Document:

Exhibit 10.3

 

EXECUTION VERSION

 

ENVIRONMENTAL
INDEMNITY AGREEMENT

 

THIS ENVIRONMENTAL
INDEMNITY AGREEMENT (as amended, restated, replaced, supplemented or otherwise modified from time to time, this “Agreement”)
made as of the 6th day of October, 2015 by Borrowers listed on Schedule II, each having an address at c/o American Realty
Capital, 405 Park Avenue, New York, New York 10022 (together with their successors and permitted assigns, individually or collectively
as the context may require, “Borrower” or “Borrowers”), and AMERICAN REALTY CAPITAL HOSPITALITY
TRUST, INC., a Maryland corporation, having an address at 405 Park Avenue, New York, New York 10022 (together with its successors
and permitted assigns, “Principal”, and together with Borrower and each of their respective successors and permitted
assigns, collectively, “Indemnitor”), in favor of LADDER CAPITAL FINANCE LLC, a Delaware limited liability
company (“Ladder”), having an address at 345 Park Avenue, 8th Floor, New York, New York 10154, and
GERMAN AMERICAN CAPITAL CORPORATION, a Maryland corporation (“GACC”; together with Ladder and
each of their successors and assigns, collectively or individually, as the context may require, “Indemnitee”),
and other Indemnified Parties (as defined below).

 

RECITALS:

 

A.           Indemnitee
is prepared to make a loan (the “Loan”) to Borrowers in the principal sum of TWO HUNDRED THIRTY TWO MILLION
AND 00/100 DOLLARS ($232,000,000.00) pursuant to that certain Loan Agreement, dated as of the date hereof, between Borrowers and
Indemnitee (as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time, the “Loan
Agreement”), which Loan shall be evidenced by (i) that certain Promissory Note A-1 (“Note A-1”) in
the principal amount of $60,000,000 dated the date hereof made by Borrowers to Ladder, (ii) that certain Promissory Note A-2 (“Note
A-2”) in the principal amount of $39,600,000 dated the date hereof made by Borrowers to Ladder, (iii) that certain Promissory
Note A-3 (“Note A-3”) in the principal amount of $39,600,000 dated the date hereof made by Borrowers to Ladder,
(iv) that certain Promissory Note A-4 (“Note A-4”) in the principal amount of $40,000,000 dated the date hereof
made by Borrowers to GACC, (v) that certain Promissory Note A-5 (“Note A-5”) in the principal amount of $26,400,000
dated the date hereof made by Borrowers to GACC, and (vi) that certain Promissory Note A-6 (“Note A-6”) in the
principal amount of $26,400,000 dated the date hereof made by Borrowers to GACC, (such Note A-6, together with Note A-1, Note A-2,
Note A-3, Note A-4, and Note A-5, as amended, restated, replaced, supplemented or otherwise modified from time to time being hereinafter
referred to collectively as the “Notes” and each, individually, as a “Note”) and secured
by, among other things, certain Security Instruments encumbering the real property more particularly described therein and identified
on Schedule III attached hereto (said real property being referred to as the “Land”; the Land, together
with all structures, buildings and improvements now or hereafter located on the Land, being herein collectively referred to as
the “Properties” and each, individually, being referred to herein as a “Property”).

 

B.           Principal
acknowledges that it has a direct or indirect ownership interest in each Borrower and will receive substantial economic and other
benefits from Indemnitee’s making the Loan to Borrowers.

 

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C.            Indemnitee
is unwilling to make the Loan unless Indemnitor agrees to provide the indemnification, representations, warranties, covenants and
other matters described in this Agreement for the benefit of the Indemnified Parties.

 

D.           Indemnitor
is entering into this Agreement to induce Indemnitee to make the Loan.

 

E.            Capitalized
terms used but not otherwise defined herein shall have the meaning ascribed to such terms in the Loan Agreement.

 

AGREEMENT

 

NOW THEREFORE, in consideration
of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Indemnitor
hereby represents, warrants, covenants and agrees for the benefit of the Indemnified Parties as follows:

 

1.            Environmental
Representations and Warranties. Except for those matters disclosed in those report(s) listed on Schedule I attached
hereto and made a part hereof in respect of the Properties delivered to Indemnitee (referred to below as the “Environmental
Report(s)”), copies of which have been provided to Indemnitee, and based on Indemnitor’s actual knowledge,

 

(a)          there
are no Hazardous Substances (as defined below) in, at, on, above or under any Property, except those that are (i) in compliance
with all Environmental Law (as defined below) and with permits issued pursuant thereto, (ii) in amounts ordinarily and customarily
used or stored in properties similar to such Property for the purposes of cleaning or other maintenance or operations, and (iii)
fully disclosed to Indemnitee in writing pursuant to the Environmental Report(s);

 

(b)         there are no past, present or threatened Releases (as defined below) of Hazardous Substances in, at, on, above, under or from any
Property which have not been fully remediated in accordance with Environmental Law;

 

(c)         there is no threat of any Release of Hazardous Substances migrating to any Property;

 

(d)         there
are no nor have there been underground storage tanks or landfills in, on or under any Property;

 

(e)          no
Property is now nor has it ever been licensed under Environmental Law as a treatment, storage, disposal or transfer of hazardous
waste facility;

 

(f)          there
is no past nor present non-compliance with Environmental Law, or with permits issued pursuant thereto, in connection with any Property
which has not been fully remediated in accordance with Environmental Law;

 

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(g)         Indemnitor
does not know of, and has not received, any written or oral notice, claim or other communication from any Person (including, but
not limited to, a Governmental Authority) relating to (i) Hazardous Substances or Remediation (as defined below) thereof, (ii)
possible liability of any Person pursuant to any Environmental Law, (iii) environmental conditions or non-compliance with Environmental
Law in connection with any Property, or (iv) any actual or threatened in writing administrative or judicial proceedings in connection
with any of the foregoing;

 

(h)          no
Microbial Matter (as defined below) is present in the indoor air of any Property at concentrations exceeding ambient air levels
and no Property currently displays evidence of the growth of Microbial Matter that is reasonably likely to result in Microbial
Matter at concentrations exceeding ambient air levels, and Indemnitor is not aware of any conditions at any Property that are likely
to result in the presence of Microbial Matter in the indoor air at concentrations that exceed ambient air levels or on building
materials or surfaces for which any Governmental Authority would recommend or require removal thereof by remediation professionals;

 

(i)          there
are no Environmental Liens existing or threatened in writing with respect to any Property;

 

(j)          Indemnitor
has truthfully and fully provided to Indemnitee, in writing, any and all information relating to conditions in, at, on, above,
under or from the Properties that is known to Indemnitor and that is contained in files and records of Indemnitor, including, but
not limited to, any reports relating to Hazardous Substances in, at, on, above, under or from any Property and/or to the environmental
condition of any Property; and

 

(k)          No
Property is an “establishment” (an “Establishment”) as defined in Section 22a-134 of the Connecticut
General Statutes (the “Connecticut Transfer Act”).

 

2.          Environmental
Covenants. Indemnitor covenants and agrees that:

 

(a)         all
uses and operations on or of the Properties, whether by Indemnitor or any other Person, shall be in compliance with all Environmental
Law and permits issued pursuant thereto;

 

(b)         there
shall be no (i) Releases of Hazardous Substances in, at, on, above, under or from any Property in violation of Environmental Law,
(ii) treatment, storage, disposal or transfer of hazardous waste operations at, on or under any Property in violation of Environmental
Law, or (iii) except as disclosed in the Environmental Reports, underground storage tanks at, on or under any Property;

 

(c)         there
shall be no Hazardous Substances in, at, on, above or under any Property, except those that are (i) in compliance with all Environmental
Law and with permits issued pursuant thereto, (ii) in amounts ordinarily and customarily used or stored in properties similar to
such Property for the purposes of cleaning or other maintenance or operations, and (iii) fully disclosed to Indemnitee in writing;

 

(d)         Indemnitor
shall keep the Properties free and clear of all Environmental Liens;

 

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(e)         Indemnitor
shall, at its sole cost and expense, fully and expeditiously cooperate in all activities pursuant to Paragraph 3 of this
Agreement, including, but not limited to, providing all relevant information and making knowledgeable Persons available for interviews;

 

(f)          if
Indemnitee, in its reasonable judgment, determines that any adverse environmental condition exists at any Property, Indemnitor
shall, at its sole cost and expense, perform any environmental site assessment or other investigation of environmental conditions
in connection with any Property, by an independent environmental consultant approved by Indemnitee (in its reasonable discretion),
pursuant to any reasonable written request of Indemnitee (including, but not limited to, sampling, testing and analysis of soil,
water, air, building materials, and other materials and substances whether solid, liquid or gas), and share with Indemnitee the
reports and other results thereof, and Indemnitee and the other Indemnified Parties shall be entitled to rely on such reports and
other results thereof;

 

(g)         Indemnitor
shall, at its sole cost and expense, comply with all reasonable written requests of Indemnitee to (i) effectuate Remediation or
obtain a no further action letter for any condition (including, but not limited to, a Release of any Hazardous Substances) in,
at, on, above, under or from any Property in full compliance of Environmental Law or reasonably required by Indemnitee based upon
recommendations and observations of an independent environmental consultant approved by Indemnitee; (ii) comply with any Environmental
Law and with permits issued pursuant thereto; (iii) comply with any directive from any Governmental Authority with respect to Hazardous
Substances and/or Environmental Laws; and (iv) take any other reasonable action necessary or appropriate for protection of human
health or the environment to the extent any risk exists that is not covered under the Environmental Laws, but such risk is caused
by a similar substance that is commonly recognized by industry standards to be a hazard to health and safety;

 

(h)         Indemnitor
shall not do and shall use commercially efforts to not allow any tenant or occupant or other user of any Property to do any act
or omission that causes or materially increases the dangers to human health or the environment;

 

(i)          Indemnitor
shall use commercially reasonable efforts to (i) prevent any tenant or occupant or other user of the Property from doing any act
or omission that is in non-compliance with any Environmental Law and (ii) enforce the applicable provisions of the Leases in order
to prevent tenants or occupants or other users of any Property from taking any action that violates any applicable Environmental
Law, or constitutes a public or private nuisance in violation of Environmental Law;

 

(j)         
Indemnitor shall promptly notify Indemnitee in writing of (i) any presence or Release or threatened Release of Hazardous Substances
in, at, on, above, under, from or migrating towards any Property, which is either (A) in violation of or in excess of a reportable
quantity under any Environmental Law or permit issued pursuant thereto, (B) in amounts that are not ordinarily and customarily
used or stored in properties similar to such Property for the purposes of cleaning or other maintenance or operations or (C) had
not been previously fully disclosed to Indemnitee in writing; (ii) any non-compliance with any Environmental Law related in any
way to any Property, including any operations thereon; (iii) any actual or threatened in writing imposition of an Environmental
Lien; (iv) any required or proposed Remediation of environmental conditions relating to any Property; and/or (v) any written notice,
claim or other communication of which any Indemnitor becomes aware from any source whatsoever (including, but not limited to, a
Governmental Authority) relating in any way to Hazardous Substances or Remediation thereof, possible liability of any Person pursuant
to any Environmental Law, other environmental conditions in connection with any Property, or any actual or potential administrative
or judicial proceedings in connection with anything referred to in this Agreement;

 

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(k)         Indemnitor shall comply with any and all local, state or federal laws, legislation, regulations, guidelines or statutes in effect
with respect to Microbial Matter; and

 

(l)          Indemnitor
shall not operate, or allow anyone else to operate, an Establishment on any Property.

 

3.           Indemnified
Rights/Cooperation and Access. In the event the Indemnified Parties have a good faith reason to believe that an environmental
hazard or non-compliance with Environmental Law or permit issued pursuant thereto exists in, at, on, above, under or from or to
any Property upon reasonable notice from Indemnitee, Indemnitor shall, at Indemnitor’s sole cost and expense, promptly cause
an independent engineer or consultant reasonably satisfactory to the Indemnified Parties to conduct any environmental assessment
or audit (the scope of which shall be determined in the commercially reasonable discretion of the Indemnified Parties) and take
any samples of soil, groundwater or other water, air, or building materials or any other invasive testing requested by Indemnitee
and promptly deliver to Indemnitee the results of any such assessment, audit, sampling or other testing; provided, however,
if such results are not delivered to Indemnitee within a reasonable period or if the Indemnified Parties have a good faith reason
to believe that any such environmental hazard or non-compliance exists on such Property that, in the sole judgment of the Indemnified
Parties, endangers any tenant or occupant or other user of such Property or their guests or the general public or any other Person
or is likely to materially and adversely affect the value of such Property, upon reasonable notice to Indemnitor, the Indemnified
Parties and any other Person designated by the Indemnified Parties, including, but not limited to, any receiver, any representative
of a Governmental Authority, and any environmental consultant, shall have the right, but not the obligation, to enter upon such
Property at all reasonable times to assess any and all aspects of the environmental condition of such Property and its use, including,
but not limited to, conducting any environmental assessment or audit (the scope of which shall be determined in the sole and absolute
discretion of the Indemnified Parties) and taking samples of soil, groundwater or other water, air, or building materials, and
reasonably conducting other invasive testing. Indemnitor shall cooperate with and provide the Indemnified Parties and any such
Person designated by the Indemnified Parties with access to the Properties.

 

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4.            Indemnification.
Indemnitor covenants and agrees, at its sole cost and expense, to protect, defend, indemnify, release and hold Indemnified Parties
harmless from and against any and all Losses (as defined below) imposed upon or incurred by or asserted against any Indemnified
Parties and directly or indirectly arising out of or in any way relating to any one or more of the following: (a) any presence
of any Hazardous Substances in, at, on, above, under, from or migrating to any Property; (b) any past, present or threatened Release
of Hazardous Substances in, at, on, above, under, from or migrating to any Property; (c) any activity by Indemnitor, any Person
affiliated with Indemnitor and/or any tenant or occupant or other user of any Property in connection with any actual, proposed
or threatened use, treatment, storage, holding, existence, disposition or other Release, generation, production, manufacturing,
processing, refining, control, management, abatement, removal, handling, transfer or transportation to or from such Property of
any Hazardous Substances at any time located in, at, under, on, above, from or migrating to such Property; (d) any activity by
Indemnitor, any Person affiliated with Indemnitor and/or any tenant or occupant or other user of any Property in connection with
any actual or proposed Remediation of any Hazardous Substances at any time located in, at, under, on, above, from or migrating
to such Property, whether or not such Remediation is voluntary or pursuant to court or administrative order, including, but not
limited to, any removal, remedial or corrective action; (e) any past, present or threatened non-compliance or violations of any
Environmental Law (or permits issued pursuant to any Environmental Law) in connection with any Property or operations thereon,
including, but not limited to, any failure by Indemnitor, any Person affiliated with Indemnitor and/or any tenant or occupant or
other user of such Property to comply with any order of any Governmental Authority in connection with any Environmental Law; (f)
the imposition, recording or filing or the threatened imposition, recording or filing of any Environmental Lien encumbering any
Property; (g) any administrative processes or proceedings or judicial proceedings in any way connected with any matter addressed
in this Agreement; (h) any past, present or threatened injury to, destruction of or loss of natural resources in any way connected
with any Property, including, but not limited to, costs to investigate and assess such injury, destruction or loss; (i) any acts
of Indemnitor, any Person affiliated with Indemnitor and/or any tenant or occupant or other user of any Property in arranging for
disposal or treatment, or arranging with a transporter for transport for disposal or treatment, of Hazardous Substances at any
facility or incineration vessel containing such or similar Hazardous Substances; (j) any acts of Indemnitor, any Person affiliated
with any Indemnitor and/or any tenant or occupant or other user of any Property in accepting any Hazardous Substances for transport
to disposal or treatment facilities, incineration vessels or sites from which there is a Release, or a threatened Release of any
Hazardous Substance which causes the incurrence of costs for Remediation; (k) any personal injury, wrongful death, or property
or other damage arising under any statutory or common law or tort law theory, including, but not limited to, damages assessed for
public or private nuisance, but only to the extent that any such claim arises out of or relates to the Release of any Hazardous
Substance or violation of any Environmental Law in connection with any Property; (l) any misrepresentation or inaccuracy in any
representation or warranty or material breach or failure to perform any covenants or other obligations pursuant to this Agreement,
the Loan Agreement or the other Loan Documents as such matter pertains to Environmental Law and/or Hazardous Substances; and (m)
any obligations that arise by virtue of the operation of an Establishment at any Property, and the failure of Indemnitors to comply
with its obligations under the Connecticut Transfer Act, including, without limitation, being the “certifying party”
in the event of a transfer of such Establishment. Notwithstanding the foregoing, Indemnitors shall not have any obligation to the
Indemnified Parties hereunder to the extent that any Losses caused by the gross negligence, illegal acts, fraud or willful misconduct
of any of the Indemnified Parties.

 

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5.           Duty
to Defend and Attorneys and Other Fees and Expenses. Upon written request by any Indemnified Party, Indemnitor shall defend
such Indemnified Party (if requested by any Indemnified Party, in the name of the Indemnified Party) by attorneys and other professionals
approved by the Indemnified Parties against any action, inquiry or other matter for which such Indemnified Party is indemnified
pursuant to this Agreement. Notwithstanding the foregoing, any Indemnified Parties may, in their sole and absolute discretion,
engage their own attorneys and other professionals to defend or assist them, and, at the option of Indemnified Parties, their attorneys
shall control the resolution of any claim or proceeding, providing that no compromise or settlement shall be entered without Indemnitor’s
consent, which consent shall not be unreasonably withheld. Upon demand, Indemnitor shall pay or, in the sole and absolute discretion
of the Indemnified Parties, reimburse, the Indemnified Parties for the payment of reasonable fees and disbursements of attorneys,
engineers, environmental consultants, laboratories and other professionals in connection therewith.

 

6.            Definitions.
As used in this Agreement, the following terms shall have the following meanings:

 

The term “Environmental
Law” means any present and future federal, state and local laws, statutes, ordinances, rules, regulations and the like,
as well as common law, relating to protection of human health or the environment, relating to Hazardous Substances and/or relating
to liability for or costs of other actual or threatened danger to human health or the environment. The term “Environmental
Law” includes, but is not limited to, the following statutes, as amended, any successor thereto, and any regulations
promulgated pursuant thereto, and any state or local statutes, ordinances, rules, regulations and the like addressing similar issues:
the Comprehensive Environmental Response, Compensation and Liability Act; the Emergency Planning and Community Right-to-Know Act;
the Hazardous Substances Transportation Act; the Resource Conservation and Recovery Act (including, but not limited to, Subtitle
I relating to underground storage tanks); the Solid Waste Disposal Act; the Clean Water Act; the Clean Air Act; the Toxic Substances
Control Act; the Safe Drinking Water Act; the Occupational Safety and Health Act; the Federal Water Pollution Control Act; the
Federal Insecticide, Fungicide and Rodenticide Act; the Endangered Species Act; the National Environmental Policy Act; the Oil
Pollution Act of 1990; the River and Harbors Appropriation Act; the California Environmental Quality Act; the applicable provisions
of the California Health and Safety Code; California Labor Code; the California Water Code; the Texas Water Code §26.001 et
seq.; the Texas Health & Safety Code §361.001 et seq.; and the Texas Solid Waste Disposal Act, Tex. Civ. Stat. Ann. art.
4477-7. The term “Environmental Law” also includes, but is not limited to, any present and future federal, state
and local laws, statutes, ordinances, rules, regulations, permits or authorizations and the like, as well as common law: (a) conditioning
transfer of property upon a negative declaration or other approval of a Governmental Authority of the environmental condition of
any Property; (b) requiring notification or disclosure of Releases of Hazardous Substances or other environmental condition of
any Property to any Governmental Authority or other Person, whether or not in connection with transfer of title to or interest
in property; (c) imposing conditions or requirements in connection with permits or other authorization for lawful activity; (d)
relating to nuisance, trespass or other causes of action related to any Property in connection with any physical condition or use
of any of the Properties by reason of the presence of Hazardous Substances in, on, under or above, or Released from, such Property;
or (e) relating to wrongful death, personal injury, or property or other damage in connection with any physical condition or use
of any of the Properties by reason of the presence of Hazardous Substances in, on, under or above or released from such Property.

 

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The term “Environmental
Lien” means any lien, restriction or other encumbrance imposed pursuant to any Environmental Law, regardless of whether
due to any act or omission of Indemnitor or any other Person.

 

The term “Hazardous
Substances” includes but is not limited to any and all substances (whether solid, liquid or gas) defined, listed, or
otherwise classified as pollutants, hazardous wastes, hazardous substances, hazardous materials, extremely hazardous wastes, or
words of similar meaning or regulatory effect under any present or future Environmental Law or that may have a negative impact
on human health or the environment, including, but not limited to, Microbial Matter, petroleum and petroleum products, asbestos
and asbestos-containing materials, polychlorinated biphenyls, lead, radon, radioactive materials, flammables and explosives, but
excluding substances of kinds and in amounts ordinarily and customarily used or stored in properties similar to the Properties
for the purposes of cleaning or other maintenance or operations and otherwise in compliance with all Environmental Law.

 

The term “Indemnified
Parties” includes Indemnitee, any Person who is or will have been involved in the origination of the Loan, any Person
who is or will have been involved with the servicing of the Loan, any Person in whose name the encumbrance created by any Security
Instrument is or will have been recorded, Persons who may hold or acquire or will have held a full or partial interest in the Loan
(including, but not limited to, Investors (as defined below) or prospective Investors in the Securities (as defined below), as
well as custodians, trustees and other fiduciaries who hold or have held a full or partial interest in the Loan for the benefit
of third parties) as well as the respective directors, officers, shareholders, partners, members, employees, agents, servants,
representatives, contractors, subcontractors, affiliates, subsidiaries, participants, successors and assigns of any and all of
the foregoing (including, but not limited to, any other Person who holds or acquires or will have held a participation or other
full or partial interest in the Loan or any Property, whether during the term of the Loan or as a part of, or following a foreclosure
of, the Loan and including, but not limited to, any successors by merger, consolidation or acquisition of all or a substantial
portion of Indemnitee’s assets and business).

 

The term “Legal
Action” means any claim, suit or proceeding, whether administrative or judicial in nature.

 

The term “Losses”
includes any losses, damages, costs, fees, expenses, claims, suits, judgments, awards, liabilities (including, but not limited,
to strict liabilities), obligations, debts, diminutions in value (provided, however, that any diminution in the value of any of
the Properties arising from or in connection with the presence of Hazardous Substances in, on, under or at any of the Properties,
shall constitute a Loss only if, when and to the extent that the same renders the Indemnified Parties unable to collect full repayment
of the Obligations or full satisfaction thereof through a realization of all of its collateral security for the Obligations after
giving due credit for the value of any collateral security which the Indemnified Parties elect not to realize upon unless such
collateral security is either unavailable or is the subject of a material Release or other material environmental contamination),
fines, penalties, charges, costs of Remediation (whether or not performed voluntarily), amounts paid in settlement, foreseeable
and unforeseeable consequential damages, litigation costs, attorneys’ fees, engineers’ fees, environmental consultants’
fees, and investigation costs (including, but not limited to, costs for sampling, testing and analysis of soil, water, air, building
materials, and other materials and substances whether solid, liquid or gas), of whatever kind or nature, and whether or not incurred
in connection with any judicial or administrative proceedings, actions, claims, suits, judgments or awards.

 

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The term “Microbial
Matter” means fungi or bacterial matter which reproduces through the release of spores or splitting of cells or other
means, including, but not limited to, mold, mildew, fungi, fungal spores, fragments and metabolites, such as mycotoxins and microbial
organic compounds, and viruses, whether or not any of the same are living.

 

The term “Release”
with respect to any Hazardous Substance includes, but is not limited to, any release, deposit, discharge, emission, leaking, leaching,
spilling, seeping, migrating, injecting, pumping, pouring, emptying, escaping, dumping, disposing (including the abandonment or
discarding of barrels, containers or other open or closed receptacles containing Hazardous Materials) into the environment or other
movement of Hazardous Substances.

 

The term “Remediation”
includes, but is not limited to, any response, remedial, removal, or corrective action; any activity to clean up, detoxify, decontaminate,
contain or otherwise remediate any Hazardous Substance; any actions to prevent, cure or mitigate any Release of any Hazardous Substance;
any action to comply with any Environmental Law or with any permits issued pursuant thereto; any inspection, investigation, study,
monitoring, assessment, audit, sampling and testing, laboratory or other analysis, or evaluation relating to any Hazardous Substances
or to anything referred to herein.

 

7.            Unimpaired
Liability. The liability of Indemnitor under this Agreement shall in no way be limited or impaired by, and Indemnitor hereby
consents to and agrees to be bound by, any amendment or modification of the provisions of any Note, the Loan Agreement, any Security
Instrument or any other Loan Document to or with Indemnitee by any Borrower, Principal or any Person who succeeds any Borrower,
Principal or any Person as owner of any Property. In addition, the liability of Indemnitor under this Agreement shall in no way
be limited or impaired by (i) any extensions of time for performance required by any Note, the Loan Agreement, any Security Instrument
or any of the other Loan Documents, (ii) any sale or transfer of all or part of any Property, (iii) except as provided herein,
any exculpatory provision in any Note, the Loan Agreement, any Security Instrument, or any of the other Loan Documents limiting
Indemnitee’s recourse to any Property or to any other security for the Notes, or limiting Indemnitee’s rights to a
deficiency judgment against Indemnitor, (iv) the accuracy or inaccuracy of the representations and warranties made by Indemnitor
herein and by any Borrower and/or Principal under any Note, the Loan Agreement, any Security Instrument or any of the other Loan
Documents or herein, (v) the release of Indemnitor or any other Person from performance or observance of any of the agreements,
covenants, terms or condition contained in any of the other Loan Documents by operation of law, Indemnitee’s voluntary act,
or otherwise, (vi) the release or substitution in whole or in part of any security for the Notes, or (vii) Indemnitee’s failure
to record any Security Instrument or file any UCC financing statements (or Indemnitee’s improper recording or filing of any
thereof) or to otherwise perfect, protect, secure or insure any security interest or lien given as security for the Notes; and,
in any such case, whether with or without notice to Indemnitor and with or without consideration.

 

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8.            Enforcement.
Indemnified Parties may enforce the obligations of Indemnitor without first resorting to or exhausting any security or collateral
or without first having recourse pursuant to any Note, the Loan Agreement, any Security Instrument, or any other Loan Documents
or all or any part of any Property, through foreclosure proceedings or otherwise, provided, however, that nothing
herein shall inhibit or prevent Indemnitee from suing on any Note, foreclosing, or exercising any power of sale under, any Security
Instrument, or exercising any other rights and remedies thereunder. This Agreement is not collateral or security for the Obligations
of Borrowers pursuant to the Loan, unless Indemnitee expressly elects in writing to make this Agreement additional collateral
or security for the Obligations of Borrowers pursuant to the Loan, which Indemnitee is entitled to do in its sole and absolute
discretion. It is not necessary for an Event of Default to have occurred pursuant to and as defined in the Security Instruments
or the Loan Agreement for Indemnified Parties to exercise their rights pursuant to this Agreement. Notwithstanding any provision
of the Loan Agreement (including, without limitation, Section 11.22 thereof), the obligations pursuant to this Agreement are exceptions
to any non-recourse or exculpation provision of the Loan Agreement; Indemnitor expressly acknowledges and agrees that it is fully
and personally liable for such obligations, and such liability is not limited to the original or amortized principal balance of
the Loan or the value of the Properties.

 

9.            Survival.
The obligations and liabilities of Indemnitor under this Agreement shall fully survive indefinitely notwithstanding any termination,
satisfaction, assignment, entry of a judgment of foreclosure, exercise of any power of sale, or delivery of a deed in lieu of foreclosure
of any Security Instrument. Notwithstanding the foregoing, provided that (a) the Obligations have been paid and performed in full
in normal course in accordance with the terms and provisions of the Loan Agreement, the Note and the other Loan Documents (and
not following an Event of Default and the exercise of remedies by Indemnitee), (b) at any time on or after the date that the Obligations
have been paid and performed in full, Indemnitor delivers to Indemnitee, at Indemnitor’s sole cost and expense, a Clean Phase
I (as defined below), (c) there has been no change in any Environmental Law or other applicable law prior to the Termination Date
(as defined below) which would have the effect of imposing any liability upon a lender/mortgagee for any matter, condition or circumstance
for which Indemnitee is entitled to be indemnified under this Agreement notwithstanding the fact that the Obligations have been
paid and performed in full, and (d) as of the Termination Date, there is no outstanding complaint, summons, citation, notice, directive,
order, claim, litigation, investigation, notice of violation, judicial or administrative proceeding, judgment, letter or other
communication from any Governmental Authority, or any third party, involving violations of Environmental Law, Releases of Hazardous
Substances or any other environmental condition, the indemnification obligations and liabilities of Indemnitor under this Agreement
shall terminate on, and be of no further force or effect from and after, the date (the “Termination Date”) that
is three (3) years following delivery of the Clean Phase I in accordance with the terms and conditions set forth above. For purposes
of this Paragraph 9, a “Clean Phase I” shall mean a Phase I environmental site assessment either addressed to
Indemnitee or together with a letter from such consultant stating that Indemnitee may rely on such assessment, which such assessment
(and, if applicable, reliance letter) shall be in form, substance and scope, and from an independent environmental consultant,
acceptable in each case to Indemnitee, and shall not identify any actual or potential Recognized Environmental Conditions or Controlled
Recognized Environmental Conditions (as those terms are defined in ASTM E1527-13) or any other conditions that could result in
liability under or otherwise violate any Environmental Law or environmental permit issued pursuant thereto or require any Remediation
or other action requested by any Governmental Authority. Notwithstanding the provisions of this Agreement to the contrary, the
indemnification obligations and liabilities of Indemnitor hereunder shall not apply to the extent that Indemnitor can prove that
such liabilities and obligations arose solely from Hazardous Substances that: (x) were not present on or a threat to the applicable
Property prior to the date that Indemnitee or its nominee acquired title to the applicable Property, whether by foreclosure, exercise
of power of sale, acceptance of a deed-in-lieu of foreclosure or otherwise and (y) were not the result of any act or omission by
Indemnitor or any of Indemnitor’s affiliates, officers, directors, employees, agents, contractors or representatives.

 

    	 	10	 

    

    

 

10.          Interest.
Any amounts payable to any Indemnified Parties under this Agreement shall become immediately due and payable on demand and, if
not paid within five (5) days of such demand therefor, shall bear interest at the Default Rate.

 

11.          Waivers.
Indemnitor hereby waives and relinquishes (i) any right or claim of right to cause a marshaling of Indemnitor’s assets or
to cause Indemnitee or other Indemnified Parties to proceed against any of the security for the Loan before proceeding under this
Agreement against Indemnitor; (ii) all rights and remedies accorded by applicable law to indemnitors or guarantors, except any
rights of subrogation which Indemnitor may have, provided that the indemnity provided for hereunder shall neither be contingent
upon the existence of any such rights of subrogation nor subject to any claims or defenses whatsoever which may be asserted in
connection with the enforcement or attempted enforcement of such subrogation rights, including, without limitation, any claim that
such subrogation rights were abrogated by any acts of Indemnitee or other Indemnified Parties; (iii) the right to assert a counterclaim,
other than a mandatory or compulsory counterclaim, in any action or proceeding brought against or by Indemnitee or other Indemnified
Parties; (iv) notice of acceptance hereof and of any action taken or omitted in reliance hereon; (v) presentment for payment, demand
of payment, protest or notice of nonpayment or failure to perform or observe, or other proof, or notice or demand; and (vi) all
homestead exemption rights against the obligations hereunder and the benefits of any statutes of limitations or repose. Notwithstanding
anything to the contrary contained herein, Indemnitor hereby agrees to postpone the exercise of any rights of subrogation with
respect to any collateral securing the Loan until the Loan shall have been paid in full.

 

12.         Subrogation.
Indemnitor hereby agrees to take any and all reasonable actions, including institution of legal action against third parties, necessary
or appropriate to obtain reimbursement, payment or compensation from such Persons responsible for the presence of any Hazardous
Substances in, at, under, on, above, from or migrating to any Property or otherwise obligated by law to bear the cost. The Indemnified
Parties shall be and hereby are subrogated to all of Indemnitor’s rights now or hereafter in such claims.

 

13.         Indemnitor’s
Representations and Warranties. Each Indemnitor represents and warrants that:

 

(a)          it
has the full power and authority to execute and deliver this Agreement and to perform its obligations hereunder; the execution,
delivery and performance of this Agreement by Indemnitor has been duly and validly authorized; and all requisite action has been
taken by Indemnitor to make this Agreement valid and binding upon Indemnitor, enforceable in accordance with its terms;

 

    	 	11	 

    

    

 

(b)          its
execution of, and compliance with, this Agreement is in the ordinary course of business of Indemnitor and will not result in the
breach of any term or provision of the charter, by-laws, partnership, operating or trust agreement, or other governing instrument
of Indemnitor or result in the breach of any term or provision of, or conflict with or constitute a default under, or result in
the acceleration of any obligation under, any agreement, indenture or loan or credit agreement or other instrument to which Indemnitor
or any Property is subject, or result in the violation of any law, rule, regulation, order, judgment or decree to which Indemnitor
or any Property is subject;

 

(c)          to
the best of Indemnitor’s knowledge, there is no action, suit, proceeding or investigation pending or threatened against it
which, either in any one instance or in the aggregate, may result in any material adverse change in the business, operations, financial
condition, properties or assets of Indemnitor, or in any material impairment of the right or ability of Indemnitor to carry on
its business substantially as now conducted, or in any material liability on the part of Indemnitor, or which would draw into question
the validity of this Agreement or of any action taken or to be taken in connection with the obligations of Indemnitor contemplated
herein, or which would be likely to impair materially the ability of Indemnitor to perform under the terms of this Agreement;

 

(d)         it
does not believe, nor does it have any reason or cause to believe, that it cannot perform each and every covenant contained in
this Agreement;

 

(e)         to
the best of Indemnitor’s knowledge, no approval, authorization, order, license or consent of, or registration or filing with,
any Governmental Authority or other Person, and no approval, authorization or consent of any other Person is required in connection
with this Agreement; and

 

(f)          this
Agreement constitutes a valid, legal and binding obligation of Indemnitor, enforceable against it in accordance with the terms
hereof.

 

14.          No
Waiver. No delay by any Indemnified Party in exercising any right, power or privilege under this Agreement shall operate as
a waiver of any such privilege, power or right.

 

15.         Notice
of Legal Actions. Each party hereto shall, within five (5) Business Days of receipt thereof, give written notice to the other
party hereto of (i) any notice, advice or other communication from any Governmental Authority or any source whatsoever with respect
to Hazardous Substances on, from or affecting any Property, and (ii) any legal action brought against such party or related to
any Property, with respect to which Indemnitor may have liability under this Agreement. Such notice shall comply with the provisions
of Section 19 hereof.

 

16.         Examination
of Books and Records. Indemnified Parties and their accountants and other representatives shall have the right to examine the
records, books, management and other papers of Indemnitor which reflect upon its financial condition, at any Property or at the
office regularly maintained by Indemnitor where the books and records are located. Indemnified Parties and their accountants and
other representatives shall have the right to make copies and extracts from the foregoing records and other papers. In addition,
at reasonable times and upon reasonable notice, Indemnified Parties and their accountants and other representatives shall have
the right to examine and audit the books and records of Indemnitor pertaining to the income, expenses and operation of any Property
during reasonable business hours at the office of Indemnitor where the books and records are located.

 

    	 	12	 

    

    

 

17.         Transfer
of Loan. (a) Indemnitee may, at any time, sell, transfer, pledge or assign its rights and obligations under the Notes, the
Loan Agreement, the Security Instruments, this Agreement and the other Loan Documents to any Person, and any or all servicing rights
with respect thereto, or grant participations therein to any Person or issue mortgage pass-through certificates or other securities
evidencing a beneficial interest in a rated or unrated public offering or private placement (the “Securities”)
to any Person. Indemnitee may forward to each purchaser, transferee, assignee, pledgee, servicer, participant or investor in such
Securities or any credit rating agency rating such Securities (the foregoing entities hereinafter collectively referred to as the
“Investor”) and each prospective Investor, all documents and information which Indemnitee now has or may hereafter
acquire relating to Indemnitor and the Properties, whether furnished by Indemnitor, any guarantor or otherwise, as Indemnitee determines
necessary or desirable. Indemnitor and any guarantor agree to cooperate with Indemnitee in connection with any transfer made or
any Securities created pursuant to this Section, including, without limitation, the delivery of an estoppel certificate required
in accordance with the Loan Agreement and such other documents as may be reasonably requested by Indemnitee. Indemnitor shall also
furnish, and Indemnitor and any guarantor hereby consent to Indemnitee furnishing to such Investors or such prospective Investors,
any and all information concerning the financial condition of Indemnitor and any guarantor and any and all information concerning
the Properties and the Leases as may be requested by Indemnitee, any Investor or any prospective Investor in connection with any
sale, transfer or participation interest.

 

(b)         Upon
any transfer or proposed transfer contemplated above and by Section 9.1 of the Loan Agreement, at Indemnitee’s request, Indemnitor
shall provide an estoppel certificate to the Investor or any prospective Investor in such form, substance and detail as Indemnitee,
such Investor or prospective Investor may require.

 

18.          Taxes.
Indemnitor has filed and shall, throughout the Term, file all federal, state, county, municipal, and city income and other tax
returns required to have been filed by it and has paid all taxes and related liabilities which have become due pursuant to such
returns or pursuant to any assessments received by it. Indemnitor has no knowledge of any basis for any additional assessment in
respect of any such taxes and related liabilities for prior years.

 

19.          Notices.
All notices or other written communications hereunder shall be made in accordance with Section 11.6 of the Loan Agreement.
Notices to Prinicipal shall be addressed as follows:

 

	If to Principal:	American Realty Capital Hospitality Trust, Inc.
	 	405 Park Avenue
	 	New York, New York 10022
	 	Attention: Chief Executive Officer

 

    	 	13	 

    

    

 

	With a copy to:	American Realty Capital Hospitality Trust, Inc.
	 	405 Park Avenue
	 	New York, New York 10022
	 	Attention: Chief Executive Officer

 

20.          Duplicate
Originals; Counterparts. This Agreement may be executed in any number of duplicate originals and each duplicate original shall
be deemed to be an original. This Agreement may be executed in several counterparts, each of which counterparts shall be deemed
an original instrument and all of which together shall constitute a single Agreement. The failure of any party hereto to execute
this Agreement, or any counterpart hereof, shall not relieve the other signatories from their obligations hereunder.

 

21.          No
Oral Change. This Agreement, and any provisions hereof, may not be modified, amended, waived, extended, changed, discharged
or terminated orally or by any act or failure to act on the part of Indemnitor or any Indemnified Party, but only by an agreement
in writing signed by the party against whom enforcement of any modification, amendment, waiver, extension, change, discharge or
termination is sought.

 

22.          Headings,
Etc. The headings and captions of various paragraphs of this Agreement are for convenience of reference only and are not to
be construed as defining or limiting, in any way, the scope or intent of the provisions hereof.

 

23.          Number
and Gender/Successors and Assigns. All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine,
neuter, singular or plural as the identity of the Person or Persons referred to may require. Without limiting the effect of specific
references in any provision of this Agreement, the term “Indemnitor” shall be deemed to refer to each and every
Person comprising an Indemnitor from time to time, as the sense of a particular provision may require, and to include the heirs,
executors, administrators, legal representatives, successors and permitted assigns of Indemnitor, all of whom shall be bound by
the provisions of this Agreement, provided that no obligation of Indemnitor may be assigned except with the written consent
of Indemnitee. Each reference herein to Indemnitee shall be deemed to include its successors and assigns. This Agreement shall
inure to the benefit of Indemnified Parties and their respective successors, permitted assigns, heirs and legal representatives
forever. The Indemnified Parties shall have the right to sell, assign, pledge, participate, transfer or delegate, as applicable,
to one or more Persons, all or a portion of its rights and obligations under this Agreement in connection with any assignment of
the Loan and the Loan Documents. Any assignee or transferee of Indemnitee (and the other Indemnified Parties) shall be entitled
to all the benefits afforded to Indemnitee (and the other Indemnified Parties) under this Agreement. Indemnitor shall not have
the right to assign, delegate or transfer its rights or obligations under this Agreement without the prior written consent of Indemnitee
and any attempted assignment, delegation or transfer without such consent shall be null and void.

 

24.          Successors
and Assigns. This Agreement shall be binding upon, and shall inure to the benefit of, Indemnitor and Indemnitee and their respective
successors and permitted assigns. Indemnitee may sell, assign, pledge, participate, transfer or delegate, as applicable, to one
or more Persons, all or a portion of its rights and obligations under this Agreement and the other Loan Documents. Any assignee
or transferee of Indemnitee shall be entitled to all the benefits afforded to Indemnitee under this Agreement. Indemnitor shall
not have the right to assign, delegate or transfer its rights or obligations under this Agreement without the prior written consent
of Indemnitee, and any attempted assignment, delegation or transfer without such consent shall be null and void.

 

    	 	14	 

    

    

 

25.         Release
of Liability. Any one or more parties liable upon or in respect of this Agreement may be released without affecting the liability
of any party not so released.

 

26.         Rights
Cumulative. The rights and remedies herein provided are cumulative and not exclusive of any rights or remedies which Indemnitee
has under the Notes, the Security Instruments, the Loan Agreement or the other Loan Documents or would otherwise have at law or
in equity.

 

27.         Inapplicable
Provisions. If any provision of this Agreement is held to be illegal, invalid or unenforceable under present or future laws
effective during the term of this Agreement, such provision shall be fully severable and this Agreement shall be construed and
enforced as if such illegal, invalid or unenforceable provision had never comprised a part of this Agreement, and the remaining
provision of this Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable
provision or by its severance from this Agreement, unless such continued effectiveness of this Agreement, as modified, would be
contrary to the basic understandings and intentions of the parties as expressed herein

 

28.         Governing
Law. (a) THIS AGREEMENT WAS NEGOTIATED IN THE STATE OF NEW YORK, AND MADE BY INDEMNITOR AND ACCEPTED BY INDEMNITEE IN THE STATE
OF NEW YORK, AND THE PROCEEDS OF THE NOTES SECURED HEREBY WERE DISBURSED FROM THE STATE OF NEW YORK, WHICH STATE THE PARTIES AGREE
HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING TRANSACTION EMBODIED HEREBY, AND IN ALL RESPECTS, INCLUDING,
WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS AGREEMENT AND THE OBLIGATIONS
ARISING HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS
MADE AND PERFORMED IN SUCH STATE (WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS) AND ANY APPLICABLE LAW OF THE UNITED STATES
OF AMERICA. TO THE FULLEST EXTENT PERMITTED BY LAW, INDEMNITOR HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT
THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS AGREEMENT AND/OR THE OTHER LOAN DOCUMENTS, AND THIS AGREEMENT AND/OR THE OTHER
LOAN DOCUMENTS SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK PURSUANT TO SECTION 5-1401
OF THE NEW YORK GENERAL OBLIGATIONS LAW.

 

    	 	15	 

    

    

 

(b)         ANY
LEGAL SUIT, ACTION OR PROCEEDING AGAINST INDEMNITEE OR INDEMNITOR ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE OTHER LOAN
DOCUMENTS MAY AT INDEMNITEE’S OPTION BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE CITY OF NEW YORK, COUNTY OF NEW YORK,
PURSUANT TO SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND INDEMNITOR WAIVES ANY OBJECTIONS WHICH IT MAY NOW OR HEREAFTER
HAVE BASED ON VENUE AND/OR FORUM NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND INDEMNITOR HEREBY IRREVOCABLY SUBMITS
TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING. INDEMNITOR DOES HEREBY DESIGNATE AND APPOINT:

 

AMERICAN REALTY CAPITAL HOSPITALITY TRUST, INC.

405 PARK AVENUE

NEW YORK, NEW YORK 10022

ATTENTION: CHIEF EXECUTIVE OFFICER

 

AS ITS AUTHORIZED AGENT TO ACCEPT AND
ACKNOWLEDGE ON ITS BEHALF SERVICE OF ANY AND ALL PROCESS WHICH MAY BE SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING IN ANY FEDERAL
OR STATE COURT IN NEW YORK, NEW YORK, AND AGREES THAT SERVICE OF PROCESS UPON SAID AGENT AT SAID ADDRESS AND WRITTEN NOTICE OF
SAID SERVICE MAILED OR DELIVERED TO INDEMNITOR IN THE MANNER PROVIDED HEREIN SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE
OF PROCESS UPON INDEMNITOR IN ANY SUCH SUIT, ACTION OR PROCEEDING IN THE STATE OF NEW YORK. INDEMNITOR (I) SHALL GIVE PROMPT NOTICE
TO INDEMNITEE OF ANY CHANGED ADDRESS OF ITS AUTHORIZED AGENT HEREUNDER, (II) MAY AT ANY TIME AND FROM TIME TO TIME DESIGNATE A
SUBSTITUTE AUTHORIZED AGENT WITH AN OFFICE IN NEW YORK, NEW YORK (WHICH SUBSTITUTE AGENT AND OFFICE SHALL BE DESIGNATED AS THE
PERSON AND ADDRESS FOR SERVICE OF PROCESS), AND (III) SHALL PROMPTLY DESIGNATE SUCH A SUBSTITUTE IF ITS AUTHORIZED AGENT CEASES
TO HAVE AN OFFICE IN NEW YORK, NEW YORK OR IS DISSOLVED WITHOUT LEAVING A SUCCESSOR. NOTHING CONTAINED HEREIN SHALL AFFECT THE
RIGHT OF INDEMNITEE TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED
AGAINST INDEMNITOR IN ANY OTHER JURISDICTIONS.

 

29.          Waiver
of Trial by Jury. 

 

(a)          INDEMNITOR
HEREBY, AND INDEMNITEE BY ACCEPTANCE HEREOF, EACH AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE, TRIABLE OF RIGHT BY JURY, AND
FOREVER WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THIS
AGREEMENT, THE NOTES, THE SECURITY INSTRUMENTS OR THE OTHER LOAN DOCUMENTS, OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING
IN CONNECTION THEREWITH. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY INDEMNITOR AND INDEMNITEE
AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE
ACCRUE. INDEMNITOR AND INDEMNITEE EACH IS HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE
OF THIS WAIVER BY THE OTHER PARTY.

 

    	 	16	 

    

    

 

 

(b)          EACH
INDEMNITOR AND INDEMNITEE (BY ITS ACCEPTANCE HEREOF) EACH HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHT THEY
MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED ON THE LOAN OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH THE
LOAN, THIS AGREEMENT, ANY NOTE, ANY SECURITY INSTRUMENT, OR ANY OTHER LOAN DOCUMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING,
STATEMENT (WHETHER VERBAL OR WRITTEN), OR ACTION OF ANY INDEMNITOR OR INDEMNITEE. THIS PROVISION IS A MATERIAL INDUCEMENT FOR INDEMNITEE’S
MAKING OF THE LOAN. NOTWITHSTANDING THE FOREGOING TO THE CONTRARY, IN THE EVENT THAT THE JURY TRIAL WAIVER CONTAINED HEREIN SHALL
BE HELD OR DEEMED TO BE UNENFORCEABLE BY A COURT APPLYING THE LAWS OF THE STATE OF CALIFORNIA, EACH INDEMNITOR HEREBY EXPRESSLY
AGREES TO SUBMIT TO JUDICIAL REFERENCE PURSUANT TO CALIFORNIA CODE OF CIVIL PROCEDURE SECTIONS 638 THROUGH 645.1 ANY CLAIM, DEMAND,
ACTION OR CAUSE OF ACTION ARISING HEREUNDER FOR WHICH A JURY TRIAL WOULD OTHERWISE BE APPLICABLE OR AVAILABLE (PROVIDED, HOWEVER,
THAT NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED HEREIN, NO JUDICIAL REFERENCE SHALL BE APPLICABLE WITH RESPECT TO ANY ACTION
IN RESPECT OF THE FORECLOSURE OF ANY SECURITY INSTRUMENT). PURSUANT TO SUCH JUDICIAL REFERENCE, THE PARTIES AGREE TO THE APPOINTMENT
OF A SINGLE REFEREE AND SHALL USE THEIR BEST EFFORTS TO AGREE ON THE SELECTION OF A REFEREE. IF THE PARTIES ARE UNABLE TO AGREE
ON A SINGLE REFEREE, A REFEREE SHALL BE APPOINTED BY THE COURT UNDER CALIFORNIA CODE OF CIVIL PROCEDURE SECTIONS 638 AND 640 TO
HEAR ANY DISPUTES HEREUNDER IN LIEU OF ANY SUCH JURY TRIAL. EACH INDEMNITOR ACKNOWLEDGES AND AGREES THAT THE APPOINTED REFEREE
SHALL HAVE THE POWER TO DECIDE ALL ISSUES IN THE APPLICABLE ACTION OR PROCEEDING, WHETHER OF FACT OR LAW, AND SHALL REPORT A STATEMENT
OF DECISION THEREON; PROVIDED, HOWEVER, THAT ANY MATTERS WHICH WOULD NOT OTHERWISE BE THE SUBJECT OF A JURY TRIAL WILL BE UNAFFECTED
BY THIS WAIVER. EACH INDEMNITOR HEREBY AGREES THAT THE PROVISIONS CONTAINED HEREIN HAVE BEEN FAIRLY NEGOTIATED ON AN ARMS-LENGTH
BASIS, WITH EACH INDEMNITOR AGREEING TO THE SAME KNOWINGLY AND BEING AFFORDED THE OPPORTUNITY TO HAVE ITS LEGAL COUNSEL CONSENT
TO THE MATTERS CONTAINED HEREIN.

 

On behalf of all
Indemnitors:

 

	 	 	 	 	 	 
	 	Indemnitor’s Initials	 	Indemnitor’s Initials	 	Indemnitor’s Initials
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	Indemnitor’s Initials	 	Indemnitor’s Initials	 	Indemnitor’s Initials
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	Indemnitor’s Initials	 	Indemnitor’s Initials	 	Indemnitor’s Initials
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	Indemnitor’s Initials	 	 	 	 

 

[NO FURTHER
TEXT ON THIS PAGE; agreement continues on next page]

 

    	 	17	 

    

    

 

30.          Miscellaneous.
(a) Wherever pursuant to this Agreement (i) Indemnitee (or any other Indemnified Party) exercises any right given to it to approve
or disapprove any matter, (ii) any arrangement or term is to be satisfactory to Indemnitee (or any other Indemnified Party), or
(iii) any other decision or determination is to be made by Indemnitee (or any other Indemnified Party), the decision of Indemnitee
(or such other Indemnified Party) to approve or disapprove such matter, all decisions that arrangements or terms are satisfactory
to Indemnitee (or such other Indemnified Party) or not satisfactory and all other decisions and determinations made by Indemnitee
(or such other Indemnified Party), shall be in the sole and absolute discretion of Indemnitee (or such other Indemnified Party)
and shall be final and conclusive, except as may be otherwise expressly and specifically provided herein.

 

(b)           Wherever
pursuant to this Agreement it is provided that Indemnitor pay any costs and expenses, such costs and expenses shall include, but
not be limited to, legal fees and disbursements of Indemnitee and the other Indemnified Parties, whether retained outside law firms,
or as reimbursements for the expenses of in-house legal staff or otherwise.

 

(c)           If
Indemnitor consists of more than one Person or party, the obligations and liabilities of each such Person or party hereunder shall
be joint and several.

 

(d)           This
Agreement is made under Seal.

 

31.         State-Specific
Provisions. (a) Conflicts. To the extent any of the provisions of this Section 31 conflict with any of the other
provisions of this Agreement, the terms and provisions of this Section 31 shall control. Notwithstanding the foregoing,
nothing in this Section 31 shall be deemed to contradict or supersede the terms and provisions of Section 28 hereof
with respect to the governing law applicable to this Agreement.

 

(b)           Additional
Waivers.

 

(i)          Each
Indemnitor waives, and agrees that it will not at any time insist upon, plead or in any manner whatsoever claim or take the benefit
or advantage of, any and all appraisal, valuation, stay, extension, marshaling of assets or redemption laws, or right of homestead
or exemption, whether now or at any time hereafter in force, which may delay, prevent or otherwise affect the performance by such
Indemnitor of its/his/her obligations under, or the enforcement by Indemnitee of, this Agreement. Each Indemnitor hereby waives
diligence, presentment and demand, notice of any other fact which might increase such Indemnitor’s risk hereunder, notice
of presentment for payment, demand, protest and notice thereof as to any instrument, and notice of default, with respect to any
of the Loan, and all other demands whatsoever and waives the benefit of all provisions of law which are or might be in conflict
with the terms of this Agreement. Each Indemnitor represents, warrants and agrees that, as of the date of this Agreement, its obligations
under this Agreement are not subject to any counterclaims, offsets or defenses against Indemnitee of any kind.

 

    	 	18	 

    

    

 

 

(ii)         Each
Indemnitor agrees that nothing contained herein shall prevent Indemnitee from foreclosing on the lien of any Security Instrument,
or from exercising any rights available to it thereunder, including, but not limited to, any waiver of the security for the Loan
described in the Security Instruments, and that the exercise of any of the aforesaid rights shall not constitute a legal or equitable
discharge of such Indemnitor. Each Indemnitor expressly waives any and all suretyship defenses that may be available to such Indemnitor,
such as defenses in its favor based upon an election of remedies by Indemnitee that destroys, diminishes, or affects such Indemnitor’s
right to proceed against any other party for reimbursement, contribution, indemnity or otherwise, including, without limitation,
any election by Indemnitee to conduct a nonjudicial foreclosure sale under any Security Instrument, and further including, without
limitation, any and all defenses, rights, or estoppels that might otherwise arise under or in connection with California Code of
Civil Procedure Sections 580b, 580d, 580a, 726.5 or 726 as a result of any such election, or otherwise, including, without limitation,
any right to cause a fair value hearing to be held. Each Indemnitor understands and agrees that the preceding sentence is a knowing
waiver of any defense that may arise in the future to enforcement of this indemnity under California Code of Civil Procedure Sections
580b, 580d, 580a or 726 (or any other statute limiting a lender’s right to a deficiency or the amount of a deficiency following
a non-judicial or judicial sale) based on Indemnitee’s election to conduct a private, nonjudicial foreclosure sale following
a default by any Borrower even though such an election destroyed, diminished or otherwise affected such Indemnitor’s rights
of subrogation or the right of contribution, reimbursement or indemnity from any part, with the result that such Indemnitor’s
liability under this Agreement became nonreimbursable in whole or in part. Nevertheless, each Indemnitor hereby authorizes and
empowers Indemnitee to exercise, in its sole discretion, any rights and remedies, or any combination thereof, which may then be
available, since it is the intent and purpose of such Indemnitor that the obligations hereunder shall be absolute, independent
and unconditional under any and all circumstances. Without limiting the generality of the foregoing, each Indemnitor hereby expressly
waives any and all benefits under California Civil Code Section 2809, 2810, 2815, 2819, 2822, 2839, 2845, 2846, 2847, 2848, 2849,
2850, 2899, 3433 and California Code of Civil Procedure Sections 580b, 580a, 580d and 726. Notwithstanding any foreclosure of the
lien of any Security Instrument or security agreement with respect to any or all of any real or personal property secured thereby,
whether by the exercise of the power of sale contained therein, by an action for judicial foreclosure or by an acceptance of a
deed in lieu of foreclosure, each Indemnitor shall remain bound under this Agreement. Nothing shall discharge or satisfy the liability
of any Indemnitor hereunder except the full performance hereof by such Indemnitor. Further, each Indemnitor consents and agrees
that Indemnitee shall be under no obligation to marshal any assets in favor of such Indemnitor.

 

(iii)        WITHOUT
LIMITING THE FOREGOING, EACH INDEMNITOR WAIVES ALL RIGHTS AND DEFENSES THAT SUCH INDEMNITOR MAY HAVE IF THIS AGREEMENT IS DEEMED
OR BECOMES SECURED BY REAL PROPERTY. THIS MEANS, AMONG OTHER THINGS:

 

(A)         THE
INDEMNITEE MAY COLLECT FROM SUCH INDEMNITOR WITHOUT FIRST FORECLOSING ON ANY REAL OR PERSONAL PROPERTY COLLATERAL PLEDGED BY THE
BORROWER OR ANY OTHER INDEMNITOR; AND

 

    	 	19	 

    

    

 

 

(B)         IF
THE INDEMNITEE FORECLOSES ON ANY REAL PROPERTY COLLATERAL PLEDGED BY THE BORROWER OR ANY OTHER INDEMNITOR:

 

(1)         THE
AMOUNT OF INDEMNITEE’S CLAIM HEREUNDER MAY BE REDUCED ONLY BY THE PRICE FOR WHICH THAT COLLATERAL IS SOLD AT THE FORECLOSURE
SALE, EVEN IF THE COLLATERAL IS WORTH MORE THAN THE SALE PRICE; AND

 

(2)         THE
INDEMNITEE MAY COLLECT FROM SUCH INDEMNITOR EVEN IF THE INDEMNITEE, BY FORECLOSING ON THE REAL PROPERTY COLLATERAL, HAS DESTROYED
ANY RIGHT SUCH INDEMNITOR MAY HAVE TO COLLECT FROM THE BORROWER.

 

THIS IS AN UNCONDITIONAL
AND IRREVOCABLE WAIVER OF ANY RIGHTS AND DEFENSES THAT EACH INDEMNITOR MAY HAVE IF THIS AGREEMENT IS DEEMED OR BECOMES SECURED
BY REAL PROPERTY. THESE RIGHTS AND DEFENSES INCLUDE, BUT ARE NOT LIMITED TO, ANY RIGHTS OR DEFENSES BASED UPON CALIFORNIA CODE
OF CIVIL PROCEDURE SECTIONS 580a, 580b, 580d, OR 726.

 

(c)          Representations
and Warranties. Except as previously disclosed to Indemnitee in writing, no Property has been and is now being used in violation
of any applicable Environmental Law and no Property has been designated as “hazardous waste property” or “border
zone property” pursuant to Section 25220, et seq., of the California Health and Safety Code.”

 

(d)          Environmental
Compliance.

 

(i)          With
or without notice, and without releasing any Indemnitor from any obligation hereunder, Indemnitee shall have the right, but shall
not be obligated, to cure any default of any Indemnitor hereunder and, in connection therewith, Indemnitee or its agents, acting
by themselves or through a court-appointed receiver, may enter upon any Property or any part thereof and perform such acts and
things as Indemnitee deems necessary or desirable to inspect and investigate, including, without limitation, the right to: (i)
obtain a court order to enforce Indemnitee’s rights to enter and inspect such Property under California Civil Code Section
2929.5, to which the decision of Indemnitee as to whether there exists a release or threatened release of Hazardous Substances
in or onto such Property shall be deemed reasonable and conclusive as between the parties hereto; and (ii) have a receiver appointed
under California Code of Civil Procedure Section 564 to enforce Indemnitee’s right to enter and inspect such Property for
Hazardous Substances. All fees, costs and expenses reasonably incurred by Indemnitee with respect to the audits, tests, inspections,
and examinations which Indemnitee or its agents or employees may conduct, including the fees, costs and expenses of the engineers,
laboratories, contractor, consultants, and attorneys, pursuant to California Civil Code Section 2929.5 or otherwise to enforce
this Agreement shall be paid by Indemnitors. All such fees, costs and expenses incurred by Indemnitee pursuant to this subparagraph
(including, without limitation, court costs, consultant fees and attorney fees, whether incurred in litigation or otherwise and
whether before or after judgment) shall bear interest at the Default Rate from the date such costs and expenses are incurred until
said sums have been fully paid. This provision is separate and several, and shall survive the merger of these provisions into any
judgment.

 

    	 	20	 

    

    

 

 

(ii)         Indemnitee’s
option, Indemnitee shall be entitled to seek a judgment that any Indemnitor has breached its covenants, representations and/or
warranties with respect to the environmental matters set forth in this Agreement by commencing and maintaining an action or actions
in any court of competent jurisdiction for breach of contract pursuant to California Code of Civil Procedure Section 736, whether
commenced prior to foreclosure of any Property or otherwise, and to seek the recovery of any and all costs, damages, expenses,
fees, penalties, fines, judgments, indemnification payments to third parties, and other out-of-pocket costs or expenses actually
incurred or advanced by Indemnitee relating to the cleanup, remediation or other response action, required by applicable law or
to which Indemnitee believes necessary to protect such Property (collectively, the “Environmental Costs”) (excluding,
however, any Environmental Costs not permitted to be recovered pursuant to Section 736 of the California Code of Civil Procedure),
it being conclusively presumed between Indemnitee and Indemnitors that all such Environmental Costs incurred or advanced by Indemnitee
relating to the cleanup, remediation, or other response action of or to such Property were made by Indemnitee in good faith. All
Environmental Costs under this subparagraph (including, without limitation, court costs, consultant fees and attorneys’ fees,
whether incurred in litigation or otherwise and whether before or after judgment) shall bear interest at the Default Rate from
the date of such costs and expenses have been incurred until said sums have been fully paid.

 

(iii)        At
Indemnitee’s option, Indemnitee shall be entitled to waive its lien against any Property or any portion thereof, whether
fixtures or personal property, to the extent such property is found to be environmentally impaired in accordance with California
Code of Civil Procedure Section 726.5 and to exercise any and all rights and remedies of an unsecured creditor against Indemnitors
and all of Indemnitors’ respective assets and property for the recovery of any deficiency and Environmental Costs, including,
but not limited to, seeking an attachment order under California Code of Civil Procedure Section 483.010. As between Indemnitee
and each Indemnitor, for purposes of California Code of Civil Procedure Section 726.5, each Indemnitor shall have the burden of
proving that such Indemnitor or any related party (or any affiliate or agent of such Indemnitor or any related party) was not in
any way negligent in permitting the release or threatened release of Hazardous Substances.

 

(iv)        Each
Indemnitor acknowledges and agrees that, notwithstanding any term or provision contained herein or in any of the Loan Documents,
Environmental Costs shall be exceptions to any nonrecourse or exculpatory provisions of the Loan Documents. Each Indemnitor shall
be fully and personally liable for the Environmental Costs hereunder, and such liability shall not be limited to the original principal
amount of the obligation secured by the Security Instruments. Each Indemnitor’s obligations for Environmental Costs shall
survive a foreclosure, deed in lieu of foreclosure, release, reconveyance, or any other transfer of any Property or any Security
Instrument. For the purposes of any action brought under subparagraphs (ii) and (iii) of this Section 31(d),
each Indemnitor hereby waives the defense of laches and any applicable statute of limitations.

 

    	 	21	 

    

    

 

 

(e)          Indemnitors’
Obligations. Indemnitee and each Indemnitor hereby acknowledge and agree that only Borrower’s obligations hereunder are
secured by the Security Instruments. Without limiting the foregoing, Principal’s obligations hereunder shall not be secured
nor deemed secured by the Security Instruments.

 

(f)          Commercial
Transaction. EACH INDEMNITOR ACKNOWLEDGES THAT THE TRANSACTION CONTEMPLATED HEREIN IS A COMMERCIAL TRANSACTION WITHIN THE MEANING
OF SECTION 52-278a OF THE CONNECTICUT GENERAL STATUTES, AND THAT IN ANY ACTION UPON THIS TRANSACTION, ANY INDEMNITEE MAY AVAIL
ITSELF OF AND PURSUE ITS RIGHTS TO OBTAIN A PREJUDGMENT REMEDY IN ACCORDANCE WITH SECTION 52-278f OF THE CONNECTICUT GENERAL STATUTES.
EACH INDEMNITOR HAS BEEN ADVISED BY COUNSEL OF ITS RIGHTS WITH RESPECT TO PREJUDGMENT REMEDIES UNDER CHAPTER 903a OF THE CONNECTICUT
GENERAL STATUTES, AS AMENDED, INCLUDING SECTIONS 52-278a ET SEQ. EACH INDEMNITOR HEREBY KNOWINGLY AND WILLINGLY WAIVES TO THE FULLEST
EXTENT PERMITTED BY LAW ALL RIGHTS OF NOTICE, JUDICIAL HEARING OR PRIOR COURT ORDER IN CONNECTION WITH THE OBTAINING BY LENDER
OF ANY PREJUDGMENT REMEDY WITH RESPECT TO THIS AGREEMENT, OR PURSUANT TO ANY OTHER DOCUMENT EXECUTED BY ANY INDEMNITOR IN CONNECTION
WITH THIS TRANSACTION, INCLUDING ANY AMENDMENTS OR EXTENSIONS HEREOF OR THEREOF. FURTHER, EACH INDEMNITOR WAIVES ANY REQUIREMENT
OF LENDER TO POST A BOND OR ANY OTHER SECURITY, OR TO SHOW SOME EXIGENCY, IN CONNECTION WITH THE OBTAINING BY LENDER OF ANY SUCH
PREJUDGMENT REMEDY.

 

[NO FURTHER
TEXT ON THIS PAGE]

 

    	 	22	 

    

    

  

IN WITNESS WHEREOF,
this Environmental Indemnity Agreement has been executed by Indemnitor as of the day and year first above written.

 

	 	INDEMNITOR:
	 	 
	 	AMERICAN REALTY CAPITAL HOSPITALITY TRUST, INC., a Maryland corporation
	 	 
	 	By:  	/s/ Paul Hughes
	 	 	Name: Paul Hughes
	 	 	Title: Authorized Signatory
	 	 
	 	ARC HOSPITALITY PORTFOLIO II OWNER, LLC, a Delaware limited liability company
	 	 
	 	By:	/s/ Paul Hughes
	 	 	Name: Paul Hughes
	 	 	Title: Authorized Signatory
	 	 
	 	ARC HOSPITALITY PORTFOLIO II TRS, LLC, a Delaware limited liability company
	 	 
	 	By:	/s/ Paul Hughes
	 	 	Name: Paul Hughes
	 	 	Title: Authorized Signatory
	 	 
	 	ARC HOSPITALITY PORTFOLIO II MISC TRS, LLC, a Delaware limited liability company
	 	 
	 	By:  	/s/ Paul Hughes
	 	 	Name: Paul Hughes
	 	 	Title: Authorized Signatory
	 	 
	 	ARC HOSPITALITY PORTFOLIO II HIL TRS, LLC, a Delaware limited liability company
	 	 
	 	By:	/s/ Paul Hughes
	 	 	Name: Paul Hughes
	 	 	Title: Authorized Signatory

 

     

    

    

 

	 	ARC HOSPITALITY STRATFORD, LLC, a Delaware limited liability company
	 	 
	 	By:	/s/ Paul Hughes
	 	 	Name: Paul Hughes
	 	 	Title: Authorized Signatory
	 	 
	 	ARC HOSPITALITY TRS STRATFORD, LLC, a Delaware limited liability company
	 	 
	 	By:	  /s/ Paul Hughes
	 	 	Name: Paul Hughes
	 	 	Title: Authorized Signatory
	 	 
	 	ARC HOSPITALITY PORTFOLIO II NTC OWNER, LP, a Delaware limited partnership
	 	 
	 	By:  	/s/ Paul Hughes
	 	 	Name: Paul Hughes
	 	 	Title: Authorized Signatory
	 	 
	 	ARC HOSPITALITY PORTFOLIO II NTC HIL TRS, LP, a Delaware limited partnership
	 	 
	 	By:	  /s/ Paul Hughes
	 	 	Name: Paul Hughes
	 	 	Title: Authorized Signatory
	 	 
	 	ARC HOSPITALITY PORTFOLIO II NTC TRS, LP, a Delaware limited partnership
	 	 
	 	By:	/s/ Paul Hughes
	 	 	Name: Paul Hughes
	 	 	Title: Authorized Signatory

 

     

    

    

 

SCHEDULE I

 

Environmental Reports

 

LIST OF ENVIRONMENTAL REPORTS

 

    Schedule I

    

    

 

SCHEDULE II

 

Borrowers

 

	
         

        Borrower Name
	 	Organization 

type	 	State of

 Formation
	ARC Hospitality Portfolio II Owner, LLC	 	Limited liability company	 	Delaware
	ARC Hospitality Portfolio II TRS, LLC	 	Limited liability company	 	Delaware
	ARC Hospitality Portfolio II MISC TRS, LLC	 	Limited liability company	 	Delaware
	ARC Hospitality Portfolio II HIL TRS, LLC	 	Limited liability company	 	Delaware
	ARC Hospitality Stratford, LLC	 	Limited liability company	 	Delaware
	ARC Hospitality TRS Stratford, LLC	 	Limited liability company	 	Delaware
	ARC Hospitality Portfolio II NTC Owner, LP	 	Limited partnership	 	Delaware
	ARC Hospitality Portfolio II NTC HIL TRS, LP	 	Limited partnership	 	Delaware
	ARC Hospitality Portfolio II NTC TRS, LP	 	Limited partnership	 	Delaware

  

    Schedule II

    

    

 

SCHEDULE III

 

Properties

 

	 	Hotel Name	 	State	 	Address	 	City/State/Zip
	1.	Hampton Inn Orlando International Drive/Convention Center	 	FL	 	8900 Universal Boulevard	 	Orlando, FL  32819
	2.	Homewood Suites by Hilton Orlando – International Drive/Convention	 	FL	 	8745 International Drive	 	Orlando, FL  32819
	3.	Courtyard Dalton	 	GA	 	411 Holiday Drive	 	Dalton, GA  30720
	4.	Hilton Garden Inn Albuquerque – North/Rio Rancho	 	NM	 	1711 Rio Rancho Boulevard	 	Albuquerque, NM  87124
	5.	Hampton Inn Milford	 	CT	 	129 Plains Road	 	Milford, CT  06460
	6.	Homewood Suites by Hilton Augusta	 	GA	 	1049 Stevens Creek Road	 	Augusta, GA  30907
	7.	Hampton Inn Chicago/Naperville	 	IL	 	1087 East Diehl Road	 	Naperville, IL  60563
	8.	Hampton Inn Indianapolis – NE/Castleton	 	IN	 	6817 East 82nd Street	 	Indianapolis, IN  46250
	9.	Hampton Inn Knoxville – Airport	 	TN	 	148 International Avenue	 	Alcoa, TN  37701
	10.	Homewood Suites by Hilton Seattle Downtown	 	WA	 	206 Western Avenue West	 	Seattle, WA  98119
	11.	TownePlace Suites Savannah Midtown	 	GA	 	11309 Abercorn Street	 	Savannah, GA  31419
	12.	Hilton Garden Inn Louisville East	 	KY	 	1530 Alliant Avenue	 	Louisville, KY  40299
	13.	Residence Inn Jacksonville Airport	 	FL	 	1310 Airport Road	 	Jacksonville, FL  32218
	14.	Hampton Inn Champaign/Urbana	 	IL	 	1200 West University Avenue	 	Urbana, IL  61801
	15.	Hampton Inn East Lansing	 	MI	 	2500 Coolidge Road	 	East Lansing, MI  48823
	16.	SpringHill Suites Asheville	 	NC	 	Two Buckstone Place	 	Asheville, NC  28805
	17.	Courtyard San Diego Carlsbad/McClellan-Palomar Airport	 	CA	 	5835 Owens Avenue	 	Carlsbad, CA  92008
	18.	Courtyard Houston I-10 West/Energy Corridor	 	TX	 	12401 Katy Freeway	 	Houston, TX  77079
	19.	Hampton Inn Austin – North @ I-35 & Hwy 183	 	TX	 	7619 I-35 North	 	Austin, TX  78752
	20.	Hampton Inn College Station	 	TX	 	320 Texas Avenue South	 	College Station, TX 77840
	21.	Stratford Homewood	 	CT	 	6905 Main Street	 	Stratford, CT 06614

 

    Schedule IIIEX-10.6

 Exhibit 10.6 

Execution Version 
 SBA TOWER
TRUST 
 U.S. $500,000,000 Secured Tower Revenue Securities, Series 2015-1, Subclass 2015-1C 

PURCHASE AGREEMENT 

October 6, 2015 
 Barclays
Capital Inc. 
 Citigroup Global Markets Inc. 
 Deutsche Bank
Securities Inc. 
 as Representatives of the several Initial 

Purchasers listed in Schedule I hereto 
 c/o
Barclays Capital Inc. 
 745 Seventh Avenue 
 New York, New York
10019 
 Ladies and Gentlemen: 
 SBA Tower
Trust (the “Trust”), a New York common law trust formed pursuant to the Trust and Servicing Agreement dated as of November 18, 2005 (the “Initial Closing Date”) and amended and restated in its entirety by the
Amended and Restated Trust and Servicing Agreement (the “Existing Trust Agreement”) dated as of October 15, 2014 (the “2014 Closing Date”) among SBA Depositor LLC, a Delaware limited liability company (the
“Depositor”), Midland Loan Services, a division of PNC Bank, National Association, as servicer (the “Servicer”), and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”), proposes to
issue U.S.$500,000,000 principal amount of its Secured Tower Revenue Securities, Series 2015-1, 3.156% Subclass 2015-1C (the “Offered Securities”), representing a fractional undivided interest in the Trust, pursuant to the Trust
Agreement, as supplemented by the First Trust Agreement Supplement (the “First Trust Agreement Supplement”), to be dated as of the Closing Date (as hereinafter defined), between the Servicer and the Trustee (the Existing Trust
Agreement as so supplemented, the “Trust Agreement”). Capitalized terms used herein and not otherwise herein defined shall have the meanings assigned to such terms in the Trust Agreement. 

The assets of the Trust currently consist primarily of a monthly pay, nonrecourse mortgage loan (the “Existing Mortgage
Loan”) in an aggregate principal amount of $4,030,000,000, evidenced by the promissory note evidencing the 2010-2C component of the Mortgage Loan (the “2010-2C Note”) originally issued on April 16, 2010 (the
“2010 Closing Date”), the promissory note evidencing the 2012-1C component of the Mortgage 

 
Loan (the “2012-1C Note”) originally issued on August 9, 2012 (the “2012 Closing Date”), the promissory note evidencing the 2013-1C component of the
Mortgage Loan (the “2013-1C Note”), the promissory note evidencing the 2013-1D component of the Mortgage Loan (the “2013-1D Note”) and the promissory note evidencing the 2013-2C component of the Mortgage Loan (the
“2013-2C Note”) originally issued on April 18, 2013 (the “2013 Closing Date”) and the promissory note evidencing the 2014-1C component of the Mortgage Loan (the “2014-1C Note”) and the
promissory note evidencing the 2014-2C component of the Mortgage Loan (the “2014-2C Note”, and together with the 2010-2C Note, the 2012-1C Note, the 2013-1C Note, the 2013-1D Note, the 2013-2C Note and the 2014-1C Note, the
“Existing Notes” ) originally issued on the 2014 Closing Date, in respect of which each of SBA Properties, LLC, a Delaware limited liability company (“SBA Properties” or the “Initial Borrower”), SBA
Sites, LLC, a Delaware limited liability company (“SBA Sites”), SBA Structures, LLC a Delaware limited liability company (“SBA Structures”), SBA Infrastructure, LLC, a Delaware limited liability company
(“SBA Infrastructure”), SBA Monarch Towers III, LLC, a Delaware limited liability company (“SBA Monarch III”), SBA 2012 TC Assets PR, LLC, a Delaware limited liability company (“SBA TC PR”), SBA
2012 TC Assets, LLC, a Delaware limited liability company (“SBA TC”), SBA Towers IV, LLC, a Delaware limited liability company (“SBA Towers IV”), SBA Monarch Towers I, LLC, a Delaware limited liability company
(“SBA Monarch I”), SBA Towers USVI, Inc., a U.S. Virgin Islands corporation (“SBA USVI”), SBA Towers VII, LLC, a Delaware limited liability company (“SBA Towers VII”), and SBA GC Towers, LLC, a
Delaware limited liability company (“SBA GC”, and, together with SBA Properties, SBA Sites, SBA Structures, SBA Infrastructure, SBA Monarch III, SBA TC PR, SBA TC, SBA Towers IV, SBA Monarch I, SBA USVI and SBA Towers VII, the
“Existing Borrowers”) is currently jointly and severally liable pursuant to the Second Amended and Restated Loan and Security Agreement dated as of the 2014 Closing Date (the “Existing Loan Agreement”) between the
Servicer on behalf of the Trustee and the Existing Borrowers. The Trust issued (i) Secured Tower Revenue Securities in two subclasses on the 2010 Closing Date, one of which remains outstanding, the Series 2010-2 Securities, Subclass 2010-2C,
(ii) Secured Tower Revenue Securities in one subclass on the 2012 Closing Date, the Series 2012-1 Securities, Subclass 2012-1C, (iii) Secured Tower Revenue Securities in three subclasses on the 2013 Closing Date, the Series 2013-1
Securities, Subclass 2013-1C, the Series 2013-1 Securities, Subclass 2013-1D, and the Series 2013-2 Securities, Subclass 2013-2C, and (iv) Secured Tower Revenue Securities in two subclasses on the 2014 Closing Date, the Series 2014-1
Securities, Subclass 2014-1C, and the Series 2014-2 Securities, Subclass 2014-2C (collectively, the “Existing Securities”). 

On the Closing Date, SBA Towers V, LLC, a Delaware limited liability company (“SBA Towers V”), and SBA Towers VI, LLC, a
Delaware limited liability company (“SBA Towers VI” and, together with SBA Towers V, the “2015 Additional Borrowers” and, collectively with the Existing Borrowers, the “Closing Date Borrowers”) will
become additional borrowers under the Existing Loan Agreement, as amended and supplemented by the First Loan and Security Agreement Supplement and Amendment (the “First Loan Agreement Supplement”), to be dated as of the Closing Date
(as so amended and supplemented, the “Loan Agreement”), among the Existing Borrowers, the 2015 Additional Borrowers and the Servicer on behalf of the Trustee, pursuant to which 

  
 2 

 
the Existing Mortgage Loan will be increased by $500,000,000 (the “Closing Date Mortgage Loan Increase”), which Closing Date Mortgage Loan Increase will be evidenced by one
promissory note evidencing the 2015-1C component of the Mortgage Loan (the “2015-1C Note”). On the Closing Date, the 2015 Additional Borrowers will become jointly and severally liable with the Existing Borrowers for each of the
Existing Notes (collectively, the “Amended and Restated Notes”). The 2015-1C Note and the Amended and Restated Notes (together with any promissory notes evidencing additional mortgage loan increases after the Closing Date, the
“Mortgage Loan”) and the other obligations of the Closing Date Borrowers under the Loan Agreement will be secured in part by mortgages on certain of the Closing Date Borrowers’ interests in certain of their wireless
communications tower sites (the “Closing Date Sites”) on which space is leased to wireless communications companies and other users (the “Lessees”) pursuant to leases or licenses (the “Leases”) for
placement of transmission equipment and other purposes. 
 Repayment of the Mortgage Loan is guaranteed by (i) SBA Guarantor LLC, a
Delaware limited liability company (the “Guarantor”), which is or will be the direct or indirect parent of the Closing Date Borrowers, pursuant to the Payment Guaranty, which will be ratified as of the Closing Date pursuant to the
Ratification of the Payment Guaranty and Pledge and Security Agreement to be dated as of the Closing Date (the “Ratification of the Payment Guaranty and Pledge”), (ii) SBA Holdings LLC, a Delaware limited liability company
(“SBA Holdings”), which is the direct parent of the Guarantor, pursuant to the Parent Guaranty, which will be ratified as of the Closing Date pursuant to the Ratification of the Parent Guaranty and Parent Pledge and Security
Agreement to be dated as of the Closing Date (the “Ratification of the Parent Guaranty and Pledge”) and (iii) SBA GC Holdings, LLC, a Delaware limited liability company (“SBA GC Holdings”), the direct parent of
SBA GC, SBA GC Parent I, LLC, a Delaware limited liability company (“SBA GC Parent I”), a direct parent of SBA GC Holdings, and SBA GC Parent II, LLC, a Delaware limited liability company and a direct parent of SBA GC Holdings
(“SBA GC Parent II” and, collectively with SBA GC Holdings and SBA GC Parent I, the “2014 Additional Guarantors”), pursuant to the Additional Guaranty dated as of the 2014 Closing Date (the “2014
Additional Guaranty”), which will be ratified as of the Closing Date pursuant to the Ratification of the Additional Guaranty and Pledge and Security Agreement to be dated as of the Closing Date (the “Ratification of Additional
Guaranty and Pledge”). 
 The Guarantor previously pledged to the Trustee all of the equity interests of the Existing Borrowers
(other than SBA GC), SBA GC Parent I and SBA GC Parent II to secure the repayment of the Mortgage Loan pursuant to the Guarantor Pledge Agreement and, on the Closing Date, will pledge to the Trustee all of the equity interests of the 2015 Additional
Borrowers as security for the repayment of the Mortgage Loan and re-affirm such pledge pursuant to the Ratification of Payment Guaranty and Pledge. 

SBA Holdings pledged all of the equity interests of the Guarantor to secure the repayment of the Mortgage Loan pursuant to the Parent Pledge
Agreement and, on the Closing Date, will re-affirm such pledge pursuant to the Ratification of Parent Guaranty and Pledge. SBA Holdings is a wholly-owned subsidiary of SBA Senior Finance, LLC, a Florida limited liability company (“SBA
Finance”), and an indirect subsidiary of SBA Communications Corporation (“SBA Parent”). 

  
 3 

 Each 2014 Additional Guarantor pledged all of their respective equity interests of SBA GC
Holdings and SBA GC to secure the repayment of the Mortgage Loan pursuant to a Pledge and Security Agreement, dated as of the 2014 Closing Date (the “2014 Additional Pledge Agreement”) by the 2014 Additional Guarantors in favor of
the Trustee and, on the Closing Date, will re-affirm such pledges pursuant to the Ratification of Additional Guaranty and Pledge. 
 SBA
Network Management, Inc. (the “Manager”), a Florida corporation and an indirect subsidiary of SBA Parent, will manage the Closing Date Sites on behalf of the Closing Date Borrowers pursuant to a Management Agreement, dated as of the
Initial Closing Date, as amended as of November 6, 2006 (the “2006 Closing Date”), as of the 2012 Closing Date, as of the 2013 Closing Date, as of the 2014 Closing Date and as of the Closing Date (the “Management
Agreement”), among the Manager, the Closing Date Borrowers and any Additional Borrower that becomes a party thereto. The Manager has delegated its duties under the Management Agreement to SBA Network Services, LLC pursuant to a
Sub-Management Agreement (the “Sub-Management Agreement”), dated as of the 2010 Closing Date, between the Manager and SBA Network Services, LLC (the “Sub-Manager”). 

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

(a) the Existing Trust Agreement; 

(b) the Existing Securities; 

(c) the Existing Loan Agreement; 

(d) the Existing Notes; 

(e) the Assignment, Acceptance and Consent Agreement, dated as of the Initial Closing Date, among the Depositor and the
existing lenders party thereto; 
 (f) the Assumption and Release Agreement, dated as of the Initial Closing Date, between
Lehman Commercial Paper Inc., the Depositor, the Initial Borrower, SBA Finance, SBA Towers and Tampa Towers, Inc.; 
 (g) the
Contribution Agreement dated as of the 2006 Closing Date between SBA Finance and SBA Holdings; 
 (h) the Contribution
Agreement dated as of the 2006 Closing Date between SBA Holdings and the Guarantor; 

  
 4 

 (i) the Contribution Agreement dated as of the 2012 Closing Date between SBA
Finance and SBA Holdings; 
 (j) the Contribution Agreement dated as of the 2012 Closing Date between SBA Holdings and the
Guarantor; 
 (k) the Contribution Agreement dated as of the 2013 Closing Date between SBA Finance and SBA Holdings; 

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

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

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

(o) the Payment Guaranty; 

(p) the Parent Guaranty; 

(q) the 2014 Additional Guaranty; 

(r) the Guarantor Pledge Agreement; 

(s) the Parent Pledge Agreement; 

(t) the 2014 Additional Pledge Agreement; 

(u) the Cash Management Agreement; 

(v) the Deposit Account Control Agreements relating to the Existing Borrowers; 

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

  
 5 

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

(z) the Assignment and Subordination of Management Agreement, including (i) the Joinder to Assignment and Subordination of
Management Agreement dated as of the 2006 Closing Date among the Initial Borrower, SBA Sites, SBA Structures, the Released Borrowers and the Manager, (ii) the Joinder to Assignment and Subordination of Management Agreement dated as of the 2012
Closing Date among the Initial Borrower, SBA Sites, SBA Structures, SBA Infrastructure and SBA Monarch III and the Manager, (iii) the Joinder to Assignment and Subordination of Management Agreement dated as of the 2013 Closing Date among the
Initial Borrower, SBA Sites, SBA Structures, SBA Infrastructure, SBA Monarch III, SBA TC PR, SBA TC, SBA Towers IV, SBA Monarch I and SBA USVI and the Manager and (iv) the Joinder to Assignment and Subordination of Management Agreement dated as
of the 2014 Closing Date among the Existing Borrowers and the Manager; and 
 (aa) the Advance Reimbursement Agreement,
including (i) the Joinder to Advance and Reimbursement Agreement dated as of the 2006 Closing Date among the Initial Borrower, SBA Sites, SBA Structures, the Released Borrowers, the Servicer and the Trustee, (ii) the Joinder to Advance and
Reimbursement Agreement dated as of the 2012 Closing Date among the Initial Borrower, SBA Sites, SBA Structures, SBA Infrastructure and SBA Monarch III, the Servicer and the Trustee, (iii) the Joinder to Advance and Reimbursement Agreement
dated as of the 2013 Closing Date among the Initial Borrower, SBA Sites, SBA Structures, SBA Infrastructure, SBA Monarch III, SBA TC PR, SBA TC, SBA Towers IV, SBA Monarch I and SBA USVI, the Servicer and the Trustee, and (iv) the Joinder to
Advance and Reimbursement Agreement dated as of the 2014 Closing Date among the Existing Borrowers, the Servicer and the Trustee. 
 The
following agreements are referred to herein as the “Closing Date Transaction Documents”: 
 (a) this
Purchase Agreement (the “Agreement”); 

  
 6 

 (b) the First Trust Agreement Supplement; 

(c) the Offered Securities; 

(d) the First Loan Agreement Supplement; 

(e) the 2015-1C Note; 

(f) the Amended and Restated Notes; 

(g) the Joinder to Assignment and Subordination of Management Agreement dated as of the Closing Date among the Closing Date
Borrowers and the Manager; 
 (h) the Joinder and Amendment to Management Agreement dated as of the Closing Date among the
Closing Date Borrowers, the Manager, SBA Finance and consented to by the Servicer; 
 (i) the Joinder to Environmental
Indemnity dated as of the Closing Date from the Closing Date Borrowers in favor of the Trustee; 
 (j) the Joinder and
Amendment to Cash Management Agreement dated as of the Closing Date (the “Joinder and Amendment to Cash Management Agreement”) among the Closing Date Borrowers, the Servicer on behalf of the Trustee, Deutsche Bank Trust Company
Americas, as agent, and the Manager; 
 (k) the Joinder to Advance and Reimbursement Agreement dated as of the Closing Date
among the Closing Date Borrowers, the Servicer and the Trustee; 
 (l) the Ratification of the Payment Guaranty and Pledge;

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

(n) the Ratification of Additional Guaranty and Pledge; 

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

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

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

  
 7 

 (r) the Deposit Account Control Agreement among SBA Towers V, the Trustee and
Wells Fargo Bank, N.A.; 
 (s) the Deposit Account Control Agreement among SBA Towers VI, the Trustee and Wells Fargo Bank,
N.A.; and 
 (t) the Indemnification Agreement dated as of the Closing Date among the Servicer, SBA Finance and the
Representatives, as representatives of the several Initial Purchasers listed in Schedule I hereto. 
 The Existing Transaction Documents and the Closing
Date Transaction Documents are referred to herein as the “Transaction Documents.” The Closing Date Borrowers, the Depositor, the Guarantor, SBA Holdings, the 2014 Additional Guarantors, the Manager and the Sub-Manager are referred
to herein as the “Transaction Parties.” 
 The Offered Securities will be offered and sold to the initial purchasers named in Schedule
I annexed hereto (the “Initial Purchasers”) for whom Barclays Capital Inc., Citigroup Global Markets Inc. and Deutsche Bank Securities Inc. are acting as representatives (the “Representatives”) without being
registered under the Securities Act of 1933, as amended (the “Securities Act”), in reliance upon an exemption therefrom. In consultation with the Representatives, SBA Finance has prepared a preliminary offering memorandum, dated
October 1, 2015 (the “Preliminary Offering Memorandum”), a pricing term sheet substantially in the form attached hereto as Schedule II (the “Pricing Term Sheet”) setting forth the terms of the
Offered Securities omitted from the Preliminary Offering Memorandum and a final offering memorandum, dated October 6, 2015 (the “Offering Memorandum”), setting forth information concerning the Closing Date Borrowers, the
Manager, SBA Finance, SBA Parent and certain affiliated and unaffiliated entities, the Closing Date Sites, the Leases, the Lessees and the Offered Securities. The Preliminary Offering Memorandum, together with the Pricing Term Sheet and the
documents listed on Schedule III hereto are collectively referred to as the “Pricing Disclosure Package.” “Applicable Time” means 12:30 p.m. (New York City time) on the date of this Agreement. Copies of the
Preliminary Offering Memorandum have been, and copies of the Offering Memorandum will be, delivered by SBA Finance to the Initial Purchasers pursuant to the terms of this Agreement. Any references herein to the Offering Memorandum shall be deemed to
include all amendments and supplements thereto. SBA Finance hereby confirms that it has authorized the use of the Pricing Disclosure Package and the Offering Memorandum in connection with the offering and resale of the Offered Securities by the
Initial Purchasers in accordance with Section 2. 
 SBA Finance and the Trustee hereby confirm their agreement with the Initial
Purchasers concerning the purchase of the Offered Securities from the Trustee by the Initial Purchasers. 
 1. Representations,
Warranties and Agreements of SBA Finance. 
 SBA Finance represents and warrants to, and agrees with, the Initial Purchasers on and as
of the date hereof and the Closing Date that: 
 (i) The Preliminary Offering Memorandum and the Marketing Materials (as hereinafter
defined) (when read together with the Preliminary Offering Memorandum) as of their respective dates, did not, the Pricing Disclosure Package, as of the Applicable Time, did not, and as of the Closing Date, will not, and the Offering Memorandum, as
of its date and as of the Closing Date, will not, contain an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not
misleading, except that this representation and warranty does not apply to statements in or omissions from the Pricing Disclosure Package or the Offering Memorandum made in reliance upon and in conformity with the Initial Purchasers’
Information (as defined in Section 7(e)) or the Servicer Information (as defined in Section 7(a)); 

  
 8 

 (ii) Each of the Preliminary Offering Memorandum and the Offering Memorandum, as of its
respective date, contained or contains all of the information that, if requested by a prospective purchaser of the Offered Securities, would be required to be provided to such prospective purchaser pursuant to Rule 144A(d)(4) under the Securities
Act; 
 (iii) Assuming the accuracy of the representations and warranties of the Initial Purchasers contained in Section 2 and their
compliance with the agreements set forth therein, it is not necessary, in connection with the issuance and sale of the Offered Securities to the Initial Purchasers and the offer, resale and delivery of the Offered Securities by the Initial
Purchasers in the manner contemplated by this Agreement, the Preliminary Offering Memorandum and the Offering Memorandum, to register the Offered Securities under the Securities Act; 

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

  
 9 

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

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

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

(xii) On the Closing Date, the Offered Securities will have been duly and validly authorized and, when the Offered Securities are duly and
validly executed by or on behalf of the Trustee, authenticated by the Certificate Registrar and delivered in accordance with the Trust Agreement and delivered and paid for as provided herein, will be validly issued and outstanding and entitled to
the benefits and security afforded by the Trust Agreement; 
 (xiii) Each of the Existing Transaction Documents to which each Transaction
Party is a party has been duly authorized, executed and delivered by such 

  
 10 

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

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

  
 11 

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

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

  
 12 

 
of the respective properties of the Transaction Parties is subject, that are not disclosed in the Preliminary Offering Memorandum and the Offering Memorandum and which are reasonably likely to
have a Material Adverse Effect or to materially affect the issuance or sale of the Offered Securities or the consummation of any of the other transactions contemplated by the Transaction Documents; 

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

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

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

(xxviii) Ernst & Young LLP (“E&Y”), whose review reports are included or incorporated by reference in the
Preliminary Offering Memorandum and the 

  
 13 

 
Offering Memorandum and who has delivered the initial letter referred to in Section 5(d) hereof, are independent public accountants as required by the Securities Act and the rules and
regulations promulgated thereunder (the “Rules and Regulations”) and were independent accountants as required by the Securities Act and the Rules and Regulations during the periods covered by the financial statements on which they
reported included or incorporated by reference in the Preliminary Offering Memorandum and the Offering Memorandum; 
 (xxix) The historical
financial statements (including the related notes) included or incorporated by reference in the Pricing Disclosure Package and the Offering Memorandum present fairly in all material respects the financial condition, results of operations and cash
flows of the entities purported to be shown thereby, at the dates and for the periods indicated, and have been prepared in conformity with generally accepted accounting principles (“GAAP”) consistently applied throughout such
periods. Such historical financial statements fairly present the financial position of the Borrowers at the respective dates indicated and the results of operations for the respective periods indicated, in each case in accordance with GAAP
consistently applied throughout such periods. The unaudited pro forma condensed consolidated financial statements, together with the related notes thereto, included in the Pricing Disclosure Package and the Offering Memorandum, are based on
assumptions that provide a reasonable basis for presenting the significant effects directly attributable to the transactions described in such unaudited pro forma condensed consolidated financial statements. The related pro forma adjustments give
appropriate effect to those assumptions, and the “pro forma” column in such unaudited pro forma condensed consolidated financial statements reflect the proper application of those adjustments to the relevant historical condensed
consolidated financial statement amounts reflected in the “historical” column in such unaudited pro forma condensed consolidated financial statements. The other financial information and data included in the Pricing Disclosure Package and
the Offering Memorandum are, in all material respects, accurately presented and prepared on a basis consistent with such financial statements and the books and records of the Closing Date Borrowers; 

(xxx) Since the date as of which information is given in the Pricing Disclosure Package, there has not occurred a Material Adverse Effect or
an event which has had a material adverse effect on the general affairs, management, consolidated financial position, stockholders’ equity, results of operations, business or prospects of SBA Parent and its subsidiaries taken as a whole (a
“SBA Parent Material Adverse Effect”), nor to SBA Finance’s knowledge, after due inquiry, has there occurred any development or event involving a prospective Material Adverse Effect or a prospective SBA Parent Material Adverse
Effect; 
 (xxxi) None of SBA Finance or the Transaction Parties is currently or will be, upon sale of the Offered Securities in accordance
herewith and the application of the net proceeds therefrom as described in the Preliminary Offering Memorandum and the Offering Memorandum under the caption “Use of Proceeds,” required to register as an “investment company”
within the meaning of the Investment Company Act of 1940, as amended (the “1940 Act”); 

  
 14 

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

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

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

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

 (xxxviii) When the Offered Securities are issued and delivered pursuant to this Agreement, the Offered Securities will not be of the
same class (within the meaning of Rule 144A under the Securities Act) as securities that are listed on a national securities exchange registered under Section 6 of the Exchange Act or that are quoted in a United States automated inter-dealer
quotation system; 
 (xxxix) Neither SBA Finance nor any of affiliate of SBA Finance or any person acting on their behalf has engaged or
will engage during the applicable restricted period in any directed selling efforts within the meaning of Rule 902(b) of 

  
 15 

 
Regulation S with respect to the Offered Securities, and SBA Finance and the affiliates of SBA Finance and all persons acting on their behalf have complied with and will comply with the offering
restriction requirements of Regulation S in connection with the offering of the Offered Securities outside the United States; provided that no representation is made as to the Initial Purchasers or any person, acting on their behalf; 

(xl) Assuming the accuracy of the representations and warranties of the Initial Purchasers contained in Section 2 and their compliance
with the agreements set forth therein, the sale of the Offered Securities pursuant to Regulation S are “offshore transactions” and, to the knowledge of SBA Finance, are not part of a plan or scheme to evade the registration provisions of
the Securities Act; 
 (xli) Neither SBA Finance nor any affiliate of SBA Finance has taken or may take, directly or indirectly, any action
designed to cause or result in, or which has constituted or which might reasonably be expected to constitute, the stabilization or manipulation of the price of the Offered Securities to facilitate the sale or resale of the Offered Securities; 

(xlii) On and immediately after the Closing Date, each of the Transaction Parties (after giving effect to the Closing Date Mortgage Loan
Increase, the issuance of the Offered Securities and to the other transactions related thereto as described in the Preliminary Offering Memorandum and the Offering Memorandum) will not be insolvent within the meaning of the Bankruptcy Code and none
of the Transaction Parties is the subject of any voluntary or involuntary case or proceeding seeking liquidation, reorganization or other relief with respect to itself or its debts under any bankruptcy or insolvency law and no Event of Bankruptcy
has occurred with respect to any Transaction Party; 
 (xliii) Neither SBA Finance nor the Depositor has engaged any third-party to provide
“due diligence services” (as defined in Rule 17g-10(d)(1) under the Exchange Act) relating to the Offered Securities, other than E&Y and Deloitte & Touche LLP (“Deloitte”), or obtained a “third-party due
diligence report” (as defined in Rule 15Ga-2 under the Exchange Act (“Rule 15Ga-2”)), other than the Report of Independent Accountants on Applying Agreed-Upon Procedures prepared by E&Y, dated September 28, 2015 (the
“E&Y Report”), and the Independent Accountants’ Report on Applying Agreed-Upon Procedures prepared by Deloitte, dated September 23, 2015 (the “Deloitte Report”), copies of which have been made
available to the Representatives. SBA Finance or the Depositor has complied with Rule 15Ga-2 with respect to the E&Y Report and the Deloitte Report, including by furnishing a Form ABS-15G containing the E&Y Report and the Deloitte Report to
the Securities Exchange Commission (the “SEC”) within the time period required by Rule 15Ga-2; and 
 (xliv) As of the
Closing Date, the representations and warranties of each Transaction Party contained in the Transaction Documents to which such Transaction Party is a party will be true and correct and are repeated herein as though fully set forth herein. 

  
 16 

 2. Purchase and Resale of the Offered Securities. 

(a) On the basis of the representations, warranties and agreements contained herein, and subject to the terms and conditions set forth herein,
the Trustee, on behalf of the Trust, agrees to sell to the Initial Purchasers, and each of the Initial Purchasers, severally and not jointly, agrees to purchase from the Trustee, the principal amount of Offered Securities set forth opposite the name
of such Initial Purchaser on Schedule I hereto at a purchase price equal to 99% of the principal amount thereof. The Trustee shall not be obligated to deliver any of the Offered Securities except upon payment for all of the Offered Securities
to be purchased as provided herein. 
 (b) The Initial Purchasers have advised the Trustee that they propose to offer the Offered Securities
for resale upon the terms and subject to the conditions set forth herein and in the Pricing Disclosure Package. Each of the Initial Purchasers represents and warrants to, and agrees with, SBA Finance and the Trustee that (i) it is purchasing
the Offered Securities pursuant to a private sale exempt from registration under the Securities Act and in compliance with any applicable state or foreign securities laws, (ii) neither it nor any of its affiliates, nor any person acting on its
behalf, has solicited offers for, or offered or sold, and neither it, nor any of its affiliates, nor any person acting on its behalf, will solicit offers for, or offer or sell, the Offered Securities by means of any form of general solicitation or
general advertising within the meaning of Rule 502(c) of Regulation D or in any manner involving a public offering within the meaning of Section 4(a)(2) of the Securities Act, (iii) it has solicited and will solicit offers for the Offered
Securities only from, and has offered or sold and will offer, sell or deliver the Offered Securities, as part of its initial offering, only to (A) persons whom it reasonably believes to be qualified institutional buyers (“Qualified
Institutional Buyers”) as defined in Rule 144A under the Securities Act (“Rule 144A”), or if any such person is buying for one or more institutional accounts for which such person is acting as fiduciary or agent, only when
such person has represented to it that each such account is a Qualified Institutional Buyer to whom notice has been given that such sale or delivery is being made in reliance on Rule 144A and, in each case in transactions in accordance with Rule
144A, (B) a limited number of other entities that qualify as “accredited investors”, as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act (“IAIs”), that make certain representations and
agreements to the Trustee and the Initial Purchasers and (C) to certain non-“U.S. Persons” in “Offshore Transactions” as defined in, and in reliance on, Regulation S under the Securities Act, and (iv) (A) it has
complied and will comply with all applicable provisions of the Financial Services and Markets Act 2000 (the “FSMA”) with respect to anything done by it in relation to the Offered Securities in, from, or otherwise involving the
United Kingdom, and it has only communicated or caused to be communicated and it will only communicate or cause to be communicated any invitation or inducement to engage in investment activity (within the meaning of section 21 of the FSMA) received
by it in connection with the issue or sale of any Offered Securities, in circumstances in which section 21(1) of the FSMA does not apply to the Trustee, and (B) in relation to each Member State of the European Economic Area (each, a
“Relevant Member State”) with effect from and including the date on which the Prospectus Directive is implemented in that Relevant Member State, it has not made and will not make an offer of the Offered Securities to the public in
that Relevant Member State other than: 
 (1) to any legal entity which is a qualified investor as defined in the Prospectus
Directive; 

  
 17 

 (2) to fewer than 100 or, if the Relevant Member State has implemented the
relevant provision of Directive 2010/73/EU, 150 natural or legal persons (other than qualified investors as defined in the Prospectus Directive), as permitted under the Prospectus Directive, subject to obtaining the prior consent of the relevant
dealer or dealers nominated by SBA Finance for any such offer; or 
 (3) in any other circumstances falling within Article
3(2) of the Prospectus Directive. 
 For the purposes of the representation in clause (iv)(B) above, the expression an “offer of Offered Securities to
the public” in relation to any Offered Securities in any Relevant Member State means the communication in any form and by any means of sufficient information on the terms of the offer and the Offered Securities so as to enable an investor to
decide to purchase or subscribe for the Offered Securities, as the same may be varied in that Relevant Member State by any measure implementing the Prospectus Directive in that Relevant Member State and the expression “Prospectus
Directive” means Directive 2003/71/EC and all amendments thereto, including Directive 2010/73/EU, and any relevant implementing measure adopted by a Relevant Member State. The Initial Purchasers agree that prior to or on the Closing Date the
Initial Purchasers shall furnish to each purchaser of any of the Offered Securities a copy of the Offering Memorandum. In addition to the foregoing, the Initial Purchasers acknowledge and agree that SBA Finance, the Trustee and, for purposes of the
opinions to be delivered to the Initial Purchasers pursuant to Section 5, counsel for SBA Finance and for the Initial Purchasers, respectively, may rely upon the accuracy of the representations and warranties of the Initial Purchasers and their
compliance with their agreements contained in this Section 2 (except clause (i) of this subsection (b)), and the Initial Purchasers hereby consent to such reliance. 

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

(a) Delivery of and payment for the Offered Securities shall be made at the offices of Simpson Thacher & Bartlett LLP, New York, New
York, or at such other place as shall be agreed upon by the Representatives, SBA Finance and the Trustee, at 10:00 A.M., New York City time, on October 14, 2015, or at such other time or date, not later

  
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than seven full business days thereafter, as shall be agreed upon by the Representatives, SBA Finance and the Trustee (such date and time of payment and delivery being referred to herein as the
“Closing Date”). 
 (b) On the Closing Date, payment of the purchase price for the Offered Securities shall be made to the
Trustee by wire or book-entry transfer of same-day funds to such account or accounts as the Trustee shall specify prior to the Closing Date or by such other means as the parties hereto shall agree prior to the Closing Date against delivery to
Barclays Capital Inc. on behalf of the Initial Purchasers of the Offered Securities as described herein. Time shall be of the essence, and delivery at the time and place specified pursuant to this Agreement is a further condition of the obligation
of the Initial Purchasers hereunder. Upon delivery, the Offered Securities shall be in definitive form, registered in such names and in such denominations as the Representatives shall have requested in writing not less than two full business days
prior to the Closing Date, in the case of any Offered Securities being resold to IAIs on the Closing Date, and otherwise in global form, registered in the name of The Depository Trust Company (“DTC”) or its nominee and delivered
through the facilities of DTC. SBA Finance agrees to make the definitive certificates and one or more global certificates evidencing the Offered Securities available for inspection by the Representatives in New York, New York at least 24 hours prior
to the Closing Date. 
 4. Further Agreements of SBA Finance 

SBA Finance agrees with the Initial Purchasers: 

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

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

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

  
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 (d) if, at any time prior to completion of the resale of the Offered Securities by the Initial
Purchasers, any event shall occur that, in the judgment of SBA Finance or in the judgment of counsel to the Initial Purchasers, makes any statement of a material fact in the Offering Memorandum untrue or that requires the making of any additions to
or changes in the Offering Memorandum in order to make the statements in the Offering Memorandum, in light of the circumstances at the time that the Offering Memorandum is delivered to prospective investors, not misleading, or if it is necessary to
amend or supplement the Offering Memorandum to comply with any applicable laws, to promptly notify the Representatives of such event and prepare an appropriate amendment or supplement to the Offering Memorandum so that (i) the statements in the
Offering Memorandum as amended or supplemented will, in light of the circumstances at the time that the Offering Memorandum is delivered to prospective investors, not be misleading and (ii) the Offering Memorandum will comply with applicable
law; 
 (e) for so long as the Offered Securities are outstanding and are “restricted securities” within the meaning of Rule
144(a)(3) under the Securities Act, to furnish to holders of the Offered Securities and prospective purchasers of the Offered Securities designated by such holders, upon request of such holders or such prospective purchasers, the information
required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act (the foregoing agreement being for the benefit of the holders from time to time of the Offered Securities and prospective purchasers of the Offered Securities designated
by such holders); 
 (f) to promptly take from time to time such actions as the Representatives may reasonably request to qualify the
Offered Securities for offering and sale under the securities or Blue Sky laws of such jurisdictions as the Representatives may designate and to continue such qualifications in effect for so long as required for the resale of the Offered Securities;
and to arrange for the determination of the eligibility for investment of the Offered Securities under the laws of such jurisdictions as the Representatives may request; provided that none of the Closing Date Borrowers or the Trustee on
behalf of the holders of the Certificates shall be obligated to qualify as a foreign corporation in any jurisdiction in which it is not so qualified or to file a general consent to service of process in any jurisdiction in which it is not now so
subject; 
 (g) to use its reasonable best efforts to do and perform all things required to be done and performed under this Agreement by it
prior to or after the Closing Date and to satisfy all conditions precedent on its part to the delivery of the Offered Securities; 
 (h) to
assist the Representatives in arranging for the Offered Securities to be eligible for clearance and settlement through DTC; 
 (i) not to,
and to cause its affiliates not to, sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as such term is defined in the Securities Act) that would be integrated with the sale of the Offered Securities in a
manner which would require the registration under the Securities Act of the sale to the Initial Purchasers or the resale to investors hereunder of the Offered Securities; 

  
 20 

 (j) not to, and to use its best efforts to cause its controlled affiliates not to, either alone
or with one or more other persons, offer or sell the Offered Securities by means of any form of general solicitation or general advertising within the meaning of Rule 502(c) under the Securities Act or in any manner involving a public offering
within the meaning of Section 4(a)(2) of the Securities Act; and not to offer, sell, contract to sell or otherwise dispose of, directly or indirectly, any securities under circumstances where such offer, sale, contract or disposition would
cause the exemption afforded by Section 4(a)(2) of the Securities Act to cease to be applicable to the offering and sale of the Offered Securities as contemplated by this Agreement and the Preliminary Offering Memorandum; 

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

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

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

(p) to the extent that the ratings to be provided with respect to the Offered Securities as set forth in the Pricing Disclosure Package and
the Offering Memorandum by Fitch, Inc. (“Fitch”) and Moody’s Investors Service, Inc. (“Moody’s”) are conditional upon the furnishing of documents or the taking of any other actions by SBA Finance or any of
its affiliates, to furnish such documents and take any such other action; 
 (q) to comply with the 17g-5 Representation in all material
respects; and 
 (r) for a period from the date of this Agreement until the retirement of the Offered Securities, to cause to be furnished
to the Initial Purchasers, as soon as practicable after becoming available to SBA Finance, copies of (i) (A) any annual statement of compliance delivered by the Servicer to the Trustee under the Trust Agreement, (B) any annual
independent public accountants’ servicing report furnished to the Trustee pursuant to the Trust Agreement, (C) any reports distributed by the Servicer pursuant to Section 4.02(a) or (e) of the Trust Agreement and (D) from
time to time, such other information concerning the Offered Securities which may be furnished by the Servicer to the extent SBA Finance possesses the same or can acquire it without unreasonable effort or expense and (ii) (A) all annual and
periodic financial reports furnished to the Servicer or the Trustee by any of the Transaction Parties or SBA Parent and (B) all material reports, information and correspondence sent to holders of the Offered Securities. It is understood that,
to the extent any of the information described in the preceding sentence is posted on the Trustee’s internet website pursuant to the Trust Agreement, the requirements of the preceding sentence shall be deemed to have been satisfied so long as
the Initial Purchasers have access to such website. 
 5. Conditions to Obligations of Initial Purchasers and Trust. 

The obligations of the Initial Purchasers hereunder are subject to the accuracy, on and as of the date hereof and the Closing Date, of the
representations and warranties of SBA Finance contained herein, to the accuracy of the statements of the other Transaction Parties and their respective officers made in any certificates delivered pursuant hereto, to the performance by SBA Finance of
its obligations hereunder and to each of the following additional terms and conditions: 
 (a) The Offering Memorandum (and
any amendments or supplements thereto) shall have been printed and copies distributed to the Initial Purchasers not later than 11:00 a.m., New York City time, on the fourth business day following the date of this Agreement, or at such later date and
time as the Representatives may approve in writing; and no stop order suspending the sale of the Offered Securities in any jurisdiction shall have been issued and no proceeding for that purpose shall have been commenced or shall be pending or
threatened; 

  
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 (b) The Initial Purchasers shall not have discovered and disclosed to SBA Finance
on or prior to the Closing Date that (i) the Pricing Disclosure Package, as of the Applicable Time, contained an untrue statement of a fact which, in the opinion of counsel for the Initial Purchasers, is material or omits to state any fact
which, in the opinion of such counsel, is material and is necessary to make the statements therein, in light of the circumstances existing as of the Applicable Time, not misleading or (ii) the Pricing Disclosure Package or the Offering
Memorandum, or any amendment or supplement thereto, contains an untrue statement of a fact which, in the opinion of counsel for the Initial Purchasers, is material or omits to state any fact which, in the opinion of such counsel, is material and is
necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; 

(c) All corporate proceedings and other legal matters incident to the authorization, form and validity of each of the
Transaction Documents and the Offering Memorandum, and all other legal matters relating to the Transaction Documents and the transactions contemplated thereby, shall be reasonably satisfactory in all material respects to the Initial Purchasers, and
SBA Finance and the Transaction Parties shall have furnished to the Initial Purchasers all documents and information that they or their counsel may reasonably request to enable them to pass upon such matters; 

(d) On the date hereof, SBA Finance shall have furnished to the Representatives a letter from E&Y (the “Initial
Letter”), addressed to the Initial Purchasers and dated the date hereof concerning the accounting and financial information with respect to SBA Parent and its subsidiaries included or incorporated by reference in the Preliminary Offering
Memorandum and certain statistical information with respect to the Closing Date Borrowers set forth in the Preliminary Offering Memorandum; 

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

  
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 (f) SBA Finance shall have furnished to the Representatives (i) a report
from a nationally recognized accounting firm, who are independent accountants reasonably acceptable to the Representatives (the “Independent Accounting Firm”), dated October 1, 2015, in form and substance reasonably satisfactory to
the Representatives, concerning certain agreed upon procedures performed in respect of the information presented in the Preliminary Offering Memorandum on the Cover and under the captions “Security Summary,” “Summary of
Memorandum,” “Risk Factors,” “The Business of the Closing Date Borrowers,” “The Closing Date Sites,” “The Tenant Leases,” “Description of the Mortgage Loan,” “Security for the Mortgage
Loan,” “Description of the Securities” and “Yield and Maturity Considerations” and certain information in the Sales Slides (as hereinafter defined) addressed to the Initial Purchasers and (ii) a report from the
Independent Accounting Firm, dated on or about October 6, 2015, in form and substance reasonably satisfactory to the Representatives, concerning certain agreed upon procedures performed in respect of the information presented in the Offering
Memorandum on the Cover and under the captions “Security Summary,” “Summary of Memorandum,” “Risk Factors,” “The Business of the Closing Date Borrowers,” “The Closing Date Sites,” “The Tenant
Leases,” “Description of the Mortgage Loan,” “Security for the Mortgage Loan,” “Description of the Securities” and “Yield and Maturity Considerations” addressed to the Initial Purchasers; 

(g) The Closing Date Transaction Documents shall have been executed and delivered by the parties thereto in form satisfactory
to the Representatives; the Transaction Documents shall be in full force and effect, the representations and warranties of the parties thereto contained in the Transaction Documents shall be true and correct and each of such parties shall have
performed its obligations thereunder required to be performed on or prior to the Closing Date; 
 (h) The Offered Securities
shall have been duly executed and delivered by the Trustee and duly authenticated by the Certificate Registrar and shall be eligible for clearance and settlement through DTC; 

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

(j) Subsequent to the execution and delivery of this Agreement there shall not have occurred any of the following:
(i) trading in securities generally on the New York Stock Exchange, the Nasdaq National Market or in the over-the-counter market, or trading in any securities of SBA Parent on any exchange or in the over-the-counter market, shall have been
suspended or minimum prices shall have been established on any such exchange or such market by the SEC, by such exchange or by any other regulatory body or governmental authority having jurisdiction, (ii) a material disruption in securities
settlement, payment or clearance services in the United States, (iii) a banking moratorium shall have been 

  
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declared by Federal or state authorities, (iv) any attack on, outbreak or escalation of hostilities or act of terrorism involving the United States, any declaration of war by Congress or any
other national or international calamity, crisis or emergency if, in the judgment of the Representatives, the effect of any such attack, outbreak, escalation, act, declaration, calamity, crisis or emergency makes it impractical or inadvisable to
proceed with the completion of the offering or sale of and payment for the Offered Securities, or (v) the occurrence of any other calamity, crisis (including without limitation as a result of terrorist activities), or material adverse change in
general economic, political or financial conditions (or the effect of international conditions on the financial markets in the United States shall be such) as to make it, in the judgment of the Representatives, impracticable or inadvisable to
proceed with the offering or delivery of the Offered Securities being delivered on the Closing Date on the terms and in the manner contemplated by this Agreement and in the Offering Memorandum (exclusive of any amendment or supplement thereto) or
that, in the judgment of the Representatives, would materially and adversely affect the financial markets or the markets for the Offered Securities and or debt or equity securities; 

(k) Since the date as of which information is given in the Pricing Disclosure Package, there shall not have occurred any
change, or any development which would reasonably be expected to involve a prospective change, in or affecting the financial condition, or in the business, assets or results of operations, of SBA Finance or any Transaction Party, or in the Trust
Fund, other than as set forth in or contemplated by the Pricing Disclosure Package and the Offering Memorandum at the date of this Agreement, the effect of which is, in the Representatives’ judgment, such as to make it impracticable or
inadvisable to market or sell the Offered Securities on the terms and in the manner contemplated in the Preliminary Offering Memorandum and the Offering Memorandum (exclusive of any amendment or supplement thereto); 

(l) The Representatives and the Trustee shall have received (i) all title insurance policies (or a marked, signed and
predated commitment to issue all title insurance policies) and all endorsements to previously issued title insurance policies required to be delivered to the Servicer in connection with the addition of the Additional Borrower Sites owned by the 2015
Additional Borrowers and the Closing Date Mortgage Loan Increase pursuant to the Loan Agreement and (ii) evidence reasonably satisfactory to the Representatives and their counsel, that (A) all amendments to all Mortgages with respect to
all Mortgaged Sites of the Existing Borrowers included in the Closing Date Sites, all Mortgages with respect to all Mortgaged Sites of the 2015 Additional Borrowers included in the Closing Date Sites and all assignments of rent with respect to the
Other Sites included in the Closing Date Sites have been properly prepared and duly executed by the Closing Date Borrowers and (B) all UCC-1 financing statements required to be filed on or prior to the Closing Date pursuant to the Transaction
Documents have been prepared and are ready to be filed; 

  
 25 

 (m) On or before the Closing Date, the organizational documents of each of the
2015 Additional Borrowers shall have been amended to limit its respective purpose and to add certain provisions consistent with current rating agency criteria for special purpose subsidiaries and copies of such documents shall have been furnished to
the Representatives and shall be reasonably satisfactory to the Representatives; 
 (n) (1) The Representatives and the
Trustee shall have received an opinion of Paul, Weiss, Rifkind, Wharton & Garrison LLP, special New York counsel to SBA Finance and the Transaction Parties, dated the Closing Date and addressed to the Initial Purchasers, regarding due
authorization, execution and delivery of the Transaction Documents by each of the Transaction Parties other than SBA USVI, the Manager and the Sub-Manager, and, with respect to the Transaction Documents to which the Depositor is a party, the
Depositor, due authorization of the direction by the Closing Date Borrowers to the Trustee and the Certificate Registrar to execute and authenticate the Offered Securities, due authorization of the order by the Depositor to the Trustee to enter into
this Agreement, with respect to the Transaction Parties, the enforceability of the Transaction Documents (other than this Agreement), the Offered Securities’ entitlement to the benefits of the Trust Agreement, required authorizations and
consents of federal and New York governmental authorities, no violations of federal or New York law or regulation, the validity of the security interests created under the Transaction Documents, the perfection and priority of those security
interests created under the Transaction Documents the perfection and priority of which is governed by New York law, the exemption from registration of the Offered Securities under the Securities Act, the exemption from qualification of the Trust
Agreement under the Trust Indenture Act, the exemption from registration as an “investment company” under the 1940 Act of the Trust (to the effect that the Trust does not rely solely on the exemption from the definition of “investment
company” set forth in Section 3(c)(1) and/or 3(c)(7) of the 1940 Act), SBA Holdings, the Guarantor, the Closing Date Borrowers and the 2014 Additional Guarantors and such other matters as the Representatives may reasonably request, each in
form and substance reasonably satisfactory to the Representatives and their counsel (in each case subject to customary exceptions, assumptions and qualifications); 

(2) The Representatives shall have received an opinion of Paul, Weiss, Rifkind, Wharton & Garrison LLP, special New York counsel to
SBA Finance and the Transaction Parties, dated the Closing Date and addressed to the Initial Purchasers, (A) to the effect that the Offered Securities, the Loan Agreement, the Trust Agreement, the Cash Management Agreement, as amended by the
Joinder to Cash Management Agreement and Amendment, the Payment Guaranty, the Parent Guaranty, the 2014 Additional Guaranty and the Management Agreement conform in all material respects to their descriptions contained in the Pricing Disclosure
Package and the Offering Memorandum, (B) to the effect that the statements in the Pricing Disclosure Package and the Offering 

  
 26 

 
Memorandum under the caption “Certain ERISA Considerations,” to the extent such statements constitute summaries of United States federal or New York State statutes, rules and
regulations, or portions of them, are accurate in all material respects. and (C) such other matters as the Representatives may reasonably request, each in form and substance reasonably satisfactory to the Representatives and their counsel; and

 (3) The Representatives shall have received a letter of Paul, Weiss, Rifkind, Wharton & Garrison LLP, special New York counsel to
SBA Finance and the Transaction Parties, dated the Closing Date and addressed to the Initial Purchasers, relating to negative assurances with respect to the Pricing Disclosure Package as of the Applicable Time and the Offering Memorandum as of its
date and the Closing Date, in form and substance reasonably satisfactory to the Representatives and their counsel; 
 (o) The
Representatives and the Trustee shall have received an opinion of Paul, Weiss, Rifkind, Wharton & Garrison LLP, special New York counsel to the Transaction Parties, dated the Closing Date and addressed to the Initial Purchasers, regarding
the substantive nonconsolidation of the assets and liabilities of the Closing Date Borrowers, SBA Holdings, the Guarantor or the 2014 Additional Guarantors with those of SBA Finance, in form and substance reasonably satisfactory to the
Representatives and their counsel; 
 (p) The Representatives and the Trustee shall have received an opinion of Paul, Weiss,
Rifkind, Wharton & Garrison LLP, special United States federal income tax counsel to SBA Finance, dated the Closing Date and addressed to the Initial Purchasers, that (i) the statements made in the Preliminary Offering Memorandum and
the Offering Memorandum under the heading “Certain U.S. Federal Income Tax Considerations,” to the extent such statements summarize material tax consequences of the purchase, beneficial ownership and disposition of the Offered Securities
to the holders thereof described therein, are correct in all material respects, (ii) (A) the Component of the Mortgage Loan corresponding to the Offered Securities will be characterized as indebtedness for United States federal income tax
purposes and (B) the Trust will be treated as a grantor trust and will not be classified as an association taxable as a corporation or as a publicly-traded partnership taxable as a corporation for United States federal income tax purposes,
(iii) none of the amendment of the Existing Loan Agreement contemplated by the First Loan Agreement Supplement, the issuance of the Offered Securities, the increase in the outstanding principal amount of the Mortgage Loan by the Closing Date
Mortgage Loan Increase and the addition of the 2015 Additional Borrowers, including the addition of the Additional Borrower Sites owned by the 2015 Additional Borrowers, will result in an Adverse Tax Status Event, and (iv) otherwise satisfying
the condition to the Closing Date Mortgage Loan Increase and the addition of the 2015 Additional Borrowers set forth in Section 2.3(F) of the Loan Agreement, in form and substance reasonably satisfactory to the Representatives and their
counsel; 

  
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 (q) The Representatives and the Trustee shall have received an opinion of
Greenberg Traurig LLP, Florida counsel to SBA Finance, the Manager and the Sub-Manager, dated the Closing Date and addressed to the Initial Purchasers, regarding organizational matters, power and authority, due authorization, execution and delivery
of the Transaction Documents by SBA Finance, the Manager and the Sub-Manager, absence of litigation, no conflicts with organizational documents, Florida laws or regulations, court orders or contracts, required authorizations and consents of Florida
governmental authorities, the exemption from regulation as an “investment company” under the 1940 Act of SBA Finance, the Manager and the Sub-Manager and such other matters as the Representatives may reasonably request, in form and
substance reasonably satisfactory to the Representatives and their counsel; 
 (r) The Representatives and the Trustee shall
have received an opinion of Dudley, Topper and Feuerzeig, LLP, U.S. Virgin Islands counsel to SBA USVI, or other counsel reasonably satisfactory to the Representatives and their counsel, dated the Closing Date and addressed to the Initial
Purchasers, regarding organizational matters, power and authority, due authorization, execution and delivery of the Transaction Documents by SBA USVI, absence of litigation, no conflicts with organizational documents, U.S. Virgin Islands laws or
regulations, court orders or contracts, required authorizations and consents of U.S. Virgin Islands governmental authorities, regarding the filing of UCC-1 financing statements and the perfection and priority of the security interests created under
the Transaction Documents the perfection and priority of which is governed by U.S. Virgin Islands law and such other matters as the Representatives may reasonably request, in form and substance reasonably satisfactory to the Representatives and
their counsel; 
 (s) The Representatives and the Trustee shall have received an opinion of Richards, Layton &
Finger, PA, special Delaware counsel to the Closing Date Borrowers (other than SBA USVI), the Depositor, SBA Holdings, the Guarantor and the 2014 Additional Guarantors, regarding the due organization of each of the Closing Date Borrowers (other than
SBA USVI), the Depositor, SBA Holdings, the Guarantor and the 2014 Additional Guarantors, no conflicts with organizational documents and Delaware laws or regulations, the enforceability of the limited liability company agreement of each of the
Closing Date Borrowers (other than SBA USVI), the Depositor, SBA Holdings, the Guarantor and the 2014 Additional Guarantors, including certain provisions thereof relating to the filing of a voluntary bankruptcy petition, the rights of a judgment
creditor of such members against the property of the Closing Date Borrowers (other than SBA USVI), the Depositor, SBA Holdings, the Guarantor and the 2014 Additional Guarantors, as applicable, treatment as a separate legal entity and the impact of
the bankruptcy or dissolution of such members on the Closing Date Borrowers (other than SBA USVI), the Depositor, SBA Holdings, the Guarantor and the 2014 Additional Guarantors, as applicable, in form and substance reasonably satisfactory to the
Representatives and their counsel; 

  
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 (t) The Representatives and the Trustee shall have received an opinion of
Richards, Layton & Finger, PA, special Delaware counsel to the Closing Date Borrowers (other than SBA USVI), the Depositor, SBA Holdings, the Guarantor and the 2014 Additional Guarantors, regarding the applicability of Delaware law to the
determination of what persons have the authority to file a voluntary bankruptcy petition on behalf of each of the Closing Date Borrowers (other than SBA USVI), the Depositor, SBA Holdings, the Guarantor and the 2014 Additional Guarantors, as
applicable, in form and substance reasonably satisfactory to the Representatives and their counsel; 
 (u) The
Representatives and the Trustee shall have received an opinion of Richards, Layton & Finger, PA, special Delaware counsel to the Closing Date Borrowers (other than SBA USVI), the Depositor, SBA Holdings, the Guarantor and the 2014
Additional Guarantors, regarding the filing of UCC-1 financing statements and the perfection and priority of the security interests created under the Transaction Documents the perfection and priority of which is governed by Delaware law, in form and
substance reasonably satisfactory to the Representatives and their counsel; 
 (v) The Representatives shall have received
opinions of counsel to the Trustee and Certificate Registrar dated the Closing Date and addressed to the Initial Purchasers, in form and substance reasonably satisfactory to the Representatives and their counsel; 

(w) The Representatives and the Trustee shall have received an opinion of Andrascik & Tita LLC, counsel to the
Servicer, dated the Closing Date and addressed to the Initial Purchasers, including, among other matters, negative assurances concerning the Servicer Information included in the Pricing Disclosure Package as of the Applicable Time and the Offering
Memorandum as of its date and the Closing Date, in form and substance reasonably satisfactory to the Representatives and their counsel; 

(x) The Representatives and the Trustee shall have received an opinion of Wiley Rein & Fielding, FCC counsel to SBA
Finance and the Closing Date Borrowers, dated the Closing Date and addressed to the Initial Purchasers, in form and substance reasonably satisfactory to the Representatives and their counsel; 

(y) The Representatives shall have received an opinion of Simpson Thacher & Bartlett LLP, dated the Closing Date and
addressed to the Initial Purchasers, with respect to the validity of the Offered Securities and such other matters as the Representatives may reasonably request; 

(z) The Representatives and the Trustee shall have received copies of any opinions of counsel to the Transaction Parties
supplied to the Rating Agencies, the Servicer or the Trustee in connection with the issuance of the Offered Securities which opinions shall be dated the Closing Date and addressed to the Initial Purchasers or accompanied by reliance letters
addressed to the Initial Purchasers; 

  
 29 

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

  
 30 

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

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

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

  
 31 

 All opinions, letters, evidence and certificates mentioned above or elsewhere in this Agreement
shall be deemed to be in compliance with the provisions hereof only if they are in form and substance reasonably satisfactory to counsel for the Initial Purchasers. 

6. Termination. 
 The
obligations of the Initial Purchasers hereunder may be terminated by the Initial Purchasers in their absolute discretion, by notice given to and received by the Trustee and SBA Finance prior to delivery of and payment for the Offered Securities if,
prior to that time, any event described in Sections 5(j) or 5(k) shall have occurred and be continuing. 
 7. Indemnification and
Contribution. 
 (a) SBA Finance hereby agrees to indemnify and hold harmless each Initial Purchaser, its directors, officers, employees
and affiliates and each person, if any, who controls such Initial Purchaser within the meaning of the Securities Act, from and against any loss, claim, damage or liability, joint or several, or any action in respect thereof (including, but not
limited to, any loss, claim, damage, liability or action relating to purchases and sales of Offered Securities), to which such Initial Purchaser, director, officer, employee, affiliate or controlling person may become subject, under the Securities
Act or otherwise, insofar as such loss, claim, damage, liability or action arises out of, or is based upon, (i) any untrue statement or alleged untrue statement of a material fact contained (A) in the Pricing Disclosure Package or the
Offering Memorandum or in any amendment or supplement thereto, (B) in the materials and information provided to investors by, or with the approval of, SBA Finance, in connection with the marketing of the offering and sale of the Offered
Securities listed on Schedule III, including the sales presentation dated October 2015 (the “Sales Slides”) (collectively, the “Marketing Materials”) or (C) any Form ABS-15G furnished to the SEC on EDGAR
with respect to the Offered Securities, (ii) the omission or alleged omission to state in the Pricing Disclosure Package or the Offering Memorandum or in any amendment or supplement thereto or in any Marketing Materials or in any Form ABS-15G
furnished to the SEC on EDGAR with respect to the Offered Securities, any material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading,
(iii) the website maintained in compliance with Rule 17g-5 under the Exchange Act by or on behalf of SBA Finance, the Closing Date Borrowers, the Guarantor or SBA Holdings in connection with the offering of the Offered Securities, or
(iv) any act or failure to act or any alleged act or failure to act by such Initial Purchaser in connection with, or relating in any manner to, the Offered Securities or the offering contemplated hereby, and which is included as part of or
referred to in any loss, claim, damage, liability or action arising out of or based upon matters covered by clauses (i), (ii) or (iii) above (provided that SBA Finance shall not be liable under clause (iv) to the extent that it
is determined in a final judgment by a 

  
 32 

 
court of competent jurisdiction that such loss, claim, damage, liability or action resulted directly from any such acts or failures to act undertaken or omitted to be taken by such Initial
Purchaser through its gross negligence or willful misconduct); and shall reimburse such Initial Purchaser and each such director, officer, employee, affiliate or controlling person promptly upon demand for any legal or other expenses reasonably
incurred by such Initial Purchaser, director, officer, employee, affiliate or controlling person in connection with investigating or defending or preparing to defend against any such loss, claim, damage, liability or action as such expenses are
incurred; provided, however, that SBA Finance shall not be liable in any such case to the extent that any such loss, claim, damage, liability or action arises out of, or is based upon, any untrue statement or alleged untrue statement or
omission or alleged omission made in the Pricing Disclosure Package or the Offering Memorandum or in any amendment or supplement thereto or in any Marketing Materials in reliance upon and in conformity with (i) the Initial Purchasers’
Information or (ii) the information set forth in the Preliminary Offering Memorandum and the Offering Memorandum under the heading “Description of the Trust Agreement—The Servicer” (the “Servicer Information”).
The foregoing indemnity agreement is in addition to any liability which SBA Finance may otherwise have to such Initial Purchaser or to any director, officer, employee, affiliate or controlling person of such Initial Purchaser. 

(b) Each of the Initial Purchasers, severally and not jointly, shall indemnify and hold harmless SBA Finance, its directors, officers,
employees and affiliates, and each person, if any, who controls SBA Finance within the meaning of the Securities Act, from and against any loss, claim, damage or liability, joint or several, or any action in respect thereof, to which SBA Finance or
any such director, officer, employee, affiliate or controlling person may become subject, under the Securities Act or otherwise, insofar as such loss, claim, damage, liability or action arises out of, or is based upon, (i) any untrue statement
or alleged untrue statement of a material fact contained (A) in the Pricing Disclosure Package or the Offering Memorandum or in any amendment or supplement thereto or (B) the Marketing Materials or (ii) the omission or alleged
omission to state in the Pricing Disclosure Package or the Offering Memorandum or in any amendment or supplement thereto or in any Marketing Materials, any material fact required to be stated therein or necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading, but in each case only to the extent that the untrue statement or alleged untrue statement or omission or alleged omission was made in reliance upon and in
conformity with the Initial Purchasers’ Information, and shall reimburse SBA Finance and any such director, officer, employee, affiliate or controlling person for any legal or other expenses reasonably incurred by SBA Finance or any such
director, officer, employee, affiliate or controlling person in connection with investigating or defending or preparing to defend against any such loss, claim, damage, liability or action as such expenses are incurred. The foregoing indemnity
agreement is in addition to any liability which the Initial Purchasers may otherwise have to SBA Finance or any such director, officer, employee, affiliate or controlling person. 

(c) Promptly after receipt by an indemnified party under this Section 7 of the notice of any claim or the commencement of any action, the
indemnified party shall, if a 

  
 33 

 
claim in respect thereof is to be made against the indemnifying party under this Section 7, notify the indemnifying party in writing of the claim or the commencement of that action;
provided, however, that the failure to notify the indemnifying party shall not relieve it from any liability which it may have under this Section 7 except to the extent it has been materially prejudiced by such failure and, provided,
further, that the failure to notify the indemnifying party shall not relieve it from any liability which it may have to an indemnified party otherwise than under this Section 7. If any such claim or action shall be brought against an
indemnified party, and it shall notify the indemnifying party thereof, the indemnifying party shall be entitled to participate therein and, to the extent that it wishes, jointly with any other indemnifying party, to assume the defense thereof with
counsel reasonably satisfactory to the indemnified party (which may be counsel to an indemnifying party with the consent of the indemnified party). After notice from the indemnifying party to the indemnified party of its election to assume the
defense of such claim or action, the indemnifying party shall not be liable to the indemnified party under this Section 7 for any legal or other expenses subsequently incurred by the indemnified party in connection with the defense thereof
other than reasonable costs of investigation; provided, however, that the Initial Purchasers shall have the right to employ counsel (in addition to local counsel, if necessary) to represent jointly the Initial Purchasers and their respective
directors, officers, employees, affiliates and controlling persons who may be subject to liability arising out of any claim in respect of which indemnity may be sought by the Initial Purchasers against SBA Finance under this Section 7 if
(i) the Initial Purchasers shall have reasonably concluded that there may be legal defenses available to them that are different from or in addition to those available to the indemnifying parties or (ii) the named parties in any such
proceeding (including any impleaded parties) include both the indemnifying parties and the Initial Purchasers and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them,
and in that event the fees and expenses of such separate counsel shall be paid by SBA Finance. No indemnifying party shall (i) without the prior written consent of the indemnified parties (which consent shall not be unreasonably withheld),
settle or compromise or consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified
parties are actual or potential parties to such claim or action) unless such settlement, compromise or consent includes (x) an unconditional release of each indemnified party from all liability arising out of such claim, action, suit or
proceeding and (y) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of the indemnified party, or (ii) be liable for any settlement of any such action effected without its written
consent (which consent shall not be unreasonably withheld), but if settled with the consent of the indemnifying party or if there be a final judgment of the plaintiff in any such action, the indemnifying party agrees to indemnify and hold harmless
any indemnified party from and against any loss or liability by reason of such settlement or judgment. 
 (d) If the indemnification
provided for in this Section 7 shall for any reason be unavailable to or insufficient to hold harmless an indemnified party under Section 7(a) or 7(b) in respect of any loss, claim, damage or liability, or any action in respect thereof,
referred to therein, then each indemnifying party shall, in lieu of indemnifying such 

  
 34 

 
indemnified party, contribute to the amount paid or payable by such indemnified party as a result of such loss, claim, damage or liability, or action in respect thereof, (i) in such
proportion as shall be appropriate to reflect the relative benefits received by SBA Finance and its affiliates on the one hand and the Initial Purchasers on the other from the offering of the Offered Securities or (ii) if the allocation
provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of SBA Finance and its affiliates
on the one hand and the Initial Purchasers on the other with respect to the statements or omissions which resulted in such loss, claim, damage or liability, or action in respect thereof, as well as any other relevant equitable considerations. The
relative benefits received by SBA Finance and its affiliates on the one hand and the Initial Purchasers on the other with respect to such offering shall be deemed to be in the same proportion as the total net proceeds from the offering of the
Offered Securities purchased under this Agreement (before deducting expenses) received by SBA Finance and its affiliates, on the one hand, and the total discounts and commissions received by the Initial Purchasers with respect to the Offered
Securities purchased under this Agreement, on the other hand, bear to the total gross proceeds from the offering of the Offered Securities under this Agreement. The relative fault shall be determined by reference to whether the untrue or alleged
untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by SBA Finance or its affiliates, or the Initial Purchasers, the intent of the parties and their relative knowledge, access
to information and opportunity to correct or prevent such statement or omission. SBA Finance and the Initial Purchasers agree that it would not be just and equitable if contributions pursuant to this Section 7(d) were to be determined by pro
rata allocation (even if the Initial Purchasers were treated as one entity for such purpose) or by any other method of allocation which does not take into account the equitable considerations referred to herein. The amount paid or payable by an
indemnified party as a result of the loss, claim, damage or liability, or action in respect thereof, referred to above in this Section shall be deemed to include, for purposes of this Section 7(d), any legal or other expenses reasonably
incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 7(d), the Initial Purchasers shall not be required to contribute any amount in excess of
the amount by which the total price at which the Offered Securities purchased by them were resold to Eligible Purchasers exceeds the amount of any damages which the Initial Purchasers have otherwise paid or become liable to pay by reason of any
untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not
guilty of such fraudulent misrepresentation. The Initial Purchasers’ obligations to contribute as provided in this Section 7(d) are several in proportion to their respective obligations and not joint. 

(e) The Initial Purchasers confirm and SBA Finance acknowledges that, for all purposes of this Agreement, the information relating to the
Initial Purchasers furnished to SBA Finance by or on behalf of the Initial Purchasers expressly for use in the Preliminary Offering Memorandum, the Pricing Disclosure Package and the Offering Memorandum (the “Initial Purchasers’
Information”) consists solely of (i) the second sentence of the last paragraph on the cover page of the Preliminary Offering Memorandum and the 

  
 35 

 
Offering Memorandum, the second paragraph of the section of the Preliminary Offering Memorandum and the Offering Memorandum entitled “Offering of Securities” and (ii) the names,
addresses and telephone numbers on page 35 of the Sales Slides. 
 8. Persons Entitled to Benefit of Agreement. 

This Agreement shall inure to the benefit of and be binding upon the Initial Purchasers, the Trustee, SBA Finance and their respective
successors. This Agreement and the terms and provisions hereof are for the sole benefit of only those persons, except as provided in Section 7 with respect to officers, directors, employees, affiliates or controlling persons of SBA Finance and
the Initial Purchasers and in Section 4(e) with respect to holders and prospective purchasers of the Offered Securities. Nothing in this Agreement is intended or shall be construed to give any person, other than the persons referred to in this
Section 8, any legal or equitable right, remedy or claim under or in respect of this Agreement or any provision contained herein. 
 9.
Expenses. 
 (a) SBA Finance agrees to pay all costs, expenses, fees and taxes incident to and in connection with (i) the
authorization, issuance, sale, preparation and delivery of the Offered Securities; (ii) the preparation, printing and distribution of the Preliminary Offering Memorandum and the Offering Memorandum and any amendments or supplements thereto;
(iii) reproducing and distributing each of the Transaction Documents; (iv) the preparation, printing and delivery of the certificates evidencing the Offered Securities, including stamp duties and transfer taxes, if any, payable upon
issuance of the Offered Securities; (v) preparing, printing and distributing the Blue Sky Memoranda (including related fees and expenses of counsel for the Initial Purchasers); (vi) any fees charged by rating agencies for ratings letters
and/or ratings confirmation letters issued in connection with the issuance of the Offered Securities; (vii) any fees charged by the rating agencies for rating the Offered Securities; (viii) the fees and expenses of E&Y and the
Independent Accounting Firm incurred in connection with the delivery of the comfort letters and procedures letters to the Initial Purchasers pursuant to the terms of this Agreement; (ix) the fees and expenses of the Trustee and the Certificate
Registrar (including related fees and expenses of any counsel to such parties); (x) the fees and expenses of counsel to SBA Finance and the Transaction Parties, (xi) the fees and expenses of the Servicer (including related fees and
expenses of counsel to the Servicer); (xii) the reasonable fees and disbursements of Simpson Thacher & Bartlett LLP, counsel to the Initial Purchasers; (xiii) the reasonable out-of-pocket expenses of the Initial Purchasers
incurred by the Initial Purchasers in connection with this Agreement and the purchase and reoffering of the Offered Securities, including, without limitation, all travel expenses of the Initial Purchasers and all expenses of the Initial Purchasers
incurred in connection with attending or hosting meetings with prospective purchasers of the Offered Securities; (xiv) the reasonable out-of-pocket fees and expenses incurred by SBA Finance in connection with attending meetings with prospective
purchasers of the Offered Securities, (xv) all expenses and application fees incurred in connection with the approval of the Offered Securities for book entry transfer by DTC; and (xvi) all other costs and expenses incident to the
performance of the obligations of SBA Finance under this Agreement which are not otherwise specifically provided for in this Section 9. 

  
 36 

 (b) In addition, if the Trustee shall fail to tender the Offered Securities for delivery to the
Initial Purchasers by reason of any failure, refusal or inability on the part of the Trustee or SBA Finance to perform any agreement on its part to be performed, or if the Initial Purchasers shall decline to purchase the Offered Securities because
any other condition of the Initial Purchasers’ obligations hereunder required to be fulfilled is not fulfilled, SBA Finance will reimburse the Initial Purchasers for any reasonable out-of-pocket fees and expenses incurred by the Initial
Purchasers in connection with this Agreement and the proposed purchase of the Offered Securities, including the reasonable fees and disbursements of Simpson Thacher & Bartlett LLP, counsel to the Initial Purchasers, and the reasonable
out-of-pocket fees and expenses incurred by the Initial Purchasers in connection with hosting or attending meetings with prospective purchasers of the Offered Securities. 

10. Indemnification of the Trustee 

SBA Finance hereby agrees to indemnify and hold harmless the Trustee (including in its individual capacity) and any Affiliates, directors,
officers, employees or agents of the Trustee for and against any loss, liability, claim or expense (including costs and expenses of litigation, and of investigation, reasonable counsel’s fees, damages, judgments and amounts paid in settlement)
arising out of, or incurred in connection with, this Agreement, the marketing and Offering of the Offered Securities hereunder, or any act or omission of the Trustee relating to the exercise and performance of any of the rights and duties of the
Trustee hereunder; provided, however, that the Trustee shall not be entitled to indemnification pursuant to this Section 10 for any loss, liability, claim or expense incurred by reason of any willful misfeasance, bad faith or gross negligence
of the Trustee in the performance of, or reckless disregard of, its obligations and duties hereunder. 
 11. Certain Additional Matters
Regarding the Trustee 
 It is expressly understood and agreed by the parties hereto that insofar as this Agreement is executed by the
Trustee (i) this Agreement is executed and delivered by Deutsche Bank Trust Company Americas, not in its individual capacity but solely as Trustee under the Trust Agreement, in the exercise of the powers and authority conferred upon and vested
in it thereunder, (ii) each of the undertakings and agreements herein made on behalf of the Trust is made and intended not as a personal undertaking or agreement of the Trustee but is made and intended solely for the purpose of binding only the
Trust, and (iii) under no circumstances shall Deutsche Bank Trust Company Americas, in its individual capacity be personally liable for the payment of any indebtedness or expenses or be personally liable for the breach or failure of any
obligation or covenant made or undertaken by it on behalf of the Trust under this Agreement. 

  
 37 

 12. Survival. 

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

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

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

Attention: Securitized Products Origination Group 

Facsimile no.: (212) 412-2663 

Citigroup Global Markets Inc. 

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

Facsimile no.: (646) 291-5473 

and 
 Deutsche
Bank Securities Inc. 
 60 Wall Street 

New York, New York 10005 

Attention: Credit Solutions Group 

Facsimile no.: (212) 797-5300 

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

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

Attention: Thomas P. Hunt 

Facsimile no.: (561) 997-0343 

  
 38 

 or 

Deutsche Bank Trust Company Americas 

c/o Deutsche Bank National Trust Company 

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

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

14. Definition of Terms. 

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

SBA Finance acknowledges and agree that the Initial Purchasers’ research analysts and research departments are required to be independent
from its investment banking division and are subject to certain regulations and internal policies, and that the Initial Purchasers’ research analysts may hold and make statements or investment recommendations and/or publish research reports
with respect to SBA Parent and its subsidiaries and/or the offering that differ from the views of its investment bankers. SBA Finance hereby waives and releases, to the fullest extent permitted by law, any claims that SBA Finance may have against
the Initial Purchasers with respect to any conflict of interest that may arise from the fact that the views expressed by its independent research analysts and research department may be different from or inconsistent with the views or advice
communicated to SBA Finance by the Initial Purchasers’ investment banking division. SBA Finance acknowledges that each of the Initial Purchasers is a full service securities firm and as such from time to time, subject to applicable securities
laws, may effect transactions for its own account or the account of its customers and hold long or short positions in the Offered Securities. 

16. No Fiduciary Duty. 

SBA Finance acknowledges and agrees that in connection with this offering of the Offered Securities or any other services the Initial
Purchasers may be deemed to be providing hereunder, notwithstanding any preexisting relationship, advisory or otherwise, between the parties or any oral representations or assurances previously or subsequently made by the Initial Purchasers:
(i) no fiduciary or agency relationship between SBA Finance and any other person, on the one hand, and the Initial Purchasers, on the other, exists; (ii) the Initial Purchasers are not acting as advisor, expert or otherwise, to SBA
Finance, and such relationship between SBA Finance, on the one hand, and the Initial 

  
 39 

 
Purchasers, on the other, is entirely and solely commercial, based on arms-length negotiations; (iii) any duties and obligations that the Initial Purchasers may have to SBA Finance shall be
limited to those duties and obligations specifically stated herein; and (iv) the Initial Purchasers and their respective affiliates may have interests that differ from those of SBA Finance. SBA Finance hereby waives any claims that SBA Finance
may have against the Initial Purchasers with respect to any breach of fiduciary duty in connection with the offering of the Offered Securities. 

17. Governing Law and Forum Selection. 

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

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

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

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

  
 40 

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

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

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

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

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

  

			
	Accepted:
	BARCLAYS CAPITAL INC.
		
	By:	 	 /s/ Benjamin Fernandez

	Name:	 	Benjamin Fernandez
	Title:	 	Managing Director
	
	CITIGROUP GLOBAL MARKETS INC.
		
	By:	 	 /s/ Gerard Drumm

	Name:	 	Gerard Drumm
	Title:	 	Director
	
	DEUTSCHE BANK SECURITIES INC.
		
	By:	 	 /s/ Shawn Rose

	Name:	 	Shawn Rose
	Title:	 	Vice President
		
	By:	 	 /s/ Rob Sannicandro

	Name:	 	Rob Sannicandro
	Title:	 	Director

 For themselves and as Representatives of the several Initial Purchasers named on Schedule I hereto. 

[Signature Page to Purchase Agreement] 

 SCHEDULE I 
  

					
	 Initial Purchasers
	  	Principal Amount
Offered Securities	 
	 Barclays Capital Inc.
	  	$	180,000,000	  
	 Citigroup Global Markets Inc.
	  	$	100,000,000	  
	 Deutsche Bank Securities Inc.
	  	$	100,000,000	  
	 J.P. Morgan Securities LLC
	  	$	30,000,000	  
	 Mizuho Securities USA Inc.
	  	$	30,000,000	  
	 TD Securities (USA) LLC
	  	$	30,000,000	  
	 Wells Fargo Securities, LLC
	  	$	30,000,000	  
	 Total
	  	$	500,000,000	  
		  	  
	  
	 

 [Signature Page to Purchase Agreement] 

 SCHEDULE II 

Pricing Term Sheet 

 THIS PRICING SUPPLEMENT TO THE PRELIMINARY OFFERING MEMORANDUM DATED OCTOBER 1, 2015 IS INTENDED FOR THE
PERSONAL AND CONFIDENTIAL USE OF THE DESIGNATED RECIPIENT(S) NAMED IN THE EMAIL TO WHICH THIS PRICING SUPPLEMENT IS ATTACHED. IF YOU ARE NOT THE INTENDED RECIPIENT OF THIS PRICING SUPPLEMENT YOU ARE HEREBY NOTIFIED THAT ANY REVIEW, DISSEMINATION,
DISTRIBUTION OR COPYING OF THIS PRICING SUPPLEMENT IS STRICTLY PROHIBITED. 
 BY ELECTING TO VIEW THIS INFORMATION, YOU REPRESENT, WARRANT AND AGREE
THAT YOU WILL NOT COPY, RECORD OR OTHERWISE ATTEMPT TO REPRODUCE OR RETRANSMIT THIS INFORMATION TO ANY OTHER PERSON. 

 PRICING SUPPLEMENT 

TO THE PRELIMINARY OFFERING 

MEMORANDUM DATED OCTOBER 1, 2015 

of 
 SBA TOWER TRUST

 This is the First Supplement dated October 6, 2015 (the “Pricing Supplement”) to the confidential preliminary offering
memorandum dated October 1, 2015 (the “Preliminary Offering Memorandum”) of SBA Tower Trust. 
 The information in this Pricing
Supplement supplements the Preliminary Offering Memorandum and supersedes the information in the Preliminary Offering Memorandum to the extent inconsistent with the information in the Preliminary Offering Memorandum. This Pricing Supplement is
qualified in its entirety by reference to, and must be read in conjunction with, the Preliminary Offering Memorandum. Terms used herein but not defined herein shall have the respective meanings as set forth in the Preliminary Offering Memorandum.

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

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

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

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

in conjunction with, the Preliminary Offering Memorandum dated October 1, 2015 

 
 IT MAY OTHERWISE LAWFULLY BE COMMUNICATED
(ALL SUCH PERSONS TOGETHER BEING REFERRED TO AS “FPO PERSONS”); AND (B) IF MADE BY A PERSON WHO IS AN AUTHORIZED PERSON UNDER THE FSMA, IS BEING MADE ONLY TO, OR DIRECTED ONLY AT, PERSONS WHO (I) ARE INVESTMENT
PROFESSIONALS, AS SUCH TERM IS DEFINED IN ARTICLE 14(5) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (PROMOTION OF COLLECTIVE INVESTMENT SCHEMES) (EXEMPTIONS) ORDER 2001, AS AMENDED (THE “EXEMPTIONS ORDER”), (II) ARE PERSONS
FALLING WITHIN ARTICLE 22(2)(A) THROUGH (D) (“HIGH NET WORTH COMPANIES, UNINCORPORATED ASSOCIATIONS, ETC.”) OF THE EXEMPTIONS ORDER, OR (III) ARE PERSONS TO WHOM IT MAY OTHERWISE LAWFULLY BE COMMUNICATED (ALL SUCH PERSONS, TOGETHER
WITH THE FPO PERSONS, THE “RELEVANT PERSONS”). THIS PRICING SUPPLEMENT IS DIRECTED ONLY AT RELEVANT PERSONS AND MUST NOT BE ACTED ON OR RELIED ON BY PERSONS WHO ARE NOT RELEVANT PERSONS. ANY INVESTMENT OR INVESTMENT ACTIVITY TO
WHICH THIS PRICING SUPPLEMENT RELATES, INCLUDING THE OFFERED SECURITIES, IS AVAILABLE ONLY TO RELEVANT PERSONS AND WILL BE ENGAGED IN ONLY WITH RELEVANT PERSONS. 

THIS PRICING SUPPLEMENT MAY NOT BE FORWARDED OR DISTRIBUTED TO ANY OTHER PERSON AND MAY NOT BE REPRODUCED IN ANY MANNER WHATSOEVER. ANY FORWARDING,
DISTRIBUTION OR REPRODUCTION OF THIS PRICING SUPPLEMENT IN WHOLE OR IN PART IS UNAUTHORIZED. FAILURE TO COMPLY WITH THIS DIRECTIVE MAY RESULT IN A VIOLATION OF THE SECURITIES ACT OR THE APPLICABLE SECURITIES LAWS OF OTHER JURISDICTIONS. 

Confirmation of Your Representation: In order to be eligible to view this Pricing Supplement or make an investment decision with respect to the Offered
Securities, you must be (A) (i) a Qualified Institutional Buyer, (ii) aware that the sale of the Offered Securities to you is being made in reliance on Rule 144A and (iii) acquiring such Offered Securities for your own account or
for the account of another Qualified Institutional Buyer, as the case may be, (B) (i) an Institutional Accredited Investor or an entity owned entirely by other Institutional Accredited Investors, (ii) acquiring such Offered Securities for
your own account and (iii) do not intend to resell or distribute such Offered Securities in any manner that would violate, or require registration under, Section 5 of the Securities Act, or (C) (i) not a “U.S. person”
as defined in Rule 902(k) of Regulation S (a “U.S. Person”), (ii) not acquiring such Offered Securities for the account or benefit of a U.S. Person and (iii) is acquiring such Offered Securities in an “offshore
transaction” as defined in Rule 902(h) of Regulation S. 
 You are reminded that this Pricing Supplement has been delivered to you on the basis
that you are a person into whose possession this Pricing Supplement may be lawfully delivered in accordance with the laws of the jurisdiction in which you are located and you may not, nor are you authorized to, deliver this Pricing Supplement to any
other person. 
 The materials relating to the offering do not constitute, and may not be used in connection with, an offer or solicitation in any place
where such offers or solicitations are not permitted by law. If a jurisdiction requires that the offering be made by a licensed broker or dealer and the Initial Purchasers or any affiliate of the Initial Purchasers is a licensed broker or dealer in
that jurisdiction, the offering shall be deemed to be made by the Initial Purchasers or such affiliate on behalf of the Issuer in such jurisdiction. 
 This
Pricing Supplement has been sent to you in an electronic form. You are reminded that documents transmitted via this medium may be altered or changed during the process of electronic transmission and consequently none of Barclays Capital Inc.,
Citigroup Global Markets Inc., Deutsche Bank Securities Inc., the other initial purchasers nor any person who controls any of them nor any director, officer, employee or agent of any of them nor any affiliate of any such person accepts any liability
or responsibility whatsoever in respect of any difference between this Pricing Supplement distributed to you in electronic format and the hard copy version available to you on request from Barclays Capital Inc., Citigroup Global Markets Inc.,
Deutsche Bank Securities Inc. and the other initial purchasers. By accepting delivery of this Pricing Supplement, you agree to the foregoing. 

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

 in conjunction with, the Preliminary Offering Memorandum dated October 1, 2015 

 
  
  

			
	ISSUER:	  	SBA Tower Trust
		
	SERIES OF SECURITIES:	  	Secured Tower Revenue Securities, Series 2015-1
		
	SUBCLASS:	  	 2015-1C
  

Initial Subclass Principal Balance: $500,000,000
  

% of Class Principal Balance: 11.90%

		
	CURRENCY:	  	U.S. Dollars
		
	OFFERING FORM:	  	144A/IAI/Reg S
		
	PASS-THROUGH RATE:	  	3.156%
		
	BASE COMPONENT RATE:	  	3.156%
		
	POST-ARD SPREAD:	  	1.85%
		
	DSCR AS OF CLOSING DATE:	  	4.40x
		
	ANTICIPATED REPAYMENT DATE:	  	October 2020
		
	FINAL REPAYMENT DATE:	  	October 2045
		
	PAYMENT FREQUENCY	  	Monthly
		
	RATINGS:1	  	Moody’s/Fitch: A2(sf)/Asf
		
	DENOMINATIONS:	  	The Offered Securities will be issued in a denomination of not less than $25,000 initial principal balance and in integral multiples of $1,000 in excess thereof, except that Offered Securities issued to Institutional Accredited
Investors that are not Qualified Institutional Buyers will be issued in minimum denominations of $100,000 and integral multiples of $1,000 in excess thereof.
		
	DAY COUNT:	  	30/360
		
	OFFERING PRICE:	  	100%
		
	PRICING DATE:	  	October 6, 2015
		
	CLOSING DATE:	  	October 14, 2015
		
	EXPECTED SETTLEMENT:	  	T+5 (October 14, 2015)2

 

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

	2	The Initial Purchasers expect to deliver the Offered Securities on October 14, 2015, which will be the 5th Business Day following the date of pricing of the Offered Securities (such settlement schedule being herein
referred to as “T+5”). Under Rule 15c6-1 under the United States Securities Exchange Act of 1934, as amended (the “Exchange Act”), trades in the secondary market generally are required to settle in three Business Days, unless the
parties to any such trade expressly agree otherwise. Because the Offered Securities will not be delivered before closing, purchasers trading the Offered Securities on the date of pricing or the next two Business Days will be required to specify a
longer settlement cycle at the time of any such trade to prevent a failed settlement. Purchasers of the Offered Securities who wish to trade Offered Securities on the date of pricing or the next two Business Days should consult their own advisor.

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

 in conjunction with, the Preliminary Offering Memorandum dated October 1, 2015 

 
  

			
		
	CUSIP:	  	 78403D AJ9 (Rule 144A)
 U80547 AJ8 (Regulation
S)

		
	ISIN:	  	 US78403DAJ90 (Rule 144A)
 USU80547AJ87
(Regulation S)

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

Wells Fargo Securities, LLC

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

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

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

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