Document:

EXHIBIT
10.19

MANAGEMENT AGREEMENT

THIS MANAGEMENT
AGREEMENT (the "Agreement") is made
as of April 25, 2005 (the "Effective
Date") by and between Global Signal Acquisitions II
LLC, a Delaware limited liability company, for itself and on behalf of
any of its operating subsidiaries or affiliates ("GS
Acquisitions II") and Global Signal Services LLC, a
Delaware limited liability company ("GS
Services").

RECITALS

WHEREAS, GS Acquisitions II
currently or in the future will own, control, or otherwise hold an
interest (including management and/or agency interests/rights) in and
to multiple telecommunications sites throughout the United States
(hereinafter each such site and the improvements thereon, whether now
or hereafter acquired by GS Acquisitions II, shall be, as applicable,
referred to herein individually and/or collectively as the
"Property"); and

WHEREAS, GS
Services manages, markets, maintains and operates telecommunication
sites for its affiliates and third parties; and

WHEREAS, GS
Acquisitions II wishes to engage GS Services to provide certain site
management services more particularly described in this Agreement.

OPERATIVE PROVISIONS

NOW THEREFORE, in
consideration of the foregoing recitals and the covenants and
conditions herein set forth, as well as other good and valuable
consideration, the receipt and adequacy of which is hereby
acknowledged, the parties hereto agree as follows:

SECTION
1.    Recitals. The above recitals are true and correct and
are incorporated herein by this reference.

SECTION
2.    Appointment of Manager. GS Acquisitions II hereby
engages GS Services to provide the Services (as hereinafter defined)
for the Term (as hereinafter defined) of this Agreement. GS Services
shall have the exclusive right to provide the Services with regard to
the Property for the duration of this Agreement.

SECTION
3.     Scope of Services. During the Term of this Agreement,
GS Services shall, subject to the terms hereof, assist GS Acquisitions
II in connection with the performance of those functions reasonably
necessary to maintain, market, operate, manage and/or administer the
Property (the "Services"), as
determined by GS Services from time to time, in its reasonable
discretion. Notwithstanding anything contained herein to the contrary,
GS Services shall, at all times, exercise its discretion in a manner
comparable to that which it would exercise with regard to its own
sites. It is the intention of the parties to hereby bestow upon GS
Services the broadest range of rights reasonably required to assist GS
Acquisitions II in connection with the use, operation, improvement
and/or maintenance of the Property. Accordingly, GS Services'
assistance to GS Acquisitions II shall include the following:

(a)    GS Services will use commercially reasonable efforts to
apply for, obtain and maintain, in the name of GS Acquisitions II, or,
if required, GS Services, all licenses and permits reasonably required
for the operation of the Property as a telecommunications site, or for
the management, marketing and operation of the Property; provided,
however, GS Services shall be solely responsible for obtaining and
maintaining any professional or business licenses or permits required
by any governmental authority or authorities having jurisdiction over
the Property in order for GS Services to manage the Property pursuant
to the terms hereof. GS Acquisitions II will fully cooperate with GS
Services in this regard, and shall supply such information and
materials as GS Services may need to fulfill its obligations under this
paragraph. The cost of complying with this paragraph shall be GS
Acquisitions II's responsibility and shall be considered an
Operating Expense (as defined below), shall be included in the Budget
(defined below), and will be paid out of the Operating Account (defined
below).

(b)    GS Services shall market and procure leases
with third party customers (or, in the case of telecommunications sites
that at the time of acquisition were or are subject to leases with
affiliates of GS 

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Services, with such affiliates) for the
Property, including, without limitation, locating potential customers,
negotiating leases with such customers, and executing leases as agent
for GS Acquisitions II (in accordance with the procedures which
hereinafter follow). GS Services shall have complete discretion to
negotiate all of the terms of each lease, both economic and
non-economic, as well as complete authority to negotiate and execute
amendments thereto. In each such instance, however, GS Services will
employ the same standards that GS Acquisitions II employed in the
management of the Property and operations prior to the Effective Date
and that GS Services employs for other properties it manages. GS
Services shall maintain all information relevant to each tenant lease
in its database and accounting systems.

(c)    GS Services
shall invoice rent and other amounts due under any lease pertaining to
the Property, use commercially reasonable efforts to collect rent and
other payments due under any such lease, and otherwise use reasonable
efforts to assist GS Acquisitions II in connection with tenant lease
compliance. GS Services shall cause all funds collected by it on behalf
of GS Acquisitions II to be placed into the Operating Account (as
defined hereafter). GS Acquisitions II hereby authorizes GS Services to
undertake any action GS Services deems to be necessary to enforce lease
terms, in GS Services' reasonable discretion. Such authorization
shall include, without limitation, the right to pursue (or to not
pursue) rent delinquencies and/or underpayments, lease termination,
eviction, collection (through judicial process or otherwise),
settlement, and/or otherwise pursue any other remedy available under
any tenant lease. GS Acquisitions II shall use reasonable efforts to
cooperate in connection therewith, to the extent required. GS Services
shall also have the right, in its reasonable discretion, to compromise,
settle, and/or resolve claims and/or disputes with regard to tenant
leases, including, without limitation, rent or other fees due
thereunder. In each instance for which GS Services shall have the right
to exercise its discretion pursuant hereto, GS Services shall
nonetheless employ the same standards that GS Acquisitions II employed
in the management of the Property and operations prior to the Effective
Date and that GS Services employs for other properties it manages.

(d)    GS Services shall provide monthly financial statements, as
well as a report identifying the balances held in the Operating Account
(as hereinafter defined) maintained pursuant to this Agreement and
detailing all receipts and expenditures. GS Acquisitions II may, upon
not less than two business days' prior written notice to GS
Services, inspect and audit during normal business hours GS
Services' books and records relating to the performance of the
Services under this Agreement.

(e)    GS Services shall use
commercially reasonable efforts to monitor GS Acquisitions II's
real property rights in accordance with GS Services' normal
practices, and shall report and assist in the resolution of any
discovered material deficiency, also in accordance with GS
Services' normal practices, and to the extent deemed necessary by
GS Services employing the same standards that GS Acquisitions II
employed in the management of the Property and operations prior to the
Effective Date and that GS Services employs for other properties it
manages.

(f)    GS Services shall periodically perform site
inspections of the Property in accordance with GS Services'
normal practices. Any material deficiencies will be noted and resolved
in accordance with GS Services' normal practices, to the extent
deemed necessary by GS Services employing the same standards that GS
Acquisitions II employed in the management of the Property and
operations prior to the Effective Date and that GS Services employs for
other properties it manages.

(g)    GS Services shall provide
site specific monitoring and maintenance in accordance with GS
Services' normal practices, to the extent deemed necessary by GS
Services employing the same standards that GS Acquisitions II employed
in the management of the Property and operations prior to the Effective
Date and that GS Services employs for other properties it manages.

(h)    GS Services shall use reasonable efforts to assist GS
Acquisitions II in connection with the performance of any obligation
required of GS Acquisitions II or, as applicable, GS Acquisitions
II's subsidiaries/affiliates, pursuant to any management
agreement, agency agreement, or other agreement related to any
Property. In connection therewith, GS Services will at all times comply
with the terms of the underlying agreement, and shall, at a minimum,
employ the same standards and practices that GS Acquisitions II
employed in the management of the Property and operations prior to the
Effective Date and that GS Services employs for other properties it
manages.

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(i)    GS Services shall prepare and
submit to GS Acquisitions II for approval annually an operating budget
for the Property setting forth in reasonable detail the anticipated
Operating Expenses (as hereinafter defined) for the ensuing operating
year (the "Budget"). The Budget
shall be furnished to GS Acquisitions II no later than November 1st of
each year for the following calendar year. "Operating
Expenses" shall mean all costs and expenses directly
related to the use, operation, improvement and maintenance of the
Property. GS Services is hereby authorized to evaluate the propriety
of, and, if deemed advisable by GS Services, to incur any Operating
Expense on behalf of GS Acquisitions II, the necessity, nature and
amount of which may be determined in GS Services' reasonable
discretion in accordance with the Budget, but in each instance
employing the same standards that GS Acquisitions II employed in the
management of the Property and operations prior to the Effective Date
and that GS Services employs for other properties it manages.

(j)    GS Services and/or GS Acquisitions II shall establish, and
GS Services shall maintain and have full and complete access to, an
operating bank account in the name of GS Acquisitions II (the
"Operating Account"). The Operating
Account shall not be commingled with GS Services' accounts. All
tenant lease payments, fees from management contracts, deposits,
commissions, and any other revenue generated from agreements related to
the Property shall be placed into the Operating Account as soon as
possible, but no later than the second business day following receipt,
or as otherwise might be directed by GS Acquisitions II in connection
with any cash management arrangements under a loan secured by the
Property (any such loan, a "Loan").
All Operating Expenses and the Service Fees (as hereinafter defined)
will be funded through the Operating Account, and GS Services shall
have no obligation to subsidize, incur, or authorize any Operating
Expense that cannot, or will not be paid by or through the Operating
Account. GS Acquisitions II will insure that there are sufficient funds
in the Operating Account at all times to satisfy all Operating Expenses
and the Service Fees. Notwithstanding anything to the contrary set
forth herein, if the funds in the Operating Account are insufficient to
make the disbursements required to be made from the Operating Account
according to the terms hereof, GS Acquisitions II shall, within five
(5) days after being notified by GS Services of the existence and
amount of the deficiency in the Operating Account, deposit such amount
into the Operating Account.

SECTION 4.    Execution
Authority. During the term hereof, the parties recognize that GS
Services will be acting as the exclusive agent for GS Acquisitions II
with regard to the operation, management, and leasing of the Property.
GS Acquisitions II hereby grants to GS Services the exclusive right and
authority to negotiate, execute, and implement, for and on behalf of GS
Acquisitions II, such leases, easements, contracts, agreements,
permits, licenses, registrations, approvals, amendments and other
instruments, documents, or agreements related to the Property that GS
Services, in its sole and absolute discretion, deems necessary or
advisable. GS Services shall have the right, as agent for GS
Acquisitions II, to negotiate, in its sole and absolute discretion, the
terms and provisions thereof, as well as modifications and amendments
thereto. In each such instance, however, GS Services will employ the
same standards that GS Acquisitions II employed in the management of
the Property and operations prior to the Effective Date and that GS
Services employs for other properties it manages. To the extent
required, GS Acquisitions II will, upon request, execute such other or
further documents as may be required to more completely effect this
provision, including a power of attorney (or other similar
authorizations), as well as a memorandum of this provision confirming
GS Services' authority hereunder.

SECTION
5.    Cooperation. GS Acquisitions II will use its
reasonable efforts to cooperate with GS Services in connection with the
performance of any responsibility required hereunder or otherwise
related to the Property, to the extent reasonably required. Such
cooperation shall include, without limitation, executing such documents
and/or performing such acts as may be required to protect, preserve,
enhance, and/or maintain the Property and/or the Operating Account.
Such cooperation shall also include executing such documents as may be
reasonably required to accommodate a tenant and/or its
installations.

SECTION 6.    Term. This Agreement
shall commence on the Effective Date and shall continue in full force
and effect for a period of twenty-four (24) months (the
"Initial Term"), unless sooner
terminated in accordance herewith. After the Initial Term, this
Agreement shall automatically renew on a year-to-year basis, with all
terms and conditions remaining in full force and effect, unless either
patty gives 

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notice of its election to cancel this
Agreement thirty (30) days prior to the beginning of any renewal term.
Collectively, the Initial Term and each renewal term are sometimes
referred to herein as the
"Term."

SECTION
7.    Termination. Either party may terminate this Agreement
at any time by serving upon the other sixty (60) days written notice to
the other. Notwithstanding the provision above, this Agreement may be
terminated for Cause (as hereinafter defined) by GS Acquisitions II
upon at least five (5) days' prior written notice to GS Services.
For the purposes of this Agreement,
"Cause" shall mean (i) fraud,
misappropriation or embezzlement by GS Services involving GS
Acquisitions II's property or other wrongful act by GS Services
that substantially impairs the goodwill or business of GS Acquisitions
II or the Property or that causes substantial damage to GS Acquisitions
II's property, goodwill or business; or (ii) continued failure by
GS Services to substantially perform its duties and obligations owing
to GS Acquisitions II under this Agreement, after a written demand for
performance by GS Services is delivered to GS Services by GS
Acquisitions II that specifically identifies the manner in which GS
Acquisitions II believes that GS Services has not substantially
performed its duties and after GS Services has been given at least
thirty (30) days in which to cure such performance deficiencies. In the
event of any termination of this Agreement for any reason, GS Services
shall return to GS Acquisitions II all original documents in its
possession and shall provide, electronically, such other information as
GS Acquisitions II may reasonably request, to the extent such
information has been maintained by GS Services pursuant to the terms
hereof.

SECTION 8.    Compensation. In consideration
of the Services to be performed by GS Services under this Agreement, GS
Acquisitions II agrees to pay to GS Services a monthly service fee
equal to 5% of operating revenues from the Property less the
straight line revenue adjustment required to be recorded under SFAS 13
(the "Service Fee"). The Service Fee
shall be due and payable on or before the first day of each month
during the Term, and may be deducted from the Operating Account by GS
Services. Notwithstanding the foregoing, in no event shall the amount
paid to GS Services pursuant to this Agreement in any tax year exceed
the maximum amount that can be paid to GS Services in such year without
causing GS Services or any affiliate thereof to fail to meet the
requirements of Sections 856(c)(2) and (3) of the Internal Revenue Code
of 1986 (the "Code"), as amended
(the "REIT Requirements") for such
year, determined as if the payment of such amount did not constitute
income described in Sections 856(c)(2)(A)-(H) and 856(c)(3)(A)-(I) of
the Code ("Qualifying Income"), as
determined by independent accountants to GS Services and its
affiliates. If the amount payable for any tax year under the preceding
sentence is less than the amount that GS Acquisitions II would
otherwise be obligated to pay to GS Services pursuant to this
Agreement, GS Acquisitions II shall place the remaining portion of the
amount due pursuant to this Agreement in escrow. Such escrowed amounts
shall be released to GS Services upon receipt of (i) an opinion of GS
Services' tax counsel to the effect that such amounts would
constitute Qualifying Income to GS Services, or (ii) a letter from GS
Services' independent accountants indicating the maximum amount
that can be paid at that time to GS Services without causing GS
Services or any affiliate to fail to meet the REIT Requirements for any
relevant taxable year, together with either Internal Revenue Service
rulings issued to GS Services or an opinion of GS Services' tax
counsel to the effect that the payment would not be treated as
includable in the income of GS Services for any prior taxable year.

SECTION 9.    Indemnification by GS Acquisitions II. GS
Acquisitions II hereby agrees to indemnify, defend and hold harmless GS
Services, its subsidiaries, affiliates, directors, managers, officers
and employees from and against any and all claims, demands, causes of
action, losses, actions, damages, liability and expense, including
costs and reasonable attorneys' fees, arising from or relating to
(1) the Property and/or any tenant/customer thereon and/or any
agreement associated therewith, except to the extent caused by GS
Services' negligence or willful misconduct, (2) GS Acquisitions
II's, or its directors', officers', employees',
contractors', subcontractors', agents' or
representatives' breach of any representation, warranty or
covenant contained in this Agreement; provided that any such
indemnification shall be subject and subordinate to repayment of the
obligations under any Loan.

SECTION 10.    Indemnification
by GS Services. GS Services agrees to indemnify, defend and hold
harmless GS Acquisitions II, its directors, officers and employees from
and against any and all claims, demands, causes of action, losses,
actions, damages, liability and expense, including costs and reasonable
attorneys' fees, arising from or relating to GS Services',
or its directors', GS Services', officers',
employees', contractors', subcontractors',
agents' breach of any representation, warranty or covenant

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contained in this Agreement, including GS
Services' failure to fully and timely perform its obligations
hereunder and GS Services' failure or refusal to comply with or
abide by, whether on its own or GS Acquisitions II's behalf, any
rule, order, determination, ordinance, or law of any federal, state or
municipal authority where compliance with the same is the sole
responsibility of GS Services, either under this Agreement or
otherwise. The provisions of this Article and the preceding Article
shall survive the termination of this Agreement.

SECTION
11.    Limitation of Liability. No party will be liable
to the other for special, indirect, incidental, exemplary,
consequential or punitive damages, or loss of profits, arising from the
relationship of the parties or the conduct of business under, or breach
of, this Agreement, except where such damages or loss of profits are
claimed by or awarded to a third party in a claim or action against
which a party to this Agreement has a specific obligation to indemnify
another party to this Agreement.

SECTION 12.    GS
Services Representations. GS Services represents that (i) it will
render the Services under this Agreement in accordance with customary
industry standards; (ii) it has the requisite skill to perform the
Services required hereunder; and (iii) it shall comply with all
federal, state and local laws, rules and regulations applicable to the
provision of the Services hereunder, including, without limitation,
applicable Occupational Safety and Health Administration and Federal
Communications Commission rules and regulations. Except as specified in
this Agreement, GS Services makes no representation or warranty,
including, without limitation, any representation or warranty with
regard to the Property, the customers thereon, or the marketing
prospects thereof. Further, GS Acquisitions II recognizes that GS
Services engages in business activities that may be in competition with
the Property and/or the business thereon, and that nothing contained in
this Agreement shall in any way preclude GS Services or its affiliates,
subsidiaries, officers, employees, and agents from engaging in any
business activity (including the operation, maintenance, leasing,
and/or marketing of the property of others), even if, by doing so, such
activities could be construed to be in competition with the business
activities of GS Acquisitions II or its Property.

SECTION
13.    Insurance. GS Services shall procure and maintain
policies of insurance, at GS Acquisitions II's cost and expense,
insuring GS Services and GS Acquisitions II from all claims or actions
for bodily injury, for property damage and for other matters, arising
from, related to, or connected with the Property, in such form, amounts
and coverages, and for such time periods, as GS Services would procure
for the properties of others for protection against claims, liabilities
and losses arising out of or connected with the Property. The cost of
any such insurance shall be treated as an Operating Expense hereunder.
GS Services will furnish GS Acquisitions II with certificates of
insurance evidencing that the said insurance is in effect at the
inception of this Agreement and when coverage is renewed or replaced,
which will include provisions to the effect that GS Acquisitions II
will be given at least thirty (30) days' prior written notice of
cancellation or non-renewal of or any material change in any of the
aforesaid policies.

SECTION 14.    Property
Damage/Restoration. If all or any part of any Property shall be
damaged or destroyed, GS Acquisitions II shall, to the extent required
by its tenant leases, restore such Property in the manner and timeframe
required by the tenant leases. If GS Acquisitions II fails to timely
and/or otherwise restore a Property, this Agreement shall terminate
with regard to the applicable Property so damaged.

SECTION
15.    Condemnation. In the event of a taking of an
individual Property, this Agreement shall terminate as of the date of
the taking with respect to the applicable Property so taken.

SECTION 16.    Default. The failure of a party to perform
any of the covenants of this Agreement shall constitute a default. The
non-defaulting party shall give the other written notice of such
default, and the defaulting party shall cure the default within thirty
(30) days after receipt of such notice. In the event any such default
cannot reasonably be cured within such thirty (30) day period, if the
defaulting party shall proceed promptly after the receipt of such
notice to cure such default, and shall pursue curing such default with
due diligence, the time for curing shall be extended for such period of
time as may be necessary to complete such curing, however, in no event
shall this extension of time be in excess of sixty (60) days, unless
agreed upon by the non-defaulting party. Should the defaulting party
fail to cure a default under 

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this Agreement, the other party shall have all
remedies available either at law or in equity, including the right to
specific performance and the right to terminate this Agreement.

SECTION 17.    Transfer of Title. GS Acquisitions II may
freely assign or transfer its interest in any or all of the Property
that is the subject of this Agreement. In the event of such an
assignment or transfer, this Agreement shall terminate with regard to
the transferred Property.

SECTION 18.    Access. GS
Services and its agents, contractors, and other authorized guests shall
have free, unrestricted access to the Property at all times.

SECTION 19.    Assignment. This Agreement may not be
assigned (whether by operation of law or otherwise) without the prior
written consent of the other party hereto, except either party may,
without the consent of the other, assign this Agreement to an affiliate
or subsidiary thereof.

SECTION 20.    No Partnership.
The parties do not intend to create any partnership or joint venture.
Nothing in this Agreement shall constitute or be construed to be any
other relationship other than that expressly provided in this
Agreement.

SECTION 21.    Confidentiality. Without
the consent of the other party hereto, the terms and provisions of this
Agreement shall not be disclosed by either party hereto to any third
party other than to their respective affiliates, subsidiaries,
officers, directors, employees, lenders, attorneys, and other advisors
who have a legitimate need to know the terms and provisions hereof.
Notwithstanding the foregoing, the parties (and each employee,
representative, or other agent of the parties) may disclose to any and
all persons, without limitation of any kind, the tax treatment and tax
structure of the transactions contemplated herein, provided, however,
that no party (and no employee, representative, or other agent thereof)
shall disclose any information that is not necessary to understanding
the tax treatment and tax structure of the transactions contemplated
herein (including, without limitation, the identity of the parties, any
information that could lead another to determine the identity of the
parties, or any other information to the extent that such disclosure
could result in a violation of any federal or state securities
law).

SECTION 22.    Counterparts. This Agreement may
be executed in counterparts, each of which shall be an original, but
which together shall constitute one and the same Agreement.

SECTION 23.    Headings. Section and other headings
contained in this Agreement are for reference purposes only and are not
intended to describe, interpret, define, limit or expand the scope,
extent or intent of this Agreement.

SECTION 24.    Further
Action. Each party agrees to perform all further acts and execute,
acknowledge, and deliver any documents that may be reasonably
necessary, appropriate, or desirable to carry out the intent and
purposes of this Agreement.

SECTION 25.    Notices.
Any notice or other communication required or permitted hereunder shall
be in writing and may be delivered personally or by commercial
overnight carrier, transmitted by facsimile, telegraphed, telexed, or
mailed (postage prepaid via the U.S. postal service) to the applicable
party at the following address (or at such other address as the party
may designate in writing from time to time); however, any such notice
or communication shall be deemed to be delivered only when actually
received by the party to whom it is addressed:

		
	 	Global Signal Acquisitions II LLC
301 North
Cattlemen Rd., Suite 300
Sarasota, FL 34232

		
	 	Global Signal Services LLC
301 North
Cattlemen Rd., Suite 300
Sarasota, FL 34232

SECTION
26.    Amendments and Waiver. This Agreement, together with
any schedules and exhibits attached hereto, constitutes the entire
agreement between the parties with respect to the subject matter hereof
and will supersede all previous proposals, both oral and written,
negotiations, representations, commitments, writings, agreements and
all other communications between the parties. The provisions of this
Agreement may not be modified, supplemented or amended except by a
writing signed by the parties hereto.

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SECTION 27.    Governing Law.
The laws of the state of Florida shall govern the validity of this
Agreement, the construction of its terms and the interpretation of the
rights and duties of the parties hereto. Venue for any action to
enforce the terms hereof shall lie in Sarasota County Florida, or the
Middle District of Florida, Tampa Division, as applicable.

SECTION 28.    Attorneys' Fees. Should any
litigation be commenced between any party to this Agreement for
specific performance, injunction, declaratory relief, damages, or any
other remedy provided by law, the prevailing party, in addition to such
other relief as may be granted in such action, shall be entitled to
recover from the losing party a reasonable sum as and for its costs and
attorneys' fees incurred both at and in preparation for trial and
any appeal.

SECTION 29.    Binding Effect. Except as
otherwise provided in this Agreement, this Agreement is binding upon
and inures to the benefit of the parties and their respective and
permitted successors, transferees, and assigns, including any permitted
successor, transferee or assignee of the Agreement.

SECTION
30.    Bankruptcy. While any Loan is outstanding, GS
Services shall not commence any voluntary case under Title 11 of the
United States Code, as amended from time to time, and all rules and
regulations promulgated thereunder, or under any applicable bankruptcy,
insolvency or other similar law now or hereafter in effect against GS
Acquisitions II.

7

IN WITNESS WHEREOF, the parties have caused
their names to be signed hereto by their respective officers thereunto
duly authorized as of the day and year first above written.

		GLOBAL SIGNAL ACQUISITIONS II LLC

		By:
/s/ William T. Freeman

 Name: William T. Freeman

Title:Executive Vice President, Chief
Financial Officer and Assistant Secretary

		GLOBAL SIGNAL SERVICES LLC

		By: /s/
Greerson McMullen

 Name: Greerson McMullen

Title:Executive Vice President, General
Counsel and Secretary

8EXHIBIT
10.28.3

THIRD AMENDMENT

THIS THIRD
AMENDMENT, dated as of February 28, 2006 (this "Third
Amendment"), to the Existing Credit Agreement
referred to below is among GLOBAL SIGNAL OPERATING PARTNERSHIP, a
Delaware limited partnership (the
"Borrower"), and the Lenders parties
hereto.

W I T N E S S E T H:

WHEREAS, the Borrower, the lenders from time to time party
thereto (the "Lenders") and Bank of
America, N.A. ("Bank of America"),
as L/C Issuer and as administrative agent (in such capacity, the
"Administrative Agent"), are parties
to the Second Amended and Restated Credit Agreement, dated as of April
15, 2005 (as amended, supplemented, amended and restated or otherwise
modified prior to the date hereof, the "Existing
Credit Agreement");

WHEREAS, the Borrower has
requested that the Lenders amend the Existing Credit Agreement in
certain respects as more specifically set forth herein; and

WHEREAS, the Lenders have agreed, subject to the terms and
conditions set forth herein, to amend the Existing Credit Agreement as
more specifically set forth herein (the Existing Credit Agreement, as
amended by this Third Amendment, being referred to as the
"Credit Agreement");

NOW, THEREFORE, in consideration of the agreements herein
contained, and for other valuable consideration the receipt of which is
hereby acknowledged, the parties hereto hereby agree as follows.

1.    Defined Terms.    Unless otherwise
defined herein, capitalized terms which are defined in the Credit
Agreement are used herein as therein defined.

2.    Amendments to the Existing Credit
Agreement

(a)    Definitions.

(i)    Section 1.01 of the Existing Credit Agreement is hereby
amended by adding the following definitions in appropriate alphabetical
order:

"Permitted
Securitization II" means any transaction that may be
entered into by Global Acquisitions, Global Acquisitions II, Pinnacle
Towers and each of their subsidiaries pursuant to which they securitize
or otherwise finance their respective Towers or Tower Properties and
any assets related thereto in a rated term transaction;
provided that there shall be no recourse under such
transaction to the Borrower or any other Subsidiary of the
Borrower.

(ii)    Section 1.01 of the Existing Credit
Agreement is hereby amended by deleting in its entirety the definition
of "Excluded Subsidiary" contained therein
and substituting therefor the following:

"Excluded
Subsidiary" means each of Global Signal Holdings I
LLC, Global Signal Holdings II LLC, Global Signal Holdings III LLC,
Global Signal Holdings IV LLC, Global Signal Holdings V LLC, Global
Signal Services LLC, Towers Finco LLC, Towers Finco II LLC, Towers
Finco III LLC, Pinnacle Towers, Global Acquisitions, Global
Acquisitions II and each of their respective Subsidiaries.
"Excluded Subsidiaries" shall mean,
collectively, each Excluded Subsidiary.

3.    Representations and Warranties.    In
order to induce the Lenders to execute and deliver this Third
Amendment, the Borrower hereby represents and warrants to each Lender
and the Administrative Agent, as follows:

(a)    the representations and
warranties set forth in Article V of the Credit Agreement, and in each
other Loan Document, are true and correct in all material respects on
and as of the date hereof and on and as of the Third Amendment
Effective Date (as hereinafter defined), except to the extent that any
such statement expressly relates to an earlier date (in which case such
statement was true and correct on and as of such earlier date); and

(b)    no Default or Event of Default has occurred and is
continuing.

4.    Effectiveness.    This
Third Amendment shall become effective only upon the first date upon
which each of the following conditions shall have been satisfied (such
date, the "Third Amendment Effective
Date"):

(a)    receipt by the
Administrative Agent of duly executed counterparts of this Third
Amendment which, when taken together, bear the signatures of the
Borrower, the Required Lenders and the acknowledgment of the
Administrative Agent; and

(b)    payment of all
expenses required pursuant to Section 6 of this Third
Amendment.

5.    Continuing Effect of the Existing
Credit Agreement.    Except as expressly set forth herein, the
amendments provided herein shall not by implication or otherwise limit,
constitute a waiver of, or otherwise affect the rights and remedies of
the Lenders or the Administrative Agent under the Existing Credit
Agreement or any other Loan Document, nor shall they constitute a
waiver of any Event of Default, nor shall they alter, modify, amend or
in any way affect any of the terms, conditions, obligations, covenants
or agreements contained in the Existing Credit Agreement or any other
Loan Document. Each of the amendments provided herein shall apply and
be effective only with respect to the provisions of the Existing Credit
Agreement specifically referred to by such amendments. Except as
expressly amended herein, the Existing Credit Agreement and the other
Loan Documents shall continue in full force and effect in accordance
with the provisions thereof. As used in the Existing Credit Agreement,
the terms "Agreement",
"herein",
"hereinafter",
"hereunder",
"hereto" and words of similar import shall
mean, from and after the date hereof, the Credit Agreement.

6.    Expenses.    The Borrower shall pay all
reasonable out-of-pocket expenses incurred by the Administrative Agent
and the Lenders in connection with the preparation, negotiation,
execution, delivery and enforcement of this Third Amendment.

7.    Counterparts.    This Third Amendment may
be executed by the parties hereto in any number of separate
counterparts (including telecopied counterparts), each of which shall
be deemed to be an original, and all of which taken together shall be
deemed to constitute one and the same instrument.

8.    GOVERNING LAW.    THIS THIRD AMENDMENT SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
NEW YORK.

IN WITNESS WHEREOF, the undersigned has
caused this Third Amendment to be duly executed and delivered by its
proper and duly authorized officer as of the day and year first written
above.

											
	 		GLOBAL
SIGNAL OPERATING
 PARTNERSHIP, L.P., as
Borrower
	 		By:   Global
Signal GP LLC, its Managing General
Partner
	 		By:		/s/
Jeffrey A. Klopf
	 		Name: Jeffrey A.
Klopf
	 		Title:   Executive
Vice President, General Counsel and
Secretary
	

		LENDERS:

		BANK OF AMERICA, N.A.

		By: /s/ Todd
Shipley

		Name: Todd Shipley

		Title:
Senior Vice President

		MORGAN STANLEY ASSET FUNDING
INC.,

		By: /s/ Barbara Isaacman

		Name: Barbara Isaacman

		Title: VP

ACKNOWLEDGED AND ACCEPTED:

BANK OF
AMERICA, N.A.,

 as Administrative Agent

By:
/s/ Todd Shipley

Name: Todd Shipley

Title: Senior Vice President

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