the second (2nd) year anniversary from the
date hereof and this Debenture shall be automatically converted on that date in
accordance with the formula set forth in Section 4.01 hereof, and the
appropriate shares of Common Stock and amount of interest shall be issued to the
Holder.

                                       4
<PAGE>

                                   ARTICLE V.

      Section 5.01 Anti-dilution. In the event that the Company shall at any
time subdivide the outstanding shares of Common Stock, or shall issue a stock
dividend on the outstanding Common Stock, the Conversion Price in effect
immediately prior to such subdivision or the issuance of such dividend shall be
proportionately decreased, and in the event that the Company shall at any time
combine the outstanding shares of Common Stock, the Conversion Price in effect
immediately prior to such combination shall be proportionately increased,
effective at the close of business on the date of such subdivision, dividend or
combination as the case may be.

      Section 5.02 Consent of Holder to Sell Common Stock. Except for the Equity
Line of Credit Agreement dated January 27, 2003 between the Company and Cornell
Capital Partners, LP. so long as any of the principal of or interest on this
Note remains unpaid and unconverted, the Company shall not, without the prior
consent of the Holder, issue or sell (i) any Common Stock without consideration
or for a consideration per share less than its fair market value determined
immediately prior to its issuance, (ii) issue or sell any warrant, option,
right, contract, call, or other security or instrument granting the holder
thereof the right to acquire Common Stock without consideration or for a
consideration per share less than such Common Stock's fair market value
determined immediately prior to its issuance, or (iii) file any registration
statement on Form S-8.

                                  ARTICLE VI.

      Section 6.01 Notice. Notices regarding this Debenture shall be sent to the
parties at the following addresses, unless a party notifies the other parties,
in writing, of a change of address:

If to the Company, to:                  iVoice Acquisition 1, Inc.
                                        750 Highway 34
                                        Matawan, NJ 07747
                                        Attention: Jerome R. Mahoney
                                        President and Chief Executive Officer
                                        Telephone: (732) 441-7700
                                        Facsimile: (732) 441-9895

With a copy to:                         McCarter & English, LLP
                                        100 Mulberry Street
                                        Newark, NJ 07102
                                        Attention: Jerome R. Mahoney
                                        Attention: Jeffery Baumel, Esq.
                                        Telephone: (305) 358- 3355
                                        Facsimile: (305) 358-7095

If to the Holder:                       Ralph A. Wondra
                                        c/o The May Davis Group, Inc.
                                        14 Wall Street
                                        New York, NY  10005
                                        Attention:  Michael Jacobs
                                        Telephone: (212) 871-9618
                                        Facsimile: (212) 871-9651

                                       5
<PAGE>

      Section 6.02 Governing Law. This Debenture shall be deemed to be made
under and shall be construed in accordance with the laws of the State of
Delaware without giving effect to the principals of conflict of laws thereof.
Each of the parties consents to the jurisdiction of the U.S. District Court
sitting in the District of the State of New Jersey or the state courts of the
State of New Jersey sitting in Hudson County, New Jersey in connection with any
dispute arising under this Debenture and hereby waives, to the maximum extent
permitted by law, any objection, including any objection based on forum non
conveniens to the bringing of any such proceeding in such jurisdictions.

      Section 6.03 Severability. The invalidity of any of the provisions of this
Debenture shall not invalidate or otherwise affect any of the other provisions
of this Debenture, which shall remain in full force and effect.

      Section 6.04 Entire Agreement and Amendments. This Debenture represents
the entire agreement between the parties hereto with respect to the subject
matter hereof and there are no representations, warranties or commitments,
except as set forth herein. This Debenture may be amended only by an instrument
in writing executed by the parties hereto.

      Section 6.05 Counterparts. This Debenture may be executed in multiple
counterparts, each of which shall be an original, but all of which shall be
deemed to constitute on instrument.

IN WITNESS WHEREOF, with the intent to be legally bound hereby, the Company as
executed this Debenture as of the date first written above.

                                    IVOICE ACQUISITION 1, INC.

                                    By:
                                       -----------------------------------------
                                    Name:  Jerome R. Mahoney
                                    Title: President and Chief Executive Officer

                                       6
<PAGE>

                                   EXHIBIT "A"

                              NOTICE OF CONVERSION

           (To be executed by the Holder in order to Convert the Note)

TO:

      The undersigned hereby irrevocably elects to convert
$___________________________ of the principal amount of the above Note into
Shares of Common Stock of iVOICE ACQUISITION 1, INC., according to the
conditions stated therein, as of the Conversion Date written below.

Conversion Date:
                                             -----------------------------------

Applicable Conversion Price:
                                             -----------------------------------

Signature:
                                             -----------------------------------

Name:
                                             -----------------------------------

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

Amount to be converted: $
                                             -----------------------------------

Amount of Debenture unconverted: $
                                             -----------------------------------

Conversion Price per share: $
                                             -----------------------------------

Number of shares of Common Stock to be
issued:
                                             -----------------------------------

Please issue the shares of Common Stock
in the following name and to the
following address:
                                             -----------------------------------

Issue to:
                                             -----------------------------------

Authorized Signature:
                                             -----------------------------------

Name:
                                             -----------------------------------

Title:
                                             -----------------------------------

Phone Number:
                                             -----------------------------------

Broker DTC Participant Code:
                                             -----------------------------------

Account Number:
                                             -----------------------------------

                                      A-1

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