Document:

Exhibit 10.2

$350,000,000

FiberTower Corporation

9.00% Convertible Senior Secured Notes due 2012

REGISTRATION RIGHTS AGREEMENT

November 9, 2006

JEFFERIES & COMPANY, INC.

DEUTSCHE BANK SECURITIES INC.

c/o JEFFERIES & COMPANY, INC.

      520 Madison Avenue

      New York, New York 10022

Ladies and Gentlemen:

FiberTower Corporation, a Delaware corporation (the “Company”),
and the Guarantees (as hereinafter defined) propose to issue and sell to the
Initial Purchasers (as hereinafter defined), upon the terms set forth in the
Purchase Agreement (as hereinafter defined), (i) $350,000,000 aggregate
principal amount (each a “Firm Note” and, collectively, the “Firm
Notes” and, together with the Guarantees (as defined in the Purchase
Agreement) thereon, the “Firm Securities”) of 9.00% Convertible Senior
Secured Notes of the Company due 2012 (each a “Note” and, collectively,
the “Notes” and, together with the Guarantees thereon, the Securities
and (ii) an option to purchase up to $52,500,000 aggregate principal amount of
additional Notes (each an “Optional Additional Note” and, collectively,
the “Optional Additional Notes” and, together with the Guarantees
thereon, the “Optional Additional Securities”).  The Firm Notes and, if and to the extent
issued, the Optional Additional Notes, are collectively called the “Offered
Notes” and the Firm Securities and, if and to the extent issued, the
Optional Additional Securities, are collectively called the “Offered
Securities.”  The Notes will be
guaranteed (the “Guarantees”) by the domestic restricted subsidiaries of the
Company party hereto.  Pursuant to the
terms of the Indenture (as hereinafter defined) and the Offered Notes, interest
on the Offered Notes is payable in cash or, if no default under the Indenture
has occurred and is continuing, then on any or all of the four interest payment
dates after the fourth interest payment date, the Company may elect to make
payments of interest in additional Notes in a principal amount equal to such
interest amount (each a “PIK Additional Note” and, collectively, the “PIK
Additional Notes” and, together with the Guarantees thereon, the “PIK
Additional Securities”).  As an
inducement to the Initial Purchasers to enter into the Purchase Agreement and
in satisfaction of a condition to the obligations of the Initial Purchasers
thereunder, the Company and the Guarantors agree with the Initial Purchasers
for the benefit of the Holders (as hereinafter defined) from time to time of
the Registrable Securities (as hereinafter defined) as follows:

1.             Definitions.

(a)           Capitalized terms used herein without
definition shall have the meanings ascribed to them in the Purchase
Agreement.  As used in this Agreement,
the following defined terms shall have the following meanings:

“Affiliate” of any specified person means any
other person which, directly or indirectly, is in control of, is controlled by,
or is under common control with, such specified person.  For purposes of this definition, control of a
person means the power, direct or indirect, to direct or cause the direction of
the 

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management and policies of such person whether by
contract or otherwise; and the terms “controlling” and “controlled” have
meanings correlative to the foregoing.

“Closing Date” has the meaning assigned thereto
in the Purchase Agreement.

“Commission” means the United States Securities
and Exchange Commission, or any other federal agency at the time administering
the Exchange Act or the Securities Act, whichever is the relevant statute for
the particular purpose.

“Common Stock” means the Company’s common
stock, par value $0.001 per share.

“DTC” means The Depository Trust Company.

“Effective Date” has the meaning assigned
thereto in Section 2(b)(i) hereof.

“Effective Failure” has the meaning assigned
thereto in Section 7(b) hereof.

“Effectiveness Period” has the meaning assigned
thereto in Section 2(b)(i) hereof.

“Effective Time” means the time at which the
Commission declares the Shelf Registration Statement effective or at which the
Shelf Registration Statement otherwise becomes effective.

“Electing Holder” has the meaning assigned
thereto in Section 3(a)(iii) hereof.

“Exchange Act” means the United States
Securities Exchange Act of 1934, as amended.

“Holder” means any person that is the record
owner of Registrable Securities (and includes any person that has a beneficial
interest in any Registrable Security in book-entry form).

“Indenture” means the Indenture, dated as of
November 9, 2006, by and among the Company, the Guarantors party thereto and
Wells Fargo Bank, National Association, as Trustee, as amended and supplemented
from time to time in accordance with its terms, pursuant to which the
Securities are being issued.

“Initial Purchasers” means Jefferies &
Company, Inc. and Deutsche Bank Securities Inc.

“Liquidated Damages” has the meaning assigned
thereto in Section 7(a) hereof.

“Managing Underwriters” means the investment
banker or investment bankers and manager or managers that shall administer an
underwritten offering, if any, conducted pursuant to Section 6 hereof.

“NASD Rules” means the rules of the National
Association of Securities Dealers, Inc., as amended from time to time.

“Notice and Questionnaire” means a Notice of
Registration Statement and Selling Securityholder Questionnaire substantially
in the form of Appendix A hereto.

The term “person” means an individual,
partnership, corporation, trust or unincorporated organization, or a government
or agency or political subdivision thereof.

“Prospectus” means the prospectus (including,
without limitation, any preliminary prospectus, any final prospectus, any free
writing prospectus relating thereto and any prospectus that discloses 

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information previously omitted from a prospectus filed
as part of an effective registration statement in reliance upon Rule 430A (or any successor provision thereto) under
the Securities Act) included in the Shelf Registration Statement, as amended or
supplemented by any prospectus supplement with respect to the terms of the
offering of any portion of the Registrable Securities covered by the Shelf
Registration Statement and by all other amendments and supplements to such
prospectus, including all material incorporated by reference in such prospectus
and all documents filed after the date of such prospectus by the Company or the
Guarantors under the Exchange Act and incorporated by reference therein.

“Purchase Agreement” means the Purchase
Agreement, dated as of October 25, 2006, by and among the Initial Purchasers,
the Company and the Guarantors, relating to the Offered Securities.

“Registrable Securities” means all or any
portion of the Offered Securities issued from time to time under the Indenture,
all or any PIK Additional Securities that may be issued in the future pursuant
to the terms of the Securities and the Indenture and the Shares issuable upon
conversion of such Securities; provided, however,
that a security ceases to be a Registrable Security when it is no longer a
Transfer Restricted Security.

“Registration Default” has the meaning assigned
thereto in Section 7(a) hereof.

“Rules and Regulations” means the published
rules and regulations of the Commission promulgated under the Securities Act or
the Exchange Act, as in effect at any relevant time.

“Securities Act” means the United States
Securities Act of 1933, as amended.

“Shares” means the shares of Common Stock
issuable upon conversion of the Securities.

“Shelf Registration” means a registration
effected pursuant to Section 2 hereof.

“Shelf Registration Statement” means a “shelf”
registration statement filed under the Securities Act providing for the
registration of, and the sale on a continuous or delayed basis by the Holders
of, all of the Registrable Securities pursuant to Rule 415 under the Securities
Act and/or any similar rule that may be adopted by the Commission, filed by the
Company and the Guarantors pursuant to the provisions of Section 2 hereof,
including the Prospectus contained therein, any amendments and supplements to
such registration statement, including post-effective amendments, and all
exhibits and all material incorporated by reference in such registration
statement

“Suspension Period” has the meaning assigned
thereto in Section 2(c) hereof.

“Transfer Restricted Security” means each
Offered Security, each PIK Additional Security and each Share issuable upon
conversion thereof until the earliest to occur of (i) the date on which such
Offered Security, PIK Additional Security or Share has been effectively
registered under the Securities Act and disposed of in accordance with the
Shelf Registration Statement or (ii) the date on which such Offered Security,
PIK Additional Security or Share may be distributed by the Holder thereof to
the public pursuant to Rule 144(k) (or any successor provision thereto) under
the Securities Act.

“Trust Indenture Act” means the Trust Indenture
Act of 1939, as amended, or any successor thereto, and the rules, regulations
and forms promulgated thereunder, as the same shall be amended from time to
time.

The term “underwriter” means any underwriter of
Registrable Securities in connection with an offering thereof under a Shelf
Registration Statement.

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(b)           Wherever there is a reference in this
Agreement to a percentage of the “principal amount” of Registrable
Securities or to a percentage of Registrable Securities, the Shares shall be
treated as representing the principal amount of Securities that was surrendered
for conversion or exchange in order to receive such number of Shares.

2.             Shelf Registration.

(a)           The Company and the Guarantors shall,
no later than 90 calendar days following the First Closing Date, file with the
Commission a Shelf Registration Statement relating to the offer and sale of the
Registrable Securities by the Holders from time to time in accordance with the
methods of distribution elected by such Holders and set forth in such Shelf
Registration Statement and, thereafter, shall use all commercially reasonable
efforts to cause such Shelf Registration Statement to become effective under
the Securities Act no later than 180 calendar days following the First Closing
Date; provided, however, that no Holder shall
be entitled to be named as a selling securityholder in the Shelf Registration
Statement or to use the Prospectus forming a part thereof for resales of
Registrable Securities unless such Holder is an Electing Holder.

(b)           The Company and the Guarantors shall:

(i)         use all commercially reasonable efforts
to keep the Shelf Registration Statement continuously effective under the
Securities Act in order to permit the Prospectus forming a part thereof to be
usable by Holders until the earliest of (1) the registered sale of all
Registrable Securities registered under the Shelf Registration Statement
pursuant to the Shelf Registration Statement; (2) the expiration of the
period referred to in Rule 144(k) (or any successor provision thereto) of the Securities Act with
respect to all Registrable Securities held by persons that are not Affiliates
of the Company and the Guarantors; and (3) two years from the date (the “Effective
Date”) such Shelf Registration Statement is declared effective (such period
being referred to herein as the “Effectiveness Period”);

(ii)        after the Effective Time of the Shelf
Registration Statement, promptly upon the request of any Holder of Registrable
Securities that is not then an Electing Holder, take any action reasonably
necessary to enable such Holder to use the Prospectus forming a part thereof
for resales of Registrable Securities, including, without limitation, any
action necessary to identify such Holder as a selling securityholder in the
Shelf Registration Statement provided, however,
that nothing in this subparagraph shall relieve such Holder of the obligation
to return a completed and signed Notice and Questionnaire to the Company in
accordance with Section 3(a)(ii) hereof; and

(iii)       if at any time the Securities, pursuant
to Article 4 of the Indenture, are convertible into securities other than the
Shares, to cause, or to cause any successor under the Indenture to cause, such
securities to be included in the Shelf Registration Statement no later than the
date on which the Securities may then be convertible into such securities.

The Company and the Guarantors shall be deemed not to
have used all commercially reasonable efforts to keep the Shelf Registration
Statement effective during the requisite period if the Company or the
Guarantors voluntarily take any action that would result in Holders of
Registrable Securities covered thereby not being able to offer and sell any of
such Registrable Securities during that period, unless such action is (A)
required by applicable law and the Company and the Guarantors thereafter
promptly comply with the requirements of paragraph 3(j) below or (B) permitted
pursuant to Section 2(c) below.

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(c)           The Company may suspend the use of
the Prospectus, without incurring or accruing any Liquidated Damages pursuant
to Section 7 hereof, for a period not to exceed 30 calendar days in any 90-day
period or an aggregate of 60 days in any 12-month period, (each, a “Suspension
Period”) if the Board of Directors of the Company shall have determined in
good faith that because of valid business reasons (not including avoidance of
the Company’s or the Guarantors’ obligations hereunder), including without
limitation the acquisition or divestiture of assets, pending corporate
developments, public filings with the Commission and similar events, it is in
the best interests of the Company to suspend such use, and prior to suspending
such use the Company provides the Holders with written notice of such
suspension, which notice need not specify the nature of the event giving rise
to such suspension and the Company promptly thereafter complies with the
requirements of Section 3(j) hereof.

3.             Registration Procedures.   In connection with the Shelf Registration Statement,
the following provisions shall apply:

(a)           (i)          Not
less than 30 calendar days prior to the Effective Time of the Shelf
Registration Statement, the Company and the Guarantors shall mail the Notice
and Questionnaire to the Holders of Registrable Securities.  No Holder shall be entitled to be named as a
selling securityholder in the Shelf Registration Statement as of the Effective
Time, and no Holder shall be entitled to use the Prospectus forming a part thereof
for resales of Registrable Securities at any time, unless such Holder has
returned a completed and signed Notice and Questionnaire to the Company by the
deadline for response set forth therein; provided, however, Holders of Registrable Securities shall have at
least 28 calendar days from the date on which the Notice and Questionnaire is
first mailed to such Holders to return a completed and signed Notice and
Questionnaire to the Company.

(ii)        After the Effective Time of the Shelf
Registration Statement, the Company and the Guarantors shall, upon the request
of any Holder of Registrable Securities that is not then an Electing Holder,
promptly send a Notice and Questionnaire to such Holder.  The Company and the Guarantors shall not be
required to take any action to name such Holder as a selling securityholder in
the Shelf Registration Statement or to enable such Holder to use the Prospectus
forming a part thereof for resales of Registrable Securities until such Holder
has returned a completed and signed Notice and Questionnaire to the
Company.  If a Notice and Questionnaire
is delivered to the Company during the periods specified in Section 2(c)
hereof, the Company shall not be obligated to take action to name the Holder
delivering such Notice and Questionnaire as a selling security holder in the
Shelf Registration Statement until the termination of such period.

(iii)       The term “Electing Holder” shall
mean any Holder of Registrable Securities that has returned a completed and
signed Notice and Questionnaire to the Company in accordance with Section
3(a)(i) or 3(a)(ii) hereof.

(b)           Upon request by an Electing Holder,
the Company and the Guarantors shall furnish to each Electing Holder, prior to
the Effective Time, a copy of the Shelf Registration Statement initially filed
with the Commission, and shall furnish to such Holders, prior to the filing
thereof with the Commission, copies of each amendment thereto and each
amendment or supplement, if any, to the Prospectus included therein, and shall
use all commercially reasonable efforts to reflect in each such document, at
the Effective Time or when so filed with the Commission, as the case may be,
such comments as such Holders and their respective counsel reasonably may
propose.

(c)           The Company and the Guarantors shall
promptly take such action as may be necessary so that (1) each of the Shelf
Registration Statement and any amendment thereto and the Prospectus forming a
part thereof and any amendment or supplement thereto (and each report or other
document incorporated 

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therein by reference in each case) complies in all
material respects with the Securities Act and the Exchange Act and the
respective Rules and Regulations thereunder, (ii) each of the Shelf
Registration Statement and any amendment thereto does not, when it becomes
effective, contain an untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary to make the statements
therein not misleading and (iii) each of the Prospectus forming a part of the
Shelf Registration Statement and any amendment or supplement to such Prospectus
does not at any time during the Effectiveness Period include 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.

(d)           The Company and the Guarantors shall
promptly advise each Electing Holder, and shall confirm such advice in writing
if so requested by any such Electing Holder:

(i)         when a Shelf Registration Statement and
any amendment thereto has been filed with the Commission and when a Shelf
Registration Statement or any post-effective amendment thereto has become
effective;

(ii)        of any request by the Commission for
amendments or supplements to the Shelf Registration Statement or the Prospectus
included therein or for additional information;

(iii)       of the issuance by the Commission of any
stop order suspending the effectiveness of the Shelf Registration Statement or
the initiation of any proceedings for such purpose;

(iv)       of the receipt by the Company or the
Guarantors of any notification with respect to the suspension of the
qualification of the securities included in the Shelf Registration Statement
for sale in any jurisdiction or the initiation of any proceeding for such
purpose; and

(v)        of the occurrence of any event or the
existence of any state of facts that requires the making of any changes in the
Shelf Registration Statement or the Prospectus included therein so that, as of
such date, such Shelf Registration Statement and Prospectus do not contain an
untrue statement of a material fact and do not omit to state a material fact
required to be stated therein or necessary to make the statements therein (in
the case of the Prospectus, in light of the circumstances under which they were
made) not misleading (which advice shall be accompanied by an instruction to
such Holders to suspend the use of the Prospectus until the requisite changes
have been made, and which advice need not specify the nature of the event
giving rise to such suspension).

(e)           The Company and the Guarantors shall
use all commercially reasonable efforts to prevent the issuance, and if issued
to obtain the withdrawal at the earliest possible time, of any order suspending
the effectiveness of the Shelf Registration Statement.

(f)            The Company and the Guarantors shall
furnish to each Electing Holder who so requests, without charge, at least one
copy of the Shelf Registration Statement and all post-effective amendments
thereto, including financial statements and schedules, and, if such Electing
Holder so requests in writing, all reports, other documents and exhibits that
are filed with or incorporated by reference in the Shelf Registration
Statement.

(g)           The Company and the Guarantors shall,
during the Effectiveness Period, deliver to each Electing Holder, without
charge, as many copies of the Prospectus (including each preliminary
Prospectus) included in the Shelf Registration Statement and any amendment or
supplement thereto as such Electing Holder may reasonably request; and the
Company and the Guarantors consent (except 

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during the periods specified in Section 2(c) hereof or
during the continuance of any event or the existence of any state of facts
described in Section 3(d)(v) above) to the use of the Prospectus and any
amendment or supplement thereto by each of the Electing Holders in connection
with the offering and sale of the Registrable Securities covered by the
Prospectus and any amendment or supplement thereto during the Effectiveness
Period.

(h)           Prior to any offering of Registrable
Securities pursuant to the Shelf Registration Statement, the Company and the
Guarantors shall (i) register or qualify and cooperate with the Electing
Holders and their respective counsel in connection with the registration or
qualification of such Registrable Securities for offer and sale under the
securities or “blue sky” laws of such jurisdictions within the United States as
any Electing Holder may reasonably request, (ii) keep such registrations or
qualifications in effect and comply with such laws so as to permit the
continuance of offers and sales in such jurisdictions for so long as may be
necessary to enable any Electing Holder or underwriter, if any, to complete its
distribution of Registrable Securities pursuant to the Shelf Registration
Statement, and (iii) take any and all other actions necessary or advisable to
enable the disposition in such jurisdictions of such Registrable Securities; provided, however, that in no event shall the Company or the
Guarantors be obligated to (A) qualify as a foreign corporation or as a dealer
in securities in any jurisdiction where it would not otherwise be required to
so qualify but for this Section 3(h), (B) file any general consent to service
of process in any jurisdiction where any of them is not then so subject or (C)
take any action which would subject it to material taxation in any such
jurisdiction where it is not then so subjected.

(i)            Unless any Registrable Securities
shall be in book-entry only form, the Company and the Guarantors shall
cooperate with the Electing Holders to facilitate the timely preparation and
delivery of certificates representing Registrable Securities to be sold
pursuant to the Shelf Registration Statement, which certificates, if so
required by any securities exchange upon which any Registrable Securities are
listed, shall be penned, lithographed or engraved, or produced by any
combination of such methods, on steel engraved borders, and which certificates
shall be free of any restrictive legends and in such permitted denominations
and registered in such names as Electing Holders may request in connection with
the sale of Registrable Securities pursuant to the Shelf Registration
Statement.

(j)            Upon the occurrence of any event or
the existence of any state of facts contemplated by paragraph 3(d)(v) above
during the Effectiveness Period, the Company and the Guarantors shall (subject
to their right to suspend the use of the Prospectus pursuant to Section 2(c)
hereof) promptly prepare and furnish, at the Company’s expense, a
post-effective amendment to any Shelf Registration Statement or an amendment or
supplement to the related Prospectus or file any other required document with
the Commission so that, as thereafter delivered to purchasers of the
Registrable Securities included therein, the Prospectus will not include 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.  If
the Company and the Guarantors notify the Electing Holders of the occurrence of
any event or the existence of any state of facts contemplated by paragraph
3(d)(v) above, the Electing Holder shall suspend the use of the Prospectus
until the requisite changes to the Prospectus have been made (or, in the event
that the Company exercises its suspension rights under Section 2(c) hereof,
until the end of the suspension period).

(k)           Not later than the Effective Time of
the Shelf Registration Statement, the Company and the Guarantors shall provide
separate CUSIP numbers for all of the Registrable Securities that are debt
securities that are restricted and freely transferable.

(l)            The Company and the Guarantors shall
use all commercially reasonable efforts to comply with all applicable Rules and
Regulations, and the Company and the Guarantors will make generally available
to their securityholders as soon as reasonably practicable, but in any event
not later than twelve 

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months after (i) the effective date (as defined
in Rule 158(c) (or any
successor provision thereto) under the Securities Act) of the Shelf
Registration Statement, (ii) the effective date of each post-effective
amendment to the Shelf Registration Statement, and (iii) the date of each
filing by the Company with the Commission of an Annual Report on Form 10-K that
is incorporated by reference in the Shelf Registration Statement, an earnings
statement of the Company and its subsidiaries complying with Section 11(a)
(or any successor provision thereto) of
the Securities Act and the Rules and Regulations of the Commission thereunder
(including, at the option of the Company, Rule 158 (or any successor provision thereto)).

(m)          Not later than the Effective Time of
the Shelf Registration Statement, the Company and the Guarantors shall cause
the Indenture to be qualified under the Trust Indenture Act; in connection with
such qualification, the Company and the Guarantors shall cooperate with the
Trustee under the Indenture and the Holders 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 Trust Indenture Act; and the Company and the
Guarantors shall execute, and shall use all commercially reasonable 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.  In the event that any such amendment or
modification referred to in this Section 3(m) involves the appointment of a new
trustee under the Indenture, the Company and the Guarantors shall appoint a new
trustee thereunder pursuant to the applicable provisions of the Indenture.

(n)           In the event of an
underwritten-offering conducted pursuant to Section 6 hereof, the Company and
the Guarantors shall, if requested, promptly include or incorporate in a
Prospectus supplement or post-effective amendment to the Shelf Registration
Statement such information as the Managing Underwriters reasonably agree should
be included therein and to which the Company does not reasonably object and
shall make all required filings of such Prospectus supplement or post-effective
amendment as soon as practicable after the Company or the Guarantors are
notified of the matters to be included or incorporated in such Prospectus
supplement or post-effective amendment.

(o)           The Company and the Guarantors shall
enter into such customary agreements (including an underwriting agreement in
customary form in the event of an underwritten offering conducted pursuant to
Section 6 hereof) and take all other appropriate action in order to expedite
and facilitate the registration and disposition of the Registrable Securities,
and in connection therewith, if an underwriting agreement is entered into,
cause the same to contain indemnification provisions and procedures
substantially identical to those set forth in Section 5 hereof with respect to
all parties to be indemnified pursuant to Section 5 hereof.

(p)           The Company and the Guarantors shall:

(i)         (A) make reasonably available for
inspection by the Electing Holders, any underwriter participating in any
disposition pursuant to the Shelf Registration Statement, and any attorney,
accountant or other agent retained by such Electing Holders or any such
underwriter, all relevant financial and other records, pertinent corporate
documents and properties of the Company and its subsidiaries, and
(B) cause the Company’s and the Guarantors’ and their subsidiaries’
officers, directors and employees to supply all information reasonably
requested by such Electing Holders or any such underwriter, attorney,
accountant or agent in connection with the Shelf Registration Statement, in
each case, as is customary for similar due diligence examinations; provided, however, that all records, information and
documents obtained hereunder shall be used by such Electing Holders and any
such underwriter, attorney, accountant or agent, only to exercise their due
diligence responsibility and shall be kept confidential, unless such disclosure
is made in connection with a court proceeding or required by law, or such
records, 

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information or documents become available to the
public generally or through a third party without an accompanying obligation of
confidentiality; and provided further
that, if the foregoing inspection and information gathering would otherwise
disrupt the Company’s conduct of its business, such inspection and information
gathering shall, to the greatest extent possible, be coordinated on behalf of
the Electing Holders and the other parties entitled thereto by one counsel
designated by and on behalf of the Electing Holders and other parties;

(ii)        in connection with any underwritten
offering conducted pursuant to Section 6 hereof, enter into such customary
agreements (including, if requested, an underwriting agreement in customary
form) and take all such other action and make such representations and
warranties to the Electing Holders participating in such underwritten offering
and to the underwriters, in form, substance and scope as are customarily made
by the Company and the Guarantors to underwriters in primary underwritten
offerings of equity and convertible debt securities and covering matters
including, but not limited to, those set forth in the Purchase Agreement;

(iii)       in connection with any underwritten
offering conducted pursuant to Section 6 hereof, obtain opinions of counsel to
the Company and the Guarantors (which counsel and opinions (in form, scope and
substance) shall be reasonably satisfactory to, the underwriters) addressed to
each Electing Holder participating in such underwritten offering and the
underwriters, covering such matters as are customarily covered in opinions
requested in primary underwritten offerings of equity and convertible debt
securities and such other matters as may be reasonably requested by such
Electing Holders and underwriters (it being agreed that the matters to be
covered by such opinion letters shall include, without limitation, negative
assurance that, as of the date of the opinion and as of the time of sale and
the Effective Time of the Shelf Registration Statement or most recent
post-effective amendment thereto, as the case may be, neither the Shelf
Registration Statement nor the time of sale information or Prospectus,
including the documents incorporated by reference therein, contain any untrue
statement of a material fact or omit to state a material fact required to be
stated therein (in the case of the Prospectus, in light of the circumstances in
which they were made) or necessary to make the statements therein not
misleading;

(iv)       in connection with any underwritten
offering conducted pursuant to Section 6 hereof, obtain “cold comfort” letters
and updates thereof from the independent public accountants of the Company and
its predecessor (and, if necessary from the independent public accountants of
any subsidiary of the Company or of any business acquired by the Company for
which financial statements and financial data are, or are required to be,
included in the Shelf Registration Statement), addressed to each Electing
Holder participating in such underwritten offering (if such Electing Holder has
provided such letter, representations or documentation, if any, required for
such cold comfort letter to be so addressed) and the underwriters, in customary
form and covering matters of the type customarily covered in “cold comfort”
letters in connection with primary underwritten offerings; and

(v)        in connection with any underwritten
offering conducted pursuant to Section 6 hereof, deliver such documents and
certificates as may be reasonably requested by any Electing Holders
participating in such underwritten offering and the underwriters, if any,
including, without limitation, certificates to evidence compliance with Section
3(j) hereof and with any conditions contained in the underwriting agreement or
other agreements entered into by the Company or any of the Guarantors.

 

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(q)           The Company will cause the Shares to
be quoted or listed on the NASDAQ Global Market or other stock exchange or
trading system on which the Common Stock primarily trades on or prior to the
Effective Time of the Shelf Registration Statement hereunder.

(r)            In the event that any broker-dealer
registered under the Exchange Act shall be an “affiliate” (as defined in Rule
2720(b)(l) (or any
successor provision thereto) of the NASD Rules) of the Company or the
Guarantors or has a “conflict of interest” (as defined in Rule 2720(b)(7) (or any successor provision thereto) of
the NASD Rules) and such broker-dealer shall underwrite, participate as a
member of an underwriting syndicate or selling group or assist in the
distribution of any Registrable Securities covered by the Shelf Registration
Statement, whether as a Holder of such Registrable Securities or as an
underwriter, a placement or sales agent or a broker or dealer in respect
thereof, or otherwise, the Company shall assist such broker-dealer in complying
with the requirements of the NASD Rules, including, without limitation, by
(A) engaging a “qualified independent underwriter” (as defined in Rule
2720(b)(15) (or any successor provision
thereto) of the NASD Rules) to participate in the preparation of the
registration statement relating to such Registrable Securities, to exercise
usual standards of due diligence in respect thereto and to recommend the public
offering price and yield of such Registrable Securities, (B) indemnifying
such qualified independent underwriter to the extent of the indemnification of
underwriters provided in Section 5 hereof, and (C) providing such
information to such broker-dealer as may be required in order for such
broker-dealer to comply with the requirements of the NASD Rules.

(s)           The Company and the Guarantors shall
use all commercially reasonable efforts to take all other steps necessary to
effect the registration, offering and sale of the Registrable Securities
covered by the Shelf Registration Statement contemplated hereby.

4.             Registration Expenses.   Except as otherwise provided in Section 3 hereof,
the Company and the Guarantors shall bear all fees and expenses incurred in
connection with the performance of their obligations under Sections 2, 3 and 6
hereof and shall bear or reimburse the Electing Holders for the reasonable fees
and disbursements of a single counsel, who shall be Paul, Hastings, Janofsky
& Walker LLP unless another firm shall be selected by a plurality of all
Electing Holders who own an aggregate of not less than 25% of the Registrable
Securities covered by the Shelf Registration Statement, to act as counsel
therefore in connection therewith.  Each
Electing Holder shall pay all underwriting discounts and commissions and transfer
taxes, if any, relating to the sale or disposition of such Electing Holder’s
Registrable Securities pursuant to the Shelf Registration Statement.

5.             Indemnification and Contribution.

(a)           Indemnification by the
Company and the Guarantors. 
Upon the registration of the Registrable Securities pursuant to Section
2 hereof, the Company and the each of Guarantors shall jointly and severally
indemnify and hold harmless each Electing Holder and each underwriter, selling
agent or other securities professional, if any, which facilitates the
disposition of Registrable Securities, and each of their respective directors,
officers, employees and agents and each person, if any, who controls them
within the meaning of Section 15 (or any successor provision thereto) of the Securities Act or
Section 20 (or any successor provision
thereto) of the Exchange Act (each such person being sometimes referred
to as an “Indemnified Person”) against any loss, claim, damage,
liability or expense (or actions in respect thereof), to which such Indemnified
Person may become subject under the Securities Act, the Exchange Act, or other
federal or state statutory law or regulation, or at common law or otherwise,
insofar as such loss, claim, damage or liability (or actions in respect
thereof) arises out of or is based upon an untrue statement or alleged untrue
statement of a material fact contained in any Shelf Registration Statement
under which such Registrable Securities are to be registered under the
Securities Act, or any Prospectus contained therein, or furnished by the Company
or the Guarantors to any Indemnified Person, or any amendment or supplement
thereto, or arises out of or is based upon the omission or alleged omission to 

 10
 

 

state therein a material fact required to be stated
therein or necessary to make the statements therein (in the case of the
Prospectus, in light of the circumstances under which they were made) not
misleading; and to reimburse the Indemnified Person for any legal or other
expense reasonably incurred by the Indemnified Person in connection with
investigating, defending, settling, compromising or paying any such loss,
claim, damage, liability, expense or action; provided,
however, that the foregoing indemnity agreement shall not apply to
any loss, claim, damage, liability or expense to the extent (but only to the
extent) arising out of or based upon any untrue statement or alleged untrue
statement or omission or alleged omission made in reliance upon and in
conformity with written information furnished to the Company by, or on behalf
of, the Indemnified Person expressly for use in the Shelf Registration
Statement or Prospectus, or any amendment or supplement thereto.  The indemnity agreement set forth in this
Section 5(a) shall be in addition to any liabilities that the Company and the
Guarantors may otherwise have to the Indemnified Persons.

(b)           Indemnification by the
Electing Holders and any Agents and Underwriters.  Each Electing Holder agrees, as a consequence
of the, inclusion of any of such Electing Holder’s Registrable Securities in
such Shelf Registration Statement, and each underwriter, selling agent or other
securities professional, if any, which facilitates the disposition of
Registrable Securities shall agree, as a consequence of facilitating such
disposition of Registrable Securities, severally and not jointly, to indemnify
and hold harmless the Company and the Guarantors, each of their respective
directors, officers, employees and agents and each person, if any, who controls
the Company and the Guarantors within the meaning of Section 15 (or any successor
provision thereto) of the Securities Act or Section 20 (or any successor
provision thereto) of the Exchange Act, against any loss, claim, damage,
liability or expense (or actions in respect thereof), as incurred, to which the
Company and the Guarantors, or any such director, officer, employee, agent or
controlling person may become subject, under the Securities Act, the Exchange
Act, or other federal or state statutory law or regulation, or at common law or
otherwise, insofar as such loss, claim, damage, liability or expense (or
actions in respect thereof) arises out of or is based upon any untrue or
alleged untrue statement of a material fact contained in the Shelf Registration
Statement or Prospectus, or any amendment or supplement thereto, or arises out
of or is based upon the omission or alleged omission to state therein a
material fact required to be stated therein or necessary to make the statements
therein (in the case of the Prospectus, in light of the circumstances under
which they were made) not misleading, in each case to the extent (but only to
the extent) that such untrue statement or alleged untrue statement or omission
or alleged omission was made in the Shelf Registration Statement or Prospectus,
or any amendment or supplement thereto, in reliance upon and in conformity with
written information furnished to the Company by such Electing Holder,
underwriter, selling agent or other securities professional expressly for use
therein; and to reimburse the Company and the Guarantors, or any such director,
officer, employee, agent or controlling person for any legal and other expense
reasonably incurred by the Company and the Guarantors, or any such director,
officer, employee, agent or controlling person in connection with
investigating, defending, settling, compromising or paying any such loss,
claim, damage, liability, expense or action. 
The indemnity agreement set forth in this Section 5(b) shall be in
addition to any liabilities that any Electing Holder or underwriter, selling
agent or other securities professional which facilitates the disposition of the
Registrable Securities may otherwise have.

(c)           Notifications and Other
Indemnification Procedures. 
Promptly after receipt by an indemnified party under this Section 5 of
notice of the commencement of any action, such indemnified party will, if a
claim in respect thereof is to be made against an indemnifying party under this
Section 5, notify the indemnifying party in writing of the commencement
thereof, but the omission so to notify the indemnifying party will not relieve
it from any liability which it may have to any indemnified party for
contribution or otherwise under the indemnity agreement contained in this
Section 5 to the extent it is not materially prejudiced as a proximate result of
such failure.  In case any such action is
brought against any such indemnified party and such indemnified party seeks or
intends to seek indemnity from an indemnifying party, the indemnifying party
will be entitled to participate in, and, to the extent that it shall 

 11
 

 

elect, jointly with all other indemnifying parties
similarly notified, by written notice delivered to the indemnified party
promptly after receiving the aforesaid notice from such indemnified party, to
assume the defense thereof with counsel reasonably satisfactory to such
indemnified party; provided, however,
(i) the use of counsel chosen by the indemnifying party to represent the
indemnified party would present such counsel with a conflict of interest, (ii)
if the defendants in any such action include both the indemnified party and the
indemnifying party and the indemnified party shall have reasonably concluded
that a conflict may arise between the positions of the indemnifying party and
the indemnified party in conducting the defense of any such action or that
there may be legal defenses available to it and/or other indemnified parties
which are different from or additional to those available to the indemnifying
party, or (iii) the indemnifying party shall not have employed counsel reasonably
satisfactory to the indemnified party to represent the indemnified party within
a reasonable time after receipt by the indemnifying party of notice of the
institution of such action, then, in each such case, the indemnifying party
shall not have the right to direct the defense of such action on behalf of such
indemnified party or parties and such indemnified party or parties shall have
the right to select separate counsel to assume such legal defenses and to
otherwise participate in the defense of such action on behalf of such
indemnified party or parties.  Upon
receipt of notice from the indemnifying party to such indemnified party of such
indemnifying party’s election so to assume the defense of such action and
approval by the indemnified party of counsel, the indemnifying party will not
be liable to such indemnified party under this Section 5 for any legal or other
expenses subsequently incurred by such indemnified party in connection with the
defense thereof unless (i) the indemnified party shall have employed separate
counsel in accordance with the proviso to the preceding sentence (it being
understood, however, that the indemnifying party shall not be liable for the
expenses of more than one separate counsel (in addition to local counsel) in
any one action or separate but substantially similar actions in the same
jurisdiction arising out of the same general allegations or circumstances,
designated by the indemnified parties who are parties to such action or
actions), (ii) the indemnifying party has authorized in writing the employment
of counsel for the indemnified party at the expense of the indemnifying party
or (iii) the indemnifying party shall not have employed counsel satisfactory to
the indemnified party to represent the indemnified party within a reasonable
time after notice of commencement of the action, in each of which cases the
fees and expenses of counsel shall be at the expense of the indemnifying party
and shall be paid as they are incurred.

(d)           Settlements.  An indemnifying party under this
Section 5 shall not be liable for any settlement of any proceeding reflected
without its written consent, which shall not be unreasonably withheld, but if
settled with such consent or if there be a final judgment for the plaintiff;
the indemnifying party agrees to indemnify the indemnified party against any
loss, claim, damage, liability or expense by reason of such settlement or
judgment.  No indemnifying party shall,
without the prior written consent of the indemnified party, effect any
settlement, compromise or consent to the entry of judgment in any pending or
threatened action, suit or proceeding in respect of which any indemnified party
is or could have been a party and indemnity was or could have been sought
hereunder by such indemnified party, unless such settlement, compromise or
consent includes an unconditional release of such indemnified party from all
liability on claims that are the subject matter of such action, suit or
proceeding and does not include a statement as to or an admission of fault,
culpability or a failure to act by or on behalf of any indemnified party.

(e)           Contribution.  If the indemnification provided for in this
Section 5 is unavailable to or insufficient to hold harmless an indemnified
party under subsection (a) or (b) above in respect of any losses, claims,
damages or liabilities (or actions in respect thereof) referred to therein,
then each indemnifying party shall contribute to the amount paid or payable by
such indemnified party as a result of such losses, claims, damages or
liabilities (or actions in respect thereof) in such proportion as is
appropriate to reflect (i) the relative benefits received by the indemnifying
party or parties, on the one hand, and the indemnified party, on the other from
the sale of Transfer Restricted Securities or (ii) if the allocation provided
by the foregoing clause (i) is not permitted by applicable law, not only such
relative 

 12
 

 

benefits but also the relative fault of the
indemnifying party and the indemnified party in connection with the statements
or omissions which resulted in such losses, claims, damages or liabilities (or
actions in respect thereof), as well as any other relevant equitable
considerations.  The relative fault of
such indemnifying party and indemnified party shall be determined by reference
to, among other things, whether the untrue or alleged untrue statement of a
material fact or omission or alleged omission to state a material fact relates
to information supplied by such indemnifying party or by such indemnified
party, and the parties’ relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission.  The parties hereto agree that it would not be
just and equitable if contribution pursuant to this Section 5(d) were determined
by pro rata allocation (even if the Electing Holders or any underwriters,
selling agents or other securities professionals or all of them were treated as
one entity for such purpose) or by any other method of allocation which does
not take account of the equitable considerations referred to in this Section
5(d).  The amount paid or payable by an
indemnified party as a result of the losses, claims, damages or liabilities (or
actions in respect thereof) referred to above shall be deemed to include any
legal or other fees or expenses reasonably incurred by such indemnified party
in connection with investigating or defending any such action or claim.  No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) (or any successor provision thereto) of
the Securities Act) shall be entitled to contribution from any person who was
not guilty of such fraudulent misrepresentation.  The obligations of the Electing Holders and
any underwriters, selling agents or other securities professionals in this
Section 5(d) to contribute shall be several in proportion to the percentage of
principal amount of Registrable Securities registered or underwritten, as the
case may be, by them and not joint.

(f)            Notwithstanding any other provision
of this Section 5, in no event will any (1) Electing Holder be required to
undertake liability to any person under this Section 5 for any amounts in
excess of the dollar amount of the proceeds to be received by such Holder from
the sale of such Holder’s Registrable Securities (after deducting any fees,
discounts and commissions applicable thereto) pursuant to any Shelf
Registration Statement under which such Registrable Securities are to be
registered under the Securities Act and (ii) underwriter, selling agent or
other securities professional be required to undertake liability to any person
hereunder for any amounts in excess of the discount, commission or other
compensation payable to such underwriter, selling agent or other securities
professional with respect to the Registrable Securities underwritten by it and
distributed to the public.

(g)           The obligations of the Company and
the Guarantors under this Section 5 shall be in addition to any liability which
the Company and the Guarantors may otherwise have to any Indemnified Person and
the obligations of any Indemnified Person under this Section 5 shall be in
addition to any liability which such Indemnified Person may otherwise have to
the Company and the Guarantors.  The
remedies provided in this Section 5 are not exclusive and shall not limit any
rights or remedies which may otherwise be available to an indemnified party at
law or in equity.

6.             Underwritten Offering.  Any Holder of
Registrable Securities who desires to do so may sell Registrable Securities (in
whole or in part) in an underwritten offering; provided that
(i) the Electing Holders of at least 33-1/3% in aggregate principal amount
of the Registrable Securities then covered by the Shelf Registration Statement
shall request such an offering and (ii) at least such aggregate principal
amount of such Registrable Securities shall be included in such offering, and provided further that the Company shall not be obligated to
cooperate with more than two underwritten offerings during the Effectiveness
Period.  Upon receipt of such a request,
the Company shall provide all Holders of Registrable Securities written notice
of the request, which notice shall inform such Holders that they have the
opportunity to participate in the offering. 
In any such underwritten offering, the investment banker or bankers and
manager or managers that will administer the offering will be selected by, and
the underwriting arrangements with respect thereto (including the size of the
offering) will be approved by, the holders of a majority of the Registrable
Securities to be included in such offering, provided, however,

 13
 

 

that such investment bankers and managers and
underwriting arrangements must be reasonably satisfactory to the Company.  No Holder may participate in any underwritten
offering contemplated hereby unless (a) such Holder agrees to sell such
Holder’s Registrable Securities to be included in the underwritten offering in
accordance with any approved underwriting arrangements, (b) such Holder
completes and executes all reasonable questionnaires, powers of attorney,
indemnities, underwriting agreements, lock-up letters and other documents
required under the terms of such approved underwriting arrangements, and
(c) if such Holder is not then an Electing Holder, such Holder returns a completed
and signed Notice and Questionnaire to the Company in accordance with Section
3(a)(ii) hereof within a reasonable amount of time before such underwritten
offering.  The Holders participating in
any underwritten offering shall be responsible for any underwriting discounts
and commissions and fees and, subject to Section 4 hereof, expenses of their
own counsel.  The Company shall pay all
expenses customarily borne by issuers in an underwritten offering, including
but not limited to filing fees, the fees and disbursements of its counsel and
independent public accountants and any printing expenses incurred in connection
with such underwritten offering. 
Notwithstanding the foregoing or the provisions of Section 3(n) hereof,
upon receipt of a request from the Managing Underwriter or a representative of
holders of a majority of the Registrable Securities to be included in an
underwritten offering to prepare and file an amendment or supplement to the
Shelf Registration Statement and Prospectus in connection with an underwritten
offering, the Company may delay the filing of any such amendment or supplement
for up to 60 days if the Board of Directors of the Company shall have
determined in good faith that the Company has a bona fide business reason for
such delay.

7.             Liquidated Damages.

(a)           Subject to the Company’s right to
suspend the effectiveness permitted by Section 2(c) hereof, if (i) on or
prior to the 90th day following the First Closing Date, a Shelf Registration
Statement has not been filed with the Commission, (ii) on or prior to the
180th day following the First Closing Date, such Shelf Registration Statement
has not become effective or (iii) the Shelf Registration has become
effective but thereafter ceases to be effective or usable in connection with
resales of Transfer Restricted Securities for any reason and the number of days
for which the Shelf Registration shall not be effective or usable exceeds the
Suspension Period (each, a “Registration Default”), the Company and the
Guarantors shall be required to pay additional interest (“Liquidated Damages”)
on Transfer Restricted Securities that are Securities, from and including the
day following such Registration Default until but excluding the date on which
such Shelf Registration Statement is either so filed, has become effective or
an amended Shelf Registration Statement becomes effective and usable, as
applicable, at a rate equal to $.05 per week per $1,000 principal amount of
Transfer Restricted Securities that are Securities to and including the 90th
day following such Registration Default. 
The amount of Liquidated Damages will increase by an additional $.05 per
week per $1,000 principal amount of Transfer Restricted Securities with respect
to each subsequent 90-day period until all Registration Defaults have been
cured, up to a maximum amount of Liquidated Damages for all Registration
Defaults of $.50 per week per $1,000 principal amount of Transfer Restricted
Securities.  Upon the cure of all
Registration Defaults then continuing, the accrual of Liquidated Damages will
automatically cease.

(b)           Notwithstanding the foregoing,
Liquidated Damages shall not accrue under clause (a)(iii) above after
expiration of the Effectiveness Period or with respect to any Holder that
(i) does not submit a properly completed Notice and Questionnaire and
(ii) is not named as a selling securityholder in the Shelf Registration
Statement.  Liquidated Damages shall be
computed based on the actual number of days elapsed in each 90-day period in
which the Shelf Registration Statement is not effective or is unusable.

(c)           Any amounts to be paid as Liquidated
Damages pursuant to paragraphs (a) or (b) of this Section 7 shall be paid in
cash semi-annually in arrears, with the first semi-annual payment due on the
first Interest Payment Date (as defined in the Indenture), as applicable,
following the date of such 

 14
 

 

Registration Default. 
For the avoidance of doubt, in no event will Liquidated Damages accrue
on any Shares.

(d)           Except as provided in Section 8(b)
hereof, the Liquidated Damages as set forth in this Section 7 shall be the
exclusive monetary remedy available to the Holders of Transfer Restricted
Securities for such Registration Default. 
In no event shall the Company or the Guarantors be required to pay
Liquidated Damages in excess of the applicable maximum amount of $.50 per week
per $1,000 principal amount of Transfer Restricted Securities set forth above,
regardless of whether one or multiple Registration Defaults exist.

8.             Miscellaneous.

(a)           No Inconsistent Agreements.  None of the Company or any of the Guarantors
has entered into, and none of the Company or any of the Guarantors will enter
into after the date hereof, any agreement which is inconsistent with the rights
granted to the Holders of Registrable Securities in this Agreement or otherwise
conflicts with the provisions hereof. 
The rights granted to the Holders hereunder do not and will not for the
term of this Agreement in any way conflict with the rights granted to the
holders of the Company’s and each of the Guarantors’ other issued and
outstanding securities under any such agreements.

(b)           Rules 144 and 144A.  The Company and the Guarantors shall use
their commercial reasonable efforts to file the reports required to be filed by
them under the Securities Act and the Exchange Act in a timely manner and, if
at any time the Company and the Guarantors are not required to file such
reports, they will, upon the request of any Holder of Transfer Restricted
Securities, make publicly available other information so long as necessary to
permit sales of their securities pursuant to Rules 144 and 144A.  The Company and the Guarantors covenant that
they will take such further action as any Holder of Transfer Restricted
Securities may reasonably request, all to the extent required from time to time
to enable such Holder to sell Transfer Restricted Securities without
registration under the Securities Act within the limitation of the exemptions
provided by Rules 144 and 144A (including the requirements of Rule 144A(d)(4)).  The Company and the Guarantors will provide a
copy of this Agreement to prospective purchasers of Offered Securities
identified to the Company by the Initial Purchasers upon request.  Upon the request of any Holder of Offered
Securities, the Company shall deliver to such Holder a written statement as to
whether it has complied with such requirements.

(c)           Specific Performance.  The parties hereto acknowledge that there
would be no adequate remedy at law if the Company and the Guarantors fail to
perform any of their respective obligations hereunder and that the Initial
Purchasers and the Holders from time to time may be irreparably harmed by any
such failure, and accordingly agree that the Initial Purchasers and such
Holders, in addition to any other remedy to which they may be entitled at law
or in equity and without limiting the remedies available to the Electing
Holders under Section 7 hereof, shall be entitled to compel specific
performance of the obligations of the Company and the Guarantors under this
Agreement in accordance with the terms and conditions of this Agreement, in any
court of the United States or any State thereof having jurisdiction.  The parties agree that the sole monetary
damages for a violation of the terms of this Agreement with respect to which
liquidated damages are expressly provided shall be such liquidated damages.

(d)           Amendments and Waivers.  This Agreement, including this Section 8(d),
may be amended, and waivers or consents to departures from the provisions
hereof may be given, only by a written instrument duly executed by the Company
and the holders of a majority in aggregate principal amount of Registrable
Securities then outstanding.  Each Holder
of Registrable Securities outstanding at the time of any such amendment, waiver
or consent or thereafter shall be bound by any amendment, waiver or consent
effected pursuant to this Section 8(d), whether or not any notice, writing or
marking 

 15
 

 

indicating such amendment, waiver or consent appears
on the Registrable Securities or is delivered to such Holder.

(e)           Notices.  All notices and other communications provided
for or permitted hereunder shall be made in writing by hand delivery,
registered first-class mail, telex, telecopier, or any courier guaranteeing
overnight delivery: (a) if to a Holder, at the most current address given by
such Holder to the Company by means of a notice given in accordance with the
provisions of this Section 8(e), which address initially is the address set
forth under the Purchase Agreement with respect to the Initial Purchasers; and
(b) if to the Company or any of the Guarantors, initially at the Company’s
address set forth in the Purchase Agreement, and thereafter at such other
address of which notice is given in accordance with the provisions of this
Section 8(e).

All such notices and communications shall be deemed to
have been duly given at the time delivered by hand, if personally delivered;
two Business Days after being deposited in the mail, postage prepaid, if
mailed; when answered back, if telexed; when receipt is acknowledged, if
telecopied; 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 under the Indenture, at the address specified in the Indenture.

(f)            Parties in Interest.  The parties to this Agreement intend that all
Holders of Registrable Securities shall be entitled to receive the benefits of
this Agreement and that any Electing Holder shall be bound by the terms and
provisions of this Agreement by reason of such election with respect to the
Registrable Securities which are included in a Shelf Registration
Statement.  All the terms and provisions
of this Agreement shall be binding upon, shall inure to the benefit of and
shall be enforceable by the respective successors and assigns of the parties
hereto and any Holder from time to time of the Registrable Securities,
including, without limitation, and without the need for an express assignment,
subsequent Holders and the indemnified persons referred to in Section 5
hereof.  In the event that any transferee
of any Holder of Registrable Securities shall acquire Registrable Securities,
in any manner, whether by gift, bequest, purchase, operation of law or
otherwise, such transferee shall, without any further writing or action of any
kind, be entitled to receive the benefits of and, if an Electing Holder, be
conclusively deemed to have agreed to be bound by and to perform all of the
terms and provisions of this Agreement to the aforesaid extent.

The Initial Purchasers (even if the Initial Purchasers
are not Holders of Registrable Securities) shall be third party beneficiaries
to the agreements made hereunder between the Company and the Guarantors, on the
one hand, and the Holders, on the other hand, and shall have the right to
enforce such agreements directly to the extent they deem such enforcement
necessary or advisable to protect their rights or the rights of Holders
hereunder.  Each Holder of Registrable
Securities shall be a third party beneficiary to the agreements made hereunder
between the Company and the Guarantors, on the one hand, and the Initial
Purchasers, on the other hand, and shall have the right to enforce such
agreements directly to the extent it deems such enforcement necessary or
advisable to protect its rights hereunder.

(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.

 16
 

 

(i)            GOVERNING LAW.  THE VALIDITY AND
INTERPRETATION OF THIS AGREEMENT, AND THE TERMS AND CONDITIONS SET FORTH HEREIN
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED WHOLLY THEREIN,
WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW.

(j)            FORUM AND WAIVER OF JURY
TRIAL.  EACH OF THE COMPANY
AND EACH GUARANTOR HEREBY EXPRESSLY AND IRREVOCABLY (I) SUBMITS TO THE
NON-EXCLUSIVE JURISDICTION OF THE FEDERAL AND STATE COURTS SITTING IN THE
BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK IN ANY SUIT OR PROCEEDING ARISING
OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY;
AND (II) WAIVES (A) ITS RIGHT TO A TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING
RELATING TO THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREBY, OR ANY COURSE
OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR
ACTIONS OF THE INITIAL PURCHASERS AND FOR ANY COUNTERCLAIM RELATED TO ANY OF
THE FOREGOING AND (B) ANY OBLIGATION WHICH IT MAY HAVE OR HEREAFTER MAY HAVE TO
THE LAYING OF VENUE OF ANY SUCH LITIGATION BROUGHT IN ANY SUCH COURT REFERRED
TO ABOVE AND ANY CLAIM THAT ANY SUCH LITIGATION HAS BEEN BROUGHT IN AN
INCONVENIENT FORUM.

(k)           Severability.  In the event that any one or more of the
provisions contained herein, or the application thereof in any circumstances,
is held invalid, illegal or unenforceable in any respect for any reason, the
validity, legality and enforceability of any such provision in every other
respect and of the remaining provisions hereof shall not be in any way impaired
or affected thereby, it being intended that all of the rights and privileges of
the parties hereto shall be enforceable to the fullest extent permitted by law.

(l)            Survival.  The respective indemnities, agreements,
representations, warranties and other provisions set forth in this Agreement or
made pursuant hereto shall remain in full force and effect, regardless of any
investigation (or any statement as to the results thereof) made by or on behalf
of any Electing Holder, any director, officer or partner of such Holder, any
agent or underwriter, any director, officer or partner of such agent or
underwriter, or any controlling person of any of the foregoing, and shall
survive the transfer and registration of the Registrable Securities of such
Holder.

 17

 

Please confirm that the foregoing correctly sets forth
the agreement between the Company and you.

	
  

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  FiberTower Corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ THOMAS
  SCOTT

  
	
   

  	
   

  	
  Name: Thomas Scott

  
	
   

  	
   

  	
  Title:   Chief Financial Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  FiberTower Network Services Corp.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ THOMAS
  SCOTT

  
	
   

  	
   

  	
  Name: Thomas Scott

  
	
   

  	
   

  	
  Title:   Chief Financial Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  FiberTower Solutions Corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ THOMAS
  SCOTT

  
	
   

  	
   

  	
  Name: Thomas Scott

  
	
   

  	
   

  	
  Title:    Chief Financial Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ART Licensing Corp.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ THOMAS
  SCOTT

  
	
   

  	
   

  	
  Name: Thomas Scott

  
	
   

  	
   

  	
  Title:   Chief Financial Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ART Leasing, Inc.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ THOMAS
  SCOTT

  
	
   

  	
   

  	
  Name: Thomas Scott

  
	
   

  	
   

  	
  Title:   Chief Financial Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Teligent Services Acquisition, Inc.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ THOMAS
  SCOTT

  
	
   

  	
   

  	
  Name: Thomas Scott

  
	
   

  	
   

  	
  Title:   Chief Financial Officer

  

 

 

Accepted and
Agreed to:

JEFFERIES & COMPANY, INC.

DEUTSCHE BANK
SECURITIES INC.

JEFFERIES &
COMPANY, INC.

	
  By:

  	
  /s/ MICHAEL
  HENKIN

  	
   

  
	
   

  	
  Name: Michael Henkin

  	
   

  
	
   

  	
  Title:   Managing Director

  	
   

  

 

Acting on behalf of
itself and as the representative

of Deutsche Bank Securities Inc.

 

 

Appendix
A

FIBERTOWER CORPORATION

FORM OF SELLING
SECURITYHOLDER NOTICE AND QUESTIONNAIRE

9.00% Convertible Senior Secured Notes due 2012

The undersigned beneficial owner of 9.00% Convertible
Senior Secured Notes due 2012 (the “Notes”) of FiberTower Corporation (“FiberTower”)
or the shares of FiberTower’s common stock, $.001 par value, issued or issuable
upon conversion of the Notes (the “Shares” and, together with the Notes,
the “Registrable Securities”), understands that FiberTower and the
guarantors of the Notes (the “Guarantors”) have filed or intend to file
with the Securities and Exchange Commission (the “Commission”) a shelf
registration statement or registration statements on Form S-3 (collectively,
the “Shelf Registration Statement”) for the registration and resale
under Rule 415 of the Securities Act of 1933, as amended (the “Securities
Act”), of the Registrable Securities in accordance with the terms of the
Registration Rights Agreement, dated as of November 9, 2006 (the “Registration
Rights Agreement”), by and among FiberTower, the Guarantors and the initial
purchasers named therein.  A copy of the
Registration Rights Agreement is available from FiberTower upon request at the
address set forth below.  All capitalized
terms not otherwise defined herein shall have the meaning ascribed thereto in
the Registration Rights Agreement.

Each beneficial owner of Registrable Securities is
entitled to the benefits of the Registration Rights Agreement.  In order to sell or otherwise dispose of any
Registrable Securities pursuant to the Shelf Registration Statement, a
beneficial owner of Registrable Securities generally will be required to be
named as a selling securityholder in the related prospectus, deliver a
prospectus to purchasers of Registrable Securities and be bound by those
provisions of the Registration Rights Agreement applicable to such beneficial
owner (including certain indemnification provisions described below).  Beneficial owners that do not complete this Notice
and Questionnaire and deliver it to FiberTower as provided below will not be
named as selling securityholders in the prospectus and therefore will not be
permitted to sell any Registrable Securities pursuant to the Shelf Registration
Statement.  Beneficial owners are
encouraged to complete and deliver this Notice and Questionnaire prior to the
initial effectiveness of the Shelf Registration Statement so that such
beneficial owners may be named as selling securityholders in the related
prospectus at the time of effectiveness. 
Upon receipt of a completed Notice and Questionnaire from a beneficial
owner following the initial effectiveness of the Shelf Registration Statement,
FiberTower will use its commercially reasonable efforts to, no later than (i)
20 business days following receipt of such questionnaire or (ii) the end of any
period during which FiberTower has suspended use of the prospectus pursuant to
the terms of the Registration Rights Agreement, file such amendments to the
Shelf Registration Statement or supplements to the related prospectus as
necessary to permit such holder to deliver such prospectus to purchasers of
Registrable Securities.  FiberTower has
agreed to pay liquidated damages pursuant to the Registration Rights Agreement
under certain circumstances set forth therein.

Certain legal consequences arise from being named as a
selling securityholder in a Shelf Registration Statement and the related
prospectus.  Accordingly, holders and
beneficial owners of Registrable Securities are advised to consult their own
securities legal counsel regarding the consequences of being named or not being
named as a selling securityholder in a Shelf Registration Statement and the
related prospectus.

 A-1
 

 

Notice

The undersigned beneficial owner (the “Selling
Securityholder”) of Registrable Securities hereby gives notice to
FiberTower of its intention to sell or otherwise dispose of Registrable
Securities beneficially owned by it and listed below in Item 3 (unless
otherwise specified under such Item 3) pursuant to the Shelf Registration
Statement.  The undersigned, by signing
and returning this Notice and Questionnaire, understands that it will be bound
by the terms and conditions of this Notice and Questionnaire and the
Registration Rights Agreement.

Pursuant to the Registration Rights Agreement, the undersigned
has agreed to indemnify and hold harmless FiberTower and the Guarantors, each
of their respective directors, officers, employees and agents and each person,
if any, who controls FiberTower or any of the Guarantors within the meaning of
either Section 15 of the Securities Act or Section 20 of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), from and against
certain losses arising in connection with, among other things, statements
concerning the undersigned made in the Shelf Registration Statement or the
related prospectus in reliance upon the information provided in this Notice and
Questionnaire.  If the Selling
Securityholder transfers all or any portion of the Registrable Securities listed
in Item 3 below after the date on which such information is provided to
FiberTower, the Selling Securityholder agrees to notify the transferee(s) at
the time of the transfer of its rights and obligations under this Notice and
Questionnaire and the Registration Rights Agreement.

Questionnaire

Please respond to every item, even if your response is
“none.” If you need more space for any response, please attach additional
sheets of paper.  Please be sure to write
your name and the number of the item being responded to on each such additional
sheet of paper and sign each such additional sheet of paper and attach it to
this Questionnaire.  Please be aware that
you may be asked to answer additional questions depending on your responses to
the following questions.

If you have any questions about the contents of this
Questionnaire or as to who should complete this Questionnaire, please contact
the Secretary of FiberTower at (732) 947-5103.

COMPLETED
QUESTIONNAIRES SHOULD BE RETURNED TO FIBERTOWER

IN THE FOLLOWING MANNER:

COPY BY FACSIMILE TO:

SECRETARY

FAX: (610) 466-8106

WITH THE ORIGINAL COPY TO FOLLOW BY MAIL TO:

FIBERTOWER
CORPORATION

SECRETARY

185 BERRY
STREET, SUITE 4800

SAN FRANCISCO, CA 
94107

 A-2
 

 

The undersigned hereby provides the following
information to FiberTower and represents and warrants that such information is
accurate and complete:

1.                                      Your
Identity and Background as the Beneficial Owner of the Registrable Securities.

(a)                                  Your
full legal name:                                                                                                 

(b)                                 Your
business address (including street address) (or residence if no business
address), telephone number and facsimile number:

	
  Address:

  	
   

  
	
   

  	
   

  
	
  Telephone No.:

  	
   

  
	
   

  	
   

  
	
  Fax No.:

  	
   

  
	
   

  	
   

  
	
  Email:

  	
   

  
					

 

(c)                                  Are
you a broker-dealer registered pursuant to Section 15 of the Exchange Act?

o       Yes

o       No

(d)                                 If
your response to Item 1(c) above is no, are you an “affiliate” of a
broker-dealer registered pursuant to Section 15 of the Exchange Act?

o       Yes

o       No

For the purposes of this Item 1(d), an “affiliate” of
a registered broker-dealer shall include any company that directly, or
indirectly through one or more intermediaries, controls, or is controlled by,
or is under common control with, such broker-dealer, and does not include any
individuals employed by such broker-dealer or its affiliates.

(e)                                  Full
legal name of person through which you hold the Registrable Securities (i.e.
name of your broker or the DTC participant, if applicable, through which your
Registrable Securities are held):

	
  Name of broker:

  	
   

  
	
   

  	
   

  
	
  DTC No.:

  	
   

  
	
   

  	
   

  
	
  Contact person:

  	
   

  
	
   

  	
   

  
	
  Telephone No.:

  	
   

  
	
   

  	
   

  
				

 

 A-3
 

 

2.                                      Your
Relationship with FiberTower.

(a)                                  Have
you or any of your affiliates, officers, directors or principal equity holders
(owners of 5% or more of the equity securities of the undersigned) held any
position or office or have you had any other material relationship with
FiberTower (or its predecessors or affiliates) within the past three years?

o       Yes

o       No

(b)                                 If
your response to Item 2(a) above is yes, please state the nature and duration
of your relationship with FiberTower (or its predecessors or affiliates):

	
  

  
	
   

  
	
   

  

3.                                      Your
Interest in the Registrable Securities.

(a)                                  State
the type of Registrable Securities (Notes or Shares) and the principal amount
or number of such Registrable Securities beneficially owned by you.  Check any of the following that applies to
you.

o       I own Notes:

Principal amount and CUSIP No.(s) of the Notes beneficially
owned:

	
  

  
	
   

  
	
   

  
	
  CUSIP No.(s):

  	
   

  
	
   

  

 

o                    I own Shares that were issued upon
conversion of the Notes:

Number and CUSIP No.(s) of Shares beneficially owned
and CUSP No.(s):

	
  

  
	
   

  
	
   

  
	
  CUSIP No.(s):

  	
   

  
	
   

  

 

(b)                                 Other
than as set forth in your response to Item 3(a) above, do you beneficially own
any other securities of FiberTower?

o       Yes

o       No

 A-4
 

 

 

(c)                                  If
your answer to Item 3(b) above is yes, state the type, the aggregate amount or
number and their CUSIP No.(s) of such other securities of FiberTower
beneficially owned by you:

	
  Type:

  	
   

  
	
   

  
	
   

  
	
  Aggregate
  Amount:

  	
   

  
	
   

  	
   

  
	
  Number:

  	
   

  
	
   

  	
   

  
	
  CUSIP No.(s):

  	
   

  
					

 

(d)                                 Did
you acquire the securities listed in Item 3(a) above in the ordinary course of
business?

□        Yes

□        No

(e)                                  At
the time of your purchase of the securities listed in Item 3(a) above, did you
have any agreements or understandings, directly or indirectly, with any person
to distribute the securities?

□        Yes

□        No

(f)                                    If
your response to Item 3(e) above is yes, please describe such agreements or
understandings:

	
  

  
	
   

  
	
   

  
	
   

  

 

(g)                                 Unless
otherwise indicated in the space provided below, all Registrable Securities
listed in response to Item 3(a) above will be included in the Shelf
Registration Statement.  If you do not
wish all such Registrable Securities to be so included, please indicate below
the principal amount or the number of Registrable Securities to be included:

	
  

  
	
   

  
	
   

  
	
   

  
	
   

  
	
   

  

 

 A-5
 

 

4.                                      Nature
of Your Beneficial Ownership.

(a)                                  If
the name of the beneficial owner of the Registrable Securities set forth in
your response to Item 1(a) above is that of a limited partnership, state the
names of the general partners of such limited partnership:

	
  

  
	
   

  
	
   

  
	
   

  
	
   

  
	
   

  

 

(b)                                 With
respect to each general partner listed in Item 4(a) above who is not a natural
person, and is not publicly held, name each shareholder (or holder of partnership
interests, if applicable) of such general partner.  If any of these named shareholders are not
natural persons or publicly held entities, please provide the same
information.  This process should be
repeated until you reach natural persons or a publicly held entity.

	
  

  
	
   

  
	
   

  
	
   

  
	
   

  
	
   

  

 

(c)                                  Name
your controlling shareholder(s) (the “Controlling Entity”).  If the Controlling Entity is not a natural
person and is not a publicly held entity, name each shareholder (or holder of
partnership interests, if applicable) of such Controlling Entity.  If any of these named shareholders are not
natural persons or publicly held entities, please provide the same information.  This process should be repeated until you
reach natural persons or a publicly held entity.

	
  

  
	
   

  
	
   

  
	
   

  
	
   

  
	
   

  

 

(A)                              (i)            Full legal name of Controlling
Entity(ies) or natural person(s) who have sole or shared voting or dispositive
power over the Registrable Securities:

	
  

  
	
   

  

 

 A-6
 

 

(ii)                                  Business
address (including street address) (or residence if no business address),
telephone number and facsimile number of such person(s):

	
  Address:

  	
   

  
	
   

  	
   

  
	
  Telephone No.:

  	
   

  
	
   

  	
   

  
	
  Fax No.:

  	
   

  
	
   

  	
   

  
	
  Email:

  	
   

  
					

 

(iii)                               Name
of shareholders:

	
  

  
	
   

  
	
   

  

 

(B)                                (i)            Full legal name of Controlling
Entity(ies):

	
  

  
	
   

  
	
   

  

 

(ii)                                  Business
address (including street address) (or residence if no business address),
telephone number and facsimile number of such person(s):

	
  Address:

  	
   

  
	
   

  	
   

  
	
  Telephone No.:

  	
   

  
	
   

  	
   

  
	
  Fax No.:

  	
   

  
	
   

  	
   

  
	
  Email:

  	
   

  
					

 

(iii)                               Name
of shareholders:

	
  

  
	
   

  

 

If you need more space for this response, please
attach additional sheets of paper. 
Please be sure to indicate your name and the number of the item being
responded to on each such additional sheet of paper, and to sign each such
additional sheet of paper before attaching it to this Questionnaire.  Please be aware that you may be asked to
answer additional questions depending on your responses to the following
questions.

5.                                      Plan
of Distribution

Except as set forth below, the undersigned (including
its donees or pledgees) intends to distribute the Registrable Securities listed
above in Item 3 pursuant to the Shelf Registration Statement only as follows
(if at all):  (a) such Registrable
Securities may be sold from time to time directly by the undersigned or,
alternatively, through underwriters, broker-dealers or agents; (b) if the
Registrable Securities are sold through underwriters, broker-dealers or agents,
the Selling Securityholder will be 

 A-7
 

 

responsible for
underwriting discounts or commissions or agents’ commissions; (c) such
Registrable Securities may be sold in one or more transactions at fixed prices,
at prevailing market prices at the time of sale, at varying prices determined
at the time of sale or at negotiated prices; and (d) such sales may be effected
in transactions (which may involve block transactions) (i) on any national
securities exchange or quotation service on which the Registrable Securities
may be listed or quoted at the time of sale, (ii) in the over-the-counter
market or (iii) in transactions otherwise than on such exchanges or services or
in the over-the-counter market.

State any exceptions here:

	
  

  
	
   

  
	
   

  
	
   

  

 

In no event will such method(s) of distribution take
the form of an underwritten offering of the Registrable Securities without the
prior agreement of FiberTower (to the extent required and pursuant to the terms
of the Registration Rights Agreement).

The undersigned acknowledges its obligation to comply
with the provisions of the Exchange Act and the rules thereunder relating to
stock manipulation, particularly Regulation M thereunder (or any successor
rules or regulations), in connection with any offering of Registrable
Securities pursuant to the Registration Rights Agreement.  The undersigned agrees that neither it nor
any person acting on its behalf will engage in any transaction in violation of
such provisions.

The undersigned beneficial owner and selling
securityholder hereby acknowledges its obligations under the Registration
Rights Agreement to indemnify and hold harmless certain persons against certain
liabilities as set forth therein. 
Pursuant to the Registration Rights Agreement, FiberTower has agreed
under certain circumstances to indemnify the undersigned beneficial owner and
selling securityholder against certain liabilities as set forth therein.

In accordance with the undersigned’s obligation under
the Registration Rights Agreement to provide such information as may be required
by law for inclusion in the Shelf Registration Statement, the undersigned
agrees to promptly notify FiberTower of any inaccuracies or changes in the
information provided herein that may occur subsequent to the date hereof at any
time while a Shelf Registration Statement remains effective.

All notices to the beneficial owner hereunder and
pursuant to the Registration Rights Agreement shall be made in writing to the
undersigned at the address set forth in Item 1(b) of this Notice and
Questionnaire.

By signing below, the undersigned acknowledges that it
is the beneficial owner of the Registrable Securities set forth herein,
represents that the information provided herein is accurate, consents to the
disclosure of the information contained in this Notice and Questionnaire and
the inclusion of such information in the Shelf Registration Statement and the
related prospectus.  The undersigned
understands that such information will be relied upon by FiberTower in
connection with the preparation or amendment of the Shelf Registration
Statement and the related prospectus and any filing of a new Shelf Registration
Statement.

 A-8
 

 

Once this Notice and Questionnaire is executed by the
undersigned beneficial owner and received by FiberTower, the terms of this
Notice and Questionnaire, and the representations and warranties contained
herein, shall be binding on, shall inure to the benefit of and shall be
enforceable by the respective successors, heirs, personal representatives and
assigns of FiberTower and the undersigned beneficial owner.  This agreement shall be governed in all
respects by the laws of the State of New York.

 A-9
 

 

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

	
   

  	
  NAME OF BENEFICIAL OWNER:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  (please print)

  
	
   

  	
   

  
	
   

  	
  Signature

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Date:

  	
   

  
				

 

 A-10Exhibit
10.3

ESCROW AND
SECURITY AGREEMENT

THIS ESCROW AND SECURITY
AGREEMENT (this “Agreement”), dated as of November 9, 2006, is by and among
FIBERTOWER CORPORATION, a Delaware corporation (the “Company”), Wells Fargo
Bank, National Association, as the trustee under the Indenture (as defined
below) (the “Trustee”), and Wells Fargo Bank, National Association, as escrow
agent and securities intermediary (in such capacity, together with its
successors in such capacity, the “Escrow Agent”).  Capitalized terms used herein and not
otherwise defined have the meanings assigned to them in the Indenture.

WITNESSETH:

WHEREAS, the Company,
certain subsidiaries of the Company and Trustee have entered into an Indenture
dated as of the date hereof (as amended and supplemented from time to time, the
“Indenture”) pursuant to which the Company issued $402,500,000 aggregate
principal amount of its 9.00% Convertible Senior Secured Notes due 2012 (as
amended, supplemented and exchanged from time to time, collectively, the “Securities”);

WHEREAS, it is a
condition precedent to the purchase of the Securities under that certain
Purchase Agreement dated October 25, 2006 (the “Purchase Agreement”), among the
Company, certain subsidiaries of the Company and Jefferies & Company, Inc.
and Deutsche Bank Securities Inc. (the “Initial Purchasers”) relating to the
sale and purchase of the Securities that the Initial Escrow Amount (as defined
below) be delivered into escrow pursuant to this Agreement;

WHEREAS, it is a
condition precedent to the purchase of the Securities under the Purchase
Agreement that the Company grant to Trustee on behalf of the holders of the
Securities (the “Secured Parties”) a security interest in the Escrow Account
(as defined below) and the financial assets and any free credit balance carried
therein;

WHEREAS, the Company has
agreed to place in escrow the Initial Escrow Amount (as defined below), to be
held pursuant to the terms of this Agreement and the Indenture;

WHEREAS, the Escrow Agent
has established, on behalf of the Company, a securities account, which is also
an escrow account, with account number 20564501 and account name FiberTower 9%
Sr Nt Int Escrow (the “Escrow Account”); and

WHEREAS, the Company, the
Trustee and the Escrow Agent are entering into this Agreement to provide for
the control of the Escrow Account and to perfect the security interest of the
Trustee in the Escrow Account and the financial assets and any free credit
balance carried therein as more fully described in this Agreement.

NOW, THEREFORE, in
consideration of the premises and the mutual covenants and agreements herein
contained, the parties hereto agree as follow for the express benefit of the
Trustee on behalf of the Secured Parties:

 

1.                                       Initial
Escrow Amount; Interest; Investment of Funds.

(a)                                  Deposit
of Initial Escrow Amount by the Company. 
On the date hereof, the Company shall deliver, or shall direct the
delivery, to the Escrow Agent, from and/or utilizing a portion of the net
proceeds from the sale of the Securities, U.S. Government Securities (as
defined below) and/or cash in an amount so as to be, together with any interest
thereon, sufficient to pay the first four scheduled cash interest payments on
the Securities.  As of the date hereof,
the parties agree that the U.S. dollar amount of such U.S. Government
Securities and/or cash deposited into the Escrow Account shall be equal to  $68,479,409.38 (the “Initial Escrow Amount”).  Following the investment of the Initial
Escrow Amount, (A) if the Trustee receives a written calculation from a
representative of the Initial Purchasers that the actual rate of return is such
that there are excess funds in the Escrow Account, the Trustee shall instruct
the Escrow Agent no later than two business days after its receipt of such
determination to transfer such excess funds to the Company, and (B) if the
Trustee receives a written calculation from a representative of the Initial
Purchasers that the actual rate of return is such that additional funds are
required to be deposited into the Escrow Account, the Trustee shall notify the
Company no later than two business days after its receipt of such determination
and the Company shall deposit such additional funds to the Escrow Account.  The computations of the representative of the
Initial Purchasers pursuant hereto shall be binding on the Company, absent
manifest error.  The Trustee will not be
liable for any actions taken by it in accordance with the directions of the
Initial Purchasers in this Section 1(a).

(b)                                 Investment
of Funds in Escrow Account.  Funds
deposited in the Escrow Account shall be invested and reinvested only upon the
following terms and conditions:

(i)                                     Acceptable
Investments.  All funds deposited or
held in the Escrow Account at any time shall be invested by the Escrow Agent in
U.S. Government Securities in accordance with the Company’s written
instructions from time to time to the Escrow Agent; provided, however, that the
Company shall only designate investment of funds in U.S. Government Securities
maturing in an amount sufficient to and/or generating interest income
sufficient to, when added to the balance of funds held in the Escrow Account,
provide for the payment of interest on the outstanding Securities on the
Interest Payment Dates beginning on and including May 15, 2007 and through and
including the Interest Payment Date on November 15, 2008; provided, further,
however, that any such written instruction shall specify the particular
investment to be made, shall state that such investment is authorized to be
made hereby and in particular satisfies the requirements of the preceding
proviso, shall contain the certification referred to in Section 1(b)(ii), and
shall be executed by any officer of the Company; provided, further, however,
that the Company may from time to time substitute additional 

 2
 

 

funds consisting of cash
or Cash Equivalents for some or all of the U.S. Government Securities then
contained in the Escrow Account provided that (i) the cash or Cash Equivalents
have a fair market value equal to or greater than the U.S. Government
Securities so replaced, (ii) the Company provides the certification required by
Section 1(b)(ii) and certifies that the foregoing clause (i) has been complied
with and provides an Opinion of Counsel, dated the date of the replacement,
which opinion shall meet the requirements of Section 314(b) of the Trust
Indenture Act of 1939, as amended, and shall otherwise comply with the
Indenture and (iii) the cash and Cash Equivalents are promptly invested in U.S.
Government Securities in accordance with this Section 1(b)(i).  All U.S. Government Securities shall be
assigned to and held in the possession of, or, in the case of U.S. Government
Securities maintained in book-entry form with the Federal Reserve Bank,
transferred to a book-entry account in the name of the Escrow Agent, for the
benefit of the Trustee and the ratable benefit of the Secured Parties, except
that U.S. Government Securities maintained in book-entry form with the Federal
Reserve Bank shall be transferred to a book-entry account in the name of the
Escrow Agent at the Federal Reserve Bank that includes only U.S. Government
Securities held by the Escrow Agent for its customers and segregated by
separate recordation in the books and records of the Escrow Agent.  As used herein, “U.S. Government Securities”
shall mean securities that are (a) direct obligations (or certificates
representing an ownership interest in such obligations) of the United States of
America (including any agency or instrumentality thereof) the payment of which
the full faith and credit of the United States of America is pledged, (b)
obligations of a Person controlled or supervised by and acting as an agency or
instrumentality of the United States of America the payment of which is
unconditionally guaranteed as a full faith and credit obligation by the United
States of America or (c) obligations of a Person the payment of which is
unconditionally guaranteed as a full faith and credit obligation by the United
States of America, which, in each case, are not callable or redeemable at the
issuer’s option, and shall also include a depository receipt issued by a bank
(as defined in Section 3(a)(2) of the Securities Act), as custodian with
respect to any such U.S. Government Securities or a specific payment of
principal of or interest on any such U.S. Government Securities held by such
custodian for the account of the holder of such depository receipt; provided
that (except as required by law) such custodian is not authorized to make any
deduction from the amount payable to the holder of such depository receipt from
any amount received by the custodian in respect of the U.S. Government
Securities or the specific payment of principal of or interest on the U.S.
Government Securities evidenced by such depository receipt.  The Escrow Agent shall not have any
responsibility or liability for any loss which may result from any investment
made pursuant to this

 3
 

 

Agreement, or for any
loss resulting from the sale of such investment.  The Company acknowledges that the Escrow
Agent is not providing investment supervision, recommendations, or advice.  Investments will be made promptly following
the availability of such funds to the Escrow Agent taking into consideration
the regulations and requirements (including investment cut-off times) of the
Federal Reserve wire system, any investment provider and the Escrow Agent.

(ii)                                  Security
Interest in Investments. No investment of funds in the Escrow Account shall
be made unless the Company has certified to the Escrow Agent and the Trustee
that, upon such investment, the Trustee will have a first priority perfected
security interest in the applicable investment for the ratable benefit of the
Secured Parties.  As set forth in Section
11.02 of the Indenture, on the date of this Agreement, and on each anniversary
thereof unless the balance of the Available Funds (as defined below) shall have
been reduced to zero, each of the Trustee and the Escrow Agent shall receive an
Opinion of Counsel, dated each such date as applicable, which opinion shall
meet the requirements of Section 314(b) of the Trust Indenture Act of 1939, as
amended, and shall otherwise comply with the Indenture, that the Trustee, for
the ratable benefit of the Secured Parties, has a first priority, perfected
security interest in the funds and securities held in the Escrow Account.  As used herein, “Available Funds” shall mean
(A) the sum of (i) the Initial Escrow Amount and any funds deposited pursuant
to Section 1(a)(B) and (ii) interest earned on the funds in the Escrow Account
(including holdings of U.S. Government Securities), less (B) the aggregate
disbursements previously made pursuant to this Agreement.

(iii)                               Principal
and Interest. All principal and all interest earned on funds invested in
U.S. Government Securities shall be deposited in the Escrow Account as
additional Collateral (as defined below) for the benefit of the Trustee and the
ratable benefit of the Secured Parties and shall be reinvested in accordance
with Section 1(b)(i) hereof.

(iv)                              Limitation
on Escrow Agent’s Responsibilities. 
The Escrow Agent’s sole responsibilities under this Section 1(b) shall
be (A) to retain possession of certificated U.S. Government Securities and to
be the registered or designated owner of U.S. Government Securities which are
not certificated, if any, (B) to follow the Company’s written instructions
given in accordance with Section 1(b)(i), (C) to invest and reinvest funds
pursuant to this Section 1(b), (D) to maintain possession of, and dominion and
control over, the Escrow Account and the funds and U.S. Government Securities
therein, unless and until such funds are permitted to be released or disbursed
in accordance with the terms of this Agreement and (E) to use commercially
reasonable efforts to reduce to cash such U.S. Government Securities as may be
required to fund any disbursement or payment in accordance with Section 1(a)(A)

 4
 

 

or
Section 11.  In connection with clause
(A) above, the Escrow Agent will maintain continuous possession in the State of
New York of certificated U.S. Government Securities and cash included in the
Collateral and will cause uncertificated U.S. Government Securities, if any, to
be registered in the book-entry system of, and transferred to an account of the
Escrow Agent or a sub-agent of the Escrow Agent at, the Federal Reserve Bank of
New York.  Except as provided in Sections
6 and 7, the Escrow Agent shall have no other responsibilities with respect to
perfecting or maintaining the perfection of the Trustee’s security interest in
the Collateral and shall not be required to file any instrument, document or
notice in any public office at any time or times.  In connection with clause (E) above, and
subject to the following sentence and except as otherwise provided in Section
11, the Escrow Agent shall not be required to reduce to cash any U.S.
Government Securities to fund any disbursement or payment in accordance with
Section 1(a)(A) or Section 11 in the absence of written instructions signed by
an officer of the Company specifying the particular investment to liquidate.  If no such written instructions are received,
the Escrow Agent shall liquidate those U.S. Government Securities having the
lowest interest rate per annum or if none such exist, those having the nearest
maturity.

(v)                                 Manner
of Investment.  Funds deposited in
the Escrow Account shall be invested in a manner such that there will be
sufficient funds available without any further investment by the Company to
cover all interest due on the outstanding Securities, as such interest becomes
due, for each Interest Payment Date occurring from the date of this Agreement
and ending on (and including) November 15, 2008, provided that such investments
shall have such maturities and/or interest payment dates such that funds will
be available with respect to each such Interest Payment Date no later than the
time the Escrow Agent is required to distribute such funds to the Trustee
pursuant to Section 11(a).  The Escrow
Agent shall have no responsibility for determining whether funds held in the
Escrow Account shall have been invested in such a manner so as to comply with
the requirements of this clause (v).

2.                                       Release
of Amounts in Escrow Account. The Escrow Agent shall hold all amounts in
the Escrow Account in escrow pursuant to this Agreement until authorized
hereunder to deliver any or all of such amounts to the Company or the Trustee,
as applicable, in accordance with the requirements of Section 1(a)(A) or
Section 11 hereof or to the Trustee in accordance with Section 6 hereof.

3.                                       Certain
Additional Agreements. The Company and the Trustee shall, upon request by
the Escrow Agent, execute and deliver to the Escrow Agent such additional
written instructions and certificates hereunder as may be reasonably required
by the Escrow Agent to give effect to the provisions of Sections 1 and 2 hereof.

 5
 

 

4.                                       The
Escrow Account.

(a)                                  The
parties agree and represent that (i) the Escrow Account has been established in
the name of the Company as recited above, (ii) the Escrow Account is an account
as to which Financial Assets (as defined in the Code) are or may be credited
and the Escrow Account is a Securities Account (as defined in the Code), and
(iii) the Escrow Account has no Financial Assets which are registered in the
name of the Company, payable to its order or specifically endorsed to it, which
have not been endorsed to the Escrow Agent or in blank.

(b)                                 The
Escrow Agent agrees and represents that (i) this Agreement is the valid and
legally binding obligation of the Escrow Agent, (ii) except for the claims and
interests of the Trustee for the ratable benefit of the Secured Parties and the
claims and interests of the Company in the Escrow Account, the Escrow Agent
does not know of any claim to or interest in the Escrow Account or in any
Financial Asset contained therein, (iii) the Escrow Agent shall, subject to the
terms of this Agreement, treat the Company as entitled to exercise the rights
that comprise any Financial Asset credited to the Escrow Account and (iv) all
property delivered to the Escrow Agent for deposit to the Escrow Account will
promptly be credited to the Escrow Account. 
The Escrow Agent will treat all property held by it in the Escrow
Account as financial assets under Article 8 of the Uniform Commercial Code of
the State of New York (the “Code”), provided, however, in the event that, by
reason of mandatory provisions of law, any or all of  the perfection or priority of the security
interest in any Collateral is governed by the Uniform Commercial Code as in
effect in a jurisdiction other than the State of New York, the term “Code”
shall mean the Uniform Commercial Code as in effect in such other jurisdiction
for purposes of the provisions hereof relating to such perfection or priority
and for purposes of definitions related to such provisions, and any reference
to any section of the Code herein shall be a reference to such section as it is
modified and amended from time to time and to any successor section.

5.                                       No
Withdrawals.  Escrow Agent shall
neither accept nor comply with any entitlement order from the Company
withdrawing any Financial Assets from the Escrow Account nor deliver any such
Financial Assets to the Company nor pay any free credit balance or other amount
owing from Escrow Agent to the Company, except in the circumstances described
in Section 11(b), 11(c), 11(d) or 11(e) hereof, as applicable, and only if the
requirements to such transfer set forth in Section 11(b), 11(c), 11(d) or
11(e), as applicable, have been satisfied. 
Notwithstanding the foregoing sentence or anything to the contrary herein,
following delivery to Escrow Agent of a Notice of Exclusive Control (as defined
below) from Trustee and, until such Notice of Exclusive Control is withdrawn by
the Trustee, Escrow Agent shall comply only with entitlement orders given by
Trustee.

 6
 

 

6.                                       Grant
of Security Interest; Priority of Security Interest.

(a)                                  The
Company hereby grants to the Trustee for the ratable benefit of the Secured
Parties, to secure all obligations and indebtedness of the Company under the
Securities, a first priority security interest in the Escrow Account and all
funds and securities contained therein and any and all proceeds of the
foregoing (the “Collateral”).  The Escrow
Agent consents to such security interest. 
The Escrow Agent hereby waives and releases all liens, encumbrances,
claims and rights of setoff the Escrow Agent may have against the Escrow
Account or any and all funds and securities contained in the Escrow Account and
agrees that, except with respect to its unpaid fees, non-reimbursed expenses
and unsatisfied indemnification obligations, it will not assert any such lien,
encumbrance, claim or right or the priority thereof against the Escrow Account
or any funds or securities contained in the Escrow Account.  The Escrow Agent will not agree with any
third party that the Escrow Agent will comply with orders concerning the Escrow
Account originated by such third party without the prior written consent of the
Trustee and the Company.  The Company
represents and warrants that, except for the security interest granted to the
Trustee for the ratable benefit of the Secured Parties hereby, the Company owns
the Collateral free and clear of any and all liens, encumbrances and claims of
others.

(b)                                 The
Company and the Trustee hereby irrevocably instruct the Escrow Agent to, and
the Escrow Agent shall, (i) (A) maintain sole dominion and control over funds
and U.S. Government Securities in the Escrow Account for the benefit of the
Trustee for the ratable benefit of the Secured Parties to the extent
specifically required herein, (B) maintain, or cause its agent within the State
of New York to maintain, possession of all certificated U.S. Government
Securities purchased hereunder that are physically possessed by the Escrow
Agent in order for the Trustee for the ratable benefit of the Secured Parties
to enjoy a continuous perfected first priority security interest therein under
the law of the State of New York (the Company hereby agreeing that in the event
any certificated U.S. Government Securities are in the possession of the
Company or a third party, the Company shall undertake to deliver all such
certificates to the Escrow Agent), (C) take all steps specified by the Company
pursuant to paragraph (a) above to cause the Trustee for the ratable benefit of
the Secured Parties to enjoy a continuous perfected first priority security
interest under the New York Uniform Commercial Code and any applicable law of
the State of New York in all Collateral consisting of securities entitlements
including, as applicable, all U.S. Government Securities purchased hereunder
that are not certificated, if any, and (D) maintain the Collateral free and
clear of all liens and encumbrances in favor of, and claims against, the Escrow
Agent of any nature now or hereafter existing in favor of anyone other than the
Trustee for the ratable benefit of the Secured Parties; (ii) promptly notify
the Trustee if the Escrow Agent receives written notice that any person other
than the Trustee has a lien, encumbrance or claim upon any portion of the
Collateral; and (iii) in addition to disbursing amounts held in

 7
 

 

escrow pursuant to any
order given to it by the Trustee pursuant to Section 1(a)(A) or Section 11,
upon receipt of written notice from the Trustee of the acceleration of the
maturity of the Securities, and direction from the Trustee to disburse all Available
Funds to the Trustee, as promptly as practicable, disburse all funds held in
the Escrow Account to the Trustee and transfer title to all U.S. Government
Securities held by the Escrow Agent hereunder to the Trustee.  The lien and security interest provided for
by this Section 6 shall automatically terminate and cease to exist, and shall
not extend or apply to, and the Trustee shall have no security interest in, any
funds disbursed by the Escrow Agent to the Company pursuant to this Agreement
to the extent not inconsistent with the terms hereof.  Notwithstanding any other provisions
contained in this Agreement, the Escrow Agent shall act solely as the Trustee’s
agent in connection with its duties under this Section 6.  The Escrow Agent shall not have any right to
receive compensation from the Trustee and shall have no authority to obligate
the Trustee or to subordinate, compromise or pledge its security interest
hereunder.  Accordingly, the Escrow Agent
is hereby directed to cooperate with the Trustee in the exercise of its rights
in the Collateral provided for herein.

(c)                                  The
Company hereby appoints the Trustee as its attorney-in-fact with full power of
substitution, upon an Event of Default as defined in the Indenture, to do any
act which the Company is obligated hereto to do, and the Trustee may exercise
such rights as the Company might exercise with respect to the Collateral and
take any action in the Company’s name to protect the Trustee’s security
interest hereunder.  In addition to the
rights provided under Section 6(b) hereof, upon an Event of Default and for so
long as such Event of Default continues, the Trustee may exercise in respect of
the Collateral, in addition to other rights and remedies provided for herein or
otherwise available to it, all the rights and remedies of a secured party under
the Code or other applicable law, and the Trustee may also upon obtaining
possession of the Collateral as set forth herein, without notice to the Company
except as specified below, sell the Collateral or any part thereof in one or
more parcels at public or private sale, at any exchange, broker’s board or at
any of the Trustee’s offices or elsewhere, for cash, on credit or for future
delivery, and upon such other terms as the Trustee may deem commercially reasonable.  The Company acknowledges and agrees that any
such private sale may result in prices and other terms less favorable to the
seller than if such sale were a public sale. 
The Company agrees that, to the extent notice of sale shall be required
by law, at least ten (10) days’ notice to the Company of the time and place of
any public sale or the time after which any private sale is to be made shall
constitute reasonable notification.  The
Trustee shall not be obligated to make any sale regardless of notice of sale
having been given.  The Trustee may
adjourn any public or private sale from time to time by announcement at the
time and place fixed therefor, and such sale may, without further notice, be
made at the time and place to which it was so adjourned.

 

 8

 

 

7.                                       Control.
Escrow Agent will comply with entitlement orders originated by Trustee
concerning the Escrow Account without further consent by the Company.  Except as otherwise provided in Section 5 and
6 above, Escrow Agent shall make trades of Financial Assets held in the Escrow
Account at the instruction of the Company, or its authorized representative,
and comply with entitlement orders concerning such trades from the Company, or
its authorized representative in any of the investments permitted under this
Agreement, until such time as Trustee delivers a written notice to Escrow Agent
which states that an Event of Default has occurred under the Indenture and that
the Trustee is exercising exclusive control over the Escrow Account, unless and
until such notice is withdrawn.  Such
notice is referred to herein as the “Notice of Exclusive Control.” After Escrow
Agent receives a Notice of Exclusive Control, it will immediately cease
complying with all instructions or entitlement orders concerning the Escrow
Account originated by the Company or its representative.  Trustee agrees with the Company that it shall
not deliver a Notice of Exclusive Control to Escrow Agent unless and until an
Event of Default shall have occurred and be continuing.  Further, Trustee agrees that it shall not
deliver entitlement orders except as provided in Section 11 hereof.

8.                                       Statements,
Confirmations and Notices of Adverse Claims. The Escrow Agent will send
copies of all statements, confirmations and other correspondence concerning the
Escrow Account simultaneously to the Company and the Trustee at the addresses
set forth in Section 12(f) of this Agreement. 
If any person asserts in writing any lien, encumbrance or adverse claim
against the Escrow Account or in any Financial Asset carried therein, the
Escrow Agent will promptly notify the Company and Trustee thereof.

9.                                       Escrow
Agent.

(a)                                  The
Escrow Agent shall be obligated only to perform the duties specifically set
forth in this Agreement, which shall be deemed purely ministerial in nature,
and shall under no circumstances be deemed to be a fiduciary to any party or
any other person. The parties agree that the Escrow Agent shall not assume any
responsibility for the failure of the parties (other than the Escrow Agent) to
perform in accordance with this Agreement. This Agreement sets forth all
matters pertinent to the escrow contemplated hereunder, and no additional
obligations of the Escrow Agent shall be inferred from the terms of this
Agreement or any other agreement.  In no
event shall the Escrow Agent be liable, directly or indirectly, for any (i)
damages or expenses arising out of the services provided hereunder, other than
damages which result from the Escrow Agent’s gross negligence or willful
misconduct, or (ii) special or consequential damages, even if the Escrow Agent
has been advised of the possibility of such damages.

(b)                                 Except
for advancing margin or other credit to the Company in violation of Section 6
above, Escrow Agent shall have no responsibility or liability to Trustee for
making trades of Financial Assets held in the Escrow Account at the instruction
of the Company, or its authorized representative, or complying 

 9
 

 

with entitlement orders
in accordance with Section 5 above concerning the Escrow Account from the
Company, or its authorized representative, which are received by the Trustee
before Escrow Agent receives a Notice of Exclusive Control. Escrow Agent shall
have no responsibility or liability to the Company for complying with a Notice
of Exclusive Control or complying with entitlement orders concerning the Escrow
Account originated by Trustee.  Escrow
Agent shall have no duty to investigate or make any determination as to whether
the conditions for the issuance of a Notice of Exclusive Control contained in
any agreement between the Company and the Trustee have occurred.  Neither this Agreement nor any Collateral
Agreements imposes or creates any obligation or duty of Escrow Agent other than
those expressly set forth herein.

(c)                                  The
Escrow Agent, in its capacity as such, shall have no duties or
responsibilities, including, without limitation, a duty to review or interpret
the Indenture, except those expressly set forth herein.  Except for this Agreement, the Escrow Agent,
in its capacity as such, is not a party to, or bound by, any agreement that may
be required under, evidenced by, or arise out of the Indenture.

(d)                                 If
the Escrow Agent shall be uncertain as to its duties or rights hereunder or
shall receive instructions from any of the undersigned with respect to the Escrow
Account, which, in its opinion, are in conflict with any of the provisions of
this Agreement, it shall be entitled to refrain from taking any action until it
shall be directed otherwise in writing by a joint written instruction of the
Company and the Trustee or by order of a court of competent jurisdiction.  The Escrow Agent shall be protected in acting
upon any notice, request, waiver, consent, receipt or other document reasonably
believed by the Escrow Agent to be signed by the proper party or parties and
shall not be liable with respect to any action taken or omitted to be taken by
it in accordance with any instruction received by it hereunder.  Concurrent with the execution of this
Agreement, the Company shall deliver to the Escrow Agent an authorized signers
form in the form of Exhibit A to this Agreement.

(e)                                  The
Escrow Agent shall not be liable for any act or omission while acting in good
faith.  Any act or omission by the Escrow
Agent pursuant to the advice of its attorneys shall be conclusive evidence of
such good faith.  The Escrow Agent shall
not be liable for the alteration, modification or elimination of any right
permitted or given under any instructions and/or in any document deposited
under this Escrow Agreement due to any delay, any statute of limitations or due
to any other reason.  The Escrow Agent
shall have no further responsibility or liability whatsoever to the Company or
the Trustee following a partial or complete distribution of the funds and securities
held in the Escrow Account pursuant to this Agreement.  The Escrow Agent shall not incur any
liability with respect to any act or omission in reliance upon any document,
including any written notice or instruction provided for in this Agreement. In
performing its obligations hereunder, the Escrow Agent shall be entitled to

 10
 

 

presume, without
investigation or inquiry, the due execution, validity, effectiveness and
enforceability of all documents it receives and shall be entitled to rely upon
the genuineness of the signatures of the signatories of such documents, and
also the truth and accuracy of any information contained therein.  The Escrow Agent assumes no responsibility
for the validity or sufficiency of any instrument held as in the Escrow Account.

(f)                                    The
Escrow Agent may consult legal counsel or other professionals of choice in the
event of any dispute or question as to the construction of this Agreement, or
the Escrow Agent’s duties hereunder, and the Escrow Agent shall incur no
liability and shall be fully protected with respect to any action taken or
omitted in good faith in accordance with the opinion and instructions of
counsel or such other professionals.  The
Escrow Agent may in all cases pay reasonable compensation to such counsel and
shall be entitled to reimbursement as set forth in Section 9.1(h) for all such
compensation paid.  The Escrow Agent may
perform its duties through its agents, attorneys, custodians or nominees.

(g)                                 In
the event of any disagreement between the undersigned or any of them, and/or
any other person, resulting in adverse claims and demands being made in
connection with or for the Escrow Account, the Escrow Agent shall be entitled
at its option to refuse to comply with any such claim or demand, so long as
such disagreement shall continue, and in so doing the Escrow Agent shall not be
or become liable for damages or interest to the undersigned or any of them or
to any person named herein for its failure or refusal to comply with such
conflicting or adverse demands.  The
Escrow Agent shall be entitled to continue so to refrain and refuse so to act
until all differences shall have been resolved by agreement and the Escrow
Agent shall have been notified thereof in writing signed by the Company and the
Trustee.  In the event of such
disagreement which continues for ninety (90) days or more, the Escrow Agent in
its sole discretion may, but shall be under no obligation to, file a suit in
interpleader for the purpose of having the respective rights of the claimants
adjudicated and may deposit with the court all documents and property held
hereunder.  The Company agrees to pay all
reasonable out-of-pocket costs and expenses incurred by the Escrow Agent in
such action, including reasonable attorneys’ fees and disbursements.  In no event shall the institution of such interpleader
action impair the rights of the Escrow Agent described elsewhere in this
Agreement.  The parties other than the
Escrow Agent further agree to pursue any redress or recourse in connection with
such a dispute, without making the Escrow Agent a party to same.

(h)                                 The
Company agrees to indemnify and hold harmless the Escrow Agent from and
against, any and all loss, liability, cost, damage and expense, including,
without limitation, counsel fees, which the Escrow Agent may suffer or incur by
reason of any action, claim or proceeding brought against the Escrow Agent
arising out of or relating in any way to this Agreement or any transaction to
which this Agreement relates unless such losses, liabilities, costs damages and
expenses shall have been finally adjudicated to have resulted from the willful

 11
 

 

misconduct or gross
negligence of the Escrow Agent. The Escrow Agent may consult counsel of its
choice with respect to any question arising under this Agreement, and the
Escrow Agent shall not be liable for any action taken or omitted in good faith
upon advice of such counsel.  The
provisions of this Section 9(h) shall survive the resignation or removal of the
Escrow Agent and the termination of this Agreement.

(i)                                     The
Escrow Agent, in its capacity as such, does not have any interest in the Escrow
Account or any funds or securities deposited hereunder but is serving as escrow
holder only and having only possession thereof. 
This paragraph shall survive notwithstanding any termination of this
Agreement or the resignation of the Escrow Agent.

(j)                                     The
Escrow Agent (and any successor Escrow Agent) may at any time resign as such by
giving written notice of its resignation to the parties hereto at least thirty
(30) days prior to the date specified for such resignation to take effect.  The Escrow Agent may be removed at any time
by act of the Trustee along with payment of all fees and expenses to which it
is entitled through the date of termination. 
Upon the effective date of such resignation or removal of the Escrow Agent,
all funds and securities in the Escrow Account shall be delivered by it to such
successor Escrow Agent or as otherwise shall be instructed in writing by the
Company and the Trustee, whereupon the Escrow Agent shall be discharged of and
from any and all further obligations arising in connection with this
Agreement.  If at that time the Escrow
Agent has not received such instruction, the Escrow Agent’s sole responsibility
after that time shall be to safekeep the Escrow Account and all funds and
securities contained therein until receipt of a designation of successor Escrow
Agent, or a joint written instruction as to disposition of the Escrow Account
and all funds and securities contained therein by the Company and the Trustee
or a final order of a court of competent jurisdiction mandating disposition of
the Escrow Account and all funds and securities contained therein.  If the Escrow Agent is removed or resigns,
the Company, by a Board Resolution, shall promptly appoint a successor Escrow
Agent.  If the Company has failed to
appoint a successor prior to the expiration of thirty (30) days following
receipt of the notice of resignation or removal, the Escrow Agent may petition
any court of competent jurisdiction for the appointment of a successor escrow
agent or for other appropriate relief, and any such resulting appointment shall
be binding upon all of the parties.

(k)                                  The
Escrow Agent hereby accepts its appointment and agrees to act as Escrow Agent
under the terms and conditions of this Agreement and acknowledges receipt of
the Initial Escrow Amount.  The Company
agrees to pay to the Escrow Agent as payment in full for its services hereunder
the Escrow Agent’s compensation as mutually agreed by the parties hereto,
provided, however, that in the event that the conditions for the disbursement
of funds under this Escrow Agreement are not fulfilled, or at the request of
the Company, the Escrow Agent renders any material service not contemplated in
this Agreement, or

 12
 

 

there is any
assignment of interest in the subject matter of this Agreement, or any material
modification hereof, or if any material controversy arises hereunder, or the
Escrow Agent is made a party to any litigation pertaining to this Agreement, or
the subject matter hereof, then the Escrow Agent shall be reasonably
compensated for such requested services and reimbursed for all costs and
expenses, including reasonable attorney’s fees, occasioned by any delay,
controversy, litigation or event, and the same shall be recoverable from the
Company.  The Company further agrees to
reimburse the Escrow Agent for all reasonable out-of-pocket expenses,
disbursements and advances incurred or made by the Escrow Agent in the
performance of its duties hereunder (including reasonable fees, and
out-of-pocket expenses and disbursements, of its counsel).  If fees are not paid within thirty (30) days
of the date due, the Escrow Agent in its sole discretion may charge interest on
its fees at the rate of 12% per annum. 
The obligations of the Company under the preceding two sentences shall
survive the resignation or removal of the Escrow Agent and the termination of
this Agreement until extinguished by any applicable statute of limitations.

(l)                                     The
permissive right of the Escrow Agent to do things enumerated in this Agreement
shall not be construed as duties.

(m)                               No
provision of this Agreement shall require the Escrow Agent to risk or advance
its own funds or otherwise incur any financial liability in the performance of
its duties or the exercise of its rights under this Agreement.

(n)                                 Any
corporation or association into which the Escrow Agent may be converted or
merged, or with which it may be consolidated, or to which it may sell or
transfer all or substantially all of its corporate trust business and assets as
a whole or substantially as a whole, or any corporation or association
resulting from any such conversion, sale, merger, consolidation or transfer to
which the Escrow Agent is a party, shall be and become the successor Escrow
Agent under this Agreement and shall have and succeed to the rights, powers,
duties, immunities and privileges as its predecessor, without the execution or
filing of any instrument or paper or the performance any further act.

(o)                                 In
the event that any funds or securities held in the Escrow Account shall be
attached, garnished or levied upon by any court order, or the delivery thereof
shall be stayed or enjoined by an order of a court, or any order, judgment or
decree shall be made or entered by any court order affecting the property
deposited under this Agreement, the Escrow Agent is hereby expressly
authorized, in its sole discretion, to obey and comply with all writs, orders
or decrees so entered or issued, which it is advised by legal counsel of its
own choosing is binding upon it, whether with or without jurisdiction, and in
the event that the Escrow Agent obeys or complies with any such writ, order or
decree it shall not be liable to any of the parties or to any other person,
firm or corporation, by reason of such compliance notwithstanding such writ,
order or decree be subsequently reversed, modified, annulled, set aside or
vacated.

 13
 

 

10.                                 Tax
Reporting.

(a)                                  The
Company shall be responsible for reporting all items of income, gain, expense
and loss recognized in the Escrow Account.

(b)                                 The
Company agrees to indemnify, defend and hold the Escrow Agent harmless from and
against any tax, late payment, interest, penalty or other cost or expense that
may be assessed against the Escrow Agent on or with respect to the funds and
securities held in the Escrow Account and the investment thereof unless any
such tax, late payment, interest, penalty or other expense was caused by the
gross negligence or willful misconduct of the Escrow Agent.  The indemnification provided by this Section
10.1(b) is in addition to the indemnification provided in Section 9(h) and
shall survive the resignation or removal of the Escrow Agent and the
termination of this Agreement.

11.                                 Interest
Payments; Partial Release; Other Payments, Termination; Remedies:

(a)                                  Immediately
prior to or on each of the first four scheduled Interest Payment Dates for the
Securities, the Company shall either (i) deposit with the Trustee cash from
funds other than those contained in the Escrow Account in an amount that is
sufficient to pay the interest then due or 
(ii) direct the Trustee to issue a release order to the Escrow Agent
providing for the release to the Trustee from the Escrow Account of cash
sufficient to pay the interest on the Securities then due as directed;
provided, however, that if the Company fails to effect either of options (i) or
(ii) in this Section 11(a) by 10:00 A.M. New York time on the Business Day
immediately prior to the applicable Interest Payment Date, the Trustee shall
direct the Escrow Agent to liquidate investments (to the extent required), and
disburse to the Trustee the amounts required to be paid on the Securities as
interest with respect to such applicable Interest Payment Date.  The Trustee shall incur no liability arising
out of its choice of investments to be liquidated pursuant to this Section
11(a).

(b)                                 If
the Company has exercised the option set forth in clause (i) of Section 11(a),
the Trustee promptly shall direct the Escrow Agent to transfer, and the Escrow
Agent promptly shall transfer, an amount equal to such amount deposited with
the Trustee (the “Release Amount”) to the Company to an account in the name of
the Company or its designee as designated by the Company or its authorized
representative.  Concurrent with such
transfer of the Release Amount, the security interest in the amounts so
transferred shall be released and terminated without further notice, agreement
or other action by any party hereto.

(c)                                  In
the event the Company is required to pay a Holder of the Securities a
make-whole amount pursuant to Sections 4.05(e) and 4.10 of the Indenture or
repurchases any Holder’s Securities pursuant Article 3 of the Indenture, it
shall direct the Trustee to issue a release order to the Escrow Agent providing
for the release to the Trustee from the Escrow Account of cash in an amount
equal to such Holder’s pro rata portion of the amounts in the Escrow
Account.  The

 14
 

 

Trustee shall incur no
liability arising out of its choice of investments to be liquidated pursuant to
this Section 11(c).

(d)                                 If
at any time, provided that at such time an Event of Default is not continuing,
the amount of funds and securities in the Escrow Account exceeds the amount
sufficient, in the opinion of a nationally recognized firm of independent
public accountants selected by the Company, to pay in full the first four
scheduled interest payments on the Securities not theretofore paid (the amount
of such excess referred to as the “Excess Amount”), and upon receipt of such
public accountant’s opinion and written direction from the Company, the Trustee
promptly shall direct the Escrow Agent to transfer, and the Escrow Agent
promptly shall transfer, an amount equal to the Excess Amount to the Company to
an account in the name of the Company or its designee as designated by the
Company or its authorized representative. 
Concurrent with such transfer of the Excess Amount, the security
interest in the amount so transferred shall be released and terminated without
further notice, agreement or other action by any party hereto.

(e)                                  After
such time as the first four scheduled interest payments on the Securities have
been made, the Trustee promptly shall direct the Escrow Agent to transfer, and
the Escrow Agent promptly shall transfer, any and all remaining funds and
securities in the Escrow Account and any proceeds thereof to the Company to an
account in the name of the Company or its designee as designated by the Company
or its authorized representative and to take such other steps as the Company
may request to vest full ownership and control of the Escrow Account in the
Company.  Concurrent with such transfer,
the security interest in the Escrow Account and the amount so transferred shall
be released and terminated without further notice, agreement or other action by
any party hereto.

(f)                                    THE
RIGHTS AND POWERS GRANTED HEREIN TO TRUSTEE HAVE BEEN GRANTED IN ORDER TO
PERFECT ITS SECURITY INTEREST IN THE ESCROW ACCOUNT, ARE POWERS COUPLED WITH AN
INTEREST AND WILL NEITHER BE AFFECTED BY THE BANKRUPTCY OR INSOLVENCY OF THE
COMPANY NOR BY THE LAPSE OF TIME. THE OBLIGATIONS OF THE ESCROW AGENT UNDER
SECTIONS 4, 5, 6, 7  AND 8 AND ITS RIGHTS
UNDER SECTION 9 ABOVE SHALL CONTINUE IN EFFECT UNTIL THE SECURITY INTEREST OF
THE TRUSTEE IN THE ESCROW ACCOUNT HAS BEEN TERMINATED PURSUANT TO THE TERMS OF
THIS AGREEMENT AND THE TRUSTEE HAS NOTIFIED THE ESCROW AGENT OF SUCH
TERMINATION IN WRITING.  UPON RECEIPT OF
SUCH NOTICE, (I) THE OBLIGATIONS OF THE ESCROW AGENT UNDER SECTIONS 4, 5, 6, 7
AND 8 AND ITS RIGHTS UNDER SECTION 9 ABOVE WITH RESPECT TO THE OPERATION AND
MAINTENANCE OF THE ESCROW ACCOUNT AFTER THE RECEIPT OF SUCH NOTICE SHALL
TERMINATE, (II) THE TRUSTEE SHALL HAVE NO FURTHER

 15
 

 

RIGHT TO ORIGINATE ORDERS
CONCERNING THE ESCROW ACCOUNT AND (III) THE ESCROW AGENT SHALL PROMPTLY TAKE
SUCH STEPS AS THE COMPANY MAY REQUEST TO VEST FULL OWNERSHIP AND CONTROL OF THE
ESCROW ACCOUNT IN THE COMPANY, INCLUDING, BUT NOT LIMITED TO, TRANSFERRING ALL
OF THE FUNDS AND SECURITIES AND ALL PROCEEDS THEREOF TO ANOTHER ACCOUNT IN THE
NAME OF THE COMPANY OR ITS DESIGNEE AS DESIGNATED BY THE COMPANY OR ITS
AUTHORIZED REPRESENTATIVE.

12.                                 Miscellaneous.

(a)                                  Entirety.
This Agreement represents the entire agreement of the parties hereto with
respect to the subject matter herein, and supersedes all prior agreements and
understandings, oral or written, if any, including any correspondence relating
thereto or the transactions contemplated herein.

(b)                                 Waivers,
Amendments, Etc. Except as expressly, provided hereby, the terms of this
Agreement may be waived, altered, amended, modified, changed, discharged or terminated
only by an instrument in writing duly executed by each of the parties hereto,
subject to compliance with the provisions of the Indenture.

(c)                                  Severability.
If any provision hereof is illegal, invalid or unenforceable in any
jurisdiction, then, to the fullest extent permitted by law, (i) the other
provisions hereof shall remain in full force and effect in such jurisdiction
and shall be liberally construed in order to carry out the intentions of the
parties hereto as nearly as may be possible and (ii) the illegality, invalidity
or unenforceability of any provision in any jurisdiction shall not affect the
illegality, validity or enforceability of such provision in any other
jurisdiction.

(d)                                 Successors.
This Agreement shall be binding upon the Company, its successors and assigns
and shall inure, together with the rights and remedies hereunder, to the
benefit of the Escrow Agent and its successors and assigns and to the Trustee
and its successors and assigns for the ratable benefit of the Secured Parties;
provided, however, that the Company may not assign its rights or delegate its
duties hereunder without first filing with the Escrow Agent a certificate of
the Company that such assignment or transfer is permitted by the Indenture.

(e)                                  Rules
of Construction. In this Agreement, words in the singular number include
the plural, and in the plural include the singular; words of the masculine
gender include the feminine and the neuter, and when the sense so indicates
words of the neuter gender may refer to any gender and the word “or” is
disjunctive but not exclusive.  The
captions and section numbers appearing in this Agreement are inserted only as a
matter of convenience.  They do not
define, limit or describe the scope or intent of the provisions of this

 16
 

 

Agreement.  Except as otherwise defined or capitalized
herein, all terms herein shall have the meanings ascribed thereto in Article 8
of the Code.

(f)                                    Notices.
All notices, requests, consents and other communications provided for herein
(including, without limitation, any modifications of, or waivers or consents
under, this Agreement) shall be given or made in writing (including, without
limitation, by facsimile) delivered to the intended recipient at the address
below or, as to any party, at such other address as shall be designated by such
party in a notice to the other party. 
Except as otherwise provided in this Agreement, all such communications
shall be deemed to have been duly given when transmitted by facsimile or
personally delivered or, in the case of a mailed notice, upon receipt, in each
case given or addressed as aforesaid.

If to the Company:

c/o FiberTower Corporation

185 Berry St., Suite 4800

San Francisco, California                            

Attention: Thomas Scott

Facsimile:       (415) 659-0007

with a copy to:

Andrews Kurth LLP

600 Travis Street, Suite
4200

Houston, Texas 77002

Attention: W. Mark Young,
Esq.

Facsimile:       (713) 238-7111

If to the Trustee: 

Wells Fargo Bank,
National Association

Corporate Trust
Services

1445 Ross Avenue,
2nd Floor

Dallas, Texas
75202-2812

Attention: Patrick
T. Giordano

Facsimile: (214) 777-4086

With a copy to (which
copy shall not constitute notice):

Porter &
Hedges LLP

1000 Main Street,
35th Floor

Houston, Texas
77002

Attention: E.
James Cowen, Esq.

Facsimile: (713) 226-6249

 17
 

 

If to the Escrow
Agent:

Wells Fargo Bank,
National Association

Corporate Trust
Services

1445 Ross Avenue,
2nd Floor

Dallas, Texas
75202-2812

Attention: Patrick
T. Giordano

Facsimile: (214) 777-4086

With a copy to (which
copy shall not constitute notice):

Porter &
Hedges LLP

1000 Main Street,
35th Floor

Houston, Texas
77002

Attention: E.
James Cowen, Esq.

Facsimile: (713) 226-6249

The Company, the Trustee
or the Escrow Agent by notice to the others may designate additional or
different addresses for subsequent notices or communications.

All 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 answered back, if telexed; when
receipt acknowledged, if telecopied; and the next Business Day after timely
delivery to the courier, if sent by overnight air courier guaranteeing next day
delivery, provided, however, that notices to the Escrow Agent shall be
effective only upon receipt.

If a notice or
communication is mailed in the manner provided above within the time
prescribed, it is duly given, whether or not the addressee receives it (except
in the case of the Escrow Agent).

(g)                                 Further
Assurances. At any time and from time to time, upon the request of the
Trustee or the Escrow Agent and at the sole expense of the Company, the Company
will promptly and duly execute and deliver such further instruments and
documents and take such further actions as the Trustee or the Escrow Agent may
reasonably request for the purpose of obtaining or preserving the full benefits
of this Agreement and of the rights and powers herein granted, including
without limitation, the filing of any financing statements under the Code (or
similar laws) in effect with respect to the security interests granted hereby.

(h)                                 Counterparts.
This Agreement may be executed in any number of counterparts, all of which
taken together shall constitute one and the same instrument and any of the
parties hereto may execute this Agreement by signing any such counterpart.  It shall not be necessary in making proof of
this Agreement to produce or account for more than one such counterpart.

 18
 

 

(i)                                     Governing
Law; Submission to Jurisdiction; Venue. 
(a) THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO PRINCIPLES OF
CONFLICTS OF LAW, EXCEPT AS OTHERWISE REQUIRED BY MANDATORY PROVISIONS OF LAW
AND EXCEPT TO THE EXTENT THAT REMEDIES PROVIDED BY THE LAWS OF ANY JURISDICTION
OTHER THAN NEW YORK ARE GOVERNED BY THE LAWS OF SUCH JURISDICTION.  Any legal action or proceeding with respect
to this Agreement or transactions contemplated hereby may be brought in the
courts of the State of New York located in the Borough of Manhattan, or of the
United States for the Southern District of New York, and, by execution and
delivery of this Agreement, the Company hereby irrevocably submits, for itself
and in respect of its property, generally and unconditionally, to the
non-exclusive jurisdiction of such courts. 
The Company further irrevocably consents to the service of process out
of any of the aforementioned courts in any such action or proceeding by the
mailing of copies thereof by registered or certified mail, postage prepaid, to
it at the address above pursuant to Section 12(f) hereof, such service to
become effective thirty (30) days after such mailing.  Nothing herein shall affect the right of the
Escrow Agent to serve process in any other manner permitted by law or to
commence legal proceedings or to otherwise proceed against the Company in any
other jurisdiction.

(j)                                     Headings.  The headings of sections and subsections
hereof are provided for convenience only and shall not in any way affect the
meaning or construction of any provision of this Agreement.

 

 19

 

IN WITNESS
WHEREOF, the parties hereto have caused this Escrow and Security Agreement to
be duly executed as of the day and year first above written.

	
  

  	
  FIBERTOWER CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ THOMAS A.
  SCOTT

  
	
   

  	
  Name:

  	
  Thomas A. Scott

  
	
   

  	
  Title:

  	
  Chief Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  WELLS FARGO BANK, NATIONAL ASSOCIATION, as Escrow
  Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ PATRICK T.
  GIORDANO

  
	
   

  	
  Name:

  	
  Patrick T. Giordano

  
	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ PATRICK T.
  GIORDANO

  
	
   

  	
  Name:

  	
  Patrick T. Giordano

  
	
   

  	
  Title:

  	
  Vice President

  

 

 

EXHIBIT A

CERTIFICATE
AS TO AUTHORIZED SIGNATURES

Account Name:                                                             Fibertower
9% Sr Nt Int Escrow

Account Number:                                                20564501

The specimen signatures shown below are the
specimen signatures of the individuals who have been designated as Authorized
Representatives of FiberTower Corporation
and are authorized to initiate and approve transactions of all types for the
above-mentioned account on behalf of FiberTower Corporation:

	
  

  	
  Name / Title

  	
   

  	
   

  	
   

  	
  Specimen
  Signature

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name

  	
   

  	
  Signature

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Title

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name

  	
   

  	
  Signature

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Title

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name

  	
   

  	
  Signature

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Title

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name

  	
   

  	
  Signature

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Title

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