Document:

Exhibit 10.45

 Exhibit 10.45 
  
 REGISTRATION RIGHTS AGREEMENT 
  
 Dated as of December 14, 2004 
  
 Among 
  
 SBA COMMUNICATIONS CORPORATION, 
  
 and 
  
 LEHMAN BROTHERS INC.,

 DEUTSCHE BANK SECURITIES INC., 
 FRIEDMAN, BILLINGS, RAMSEY & CO., INC., 
 RAYMOND JAMES & ASSOCIATES, INC., 
 RBC CAPITAL MARKETS CORPORATION, 
 TD SECURITIES
(USA) LLC, 
  
 as Initial Purchasers 
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

	1.	  	Definitions	  	1
			
	2.	  	Securities Subject to This Agreement	  	3
			
	3.	  	Registered Exchange Offer	  	3
			
	4.	  	Shelf Registration	  	5
			
	5.	  	Additional Interest	  	6
			
	6.	  	Registration Procedures	  	7
			
	7.	  	Registration Expenses	  	14
			
	8.	  	Indemnification and Contribution	  	15
			
	9.	  	Rule 144A	  	18
			
	10.	  	Participation in Underwritten Registrations	  	18
			
	11.	  	Selection of Underwriters	  	18
			
	12.	  	Miscellaneous	  	18

  

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 This Registration Rights Agreement (this “Agreement”) is made and entered into as of
December 14, 2004 by and among SBA Communications Corporation, a Florida corporation (the “Company”) and Lehman Brothers Inc., Deutsche Bank Securities Inc., Friedman, Billings, Ramsey & Co., Inc., Raymond James &
Associates, Inc., RBC Capital Markets Corporation and TD Securities (USA) LLC (each an “Initial Purchaser”). 
  
 This Agreement is entered into in connection with the Purchase Agreement, dated December 1, 2004, by and among the Company and the Initial Purchasers (the
“Purchase Agreement”), which provides for the sale by the Company to the Initial Purchasers of $250,000,000 aggregate principal amount of the Company’s 81⁄2% Senior Notes due 2012 (the “Notes”). In order to
induce the Initial Purchasers to enter into the Purchase Agreement, the Company has agreed to provide the registration rights set forth in this Agreement for the benefit of the Initial Purchasers and their direct and indirect transferees and
assigns. The execution and delivery of this Agreement is a condition to the Initial Purchasers’ obligations to purchase the Notes under the Purchase Agreement. Capitalized terms used but not specifically defined herein have the respective
meanings ascribed thereto in the Purchase Agreement. 
  
 The
parties hereby agree as follows: 
  
 1. Definitions. As
used in this Agreement, the following capitalized terms shall have the following meanings: 
  
 Additional Interest: As defined in Section 5(a) hereof. 
  
 Broker-Dealer: Any broker or dealer registered under the Exchange Act. 
  
 Closing Date: The date on which the Notes were sold
to the Initial Purchasers. 
  
 Commission:
The Securities and Exchange Commission. 
  
 Consummate: A registered Exchange Offer shall be deemed “Consummated” for purposes of this Agreement upon the occurrence of (i) the filing and effectiveness under the Securities Act of the Exchange Offer Registration
Statement relating to the New Notes to be issued in the Exchange Offer, (ii) the maintenance of such Registration Statement continuously effective and the keeping of the Exchange Offer open for a period not less than the minimum period required
pursuant to Section 3(b) hereof and (iii) the delivery by the Company of the New Notes in the same aggregate principal amount as the aggregate principal amount of Transfer Restricted Notes that were validly tendered by Holders thereof pursuant to
the Exchange Offer. 
  
 Effectiveness Target
Date: As defined in Section 5(a) hereof. 
  
 Exchange Act: The Securities Exchange Act of 1934, as amended. 
  
 Exchange Offer: The registration by the Company under the Securities Act of the New Notes pursuant to a Registration Statement
pursuant to which the Company offers the Holders of all outstanding Transfer Restricted Notes the opportunity 

  

 
to exchange all such outstanding Transfer Restricted Notes held by such Holders for New Notes in an aggregate principal amount equal to the aggregate
principal amount of the Transfer Restricted Notes tendered in such exchange offer by such Holders. 
  
 Exchange Offer Registration Statement: The Registration Statement relating to the Exchange Offer, including the Prospectus which
forms a part thereof. 
  
 Exempt Resales:
The transactions in which the Initial Purchasers propose to sell the Notes to certain “qualified institutional buyers,” as such term is defined in Rule 144A under the Securities Act and to certain non-U.S. persons in offshore transactions
meeting the requirements of Rule 903 or 904 of Regulation S under the Securities Act. 
  
 Holders: As defined in Section 2(b) hereof. 
  
 Indenture: The Indenture, dated as of December 14, 2004, between the Company and U.S. Bank N.A., as
trustee (the “Trustee”), pursuant to which the Notes are to be issued, as such Indenture is amended or supplemented from time to time in accordance with the terms thereof. 
  
 Initial Purchasers: Lehman Brothers Inc., Deutsche
Bank Securities Inc., Friedman, Billings, Ramsey & Co., Inc., Raymond James & Associates, Inc., RBC Capital Markets Corporation and TD Securities (USA) LLC. 
  
 NASD: National Association of Securities Dealers, Inc. 
  
 New Notes: The notes to be issued pursuant to the
Indenture in the Exchange Offer. 
  
 Participant: As defined in Section 8(a) hereof. 
  
 Person: An individual, partnership, corporation, limited liability company, trust or unincorporated organization, or a government or agency or political subdivision thereof. 
  
 Prospectus: The prospectus included in a Registration
Statement, as amended or supplemented by any prospectus supplement and by all other amendments thereto, including post-effective amendments, and all material incorporated by reference into such Prospectus. 
  
 Registration Default: As defined in Section 5(a)
hereof. 
  
 Registration Statement: Any
registration statement of the Company relating to (a) an offering of New Notes pursuant to an Exchange Offer or (b) the registration for resale of Transfer Restricted Notes pursuant to the Shelf Registration Statement, which is filed pursuant to the
provisions of this Agreement, in either case, including the Prospectus included therein, all amendments and supplements thereto (including post-effective amendments) and all exhibits and material incorporated by reference therein. 
  

 2 

 Securities Act: The Securities Act of 1933, as amended, and the rules and
regulations promulgated thereunder. 
  
 Shelf
Filing Deadline: As defined in Section 4(a) hereof. 
  
 Shelf Registration Statement: As defined in Section 4(a) hereof. 
  
 TIA: The Trust Indenture Act of 1939 (15 U.S.C. Section 77aaa-77bbbb), as amended. 
  
 Transfer Restricted Notes: Each Note, until the
earliest to occur of (a) the date on which such Note has been exchanged by a person other than a Broker-Dealer for a New Note in the Exchange Offer, (b) following the exchange by a Broker-Dealer in the Exchange Offer of a Note for a New Note, the
date on which such New Note is sold to a purchaser who receives from such Broker-Dealer on or prior to the date of such sale a copy of the prospectus contained in the Exchange Offer Registration Statement, (c) the date on which such Note has been
effectively registered under the Securities Act and disposed of in accordance with the Shelf Registration Statement or (d) the date on which such Note is eligible to be distributed to the public pursuant to Rule 144 under the Securities Act.

  
 Underwritten Registration or
Underwritten Offering: A registration in which securities of the Company are sold to an underwriter for reoffering to the public. 
  
 2. Securities Subject to This Agreement. 
  
 (a) Transfer Restricted Notes. The securities entitled to the benefits of this Agreement are the Transfer Restricted Notes. 
  
 (b) Holders of Transfer Restricted Notes. A Person is deemed to be a
holder of Transfer Restricted Notes (each such Person, a “Holder”) whenever such Person owns Transfer Restricted Notes. 
  
 3. Registered Exchange Offer. 
  
 (a) Unless the Exchange Offer shall not be permissible under applicable law or Commission policy (after the procedures set forth in Section 6(a) below
have been complied with) or one of the events set forth in Section 4(a)(ii) has occurred, the Company shall (i) use its reasonable best efforts to cause to be filed with the Commission promptly after the Closing Date, but in no event later than 120
days after the Closing Date, a Registration Statement under the Securities Act relating to the New Notes and the Exchange Offer, (ii) use its reasonable best efforts to cause such Registration Statement to become effective no later than 210 days
after the Closing Date, (iii) in connection with the foregoing, file (A) all pre-effective amendments to such Registration Statement as may be necessary in order to cause such Registration Statement to become effective, (B) if applicable, a
post-effective amendment to such Registration Statement pursuant to Rule 430A under the Securities Act and (C) cause all necessary filings in connection with the registration and qualification of the New Notes to be made under the Blue Sky laws of
such jurisdictions as are necessary to permit Consummation of the Exchange Offer, and (iv) 

  

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unless the Exchange Offer would not be permitted by applicable law or Commission policy, the Company will commence the Exchange Offer and use its reasonable
best efforts to cause the Exchange Offer to be Consummated on the earliest practicable date after the Exchange Offer Registration Statement has become effective, but in no event later than 240 days after the Closing Date and (v) deliver the Exchange
Notes in the same aggregate principal amount as the aggregate principal amount of Transfer Restricted Securities that were validly tendered by Holders thereof pursuant to the Exchange Offer. The Exchange Offer shall be on the appropriate form
permitting registration of the New Notes to be offered in exchange for the Transfer Restricted Notes and to permit resales of New Notes held by Broker-Dealers as contemplated by Section 3(c) below. The 120, 210 and 240 day periods referred to in
(i), (ii) and (iv) of this Section 3(a) shall not include any period during which the Company is pursuing a Commission ruling pursuant to Section 6(a)(i) below. 
  

(b) The Company shall use its reasonable best efforts to cause the Exchange Offer Registration Statement to be effective continuously and shall keep
the Exchange Offer open for a period of not less than the minimum period required under applicable federal and state securities laws to Consummate the Exchange Offer; provided, however, that in no event shall such period be less than 20
business days. The Company shall cause the Exchange Offer to comply in all material respects with all applicable federal and state securities laws. No securities other than the New Notes shall be included in the Exchange Offer Registration
Statement. 
  
 (c) The Company shall indicate in a “Plan of
Distribution” section contained in the Prospectus contained in the Exchange Offer Registration Statement that any Broker-Dealer who holds Notes that are Transfer Restricted Notes and that were acquired for its own account as a result of
market-making activities or other trading activities (other than Transfer Restricted Notes acquired directly from the Company), may exchange such Notes pursuant to the Exchange Offer; provided, however, such Broker-Dealer may be deemed to be an
“underwriter” within the meaning of the Securities Act and must, therefore, deliver a prospectus meeting the requirements of the Securities Act in connection with any resales of the New Notes received by such Broker-Dealer in the Exchange
Offer, which prospectus delivery requirement may be satisfied by the delivery by such Broker-Dealer of the Prospectus contained in the Exchange Offer Registration Statement. Such “Plan of Distribution” section shall also contain all other
information with respect to such resales by Broker-Dealers that the Commission may require in order to permit such resales pursuant thereto, but such “Plan of Distribution” shall not name any such Broker-Dealer or disclose the amount of
New Notes held by any such Broker-Dealer except to the extent required by the Commission. 
  
 The Company shall use its reasonable best efforts to keep the Exchange Offer Registration Statement continuously effective, supplemented and amended as required by the provisions of Section 6(c) below to the extent
necessary to ensure that it is available for resales of New Notes acquired by Broker-Dealers for their own accounts as a result of market-making activities or other trading activities and to ensure that it conforms with the requirements of this
Agreement, the Securities Act and the policies, rules and regulations of the Commission as announced from time to time, for a period of 180 days from the date on which the Exchange Offer Registration Statement is declared effective. 
  

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 The Company shall provide sufficient copies of the latest version of such Prospectus to Broker-Dealers
promptly upon request at any time during such 180-day period in order to facilitate such resales. 
  
 4. Shelf Registration. 
  
 (a) Shelf Registration. If (i) the Company is not required to file an Exchange Offer Registration Statement or to Consummate the Exchange Offer
because the Exchange Offer is not permitted by applicable law or Commission policy (after the procedures set forth in Section 6(a) below have been complied with) or (ii) if any Holder of Transfer Restricted Notes that is a “qualified
institutional buyer” (as defined in Rule 144A under the Securities Act) or an institutional “accredited investor” (as defined in Rule 501(A)(1), (2), (3) or (7) under the Securities Act) shall notify the Company at least 30 business
days prior to the Consummation of the Exchange Offer (A) that such Holder is prohibited by applicable law or Commission policy from participating in the Exchange Offer or (B) that such Holder may not resell the New Notes acquired by it in the
Exchange Offer to the public without delivering a prospectus and that the Prospectus contained in the Exchange Offer Registration Statement is not appropriate or available for such resales by such Holder or (C) that such Holder is a Broker-Dealer
and holds Notes acquired directly from the Company or one of its affiliates, then the Company shall in lieu of, or in the event of (ii) above, in addition to, effecting the registration of the New Notes pursuant to the Exchange Offer Registration
Statement use its reasonable best efforts to: 
  
 (x) cause to be filed a shelf registration statement pursuant to Rule 415 under the Securities Act, which may be an amendment to the Exchange Offer Registration Statement (in either event, the “Shelf Registration
Statement”), on or prior to the earlier to occur of (1) the 60th day after the date on which the Company determines that it is not required to file the Exchange Offer Registration Statement or (2) the 60th day after the date on which the
Company receives notice from a Holder of Transfer Restricted Notes as contemplated by clause (ii) above (such earlier date being the “Shelf Filing Deadline”), which Shelf Registration Statement shall provide for resales of all
Transfer Restricted Notes the Holders of which shall have provided the information required pursuant to Section 4(b) hereof; and 
  
 (y) cause such Shelf Registration Statement to be declared effective by the Commission on or before the later of 60 days after the Shelf
Filing Deadline or 210 days after the Closing Date. 
  
 The Company shall use its
reasonable best efforts to keep such Shelf Registration Statement continuously effective, supplemented and amended as required by the provisions of Sections 6(b) and (c) hereof to the extent necessary to ensure that it is available for resales of
Notes by the Holders of Transfer Restricted Notes entitled to the benefit of this Section 4(a) and to ensure that it conforms with the requirements of this Agreement, the Securities Act and the policies, rules and regulations of the Commission as
announced from time to time, for a period ending on the earlier of (a) the second anniversary of the Closing Date and (b) the date on which all Transfer 

  

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Restricted Notes covered by such Shelf Registration Statement shall have been sold pursuant thereto. 
  
 (b) Provision by Holders of Certain Information in Connection with the
Shelf Registration Statement. No Holder of Transfer Restricted Notes may include any of its Transfer Restricted Notes in any Shelf Registration Statement pursuant to this Agreement unless and until such Holder furnishes to the Company in
writing, within 10 days after receipt of a request therefor, such information as the Company may reasonably request for use in connection with any Shelf Registration Statement or Prospectus or preliminary Prospectus included therein. No Holder of
Transfer Restricted Notes shall be entitled to Additional Interest pursuant to Section 5 hereof unless and until such Holder shall have used its best efforts to provide all such reasonably requested information. Each Holder as to which any Shelf
Registration Statement is being effected agrees to furnish promptly to the Company all information required to be disclosed in order to make the information previously furnished to the Company by such Holder not materially misleading. 
  
 5. Additional Interest 
  
 (a) If (i) any of the Registration Statements required by this Agreement is
not filed with the Commission on or prior to the date specified for such filing in this Agreement, (ii) any of such Registration Statements has not been declared effective by the Commission on or prior to the date specified for such effectiveness in
this Agreement (the “Effectiveness Target Date”), (iii) the Exchange Offer has not been Consummated within 30 days after the Effectiveness Target Date with respect to the Exchange Offer Registration Statement or (iv) any Registration
Statement required by this Agreement is filed and declared effective but shall thereafter cease to be effective or to be usable in connection with resales of Transfer Restricted Notes without being succeeded within two business days by a
post-effective amendment to such Registration Statement that cures such failure and that is itself immediately declared effective (each such event referred to in clauses (i) through (iv), a “Registration Default”), additional cash interest
(“Additional Interest”) shall accrue to each Holder of the Transfer Restricted Notes adversely affected by the Registration Default from and during the continuance of the Registration Default in an amount equal to $.05 per week per $1,000
of the principal amount of Transfer Restricted Notes held by such Holder. The amount of Additional Interest will increase by an additional $.05 per week per $1,000 of the principal amount of Transfer Restricted Notes with respect to any period in
which the Registration Default has continued for more than 90 days until all Registration Defaults have been cured, up to a maximum amount of Additional Interest for all Registration Defaults of $.50 per week per $1,000 of the principal amount of
Transfer Restricted Notes. All accrued Additional Interest shall be paid to Holders by the Company in the same manner as interest is paid under the Notes. Following the cure of all Registration Defaults relating to any particular Transfer Restricted
Notes, the accrual of Additional Interest with respect to such Transfer Restricted Notes will cease. 
  
 All obligations of the Company set forth in the preceding paragraph that have accrued and are outstanding with respect to any Transfer Restricted Note at
the time such security ceases to be a Transfer Restricted Note shall survive until such time as all such obligations with respect to such Transfer Restricted Note shall have been satisfied in full. 
  

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 (b) The Company shall notify the Trustee within one business day after each and every date on which an
event occurs in respect of which Additional Interest is required to be paid. Additional Interest shall be paid by depositing Additional Interest with the Trustee, in trust, for the benefit of the Holders of the Notes, on or before the applicable
Interest Payment Date (as defined in the Notes) (whether or not any payment other than Additional Interest is payable on such Notes), in immediately available funds in sums sufficient to pay the Additional Interest then due to such Holders. Each
obligation to pay Additional Interest shall be deemed to accrue from the applicable date of the occurrence of the Registration Default. 
  
 6. Registration Procedures. 
  
 (a) Exchange Offer Registration Statement. In connection with the Exchange Offer, the Company shall comply with all of the provisions of Section
6(c) below, shall use its reasonable best efforts to effect such exchange to permit the sale of Transfer Restricted Notes being sold in accordance with the intended method or methods of distribution thereof and shall comply with the following
provisions: 
  
 (i) If in the reasonable opinion
of counsel to the Company there is a question as to whether the Exchange Offer is permitted by applicable law, the Company hereby agrees to seek a no-action letter or other favorable decision from the Commission allowing the Company to Consummate an
Exchange Offer for such Notes. The Company hereby agrees to pursue the issuance of such a decision to the Commission staff level but shall not be required to take commercially unreasonable action to effect a change of Commission policy. The Company
hereby agrees, however, to (A) participate in telephonic conferences with the Commission, (B) deliver to the Commission staff an analysis prepared by counsel to the Company setting forth the legal bases, if any, upon which such counsel has concluded
that such an Exchange Offer should be permitted and (C) diligently pursue a resolution (which need not be favorable) by the Commission staff of such submission. 
  
 (ii) As a condition to its participation in the Exchange Offer pursuant to the terms of this Agreement, each
Holder of Transfer Restricted Notes shall furnish, upon the request of the Company, prior to the Consummation thereof, a written representation to the Company (which may be contained in the letter of transmittal contemplated by the Exchange Offer
Registration Statement) to the effect that (A) it is not an affiliate of the Company, (B) it is not engaged in, and does not intend to engage in, and has no arrangement or understanding with any person to participate in, a distribution of the New
Notes to be issued in the Exchange Offer and (C) it is acquiring the New Notes in its ordinary course of business. In addition, all such Holders of Transfer Restricted Notes shall otherwise cooperate in the Company’s preparations for the
Exchange Offer. Each Holder hereby acknowledges and agrees that any Broker-Dealer and any such Holder using the Exchange Offer to participate in a distribution of the securities to be acquired in the Exchange Offer (1) could not under Commission
policy as in effect on the date of this Agreement rely on the position of the Commission enunciated in Morgan Stanley and Co., Inc. (available June 5, 1991) and Exxon Capital Holdings Corporation (available May 13, 1988), as interpreted in the
Commission’s letter to Shearman & Sterling dated July 2, 1993, and similar no-action letters (including Brown & Wood LLP (available 

  

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February 7, 1997), and any no-action letter obtained pursuant to clause (i) above) and (2) must comply with the registration and prospectus delivery
requirements of the Securities Act in connection with a secondary resale transaction and that such a secondary resale transaction should be covered by an effective registration statement containing the selling security holder information required by
Item 507 or 508, as applicable, of Regulation S-K if the resales are of New Notes obtained by such Holder in exchange for Notes acquired by such Holder directly from the Company. 
  
 (iii) Prior to the effectiveness of the Exchange Offer Registration Statement, to the extent required by the
Commission, the Company shall provide a supplemental letter to the Commission (A) stating that the Company is registering the Exchange Offer in reliance on the position of the Commission enunciated in Exxon Capital Holdings Corporation
(available May 13, 1988), Morgan Stanley and Co., Inc. (available June 5, 1991), Brown & Wood LLP (available February 7, 1997) and, if applicable, any no-action letter obtained pursuant to clause (i) above and (B) including a
representation that the Company has not entered into any arrangement or understanding with any Person to distribute the New Notes to be received in the Exchange Offer and that, to the best of the Company’s information and belief, each Holder
participating in the Exchange Offer is acquiring the New Notes in its ordinary course of business and has no arrangement or understanding with any Person to participate in the distribution of the New Notes received in the Exchange Offer. 

 
 (b) Shelf Registration Statement. In connection with the Shelf
Registration Statement, the Company shall comply with all the provisions of Section 6(c) below and shall use its reasonable best efforts to effect such registration to permit the sale of the Transfer Restricted Notes being sold in accordance with
the intended method or methods of distribution thereof, and pursuant thereto the Company will prepare and file with the Commission a Registration Statement relating to the registration on any appropriate form under the Securities Act, which form
shall be available for the sale of the Transfer Restricted Notes in accordance with the intended method or methods of distribution thereof within the time periods and otherwise in accordance with the provisions hereof. 
  
 (c) General Provisions. In connection with any Registration Statement
and any Prospectus required by this Agreement to permit the sale or resale of Transfer Restricted Notes (including, without limitation, any Registration Statement and the related Prospectus required to permit resales of Notes by Broker-Dealers), the
Company shall: 
  
 (i) use its reasonable best
efforts to keep such Registration Statement continuously effective and provide all requisite financial statements for the period specified in Section 3 or 4 of this Agreement, as applicable; upon the occurrence of any event that would cause any such
Registration Statement or the Prospectus contained therein (A) to contain a material misstatement or omission or (B) not to be effective and usable for resale of Transfer Restricted Notes during the period required by this Agreement, the Company
shall file promptly an appropriate amendment to such Registration Statement, in the case of clause (A), correcting any such misstatement or omission, and, in the case of either clause (A) or (B), use its reasonable best efforts to cause such
amendment to be declared effective and such Registration Statement and the 

  

 8 

 
related Prospectus to become usable for their intended purpose(s) as soon as practicable thereafter; 
  
 (ii) prepare and file with the Commission such amendments
and post-effective amendments to the Registration Statement as may be necessary to keep the Registration Statement effective for the applicable period set forth in Section 3 or 4 hereof, as applicable, or such shorter period as will terminate when
all Transfer Restricted Notes covered by such Registration Statement have been sold; cause the Prospectus to be supplemented by any required Prospectus supplement, and as so supplemented to be filed pursuant to Rule 424 under the Securities Act, and
to comply fully with the applicable provisions of Rules 424 and 430A under the Securities Act in a timely manner; and comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such Registration
Statement during the applicable period in accordance with the intended method or methods of distribution by the sellers thereof set forth in such Registration Statement or supplement to the Prospectus; 
  
 (iii) in the case of a Shelf Registration Statement, and for
so long as the Company is required to keep such Shelf Registration Statement effective, advise the underwriter(s), if any, and selling Holders promptly and, if requested by such Persons, confirm such advice in writing, (A) when the Prospectus or any
Prospectus supplement or post-effective amendment has been filed, and, with respect to any Registration Statement or any post-effective amendment thereto, when the same has become effective, (B) of any request by the Commission for amendments to the
Registration Statement or amendments or supplements to the Prospectus or for additional information relating thereto, (C) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement under the
Securities Act or of the suspension by any state securities commission of the qualification of the Transfer Restricted Notes for offering or sale in any jurisdiction, or the initiation of any proceeding for any of the preceding purposes, or (D) of
the existence of any fact or the happening of any event that makes any statement of a material fact made in the Registration Statement, the Prospectus, any amendment or supplement thereto, or any document incorporated by reference therein untrue, or
that requires the making of any additions to or changes in the Registration Statement or the Prospectus in order to make the statements therein not misleading. If at any time the Commission shall issue any stop order suspending the effectiveness of
the Registration Statement, or any state securities commission or other regulatory authority shall issue an order suspending the qualification or exemption from qualification of the Transfer Restricted Notes under state securities or Blue Sky laws,
the Company shall use its reasonable best efforts to obtain the withdrawal or lifting of such order at the earliest possible time; 
  
 (iv) in the case of a Shelf Registration Statement, furnish to each of the selling or exchanging Holders and each of the underwriter(s),
if any, before filing with the Commission, copies of any Registration Statement or any Prospectus included therein or any amendments or supplements to any such Registration Statement or Prospectus (including all documents incorporated by reference
after the initial filing of such Registration Statement, if any), which documents will be subject to the review of such Holders and underwriter(s), if any, for a period of at least five business days, and the 

  

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Company will not file any such Registration Statement or Prospectus or any amendment or supplement to any such Registration Statement or Prospectus
(including all such documents incorporated by reference) to which selling Holders of a majority in aggregate principal amount of Transfer Restricted Notes covered by such Registration Statement or the underwriter(s), if any, shall reasonably object
within five business days after the receipt thereof. A selling Holder or underwriter, if any, shall be deemed to have reasonably objected to such filing if such Registration Statement, amendment, Prospectus or supplement, as applicable, as proposed
to be filed, contains a material misstatement or omission; 
  
 (v) in the case of a Shelf Registration Statement, promptly prior to the filing of any document that is to be incorporated by reference into a Registration Statement or Prospectus, if any, provide copies of such
document to the selling Holders and to the underwriter(s), if any, make the Company’s representatives available for discussion of such document and other customary due diligence matters, and include such information in such document prior to
the filing thereof as such selling Holders or underwriter(s), if any, reasonably may request; 
  
 (vi) in the case of a Shelf Registration Statement, subject to an express agreement to keep such information confidential, make available
at reasonable times for inspection by the selling Holders, any underwriter participating in any disposition pursuant to such Registration Statement, and any attorney or accountant retained by such selling Holders or any of the underwriter(s), all
financial and other records, pertinent corporate documents and properties of the Company and cause the Company’s officers, directors, managers and employees to supply all information reasonably requested by any such Holder, underwriter,
attorney or accountant in connection with such Registration Statement subsequent to the filing thereof and prior to its effectiveness; 
  
 (vii) in the case of a Shelf Registration Statement, if requested by any selling Holders or the underwriter(s), if any, promptly
incorporate in any Registration Statement or Prospectus, pursuant to a supplement or post-effective amendment if necessary, such information as such selling Holders and underwriter(s), if any, may reasonably request to have included therein,
including, without limitation, information relating to the “Plan of Distribution” of the Transfer Restricted Notes, information with respect to the principal amount of Transfer Restricted Notes being sold to such underwriter(s), the
purchase price being paid therefor and any other terms of the offering of the Transfer Restricted Notes to be sold in such offering, and make all required filings of such Prospectus supplement or post-effective amendment as soon as practicable after
the Company is notified of the matters to be incorporated in such Prospectus supplement or post-effective amendment; 
  
 (viii) in the case of a Shelf Registration Statement, furnish, upon request, to each selling Holder and each of the underwriter(s), if
any, without charge, at least one copy of the Registration Statement, as first filed with the Commission, and of each amendment thereto, including all documents incorporated by reference therein, if any, and all exhibits (including exhibits
incorporated therein by reference); 
  

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 (ix) in the case of a Shelf Registration Statement, deliver to each selling Holder and
each of the underwriter(s), if any, without charge, as many copies of the Prospectus (including each preliminary prospectus) and any amendment or supplement thereto as such Persons reasonably may request; the Company hereby consents to the use of
the Prospectus and any amendment or supplement thereto by each of the selling Holders and each of the underwriter(s), if any, in connection with the offering and the sale of the Transfer Restricted Notes covered by the Prospectus or any amendment or
supplement thereto; 
  
 (x) in the case of a
Shelf Registration Statement, enter into such agreements (including an underwriting agreement in a form customary for similar transactions) and make such representations and warranties, and take all such other actions in connection therewith, in
order to expedite or facilitate the disposition of the Transfer Restricted Notes pursuant to any Registration Statement contemplated by this Agreement, all to such extent as may be requested by any purchaser or by any Holder of Transfer Restricted
Notes or underwriter, if any, in connection with any sale or resale pursuant to any Registration Statement contemplated by this Agreement; and in connection with an Underwritten Registration, the Company shall: 
  
 (A) upon request, furnish (or in the case of paragraphs (i)
and (iii), use its reasonable best efforts to furnish) to each selling Holder and each underwriter, if any, in such substance and scope as they may request and as are customarily made by issuers to underwriters in primary underwritten offerings,
upon the date of the effectiveness of the Shelf Registration Statement: 
  
 (1) a certificate, dated the date of the effectiveness of the Shelf Registration Statement, signed by (y) the Chairman of the Board, its President or a Vice President and (z) the Chief Financial Officer, Chief
Accounting Officer or Treasurer of the Company, confirming, as of the date thereof, such matters as such parties may reasonably request; 
  
 (2) an opinion, dated the date of the effectiveness of the Shelf Registration Statement, of counsel for the Company, covering such matters as such
parties may reasonably request, and in any event including a statement to the effect that such counsel has participated in conferences with officers and other representatives of the Company, representatives of the independent public accountants for
the Company, the underwriters’ representatives and the underwriters’ counsel in connection with the preparation of such Registration Statement and the related Prospectus and have considered the matters required to be stated therein and the
statements contained therein, although such counsel has not independently verified the accuracy, completeness or fairness of such statements, and that such counsel advises that, on the basis of the foregoing (relying as to materiality to a large
extent upon facts provided to such counsel by officers and other representatives of the Company and without independent check or verification), no facts came to such counsel’s attention that caused such counsel to believe that the applicable
Registration Statement, at the time such Registration Statement or any post-effective amendment thereto became effective, 

  

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contained an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements
therein not misleading, or that the Prospectus contained in such Registration Statement as of its date, contained an untrue statement of a material fact or omitted 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. Without limiting the foregoing, such counsel may state further that such counsel assumes no responsibility for, and has not independently verified, the accuracy, completeness or
fairness of the financial statements, notes and schedules and other financial and statistical data included in any Registration Statement contemplated by this Agreement or the related Prospectus; and 
  
 (3) a customary comfort letter, dated the date of the effectiveness of the
Shelf Registration Statement, from the Company’s independent accountants, in the customary form and covering matters of the type customarily covered in comfort letters by underwriters in connection with primary underwritten offerings.

  
 (B) set forth in full or incorporate by
reference in the underwriting agreement, if any, the indemnification provisions and procedures of Section 8 hereof with respect to all parties to be indemnified pursuant to said Section; and 
  
 (C) deliver such other documents and certificates as may be
reasonably requested by such parties to evidence compliance with clause (A) above and with any customary conditions contained in the underwriting agreement or other agreement entered into by the Company pursuant to this clause (x), if any.

  
 If at any time the representations and warranties of the
Company contemplated in clause (A)(1) above cease to be true and correct, the Company shall so advise the Initial Purchasers and the underwriter(s), if any, and each selling Holder promptly and, if requested by such Persons, shall confirm such
advice in writing. 
  
 (xi) in the case of a
Shelf Registration Statement, prior to any public offering of Transfer Restricted Notes, cooperate with the selling Holders, the underwriter(s), if any, and their respective counsel in connection with the registration and qualification of the
Transfer Restricted Notes under the Securities or Blue Sky laws of such jurisdictions as the selling Holders or underwriter(s) may reasonably request and do any and all other acts or things necessary or advisable to enable the disposition in such
jurisdictions of the Transfer Restricted Notes covered by the Shelf Registration Statement; provided, however, the Company shall not be required to register or qualify as a foreign corporation where it is not now so qualified or to take any
action that would subject it to service of process in suits or to taxation, other than as to matters and transactions relating to the Registration Statement, in any jurisdiction where it is not now so subject; 
  
 (xii) in the case of a Shelf Registration Statement, shall
issue, upon the request of any Holder of Notes covered by the Shelf Registration Statement, New Notes 

  

 12 

 
in the same amount as the Notes surrendered to the Company by such Holder in exchange therefor or being sold by such Holder, such New Notes to be registered
in the name of such Holder or in the name of the purchaser(s) of such Notes, as the case may be; in return, the Notes held by such Holder shall be surrendered to the Company for cancellation; 
  
 (xiii) in the case of a Shelf Registration Statement,
cooperate with the selling Holders and the underwriter(s), if any, to facilitate the timely preparation and delivery of certificates representing Transfer Restricted Notes to be sold and not bearing any restrictive legends and enable such Transfer
Restricted Notes to be in such denominations and registered in such names as the Holders or the underwriter(s), if any, may request at least two business days prior to any sale of Transfer Restricted Notes made by such underwriter(s); 
  
 (xiv) use its reasonable best efforts to cause the Transfer
Restricted Notes covered by the Registration Statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the seller or sellers thereof or the underwriter(s), if any, to consummate the
disposition of such Transfer Restricted Notes, subject to the proviso contained in clause (xi) above; 
  
 (xv) if any fact or event contemplated by clause (c)(iii)(D) above shall exist or have occurred, prepare a supplement or post-effective
amendment to the Registration Statement or related Prospectus or any document incorporated therein by reference or file any other required document so that, as thereafter delivered to the purchasers of Transfer Restricted Notes, the Prospectus will
not contain an untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; 
  
 (xvi) obtain CUSIP numbers for all Transfer Restricted Notes
not later than the effective date of the Registration Statement and provide certificates for the Transfer Restricted Notes; 
  
 (xvii) cooperate and assist in any filings required to be made with the NASD and in the performance of any due diligence investigation by
any underwriter (including any “qualified independent underwriter”) that is required to be retained in accordance with the rules and regulations of the NASD, and use its reasonable best efforts to cause such Registration Statement to
become effective and approved by such governmental agencies or authorities as may be necessary to enable the Holders selling Transfer Restricted Notes to consummate the disposition of such Transfer Restricted Notes; provided, however, that
the Company shall not be required to register or qualify as a foreign corporation where it is not now so qualified or to take any action that would subject it to service of process in suits or to taxation, other than as to matters and transactions
relating to the Registration Statement, in any jurisdiction where it is not now so subject; 
  
 (xviii) otherwise use its reasonable best efforts to comply with all applicable rules and regulations of the Commission, and make
generally available to its security 

  

 13 

 
holders, as soon as practicable, a consolidated earning statement meeting the requirements of Rule 158 under the Securities Act (which need not be audited)
for the twelve-month period (A) commencing at the end of any fiscal quarter in which Transfer Restricted Notes are sold to underwriters in a firm or best efforts Underwritten Offering or (B) if not sold to underwriters in such an offering, beginning
with the first month of the Company’s first fiscal quarter commencing after the effective date of the Registration Statement; 
  
 (xix) cause the Indenture to be qualified under the TIA not later than the effective date of the first Registration Statement required by
this Agreement, and, in connection therewith, cooperate with the Trustee and the Holders of Notes to effect such changes to the Indenture as may be required for such Indenture to be so qualified in accordance with the terms of the TIA, and execute
and use its best efforts to cause the Trustee to execute all documents that may be required to effect such changes and all other forms and documents required to be filed with the Commission to enable such Indenture to be so qualified in a timely
manner; and 
  
 (xx) provide promptly to each
Holder upon request each document filed with the Commission pursuant to the requirements of Section 13 and Section 15 of the Exchange Act. 
  
 Each Holder agrees by acquisition of a Transfer Restricted Note that, upon receipt of any notice from the Company of the existence of any
fact of the kind described in Section 6(c)(iii)(D) hereof, such Holder will forthwith discontinue disposition of Transfer Restricted Notes pursuant to the applicable Registration Statement until such Holder’s receipt of the copies of the
supplemented or amended Prospectus contemplated by Section 6(c)(xv) hereof, or until it is advised in writing (the “Advice”) by the Company that the use of the Prospectus may be resumed, and has received copies of any additional or
supplemental filings that are incorporated by reference in the Prospectus. If so directed by the Company, each Holder will deliver to the Company (at the Company’s expense) all copies, other than permanent file copies then in such Holder’s
possession, of the Prospectus covering such Transfer Restricted Notes that was current at the time of receipt of such notice. In the event the Company shall give any such notice, the time period regarding the effectiveness of such Registration
Statement set forth in Section 3 or 4 hereof, as applicable, shall be extended by the number of days during the period from and including the date of the giving of such notice pursuant to Section 6(c)(iii)(D) hereof to and including the date when
each selling Holder covered by such Registration Statement shall have received the copies of the supplemented or amended Prospectus contemplated by Section 6(c)(xv) hereof or shall have received the Advice. 
  
 7. Registration Expenses. 
  
 All expenses incident to the Company’s performance of or compliance with
this Agreement will be borne by the Company, regardless of whether a Registration Statement becomes effective, including without limitation: (i) all registration and filing fees and expenses (including filings made by any purchaser or Holder with
the NASD (and, if applicable, the fees and expenses of any “qualified independent underwriter” and its counsel that may be required by 

  

 14 

 
the rules and regulations of the NASD)); (ii) all fees and expenses of compliance with federal securities and state Blue Sky or securities laws; (iii) all
expenses of printing (including printing certificates for the New Notes to be issued in the Exchange Offer and printing of Prospectuses), and associated messenger and delivery services and telephone; (iv) all fees and disbursements of counsel for
the Company; (v) all application and filing fees in connection with listing Notes on a national securities exchange or automated quotation system, and the obtaining of a rating of the Notes, if applicable; and (vi) all fees and disbursements of
independent certified public accountants of the Company (including the expenses of any special audit and comfort letters required by or incident to such performance). 
  
 The Company will, in any event, bear its internal expenses (including, without limitation, all salaries and expenses of its
officers and employees performing legal or accounting duties), the expenses of any annual audit and the fees and expenses of any Person, including special experts, retained by the Company. 
  
 8. Indemnification and Contribution. 
  
 (a) In connection with a Shelf Registration Statement or in connection with
any delivery of a Prospectus contained in an Exchange Offer Registration Statement by any participating Broker-Dealer or any Initial Purchaser, as applicable, who seeks to sell New Notes, the Company shall indemnify and hold harmless each Holder of
Transfer Restricted Notes included within any such Shelf Registration Statement and each participating Broker-Dealer or Initial Purchaser selling New Notes, and each person, if any, who controls any such person within the meaning of Section 15 of
the Securities Act (each, a “Participant”) 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 Notes) to which such Participant 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 in any such Registration Statement or any prospectus forming part thereof or in any amendment or supplement thereto or in any preliminary prospectus relating to a Shelf Registration Statement or (ii) the
omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and shall reimburse each Participant promptly upon demand for any legal or other expenses
reasonably incurred by such Participant 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 (i) the Company
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 any such Registration
Statement or any prospectus forming part thereof or in any such amendment or supplement thereto or in any preliminary prospectus relating to a Shelf Registration Statement in reliance upon and in conformity with written information furnished to the
Company by or on behalf of any Participant specifically for inclusion therein; and provided further that as to any preliminary Prospectus, the indemnity agreement contained in this Section 8(a) shall not inure to the benefit of any such
Participant on account of any loss, claim, damage, liability or action arising from the sale of the New Notes to any person by that Participant if (i) that Participant failed to send or give a copy of the Prospectus, as the same may be amended or
supplemented, to that person within the time 

  

 15 

 
required by the Securities Act and (ii) the untrue statement or alleged untrue statement of a material fact or omission or alleged omission to state a
material fact in such preliminary Prospectus was corrected in the Prospectus, unless, in each case, such failure resulted from non-compliance by the Company with Section 6(c) hereof. The foregoing indemnity agreement is in addition to any liability
which the Company may otherwise have to any Participant. The Company shall also indemnify underwriters, their officers, directors and employees and each person who controls such underwriters within the meaning of the Securities Act or the Exchange
Act to the same extent as provided above with respect to the indemnification of the Holders of the Notes if requested by such Holders. 
  
 (b) Each Participant, severally and not jointly, shall indemnify and hold harmless the Company, each of its directors, officers, employees or agents and
each person, if any, who controls the Company within the meaning of Section 15 of the Securities Act, from and against any loss, claim, damage or liability, joint or several, or any action in respect thereof, to which the Company or any such
director, officer, employees or agents 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 in any Registration Statement or any prospectus forming part thereof or in any amendment or supplement thereto or in any preliminary prospectus relating to a Shelf Registration Statement or (ii) the
omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, 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 written information furnished to the Company by or on behalf of that Participant specifically for inclusion therein, and shall reimburse the Company and any such director,
officer, employee or agent or controlling person promptly for any legal or other expenses reasonably incurred by the Company or any such director, officer, employee or agent 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 any Participant may otherwise have to the Company or any such
director, officer or controlling person. 
  
 (c) Promptly after
receipt by an indemnified party under this Section 8 of notice of any claim or the commencement of any action, the indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under this Section 8, 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 8 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 8. If any such claim or action shall be brought against an indemnified party, and such indemnified party shall have notified the indemnifying party thereof, the indemnifying party shall be entitled to participate therein and, to the extent
that it wishes, jointly with any other similarly notified indemnifying party, to assume the defense thereof with counsel satisfactory to 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 8 for any legal or other expenses subsequently 

  

 16 

 
incurred by the indemnified party in connection with the defense thereof other than reasonable costs of investigation; provided, however, that the
indemnified party shall have the right to employ separate counsel to represent jointly the indemnified party and those other Participants and their respective officers, employees and controlling persons who may be subject to liability arising out of
any claim in respect of which indemnity may be sought by the Participants against the indemnifying party under this Section 8 if, in the reasonable judgment of the indemnified party it is advisable for the indemnified party and those Participants,
officers, employees and controlling persons to be jointly represented by separate counsel, and in that event the fees and expenses of such separate counsel shall be paid by the indemnifying party. In no event shall the indemnifying parties be liable
for the fees and expenses of more than one counsel (in addition to local counsel). Each indemnified party, as a condition of the indemnity agreements contained in Section 8, shall use its best efforts to cooperate with the indemnifying party in the
defense of any such action or claim. 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 an unconditional release of each indemnified party from all liability arising out of such claim, action, suit or proceeding 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 its written consent 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 8 shall for any reason be unavailable to or insufficient to hold harmless an indemnified party
under Section 8(a) or 8(b) in respect of any loss, claim, damage or liability, or any action in respect thereof, referred to therein, then each indemnifying party shall, in lieu of indemnifying such indemnified party, contribute to the amount paid
or payable by such indemnified party as a result of such loss, claim, damage or liability, or action in respect thereof, (i) in such proportion as shall be appropriate to reflect the relative benefits received by the Company on the one hand and the
Participants on the other from the offering of the Initial Notes 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 the Company on the one hand and the Participants 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 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 the Company or the Participants, the intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such statement or omission. The Company and the Participants agree that it would not be
just and equitable if contributions pursuant to this Section 8(d) were to be determined by pro rata allocation (even if the Participants 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 

  

 17 

 
Section 8(d) shall be deemed to include, for purposes of this Section 8(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 8(d), no Participant shall be required to contribute any amount in excess of the amount by which proceeds received by such
Participant from an offering of the Notes exceeds the amount of any damages which such Participant has 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 Participants’ obligations to contribute as
provided in this Section 8(d) are several and not joint. 
  
 9.
Rule 144A. 
  
 The Company hereby agrees with each Holder,
for so long as any Transfer Restricted Notes remain outstanding, to make available to any Holder or beneficial owner of Transfer Restricted Notes in connection with any sale thereof and any prospective purchaser of such Transfer Restricted Notes
from such Holder or beneficial owner, the information required by Rule 144A(d)(4) under the Securities Act, if any, in order to permit resales of such Transfer Restricted Notes pursuant to Rule 144A. 
  
 10. Participation in Underwritten Registrations. 
  
 No Holder may participate in any Underwritten Registration hereunder unless
such Holder (a) agrees to sell such Holder’s Transfer Restricted Notes on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements and (b) completes and executes all reasonable
questionnaires, powers of attorney, indemnities, underwriting agreements, lock-up letters and other documents required under the terms of such underwriting arrangements. 
  
 11. Selection of Underwriters. 
  
 The Holders of Transfer Restricted Notes covered by the Shelf Registration Statement who desire to do so may sell such
Transfer Restricted Notes in an Underwritten Offering. In any such Underwritten Offering, the investment banker or investment bankers and manager or managers that will administer the offering will be selected by the Holders of a majority in
aggregate principal amount of the Transfer Restricted Notes included in such offering; provided that such investment bankers and managers must be reasonably satisfactory to the Company. 
  
 12. Miscellaneous. 
  
 (a) Remedies. The Company agrees that monetary damages (including
Additional Interest) would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Agreement and hereby agrees to waive the defense in any action for specific performance that a remedy at law would be
adequate. 
  
 (b) No Inconsistent Agreements. The Company
will not on or after the date of this Agreement enter into any agreement with respect to its securities that is inconsistent with the 

  

 18 

 
rights granted to the Holders in this Agreement or otherwise conflicts with the provisions hereof. Except for the Registration Rights Agreement dated as of
March 5, 1997 between the Company, Steven E. Bernstein, Ronald G. Bizick, II and Robert Grobstein as assigned, and the Rights Agreement dated as of January 11, 2002 between the Company and EquiServe Trust Company, N.A., the Company has not
previously entered into any agreement granting any registration rights with respect to its securities to any Person. The rights granted to the Holders hereunder do not in any way conflict with and are not inconsistent with the rights granted to the
holders of the Company’s securities under any agreement in effect on the date hereof. 
  
 (c) Adjustments Affecting the Notes. The Company will not take any action, or permit any change to occur, with respect to Notes that would materially and adversely affect the ability of the Holders to
Consummate any Exchange Offer unless such action or change is required by applicable law. 
  
 (d) Amendments and Waivers. The provisions of this Agreement may not be amended, modified or supplemented, and waivers or consents to or departures from the provisions hereof may not be given unless the Company
has obtained the written consent of Holders of a majority of the outstanding principal amount of Transfer Restricted Notes. Notwithstanding the foregoing, a waiver or consent to departure from the provisions hereof that relates exclusively to the
rights of Holders whose securities are being tendered pursuant to the Exchange Offer and that does not affect directly or indirectly the rights of other Holders whose securities are not being tendered pursuant to such Exchange Offer may be given by
the Holders of a majority of the outstanding principal amount of Transfer Restricted Notes being tendered or registered. 
  
 (e) Notices. All notices and other communications provided for or permitted hereunder shall be made in writing by hand-delivery, first-class mail
(registered or certified, return receipt requested), facsimile transmission, or air courier guaranteeing overnight delivery: 
  
 (i) if to a Holder, at the address of such Holder maintained by the Registrar under the Indenture; and 
  
 (ii) if to the Company: 
  
 SBA Communications Corporation 
 5900 Broken Sound Parkway NW 
 Boca Raton, FL 33487 
 Attention: General Counsel 
 Facsimile: (561) 995-2941 
 Telephone: (561) 995-7670 
  
 with a copy to: 
  
 Akerman Senterfitt 
 One Southeast Third Avenue, 28th Floor 
 SunTrust International
Center 
 Miami, FL 33131 
  

 19 

 Attention: Kara L. MacCullough, Esq. 
 Facsimile: (305) 374-5095 
 Telephone: (305) 982-5592 
  
 All such notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five business days after being deposited in the mail, postage prepaid, if mailed;
when receipt acknowledged, if via facsimile transmission; and on the next business day, if timely delivered to an air courier guaranteeing overnight delivery. 
  

Copies of all such notices, demands or other communications shall be concurrently delivered by the Person giving the same to the
Trustee at the address specified in the Indenture. 
  
 (f)
Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of the parties, including without limitation and without the need for an express assignment, subsequent Holders of
Transfer Restricted Notes; provided, however, that this Agreement shall not inure to the benefit of or be binding upon a successor or assign of a Holder unless and to the extent such successor or assign acquired Transfer Restricted Notes from
such Holder. 
  
 (g) Counterparts. This Agreement may be
executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 
  
 (h) Headings. The headings in this Agreement are for convenience of
reference only and shall not limit or otherwise affect the meaning hereof. 
  
 (i) Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York. 
  
 (j) Severability. In the event that any one or more of the provisions contained herein, or the application thereof in
any circumstance, is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be affected or impaired thereby to the
extent permitted by applicable law. 
  
 (k) Entire
Agreement. This Agreement together with the other transaction documents is intended by the parties as a final expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties
hereto in respect of the subject matter contained herein. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein with respect to the registration rights granted by the Company with respect
to the Transfer Restricted Notes. This Agreement supersedes all prior agreements and understandings between the parties with respect to such subject matter. 
  

 20 

 (l) Required Consents. Whenever the consent or approval of Holders of a specified percentage of
Transfer Restricted Notes is required hereunder, Transfer Restricted Notes held by the Company or its affiliates (as such term is defined in Rule 405 under the Securities Act) shall not be counted in determining whether such consent or approval was
given by the Holders of such required percentage. 
  

 21 

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

  

					
	 SBA COMMUNICATIONS CORPORATION

		
	By:	 	 /s/ Jeffrey A. Stoops

	 	 	 Name:
	 	 Jeffrey A. Stoops

	 	 	 Title:
	 	 Chief Executive Officer and President

  
 Accepted: 
  

					
	 LEHMAN BROTHERS INC.,

	 as Representative of the Initial Purchasers

		
	By:	 	 /s/ Alex Sade

	 	 	 Name:
	 	 Alex Sade

	 	 	 Title:
	 	 Managing Director

	
	 DEUTSCHE BANK SECURITIES INC.,

	 as Representative of the Initial Purchasers

		
	By:	 	 /s/ Mark Federick

	 	 	 Name:
	 	 Mark Federick

	 	 	 Title:
	 	 Managing Director

		
	By:	 	 /s/ Elizabeth Chang

	 	 	 Name:
	 	 Elizabeth Chang

	 	 	 Title:
	 	 Director1st Amendment to Lease

 EXHIBIT 10.21 
  
 FIRST AMENDMENT TO LEASE 
  

	I.	PARTIES AND DATE. 

  
 This First Amendment to Lease (the “Amendment”) dated September 7, 2004, is by and between THE IRVINE COMPANY (“Landlord”), and
AMBASSADORS, LLC, a Delaware limited liability company (“Tenant”). 
  

	II.	RECITALS. 

  
 On March 5, 1998, Landlord and AMBASSADOR PERFORMANCE GROUP, INC. (“Original Tenant”) entered into a lease (“Lease”) for space in a
building located at 1071 Camelback Road, Newport Beach, California (“Premises”). 
  
 Original Tenant converted to a Delaware limited liability company effective as of February 6, 2002, and changed its name to Tenant effective as of June 14, 2004. 
  
 Landlord and Tenant each desire to modify the Lease to extend the Lease Term,
to adjust the Basic Rent, and to make such other modifications as are set forth in “III. MODIFICATIONS” next below. 
  

	III.	MODIFICATIONS. 

  
 A. Basic Lease Provisions. The Basic Lease Provisions are hereby amended as follows: 
  
 1. Item 5 is hereby deleted in its entirety and substituted therefor shall be the following: 
  
 “5. Lease Term: The Term of this Lease shall expire at
midnight on June 30, 2010” 
  
 2. Item 6 is hereby amended
by adding the following: 
  
 “Commencing June 15, 2005, the
Basic Rent shall be Thirty Two Thousand Three Hundred Ninety-Five Dollars ($32,395.00) per month, based on $1.20 per rentable square foot.” 
  
 3. Item 12 is hereby amended by deleting Landlord’s address for payments and notices and substituted therefor shall be the following: 
  

	
	 “LANDLORD

	
	 THE IRVINE COMPANY

	 dba Office Properties

	 8105 Irvine Center Drive, Suite 300

	 Irvine, CA 92618

	 Attn: Vice President, Operations, Technology Portfolio

	
	 with a copy of notices to:

	
	 THE IRVINE COMPANY

	 dba Office Properties
 8105 Irvine Center Drive, Suite 300

	 Irvine, CA 92618

	 Attn: Senior Vice President, Operations Office Properties”

  

 1 

 B. Right of First Offer/Right of First Offer to Purchase. The provisions of Sections 2.4 and 2.5
of the Lease are hereby deleted in their entirety and shall have no further force or effect. 
  
 C. Right to Extend the Lease Term. The provisions of Section 3.3 of the Lease are hereby deleted in its entirety and shall have no further force or effect. 
  
 D. Tenant’s Right to Terminate the Lease. Provided that no Event
of Default has occurred under any provision of the Lease, either at the time of Tenant’s election of its right to terminate granted herein or as of the effective Termination Date, Tenant shall have the one-time right to terminate the Lease
effective as of June 30, 2008 (the “Termination Date”), provided Tenant shall deliver its irrevocable written notice of such election to terminate to Landlord not later than twelve (12) months prior to the Termination Date. All rental and
other costs due under the Lease for the Premises shall be due and payable by Tenant to Landlord through the Termination Date. 
  
 E. Landlord’s Right to Terminate the Lease. Landlord shall have the ongoing right to terminate the Lease effective at any time after June 30,
2008, provided Landlord shall deliver its irrevocable written notice of such election to terminate to Tenant not later than twelve (12) months prior to the effective date of termination. 
  
 F. Utilities and Services. The following provisions are hereby added to the end of the initial paragraph of Section
6.1 of the Lease entitled “Utilities and Services”: 
  
 “Tenant shall also pay to Landlord as an item of additional rent, within ten (10) days after receipt of Landlord’s statement or invoice therefor, a reasonable charge (which shall be in addition to the electricity charge paid to
the utility provider) for Tenant’s “after hours” usage of each HVAC unit servicing the Premises. If the HVAC unit(s) servicing the Premises also serve other leased premises in the Building, “after hours” shall mean usage of
said unit(s) before or after the hours of 6:00 A.M. to 6:00 P.M. on Mondays through Fridays, and for more than four (4) hours at anytime during any weekend period (that is, from midnight on Friday through midnight on Sunday), subject to reasonable
adjustment of said hours by Landlord. If the HVAC unit(s) serve only the Premises, “after hours” shall mean more than two hundred eighty-three (283) hours of usage during any month during the Term. “After hours” usage shall be
determined based upon the operation of the applicable HVAC unit during each of the foregoing periods on a “non-cumulative” basis (that is, without regard to Tenant’s usage or nonusage of other unit(s) serving the Premises, or of the
applicable unit during other periods of the Term). Tenant acknowledges that the costs incurred by Landlord related to providing above-standard utilities to Tenant, including, without limitation, telephone lines, may be charged to Tenant.”

  
 G. Landlord’s Maintenance and Repair. Sections 7.1
and 7.2 of the Lease are hereby amended to provide that Landlord shall maintain and repair, as a “Project Cost,” all heating, ventilating and air conditioning systems servicing the Premises (except for any supplemental HVAC
system(s) installed by Tenant and servicing only the Premises), and that Landlord shall maintain in good repair, as a “Project Cost”, all Building exterior glass. 
  
 H. Acceptance of Premises. Tenant acknowledges that the lease of the Premises pursuant to this Amendment shall be on
an “as- is” basis without further obligation on Landlord’s part as to improvements whatsoever, except that Landlord shall provide Tenant with a “Tenant Improvement Allowance” in the sum of up to Sixty Seven Thousand Four
Hundred Ninety Dollars ($67,490.00) for the installation of certain approved Tenant Improvements work in the Premises (the “Tenant Improvements”), on the following terms and conditions: (i) the Tenant Improvements shall be Landlord’s
“Building Standard” or such other improvements acceptable to Landlord, (ii) Landlord and Tenant shall approve a preliminary plan, if at all, for the Tenant Improvements work, and the Tenant Improvements shall be substantially completed not
later than June 30, 2005, to be eligible for 

  

 2 

 
funding by the Tenant Improvement Allowance, and (iii) Landlord shall construct and/or install the approved Tenant Improvements in the Premises using its own
contractor. Any unused portion of Tenant Improvement Allowance not utilized by June 30, 2005, may be applied to Basic Rent next due and payable under this Lease. It is understood and agreed that all or a portion of the Tenant Improvements may be
done during Tenant’s occupancy of the Premises. In this regard, Tenant acknowledges that certain disruptions of its business operations may occur as a result of such Tenant Improvement construction/installation, and Tenant agrees that no rental
abatement shall result while the Tenant Improvements are completed in the Premises. 
  

	IV.	GENERAL. 

  
 A. Effect of Amendments. The Lease shall remain in full force and effect except to the extent that it is modified by this Amendment. 
  
 B. Entire Agreement. This Amendment embodies the entire understanding
between Landlord and Tenant with respect to the modifications set forth in “III. MODIFICATIONS” above and can be changed only by a writing signed by Landlord and Tenant. 
  
 C. Counterparts. If this Amendment is executed in counterparts, each is hereby declared to be an original; all,
however, shall constitute but one and the same amendment. In any action or proceeding, any photographic, photostatic, or other copy of this Amendment may be introduced into evidence without foundation. 
  
 D. Defined Terms. All words commencing with initial capital letters in
this Amendment and defined in the Lease shall have the same meaning in this Amendment as in the Lease, unless they are otherwise defined in this Amendment. 
  
 E. Corporate and Partnership Authority. If Tenant is a corporation or partnership, or is comprised of either or both of them, each individual
executing this Amendment for the corporation or partnership represents that he or she is duly authorized to execute and deliver this Amendment on behalf of the corporation or partnership and that this Amendment is binding upon the corporation or
partnership in accordance with its terms. 
  
 F.
Attorneys’ Fees. The provisions of the Lease respecting payment of attorneys’ fees shall also apply to this Amendment. 
  

	V.	EXECUTION. 

  
 Landlord and Tenant executed this Amendment on the date as set forth in “I. PARTIES AND DATE.” above. 
  

							
	 LANDLORD:
  
 THE IRVINE COMPANY
	 	 	  	

	  	 TENANT:
  
 AMBASSADORS, LLC, a Delaware limited liability company

  

							
	 By
	 	 /s/ William R. Halford

	 	By	 	 /s/ Joseph J. Ueberroth

	 	 	 William R. Halford,
 President Office
Properties
	 	 	 	 Joseph J. Ueberroth
 CEO and
President

				
	 By
	 	 /s/ Steven E. Claton

	 	 By
	 	 /s/ Brian R. Schaefgen

	 	 	 Steven E. Claton,
 Vice President Operations, Office Properties
	 	 	 	 Brian R. Schaefgen
 CFO and
Secretary

	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

  

 3

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