Document:

EX 1012 Second Amended and Restated Loan and Security Agreement1

		

			Exhibit 10.12

		

		

			Execution Version

		

		
			SECOND AMENDED AND RESTATED
LOAN AND SECURITY AGREEMENT
		

		
			among
		

		
			SBA PROPERTIES, LLC,
SBA SITES, LLC,
SBA STRUCTURES, LLC,
SBA INFRASTRUCTURE, LLC,
SBA MONARCH TOWERS III, LLC,
SBA 2012 TC ASSETS PR, LLC,
SBA 2012 TC ASSETS, LLC,
SBA TOWERS IV, LLC,
SBA MONARCH TOWERS I, LLC,
SBA TOWERS USVI, INC.,
SBA GC TOWERS, LLC,
SBA TOWERS VII, LLC
AND 
ANY ADDITIONAL BORROWER OR BORROWERS 
THAT MAY BECOME A PARTY HERETO
as Borrowers
		

		
			and
		

		
			MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION,
as Servicer on behalf of Deutsche Bank Trust Company Americas, as Trustee
		

		
			Dated as of October 15, 2014
		

		
			 
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

		TABLE OF CONTENTS
		

		
			Page
		

		
			ARTICLE I

DEFINITIONS
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						Section 1.1

					
					
						Certain Defined Terms

					
3 
				
	
					
						Section 1.2

					
					
						Accounting Terms

					
30 
				
	
					
						Section 1.3

					
					
						Other Definitional Provisions

					
30 
				

		
			 
		

		
			ARTICLE II

TERMS OF THE LOAN
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Section 2.1

					
					
						Loan

					
31 
				
	
					
						Section 2.2

					
					
						Interest

					
37 
				
	
					
						Section 2.3

					
					
						Additional Borrowers

					
38 
				
	
					
						Section 2.4

					
					
						Payments

					
39 
				
	
					
						Section 2.5

					
					
						Maturity

					
40 
				
	
					
						Section 2.6

					
					
						Prepayment

					
41 
				
	
					
						Section 2.7

					
					
						Outstanding Balance

					
41 
				
	
					
						Section 2.8

					
					
						Reasonable Charges

					
42 
				
	
					
						Section 2.9

					
					
						Servicing/Special Servicing

					
42 
				

		
			 
		

		
			ARTICLE III

CONDITIONS
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						Section 3.1

					
					
						Conditions to Amendment Date Transactions

					
42 
				
	
					
						Section 3.2

					
					
						Conditions to any Loan Increase

					
47 
				

		
			 
		

		
			ARTICLE IV

REPRESENTATIONS AND WARRANTIES
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						Section 4.1

					
					
						Organization, Powers, Capitalization, Good Standing, Business

					
49 
				
	
					
						Section 4.2

					
					
						Authorization of Borrowing, etc.

					
49 
				
	
					
						Section 4.3

					
					
						Financial Statements

					
50 
				
	
					
						Section 4.4

					
					
						Indebtedness and Contingent Obligations

					
50 
				
	
					
						Section 4.5

					
					
						Title to the Sites

					
50 
				
	
					
						Section 4.6

					
					
						Zoning; Compliance with Laws

					
51 
				
	
					
						Section 4.7

					
					
						Leases; Agreements

					
51 
				
	
					
						Section 4.8

					
					
						Condition of the Sites

					
52 
				

		
			 
		

		

		

		 

		

			‐i‐

		

 

		

			 

		

		 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						Section 4.9

					
					
						Litigation; Adverse Facts

					
52 
				
	
					
						Section 4.10

					
					
						Payment of Taxes

					
53 
				
	
					
						Section 4.11

					
					
						Adverse Contracts

					
53 
				
	
					
						Section 4.12

					
					
						Performance of Agreements

					
53 
				
	
					
						Section 4.13

					
					
						Governmental Regulation

					
53 
				
	
					
						Section 4.14

					
					
						Employee Benefit Plans and ERISA Affiliates

					
53 
				
	
					
						Section 4.15

					
					
						Broker’s Fees

					
53 
				
	
					
						Section 4.16

					
					
						Solvency

					
53 
				
	
					
						Section 4.17

					
					
						Disclosure

					
54 
				
	
					
						Section 4.18

					
					
						Use of Proceeds and Margin Security

					
54 
				
	
					
						Section 4.19

					
					
						Insurance

					
54 
				
	
					
						Section 4.20

					
					
						Investments

					
54 
				
	
					
						Section 4.21

					
					
						No Plan Assets

					
54 
				
	
					
						Section 4.22

					
					
						Plan

					
55 
				
	
					
						Section 4.23

					
					
						Not Foreign Person

					
55 
				
	
					
						Section 4.24

					
					
						No Collective Bargaining Agreements

					
55 
				
	
					
						Section 4.25

					
					
						Ground Leases

					
55 
				
	
					
						Section 4.26

					
					
						Easements

					
56 
				
	
					
						Section 4.27

					
					
						Principal Place of Business

					
57 
				
	
					
						Section 4.28

					
					
						Environmental Compliance

					
57 
				
	
					
						Section 4.29

					
					
						Separate Tax Lot

					
57 
				

		
			 
		

		
			ARTICLE V

COVENANTS OF BORROWER PARTIES
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						Section 5.1

					
					
						Financial Statements and Other Reports

					
57 
				
	
					
						Section 5.2

					
					
						Existence; Qualification

					
61 
				
	
					
						Section 5.3

					
					
						Payment of Impositions and Claims

					
62 
				
	
					
						Section 5.4

					
					
						Maintenance of Insurance

					
63 
				
	
					
						Section 5.5

					
					
						Operation and Maintenance of the Sites; Casualty; Condemnation

					
64 
				
	
					
						Section 5.6

					
					
						Inspection

					
67 
				
	
					
						Section 5.7

					
					
						Compliance with Laws and Contractual Obligations

					
68 
				
	
					
						Section 5.8

					
					
						Further Assurances

					
68 
				
	
					
						Section 5.9

					
					
						Performance of Agreements and Leases

					
68 
				
	
					
						Section 5.10

					
					
						Leases

					
69 
				
	
					
						Section 5.11

					
					
						Management Agreement

					
69 
				
	
					
						Section 5.12

					
					
						Deposits; Applications of Receipts

					
70 
				
	
					
						Section 5.13

					
					
						Estoppel Certificates

					
71 
				
	
					
						Section 5.14

					
					
						Indebtedness

					
71 
				
	
					
						Section 5.15

					
					
						No Liens

					
71 
				
	
					
						Section 5.16

					
					
						Contingent Obligations

					
72 
				
	
					
						Section 5.17

					
					
						Restriction on Fundamental Changes

					
72 
				
	
					
						Section 5.18

					
					
						Transactions with Related Persons

					
72 
				
	
					
						Section 5.19

					
					
						Bankruptcy, Receivers, Similar Matters

					
72 
				
	
					
						Section 5.20

					
					
						ERISA

					
73 
				

		
			 
		

		

		

		 

		

			‐ii‐

		

 

		

			 

		

		 
		

			
					
						Section 5.21

					
					
						Ground Leases

					
73 
				
	
					
						Section 5.22

					
					
						Easements

					
78 
				
	
					
						Section 5.23

					
					
						Lender’s Expenses

					
81 
				
	
					
						Section 5.24

					
					
						Post-Closing Covenants

					
81 
				

		
			 
		

		
			ARTICLE VI

RESERVES
		

		
			 
		

			
					
						.1

					
					
						 

					
					
						 

				
	
					
						Section 6.1

					
					
						Security Interest in Reserves; Other Matters Pertaining to Reserves

					
82 
				
	
					
						Section 6.2

					
					
						Funds Deposited with Lender

					
83 
				
	
					
						Section 6.3

					
					
						Impositions and Insurance Reserve

					
84 
				
	
					
						Section 6.4

					
					
						Advance Rents Reserve Sub-Account

					
85 
				
	
					
						Section 6.5

					
					
						Cash Trap Reserve

					
85 
				

		
			 
		

		
			ARTICLE VII

DEPOSIT ACCOUNT;
LOCK BOX ACCOUNT; CASH MANAGEMENT
		

		
			 
		

			
					
						.1

					
					
						 

					
					
						 

				
	
					
						Section 7.1

					
					
						Establishment of Deposit Account and Central Account

					
86 
				
	
					
						Section 7.2

					
					
						Application of Funds in Central Account

					
87 
				
	
					
						Section 7.3

					
					
						Application of Funds After Event of Default

					
87 
				

		
			 
		

		
			ARTICLE VIII

DEFAULT, RIGHTS AND REMEDIES
		

		
			 
		

			
					
						8

					
					
						 

					
					
						 

				
	
					
						Section 8.1

					
					
						Event of Default

					
88 
				
	
					
						Section 8.2

					
					
						Acceleration and Remedies

					
90 
				
	
					
						Section 8.3

					
					
						Performance by Lender

					
92 
				
	
					
						Section 8.4

					
					
						Evidence of Compliance

					
93 
				

		
			 
		

		
			ARTICLE IX

LIMITED‐PURPOSE, BANKRUPTCY‐REMOTE REPRESENTATIONS,
WARRANTIES AND COVENANTS
		

		
			 
		

			
					
						9

					
					
						 

					
					
						 

				
	
					
						Section 9.1

					
					
						Representations and Warranties of Amendment Date Additional Borrowers

					
93 
				
	
					
						Section 9.2

					
					
						Covenants Applicable to Borrower Parties

					
95 
				
	
					
						Section 9.3

					
					
						Covenants Applicable to Borrowers

					
95 
				

		
			 
		

		

		

		 

		

			‐iii‐

		

 

		

			 

		

		 
		

		
			ARTICLE X

PLEDGE OF OTHER COMPANY COLLATERAL
		

		
			 
		

			
					
						0

					
					
						 

					
					
						 

				
	
					
						Section 10.1

					
					
						Grant of Security Interest/UCC Collateral

					
97 
				

		
			 
		

		
			ARTICLE XI

RESTRICTIONS ON LIENS, TRANSFERS; ASSUMABILITY; 
RELEASE OF PROPERTIES
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						Section 11.1

					
					
						Restrictions on Transfer and Encumbrance

					
99 
				
	
					
						Section 11.2

					
					
						Transfers of Beneficial Interests

					
99 
				
	
					
						Section 11.3

					
					
						Defeasance

					
100 
				
	
					
						Section 11.4

					
					
						Release of Sites

					
101 
				
	
					
						Section 11.5

					
					
						Substitution of a Mortgaged Site

					
105 
				
	
					
						Section 11.6

					
					
						Substitution of Other Pledged Sites

					
108 
				
	
					
						Section 11.7

					
					
						Addition of an Additional Site or Additional Borrower Site

					
111 
				
	
					
						Section 11.8

					
					
						Determination of Allocated Loan Amounts

					
116 
				

		
			 
		

		
			ARTICLE XII

RECOURSE; LIMITATIONS ON RECOURSE
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						Section 12.1

					
					
						Limitations on Recourse

					
116 
				
	
					
						Section 12.2

					
					
						Partial Recourse

					
117 
				
	
					
						Section 12.3

					
					
						Miscellaneous

					
117 
				

		
			 
		

		
			ARTICLE XIII

WAIVERS OF DEFENSES OF GUARANTORS AND SURETIES
		

		
			 
		

			
					
						3

					
					
						 

					
					
						 

				
	
					
						Section 12.1

					
					
						Waivers

					
117 
				

		
			 
		

		
			ARTICLE XIV

MISCELLANEOUS
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						Section 14.1

					
					
						Expenses and Attorneys’ Fees

					
119 
				
	
					
						Section 14.2

					
					
						Indemnity

					
120 
				
	
					
						Section 14.3

					
					
						Amendments and Waivers

					
121 
				
	
					
						Section 14.4

					
					
						Retention of the Borrowers’ Documents

					
121 
				
	
					
						Section 14.5

					
					
						Notices

					
121 
				
	
					
						Section 14.6

					
					
						Survival of Warranties and Certain Agreements

					
122 
				
	
					
						Section 14.7

					
					
						Failure or Indulgence Not Waiver; Remedies Cumulative

					
122 
				
	
					
						Section 14.8

					
					
						Marshalling; Payments Set Aside

					
122 
				

		
			 
		

		

		

		 

		

			‐iv‐

		

 

		

			 

		

		 
		

			
					
						1

					
					
						 

					
					
						 

				
	
					
						Section 14.9

					
					
						Severability

					
123 
				
	
					
						Section 14.10

					
					
						Headings

					
123 
				
	
					
						Section 14.11

					
					
						APPLICABLE LAW

					
123 
				
	
					
						Section 14.12

					
					
						Successors and Assigns

					
123 
				
	
					
						Section 14.13

					
					
						Sophisticated Parties, Reasonable Terms, No Fiduciary Relationship

					
124 
				
	
					
						Section 14.14

					
					
						Reasonableness of Determinations

					
124 
				
	
					
						Section 14.15

					
					
						Limitation of Liability

					
124 
				
	
					
						Section 14.16

					
					
						No Duty

					
125 
				
	
					
						Section 14.17

					
					
						Entire Agreement

					
125 
				
	
					
						Section 14.18

					
					
						Construction; Supremacy of Loan Agreement

					
125 
				
	
					
						Section 14.19

					
					
						CONSENT TO JURISDICTION

					
125 
				
	
					
						Section 14.20

					
					
						WAIVER OF JURY TRIAL

					
126 
				
	
					
						Section 14.21

					
					
						Counterparts; Effectiveness

					
127 
				
	
					
						Section 14.22

					
					
						Servicer

					
127 
				
	
					
						Section 14.23

					
					
						Obligations of Borrower Parties

					
127 
				
	
					
						Section 14.24

					
					
						Additional Inspections; Reports

					
127 
				
	
					
						Section 14.25

					
					
						Cross‐Default; Cross‐Collateralization; Waiver of Marshalling of Assets

					
127 
				
	
					
						Section 14.26

					
					
						Waiver of Rating Agency Confirmation

					
128 
				

		
			 
		

		
			 
		

		
			 
		

		

		

		 

		

			‐v‐

		

 

		

			 

		

		SECOND AMENDED AND RESTATED
LOAN AND SECURITY AGREEMENT
		

		
			SECOND AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT (this “Loan Agreement”) is dated as of October 15, 2014, and entered into by and among SBA PROPERTIES, LLC, a Delaware limited liability company (“SBA Properties”), SBA SITES, LLC, a Delaware limited liability company (“SBA Sites”), SBA STRUCTURES, LLC, a Delaware limited liability company (“SBA Structures”), SBA INFRASTRUCTURE, LLC, a Delaware limited liability company (“SBA Infrastructure”), SBA MONARCH TOWERS III, LLC, a Delaware limited liability company (“SBA Monarch III”), SBA 2012 TC ASSETS PR, LLC, a Delaware limited liability company (“SBA TC PR”), SBA 2012 TC ASSETS, LLC, a Delaware limited liability company (“SBA TC”), SBA TOWERS IV, LLC, a Delaware limited liability company (“SBA Towers IV”), SBA MONARCH TOWERS I, LLC, a Delaware limited liability company (“SBA Monarch I”), SBA TOWERS USVI, INC., a U.S. Virgin Islands corporation (“SBA USVI” and, collectively with SBA Properties, SBA Sites, SBA Structures, SBA Infrastructure, SBA Monarch III, SBA TC PR, SBA TC, SBA Towers IV and SBA Monarch I, the “Existing Borrowers” and, each individually, an “Existing Borrower”), SBA GC TOWERS, LLC, a Delaware limited liability company (“SBA GC”), and SBA TOWERS VII, LLC, a Delaware limited liability company (“SBA Towers VII” and, together with SBA GC, the “Amendment Date Additional Borrowers” and, each individually, an “Amendment Date Additional Borrower” and, collectively with the Existing Borrowers, the “Amendment Date Borrowers” and, each individually, an “Amendment Date Borrower”), the ADDITIONAL BORROWER OR BORROWERS that hereafter may become parties hereto (collectively and, together with the Amendment Date Borrowers, the “Borrowers” and, each individually, a “Borrower”) and MIDLAND LOAN SERVICES, a division of PNC Bank, National Association, as servicer (the “Servicer”), on behalf of DEUTSCHE BANK TRUST COMPANY AMERICAS, as trustee (the “Trustee”), under the Trust Agreement (as hereinafter defined), as assignee of the Depositor (as hereinafter defined) (the “Lender”).
		

		
			RECITALS
		

		
			WHEREAS,  SBA Depositor LLC, a Delaware limited liability company (the “Depositor”), assigned all of its right, title and interest in the Amended and Restated Loan and Security Agreement, dated as of November 18, 2005, as supplemented by the First Loan and Security Agreement Supplement, dated as of November 18, 2005 (the “Original Loan Agreement”), entered into by and between SBA Properties and the Depositor to the Lender pursuant to that certain Trust and Servicing Agreement (as amended, restated, supplemented or otherwise modified as of the date hereof, the “Existing Trust Agreement”), dated as of November 18, 2005, among the Depositor, the Servicer and the Trustee;
		

		
			WHEREAS, the Depositor, the Trustee and the Servicer are amending and restating the Existing Trust Agreement on the date hereof by entering into that certain Amended and Restated Trust and Servicing Agreement (as amended, restated, supplemented or otherwise modified from time to time, the “Trust Agreement”), dated as of October 15, 2014, among the Depositor, the Trustee and the Servicer;
		

		

		

		 

		

			 

		

 

		

			 

		

		WHEREAS, the Existing Borrowers are parties to the Original Loan Agreement, as amended, supplemented or modified by (i) the Second Loan and Security Agreement Supplement, dated as of November 6, 2006, among SBA Properties, SBA Sites, SBA Structures, SBA USVI, SBA Towers, Inc. (“SBA Towers”), SBA Puerto Rico, Inc. (“SBA PR”) and the Servicer on behalf of the Trustee whereby a loan increase was agreed upon and SBA Sites, SBA Structures, SBA USVI, SBA Towers and SBA PR were added as additional borrowers, (ii) the Payoff, Termination and Release Agreement, dated as of July 28, 2009, among SBA Properties, SBA Sites, SBA Structures, SBA USVI, SBA Towers, SBA PR, the Servicer and Bank of America, N.A., (successor by merger to LaSalle Bank National Association) on behalf of the SBA Tower Trust and the holders of certain securities issued by the SBA Tower Trust, whereby, among other things, SBA USVI, SBA Towers and SBA PR were released from their obligations thereunder, (iii) the Third Loan and Security Agreement Supplement, dated as of April 16, 2010, among SBA Properties, SBA Sites and SBA Structures and the Servicer on behalf of the Trustee whereby a loan increase was agreed upon, (iv) the Fourth Loan and Security Agreement Supplement, dated as of April 16, 2010, among SBA Properties, SBA Sites and SBA Structures and the Servicer on behalf of the Trustee whereby a loan increase was agreed upon, (v) the Fifth Loan and Security Agreement Supplement, dated as of August 9, 2012, among SBA Properties, SBA Sites, SBA Structures, SBA Infrastructure, SBA Towers USVI II, Inc., a Florida corporation (predecessor in interest by way of merger into SBA USVI) (“SBA USVI II”), SBA Monarch Towers III and the Servicer on behalf of the Trustee whereby a loan increase was agreed upon and SBA Infrastructure, SBA USVI II and SBA Monarch III were added as additional borrowers, (vi) the Sixth Loan and Security Agreement Supplement, dated as of April 18, 2013, among the Existing Borrowers and the Servicer on behalf of the Trustee whereby a loan increase was agreed upon and SBA TC PR, SBA TC, SBA Towers IV, SBA Monarch Towers I and SBA USVI were added as additional borrowers and (vii) the Seventh Loan and Security Agreement Supplement, dated as of April 18, 2013, among the Existing Borrowers and the Servicer on behalf of the Trustee whereby a loan increase was agreed upon and SBA TC PR, SBA TC, SBA Towers IV, SBA Monarch Towers I and SBA USVI were added as additional borrowers (as so amended, supplemented or otherwise modified as of the date hereof, the “Existing Loan Agreement”);
		

		
			WHEREAS, there is $3,170,000,000 of existing indebtedness outstanding under the Existing Loan Agreement on the date hereof divided into six separate components (the “Existing Indebtedness”); 
		

		
			WHEREAS, in order to (i) continue the Existing Indebtedness, (ii) add the Amendment Date Additional Borrowers as borrowers and the properties (including land and improvements) that are owned or leased by the Amendment Date Additional Borrowers as collateral, (iii) provide for an increase in the amount of indebtedness outstanding by $1,540,000,000 (the “Increased Indebtedness”) and the repayment of $680,000,000 of the Existing Indebtedness such that the Principal Amount of the Loan outstanding on the Amendment Date will be $4,030,000,000 and (iv) make certain other amendments to the Existing Loan Agreement, the Existing Borrowers have requested that the Existing Loan Agreement be amended and restated in its entirety (the “Amendment and Restatement”), and the Lender is willing to do so on the terms and conditions set forth herein; and
		

		

		

		 

		

			‐2‐

		

 

		

			 

		

		WHEREAS, all things necessary to make this Loan Agreement the valid and legally binding obligation of the Borrowers in accordance with its terms, for the uses and purposes herein set forth, have been done and performed.
		

		
			NOW, THEREFORE, to evidence and secure the payment of the principal of, Yield Maintenance and interest on, the Existing Indebtedness, the Increased Indebtedness and any Loan Increase and all other obligations, liabilities or sums due or to become due pursuant to the Loan Documents, add each Amendment Date Additional Borrower as a Borrower and the properties (including land and improvements) that are owned or leased by the Amendment Date Additional Borrowers as collateral thereunder and make certain other amendments to the Existing Loan Agreement, the Amendment Date Borrowers and the Lender have executed and delivered this Loan Agreement and the Amendment Date Borrowers and the Lender by these presents and by the execution and delivery hereof do hereby irrevocably agree as follows:
		

		
			The terms, covenants and provisions of the Existing Loan Agreement as herein modified, amended and restated are hereby modified, ratified and confirmed in all respects by the Amendment Date Borrowers and the terms, covenants and provisions of the Existing Loan Agreement are hereby modified, amended and restated so that henceforth, the terms, covenants and provisions of this Loan Agreement shall supersede the terms, covenants and provisions of the Existing Loan Agreement and the terms, covenants and provisions of the Existing Loan Agreement shall read the same as the following text:
		

		
			NOW, THEREFORE, in consideration of the premises and the representations, warranties, agreements, provisions and covenants herein contained and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Amendment Date Borrowers and the Lender agree as follows:
		

		
			ARTICLE I

DEFINITIONS
		

		
			Section 1.1Certain Defined Terms.
		

		
			  The terms defined below are used in this Loan Agreement as so defined.  Terms defined in the preamble and recitals to this Loan Agreement are used in this Loan Agreement as so defined.
		

		
			“17g-5 Website” means the Depositor’s website for purposes of compliance with Rule 17g-5(a)(3)(iii) of the United States Securities Exchange Act of 1934, as amended.
		

		
			“2010-1C Component” has the meaning set forth in Section 2.1(C).
		

		
			“2010-2C Component” has the meaning set forth in Section 2.1(C).
		

		
			“2010-2C Note” means the promissory note evidencing the 2010-2C Component.
		

		

		

		 

		

			‐3‐

		

 

		

			 

		

		“2012-1C Component” has the meaning set forth in Section 2.1(C).
		

		
			“2012-1C Note” means the promissory note evidencing the 2012-1C Component.
		

		
			“2013 Closing Date” means April 18, 2013.
		

		
			“2013-1C Component” has the meaning set forth in Section 2.1(C).
		

		
			“2013-1C Note” means the promissory note evidencing the 2013-1C Component.
		

		
			“2013-1D Component” has the meaning set forth in Section 2.1(C).
		

		
			“2013-1D Note” means the promissory note evidencing the 2013-1D Component.
		

		
			“2013-2C Component” has the meaning set forth in Section 2.1(C).
		

		
			“2013-2C Note” means the promissory note evidencing the 2013-2C Component.
		

		
			“2014-1C Component” has the meaning set forth in Section 2.1(D).
		

		
			“2014-1C Note” means the promissory note evidencing the 2014-1C Component.
		

		
			“2014-2C Component” has the meaning set forth in Section 2.1(D). 
		

		
			  “2014-2C Note” means the promissory note evidencing the 2014-2C Component.
		

		
			“Acceptable Manager” means SBA Network Management, Inc. or another Manager, in each case, as provided in Section 5.11(C).
		

		
			“Account Collateral” means all of the Borrowers’ right, title and interest in and to the Accounts, the Reserves, all monies and amounts which may from time to time be on deposit therein, all monies, checks, notes, instruments, documents, deposits, and credits from time to time in the possession of the Lender representing or evidencing such Accounts and Reserves and all earnings and investments held therein and proceeds thereof.
		

		
			“Accounts” means, collectively, the Deposit Account, the Central Account, the Sub‐Accounts thereof, and any other accounts pledged to the Lender pursuant to this Loan Agreement or any other Loan Document.
		

		
			“Addition” has the meaning set forth in Section 11.7.
		

		
			“Additional Borrower Site” and “Additional Borrower Sites” means, individually or collectively, any properties (including land and Improvements) and all related facilities that are owned or leased by an Additional Borrower.
		

		
			“Additional Borrower” and “Additional Borrowers” means, individually or collectively, any additional borrower that becomes a party hereto pursuant to Section 2.3.
		

		
			 
		

		

		

		 

		

			‐4‐

		

 

		

			 

		

		“Additional Closing Date” means the date on which any Additional Closing occurs.
		

		
			“Additional Closing” means any funding of a Loan Increase pursuant to a Loan Agreement Supplement after the Amendment Date and the consummation of the other transactions contemplated by such Loan Agreement Supplement.
		

		
			“Additional Component” and “Additional Components” means, individually or collectively, the component or the components relating to a Loan Increase provided for in the Loan Agreement Supplement for such Loan Increase.
		

		
			“Additional Contribution and Subrogation Agreement” means a contribution and subrogation substantially in the form of the Contribution and Subrogation Agreement, subject to the Lender’s reasonable approval, entered into by the Borrower and one or more Additional Borrowers after the Amendment Date, as the same may be amended or modified from time to time.
		

		
			“Additional Guarantor” and “Additional Guarantors” means, individually or collectively, SBA GC Parent I, SBA GC Parent II, SBA GC Holdings and any other subsidiary of the Guarantor that enters into an Additional Payment Guaranty; provided that, following a Borrower Release, “Additional Guarantors” will mean the Additional Guarantors that continue to guarantee the full and prompt payment by the Borrowers of the Obligations pursuant to Additional Payment Guaranties.
		

		
			“Additional Notes” has the meaning set forth in Section 2.1(G).
		

		
			“Additional Payment Guaranty” means a guaranty substantially in the form of the Payment Guaranty, subject to the Lender’s reasonable approval, pursuant to which a direct or indirect wholly-owned subsidiary of the Guarantor guarantees the full and prompt payment of the Obligations, as the same may be amended or modified from time to time.
		

		
			“Additional Pledge Agreement” means a pledge and security agreement substantially in the form of the Guarantor Pledge Agreement, subject to the Lender’s reasonable approval, delivered by an Additional Guarantor and given for the benefit of the Lender pursuant to which that Additional Guarantor pledges its ownership interests in any Borrowers and/or Additional Guarantors to secure the Obligations, as the same may be amended or modified from time to time.
		

		
			“Additional Site” and “Additional Sites” means, individually or collectively, any additional properties (including land and Improvements) and all related facilities that become owned or leased by a Borrower after, in the case of the Amendment Date Borrowers, the Amendment Date, and, in the case of any other Borrower, the date on which such Borrower became a Borrower, in each case, in accordance with Section 11.7.
		

		
			“Additional Trust Fund Expenses” has the meaning set forth in the Trust Agreement.
		

		
			“Administrative Fees” has the meaning set forth in Section 2.9.
		

		

		

		 

		

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		“Advance Interest” has the meaning assigned thereto in the Trust Agreement.
		

		
			“Advance Rents Reserve” has the meaning set forth in Section 6.4.
		

		
			“Advance Rents Reserve Deposit” has the meaning set forth in the Cash Management Agreement.
		

		
			“Advance Rents Reserve Sub‐Account” has the meaning set forth in Section 6.4.
		

		
			“Affiliate” means in relation to any Person, any other Person:  (i) directly or indirectly controlling, controlled by, or under common control with, the first Person; (ii) directly or indirectly owning or holding fifty percent (50%) or more of the voting stock or other equity interest in the first Person; or (iii) fifty percent (50%) or more of whose voting stock or other equity interest is directly or indirectly owned or held by the first Person.  For purposes of this definition, “control” (including with correlative meanings, the terms “controlling”, “controlled by” and “under common control with”) means the possession directly or indirectly of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise.  Where expressions such as “[name of party] or any Affiliate” are used, the same shall refer to the named party and any Affiliate of the named party.  Further, the Affiliates of any Person that is an entity shall include all natural persons who are officers, agents, directors, members, partners, or employees of the entity Person.
		

		
			“Allocated Loan Amount” means (a) for any Site, other than a Replacement Site prior to the first Allocated Loan Amount Determination Date following the date on which such Site became a Replacement Site, (i) during the period from and including the Amendment Date to but excluding the first Allocated Loan Amount Determination Date following the Amendment Date, the amount with respect to such Site set forth on Exhibit B and (ii) during the period from and including the first Allocated Loan Amount Determination Date following the Amendment Date or any Allocated Loan Amount Determination Date thereafter to but excluding the next succeeding Allocated Loan Amount Determination Date, the amount with respect to such Site determined by the Lender for such period in accordance with Section 11.8 and (b) for any Replacement Site prior to the first Allocated Loan Amount Determination Date following the date on which such Site became a Replacement Site, an amount equal to the Allocated Loan Amount for the related Substituted Site or Substituted Sites.
		

		
			“Allocated Loan Amount Determination Date” means any Additional Closing Date, the date of any Addition or the date of any Release.
		

		
			“Amended Deed of Trust” means an amendment to the Deed of Trust originally encumbering the Mortgaged Site for which an Amended Easement or an Amended Ground Lease has been executed, the effect of which is to add additional property (including land and improvements) to the existing Mortgage Site and to spread the lien of the existing Deed of Trust to encumber the existing Mortgaged Site and such additional property subject to the Amended Easement or Amended Ground Lease, as applicable.
		

		
			“Amended Easement” has the meaning set forth in Section 5.22.
		

		

		

		 

		

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		“Amended Ground Lease” has the meaning set forth in Section 5.21.
		

		
			“Amendment and Restatement” has the meaning set forth in the Preamble.
		

		
			“Amendment Date” means October 15, 2014.
		

		
			“Amendment Date Additional Borrower” and “Amendment Date Additional Borrowers” have the meanings set forth in the Preamble.
		

		
			“Amendment Date Borrower” and “Amendment Date Borrowers” have the meanings set forth in the Preamble.
		

		
			“Amendment Date Component” and “Amendment Date Components” means, individually or collectively, the 2014-1C Component and the 2014-2C Component.
		

		
			“Amendment Date Note” and “Amendment Date Notes” means, individually or collectively, the 2014-1C Note and the 2014-2C Note.
		

		
			“Amendment Date Transactions” means the Amendment and Restatement, the addition of the Amendment Date Additional Borrowers as borrowers under this Loan Agreement and the properties (including land and improvements) that are owned or leased by the Amendment Date Additional Borrowers as collateral under the Loan Documents and the funding of the Increased Indebtedness on the Amendment Date.
		

		
			“Amortization Period” means the period which shall commence at such time as the Lender determines that as of the end of any calendar quarter the Debt Service Coverage Ratio fell below the Minimum DSCR for such calendar quarter and will continue to exist until the Lender determines that as of the end of any calendar quarter the Debt Service Coverage Ratio exceeded the Minimum DSCR for such calendar quarter.
		

		
			“Annual Advance Rents Reserve Deposit” has the meaning set forth in the Cash Management Agreement.
		

		
			“Annualized Run Rate Net Cash Flow” means, for any Site as of any date of determination, the Annualized Run Rate Revenue for such Site as of such date (including site maintenance fees paid, license and easement fees and similar fees and revenues), less the sum, as of such date, of (i) current year annual insurance expenses and ground lease payments, if applicable, annualized as of such date of determination with respect to such Site, and amounts payable to a Third Party Owner under a Site Management Agreement, if applicable, (ii) trailing twelve month real and personal property taxes (including payments in lieu of taxes) with respect to such Site, (iii) trailing twelve (12) month expenses with respect to such Site for maintenance (including maintenance capital expenditures, which for each Site are assumed to be $700 (or $0, in the case of a Site subject to a Net Rent Tenant Lease) during such period), utilities, licenses and permits (excluding portfolio support personnel), and (iv) a Management Fee equal to the Management Fee Rate of the Annualized Run Rate Revenue for such Site.  For purposes of clause (iii) of this definition, for any Additional Site or Additional Borrower Site, the calculation of the trailing twelve (12) month expenses shall be based on, at the time of, acquisition of such Site and through three (3) full calendar months thereafter, the applicable Borrower’s annual 
		

		 

		

			‐7‐

		

 

		

			 

		

		budgeted expenses in respect of such Site for maintenance (including maintenance capital expenditures, which for each Site are assumed to be $700 (or $0, in the case of a Site subject to a Net Rent Tenant Lease) during such period), utilities, licenses and permits (excluding portfolio support personnel), and following the third full calendar month following the acquisition of such Site and through the date that the Site ceases to be an Unseasoned Site, actual expenses in respect of such Site for maintenance (including maintenance capital expenditures, which for each Site are assumed to be $700 (or $0, in the case of a Site subject to a Net Rent Tenant Lease) during such period), utilities, licenses and permits (excluding portfolio support personnel) annualized based upon the number of full calendar months of ownership of such Site.  
		

		
			“Annualized Run Rate Revenue” means, for any Site at any point in time, the net annualized rent payable by Lessees for occupancy of such Site at such time.
		

		
			“Anticipated Repayment Date” for each Existing Component, has the meaning set forth in Section 2.1(C), for each Amendment Date Component, has the meaning set forth in Section 2.1(D), and for each Additional Component, has the meaning set forth in the Loan Agreement Supplement relating to such Additional Component.
		

		
			“Approved Accounting Firm” means any nationally recognized accounting firm, reasonably acceptable to the Lender.
		

		
			“Assignment of Management Agreement” means the Assignment and Subordination of Management Agreement dated as of the Original Closing Date, as supplemented by the Joinder to Assignment and Subordination of Management Agreement dated as of November 6, 2006, the Joinder to Assignment and Subordination of Management Agreement dated as of August 9, 2012, the Joinder to Assignment and Subordination of Management Agreement dated as of April 18, 2013 and the Joinder to Assignment and Subordination of Management Agreement dated as of the Amendment Date, among the Amendment Date Borrowers and the Manager, constituting an assignment of the Management Agreement as Collateral for the Loan, as the same may be amended or modified from time to time after the Amendment Date, including by any joinder thereto entered into by one or more Additional Borrowers after the Amendment Date.
		

		
			“Authorized Representative” has the meaning set forth in Section 14.26(A).
		

		
			“Available Funds” has the meaning set forth in the Cash Management Agreement.
		

		
			“Bankruptcy Code” means Title 11 of the United States Code, as amended from time to time, and all rules and regulations promulgated thereunder.
		

		
			“Borrower” and “Borrowers” have the meanings set forth in the Preamble; provided that, (i) following a Borrower Release, “Borrowers” will mean each of the Borrowers remaining as a party to the Loan Documents and “Borrower” will mean any of such remaining parties, and (ii) following the addition of an Additional Borrower as provided by Section 2.3, “Borrower” will include such Additional Borrower as a Borrower for all purposes hereunder.
		

		

		

		 

		

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		“Borrower Party” and “Borrower Parties” means, individually or collectively, the Borrowers, the Guarantor, SBA Holdings and any Additional Guarantors.
		

		
			“Borrower Party Secretary” has the meaning set forth in Section 3.1(G).
		

		
			“Borrower Release” has the meaning set forth in Section 11.4(D).
		

		
			“Business Day” means any day excluding (i) Saturday, (ii) Sunday, (iii)  a legal holiday in the State of New York, the State of Florida, the state where the primary servicing office of the Servicer is located, or the state in which the corporate trust office of the Trustee is located, and (iv) any day on which banking institutions located in any such state are generally not open for the conduct of regular business.
		

		
			“CapEx Budget” means the annual budget covering the planned Capital Expenditures for the period covered by such budget.  The CapEx Budget shall not include Capital Expenditures consisting of discretionary expenditures made to acquire fee or easement interests with respect to any Ground Lease Site, one-time payments made to obtain long-term extensions of Ground Leases, or non‐recurring expenditures made to enhance the operating revenues of a Site.
		

		
			“Capital Expenditures” means expenditures for Capital Improvements.
		

		
			“Capital Improvements” means capital improvements, repairs or alterations, fixtures, equipment and other capital items (whether paid in cash or property or accrued as liabilities) made by the Borrowers that, in conformity with GAAP, would not be included in the Borrowers’ annual financial statements as an operating expense.
		

		
			“Cash Management Agreement” means the Amended and Restated Cash Management Agreement dated as of the Amendment Date among the Amendment Date Borrowers, the Lender, the Manager and the Central Account Bank, as the same may be amended or modified from time to time after the Amendment Date, including by any joinder thereto entered into by one or more Additional Borrowers after the Amendment Date.
		

		
			“Cash Trap Condition” has the meaning set forth in Section 6.5.
		

		
			“Cash Trap DSCR” means 1.30:1.
		

		
			“Cash Trap Reserve” has the meaning set forth in Section 6.5.
		

		
			“Central Account” and “Central Account Bank” have the meanings set forth in Section 7.1(B).
		

		
			“Claims” has the meaning set forth in Section 5.3(A).
		

		
			“Collateral” means rights, interests, and property of every kind, real and personal, tangible and intangible, which is granted, pledged, liened, or encumbered as security for the Loan or any of the other Obligations including, without limitation, the Sites and the Account Collateral.
		

		

		

		 

		

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		“Compliance Certificate” has the meaning set forth in Section 5.1(A).
		

		
			“Component” means an Existing Component, an Amendment Date Component or an Additional Component.
		

		
			“Component Principal Balance” means, for any Component on any date of determination, the outstanding principal amount of such Component.  The initial Component Principal Balance for each Existing Component is set forth in Section 2.1(C), for each Amendment Date Component is set forth in Section 2.1(D), and for each Additional Component will be set forth in the Loan Agreement Supplement relating to such Additional Component.
		

		
			“Component Rate” means, for any Existing Component, the rate per annum therefor set forth in Section 2.1(C), for any Amendment Date Component, the rate per annum therefor set forth in Section 2.1(D), and for any Additional Component, the rate per annum therefor set forth in the Loan Agreement Supplement relating to such Additional Component.
		

		
			“Condemnation Proceeds” means, collectively, the proceeds of any condemnation or taking pursuant to the exercise of the power of eminent domain or purchase in lieu thereof.
		

		
			“Contingent Obligation”, as applied to any Person, means any direct or indirect liability, contingent or otherwise, of that Person:  (A) with respect to any indebtedness, lease, dividend or other obligation of another if the primary purpose or intent of the Person incurring such liability, or the primary effect thereof, is to provide assurance to the obligee of such liability that such liability will be paid or discharged, or that any agreements relating thereto will be complied with, or that the holders of such liability will be protected (in whole or in part) against loss with respect thereto; (B) with respect to any letter of credit issued for the account of that Person or as to which that Person is otherwise liable for reimbursement of drawings; (C) under any interest rate swap agreement, interest rate cap agreement, interest rate collar agreement or other similar agreement or arrangement designed to protect against fluctuations in interest rates; or (D) under any foreign exchange contract, currency swap agreement or other similar agreement or arrangement designed to protect that Person against fluctuations in currency values.  Contingent Obligations shall include (i) the direct or indirect guaranty, endorsement (other than for collection or deposit in the ordinary course of business), co‐making (other than the Loan), discounting with recourse or sale with recourse by such Person of the obligation of another, (ii) the obligation to make take‐or‐pay or similar payments if required regardless of nonperformance by any other party or parties to an agreement, and (iii) any liability of such Person for the obligations of another through any agreement to purchase, repurchase or otherwise acquire such obligation or any property constituting security therefor, to provide funds for the payment or discharge of such obligation or to maintain the solvency, financial condition or any balance sheet item or level of income of another.  The amount of any Contingent Obligation shall be equal to the amount of the obligation so guaranteed or otherwise supported or, if not a fixed and determined amount, the maximum amount so guaranteed.
		

		
			 
		

		
			“Contractual Obligation”, as applied to any Person, means any indenture, mortgage, deed of trust, contract, undertaking, agreement or other instrument to which that 
		

		 

		

			‐10‐

		

 

		

			 

		

		Person is a party or by which it or any of its properties is bound or to which it or any of its properties is subject, other than the Loan Documents.
		

		
			“Contribution and Subrogation Agreement” means the Contribution and Subrogation Agreement dated as of the Amendment Date among the Amendment Date Borrowers, as the same may be amended or modified from time to time and/or superceded by an Additional Contribution and Subrogation Agreement.
		

		
			  “Debt Service Coverage Ratio” or “DSCR” as of any date of determination means the Net Cash Flow for the Sites divided by the amount of interest, Servicing Fees and Trustee Fees that the Borrowers will be required to pay over the succeeding twelve (12) months on the Principal Amount of the Loan (excluding any Post-ARD Additional Interest or Value Reduction Accrued Interest), determined without giving effect to any reduction in interest due to any Value Reduction Amount.
		

		
			“Deeds of Trust” means, collectively, (i) the Deeds of Trust, Assignments, Security Agreements and Financing Statements, (ii) the Mortgages, Assignments, Security Agreements and Financing Statements, and (iii) the Deeds to Secure Debt, Assignments, Security Agreements and Financing Statements from the Borrowers, constituting Liens on the Mortgaged Sites as Collateral for the Loan as the same have been, or may be, assigned, modified or amended from time to time.
		

		
			“Default” means any breach or default under any of the Loan Documents, whether or not the same is an Event of Default, and also any condition or event that, after notice or lapse of time or both, would constitute an Event of Default if that condition or event were not cured or removed within any applicable grace or cure period.
		

		
			“Deposit Account” has the meaning set forth in Section 7.1.
		

		
			“Deposit Account Agreement” has the meaning set forth in Section 7.1.
		

		
			“Deposit Bank” has the meaning set forth in Section 7.1.
		

		
			“Depositor” has the meaning set forth in the Recitals.
		

		
			  “Distribution Date” shall mean the fifteenth 15th day of each calendar month or, if any such fifteenth 15th day is not a Business Day, the next succeeding Business Day, beginning in January 2006.
		

		
			“Dollars” and the sign “$” mean the lawful money of the United States of America.
		

		
			“Due Date” means each day that is four (4) Business Days prior to any Distribution Date.
		

		
			“Easement” or “Easements” means, individually and collectively, the easement interests granted to the Amendment Date Borrowers by the owner of the applicable fee interest in the Sites described on Schedule 4.26 attached hereto; provided that, (i) following termination of 
		

		 

		

			‐11‐

		

 

		

			 

		

		an Easement, or the conversion of an Easement Site to a Ground Lease Site or an Owned Site pursuant to Section 5.22, “Easements” shall not include such Easement or the easement interest relating to such Easement Site, (ii) following a Substitution with respect to an Easement Site, “Easements” shall include the easement interest relating to the Replacement Site and shall exclude the easement interest relating to the Substituted Site, (iii) with respect to, or following, the addition of any Additional Site(s) and/or Additional Borrower Site(s), “Easements” shall include the easement interests relating to the Additional Site(s) and/or Additional Borrower Site(s) and (iv) following the conversion of any Ground Lease Site to an Easement Site pursuant to Section 5.21, “Easements” shall include the easement interest relating to any Site so converted.
		

		
			“Easement Site” means each Site that is the subject of an Easement.
		

		
			“Easement Default” has the meaning set forth in Section 4.26(D).
		

		
			“Eligible Account” means a separate and identifiable account from all other funds held by the holding institution, which account is either (i) an account maintained with an Eligible Bank or (ii) a segregated trust account maintained by a corporate trust department of a federal depository institution or a state chartered depository institution subject to regulations regarding fiduciary funds on deposit similar to Title 12 of the Code of Federal Regulations § 9.10(b), which, in either case, has corporate trust powers and is acting in its fiduciary capacity or is otherwise acceptable to the Rating Agencies.
		

		
			“Eligible Bank” means a bank that satisfies the Rating Criteria or, so long as Midland Loan Services, a division of PNC Bank, National Association, is the Servicer, PNC Bank, National Association.
		

		
			“Employee Benefit Plan” means any employee benefit plan within the meaning of Section 3(3) of ERISA (including any Multiemployer Plan) and (i) which is maintained for employees of any of the Borrowers or any ERISA Affiliate, (ii) which has at any time within the preceding six (6) years been maintained for the employees of any of the Borrowers or any current or former ERISA Affiliate or (iii) for which any of the Borrowers or any ERISA Affiliate has or may have any liability, including contingent liability.
		

		
			“Environmental Indemnity” means the Environmental Indemnity dated as of the Original Closing Date, as supplemented by the Joinder to Environmental Indemnity dated as of November 6, 2006, the Joinder to Environmental Indemnity dated as of August 9, 2012, the Joinder to Environmental Indemnity dated as of April 18, 2013 and the Joinder to Environment Indemnity dated as of the Amendment Date, by the Amendment Date Borrowers, as the same may be amended or modified from time to time after the Amendment Date, including by any joinder thereto entered into by one or more Additional Borrowers after the Amendment Date.
		

		
			“Environmental Laws” means all present and future local, state, federal or other governmental authority, statutes, ordinances, codes, orders, decrees, laws, rules or regulations pertaining to or imposing liability or standards of conduct concerning environmental regulation (including, without limitation, regulations concerning health and safety), contamination or clean‐up or the handling, generation, release or storage of Hazardous Material affecting the Sites 
		

		 

		

			‐12‐

		

 

		

			 

		

		including, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended, the Resource Conservation and Recovery Act, as amended, the Emergency Planning and Community Right‐to‐Know Act of 1986, as amended, the Hazardous Substances Transportation Act, as amended, the Solid Waste Disposal Act, as amended, the Clean Water Act, as amended, the Clean Air Act, as amended, the Toxic Substances Control Act, as amended, the Safe Drinking Water Act, as amended, the Occupational Safety and Health Act, as amended, any state superlien and environmental clean‐up statutes and all regulations adopted in respect of the foregoing laws whether now or hereafter in effect, but excluding any local, state, federal, or other governmental historic preservation or similar laws relating to historical resources and historic preservation not related to (i) protection of health or the environment or (ii) Hazardous Materials.
		

		
			“ERISA” means the Employee Retirement Income Security Act of 1974, and all rules and regulations promulgated thereunder, as amended from time to time.
		

		
			“ERISA Affiliate” means, in relation to any Person, any other Person under common control with the first Person, within the meaning of Section 4001(a)(14) of ERISA.
		

		
			“Estoppel” has the meaning set forth in Section 4.25(A).
		

		
			“Event of Default” has the meaning set forth in Section 8.1.
		

		
			“Excess Cash Flow” means Available Funds remaining in the Central Account on any Due Date after allocations and/or distributions of all amounts required to be allocated or distributed pursuant to Section 3.3(a)(i)‐(vi) of the Cash Management Agreement.
		

		
			“Excess Interest” has the meaning set forth in Section 2.2.
		

		
			“Exculpated Parties” has the meaning set forth in Section 12.2.
		

		
			“Existing Borrower” and “Existing Borrowers” have the meanings set forth in the Preamble.
		

		
			“Existing Components” has the meaning set forth in Section 2.1(C).
		

		
			“Existing Indebtedness” has the meaning set forth in the Recitals.
		

		
			“Existing Loan Agreement” has the meaning set forth in the Recitals.
		

		
			“Existing Notes” has the meaning set forth in Section 2.1(G).
		

		
			“Existing Trust Agreement” has the meaning set forth in the Recitals.
		

		
			“Extraordinary Expenses” means Capital Expenditures and Operating Expenses not set forth in either the annual CapEx Budget or the Operating Budget.
		

		
			“Federal Obligations” means non‐callable direct obligations of, or obligations fully guaranteed as to payment of principal and interest by, the United States of America or any 
		

		 

		

			‐13‐

		

 

		

			 

		

		agency or instrumentality thereof, provided that such obligations are backed by the full faith and credit of the United States of America as chosen by the Borrowers, subject to the approval of the Lender.
		

		
			“Financial Statements” means statements of operations and retained earnings, statements of cash flow and balance sheets.
		

		
			“Financing Statements” means the Uniform Commercial Code Financing Statements naming the applicable Borrower Parties as debtor, and the Lender as secured party, required under applicable state law to perfect the security interests created hereunder or under the other Loan Documents.
		

		
			“First Amendment Effective Date” means the first date after the Amendment Date on which the principal amount of each of the 2010-1C Component and the 2010-2C Component and all accrued and unpaid interest thereon are paid in full and all other Obligations in respect of the 2010-1C Component and the 2010-2C Component are satisfied.
		

		
			“Fitch” means Fitch Ratings, Inc.
		

		
			“GAAP” means generally accepted accounting principles as set forth in Statement on Auditing Standards No. 69 entitled “The Meaning of Presenting Fairly in Conformity with Generally Accepted Accounting Principles in the Independent Auditor’s Report” issued by the Auditing Standards Board of the Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board to the extent such principles are applicable to the facts and circumstances as of the date of determination.
		

		
			“Governmental Authority” means, with respect to any Person, any federal or state government or other political subdivision thereof and any entity, including any regulatory or administrative authority or court, exercising executive, legislative, judicial, regulatory or administrative or quasi‐administrative functions of or pertaining to government, and any arbitration board or tribunal in each case having jurisdiction over such applicable Person or such Person’s property, and any stock exchange on which shares of capital stock of such Person are listed or admitted for trading.
		

		
			“Governmental Leases” means Leases with any federal or state government or other political subdivision thereof for space on a Tower located on a Site, provided that such lease (by way of a lease, purchase order, request for proposal, or similar requisition system) does not contain any provision that would materially and adversely affect the Lender’s Collateral or the priority of any Deed of Trust.
		

		
			“Ground Lease Default” has the meaning set forth in Section 4.25(A)(iii).
		

		
			“Ground Lease” and “Ground Leases” means, collectively or individually, the ground leases described on Schedule 4.25 attached hereto; provided that, (i) following termination of a Ground Lease, or the conversion of a Ground Lease Site to an Easement Site or an Owned Site pursuant to Section 5.21, “Ground Leases” shall not include such Ground Lease or the ground lease relating to such Ground Lease Site, (ii) following a Substitution with respect to a Ground Lease Site, “Ground Leases” shall include the ground lease relating to the 
		

		 

		

			‐14‐

		

 

		

			 

		

		Replacement Site and shall exclude the ground lease relating to the Substituted Site, (iii) with respect to, or following, the addition of any Additional Site(s) and/or Additional Borrower Site(s), “Ground Leases” shall also include all ground leases relating to the Additional Sites and/or Additional Borrower Sites and (iv) following the conversion of any Easement Site to a Ground Lease Site pursuant to Section 5.22, “Ground Leases” shall include the ground lease relating to any Site so converted.
		

		
			“Ground Lease Site” means each Site that is the subject of a Ground Lease.
		

		
			“Ground Lessors” means the landlords under the Ground Leases.
		

		
			“Guarantor” means SBA Guarantor LLC, a Delaware limited liability company, and its permitted successors and assigns.
		

		
			“Guarantor Pledge Agreement” means that certain Amended and Restated Pledge and Security Agreement dated as of the Amendment Date delivered by the Guarantor and given for the benefit of the Lender pursuant to which the Guarantor pledges its ownership interests in the Borrowers and any Additional Guarantors to secure the Obligations, as the same may be amended or modified from time to time.
		

		
			“Guaranty” means collectively, the Environmental Indemnity, the Parent Guaranty, the Payment Guaranty and any Additional Payment Guaranties.
		

		
			“Hazardous Material” means all or any of the following:  (A) substances, materials, compounds, wastes, products, emissions and vapors that are defined or listed in, regulated by, or otherwise classified pursuant to, any applicable Environmental Laws, including any so defined, listed, regulated or classified as “hazardous substances”, “hazardous materials”, “hazardous wastes”, “toxic substances”, “pollutants”, “contaminants”, or any other formulation intended to regulate, define, list or classify substances by reason of deleterious, harmful or dangerous properties; (B) waste oil, oil, petroleum or petroleum derived substances, natural gas, natural gas liquids or synthetic gas and drilling fluids, produced waters and other wastes associated with the exploration, development or production of crude oil, natural gas or geothermal resources; (C) any flammable substances or explosives or any radioactive materials; (D) asbestos in any form; (E) electrical or hydraulic equipment which contains any oil or dielectric fluid containing polychlorinated biphenyls; (F) radon; (G) mold; or (H) urea formaldehyde, provided,  however, such definition shall not include (i) cleaning materials and other substances commonly used in the ordinary course of the Borrowers’ business, which materials exist only in reasonable quantities and are stored, contained, transported, used, released, and disposed of in accordance with all applicable Environmental Laws, or (ii) cleaning materials and other substances commonly used in the ordinary course of the Borrowers’ tenant’s, or any of their respective agent’s, business, which materials exist only in reasonable quantities and are stored, contained, transported, used, released, and disposed of in accordance with all applicable Environmental Laws.
		

		
			“Impositions” means (i) all real property taxes, and vault charges and all other taxes, levies, assessments and other similar charges, general and special, ordinary and extraordinary, foreseen and unforeseen, of every kind and nature whatsoever (including any 
		

		 

		

			‐15‐

		

 

		

			 

		

		payments in lieu of taxes), which at any time prior to, at or after the Original Closing Date may be assessed, levied or imposed by, in each case, a governmental authority upon any of the Sites or the rents relating thereto or upon the ownership, use, occupancy or enjoyment thereof, and any interest, cost or penalties imposed by such governmental authority with respect to any of the foregoing and (ii) all rent and other amounts payable by the Borrowers for each of the Ground Leases and Easements.  Impositions shall not include (x) any sales or use taxes payable by the Borrowers, (y) taxes payable by tenants or guests occupying any portions of the Sites, or (z) taxes or other charges payable by any Manager unless such taxes are being paid on behalf of the Borrowers.
		

		
			“Impositions and Insurance Reserve” means the reserve established pursuant to Section 6.3.
		

		
			“Improvements” means all buildings, structures, fixtures, additions, enlargements, extensions, modifications, repairs, replacements and improvements of every kind and nature now or hereafter located on the Sites and owned by the Borrowers.
		

		
			“Increased Indebtedness” has the meaning set forth in the Recitals.
		

		
			“Indebtedness” or “indebtedness”, means, for any Person, without duplication:  (i) all indebtedness of such Person for borrowed money, for amounts drawn under a letter of credit, or for the deferred purchase price of property for which such Person or its assets is liable, (ii) all unfunded amounts under a loan agreement, letter of credit (unless secured in full by Dollars), or other credit facility for which such Person would be liable if such amounts were advanced thereunder, (iii) all amounts required to be paid by such Person as a guaranteed payment to partners or a preferred or special dividend, including any mandatory redemption of shares or interests but not any preferred return or special dividend paid solely from, and to the extent of, excess cash flow after the payment of all operating expenses, capital improvements and debt service on all Indebtedness, (iv) all obligations under leases that constitute capital leases for which such Person is liable, and (v) all obligations of such Person under interest rate swaps, caps, floors, collars and other interest hedge agreements, in each case whether such Person is liable contingently or otherwise, as obligor, guarantor or otherwise, or in respect of which obligations such Person otherwise assures a creditor against loss, provided that reimbursement or indemnity obligations related to surety bonds incurred in the ordinary course of business and fully secured by cash collateral shall not be considered “Indebtedness” hereunder.
		

		
			“Indemnified Liabilities” has the meaning set forth in Section 14.2.
		

		
			“Indemnitees” has the meaning set forth in Section 14.2.
		

		
			“Independent Director” means, with respect to any entity, an individual who shall not have been at the time of such individual’s appointment or at any time while serving as a director of such entity, and shall not have been at any time during the preceding five years (i) a director (other than as an independent director/member), officer, employee, partner, attorney or counsel or a stockholder having the beneficial ownership of more than 5% of the issued and outstanding equity interests of such entity or any of its Affiliates (except that such individual may be an independent director of any of its Affiliates) or a direct or indirect legal or beneficial 
		

		 

		

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		owner in such entity or any of its Affiliates, (ii) a customer, creditor, manager, contractor, supplier or other Person who derives any of its purchases or revenues from its activities with such entity or any of its Affiliates (other than a company that provides professional independent directors and which also may provide other ancillary corporate, partnership, company or trust services to such entity or any of its Affiliates in the ordinary course of their business), (iii) a stockholder, creditor, manager, contractor, partner, customer, employee, officer, director, supplier of another entity controlling, directly or indirectly, or under common control with such entity or any of its Affiliates or (iv) a member of the immediate family of such an individual.  As used in this definition, the term “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management, policies or activities of a Person, whether through ownership of voting securities, by contract or otherwise.
		

		
			“Initial Request” has the meaning set forth in Section 14.26(A).
		

		
			“Insurance Policies” has the meaning set forth in Section 5.4.
		

		
			“Insurance Premiums” means the annual insurance premiums for the insurance policies required to be maintained by the Borrowers with respect to the Sites under Section 5.4.
		

		
			“Insurance Proceeds” means all of the proceeds received under the Insurance Policies.
		

		
			“Interest Accrual Period” means, with respect to each Due Date, the period from and including the Distribution Date immediately preceding such Due Date to but excluding the Distribution Date immediately following such Due Date.
		

		
			“Involuntary Borrower Bankruptcy” has the meaning set forth in Section 5.19.
		

		
			“IRC” means the Internal Revenue Code of 1986, and any rule or regulation promulgated thereunder from time to time, in each case as amended from time to time.
		

		
			“IRS” means the Internal Revenue Service or any successor thereto.
		

		
			“Knowledge” whenever in this Loan Agreement or any of the Loan Documents, or in any document or certificate executed on behalf of any Borrower Party pursuant to this Loan Agreement or any of the Loan Documents, reference is made to the knowledge of any Borrower or any other Borrower Party (whether by use of the words “knowledge” or “known”, or other words of similar meaning, and whether or not the same are capitalized), such shall be deemed to refer to the knowledge (without independent investigation unless otherwise specified) (i) of the individuals who have significant responsibility for any policy making, major decisions or financial affairs of the applicable entity; and (ii) also to the knowledge of the person signing such document or certificate.
		

		
			“Lease” means any lease, tenancy, license, assignment and/or other rental or occupancy agreement or other agreement or arrangement (including, without limitation, any and all guaranties of any of the foregoing) heretofore or hereafter entered into affecting the use, enjoyment or occupancy of, or the conduct of any activity upon or in, the Sites or any portion 
		

		 

		

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		thereof, including any extensions, renewals, modifications or amendments thereof, and including any ground lease where a Borrower is the landlord thereunder.
		

		
			“Lender” has the meaning set forth in the Preamble.
		

		
			“Lien” means any lien, mortgage, pledge, security interest, charge or encumbrance of any kind, whether voluntary or involuntary, (including any conditional sale or other title retention agreement, any lease in the nature thereof, and any agreement to give any security interest).
		

		
			“Liquidation Fees”  has the meaning set forth in the Trust Agreement.
		

		
			“Loan” has the meaning set forth in Section 2.1.
		

		
			“Loan Agreement” means this Second Amended and Restated Loan and Security Agreement, as the same may be amended, modified or restated pursuant to one or more Loan Agreement Supplements from time to time (including all schedules, exhibits, annexes and appendices hereto).
		

		
			“Loan Agreement Supplement” means a loan agreement supplement to this Loan Agreement to be executed by the Borrowers and the Lender which may provide, among other things, for certain terms for Additional Components relating to a Loan Increase, an Addition or amendments, modifications or supplements to this Loan Agreement (including the schedules, exhibits, annexes and appendices hereto) as described therein.
		

		
			“Loan Documents” means this Loan Agreement, the Notes, the Deeds of Trust, the Assignment of Management Agreement, the Payment Guaranty, the Parent Guaranty, any Additional Payment Guaranties, the Parent Pledge Agreement, the Guarantor Pledge Agreement, any Additional Pledge Agreements, the Environmental Indemnity, the Financing Statements, the Cash Management Agreement, the Contribution and Subrogation Agreement and any and all other documents and agreements from the Borrowers, the Guarantor, SBA Holdings, any Additional Guarantors or the Manager and accepted by the Lender for the purposes of evidencing and/or securing the Loan.
		

		
			“Loan Increase” means any increase in the outstanding principal amount of the Loan made after the Amendment Date pursuant to a Loan Agreement Supplement.
		

		
			“Loss Proceeds” means, collectively, all Insurance Proceeds and all Condemnation Proceeds.
		

		
			“Loss Proceeds Reserve Sub‐Account” has the meaning set forth in the Cash Management Agreement.
		

		
			“Maintenance Capital Expenditures” means Capital Expenditures made for the purpose of maintaining the Sites or complying with applicable laws, regulations, ordinances, statutes, codes, or rules applicable to the Sites, but shall exclude discretionary expenditures made to acquire fee or long-term easement interests with respect to, or a long term extension of the 
		

		 

		

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		Ground Lease on, any Ground Lease Site and non‐recurring expenditures made to enhance the operating revenues of a Site, but excluding Capital Expenditures set forth in the CapEx Budget.
		

		
			“Managed Sites” means (i) following the addition of any Additional Site(s) and/or Additional Borrower Site(s), “Managed Sites” shall include any Additional Site(s) and/or Additional Borrower Site(s) that is not an Owned Site, Ground Lease Site or Easement Site and is subject to a Site Management Agreement and identified as “Managed Sites” in any related Loan Agreement Supplement, (ii) following an Other Pledged Site Substitution with respect to a Property that will be subject to a Site Management Agreement, “Managed Sites” shall include the Replacement Other Pledged Sites and shall exclude the Substituted Other Pledged Site and (iii) following termination of a Site Management Agreement pursuant to Section 5.9, “Managed Sites” shall mean each of the Sites that remain subject to a Site Management Agreement.
		

		
			“Management Agreement” means the Management Agreement dated as of the Original Closing Date, as amended and supplemented by the Joinder and Amendment dated as of November 6, 2006, the Joinder and Amendment dated as of August 9, 2012, the Joinder and Amendment dated as of April 18, 2013 and the Joinder and Amendment dated as of the Amendment Date among the Amendment Date Borrowers, SBA Network Management, Inc., as the initial Manager, and SBA Finance, as the same may be amended or modified from time to time after the Amendment Date, including by any joinder and amendment thereto entered into by one or more Additional Borrowers after the Amendment Date, and any management agreement which may hereafter be entered into in accordance with the terms and conditions hereof, pursuant to which any subsequent Manager may hereafter manage one or more of the Sites.
		

		
			“Management Fee” means the fees earned by the Manager pursuant to the terms of the Management Agreement.
		

		
			“Management Fee Rate” means 4.5% so long as SBA Network Management, Inc., or an Affiliate thereof, is the Manager, and otherwise shall be such amount not to exceed 7.50% that is agreed to by the successor manager.
		

		
			“Manager” means SBA Network Management, Inc., as the initial Manager or another Manager as provided in Section 5.11(C) which may hereafter be charged with management of one or more of the Sites in accordance with the terms and conditions hereof.
		

		
			“Material Adverse Effect” means, as determined by the Lender in its reasonable discretion, (A) a material adverse effect (which may include economic or political events) upon the business, operations, or condition (financial or otherwise) of SBA Holdings, the Borrowers, the Guarantor and any Additional Guarantors (taken as a whole), or (B) the material impairment of the ability of SBA Holdings, the Borrowers, the Guarantor and any Additional Guarantors (taken as a whole) to perform their obligations under the Loan Documents (taken as a whole), or (C) the material impairment of the ability of the Lender to enforce or collect the Obligations under the Loan Documents as such Obligations become due, or (D)  a material adverse effect on the use, value or operation of the Sites as a whole as Collateral for the Loan, provided,  however that if five percent (5%) or more of the Operating Revenues derived from the Sites taken as a whole are materially and adversely affected, then a Material Adverse Effect shall be deemed to exist.  In determining whether any individual event would result in a Material Adverse Effect, 
		

		 

		

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		notwithstanding that such event does not of itself have such effect, a Material Adverse Effect shall be deemed to have occurred if the cumulative effect of such event and all other then occurring events and existing conditions would result in a Material Adverse Effect.
		

		
			“Material Agreement” means any Site Management Agreements and any written contract or agreement, or series of related agreements, by the Borrowers relating to the ownership, management, development, use, operation, leasing, maintenance, repair or improvement of the Sites under which there is an obligation of the Borrowers, in the aggregate, to pay, or under which the Borrowers receive in compensation, more than $250,000 per annum, excluding (i) the Management Agreement, (ii) the Leases and (iii) any agreement which is terminable by the Borrowers on not more than sixty (60) days’ prior written notice without any fee or penalty.
		

		
			“Material Lease” means any written Lease, or a series of Leases which provide for specified equipment and a uniform rental rate, by a Borrower of space at one or more of the Sites which (i)(a) provides for annual rent or other payments in an amount equal to or greater than $250,000, and (b) may not be cancelled by a Borrower on thirty (30) days’ notice without payment of a termination fee, penalty or other cancellation fee, (ii) obligates the Borrower to make any improvements to the Sites either directly or through cash allowances (including, without limitation, free rent, tenant improvement allowances, or landlord’s construction work) to the applicable tenant in excess of $200,000 per Site, or (iii) is a ground lease where the Borrower is the landlord under such ground lease.
		

		
			“Maturity Date” for each Existing Component, has the meaning set forth in Section 2.1(C), for each Amendment Date Component, has the meaning set forth in Section 2.1(D), and for each Additional Component, has the meaning set forth in the Loan Agreement Supplement relating to such Additional Component.  The “Maturity Date” for each Note is the date set forth on such Note, as amended, modified or restated, on which the final payment of principal of such Note becomes due and payable as provided herein, whether at such stated Maturity Date, by acceleration, or otherwise.
		

		
			“Maximum Rate” has the meaning set forth in Section 2.2.
		

		
			“Minimum DSCR” means 1.15:1.
		

		
			“Moody’s” means Moody’s Investors Service, Inc.
		

		
			“Mortgages” means the mortgages, deeds of trust and deeds to secure debt creating first priority mortgage liens on the Borrowers’ interests (fee, leasehold or easement) in the Mortgaged Sites.
		

		
			“Mortgaged Sites” and “Mortgaged Site” means, collectively, or individually, the properties (including land and Improvements) described in Exhibit C, and all related facilities, owned or leased by the Amendment Date Borrowers and which shall be encumbered by and are more particularly described in the respective Deeds of Trust; provided that, (i) following a Release of a Mortgaged Site, “Mortgaged Sites” shall not include such Mortgaged Site, (ii) following a Substitution with respect to a Mortgaged Site, “Mortgaged Sites” shall include the Replacement Site and shall exclude the Substituted Site and, (iii) with 
		

		 

		

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		respect to, or following, the addition of any Additional Site(s) and/or Additional Borrower Site(s), “Mortgaged Sites” shall include all such Sites required to be encumbered by a Deed of Trust pursuant to the Loan Agreement Supplement relating to such Additional Sites or Additional Borrower Sites.
		

		
			“Multiemployer Plan” means a “multiemployer plan” as defined in Section 3(37) or Section 4001(a)(3) of ERISA to which any of the Borrowers or any Affiliate is making, or is accruing an obligation to make, contributions or has made, or been obligated to make, contributions within the preceding six (6) years, or for which any of the Borrowers or any Affiliate has or may have any liability, including contingent liability.
		

		
			“Net Cash Flow” for the Sites means four times the excess of the Net Operating Income for the trailing three-month period ended as of the most recently ended calendar month for which the Borrowers have been required to deliver Financial Statements to the Lender pursuant to Section 5.1(A)(iv) over the Management Fee payable for such period; provided that for any period during the first three (3) full calendar months following acquisition of an Additional Site or the addition of an Additional Borrower Site, Net Cash Flow for the Sites relating to such Additional Sites or Additional Borrower Sites shall be calculated as the Annualized Run Rate Net Cash Flow of such Sites.
		

		
			“Net Operating Income” or “NOI” means, for any period, the amount by which Operating Revenues exceed Operating Expenses (excluding Management Fees, interest, income taxes, depreciation, accretion and amortization).
		

		
			“Net Rent Tenant Lease” means a Lease under which a Tenant is obligated to reimburse a Borrower for certain costs and expenses, including, among other things, site maintenance, utilities, real estate taxes, ground lease rents and the maintenance of property insurance.
		

		
			“Notes” means the Existing Notes, the Amendment Date Notes and any Additional Notes, as amended, modified or restated, and any replacement or substitute notes therefor, by means of multiple notes or otherwise.
		

		
			“Obligations” means the Loan and all obligations, liabilities and indebtedness of every nature to be paid or performed by the Borrowers under the Loan Documents, including the Principal Amount of the Loan, interest accrued thereon and all fees, costs and expenses, and other sums now or hereafter owing, due or payable and whether before or after the filing of a proceeding under the Bankruptcy Code by or against any of the Borrowers, and the performance of all other terms, conditions and covenants under the Loan Documents.
		

		
			“Officer’s Certificate” means a certificate delivered to the Lender by a Borrower or the Manager, as applicable, which is signed on behalf of such Borrower or the Manager by an authorized officer of such Borrower or the Manager which states that the items set forth in such certificate are true, accurate and complete in all material respects.
		

		
			“Operating Budget” means, for any period, the Borrowers’ budget setting forth the Borrowers’ best estimate, after due consideration, of all Operating Expenses and any other expenses for the Sites for such period, as the same may be amended pursuant to Section 5.1(D).
		

		

		

		 

		

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		“Operating Expenses” means, for any period, without duplication, all direct costs and expenses of operating and maintaining the Sites (including Management Fees) determined in accordance with GAAP and all Maintenance Capital Expenditures related to the Sites excluding (i) the cost of portfolio support personnel provided by the Manager to perform site visits, (ii) the impact on rent expense of accounting for ground and other site leases with fixed escalators on a straight‐line basis as required under SFAS 13 and (iii) the impact of amortization of lease origination cost.  Operating Expenses do not include discretionary capital expenditures made to acquire a fee interest or a long-term easement in a Ground Lease Site, expenditures to obtain long term extensions of ground leases or expenditures to otherwise enhance the Operating Revenues of a Site.
		

		
			“Operating Revenues” means, for any period, all revenues of the Borrowers from operation of the Sites or otherwise arising in respect of the Sites that are properly allocable to the Sites for such period in accordance with GAAP, including, without limitation, all revenues from the leasing, subleasing, licensing, concessions or other grant of the right of the possession, use or occupancy of all or any portion of the Sites or personalty located thereon, or rendering of service by the Borrowers, proceeds from rental or business interruption insurance relating to business interruption or loss of income for the period in question and any other items of revenue which would be included in operating revenues under GAAP; excluding the impact on revenues of accounting for leases with fixed escalators on a straight-line basis as required under SFAS No. 13, proceeds from abatements, reductions or refunds of real estate or personal property taxes relating to the Sites, dividends on insurance policies relating to the Sites, condemnation proceeds arising from a temporary taking of all or a part of any Sites, security and other deposits until they are forfeited by the depositor, advance rentals until they are earned, proceeds from a sale, financing or other disposition of the Sites or any part thereof or interest therein and other non‐recurring revenues as determined by the Lender, insurance proceeds (other than proceeds from rental or business interruption insurance), other condemnation proceeds, capital contributions or loans to the Borrowers and disbursements to the Borrowers from the Reserves.
		

		
			“Original Closing” means the consummation of the transactions contemplated by the Original Loan Agreement on the Original Closing Date.
		

		
			“Original Closing Date” means November 18, 2005.
		

		
			“Original Loan Agreement” has the meaning set forth in the Recitals.
		

		
			“Other Advance Rents Reserve Deposit” has the meaning set forth in the Cash Management Agreement.
		

		
			“Other Company Collateral” has the meaning set forth in Section 10.1.
		

		
			“Other Pledged Site Substitution” has the meaning set forth in Section 11.6.
		

		
			“Other Pledged Sites” means, collectively, the properties (including land and Improvements) described in Exhibit D, and all related facilities, owned or leased by the Amendment Date Borrowers; provided that, following (x) an Other Pledged Site Substitution, “Other Pledged Sites” shall include the Replacement Other Pledged Site and shall exclude the Substituted Other Pledged Site, and (y) the addition of any Additional Sites or Additional 
		

		 

		

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		Borrower Sites, “Other Pledged Sites” shall include all Additional Sites and Additional Borrower Sites that are not Mortgaged Sites pursuant to the Loan Agreement Supplement relating to such Additional Sites or Additional Borrower Sites, including any such Sites which any Borrower manages on behalf of a Third Party Owner pursuant to a Site Management Agreement.
		

		
			“Other Rents Reserve Deposit” has the meaning set forth in the Cash Management Agreement.
		

		
			“Other Title Policies” means the ALTA policies of title insurance pertaining to the Other Pledged Sites issued by the Title Company to the Borrowers.
		

		
			“Owned Sites” and “Owned Site” means, collectively or individually all real estate owned, in fee by the Amendment Date Borrowers, including, following the addition of an Additional Site or Additional Borrower Site, any such Additional Site or Additional Borrower Site owned in fee, and any Easement Site or Ground Lease Site a fee interest in which is acquired by a Borrower, in each case, together with any fixtures and appurtenances thereon.
		

		
			“Parent Guaranty” means the Parent Guaranty dated as of the Original Closing Date from SBA Holdings to the Lender, as the same may be amended or modified from time to time.
		

		
			“Parent Pledge Agreement” means that certain Pledge and Security Agreement dated as of the Original Closing Date delivered by SBA Holdings and given for the benefit of the Lender pursuant to which SBA Holdings pledges its ownership interests in the Guarantor to secure the Obligations, as the same may be amended or modified from time to time.
		

		
			“Payment Guaranty” means the Payment Guaranty dated as of the Original Closing Date from the Guarantor to the Lender, as the same may be amended or modified from time to time.
		

		
			“Permitted Encumbrances” means, collectively, (i) the Deeds of Trust and the other Liens of the Loan Documents in favor of the Lender, (ii) the items shown in Schedule B to the Title Policies, (iii) with respect to any Site, Liens for Impositions not yet due and payable or Liens arising after the Original Closing Date or, in the case of any Replacement Site, Additional Site or Additional Borrower Site, the date on which such Site became a Replacement Site, Additional Site or Additional Borrower Site, as the case may be, which are being contested in good faith by appropriate proceedings promptly instituted and diligently conducted in accordance with Section 5.3(B); (iv) statutory Liens of carriers, warehousemen, mechanics, materialman and other similar Liens arising by operation of law, which are incurred in the ordinary course of business and discharged by the Borrowers by payment, bonding or otherwise within forty‐five (45) days after the filing thereof or which are being contested in good faith in accordance with Section 5.3(B); (v) Liens arising from reasonable and customary purchase money financing of personal property and equipment leasing to the extent the same are created in the ordinary course of business in accordance with Section 5.14(B); (vi) all easements, rights‐of‐way, restrictions and other similar charges or non‐monetary encumbrances against real property which do not have a Material Adverse Effect; and (vii) Liens on cash collateral 
		

		 

		

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		accounts to secure reimbursement or indemnity obligations related to surety bonds obtained in the ordinary course of business.
		

		
			“Permitted Indebtedness” has the meaning set forth in Section 5.14.
		

		
			“Permitted Investments” has the meaning set forth in the Cash Management Agreement.
		

		
			“Permitted Ownership Interest Transfers” has the meaning set forth in Section 11.2.
		

		
			“Person” means and includes natural persons, corporations, limited liability companies, limited partnerships, general partnerships, joint stock companies, joint ventures, associations, companies, trusts, banks, trust companies, land trusts, business trusts or other organizations, whether or not legal entities, and governments and agencies and political subdivisions thereof and their respective permitted successors and assigns (or in the case of a governmental Person, the successor functional equivalent of such Person).
		

		
			“Pledge Agreements” means, collectively, the Parent Pledge Agreement, the Guarantor Pledge Agreement and any Additional Pledge Agreements.
		

		
			“Post-ARD Additional Interest” has the meaning set forth in Section 2.4(A)(ii).
		

		
			“Post-ARD Additional Interest Rate” for each Existing Component, has the meaning set forth in Section 2.1(C), for each Amendment Date Component, has the meaning set forth in Section 2.1(D), and for each Additional Component, has the meaning set forth in the Loan Agreement Supplement relating to such Additional Component.
		

		
			“Pre‐Existing Condition” has the meaning set forth in Section 5.5.
		

		
			“Property” has the meaning set forth in Section 9.1.
		

		
			“Principal Amount” means, with respect to the Loan, the aggregate Component Principal Balance of all Components of the Loan, and with respect to any Component, the principal amount of such Component, in each case as such amount may be reduced from time to time pursuant to the terms of this Loan Agreement, the Notes or the other Loan Documents.
		

		
			“Quarterly Advance Rents Reserve Deposit” has the meaning set forth in the Cash Management Agreement.
		

		
			“Rating Agency” means Moody’s or Fitch.  If any such rating agency or any successor fails to remain in existence, “Rating Agency” shall be deemed to refer to such other nationally recognized statistical rating agency or other comparable Person designated by the Depositor, notice of which designation shall be given to the other parties hereto, and specific ratings of Fitch or Moody’s herein referenced shall be deemed to refer to the equivalent ratings of the party so designated.
		

		

		

		 

		

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		“Rating Agency Confirmation” means, with respect to the transaction or matter in question:
		

		
			(i) prior to the Second Amendment Effective Date, Moody’s shall have confirmed in writing that such transaction or matter shall not result in a downgrade, qualification, or withdrawal of the then current rating for any certificate or other securities issued in connection with any Securitization (or the placing of such certificate or other security on negative credit watch or ratings outlook in contemplation of any such action with respect thereto) and provision of notice of such transaction or matter in question to Fitch; provided,  however, that with respect to Sections 11.1, 11.2, 11.3 and 11.4 (excepting 11.4(C)), Rating Agency Confirmation means provision of notice to Moody’s and Fitch; and 
		

		
			(ii) on and after the Second Amendment Effective Date, Moody’s shall have confirmed in writing (which may be in the form of e-mail, facsimile, press release, posting to its internet website or other such means then considered industry standard as determined by Moody’s) that such transaction or matter shall not result in a downgrade, qualification, or withdrawal of the then current rating for any certificate or other securities issued in connection with any Securitization (or the placing of such certificate or other security on negative credit watch or ratings outlook in contemplation of any such action with respect thereto) and provision of notice of such transaction or matter in question to Fitch; provided,  however, that with respect to Sections 11.3 and 11.4 (excepting 11.4(C)), Rating Agency Confirmation means provision of notice to Moody’s and Fitch; provided,  further, that (i) if a Rating Agency Declination is received, the requirement to receive Rating Agency Confirmation from Moody’s with respect to such matter will not apply and (ii) other than in connection with a Rating Agency Confirmation with respect to a matter arising under Sections 3.2, 5.11(B), 5.11(C), 11.1, 11.2 and 11.4(C)(i), if Moody’s refuses to respond or otherwise does not respond to a request for Rating Agency Confirmation after good faith efforts by the party requesting such Rating Agency Confirmation in accordance with Section 14.26, the requirement to receive such Rating Agency Confirmation shall be waived unless Moody’s refusal or failure to respond to such request (A) followed Moody’s consideration of the substance of such request or (B) is due to any failure to reach a commercial agreement between Moody’s and the Borrowers or its Affiliates including, but not limited to, any disagreement regarding Moody’s fees.
		

		
			“Rating Agency Declination” means receipt of a written waiver or acknowledgement from a Rating Agency indicating its decision not to review or declining to review a matter for which Rating Agency Confirmation is sought; provided that the absence of Rating Agency Confirmation from a Rating Agency following a consideration by such Rating Agency of the substance of a request shall not constitute a Rating Agency Declination; provided,  further, that if a Rating Agency publicly announces a policy, as a general matter, to no longer review requests for rating agency confirmations, so long as such policy shall remain in effect, any party requesting a Rating Agency Confirmation in connection with a particular matter shall only be required to deliver written notice to such Rating Agency of such matter and such Rating Agency shall thereafter be deemed to have delivered a Rating Agency Declination with respect to such matter.
		

		

		

		 

		

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		“Rating Criteria” with respect to any Person, means that (i) the short‐term unsecured debt obligations of such Person are rated at least “P‐2” by Moody’s and “F2” by Fitch, if deposits are held by such Person for a period of less than one month, or (ii) the long‐term unsecured debt obligations of such Person are rated at least “Baa3” by Moody’s and “BBB+” by Fitch, if deposits are held by such Person for a period of one month or more.
		

		
			“Receipts” means all revenues, receipts and other payments to the Borrowers of every kind arising from ownership, operation or management of the Sites, including without limitation, all warrants, stock options, or equity interests in any Tenant, licensee or other Person occupying space at, or providing services related to or for the benefit of, the Sites received by the Borrowers or any Related Person in lieu of rent or other payment, but excluding, (i) any amounts received by the Borrowers and required to be paid to any Person that is not a Related Person as management fees, brokerage fees, fees payable to the owner of a Managed Site or similar fees or reimbursements, (ii) any other amounts received by the Borrowers or any Related Person that constitute the property of a Person other than a Borrower (including, without limitation, all revenues, receipts and other payments arising from the ownership, operation or management of properties by Affiliates of a Borrower), and (iii) security deposits received under a Lease, unless and until such security deposits are applied to the payment of amounts due under such Lease.
		

		
			“Register” has the meaning set forth in Section 14.12.
		

		
			“Register Agent” has the meaning set forth in Section 14.12.
		

		
			“Related Party” has the meaning set forth in Section 9.1.
		

		
			“Related Person” means any Person in which a Borrower, SBA Holdings or the Guarantor holds, directly or indirectly, greater than a ten percent (10%) equity interest.
		

		
			“Release” means the release of a Site from the applicable Loan Documents in accordance with Section 11.4.
		

		
			“Release Price” means an amount equal to the greater of (x) one hundred twenty‐five percent (125%) of the Allocated Loan Amount of the applicable Site and (y) such amount as shall result in the Debt Service Coverage Ratio following the Release being equal to or greater than the Debt Service Coverage Ratio as in effect immediately prior to the Release.
		

		
			“Released Site” means a Site that has been released from the applicable Loan Documents in accordance with Section 11.4.
		

		
			“Rent Roll” means a rent roll for each of the Sites, certified by the Borrowers, and in form and substance satisfactory to the Lender.
		

		
			“Rents” has the meaning set forth in the Deeds of Trust.
		

		
			“Replacement Other Pledged Site” and “Replacement Other Pledged Sites” have the meanings set forth in Section 11.6.
		

		

		

		 

		

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		“Replacement Other Pledged Site” and “Replacement Other Pledged Sites” have the meanings set forth in Section 11.6.
		

		
			“Replacement Site” and “Replacement Sites” have the meanings set forth in Section 11.5.
		

		
			“Requesting Party” has the meaning set forth in Section 14.26.
		

		
			“Reserve Sub‐Accounts” has the meaning set forth in Section 7.1.
		

		
			“Reserves” means the Imposition and Insurance Reserve, the Advance Rents Reserve, the Cash Trap Reserve and any other reserves held by or on behalf of the Lender pursuant to this Loan Agreement or the other Loan Documents.
		

		
			“Responsible Officer” means a chief executive officer, president or chief financial officer (or other individual performing the functions of any of the foregoing of such person).
		

		
			“Restoration” has the meaning set forth in Section 5.5.
		

		
			“SBA Finance” means SBA Senior Finance, LLC, a Florida limited liability company, and its successor and assigns.
		

		
			“SBA GC” has the meaning set forth in the Preamble.
		

		
			“SBA GC Holdings” means SBA GC Holdings, LLC, a Delaware limited liability company, and its successors and assigns.
		

		
			“SBA GC Parent I” means SBA GC Parent I, LLC, a Delaware limited liability company, and its successors and assigns.
		

		
			“SBA GC Parent II” means SBA GC Parent II, LLC, a Delaware limited liability company, and its successors and assigns.
		

		
			“SBA Holdings” means SBA Holdings LLC, a Delaware limited liability company, and its successors and assigns.
		

		
			“SBA Infrastructure” has the meaning set forth in the Preamble.
		

		
			“SBA Monarch I” has the meaning set forth in the Preamble.
		

		
			“SBA Monarch III” has the meaning set forth in the Preamble.
		

		
			“SBA Parent” has the meaning set forth in Section 5.1.
		

		
			“SBA PR” has the meaning set forth in the Recitals.
		

		
			“SBA Properties” has the meaning set forth in the Preamble.
		

		

		

		 

		

			‐27‐

		

 

		

			 

		

		“SBA Sites” has the meaning set forth in the Preamble.
		

		
			“SBA Structures” has the meaning set forth in the Preamble.
		

		
			“SBA TC” has the meaning set forth in the Preamble.
		

		
			“SBA TC PR” has the meaning set forth in the Preamble.
		

		
			“SBA Towers” has the meaning set forth in the Recital.
		

		
			“SBA Towers IV” has the meaning set forth in the Preamble.
		

		
			“SBA Towers VII” has the meaning set forth in the Preamble.
		

		
			“SBA USVI” has the meaning set forth in the Preamble.
		

		
			“SBA USVI II” has the meaning set forth in the Preamble.
		

		
			“Scheduled Defeasance Payments” means payments on or prior to, but as close as possible to (i) each Due Date after the date of defeasance and through and including the first Due Date that is after the date for each Component that no Yield Maintenance is payable in respect of any prepayment of such Component in amounts equal to the scheduled payments due on such dates under the Loan Documents, including payment of any Workout Fees due under the Trust Agreement, and (ii) the first Due Date that is after the date for each Component of the Loan that no Yield Maintenance is payable in respect of any prepayment of such Component in an amount equal to the Principal Amount of the Loan and accrued interest thereon, including payment of any Workout Fees due under the Trust Agreement.
		

		
			“SEC” has the meaning set forth in Section 5.1.
		

		
			“Second Amendment Effective Date” means the first date after the Amendment Date on which the principal amount of each of the 2010-1C Component, the 2010-2C Component and the 2012-1C Component and all accrued and unpaid interest thereon are paid in full and all other Obligations in respect of the 2010-1C Component, the 2010-2C Component and the 2012-1C Component are satisfied.
		

		
			“Second Request” has the meaning set forth in Section 14.26(B)(i).
		

		
			“Securitization” means an offering of securities rated by the Rating Agencies representing direct or indirect interests in the Loan or the right to receive income therefrom.
		

		
			“Security”  has the meaning set forth in the Trust Agreement.
		

		
			  “Security Agreement” has the meaning set forth in Section 11.3.
		

		
			“Securityholders”  has the meaning set forth in the Trust Agreement.
		

		
			“Semi-Annual Advance Rents Reserve Deposit” has the meaning set forth in the Cash Management Agreement.
		

		

		

		 

		

			‐28‐

		

 

		

			 

		

		“Servicer” means a Person selected by the Lender from time to time in its sole discretion to service the Loan.
		

		
			“SFASB” means Statement of Financial Accounting Standards 13 published by the Financial Accounting Standards Board.
		

		
			“Site Management Agreement” means any lease (other than a Ground Lease), management agreement, or similar agreement pursuant to which a Borrower is authorized to sublease or otherwise broker space at a Managed Site.
		

		
			“Sites” means, collectively, the Mortgaged Sites and the Other Pledged Sites.
		

		
			“SNDA” has the meaning set forth in Section 5.10.
		

		
			“Special Servicing Period” has the meaning set forth in the Trust Agreement.
		

		
			“Sub‐Accounts” has the meaning set forth in Section 7.1.
		

		
			“Substituted Other Pledged Site” has the meaning set forth in Section 11.6.
		

		
			“Substituted Site” has the meaning set forth in Section 11.5.
		

		
			“Substitution” has the meaning set forth in Section 11.5.
		

		
			“Successor Borrowers” has the meaning set forth in Section 11.3.
		

		
			“Supplemental Financial Information” means (i) commencing with the one year anniversary of the Original Closing Date, a comparison of budgeted expenses and the actual expenses for the prior calendar year or corresponding calendar quarter for such prior year, and (ii) such other financial reports as the subject entity shall routinely and regularly prepare as requested by the Lender.
		

		
			“Tax Liabilities” has the meaning set forth in Section 2.8.
		

		
			“Tenant” means a tenant or licensee under a Lease.
		

		
			“Third Amendment Effective Date” means the first date after the Amendment Date on which the principal amount of each of the Existing Components and all accrued and unpaid interest thereon are paid in full and all other Obligations in respect of the Existing Components are satisfied.
		

		
			“Third Party Owner” means a third party with which a Borrower has entered into a lease, management or similar agreement with respect to a Site.
		

		
			“Title Company” means Stewart Title Insurance Company, a New York corporation, and such other national title insurance company as may be reasonably acceptable to the Lender.
		

		

		

		 

		

			‐29‐

		

 

		

			 

		

		“Title Policies” means the ALTA mortgagee policies of title insurance pertaining to the Deeds of Trust on the Mortgaged Sites issued by the Title Company to the Lender.
		

		
			“Tower” and “Towers” means collectively, or individually, any wireless communications towers owned, leased or managed (or to be owned, leased or managed) by a Borrower, including any rooftop or other sites owned, leased or managed by a Borrower, together with any real estate, fixtures and appurtenances that accompany the towers, rooftops or other sites that may be added as Additional Site(s) and/or Additional Borrower Site(s).
		

		
			“Transfer” has the meaning set forth in Section 11.2.
		

		
			“Trust” means the SBA Tower Trust created by the Trust Agreement.
		

		
			“Trust Agreement” has the meaning set forth in the Recitals.
		

		
			“Trustee” means the trustee of the Trust under the Trust Agreement.
		

		
			“UCC” means the Uniform Commercial Code in effect in each State in which any of the Collateral or Other Company Collateral may be located from time to time.
		

		
			“Unseasoned Site” means any Site that has been owned by the Borrowers, or any of them, for less than twelve (12) full calendar months.
		

		
			“Value Reduction Accrued Interest” has the meaning set forth in Section 2.4(A)(iii).
		

		
			“Value Reduction Amount” has the meaning set forth in the Trust Agreement.
		

		
			“Variable Funding Series” has the meaning set forth in the Trust Agreement.
		

		
			“Waiving Party” has the meaning set forth in Section 13.1.
		

		
			“Workout Fees”  has the meaning set forth in the Trust Agreement.
		

		
			“Yield Maintenance” for each Existing Component, has the meaning set forth in Section 2.1(C), for each Amendment Date Component, has the meaning set forth in Section 2.1(D), and for each Additional Component, has the meaning set forth in the Loan Agreement Supplement relating to such Additional Component.
		

		
			Section 1.2Accounting Terms.
		

		
			  For purposes of this Loan Agreement, all accounting terms not otherwise defined herein shall have the meanings assigned to such terms in conformity with GAAP.
		

		
			Section 1.3Other Definitional Provisions.
		

		
			  References to “Articles”, “Sections”, “Subsections”, “Exhibits” and “Schedules” shall be to Articles, Sections, Subsections, Exhibits and Schedules, respectively, of this Loan Agreement unless otherwise specifically provided.  Any of the terms defined in Section 1.1 may, unless the context otherwise requires, be used in the singular or the plural depending on the reference.  In this Loan Agreement, “hereof”, “herein”, “hereto”, 
		

		 

		

			‐30‐

		

 

		

			 

		

		“hereunder” and the like mean and refer to this Loan Agreement as a whole and not merely to the specific article, section, subsection, paragraph or clause in which the respective word appears; words importing any gender include the other genders; references to “writing” include printing, typing, lithography and other means of reproducing words in a tangible visible form; the words “including”, “includes” and “include” shall be deemed to be followed by the words “without limitation”; and any reference to any statute or regulation may include any amendments of same and any successor statutes and regulations.  Further, (i) any reference to any agreement or other document may include subsequent amendments, assignments, and other modifications thereto, and (ii) any reference to any Person may include such Person’s respective permitted successors and assigns or, in the case of governmental Persons, Persons succeeding to the relevant functions of such Persons.
		

		
			ARTICLE II

TERMS OF THE LOAN
		

		
			Section 2.1Loan.
		

		
			(A)Amendment and Restatement; Loan.  The Existing Loan Agreement is hereby amended and restated in its entirety in accordance with the terms of this Loan Agreement.  
		

		
			(B)Amendment Date Additional Borrowers.  The Existing Borrowers elect to cause each Amendment Date Additional Borrower to assume and become jointly and severally liable under the Notes, this Loan Agreement and the other Loan Documents, and each Amendment Date Additional Borrower hereby covenants and agrees upon the execution and delivery of this Loan Agreement by such Amendment Date Additional Borrower: 
		

		
			(i)such Amendment Date Additional Borrower shall be a Borrower jointly and severally liable under this Loan Agreement and each of the other Loan Documents and Mortgage Loan Documents (as defined in the Trust Agreement) to which such Amendment Date Additional Borrower shall become a party as provided herein, and shall be entitled to all of the respective rights and privileges, and subject to all of the respective duties and obligations of a Borrower hereunder and thereunder, and
		

		
			(ii)such Amendment Date Additional Borrower shall perform in accordance with their terms all of the obligations which by the terms of this Loan Agreement and the other Loan Documents and Mortgage Loan Documents to which such Amendment Date Additional Borrower shall become as provided herein a party are required to be performed by it as a Borrower and shall be bound by all of the provisions of this Loan Agreement and such other Loan Documents and Mortgage Loan Documents as if it had been an original party to such agreements.
		

		
			(C)Existing Components.  The Existing Indebtedness consists of the following six separate components (each, an “Existing Component”), each having 
		

		
			(i)the designation, the initial Component Principal Balance and the Component Rate set forth below:
		

		

		

		 

		

			‐31‐

		

 

		

			 

		

		 
		

			
					
						Component

					
					
						Initial Component Principal Balance

					
					
						Component Rate

				
	
					
						2010-1C Component

					$
680,000,000 
					
4.254% 
				
	
					
						2010-2C Component

					$
550,000,000 
					
5.101% 
				
	
					
						2012-1C Component

					$
610,000,000 
					
2.933% 
				
	
					
						2013‐1C Component

					$
425,000,000 
					
2.240% 
				
	
					
						2013‐1D Component

					$
330,000,000 
					
3.598% 
				
	
					
						2013-2C Component

					$
575,000,000 
					
3.722% 
				

		
			(ii)a Post-ARD Additional Interest Rate determined by the Servicer to be the greater of (i) five percent (5%) and (ii) the amount, if any, by which the sum of the following exceeds the Component Rate for such Existing Component: (x) the yield to maturity (adjusted to a “mortgage equivalent basis” pursuant to the standards and practices of the Securities Industry Association) on the Anticipated Repayment Date for such Existing Component of the United States Treasury Security having a term closest to ten (10) years plus (y) the “Spread” set forth below in the appropriate row corresponding to such Existing Component plus (z) five percent (5%):
		

		
			 
		

			
					
						Component

					
					
						Spread

				
	
					
						2010-1C Component

					
1.65% 
				
	
					
						2010-2C Component

					
1.80% 
				
	
					
						2012-1C Component

					
2.37% 
				
	
					
						2013‐1C Component

					
1.56% 
				
	
					
						2013‐1D Component

					
2.93% 
				
	
					
						2013‐2C Component

					
1.99% 
				

		
			(iii)a Maturity Date which is the Due Date occurring in the month and year set forth below in the appropriate row corresponding to such Existing Component or such earlier date on which the final payment of principal of the Notes becomes due and payable as provided in the Loan Agreement, whether at such Maturity Date, by acceleration, or otherwise:
		

		
			 
		

			
					
						Component

					
					
						Month and Year

				
	
					
						2010-1C Component

					
					
						April 2040

				
	
					
						2010-2C Component

					
					
						April 2042

				
	
					
						2012-1C Component

					
					
						December 2042

				
	
					
						2013‐1C Component

					
					
						April 2043

				
	
					
						2013‐1D Component

					
					
						April 2043

				
	
					
						2013‐2C Component

					
					
						April 2048

				

		
			(iv)Yield Maintenance in an amount equal to the excess, if any, of (i) the present value as of the date of prepayment (by acceleration or otherwise) of all future installments 
		

		 

		

			‐32‐

		

 

		

			 

		

		of principal and interest that the Borrowers would otherwise be required to pay on such Existing Component (or portion thereof) on the related Due Date from the date of such prepayment to and including the first Due Date that occurs nine months, in the case of the 2010-1C Component and the 2010-2C Component, eighteen months, in the case of the 2013-2C Component, or twelve months, in the case of each other Existing Component, prior to the Anticipated Repayment Date for such Existing Component absent such prepayment, assuming the entire unpaid Principal Amount of such Existing Component is required to be paid on such Due Date, with such present value determined by the use of a discount rate equal to the sum of (x) the yield to maturity (adjusted to a “mortgage equivalent basis” pursuant to the standards and practices of the Securities Industry Association), on the Due Date relating to the date of such prepayment, of the United States Treasury Security having the maturity closest to the Distribution Date that occurs nine months, in the case of the 2010-1C Component and the 2010-2C Component, eighteen months, in the case of the 2013-2C Component, or twelve months, in the case of each other Existing Component, prior to the Assumed Final Distribution Date related to the Anticipated Repayment Date for such Existing Component plus (y) 0.50% over (ii) the Component Principal Balance of such Existing Component (or portion thereof) on the date of such prepayment.  No Yield Maintenance is payable in connection with any prepayment of an Existing Component that occurs less than nine months, in the case of the 2010-1C Component and the 2010-2C Component, eighteen months, in the case of the 2013-2C Component, or twelve months, in the case of each other Existing Component, prior to the Anticipated Repayment Date for such Existing Component.
		

		
			Interest shall accrue on each Existing Component and the corresponding Note from and including the date of the initial issuance of such Note under the Existing Loan Agreement.  
		

		
			There are no scheduled payments of principal of any Existing Component and the Borrowers shall not be required to pay any principal of any Existing Component prior to the Anticipated Repayment Date for such Existing Component, other than after the occurrence and during the continuation of an Amortization Period or an Event of Default as provided in this Loan Agreement or as otherwise required under the terms of the Loan Documents.  The Anticipated Repayment Date for each Existing Component is the Due Date occurring in the month and year set forth below in the appropriate row corresponding to such Existing Component: 
		

		
			 
		

		 

		

			‐33‐

		

 

		

			 

		

			
					
						Component

					
					
						Month and Year

				
	
					
						2010-1C Component

					
					
						April 2015

				
	
					
						2010-2C Component

					
					
						April 2017

				
	
					
						2012-1C Component

					
					
						December 2017

				
	
					
						2013‐1C Component

					
					
						April 2018

				
	
					
						2013‐1D Component

					
					
						April 2018

				
	
					
						2013‐2C Component

					
					
						April 2023

				

		
			(D)Amendment Date Components.  The Lender and the Amendment Date Borrowers agree to the Increased Indebtedness which shall consist of the following two separate components, each having 
		

		
			(i)the designation, the initial Component Principal Balance and the Component Rate set forth below:
		

		
			 
		

			
					
						Component

					
					
						Initial Component Principal Balance

					
					
						Component Rate

				
	
					
						2014-1C Component

					$
920,000,000 
					
2.898% 
				
	
					
						2014-2C Component

					$
620,000,000 
					
3.869% 
				

		
			(ii)a Post-ARD Additional Interest Rate determined by the Servicer to be the greater of (i) five percent (5%) and (ii) the amount, if any, by which the sum of the following exceeds the Component Rate for such Amendment Date Component: (x) the yield to maturity (adjusted to a “mortgage equivalent basis” pursuant to the standards and practices of the Securities Industry Association) on the Anticipated Repayment Date for such Amendment Date Component of the United States Treasury Security having a term closest to ten (10) years plus (y) the “Spread” set forth below in the appropriate row corresponding to such Amendment Date Component plus (z) five percent (5%):
		

		
			 
		

			
					
						Component

					
					
						Spread

				
	
					
						2014-1C Component

					
1.28% 
				
	
					
						2014-2C Component

					
1.55% 
				

		
			(iii)a Maturity Date which is the Due Date occurring in the month and year set forth below in the appropriate row corresponding to such Amendment Date Component or such earlier date on which the final payment of principal of the Notes becomes due and payable as provided in the Loan Agreement, whether at such Maturity Date, by acceleration, or otherwise:
		

		
			 
		

		 

		

			‐34‐

		

 

		

			 

		

			
					
						Component

					
					
						Month and Year

				
	
					
						2014-1C Component

					
					
						October 2044

				
	
					
						2014-2C Component

					
					
						October 2049

				

		
			(iv)Yield Maintenance in an amount equal to the excess, if any, of (i) the present value as of the date of prepayment (by acceleration or otherwise) of all future installments of principal and interest that the Borrowers would otherwise be required to pay on such Amendment Date Component (or portion thereof) on the related Due Date from the date of such prepayment to and including the first Due Date that occurs twelve months, in the case of the 2014-1C Component, or eighteen months, in the case of the 2014-2C Component prior to the Anticipated Repayment Date for such Amendment Date Component absent such prepayment, assuming the entire unpaid Principal Amount of such Amendment Date Component is required to be paid on such Due Date, with such present value determined by the use of a discount rate equal to the sum of (x) the yield to maturity (adjusted to a “mortgage equivalent basis” pursuant to the standards and practices of the Securities Industry Association), on the Due Date relating to the date of such prepayment, of the United States Treasury Security having the maturity closest to the Distribution Date that occurs twelve months prior to the Assumed Final Distribution Date related to the Anticipated Repayment Date for such Amendment Date Component plus (y) 0.50% over (ii) the Component Principal Balance of such Amendment Date Component (or portion thereof) on the date of such prepayment.  No Yield Maintenance is payable in connection with any prepayment of an Amendment Date Component that occurs less than twelve months, in the case of the 2014-1C Component, or eighteen months, in the case of the 2014-2C Component, prior to the Anticipated Repayment Date for such Amendment Date Component.
		

		
			Interest shall accrue on each Amendment Date Component and the corresponding Note from and including the Amendment Date.  
		

		
			There are no scheduled payments of principal of either Amendment Date Component and the Borrowers shall not be required to pay any principal of either Amendment Date Component prior to the Anticipated Repayment Date for such Amendment Date Component, other than after the occurrence and during the continuation of an Amortization Period or an Event of Default as provided in this Loan Agreement or as otherwise required under the terms of the Loan Documents.  The Anticipated Repayment Date for each Amendment Date Component is the Due Date occurring in the month and year set forth below in the appropriate row corresponding to such Amendment Date Component: 
		

		
			 
		

			
					
						Component

					
					
						Month and Year

				
	
					
						2014-1C Component

					
					
						October 2019

				
	
					
						2014-2C Component

					
					
						October 2024

				

		
			(E)Additional Components.  The designation, initial Component Principal Balance, Component Rate, Post-ARD Additional Interest Rate, Maturity Date, Yield 
		

		 

		

			‐35‐

		

 

		

			 

		

		Maintenance and Anticipated Repayment Date for any Additional Component will be set forth in the Loan Agreement Supplement relating to such Additional Component.
		

		
			(F)Tax Treatment.  The Components (each being treated as a separate loan for U.S. federal income tax purposes) and the obligation of the Borrowers to repay the Components together with all interest and other amounts from time to time owing hereunder, may be referred to collectively herein as the “Loan.”  
		

		
			(G)Notes.  On the Amendment Date, the Amendment Date Borrowers shall execute and deliver to the Lender the following five promissory notes, each dated the Amendment Date, in exchange for the 2010-2C Note, the 2012-1C Note, the 2013-1C Note, the 2013-1D Note and the 2013-2C Note executed and delivered to the Lender by the Existing Borrowers on the 2013 Closing Date: an amended and restated 2010-2C Note, an amended and restated 2012-1C Note, an amended and restated 2013-1C Note, an amended and restated 2013-1D Note and an amended and restated 2013-2C Note, each payable to the order of the Lender, under which each Amendment Date Borrower agrees to be jointly and severally liable for the payment of all amounts payable thereunder (collectively, the “Existing Notes”).  Each Existing Note shall be in an initial principal amount equal to the Component  Principal Balance of the applicable Existing Component set forth in Section 2.1(C), bear interest on the unpaid principal amount thereof at the applicable Component Rate set forth in Section 2.1(C) and mature on the applicable Maturity Date set forth in Section 2.1(C).  Once the 2010-1C Component and all accrued and unpaid interest thereon is paid in full in accordance with Section 2.1(H) on the Amendment Date, the Lender shall return the 2010-1C Note executed and delivered to the Lender by the Existing Borrowers on the 2013 Closing Date to the Existing Borrowers for cancellation.  On the Amendment Date, each Amendment Date Borrower shall execute and deliver to the Lender a 2014‐1C Note, in the initial principal amount equal to the Component Principal Balance of the 2014-1C Component set forth in Section 2.1(D), and a 2014-2C Note payable to the order of the Lender, in the initial principal amount equal to the Component Principal Balance of the 2014-2C Component set forth in Section 2.1(D).  The Amendment Date Notes shall bear interest on the unpaid principal amount thereof at the applicable Component Rates set forth in Section 2.1(D) and mature on the Maturity Dates set forth in Section 2.1(D).  On any Additional Closing Date, the Borrowers shall execute and deliver to the Lender additional promissory notes (“Additional Notes”), one corresponding to each Component provided for in the Loan Agreement Supplement relating to such Additional Closing Date, and having an initial Component Principal Balance, bearing interest on the unpaid principal amount thereof at a Component Rate and maturing on a Maturity Date provided for therein.  Each Note shall be substantially in the form of Exhibit A or in the form attached to any Loan Agreement Supplement.
		

		
			(H)Use of Proceeds.  The proceeds of the sale of the Securities corresponding to the Amendment Date Components shall be used to fund the Increased Indebtedness and the proceeds of the Increased Indebtedness shall be used to (i) pay all recording fees and taxes, title insurance premiums, reasonable out-of-pocket costs and expenses incurred by the Lender, including reasonable legal fees and expenses of counsel to the Lender, and other costs and expenses approved by the Lender (which approval will not be unreasonably withheld or delayed) related to the Amendment Date Transactions; (ii) pay all fees and expenses incurred by the Amendment Date Borrowers; (iii) fund the deposits described in Section 3.1(B); (iv) pay the 
		

		 

		

			‐36‐

		

 

		

			 

		

		principal amount of the 2010-1C Component and all accrued and unpaid interest thereon to the Amendment Date and (v) make a cash payment to each Amendment Date Borrower.  Each Amendment Date Borrower may distribute the cash payment received by it, directly or indirectly, to the Guarantor, who may, in turn, distribute the distributions received by it from the Amendment Date Borrowers to SBA Holdings, who may, in turn, distribute the distribution received by it from the Guarantor to SBA Finance.  The proceeds of the Additional Components funded on any Additional Closing Date shall be used for the purposes provided in the applicable Loan Agreement Supplement.
		

		
			Section 2.2Interest.
		

		
			(A)Rate of Interest.  The outstanding principal balance of each Component of the Loan shall bear interest for each Interest Accrual Period at a rate per annum equal to the lesser of (i) the Component Rate, plus, following the Anticipated Repayment Date for such Component, the Post-ARD Additional Interest Rate for such Component and (ii) the Maximum Rate.
		

		
			(B)Computation of Interest.  Interest on each Component of the Loan and all other Obligations owing to Lender shall be computed on the basis of a 360‐day year consisting of twelve (12) thirty (30) day months, and shall be charged for the actual number of days elapsed during any partial thirty (30) day month, in each case, except to the extent provided in any Loan Agreement Supplement.  Interest shall be payable in arrears (except with respect to the number of days from the Due Date in any Interest Accrual Period to the last day of such Interest Accrual Period as to which interest shall be payable in advance, if any).
		

		
			(C)Interest Laws.  Notwithstanding any provision to the contrary contained in this Loan Agreement or the other Loan Documents, the Borrowers shall not be required to pay, and the Lender shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by law (“Excess Interest”).  If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any of the other Loan Documents, then in such event:  (1) the provisions of this subsection shall govern and control; (2) the Borrowers shall not be obligated to pay any Excess Interest; (3) any Excess Interest that the Lender may have received hereunder shall be, at the Lender’s option, (a) applied as a credit against either or both of the outstanding principal balance of the Loan or accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (b) refunded to the payor thereof, or (c) any combination of the foregoing; (4) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the “Maximum Rate”), and this Loan Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (5) the Borrowers shall not have any action against the Lender for any damages arising out of the payment or collection of any Excess Interest.  Notwithstanding the foregoing, if for any period of time interest on any Obligation is calculated at the Maximum Rate rather than the applicable rate under this Loan Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall, to the extent permitted by law, remain at the Maximum Rate until the Lender shall have received or accrued the amount of interest which the Lender would have 
		

		 

		

			‐37‐

		

 

		

			 

		

		received or accrued during such period on Obligations had the rate of interest not been limited to the Maximum Rate during such period.
		

		
			Section 2.3Additional Borrowers.  Subject to the satisfaction of the conditions set forth below, the Borrowers may elect, pursuant to a Loan Agreement Supplement, other newly executed Loan Documents and/or modifications, amendments or supplements to then existing Loan Documents (in each case, reasonably acceptable to the Lender) to cause one or more direct or indirect wholly-owned subsidiaries of the Guarantor to assume and become jointly and severally obligated under the Notes and the Loan Documents for repayment of the Loan, to add the Additional Borrower Sites of such Additional Borrower in accordance with Section 11.7, and to pledge the Other Company Collateral of such Additional Borrower.  Upon such election and satisfaction of such conditions, (i) Schedule 1 shall be amended to include such Additional Borrowers as are designated to become “Borrowers” hereunder; and (ii) all references to the Borrowers hereunder shall include all of the Additional Borrowers identified on such amended Schedule 1.  Any election to add an Additional Borrower shall be subject to the satisfaction of the following conditions precedent:
		

		
			(A)No Event of Default or Amortization Period is then continuing;
		

		
			(B)No event or condition has occurred or exists that, with the giving of notice or passage of time, would give rise to an Event of Default;
		

		
			(C)If a Special Servicing Period is then in effect, the Servicer’s consent has been obtained;
		

		
			(D)Such Additional Borrower must be a direct or indirect wholly-owned subsidiary of the Guarantor;
		

		
			(E)The Guarantor shall have pledged 100% of the equity of such Additional Borrower pursuant to the Guarantor Pledge Agreement, or, if such Additional Borrower is not a direct subsidiary of the Guarantor, (1) the direct parent or parents of such Additional Borrower shall have entered into an Additional Payment Guaranty and an Additional Pledge Agreement pursuant to which such direct parent or parents shall have pledged 100% of the equity of such Additional Borrower, and (2) any other subsidiary of the Guarantor that owns an indirect equity interest in such Additional Borrower shall have also entered into an Additional Payment Guaranty and an Additional Pledge Agreement pursuant to which it shall have pledged its equity interest in each of its direct subsidiaries that directly or indirectly owns an equity interest in the Additional Borrower;
		

		
			(F)On or prior to the date of such election, the Borrowers shall deliver to the Lender an opinion or opinions of counsel reasonably satisfactory to the Lender stating (i) that the addition of such Additional Borrower will not constitute a “significant modification” of the Loan or “deemed exchange” of the Notes under section 1001 of the IRC and (ii) the Loan Increase, if any, will not create a taxable event, for U.S. Federal income tax purposes, to any holder of a Security;
		

		
			(G)On or prior to the date of such election, the Borrowers shall deliver to the Lender an opinion of counsel reasonably satisfactory to the Lender concerning the substantive 
		
		
 

		

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		non-consolidation of such Additional Borrower and any related Additional Guarantors, in a form reasonably satisfactory to the Lender, provided that an opinion in the form of the substantive non-consolidation opinion delivered to the Lender on the Amendment Date with regards to the Borrower Parties pursuant to Section 3.1(E)(v) shall be satisfactory to the Lender;

		
		
			(H)Such Additional Borrower shall have represented and warranted to the Lender, in the Loan Agreement Supplement, as to itself, the representations and warranties set forth in Article IV as of the date of such election;
		

		
			(I)Such Additional Borrower shall have represented and warranted to the Lender, in the Loan Agreement Supplement, as to itself, the representations and warranties set forth in Section 9.1;
		

		
			(J)On or prior to the date of such election, the conditions with respect to the Addition of the Additional Borrower Sites of such Additional Borrower set forth in Section 11.7 shall have been satisfied; and
		

		
			(K)On or prior to the date of such election, the organizational documents of such Additional Borrower shall contain provisions that limit the purposes of such Additional Borrower in a manner that is consistent with the provisions governing the purposes of the Amendment Date Borrowers set forth in the organizational documents of the Amendment Date Borrowers on the Amendment Date, and, if such Additional Borrower is not a direct subsidiary of the Guarantor, the organizational documents of each of the direct or indirect subsidiaries of the Guarantor owning a direct or indirect equity interest in such Additional Borrower shall contain provisions that limit the purposes of such subsidiary in a manner that is consistent with the provisions governing the purposes of the Guarantor set forth in the organizational documents of the Guarantor on the Amendment Date.
		

		
			Section 2.4Payments.
		

		
			(A)Payments of Interest and Principal.  The Borrowers shall make payments of interest and principal on the Notes as follows:
		

		
			(i)On each Due Date commencing with the first Due Date, and on each Due Date thereafter through and including the Maturity Date for any Component then outstanding (except as modified by clause (ii) of this Section 2.4(A)), the Borrowers shall make (a) first, payment of all Administrative Fees then due and owing under the Loan Documents, (b) second, a payment of interest at the applicable Component Rate on each Component for the Interest Accrual Period ending immediately following such Due Date, and (c) third, a payment of principal on the Loan, if any, each of which shall be paid in accordance with Section 3.3(a) of the Cash Management Agreement.  Notwithstanding the foregoing, during the continuance of an Event of Default, payments shall be applied to the Obligations in accordance with Section 3.3(e) of the Cash Management Agreement.
		

		
			(ii)Commencing on the first Due Date after the commencement of an Amortization Period, and on each Due Date during such Amortization Period, 100% of Excess Cash Flow on such Due Date shall be due.  Until paid as provided for in Section 3.3 of the Cash Management Agreement, payment of interest accruing on a Component at the 
		
		
 

		

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		Post-ARD Additional Interest Rate for such Component shall be deferred (the “Post-ARD Additional Interest”).  Post-ARD Additional Interest shall not bear interest.

		
		
			(iii)If a Value Reduction Amount is determined to exist in accordance with the Trust Agreement, commencing on the first Due Date after such Value Reduction Amount is in effect, the interest due on any Component shall be the amount of interest for such Component calculated pursuant to clause (A) above deeming the Component Principal Balance to be reduced by an amount equal to the Value Reduction Amount for such Component, applying the Value Reduction Amount to the principal amounts of the Components in inverse order of alphabetical designation, and applied pro rata to each Component of the same alphabetical designation, based on the Component Principal Balance.  Until paid as provided for in Section 3.3 of the Cash Management Agreement, interest accrued and not paid as a consequence of a Value Reduction Amount shall be deferred and, on each Due Date, shall be added to any interest previously deferred pursuant to this sentence and remaining unpaid (“Value Reduction Accrued Interest”).  Value Reduction Accrued Interest shall not bear interest.
		

		
			(B)Date and Time of Payment.  Two (2) Business Days prior to the applicable Due Date, the Lender shall provide a statement of principal and interest required to be paid on such Due Date.  The Borrowers shall receive credit for payments on the Loan which are transferred to the account of the Lender as provided below (i) on the day that such funds are received by the Lender if such receipt occurs by 2:00 p.m. (New York time) on such day, or (ii) on the next succeeding Business Day after such funds are received by the Lender if such receipt occurs after 2:00 p.m. (New York time).  Whenever any payment to be made hereunder shall be stated to be due on a day that is not a Business Day, the payment may be made on the next succeeding Business Day.
		

		
			(C)Manner of Payment; Application of Payments.  The Borrowers promise to pay all of the Obligations relating to the Loan as such amounts become due or are declared due pursuant to the terms of this Loan Agreement.  All payments by the Borrowers on the Loan shall be made without deduction, defense, set off or counterclaim and in immediately available funds delivered to the Lender by wire transfer to such accounts at such banks as the Lender may from time to time designate.  Payment shall be made in accordance with Section 3.3(a) of the Cash Management Agreement and, to the extent sufficient funds are contained in the Central Account, or an Account or Sub‐Account thereof, to make the required monthly payments on such Due Date, the Borrowers shall be deemed to have satisfied its obligation to make such payments.  Notwithstanding the foregoing, upon the occurrence and during the continuance of an Event of Default, payments shall be applied to the Obligations in such order as the Lender shall determine in its sole and absolute discretion, provided that, if amounts are applied to pay interest or principal of the Loan, such payments shall be made in the priority provided in items (iii) and (ix) through (xi) of Section 3.3(a) of the Cash Management Agreement.
		

		
			Section 2.5Maturity.
		

		
			(A)Maturity Date.  To the extent not sooner due and payable in accordance with the Loan Documents, the then outstanding principal balance of each Note and all accrued 
		

		 

		

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		and unpaid interest thereon (and including interest through the end of the Interest Accrual Period then in effect), shall be due and payable on the Maturity Date for such Note.
		

		
			Section 2.6Prepayment.
		

		
			(A)Manner of Prepayment.  The Borrowers may prepay the Loan in whole or in part on any date upon payment of the applicable Yield Maintenance, and no Yield Maintenance is payable in connection with any prepayment of a Component of the Loan that occurs (i) (A) in the case of the 2010-2C Component, less than nine months prior to the Anticipated Repayment Date for such Component, (B) in the case of the 2013-2C Component and the 2014-2C Component, less than eighteen months prior to the Anticipated Repayment Date for such Component, (C) in the case of each other Existing Component and the 2014-1C Component, less than twelve months prior to the Anticipated Repayment Date for such Component or (D) in the case of any Additional Component, the number of months prior to the Anticipated Repayment Date for such Component set forth in the Loan Agreement Supplement relating to such Additional Component, (ii) with Loss Proceeds received as a result of any condemnation or casualty of a Site, (iii) during an Amortization Period or (iv) on or after the Second Amendment Effective Date, to cure a breach of a representation and warranty or other default herein.  Together with such prepayment the Borrowers also shall pay (i) all accrued and unpaid interest on the principal amount of the Loan being prepaid through the date of such prepayment and (ii) all other Obligations, in each case, then due and owing.  If any prepayment (whether in whole or in part) occurs, then together therewith the Borrowers also are required to pay to Lender the amount of interest that would have accrued on the principal amount being prepaid from and including the date of such prepayment to the end of the Interest Accrual Period during which such prepayment occurs.  Except during the continuation of an Event of Default or an Amortization Period that commenced as the result of the occurrence of an event described in clause (i) of the definition thereof, prepayments will be applied, at the option of the Borrowers, either (x) to the payment of the principal of the Components of the Loan sequentially in order of the alphabetical designation of each such Component, and pro rata among any such Components of the same alphabetical designation, based on the Component Principal Balance of each such Component, in each case, in the amount up to the Component Principal Balance of each such Component or (y) to the payment in full of the Component Principal Balances of the Components having the same numerical designation.  Prepayments during the continuation of an Event of Default or an Amortization Period that commenced as the result of the occurrence of an event described in clause (i) of the definition thereof will be applied in accordance with clause (x) of the preceding sentence.
		

		
			(B)Yield Maintenance.  If any prepayment of all or any portion of the Components of the Loan shall occur, then except as provided in clause (A) above or as otherwise expressly provided in this Loan Agreement or the other Loan Documents to the contrary, the Borrowers shall pay the Yield Maintenance on each Component (or portion thereof) being prepaid to the Lender together with such prepayment, as liquidated damages (which shall be the sole and exclusive remedy of the Lender in connection with such prepayment) and compensation for costs incurred, and in addition to all other amounts due and owing to the Lender.
		

		
			Section 2.7Outstanding Balance.  The balance on the Lender’s books and records shall be presumptive evidence (absent manifest error) of the amounts owing to the Lender by the Borrowers; provided that any failure to record any transaction affecting such 
		

		 

		

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		balance or any error in so recording shall not limit or otherwise affect the Borrowers’ obligation to pay the Obligations.
		

		
			Section 2.8Reasonableness of Charges.
		

		
			  The Borrower Parties agree that (i) the actual costs and damages that the Lender would suffer by reason of an Event of Default (exclusive of the attorneys’ fees and other costs incurred in connection with enforcement of the Lender’s rights under the Loan Documents) or a prepayment would be difficult and needlessly expensive to calculate and establish, and (ii) the amount of Yield Maintenance is reasonable, taking into consideration the circumstances known to the parties at this time, and (iii) such Yield Maintenance, and the Lender’s reasonable attorneys’ fees and other costs and expenses incurred in connection with enforcement of the Lender’s rights under the Loan Documents shall be due and payable as provided herein, and (iv) such Yield Maintenance, and the obligation to pay the Lender’s reasonable attorneys’ fees and other enforcement costs do not, individually or collectively, constitute a penalty.
		

		
			Section 2.9Servicing/Special Servicing.
		

		
			  The Lender may change the Servicer from time to time without the consent of the Borrowers, on prior written notice to the Borrowers.  The Borrowers expressly acknowledge and agree that the Servicer Fees and Trustee Fees, and if the Loan becomes a specially serviced loan, any additional fees of the Servicer payable in connection therewith (including, but not limited to any Liquidation Fees and Workout Fees), and any Advance Interest and any other Additional Trust Fund Expenses and fees, including any Rating Agency fees, reimbursements and indemnifications as shall be incurred or payable in connection with any Securitization (collectively, the “Administrative Fees”) shall be payable by the Borrowers and shall constitute a portion of the Obligations.  The Lender shall provide a reasonably detailed statement of Administrative Fees for which the Borrowers are liable two (2) Business Days prior to the date when due; provided that failure to timely provide such statement shall not relieve the Borrowers from the obligation to pay all such Administrative Fees.
		

		
			ARTICLE III

CONDITIONS
		

		
			Section 3.1Conditions to Amendment Date Transactions.
		

		
			  The consummation of the Amendment Date Transactions is subject to the prior or concurrent satisfaction or waiver of the conditions set forth below, and to the satisfaction of any other conditions specified herein or elsewhere in the Loan Documents applicable to the Amendment Date Transactions.  Where in this Section any documents, instruments or information are to be delivered to the Servicer, then the condition shall not be satisfied unless (i) the same shall be in form and substance reasonably satisfactory to the Servicer, and (ii) if so required by the Servicer, the Amendment Date Borrowers shall deliver to the Servicer a certificate duly executed by the Amendment Date Borrowers stating that the applicable document, instrument or information is true and complete and does not omit to state any information without which the same might reasonably be deemed materially misleading.
		

		 

		

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			(A)Loan Documents.  On or before the Amendment Date, the Amendment Date Borrowers shall execute and deliver and/or cause to be executed and delivered the following Loan Documents, each dated as of the Amendment Date, duly executed by each of the parties thereto, in form and substance satisfactory to the Servicer and in quantities designated by the Servicer (except for the Notes executed on the Amendment Date, of which only one of each designation shall be signed):
		

		
			(i)to each of the Trustee and the Servicer:
		

		
			(a)this Loan Agreement;
		

		
			(b)the Joinder to Assignment and Subordination of Management Agreement among the Amendment Date Borrowers and the Manager;
		

		
			(c)the Joinder and Amendment to the Management Agreement among the Amendment Date Borrowers, SBA Finance and the Manager;
		

		
			(d)the Joinder to the Environmental Indemnity from the Amendment Date Borrowers in favor of the Trustee;
		

		
			(e)the Amended and Restated Cash Management Agreement among the Amendment Date Borrowers, the Servicer on behalf of the Trustee, the Manager and the Agent;
		

		
			(f)the Joinder to the Advance and Reimbursement Agreement among the Amendment Date Borrowers, the Servicer and the Trustee;
		

		
			(g)the Ratification of Payment Guaranty from the Guarantor to the Servicer on behalf of the Trustee;
		

		
			(h)the Amended and Restated Pledge and Security Agreement by the Guarantor in favor of the Servicer on behalf of the Trustee and acknowledged by the Amendment Date Borrowers, SBA GC Parent I and SBA GC Parent II;
		

		
			(i)the Ratification of Parent Guaranty and the Parent Pledge Agreement from SBA Holdings to the Servicer on behalf of the Trustee;
		

		
			(j)Guaranty by SBA GC Parent I, SBA GC Parent II and SBA GC Holdings in favor of the Servicer on behalf of the Trustee;
		

		
			(k)the Pledge and Security Agreement by SBA GC Parent I, SBA GC Parent II and SBA GC Holdings in favor of the Servicer on behalf of the Trustee;
		

		
			(l)the Contribution and Subrogation Agreement among the Amendment Date Borrowers;
		

		
			(m)the Contribution Agreement between SBA Finance and SBA Holdings relating to the Amendment Date Additional Borrowers;
		

		 

		

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			(n)the Contribution Agreement between SBA Holdings and the Guarantor relating to the Amendment Date Additional Borrowers;
		

		
			(o)the Deposit Account Control Agreement among SBA GC, the Trustee and Wells Fargo Bank, N.A.; and
		

		
			(p)the Deposit Account Control Agreement among SBA Towers VII, the Trustee and Wells Fargo Bank, N.A.; 
		

		
			(ii)to the Trustee: 
		

		
			(a)the Existing Notes; and
		

		
			(b)the Amendment Date Notes;
		

		
			(iii)to the Servicer, evidence reasonably satisfactory to the Servicer, that the Financing Statements relating to the Amendment Date Additional Borrowers, SBA GC Parent I, SBA GC Parent II and SBA GC Holdings have been filed with the Secretary of State of the State of Delaware; and
		

		
			(iv)to the Servicer, the Deeds of Trust relating to the Mortgaged Sites owned or leased by the Amendment Date Additional Borrowers and all amendments to the Deeds of Trust relating to the Mortgaged Sites owned or leased by the Existing Borrowers necessitated by the Amendment Date Transactions.
		

		
			(B)Deposits.  On or prior to the Amendment Date the Amendment Date Borrowers shall have made the following deposits from the funds available therefor in accordance with Section 2.1(H):
		

		
			(i)in accordance with Section 6.3, $389,458 for deposit with the Central Account Bank in the Impositions and Insurance Reserve as required in connection with the Addition of the Additional Borrower Sites owned or leased by the Amendment Date Additional Borrowers (together with an Officer’s Certificate to the Servicer setting forth in reasonable detail the calculation of the forgoing); and 
		

		
			(ii)in accordance with Section 6.4, $3,070,990 for deposit with the Central Account Bank in the Advance Rents Reserve Sub-Account in connection with the Addition of the Additional Borrower Sites owned or leased by the Amendment Date Additional Borrowers.
		

		
			(C)Additional Conditions.  On the Amendment Date, the following shall be true and correct:
		

		
			(i)no Event of Default or Amortization Period is then continuing;
		

		
			(ii)no event or condition has occurred or exists that, with the giving or notice or passage of time, would give rise to an Event of Default;
		

		 

		

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			(iii)the Borrowers shall have obtained Rating Agency Confirmation with respect to the Amendment Date Transactions;
		

		
			(iv)the conditions with respect to the Addition of the Additional Borrower Sites of the Amendment Date Additional Borrowers set forth in Section 11.7 shall have been satisfied;
		

		
			(v)the representations and warranties of the Amendment Date Borrowers set forth in Article IV and Section 9.1 shall be true as of the Amendment Date;
		

		
			(vi)the organizational documents of each Amendment Date Additional Borrower shall contain provisions that limit its purposes in a manner that is consistent with the provisions governing the purposes of the Existing Borrowers set forth in the organizational documents of the Existing Borrowers on the Amendment Date; and
		

		
			(vii)the organizational documents of each of SBA GC Parent I, SBA GC Parent II and SBA GC Holdings shall contain provisions that limit its purposes in a manner that is consistent with the provisions governing the purposes of the Guarantor set forth in the organizational documents of the Guarantor on the Amendment Date.
		

		
			(D)Closing Certificate.  On or before the Amendment Date, the Servicer shall have received an Officer’s Certificate of the Amendment Date Borrowers stating that each of the conditions set forth in Section 3.1(C) shall have been satisfied on the Amendment Date.
		

		
			(E)Opinions of Counsel.  On or before the Amendment Date, the Servicer shall have received from legal counsel for the Amendment Date Borrowers reasonably satisfactory to the Servicer, written legal opinions, each in form and substance reasonably acceptable to the Servicer, as to such matters as the Servicer shall request, including opinions to the effect that:
		

		
			(i)each of the Depositor and the Borrower Parties is validly existing and in good standing in its state of organization;
		

		
			(ii)this Loan Agreement and the other Loan Documents have been duly authorized, executed and delivered by the Amendment Date Borrowers and are enforceable against the Amendment Date Borrowers in accordance with their terms subject to customary qualifications for bankruptcy, general equitable principles, and other customary assumptions and qualifications; 
		

		
			(iii)each Deposit Account Agreement has been duly authorized, executed and delivered by the Amendment Date Borrower party thereto and is enforceable in accordance with its terms and the security interests in favor of the Lender in the Account Collateral created thereunder has been validly created and perfected; 
		

		
			(iv)the Cash Management Agreement have been duly authorized, executed and delivered by the Amendment Date Borrowers, the Manager and the Central Account Bank and is enforceable against the Amendment Date Borrowers in accordance with its terms and 
		

		 

		

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		the security interests in favor of the Lender in the Account Collateral created thereunder has been validly created and perfected; 
		

		
			(v)none of the Amendment Date Borrowers, SBA Holdings, the Guarantor, SBA GC Parent I, SBA GC Parent II or SBA GC Holdings would be consolidated in any bankruptcy proceeding affecting SBA Finance;
		

		
			(vi)under Delaware law (1) in respect of each of the Depositor, the Amendment Date Borrowers (other than SBA Towers USVI), the Guarantor, SBA GC Parent I, SBA GC Parent II, SBA GC Holdings and SBA Holdings, that, among other matters, (x) the prior unanimous written consent of its board of directors (including the Independent Directors) would be required for a voluntary bankruptcy filing by such entity and such unanimous consent requirement is enforceable against such entity in accordance with its terms and (y) a federal bankruptcy court would hold that Delaware law governs the determination of what Persons have authority to file a voluntary bankruptcy petition on behalf of such entity; and (2) in respect of each of the Depositor, the Amendment Date Borrowers (other than SBA Towers USVI), the Guarantor, SBA GC Parent I, SBA GC Parent II and SBA Holdings, (x) the bankruptcy or dissolution of its member would not cause the dissolution of such entity and (y) creditors of its member have no legal or equitable remedies with respect to the assets of such entity; and
		

		
			(vii)(1) the addition of the Amendment Date Additional Borrowers will not constitute a “significant modification” of the Loan or “deemed exchange” of the Notes under section 1001 of the IRC and (2) the Increased Indebtedness will not (a) cause a taxable event for U.S. federal income tax purposes to any holder of a Security, (b) cause the Trust to be other than a grantor trust for U.S. federal income tax purposes or (c) cause any of the Components to be characterized as other than indebtedness for U.S. federal income tax purposes.
		

		
			(F)Title Policies.
		

		
			(i)On or before the Amendment Date, the Servicer shall have received and approved the Title Policies pertaining to the Deeds of Trust on the Mortgaged Sites owned or leased by the Amendment Date Additional Borrowers.  Such Title Policies shall be in form and substance reasonably satisfactory to the Servicer, shall be in full force and effect, shall be freely assignable to and will inure to the benefit of the Trustee (subject to recordation of assignments of the Deeds of Trust) without the consent or any notification to the Title Company, shall have the premium therefor paid in full as of the Amendment Date, the Title Company shall be licensed in each state in which such a Mortgaged Site is located, shall have no claims made under such Title Policy, and shall affirmatively insure the first priority of the Mortgage on the applicable Site, subject to any exceptions provided for in such Title Policy.
		

		
			(ii)On or before the Amendment Date, the Servicer shall have received copies of the Other Title Policies pertaining to the Other Pledged Sites owned or leased by the Amendment Date Additional Borrowers.
		

		 

		

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			(G)Certificates of Formation and Good Standing.  On or before the Amendment Date, the Servicer shall have received copies of the organizational documents and filings of each Borrower Party, together with good standing certificates (or similar documentation) (including verification of tax status) from the state of its formation and from all states in which the laws thereof require such Person to be qualified and/or licensed to do business.  Each such certificate shall be dated not more than thirty (30) days prior to the Amendment Date and certified by the applicable Secretary of State or other authorized governmental entity.  In addition, on or before the Amendment Date, the secretary or corresponding officer of each Borrower Party, or the secretary or corresponding officer of the partner, trustee, or other Person as required by such Borrower Party’s organizational documents (as the case may be, the “Borrower Party Secretary”) shall have delivered to the Servicer a certificate stating that the copies of the organizational documents as delivered to the Servicer are true and correct and are in full force and effect, and that the same have not been amended except by such amendments as have been so delivered to the Servicer.
		

		
			(H)Certificates of Incumbency and Resolutions.  On or before the Amendment Date, the Servicer shall have received certificates of incumbency and resolutions of each Borrower Party and its constituents as requested by the Servicer, approving and authorizing the Amendment Date Transactions and the execution, delivery and performance of the Loan Documents being entered into on the Amendment Date, certified as of the Amendment Date by the Borrower Party Secretary as being in full force and effect without modification or amendment.
		

		
			(I)Insurance Policies and Endorsements.  On or before the Amendment Date, the Servicer shall have received copies of certificates of insurance (dated not more than twenty (20) days prior to the Amendment Date) regarding insurance required to be maintained under this Loan Agreement and the other Loan Documents, together with endorsements satisfactory to the Servicer naming the Trustee as an additional insured and loss payee, as required by this Loan Agreement, under such policies.
		

		
			(J)Legal Fees; Closing Expenses.  The Amendment Date Borrowers shall have paid any and all reasonable legal fees and expenses of counsel to the Trustee and the Servicer, together with all recording fees and taxes, title insurance premiums, and other reasonable costs and expenses related to the Amendment Date Transactions.
		

		
			Section 3.2Conditions to any Loan Increase.
		

		
			  (A)  The Lender and the Borrowers may increase the outstanding principal amount of the Loan after the Amendment Date with Rating Agency Confirmation upon execution of a Loan Agreement Supplement relating thereto, along with such other documents required by such Loan Agreement Supplement (all of which shall be reasonably acceptable to the Servicer), upon satisfaction of the following conditions:
		

		
			(i)No Event of Default or Amortization Period is then continuing;
		

		
			(ii)No event or condition has occurred or exists that, with the giving or notice or passage of time, would give rise to an Event of Default;
		

		 

		

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			(iii)If a Special Servicing Period is then in effect, the Servicer’s consent has been obtained;
		

		
			(iv)The Borrowers shall have obtained Rating Agency Confirmation for the transactions contemplated by the relevant Loan Agreement Supplement;
		

		
			(v)If such Loan Increase is being made in conjunction with the addition of Additional Sites, the conditions set forth in Section 11.7 shall have been satisfied;
		

		
			(vi)On or prior to the date of such Loan Increase, the Borrowers shall deliver to the Servicer an opinion of counsel reasonably satisfactory to the Servicer providing that such Loan Increase will not (a) cause a taxable event for U.S. federal income tax purposes to any holder of a Security, (b) cause the Trust to be other than a grantor trust for U.S. federal income tax purposes, and (c) cause any of the Components to be characterized as other than indebtedness for U.S. federal income tax purposes;
		

		
			(vii)If such Loan Increase is being made without the acquisition of any Additional Sites or the addition of an Additional Borrower, the pro forma DSCR after such increase is equal to or greater than 2.0x;
		

		
			(viii)If such Loan Increase is being made in conjunction with the addition of one or more Additional Borrowers, the conditions set forth in Section 2.3 shall have been satisfied; 
		

		
			(ix)The representations and warranties of the Borrowers set forth in Article IV hereof shall be true as of the Additional Closing Date; and 
		

		
			(x)If the Borrowers are filing amendments to the Deeds of Trust in connection with such Loan Increase, the Borrowers shall have provided to the Trustee, on or prior to the Additional Closing Date, a list of the Mortgaged Sites encumbered by such Deeds of Trust, identified by Site number, together with such other information with respect to such Mortgaged Sites as shall have been reasonably requested by the Trustee.
		

		
			All other terms and conditions of the Loan Increase shall be provided for in the related Loan Agreement Supplement.  The Borrowers and Loan Agreement Supplement shall also comply with the requirements of  Section 2.01 of the Trust Agreement.
		

		
			(B)On the date of a Loan Increase, the Borrowers shall deliver to the Servicer an Officer’s Certificate to the effect that there is no Event of Default, Amortization Period then continuing or event or condition that, with the giving of notice or passage of time, would give rise to an Event of Default.
		

		
			(C)Any Loan Increase will be represented by one or more new Components provided for in the Loan Agreement Supplement relating to such Loan Increase.  If the date of the Loan Increase is prior to the First Amendment Effective Date, the Anticipated Repayment Date for each Component related to such Loan Increase will be later than the Anticipated Repayment Date for the 2010-2C Component, except if such Component corresponds to a Variable Funding Series to be issued under the Trust.  Any Component of any Loan Increase 
		

		 

		

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		may have an alphabetical designation higher, lower or equal to the alphabetical designation of any then-outstanding Component.
		

		
			(D)An additional Note shall be executed by the Borrowers in respect of each Component relating to such Loan Increase as provided in Section 2.1.
		

		
			ARTICLE IV

REPRESENTATIONS AND WARRANTIES
		

		
			In order to induce the Lender to enter into this Loan Agreement, each Existing Borrower represents and warrants to the Lender that each and every of its representations and warranties contained in the Existing Loan Agreement was true and correct when made.  In order to induce the Lender to increase the outstanding principal amount of the Loan, on the Amendment Date, each Borrower represents and warrants to the Lender that the statements set forth in this Article IV, after giving effect to the Amendment Date Transactions, will be, true, correct and complete in all respects as of the Amendment Date.
		

		
			Section 4.1Organization, Powers, Capitalization, Good Standing, Business.
		

		
			(A)Organization and Powers.  Each Borrower Party is duly organized, validly existing and in good standing under the laws of the state of its formation or incorporation.  Each Borrower Party has all requisite power and authority to own and operate its properties, to carry on its business as now conducted and proposed to be conducted, and to enter into each Loan Document to which it is a party and to perform the terms thereof.
		

		
			(B)Qualification.  Each Borrower Party is duly qualified and in good standing in the state of its formation or incorporation.  In addition, each Borrower Party is duly qualified and in good standing in each state where necessary to carry on its present business and operations, except in jurisdictions in which the failure to be qualified and in good standing could not reasonably be expected to have a Material Adverse Effect.
		

		
			(C)Organization.  The organizational chart set forth as Schedule 4.1(C) accurately sets forth the direct and indirect ownership structure of the Borrowers.
		

		
			Section 4.2Authorization of Borrowing, etc.
		

		
			(A)Authorization of Borrowing.  The Borrowers have the power and authority to incur the Indebtedness evidenced by the Notes.  The execution, delivery and performance by each Borrower Party of each of the Loan Documents to which it is a party and the consummation of the transactions contemplated thereby have been duly authorized by all necessary limited liability company, partnership, trustee, corporate or other action, as the case may be.
		

		
			(B)No Conflict.  The execution, delivery and performance by each Borrower Party of the Loan Documents to which it is a party and the consummation of the transactions contemplated thereby do not and will not:  (1) violate (x) any provision of law applicable to any 
		

		 

		

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		Borrower Party; (y) the partnership agreement, certificate of limited partnership, certificate of formation, certificate of incorporation, bylaws, declaration of trust, limited liability company agreement, operating agreement or other organizational documents, as the case may be, of each Borrower Party; or (z) any order, judgment or decree of any Governmental Authority binding on any Borrower Party or any of its Affiliates; (2) conflict with, result in a breach of or constitute (with due notice or lapse of time or both) a default under any Contractual Obligation of any Borrower Party or any of its Affiliates (except where such breach will not cause a Material Adverse Effect); (3) result in or require the creation or imposition of any Lien (other than the Lien of the Loan Documents) upon the Sites or assets of any Borrower Party; or (4) require any approval or consent of any Person under any Contractual Obligation of any Borrower Party, which approvals or consents have not been obtained on or before the dates required under such Contractual Obligation, but in no event later than the date on which such Borrower Party became a Borrower Party (except where the failure to obtain such approval or consent will not have a Material Adverse Effect).
		

		
			(C)Governmental Consents.  The execution and delivery by each Borrower Party of the Loan Documents to which it is a party, and the consummation of the transactions contemplated thereby do not and will not require any registration with, consent or approval of, or notice to, or other action to, with or by, any Governmental Authority.
		

		
			(D)Binding Obligations.  This Loan Agreement is, and the Loan Documents, including the Notes, when executed and delivered will be, the legally valid and binding obligations of each Borrower Party that is a party thereto, enforceable against each of the Borrower Parties, as applicable, in accordance with their respective terms, subject to bankruptcy, insolvency, moratorium, reorganization and other similar laws affecting creditor’s rights.  No Borrower Party has any defense or offset to any of its obligations under the Loan Documents to which it is a party.  No Borrower Party has any claim against the Lender or any Affiliate of the Lender.
		

		
			Section 4.3Financial Statements.
		

		
			  All pro forma financial statements concerning the Borrowers and their Affiliates which have been furnished by or on behalf of the Borrowers to the Lender pursuant to this Loan Agreement present fairly in all material respects the financial condition of the Persons covered thereby.
		

		
			Section 4.4Indebtedness and Contingent Obligations.
		

		
			  The Borrowers have no outstanding Indebtedness or Contingent Obligations other than the Obligations or any other Permitted Indebtedness.
		

		
			Section 4.5Title to the Sites.
		

		
			  The Borrowers have good and marketable fee simple title (or, in the case of the Ground Lease Sites, leasehold title, or in the case of Easement Sites, an Easement) to the Sites, other than the Managed Sites, free and clear of all Liens except for the Permitted Encumbrances.  The Borrowers own all personal property on the Sites (other than the Managed Sites and personal property which is owned by tenants of such Site, not used or necessary for the operation of the applicable Site or leased by the Borrowers as permitted hereunder), subject only to the Permitted Encumbrances, or which constitutes leased temporary mobile antennas.  The Deeds of Trust have created or will create (i) a valid, perfected first lien on the applicable Sites, subject 
		

		 

		

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		only to the Permitted Encumbrances, and (ii) perfected first priority security interests in and to, and perfected collateral assignments of, all personalty in connection therewith (including the Rents and the Leases), all in accordance with the terms thereof, in each case subject only to any applicable Permitted Encumbrances.  There are no proceedings in condemnation or eminent domain affecting any of the Sites, and to the actual Knowledge of the Borrowers, none is threatened.  No Person has any option or other right to purchase (other than rights of first refusal) all or any portion of any interest owned by the Borrowers with respect to the Sites.  There are no mechanic’s, materialman’s or other similar liens or claims which have been filed for work, labor or materials affecting the Sites which are or will be liens prior to, or equal or coordinate with, the lien of the applicable Deed of Trust the effect of which is reasonably likely to have a Material Adverse Effect.  The Permitted Encumbrances, in the aggregate, do not materially interfere with the benefits of the security intended to be provided by the Deeds of Trust and this Loan Agreement, materially and adversely affect the value of any of the Mortgaged Sites taken as a whole, impair the use or operations of any of the Mortgaged Sites or impair the Borrowers’ ability to pay the Obligations in a timely manner.
		

		
			Section 4.6Zoning; Compliance with Laws.
		

		
			  The Sites and the use thereof comply with all applicable zoning, subdivision and land use laws, regulations and ordinances, all applicable health, fire, building codes, parking laws and all other laws, statutes, codes, ordinances, rules and regulations applicable to the Sites, or any of them, including without limitation the Americans with Disabilities Act, except to the extent failure to so comply would not, in the aggregate, be reasonably likely to have a Material Adverse Effect.  All permits, licenses and certificates for the lawful use, occupancy and operation of each component of each of the Sites given as Collateral hereunder in the manner in which it is currently being used, occupied and operated have been obtained and are current and in full force and effect, except to the extent failure to obtain any such permits, licenses or certificates would not, in the aggregate, be reasonably likely to have a Material Adverse Effect.  To the Borrowers’ Knowledge, (i)  no legal proceedings are pending or threatened with respect to the zoning of any Site and (ii) neither the zoning nor any other right to construct, use or operate any Site and any easement appurtenant or related to such Site is in any way dependent upon or related to any real estate other than such Site (other than the parent parcel such Site is a part of to the extent permitted by applicable building or zoning codes) and such easement, except to the extent same would not, in the aggregate, be reasonably likely to have a Material Adverse Effect.
		

		
			Section 4.7Leases; Agreements.
		

		
			(A)Leases; Agreements.  The Borrowers have made available, have delivered, or will deliver pursuant to Section 3.1(I) and (K), as applicable, to Lender (i) true and complete copies (in all material respects) of all Material Leases and (ii) a list of all Material Agreements affecting the operation and management of the Sites, and such Material Leases and list of Material Agreements have not been modified or amended except pursuant to amendments or modifications delivered to Lender.  Except for the rights of the Manager pursuant to the existing Management Agreement, and the fee owners of Managed Sites, no Person has any right or obligation to manage any of the Sites or to receive compensation in connection with such management.  Except for the parties to any leasing brokerage agreement that has been delivered 
		

		 

		

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		to Lender, no Person has any right or obligation to lease or solicit tenants for the Sites, or (except for cooperating outside brokers and revenue sharing arrangements under Ground Leases) to receive compensation in connection with such leasing.
		

		
			(B)Rent Roll, Disclosure.  A true and correct copy of the Rent Roll has been delivered to Lender.  Except only as specified in the Rent Roll, to the Borrowers’ Knowledge, (i) the Leases are in full force and effect; (ii) the Borrowers have not given any notice of default to any tenant under any Lease which remains uncured; (iii) no tenant has any set off, claim or defense to the enforcement of any Lease; (iv) no tenant is in default in the performance of any other obligations under its Lease; and (v) there are no rent concessions (whether in form of cash contributions, work agreements, assumption of an existing tenant’s other obligations, or otherwise) or extensions of time whatsoever not reflected in such Rent Roll, except to the extent that the failure of the representations set forth in items (i) through (iv) to be true with respect to the Leases (other than Material Leases) in the aggregate is not reasonably likely to have a Material Adverse Effect.  To the Borrowers’ Knowledge, each of the Leases is valid and binding on the parties thereto in accordance with its terms.
		

		
			(C)Management Agreement.  The Borrowers have delivered to Lender a true and complete copy of the Management Agreement that will be in effect on the Closing Date, and such Management Agreement has not been modified or amended except pursuant to amendments or modifications delivered to Lender.  The Management Agreement is in full force and effect and no default by any of the Borrowers or Manager exists thereunder.
		

		
			Section 4.8Condition of the Sites.
		

		
			  As of the Closing Date all Improvements are in good repair and condition, except for ordinary wear and tear as is customary in the tower industry.  Any damage to the Improvements is fully covered by insurance (subject to the applicable deductible) and the required repairs thereon are capable of being completed within six (6) months of the Closing Date.  The Borrowers are not aware of any latent or patent structural or other material defect or deficiency in the Sites, and all necessary utilities are fully connected to the Improvements and are fully operational, are sufficient to meet the reasonable needs of each of the Sites as now used or presently contemplated to be used, and no other utility facilities or repairs are necessary to meet the reasonable needs of each of the Sites as now used or presently contemplated, except to the extent the same would not, in the aggregate, be reasonably likely to have a Material Adverse Effect.  To the Borrowers’ Knowledge, none of the Improvements create encroachments over, across or upon the Sites’ boundary lines, rights of way or easements, and no building or other improvements on adjoining land create such an encroachment, which, in the aggregate, could reasonably be expected to have a Material Adverse Effect.  Access has been insured by the Title Company for all Sites except to the extent that failure to have such access would not be reasonably likely to have a Material Adverse Effect.
		

		
			Section 4.9Litigation; Adverse Facts.
		

		
			  There are no judgments outstanding against any Borrower Party, or affecting any of the Sites or any property of any Borrowers, nor to the Borrowers’ Knowledge after due inquiry is there any action, charge, claim, demand, suit, proceeding, petition, governmental investigation or arbitration now pending or threatened against any Borrower Party or any of the Sites that could, in the aggregate, reasonably be expected to result in a Material Adverse Effect.
		

		
			Section 4.10Payment of Taxes.
		

		

		

		 

		

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		  All federal, state and local tax returns and reports of each Borrower required to be filed have been timely filed (or each Borrower has timely filed for an extension and the applicable extension has not expired), and all taxes, assessments, fees and other governmental charges (including any payments in lieu of taxes) upon such Person and upon its properties, assets, income and franchises which are due and payable have been paid except to the extent same are being contested in accordance with Section 5.3(B).
		

		
			Section 4.11Adverse Contracts.  Except for the Loan Documents, the Borrowers are not parties to or bound by, nor is any property of such Person subject to or bound by, any contract or other agreement which restricts such Person’s ability to conduct its business in the ordinary course as currently conducted that, either individually or in the aggregate, has a Material Adverse Effect or could reasonably be expected to have a Material Adverse Effect.
		

		
			Section 4.12Performance of Agreements.  To the Borrowers’ Knowledge, no Borrower is in default in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any Contractual Obligation of any such Borrower which could, in the aggregate, reasonably be expected to have a Material Adverse Effect, and no condition exists that, with the giving of notice or the lapse of time or both, would constitute such a default which could, in the aggregate, reasonably be expected to have a Material Adverse Effect.
		

		
			Section 4.13Governmental Regulation.
		

		
			  No Borrower Party is subject to regulation under the Public Utility Holding Company Act of 1935, the Federal Power Act or the Investment Company Act of 1940 or to any federal or state statute or regulation limiting its ability to incur indebtedness for borrowed money.
		

		
			Section 4.14Employee Benefit Plans and ERISA Affiliates.
		

		
			  No Borrower Party maintains or contributes to, or has any obligation (including a contingent obligation) under, or liability with respect to, any Employee Benefit Plan.  No Borrower Party or any of their respective ERISA Affiliates has or will have any liability relating to ERISA that could result in a Lien on any Other Pledged Site and no Lien on the assets of any Borrower Party in favor of the Pension Benefit Guarantee Corporation established pursuant to Subtitle A of Title IV or ERISA (or any successor) or any Employee Benefit Plan has arisen during the six year period prior to the date on which this representation is made or deemed made.
		

		
			Section 4.15Broker’s Fees.  No broker’s or finder’s fee, commission or similar compensation will be payable by or pursuant to any contract or other obligation of the Borrowers with respect to the making of the Loan or any of the other transactions contemplated hereby or by any of the Loan Documents.  The Borrowers shall indemnify, defend, protect, pay and hold the Lender harmless from any and all broker’s or finder’s fees claimed to be due in connection with the making of the Loan arising from any Borrower Parties’ actions.
		

		
			Section 4.16Solvency.  The Borrowers (a) have not entered into the transactions contemplated hereby or by any Loan Document with the actual intent to hinder, delay, or defraud any creditor and (b) received reasonably equivalent value in exchange for its Obligations under the Loan Documents.  After giving effect to the Amendment Date Transactions, the fair saleable value of each Borrower’s assets will exceed such Borrower’s total liabilities, including, without limitation, subordinated, unliquidated, disputed and Contingent 
		

		 

		

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		Obligations.  The fair saleable value of each Borrower’s assets is and will, immediately following the Amendment Date Transactions, be greater than the Borrower’s probable liabilities, including the maximum amount of its Contingent Obligations on its debts as such debts become absolute and matured.  Each Borrower’s assets do not and, immediately following the Amendment Date Transactions, will not, constitute unreasonably small capital to carry out its business as conducted or as proposed to be conducted.  The Borrowers do not intend to, and do not believe that they will, incur Indebtedness and liabilities (including Contingent Obligations and other commitments) beyond its ability to pay such Indebtedness and liabilities as they mature (taking into account the timing and amounts of cash to be received by the Borrowers and the amounts to be payable on or in respect of obligations of the Borrowers).
		

		
			Section 4.17Disclosure.  No financial statements or other information furnished to the Lender by the Borrowers contains any untrue representation, warranty or statement of a material fact, or omits to state a material fact necessary in order to make the statements contained therein not misleading.  No Loan Document or any other document, certificate or written statement for use in connection with the Loan and prepared by the Borrowers, or any information provided by any Borrower and contained in, or used in preparation of, any document or certificate for use in connection with the Loan, contains any untrue representation, warranty or statement of a material fact, or omits to state a material fact necessary in order to make the statements contained therein not misleading.  There is no fact known to the Borrowers that has had or could have a Material Adverse Effect and that has not been disclosed in writing to the Lender by the Borrowers.
		

		
			Section 4.18Use of Proceeds and Margin Security.  The Borrowers shall use the proceeds of the Loan only for the purposes set forth herein and consistent with all applicable laws, statutes, rules and regulations.  No portion of the proceeds of the Loan shall be used by the Borrowers or any Person in any manner that might cause the borrowing or the application of such proceeds to violate Regulation T, Regulation U or Regulation X or any other regulation of the Board of Governors of the Federal Reserve System.
		

		
			Section 4.19Insurance.  Set forth on Schedule 4.19 is a complete and accurate description of all policies of insurance for each Borrower that are in effect as of the Amendment Date.  Such insurance policies conform to the requirements of Section 5.4.  No notice of cancellation has been received with respect to such policies, and, to each Borrower’s Knowledge, the Borrowers are in compliance with all conditions contained in such policies.
		

		
			Section 4.20Investments.  The Borrowers have no (i) direct or indirect interest in, including without limitation stock, partnership interest or other securities of, any other Person, or (ii) direct or indirect loan, advance or capital contribution to any other Person, including all indebtedness from that other Person.
		

		
			Section 4.21No Plan Assets.  No Borrower Party is or will be (i) an employee benefit plan as defined in Section 3(3) of ERISA which is subject to ERISA, (ii) a plan as defined in Section 4975(e)(1) of the IRC which is subject to Section 4975 of the IRC, or (iii) an entity whose underlying assets constitute “plan assets” of any such employee benefit plan or plan for purposes of Title I of ERISA or Section 4975 of the IRC.
		

		 

		

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			Section 4.22Plans.  No Borrower Party is or will be a “governmental plan” within the meaning of Section 3(32) of ERISA and transactions by or with a Borrower Party are not and will not be subject to statutes or regulations applicable to the Borrower Party regulating investments of and fiduciary obligations with obligations with respect to any employee benefit plan or similar retirement plan or arrangement (including governmental plans).
		

		
			Section 4.23Not Foreign Person.  No Borrower Party is a “foreign person” within the meaning of Section 1445(f)(3) of the IRC.
		

		
			Section 4.24No Collective Bargaining Agreements.  No Borrower Party is a party to any collective bargaining agreement.
		

		
			Section 4.25Ground Leases.  (A)  With respect to each Ground Lease encumbered by a Deed of Trust:
		

		
			(i)The Ground Lease and any easements appurtenant or related thereto contain the entire agreement of the Ground Lessor and the applicable Borrower pertaining to the Ground Lease Site covered thereby.  The Borrowers have no estate, right, title or interest in or to the Ground Lease Site except under and pursuant to the Ground Lease and any easements appurtenant or related thereto.  The Borrowers have made available or delivered a true and correct copy of the Ground Lease to the Lender and the Ground Lease has not been modified, amended or assigned except as set forth therein and in any Estoppel related thereto.
		

		
			(ii)There are no rights to terminate the Ground Lease other than the Ground Lessor’s right to terminate by reason of default, casualty, condemnation or other reasons, in each case as expressly set forth in the Ground Lease or as provided by applicable law.
		

		
			(iii)The Ground Lease is in full force and effect, and no breach or default or event that with the giving of notice or passage of time would constitute a breach or default under the Ground Lease (a “Ground Lease Default”) exists on the part of the Borrowers or, to the Borrowers’ Knowledge, on the part of the Ground Lessor under the Ground Lease, except to the extent such Ground Lease Default would not be reasonably likely to have a Material Adverse Effect.  The Borrowers have not received any written notice that a Ground Lease Default exists, or that the Ground Lessor or any third party alleges the same to exist that would, in either case, be reasonably likely to have a Material Adverse Effect.
		

		
			(iv)The Borrower party to the Ground Lease is the exclusive owner of the lessee’s interest under and pursuant to the Ground Lease and has not assigned, transferred, or encumbered its interest in, to, or under the Ground Lease, except in favor of the Lender pursuant to this Loan Agreement and the other Loan Documents.
		

		
			(v)The Ground Lease or a memorandum thereof or other instrument sufficient to permit recording of a deed of trust or similar security instrument has been recorded and the Ground Lease (or a separate agreement with respect thereto (the “Estoppel”)) permits the interest of the lessee thereunder to be encumbered by the related Deed of Trust.
		

		 

		

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			(vi)Except for the Permitted Encumbrances, the applicable Borrower’s interests in the Ground Lease is not subject to any liens or encumbrances superior to, or of equal priority with, the related Deed of Trust unless a non‐disturbance agreement has been obtained from the applicable holder of such lien or encumbrance.
		

		
			(vii)The Ground Lease does not impose restrictions on subletting that would be viewed as commercially unreasonable by a prudent commercial mortgage lender.
		

		
			(B)With respect to each Ground Lease constituting an Other Pledged Site:
		

		
			(i)The Ground Lease and any easements appurtenant or related thereto contain the entire agreement of the Ground Lessor and the applicable Borrower pertaining to the Ground Lease Site covered thereby.  The Borrowers have no estate, right, title or interest in or to the Ground Lease Site except under and pursuant to the Ground Lease and any easements appurtenant or related thereto.  The Borrowers have made available or delivered a true and correct copy of the Ground Lease to the Lender and the Ground Lease has not been modified, amended or assigned except as set forth therein (or in the applicable Estoppel).
		

		
			(ii)There are no rights to terminate the Ground Lease other than the Ground Lessor’s right to terminate by reason of default, casualty, condemnation or other reasons, in each case as expressly set forth in the Ground Lease or as provided by applicable law.
		

		
			(iii)The Ground Lease is in full force and effect, and no Ground Lease Default exists on the part of the Borrowers or, to the Borrowers’ Knowledge, on the part of the Ground Lessor under the Ground Lease except to the extent such Ground Lease Default would not, be reasonably likely to have a Material Adverse Effect.  The Borrowers have not received any written notice that a Ground Lease Default exists, or that the Ground Lessor or any third party alleges the same to exist, that would, in either case, be reasonably likely to have a Material Adverse Effect.
		

		
			(iv)The Borrower party to the Ground Lease is the exclusive owner of the lessee’s interest under and pursuant to the Ground Lease and has not assigned, transferred, or encumbered its interest in, to, or under the Ground Lease, except in favor of the Lender pursuant to this Loan Agreement and the other Loan Documents.
		

		
			(v)The Ground Lease does not impose restrictions on subletting that would be viewed as commercially unreasonable by a prudent commercial mortgage lender.
		

		
			Section 4.26Easements.  (A)  Each Easement and any easements appurtenant or related thereto contain the entire agreement pertaining to the applicable Site covered thereby.  The Borrowers have no estate, right, title or interest in or to such Sites except under and pursuant to the Easements.  The Borrowers have made available or delivered true and correct copies of each of the Easements to the Lender and the Easements have not been modified, amended or assigned except as set forth therein (or in the applicable Estoppel).
		

		
			(A)To the Knowledge of the Borrower each fee owner of the Sites subject to the Easements is the exclusive fee simple owner of the fee estate with respect to such Site.
		

		 

		

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			(B)There are no rights to terminate any Easement other than as expressly set forth in the applicable Easement or as provided by applicable law.
		

		
			(C)Each Easement is in full force and effect and, to the Borrowers’ Knowledge, no breach or default or event that with the giving of notice or passage of time would constitute a breach or default under any Easement (an “Easement Default”) exists on the part of the Borrowers, except to the extent such Easement Default would not be reasonably likely to have a Material Adverse Effect.  The Borrowers have not received any written notice that an Easement Default exists, or that any third party alleges the same to exist that would, in either case, be reasonably likely to have a Material Adverse Effect.
		

		
			(D)The applicable Borrower is the exclusive owner of the easement interest under and pursuant to the applicable Easement and has not assigned, transferred, or encumbered its interest in, to, or under any Easement, except in favor of the Lender pursuant to this Loan Agreement and the other Loan Documents.
		

		
			Section 4.27Principal Place of Business.  The Initial Borrower has had its principal place of business located in the State of Florida for the past five (5) years, and was originally organized in the State of Florida.
		

		
			Section 4.28Environmental Compliance.  Except to the extent the effect of which is not reasonably likely to have a Material Adverse Effect or cause an imminent threat to human health:  the Sites are in compliance with all applicable Environmental Laws and no notice of violation of such Environmental Laws has been issued by any Governmental Authority which has not been resolved; no action has been taken by the Borrowers that would cause the Sites to not be in compliance with all applicable Environmental Laws pertaining to Hazardous Materials; and no Hazardous Materials are present at the Sites, except in quantities not violative of applicable Environmental Laws.
		

		
			Section 4.29Separate Tax Lot.  Each of the Sites that the Borrowers own in fee constitutes one or more separate tax parcels.
		

		
			ARTICLE V

COVENANTS OF BORROWER PARTIES
		

		
			Each Borrower covenants and agrees that until payment in full of the Loan, all accrued and unpaid interest and all other Obligations, it shall perform and comply with all covenants in this Article V applicable to such Person. 
		

		
			Section 5.1Financial Statements and Other Reports.
		

		
			(A)Financial Statements.
		

		
			(i)Annual Reporting.  Within one hundred twenty (120) days after the end of each calendar year, commencing with the end of the 2005 fiscal year, the Borrowers shall, and shall cause SBA Communications Corporation or its successor (“SBA Parent”) to, provide true and complete copies of their Financial Statements for such year to the Lender; 
		
		
 

		

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		provided that, while SBA Parent is a publicly traded entity, delivery of SBA Parent’s annual report on form 10‐K filed with the United States Securities and Exchange Commission (the “SEC”) shall satisfy the requirements of this Section 5.1(A)(i) with respect to SBA Parent; provided further that such Financial Statements shall be required to be provided only if (i) there were Components of the Loan outstanding during the applicable period covered by such Financial Statements and (ii) such outstanding Components are still outstanding when such Financial Statements are required to be provided pursuant to this section.  All such Financial Statements shall be audited by an Approved Accounting Firm or by other independent certified public accountants reasonably acceptable to the Lender, and shall bear the unqualified certification of such accountants that such Financial Statements present fairly in all material respects the financial position of the subject company.  The annual Financial Statements shall be accompanied by Supplemental Financial Information for such calendar year.  The annual Financial Statements for the Borrowers shall also be accompanied by a certification executed by each Borrower’s chief executive officer or chief financial officer (or other officer with similar duties), satisfying the criteria set forth in Section 5.1(A)(vii) below, and a Compliance Certificate (as defined below).

		
		
			(ii)Quarterly Reporting.  Within forty‐five (45) days after the end of each of the first three fiscal quarters in each year, the Borrowers shall, and shall cause, SBA Parent to, provide copies of their Financial Statements for such quarter to the Lender, together with a certification executed on behalf of the Borrowers by their respective chief executive officers or chief financial officers (or other officer with similar duties) in accordance with the criteria set forth in Section 5.1(A)(vii) below; provided that, while SBA Parent is a publicly traded entity, delivery of SBA Parent’s quarterly report on Form 10‐Q filed with the SEC shall satisfy the requirements of this Section 5.1(A)(ii) with respect to SBA Parent; provided further that such Financial Statements shall be required to be provided only if (i) there were Components of the Loan outstanding during the applicable period covered by such Financial Statements and (ii) such outstanding Components are still outstanding when such Financial Statements are required to be provided pursuant to this section.  Such quarterly Financial Statements shall be accompanied by Supplemental Financial Information and a Compliance Certificate for such calendar quarter.  Together with the quarterly Financial Statements delivered hereunder, the Borrowers shall, or shall cause the Manager to, deliver or make available in an online database copies of all Leases executed during such calendar quarter.
		

		
			(iii)Leasing Reports.  Within forty‐five (45) days after each calendar quarter, each Borrower shall provide to the Lender:  (a) a certified Rent Roll and a schedule of security deposits held under Material Leases, each in form and substance reasonably acceptable to the Lender, (b) a schedule of any Material Leases that expired during such calendar quarter, and (c) a schedule of Material Leases scheduled to expire within the next twelve (12) months.
		

		
			(iv)Monthly Reporting.  Within thirty (30) days after the end of each calendar month after the Original Closing Date, each Borrower shall provide, or cause the Manager to provide, to the Lender the following items determined in accordance with GAAP:  (a) monthly and year-to-date operating statements prepared for such calendar month (which shall include budgeted and, commencing with (x) the first full calendar month following the 
		
		
 

		

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		one year anniversary of the Original Closing Date, or, (y) with respect to any Additional Site or Additional Borrower Site, the first full calendar month following the one year anniversary of the Addition of such Site, last year results for the same year‐to‐date period), containing such information as is necessary and sufficient under GAAP to fairly represent the results of operation of the Sites of such Borrower during such calendar month (except that full financial statement footnotes are only required annually), all in form reasonably satisfactory to the Lender; and (b) monthly and year-to-date detailed reports (substantially in the form of Schedule 5.1(A)(iv)) of Operating Expenses, including supporting documentation satisfactory to the Lender in its sole discretion for each item of Operating Expense in excess of the Monthly Operating Expense Amount for which the Lender has approved a disbursement from the Central Account pursuant to the terms of Section 3.3(a) of the Cash Management Agreement.  Along with such operating statements, each Borrower shall deliver to the Lender a Compliance Certificate of such Borrower’s chief executive officer or chief financial officer (or other officer with similar duties) satisfying the criteria set forth in Section 5.1(A)(vii) below.

		
		
			(v)Additional Reporting.  In addition to the foregoing, the Borrowers shall, and shall cause SBA Holdings, the Guarantor and the Manager to, promptly provide to the Lender such further documents and information concerning the operation of a Site and its operations, properties, ownership, and finances as the Lender shall from time to time reasonably request upon prior written notice to the Borrowers.
		

		
			(vi)GAAP.  The Borrowers will, and will cause SBA Holdings, the Guarantor and the Manager to, maintain systems of accounting established and administered in accordance with sound business practices and sufficient in all respects to permit preparation of Financial Statements in conformity with GAAP.  All annual Financial Statements shall be prepared in accordance with GAAP.
		

		
			(vii)Certifications of Financial Statements and Other Documents, Compliance Certificate.  Together with the Financial Statements and other documents and information provided to the Lender by or on behalf of the Borrowers and SBA Parent under this Section, the Borrowers also shall deliver, and shall cause SBA Parent to deliver, to the Lender a certification to the Lender, executed on behalf of the Borrowers and SBA Parent by their respective chief executive officer or chief financial officer (or other officer with similar duties), stating that to their Knowledge after due inquiry such quarterly and annual Financial Statements and information fairly present the financial condition and results of operations of the Borrowers and SBA Parent for the period(s) covered thereby (except for the absence of footnotes with respect to the monthly and quarterly Financial Statement), and do not omit to state any material information without which the same might reasonably be misleading, and all other non‐financial documents submitted to the Lender (whether monthly, quarterly or annually) are true, correct, accurate and complete in all material respects.  In addition, where this Loan Agreement requires a “Compliance Certificate”, the Person required to submit the same shall deliver a certificate duly executed on behalf of such Person by its chief executive officer or chief financial officer (or other officer with similar duties) stating that, to their Knowledge after due inquiry, there does not exist any Default or Event of Default under the Loan Documents (or if any exists, specifying the same in detail).
		

		 

		

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			(viii)Fiscal Year.  Each Borrower represents that its fiscal year and that of the Guarantor and SBA Holdings ends on December 31, or such other fiscal year end as determined by such Borrower with the consent of the Lender, such consent not to be unreasonably withheld.
		

		
			(B)Accountants’ Reports.  Within a reasonable period of time, each Borrower will deliver to the Lender copies of all material reports submitted by independent public accountants in connection with each annual audit of the Financial Statements or other business operations of such Borrower made by such accountants, including the comment letter submitted by such accountants to management in connection with the annual audit.
		

		
			(C)Tax Returns.  Within thirty (30) days after filing the same, each Borrower shall deliver to the Lender a copy of its Federal income tax returns (or the return of the applicable Person into which such Borrower’s Federal income tax return is consolidated) filed in 2006 or thereafter, certified on its behalf by its chief financial officer (or similar position) to be true and correct in all material respects.
		

		
			(D)Annual Operating Budget and CapEx Budgets.  Prior to February 15, of each calendar year, commencing on such date in 2006, the Borrowers shall deliver to the Lender the Operating Budget and CapEx Budget (in each case presented on a monthly and annual basis) for such calendar year for informational purposes only.  The Borrowers may make changes to the Operating Budget and the CapEx Budget from time to time as deemed reasonably necessary by the Borrowers, including to reflect the addition of any Additional Borrower, Additional Sites, or Additional Borrower Sites.  Notice of any modifications to the Operating Budget and the CapEx Budget shall be delivered to the Lender at the time of delivery of the next financial reporting required pursuant to Section 5.1(A)(iv).  The Operating Budget shall identify and set forth each Borrower’s reasonable estimate, after due consideration, of all Operating Expenses on a line‐item basis consistent with the form of Operating Budget delivered to the Lender prior to Original Closing Date.  The Operating Budget and the CapEx Budget will be delivered to the Lender for the Lender’s information only and shall not be subject to the Lender’s approval provided that each such budget is consistent in form with the budgets delivered to the Lender in connection with the Original Closing.
		

		
			(E)Material Notices.
		

		
			  (i)  The Borrowers shall promptly deliver, or cause to be delivered, copies of all notices given or received with respect to a default under any term or condition related to any Permitted Indebtedness of any Borrower, and shall notify the Lender within five (5) Business Days of any event of default with respect to any such Permitted Indebtedness.
		

		
			(i)The Borrowers shall promptly deliver to the Lender copies of any and all notices of a material default or breach which is reasonably expected to result in a termination received with respect to any Material Agreement or any Material Lease.
		

		
			(F)Events of Default, etc.  Promptly upon any of the Borrowers obtaining Knowledge of any of the following events or conditions, such Borrower shall deliver to the Lender and the Trustee a certificate executed on its behalf by its chief financial officer or similar officer specifying the nature and period of existence of such condition or event and what action 
		

		 

		

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		such Borrower or any Affiliate thereof has taken, is taking and proposes to take with respect thereto:  (i) any condition or event that constitutes an Event of Default; (ii) any Material Adverse Effect; or (iii) any actual or alleged material breach or default or assertion of (or written threat to assert) remedies under the Management Agreement.
		

		
			(G)Litigation.  Promptly upon any of the Borrowers obtaining knowledge of (1) the institution of any action, suit, proceeding, governmental investigation or arbitration against the Borrowers or any of the Sites not previously disclosed in writing by the Borrowers to the Lender which would be reasonably likely to have a Material Adverse Effect and is not covered by insurance or (2) any material development in any action, suit, proceeding, governmental investigation or arbitration at any time pending against or affecting the Borrowers or the Sites which, in each case, if adversely determined and not covered by insurance could reasonably be expected to have a Material Adverse Effect, the Borrowers will give notice thereof to the Lender and, upon request from the Lender, provide such other information as may be reasonably available to them to enable the Lender and its counsel to evaluate such matter.
		

		
			(H)Insurance.  Prior to the end of each insurance policy period of the Borrowers, the Borrowers will deliver certificates, reports, and/or other information (all in form and substance reasonably satisfactory to the Lender), (i) outlining all material insurance coverage maintained as of the date thereof by the Borrowers and all material insurance coverage planned to be maintained by the Borrowers in the subsequent insurance policy period and (ii) to the extent not paid directly by the Servicer, evidencing payment in full of the premiums for such insurance policies.
		

		
			(I)Other Information.  With reasonable promptness, Borrowers will deliver such other information and data with respect to such Person and its Affiliates or the Sites as from time to time may be reasonably requested by the Lender upon prior written notice.
		

		
			Section 5.2Existence; Qualification.
		

		
			  The Borrowers will, and will cause each of the Guarantor, SBA Holdings and any Additional Guarantors to, at all times preserve and keep in full force and effect their existence as a limited partnership, limited liability company, or corporation, as the case may be, and all rights and franchises material to its business, including their qualification to do business in each state where it is required by law to so qualify; provided, however, that any Borrower may merge with any other Borrower, Additional Borrower or other Person at any time; provided that (i) a then-existing Borrower or Additional Borrower is the surviving entity, (ii) such Borrower shall, as of the effective date of such merger, make each of the representations, warranties and covenants set forth in Section 9.1 and (iii) on or prior to the date of such merger, such Borrower shall deliver to the Lender an opinion of nationally recognized tax counsel to the effect that such merger will not (a) cause a taxable event for U.S. federal income tax purposes to any holder of a Security, (b) cause the Trust to be other than a grantor trust for U.S. Federal income tax purposes, or (c) cause any of the Components to be characterized as other than indebtedness for U.S. Federal income tax purposes;  provided,  further that in the case of a merger of a Borrower or an Additional Borrower with a Person who is not a Borrower or an Additional Borrower, (x) such Borrower or Additional Borrower shall have made to the Lender, in a Loan Agreement Supplement, as to the Sites owned by such Person prior to such merger, the representations and 
		

		 

		

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		warranties set forth in Sections 4.5, 4.6, 4.7(A) and (B), 4.8, 4.9, 4.25, 4.26, 4.28 and 4.29 and (y) the Borrower shall deliver to the Lender a letter from the counsel who most recently delivered an opinion to the Lender concerning the substantive non-consolidation of such Borrower or Additional Borrower, in a form reasonably satisfactory to the Lender, to the effect that such merger does not affect the conclusions in such substantive non-consolidation opinion.
		

		
			Section 5.3Payment of Impositions and Claims.
		

		
			  (A)  Except for those matters being contested pursuant to clause (B) below, the Borrowers will pay (i) all Impositions; (ii) all claims (including claims for labor, services, materials and supplies) for sums that have become due and payable and that by law have or may become a Lien upon any of its properties or assets (hereinafter referred to as the “Claims”); and (iii) all federal, state and local income taxes, sales taxes, excise taxes and all other taxes and assessments of the Borrowers on their business, income or assets; in each instance before any penalty or fine is incurred with respect thereto.
		

		
			(A)The Borrowers shall not be required to pay, discharge or remove any Imposition or Claim relating to a Site so long as the Borrowers contest in good faith such Imposition, Claim or the validity, applicability or amount thereof by an appropriate legal proceeding which operates to prevent the collection of such amounts and the sale of the applicable Site or any portion thereof, so long as:  (i) no Event of Default shall have occurred and be continuing, (ii) prior to the date on which such Imposition or Claim would otherwise have become delinquent, the Borrowers shall have given the Lender prior written notice of their intent to contest said Imposition or Claim and shall have deposited with the Lender (or with a court of competent jurisdiction or other appropriate body reasonably approved by the Lender) such additional amounts as are necessary to keep on deposit at all times, an amount by way of cash (or other form reasonably satisfactory to the Lender), equal to (after giving effect to any Reserves then held by the Lender for the item then subject to contest) at least one hundred twenty‐five percent (125%) of the total of (x) the balance of such Imposition or Claim then remaining unpaid, and (y) all interest, penalties, costs and charges accrued or accumulated thereon; (iii) no risk of sale, forfeiture or loss of any interest in the applicable Site or any part thereof arises, in the Lender’s reasonable judgment, during the pendency of such contest; (iv) such contest does not, in the Lender’s reasonable determination, have a Material Adverse Effect; and (v) such contest is based on bona fide, material, and reasonable claims or defenses.  Any such contest shall be prosecuted with due diligence, and the Borrowers shall promptly pay the amount of such Imposition or Claim as finally determined, together with all interest and penalties payable in connection therewith.  The Lender shall have full power and authority, but no obligation, to apply any amount deposited with the Lender to the payment of any unpaid Imposition or Claim to prevent the sale or forfeiture of the applicable Site for non‐payment thereof, if the Lender reasonably believes that such sale or forfeiture is threatened.
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		 

		

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			Section 5.4Maintenance of Insurance.  The Borrowers will continuously maintain the following described policies of insurance without cost to the Lender (the “Insurance Policies”):
		

		
			(i)Commercial general liability insurance, including death, bodily injury and broad form property damage coverage with a combined single limit in an amount not less than  one million dollars ($1,000,000) per occurrence and two million dollars ($2,000,000) in the aggregate for any policy year;
		

		
			(ii)For each Site (other than the Managed Sites) located in whole or in part in a federally designated “special flood hazard area”, flood insurance to the extent required by law and available at federally subsidized rates;
		

		
			(iii)An umbrella excess liability policy with a limit of not less than ten million dollars ($10,000,000) over primary insurance, which policy shall include coverage for water damage, so‐called assumed and contractual liability coverage, premises medical payment and automobile liability coverage, and coverage for safeguarding of personalty and shall also include such additional coverages and insured risks which are acceptable to the Lender;
		

		
			(iv)Business interruption and/or rent loss insurance with an aggregate limit equal to $5,000,000;
		

		
			(v)Property insurance in an amount equal to $5,000,000;  and
		

		
			(vi)During any period of construction, repair or restoration, builders “all risk” insurance in an amount equal to not less than the full insurable value of the applicable Sites.
		

		
			All Insurance Policies shall be in content (including, without limitation, endorsements or exclusions, if any), form, and amounts, and issued by companies, satisfactory to the Lender from time to time and shall name the Lender and its successors and assignees as their interests may appear as an “additional insured” or “loss payee” for each of the liability policies under this Section 5.4 and shall (except for Worker’s Compensation Insurance) contain a waiver of subrogation clause reasonably acceptable to the Lender.  All Insurance Policies under Sections 5.4(ii), (iv), and (v), hereof with respect to the Mortgaged Sites shall contain a Non‐Contributory Standard mortgagee clause and a mortgagee’s Loss Payable Endorsement (Form 438 BFU NS), or their equivalents (such endorsements shall entitle the Lender to collect any and all proceeds payable under all such insurance, with the insurance company waiving any claim or defense against the Lender for premium payment, deductible, self‐insured retention or claims reporting provisions).  All Insurance Policies shall provide that the coverage shall not be modified without thirty (30) days’ advance written notice to the Lender and shall provide that no claims shall be paid thereunder to a Person other than the Lender without ten (10) days’ advance written notice to the Lender.  The Borrowers may obtain any insurance required by this Section through blanket policies; provided,  however, that such blanket policies shall separately set forth the amount of insurance in force (together with applicable deductibles, and per occurrence limits) with respect to the Sites and shall afford all the protections to the Lender as are required under this Section.  Except as may be expressly provided above, all policies of insurance required hereunder shall contain no annual aggregate limit of liability, other than with respect to liability insurance.  If a blanket policy is issued, a certified copy of said policy shall be furnished, 
		

		 

		

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		together with a certificate indicating that the Lender is an additional insured (and, if applicable, loss payee) under such policy in the designated amount.  The Borrowers will deliver duplicate originals of all Insurance Policies, premium prepaid for a period of one (1) year, to the Lender and, in case of Insurance Policies about to expire, the Borrowers will deliver duplicate originals of replacement policies satisfying the requirements hereof to the Lender prior to the date of expiration; provided,  however, if such replacement policy is not yet available, the Borrowers shall provide the Lender with an insurance certificate executed by the insurer or its authorized agent evidencing that the insurance required hereunder is being maintained under such policy, which certificate shall be acceptable to the Lender on an interim basis until the duplicate original of the policy is available.  An insurance company shall not be satisfactory unless such insurance company is licensed or authorized to issue insurance in the State where the applicable Site is located and has a claims paying ability rating by the Rating Agencies of “A” (or its equivalent).  With Rating Agency Confirmation, the Borrowers may satisfy any of the obligations under this Section 5.4 through self-insurance.  Notwithstanding the foregoing, a carrier which does not meet the foregoing ratings requirement shall nevertheless be deemed acceptable hereunder, provided that such carrier is reasonably acceptable to the Lender and the Borrowers shall obtain and deliver to the Lender a Rating Agency Confirmation with respect to such carrier from each of the Rating Agencies.  If any insurance coverage required under this Section 5.4 is maintained by a syndicate of insurers, the preceding ratings requirements shall be deemed satisfied (without any required Rating Agency Confirmation) as long as at least seventy‐five percent (75%) of the coverage (if there are four or fewer members of the syndicate) or at least sixty percent (60%) of the coverage (if there are five or more members of the syndicate) is maintained with carriers meeting the claims‐paying ability ratings requirements by Fitch and Moody’s (if applicable) set forth above and all carriers in such syndicate have a claims‐paying ability rating by Fitch of not less than “BBB” and by Moody’s of not less than “Baa2” (to the extent rated by Moody’s).  The Borrowers shall furnish the Lender receipts for the payment of premiums on such insurance policies or other evidence of such payment reasonably satisfactory to the Lender in the event that such premiums have not been paid by the Lender pursuant to the Loan Agreement.  The requirements of this Section 5.4 shall apply to any separate policies of insurance taken out by the Borrowers concurrent in form or contributing in the event of loss with the Insurance Policies.  Losses shall be payable to the Lender notwithstanding (1) any act, failure to act or negligence of the Borrowers or their agents or employees, the Lender or any other insured party which might, absent such agreement, result in a forfeiture or all or part of such insurance payment, other than the willful misconduct of the Lender knowingly in violation of the conditions of such policy, (2) the occupation or use of the Sites or any part thereof for purposes more hazardous than permitted by the terms of such policy, (3) any foreclosure or other action or proceeding taken pursuant to this Loan Agreement or (4) any change in title to or ownership of the Sites or any part thereof.  The property insurance described in this Section 5.4 hereof shall include “underground hazards” coverage; “time element” coverage by which the Lender shall be assured payment of all amounts due under the Notes, this Loan Agreement and the other Loan Documents; “extra expense” (i.e., soft costs), clean‐up, transit and ordinary payroll coverage; and “expediting expense” coverage to facilitate rapid repair or restoration of the Sites.  The Insurance Policies shall not contain any deductible in excess of $500,000.
		

		
			Section 5.5Operation and Maintenance of the Sites; Casualty; Condemnation.  (A)  The Borrowers shall maintain or cause to be maintained in good repair, working order and condition all material property necessary for use in the business of each 
		

		 

		

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		Borrower, including the applicable Site, and will make or cause to be made all appropriate repairs, renewals and replacements thereof, all in accordance with the then applicable best customs and practices of the Borrowers’ industry.  All work required or permitted under this Loan Agreement shall be performed in a workmanlike manner and in compliance with all applicable laws.
		

		
			(A)(i)  In the event of casualty or loss at any of the Sites, the Borrowers shall give immediate written notice of any such casualty or loss exceeding $250,000, or which is not covered by insurance, to the insurance carrier and to the Lender and shall, to the extent permitted by law, promptly commence and diligently prosecute to completion, in accordance with the terms hereof, the repair and restoration of the Site as nearly as possible to the Pre‐Existing Condition, excluding replacement of obsolete Other Company Collateral which is not required in connection with operating the applicable Site (a “Restoration”).  The Borrowers hereby authorize and empower the Lender as attorney‐in‐fact for the Borrowers (jointly with the Borrowers unless an Event of Default has occurred and is continuing), or any of them, with respect to Insurance Proceeds related to a casualty in excess of $1,000,000 to make proof of loss, to adjust and compromise any claim under insurance policies, to appear in and prosecute any action arising from such insurance policies, to collect and receive Insurance Proceeds (and regardless of the amount of such Insurance Proceeds if an Event of Default exists), to deposit such Insurance Proceeds directly into and be held in the Loss Proceeds Reserve Sub‐Account pending the Lender’s determination with respect to Restoration of the affected Site as set forth in Subsection 5.5(C)), and to deduct therefrom the Lender’s expenses incurred in the collection of such proceeds; provided,  however, that nothing contained in this Section shall require the Lender to incur any expense or take any action hereunder.  The Borrowers further authorize the Lender, at the Lender’s option, with respect to Insurance Proceeds in excess of $1,000,000 (and regardless of the amount of such Insurance Proceeds if an Event of Default exists) (a) to hold the balance of such proceeds to be used to reimburse the Borrowers for the cost of Restoration of any of the Sites or (b) subject to Subsection 5.5(C), to apply such Insurance Proceeds to payment of the Obligations whether or not then due, in any order.
		

		
			(i)The Borrowers shall promptly give the Lender written notice of any known actual or threatened commencement of any condemnation or eminent domain proceeding affecting the Sites or any portion thereof that could reasonably be expected to adversely impact the ability of the Borrowers to fulfill their respective obligations under the Leases relating to such Sites.  The Lender is hereby irrevocably appointed as the attorney‐in‐fact for the Borrowers (jointly with the Borrowers unless an Event of Default has occurred and is continuing), or any of them, with respect to Condemnation Proceeds in excess of $1,000,000 to collect, receive and retain any Condemnation Proceeds (and regardless of the amount of such Condemnation Proceeds if an Event of Default exists, to be deposited directly into and held in the Loss Proceeds Reserve Sub‐Account pending the Borrowers’ determination with respect to Restoration of the affected Site as set forth in Subsection 5.5(C)) and to make any compromise or settlement in connection with such proceeding.  In accordance with the terms hereof, the Borrowers shall cause the Condemnation Proceeds in excess of $1,000,000 (and regardless of the amount of such Condemnation Proceeds if an Event of Default exists) which are payable to the Borrowers, to be paid directly to the Lender.  If the applicable Site is sold following an Event of Default, through foreclosure or otherwise, prior to the receipt by the Lender of Condemnation Proceeds, the Lender shall have the right, whether or not a 
		
		
 

		

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		deficiency judgment on the Notes shall have been sought, recovered or denied, to receive said Condemnation Proceeds, or a portion thereof sufficient to pay the Obligations.  Notwithstanding the foregoing, the Borrowers may prosecute any condemnation proceeding and settle or compromise and collect Condemnation Proceeds of not more than $1,000,000 provided that:  (a) no Event of Default shall have occurred and be continuing, (b) in Borrower’s reasonable good faith judgment, such condemnation or taking does not and will not materially restrict access to the Sites or otherwise have a Material Adverse Effect and the Site remaining after such condemnation or taking is capable of being restored to an economically viable whole of substantially the same type which existed prior to the condemnation or taking or in substantial compliance with all applicable laws, (c) the Borrowers apply the Condemnation Proceeds to any reconstruction or repair of the Site necessary as a result of such condemnation or taking, and (d) the Borrowers promptly commence and diligently prosecute such reconstruction or repair to completion in accordance with all applicable laws.  Subject to the terms hereof, the Borrowers authorize the Lender to apply such Condemnation Proceeds, after the deduction of the Lender’s reasonable expenses incurred in the collection of such Condemnation Proceeds (provided,  however, that nothing contained in this Section shall require the Lender to incur any expenses or take any action hereunder), at the Lender’s option, to restoration or repair of the Sites or to payment of the Obligations, whether or not then due, in the order determined by the Lender, with the balance, if any, to the Borrowers.  The Lender shall not exercise the Lender’s option to apply such Condemnation Proceeds to payment of the Obligations, provided that each of the conditions (as applicable) to the release of Loss Proceeds for restoration or repair of the Sites under Section 5.5(C) below have been satisfied with respect to such Condemnation Proceeds.

		
		
			(B)The Lender shall not exercise the Lender’s option to apply Loss Proceeds to payment of the Obligations if all of the following conditions are met:  (i) no Event of Default then exists; (ii) the Lender reasonably determines that there will be sufficient funds to complete the Restoration of the Site to at least substantially to the condition it was in immediately prior to such casualty or condemnation (excluding replacement of obsolete Other Company Collateral which is not required in connection with operating the applicable Site) and in compliance with applicable laws (the “Pre‐Existing Condition”) and to timely make all payments due under the Loan Documents (including but not limited to Administrative Fees) during the Restoration of the affected Site; (iii) the Lender reasonably determines that the Net Operating Income of the Sites (including rental income or business interruption insurance) will be sufficient to pay principal and interest on the Loan (and any outstanding Administrative Fees); and Operating Revenues of the Sites, after the Restoration thereof to the Pre‐Existing Condition, will be sufficient to meet all Operating Expenses, and payments for Reserves; and (iv) the Lender determines that the Restoration of the affected Site to the Pre‐Existing Condition will be completed not later than six (6) months prior to the next succeeding Anticipated Repayment Date for any Component of the Loan.  If the Lender elects to apply Loss Proceeds to payment of the Obligations, such application shall be made on the Due Date immediately following such election in accordance with the terms of the Cash Management Agreement.  Notwithstanding the foregoing to the contrary, the Borrowers may, in their reasonable discretion, and within thirty (30) days of receipt of such Loss Proceeds, elect not to restore or replace a Site, in which event any Loss Proceeds relating to such Site held in the Loss Proceeds Reserve Sub‐Account shall be applied to payment of the Obligations on the Due Date immediately following such election.
		

		 

		

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			(C)The Lender shall not be obligated to disburse Loss Proceeds more frequently than once every calendar month.  If Loss Proceeds are applied to the payment of the Obligations, any such application of Loss Proceeds to principal shall not extend or postpone the due dates of the monthly payments due under the Notes or otherwise under the Loan Documents, or change the amounts of such payments.  If the Lender elects to apply all of such insurance or condemnation proceeds toward the repayment of the Obligations, the Borrowers shall (subject to compliance with Section 11.4) be entitled to obtain from the Lender a Site Release (without representation or warranty) of the applicable Site from the Lien of the Deed of Trust relating to such Site (in which event the Borrowers shall not be obligated to restore the applicable Site pursuant to Section 5.5(B), above) provided that the Borrowers pay to the Lender the amount, if any, by which the Release Price for such Site exceeds the Loss Proceeds received by the Lender and applied to repayment of the Obligations.  Any amount of Loss Proceeds remaining in the Lender’s possession after full and final payment and discharge of all Obligations shall be refunded to, or as directed by, the Borrowers or otherwise paid in accordance with applicable law.  If the Site is sold at foreclosure or if the Lender acquires title to the Site, the Lender shall have all of the right, title and interest of the applicable Borrower in and to any Loss Proceeds and unearned premiums on Insurance Policies.
		

		
			(D)In no event shall the Lender be obligated to make disbursements of Loss Proceeds in excess of an amount equal to the costs actually incurred from time to time for work in place as part of the Restoration, as certified by the Borrowers, less a retainage equal to the greater of (x) the actual retainage required pursuant to the permitted contract, or (y) ten percent (10%) of such costs incurred until the Restoration has been completed.  The retainage shall in no event be less than the amount actually held back by the Borrowers from contractors, subcontractors and materialmen engaged in the Restoration.  The retainage shall not be released until the Lender is reasonably satisfied that the Restoration has been completed in accordance with the provisions of this Section 5.5 and that all approvals necessary for the re‐occupancy and use of the Site have been obtained from all appropriate governmental authorities, and the Lender receives final lien waivers and such other evidence reasonably satisfactory to the Lender that the costs of the Restoration have been paid in full or will be paid in full out of the retainage.
		

		
			Section 5.6Inspection.
		

		
			  Each Borrower shall permit any authorized representatives designated by the Lender to visit and inspect during normal business hours its Sites and its business, including its financial and accounting records, and to make copies and take extracts therefrom and to discuss its affairs, finances and business with its officers and independent public accountants (with such Borrower’s representative(s) present), at such reasonable times during normal business hours and as often as may be reasonably requested, provided that same is conducted in such a manner as to not unreasonably interfere with the Borrowers’ business, and in accordance with the applicable Ground Lease, if any.  Unless an Event of Default has occurred and is continuing, the Lender shall provide advance written notice of at least three (3) Business Days prior to visiting or inspecting any Site or such Borrower’s offices.
		

		
			 
		

		
			 
		

		 

		

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			Section 5.7Compliance with Laws and Contractual Obligations.  The Borrowers will (A) comply with the requirements of all present and future applicable laws, rules, regulations and orders of any governmental authority in all jurisdictions in which it is now doing business or may hereafter be doing business, other than those laws, rules, regulations and orders the noncompliance with which collectively could not reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect, (B) maintain all licenses and permits now held or hereafter acquired by any Borrower, the loss, suspension, or revocation of which, or failure to renew, in the aggregate could have a Material Adverse Effect and (C) perform, observe, comply and fulfill all of its material obligations, covenants and conditions contained in any Contractual Obligation.
		

		
			Section 5.8Further Assurances.  The Borrowers shall, from time to time, execute and/or deliver such documents, instruments, agreements, financing statements, and perform such acts as the Lender at any time may reasonably request to evidence, preserve and/or protect the Collateral at any time securing or intended to secure the Obligations and/or to better and more effectively carry out the purposes of this Loan Agreement and the other Loan Documents.
		

		
			Section 5.9Performance of Agreements and Leases.  Each Borrower Party shall duly and punctually perform, observe and comply in all material respects with all of the terms, provisions, conditions, covenants and agreements on its part to be performed, observed and complied with (i) hereunder and under the other Loan Documents to which it is a party, (ii) under all Material Agreements and Leases (including, but not limited to, any obligation of such Borrower Party under a Net Rent Tenant Lease to pay amounts to a Tenant thereunder on account of rent payable by third-party co-location sub-tenants who sublease Site Space at the related Site) and (iii) all other agreements entered into or assumed by such Person in connection with the Sites, and will not suffer or permit any material default or event of default (giving effect to any applicable notice requirements and cure periods) to exist under any of the foregoing except where the failure to perform, observe or comply with any agreement referred to in this clause (iii) would not reasonably be expected to have a Material Adverse Effect.  Notwithstanding the foregoing to the contrary, the Borrowers shall be permitted to terminate or assign any Site Management Agreement which the Borrowers reasonably deem necessary in accordance with prudent business practices, provided that (i) the Borrowers provide written notice to the Lender of such determination not later than thirty (30) days prior to such termination or assignment, (ii) together with such notice the Borrowers provide supporting information reasonably acceptable to the Lender that immediately following such termination or assignment the Debt Service Coverage Ratio will be equal to or greater than the Debt Service Coverage Ratio immediately prior to such termination or assignment, (iii) the Borrowers provide to the Lender either (x) Rating Agency Confirmation with respect to such termination or assignment or (y) together with such notice evidence in form and substance satisfactory to the Lender that (a) the aggregate Allocated Loan Amount with respect to all Sites affected by the termination or assignment and each such Site for which termination has occurred under this Section 5.9, Section 5.21(A) and Section 5.22(A) since, if such termination or assignment is occurring (x) prior to the Second Amendment Effective Date, April 16, 2010, or (y) on or after the Second Amendment Effective Date, the date of the Loan Increase relating to the then-outstanding Component that has been outstanding for the longest period of time, would not exceed five percent (5%) of the aggregate original Component Principal Balances of all 
		

		 

		

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		Components of the Loan then outstanding, and (b) following the termination or assignment, the percentage of Annualized Run Rate Revenue of the remaining Sites consisting of revenues from telephony Lessees and non-telephony investment-grade Lessees (taken together) would be (A) if the termination or assignment is occurring prior to the Second Amendment Effective Date, at least 90%, or (B) if the termination or assignment is occurring on or after the Second Amendment Effective Date, not materially less than (and in any event at least 95% of) such percentage as of the date immediately preceding such termination or assignment, and (iv) if during a Special Servicing Period, Servicer approval is obtained.  In connection with any sale permitted pursuant to the terms of this Section 5.9, the Borrowers may sell any Other Company Collateral associated with the applicable Site and no longer required in connection with the operation of the Borrowers’ business.
		

		
			Section 5.10Leases.
		

		
			  Any Rents which constitute Advance Rents Reserve Deposits shall be deposited into the Advance Rents Reserve Sub‐Account to be applied in accordance with the Cash Management Agreement.  The Borrowers, at the Lender’s request, shall furnish the Lender with executed copies of all Leases hereafter made.  Each new Lease, other than (x) the addition of new sites pursuant to existing master Leases, (y) new Leases in the form of existing Leases with the same tenants, or (z) Governmental Leases, shall specifically provide that such Lease (i) is subordinate to the Deeds of Trust, provided that the Lender agrees not to disturb the applicable Tenant’s possession for so long as Tenant is not in default under the terms of the applicable lease (as evidenced by an agreement substantially in the form of Exhibit E-1; (ii) that the tenant attorns to the Lender; (iii) that the attornment of the tenant shall not be terminated by foreclosure; and (iv) that in no event shall the Lender, as holder of the Deeds of Trust or as successor landlord, be liable to the tenant for any act or omission of any prior landlord or for any liability or obligation of any prior landlord occurring prior to the date that the Lender or any subsequent owner acquires title to the Site.  On the Original Closing Date and at such other times as shall be required by applicable law (including upon replacement of the Manager) or upon the request of a Tenant, the Lender shall execute a power of attorney (in the form of Exhibit F) enabling the Manager (on behalf of the Lender) to execute an agreement (an “SNDA”) providing that the Lender agrees not to disturb the applicable tenant’s possession for so long as tenant is not in default under the terms of the applicable lease, substantially in one of the forms described in Exhibit E-2 (with the appropriate information completed therein) without any material changes being made to the form.
		

		
			Section 5.11Management Agreement.  (A)  The Borrowers shall cause the Manager to manage the Sites in accordance with the Management Agreement.  The Borrowers shall (i) perform and observe all of the material terms, covenants and conditions of the Management Agreement on the part of each Borrower to be performed and observed, (ii) promptly notify the Lender of any notice to any of the Borrowers of any material default under the Management Agreement of which they are aware, and (iii) prior to termination of the Manager in accordance with Section 5.11(C), Borrowers shall renew the Management Agreement prior to each expiration date thereunder in accordance with its terms.  If the Borrowers shall default in the performance or observance of any material term, covenant or condition of the Management Agreement on the part of the Borrowers to be performed or observed, then, without limiting the Lender’s other rights or remedies under Loan Agreement or 
		

		 

		

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		the other Loan Documents, and without waiving or releasing the Borrowers from any of their obligations hereunder or under the Management Agreement, the Lender shall have the right, upon prior written notice to the Borrowers, but shall be under no obligation, to pay any sums and to perform any act as may be reasonably appropriate to cause such material conditions of the Management Agreement on the part of the Borrowers to be performed or observed.  If the Borrowers fail to renew the Management Agreement, the Lender has the right, but not the obligation, to renew the Management Agreement within ten (10) Business Days’ of receipt of notice from the Manager that the Management Agreement will terminate unless otherwise renewed.
		

		
			(A)The Borrowers shall not surrender, terminate, cancel, or modify other than non-material changes, the Management Agreement, or enter into any other Management Agreement with any new Manager, other than an Acceptable Manager (under a management agreement substantially similar in all material respects to the initial Management Agreement), or consent to the assignment by the Manager of its interest under the Management Agreement, other than to an Acceptable Manager, in each case without delivery of Rating Agency Confirmations from each of the Rating Agencies and written consent of the Lender.  In any case, the Borrowers shall deliver to the Lender copies of all modifications, amendments and supplements to the Management Agreement promptly upon execution thereof.  If at any time the Lender consents to the appointment of a new Manager, or if an Acceptable Manager shall become the Manager, such new Manager, or the Acceptable Manager, as the case may be, and the Borrowers shall, as a condition of the Lender’s consent, or with respect to an Acceptable Manager, prior to commencement of its duties as Manager, execute a subordination of management agreement in substantially the form of the Assignment of Management Agreement.
		

		
			(B)The Lender shall have the right to terminate the Management Agreement and require that the Manager be replaced with a Person chosen by the Borrowers (or, if an Event of Default has occurred and is then continuing, the Lender) and reasonably acceptable to the Lender, upon the earliest to occur of any one or more of the following events:  (i) an Event of Default has occurred and is then continuing, (ii) thirty (30) days after notice from the Lender to the Borrowers if Manager has engaged in fraud, gross negligence or willful misconduct arising from or in connection with its performance under the Management Agreement, (iii) thirty (30) days after notice from the Lender to the Borrowers following the latest Maturity Date of any Component then outstanding, (iv) if the Debt Service Coverage Ratio is less than 1.1:1 as of the end of any calendar quarter and the Lender reasonably determines that such decline in the Debt Service Coverage Ratio is primarily attributable to acts or omissions of the Manager rather than factors affecting the Borrowers’ industry generally or (v) a default by the Manager in the performance of its obligations under the Management Agreement, which default could reasonably be expected to have a Material Adverse Effect, and such default remains unremedied for thirty (30) days following written notice to Manager.  The appointment of any Person chosen by the Borrowers (or the Lender) to be successor Manager who is not an Affiliate of SBA Parent will require Rating Agency Confirmation.  A replacement Manager who satisfies the foregoing shall be an “Acceptable Manager”.
		

		
			Section 5.12Deposits; Application of Receipts.  The Borrowers will deposit all Receipts into, and otherwise comply with, the Accounts established from time to time hereunder.  Subject to Article VII and the Cash Management Agreement, each Borrower shall 
		

		 

		

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		promptly apply all Receipts to the payment of all current and past due Operating Expenses, and to the repayment of all sums currently due or past due under the Loan Documents, including all payments into the Reserves.
		

		
			Section 5.13Estoppel Certificates.  (A)  Within ten (10) Business Days following a request by the Lender, the Borrowers shall provide to the Lender a duly acknowledged written statement confirming (i) the amount of the outstanding principal balance of the Loan, (ii) the terms of payment and Maturity Dates of the Notes, (iii) the date to which interest has been paid, (iv) whether any offsets or defenses exist against the Obligations, and if any such offsets or defenses are alleged to exist, the nature thereof shall be set forth in detail and (v) that this Loan Agreement, the Notes, the Deeds of Trust and the other Loan Documents are legal, valid and binding obligations of the Borrower Parties and have not been modified or amended, or if modified or amended, describing such modification or amendments.
		

		
			(A)Within ten (10) Business Days following a written request by the Borrowers, the Lender shall provide to the Borrowers a duly acknowledged written statement setting forth the amount of the outstanding principal balance of the Loan, the date to which interest has been paid, and whether the Lender has provided the Borrowers with written notice of any Event of Default.  Compliance by the Lender with the requirements of this Section shall be for informational purposes only and shall not be deemed to be a waiver of any rights or remedies of the Lender hereunder or under any other Loan Document.
		

		
			Section 5.14Indebtedness.  The Borrowers will not directly or indirectly create, incur, assume, guaranty, or otherwise become or remain directly or indirectly liable with respect to any Indebtedness except for the following (collectively, “Permitted Indebtedness”):
		

		
			(A)The Obligations;
		

		
			(B)(i)  Unsecured trade payables not evidenced by a note and arising out of purchases of goods or services in the ordinary course of business, (ii) Indebtedness incurred in the financing of equipment or other personal property used at any Site in the ordinary course of business, and (iii) contingent earn-out obligations not to exceed $10,000,000 in the aggregate; provided that (a) each such trade payable is payable not later than ninety (90) days after the original invoice date and is not overdue by more than thirty (30) days, and (b) the aggregate amount of such trade payables and Indebtedness relating to financing of equipment and personal property or otherwise referred to in clauses (i), and (ii) above outstanding does not, at any time, exceed $20,000,000.
		

		
			In no event shall any Indebtedness other than the Loan be secured, in whole or in part, by the Sites or any portion thereof or interest therein or any proceeds of the foregoing.
		

		
			Section 5.15No Liens.
		

		
			  The obligations of each Borrower under this Section are in addition to and not in limitation of its obligations under Article XI herein.  The Borrowers shall not create, incur, assume or permit to exist any Lien on or with respect to the Sites, any other Collateral or any such direct or indirect ownership interest in the Borrowers, except the Permitted Encumbrances.
		

		 

		

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			Section 5.16Contingent Obligations.
		

		
			  Other than Permitted Indebtedness, no Borrower Party shall directly or indirectly create or become or be liable with respect to any Contingent Obligation.
		

		
			Section 5.17Restriction on Fundamental Changes.
		

		
			  Except as otherwise expressly permitted in this Loan Agreement (including Section 5.2), no Borrower Party shall, or shall permit any other Person to, (i) amend, modify or waive any term or provision of such Borrower Party’s partnership agreement, certificate of limited partnership, articles of incorporation, by‐laws, articles of organization, operating agreement or other organizational documents so as to violate or permit the violation of the limited‐purpose entity provisions set forth in Article IX, unless required by law; or (ii) liquidate, wind‐up or dissolve such Borrower Party or the Manager.
		

		
			Section 5.18Transactions with Related Persons.
		

		
			  The Borrowers shall not directly or indirectly enter into or permit to exist any transaction (including the purchase, sale, lease or exchange of any property or the rendering of any service) with any Related Person or with any director, officer or employee of any Borrower Party, except transactions in the ordinary course of business and pursuant to the reasonable requirements of the business of the Borrowers and upon fair and reasonable terms and are no less favorable to any of the Borrowers than would be obtained in a comparable arm’s length transaction with a Person that is not a Related Person.  The Borrowers shall not make any payment or permit any payment to be made on behalf of the Borrowers to any Related Person when or as to any time when any Event of Default shall exist except as may be permitted by the Lender pursuant to the terms of the Cash Management Agreement.
		

		
			Section 5.19Bankruptcy, Receivers, Similar Matters.
		

		
			(A)Voluntary Cases.  The Borrower Parties shall not commence any voluntary case under the Bankruptcy Code or under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect.
		

		
			(B)Involuntary Cases, Receivers, etc.  The Borrower Parties shall not apply for, consent to, or aid, solicit, support, or otherwise act, cooperate or collude to cause the appointment of or taking possession by, a receiver, trustee or other custodian for all or a substantial part of the assets of any Borrower.  As used in this Loan Agreement, an “Involuntary Borrower Bankruptcy” shall mean any involuntary case under the Bankruptcy Code or any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, in which any Borrower is a debtor or any portion of the Sites is property of the estate therein.  The Borrowers shall not file a petition for, consent to the filing of a petition for, or aid, solicit, support, or otherwise act, cooperate or collude to cause the filing of a petition for an Involuntary Borrower Bankruptcy.  In any Involuntary Borrower Bankruptcy, no Borrower Party shall, without the prior written consent of the Lender, consent to the entry of any order, file any motion, or support any motion (irrespective of the subject of the motion), and the Borrowers shall not file or support any plan of reorganization.  The Borrowers having any interest in any Involuntary Borrower Bankruptcy shall do all things reasonably requested by the Lender to assist the Lender in 
		

		 

		

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		obtaining such relief as the Lender shall seek, and shall in all events vote as directed by the Lender.  Without limitation of the foregoing, each such Borrower shall do all things reasonably requested by the Lender to support any motion for relief from stay or plan of reorganization proposed or supported by the Lender.
		

		
			Section 5.20ERISA.
		

		
			(A)No ERISA Plans.  None of the Borrower Parties will establish any Employee Benefit Plan or Multiemployer Plan, will commence making contributions to (or become obligated to make contributions to) or become liable with respect to any Employee Benefit Plan or Multiemployer Plan.
		

		
			(B)Compliance with ERISA.  No Borrower Party shall engage in any non‐exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the IRC.
		

		
			(C)No Plan Assets.  The Borrower Parties shall not at any time during the term of this Loan Agreement become (1) an employee benefit plan defined in Section 3(3) of ERISA whether or not subject to ERISA, (2) a plan as defined in Section 4975(e)(1) of the IRC which is subject to Section 4975 of the IRC, (3) a “governmental plan” within the meaning of Section 3(32) of ERISA or (4) an entity any of whose underlying assets constitute “plan assets” of any such employee benefit plan, plan or governmental plan for purposes of Title I of ERISA, Section 4975 of the IRC or any other statutes applicable to the Borrower Party regulating investments of plans.
		

		
			Section 5.21Ground Leases.(A)Modification.  Except as provided in this Section 5.21, the Borrowers shall not modify or amend any material substantive or economic term of, or, subject to the terms of Section 11.5, terminate, assign or surrender any Ground Lease, in each case without the prior written consent of the Lender, which consent shall not be unreasonably withheld, conditioned or delayed.  Any such attempted or purported material modification, amendment, or any surrender or termination of any Ground Lease without the Lender’s prior written consent shall be null and void and of no force or effect.  Notwithstanding the foregoing to the contrary, the Borrowers shall be permitted, without the Lender’s consent, to:
		

		
			(i)(a) extend the terms of the Ground Leases, add renewal terms or option periods, relocate or correct a related easement, or (b) convert any Ground Lease Site to an Owned Site or Easement Site, in each case, during a Special Servicing Period, with the Servicer’s consent;
		

		
			(ii)terminate or assign any Ground Lease which the Borrowers reasonably deem necessary in accordance with prudent business practices, provided that (a) the Borrowers provide written notice to the Lender of such determination not later than thirty (30) days prior to such termination or assignment, (b) together with such notice the Borrowers provide supporting information reasonably acceptable to the Lender that immediately following such termination or assignment the Debt Service Coverage Ratio will be equal to or greater than the Debt Service Coverage Ratio immediately prior to such termination or assignment, (c) the Borrowers provide to the Lender either (x) Rating Agency Confirmation with respect to such termination or assignment or (y) together with such notice to the Lender evidence in form and substance satisfactory to the Lender that (1) the aggregate Allocated Loan Amount 
		
		
 

		

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		of all Sites affected by the termination or assignment and each such Site for which a termination has occurred under this Section 5.21(A),  Section 5.9 and Section 5.22(A) since, if such termination or assignment is occurring (A) prior to the Second Amendment Effective Date, April 16, 2010, or (B) on or after the Second Amendment Effective Date, the date of the Loan Increase relating to the then-outstanding Component that has been outstanding for the longest period of time, would not exceed 5% of the aggregate original Component Principal Balances of all Components then outstanding, and (2) following the termination or assignment, the percentage of Annualized Run Rate Revenue of the remaining Sites consisting of revenues from telephony Lessees and non-telephony investment-grade Lessees (taken together) would be (A) if the termination or assignment is occurring prior to the Second Amendment Effective Date, at least 90%, or (B) if the termination or assignment is occurring on or after the Second Amendment Effective Date, not materially less than (and in any event at least 95% of) such percentage as of the date immediately preceding such termination or assignment, and (d) if during a Special Servicing Period, Servicer approval is obtained.  In connection with any termination or assignment permitted pursuant to the terms of this Section 5.21(A), the Borrowers may sell any Other Company Collateral associated with the applicable Site and no longer required in connection with the operation of the Borrowers’ business; and

		
		
			(iii)provided no Event of Default shall have occurred and is then continuing, increase, decrease or reconfigure the area of real property covered by a Ground Lease, and in connection therewith amend and restate the existing Ground Lease or replace the existing Ground Lease (either, an “Amended Ground Lease”), to include such additional real property or reflect such decrease or reconfiguration, provided that such Ground Lease is on commercially reasonable substantive (including, by way of either an estoppel or as provided by the terms of the Amended Ground Lease, such lender protections as were available to the Lender in the Ground Lease (or Estoppel delivered in connection therewith) being replaced with the Amended Ground Lease) and economic terms (taking into consideration the additional, reduced or reconfigured real property covered by the Amended Ground Lease), with no reduction in the economic value of the applicable Site, and subject to the following conditions:
		

		
			(a)the Borrowers shall have made a copy of the Amended Ground Lease certified by the applicable Borrower as being true, accurate and complete, together with an estoppel from the applicable Ground Lessor demonstrating that the Amended Ground Lease is in full force and effect available to the Lender;
		

		
			(b)if additional property is being added to the Ground Lease, on or prior to execution and delivery of the Amended Ground Lease, the applicable Borrower shall have obtained a new or refreshed ASTM compliant Phase I environmental report prepared by a consultant who has provided such reports for Sites or who is reasonably acceptable to the Lender on subject property, together with a Phase II environment assessment report (if any database search Phase I environmental report reveals any condition that in the Lender’s reasonable judgment warrants such a report)  which concludes that the subject property does not contain any Hazardous Materials (except for cleaning and other products used in connection with the routine maintenance, operation or repair of the subject 
		

		 

		

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		property or the operation thereof as a tower property in full compliance with Environmental Laws) and is not in violation of any Environmental Laws;
		

		
			(c)if the Ground Lease being replaced is, with respect to a Mortgaged Site, simultaneous with the execution and delivery of the Amended Ground Lease, the Lender shall have received (1) an Amended Deed of Trust executed and delivered by a duly authorized officer of the applicable Borrower encumbering the property included under the Amended Ground Lease and (2) an endorsement to the existing Title Policy in substantially the form delivered at the Original Closing insuring the lien of the Amended Deed of Trust, or a replacement policy in an amount equal to 125% of the Allocated Loan Amount with respect to such Site, in either case issued by the Title Company and dated as of the date of the Amended Ground Lease; provided, however, that, if the Amended Ground Lease is being executed and delivered on or after the Second Amendment Effective Date, no endorsement to the existing Title Policy or replacement policy shall be required to be delivered to the Lender in respect of such Amended Ground Lease if (x) the Borrowers shall have delivered Rating Agency Confirmation to the Lender or (y) the Ground Lease Site relating to such Amended Ground Lease was not part of the Collateral on April 18, 2013;
		

		
			(d)The Borrowers shall pay or reimburse the Lender for all reasonable costs and expenses incurred by the Lender (including, without limitation, reasonable attorneys fees and disbursements) in connection with such Amended Ground Lease, and all recording charges, filing fees, taxes or other expenses (including, without limitation, mortgage and intangibles taxes and documentary stamp taxes) payable in connection therewith; and
		

		
			(e)if the aggregate Allocated Loan Amount of all Sites for which an Amended Ground Lease has been executed exceeds twenty percent (20%) of the aggregate original Component Principal Balances of the Loan then outstanding, the Borrowers shall deliver a Rating Agency Confirmation to the Lender.
		

		
			(B)Performance of Ground Leases.  The Borrowers shall fully perform as and when due each and all of their obligations under each Ground Lease in accordance with the terms of such Ground Lease, and shall not cause or suffer to occur any material breach or default in any of such obligations.  The Borrowers shall exercise any option to renew or extend any Ground Lease and if the Borrowers elect not to renew a Ground Lease (which shall only be permitted if the Borrowers would be entitled to terminate such Ground Lease pursuant to clause (A) above) the Borrowers shall give the Lender thirty (30) days prior written notice of the Borrowers’ intention not to renew such Ground Lease.  If the Borrowers fail to renew a Ground Lease which is required to be renewed pursuant to this Section 5.21(B), the Lender shall have the right to renew such Ground Lease on behalf of the Borrowers.  Notwithstanding that certain of the obligations of the Borrowers under this Loan Agreement may be similar or identical to certain of the obligations of the Borrowers under the Ground Leases, all of the obligations of the Borrowers under this Loan Agreement are and shall be separate from and in addition to its obligations under the Ground Leases.
		

		 

		

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			(C)Notice of Default.  If the Borrowers shall have or receive any written notice that any Ground Lease Default has occurred under a Ground Lease which would be reasonably likely to result in the termination of such Ground Lease, then the Borrowers immediately shall notify the Lender in writing of the same and immediately deliver to the Lender a true and complete copy of each such notice.  Further, the Borrowers shall provide such documents and information as the Lender shall reasonably request concerning the Ground Lease Default.
		

		
			(D)Lender’s Right to Cure.  If any Ground Lease Default shall occur and be continuing under a Ground Lease which would be reasonably likely to result in the termination of such Ground Lease, or if any Ground Lessor asserts that such a Ground Lease Default has occurred (whether or not the Borrowers question or deny such assertion), then, subject to (i) the terms and conditions of the applicable Ground Lease, and (ii) the Borrowers’ right to terminate Ground Leases in accordance with Section 5.21(A) hereof, the Lender, upon five (5) Business Days’ prior written notice to the Borrowers, unless the Lender reasonably determines that a shorter period (or no period) of notice is necessary to protect the Lender’s interest in the Ground Lease, may (but shall not be obligated to) take any action that the Lender deems reasonably necessary, including, without limitation, (i) performance or attempted performance of the applicable Borrower’s obligations under the applicable Ground Lease, (ii) curing or attempting to cure any actual or purported Ground Lease Default, (iii) mitigating or attempting to mitigate any damages or consequences of the same and (iv) entry upon the applicable Ground Lease Site for any or all of such purposes.  Upon the Lender’s request, each Borrower shall submit satisfactory evidence of payment or performance of any of its obligations under each Ground Lease.  The Lender may pay and expend such sums of money as the Lender in its sole discretion deems necessary or desirable for any such purpose, and the Borrowers shall pay to the Lender within five (5) Business Days of the written demand of the Lender all such sums so paid or expended by the Lender, together with interest thereon from the date of expenditure.
		

		
			(E)Legal Action.  The Borrowers shall not commence any action or proceeding against any Ground Lessor or affecting or potentially affecting any Ground Lease or the Borrowers’ or the Lender’s interest therein, the effect of which could cause an event of default or termination of any such Ground Lease, without the prior written consent of the Lender, which consent shall not be unreasonably withheld, conditioned or delayed.  The Borrowers shall notify the Lender immediately if any action or proceeding shall be commenced between any Ground Lessor and any Borrower, or affecting or potentially affecting any Ground Lease or any Borrowers’ or the Lender’s interest therein (including, without limitation, any case commenced by or against any Ground Lessor under the Bankruptcy Code).  The Lender shall have the option, exercisable upon notice from the Lender to the Borrowers, to participate in any such action or proceeding with counsel of the Lender’s choice.  The Borrowers shall cooperate with the Lender, comply with the reasonable instructions of the Lender, execute any and all powers, authorizations, consents or other documents reasonably required by the Lender in connection therewith, and shall not settle any such action or proceeding without the prior written consent of the Lender, which consent shall not be unreasonably withheld, conditioned or delayed.
		

		
			(F)Bankruptcy.
		

		
			  (i)  If any Ground Lessor shall reject any Ground Lease under or pursuant to Section 365 of the Bankruptcy Code, without the Lender’s prior written consent, the Borrowers 
		

		 

		

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		shall not elect to treat the Ground Lease as terminated but shall elect to remain in possession of the applicable Ground Lease Site and the leasehold estate under such Ground Lease.  The lien of the Deed of Trust covering such Site does and shall encumber and attach to all of the Borrowers’ rights and remedies at any time arising under or pursuant to Section 365 of the Bankruptcy Code, including without limitation, all of such Borrowers’ rights to remain in possession of such Site and the leasehold estate.
		

		
			(i)The Borrowers acknowledge and agree that in any case commenced by or against the Borrowers under the Bankruptcy Code, the Lender by reason of the liens and rights granted under the Deed of Trust covering such Site and the Loan Documents shall have a substantial and material interest in the treatment and preservation of such Borrowers’ rights and obligations under such Ground Lease, and that such Borrower shall, in any such bankruptcy case, provide to the Lender immediate and continuous reasonably adequate protection of such interests.  Each Borrower and the Lender agree that such adequate protection shall include but shall not necessarily be limited to the following:
		

		
			(a)The Lender shall be deemed a party to the Ground Lease (but shall not have any obligations thereunder) for purposes of Section 365 of the Bankruptcy Code, and shall, provided that, prior to an Event of Default, no such action by Lender would adversely and materially affect the Borrowers’ ability to prosecute, or defend, any such claims asserted therein, have standing to appear and act as a party in interest in relation to any matter arising out of or related to the Ground Lease or such Site.
		

		
			(b)The Borrowers shall serve Lender with copies of all notices, pleadings and other documents relating to or affecting the Ground Lease or the applicable Site.  Any notice, pleading or document served by the Borrowers on any other party in the bankruptcy case shall be contemporaneously served by such Borrower on Lender, and any notice, pleading or document served upon or received by such Borrower from any other party in the bankruptcy case shall be served by such Borrower on Lender promptly upon receipt by such Borrower.
		

		
			(c)Upon written request of Lender, the Borrowers shall assume the Ground Lease, and shall take such steps as are necessary to preserve such Borrower’s right to assume the Ground Lease, including without limitation using commercially reasonable efforts to obtain extensions of time to assume or reject the Ground Lease under Subsection 365(d) of the Bankruptcy Code to the extent it is applicable.
		

		
			(G)If the Borrowers or the applicable Ground Lessor seeks to reject any Ground Lease or have the Ground Lease deemed rejected, then prior to the hearing on such rejection the Lender shall, subject to applicable law, be given no less than twenty (20) days’ notice and opportunity to elect in lieu of rejection to have the Ground Lease assumed and assigned to a nominee of the Lender.  If the Lender shall so elect to assume and assign the Ground Lease, then the Borrowers shall, subject to applicable law, continue any request to reject the Ground Lease until after the motion to assume and assign has been heard.  If the Lender shall not elect to assume and assign the Ground Lease, then the Lender may, subject to applicable law, obtain in connection with the rejection of the Ground Lease a determination that the applicable Ground Lessor, at the Lender’s option, shall (1) agree to terminate the Ground Lease and enter into a new lease with the Lender on the same terms and conditions as the Ground Lease, for the 
		

		 

		

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		remaining term of the Ground Lease, or (2) treat the Ground Lease as breached and provide the Lender with the rights to cure defaults under the Ground Lease and to assume the rights and benefits of the Ground Lease.
		

		
			Each Borrower shall join with and support any request by the Lender to grant and approve the foregoing as necessary for adequate protection of the Lender’s interests.  Notwithstanding the foregoing, the Lender may seek additional terms and conditions, including such economic and monetary protections as it deems reasonably appropriate to adequately protect its interests, and any request for such additional terms or conditions shall not delay or limit the Lender’s right to receive the specific elements of adequate protection set forth herein.
		

		
			Each Borrower hereby appoints the Lender as its attorney in fact to act on behalf of the Lender in connection with all matters relating to or arising out of the assumption or rejection of any Ground Lease, in which the other party to the lease is a debtor in a case under the Bankruptcy Code.  This grant of power of attorney is present, unconditional, irrevocable, durable and coupled with an interest.
		

		
			Section 5.22Easements.
		

		
			(A)Modification.  Except as provided in this Section 5.22, the Borrowers shall not modify or amend any material substantive or economic terms of, or, subject to the terms of Section 11.5, terminate or surrender any Easement, in each case without the prior written consent of the Lender, which consent shall not be unreasonably withheld, conditioned or delayed.  Any such attempted or purported material modification, amendment, or any surrender or termination of any Easement without the Lender’s prior written consent shall be null and void and of no force or effect.  Notwithstanding the foregoing to the contrary, the Borrowers shall be permitted, without the Lender’s consent, to:
		

		
			(i)(a) extend the terms of the Easement, add renewal terms or option periods, relocate or correct the Easement, in each case on commercially reasonable substantive and economic terms, and (b) convert any Easement Site to an Owned Site or Ground Lease Site, in each case, during a Special Servicing Period, with the Servicer’s consent;
		

		
			(ii)terminate or assign any Easement which the Borrowers reasonably deem necessary in accordance with prudent business practices, provided that (a) the Borrowers provide written notice to the Lender of such determination not later than thirty (30) days prior to such termination or assignment, (b) together with such notice the Borrowers provide supporting information reasonably acceptable to the Lender that immediately following such termination or assignment the Debt Service Coverage Ratio will be equal to or greater than the Debt Service Coverage Ratio immediately prior to such termination or assignment, (c) the Borrowers provide to the Lender either (x) Rating Agency Confirmation with respect to such termination or assignment or (y) together with such notice to the Lender evidence in form and substance satisfactory to the Lender that (1) the aggregate Allocated Loan Amount of all Sites affected by the termination or assignment and each such Site for which a termination has occurred under this Section 5.22(A),  Section 5.9 and Section 5.21(A) since, if such termination or assignment is occurring (A) prior to the Second Amendment Effective Date, April 16, 2010, or (B) on or after the Second Amendment Effective Date, the date of the Loan Increase relating to the then-outstanding Component that has been outstanding for 
		
		
 

		

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		the longest period of time, would not exceed 5% of the aggregate original Component Principal Balances of all Components then outstanding, and (2) following the termination or assignment, the percentage of Annualized Run Rate Revenue of the remaining Sites consisting of revenues from telephony Lessees and non-telephony investment-grade Lessees (taken together) would be (A) if the termination or assignment is occurring prior to the Second Amendment Effective Date, at least 90%, or (B) if the termination or assignment is occurring on or after the Second Amendment Effective Date, not materially less than (and in any event at least 95% of) such percentage as of the date immediately preceding such termination or assignment, and (d) if during a Special Servicing Period, Servicer approval is obtained.  In connection with any termination permitted pursuant to the terms of this Section 5.22(A), the Borrowers may sell any Other Company Collateral associated with the applicable Site and no longer required in connection with the operation of the Borrowers’ business.

		
		
			(iii)provided no Event of Default shall have occurred and is then continuing, increase the area of real property covered by an Easement, and in connection therewith amend and restate or replace the existing agreement establishing the Easement (an “Amended Easement”), to include such additional real property, provided that such Amended Easement is on commercially reasonable substantive and economic terms (taking into consideration the additional real property covered by the Amended Easement), and subject to the following conditions:
		

		
			(a)the Borrowers shall have made a copy of the Amended Easement certified by the applicable Borrower as being true, accurate and complete available to the Lender;
		

		
			(b)on or prior to execution and delivery of the Amended Easement, the Borrowers shall have obtained a new or refreshed ASTM compliant Phase I environmental report prepared by a consultant who has previously provided such reports for Sites or who is reasonably acceptable to the Lender on the real property to be included under the Amended Easement, together with a Phase II environment assessment report (if any database search Phase I environmental report reveals any condition that in the Lender’s reasonable judgment warrants such a report) which concludes that the subject property does not contain any Hazardous Materials (except for cleaning and other products used in connection with the routine maintenance, operation or repair of the subject property or the operation thereof as a tower property in full compliance with Environmental Laws) and is not in violation of any Environmental Laws;
		

		
			(c)if the Easement being replaced is with respect to a Mortgaged Site, on or prior to execution and delivery of the Amended Easement, the Lender shall have received a current survey (together with legal description) for the property proposed to be included under the Amended Easement, certified to the title company and the Lender and their successors and assigns, prepared by a professional land surveyor licensed in the state in which the applicable Site is located;
		

		 

		

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			(d)if the Easement being replaced is with respect to a Mortgaged Site, simultaneous with the execution and delivery of the Amended Easement, the Lender shall have received (1) an Amended Deed of Trust executed and delivered by a duly authorized officer of the applicable Borrower encumbering the property included under the Amended Easement and (2) an endorsement to the existing Title Policy in substantially the form delivered at the Original Closing insuring the lien of the Amended Deed of Trust, or a replacement policy in an amount equal to 125% of the Allocated Loan Amount with respect to such Site, in either case issued by the Title Company and dated as of the date of the Amended Easement; provided, however, that, if the Amended Easement is being executed and delivered on or after the Second Amendment Effective Date, no endorsement to the existing Title Policy or replacement policy shall be required to be delivered to the Lender in respect of such Amended Easement if (x) the Borrowers shall have delivered Rating Agency Confirmation to the Lender or (y) the Easement Site relating to such Amended Easement was not part of the Collateral on April 18, 2013;
		

		
			(e)the Borrowers shall pay or reimburse the Lender for all reasonable costs and expenses incurred by the Lender (including, without limitation, reasonable attorneys fees and disbursements) in connection with such Amended Easement, and all recording charges, filing fees, taxes or other expenses (including, without limitation, mortgage and intangibles taxes and documentary stamp taxes) payable in connection therewith; and
		

		
			(f)if the aggregate Allocated Loan Amount of all Sites for which an Amended Easement has been executed exceeds twenty percent (20%) of the aggregate original Component Principal Balances of the Loan then outstanding, the Borrowers shall deliver a Rating Agency Confirmation to the Lender.
		

		
			(B)Performance of Easements.  The Borrowers shall fully perform as and when due each and all of its obligations under each Easement in accordance with the terms of such Easement, and shall not cause or suffer to occur any material breach or default in any of such obligations.  Notwithstanding that certain of the obligations of the Borrowers under this Loan Agreement may be similar or identical to certain of the obligations of the Borrowers under the Easements, all of the obligations of the Borrowers under this Loan Agreement are and shall be separate from and in addition to its obligations under the Easements.
		

		
			(C)Notice of Default.  If the Borrowers shall have or receive any written notice that any  Easement Default has occurred under an Easement which would be reasonably likely to result in the termination of such Easement, then the Borrowers immediately shall notify the Lender in writing of the same and immediately deliver to the Lender a true and complete copy of each such notice.  Further, the Borrowers shall provide such documents and information as the Lender shall reasonably request concerning the Easement Default.
		

		
			(D)Lender’s Right to Cure.  If any Easement Default shall occur and be continuing under an Easement which would be reasonably likely to result in the termination of such Easement, or if the fee owner asserts that such an Easement Default has occurred (whether 
		

		 

		

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		or not the Borrowers question or deny such assertion), then, subject to the terms and conditions of the applicable Easement the Lender, upon five (5) Business Days’ prior written notice to the Borrowers, unless the Lender reasonably determines that a shorter period (or no period) of notice is necessary to protect the Lender’s interest in the Easement, may (but shall not be obligated to) take any action that the Lender deems reasonably necessary, including, without limitation, (i) performance or attempted performance of the applicable Borrower’s obligations under the applicable Easement, (ii) curing or attempting to cure any actual or purported Easement Default, (iii) mitigating or attempting to mitigate any damages or consequences of the same and (iv) entry upon the applicable Site for any or all of such purposes.  Upon the Lender’s request, each Borrower shall submit satisfactory evidence of payment or performance of any of its obligations under each Easement.  The Lender may pay and expend such sums of money as the Lender in its sole discretion deems necessary or desirable for any such purpose, and the Borrowers shall pay to the Lender within five (5) Business Days of the written demand of the Lender all such sums so paid or expended by the Lender, together with interest thereon from the date of expenditure at the Default Rate.
		

		
			Section 5.23Lender’s Expenses.
		

		
			  The Borrowers shall pay, on demand by the Lender, all Administrative Fees and all other reasonable out‐of‐pocket expenses, charges, costs and fees (including reasonable attorneys’ fees and expenses) in connection with the negotiation, documentation, closing, administration, servicing, enforcement interpretation, and collection of the Loan and the Loan Documents, and in the preservation and protection of the Lender’s rights hereunder and thereunder.  Without limitation the Borrowers shall pay all costs and expenses, including reasonable attorneys’ fees, incurred by the Lender in any case or proceeding under the Bankruptcy Code (or any law succeeding or replacing any of the same).
		

		
			Section 5.24Post-Closing Covenants.
		

		
			(A)Agreements.  Not later than thirty (30) days following the Original Closing Date, the Lender shall have received a list of all Material Agreements in existence as of the Original Closing Date and, to the extent requested by the Lender, copies thereof.
		

		
			(B)Leases.  Not later than thirty (30) days following the Original Closing Date, the Lender shall have received or be provided with access to an electronic database containing true, correct and complete copies of the Leases, as amended in existence as of the Original Closing Date.
		

		
			(C)Ground Leases.  Not later than thirty (30) days following the Original Closing Date, the Lender shall have received or be provided with access to an electronic database containing true and complete copies of each of the Ground Leases, in existence as of the Original Closing Date, certified by SBA Properties.
		

		
			(D)Electronic Database.  The electronic database referred to in Subsections (B) and (C) above shall be updated by the Borrowers, or by the Manager on behalf of the Borrowers, at least quarterly.
		

		 

		

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			(E)Assignments of Leases and Rents.  Not later than ninety (90) days following the Original Closing Date, at its own expense, SBA Properties shall have delivered to be filed and/or recorded in the appropriate jurisdictions (i) assignments of leases and rents or other appropriate documents, based on the existing mortgage form, sufficient to create for the benefit of the Lender a perfected lien on SBA Properties’ interest in any and all Leases now existing or subsequently entered into in respect of the Other Pledged Sites and the right, following an Event of Default, to receive and collect the revenues, income and rents arising from the Other Pledged Sites and (ii) assignments of the foregoing assignments from the Lender to the Trustee sufficient to assign such lien to the Trustee for the benefit of the Securityholders.
		

		
			(F)Amendment Date Post-Closing.  The Borrowers shall (i) deliver to and deposit with, or cause to be delivered to and deposited with, the Servicer and/or the Trustee, on the Amendment Date, (a) such documents and agreements as are required to be delivered by the Borrowers pursuant to Section 2.01(e) of the Trust Agreement and (b) originals or copies of all other documents, certificates and opinions in the possession or under the control of the Borrowers with respect to the Amendment Date Transactions and that are necessary for the ongoing servicing and administration of the Loan (or, if any of the foregoing items are not in the actual possession of the Borrowers, as soon as reasonably practical, but in any event within 90 days after the Amendment Date), and (ii) provide to the Trustee (a) not later than five Business Days after the Amendment Date, (1) a list of the Mortgaged Sites owned by the Existing Borrowers on the Amendment Date, identified by Site number, including for each such Mortgaged Site, a list of any amendments to the Deeds of Trust encumbering such Mortgaged Sites filed in connection with any increase in the outstanding principal amount of the Loan prior to the Amendment Date, together with such other information with respect to such Mortgaged Sites as shall be reasonably requested by the Trustee, and (2) a list of the Other Pledged Sites owned by the Existing Borrowers on the Amendment Date, identified by Site number, together with such other information with respect to such Other Pledged Sites as shall be reasonably requested by the Trustee, and (b) not later than forty-five days after the Amendment Date, (1) a list of the Mortgaged Sites owned by the Amendment Date Additional Borrowers on the Amendment Date, identified by Site number, together with such other information with respect to such Mortgaged Sites as shall be reasonably requested by the Trustee, (2) a list of the Mortgaged Sites owned by the Existing Borrowers on the Amendment Date with respect to which amendments to the Deeds of Trust encumbering such Mortgaged Sites will be filed in connection with the Increased Indebtedness, identified by Site number, together with such other information with respect to such Mortgaged Sites as shall be reasonably requested by the Trustee, and (3) a list of the Other Pledged Sites owned by the Amendment Date Additional Borrowers on the Amendment Date, identified by Site number, together with such other information with respect to such Other Pledged Sites as shall be reasonably requested by the Trustee.
		

		
			ARTICLE VI

RESERVES
		

		
			Section 6.1Security Interest in Reserves; Other Matters Pertaining to Reserves.
		

		

		

		 

		

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		  (A)  The Borrowers hereby pledge, assign and grant to the Lender a security interest in and to all of the Borrowers’ right, title and interest in and to the Account Collateral, including the Reserves, as security for payment and performance of all of the Obligations hereunder and under the Notes and the other Loan Documents.  The Reserves constitute Account Collateral and are subject to the security interest in favor of the Lender created herein and all provisions of this Loan Agreement and the other Loan Documents pertaining to Account Collateral.
		

		
			(B)  In addition to the rights and remedies provided in Article VII and elsewhere herein, upon the occurrence and during the continuance of any Event of Default, the Lender shall have all rights and remedies pertaining to the Reserves and other Account Collateral as are provided for in any of the Loan Documents or under any applicable law.  Without limiting the foregoing, upon and at all times after the occurrence and during the continuance of an Event of Default, the Lender in its sole and absolute discretion, may use the Reserves and other Account Collateral (or any portion thereof) for any purpose, including but not limited to any combination of the following:  (i) payment of any of the Obligations including Administrative Fees in such order as the Lender may determine in its sole discretion; provided,  however, that such application of funds shall not cure or be deemed to cure any default and provided,  further, that any payments applied to the interest or principal of the Loan shall be made in accordance with items (iii) and (ix) through (xi) of Section 3.3(a) of the Cash Management Agreement; (ii) reimbursement of the Lender for any actual losses or expenses (including, without limitation, reasonable legal fees) suffered or incurred as a result of such Event of Default; (iii) payment for the work or obligation for which such Reserves and other Account Collateral were reserved or were required to be reserved; and (iv) application of the Reserves and other Account Collateral in connection with the exercise of any and all rights and remedies available to the Lender at law or in equity or under this Loan Agreement or pursuant to any of the other Loan Documents.  Nothing contained in this Loan Agreement shall obligate the Lender to apply all or any portion of the funds contained in the Reserves and other Account Collateral during the continuance of an Event of Default to payment of the Loan or in any specific order of priority, provided that any payments applied to interest or principal of the Loan shall be made in accordance with items (iii) and (ix) through (xi) of Section 3.3(a) of the Cash Management Agreement.
		

		
			Section 6.2Funds Deposited with Lender.
		

		
			(A)Interest, Offsets.  Except only as expressly provided otherwise herein, all funds of the Borrowers which are deposited with Central Account Bank as Reserves hereunder shall be held by Central Account Bank in one or more Permitted Investments, such Permitted Investments, prior to an Event of Default, to be made as directed by the Borrowers.  All interest which accrues on the Reserves shall be taxable to the Borrowers and shall be added to and disbursed in the same manner and under the same conditions as the principal sum on which said interest accrued.  The amount of actual losses sustained on a liquidation of a Permitted Investment shall be deposited by the Borrowers into the Central Account (with regard to losses sustained in the Central Account) no later than three (3) Business Days following such liquidation.  Additional provisions pertaining to investments are set forth in Article VII.  After repayment of all of the Obligations, all funds held as Reserves will be promptly returned to, or as directed by, the Borrowers.
		

		 

		

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			(B)Funding on Amendment Date.  The Amendment Date Borrowers shall deposit with the Lender the amounts necessary to fund each of the Reserves as set forth below.  Deposits into the Reserves on the Amendment Date may occur by deduction from the amount of the Increased Indebtedness that otherwise would be disbursed to the Amendment Date Borrowers, followed by deposit of the same into the applicable Sub‐Account or Account of the Central Account in accordance with the Cash Management Agreement on the Amendment Date.  Notwithstanding such deductions, the Increased Indebtedness shall be deemed for all purposes to be fully disbursed on the Amendment Date.
		

		
			(C)Funding upon any Addition.    The Borrowers shall deposit, upon the Addition of any Additional Sites or Additional Borrower Sites, any amounts necessary to fully fund the Reserves described below after giving effect to any increase in the Reserves made to reflect such Addition.  Deposits into the Reserves on any Additional Closing Date may occur by deduction from the amount of the Loan Increase that would be disbursed to the Borrowers.  Notwithstanding such deductions, the Loan Increase shall be deemed for all purposes to be fully disbursed at the Additional Closing.
		

		
			Section 6.3Impositions and Insurance Reserve.
		

		
			  Pursuant to the Cash Management Agreement, the Borrowers shall deposit monthly, on each Due Date commencing on the Payment Date in January 2006, the amount of charges (as reasonably estimated by the Lender) for all Impositions and all Insurance Premiums (provided that any amounts in respect of blanket policies shall include only that portion of Insurance Premiums allocated to the coverage provided for the Borrowers and the Sites) payable in the ensuing calendar month with respect to the Sites hereunder (said funds, together with any interest thereon and additions thereto, the “Impositions and Insurance Reserve”).  In connection with the addition of any Additional Site or Additional Borrower Sites, the Borrowers shall deposit a sum of money sufficient (together with future monthly deposits) to make the payment of Impositions and Insurance Premiums with respect to the applicable Sites at least ten (10) Business Days prior to the date initially due, and deliver to the Lender an Officer’s Certificate setting forth in reasonable detail the calculation of the required sums to be deposited into the Impositions and Insurance Reserve with respect to the Sites to be added.  On the Amendment Date, the Amendment Date Borrowers shall deposit with Central Account Bank $389,458 for deposit in the Impositions and Insurance Reserve in connection with the Addition of the Additional Borrower Sites owned or leased by the Amendment Date Additional Borrowers and shall deliver to the Lender an Officer’s Certificate setting forth in reasonable detail the calculation of the required sums to be deposited into the Impositions and Insurance Reserve with respect to the Additional Borrower Sites owned or leased by the Amendment Date Additional Borrowers.  The Borrowers shall also deposit with the Central Account Bank within ten (10) Business Days of the written demand by the Lender, to be added to and included within the Impositions and Insurance Reserve, a sum of money which the Lender reasonably estimates, together with such monthly deposits, will be sufficient to make the payment of all Impositions and all Insurance Premiums (but, with respect to blanket policies, only that portion of the Insurance Premiums allocated to the coverage provided for the Borrowers and the Sites) at least ten (10) Business Days prior to the date initially due.  The Borrowers shall provide the Lender with bills or a statement of amounts in respect of Impositions and Insurance Premiums due for the next calendar month which shall be accompanied by an Officer’s Certificate and such other 
		

		 

		

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		documents as may be reasonably required to establish the amounts required to be paid in the following calendar month at least five (5) days prior to the date on which each payment shall first become subject to penalty or interest if not paid, or if paid, copies of paid bills.  So long as (i) no Event of Default has occurred and is continuing, (ii) the Borrowers have provided the Lender with the foregoing materials in a timely manner, and (iii) sufficient funds are held by the Lender for the payment of the Impositions and Insurance Premiums relating to the Sites, as applicable, the Lender shall at the Borrowers’ election, (x) pay said items, (y) disburse to the Borrowers from such Reserve an amount sufficient to pay said items, or (z) reimburse the Borrowers for items previously paid by the Borrowers.  Interest shall accrue in favor of the Borrowers on funds in the Impositions and Insurance Reserve.  The Imposition and Insurance Reserve shall be deposited into the Imposition and Insurance Reserve Sub-Account and applied in accordance with the Cash Management Agreement.
		

		
			Section 6.4Advance Rents Reserve Sub‐Account.  Pursuant to the Cash Management Agreement, the Borrowers shall deposit, or instruct the Central Account Bank to deposit on each Due Date the amount of the Advance Rents Reserve Deposit for such Due Date, such amounts to be deposited into a sub‐account of the Central Account (said sub‐account, the “Advance Rents Reserve Sub‐Account”), and such amounts (the “Advance Rents Reserve”) shall be held, allocated and disbursed in accordance with the terms and conditions of the Cash Management Agreement.  On the Amendment Date, the Amendment Date Borrowers shall deposit with the Central Account Bank $3,070,990 for deposit with the Central Account Bank in the Advance Rents Reserve Sub-Account in connection with the Addition of the Additional Borrower Sites owned or leased by the Amendment Date Additional Borrowers.  The Advance Rents Reserve Sub‐Account shall be under the sole dominion and control of the Lender and/or its designee including any Servicer, and the Borrowers shall have no rights to control or direct the investment or payment of funds therein except as expressly provided herein.
		

		
			Section 6.5Cash Trap Reserve.  If a Cash Trap Condition shall occur, then, from and after the date that it is determined that a Cash Trap Condition has occurred (which shall be based upon the financial reporting required to be delivered pursuant to Section 5.1(A)(iv)) and for so long as such Cash Trap Condition continues to exist, all Excess Cash Flow (except as otherwise expressly provided below) shall be deposited with the Lender (or its Servicer or agent) and held in the Central Account in accordance with the terms of the Cash Management Agreement (said funds, together with any interest thereon, the “Cash Trap Reserve”).  A “Cash Trap Condition” shall exist at such time as the Lender determines that as of last day of any calendar quarter the Debt Service Coverage Ratio is equal to or less than the Cash Trap DSCR, and shall continue to exist until the Lender determines that the Debt Service Coverage Ratio exceeds the Cash Trap DSCR for two (2) consecutive calendar quarters.  Upon the commencement of an Amortization Period, the Lender will apply any amounts in the Cash Trap Reserve on the next Due Date (i) first, to the reimbursement or payment of the Trustee and the Servicer for any amounts due to the Trustee or the Servicer on such Due Date and (ii) second, in the manner provided in Section 3.3(a) of the Cash Management Agreement for Available Funds.  After the Anticipated Repayment Date of a Component, provided an Amortization Period is not in effect and no Event of Default is continuing, the Lender will apply any amounts in the Cash Trap Reserve on the next Due Date (i) first, to the reimbursement or payment of the Trustee, the Custodian and the Servicer for any amounts due to the Trustee, the Custodian or the Servicer on such Due Date and (ii) second, in the manner provided in Section 3.3(a) of the Cash 
		
		
 

		

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		Management Agreement for Available Funds.  Any funds on deposit in the Cash Trap Reserve shall continue to be held as additional Collateral in accordance with this Section 6.5.  Provided that no Event of Default exists and the Lender determines that the Cash Trap DSCR test has been satisfied for two (2) consecutive calendar quarters (as determined above), any funds remaining in the Cash Trap Reserve shall be released to the Borrowers.  The existence of a Cash Trap Condition shall be determined by the Lender in its reasonable good faith determination.  Notwithstanding the foregoing, during a Cash Trap Condition or an Amortization Period the Lender may apply Excess Cash Flow or amounts in the Cash Trap Reserve to the payment of contingent earn-out obligations of the Borrowers, or to pay amounts payable by the Borrowers to Tenants on account of rent payable by third-party co-location sub-tenants who sublease Site Space at Sites, in the Lender’s sole discretion.

		
		
			ARTICLE VII

DEPOSIT ACCOUNT;
LOCK BOX ACCOUNT; CASH MANAGEMENT
		

		
			Section 7.1Establishment of Deposit Account and Central Account.
		

		
			(A)(i)  Deposit Account.  On or before the Amendment Closing Date, one or more deposit accounts, which shall be Eligible Accounts, shall have been established at the Amendment Date Borrowers’ sole cost and expense, or designated from existing accounts of the Amendment Date Borrowers, in either case with the Lender as secured party thereunder and, on or before the date of any Addition of an Additional Borrower, one or more deposit accounts, which shall be Eligible Accounts, shall have been established at such Additional Borrower’s sole cost and expense, or designated from existing accounts of such Additional Borrower, in either case with the Lender as secured party thereunder (said accounts, and any accounts replacing same in accordance with this Loan Agreement and the Deposit Account Agreement, collectively, the “Deposit Account”) with one or more financial institutions reasonably approved by the Lender (collectively, the “Deposit Bank”), pursuant to one or more agreements (collectively, the “Deposit Account Agreement”) substantially similar to the Lender’s form or otherwise in form and substance reasonably acceptable to the Lender, executed and delivered by the Borrowers and the Deposit Bank.  The Deposit Account shall be under the sole dominion and control of the Lender (which dominion and control may be exercised by the Servicer).  Among other things, the Deposit Account Agreement shall provide that the Borrowers shall have no access to or control over the Deposit Account, that all available funds on deposit in the Deposit Account shall be transferred by wire transfer (or transfer via the ACH System) on each Business Day of each calendar week (or if such day is not a Business day, the next such day that is a Business Day) by the Deposit Bank into the Central Account, for application in accordance with the Cash Management Agreement.  The Deposit Bank and the Central Account Bank shall be directed to deliver to the Borrowers copies of bank statements and other information made available by the Deposit Bank and the Central Account Bank concerning the Deposit Account and the Central Account, respectively.
		

		
			(i)Each Tenant occupying space at the Sites shall be, or has been, instructed, by irrevocable written direction, in form and substance reasonably acceptable to the Lender, to pay all Rents and other amounts owed to Borrowers directly to the Deposit Account, unless 
		

		 

		

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		the Lender shall otherwise direct in writing.  The Borrowers shall, or shall cause the Manager to, send direction letters to each Tenant until each such Tenant commences paying all required amounts to the Deposit Account, and, if any Tenant ceases to pay such amounts to the Deposit Account for three (3) consecutive months, shall send additional direction letters to the applicable Tenant, until such Tenant complies with such irrevocable written directions.  The Borrowers shall cause any and all other Receipts to be deposited promptly into the Deposit Account and in no event later than two (2) Business Days after receipt thereof by the Borrowers or the Manager.  To the extent that the Borrowers or any Person on their behalf holds any Receipts, whether in accordance with this Loan Agreement or otherwise, the Borrowers shall be deemed to hold the same in trust for the Lender for the protection of the interests of the Lender hereunder and under the Loan Documents.
		

		
			(ii)The Borrowers shall pay all reasonable out‐of‐pocket costs and expenses incurred by the Lender in connection with the transactions and other matters contemplated by this Section 7.1, including but not limited to, the Lender’s reasonable attorneys’ fees and expenses, and all reasonable fees and expenses of the Deposit Bank and the Central Account Bank, including without limitation their reasonable attorneys’ fees and expenses.
		

		
			(B)Central Account.  On or before the Original Closing Date, pursuant to the terms of the Cash Management Agreement, the Borrowers shall have established an Eligible Account in the name of the Lender, as secured party hereunder, to serve as the “Central Account” (said account, and any account replacing the same in accordance with this Loan Agreement and the Cash Management Agreement, the “Central Account”; and the depositary institution in which the Central Account is maintained, the “Central Account Bank”).  The Central Account shall be under the sole dominion and control of the Lender (which dominion and control may be exercised by the Servicer); and except as expressly provided hereunder or in the Cash Management Agreement, the Borrowers shall not have the right to control or direct the investment or payment of funds therein during the continuance of an Event of Default.  The Lender may elect to change any financial institution in which the Central Account shall be maintained if such institution is no longer an Eligible Bank, upon not less than five (5) Business Days’ notice to the Borrowers.  The Central Account shall be deemed to contain such sub‐accounts as the Lender may designate (“Sub‐Accounts”), which may be maintained as separate ledger accounts and need not be separate Eligible Accounts.  The Sub‐Accounts shall include the “Reserve Sub Accounts” as more particularly described in the Cash Management Agreement.  The “Reserve Sub‐Accounts” shall include the Sub‐Accounts of the Central Account established for the purpose of holding funds in the Reserves including:  (a) the “Imposition and Insurance Reserve Sub‐Account”, (b) the “Cash Trap Reserve Sub‐Account”, (c) the “Advance Rents Reserve Sub‐Account” and (d) the “Loss Proceeds Reserve Sub‐Account”.
		

		
			Section 7.2Application of Funds in Central Account.  Funds in the Central Account shall be allocated to the Sub‐Accounts or the other Accounts (or paid, as the case may be) in accordance with the Cash Management Agreement.
		

		
			Section 7.3Application of Funds After Event of Default.  If any Event of Default shall occur and be continuing, then notwithstanding anything to the contrary in this Section or elsewhere, the Lender shall have all rights and remedies available under applicable 
		
		
 

		

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		law and under the Loan Documents.  Without limitation of the foregoing, for so long as an Event of Default exists, the Lender may apply any and all funds held by or on behalf of the Lender, including but not limited to Reserves, Receipts in the Deposit Account, the Central Account, the Cash Trap Reserve Sub Account, the Advance Rents Reserve Sub‐Account, the Imposition and Insurance Reserve Sub‐Account, the Loss Proceeds Reserve Sub‐Account and any other Accounts or Sub‐Accounts against all or any portion of any of the Obligations, in any order, provided that any payments applied to interest or principal of the Loan shall be made in accordance with the priority set forth in items (iii) and (ix) through (xi) of Section 3.3(a) of the Cash Management Agreement.

		
		
			ARTICLE VIII

DEFAULT, RIGHTS AND REMEDIES
		

		
			Section 8.1Event of Default.
		

		
			“Event of Default” shall mean the occurrence or existence of any one or more of the following:
		

		
			(A)Scheduled Payments.  Failure of the Borrowers to pay any principal or interest on the Loan when the same is due under this Loan Agreement, the Notes, or any other Loan Documents; or
		

		
			(B)Other Payments.  Failure of the Borrowers to pay any other amount from time to time owing under this Loan Agreement, the Notes, or any other Loan Documents (other than amounts subject to the preceding paragraph) within ten (10) days after such amounts become due; or
		

		
			(C)Breach of Reporting Provisions.  Failure of any Borrower Party to perform or comply with any term or condition contained in Section 5.1 which continues for a period of ten (10) days after written notice to the Borrowers; or
		

		
			(D)Breach of Covenants.  A default shall occur in the performance of or compliance with any covenant contained in this Loan Agreement (other than a default already described in another subsection of this Section 8.1) or the other Loan Documents by any Borrower, the Guarantor, SBA Holdings or any Additional Guarantor and such default is reasonably likely to cause a Material Adverse Effect and such default is not fully cured within thirty (30) days after receipt by the Borrowers of written notice from the Lender of such default; provided,  however, if such default is reasonably susceptible of cure, but not within such thirty (30) day period, then the Borrower, the Guarantor, SBA Holdings or such Additional Guarantor as applicable, may be permitted up to an additional one hundred twenty (120) days to cure such default, provided,  that the Borrower, the Guarantor, SBA Holdings or such Additional Guarantor, if applicable, diligently and continuously pursues such cure; or
		

		
			(E)Breach of Warranty.  Any representation, warranty, certification or other statement made by any Borrower Party in any Loan Document or in any statement or certificate at any time given in writing pursuant to or in connection with any Loan Document is false as of the date made and such breach is reasonably likely to cause a Material Adverse Effect, provided that such breach shall not constitute an Event of Default if such breach is reasonably susceptible of cure and within forty‐five (45) days after receipt by the Borrowers of written notice from the Lender of such default, such Borrower Party takes such action as may be required to make such 
		

		 

		

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		representation, warranty, certification or other statement to be true as made, which may include removing the affected Site by effectuating a Release, Substitution or Other Pledged Site Substitution subject to the terms of Section 11.4, Section 11.5 or Section 11.6, respectively; or
		

		
			(F)Involuntary Bankruptcy; Appointment of Receiver, etc.  (i) A court enters a decree or order for relief with respect to any Borrower Party in an Involuntary Borrower Bankruptcy, which decree or order is not stayed or other similar relief is not granted under any applicable federal or state law unless dismissed within ninety (90) days; (ii) the occurrence and continuance of any of the following events for ninety (90) days unless dismissed or discharged within such time:  (x) an Involuntary Borrower Bankruptcy is commenced, (y) a decree or order of a court for the appointment of a receiver, liquidator, sequestrator, trustee, custodian or other officer having similar powers over any Borrower Party, or over all or a substantial part of its or their property, is entered, or (z) an interim receiver, trustee or other custodian is appointed without the consent of any Borrower Party, for all or a substantial part of the property of such Person; or
		

		
			(G)Voluntary Bankruptcy; Appointment of Receiver, etc.  (i) An order for relief is entered with respect to any Borrower Party, or any Borrower Party commences a voluntary case under the Bankruptcy Code or any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or consents to the entry of an order for relief in an involuntary case or to the conversion of an involuntary case to a voluntary case under any such law or consents to the appointment of or taking possession by a receiver, trustee or other custodian for any Borrower Party, or for all or a substantial part of the property of any Borrower Party; (ii) any Borrower Party makes any assignment for the benefit of creditors; or (iii) the Board of Directors or other governing body of any Borrower Party adopts any resolution or otherwise authorizes action to approve any of the actions referred to in this subsection 8.1(G); or
		

		
			(H)Bankruptcy Involving Ownership Interests or Sites.  Other than as described in either of Subsections 8.1(F) or 8.1(G), all or any portion of the Collateral (other than Ground Lease Sites for which the Ground Lessor is the subject of a bankruptcy proceeding or Easement Sites in which the grantor is the subject of a bankruptcy proceeding) becomes property of the estate or subject to the automatic stay in any case or proceeding under the Bankruptcy Code or any applicable bankruptcy, insolvency or other similar law now or hereafter in effect (provided that if the same occurs in the context of an involuntary proceeding, it shall not constitute an Event of Default if it is dismissed or discharged within ninety (90) days following its occurrence); or
		

		
			(I)Solvency.  Any Borrower Party ceases to be solvent or admits in writing its present or prospective inability to pay its debts as they become due; or
		

		
			(J)Judgment and Attachments.  Any lien, money judgment, writ or warrant of attachment, or similar process is entered or filed against any Borrower Party or any of its assets which claim is not fully covered by insurance (other than with respect to the amount of commercially reasonable deductibles permitted hereunder), would have a Material Adverse Effect and remains undischarged, unvacated, unbonded or unstayed for a period of forty-five (45) days; or
		

		 

		

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			(K)Injunction.  The Borrowers are enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting all or any material part of their business and such order continues for more than thirty (30) days; or
		

		
			(L)Invalidity of Loan Documents.  This Loan Agreement, any Deed of Trust or any of the Loan Documents for any reason ceases to be in full force and effect or ceases to be a legally valid, binding and enforceable obligation of any Borrower or any Lien securing the Obligations shall, in whole or in part, cease to be a perfected first priority Lien, subject to the Permitted Encumbrances (except in any of the foregoing cases in accordance with the terms hereof or under any other Loan Document) which is reasonably likely to have a Material Adverse Effect, and the Borrowers do not take all actions requested by the Lender to correct such defect within ten (10) days after the written request by the Lender to take such action, or any Borrower Party, denies that it has any further liability (as distinguished from denial of the existence of a Default or Event of Default) under any Loan Documents to which it is party, or gives notice to such effect; or
		

		
			(M)Default under Management Agreement.  Any breach or default shall occur in the material obligations of the Borrowers under the Management Agreement, and such breach or default either is of such a nature or continues for such a period of time beyond applicable notice and cure periods, if any, that Manager shall have the right to exercise material remedies as a consequence thereof; or
		

		
			(N)Ground Lease.  Any default by the Borrowers beyond any applicable grace period shall occur under any Ground Lease, which default is reasonably likely to cause a Material Adverse Effect and the Borrowers have not effectuated a Release or Substitution of such affected Site within forty‐five (45) days of the expiration of such grace period or, subject to Section 5.21 or Section 11.5, any actual or attempted surrender, termination, modification or amendment of any Ground Lease without the Lender’s prior written consent; or
		

		
			(O)Easements.  Any default by the Borrowers beyond any applicable grace period shall occur under any Easement, which such default is reasonably likely to cause a Material Adverse Effect and the Borrowers have not effectuated a Release or Substitution of such affected Site within forty‐five (45) days of the expiration of such grace period or, subject to Section 5.22 or Section 11.5, any actual or attempted surrender, termination, modification or amendment of any Easement without the Lender’s prior written consent.
		

		
			If more than one of the foregoing paragraphs shall describe the same condition or event, then the Lender shall have the right to select which paragraph or paragraphs shall apply.  In any such case, the Lender shall have the right (but not the obligation) to designate the paragraph or paragraphs which provide for non‐written notice (or for no notice) or for a shorter time to cure (or for no time to cure).
		

		
			Section 8.2Acceleration and Remedies.  (A)  Upon the occurrence and during the continuance of any Event of Default described in any of Subsections 8.1(F), 8.1(G), or 8.1(H), the unpaid principal amount of and accrued interest and fees on the Loan and all other Obligations shall automatically become immediately due and payable, without presentment, demand, protest, notice of intent to accelerate, notice of acceleration or other requirements of any 
		

		 

		

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		kind, all of which are hereby expressly waived by the Borrowers.  Upon and at any time after the occurrence of any other Event of Default, at the option of the Lender, which may be exercised without notice or demand to anyone, all of the Loan and all or any portion of the other Obligations shall immediately become due and payable.
		

		
			(A)Upon the occurrence and during the continuance of an Event of Default, all or any one or more of the rights, powers, privileges and other remedies available to the Lender against the Borrowers under this Loan Agreement (including Article X hereof) or any of the other Loan Documents, or at law or in equity, may be exercised by the Lender at any time and from time to time, whether or not all or any of the Obligations shall be declared due and payable, and whether or not the Lender shall have commenced any foreclosure proceeding or other action for the enforcement of its rights and remedies under any of the Loan Documents with respect to the Sites.  Any such actions taken by the Lender shall be cumulative and concurrent and may be pursued independently, singly, successively, together or otherwise, at such time and in such order as the Lender may determine in its sole discretion, to the fullest extent permitted by law, without impairing or otherwise affecting the other rights and remedies of the Lender permitted by law, equity or contract or as set forth herein or in the other Loan Documents.  Without limiting the generality of the foregoing, if an Event of Default is continuing (i) to the fullest extent permitted by law, the Lender shall not be subject to any “one action” or “election of remedies” law or rule, and (ii) all liens and other rights, remedies or privileges provided to the Lender shall remain in full force and effect until the Lender has exhausted all of its remedies against each Site and the Deeds of Trust have been foreclosed, sold and/or otherwise realized upon in satisfaction of the Obligations or the Obligations have been paid in full.
		

		
			(B)Upon the occurrence and during the continuance of an Event of Default, the Lender shall have the right from time to time to partially foreclose the Deeds of Trust in any manner and for any amounts secured by the Deeds of Trust then due and payable as determined by the Lender in its sole discretion including, without limitation, the following circumstances:  (i) in the event the Borrowers default beyond any applicable grace period in the payment of one or more scheduled payments of principal and interest, the Lender may foreclose the Deed of Trust to recover such delinquent payments, or (ii) in the event the Lender elects to accelerate less than the entire outstanding principal balance of the Loan, the Lender may foreclose the Deed of Trust or any of them to recover so much of the principal balance of the Loan as the Lender may accelerate and such other sums secured by the Deed of Trust as the Lender may elect.  Notwithstanding one or more partial foreclosures, the Site shall remain subject to the Deed of Trust to secure payment of sums secured by the Deed of Trust and not previously recovered.
		

		
			(C)During the continuance of an Event of Default, the Lender shall have the right from time to time to sever any Note and the other Loan Documents into one or more separate notes, mortgages and other security documents in such denominations as the Lender shall determine in its sole discretion for purposes of evidencing and enforcing its rights and remedies provided hereunder.  The Borrowers shall execute and deliver to the Lender from time to time, within ten (10) days after the request of the Lender, a severance agreement and such other documents as the Lender shall reasonably request in order to effect the severance described in the preceding sentence, all in form and substance reasonably satisfactory to the Lender.  The Borrowers hereby absolutely and irrevocably appoint the Lender as their true and lawful 
		
		
 

		

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		attorney‐in‐fact, coupled with an interest, in their name and stead to make and execute all documents reasonably necessary to effect the aforesaid severance if the Borrowers fail to do so within ten (10) days of the Lender’s written request, the Borrowers ratifying all that their said attorney‐in‐fact shall do by virtue thereof.

		
		
			(D)Any amounts recovered from the Sites or any other collateral for the Loan after an Event of Default may be applied by the Lender toward the payment of any interest and/or principal of the Loan and/or any other amounts due under the Loan Documents in such order, priority and proportions as the Lender in its sole discretion shall determine, provided that any payments applied to interest or principal of the Loan shall be made in accordance with the priority set forth in items (iii) and (iv) through (xi) of Section 3.3(a) of the Cash Management Agreement.
		

		
			(E)The rights, powers and remedies of the Lender under this Loan Agreement shall be cumulative and not exclusive of any other right, power or remedy which the Lender may have against the Borrowers pursuant to this Loan Agreement or the other Loan Documents, or existing at law or in equity or otherwise.  The Lender’s rights, powers and remedies may be pursued singly, concurrently or otherwise, at such time and in such order as the Lender may determine in the Lender’s sole discretion.  No delay or omission to exercise any remedy, right or power accruing upon an Event of Default shall impair any such remedy, right or power or shall be construed as a waiver thereof, but any such remedy, right or power may be exercised from time to time and as often as may be deemed expedient.  A waiver of one Default or Event of Default with respect to the Borrowers shall not be construed to be a waiver of any subsequent Default or Event of Default by the Borrowers or to impair any remedy, right or power consequent thereon.
		

		
			Section 8.3Performance by Lender.  (A)  Upon the occurrence and during the continuance of an Event of Default, if any of the Borrowers shall fail to perform, or cause to be performed, any material covenant, duty or agreement contained in any of the Loan Documents (subject to applicable notice and cure periods), the Lender may perform or attempt to perform such covenant, duty or agreement on behalf of the Borrowers including making protective advances on behalf of any Borrower, or, in its sole discretion, causing the obligations of any of the Borrowers to be satisfied with the proceeds of any Reserve.  In such event, the Borrowers shall, at the request of the Lender, promptly pay to the Lender, or reimburse, as applicable, any of the Reserves, any actual amount reasonably expended or disbursed by the Lender in such performance or attempted performance, together with interest thereon at the Default Rate (including reimbursement of any applicable Reserves), from the date of such expenditure or disbursement, until paid.  Any amounts advanced or expended by the Lender to perform or attempt to perform any such matter shall be added to and included within the indebtedness evidenced by the applicable Notes and shall be secured by all of the Collateral securing the applicable Loan.  Notwithstanding the foregoing, it is expressly agreed that the Lender shall not have any liability or responsibility for the performance of any obligation of the Borrowers under this Loan Agreement or any other Loan Document, and it is further expressly agreed that no such performance by the Lender shall cure any Event of Default hereunder.
		

		 

		

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			(A)The Lender may cease or suspend any and all performance required of the Lender under the Loan Documents upon and at any time after the occurrence and during the continuance of any Event of Default.
		

		
			Section 8.4Evidence of Compliance.  Promptly following request by the Lender, each Borrower shall provide such documents and instruments as shall be reasonably satisfactory to the Lender to evidence compliance with any material provision of the Loan Documents applicable to the Borrowers.
		

		
			ARTICLE IX

LIMITED‐PURPOSE, BANKRUPTCY‐REMOTE REPRESENTATIONS,
WARRANTIES AND COVENANTS
		

		
			Section 9.1Representations and Warranties of Amendment Date Additional Borrowers.
		

		
			  Each Amendment Date Additional Borrower hereby represents and warrants as of the Amendment Date, that such Amendment Date Additional Borrower:
		

		
			(A)is and always has been duly formed, validly existing, and in good standing in the state of its organization and in all other jurisdictions where it is qualified to do business;
		

		
			(B)has no judgments or liens of any nature against it except for tax liens not yet due and those permitted by the terms of the Loan Documents;
		

		
			(C)is in compliance with all laws, regulations, and orders applicable to it and, except as otherwise disclosed in this Loan Agreement, has received all permits necessary for it to operate;
		

		
			(D)is not involved in any dispute with any taxing authority;
		

		
			(E)has paid all taxes which it owes;
		

		
			(F)has never owned or leased any real property other than the properties that it owns or leases on the Amendment Date (the “Properties”), other similar properties that it no longer owns or leases and personal property necessary or incidental to its development, ownership or operation of the Properties, and has never engaged in any business other than the development, ownership and operation of the Properties and other similar properties that it no longer owns or leases;
		

		
			(G)is not now, nor has ever been, a defendant in any lawsuit, arbitration, summons, or legal proceeding that is still pending or that resulted in a judgment against it that has not been paid in full;
		

		
			(H)has provided the Lender with complete financial statements that reflect a fair and accurate view of the entity's financial condition;
		

		
			(I)has obtained current Phase I environmental site assessments prepared consistent with ASTM Practice E 1527-00 respecting the Properties and the environmental site assessments have not identified any recognized environmental conditions that require further investigation or remediation;
		

		 

		

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			(J)has no material contingent or actual obligations not related to the Properties; and
		

		
			(K)from the date of such entity’s formation:
		

		
			(i)except for capital contributions and distributions properly reflected on the books and records of such Amendment Date Additional Borrower, has not entered into any contract or agreement with any of its Affiliates, constituents, or owners, or any guarantors of any of its obligations or any Affiliate of any of the foregoing (individually, a “Related Party” and collectively, the “Related Parties”), except upon terms and conditions that are commercially reasonable and substantially similar to those available in an arm’s-length transaction with an unrelated party;
		

		
			(ii)has paid all of its debts and liabilities from its own assets;
		

		
			(iii)has done or caused to be done all things necessary to observe all organizational formalities applicable to it and to preserve its existence;
		

		
			(iv)has maintained all of its books, records, financial statements and since the date of its formation, its bank accounts separate from those of any other Person;
		

		
			(v)has been, and at all times has held itself out to the public as, a legal entity separate and distinct from any other Person (including any Affiliate or other Related Party);
		

		
			(vi)has corrected any known misunderstanding regarding its status as a separate entity;
		

		
			(vii)has conducted all of its business and has held all of its assets in its own name;
		

		
			(viii)has not identified itself or any of its affiliates as a division or part of the other;
		

		
			(ix)has maintained and utilized separate stationery, invoices and checks bearing its own name;
		

		
			(x)has not commingled its funds or other assets with those of any other Person and has held all of its funds or other assets in its own name other than any improper deposits by third parties which have been promptly corrected;
		

		
			(xi)has not guaranteed or become obligated for the debts of any other Person except for debts that were previously discharged or that are being discharged on the Amendment Date other than the Loan;
		

		
			(xii)has not held itself out as being responsible for the debts or material obligations of any other Person except for debts that were previously discharged or that are being discharged on the Amendment Date other than the Loan;
		

		 

		

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			(xiii)has allocated fairly and reasonably any overhead expenses that have been shared with an Affiliate, including paying for office space and services performed by any employee of an Affiliate or Related Party;
		

		
			(xiv)has not pledged its assets to secure the obligations of any other Person except for debts that were previously discharged or that are being discharged on the Amendment Date other than the Loan;
		

		
			(xv)has maintained adequate capital in light of its contemplated business operations;
		

		
			(xvi)has not incurred any indebtedness that is still outstanding other than indebtedness that is permitted under the Loan Documents; and
		

		
			(xvii)has not had any of its obligations guaranteed by an affiliate, except for guarantees that have been either released or discharged (or that will be discharged on the Amendment Date) or guarantees that are expressly contemplated by the Loan Documents.
		

		
			Section 9.2Covenants Applicable to Borrower Parties.
		

		
			  Each of the Borrower Parties hereby covenants and agrees until such time as all Obligations are paid in full, that absent express advance written waiver from the Lender, which may be withheld in the Lender’s sole discretion:
		

		
			(A)Each of the Borrowers, the Guarantor, SBA Holdings and any Additional Guarantors shall not, without the prior unanimous written consent of its board of directors, including its two (2) Independent Directors, institute proceedings for itself to be adjudicated bankrupt or insolvent; consent to the institution of bankruptcy or insolvency proceedings against it; file a petition seeking, or consent to, reorganization or relief under any applicable federal or state law relating to bankruptcy; consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) for itself or a substantial part of its property; make any assignment for the benefit of creditors; or admit in writing its inability to pay its debts generally as they become due; and
		

		
			(B)Each of the Borrowers, the Guarantor, SBA Holdings and any Additional Guarantors has elected and at all times shall maintain at least two (2) Independent Directors on its board of directors, who shall be selected by such Borrower, the Guarantor, SBA Holdings or such Additional Guarantor, as applicable.
		

		
			Section 9.3Covenants Applicable to Borrowers.
		

		
			  Each of the Borrowers hereby covenants and agrees until such time as all Obligations are paid in full, that absent express advance written waiver from the Lender, which may be withheld in the Lender’s sole discretion, that such Borrower:
		

		
			(A)except for capital contributions and distributions properly reflected on the books and records of such Borrower, shall not enter into any contract or agreement with any 
		

		 

		

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		Related Party, except upon terms and conditions that are commercially reasonable and substantially similar to those available in an arm’s-length transaction with an unrelated party;
		

		
			(B)shall pay all of its debts and liabilities from its own assets, except as contemplated by the Loan Documents;
		

		
			(C)shall do or cause to be done all things necessary to observe all organizational formalities applicable to it and to preserve its existence;
		

		
			(D)shall maintain all of its books, records, financial statements and its bank accounts separate from those of any other Person;
		

		
			(E)shall hold itself out to the public as a legal entity separate and distinct from any other Person (including any Affiliate or other Related Party);
		

		
			(F)shall correct any known misunderstanding regarding its status as a separate entity;
		

		
			(G)shall conduct all of its business and hold all of its assets in its own name;
		

		
			(H)shall not identify itself or any of its Affiliates as a division or part of the other;
		

		
			(I)shall maintain and utilize separate stationery, invoices and checks bearing its own name;
		

		
			(J)shall not commingle its funds or other assets with those of any other Person, except as contemplated by the Loan Documents, and shall hold all of its funds or other assets in its own name other than any improper deposits by third parties which have been promptly corrected;
		

		
			(K)shall not guarantee or become obligated for the debts of any other Person, except as contemplated by the Loan Documents; 
		

		
			(L)shall not hold itself out as being responsible for the debts or material obligations of any other Person, except as contemplated by the Loan Documents;
		

		
			(M)shall allocate fairly and reasonably any overhead expenses that its shares with an Affiliate, including paying for office space and services performed by any employee of an Affiliate or Related Party;
		

		
			(N)shall not pledge it assets to secure the obligations of any other Person, except as contemplated by the Loan Documents;
		

		
			(O)shall maintain adequate capital in light of its contemplated business operations; 
		

		
			(P)shall not incur any indebtedness other than indebtedness that is permitted under the Loan Documents; and
		

		 

		

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			(Q)shall cause:
		

		
			(i)each Tower located on one of the Properties owned or leased by it to be leased to tenants either pursuant to a separate Lease or pursuant to an individual site lease (or other similarly titled agreement) (“Site Lease”) under a master lease to which only a Borrower is a party as lessor;
		

		
			(ii)each such separate Lease and each Site Lease to be a separate lease relating to a single Tower;
		

		
			(iii)no such separate Lease or Site Lease to be cross-collateralized or cross-defaulted with any Lease or Site Lease respecting another Tower; and
		

		
			(iv)no Affiliate of such Borrower to guarantee any of such Borrower’s obligations under any such separate Lease or Site Lease.
		

		
			ARTICLE X

PLEDGE OF OTHER COMPANY COLLATERAL
		

		
			Section 10.1Grant of Security Interest/UCC Collateral.
		

		
			  The Borrowers hereby pledge, assign and grant to the Lender a security interest in and to all of the Borrowers’ fixtures and personal property including, but not limited to all, (i) equipment in all of its forms, now or hereafter existing, all parts thereof and all accessions thereto, including but not limited to machinery, towers, satellite receivers, antennas, headend electronics, furniture, motor vehicles, aircraft and rolling stock, (ii) of the Borrowers’ fixtures now existing or hereafter acquired, all substitutes and replacements therefor, all accessions and attachments thereto, and all tools, parts and equipment now or hereafter added to or used in connection with the fixtures on or above the Sites described herein and all real property now owned or hereafter acquired by the Borrowers and all substitutes and replacements for, accessions, attachments and other additions to, tools, parts, and equipment used in connection with, and all proceeds, products, and increases of, any and all of the foregoing Collateral (including, without limitation, proceeds which constitute property of the types described herein), (iii) accounts now or hereafter existing, (iv) inventory now or hereafter existing, (v) general intangibles (other than Site Management Agreements) now or hereafter existing, (vi) investment property now or hereafter existing, (vii) deposit accounts now or hereafter existing, (viii) chattel paper now or hereafter existing, (ix) instruments now owned or hereafter existing, (x) Site Management Agreements now or hereafter existing (including all rights to payment thereunder, but excluding any other rights that cannot be assigned without third party consent under such Site Management Agreements), and (xi) the equity interests of any subsidiary of any Borrower now owned or hereafter existing and the proceeds of the foregoing) (collectively, the “Other Company Collateral”), as security for payment and performance of all of the Obligations.  The Other Company Collateral is subject to the security interest in favor of the Lender created herein and all provisions of this Loan Agreement and the other Loan Documents.  The Borrowers hereby authorize the Lender to file such financing statements as the Lender shall deem reasonably necessary to perfect the Lender’s interest in the Other Company Collateral.  Upon the 
		

		 

		

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		occurrence and during the continuance of any Event of Default, the Lender shall have all rights and remedies pertaining to the Other Company Collateral as are provided for in any of the Loan Documents or under any applicable law including, without limitation the Lender's rights of enforcement with respect to the Other Company Collateral or any part thereof, exercising its rights of enforcement with respect to the Other Company Collateral or any part thereof under the UCC as amended (or under the UCC in force in any other state to the extent the same is applicable law) and in conjunction with, in addition to, or in substitution for, such rights and remedies of the following:
		

		
			(A)The Lender may enter upon the Borrowers’ premises to take possession of, assemble and collect the Other Company Collateral or to render it unusable.
		

		
			(B)The Lender may require the Borrowers to assemble the Other Company Collateral and make it available at a place the Lender designates which is mutually convenient to allow the Lender to take possession or dispose of the Other Company Collateral.
		

		
			(C)Written notice mailed to the Borrowers as provided herein at least five (5) days prior to the date of public sale of the Other Company Collateral or prior to the date after which private sale of the Other Company Collateral will be made shall constitute reasonable notice.
		

		
			(D)In the event of a foreclosure sale, the Other Company Collateral and the other Sites may, at the option of the Lender, be sold as a whole.
		

		
			(E)It shall not be necessary that the Lender take possession of the Other Company Collateral or any part thereof prior to the time that any sale pursuant to the provisions of this section is conducted and it shall not be necessary that the Other Company Collateral or any part thereof be present at the location of such sale.
		

		
			(F)Prior to application of proceeds of disposition of the Other Company Collateral to the Obligations, such proceeds shall be applied to the reasonable expenses of retaking, holding, preparing for sale or lease, selling, leasing and the like and the reasonable attorneys’ fees and legal expenses incurred by the Lender.
		

		
			(G)Any and all statements of fact or other recitals made in any bill of sale or assignment or other instrument evidencing any foreclosure sale hereunder as to nonpayment of the Obligations or as to the occurrence of any default, or as to the Lender having declared all of such Obligations to be due and payable, or as to notice of time, place and terms of sale and of the properties to be sold having been duly given, or as to any other act or thing having been duly done by the Lender, shall be taken as prima facie evidence of the truth of the facts so stated and recited.
		

		
			(H)The Lender may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale held by the Lender, including the sending of notices and the conduct of the sale, but in the name and on behalf of the Lender.
		

		 

		

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			ARTICLE XI

RESTRICTIONS ON LIENS, TRANSFERS; ASSUMABILITY; 
RELEASE OF PROPERTIES
		

		
			Section 11.1Restrictions on Transfer and Encumbrance.
		

		
			  Except as expressly permitted under this Article XI, transfers of Sites among the Borrowers (provided that appropriate amendments to the Loan Documents are delivered in connection with any such transfer as are necessary to continue the Lender’s first priority perfected security interest in the Collateral), and Leases entered into as permitted hereunder, the Borrowers shall not cause or suffer to occur or exist, directly or indirectly, voluntarily or involuntarily, by operation of law or otherwise, any sale, transfer, mortgage, pledge, Lien or encumbrance (other than the Permitted Encumbrances) of (i) all or any part of the Sites or any interest therein (except in connection with a termination permitted pursuant to Section 5.9, 5.21(A) or 5.22(A)), or (ii) any direct or indirect ownership or beneficial interest in any Borrower, the Guarantor, SBA Holdings or any Additional Guarantor, irrespective of the number of tiers of ownership without the Lender’s consent and receipt of a Rating Agency Confirmation.
		

		
			Section 11.2Transfers of Beneficial Interests.
		

		
			  The following voluntary or involuntary sales, encumbrances, conveyances, transfers and pledges (each, a “Transfer”) of a direct, indirect or beneficial interest shall be permitted without the Lender’s consent (“Permitted Ownership Interest Transfers”):
		

		
			(A)A Transfer of no more than forty‐nine percent (49%) of the direct or indirect ownership interests in SBA Holdings (in the aggregate) and the related indirect transfers of its direct or indirect subsidiaries.
		

		
			(B)A Transfer or a series of Transfers that result in the proposed transferee, together with Affiliates of such transferee, owning in the aggregate (directly or indirectly) more than forty‐nine percent (49%) of the economic and beneficial interests in SBA Holdings and its direct or indirect subsidiaries; provided that such Transfer shall not be a Permitted Ownership Interest Transfer unless the Lender receives, prior to such Transfer, both (x) evidence reasonably satisfactory to the Lender (which shall include a legal non‐consolidation opinion reasonably acceptable to the Lender and the Rating Agencies) that the single purpose nature and bankruptcy remoteness of the Borrowers, the Guarantor, SBA Holdings and any Additional Guarantors (and their members and general partners, as applicable) following such Transfer or Transfers will be the same as prior to such Transfer or Transfers and (y) if such Transfer or series of Transfers will result in the ownership of more than forty-nine (49%) of the economic and beneficial interests in SBA Holdings and its direct or indirect subsidiaries by a Person that is not an Affiliate of SBA Parent, a Rating Agency Confirmation (and during a Special Servicing Period, the Servicer’s consent).
		

		
			(C)Any transfer or issuance of stock of SBA Parent, or the issuance of additional capital stock of SBA Parent (including common or preferred shares).
		

		 

		

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			Section 11.3Defeasance.  At any time prior to the Anticipated Repayment Date for any Component then outstanding, the Borrowers may defease all Components of the Loan, as of the last day of an Interest Accrual Period, in accordance with the following provisions:
		

		
			(A)The Lender shall have received from the Borrowers not less than thirty (30) days’ prior written notice specifying the date for such defeasance and the amount which is to be defeased (which amount must represent the aggregate Component Principal Balance of all then outstanding Components of the Loan).
		

		
			(B)The Borrowers shall also pay to the Lender all interest due through and including the last day of the Interest Accrual Period during which such defeasance is being made, together with any and all other amounts due and owing pursuant to the terms of the Loan Documents, including, without limitation, then outstanding Administrative Fees and any costs incurred in connection with such defeasance.
		

		
			(C)No Event of Default shall have occurred and be continuing.
		

		
			(D)The Borrowers shall (i) deliver Federal Obligations sufficient to make the Scheduled Defeasance Payments to the Lender and (ii) deliver to the Lender (1) a security agreement, in form and substance reasonably satisfactory to the Lender, creating a first priority lien on the Federal Obligations purchased by the Borrowers in accordance with the terms of this Section 11.3 (the “Security Agreement”); (2) an Officer’s Certificate certifying that the requirements set forth in this Section 11.3 have been satisfied; (3) an opinion of counsel for the Borrowers in form and substance reasonably satisfactory to the Lender stating, among other things, that the Lender has a first priority perfected security interest in the Federal Obligations; (4) a certificate, in form and substance reasonably satisfactory to the Lender from an independent certified public accountant confirming that the requirements of Section 11.3(B) and (D)(i) have been satisfied; (5) an opinion that such defeasance will not cause the Trust to become subject to the Investment Company Act of 1940, as amended; (6) such other certificates, documents, opinions or instruments as the Lender may reasonably request; and (7) an opinion of counsel from a Borrower that all conditions precedent to the defeasance have been satisfied.
		

		
			(E)The Lender shall have received a Rating Agency Confirmation.
		

		
			(F)If the Borrowers will continue to own any assets other than the Federal Obligations delivered to the Lender, the Borrowers shall establish or designate a special‐purpose bankruptcy‐remote successor entity reasonably acceptable to the Lender (the “Successor Borrowers”), with respect to which a substantive nonconsolidation opinion satisfactory to the Lender has been delivered to the Lender, and the Borrowers shall transfer and assign to the Successor Borrowers all obligations, rights and duties under the Notes and the Security Agreement, together with the pledged Federal Obligations.  The Successor Borrowers shall assume the obligations of the Borrowers under the Notes, the other Loan Documents and the Security Agreement and the Borrowers shall be relieved of their obligations hereunder and thereunder.  The Borrowers shall pay Ten and No/100 Dollars ($10.00) to the Successor Borrowers as consideration for assuming such Borrowers’ obligations.
		

		 

		

			‐100‐

		

 

		

			 

		

		
			(G)The Borrowers shall deliver to the Lender an opinion of counsel to the effect that the defeasance will not constitute a “significant modification” of the Loan or a “deemed exchange” of the Notes under section 1001 of the IRC.
		

		
			Section 11.4Release of Sites.
		

		
			(A)Defeasance; Prepayments with Loss Proceeds.  If (x) the Borrowers defease all Components pursuant to Section 11.3 or (y) a prepayment is made pursuant to Section 5.5(C), the Lender shall, promptly upon satisfaction of all the following terms and conditions, execute, acknowledge and deliver to the Borrowers a release of the applicable Loan Documents with respect to the Sites, in the case of a defeasance, or the Sites to be released pursuant to such prepayment with Loss Proceeds, in the case of a prepayment, in recordable form with respect to the Sites or the applicable Site, for such Release:
		

		
			(i)In the event of a prepayment of the Loan in part, but not in whole with Loss Proceeds, the Lender shall have received payment of all then outstanding Administrative Fees together with the Release Price on the date for such prepayment, which (to the extent not applied to satisfy Administrative Fees) shall be applied in accordance with Section 2.4(A).
		

		
			(ii)Except for prepayments which are made contemporaneously with the application of Loss Proceeds towards the payment of the Loan where such Loss Proceeds constitute at least fifty percent (50%) of the Release Price, the Lender shall have received from the Borrowers evidence in form and substance satisfactory to the Lender that:
		

		
			(1) following such release, the percentage of Operating Revenues from the remaining Sites represented by telephony tenants and non-telephony investment grade tenants (taken together) is 90% or greater;
		

		
			(2) if any of the remaining Sites are subject to a Ground Lease, such Ground Leases will have an average remaining term (including all available extensions) of not less than the average remaining term of the Sites subject to Ground Leases prior to such Release (excluding any Ground Leases of an original term of 90 years or greater in duration); 
		

		
			(3) the Maintenance Capital Expenditures for the remaining Sites (taken together and averaged on a per site basis) are not materially greater than the Maintenance Capital Expenditures for the Sites (taken together and averaged on a per site basis) prior to such Release; and 
		

		
			(4) after giving effect to the Release, the Debt Service Coverage Ratio is at least equal to the Debt Service Coverage Ratio as of the date immediately preceding the Release. 
		

		
			The foregoing statements, calculations, and information shall be accompanied by an Officer’s Certificate stating that the statements, calculations and information comprising such evidence are true, correct and complete in all respects.
		

		 

		

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			(iii)The Borrowers shall, at their sole expense, prepare any and all documents and instruments necessary to effect the Release, all of which shall be subject to the reasonable approval of the Lender, and the Borrowers shall pay all costs reasonably incurred by the Lender (including, but not limited to, reasonable attorneys’ fees and disbursements, title search costs or endorsement premiums) in connection with the review, execution and delivery of the Release.
		

		
			(iv)No Event of Default has occurred and is continuing, unless the Release will cure such Event of Default.
		

		
			(B)Site Dispositions.  The Borrowers shall be permitted, without the Lender’s consent, to sell or dispose of (y) any Sites which are deemed necessary in accordance with prudent business practices, and (z) any Sites in order to cure a breach of any representation, warranty or other Default with respect to such Site, and the Lender shall, promptly upon satisfaction of all the following terms and conditions execute, acknowledge and deliver to the Borrowers a Release for the applicable Site, provided that, together with the payment of all then outstanding Administrative Fees, the Borrowers prepay the Loan in an amount equal to the Release Price on the date of such sale or disposition, together with any Yield Maintenance due on a prepayment made on such date required by Section 2.6.  Such prepayment (to the extent not applied to satisfy Administrative Fees) shall be applied in the manner provided in Section 2.6(A).  The following additional conditions must also be satisfied:
		

		
			(i)The Borrowers provide written notice to the Lender of such disposition not later than thirty (30) days prior to such sale.
		

		
			(ii)Together with such notice the Borrowers provide supporting information reasonably acceptable to the Lender that following such sale the Debt Service Coverage Ratio will be, (x) if such sale is occurring prior to the Second Amendment Effective Date, equal to or greater than the Debt Service Coverage Ratio immediately prior to such sale or, (y) if such sale is occurring on or after the Second Amendment Effective Date, at least within 0.2x of the Debt Service Coverage Ratio immediately prior to such sale.
		

		
			(iii)If the aggregate Allocated Loan Amount of (x) each such Site for which a sale has occurred under this Section 11.4(B) since, if such sale is occurring (1) prior to the Second Amendment Effective Date, the Original Closing Date, or (2) on or after the Second Amendment Effective Date, the date of the Loan Increase relating to the then-outstanding Component that has been outstanding for the longest period of time, and (y) all Sites to be sold is greater than five percent (5%) of the aggregate original Component Principal Balances of all Components of the Loan then outstanding, the Borrowers have delivered a Rating Agency Confirmation.
		

		
			(iv)If such sale is occurring prior to the Third Amendment Effective Date, following such sale such Site is not held by any Affiliate of the Borrowers (unless such sale is effectuated to cure a Default, in which event the Sites so sold may be owned by an Affiliate of the Borrowers).
		

		
			(v)If the sale is during a Special Servicing Period, the Servicer approves of such sale.
		

		 

		

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			(vi)The Borrowers shall, at their sole expense, prepare any and all documents and instruments necessary to effect such disposition, all of which shall be subject to the reasonable approval of the Lender, and the Borrowers shall pay all costs reasonably incurred by the Lender (including, but not limited to, reasonable attorneys’ fees and disbursements, title search costs or endorsement premiums) in connection with the review, execution and delivery of such disposition.
		

		
			In connection with any disposition permitted pursuant to the terms of this Section 11.4(B), the Borrowers may sell any Other Company Collateral associated with the applicable Mortgaged Site and no longer required in connection with the operation of the Borrowers’ business, and the net proceeds of sale (after reasonable and customary expenses and payment of any then outstanding Administrative Fees) of any Mortgaged Site and Other Company Collateral pursuant to the terms of this Section 11.4 shall be deemed “Receipts” for all intents and purposes under this Loan Agreement and shall be applied in accordance with the terms of the Cash Management Agreement.
		

		
			(C)Payment in Full of Components of the Loan Having the Same Numerical Designation.  In connection with the payment in full of the Component Principal Balance of the Components of the Loan having the same numerical designation, the Borrowers may sell or dispose of Sites selected by the Borrowers, upon satisfaction of the following conditions:
		

		
			(i)The Rating Agencies shall have received prior notice of the disposition and the Lender shall have received from the Borrowers either (x) Rating Agency Confirmation with respect to the Release or (y) evidence in form and substance satisfactory to the Lender that:
		

		
			(1) following the Release, the percentage of Operating Revenues from the remaining Sites represented by telephony tenants and non-telephony investment grade tenants (taken together) will be, (x) if the Release is occurring prior to the Second Amendment Effective Date, 90% or greater or, (y) if the Release is occurring on or after the Second Amendment Effective Date, not materially less than (and in any event at least 95% of) such percentage as of the date immediately preceding the Release;
		

		
			(2) if any of the remaining Sites is subject to a Ground Lease, such Ground Leases have, (x) if the Release is occurring prior to the Second Amendment Effective Date, an average remaining term (including all available extensions) of not less than the average remaining term (including all available extensions) of the Ground Leases on all Sites subject to Ground Leases prior to the Release (in both cases, excluding any Ground Leases of an original term of ninety (90) years or greater in duration) or, (y) if the Release is occurring on or after the Second Amendment Effective Date, an average remaining term (calculated on a net cash flow weighted average basis and including all available extensions) that is not shorter than one year shorter than the average remaining term (calculated on a net cash flow weighted average basis and including all available extensions) of the Ground Leases on all Sites subject to 
		

		 

		

			‐103‐

		

 

		

			 

		

		Ground Leases prior to the Release (in both cases, excluding any Ground Leases of an original term of ninety (90) years or greater in duration); 
		

		
			(3) the Maintenance Capital Expenditures for the remaining Sites (taken together and averaged on a per site basis) are not materially greater than the Maintenance Capital Expenditures for the Sites (taken together and averaged on a per site basis) prior to the Release; and 
		

		
			(4) after giving effect to the Release, the Debt Service Coverage Ratio will be, (x) if such Release is occurring prior to the Second Amendment Effective Date, equal to or greater than the Debt Service Coverage Ratio as of the date immediately preceding the Release or, (y) if the Release is occurring on or after the Second Amendment Effective Date, at least within 0.2x of the Debt Service Coverage Ratio as of the date immediately preceding the Release.
		

		
			(ii)No Event of Default has occurred and is continuing and no Amortization Period that commenced as the result of the occurrence of an event described in clause (i) of the definition thereof is continuing.
		

		
			(iii)If a Special Servicing Period is in effect, the Servicer’s consent has been obtained.
		

		
			(iv)if any Components will remain outstanding after giving effect to such prepayment, the Lender shall have received from the Borrowers Rating Agency Confirmation.
		

		
			(v)The Lender shall have received payment of all then outstanding Administrative Fees.
		

		
			(vi)The Borrowers shall, at their sole expense, prepare any and all documents and instruments necessary to effect the Release, all of which shall be subject to the reasonable approval of the Lender, and the Borrowers shall pay all costs reasonably incurred by the Lender (including, but not limited to, reasonable attorneys’ fees and disbursements, title search costs or endorsement premiums) in connection with the review, execution and delivery of the Release..
		

		
			(vii)On or prior to the date of the Release, the Borrowers shall deliver to the Lender an Officer’s Certificate dated as of the date of the Release certifying that the requirements set forth in this Section 11.4(C) have been satisfied and that the foregoing statements, calculations, and information shall be accompanied by an Officer’s Certificate stating that the statements, calculations and information comprising such evidence are true, correct and complete in all respects.
		

		
			(viii)Upon the satisfaction of the foregoing conditions precedent, as reasonably determined by the Lender, the Lender shall execute, acknowledge and deliver to the Borrowers a Release with respect to such Sites.
		

		 

		

			‐104‐

		

 

		

			 

		

		
			(D)Release of Borrower and related Additional Guarantor upon Release of Sites.    Upon the Release of all Sites of any Borrower pursuant to this Section 11.4, such Borrower and any Additional Guarantor that only owns a direct or indirect Equity Interest in such Borrower may be released and discharged from all Obligations under the Loan Documents and the Notes (a “Borrower Release”), with Rating Agency Confirmation and the consent of the Lender (such determination to be made by the Servicer in accordance with the Servicing Standard).
		

		
			Section 11.5Substitution of a Mortgaged Site.
		

		
			(A)  Subject to the terms and conditions set forth in this Section 11.5, the Borrowers shall have the right to obtain a release of the lien of the applicable Deed of Trust (and the related Loan Documents) encumbering one or more Mortgaged Sites and dispose of such Mortgaged Sites (for purposes of this section only, hereinafter referred to as, the “Substituted Sites”) by (i) substituting therefor one or more properties of like kind and quality (which shall include, among other things, the geographic diversity of the Substituted Sites and markets and submarkets with, among other similarities, similar demographics, populations, absorption trends, accessibility and visibility) or (ii), with respect to any of the Ground Lease Sites, subjecting the applicable Borrower’s interest in such Ground Lease Site to the lien of a security instrument in favor of the Lender as security for the Loan (individually, a “Replacement Site” and, collectively, the “Replacement Sites”).  In addition, any such substitution (each, a “Substitution”) shall be subject, in each case, to the satisfaction of the following conditions precedent:
		

		
			(A)No Amortization Period or Event of Default shall have occurred and be continuing, unless the release of the Substituted Site will cure such Event of Default.
		

		
			(B)The Borrowers shall have given the Lender at least forty five (45) days prior written notice of its election to seek a Substitution.
		

		
			(C)The Lender shall have received a copy of the instrument conveying to the applicable Borrower the transferred interests and, if such instrument creates a leasehold interest or an easement interest in favor of the Borrowers, such instrument shall be reasonably satisfactory to the Lender and, if the Substitution is occurring prior to the First Amendment Effective Date, shall contain such Lender protections as are contained in similar instruments accepted by the Lender at the Original Closing, and be accompanied by an estoppel or similar instrument reasonably satisfactory to the Lender.
		

		
			(D)The Borrowers shall have executed, acknowledged and delivered to the Lender (i) a mortgage, a deed of trust, or a deed to secure debt, as applicable, with respect to the Replacement Sites, so as to effectively create upon recording and filing valid and enforceable liens upon the Replacement Sites, of first priority, in favor of the Lender (or such other trustee as may be desired under local law), subject only to the Permitted Encumbrances, (ii) an environmental indemnity with respect to the Replacement Sites, (iii) written confirmation from SBA Holdings, the Guarantor and each Additional Guarantor regarding such Substitution, (iv) modifications to the Loan Documents as the Lender deems desirable to properly reflect the Substitution, and (v) such other documents and agreements as reasonably requested to evidence the Substitution.  The security instrument and environmental indemnity shall be in the same form 
		

		 

		

			‐105‐

		

 

		

			 

		

		and substance as the counterparts of such documents executed and delivered with respect to the Substituted Sites, subject to modifications reflecting the Replacement Sites as the property that is the subject of such documents and such modifications reflecting the laws of the State in which the Replacement Sites are located.
		

		
			(E)The Lender shall have received (i) a title insurance policy (or a marked, signed and predated commitment to issue such title insurance policy) reasonably satisfactory to the Lender insuring the lien of the security instrument encumbering the Replacement Sites, issued by the Title Company and dated as of the date of the Substitution, (ii) reasonably requested endorsements to the title policies delivered to the Lender in connection with the Deeds of Trust to reflect the Substitution and (iii) copies of paid receipts showing that all premiums in respect of such endorsements and title insurance policies have been paid; provided, however, that, if the Substitution is occurring on or after the Second Amendment Effective Date, no title insurance policy or endorsements to title policies shall be required to be delivered to the Lender in respect of the Replacement Sites if (x) the Borrowers shall have delivered Rating Agency Confirmation to the Lender or (y) the Substituted Sites were not part of the Collateral on April 18, 2013.
		

		
			(F)The Borrowers shall deliver or cause to be delivered to the Lender resolutions, if any are required, authorizing the Substitution and any actions taken in connection with such Substitution.
		

		
			(G)The Lender shall have received such opinions as may be reasonably requested with respect to the Loan Documents delivered with respect to the Replacement Sites, the Borrowers’ qualification, and authorization substantially in the form delivered at the Original Closing, together with an update of the insolvency opinion delivered at the Original Closing indicating that the Substitution does not affect the opinions set forth therein, and an opinion of counsel stating that the Substitution does not constitute a “significant modification” of the Loan or “deemed exchange” of the Notes under Section 1001 of the IRC.
		

		
			(H)The Borrowers shall have paid or reimbursed the Lender for all third party out‐of‐pocket costs and expenses incurred by the Lender (including, without limitation, reasonable attorneys fees and disbursements) in connection with the Substitution and the Borrowers shall have paid all Rating Agency fees, recording charges, filing fees, taxes or other expenses (including, without limitation, mortgage and intangibles taxes and documentary stamp taxes) payable in connection with the Substitution.
		

		
			(I)The Lender shall have received a new or refreshed ASTM compliant Phase I environmental report prepared by a consultant reasonably acceptable to the Lender on the Replacement Site, together with a Phase II environment assessment report (if any database search Phase I environmental report reveals any condition that in the Lender’s reasonable judgment warrants such a report) which concludes that any such Replacement Site does not contain any Hazardous Materials (except for cleaning and other products used in connection with the routine maintenance or repair of the subject property) and is not in material violation of any Environmental Laws.
		

		
			(J)The Lender shall have received a physical conditions report with respect to the Replacement Sites from a nationally recognized structural consultant approved by the 
		

		 

		

			‐106‐

		

 

		

			 

		

		Lender in a form recognized and approved by the Lender prior to such release and Substitution stating that the Replacement Sites and their use comply in all material respects with applicable legal requirements of the Governmental Authorities customarily provided in such reports and that the Replacement Sites are in good condition and repair and free of damage or waste.
		

		
			(K)The Rating Agencies shall have received prior notice of the Substitution from the Borrowers and the Lender shall have received from the Borrowers either (x) Rating Agency Confirmation with respect to the Substitution or (y) evidence in form and substance satisfactory to the Lender that each of the following is or will be true after giving effect to the Substitution:
		

		
			(1) the aggregate Allocated Loan Amounts of all Substituted Sites and Substituted Other Pledged Sites during any calendar year do not exceed five percent (5%) of the monthly average of the Principal Amount of the Loan for such calendar year (with any excess limit permitted to be carried over into subsequent years, subject to an aggregate limit of 25% of the monthly average of the principal amount of the Loan for the previous five (5) year period); 
		

		
			(2) the percentage of Operating Revenues from the Replacement Sites represented by telephony tenants and non-telephony investment grade tenants (taken together) is, (x) if the Substitution is occurring prior to the Second Amendment Effective Date, 90% or greater or, (y) if the Substitution is occurring on or after the Second Amendment Effective Date, not materially less than (and in any event less than 95% of) such percentage immediately prior to the Substitution; 
		

		
			(3) if any of the Replacement Sites will be subject to a Ground Lease, all such Ground Leases will have, (x) if the Substitution is occurring prior to the Second Amendment Effective Date, a remaining term (including all available extensions) of not less than the average remaining term (including all available extensions) of the Ground Leases on all Sites subject to Ground Leases prior to the Substitution (in both cases, excluding any Ground Leases of an original term of ninety (90) years or greater in duration) or, (y) if the Substitution is occurring on or after the Second Amendment Effective Date, a remaining term (including all available extensions) that is not shorter than one year shorter than the average remaining term (calculated on a net cash flow weighted average basis and including all available extensions) of the Ground Leases on all Sites subject to Ground Leases prior to the Substitution (in both cases, excluding any Ground Leases of an original term of ninety (90) years or greater in duration) from the date of the Substitution; 
		

		
			(4) the weighted average remaining term of the Leases (by revenue) with respect to the Replacement Sites is, (x) if the Substitution is occurring prior to the Second Amendment Effective Date, equal to or longer than the weighted average remaining term of the Leases (by revenue) with respect to all Sites prior to the Substitution or, (y) if the Substitution is occurring on or after the Second Amendment Effective Date, not shorter than one year shorter than the weighted average remaining term of the Leases (by revenue) with respect to all Sites prior to the Substitution;
		

		
			(5) the Maintenance Capital Expenditures for the Replacement Sites (taken together and averaged on a per site basis) are not materially greater than the Maintenance 
		

		 

		

			‐107‐

		

 

		

			 

		

		Capital Expenditures for the Substituted Sites (taken together and averaged on a per site basis);
		

		
			(6) after giving effect to the Substitution, the Debt Service Coverage Ratio will be, (x) if the Substitution is occurring prior to the Second Amendment Effective Date, equal to or greater than the Debt Service Coverage Ratio as of the date immediately preceding the Substitution or, (y) if the Substitution is occurring on or after the Second Amendment Effective Date, at least within 0.2x of, the Debt Service Coverage Ratio as of the date immediately preceding the Substitution; and 
		

		
			(7) the aggregate value of the Replacement Sites, as established by the Borrowers to the reasonable satisfaction of the Lender, is at least equal to the aggregate value of the Substituted Sites as of the date immediately preceding the Substitution (such valuation to be performed in a manner consistent with industry standards for the valuation of tower Sites).
		

		
			(L)On or prior to the date of Substitution, the Borrowers shall deliver to the Lender an Officer’s Certificate dated as of the date of Substitution certifying that the requirements set forth in this Section 11.5 have been satisfied and remaking the representations and warranties set forth in Sections 4.5 through 4.8, Section 4.25(A) (if a Substituted Site is a Ground Lease Site) and Section 4.26 (if a Substituted Site is an Easement Site) with respect to the Substituted Site as of that date.
		

		
			(M)If such Substitution is occurring prior to the Third Amendment Effective Date, immediately following such Substitution, the Substituted Sites will be owned by a Person other than the Borrowers or any of their Affiliates (unless such Substitution is effectuated to cure a Default, in which event the Substituted Sites may be owned by an Affiliate of the Borrowers).
		

		
			(N)If during a Special Servicing Period, the Servicer consents to such Substitution.
		

		
			(O)Upon the satisfaction of the foregoing conditions precedent, as reasonably determined by the Lender, (i) the Lender will release its lien from the Substituted Sites, (ii) the Replacement Sites shall be deemed to be “Mortgaged Sites” hereunder, (iii) all references herein to the Deeds of Trust shall include the applicable security instrument encumbering the Replacement Sites, and (iv) the applicable Allocated Loan Amount with respect to the Substituted Sites shall be deemed to be the Allocated Loan Amount with respect to the Replacement Sites for all purposes hereunder.
		

		
			Section 11.6Substitution of Other Pledged Sites.
		

		
			  Subject to the terms and conditions set forth in this Section 11.6, the Borrowers shall have the right to transfer Other Pledged Sites (for purposes of this section only, hereinafter referred to as, the “Substituted Other Pledged Site”) by substituting therefor one or more properties of like kind and quality (which shall include, among other things, the geographic diversity of the Substituted Other Pledged Site and markets and submarkets with, among other similarities, similar demographics, populations, absorption trends, accessibility and visibility) (individually, a “Replacement Other Pledged Site” and collectively, the “Replacement Other Pledged Sites”).  In addition, any such substitution (each an “Other Pledged Site 
		

		 

		

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		Substitution”) shall be subject, in each case, to the satisfaction of the following conditions precedent:
		

		
			(A)No Amortization Period or Event of Default shall have occurred and be continuing, unless the release of the Substituted Other Pledged Site will cure such Event of Default.
		

		
			(B)The Borrowers shall have given the Lender at least forty‐five (45) days prior written notice of its election to seek an Other Pledged Site Substitution.
		

		
			(C)The Lender shall have received a copy of the instrument conveying to the applicable Borrower the transferred interests.
		

		
			(D)The Borrowers shall deliver or cause to be delivered to the Lender resolutions, if any are required, authorizing the Other Pledged Site Substitution and any actions taken in connection with such Other Pledged Site Substitution.
		

		
			(E)The Borrowers shall have paid or reimbursed the Lender for all third party out‐of‐pocket costs and expenses incurred by the Lender (including, without limitation, reasonable attorneys fees and disbursements) in connection with the Other Pledged Site Substitution.
		

		
			(F)The Lender shall have received a new or refreshed ASTM compliant Phase I environmental report prepared by a consultant reasonably acceptable to the Lender on Replacement Other Pledged Site (if any database search Phase I environmental report reveals any condition that in the Lender’s reasonable judgment warrants such a report) which concludes that the subject property does not contain any Hazardous Materials (except for cleaning and other products used in connection with the routine maintenance or repair of the subject property) and is not in material violation of any Environmental Laws.
		

		
			(G)The Lender shall have received a physical conditions report with respect to the Replacement Other Pledged Site from a nationally recognized structural consultant approved by the Lender in a form recognized and approved by the Lender prior to such release and Other Pledged Site Substitution stating that the Replacement Other Pledged Site and its use comply in all material respects with applicable legal requirements of the Governmental Authorities customarily provided in such reports and that the Replacement Other Pledged Site is in good condition and repair and free of damage or waste.
		

		
			(H)On or prior to the date of the Other Pledged Site Substitution, the Borrowers shall deliver to the Lender an Officer’s Certificate dated as of the date of Other Pledged Site Substitution certifying that the requirements set forth in this Section 11.6 have been satisfied.
		

		
			(I)On or prior to the date of the Other Pledged Site Substitution, the Borrowers shall deliver to the Lender an opinion of counsel stating that the Other Pledged Site Substitution does not constitute a “significant modification” of the Loan or “deemed exchange” of the Notes under Section 1001 of the IRC.
		

		 

		

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			(J)The Rating Agencies shall have received prior notice of the Substitution from the Borrowers and the Lender shall have received from the Borrowers either (x) Rating Agency Confirmation with respect to the Other Pledged Site Substitution or (y) evidence in form and substance satisfactory to the Lender that each of the following is or will be true after giving effect to the Other Pledged Site Substitution:
		

		
			(1) the aggregate Allocated Loan Amounts of all Substituted Other Pledged Sites and Substituted Sites during any calendar year do not exceed five percent (5%) of the monthly average of the Principal Amount of the Loan for such calendar year (with any excess limit permitted to be carried over into subsequent years, subject to an aggregate limit of 25% of the monthly average of the principal amount of the Loan for the previous five (5) year period);
		

		
			(2) the percentage of Operating Revenues from the Replacement Other Pledged Site represented by telephony tenants and non-telephony investment grade tenants (taken together) is, (x) if the Other Pledged Site Substitution is occurring prior to the Second Amendment Effective Date, 90% or greater or, (y) if the Other Pledged Site Substitution is occurring on or after the Second Amendment Effective Date, not materially less than (and in any event less than 95% of) such percentage immediately prior to the Other Pledged Site Substitution;
		

		
			(3) if any of the Replacement Other Pledged Sites will be subject to a Ground Lease, all such Ground Leases will have, (x) if the Other Pledged Site Substitution is occurring prior to the Second Amendment Effective Date, a remaining term (including all available extensions) of not less than the average remaining term (including all available extensions) of the Ground Leases on all Sites subject to Ground Leases prior to the Other Pledged Site Substitution (in both cases, excluding any Ground Leases of an original term of ninety (90) years or greater in duration) or, (y) if the Other Pledged Site Substitution is occurring on or after the Second Amendment Effective Date, a remaining term (including all available extensions) that is not shorter than one year shorter than the average remaining term (calculated on a net cash flow weighted average basis and including all available extensions) of the Ground Leases on all Sites subject to Ground Leases prior to the Other Pledged Site Substitution (in both cases, excluding any Ground Leases of an original term of ninety (90) years or greater in duration) from the date of the Other Pledged Site Substitution;
		

		
			(4) the weighted average remaining term of the Leases (by revenue) with respect to the Replacement Other Pledged Sites is, (x) if the Other Pledged Site Substitution is occurring prior to the Second Amendment Effective Date, equal to or longer than the weighted average remaining term of the Leases (by revenue) with respect to all Sites prior to the Other Pledged Site Substitution or (y) if the Other Pledged Site Substitution is occurring on or after the Second Amendment Effective Date, not shorter than one year shorter than the weighted average remaining term of the Leases (by revenue) with respect to all Sites prior to the Other Pledged Site Substitution;
		

		
			(5) the Maintenance Capital Expenditures for the Replacement Other Pledged Sites (taken together and averaged on a per site basis) are not materially greater than the 
		

		 

		

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		Maintenance Capital Expenditures for the Substituted Other Pledged Sites (taken together and averaged on a per site basis);
		

		
			(6) after giving effect to the Other Pledged Site Substitution, the Debt Service Coverage Ratio will be, (x) if the Other Pledged Site Substitution is occurring prior to the Second Amendment Effective Date, equal to or greater than the Debt Service Coverage Ratio as of the date immediately preceding the Other Pledged Site Substitution or, (y) if the Other Pledged Site Substitution is occurring on or after the Second Amendment Effective Date, at least within 0.2x of, the Debt Service Coverage Ratio as of the date immediately preceding the Other Pledged Site Substitution; and 
		

		
			(7)  the aggregate value of the Replacement Other Pledged Sites, as established by the Borrowers to the reasonable satisfaction of the Lender, shall be at least equal to the aggregate value of the Substituted Other Pledged Sites as of the date immediately preceding the Other Pledged Site Substitution (such valuation to be performed in a manner consistent with industry standards for the valuation of tower Sites).
		

		
			(K)If the Other Pledged Site Substitution is occurring prior to the Third Amendment Effective Date, immediately following the Other Pledged Site Substitution, the Substituted Other Pledged Site will be owned by a Person other than the Borrowers or any of their Affiliates (unless such Other Pledged Site Substitution is effectuated to cure a Default, in which event the Substituted Other Pledged Site may be owned by an Affiliate of the Borrowers).
		

		
			(L)If during a Special Servicing Period, the Servicer consents to the Other Pledged Site Substitution.
		

		
			(M)If the Other Pledged Site Substitution is occurring prior to the First Amendment Effective Date, the Lender shall have received (i) a title insurance policy (or a marked, signed and predated commitment to issue such title insurance policy) reasonably satisfactory to the Lender insuring the Borrower’s interest in the Replacement Other Pledged Sites for an amount equal to the aggregate Allocated Loan Amount of the Replacement Other Pledged Sites, issued by the Title Company and dated as of the date of the Other Pledged Site Substitution, provided that a title insurance policy which is substantially similar in form and substance to the title policies in respect of the Substituted Other Pledged Site delivered on the Original Closing Date shall be satisfactory to the Lender, and not require additional endorsements, and (ii) copies of paid receipts showing that all premiums in respect of such title insurance policies have been paid.
		

		
			(N)Upon the satisfaction of the foregoing conditions precedent, as reasonably determined by the Lender, the Replacement Other Pledged Site shall be deemed to be an “Other Pledged Site” hereunder.
		

		
			Section 11.7Addition of an Additional Site or Additional Borrower Site.
		

		
			(A)  The Borrowers may acquire interests in properties (including land and Improvements) and related facilities or a direct or indirect subsidiary of the Guarantor that owns interests in properties (including land and Improvements) and related facilities may become an 
		
		
 

		

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		Additional Borrower in accordance with Section 2.3 (each, an “Addition”) subject, in each case, to the satisfaction of the following conditions precedent:

		
		
			(A)If the Addition is with respect to any Additional Site or Additional Borrower Site that is to be a Mortgaged Site:
		

		
			(i)No Event of Default, event that with the passage of time or the giving of notice will become an Event of Default or Amortization Period, then exists, is continuing, or would be caused by the Addition.
		

		
			(ii)In the case of an Additional Site, the Lender shall have received a copy of the instrument conveying to the applicable Borrower the transferred interests and, if such instrument creates a leasehold interest or an easement interest in favor of the applicable Borrower, such instrument shall be reasonably satisfactory to the Lender, and, if the Addition is occurring prior to the First Amendment Effective Date, shall contain such Lender protections as are contained in similar instruments accepted by the Lender at the Original Closing, and is accompanied by an estoppel or similar instrument reasonably satisfactory to the Lender.
		

		
			(iii)The Borrowers shall have executed, acknowledged and delivered to the Lender (a) a mortgage, a deed of trust, or a deed to secure debt, as applicable, with respect to the Additional Sites or Additional Borrower Sites, so as to effectively create upon recording and filing valid and enforceable liens upon the Additional Sites or Additional Borrower Sites, as the case may be, of first priority, in favor of the Lender (or such other trustee as may be desired under local law), subject only to the Permitted Encumbrances, (b) an environmental indemnity with respect to the Additional Sites or Additional Borrower Sites, (c) written confirmation from SBA Holdings, the Guarantor and any Additional Guarantors regarding such Addition, and (d) modifications to the Loan Documents as the Lender deems desirable to properly reflect the Addition.  The security instrument and environmental indemnity shall be in the same form and substance as the counterparts of such documents executed and delivered with respect to the Sites on the Original Closing Date, subject to modifications reflecting the Additional Sites or Additional Borrower Sites as the property that is the subject of such documents and such modifications reflecting the laws of the State in which the Additional Sites or Additional Borrower Sites are located.
		

		
			(iv)The Borrowers shall have entered into a Loan Agreement Supplement with respect to such Additional Sites or Additional Borrower Sites and shall have (a) represented and warranted in such Loan Agreement Supplement with respect to such Additional Sites or Additional Borrower Sites substantially to the effect set forth in Sections 4.5 through 4.8, Section 4.25(A) (if any such Additional Site or Additional Borrower Site is a Ground Lease Site) and Section 4.26 (if any such Additional Site or Additional Borrower Site is an Easement Site), (b) agreed that they will deliver to and deposit with, or cause to be delivered to and deposited with, the Servicer and/or the Trustee (i) such documents and agreements as reasonably requested to evidence the Addition or as are required to be delivered by the Borrowers pursuant to Section 2.01(f) of the Trust Agreement and (ii) originals or copies of all other documents, certificates and opinions in the possession or under the control of the Borrowers with respect to the Addition and that are necessary for the ongoing servicing and 
		

		 

		

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		administration of the Loan (or, if any of the foregoing items are not in the actual possession of the Borrowers, as soon as reasonably practical, but in any event within 90 days after the date of the Addition) and (c) agreed that they will provide to the Trustee, on or prior to the date of the Addition, a list of such Additional Sites or Additional Borrower Sites that are to be Mortgaged Sites, identified by Site number, together with such other information with respect to such Mortgaged Sites as shall be reasonably requested by the Trustee.
		

		
			(v)If the Addition is occurring prior to the Second Amendment Effective Date, the Lender shall have received (a) a title insurance policy (or a marked, signed and predated commitment to issue such title insurance policy) reasonably satisfactory to the Lender insuring the lien of the security instrument encumbering the Additional Sites or Additional Borrower Sites for an amount equal to the aggregate Allocated Loan Amount of such Additional Sites or Additional Borrower Sites, issued by the Title Company and dated as of the date of the Addition, (b) reasonably requested endorsements to the title policies delivered to the Lender in connection with the Deeds of Trust to reflect the Addition, provided that a title insurance policy which is similar in form and substance to the title insurance policies in respect of the Mortgaged Sites delivered on the Original Closing Date shall be satisfactory to the Lender, and not require additional endorsements, and (c) copies of paid receipts showing that all premiums in respect of such endorsements and title insurance policies have been paid.
		

		
			(vi)The Borrowers shall deliver or cause to be delivered to the Lender resolutions, if any are required, authorizing the Addition and any actions taken in connection with such Addition.
		

		
			(vii)The Lender shall have received such opinions as may be reasonably requested with respect to the Loan Documents delivered with respect to the Addition, the Borrower’s qualification, and authorization substantially in the form delivered at the Original Closing, together with an update of the bankruptcy opinion delivered at the Original Closing indicating that the Addition does not affect the opinions set forth therein, and an opinion of counsel stating that the Addition does not constitute a “significant modification” of the Loan or “deemed exchange” of the Notes under Section 1001 of the IRC.
		

		
			(viii)The Borrowers shall have paid or reimbursed the Lender for all third party out‐of‐pocket costs and expenses incurred by the Lender (including, without limitation, reasonable attorneys’ fees and disbursements) in connection with the Addition and the Borrowers shall have paid all Rating Agency fees, recording charges, filing fees, taxes or other expenses (including, without limitation, mortgage and intangibles taxes and documentary stamp taxes) payable in connection with the Addition.
		

		
			(ix)The Lender shall have received a new or refreshed ASTM compliant Phase I environmental report prepared by a consultant reasonably acceptable to the Lender on the Additional Sites or Additional Borrower Sites, as the case may be, together with a Phase II environment assessment report (if any database search Phase I environmental report reveals any condition that in the Lender’s reasonable judgment warrants such a report) which concludes that any such Additional Sites or Additional Borrower Sites, as the case may be, 
		

		 

		

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		do not contain any Hazardous Materials (except for cleaning and other products used in connection with the routine maintenance or repair of the subject property) and are not in material violation of any Environmental Laws.
		

		
			(x)On or prior to the date of the Addition, the Borrowers shall deliver to the Lender an Officer’s Certificate dated as of the date of Addition certifying that the requirements set forth in this Section 11.7(A) have been satisfied.
		

		
			(xi)If during a Special Servicing Period, the Servicer consents to such Addition.
		

		
			Upon the satisfaction of the foregoing conditions precedent, as reasonably determined by the Lender, (a) the Additional Sites or Additional Borrower Sites shall be deemed to be “Mortgaged Sites” hereunder and (b) all references herein to the Deeds of Trust shall include the applicable security instrument encumbering the Additional Sites or Additional Borrower Sites, as the case may be.
		

		
			(B)If the Addition is with respect to any Additional Site or Additional Borrower Site that is to be an Other Pledged Site:
		

		
			(i)No Event of Default, event that with the passage of time or the giving of notice will become an Event of Default or Amortization Period then exists or would be caused by the Addition.
		

		
			(ii)In the case of an Additional Site, the Lender shall have received a copy of the instrument conveying to the applicable Borrower the transferred interests and, if such instrument creates a leasehold interest or an easement interest in favor of the applicable Borrower, such instrument shall be reasonably satisfactory to the Lender, and, if the Addition is occurring prior to the First Amendment Effective Date, shall contain such Lender protections as are contained in similar instruments accepted by the Lender at the Original Closing, and is accompanied by an estoppel or similar instrument reasonably satisfactory to the Lender.
		

		
			(iii)The Borrowers shall have executed and delivered to the Lender (a) an environmental indemnity with respect to the Additional Sites or Additional Borrower Sites, (b) written confirmation from SBA Holdings, the Guarantor and any Additional Guarantors regarding such Addition and (c)  modifications to the Loan Documents as the Lender deems desirable to properly reflect the Addition.  The environmental indemnity shall be in the same form and substance as the environmental indemnity executed and delivered with respect to the Sites on the Original Closing Date, subject to modifications reflecting the Additional Sites or Additional Borrower Sites as the property that is the subject of such agreement.
		

		
			(iv)The Borrowers shall have entered into a Loan Agreement Supplement with respect to such Additional Sites or Additional Borrower Sites and shall have (a) represented and warranted in such Loan Agreement Supplement with respect to such Additional Sites or Additional Borrower Sites substantially to the effect set forth in Sections 4.5 through 4.8, Section 4.25(A) (if any such Additional Site or Additional Borrower Site is a Ground Lease Site) and Section 4.26 (if any such Additional Site or Additional Borrower Site is an 
		

		 

		

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		Easement Site), (b) agreed that they will deliver to and deposit with, or cause to be delivered to and deposited with, the Servicer and/or the Trustee (i) such documents and agreements reasonably requested to evidence the Addition or as are required to be delivered by the Borrowers pursuant to Section 2.01(f) of the Trust Agreement, including, to the extent required under such Loan Agreement Supplement, assignments of leases and rents or other appropriate documents sufficient to create for the benefit of the Lender a perfected lien on the Borrowers’ interest in any and all Leases now existing or subsequently entered into in respect of the Additional Sites or Additional Borrower Sites and assignments of the foregoing assignments from the Lender to the Trustee sufficient to assign such lien to the Trustee for the benefit of the Securityholders, and (ii) originals or copies of all other documents, certificates and opinions in the possession or under the control of the Borrowers with respect to the Addition and that are necessary for the ongoing servicing and administration of the Loan (or, if any of the foregoing items are not in the actual possession of the Borrowers, as soon as reasonably practical, but in any event within 90 days after the date of the Addition) and (c) agreed that, if such Loan Agreement Supplement requires the delivery of assignments of leases and rents as described in clause (b) above, they will provide to the Trustee, on or prior to the date of the Addition, a list of such Additional Sites or Additional Borrower Sites that are to be Other Pledged Sites, identified by Site number, , together with such other information with respect to such Other Pledged Sites as shall be reasonably requested by the Trustee.
		

		
			(v)The Borrowers shall deliver or cause to be delivered to the Lender resolutions, if any are required, authorizing the Addition and any actions taken in connection with such Addition.
		

		
			(vi)The Borrowers shall have paid or reimbursed the Lender for all third party out‐of‐pocket costs and expenses incurred by the Lender (including, without limitation, reasonable attorneys fees and disbursements) in connection with the Addition.
		

		
			(vii)If the Addition is occurring prior to the First Amendment Effective Date, the Lender shall have received (a) a title insurance policy (or a marked, signed and predated commitment to issue such title insurance policy) reasonably satisfactory to the Lender insuring the Borrower’s or Additional Borrower’s interest in the Additional Sites or Additional Borrower Sites for an amount equal to the aggregate Allocated Loan Amount of such Additional Sites or Additional Borrower Sites, issued by the Title Company and dated as of the date of the Addition, provided that a title insurance policy which is similar in form and substance to the title insurance policies in respect of the Other Pledged Sites delivered on the Original Closing Date shall be satisfactory to the Lender, and not require additional endorsements, and (b) copies of paid receipts showing that all premiums in respect of such title insurance policies have been paid.
		

		
			(viii)The Lender shall have received a new or refreshed ASTM compliant Phase I environmental report prepared by a consultant reasonably acceptable to the Lender on the Additional Sites or Additional Borrower Sites, as the case may be, together with a Phase II environment assessment report (if any database search Phase I environmental report reveals any condition that in the Lender’s reasonable judgment warrants such a report) which concludes that any such Additional Sites or Additional Borrower Sites, as the 
		

		 

		

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		case may be, do not contain any Hazardous Materials (except for cleaning and other products used in connection with the routine maintenance or repair of the subject property) and are not in material violation of any Environmental Laws.
		

		
			(ix)On or prior to the date of the Addition, the Borrowers shall deliver to the Lender an Officer’s Certificate dated as of the date of the Addition certifying that the requirements set forth in this Section 11.7(B) have been satisfied.
		

		
			(x)The Lender shall have received such opinions as may be reasonably requested with respect to the Loan Documents delivered with respect to the Addition, the Borrower’s qualification, and authorization substantially in the form delivered at the Original Closing, together with an update of the insolvency opinion delivered at the Original Closing indicating that the Addition does not affect the opinions set forth therein, and an opinion of counsel stating that the Addition does not constitute a “significant modification” of the Loan or “deemed exchange” of the Notes under Section 1001 of the IRC.
		

		
			(xi)If during a Special Servicing Period, the Servicer consents to such Addition.
		

		
			Upon the satisfaction of the foregoing conditions precedent, as reasonably determined by Lender, the Additional Site or Additional Borrower Site shall be deemed to be an “Other Pledged Site” hereunder.
		

		
			Section 11.8Determination of Allocated Loan Amounts.
		

		
			  On or prior to each Allocated Loan Amount Determination Date, the Lender shall determine the Allocated Loan Amount for each Site in accordance with the provisions set forth on Exhibit B using the Annualized Run Rate Net Cash Flow for each Site and total Annualized Run Rate Net Cash Flow for all Sites most recently provided to the Lender by the Manager and which are as of a date which is no more than 120 days prior to such Allocated Loan Amount Determination Date.
		

		
			ARTICLE XII

RECOURSE; LIMITATIONS ON RECOURSE
		

		
			Section 12.1Limitations on Recourse.  Subject to the provisions of this Article, and notwithstanding any provision of the Loan Documents other than this Article, the personal liability of the Borrowers (but not that of Guarantor, SBA Holdings and any Additional Guarantors, which each shall remain fully liable under the Guaranty to which it is a party) to pay any and all Obligations including but not limited to the principal of and interest on the debt evidenced by the Notes and any other agreement evidencing the Borrowers’ obligations under the Notes shall be limited to (i) the Sites, (ii) the rents, profits, issues, products and income of the Sites, received or collected by or on behalf of the Borrowers or any Borrower Party after an Event of Default, and (iii) any other Collateral.
		

		
			Notwithstanding anything to the contrary in this Loan Agreement, the Deeds of Trust or any of the Loan Documents, the Lender shall not be deemed to have waived any right which the Lender may have under Section 506(a), 506(b), 1111(b) or any other provisions of the 
		

		 

		

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		Bankruptcy Code to file a claim for the full amount of the Obligations secured by the Deeds of Trust or to require that all collateral shall continue to secure all of the Obligations owing to the Lender in accordance with the Loan Documents.
		

		
			Section 12.2Partial Recourse.  Notwithstanding Section 12.1, the Borrowers (but, other than SBA Holdings, the Guarantor and any Additional Guarantors, not their members, partners, employees, shareholders, agents, directors or officers (the “Exculpated Parties”)) shall be personally liable to the extent of any liability, loss, damage, cost or expense (including, without limitation, attorneys’ fees and expenses) suffered or incurred by the Lender resulting from any and all of the following:  (i) fraud of any of the Borrowers; (ii) any material misrepresentation made by the Borrowers in this Loan Agreement or any other Loan Document; (iii) insurance proceeds, condemnation awards, or other sums or payments attributable to the Sites that are not applied in accordance with the provisions of the Loan Documents; (iv) all Receipts of the Sites received by or on behalf of the Borrowers or any Borrower Party or the Manager and not deposited into the Deposit Account in accordance with Article VII and the Cash Management Agreement; (v) failure to turn over to the Lender, after an Event of Default, or misappropriation of any tenant security deposits or rents collected in advance (other than by the Lender or the Servicer); (vi) failure to notify the Lender of any change in the jurisdiction of organization or principal place of business of any of the Borrower Parties or of any change in the name of any of the Borrowers or if any of the Borrower Parties take any other action which could make the information set forth in the Financing Statements relating to the Loan materially misleading; (vii) failure by the Borrowers to comply with the covenants, obligations, liabilities, warranties and representations contained in the Environmental Indemnity or otherwise pertaining to environmental matters; (viii) material waste; (ix) any uncured default under Section 11.1; and (x) any material uncured default under Article IX.
		

		
			Section 12.3Miscellaneous.  No provision of this Article shall (i) affect the enforcement of the Environmental Indemnity, the Guaranty or any guaranty or similar agreement executed in connection with the Loan, (ii) release or reduce the debt evidenced by the Notes, (iii) impair the lien of any of the Deeds of Trust or any other security document, (iv) impair the rights of the Lender to enforce any provisions of the Loan Documents, or (v) limit the Lender’s ability to obtain a deficiency judgment or judgment on the Notes or otherwise against any Borrower Party but not any Exculpated Party to the extent necessary to obtain any amount for which such Borrower Party may be liable in accordance with this Article or any other Loan Document.
		

		
			ARTICLE XIII

WAIVERS OF DEFENSES OF GUARANTORS AND SURETIES
		

		
			Section 13.1Waivers.  To the extent that any of the Borrowers (in this Article, a “Waiving Party”) is deemed for any reason to be a guarantor or surety of or for any other Borrower Party or Affiliate or to have rights or obligations in the nature of the rights or obligations of a guarantor or surety (whether by reason of execution of a guaranty, provision of security for the obligations of another, or otherwise) then this Article shall apply.  This Article shall not affect the rights of the Waiving Party other than to waive or limit rights and defenses 
		

		 

		

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		that Waiving Party would have (i) in its capacity as a guarantor or surety or (ii) in its capacity as one having rights or obligations in the nature of a guarantor or surety.
		

		
			Waiving Party hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of receivership or bankruptcy of any of the other Borrower Parties, protest or notice with respect to any of the obligations of any of the other Borrower Parties, setoffs and counterclaims and all presentments, demands for performance, notices of nonperformance, protests, notices of protest, notices of dishonor and notices of acceptance, the benefits of all statutes of limitation, and all other demands whatsoever (and shall not require that the same be made on any of the other Borrower Parties as a condition precedent to the obligations of Waiving Party), and covenants that the Loan Documents will not be discharged, except by complete payment and performance of the obligations evidenced and secured thereby, except only as limited by the express contractual provisions of the Loan Documents.  Waiving Party further waives all notices that the principal amount, or any portion thereof, and/or any interest on any instrument or document evidencing all or any part of the obligations of any of the other Borrower Parties to the Lender is due, notices of any and all proceedings to collect from any of the other Borrower Parties or any endorser or any other guarantor of all or any part of their obligations, or from any other person or entity, and, to the extent permitted by law, notices of exchange, sale, surrender or other handling of any security or collateral given to the Lender to secure payment of all or any part of the obligations of any of the other Borrower Parties.
		

		
			Except only to the extent provided otherwise in the express contractual provisions of the Loan Documents, Waiving Party hereby agrees that all of its obligations under the Loan Documents shall remain in full force and effect, without defense, offset or counterclaim of any kind, notwithstanding that any right of Waiving Party against any of the other Borrower Parties or defense of Waiving Party against the Lender may be impaired, destroyed, or otherwise affected by reason of any action or inaction on the part of the Lender.  Waiving Party waives all rights and defenses arising out of an election of remedies by the Lender, even though that election of remedies, may have destroyed the Waiving Party’s rights of subrogation and reimbursement against the other Borrower Parties.
		

		
			The Lender is hereby authorized, without notice or demand, from time to time, (a) to renew, extend, accelerate or otherwise change the time for payment of, or other terms relating to, all or any part of the obligations of any of the other Borrower Parties; (b) to accept partial payments on all or any part of the obligations of any of the other Borrower Parties; (c) to take and hold security or collateral for the payment of all or any part of the obligations of any of the other Borrower Parties; (d) to exchange, enforce, waive and release any such security or collateral for such obligations; (e) to apply such security or collateral and direct the order or manner of sale thereof as in its discretion it may determine; and (f) to settle, release, exchange, enforce, waive, compromise or collect or otherwise liquidate all or any part of such obligations and any security or collateral for such obligations.  Any of the foregoing may be done in any manner, and Waiving Party agrees that the same shall not affect or impair the obligations of Waiving Party under the Loan Documents.
		

		
			Waiving Party hereby assumes responsibility for keeping itself informed of the financial condition of all of the other Borrower Parties and any and all endorsers and/or other guarantors of all or any part of the obligations of the other Borrower Parties, and of all other 
		

		 

		

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		circumstances bearing upon the risk of nonpayment of such obligations, and Waiving Party hereby agrees that the Lender shall have no duty to advise Waiving Party of information known to it regarding such condition or any such circumstances.
		

		
			Waiving Party agrees that neither the Lender nor any person or entity acting for or on behalf of the Lender shall be under any obligation to marshal any assets in favor of Waiving Party or against or in payment of any or all of the obligations secured hereby.  Waiving Party further agrees that, to the extent that any of the other Borrower Parties or any other guarantor of all or any part of the obligations of the other Borrower Parties makes a payment or payments to the Lender, or the Lender receives any proceeds of collateral for any of the obligations of the other Borrower Parties, which payment or payments or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside and/or required to be repaid or refunded, then, to the extent of such payment or repayment, the part of such obligations which has been paid, reduced or satisfied by such amount shall be reinstated and continued in full force and effect as of the time immediately preceding such initial payment, reduction or satisfaction.
		

		
			Waiving Party (i) shall have no right of subrogation with respect to the obligations of the other Borrower Parties; (ii) waives any right to enforce any remedy that the Lender now has or may hereafter have against any of the other Borrower Parties, any endorser or any guarantor of all or any part of such obligations or any other person; and (iii) waives any benefit of, and any right to participate in, any security or collateral given to the Lender to secure the payment or performance of all or any part of such obligations or any other liability of the other parties to the Lender.
		

		
			Waiving Party agrees that any and all claims that it may have against any of the other Borrower Parties, any endorser or any other guarantor of all or any part of the obligations of the other Borrower Parties, or against any of their respective properties, shall be subordinate and subject in right of payment to the prior payment in full of all obligations secured hereby.  Notwithstanding any right of any of the Waiving Party to ask, demand, sue for, take or receive any payment from the other Borrower Parties, all rights, liens and security interests of Waiving Party, whether now or hereafter arising and howsoever existing, in any assets of any of the other Borrower Parties (whether constituting part of the security or collateral given to the Lender to secure payment of all or any part of the obligations of the other Borrower Parties or otherwise) shall be and hereby are subordinated to the rights of the Lender in those assets.
		

		
			ARTICLE XIV

MISCELLANEOUS
		

		
			Section 14.1Expenses and Attorneys’ Fees.  Whether or not the transactions contemplated hereby shall be consummated, the Borrowers agree to promptly pay all reasonable fees, costs and expenses incurred by the Lender in connection with any matters contemplated by or arising out of this Loan Agreement, including the following, and all such fees, costs and expenses shall be part of the Obligations, payable on demand:  (A) reasonable fees, costs and expenses (including reasonable attorneys’ fees, and other professionals retained by the Lender) incurred in connection with the examination, review, due diligence investigation, documentation and closing of the financing arrangements evidenced by the Loan Documents; (B) reasonable 
		

		 

		

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		fees, costs and expenses (including reasonable attorneys’ fees and other professionals retained by the Lender) incurred in connection with the administration of the Loan Documents and the Loan and any amendments, modifications and waivers relating thereto; (C) reasonable fees, costs and expenses (including reasonable attorneys’ fees) incurred in connection with the review, documentation, negotiation, closing and administration of any subordination or intercreditor agreements; (D) reasonable fees, costs and expenses (including reasonable attorneys’ fees and fees of other professionals retained by the Lender) incurred in any action to enforce or interpret this Loan Agreement or the other Loan Documents or to collect any payments due from the Borrowers under this Loan Agreement, the Notes or any other Loan Document or incurred in connection with any refinancing or restructuring of the credit arrangements provided under this Loan Agreement, whether in the nature of a “workout” or in connection with any insolvency or bankruptcy proceedings or otherwise; and (E) any other Administrative Fees.  Any costs and expenses due and payable to the Lender after the Original Closing Date may be paid to the Lender pursuant to the Cash Management Agreement.
		

		
			Section 14.2Indemnity.  In addition to the payment of expenses as required elsewhere herein, whether or not the transactions contemplated hereby shall be consummated, the Borrowers agree to indemnify, defend, protect, pay and hold the Lender, the Servicer and their successors and assigns (including, without limitation, the Trustee and/or the Trust and any other Person which may hereafter be the holder of the Notes or any interest therein), and the officers, directors, stockholders, partners, members, employees, agents, Affiliates and attorneys of the Lender and such successors and assigns (collectively called the “Indemnitees”) harmless from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, claims, Tax Liabilities, broker’s or finders fees, reasonable costs, expenses and disbursements of any kind or nature whatsoever (including the reasonable fees and disbursements of outside counsel for such Indemnitees in connection with any investigative, administrative or judicial proceeding commenced or threatened, whether or not such Indemnitee shall be designated a party thereto) that are imposed on, incurred by, or asserted against that Indemnitee, in any manner relating to or arising out of (A) the negotiation, execution, delivery, performance, administration, ownership, or enforcement of any of the Loan Documents; (B) any of the transactions contemplated by the Loan Documents; (C) any breach by the Borrowers of any material representation, warranty, covenant, or other agreement contained in any of the Loan Documents; (D) the Lender’s agreement to make the Loan hereunder; (E) any claim brought by any third party arising out of any condition or occurrence at or pertaining to the Sites; (F) any design, construction, operation, repair, maintenance, use, non‐use or condition of the Sites or Improvements, including claims or penalties arising from violation of any applicable laws or insurance requirements, as well as any claim based on any patent or latent defect, whether or not discoverable by the Lender; (G) any performance of any labor or services or the furnishing of any materials or other property in respect of the Sites or any part thereof; (H) any contest referred to in Section 5.3(B); (I) any obligation or undertaking relating to the performance or discharge of any of the terms, covenants and conditions of the landlord contained in the Leases; or (J) the use or intended use of the proceeds of any of the Loan (the foregoing liabilities herein collectively referred to as the “Indemnified Liabilities”); provided that the Borrowers shall not have an obligation to an Indemnitee hereunder with respect to Indemnified Liabilities arising from the fraud, gross negligence or willful misconduct of such Indemnitee as determined by a court of competent jurisdiction.  The obligations and liabilities of the Borrowers under this Section 14.2 shall survive the term of the Loan and the exercise by the Lender of any of its rights 
		

		 

		

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		or remedies under the Loan Documents, including the acquisition of the Sites by foreclosure or a conveyance in lieu of foreclosure.
		

		
			Section 14.3Amendments and Waivers.  Except as otherwise provided herein, no amendment, modification, termination or waiver of any provision of this Loan Agreement, the Notes or any other Loan Document, or consent to any departure therefrom, shall in any event be effective unless the same shall be in writing and signed by the Lender and any other party to be charged.  Each amendment, modification, termination or waiver shall be effective only in the specific instance and for the specific purpose for which it was given.  No notice to or demand on the Borrowers in any case shall entitle the Borrowers or other Person to any other or further notice or demand in similar or other circumstances.
		

		
			Section 14.4Retention of the Borrowers’ Documents.  The Lender may, in accordance with the Lender’s customary practices, destroy or otherwise dispose of all documents, schedules, invoices or other papers, delivered by the Borrowers to the Lender (other than the Notes and Deeds of Trust) unless the Borrowers request in writing that same be returned.  Upon such request and at the Borrowers’ expense, the Lender shall return such papers when the Lender’s actual or anticipated need for same has terminated.
		

		
			Section 14.5Notices.  Unless otherwise specifically provided herein, any notice or other communication required or permitted to be given shall be in writing and addressed to the respective party as set forth below.  Notices shall be effective (i) three (3) days after the date such notice is sent by certified mail, return receipt requested, postage prepaid, (ii) on the next Business Day if sent by a nationally recognized overnight courier service, (iii) on the date of delivery by personal delivery and (iv) on the date of transmission if sent by telefax (with confirmation sent by certified mail) during business hours on a Business Day (otherwise on the next Business Day).
		

		
			Notices shall be addressed as follows:
		

		
			If to the Borrowers or any Borrower Party:
		

		
			With a copy to:

c/o SBA Communications Corporation
Thomas P. Hunt, Esq.
Executive Vice President and General Counsel
5900 Broken Sound Parkway N.W.
Boca Raton, Florida 33487
Facsimile:  (561) 989-2941
		

		
			
Jeffrey A. Stoops
President and CEO
5900 Broken Sound Parkway N.W.
Boca Raton, Florida 33487
Facsimile:  (561) 989-2941
		

		

		

		 

		

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		If to the Lender:

c/o SBA Depositor LLC
5900 Broken Sound Parkway N.W.
Boca Raton, Florida 33487
Facsimile:  (561) 989-2941
Attention:
Tom Hunt
SBA Tower Trust
		

		
			With a copy to:

Midland Loan Services
10851 Mastin, Suite 700
Overland Park, Kansas 66210
Attention:
SBA Trust, Series 2005-1
		

		
			Any party may change the address at which it is to receive notices to another address in the United States at which business is conducted (and not a post‐office box or other similar receptacle), by giving notice of such change of address in accordance with the foregoing.  This provision shall not invalidate or impose additional requirements for the delivery or effectiveness of any notice (i) given in accordance with applicable statutes or rules of court, or (ii) by service of process in accordance with applicable law.  If there is any assignment or transfer of the Lender’s interest in the Loan, then the new Lenders may give notice to the parties in accordance with this Section, specifying the addresses at which the new Lenders shall receive notice, and they shall be entitled to notice at such address in accordance with this Section.
		

		
			Section 14.6Survival of Warranties and Certain Agreements.  All agreements, representations and warranties made herein shall survive the execution and delivery of this Loan Agreement, the making of the Loan hereunder and the execution and delivery of the Notes.  Notwithstanding anything in this Loan Agreement or implied by law to the contrary, the agreements of the Borrowers to indemnify or release the Lender or Persons related to the Lender, or to pay the Lender’s costs, expenses, or taxes shall survive the payment of the Loan and the termination of this Loan Agreement.
		

		
			Section 14.7Failure or Indulgence Not Waiver; Remedies Cumulative.  No failure or delay on the part of the Lender in the exercise of any power, right or privilege hereunder or under the Notes or any other Loan Document shall impair such power, right or privilege or be construed to be a waiver of any default or acquiescence therein, nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercise thereof or of any other right, power or privilege.  All rights and remedies existing under this Loan Agreement, the Notes and the other Loan Documents are cumulative to, and not exclusive of, any rights or remedies otherwise available.
		

		
			Section 14.8Marshalling; Payments Set Aside.  The Lender shall not be under any obligation to marshal any assets in favor of any Person or against or in payment of any or all of the Obligations.  To the extent that any Person makes a payment or payments to the Lender, or 
		

		 

		

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		the Lender enforces its remedies or exercises its rights of set off, and such payment or payments or the proceeds of such enforcement or set off or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside and/or required to be repaid to a trustee, receiver or any other party under any bankruptcy law, state or federal law, common law or equitable cause, then to the extent of such recovery, the Obligations or part thereof originally intended to be satisfied, and all Liens, if any, and rights and remedies therefor, shall be revived and continued in full force and effect as if such payment had not been made or such enforcement or set off had not occurred.
		

		
			Section 14.9Severability.  The invalidity, illegality or unenforceability in any jurisdiction of any provision in or obligation under this Loan Agreement, the Notes or other Loan Documents shall not affect or impair the validity, legality or enforceability of the remaining provisions or obligations under this Loan Agreement, the Notes or other Loan Documents or of such provision or obligation in any other jurisdiction.
		

		
			Section 14.10Headings.  Section and subsection headings in this Loan Agreement are included herein for convenience of reference only and shall not constitute a part of this Loan Agreement for any other purpose or be given any substantive effect.
		

		
			Section 14.11APPLICABLE LAW.
		

		
			  THIS LOAN AGREEMENT AND THE OTHER LOAN DOCUMENTS WERE NEGOTIATED IN THE STATE OF NEW YORK, AND EXECUTED AND DELIVERED IN THE STATE OF NEW YORK, AND THE PROCEEDS OF THE LOAN WERE DISBURSED FROM NEW YORK, WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING TRANSACTION EMBODIED HEREBY, AND IN ALL RESPECTS, INCLUDING, WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE.  THIS LOAN AGREEMENT AND THE OTHER LOAN DOCUMENTS AND THE OBLIGATIONS ARISING HEREUNDER AND THEREUNDER SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN THE STATE OF NEW YORK AND ANY APPLICABLE LAWS OF THE UNITED STATES OF AMERICA EXCEPT THAT AT ALL TIMES THE PROVISIONS FOR THE CREATION, PERFECTION AND ENFORCEMENT OF THE LIENS AND SECURITY INTERESTS CREATED PURSUANT TO THE DEEDS OF TRUST AND THE ASSIGNMENT OF LEASES SHALL BE GOVERNED BY THE LAWS OF THE STATE WHERE THE PROPERTY IS LOCATED, EXCEPT THAT THE SECURITY INTERESTS IN ACCOUNT COLLATERAL SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK OR THE STATE WHERE THE SAME IS HELD, AT THE OPTION OF THE LENDER.
		

		
			Section 14.12Successors and Assigns.  This Loan Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns except that the Borrowers may not assign their rights or obligations hereunder or under any of the other Loan Documents except as expressly provided in Article XI, and the Lender and its 
		

		 

		

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		successors and assigns may not assign any interest in this Loan Agreement without notice to the Borrower or the Register Agent (as defined below).  The Borrowers shall maintain at their address referred to in Section 14.5 a register for the recordation of names and address of the Lender and its successors and assigns and the principal amount owing to each such person from time to time (the “Register”).  Upon the assignment of an interest in this Loan Agreement, the Borrowers shall record the assignment in the Register, including the name and address of the assignee and the principal amount owing to the assignee.  The Borrowers may appoint one or more persons to act as their agent in respect of the Register (each a “Register Agent”).  The Register shall be available for inspection by the Lender or its successors and assigns at any reasonable time and from time to time upon reasonable prior notice.
		

		
			Section 14.13Sophisticated Parties, Reasonable Terms, No Fiduciary Relationship.  The Borrowers, on behalf of themselves and all Borrower Parties, represent, warrant and acknowledge that (i) they are sophisticated real estate investors, familiar with transactions of this kind, and (ii) they have entered into this Loan Agreement and the other Loan Documents after conducting their own assessment of the alternatives available to them in the market, and after lengthy negotiations in which they have been represented by legal counsel of their choice.  The Borrowers, on behalf of themselves and all Borrower Parties, also acknowledge and agree that the rights of the Lender under this Loan Agreement and the other Loan Documents are reasonable and appropriate, taking into consideration all of the facts and circumstances including without limitation the quantity of the Loan, the nature of the Sites, and the risks incurred by the Lender in this transaction.  No provision in this Loan Agreement or in any of the other Loan Documents and no course of dealing between the parties shall be deemed to create (i) any partnership or joint venture between the Lender and the Borrowers or any other Person, or (ii) any fiduciary or similar duty by the Lender to the Borrowers or any other Person.  The relationship between the Lender and the Borrowers are exclusively the relationship of a creditor and a debtor, and all relationships between the Lender and any other Borrower are ancillary to such creditor/debtor relationship.
		

		
			Section 14.14Reasonableness of Determinations.  In any instance where any consent, approval, determination or other action by the Lender is, pursuant to the Loan Documents or applicable law, required to be done reasonably or required not to be unreasonably withheld, then the Lender’s action shall be presumed to be reasonable, and the Borrowers shall bear the burden of proof of showing that the same was not reasonable.  In the event that a claim or adjudication is made that the Lender or its agents have acted unreasonably or unreasonably delayed acting in any case where, by law or under this Loan Agreement or the other Loan Documents, the Lender or such agent, as the case may be, has an obligation to act reasonably or promptly, neither the Lender nor its agents shall be liable for any monetary damages, and the Borrowers’ sole remedy shall be limited to commencing an action seeking injunctive relief or declaratory judgment.  Any action or proceeding to determine whether the Lender has acted reasonably shall be determined by an action seeking declaratory judgment.
		

		
			Section 14.15Limitation of Liability.  (A)  Neither the Lender, nor any Affiliate, officer, director, employee, attorney, or agent of the Lender, shall have any liability with respect to, and each of the Borrowers hereby waives, releases, and agrees not to sue any of them upon, any claim for any special, indirect, incidental, or consequential damages suffered or incurred by the Borrower Parties in connection with, arising out of, or in any way related to, this Loan Agreement or any of the other Loan Documents, or any of the transactions contemplated by 
		

		 

		

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		this Loan Agreement or any of the other Loan Documents, other than the gross negligence or willful misconduct of the Lender.  Each of the Borrowers hereby waives, releases, and agrees not to sue the Lender or any of the Lender’s Affiliates, officers, directors, employees, attorneys, or agents for punitive damages in respect of any claim in connection with, arising out of, or in any way related to, this Loan Agreement or any of the other Loan Documents, or any of the transactions contemplated by this Loan Agreement or any of the transactions contemplated hereby, except to the extent the same is caused by the gross negligence or willful misconduct of the Lender.
		

		
			(A)Neither the Servicer, nor any Affiliate, officer, director, employee, attorney, or agent of the Servicer, shall have any liability with respect to, and each of the Borrowers hereby waives, releases, and agrees not to sue any of them upon, any claim for any special, indirect, incidental, or consequential damages suffered or incurred by the Borrower Parties in connection with, arising out of, or in any way related to, this Loan Agreement or any of the other Loan Documents, or any of the transactions contemplated by this Loan Agreement or any of the other Loan Documents, other than the gross negligence or willful misconduct of the Servicer.  Each of the Borrowers hereby waives, releases, and agrees not to sue the Servicer or any of the Servicer’s Affiliates, officers, directors, employees, attorneys, or agents for punitive damages in respect of any claim in connection with, arising out of, or in any way related to, this Loan Agreement or any of the other Loan Documents, or any of the transactions contemplated by this Loan Agreement or any of the transactions contemplated hereby, except to the extent the same is caused by the gross negligence or willful misconduct of the Servicer.
		

		
			Section 14.16No Duty.  All attorneys, accountants, appraisers, and other professional Persons and consultants retained by the Lender shall have the right to act exclusively in the interest of the Lender and shall have no duty of disclosure, duty of loyalty, duty of care, or other duty or obligation of any type or nature whatsoever to any of the Borrowers or Affiliates thereof, or any other Person.
		

		
			Section 14.17Entire Agreement.  This Loan Agreement, the Notes, and the other Loan Documents referred to herein embody the final, entire agreement among the parties hereto and supersede any and all prior commitments, agreements, representations, and understandings, whether written or oral, relating to the subject matter hereof and may not be contradicted or varied by evidence of prior, contemporaneous, or subsequent oral agreements or discussions of the parties hereto.  There are no oral agreements among the parties to the Loan Documents.
		

		
			Section 14.18Construction; Supremacy of Loan Agreement.  The Borrowers and the Lender acknowledge that each of them has had the benefit of legal counsel of its own choice and has been afforded an opportunity to review this Loan Agreement and the other Loan Documents with its legal counsel and that this Loan Agreement and the other Loan Documents shall be construed as if jointly drafted by the Borrowers and the Lender.  If any term, condition or provision of this Loan Agreement shall be inconsistent with any term, condition or provision of any other Loan Document, then this Loan Agreement shall control.
		

		
			Section 14.19CONSENT TO JURISDICTION.
		

		
			  EACH OF THE BORROWERS HEREBY CONSENTS TO THE JURISDICTION OF ANY STATE OR FEDERAL COURT LOCATED WITHIN THE COUNTY OF NEW YORK, STATE OF NEW YORK OR WITHIN THE COUNTY AND 
		

		 

		

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		STATE IN WHICH THE PROPERTY IS LOCATED AND IRREVOCABLY AGREES THAT, ALL ACTIONS OR PROCEEDINGS ARISING OUT OF OR RELATING TO THIS LOAN AGREEMENT OR THE OTHER LOAN DOCUMENTS SHALL BE LITIGATED IN SUCH COURTS.  EACH OF THE BORROWERS ACCEPTS FOR ITSELF AND IN CONNECTION WITH THE PROPERTY, GENERALLY AND UNCONDITIONALLY, THE NONEXCLUSIVE JURISDICTION OF THE AFORESAID COURTS AND WAIVES ANY DEFENSE OF FORUM NON CONVENIENS, AND IRREVOCABLY AGREES TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY IN CONNECTION WITH THIS LOAN AGREEMENT, THE NOTES, SUCH OTHER LOAN DOCUMENTS OR SUCH OBLIGATION.  NOTHING HEREIN SHALL AFFECT THE RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR SHALL LIMIT THE RIGHT OF LENDER TO BRING PROCEEDINGS AGAINST ANY BORROWER IN THE COURTS OF ANY OTHER JURISDICTION.
		

		
			Section 14.20WAIVER OF JURY TRIAL.  EACH OF THE BORROWERS AND THE LENDER HEREBY WAIVES ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS LOAN AGREEMENT, ANY OF THE LOAN DOCUMENTS, OR ANY DEALINGS BETWEEN ANY BORROWER PARTY AND THE LENDER RELATING TO THE SUBJECT MATTER OF THIS LOAN TRANSACTION AND THE LENDER/BORROWER RELATIONSHIP THAT IS BEING ESTABLISHED.  EACH OF THE BORROWER PARTIES AND THE LENDER ALSO WAIVES ANY BOND OR SURETY OR SECURITY UPON SUCH BOND WHICH MIGHT, BUT FOR THIS WAIVER, BE REQUIRED OF IT.  THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL‐ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS.  EACH OF THE BORROWERS AND THE LENDER ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO THIS LOAN AGREEMENT, THAT EACH HAS ALREADY RELIED ON THIS WAIVER IN ENTERING INTO THIS LOAN AGREEMENT AND THAT EACH WILL CONTINUE TO RELY ON THIS WAIVER IN THE FUTURE.  EACH OF THE BORROWERS AND THE LENDER FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.  THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS LOAN AGREEMENT, THE LOAN DOCUMENTS, OR TO ANY OTHER DOCUMENTS OR AGREEMENT RELATING TO THE LOAN.  IN THE EVENT OF LITIGATION, THIS LOAN AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.
		

		
			 
		

		 

		

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			Section 14.21Counterparts; Effectiveness.
		

		
			  This Loan Agreement and other Loan Documents and any amendments or supplements thereto may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all of which counterparts together shall constitute but one and the same instrument.  This Loan Agreement shall become effective upon the execution of a counterpart hereof by each of the parties hereto.
		

		
			Section 14.22Servicer.
		

		
			  The Lender shall have the right from time to time to designate and appoint a Servicer and special servicer, and to change or replace any Servicer or special servicer.  Provided that the Borrowers have been notified of such Servicer’s role, all rights of the Lender hereunder may be exercised by Servicer on behalf of the Lender.  The Lender shall notify the Borrowers in writing as to the identity of the Servicer and any special servicer.  The Lender acknowledges Midland Loan Services, a division of PNC Bank, National Association, as initial Servicer for the Trust with the right to act on behalf of the Lender in the Securitization. The Trustee shall have no liability for the performance of the obligations of the Servicer, including, without limitation, for any actions taken or omitted to be taken by the Servicer on behalf of the Lender hereunder.
		

		
			Section 14.23Obligations of Borrower Parties.
		

		
			  The Borrower Parties other than the Borrowers are parties to this Loan Agreement only with regard to the representations, warranties, and covenants specifically applicable to them.
		

		
			Section 14.24Additional Inspections; Reports.
		

		
			  Notwithstanding anything contained in this Loan Agreement to the contrary, if for any reason whatsoever the Lender suspects that any conditions exist or may exist at any Site which might have a Material Adverse Effect, the Lender shall have the right, at the Borrowers’ sole reasonable cost and expense, to cause such inspections and reports to be prepared and performed with respect to any Site as the Lender shall reasonably determine.
		

		
			Section 14.25Cross‐Default; Cross‐Collateralization; Waiver of Marshalling of Assets.
		

		
			  (A)  Each of the Borrowers acknowledges that the Lender has made the Loan to each of the Borrowers upon the security of the Sites and the Other Company Collateral and in reliance upon the aggregate value of the Sites and the Other Company Collateral taken together being of greater value as collateral security than the sum of each such Site and each of the Borrowers’ interests in the Company Collateral taken separately.  Each of the Borrowers agrees that the Deeds of Trusts and other security agreements given hereunder are and will be cross‐collateralized and cross‐defaulted with each other so that (i) an Event of Default shall constitute an Event of Default under each of the Deeds of Trusts and the other security agreements given hereunder which secure the Notes; (ii) subject to any limitations contained therein, each Deed of Trust and the other security agreements given hereunder shall constitute 
		

		 

		

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		security for the Notes as if a single blanket lien were placed on all of the Sites and the Other Company Collateral as security for the Notes; and (iii) such cross‐collateralization shall in no event be deemed to constitute a fraudulent conveyance.
		

		
			(A)To the fullest extent permitted by law, each of the Borrowers, for itself and its successors and assigns, waives all rights to a marshalling of the assets of each of the Borrowers, each of the Borrower’s members and others with interests in each of the Borrowers, and of the Sites and the Other Company Collateral, or to a sale in inverse order of alienation in the event of foreclosure of all or any of the Deeds of Trusts or the Other Company Collateral, and agrees not to assert any right under any laws pertaining to the marshalling of assets, the sale in inverse order of alienation, homestead exemption, the administration of estates of decedents, or any other matters whatsoever to defeat, reduce or affect the right of the Lender under the Loan Documents to a sale of the Sites and the Other Company Collateral for the collection of the Loan without any prior or different resort for collection or of the right of the Lender to the payment of the Loan out of the net proceeds of the Sites and the Other Company Collateral in preference to every other claimant whatsoever.  In addition, each of the Borrowers, for itself and its successors and assigns, waives in the event of foreclosure of any or all of the Deeds of Trusts or Other Company Collateral, any equitable right otherwise available to each of the Borrowers which would require the separate sale of the Sites and the Other Company Collateral or require the Lender to exhaust its remedies against any such Sites and the Other Company Collateral or any combination of the Sites and the Other Company Collateral before proceeding against any other Sites and the Other Company Collateral or combination of Sites and the Other Company Collateral; and further in the event of such foreclosure each of the Borrowers do hereby expressly consent to and authorize, at the option of the Lender, the foreclosure and sale either separately or together of any combination of the Sites and the Other Company Collateral.
		

		
			Section 14.26Waiver of Rating Agency Confirmation
		

		
			. Any request for a Rating Agency Confirmation made by a Borrower, the Servicer or the Trustee, as applicable (such requesting party, the “Requesting Party”), to Moody’s on or after the Second Amendment Effective Date pursuant to this Loan Agreement shall be made in accordance with the following provisions:
		

		
			(A)Any request for a Rating Agency Confirmation made by a Requesting Party shall (i) be made in writing, which writing shall include electronic mail, (ii) contain a cover page indicating the nature of the request for Rating Agency Confirmation and all back-up material necessary for Moody’s to process such request, and (iii) be provided by the Requesting Party in electronic format to 17greports@sbasite.com (the “Authorized Representative”) who shall post such request on the 17g-5 Website (the “Initial Request”).  If the Requesting Party is a Borrower or the Trustee, such Requesting Party shall also provide a copy of the Initial Request to the Servicer.
		

		
			(B)If Moody’s has not replied to an Initial Request or has responded to an Initial Request in a manner that indicates that Moody’s is neither reviewing the request for Rating Agency Confirmation nor waiving the requirement for such Rating Agency Confirmation within ten (10) Business Days of the making of such Initial Request, the Requesting Party shall:
		

		 

		

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			(i)confirm, through direct communication and not by posting a request for a Rating Agency Confirmation on the 17g-5 Website, that Moody’s has received such Initial Request, and, if it has not, promptly make a second request to Moody’s for Rating Agency Confirmation (the “Second Request”); and
		

		
			(ii)if there is no response by Moody’s to such Initial Request or such Second Request within five (5) Business Days of the making of such Second Request or if Moody’s has responded to such Initial Request or such Second Request in a manner that indicates that Moody’s is neither reviewing the request for Rating Agency Confirmation nor waiving the requirement for such Rating Agency Confirmation, then such Requesting Party shall confirm (without providing notice to the Authorized Representative), by direct communication and not by posting a request for Rating Agency Confirmation on the 17g-5 Website, that Moody’s has received such Second Request.
		

		
			If a Requesting Party provides the requests for a Rating Agency Confirmation to Moody’s in the manner and at the times provided for in this Section 14.26, it shall be deemed to have made good faith efforts to request such Rating Agency Confirmation from Moody’s.
		

		
			[signatures follow on next page]
		

		
			 
		

		

		

		 

		

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		IN WITNESS WHEREOF, the parties hereto have duly executed and delivered this Loan Agreement as of the date first written above.
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						SBA PROPERTIES, LLC, as Existing Borrower

					
					
						SBA SITES, LLC, as Existing Borrower

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Thomas P. Hunt

					
					
						By:

					
					
						/s/ Thomas P. Hunt

				
	
					
						 

					
					
						Name:

					
					
						Thomas P. Hunt

					
					
						 

					
					
						Name:

					
					
						Thomas P. Hunt

				
	
					
						 

					
					
						Title:

					
					
						Executive Vice President and General Counsel

					
					
						 

					
					
						Title:

					
					
						Executive Vice President and General Counsel

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						SBA STRUCTURES, LLC, as Existing Borrower

					
					
						SBA INFRASTRUCTURE, LLC, as Existing Borrower

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Thomas P. Hunt

					
					
						By:

					
					
						/s/ Thomas P. Hunt

				
	
					
						 

					
					
						Name:

					
					
						Thomas P. Hunt

					
					
						 

					
					
						Name:

					
					
						Thomas P. Hunt

				
	
					
						 

					
					
						Title:

					
					
						Executive Vice President and General Counsel

					
					
						 

					
					
						Title:

					
					
						Executive Vice President and General Counsel

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						SBA MONARCH TOWERS III, LLC, as Existing Borrower

					
					
						SBA 2012 TC ASSETS PR, LLC, as Existing Borrower

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Thomas P. Hunt

					
					
						By:

					
					
						/s/ Thomas P. Hunt

				
	
					
						 

					
					
						Name:

					
					
						Thomas P. Hunt

					
					
						 

					
					
						Name:

					
					
						Thomas P. Hunt

				
	
					
						 

					
					
						Title:

					
					
						Executive Vice President and General Counsel

					
					
						 

					
					
						Title:

					
					
						Executive Vice President and General Counsel

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						SBA 2012 TC ASSETS, LLC,  as Existing Borrower

					
					
						SBA TOWERS IV, LLC,  as Existing Borrower

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Thomas P. Hunt

					
					
						By:

					
					
						/s/ Thomas P. Hunt

				
	
					
						 

					
					
						Name:

					
					
						Thomas P. Hunt

					
					
						 

					
					
						Name:

					
					
						Thomas P. Hunt

				
	
					
						 

					
					
						Title:

					
					
						Executive Vice President and General Counsel

					
					
						 

					
					
						Title:

					
					
						Executive Vice President and General Counsel

				

		
			 
		

		
			 
		

		 

		

			 

		

 

		

			 

		

			
					
						SBA MONARCH I, LLC,  as Existing Borrower

					
					
						SBA USVI, INC.,  as Existing Borrower

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Thomas P. Hunt

					
					
						By:

					
					
						/s/ Thomas P. Hunt

				
	
					
						 

					
					
						Name:

					
					
						Thomas P. Hunt

					
					
						 

					
					
						Name:

					
					
						Thomas P. Hunt

				
	
					
						 

					
					
						Title:

					
					
						Executive Vice President and General Counsel

					
					
						 

					
					
						Title:

					
					
						Executive Vice President and General Counsel

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						SBA GC TOWERS, LLC,  as Amendment Date Additional Borrower

					
					
						SBA TOWERS VII, LLC,  as Amendment Date Additional Borrower

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Thomas P. Hunt

					
					
						By:

					
					
						/s/ Thomas P. Hunt

				
	
					
						 

					
					
						Name:

					
					
						Thomas P. Hunt

					
					
						 

					
					
						Name:

					
					
						Thomas P. Hunt

				
	
					
						 

					
					
						Title:

					
					
						Executive Vice President and General Counsel

					
					
						 

					
					
						Title:

					
					
						Executive Vice President and General Counsel

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

		 
		

			
					
						MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION, as Servicer

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						David A. Eckels

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						David A. Eckels

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						Senior Vice PresidentEX-4.1

 Exhibit 4.1 
  

 
 KLA-TENCOR CORPORATION 

and 
 WELLS FARGO BANK, NATIONAL
ASSOCIATION, 

                    
    Trustee 
  
  

Indenture 
 Dated as of
November 6, 2014
 Senior Notes 
  

 
  

 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	PAGE	 
	PARTIES	  	 	1	  
		
	RECITALS OF THE COMPANY	  	 	1	  
		
	ARTICLE ONE	  			
		
	DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	  	 	1	  
			
	SECTION 101.	  	Definitions.	  	 	1	  
	SECTION 102.	  	Compliance Certificates and Opinions.	  	 	10	  
	SECTION 103.	  	Form of Documents Delivered to Trustee.	  	 	11	  
	SECTION 104.	  	Acts of Holders; Record Dates.	  	 	11	  
	SECTION 105.	  	Notices, Etc., to Trustee and Company.	  	 	13	  
	SECTION 106.	  	Notice to Holders, Waiver.	  	 	14	  
	SECTION 107.	  	Conflict with Trust Indenture Act.	  	 	14	  
	SECTION 108.	  	Effect of Headings and Table of Contents.	  	 	14	  
	SECTION 109.	  	Successors and Assigns.	  	 	14	  
	SECTION 110.	  	Separability Clause.	  	 	15	  
	SECTION 111.	  	Benefits of Indenture.	  	 	15	  
	SECTION 112.	  	Governing Law.	  	 	15	  
	SECTION 113.	  	Legal Holidays.	  	 	15	  
	SECTION 114.	  	No Personal Liability of Directors, Officers, Employees and Stockholders.	  	 	15	  
		
	ARTICLE TWO	  			
		
	             SECURITY FORMS
	  	 	16	  
			
	SECTION 201.	  	Form and Dating.	  	 	16	  
	SECTION 202.	  	Execution and Authentication.	  	 	17	  
	SECTION 203.	  	Transfer and Exchange.	  	 	18	  
		
	ARTICLE THREE	  			
		
	             THE SECURITIES
	  	 	23	  
			
	SECTION 301.	  	Amount Unlimited; Issuable in Series.	  	 	23	  
	SECTION 302.	  	Temporary Securities.	  	 	24	  
	SECTION 303.	  	Registration, Registration of Transfer and Exchange.	  	 	25	  
	SECTION 304.	  	Mutilated, Destroyed, Lost and Stolen Securities.	  	 	25	  
	SECTION 305.	  	Payment of Interest; Interest Rights Preserved.	  	 	26	  
	SECTION 306.	  	Cancellation.	  	 	27	  

  

	NOTE:	This Table of Contents shall not, for any purpose, be deemed to be a part of the Indenture. 

							
	SECTION 307.	  	 Computation of Interest.
	  	 	27	  
	SECTION 308.	  	 CUSIP and ISIN Numbers.
	  	 	27	  
	SECTION 309.	  	 Additional Securities.
	  	 	28	  
		
	ARTICLE FOUR	  			
		
	             SATISFACTION AND DISCHARGE
	  	 	28	  
			
	SECTION 401.	  	 Satisfaction and Discharge of Indenture.
	  	 	28	  
	SECTION 402.	  	 Application of Trust Money.
	  	 	29	  
		
	ARTICLE FIVE	  			
		
	             REMEDIES
	  	 	30	  
			
	SECTION 501.	  	 Events of Default.
	  	 	30	  
	SECTION 502.	  	 Acceleration of Maturity; Rescission and Annulment.
	  	 	31	  
	SECTION 503.	  	 Collection of Indebtedness and Suits for Enforcement by Trustee.
	  	 	32	  
	SECTION 504.	  	 Trustee May File Proofs of Claim.
	  	 	33	  
	SECTION 505.	  	 Trustee May Enforce Claims Without Possession of Securities.
	  	 	33	  
	SECTION 506.	  	 Application of Money Collected.
	  	 	34	  
	SECTION 507.	  	 Limitation on Suits.
	  	 	34	  
	SECTION 508.	  	 Unconditional Right of Holders to Receive Principal, Premium and Interest.
	  	 	35	  
	SECTION 509.	  	 Restoration of Rights and Remedies.
	  	 	35	  
	SECTION 510.	  	 Rights and Remedies Cumulative.
	  	 	35	  
	SECTION 511.	  	 Delay or Omission Not Waiver.
	  	 	35	  
	SECTION 512.	  	 Control by Holders.
	  	 	36	  
	SECTION 513.	  	 Waiver of Past Defaults.
	  	 	36	  
	SECTION 514.	  	 Undertaking for Costs.
	  	 	36	  
	SECTION 515.	  	 Waiver of Usury, Stay or Extension Laws.
	  	 	36	  
		
	ARTICLE SIX	  			
		
	             THE TRUSTEE
	  	 	37	  
			
	SECTION 601.	  	 Certain Duties and Responsibilities.
	  	 	37	  
	SECTION 602.	  	 Notice of Defaults.
	  	 	38	  
	SECTION 603.	  	 Certain Rights of Trustee.
	  	 	38	  
	SECTION 604.	  	 Not Responsible for Recitals or Issuance of Securities.
	  	 	40	  
	SECTION 605.	  	 May Hold Securities.
	  	 	40	  
	SECTION 606.	  	 Money Held in Trust.
	  	 	40	  
	SECTION 607.	  	 Compensation and Reimbursement.
	  	 	40	  
	SECTION 608.	  	 Conflicting Interests.
	  	 	41	  
	SECTION 609.	  	 Corporate Trustee Required; Eligibility.
	  	 	42	  
	SECTION 610.	  	 Resignation and Removal; Appointment of Successor.
	  	 	42	  
	SECTION 611.	  	 Acceptance of Appointment by Successor.
	  	 	44	  

  
 ii 

							
	SECTION 612.	  	Merger, Conversion, Consolidation or Succession to Business.	  	 	45	  
	SECTION 613.	  	Preferential Collection of Claims Against Company.	  	 	45	  
	SECTION 614.	  	Appointment of Authenticating Agent.	  	 	45	  
		
	ARTICLE SEVEN	  			
		
	             HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND
COMPANY
	  	 	47	  
			
	SECTION 701.	  	Company to Furnish Trustee Names and Addresses of Holders.	  	 	47	  
	SECTION 702.	  	Preservation of Information; Communications to Holders.	  	 	47	  
	SECTION 703.	  	Reports by Trustee.	  	 	48	  
	SECTION 704.	  	Reports by Company.	  	 	48	  
		
	ARTICLE EIGHT	  			
		
	             CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR
LEASE
	  	 	48	  
			
	SECTION 801.	  	Company May Consolidate, Etc., Only on Certain Terms.	  	 	48	  
	SECTION 802.	  	Successor Substituted.	  	 	49	  
	
	ARTICLE NINE	  
		
	            SUPPLEMENTAL INDENTURES	  	 	50	  
			
	SECTION 901.	  	Supplemental Indentures Without Consent of Holders.	  	 	50	  
	SECTION 902.	  	Supplemental Indentures with Consent of Holders.	  	 	51	  
	SECTION 903.	  	Execution of Supplemental Indentures.	  	 	52	  
	SECTION 904.	  	Effect of Supplemental Indentures.	  	 	52	  
	SECTION 905.	  	Conformity with Trust Indenture Act.	  	 	52	  
	SECTION 906.	  	Notice of Supplemental Indenture; Reference in Securities to Supplemental Indentures.	  	 	52	  
		
	ARTICLE TEN	  			
		
	             COVENANTS
	  	 	53	  
			
	SECTION 1001.	  	Payment of Principal, Premium and Interest.	  	 	53	  
	SECTION 1002.	  	Maintenance of Office or Agency.	  	 	53	  
	SECTION 1003.	  	Money for Securities Payments to Be Held in Trust.	  	 	53	  
	SECTION 1004.	  	Statement by Officers as to Default.	  	 	55	  
	SECTION 1005.	  	Existence.	  	 	55	  
	SECTION 1006.	  	Limitation on Liens.	  	 	55	  
	SECTION 1007.	  	Limitation on Sale and Lease-Back Transactions.	  	 	56	  

  
 iii 

							
	ARTICLE ELEVEN	  			
		
	             REDEMPTION OF SECURITIES
	  	 	57	  
			
	SECTION 1101.	  	Applicability of Article.	  	 	57	  
	SECTION 1102.	  	Election to Redeem; Notice to Trustee.	  	 	57	  
	SECTION 1103.	  	Selection by Trustee of Securities to Be Redeemed.	  	 	57	  
	SECTION 1104.	  	Notice of Redemption.	  	 	58	  
	SECTION 1105.	  	Deposit of Redemption Price.	  	 	59	  
	SECTION 1106.	  	Securities Payable on Redemption Date.	  	 	59	  
	SECTION 1107.	  	Securities Redeemed in Part.	  	 	60	  
		
	ARTICLE TWELVE	  			
		
	             LEGAL DEFEASANCE AND COVENANT
DEFEASANCE
	  	 	60	  
			
	SECTION 1201.	  	Company’s Option to Effect Legal Defeasance or Covenant Defeasance.	  	 	60	  
	SECTION 1202.	  	Legal Defeasance and Discharge.	  	 	60	  
	SECTION 1203.	  	Covenant Defeasance.	  	 	61	  
	SECTION 1204.	  	Conditions to Legal Defeasance or Covenant Defeasance.	  	 	61	  
	SECTION 1205.	  	Deposited Money and U.S. Government Securities to Be Held in Trust; Miscellaneous Provisions.	  	 	63	  
	SECTION 1206.	  	Reinstatement.	  	 	63	  
	SECTION 1207.	  	USA Patriot Act.	  	 	64	  
	SECTION 1208.	  	Force Majeure.	  	 	64	  
			
	SIGNATURES	  		  			
			
	EXHIBITS:	  		  			
		
	Exhibit A: Form of Security	  			

  
 iv 

 INDENTURE, dated as of November 6, 2014, between KLA-TENCOR CORPORATION, a corporation duly
organized and existing under the laws of the State of Delaware (herein called the “Company”), having its principal office at One Technology Drive, Milpitas, California 95035, and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking
association, as Trustee (herein called the “Trustee”). 
 RECITALS OF THE
COMPANY 
 The Company has duly authorized the execution and delivery of this Indenture to provide for the issuance from time
to time of its unsecured notes (the “Securities”) to be issued in one or more series under this Indenture. 
 All things necessary
to make this Indenture a valid agreement of the Company, in accordance with its terms, have been done. 
 This Indenture is subject to, and
will be governed by, the provisions of the Trust Indenture Act that are required to be a part of and govern indentures qualified under the Trust Indenture Act. 

Now, THEREFORE, THIS INDENTURE WITNESSETH: 

For and in consideration of the premises and the purchase of the Securities of any series by the Holders thereof, it is mutually agreed, for
the equal and proportionate benefit of all Holders of such Securities, as follows: 
 ARTICLE ONE 

DEFINITIONS AND OTHER PROVISIONS 

OF GENERAL APPLICATION 
  

	SECTION 101.	Definitions. 

 For all purposes of this Indenture and of any indenture supplemental
hereto, except as otherwise expressly provided or unless the context otherwise requires: 
 (1) the terms defined in this
Article have the meanings assigned to them in this Article and include the plural as well as the singular; 
 (2) all other
terms used herein which are defined in the Trust Indenture Act, either directly or by reference therein, have the meanings assigned to them therein; 

(3) all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted
accounting principles, and, except as otherwise herein expressly provided, the term “generally accepted 

  
 1 

 
accounting principles” with respect to any computation required or permitted hereunder shall mean such accounting principles as are generally accepted in the United States of America at the
date of such computation; 
 (4) unless the context otherwise requires, any reference to an “Article,” a
“Section” or a “Subsection” refers to an Article, a Section or a Subsection, as the case may be, of this Indenture; and 

(5) the words “herein”, “hereof” and “hereunder” and other words of similar import refer to this
Indenture as a whole and not to any particular Article, Section, Subsection or other subdivision. 
 “Act”, when used with respect
to any Holder, has the meaning specified in Section 104. 
 “Affiliate” of any specified Person means any other Person directly or
indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the
management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the
foregoing. 
 “Agent” means any Security Registrar, Paying Agent, co-registrar or other
agent appointed hereunder with respect to one or more series of Securities. 
 “Applicable Procedures” means, with respect to any
transfer or exchange of or for beneficial interests in any Global Security, the rules and procedures of the Depositary that apply to such transfer or exchange. 

“Attributable Debt” with regard to a Sale and Lease-Back Transaction with respect to any Principal Property means, at the time of
determination, the present value of the total net amount of rent required to be paid under such lease during the remaining term thereof (including any period for which such lease has been extended), discounted at the rate of interest set forth or
implicit in the terms of such lease (or, if not practicable to determine such rate, the weighted average interest rate per annum borne by the Securities then outstanding under this Indenture) compounded semi-annually. In the case of any lease which
is terminable by the lessee upon the payment of a penalty, such net amount shall be the lesser of (x) the net amount determined assuming termination upon the first date such lease may be terminated (in which case the net amount shall also
include the amount of the penalty, but shall not include any rent that would be required to be paid under such lease subsequent to the first date upon which it may be so terminated) or (y) the net amount determined assuming no such termination.

 “Authenticating Agent” means any Person authorized by the Trustee pursuant to Section 614 to act on behalf of the Trustee to
authenticate Securities of one or more series. 

  
 2 

 “Bankruptcy Law” means Title 11, U.S. Code or any similar Federal or state law for
the relief of debtors. 
 “Board of Directors” means, as to any Person, the board of directors (or similar governing body) of such
person or any duly authorized committee thereof. 
 “Board Resolution” means a copy of a resolution certified by the Secretary or
an Assistant Secretary of the Company to have been duly adopted by the Board of Directors, or a committee thereof or other persons to whom authority has been duly delegated, and to be in full force and effect on the date of such certification, and
delivered to the Trustee. 
 “Business Day” means, with respect to any Security, each Monday, Tuesday, Wednesday, Thursday and
Friday which is not a day on which banking institutions in the Borough of Manhattan, The City of New York are authorized or obligated by law or executive order to close. 

“Capital Stock” means: 

(1) with respect to any Person that is a corporation, any and all shares, interests, participations or other equivalents
(however designated and whether or not voting) of corporate stock, including each class of Common Stock and Preferred Stock of such Person, and all options, warrants or other rights to purchase or acquire any of the foregoing; and 

(2) with respect to any Person that is not a corporation, any and all partnership, membership or other equity interests of such
Person, and all options, warrants or other rights to purchase or acquire any of the foregoing. 
 “Commission” means the
Securities and Exchange Commission created under the Exchange Act, as from time to time constituted, or, if at any time after the execution of this instrument such Commission is not existing and performing the duties now assigned to it under the
Trust Indenture Act, then the body performing such duties at such time. 
 “Common Stock” of any Person means any and all shares,
interests or other participations in, and other equivalents (however designated and whether voting or non-voting) of, such Person’s common stock, whether outstanding on the Issue Date or issued after the Issue Date, and includes, without
limitation, all series and classes of such common stock. 
 “Company” means the Person named as the “Company” in the
first paragraph of this instrument until a successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor Person. 

“Company Request” or “Company Order” means a written request or order signed in the name of the Company by its Chairman of
the Board, its Vice Chairman of the Board, its President, a Vice President, its Treasurer, an Assistant Treasurer, its Secretary or an Assistant Secretary, and delivered to the Trustee. 

  
 3 

 “Consolidated Net Tangible Assets” means, as of any date on which the Company effects a
transaction requiring such Consolidated Net Tangible Assets to be measured hereunder, the aggregate amount of assets (less applicable reserves) after deducting therefrom: (a) all current liabilities, except for current maturities of long-term
debt and obligations under capital leases; and (b) intangible assets (including goodwill), to the extent included in said aggregate amount of assets, all as set forth on the Company’s most recent consolidated balance sheet and computed in
accordance with generally accepted accounting principles in the United States of America applied on a consistent basis. 
 “Corporate
Trust Office” means the office of the Trustee or the Security Registrar, as the case may be, at which at any particular time its corporate trust business shall be principally administered, which office as of the date of this Indenture is
located at 333 S. Grand Avenue, 5th Floor, Suite 5A, Corporate Trust Department, Los Angeles, California, 90017, Attention: Corporate Trust Department except that with respect to presentation of
Securities for payment or for registration of transfer or exchange or for service of notices and demands to or upon the Company in respect of Securities and this Indenture, such term shall mean the office or agency of the Trustee at which at any
particular time its corporate agency business shall be conducted, which office at the date of this instrument is located at 608 2nd Avenue South, Minneapolis, Minnesota 55402; Attention: Bondholder Communications, or, in the case of any of such
offices, such other address as the Trustee may designate from time to time by notice to the Holders and the Company. 

“corporation” means a corporation, association, company, joint-stock company or business (including Delaware statutory) trust. 

“Covenant Defeasance” has the meaning specified in Section 1203. 

“Default” means an event or condition the occurrence of which is, or with the lapse of time or the giving of notice or both would
be, an Event of Default. 
 “Defaulted Interest” has the meaning specified in Section 305. 

“Definitive Security” means a certificated Security registered in the name of the Holder thereof and issued in accordance with
Section 203 hereof, substantially in the form of Exhibit A hereto, except that such Security shall not bear the Global Security Legend and shall not have the “Schedule of Exchanges of Interests in the Global Security” attached
thereto. 
 “Depositary” means, with respect to Securities of any series issuable in whole or in part in the form of one or more
Global Securities, a clearing agency registered under the Exchange Act that is designated to act as Depositary for such Securities as contemplated by Section 203. 

“Domestic Subsidiary” means any Subsidiary that is organized under the laws of the United States, any state of the United States or
the District of Columbia. 
 “Event of Default” has the meaning specified in Section 501. 

  
 4 

 “Exchange Act” means the Securities Exchange Act of 1934 and any successor thereto, in
each case as amended from time to time. 
 “Expiration Date” has the meaning specified in Section 104. 

“given,” with respect to any notice to be given to a Holder pursuant to this Indenture, shall mean notice (x) given to the
Depositary (or its designee) pursuant to the standing instructions from the Depositary or its designee, including by electronic mail in accordance with accepted practices or procedures at the Depositary (in the case of a Global Security) or
(x) sent to such Holder by first class mail, postage prepaid, at its address or by electronic transmission at its email address as it appears on the Security Register, in each case in accordance with Section 106. Notice so “given”
shall be deemed to include any notice to be “mailed” “sent” or “delivered,” as applicable, under this Indenture. 

“Global Securities” means one or more Securities, substantially in the form of Exhibit A hereto, as appropriate, that bear the
Global Security Legend and that have the “Schedule of Exchanges of Interests in the Global Security” attached thereto, and that are deposited with or on behalf of and registered in the name of the Depositary, and issued in accordance with
Section 201 or Section 203 of this Indenture. 
 “Global Security Legend” means the legend set forth in Section 203(d)(i),
which is required to be placed on all Global Securities issued under this Indenture. 
 “Hedging Obligations” means: 

(1) interest rate swap agreements (whether from fixed to floating or from floating to fixed), interest rate cap agreements and
interest rate collar agreements; 
 (2) other agreements or arrangements designed to manage interest rates or interest rate
risk; 
 (3) other agreements or arrangements designed to protect against fluctuations in currency exchange rates or
commodity prices; and 
 (4) other agreements or arrangements designed to protect against fluctuations in equity prices. 

“Holder” means a Person in whose name a Security is registered in the Security Register. 

“Indebtedness” means with respect to any Person, without duplication: 

(1) all obligations of such person for borrowed money; and 

(2) all obligations of such person evidenced by bonds, debentures, notes or other similar instruments. 

  
 5 

 “Indenture” means this instrument as originally executed and as it may from time to
time be supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof, including, for all purposes of this instrument and any such supplemental indenture, the provisions of the Trust
Indenture Act that are deemed to be a part of and govern this instrument and any such supplemental indenture, respectively. The term “Indenture” shall also include the terms of particular series of Securities established as contemplated by
Section 301. 
 “Indirect Participant” means a Person who holds a beneficial interest in a Global Security through a Participant.

 “Interest Payment Date”, when used with respect to any Security, means the date specified in such Security as the fixed date on
which an installment of interest on such Security is due and payable. 
 “Issue Date” means the date of original issuance of
Securities of any series, but not any additional Securities of such series. 
 “Legal Defeasance” has the meaning specified in
Section 1202. 
 “Lien” means any lien, mortgage, deed of trust, hypothecation, pledge, security interest, charge or encumbrance
of any kind. 
 “Maturity”, when used with respect to a Security of any series, means the date on which the principal of such
Security or an installment of principal becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise. 

“Notice of Default” means a written notice of the kind specified in Section 501(d). 

“Officer” means the Chairman of the Board, a Vice Chairman of the Board, the Chief Executive Officer, the Chief Financial Officer,
the Chief Legal Officer, the Chief Administrative Officer, a President, Vice President, Treasurer, Assistant Treasurer, Secretary or an Assistant Secretary, of the Company. 

“Officer’s Certificate” means a certificate signed on behalf of the Company by the principal executive, financial or accounting
officer of the Company. 
 “Opinion of Counsel” means a written opinion of legal counsel, who may be an employee of, or outside
counsel for, the Company, and who shall be acceptable to the Trustee. 
 “Outstanding”, when used with respect to the Securities
or Securities of any series, means, as of the date of determination, all such Securities theretofore authenticated and delivered under this Indenture, except: 

  
 6 

 (1) such Securities theretofore cancelled by the Trustee or delivered to the
Trustee for cancellation; 
 (2) such Securities for whose payment or redemption money in the necessary amount has been
theretofore deposited with the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of such Securities; provided,
however, that, if such Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made; 

(3) such Securities as to which Legal Defeasance has been effected pursuant to Section 1202; and 

(4) such Securities which have been paid pursuant to Section 304 or in exchange for or in lieu of which other Securities have
been authenticated and delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to the Trustee proof satisfactory to it that such Securities are held by a bona fide purchaser in whose
hands such Securities are valid obligations of the Company; 
 provided, however, that in determining whether the Holders of the requisite
aggregate principal amount of the Outstanding Securities have given, made or taken any request, demand, authorization, direction, notice, consent, waiver or other action hereunder as of any date, Securities owned by the Company or any other obligor
upon the Securities or any Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such request, demand,
authorization, direction, notice, consent, waiver or other action, only Securities of which a Responsible Officer of the Trustee has actual knowledge are so owned shall be so disregarded. Securities so owned which have been pledged in good faith may
be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not the Company or any other obligor upon the Securities or any
Affiliate of the Company or of such other obligor. 
 “Participant” means, with respect to the Depositary, a Person who has
an account with the Depositary. 
 “Paying Agent” means any Person authorized by the Company to pay the principal of or any
premium or interest on the Securities of any series on behalf of the Company. 
 “Person” means any individual, corporation,
partnership, limited liability company, joint venture, trust, unincorporated organization or government or any agency or political subdivision of a government or governmental agency. 

“Place of Payment”, when used with respect to the Securities of any series, means the place or places where the principal of and any
premium and interest on the Securities 

  
 7 

 
of that series are payable as specified with respect to such Securities as contemplated by Sections 301 and 1002. 

“Predecessor Security” of any particular Security means every previous Security evidencing all or a portion of the same debt as that
evidenced by such particular Security, and, for the purposes of this definition, any Security authenticated and delivered under Section 304 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to evidence the
same debt as the mutilated, destroyed, lost or stolen Security. 
 “Preferred Stock” of any Person means any Capital Stock of such
Person that has preferential rights to any other Capital Stock of such Person with respect to dividends or redemptions or upon liquidation. 

“Principal Property” means the land, improvements, buildings, fixtures and equipment (including any leasehold interest therein)
constituting the principal corporate office, any manufacturing, assembly or test plant, or any manufacturing, assembly, test, distribution or research facility (in each case, whether now owned or hereafter acquired) which is owned or leased by the
Company or any Subsidiary of the Company unless the Board of Directors of the Company has determined in good faith that such office, plant or facility is not of material importance to the total business conducted by the Company and the Subsidiaries
of the Company taken as a whole. With respect to any Sale and Lease-Back Transaction or series of related Sale and Lease-Back Transactions, the determination of whether any property is a Principal Property shall be determined by reference to all
properties affected by such transaction or series of transactions. 
 “Redemption Date”, when used with respect to any Security to
be redeemed, means the date fixed for such redemption by or pursuant to this Indenture. 
 “Redemption Price”, when used with
respect to any Security to be redeemed, means the price specified in the Security at which it is to be redeemed pursuant to this Indenture. 

“Regular Record Date” for the interest payable on any Interest Payment Date on the Securities of any series means the date specified
for that purpose as contemplated by Section 301. 
 “Repurchase Date” means, with respect to any Security of any series to be
repurchased, the date fixed for such repurchase by or pursuant to this Indenture. 
 “Repurchase Price” means the amount payable
for the repurchase of any Security of any series on a Repurchase Date, exclusive of accrued and unpaid interest (if any) thereon to the Repurchase Date, unless otherwise specifically provided. 

“Responsible Officer”, when used with respect to the Trustee, means any officer of the Trustee within the Corporate Trust Division
– Corporate Finance Unit of the Trustee (or any successor unit or department of the Trustee) located at the Corporate Trust Office of the Trustee who has direct responsibility for the administration of this

  
 8 

 
Indenture and, for the purposes of Section 601(3)(B) and Section 602 (for the purposes of Section 315(b) of the Trust Indenture Act), shall also include any officer of the Trustee to whom
any corporate trust matter is referred because of his knowledge of and familiarity with the particular subject. 
 “Sale and Lease-Back
Transaction” means any arrangement with any Person providing for the leasing by the Company or any of the Subsidiaries of the Company of any Principal Property, whether now owned or hereafter acquired, which Principal Property has been or is to
be sold or transferred by the Company or such Subsidiary to such Person. 
 “Securities” means the Securities described in the
first recital hereto and issued on the date hereof, and any other Securities issued after the date hereof under this Indenture. 

“Securities Act” means the Securities Act of 1933 and any statute successor thereto, in each case as amended from time to time. 

“Security Register” and “Security Registrar” have the respective meanings specified in Section 303. 

“Significant Subsidiary,” with respect to any Person, means any Subsidiary of such Person that satisfies the criteria for a
“significant subsidiary” set forth in Rule 1-02(w) of Regulation S-X under the Exchange Act. 
 “Special Record
Date” for the payment of any Defaulted Interest means a date fixed by the Trustee pursuant to Section 305. 
 “Stated
Maturity”, when used with respect to any Security or any installment of principal thereof, means the date specified in such Security as the fixed date on which the principal of such Security or such installment of principal is due and payable.

 “Subsidiary” means any corporation, limited liability company or other similar type of business entity in which the Company
and/or one or more of its Subsidiaries together own more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of the Board of Directors or similar
governing body of such corporation, limited liability company or other similar type of business entity, directly or indirectly. 

“Trust Indenture Act” means the Trust Indenture Act of 1939 as in force at the date as of which this instrument was executed;
provided, however, that in the event the Trust Indenture Act of 1939 is amended after such date, “Trust Indenture Act” means, to the extent required by any such amendment, the Trust Indenture Act of 1939 as so amended.

 “Trustee” means the Person named as the “Trustee” in the first paragraph of this instrument until a successor
Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean and include each Person who is then a Trustee hereunder, and if at any time there is more than one such Person,

  
 9 

 
“Trustee” as used with respect to the Securities of any series shall mean the Trustee with respect to Securities of that series. 

“U.S. Government Securities” shall mean securities which are (i) direct obligations of the United States of America for the
payment of which its full faith and credit is pledged or (ii) 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, which, in either case, are not callable or redeemable at the option of the issuer thereof, and shall also include a depository receipt issued by a bank or trust company as custodian
with respect to any such U.S. Government Securities or a specific payment of interest on or principal of any such U.S. Government Securities held by such custodian for the account of the holder of a 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 interest on or principal of the U.S. Government Securities evidenced by such depository receipt. 
 “Vice President”, when used
with respect to the Company or the Trustee, means any vice president, whether or not designated by a number or a word or words added before or after the title “vice president”. 

“Voting Stock” of any specified Person as of any date means the Capital Stock of such Person that is at the time entitled to vote
generally in the election of the Board of Directors of such Person. 
  

	SECTION 102.	Compliance Certificates and Opinions. 

 Upon any application or request by the Company
to the Trustee to take any action under any provision of this Indenture, the Company shall furnish to the Trustee such certificates and opinions as may be required under the Trust Indenture Act. Each such certificate or opinion shall be given in the
form of an Officer’s Certificate, if to be given by an officer of the Company, or an Opinion of Counsel, if to be given by counsel, and shall comply with the requirements of the Trust Indenture Act and any other requirements set forth in this
Indenture. The Trustee may conclusively rely on the Opinion of Counsel and Officer’s Certificate and has no duty or obligation to investigate further. 

Every certificate (other than a certificate pursuant to Section 314(a)(4) of the Trust Indenture Act) or opinion with respect to
compliance with a condition or covenant provided for in this Indenture shall include, 
 (1) a statement that each individual
signing such certificate or opinion has read such covenant or condition and the definitions herein relating thereto; 
 (2) a
brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 

  
 10 

 (3) a statement that, in the opinion of each such individual, he has made such
examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(4) a statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with. 

 

	SECTION 103.	Form of Documents Delivered to Trustee. 

 In any case where several matters are required
to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but
one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 

Any certificate or opinion of an officer of the Company may be based, insofar as it relates to legal matters, upon a certificate or opinion
of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his certificate or opinion is based are
erroneous. Any such certificate or opinion of counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Company stating that the information with respect to
such factual matters is in the possession of the Company, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous. 

Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or
other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
  

	SECTION 104.	Acts of Holders; Record Dates. 

 Any request, demand, authorization, direction, notice,
consent, waiver or other action provided or permitted by this Indenture to be given, made or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent
duly appointed in writing, and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Company. Such
instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a
writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 601) conclusive in favor of the Trustee and the Company, if made in the manner provided in this Section. 

The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such
execution or by a certificate 

  
 11 

 
of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution
thereof. Where such execution is by a signatory acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of his authority. The fact and date of the execution of any such instrument
or writing, or the authority of the Person executing the same, may also be proved in any other manner which the Trustee deems sufficient. 

The ownership of Securities shall be proved by the Security Register. 

Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Security shall bind every future
Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee or the Company in
reliance thereon, whether or not notation of such action is made upon such Security. 
 The Company may set any day as a record date
for the purpose of determining the Holders of Outstanding Securities of any series entitled to give, make or take any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted by this Indenture to be
given, made or taken by Holders of Securities of such series, provided, however, that the Company may not set a record date for, and the provisions of this paragraph shall not apply with respect to, the giving or making of any notice,
declaration, request or direction referred to in the next paragraph. If any record date is set pursuant to this paragraph, the Holders of Outstanding Securities of the relevant series on such record date, and no other Holders, shall be entitled to
take the relevant action, whether or not such Holders remain Holders after such record date; provided, however, that no such action shall be effective hereunder unless taken on or prior to the applicable Expiration Date by Holders of
the requisite aggregate principal amount of Outstanding Securities of such series on such record date. Nothing in this paragraph shall be construed to prevent the Company from setting a new record date for any action for which a record date has
previously been set pursuant to this paragraph (whereupon the record date previously set shall automatically and with no action by any Person be cancelled and of no effect), and nothing in this paragraph shall be construed to render ineffective any
action taken by Holders of the requisite aggregate principal amount of Outstanding Securities of the relevant series on the date such action is taken. Promptly after any record date is set pursuant to this paragraph, the Company, at its own expense,
shall cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Trustee in writing and to each Holder of Securities of the relevant series in the manner set forth in Section 106.

 The Trustee may set any day as a record date for the purpose of determining the Holders of Outstanding Securities of any series
entitled to join in the giving or making of (i) any Notice of Default, (ii) any declaration of acceleration referred to in Section 502, (iii) any request to institute proceedings referred to in Section 507(2) or (iv) any
direction referred to in Section 512, in each case with respect to Securities of such series. If any record date is set pursuant to this paragraph, the Holders of Outstanding Securities of 

  
 12 

 
such series on such record date, and no other Holders, shall be entitled to join in such notice, declaration, request or direction, whether or not such Holders remain Holders after such record
date; provided, however, that no such action shall be effective hereunder unless taken on or prior to the applicable Expiration Date by Holders of the requisite aggregate principal amount of Outstanding Securities of such series on
such record date. Nothing in this paragraph shall be construed to prevent the Trustee from setting a new record date for any action for which a record date has previously been set pursuant to this paragraph (whereupon the record date previously set
shall automatically and with no action by any Person be cancelled and of no effect), and nothing in this paragraph shall be construed to render ineffective any action taken by Holders of the requisite aggregate principal amount of Outstanding
Securities of the relevant series on the date such action is taken. Promptly after any record date is set pursuant to this paragraph, the Trustee, at the Company’s expense, shall cause notice of such record date, the proposed action by Holders
and the applicable Expiration Date to be given to the Company in writing and to each Holder of Securities of the relevant series in the manner set forth in Section 106. 

With respect to any record date set pursuant to this Section, the party hereto which sets such record dates may designate any day as
the “Expiration Date” and from time to time may change the Expiration Date to any earlier or later day; provided, however, that no such change shall be effective unless notice of the proposed new Expiration Date is given to
the other party hereto in writing, and to each Holder of Securities of the relevant series in the manner set forth in Section 106, on or prior to the existing Expiration Date. If an Expiration Date is not designated with respect to any record date
set pursuant to this Section, the party hereto which set such record date shall be deemed to have initially designated the 180th day after such record date as the Expiration Date with respect thereto, subject to its right to change the Expiration
Date as provided in this paragraph. Notwithstanding the foregoing, no Expiration Date shall be later than the 180th day after the applicable record date. 

Without limiting the foregoing, a Holder entitled hereunder to take any action hereunder with regard to any particular Security may do so with
regard to all or any part of the principal amount of such Security or by one or more duly appointed agents each of which may do so pursuant to such appointment with regard to all or any part of such principal amount. 

 

	SECTION 105.	Notices, Etc., to Trustee and Company. 

 Any request, demand, authorization, direction,
notice, consent, waiver or Act of Holders or other document provided or permitted by this Indenture to be made upon, given or furnished to, or filed with, 

(1) the Trustee by any Holder or by the Company shall be sufficient for every purpose hereunder if made, given, furnished or
filed in writing to or with the Trustee at its Corporate Trust Office, or 
 (2) the Company by the Trustee or by any Holder
shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and 

  
 13 

 
mailed, first-class postage prepaid or by electronic transmission, to the Company addressed to it at the address of its principal office specified in the first paragraph of this instrument or at
any other address previously furnished in writing to the Trustee by the Company. 
  

	SECTION 106.	Notice to Holders, Waiver. 

 Except as otherwise expressly provided in or
pursuant to this Indenture, where this Indenture or any Security provides for notice to Holders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid,
or sent by electronic transmission, to each Holder affected by such event, at his address or email address as it appears in the Security Register, not later than the latest date (if any), and not earlier than the earliest date (if any), prescribed
for the giving of such notice; provided that notices given to Holders of Global Securities may be given through the facilities of the Depositary. In any case where notice to Holders is given, neither the failure to send such notice, nor any
defect in any notice so sent, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders. Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to
receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any
action taken in reliance upon such waiver. 
 In case by reason of the suspension of regular mail service or by reason of any other
cause it shall be impracticable to give such notice by mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder. 

 

	SECTION 107.	Conflict with Trust Indenture Act. 

 If any provision hereof limits, qualifies or
conflicts with a provision of the Trust Indenture Act which is required under such Act or deemed to be a part of and govern this Indenture, such required or deemed provision shall control. If any provision of this Indenture modifies or excludes any
provision of the Trust Indenture Act which may be so modified or excluded, the latter provision shall be deemed to apply to this Indenture as so modified or to be excluded, as the case may be. 

 

	SECTION 108.	Effect of Headings and Table of Contents. 

 The Article and Section headings herein and
the Table of Contents are for convenience only and shall not affect the construction hereof. 
  

	SECTION 109.	Successors and Assigns. 

 All covenants and agreements in this Indenture by the Company
shall bind its successors and assigns, whether so expressed or not. 

  
 14 

	SECTION 110.	Separability Clause. 

 In case any provision in this Indenture or in the Securities
shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
  

	SECTION 111.	Benefits of Indenture. 

 Nothing in this Indenture or in the Securities, express or
implied, shall give to any Person, other than the parties hereto and their successors hereunder and the Holders, any benefit or any legal or equitable right, remedy or claim under this Indenture. 

 

	SECTION 112.	Governing Law. 

 This Indenture and the Securities shall be governed by and construed in
accordance with the laws of the State of New York. The Trustee and the Company agree to submit to the non-exclusive jurisdiction of any United States federal or state court located in the Borough of Manhattan, in The City of New York in any action
or proceeding arising out of or relating to this Indenture or the Securities. 
 The Trustee and the Company hereby knowingly, voluntarily
and intentionally waive any rights they may have to a trial by jury in respect of any litigation based hereon, or arising out of, under or in connection with this Indenture or any course of conduct, course of dealing, statements (whether oral or
written) or actions of the Trustee or the Company relating thereto. The Company acknowledges and agrees that it has received full and sufficient consideration for this provision and that this provision is a material inducement for the Trustee and
the Holders entering into this Indenture. 
  

	SECTION 113.	Legal Holidays. 

 In any case where any Interest Payment Date, Redemption Date or Stated
Maturity of any Security shall not be a Business Day at any Place of Payment, then (notwithstanding any other provision of this Indenture or of the Securities (other than a provision of any Security which specifically states that such provision
shall apply in lieu of this Section)) payment of interest or principal (and premium, if any) need not be made at such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment with the same force and
effect as if made on the Interest Payment Date or Redemption Date, or at the Stated Maturity; and no interest shall accrue for the period from and after such Interest Payment Date, Redemption Date or Stated Maturity, as the case may be, if payment
is made on the next succeeding Business Day. 
  

	SECTION 114.	No Personal Liability of Directors, Officers, Employees and Stockholders. 

 No past,
present or future director, officer, employee, incorporator, agent, stockholder or Affiliate of the Company or any of its Subsidiaries, as applicable, shall have any liability for any obligations of the Company or any of its Subsidiaries under the
Securities, this Indenture or for any claim based on, in respect of, or by reason of, such 

  
 15 

 
obligations or their creation. Each Holder by accepting a Security waives and releases all such liabilities. The waiver and release are part of the consideration for issuance of the Securities.

 ARTICLE TWO 

SECURITY FORMS 
  

	SECTION 201.	Form and Dating. 

 (a) General. The Securities of each series
issued initially in the form of one or more Global Securities and, together with the Trustee’s certificate of authentication thereon, shall be in substantially the form set forth in Exhibit A hereto, the terms of which are incorporated in
and made a part of this Indenture, or in such other form as shall be established by or pursuant to a Board Resolution and set forth in an Officer’s Certificate or in one or more indentures supplemental hereto, in each case with such appropriate
insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and may have notations, legends or endorsements required by law, stock exchange rule or usage. If the form of Securities of any series is
established by action taken by or pursuant to a Board Resolution and set forth in an Officer’s Certificate, a copy of an appropriate record of such action shall be certified by the Secretary or an Assistant Secretary of the Company and
delivered to the Trustee at or prior to the delivery of the Company Order contemplated by Section 202 for the authentication and delivery of such Securities. Each Security shall be dated the date of its authentication. The Securities shall be
issuable in registered form without interest coupons and only in minimum denominations of $2,000 and any integral multiple of $1,000 in excess thereof. 

(b) Global and Definitive Securities. Securities issued in global form shall be substantially in the form of
Exhibit A attached hereto (including the Global Security Legend thereon and the “Schedule of Exchanges of Interests in the Global Security” attached thereto). Securities issued in definitive form, if any, shall be substantially in the
form of Exhibit A attached hereto (but without the Global Security Legend thereon and without the “Schedule of Exchanges of Interests in the Global Security” attached thereto) and shall be printed, lithographed or engraved or produced
by a combination of these methods on steel engraved borders or may be produced in any other manner, all as determined by the Officer or Officers executing such Securities, as evidenced by their execution of such Securities. Each Global Security
shall represent such of the outstanding Securities as shall be specified therein and each shall provide that it shall represent the aggregate principal amount of Outstanding Securities from time to time endorsed thereon and that the aggregate
principal amount of outstanding Securities represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of a Global Security to reflect the amount of any increase or
decrease in the aggregate principal amount of Outstanding Securities represented thereby shall be made by the 

  
 16 

 
Trustee in accordance with instructions given by the Holder thereof as required by Section 203 hereof. 
  

	SECTION 202.	Execution and Authentication. 

 An Officer of the Company shall sign the Securities for
the Company, by manual or facsimile signature. 
 If the Officer of the Company whose signature is on a Security no longer holds that office
at the time such Security is authenticated, such Security shall be valid nevertheless. 
 A Security shall not be valid or obligatory, or
entitled to any benefit under this Indenture, unless there appears on such Security a certificate of authentication substantially in the form provided for herein executed by the Trustee or an Authentication Agent manually. The signature of the
Trustee on such certificate upon such Security shall be conclusive evidence, and the only evidence, that such Security has been authenticated and delivered in accordance with the terms of this Indenture and is entitled to the benefits of this
Indenture. 
 The Trustee, upon a Company Order, shall authenticate and deliver Securities for original issue in an aggregate principal
amount specified in such order. Such Company Order shall specify the amount of the Securities to be authenticated and the date on which the original issue of Securities is to be authenticated. The aggregate principal amount of Securities which may
be authenticated and delivered under this Indenture is unlimited. 
 If the form or terms of the Securities of the series have been
established by or pursuant to one or more Board Resolutions and set forth in an Officer’s Certificate or by an indenture supplemental hereto as permitted by Sections 201 and 301, in authenticating such Securities, and accepting the
additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled to receive, and (subject to Section 601) shall be fully protected in relying upon, an Opinion of Counsel stating, 

(1) if the form of such Securities has been established by or pursuant to Board Resolution or an indenture supplemental hereto
as permitted by Section 201, that such form has been established in conformity with the provisions of this Indenture; 
 (2)
if the terms of such Securities have been established by or pursuant to Board Resolution and set forth in an Officer’s Certificate as permitted by Section 301, that such terms have been established in conformity with the provisions of this
Indenture; and 
 (3) that such Securities, when authenticated and delivered by the Trustee and issued by the Company in the
manner and subject to any conditions specified in such Opinion of Counsel and, if the forms or terms of the Securities have been set forth in a supplemental indenture, such supplemental indenture, will constitute valid and legally binding
obligations of the Company, enforceable in accordance with their terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, 

  
 17 

 
moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles. 

If such form or terms have been so established, the Trustee shall not be required to authenticate such Securities if the issue of such Securities pursuant to
this Indenture will affect the Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner which is not reasonably acceptable to the Trustee. 

Notwithstanding the foregoing, if any Security shall have been authenticated and delivered hereunder but never issued and sold by the Company,
and the Company shall deliver such Security to the Trustee for cancellation as provided in Section 306, for all purposes of this Indenture such Security shall be deemed never to have been authenticated and delivered hereunder and shall never be
entitled to the benefits of this Indenture. 
 The Trustee may appoint an authenticating agent acceptable to the Company to authenticate
Securities. An authenticating agent may authenticate Securities whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as
an Agent to deal with Holders or an Affiliate of the Company. 
  

	SECTION 203.	Transfer and Exchange. 

 (a) Transfer and Exchange of Global
Securities. A Global Security may not be transferred as a whole except by the Depositary to a nominee of the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such
nominee to a successor Depositary or a nominee of such successor Depositary. The Company initially appoints The Depository Trust Company to act as Depositary with respect to the Global Securities. Global Securities of a series shall be exchanged by
the Company for Definitive Securities if: 
 (i) the Company delivers to the Trustee notice from the Depositary that it is
unwilling or unable to continue to act as Depositary or that it is no longer a clearing agency registered under the Exchange Act and, in either case, a successor Depositary is not appointed by the Company within 90 days after the date of such
notice from the Depositary; or 
 (ii) the Company in its sole discretion determines that the Global Securities (in whole but
not in part) should be exchanged for Definitive Securities and delivers written notice to such effect to the Trustee; or 

(iii) there shall have occurred and be continuing an Event of Default under this Indenture with respect to such series and the
Trustee has received a request from the Depositary or any Holder to issue Definitive Securities. 
 Upon the occurrence of any of the
preceding events in (i) or (ii) above, the Company will notify the Trustee in writing that, upon surrender by the Participants and Indirect Participants of their interest in such Global Securities, Definitive Securities will be

  
 18 

 
issued to each Person that such Participants and Indirect Participants and the Depositary identify as being the beneficial owner of the related Securities. Global Securities also may be exchanged
or replaced, in whole or in part, as provided in Sections 302 and 304 hereof. Except as otherwise provided above in this Section 203(a), every Security authenticated and delivered in exchange for, or in lieu of, a Global Security or any portion
thereof, pursuant to this Section 203 or Section 302 or 304 hereof, shall be authenticated and delivered in the form of, and shall be, a Global Security. A Global Security may not be exchanged for another Security other than as provided in this
Section 203(a), however, beneficial interests in a Global Security may be transferred and exchanged as provided in Sections 203(b), (c) or (f) hereof. 

(b) Transfer and Exchange of Beneficial Interests in the Global Securities. The transfer and exchange of beneficial
interests in the Global Securities shall be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures. Transfers of beneficial interests in the Global Securities also shall require compliance
with subparagraph (i) below, as well as one or more of the other following subparagraphs, as applicable: 
 (i) All
Other Transfers and Exchanges of Beneficial Interests in Global Securities. In connection with all transfers and exchanges of beneficial interests, the transferor of such beneficial interest must deliver to the Security Registrar either
(A) (1) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global
Security in an amount equal to the beneficial interest to be transferred or exchanged and (2) instructions given in accordance with the Applicable Procedures containing information regarding the Participant account to be credited with such
increase or, if Definitive Securities are at such time permitted to be issued pursuant to this Indenture, (B) (1) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures
directing the Depositary to cause to be issued a Definitive Security in an amount equal to the beneficial interest to be transferred or exchanged and (2) instructions given by the Depositary to the Security Registrar containing information
regarding the Person in whose name such Definitive Security shall be registered to effect the transfer or exchange referred to in (1) above. Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global
Securities contained in this Indenture and the Securities or otherwise applicable under the Securities Act or any exemption from the registration requirements thereof, the Trustee shall adjust the principal amount of the relevant Global Securities
pursuant to Section 203(e) hereof. 
 (c) Transfer and Exchange of Definitive Securities for Definitive Securities.
Upon request by a Holder of Definitive Securities and such Holder’s compliance with the provisions of this Section 203(c), the Security Registrar shall register the transfer or exchange of Definitive Securities. Prior to such registration of
transfer or exchange, the requesting Holder shall present or surrender to the Security Registrar 

  
 19 

 
the Definitive Securities duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Security Registrar duly executed by such Holder or by its attorney, duly
authorized in writing. The Trustee shall cancel any such Definitive Securities so surrendered, and the Company shall execute and, upon receipt of a Company Order pursuant to Section 202, the Trustee shall authenticate and deliver to the Person
designated in the instructions a new Definitive Security in the appropriate principal amount. Any Definitive Security issued pursuant to this Section 203(c) shall be registered in such name or names and in such authorized denomination or
denominations as the Holder of such beneficial interest shall instruct the Security Registrar through instructions from the Depositary and the Participant or Indirect Participant. The Trustee shall deliver such Definitive Securities to the Persons
in whose names such Definitive Securities are so registered. In addition, the requesting Holder shall provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions of this Section
203(c). 
 (d) Legends. The following legend shall appear on the face of all Global Securities issued under this
Indenture unless specifically stated otherwise in the applicable provisions of this Indenture. 
 (i) Global Security
Legend. Each Global Security shall bear a legend in substantially the following form: 
 “THIS GLOBAL SECURITY IS HELD BY AND
REGISTERED IN THE NAME OF THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS SECURITY) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, IS NOT EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER
THAN THE DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED
PURSUANT TO SECTION 203 OF THE INDENTURE, (II) THIS GLOBAL SECURITY MAY BE EXCHANGED PURSUANT TO SECTION 203(a) OF THE INDENTURE, (III) THIS GLOBAL SECURITY MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO
SECTION 306 OF THE INDENTURE AND (IV) THIS GLOBAL SECURITY MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY. 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR 

  
 20 

 
PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN.” 
 (e) Cancellation and/or Adjustment of Global Securities. At such
time as all beneficial interests in a particular Global Security have been exchanged for Definitive Securities or a particular Global Security has been redeemed, repurchased or canceled in whole and not in part, each such Global Security shall be
returned to or retained and canceled by the Trustee in accordance with Section 306 hereof. At any time prior to such cancellation, if any beneficial interest in a Global Security is exchanged for or transferred to a Person who will take delivery
thereof in the form of a beneficial interest in another Global Security or for Definitive Securities, the principal amount of Securities represented by such Global Security shall be reduced accordingly and an endorsement shall be made on such Global
Security by the Trustee or by the Depositary at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial
interest in another Global Security, such other Global Security shall be increased accordingly and an endorsement shall be made on such Global Security by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase.

 (f) General Provisions Relating to Transfers and Exchanges. 

(i) To permit registrations of transfers and exchanges, the Company shall execute and the Trustee shall authenticate Global
Securities and Definitive Securities upon the Company’s order or at the Security Registrar’s request. 
 (ii) No
service charge shall be made to a Holder of a beneficial interest in a Global Security or to a Holder of a Definitive Security for any registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any
transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge payable upon exchange or transfer pursuant to Section 302 hereof). 

(iii) The Security Registrar shall not be required to register the transfer of or exchange any Security selected for redemption
in whole or in part, except the unredeemed portion of any Security being redeemed in part. 
 (iv) All Global Securities and
Definitive Securities issued upon any registration of transfer or exchange of Global Securities or Definitive Securities shall be the valid and legally binding obligations of the Company, evidencing the

  
 21 

 
same debt, and entitled to the same benefits under this Indenture, as the Global Securities or Definitive Securities surrendered upon such registration of transfer or exchange. 

(v) The Company shall not be required (A) to issue, to register the transfer of or to exchange any Securities during a
period beginning at the opening of business on a Business Day 15 days before the day of any selection of Securities for redemption under Section 1103 hereof and ending at the close of business on the day of selection or (B) to register the
transfer of or to exchange any Security so selected for redemption in whole or in part, except the unredeemed portion of any Security being redeemed in part or (C) to register the transfer of or to exchange a Security between a record date for
the payment of interest and the next succeeding interest payment date. 
 (vi) Prior to due presentment for the registration
of a transfer of any Security, the Trustee, any Agent and the Company may deem and treat the Person in whose name any Security is registered as the absolute owner of such Security for the purpose of receiving payment of principal of and interest on
such Securities and for all other purposes, and none of the Trustee, any Agent or the Company shall be affected by notice to the contrary. 

(vii) The Trustee shall authenticate Global Securities and Definitive Securities in accordance with the provisions of Section
202 hereof. 
 (viii) All certifications, certificates and Opinions of Counsel required to be submitted to the Security
Registrar pursuant to this Section 203 to effect a registration of transfer or exchange may be submitted by facsimile or electronic transmission with the original to follow by first class mail. 

(g) No Obligation of the Trustee. 

(i) None of the Trustee, any Paying Agent or the Security Registrar shall have any responsibility or obligation to any
beneficial owner in a Global Security, a member of, or a participant in the Depositary or other Person with respect to the accuracy of the records of the Depositary or its nominee or of any participant or member thereof, with respect to any
ownership interest in the Securities or with respect to the delivery to any participant, member, beneficial owner or other Person (other than the Depositary) of any notice (including any notice of redemption) or the payment of any amount, under or
with respect to such Securities. All notices and communications to be given to the Holders and all payments to be made to Holders under the Securities shall be given or made only to or upon the order of the registered Holders (which shall be the
Depositary or its nominee in the case of the Global Security). The rights of beneficial owners in the Global Security shall be exercised only through the Depositary subject to the applicable rules and procedures of the Depositary. The Trustee, any
Paying Agent and the Security Registrar may rely and shall be fully protected in relying upon information furnished by the Depositary with respect to its members, 

  
 22 

 
participants and any beneficial owners. The Trustee, each Paying Agent and the Security Registrar shall be entitled to deal with any depositary (including the Depositary), and any nominee
thereof, that is the Holder of any Global Security for all purposes of this Indenture relating to such Global Security (including the payment of principal, premium, if any, and interest and additional amounts, if any, and the giving of instructions
or directions by or to the owner or holder of a beneficial ownership interest in such Global Security) as the sole Holder of such Global Security and shall have no obligations to the beneficial owners thereof. None of the Trustee, any Paying Agent
or the Security Registrar shall have any responsibility or liability for any acts or omissions of any such depositary with respect to such Global Security, for the records of any such depositary, including records in respect of beneficial ownership
interests in respect of any such Global Security, for any transactions between such depositary and any participant in such depositary or between or among any such depositary, any such participant and/or any holder or owner of a beneficial interest
in such Global Security or for any transfers of beneficial interests in any such Global Security. 
 (ii) The Trustee shall
have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Security (including any transfers
between or among Depositary participants, members or beneficial owners in the Global Security) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly
required by, the terms of this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 

ARTICLE THREE 
 THE
SECURITIES 
  

	SECTION 301.	Amount Unlimited; Issuable in Series. 

 The aggregate principal amount of Securities
which may be authenticated and delivered under this Indenture is unlimited. 
 The Securities may be issued in one or more series. There
shall be established in or pursuant to a Board Resolution and set forth in an Officer’s Certificate, or established in one or more indentures supplemental hereto, prior to the issuance of Securities of any series, 

(1) the title of the Securities of the series (which shall distinguish the Securities of the series from Securities of any
other series); 
 (2) any limit upon the aggregate principal amount of the Securities of the series which may be
authenticated and delivered under this Indenture (subject to Section 309 and except for Securities authenticated and delivered upon registration of transfer 

  
 23 

 
of, or in exchange for, or in lieu of, other Securities of the series pursuant to Section 302, 303, 304, 906 or 1107 and except for any Securities which, pursuant to Section 202, are deemed never
to have been authenticated and delivered hereunder); 
 (3) the date or dates on which the principal of any Securities of the
series is payable; 
 (4) the rate or rates at which any Securities of the series shall bear interest, the date or dates from
which any such interest shall accrue, the Interest Payment Dates on which any such interest shall be payable and the Regular Record Date for any such interest payable on any Interest Payment Date; 

(5) the place or places where the principal of and any premium and interest on any Securities of the series shall be payable;

 (6) the period or periods within which, the price or prices at which and the terms and conditions upon which any
Securities of the series may be redeemed, in whole or in part, at the option of the Company and, if other than by a Board Resolution, the manner in which any election by the Company to redeem the Securities shall be evidenced; and 

(7) any other terms of the series (which terms shall not be inconsistent with the provisions of this Indenture, except as
permitted by Section 901(9)). 
 All Securities of any one series shall be substantially identical as to denomination and except as may
otherwise be provided in or pursuant to the Board Resolution referred to above and set forth in the Officer’s Certificate referred to above or in any such indenture supplemental hereto. 

If any of the terms of the series are established by action taken by or pursuant to a Board Resolution, a copy of an appropriate record of
such action shall be certified by the Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Officer’s Certificate setting forth the terms of the series. 

 

	SECTION 302.	Temporary Securities. 

 Pending the preparation of Definitive Securities of any series,
the Company may execute and, upon receipt of Company Order the Trustee shall authenticate and deliver, temporary Securities which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination,
substantially of the tenor of the Definitive Securities in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations as the officers executing such Securities may determine, as evidenced by
their execution of such Securities. 
 If temporary Securities of any series are issued, the Company will cause Definitive Securities of
that series to be prepared without unreasonable delay. After the preparation of Definitive Securities of such series, the temporary Securities of such series shall be exchangeable for Definitive Securities of such series upon surrender of the

  
 24 

 
temporary Securities of such series at the office or agency of the Company in a Place of Payment for that series, without charge to the Holder. Upon surrender for cancellation of any one or more
temporary Securities of any series, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor one or more Definitive Securities of the same series, of any authorized denominations and of like tenor and aggregate
principal amount. Until so exchanged, the temporary Securities of any series shall in all respects be entitled to the same rights, benefits and privileges under this Indenture as Definitive Securities of such series and tenor. 

 

	SECTION 303.	Registration, Registration of Transfer and Exchange. 

 The Company shall cause to be
kept at the Corporate Trust Office of the Trustee a register (the register maintained in such office or agency and in any other office or agency of the Company in a Place of Payment being herein sometimes collectively referred to as the
“Security Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Securities and of transfers of Securities. The Trustee is hereby appointed “Security
Registrar” for the purpose of registering Securities and transfers of Securities as herein provided. 
  

	SECTION 304.	Mutilated, Destroyed, Lost and Stolen Securities. 

 If any mutilated Security is
surrendered to the Trustee, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security of the same series and of like tenor and principal amount and bearing a number not contemporaneously
outstanding. 
 If there shall be delivered to the Company and the Trustee (i) evidence to their satisfaction of the destruction, loss
or theft of any Security and (ii) such security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the Company or the Trustee that such Security has been
acquired by a bona fide purchaser, the Company shall execute and the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Security, a new Security of the same series and of like tenor and principal amount and bearing
a number not contemporaneously outstanding. 
 In case any such mutilated, destroyed, lost or stolen Security has become or is about to
become due and payable, the Company in its discretion may, instead of issuing a new Security, pay such Security. 
 Upon the issuance of any
new Security under this Section, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee)
connected therewith. 
 Every new Security of any series issued pursuant to this Section in lieu of any destroyed, lost or stolen Security
shall constitute an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this

  
 25 

 
Indenture equally and proportionately with any and all other Securities of that series duly issued hereunder. 

The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the
replacement or payment of mutilated, destroyed, lost or stolen Securities. 
  

	SECTION 305.	Payment of Interest; Interest Rights Preserved. 

 Interest on any Security which is
payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for
such interest. 
 Any interest on any Security of any series which is payable, but is not punctually paid or duly provided for, on any
Interest Payment Date, or on the next succeeding Business Day as provided in Section 113 (herein called “Defaulted Interest”), shall forthwith cease to be payable to the Holder on the relevant Regular Record Date by virtue of having been
such Holder, and such Defaulted Interest may be paid by the Company, at its election in each case, as provided in Clause (1) or (2) below: 

(1) The Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Securities of such series
(or their respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing
of the amount of Defaulted Interest proposed to be paid on each Security of such series and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed
to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled
to such Defaulted Interest as in this Clause provided. Thereupon the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 days and not less than 10 days prior to the date of the
proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the expense of the Company,
shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be given to each Holder of Securities of such series in the manner set forth in Section 106, not less than 10 days prior to such
Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been so sent, such Defaulted Interest shall be paid to the Persons in whose names the Securities of such series (or their
respective Predecessor Securities) are registered at the close of business on such Special Record Date and shall no longer be payable pursuant to the following Clause (2). 

  
 26 

 (2) The Company may make payment of any Defaulted Interest on the Securities of
any series in any other lawful manner not inconsistent with the requirements of any securities exchange on which such Securities may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company to the
Trustee of the proposed payment pursuant to this Clause, such manner of payment shall be deemed practicable by the Trustee and, in the case of a Global Security, shall comply with the applicable rules and procedures of the Depositary. 

Subject to the foregoing provisions of this Section, each Security delivered under this Indenture upon registration of transfer of or in
exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Security. 
  

	SECTION 306.	Cancellation. 

 All Securities surrendered for payment, redemption, repurchase,
registration of transfer or exchange shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee and, if not already cancelled, shall be promptly cancelled by it. The Company may at any time deliver to the Trustee for
cancellation any Securities previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee) for cancellation any
Securities previously authenticated hereunder which the Company has not issued and sold, and all Securities so delivered shall be promptly cancelled by the Trustee. No Securities shall be authenticated in lieu of or in exchange for any Securities
cancelled as provided in this Section, except as expressly permitted by this Indenture. All cancelled Securities held by the Trustee shall be disposed in accordance with the Trustee’s then customary procedures. 

 

	SECTION 307.	Computation of Interest. 

 Unless otherwise provided as contemplated in Section 301,
interest on the Securities of each series shall be computed on the basis of a 360-day year of twelve 30-day months. 
  

	SECTION 308.	CUSIP and ISIN Numbers. 

 The Company in issuing the Securities may use
“CUSIP” or “ISIN” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP” or “ISIN” numbers in notices of redemption or exchange as a convenience to Holders; provided that any such
notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of a redemption or exchange and that reliance may be placed only on the other identification
numbers printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company will promptly notify the Trustee of any change in the “CUSIP” or “ISIN” numbers.

  
 27 

	SECTION 309.	Additional Securities. 

 The Company may from time to time without notice to, or
the consent of, any Holder, create and issue additional series of Securities under this Indenture. To the extent the Company shall do so, the separate series of Securities shall not vote together as a single series on any matters. The Company may
also from time to time without notice to, or the consent of, any Holder, create and issue additional Securities of any series issued under this Indenture equal in rank to the Securities of such series initially issued hereunder in all respects (or
in all respects except for the issue price, the payment of interest accruing prior to the issue date of such additional Securities, or the first payment of interest following the issue date of such additional Securities) so that the additional
Securities may be consolidated and form a single series with the Securities of such series initially issued hereunder; provided that if any such additional Securities are not fungible with the Securities of the relevant series initially
issued hereunder for U.S. federal income tax purposes, such additional Securities will have one or more separate CUSIP numbers.  

Prior to the issuance of any such additional Securities, the Company shall deliver to the Trustee a Company Order, an Officer’s
Certificate and an Opinion of Counsel, such Officer’s Certificate and Opinion of Counsel to cover such matters, in addition to those required by Section 102. In addition, the Company may, to the extent permitted by law, and directly or
indirectly (regardless of whether such Securities are surrendered to the Company), repurchase Securities in the open market or otherwise, whether by the Company or its Subsidiaries or through a private or public tender or exchange offer or through
counterparties to private agreements, including by cash-settled swaps or other derivatives. The Company shall cause any Securities so repurchased (other than Securities repurchased pursuant to cash-settled swaps or other derivatives) to be
surrendered to the Trustee for cancellation in accordance with Section 306. 
 ARTICLE FOUR 

SATISFACTION AND DISCHARGE 

 

	SECTION 401.	Satisfaction and Discharge of Indenture. 

 As to all Outstanding Securities of any
series, this Indenture will be discharged and will cease to be of further effect (except as to any surviving rights of registration of transfer or exchange of Securities herein expressly provided for) and the Trustee, at the expense of the Company,
shall execute proper instruments acknowledging satisfaction and discharge of this Indenture when: 
 (1) either 

(A) all Securities of such series theretofore authenticated and delivered (other than (i) Securities which have been
destroyed, lost or stolen and which have been replaced or paid as provided in Section 304 and (ii) Securities for whose payment money has theretofore been deposited in trust or segregated and 

  
 28 

 
held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided in Section 1003) have been delivered to the Trustee for cancellation; or 

(B) all Securities of such series not theretofore delivered to the Trustee for cancellation 

(i) have become due and payable, or 

(ii) will become due and payable at their Stated Maturity within one year, or 

(iii) are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice
of redemption by the Trustee in the name, and at the expense, of the Company, 
 and the Company, in the case of (i), (ii) or (iii)
above, has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust for the purpose money in an amount sufficient to pay and discharge the entire Indebtedness on such Securities of such series not theretofore
delivered to the Trustee for cancellation, for principal and any premium and interest to the date of such deposit (in the case of Securities of such series which have become due and payable) or to the Stated Maturity or Redemption Date, as the case
may be, together with irrevocable instructions from the Company directing the Trustee to apply such funds to the payment thereof at the Stated Maturity or Redemption Date, as the case may be; 

(2) the Company has paid or caused to be paid all other sums payable under this Indenture by the Company with respect to the
Securities of such series; and 
 (3) the Company has delivered to the Trustee an Officer’s Certificate and an Opinion
of Counsel stating that all conditions precedent under this Indenture relating to the satisfaction and discharge of this Indenture with respect to the Securities of such series have been complied with. 

Notwithstanding the satisfaction and discharge of this Indenture with respect to the Outstanding Securities of any series, the obligations of
the Company to the Trustee under Section 607, the obligations of the Trustee to any Authenticating Agent under Section 614 and, if money shall have been deposited with the Trustee pursuant to subclause (B) of clause (1) of this Section,
the obligations of the Trustee under Section 402 and the last paragraph of Section 1003 shall survive. 
  

	SECTION 402.	Application of Trust Money. 

 Subject to the provisions of the last paragraph of Section
1003, all money deposited with the Trustee pursuant to Section 401 shall be held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment, 

  
 29 

 
either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal and any premium
and interest for whose payment such money has been deposited with the Trustee. 
 ARTICLE FIVE 

REMEDIES 
  

	SECTION 501.	Events of Default. 

 Each of the following constitutes an “Event of Default”
with respect to Securities of any series (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule
or regulation of any administrative or governmental body): 
 (a) the failure to pay interest on any Security of such series
when the same becomes due and payable and the default continues for a period of 30 days; 
 (b) the failure to pay the
principal (or premium if any) of any Security of such series, when such principal becomes due and payable, at its Stated Maturity, upon acceleration, upon redemption or otherwise; 

(c) a default in the performance, or breach, of the obligations of the Company under Section 801 of this Indenture; 

(d) a default in the observance or performance of any other covenant or agreement contained in this Indenture in respect of the
Securities of such series, which default continues for a period of 60 days after the Company receives written notice specifying the default (and demanding that such default be remedied) from the Trustee or the Holders of at least 25% of the
Outstanding aggregate principal amount of the Securities of such series; 
 (e) (i) a failure by the Company to
make any payment, at the stated maturity, on any Indebtedness of the Company (other than Indebtedness owing to any of its Subsidiaries) in an amount in excess of $100 million or its foreign currency equivalent at the time outstanding under or
evidenced by any single indenture or instrument, whether such Indebtedness now exists or shall hereafter be created, and such failure shall have continued after any applicable grace period or (ii) a Default on any Indebtedness of the Company
(other than Indebtedness owing to any of its Subsidiaries), whether such Indebtedness now exists or shall hereafter be created, which Default results in such Indebtedness being accelerated or otherwise declared due and payable prior to the stated
maturity thereof in an amount in excess of $100 million or its foreign currency equivalent at the time, in the case of each of clauses (i) and (ii) above, without such Indebtedness having been discharged or the acceleration having been cured,
waived, rescinded or annulled; provided, however, that if any  

  
 30 

 
failure, Default or acceleration referred to in clauses (i) or (ii) ceases or is cured, waived, rescinded or annulled, then the Event of Default shall be deemed cured; 

(f) the Company or any Significant Subsidiary of the Company: 

(i) commences a voluntary case under any Bankruptcy Law, 

(ii) consents to the entry of an order for relief against it in an involuntary case, 

(iii) consents to the appointment of a custodian or receiver of it or for all or substantially all of its property, 

(iv) makes a general assignment for the benefit of its creditors, or 

(v) admits in writing its inability to pay its debts as they become due; or 

(g) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 

(i) is for relief in an involuntary case against the Company or any Significant Subsidiary of the Company; 

(ii) appoints a custodian or receiver of the Company or any of its Significant Subsidiaries or for all or substantially all of
the property of any of the foregoing; 
 (iii) orders the liquidation of the Company or any of its Significant Subsidiaries;

 (iv) and the order or decree remains unstayed and in effect for 60 consecutive days. 

 

	SECTION 502.	Acceleration of Maturity; Rescission and Annulment. 

 If an Event of Default (other than
an Event of Default specified in Section 501(f) or 501(g) with respect to the Company) with respect to Securities of any series at the time Outstanding occurs and is continuing, then in every such case the Trustee or the Holders of not less than 25%
in aggregate principal amount of the Outstanding Securities of that series may declare the aggregate principal amount of, premium, if any, and accrued and unpaid interest on all the Securities of that series to be due and payable immediately, by a
notice in writing to the Company (and to the Trustee if given by Holders), which notice shall specify the respective Event of Default and that it is a “notice of acceleration” and upon any such declaration such aggregate principal amount,
premium, if any, and accrued and unpaid interest (or specified amount) shall become immediately due and payable. If an Event of Default specified in Section 501(f) or 501(g) with respect to the Company (but not, for the avoidance of doubt, with
respect to any Significant Subsidiary of the 

  
 31 

 
Company) occurs and is continuing, the aggregate principal amount of, premium, if any, and accrued but unpaid interest on all Outstanding Securities shall automatically, and without any
declaration or other action on the part of the Trustee or any Holder, become immediately due and payable. 
 At any time after such a
declaration of acceleration with respect to Securities of any series has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in
aggregate principal amount of the Outstanding Securities of that series, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if 

(1) the rescission would not conflict with any judgment or decree; 

(2) all existing Events of Default have been cured or waived except nonpayment of principal or interest that has become due
solely because of the acceleration; 
 (3) to the extent the payment of such interest is lawful, if interest on overdue
installments of interest and overdue principal (and premium, if any), which has become due otherwise than by such declaration of acceleration, has been paid; 

(4) the Company has paid the Trustee its reasonable compensation and reimbursed the Trustee for its expenses, disbursements and
advances; and 
 (5) in the event of the cure or waiver of an Event of Default of the type described in Section 501(f) or
501(g), the Trustee shall have received an Officer’s Certificate and an Opinion of Counsel that such Event of Default has been cured or waived. 

No such rescission shall affect any subsequent Event of Default or impair any right consequent thereto. 

 

	SECTION 503.	Collection of Indebtedness and Suits for Enforcement by Trustee. 

 The Company covenants
that if 
 (1) Default is made in the payment of any interest on a Security of any series when such interest becomes due and
payable and such Default continues for a period of 30 days, or 
 (2) Default is made in the payment of the principal of
(or premium, if any, on) a Security of any series at the Maturity thereof, 
 and such Default is continuing, the Company will, upon demand of the Trustee,
pay to the Trustee, for the benefit of the Holders of Securities of such series, the whole amount then due and payable on Securities of such series for principal and any premium and interest and, to the extent that payment of such interest shall be
legally enforceable, 

  
 32 

 
interest on any overdue principal and premium, if any, and on any overdue interest, at the rate or rates prescribed therefor in Securities of such series, and, in addition thereto, such further
amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and all other amounts due the Trustee under Section 607.

 If an Event of Default with respect to Securities of any series occurs and is continuing, the Trustee may in its discretion proceed to
protect and enforce its rights and the rights of the Holders of Securities of such series by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement
of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy. 
  

	SECTION 504.	Trustee May File Proofs of Claim. 

 In case of any judicial proceeding relative to the
Company (or any other obligor upon the Securities of any series), its property or its creditors, the Trustee shall be entitled and empowered, by intervention in such proceeding or otherwise, to take any and all actions authorized under the Trust
Indenture Act in order to have claims of the Holders and the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and all other amounts due the Trustee under
Section 607) allowed in any such proceeding. In particular, the Trustee shall be authorized to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; and any custodian, receiver,
assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such
payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 607. 

No provision of this Indenture shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any
Holder any plan of reorganization, arrangement, adjustment or composition affecting the Securities of any series or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding;
provided, however, that the Trustee may, on behalf of the Holders, vote for the election of a trustee in bankruptcy or similar official and be a member of a creditors’ or other similar committee. 

 

	SECTION 505.	Trustee May Enforce Claims Without Possession of Securities. 

 All rights of action and
claims under this Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession of any of the Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the
Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable 

  
 33 

 
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities in respect of which such judgment has been
recovered. 
  

	SECTION 506.	Application of Money Collected. 

 Any money collected by the Trustee pursuant to this
Article and, after an Event of Default, any money or other property distributable in respect of the Company’s obligations under this Indenture, shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of
the distribution of such money on account of principal or any premium or interest, upon presentation of the Securities and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid: 

FIRST: To the payment of all amounts due the Trustee (including any predecessor Trustee) under Section 607; 

SECOND: To the payment of the amounts then due and unpaid for principal of and any premium and interest on the Securities in
respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for principal and any premium and interest, respectively;
and 
 THIRD: To the Company or to such party as a court of competent jurisdiction shall direct; 

The Trustee may fix a record date for the payment of any amounts to Holders pursuant to this Section. 

 

	SECTION 507.	Limitation on Suits. 

 No Holder of any Security of any series shall have any right to
institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless 

(1) such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the
Securities of that series; 
 (2) the Holders of not less than 25% in aggregate principal amount of the Outstanding
Securities of that series shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder; 

(3) such Holder or Holders have offered to the Trustee indemnity or security reasonably satisfactory to the Trustee against the
costs, expenses and liabilities to be incurred in compliance with such request; 
 (4) the Trustee for 60 days after its
receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; and 

  
 34 

 (5) no direction inconsistent with such written request has been given to the
Trustee during such 60-day period by the Holders of a majority in aggregate principal amount of the Outstanding Securities of that series; 
 it being
understood and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to
obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all of such Holders. 

 

	SECTION 508.	Unconditional Right of Holders to Receive Principal, Premium and Interest. 

Notwithstanding any other provision in this Indenture, the Holder of a Security of any series shall have the right, which is absolute and
unconditional, to receive payment of the principal of and any premium and (subject to Section 305) interest on such Security on the respective Stated Maturities expressed in such Security (or, in the case of redemption, on the Redemption Date) and
to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder. 
  

	SECTION 509.	Restoration of Rights and Remedies. 

 If the Trustee or any Holder has instituted any
proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any
determination in such proceeding, the Company, the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as
though no such proceeding had been instituted. 
  

	SECTION 510.	Rights and Remedies Cumulative. 

 Except as otherwise provided with respect to the
replacement or payment of mutilated, destroyed, lost or stolen Securities in the last paragraph of Section 304, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or
remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any
right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 
  

	SECTION 511.	Delay or Omission Not Waiver. 

 No delay or omission of the Trustee or of any Holder of
Securities of any series to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this
Article or by law to the Trustee or to the 

  
 35 

 
Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be. 

 

	SECTION 512.	Control by Holders. 

 The Holders of a majority in aggregate principal amount of
the Outstanding Securities of any series shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the
Securities of such series, provided, however, that 
 (1) such direction shall not be in conflict with
any rule of law or with this Indenture; 
 (2) such direction shall not involve the Trustee in personal liability; and 

(3) the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction. 

 

	SECTION 513.	Waiver of Past Defaults. 

 The Holders of a majority in aggregate principal amount of
the Outstanding Securities of any series may on behalf of the Holders of all the Securities of such series waive any existing or past Default or Event of Default under this Indenture, and its consequences, except a default in the payment of the
principal of or interest on any Securities of such series. Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture; but no such waiver
shall extend to any subsequent or other Default or impair any right consequent thereon. 
  

	SECTION 514.	Undertaking for Costs. 

 In any suit for the enforcement of any right or remedy
under this Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, a court may require any party litigant in such suit to file an undertaking to pay the costs of such suit, and may assess costs
against any such party litigant, in the manner and to the extent provided in the Trust Indenture Act; provided, however, that neither this Section nor the Trust Indenture Act shall be deemed to authorize any court to require such an
undertaking or to make such an assessment in any suit instituted by the Company. 
  

	SECTION 515.	Waiver of Usury, Stay or Extension Laws. 

 The Company covenants (to the extent that it
may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any usury, stay or extension law wherever enacted, now or at any time hereafter in force, which may affect
the covenants or the performance of this Indenture; and the Company (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not hinder, delay or

  
 36 

 
impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 

ARTICLE SIX 
 THE
TRUSTEE 
  

	SECTION 601.	Certain Duties and Responsibilities. 

 (1) Except during the continuance
of an Event of Default with respect to any series of Securities, 
 (A) the Trustee undertakes to perform such duties and
only such duties as are specifically set forth in this Indenture with respect to the Securities of such series, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

(B) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture, but in the case of any such certificates or opinions which by any provision hereof are
specifically required to be furnished to the Trustee, subject to the provisions of Section 102, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture. 

(2) In case an Event of Default with respect to any series of Securities has occurred and is continuing, the Trustee shall
exercise with respect to the Securities of such series such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in
the conduct of his or her own affairs. 
 (3) No provision of this Indenture shall be construed to relieve the Trustee from
liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except that 
 (A)
this Subsection shall not be construed to limit the effect of Subsections (1) and (4) of this Section; 
 (B) the
Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; and 

(C) the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance
with the direction of the Holders of a majority in aggregate principal amount of the Outstanding Securities of any series relating to the time, method and place of conducting any proceeding 

  
 37 

 
for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities of such series. 

(4) Notwithstanding the foregoing, no provision of this Indenture shall require the Trustee to expend or risk its own funds or
otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or indemnity against such
risk or liability is not reasonably assured to it. 
 (5) Whether or not therein expressly so provided, every provision of
this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section. 
  

	SECTION 602.	Notice of Defaults. 

 If a Default occurs hereunder with respect to Securities of
any series, the Trustee shall give the Holders of Securities of such series notice of such Default as and to the extent provided by the Trust Indenture Act; provided, however, that in the case of any Default of the character specified
in Section 501(d) with respect to Securities of such series, no such notice to Holders shall be given until at least 30 days after the occurrence thereof. Except in the case of a Default or Event of Default in payment of principal of, premium,
if any, or interest on a Security of any series, the Trustee may withhold such notice if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interest of the Holders of Securities of
such series. 
  

	SECTION 603.	Certain Rights of Trustee. 

 Subject to the provisions of Section 601: 

(1) the Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any resolution,
certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document believed by it to be genuine and to have been signed or presented by
the proper party or parties; 
 (2) any request or direction of the Company mentioned herein shall be sufficiently evidenced
by a Company Request or Company Order and an Officer’s Certificate and Opinion of Counsel reasonably satisfactory to the Trustee, and any resolution of the Board of Directors shall be sufficiently evidenced by a Board Resolution; 

(3) whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established
prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, conclusively rely upon an Officer’s Certificate; 

  
 38 

 (4) the Trustee may consult with counsel of its selection and the advice of such
counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon; 

(5) the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the
request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity reasonably satisfactory to the Trustee against the costs, expenses and liabilities which might be
incurred by it in compliance with such request or direction; 
 (6) the Trustee shall not be bound to make any investigation
into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee,
in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and
premises of the Company, personally or by agent or attorney; 
 (7) the Trustee may execute any of the trusts or powers
hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder,

 (8) the Trustee shall not be liable for any action taken, suffered, or omitted to be taken by it in good faith and
reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture; 

(9) the Trustee shall not be deemed to have notice or be charged with knowledge of any Default (within the meaning of Section
602) or Event of Default with respect to the Securities of any series for which it is acting as Trustee unless written notice of such Default or Event of Default, as the case may be, is received by the Trustee at the Corporate Trust Office of the
Trustee from the Company, any other obligor upon such Securities or by any Holder of such Securities, and such notice references such Securities and this Indenture; 

(10) the rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its
right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder; 

(11) the Trustee may request that the Company deliver an Officer’s Certificate setting forth the names of individuals
and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officer’s Certificate may be signed by any persons authorized to sign an Officer’s Certificate, including any

  
 39 

 
person specified as so authorized in any such certificate previously delivered and not superseded; 

(12) the permissive right of the Trustee hereunder to take or omit to take any action shall not be construed as a duty; 

(13) anything in this Indenture notwithstanding, in no event shall the Trustee be liable for special, indirect, punitive or
consequential loss or damage of any kind whatsoever (including but not limited to loss of profit), even if the Company has been advised as to the likelihood of such loss or damage and regardless of the form of action, and 

(14) under no circumstances shall the Trustee be liable in its individual capacity for the obligations evidenced by the
Securities. 
  

	SECTION 604.	Not Responsible for Recitals or Issuance of Securities. 

 The recitals contained herein
and in the Securities, except the Trustee’s certificates of authentication, shall be taken as the statements of the Company, and neither the Trustee nor any Authenticating Agent assumes any responsibility for their correctness. The Trustee
makes no representations as to the validity or sufficiency of this Indenture or of the Securities. Neither the Trustee nor any Authenticating Agent shall be accountable for the use or application by the Company of Securities or the proceeds thereof.

  

	SECTION 605.	May Hold Securities. 

 The Trustee, any Authenticating Agent, any Paying Agent, any
Security Registrar or any other agent of the Company, in its individual or any other capacity, may become the owner or pledgee of Securities and, subject to Sections 608 and 613, may otherwise deal with the Company with the same rights it would
have if it were not Trustee, Authenticating Agent, Paying Agent, Security Registrar or such other agent. 
  

	SECTION 606.	Money Held in Trust. 

 Subject to the provisions of Section 1003 hereof, money held by
the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest on, or for the investment of, any money received by it hereunder except as otherwise
agreed in writing with the Company. 
  

	SECTION 607.	Compensation and Reimbursement. 

 The Company agrees 

(1) to pay to the Trustee from time to time such compensation as shall be agreed in writing between the Company and the Trustee
for all services rendered by it hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust); 

  
 40 

 (2) except as otherwise expressly provided herein, to reimburse the Trustee upon
its request for all reasonable expenses, disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation and the expenses and disbursements of its agents and
counsel), except any such expense, disbursement or advance as may be attributable to its gross negligence or willful misconduct; and 

(3) to the fullest extent permitted by law, to indemnify each of the Trustee, or any predecessor Trustee, and their respective
officers, employees, directors, shareholders and agents, for, and to hold them harmless against, any and all loss, damage, claim, liability or expense, including taxes (other than taxes based upon, measured by or determined by the income of the
Trustee or any predecessor Trustee), incurred without gross negligence or willful misconduct on its part, arising out of or in connection with the acceptance or administration of the trusts and its duties under this Indenture, including the
enforcement of this provision, including the reasonable costs and expenses of defending (including the reasonable compensation and the expense and disbursements of its agents and counsel) themselves against any claim or liability in connection with
the exercise or performance of any of its powers or duties hereunder. 
 As security for the performance of the obligations of the Company
under this Section, the Trustee shall have a lien prior to the Securities upon all property and funds held or collected by the Trustee as such, other than funds held in trust under Section 402. 

In addition and without prejudice to the rights provided to the Trustee under any of the provisions of this Indenture, when the Trustee incurs
expenses or renders services in connection with an Event of Default specified in Section 501(f) or Section 501(g), the expenses (including the reasonable charges and expenses of its counsel) and the compensation for the services are intended to
constitute expenses of administration under any applicable Federal and State bankruptcy, insolvency or other similar law. 
 The
Company’s obligations under this Section 607 and the lien referred to in this Section 607 shall survive the resignation or removal of the Trustee, the discharge of the Company’s obligations under Articles Four and Twelve of this Indenture
and/or the termination of this Indenture. 
 “Trustee” for purposes of this Section 607 shall include any predecessor
Trustee; provided, however, that the negligence, bad faith or willful misconduct of any Trustee hereunder shall not affect the rights of any other Trustee hereunder. 

 

	SECTION 608.	Conflicting Interests. 

 If the Trustee has or shall acquire a conflicting interest
within the meaning of Section 310(b) of the Trust Indenture Act, the Trustee shall eliminate such interest, apply to the Commission for permission to continue as trustee or resign, to the extent and in the manner provided by, and subject to the
provisions of, the Trust Indenture Act and this Indenture. To the extent permitted by the Trust Indenture Act, the Trustee shall not be 

  
 41 

 
deemed to have a conflicting interest by virtue of being a trustee under this Indenture, in its capacity as trustee in respect of the Securities of any series, in its capacity as trustee in
respect of the Securities of any other series, or under any other indenture or indentures under which other securities, or certificates of interest or participation in other securities, of the Company are outstanding. Nothing herein shall prevent
the Trustee from filing with the Commission the application referred to in the second to last paragraph of Section 310(b) of the Trust Indenture Act. 
  

	SECTION 609.	Corporate Trustee Required; Eligibility. 

 There shall at all times be one (and only
one) Trustee hereunder with respect to the Securities of each series, which may be Trustee hereunder for Securities of one or more other series. Each Trustee shall be a Person that is eligible pursuant to the Trust Indenture Act to act as such and
has a combined capital and surplus of at least $50,000,000 and has its Corporate Trust Office in the United States of America. If any such Person publishes reports of condition at least annually, pursuant to law or to the requirements of its
supervising or examining authority, then for the purposes of this Section and to the extent permitted by the Trust Indenture Act, the combined capital and surplus of such Person shall be deemed to be its combined capital and surplus as set forth in
its most recent report of condition so published. If at any time the Trustee with respect to the Securities of any series shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and
with the effect hereinafter specified in this Article. 
  

	SECTION 610.	Resignation and Removal; Appointment of Successor. 

 No resignation or removal of the
Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 611. 

The Trustee may resign at any time with respect to the Securities of one or more series by giving written notice thereof to the Company. If
the instrument of acceptance by a successor Trustee required by Section 611 shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may, at the expense of the Company,
petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series. 

The Trustee may be removed at any time with respect to the Securities of any series by Act of the Holders of a majority in aggregate principal
amount of the Outstanding Securities of such series, delivered to the Trustee and to the Company. If the instrument of acceptance by a successor Trustee required by Section 611 shall not have been delivered to the Trustee within 30 days after
the Trustee’s receipt of such notice of removal, the departing Trustee may, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series.

  
 42 

 If at any time: 

(1) the Trustee shall fail to comply with Section 608 after written request therefor by the Company or by any Holder who has
been a bona fide Holder of a Security for at least six months, or 
 (2) the Trustee shall cease to be eligible under Section
609 and shall fail to resign after written request therefor by the Company or by any such Holder, or 
 (3) the Trustee shall
become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the
purpose of rehabilitation, conservation or liquidation, 
 then, in any such case, (A) the Company by a Board Resolution may remove the Trustee with
respect to all Securities, or (B) subject to Section 514, any Holder who has been a bona fide Holder of a Security for at least six months may, on behalf of himself or herself and all others similarly situated, petition any court of competent
jurisdiction for the removal of the Trustee with respect to all Securities and the appointment of a successor Trustee or Trustees. 
 If the
Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause, with respect to the Securities of one or more series, the Company, by a Board Resolution, shall promptly appoint a
successor Trustee or Trustees with respect to the Securities of that or those series (it being understood that any such successor Trustee may be appointed with respect to the Securities of one or more or all of such series and that at any time there
shall be only one Trustee with respect to the Securities of any particular series) and shall comply with the applicable requirements of Section 611. If, within one year after such resignation, removal or incapability, or the occurrence of such
vacancy, a successor Trustee with respect to the Securities of any series shall be appointed by Act of the Holders of a majority in aggregate principal amount of the Outstanding Securities of such series delivered to the Company and the retiring
Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment in accordance with the applicable requirements of Section 611, become the successor Trustee with respect to the Securities of such series and to
that extent supersede the successor Trustee appointed by the Company. If no successor Trustee with respect to the Securities of any series shall have been so appointed by the Company or the Holders and accepted appointment in the manner required by
Section 611, any Holder who has been a bona fide Holder of a Security of such series for at least six months may, on behalf of himself or herself and all others similarly situated, petition any court of competent jurisdiction for the appointment of
a successor Trustee with respect to the Securities of such series. 
 The Company shall give notice of each resignation and each removal of
the Trustee with respect to the Securities of any series and each appointment of a successor Trustee with respect to the Securities of any series to all Holders of Securities of such series in the manner provided in Section 106. Each notice shall
include the name of the 

  
 43 

 
successor Trustee with respect to the Securities of such series and the address of its Corporate Trust Office. 
  

	SECTION 611.	Acceptance of Appointment by Successor. 

 In case of the appointment hereunder of a
successor Trustee with respect to all Securities, every such successor Trustee so appointed shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or
removal of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the
Company or the successor Trustee, such retiring Trustee shall, upon payment of its reasonable charges, if any, execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and
shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder; subject, nevertheless, to its lien provided for in Section 607. 

In case of the appointment hereunder of a successor Trustee with respect to the Securities of one or more (but not all) series, the Company,
the retiring Trustee and each successor Trustee with respect to the Securities of one or more series shall execute and deliver an indenture supplemental hereto wherein each successor Trustee shall accept such appointment and which (1) shall
contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to
which the appointment of such successor Trustee relates, (2) if the retiring Trustee is not retiring with respect to all Securities, shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers,
trusts and duties of the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (3) shall add to or change any of the
provisions of this Indenture as shall be necessary, to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such
Trustees co-trustees of the same trust and that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee; and upon the execution and delivery of
such supplemental indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided therein and each such successor Trustee, without any further act, deed or conveyance, shall become vested with all the
rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates; but, on request of the Company or any successor Trustee, such retiring
Trustee shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment of such successor Trustee
relates; subject, nevertheless, to its lien provided for in Section 607. 

  
 44 

 Upon request of any such successor Trustee, the Company shall execute any and all instruments for
more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in the first or second preceding paragraph, as the case may be. 

No successor Trustee with respect to any series of Securities shall accept its appointment unless at the time of such acceptance such
successor Trustee shall be qualified and eligible with respect to that series under this Article. 
  

	SECTION 612.	Merger, Conversion, Consolidation or Succession to Business. 

 Any Person into which the
Trustee may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any Person succeeding to all or substantially all the corporate
trust business of the Trustee, shall be the successor of the Trustee hereunder, provided such Person shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on the part of any of
the parties hereto. In case any Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver
the Securities so authenticated with the same effect as if such successor Trustee had itself authenticated such Securities. 
  

	SECTION 613.	Preferential Collection of Claims Against Company. 

 If and when the Trustee shall be or
become a creditor of the Company (or any other obligor upon the Securities), the Trustee shall be subject to the provisions of the Trust Indenture Act regarding the collection of claims against the Company (or any such other obligor). 

 

	SECTION 614.	Appointment of Authenticating Agent. 

 The Trustee may appoint an Authenticating Agent
or Agents with respect to one or more series of Securities which shall be authorized to act on behalf of the Trustee to authenticate Securities of such series issued upon original issue and upon exchange, registration of transfer or partial
redemption thereof or pursuant to Section 304, and Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever reference is
made in this Indenture to the authentication and delivery of Securities by the Trustee or the Trustee’s certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an
Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the Company and shall at all times be a corporation organized and doing business
under the laws of the United States of America, any State thereof or the District of Columbia, authorized under such laws to act as Authenticating Agent, having a combined capital and surplus of not less than $50,000,000 and subject to supervision
or examination by 

  
 45 

 
Federal or State authority. If such Authenticating Agent publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then
for the purposes of this Section, the combined capital and surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time an Authenticating
Agent shall cease to be eligible in accordance with the provisions of this Section, such Authenticating Agent shall resign immediately in the manner and with the effect specified in this Section. 

Any corporation into which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation
resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to all or substantially all of the corporate agency or corporate trust business of an Authenticating Agent,
shall continue to be an Authenticating Agent, provided such corporation shall be otherwise eligible under this Section, without the execution or filing of any paper or any further act on the part of the Trustee or the Authenticating Agent. 

An Authenticating Agent may resign at any time by giving written notice thereof to the Trustee and to the Company. The Trustee may at any time
terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any time such Authenticating
Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the Company and shall give notice of such appointment in the manner provided in
Section 106 to all Holders of Securities of the series with respect to which such Authenticating Agent will serve. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers and
duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section. 

The Trustee agrees to pay to each Authenticating Agent from time to time reasonable compensation for its services under this Section, and the
Trustee shall be entitled to be reimbursed for such payments, subject to the provisions of Section 607. 
 If an appointment with respect to
one or more series is made pursuant to this Section, the Securities of such series may have endorsed thereon, in addition to the Trustee’s certificate of authentication, an alternative certificate of authentication in the following form: 

  
 46 

 This is one of the Securities of the series designated therein referred to in the
within-mentioned Indenture. 
  

							
	Dated:	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
		 		 		 	as Trustee
				
		 		 	By:	 	  

		 		 		 	As Authenticating Agent
				
		 		 	By:	 	  

		 		 		 	Authorized Officer

 ARTICLE SEVEN 

HOLDERS’ LISTS AND REPORTS BY TRUSTEE
AND COMPANY 
  

	SECTION 701.	Company to Furnish Trustee Names and Addresses of Holders. 

 The Company will furnish or
cause to be furnished to the Trustee 
 (1) semi-annually, not later than March 1 and September 1 in each year,
commencing March 1, 20 , a list, in such form as the Trustee may reasonably require, of the names and addresses of the Holders of Securities of each series as of the preceding March 1 or September 1, as the case may be, and 

(2) at such other times as the Trustee may request in writing, within 30 days after the receipt by the Company of any such
request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished; 
 in each case to the extent
(and only to the extent) such information is known to the Company and excluding from any such list names and addresses received by the Trustee in its capacity as Security Registrar. 

 

	SECTION 702.	Preservation of Information; Communications to Holders. 

 The Trustee shall preserve, in
as current a form as is reasonably practicable, the names and addresses of Holders contained in the most recent list furnished to the Trustee as provided in Section 701 and the names and addresses of Holders received by the Trustee in its capacity
as Security Registrar. The Trustee may destroy any list furnished to it as provided in Section 701 upon receipt of a new list so furnished. 

The rights of Holders to communicate with other Holders with respect to their rights under this Indenture or under the Securities, and the
corresponding rights and privileges of the Trustee, shall be as provided by the Trust Indenture Act. 
 Every Holder of Securities, by
receiving and holding the same, agrees with the Company and the Trustee that neither the Company nor the Trustee nor any agent of 

  
 47 

 
either of them shall be held accountable by reason of any disclosure of information as to names and addresses of Holders made pursuant to the Trust Indenture Act. 

 

	SECTION 703.	Reports by Trustee. 

 So long as any Securities remain outstanding, the Trustee shall
transmit to Holders such reports concerning the Trustee and its actions under this Indenture as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant thereto. If required by Section 313(a) of the
Trust Indenture Act, the Trustee shall, within sixty days after each March 1 following the date of this Indenture deliver to Holders a brief report, dated as of such March 1, which complies with the provisions of such
Section 313(a) (but if no event described in Section 313(a) has occurred within the 12 months preceding the reporting date, no such report need be transmitted). The Trustee also shall comply with Section 313(b)(2) of the Trust
Indenture Act and shall also transmit all reports as required by Section 313(c) of the Trust Indenture Act. 
  

	SECTION 704.	Reports by Company. 

 The Company shall file with the Trustee and the Commission,
and transmit to Holders, such information, documents and other reports, and such summaries thereof, as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant to such Act; provided, however,
that any such information, documents or reports required to be filed with the Commission pursuant to Section 13 or 15(d) of the Exchange Act shall be filed with the Trustee within 30 days after the same is so required to be filed with the
Commission; provided further, that any such information, documents or reports required to be filed with the Commission pursuant to Section 13 or 15(d) of the Exchange Act shall be deemed to be filed with the Trustee when filed with the
Commission, it being understood that the Trustee shall not be responsible for determining whether such filings have been made.  

Delivery of the information, documents and other reports described above to the Trustee is for informational purposes only, and the
Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which
the Trustee is entitled to conclusively rely on an Officer’s Certificate). The Trustee shall have no obligation to determine whether or not such information, documents or reports have been filed with the Commission. 

ARTICLE EIGHT 

CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

  

	SECTION 801.	Company May Consolidate, Etc., Only on Certain Terms. 

 The Company shall not
merge into or consolidate with any other Person or Persons (whether or not affiliated with the Company) or sell, convey, transfer, lease or otherwise dispose of all or substantially all of its property or assets to any other Person or

  
 48 

 
Persons (whether or not affiliated with the Company), and the Company shall not permit any Person to consolidate with or merge into the Company or convey, transfer or lease substantially all of
its property or assets to the Company, unless: 
 (1) either (a) the transaction is a merger or consolidation and the
Company is the surviving entity; or (b) the successor Person (or the Person which acquires by sale, conveyance, transfer or lease all or substantially all of the property or assets of the Company) is a corporation organized under the laws of
the United States, any state thereof or the District of Columbia and expressly assumes, by an indenture supplemental hereto, executed and delivered to the Trustee, in form satisfactory to the Trustee, the Company’s obligation for the due and
punctual payment of the principal of (and premium, if any, on) and interest on all the Outstanding Securities of any series and the performance and observance of every covenant of the Outstanding Securities of such series and this Indenture on the
part of the Company to be performed or observed; 
 (2) immediately after giving effect to such transaction and treating any
Indebtedness which becomes an obligation of the Company or any Subsidiary as a result of such transaction as having been incurred by the Company or such Subsidiary at the time of such transaction, no Default or Event of Default shall have occurred
and be continuing; and 
 (3) the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of
Counsel, each stating that such consolidation, merger, conveyance, transfer or lease and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture comply with this Article and that all conditions
precedent herein provided for relating to such transaction have been complied with. 
  

	SECTION 802.	Successor Substituted. 

 Upon any consolidation of the Company with, or merger of the
Company into, any other Person or any sale, transfer or other conveyance of substantially all of the properties and assets of the Company in accordance with Section 801, but not in the case of a lease, the successor Person formed by such
consolidation or into which the Company is merged or to which such sale, transfer or other conveyance is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect
as if such successor Person had been named as the Company herein, and thereafter, the predecessor Person shall be released of all obligations to pay principal and interest on the Securities and all other obligations and covenants under this
Indenture. 

  
 49 

 ARTICLE NINE 

SUPPLEMENTAL INDENTURES 
  

	SECTION 901.	Supplemental Indentures Without Consent of Holders. 

 Without the consent of any
Holders, the Company, when authorized by a Board Resolution, and the Trustee, at any time and from time to time, may amend or supplement this Indenture or the Securities of any series for any of the following purposes: 

(1) to cure any ambiguity, defect or inconsistency; 

(2) to provide for uncertificated Securities of any series in addition to or in place of certificated Securities of such
series; 
 (3) to comply with the provisions described in Section 801; 

(4) to comply with the requirements of the Commission in order to effect or maintain the qualification of this Indenture under
the Trust Indenture Act; 
 (5) to evidence and provide for the acceptance of appointment by a successor Trustee; 

(6) to conform the text of this Indenture or the terms of the Securities of any series to any corresponding provision of the
prospectus, prospectus supplement, offering memorandum, offering circular or other document pursuant to which such Securities were offered and setting forth the final terms of such Securities; 

(7) to establish the form or terms of Securities of any series as permitted by Sections 201 and 301; 

(8) to provide for the assumption by a successor corporation, partnership, trust or limited liability company of the
Company’s obligations to the Holders of the Securities of any series, in each case in compliance with the provisions of Article Eight; or 

(9) to make any change that would provide any additional rights or benefits to the Holders of Securities of any series
(including to secure Securities of any series, add guarantees with respect thereto, to add to the covenants of the Company for the benefit of the Holders of all or any series of Securities (and if such covenants are to be for the benefit of less
than all series of Securities, stating that such covenants are expressly being included solely for the benefit of such series), or to surrender any right or power herein conferred upon the Company under this Indenture, or that does not adversely
affect the legal rights under this Indenture of any Holder of Securities of any series in any material respect. 

  
 50 

	SECTION 902.	Supplemental Indentures with Consent of Holders. 

 With the consent of the
Holders of not less than a majority in aggregate principal amount of the Outstanding Securities of each series affected by such supplemental indenture, by Act of said Holders delivered to the Company and the Trustee, the Company, when authorized by
a Board Resolution, and the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of modifying in any
manner the rights of the Holders of Securities of such series under this Indenture; provided, however, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Security affected thereby,

 (1) reduce the aggregate principal amount of Securities of any series whose Holders must consent to an amendment; 

(2) reduce the rate of or change or have the effect of changing the time for payment of interest, including Defaulted Interest,
on Securities of any series; 
 (3) reduce the principal of or change or have the effect of changing the fixed maturity of
Securities of any series, or change the date on which Securities of any series may be subject to redemption or repurchase or reduce the Redemption Price or Repurchase Price therefor; 

(4) make Securities of any series payable in money other than that stated in the Securities of such series or change the Place
of Payment of the Securities of any series from that stated in the Securities of such series or in this Indenture; 
 (5)
make any change in provisions of this Indenture protecting the right of each Holder to receive payment of principal of and interest on such Holder’s Security or Securities on or after the due date thereof or to bring suit to enforce such
payment, or permitting Holders of a majority in aggregate principal amount of Securities of any series to waive Defaults or Events of Default; 

(6) make any change in these amendment and waiver provisions; or 

(7) make any change to or modify the ranking of the Securities of any series that would adversely affect the Holders of such
series. 
 A supplemental indenture which changes or eliminates any covenant or other provision of this Indenture which has expressly been included solely
for the benefit of one or more particular series of Securities, or which modifies the rights of the Holders of Securities of such series with respect to such covenant or other provision, shall be deemed not to affect the rights under this Indenture
of the Holders of Securities of any other series. 
 It shall not be necessary for any Act of Holders under this Section to approve the
particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 

  
 51 

	SECTION 903.	Execution of Supplemental Indentures. 

 In executing, or accepting the additional trusts
created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 601) shall be fully protected in relying upon,
an Officer’s Certificate and Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture and an Opinion of Counsel stating that such supplemental indenture is a legal, valid and
binding obligation of the Company enforceable against it in accordance with its terms subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting
creditors’ rights and to general equity principles. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture which affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise.

  

	SECTION 904.	Effect of Supplemental Indentures. 

 Upon the execution of any supplemental indenture
under this Article, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated and delivered
hereunder shall be bound thereby. 
  

	SECTION 905.	Conformity with Trust Indenture Act. 

 Every supplemental indenture executed pursuant to
this Article shall conform to the requirements of the Trust Indenture Act. 
  

	SECTION 906.	Notice of Supplemental Indenture; Reference in Securities to Supplemental Indentures. 

After any supplemental indenture entered into pursuant to this Article becomes effective, the Company shall give Holders a notice briefly
describing such supplemental indenture. The failure to give such notice to all Holders, or any defect therein, shall not impair or affect the validity of any such supplemental indenture under this Article. 

Securities of any series authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and shall
if required by the Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Securities of any series so modified as to conform, in the opinion of
the Trustee and the Company, to any such supplemental indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for Outstanding Securities of such series. 

  
 52 

 ARTICLE TEN 

COVENANTS 
  

	SECTION 1001.	Payment of Principal, Premium and Interest. 

 The Company covenants and agrees
for the benefit of each series of Securities that it will duly and punctually pay the principal of and any premium and interest on the Securities of that series in accordance with the terms of the Securities and this Indenture. The Company shall pay
interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal, Redemption Price and Repurchase Price at the rate specified in the terms of each series of Securities to the extent lawful; it shall pay
interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace period) at the same rate to the extent lawful. 

 

	SECTION 1002.	Maintenance of Office or Agency. 

 The Company will maintain in each Place of Payment
for any series of Securities an office or agency (which may be an office of the Trustee or an affiliate of the Trustee, Security Registrar or Co-Security Registrar) where Securities of that series may be presented or surrendered for payment, where
Securities of that series may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect of the Securities of that series and this Indenture may be served. At least once Place of Payment
shall be located in the United States of America. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company shall fail to maintain any such
required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the
Trustee as its agent to receive all such presentations, surrenders, notices and demands. 
 The Company may also from time to time
designate one or more other offices or agencies where the Securities of one or more series may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no
such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in each Place of Payment for Securities of any series for such purposes. The Company will give prompt written notice to the
Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 
  

	SECTION 1003.	Money for Securities Payments to Be Held in Trust. 

 If the Company shall at any time
act as its own Paying Agent with respect to any series of Securities, it will, on or before each due date of the principal of or any premium or interest on any of the Securities of that series, segregate and hold in trust for the benefit of the
Persons entitled thereto a sum sufficient to pay the principal and any 

  
 53 

 
premium and interest so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustee of its action or failure so to
act. 
 Whenever the Company shall have one or more Paying Agents for any series of Securities, it will, on or prior to each due date of the
principal of or any premium or interest on any Securities of that series, deposit with a Paying Agent a sum sufficient to pay such amount, such sum to be held as provided by the Trust Indenture Act, and (unless such Paying Agent is the Trustee) the
Company will promptly notify the Trustee of its action or failure so to act. 
 The Company will cause each Paying Agent for any series of
Securities other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will (1) comply with the provisions
of the Trust Indenture Act applicable to it as a Paying Agent and (2) during the continuance of any Default by the Company (or any other obligor upon the Securities of that series) in the making of any payment in respect of the Securities of
that series, upon the written request of the Trustee, forthwith pay to the Trustee all sums held in trust by such Paying Agent for payment in respect of the Securities of that series. 

The Company may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture with respect to any series of
Securities or for any other purpose, pay, or by Company Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by the Trustee upon the same trusts as those upon which
such sums were held by the Company or such Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such money. 

Subject to applicable abandoned property laws, any money deposited with the Trustee or any Paying Agent, or then held by the Company,
in trust for the payment of the principal of or any premium or interest on any Security of any series and remaining unclaimed for two years after such principal, premium or interest has become due and payable shall be paid to the Company on Company
Request, or (if then held by the Company) shall be discharged from such trust; and the Holder of such Security shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the Trustee or such
Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may
at the expense of the Company cause to be published once, in a newspaper published in the English language, customarily published on each Business Day and of general circulation in New York, New York, notice that such money remains unclaimed and
that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Company. 

  
 54 

	SECTION 1004.	Statement by Officers as to Default. 

 The Company shall deliver to the Trustee, within
120 days after the end of each fiscal year of the Company, commencing with the fiscal year ending June 30, 2015, an Officer’s Certificate stating to the knowledge of such Officer whether the Company has kept, observed, performed and
fulfilled each and every covenant contained in this Indenture in all material respects and is not in Default in the performance or observance of any of the terms, provisions and conditions of this Indenture (and, if a Default or Event of Default
shall have occurred, describing all such Defaults or Events of Default) of which he or she may have knowledge. 
 The Company shall, so long
as any of the Securities of any series are Outstanding, deliver to the Trustee, promptly upon any Officer of the Company becoming aware of any Default or Event of Default, an Officer’s Certificate specifying such Default or Event of Default.

  

	SECTION 1005.	Existence. 

 Subject to Article Eight, the Company will do or cause to be done
all things necessary to preserve and keep in full force and effect its existence, rights (charter and statutory) and franchises; provided, however, that the Company shall not be required to preserve any such right or franchise if the
Company shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and that the loss thereof is not disadvantageous in any material respect to the Holders. 

 

	SECTION 1006.	Limitation on Liens. 

 The Company shall not (nor shall it permit any of its Domestic
Subsidiaries to) issue, incur, create, assume or guarantee any Indebtedness secured by a Lien upon any Principal Property or upon any of the Capital Stock or Indebtedness of any of its Subsidiaries (whether such Principal Property, or Capital Stock
or Indebtedness is then existing or owed or thereafter created or acquired) without in any such case effectively providing, concurrently with the issuance, incurrence, creation, assumption or guaranty of any such secured Indebtedness, or the grant
of such Lien, that the Securities of each series then Outstanding (together with, if the Company shall so determine, any other Indebtedness of or guarantee by the Company or such Subsidiary ranking equally with the Securities) shall be secured
equally and ratably with (or, at the option of the Company, prior to) such secured Indebtedness, except: 
 (1) Liens
existing on the Issue Date of such series of Securities; 
 (2) Liens on assets or property of a Person at the time it
becomes a Subsidiary, securing Indebtedness of only such Person, provided such Indebtedness was not incurred in connection with such Person or entity becoming a Subsidiary and such Liens do not extend to any assets other than those of the
person becoming a Subsidiary; 

  
 55 

 (3) Liens on property or assets of a Person existing at the time such
person is merged into or consolidated with the Company or any of its Subsidiaries, or at the time of a sale, lease or other disposition of all or substantially all of the properties or assets of a person to the Company or any of its Subsidiaries,
provided that such Lien was not incurred in anticipation of the merger, consolidation, or sale, lease, other disposition or other such transaction by which such Person was merged into or consolidated with the Company or any of its
Subsidiaries;  
 (4) Liens existing on assets created at the time of, or within the 12 months following, the
acquisition, purchase, lease, improvement or development of such assets to secure all or a portion of the purchase price or lease for, or the costs of improvement or development of (in each case including related costs and expenses), such assets;

 (5) Liens to secure any extension, renewal, refinancing or refunding (or successive extensions, renewals, refinancings or
refundings), in whole or in part, of any Indebtedness secured by Liens referred to in this Section 1006, so long as such Lien is limited to all or part of substantially the same property which secured the Lien extended, renewed or replaced, and the
amount of Indebtedness secured is not increased (other than by the amount equal to any costs and expenses (including any premiums, fees or penalties) incurred in connection with any extension, renewal, refinancing or refunding); 

(6) Liens in favor of only the Company or one or more of its Subsidiaries; 

(7) Liens in favor of the Trustee securing Indebtedness owed under this Indenture to the Trustee and granted in accordance with
this Indenture; 
 (8) Liens to secure Hedging Obligations; and 

(9) Liens otherwise prohibited by this Section 1006, securing Indebtedness which, together with the value of Attributable Debt
incurred in Sale and Lease-Back Transactions permitted pursuant to Section 1007 hereof, do not exceed 20% of Consolidated Net Tangible Assets measured at the date of incurrence of the Lien. 

 

	SECTION 1007.	Limitation on Sale and Lease-Back Transactions. 

 The Company shall not, and shall not
permit any of its Subsidiaries to, enter into any Sale and Lease-Back Transaction with respect to any Principal Property, other than any such Sale and Lease-Back Transaction involving a lease for a term of not more than three years or any such Sale
and Lease-Back Transaction between the Company and one of its Subsidiaries or between its Subsidiaries, unless: 
 (1) the
Company or such Subsidiary, as applicable, could have incurred Indebtedness secured by a Lien on the Principal Property involved in such Sale and Lease-Back Transaction in an amount at least equal to the Attributable Debt with respect to such Sale
and Lease-Back Transaction, without equally and ratably securing the Securities of each series then Outstanding, under Section 1006 hereto; or 

  
 56 

 (2) the proceeds of such Sale and Lease-Back Transaction are at least equal to
the fair market value of the affected Principal Property (as determined in good faith by the Board of Directors of the Company) and the Company applies an amount equal to the net proceeds of such Sale and Lease-Back Transaction within 365 days
of such Sale and Lease-Back Transaction to any of (or a combination of): 
 (i) the prepayment or retirement of the
Securities; 
 (ii) the prepayment or retirement (other than any mandatory retirement or mandatory prepayment or by payment
at maturity) of other Indebtedness of the Company or of one of its Subsidiaries (other than Indebtedness that is subordinated to the Securities or Indebtedness owed to the Company or one of its Subsidiaries) that matures more than 12 months after
its creation; or 
 (iii) the purchase, construction, development, expansion or improvement of other comparable property.

 ARTICLE ELEVEN 

REDEMPTION OF SECURITIES 

 

	SECTION 1101.	Applicability of Article. 

 Securities of any series shall be redeemable in accordance
with their terms and (except as otherwise specified as contemplated by Section 301 for such Securities) in accordance with this Article. 
  

	SECTION 1102.	Election to Redeem; Notice to Trustee. 

 The election of the Company to redeem
Securities of any series shall be evidenced by a Board Resolution or in another manner specified as contemplated by Section 301 for such Securities. In case of any redemption at the election of the Company of less than all the Securities of any
series (including any such redemption affecting only a single Security), the Company shall, not less than 45 nor more than 60 days prior to the Redemption Date fixed by the Company (unless a shorter notice shall be satisfactory to the Trustee),
notify the Trustee of such Redemption Date, of the principal amount of Securities of such series to be redeemed and, if applicable, of the tenor of the Securities to be redeemed. In the case of any redemption of Securities prior to the expiration of
any restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officer’s Certificate evidencing compliance with such restriction. 

 

	SECTION 1103.	Selection by Trustee of Securities to Be Redeemed. 

 If less than all the
Securities of any series are to be redeemed (unless all the Securities of such series are to be redeemed or unless such redemption affects only a single Security), the particular Securities to be redeemed shall be selected not more than

  
 57 

 
60 days prior to the Redemption Date by the Trustee, from the Outstanding Securities of such series not previously called for redemption, in accordance with the applicable rules and
procedures of the Depositary, in the case of Global Securities, or, if the Securities are not represented by Global Securities, by such method as the Trustee shall deem fair and appropriate and which may provide for the selection for redemption of a
portion of the principal amount of any Security of such series, provided, however, that the unredeemed portion of the principal amount of any Security shall be in an authorized denomination (which shall not be less than the minimum
authorized denomination) for such Security. If less than all the Securities of such series and of a specified tenor are to be redeemed (unless such redemption affects only a single Security), the particular Securities to be redeemed shall be
selected not more than 60 days and not less than 30 days prior to the Redemption Date by the Trustee, from the Outstanding Securities of such series and specified tenor not previously called for redemption in accordance with the preceding
sentence. 
 The Trustee shall promptly notify the Company and the Security Registrar (if other than itself) in writing of the
Securities selected for redemption as aforesaid and, in case of any Securities selected for partial redemption as aforesaid, the principal amount thereof to be redeemed. 

The provisions of the two preceding paragraphs shall not apply with respect to any redemption affecting only a single Security, whether such
Security is to be redeemed in whole or in part. In the case of any such redemption in part, the unredeemed portion of the principal amount of the Security shall be in a denomination of $2,000 or an integral multiple of $1,000 in excess thereof. 

For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities shall
relate, in the case of any Securities redeemed or to be redeemed only in part, to the portion of the principal amount of such Securities which has been or is to be redeemed. 
  

	SECTION 1104.	Notice of Redemption. 

 Notice of redemption shall be given not less than 30
(unless otherwise provided in the supplemental indenture or Board Resolution and Officer’s Certificate establishing the relevant series) nor more than 60 days prior to the Redemption Date, to each Holder of Securities. 

All notices of redemption shall state: 

(1) the Redemption Date, 

(2) the Redemption Price, 

(3) if less than all the Outstanding Securities of any series consisting of more than a single Security are to be redeemed, the
identification (and, in the case of partial redemption of any such Securities, the respective principal amounts) of the particular Securities to be redeemed and, if less than all the Outstanding Securities of any series

  
 58 

 
consisting of a single Security are to be redeemed, the principal amount of the particular Security to be redeemed, 

(4) that on the Redemption Date the Redemption Price will become due and payable upon each such Security to be redeemed and, if
applicable, that interest thereon will cease to accrue on and after said date, 
 (5) the place or places where each such
Security is to be surrendered for payment of the Redemption Price, and 
 (6) the CUSIP number or numbers or ISIN numbers as
contemplated by Section 308. 
 Notice of redemption of Securities to be redeemed at the election of the Company shall be given by the
Company or, at the Company’s request, by the Trustee in the name and at the expense of the Company and shall be irrevocable. If the Company elects to have the Trustee give the notice of redemption, the Company shall notify the Trustee at least
15 days (unless a shorter period is agreed to by the Trustee) prior to the date notice is sent to Holders. Notice is effective if given properly and any failure to give notice or defect in notice shall not affect the validity of the notice. 

 

	SECTION 1105.	Deposit of Redemption Price. 

 On or prior to 10:00 a.m., New York City time, on
any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 1003) an amount of money sufficient to pay the
Redemption Price of all the Securities which are to be redeemed on that date. 
  

	SECTION 1106.	Securities Payable on Redemption Date. 

 Notice of redemption having been
given as aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified, and from and after such date (unless the Company shall default in the payment of the Redemption
Price ) such Securities shall cease to bear interest. Upon surrender of any such Security for redemption in accordance with said notice, such Security shall be paid by the Company at the Redemption Price; provided, however, that,
unless otherwise specified as contemplated by Section 301, if the Redemption Date for a series of Securities falls after a Regular Record Date and prior to the corresponding Interest Payment Date for such series, any accrued interest payable upon
such redemption will be payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of business on the relevant Regular Record Dates according to their terms and the provisions of Section 305.

 If any Security called for redemption shall not be so paid upon surrender thereof for redemption, the principal and any premium
shall, until paid, bear interest from the Redemption Date at the rate prescribed therefor in the Security. 

  
 59 

	SECTION 1107.	Securities Redeemed in Part. 

 Any Security which is to be redeemed only in part
shall be surrendered at a Place of Payment therefor (with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or
his attorney duly authorized in writing), and the Company shall execute, and the Trustee shall authenticate and deliver to the Holder of such Security without service charge, a new Security or Securities of the same series and Stated Maturity, of
any authorized denomination as requested by such Holder, in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Security so surrendered. 

ARTICLE TWELVE 

LEGAL DEFEASANCE AND COVENANT DEFEASANCE 

 

	SECTION 1201.	Company’s Option to Effect Legal Defeasance or Covenant Defeasance. 

 The
Company may, at the option of its Board of Directors evidenced by a Board Resolution, at any time elect to have Section 1202 or Section 1203 applied to any Securities or any series of Securities, as the case may be, upon compliance with the
conditions set forth below in this Article. 
  

	SECTION 1202.	Legal Defeasance and Discharge. 

 Upon the Company’s exercise under Section
1201 hereof to have this Section 1202 applied to any Securities or any series of Securities, as the case may be, the Company shall be deemed to have been discharged from its obligations with respect to such Securities as provided in this Section on
and after the date the conditions set forth in Section 1204 are satisfied (hereinafter called “Legal Defeasance”). For this purpose, Legal Defeasance means that the Company shall be deemed to have paid and discharged the entire
Indebtedness represented by such Securities and to have satisfied all its other obligations under such Securities and this Indenture insofar as such Securities are concerned (and the Trustee, at the expense of the Company, shall execute proper
instruments acknowledging the same), subject to the following which shall survive until otherwise terminated or discharged hereunder: 

(1) the rights of Holders of such Securities to receive, solely from the trust fund described in Section 1204 and as more fully
set forth in such Section, payments in respect of the principal of and any premium and interest on such Securities when payments are due; 

(2) the Company’s obligations with respect to such Securities under Sections 302, 303, 304, 1002 and 1003 and with
respect to the Trustee, including but not limited to those under Section 607; 

  
 60 

 (3) the rights, powers, trusts, duties and immunities of the Trustee hereunder
and the obligations of the Company in connection therewith; and 
 (4) the Legal Defeasance provisions of this Article. 

Subject to compliance with this Article, the Company may exercise its option to have this Section applied to Securities of any series
notwithstanding the prior exercise of its option to have Section 1203 applied to such Securities. 
  

	SECTION 1203.	Covenant Defeasance. 

 Upon the Company’s exercise of its option under
Section 1201 hereof to have this Section 1203 applied to any Securities or any series of Securities, as the case may be, (1) the Company shall be released from its obligations under Sections 1001 through 1007, inclusive, and any covenants
provided pursuant to Sections 901(7) or 901(9) for the benefit of the Holders of such Securities and (2) the occurrence of any event specified in Section 501(d) (with respect to any of Sections 1001 through 1007, inclusive, and any
such covenants provided pursuant to Section 901(7) or 901(9)) shall be deemed not to be or result in a Default or an Event of Default, in each case with respect to such Securities as provided in this Section on and after the date the conditions
set forth in Section 1204 are satisfied (hereinafter called “Covenant Defeasance”). For this purpose, such Covenant Defeasance means that, with respect to such Securities, the Company may omit to comply with and shall have no liability in
respect of any term, condition or limitation set forth in any such specified Section (to the extent so specified in the case of Section 501(d)), whether directly or indirectly, by reason of any reference elsewhere herein to any such Section or by
reason of any reference in any such Section to any other provision herein or in any other document, but the remainder of this Indenture and such Securities shall be unaffected thereby. In addition, upon the Company’s exercise of its option
under Section 1201 hereof to have this Section 1203 applied to any Securities or any series of Securities, subject to the satisfaction of the conditions set forth in Section 1204, Sections 501(c) and (d) shall not constitute Events of Default.

  

	SECTION 1204.	Conditions to Legal Defeasance or Covenant Defeasance. 

 The following shall be
the conditions to the application of Section 1202 or Section 1203 to any Securities or any series of Securities, as the case may be: 
 In
order to exercise either Legal Defeasance or Covenant Defeasance: 
 (1) the Company must irrevocably deposit with the
Trustee (or another trustee satisfying the requirements of Section 609 who has agreed to comply with the provisions of this Article Twelve applicable to it), in trust, for the benefit of the Holders of such Securities, cash in U.S. dollars, U.S.
Government Securities, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized firm of independent public accountants selected by the Company, to pay the principal of, premium, if any, and interest
on such Securities on the stated date for payment thereof or on the applicable redemption date, as the case may be; 

  
 61 

 (2) in the case of Legal Defeasance, the Company shall have delivered to the
Trustee an Opinion of Counsel reasonably acceptable to the Trustee confirming that: 
 (a) the Company has received from, or
there has been published by, the Internal Revenue Service a ruling; or 
 (b) since the date of this Indenture, there has
been a change in the applicable U.S. federal income tax law, 
 in either case to the effect that, and based thereon such
Opinion of Counsel shall confirm that, the beneficial owners of such Securities will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Legal Defeasance and will be subject to U.S. federal income tax on the
same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred; 

(3) in the case of Covenant Defeasance, the Company shall have delivered to the Trustee an Opinion of Counsel in the United
States reasonably acceptable to the Trustee confirming that the beneficial owners of such Securities will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Covenant Defeasance and will be subject to U.S.
federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 

(4) no Default or Event of Default shall have occurred and be continuing with respect to such series of Securities on the date
of such deposit or insofar as Events of Default from bankruptcy or insolvency events are concerned, at any time in the period ending on the 91st day after the date of deposit (other than a Default or Event of Default resulting from the borrowing of
funds to be applied to such deposit and the grant of any Lien securing such borrowings); 
 (5) such Legal Defeasance or
Covenant Defeasance shall not result in a breach or violation of, or constitute a default under this Indenture with respect to such series of Securities (other than a Default or an Event of Default resulting from the borrowing of funds to be applied
to such deposit and the grant of any Lien securing such borrowings) or any other material agreement or instrument to which the Company or any of its Subsidiaries is a party or by which the Company or any of its Subsidiaries is bound; 

(6) the Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that
all conditions precedent provided for or relating to the Legal Defeasance or the Covenant Defeasance with respect to such series of Securities have been complied with; and 

(7) the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that, assuming no intervening
bankruptcy of the Company between the date of deposit and the 91st day following the date of deposit and that no Holder of such Securities is an insider of the Company, after the 91st day following the date of

  
 62 

 
deposit, the trust funds will not be subject to the effect of any applicable bankruptcy, insolvency, reorganization or similar laws affecting creditors’ rights generally. 

Notwithstanding the foregoing, the Opinion of Counsel required by clause (2) above with respect to a Legal Defeasance need not be
delivered if all such Securities not theretofore delivered to the Trustee for cancellation (i) have become due and payable or (ii) will become due and payable on the Stated Maturity within one year or are to be called for redemption within
one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company. 
  

	SECTION 1205.	Deposited Money and U.S. Government Securities to Be Held in Trust; Miscellaneous Provisions. 

Subject to the provisions of the last paragraph of Section 1003, all money and U.S. Government Securities (including the proceeds thereof)
deposited with the Trustee or other qualifying trustee (solely for purposes of this Section and Section 1206, the Trustee and any such other trustee are referred to collectively as the “Trustee”) pursuant to Section 1204 in respect of
Securities of any series shall be held in trust and applied by the Trustee, in accordance with the provisions of such Securities and this Indenture, to the payment, either directly or through any such Paying Agent (including the Company acting as
its own Paying Agent) as the Trustee may determine, to the Holders of such Securities, of all sums due and to become due thereon in respect of principal and any premium and interest, but money so held in trust need not be segregated from other funds
except to the extent required by law. 
 The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or
assessed against the U.S. Government Securities deposited pursuant to Section 1204 or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of Outstanding
Securities of any series. 
 Anything in this Article to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from
time to time upon Company Request any money or U.S. Government Securities held by it as provided in Section 1204 with respect to any Securities which, in the opinion of a nationally recognized firm of independent public accountants expressed in a
written certification thereof delivered to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect the Legal Defeasance or Covenant Defeasance, as the case may be, with respect to such Securities. 

 

	SECTION 1206.	Reinstatement. 

 If the Trustee or the Paying Agent is unable to apply any money in
accordance with this Article with respect to Securities of any series by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the obligations under this
Indenture and such Securities 

  
 63 

 
from which the Company has been discharged or released pursuant to Section 1202 or 1203 shall be revived and reinstated as though no deposit had occurred pursuant to this Article with
respect to such Securities, until such time as the Trustee or Paying Agent is permitted to apply all money held in trust pursuant to Section 1205 with respect to such Securities in accordance with this Article; provided, however, that
if the Company makes any payment of principal of or any premium or interest on any such Security following such reinstatement of its obligations, the Company shall be subrogated to the rights (if any) of the Holders of such Securities to receive
such payment from the money so held in trust. 
  

	SECTION 1207.	USA Patriot Act. 

 The parties hereto acknowledge that in accordance with
Section 326 of the USA PATRIOT Act the Paying Agent, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or
legal entity that establishes a relationship or opens an account with Wells Fargo Bank, National Association. The parties to this Indenture agree that they will provide the Paying Agent with such information as it may request in order for the Paying
Agent to satisfy the requirements of the USA PATRIOT Act. 
  

	SECTION 1208.	Force Majeure. 

 The Paying Agent shall not incur any liability for not performing any
act or fulfilling any duty, obligation or responsibility hereunder by reason of any occurrence beyond the control of the Paying Agent (including but not limited to any act or provision of any present or future law or regulation or governmental
authority, any act of God or war, civil unrest, local or national disturbance or disaster, any act of terrorism, or the unavailability of the Federal Reserve Bank wire or facsimile or other wire or communication facility). 

 
  

This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same instrument. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture as to the
parties hereto and may be used in lieu of the original Indenture for all purposes. 

  
 64 

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

			
	KLA-TENCOR CORPORATION
		
	By:	 	 /s/ Bren D. Higgins

	Name:	 	Bren D. Higgins
	Title:	 	Executive Vice President and
Chief Financial Officer
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ Maddy Hall

	Name:	 	Maddy Hall
	Title:	 	Vice President

  
 65 

 EXHIBIT A 

[FORM OF FACE OF SECURITY] 

KLA-TENCOR CORPORATION 

[Global Securities Legend] 
 THIS GLOBAL SECURITY
IS HELD BY AND REGISTERED IN THE NAME OF THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS SECURITY) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, IS NOT EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A
PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE
REQUIRED PURSUANT TO SECTION 203 OF THE INDENTURE, (II) THIS GLOBAL SECURITY MAY BE EXCHANGED PURSUANT TO SECTION 203(a) OF THE INDENTURE, (III) THIS GLOBAL SECURITY MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO
SECTION 306 OF THE INDENTURE AND (IV) THIS GLOBAL SECURITY MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY. 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER
OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 

  
 A-1 

 [Form of Face of Security] 

KLA-TENCOR CORPORATION 
 [—]% SENIOR NOTE DUE [—] 
 CUSIP
No.             
 ISIN
No.             
 No.
                 $             

KLA-TENCOR CORPORATION, a corporation duly organized and existing under the laws of the State of Delaware (herein called the
“Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to
                    , or registered assigns, the principal sum of              dollars on
            , which aggregate principal amount may from time to time be reduced or increased, as appropriate, in accordance with the within mentioned Indenture and as reflected in the
Schedule of Exchanges of Interests in the Global Security attached hereto, to reflect exchanges or redemptions of the Securities represented hereby, and to pay interest thereon from
                     or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on
                     and                      in
each year, commencing                     , at the rate of         % per annum, until the principal hereof is
paid or made available for payment, provided, however that any principal and premium, and any such installment of interest, which is overdue shall bear interest at the rate of         % per annum
(to the extent that the payment of such interest shall be legally enforceable), from the dates such amounts are due until they are paid or made available for payment, and such interest shall be payable on demand). The interest so payable, and
punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular
Record Date for such interest, which shall be the                     or
                    (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so
punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of
business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holder of Securities of this series not less than 10 days prior to such Special Record Date. 

Payment of the principal of (and premium, if any) and any such interest on this Security will be made at the office or agency of the Company
maintained for that purpose in                     , in accordance with the terms of the Indenture referred to or the reverse hereof in such coin or
currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 

  
 A-2 

 Reference is hereby made to the further provisions of this Security set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 This Security shall be deemed
to be a contract made under the laws of the State of New York, and for all purposes shall be construed in accordance with and governed by the laws of said state. 

Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this
Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 A-3 

 IN WITNESS WHEREOF, the Company has caused this
instrument to be duly executed. 
  

			
	KLA-TENCOR CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:

  
 A-4 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

Dated:
                                         
        
  

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
		
	 By:
	 	  

		 	 Authorized Signatory

  
 A-5 

 [Form of Reverse of Security] 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be
issued in one or more series under an Indenture, dated as of                     , 20     (herein called the
“Indenture”, which term shall have the meaning assigned to it in such instrument), between the Company and Wells Fargo Bank, National Association, as Trustee (herein called the “Trustee”, which term includes any successor trustee
under the Indenture), and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon
which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof, initially limited in aggregate principal amount to
$            . 
 [The Securities of this series shall be redeemable at the
Company’s option in accordance with the terms and conditions specified in the Indenture.] 
 The Indenture contains provisions for
defeasance at any time of the entire indebtedness of this Security or certain covenants and Events of Default with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture. 

If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series
may be declared due and payable in the manner and with the effect provided in the Indenture. 
 The Indenture permits, with certain
exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and
the Trustee with the consent of the Holders of a majority in aggregate principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages
in aggregate principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults
under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of
transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 

As provided in and subject to the provisions of the Indenture, if any Event of Default occurs and is continuing, the Trustee or the Holders of
at least 25% in aggregate principal amount of the then Outstanding Securities of this series may declare all the Securities of this series to be due and payable immediately. Upon any such declaration, the entire aggregate principal amount of,
premium, if any, and accrued and unpaid interest on the Securities of this series shall become immediately due and payable. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency
with respect to the Company, all Outstanding Securities of this series will become due and payable without further action or notice. Holders may not enforce the Indenture or the Securities except as provided in

  
 A-6 

 
the Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then Outstanding Securities of this series may direct the Trustee in its exercise of any
trust or power. The Trustee may withhold from Holders of the Securities notice of any continuing Default or Event of Default (except a Default or Event of Default relating to payment of principal or interest on any Security) if it determines that
withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Securities of this series may waive any existing or past Default or Event of Default under the Indenture, and its consequences, except a default
in the payment of the principal of, or interest on, any Securities. The Company is required to deliver to the Trustee annually a statement regarding compliance with the Indenture. 

No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security may be registered and this
Security may be exchanged as provided in the Indenture. 
 The Securities of this series are issuable only in registered form without
coupons in denominations of $2,000 and any integral multiple of $1,000 in excess thereof. 
 No service charge shall be made for any such
registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee
may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 

No past, present or future director, officer, employee, incorporator, agent, stockholder or Affiliate of the Company or any of its
Subsidiaries, as applicable, shall have any liability for any obligations of the Company or any of its Subsidiaries under the Securities, the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation.
Each Holder by accepting a Security waives and releases all such liabilities. The waiver and release are part of the consideration for issuance of the Securities. 

All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 

  
 A-7 

 ASSIGNMENT FORM 

To assign this Security, fill in the form below: 
 I or we
assign and transfer this Security to: 
  

	
	  

 (Insert assignee’s social security or tax I.D. no.) 

 

	
	
	  

	
	  

	
	  

	
	  

 (Print or type assignee’s name, address and zip code) 

and irrevocably appoint
                                         
                as agent to transfer this Security on the books of the Company. The agent may substitute another to act for him. 

 
  
  

			
	Your Signature:	 	  

		 	(Sign exactly as your name appears on the other side of this Security)

  

			
	Your Name:	 	  

 Date:
                                         
        
  

			
	Signature Guarantee:	 	 *

  

	*	NOTICE: The Signature must be guaranteed by an Institution which is a member of one of the following recognized signature Guarantee Programs: (i) The Securities Transfer Agent Medallion Program (STAMP);
(ii) The New York Stock Exchange Medallion Program (MNSP); (iii) The Stock Exchange Medallion Program (SEMP); or (iv) such other guarantee program acceptable to the Trustee. 

  
 A-8 

 [TO BE ATTACHED TO GLOBAL SECURITIES] 

SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL SECURITY 

The initial outstanding principal amount of this Global Security is $            . 

The following exchanges of an interest in this Global Security for an interest in another Global Security or for a Definitive Security, exchanges of an
interest in another Global Security or a Definitive Security for an interest in this Global Security, or exchanges or purchases of a part of this Global Security have been made: 

 

									
	 Date of Exchange
	  	Amount of decrease in
Principal Amount of this
Global Security	  	Amount of increase in
Principal Amount of this
Global Security	  	Principal Amount of this
Global Security following
such decrease or increase	  	Signature of authorized
signatory of Trustee or
Securities Custodian
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  
 A-9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00237-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00237-of-00352.parquet"}]]