Document:

Amendment No. 1 to Employment Agreement

 Exhibit 10.4 
 AMENDMENT NO. 1 
 TO 

EMPLOYMENT AGREEMENT 
 This AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT (this “Amendment”) is made as of March 28, 2012, by and between Hawker Beechcraft Corporation, a Kansas corporation (the
“Company”) and Worth W. Boisture, Jr. (the “Executive”). 
 W I T N E S S E T H.

 WHEREAS, the parties hereto entered into that certain Employment Agreement, dated as of March 23, 2009 (the
“Employment Agreement”) (capitalized terms used and not otherwise defined herein shall have the meanings given to such terms in the Employment Agreement); and 
 WHEREAS, the parties hereto desire to amend the Employment Agreement as set forth herein. 
 NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree
as follows: 
 1. The first WHEREAS clause is hereby amended by deleting the entire WHEREAS clause and replacing it with the
following: 
 “WHEREAS, the Company desires to employ the Executive as Chairman of the Company and as President of its
subsidiary Hawker Beechcraft Defense Company, LLC (“HBDC”) and wishes to be assured of his services on the terms and conditions hereinafter set forth.” 
 2. Section 1.2 of the Employment Agreement (“Duties”) is hereby amended by deleting the entire section thereof and replacing it with the following: 

“Duties. During the Term, the Executive shall serve as the Chairman of the Company and as the President of HBDC. The Executive
will report directly to the Chief Executive Officer of the Company and be a member of the senior leadership team of the Company. The principal place of employment, and principal office, shall be the Company’s headquarters in Wichita,
Kansas.” 
 3. Section 3.2 (a) of the Employment Agreement (“Termination by the Company other than for
Cause, Death or Disability; Termination by the Executive for Good Reason”) is hereby amended by deleting the third and fourth sentences following the heading sentence thereof and replacing it with the following: 

“The Company’s obligations to make the Severance Payments shall be conditioned upon: (i) the Executive’s continued
compliance with his obligations under Section 4 of this Employment Agreement and (ii) the Executive’s execution, delivery and non-revocation of a valid and enforceable general release of claims (the “Release”) within
sixty (60) days of the Termination Date 

 
substantially in the form attached hereto as Exhibit E. Subject to the conditions set forth in the immediately preceding sentence and Section 3.2(d), the Severance Payments will be
paid in a lump sum cash payment on the sixtieth (60th) day following the Termination Date; provided that if the Termination Date is on or before March 23, 2014, the Severance Payments will be made on the date they would otherwise have been
made prior to the date of the Amendment to the extent necessary to avoid triggering taxes under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and; provided further that to the extent the payment of
any amount of the Severance Payments constitute “nonqualified deferred compensation” for purposes of Section 409A of the Code, any such payment scheduled to occur during the first sixty (60) days following the Termination Date
will not be paid until the sixtieth (60th) day following such Termination Date and will include payment of any amount that was otherwise scheduled to be paid prior thereto.” 

4. Section 3.2(c)(3) of the Employment Agreement (“Good Reason”) is hereby amended by deleting the definition of
term “Good Reason” thereof and replacing it with the following: 
 “Good Reason” shall mean the
occurrence of any of the following events without either the Executive’s prior express written consent or cure by the Company within 30 days after the Executive gives written notice to the Company describing the event and requesting cure:
(i) a material diminution in the Executive’s authorities, titles or offices as are in effect on the date hereof; (ii) a material change in the reporting structure so that he reports to someone other than the Chief Executive Officer of
the Company; (iii) any material breach by the Company, or any of its affiliates, of any material obligation to the Executive; or (iv) the failure of the Company to obtain the assumption in writing of its obligation to perform this
Employment Agreement by any successor to all or substantially all of the business and assets of the Company. For Good Reason to exist, (a) the Executive must provide notice of the Good Reason within ninety (90) calendar days of his
knowledge of the event constituting Good Reason, (b) the Company must fail to cure such event within fifteen (15) days of such notice and (c) the Executive must terminate employment within five (5) days of such failure to
cure.” 
 5. Executive irrevocably acknowledges and agrees that “Good Reason” under the Employment Agreement has
not occurred on or prior to the date of this Amendment for any reason (including, but not limited to by reason of any reduction or change in perquisites, reporting, authorities, titles, or offices occurring on or prior to the date of the Amendment).
Further, Executive irrevocably waives any right to make any claim that he has any right to termination for Good Reason for any events, actions, or circumstances that have taken place prior to the date of this Amendment and irrevocably waives any
claim for any Severance Payments that he may have had associated with such events, actions or circumstances. 

  
 2 

 6. Section 4.2 of the Employment Agreement (“Non-Competition”) is
hereby amended by deleting the entire section thereof and replacing it with the following: 
 “By and in consideration of
the Company’s entering into this Employment Agreement, and in further consideration of the Executive’s exposure to the Confidential Information of the Company and its affiliates, the Executive agrees that the Executive shall not, during
the Executive’s employment with the Company (whether during the original or extended Term) and for a period of twelve (12) months after the Term (the “Restriction Period”), directly or indirectly, own, manage, operate,
join, control, be employed by, or participate in the ownership, management, operation or control of, or be connected in any manner with, including, without limitation, holding any position as a stockholder, director, officer, consultant, independent
contractor, employee, partner, or investor in, any Restricted Enterprise as defined in Appendix I, or any of their subsidiaries or their respective affiliates; provided, that in no event shall ownership of one percent (1%) or less of the
outstanding securities of any class of any issuer whose securities are registered under the Securities Exchange Act of 1934, as amended, standing alone, be prohibited by this Section 4.2, so long as the Executive does not have, or exercise, any
rights to manage or operate the business of such issuer other than rights as a stockholder thereof. During the Restriction Period, upon request of the Company, the Executive shall notify the Company of the Executive’s then-current employment
status.” 
 7. All references to the “Board” in the Employment Agreement shall mean the board of directors of
HBI. 
 8. The Employment Agreement is hereby amended by adding Appendix I attached at the end hereof to the end of the
Employment Agreement thereof. 
 9. Except as specifically set forth herein, the Employment Agreement and all of its terms and
conditions remain in full force and effect, and the Employment Agreement is hereby ratified and confirmed in all respects, except that on or after the date of this Amendment all references in the Employment Agreement to “this Employment
Agreement,” “hereto,” “hereof,” “hereunder,” or words of like import shall mean the Employment Agreement as amended by this Amendment. 
 10. This Amendment may be executed in any number of counterparts, each of which shall be deemed an original and such counterpart together shall constitute one and the same instrument. 

11. This Amendment, including the validity, interpretation, construction and performance of this Amendment, shall be governed by and
construed in accordance with the laws of the State of New York applicable to agreements made and to be performed in such State, without regard to such State’s conflicts of law principles. 

12. This Amendment shall be binding upon and inure to the benefit of and be enforceable by the respective successors and assigns of the
parties hereto. The Employment Agreement, as amended by this Amendment, embodies the entire agreement and understanding between the parties hereto and supersedes all prior agreements and understandings relating to the subject matter hereof.

  
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 [remainder of page intentionally left blank; signature page follows] 

  
 4 

 SIGNATURE PAGE TO AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT 

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

 

					
	EMPLOYER:
	
	HAWKER BEECHCRAFT CORPORATION
		
	By:	 	 /s/ Alexander L. W. Snyder

		 	Name: Alexander L. W. Snyder
	Title:	 	Vice President, General Counsel and Secretary
	
	EXECUTIVE:
	
	 /s/ Worth W. Boisture, Jr.

	WORTH W. BOISTURE, JR.

  
 5Exhibit 10.92

 Exhibit 10.92 

 
  

 
 $400,000,000 

CREDIT AGREEMENT 
 among 
 SBA MONARCH ACQUISITION, LLC 

(formerly known as MONARCH TOWERS ACQUISITION, LLC), 
 as Borrower, 
 The Several Lenders from Time to Time Parties Hereto,

 JPMORGAN CHASE BANK, N.A., 
 as Administrative Agent, 
 Dated as of April 2, 2012 

J.P. MORGAN SECURITIES LLC 
 and 
 BARCLAYS BANK PLC, 

as Joint Lead Arrangers and Bookrunners 

 Table of Contents 

 

							
	 	 	 	  	Page	 
		
	 SECTION 1 DEFINITIONS
	  	 	1	  
	 1.1
	 	 Defined Terms
	  	 	1	  
	 1.2
	 	 Other Definitional Provisions
	  	 	16	  
		
	 SECTION 2 AMOUNT AND TERMS OF COMMITMENTS
	  	 	17	  
	 2.1
	 	 Commitments
	  	 	17	  
	 2.2
	 	 Procedure for Borrowing
	  	 	17	  
	 2.3
	 	 Repayment of Loans; Evidence of Debt
	  	 	18	  
	 2.4
	 	 Fees, etc.
	  	 	18	  
	 2.5
	 	 Reserved
	  	 	18	  
	 2.6
	 	 Optional Prepayments
	  	 	18	  
	 2.7
	 	 Mandatory Prepayments
	  	 	19	  
	 2.8
	 	 Conversion and Continuation Options
	  	 	19	  
	 2.9
	 	 Minimum Amounts and Maximum Number of Eurodollar Tranches
	  	 	20	  
	 2.10
	 	 Interest Rates and Payment Dates
	  	 	20	  
	 2.11
	 	 Computation of Interest and Fees
	  	 	20	  
	 2.12
	 	 Inability to Determine Interest Rate
	  	 	21	  
	 2.13
	 	 Pro Rata Treatment and Payments
	  	 	21	  
	 2.14
	 	 Requirements of Law
	  	 	22	  
	 2.15
	 	 Taxes
	  	 	23	  
	 2.16
	 	 Indemnity
	  	 	25	  
	 2.17
	 	 Illegality
	  	 	26	  
	 2.18
	 	 Change of Lending Office; Replacement of Lenders
	  	 	26	  
		
	 SECTION 3 RESERVED
	  	 	27	  
		
	 SECTION 4 REPRESENTATIONS AND WARRANTIES
	  	 	27	  
	 4.1
	 	 Financial Condition
	  	 	27	  
	 4.2
	 	 No Change
	  	 	27	  
	 4.3
	 	 Existence; Compliance with Law
	  	 	27	  
	 4.4
	 	 Power; Authorization; Enforceable Obligations
	  	 	27	  
	 4.5
	 	 No Legal Bar
	  	 	28	  
	 4.6
	 	 No Material Litigation
	  	 	28	  
	 4.7
	 	 No Default
	  	 	28	  
	 4.8
	 	 Ownership of Property; Liens
	  	 	28	  
	 4.9
	 	 Intellectual Property
	  	 	28	  
	 4.10
	 	 Taxes
	  	 	28	  
	 4.11
	 	 Federal Regulations
	  	 	29	  
	 4.12
	 	 Labor Matters
	  	 	29	  
	 4.13
	 	 ERISA
	  	 	29	  
	 4.14
	 	 Investment Company Act; Other Regulations
	  	 	29	  
	 4.15
	 	 Subsidiaries
	  	 	29	  
	 4.16
	 	 Use of Proceeds
	  	 	30	  
	 4.17
	 	 Environmental Matters
	  	 	30	  
	 4.18
	 	 Accuracy of Information, etc.
	  	 	31	  
	 4.19
	 	 Security Documents
	  	 	31	  

							
	 	 	 	  	Page	 
			
	 4.20
	 	 Solvency
	  	 	31	  
	 4.21
	 	 Real Property Leases
	  	 	31	  
	 4.22
	 	 FCC and FAA Matters; State Regulatory Compliance
	  	 	32	  
	 4.23
	 	 Senior Obligations
	  	 	32	  
	 4.24
	 	 Certain Documents
	  	 	32	  
		
	 SECTION 5 CONDITIONS PRECEDENT
	  	 	32	  
	 5.1
	 	 Conditions to Effectiveness
	  	 	32	  
		
	 SECTION 6 AFFIRMATIVE COVENANTS
	  	 	34	  
	 6.1
	 	 Financial Statements
	  	 	34	  
	 6.2
	 	 Certificates; Other Information
	  	 	35	  
	 6.3
	 	 Payment of Obligations
	  	 	36	  
	 6.4
	 	 Conduct of Business and Maintenance of Existence, etc.
	  	 	36	  
	 6.5
	 	 Maintenance of Property; Insurance
	  	 	36	  
	 6.6
	 	 Inspection of Property; Books and Records; Discussions
	  	 	36	  
	 6.7
	 	 Notices
	  	 	37	  
	 6.8
	 	 Environmental Laws
	  	 	37	  
	 6.9
	 	 Additional Collateral, etc.
	  	 	38	  
	 6.10
	 	 Further Assurances
	  	 	39	  
		
	 SECTION 7 NEGATIVE COVENANTS
	  	 	39	  
	 7.1
	 	 Consolidated Leverage Ratio
	  	 	39	  
	 7.2
	 	 Limitation on Indebtedness
	  	 	39	  
	 7.3
	 	 Limitation on Liens
	  	 	40	  
	 7.4
	 	 Limitation on Fundamental Changes
	  	 	41	  
	 7.5
	 	 Limitation on Disposition of Property
	  	 	42	  
	 7.6
	 	 Limitation on Restricted Payments
	  	 	43	  
	 7.7
	 	 Limitation on Investments
	  	 	43	  
	 7.8
	 	 Limitation on Modifications of Certain Documents
	  	 	44	  
	 7.9
	 	 Limitation on Transactions with Affiliates
	  	 	44	  
	 7.10
	 	 Limitation on Sales and Leasebacks
	  	 	44	  
	 7.11
	 	 Limitation on Negative Pledge Clauses
	  	 	44	  
	 7.12
	 	 Limitation on Restrictions on Subsidiary Distributions
	  	 	44	  
	 7.13
	 	 Limitation on Lines of Business
	  	 	45	  
	 7.14
	 	 Limitation on Hedge Agreements
	  	 	45	  
	 7.15
	 	 Limitation on Changes in Fiscal Periods
	  	 	45	  
	 7.16
	 	 Limitation on Capital Expenditures
	  	 	45	  
		
	 SECTION 8 EVENTS OF DEFAULT
	  	 	45	  
		
	 SECTION 9 THE ADMINISTRATIVE AGENT
	  	 	47	  
	 9.1
	 	 Appointment
	  	 	47	  
	 9.2
	 	 Delegation of Duties
	  	 	48	  
	 9.3
	 	 Exculpatory Provisions
	  	 	48	  
	 9.4
	 	 Reliance by Administrative Agent
	  	 	48	  
	 9.5
	 	 Notice of Default
	  	 	48	  
	 9.6
	 	 Non-Reliance on Administrative Agent and Other Lenders
	  	 	49	  
	 9.7
	 	 Indemnification
	  	 	49	  
	 9.8
	 	 Administrative Agent in Its Individual Capacity
	  	 	49	  
	 9.9
	 	 Successor Administrative Agent
	  	 	50	  

  
 -ii-

							
	 	 	 	  	Page	 
			
	 9.10
	 	 Authorization to Release Liens
	  	 	50	  
	 9.11
	 	 Lead Arrangers
	  	 	50	  
		
	 SECTION 10 MISCELLANEOUS
	  	 	50	  
	 10.1
	 	 Amendments and Waivers
	  	 	50	  
	 10.2
	 	 Notices
	  	 	52	  
	 10.3
	 	 No Waiver; Cumulative Remedies
	  	 	52	  
	 10.4
	 	 Survival of Representations and Warranties
	  	 	52	  
	 10.5
	 	 Payment of Expenses
	  	 	52	  
	 10.6
	 	 Successors and Assigns; Participations and Assignments
	  	 	54	  
	 10.7
	 	 Adjustments; Set-off
	  	 	56	  
	 10.8
	 	 Counterparts
	  	 	56	  
	 10.9
	 	 Severability
	  	 	56	  
	 10.10
	 	 Integration
	  	 	56	  
	 10.11
	 	 GOVERNING LAW
	  	 	57	  
	 10.12
	 	 Submission To Jurisdiction; Waivers
	  	 	57	  
	 10.13
	 	 Acknowledgments
	  	 	57	  
	 10.14
	 	 Confidentiality; Public Disclosure
	  	 	58	  
	 10.15
	 	 Release of Collateral Security and Guarantee Obligations
	  	 	58	  
	 10.16
	 	 Accounting Changes
	  	 	59	  
	 10.17
	 	 WAIVERS OF JURY TRIAL
	  	 	59	  
	 10.18
	 	 USA Patriot Act
	  	 	59	  

  

			
	SCHEDULES:
	1.1	  	Commitments
	4.10	  	Taxes
	4.15(a)	  	Subsidiaries
	4.15(b)	  	Agreements Affecting Capital Stock of Subsidiaries
	4.19	  	UCC Filing Jurisdictions
	4.22	  	FCC and FAA Matters; State Regulatory Compliance
	7.2(d)	  	Existing Indebtedness
	7.3(f)	  	Existing Liens
	7.5	  	Scheduled Dispositions

 EXHIBITS: 
  

			
	A	  	Form of Guarantee and Collateral Agreement
	B	  	Form of Compliance Certificate
	C	  	Form of Closing Certificate
	D	  	Form of Assignment and Acceptance
	E-1	  	Form of Legal Opinion of Greenberg Traurig, P.A.
	E-2	  	Form of Legal Opinion of Thomas P. Hunt, Esq., General Counsel of the Loan Parties
	F	  	Form of Note
	G	  	Form of Exemption Certificate

  
 -iii-

 CREDIT AGREEMENT (this “Agreement”), dated as of April 2, 2012, among
SBA MONARCH ACQUISITION, LLC, a Florida limited liability company (formerly known as MONARCH TOWERS ACQUISITION, LLC) (the “Borrower”), the several banks and other financial institutions or entities from time to time parties to this
Agreement (the “Lenders”), and JPMORGAN CHASE BANK, N.A., as administrative agent. 
 W I T
N E S S E T H: 
 WHEREAS, pursuant to the Acquisition Agreement (as defined
below), the Borrower will acquire (the “Acquisition”) the membership interests of SBA Monarch Towers I, LLC (formerly known as Mobilitie Investments, LLC), SBA Monarch Towers II, LLC (formerly known as Mobilitie Investments II,
LLC), MPGJ-I, LLC, MPGJ-II, LLC and MPMA-I, LLC. 
 WHEREAS, substantially concurrently with the consummation of the
Acquisition, each of MPGJ-I, LLC, MPGJ-II, LLC, MPMA-I, LLC and Mobilitie Networks II, LLC, a subsidiary of SBA Monarch Towers II, LLC, will be merged with and into SBA Monarch Towers I, LLC or SBA Monarch Towers II, LLC. 

WHEREAS, the Borrower has requested that, upon the satisfaction in full of the conditions precedent set forth in Section 5.1, each
Lender fund its portion of a $400,000,000 loan to be made to the Borrower on the Closing Date the proceeds of which will be used to finance a portion of the Acquisition and to pay related fees and expenses. 

NOW, THEREFORE, the parties hereto hereby agree as follows: 
 SECTION 1 
 DEFINITIONS 

1.1 Defined Terms. As used in this Agreement, the terms listed in this Section 1.1 shall have the respective meanings set
forth in this Section 1.1. 
 “Acquisition”: as defined in the recitals hereto. 

“Acquisition Agreement”: the Purchase and Sale Agreement, dated as of February 18, 2012, among SBA
Communications Corporation, the Borrower, Mobilitie Holdings, LLC, Mobilitie Holdings II, LLC, MPGJ-I, LLC, MPGJ-II, LLC and MPMA-I, LLC and the sellers named therein (including all schedules, exhibits and annexes relating thereto). 

“Adjustment Date”: as defined in the Pricing Grid. 

“Administrative Agent”: JPMorgan Chase Bank, N.A., together with its affiliates, as the administrative
agent for the Lenders under this Agreement and the other Loan Documents, together with any of its successors. 

“Affiliate”: as to any Person, any other Person which, directly or indirectly, is in control of, is
controlled by, or is under common control with, such Person. For purposes of this definition, “control” of a Person means the power, directly or indirectly, to direct or cause the direction of the management and policies of such Person,
whether by contract or otherwise. 

 “Aggregate Exposure”: with respect to any Lender at any
time prior to the Closing Date, an amount equal to such Lender’s Commitment, and at any time thereafter, an amount equal to the aggregate then unpaid principal amount of such Lender’s Loans. 

“Aggregate Exposure Percentage”: with respect to any Lender at any time, the ratio (expressed as a
percentage) of such Lender’s Aggregate Exposure at such time to the Aggregate Exposure of all Lenders at such time. 
 “Agreement”: this Credit Agreement referred to in the preamble hereto, as restated, amended, supplemented or otherwise modified from time to time. 

“Applicable Margin”: with respect to each Loan, the applicable rate per annum set forth on the table
below (such table, the “Pricing Grid”): 
  

											
	Level	 	Consolidated
Leverage Ratio	 	Applicable Margin
for Eurodollar
Loans	 	 	Applicable Margin
for Base Rate
Loans	 
				
	Level I	 	< 3.0x	 	 	3.00	% 	 	 	2.00	% 
				
	Level II	 	> 3.0x and < 4.0x	 	 	3.25	% 	 	 	2.25	% 
				
	Level III	 	> 4.0x	 	 	3.50	% 	 	 	2.50	% 

 For the purposes of the Pricing Grid, changes in the Applicable Margin resulting
from changes in the Consolidated Leverage Ratio shall become effective on the date on which financial statements are delivered to the Lenders pursuant to Section 6.1 (or, if such financial statements are delivered after 11:00 A.M., New York
City time, such changes shall become effective on the next Business Day) (the “Adjustment Date”) and shall remain in effect until the next change to be effected pursuant to this paragraph. If any financial statements referred to
above are not delivered within the time periods specified in Section 6.1, then, until the date on which such financial statements are delivered (or, if such financial statements are delivered after 11:00 A.M., New York City time, until the
Business Day after the date of such delivery), the highest rate set forth in each column of the Pricing Grid shall apply. In addition, at all times while an Event of Default shall have occurred and be continuing, the highest rate set forth in each
column of the Pricing Grid shall apply. Each determination of the Consolidated Leverage Ratio pursuant to the Pricing Grid shall be made in a manner consistent with the determination thereof pursuant to Section 7.1. 

“Asset Sale”: any Disposition of Property or series of related Dispositions of Property (excluding any
such Disposition permitted by clauses (b), (c), (d), (f), (i) or (j) of Section 7.5) which yields gross proceeds to the Borrower or any of its Subsidiaries (valued at the initial principal amount thereof in the case of non-cash
proceeds consisting of notes or other debt securities and valued at fair market value in the case of other non-cash proceeds) in excess of $1,000,000 (including, without limitation, the Disposition of the Distributed Antenna Network Business).

 “Assignee”: as defined in Section 10.6(c). 

  
 -2-

 “Assignment and Acceptance”: an Assignment and Acceptance,
substantially in the form of Exhibit D. 
 “Assignor”: as defined in Section 10.6(c).

 “Attributable Debt”: as to any sale and leaseback transaction, at the time of determination,
the present value (discounted at the rate of interest implicit in such transaction, determined in accordance with GAAP) of the obligation of the lessee for net rental payments during the remaining term of the lease included in such sale and
leaseback transaction (including any period for which such lease has been extended or may, at the option of the lessor, be extended). 
 “Base Rate”: for any day, a rate per annum (rounded upwards, if necessary, to the next 1/16 of 1.0%) equal to the greatest of (a) the Prime Rate in effect on such day, (b) the
Federal Funds Effective Rate in effect on such day plus 1/2 of 1.0% and (c) the Eurodollar Rate that would be calculated as of such day (or if such day is not a Business Day, as of the immediately preceding Business Day) in respect of a
proposed Eurodollar Loan with a one-month Interest Period plus 1.0%. For purposes hereof: “Prime Rate” shall mean the rate of interest per annum publicly announced from time to time by JPMorgan Chase Bank, N.A. as its prime rate in
effect at its principal office in New York City (the Prime Rate not being intended to be the lowest rate of interest charged by JPMorgan Chase Bank, N.A. in connection with extensions of credit to debtors). Any change in the Base Rate due to a
change in the Prime Rate, the Federal Funds Effective Rate or such Eurodollar Rate shall be effective as of the opening of business on the effective day of such change in the Prime Rate, the Federal Funds Effective Rate or such Eurodollar Rate,
respectively. 
 “Base Rate Loans”: Loans for which the applicable rate of interest is based
upon the Base Rate. 
 “Benefitted Lender”: as defined in Section 10.7. 

“Board”: the Board of Governors of the Federal Reserve System of the United States (or any successor).

 “Borrower”: as defined in the preamble hereto. 

“Business Day”: (i) for all purposes other than as covered by clause (ii) below, a day other
than a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by law to close and (ii) with respect to all notices and determinations in connection with, and payments of principal and interest on,
Eurodollar Loans, any day which is a Business Day described in clause (i) and which is also a day for trading by and between banks in Dollar deposits in the interbank eurodollar market. 

“Capital Expenditures”: for any period, with respect to any Person, the aggregate of all expenditures by
such Person and its Subsidiaries for the acquisition or leasing (pursuant to a capital lease) of fixed or capital assets or additions to equipment (including replacements, capitalized repairs and improvements during such period) that should be
capitalized under GAAP on a consolidated balance sheet of such Person and its Subsidiaries. 
 “Capital
Lease Obligations”: as to any Person, the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations
are required to be classified and accounted 

  
 -3-

 
for as capital leases on a balance sheet of such Person under GAAP, and, for the purposes of this Agreement, the amount of such obligations at any time shall be the capitalized amount thereof at
such time determined in accordance with GAAP. 
 “Capital Stock”: any and all shares, interests,
participations or other equivalents (however designated) of capital stock of a corporation, any and all equivalent ownership interests in a Person (other than a corporation) and any and all warrants, rights or options to purchase any of the
foregoing, but excluding any debt securities convertible into any of the foregoing. 
 “Cash
Equivalents”: (a) marketable direct obligations issued by, or unconditionally guaranteed by, the United States Government or issued by any agency thereof and backed by the full faith and credit of the United States, in each case
maturing within one year from the date of acquisition; (b) certificates of deposit, time deposits, money market deposits, eurodollar time deposits or overnight bank deposits having maturities of six months or less from the date of acquisition
issued by any commercial bank that (i) is a Lender or (ii) (A) is organized under the laws of the United States of America, any state thereof, the District of Columbia or any member nation of the Organization for Economic Cooperation
and Development or is the principal banking Subsidiary of a bank holding company organized under the laws of the United States, any state thereof, the District of Columbia or any member nation of the Organization for Economic Cooperation and
Development, and is a member of the Federal Reserve System, and (B) has combined capital and surplus of not less than $500,000,000; (c) commercial paper of an issuer rated at least A-2 by Standard & Poor’s Ratings Services
(“S&P”) or P-2 by Moody’s Investors Service, Inc. (“Moody’s”), or carrying an equivalent rating by a nationally recognized rating agency, if both of the two named rating agencies cease publishing
ratings of commercial paper issuers generally, and maturing within six months from the date of acquisition; (d) repurchase obligations of any Lender or of any commercial bank satisfying the requirements of clause (b) of this definition,
having a term of not more than 30 days with respect to securities issued or fully guaranteed or insured by the United States government; (e) securities with maturities of one year or less from the date of acquisition issued or fully
guaranteed by any state, commonwealth or territory of the United States, by any political subdivision or taxing authority of any such state, commonwealth or territory or by any foreign government, the securities of which state, commonwealth,
territory, political subdivision, taxing authority or foreign government (as the case may be) are rated at least A by S&P or A by Moody’s; (f) securities with maturities of six months or less from the date of acquisition backed by
standby letters of credit issued by any Lender or any commercial bank satisfying the requirements of clause (b) of this definition; or (g) shares of money market mutual or similar funds which invest exclusively in assets satisfying the
requirements of clauses (a) through (f) of this definition. 
 “Closing Date”: the
date on which the conditions precedent set forth in Section 5.1 shall have been satisfied, which date is April 2, 2012. 
 “Code”: the Internal Revenue Code of 1986, as amended from time to time. 
 “Collateral”: all Property of the Loan Parties, now owned or hereafter acquired, upon which a Lien is purported to be created by any Security Document. 

“Commitment”: as to any Lender, the obligation of such Lender, if any, to make a Loan to the Borrower in
a principal amount not to exceed the amount set forth on Schedule 1.1. The aggregate amount of the Commitments on the Closing Date is $400,000,000. 

  
 -4-

 “Commonly Controlled Entity”: an entity, whether or not
incorporated, which is under common control with the Borrower within the meaning of Section 4001 of ERISA or is part of a group that includes the Borrower and that is treated as a single employer under Section 414 of the Code. 

“Communications Act”: the Communications Act of 1934, and any similar or successor federal statute, and
the rules and regulations of the FCC thereunder, all as amended and as may be in effect from time to time. 

“Compliance Certificate”: a certificate duly executed by a Responsible Officer substantially in the form
of Exhibit B. 
 “Consolidated Adjusted EBITDA”: for any period, Consolidated Net Income
for such period plus, without duplication and to the extent reflected as a charge in the statement of such Consolidated Net Income for such period, the sum of: 

(i) provision for taxes based on income, profits or capital of the Borrower and its Subsidiaries for such period,
including franchise and similar taxes and foreign withholding taxes, to the extent that such provision for taxes was deducted in computing such Consolidated Net Income, plus 

(ii) Consolidated Interest Expense of the Borrower and its Subsidiaries for such period determined in accordance with
GAAP, whether paid or accrued and whether or not capitalized (including, without limitation, amortization of debt issuance costs and original issue discount, non-cash interest payments, the interest component of any deferred payment obligations, the
interest component of all payments associated with Capital Lease Obligations, imputed interest with respect to Attributable Debt, commissions, discounts and other fees and charges incurred in respect of letter of credit or bankers’ acceptance
financings, amortization of gain or loss from previously settled Hedge Agreements and net payments (if any) pursuant to Hedge Agreements), to the extent that any such expense was deducted in computing such Consolidated Net Income, plus

 (iii) all preferred stock dividends paid or accrued in respect of the Borrower and its Subsidiaries’
preferred stock to Persons other than the Borrower or a Wholly Owned Subsidiary of the Borrower other than preferred stock dividends paid by the Borrower in shares of preferred stock that is not Disqualified Stock to the extent that such dividends
were deducted in computing such Consolidated Net Income, plus 
 (iv) non-recurring acquisition related
costs required to be expensed pursuant to the adoption of SFAS 141(R) to the extent that such costs were deducted in computing such Consolidated Net Income, plus 

(v) depreciation, accretion, amortization (including amortization of goodwill and other intangibles) and other non-cash
expenses, including non-cash compensation and non-cash ground lease expense, losses on early extinguishment of debt (including any premiums paid in connection with the discharge of Indebtedness) and any asset impairment charges (excluding any such
non-cash expense to the extent that it represents an accrual of or reserve for cash expenses in any future period) of the Borrower and its Subsidiaries for such period to the extent that such depreciation, accretion, amortization and other non-cash
expenses were deducted in computing such Consolidated Net Income, plus 

  
 -5-

 (vi) for any fiscal quarter included in such period, the amount of selling,
general and administrative expenses allocated to the Borrower and its Subsidiaries (as part of the consolidated group of Parent and its Subsidiaries) during such fiscal quarter, but only to the extent that (a) the Borrower and its Subsidiaries
have not paid such selling, general and administrative expenses in cash and (b) the amount of such selling, general and administrative expenses allocated to the Borrower and its Subsidiaries during such fiscal quarter exceeds $500,000 and only
for the amount of such excess (provided that the amount of such selling, general and administrative expenses added back pursuant to this clause (vi) shall not exceed $1,000,000 during any fiscal quarter), minus 

(vii) non-cash items increasing such Consolidated Net Income for such period (including but not limited to non-cash
straight-line leasing revenue, but excluding any such non-cash revenue to the extent that it represents an accrual of cash revenue to be received in any future period), minus 

(viii) the sum of (a) interest income of the Borrower and its Subsidiaries for such period and (b) income tax
credits (to the extent not netted from income tax expenses) to the extent that any such income was included in computing such Consolidated Net Income, 
 in each case on a consolidated basis and determined in accordance with GAAP. For purposes of making the computation referred to above, (A) acquisitions that have been made by the Borrower or any of
its Subsidiaries, including through mergers or consolidations and including any related financing transactions, during such period or subsequent to such period and on or prior to such date of determination shall be deemed to have occurred on the
first day of such period and (B) the Consolidated Adjusted EBITDA attributable to Excluded Subsidiaries, to discontinued operations, as determined in accordance with GAAP, and to operations or businesses disposed of prior to such date of
determination, shall be deducted from Consolidated Adjusted EBITDA for such period. 
 “Consolidated
Interest Expense”: the total interest expense of the Borrower and its Subsidiaries for such period with respect to all outstanding Indebtedness of the Borrower and its Subsidiaries, including, without limitation, all commissions, discounts
and other fees and charges owed with respect to letters of credit and bankers’ acceptance financing and net costs under Hedge Agreements in respect of interest rates to the extent such net costs are allocable to such period in accordance with
GAAP. 
 “Consolidated Leverage Ratio”: as defined in Section 7.1. 

“Consolidated Net Income”: for any period, the consolidated Net Income of the Borrower and its
Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP; provided that there shall be excluded (a) the Net Income (and net loss) of any Person that is accounted for by the equity method of accounting,
except that such net income shall be included but only to the extent of the amount of dividends or distributions paid in cash to the referent Person or a Subsidiary thereof and (b) the undistributed earnings of any Subsidiary of the Borrower to
the extent that the declaration or payment of dividends or similar distributions by such Subsidiary is not at the time permitted by the terms of any Contractual Obligation (other than under any Loan Document) or Requirement of Law applicable to such
Subsidiary. 

  
 -6-

 “Consolidated Total Debt”: at any date, the aggregate
principal amount of all Indebtedness of the Borrower and its Subsidiaries at such date determined on a consolidated basis in accordance with GAAP. 
 “Contractual Obligation”: as to any Person, any provision of any security issued by such Person or of any agreement, instrument or other undertaking to which such Person is a party or by
which it or any of its Property is bound. 
 “Control Investment Affiliate”: as to any Person,
any other Person that (a) directly or indirectly, is in control of, is controlled by, or is under common control with, such Person and (b) is organized by such Person primarily for the purpose of making equity or debt investments in one or
more companies. For purposes of this definition, “control” of a Person means the power, directly or indirectly, to direct or cause the direction of the management and policies of such Person whether by contract or otherwise. 

“Default”: any of the events specified in Section 8, whether or not any requirement for the giving
of notice, the lapse of time, or both, has been satisfied. 
 “Derivatives Counterparty”: as
defined in Section 7.6. 
 “Disposition”: with respect to any Property, any sale, lease,
sale and leaseback, assignment, conveyance, transfer or other disposition thereof; and the terms “Dispose” and “Disposed of” shall have correlative meanings. 

“Disqualified Stock”: any Capital Stock that, by its terms (or by the terms of any security into which it
is convertible or for which it is exchangeable, in each case, at the option of the holder thereof), or upon the happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable at the
option of the holder thereof, in whole or in part, on or prior to the date that is 91 days after the final scheduled maturity date of all Loans; provided, however, that any preferred stock that would constitute Disqualified Stock shall not
constitute Disqualified Stock if issued as a dividend on then outstanding shares of preferred stock of the same class or series. 
 “Distributed Antenna Network Business”: the “DAS Business” (as defined in the Acquisition Agreement). 

“Dollars” and “$”: dollars in lawful currency of the United States of America.

 “Domestic Subsidiary”: any Subsidiary of the Borrower organized under the laws of any
jurisdiction within the United States of America, including any territory thereof. 
 “Environmental
Laws”: any and all laws, rules, orders, regulations, statutes, ordinances, guidelines, codes, decrees, or other legally enforceable requirements (including, without limitation, common law) of any international authority or other
Governmental Authority having jurisdiction over the Borrower, any Subsidiary of the Borrower or any Tower, regulating, relating to or imposing liability or standards of conduct concerning protection of the environment or of human health, or employee
health and safety, as has been, is now, or may at any time hereafter be, in effect. 
 “Environmental
Permits”: any and all permits, licenses, approvals, registrations, notifications, exemptions and any other authorization pursuant to any Environmental Law. 

  
 -7-

 “ERISA”: the Employee Retirement Income Security Act of
1974, as amended from time to time. 
 “Eurocurrency Reserve Requirements”: for any day as
applied to a Eurodollar Loan, the aggregate (without duplication) of the maximum rates (expressed as a decimal fraction) of reserve requirements in effect on such day (including, without limitation, basic, supplemental, marginal and emergency
reserves under any regulations of the Board or other Governmental Authority having jurisdiction with respect thereto) dealing with reserve requirements prescribed for eurocurrency funding (currently referred to as “Eurocurrency
Liabilities” in Regulation D of the Board) maintained by a member bank of the Federal Reserve System. 

“Eurodollar Base Rate”: with respect to each day during each Interest Period pertaining to a Eurodollar
Loan, the rate per annum determined on the basis of the rate for deposits in Dollars for a period equal to such Interest Period commencing on the first day of such Interest Period appearing on the Reuters Screen LIBOR01 Page as of 11:00 A.M., London
time, two Business Days prior to the beginning of such Interest Period. In the event that such rate does not appear on such page (or otherwise on such screen), the “Eurodollar Base Rate” for purposes of this definition shall be
determined by reference to such other comparable publicly available service for displaying eurodollar rates as may be selected by the Administrative Agent or, in the absence of such availability, by reference to the rate at which dollar deposits of
$5,000,000 and for a maturity comparable to such Interest Period are offered by the principal London office of the Administrative Agent in immediately available funds in the London interbank market at approximately 11:00 A.M., London time, two
Business Days prior to the commencement of such Interest Period. 
 “Eurodollar Loans”: Loans
the rate of interest applicable to which is based upon the Eurodollar Rate. 
 “Eurodollar
Rate”: with respect to each day during each Interest Period pertaining to a Eurodollar Loan, a rate per annum determined for such day in accordance with the following formula (rounded upward to the nearest 1/100th of 1%): 

 

					
		  	 Eurodollar Base Rate
	  	
		  	1.00 – Eurocurrency Reserve Requirements	  	

 “Eurodollar Tranche”: the collective reference to Eurodollar Loans the
then current Interest Periods with respect to all of which begin on the same date and end on the same later date (whether or not such Eurodollar Loans shall originally have been made on the same day). 

“Event of Default”: any of the events specified in Section 8, provided that any requirement
for the giving of notice, the lapse of time, or both, has been satisfied. 
 “Excluded
Subsidiaries”: any Subsidiary of the Borrower that is a Foreign Subsidiary or a Domestic Subsidiary substantially all of whose assets consist of Capital Stock of one or more Foreign Subsidiaries, in each case in respect of which either
(i) the pledge of all of the Capital Stock of such Subsidiary as Collateral or (ii) the guaranteeing by such Subsidiary of the Obligations, would, in the good faith judgment of the Borrower, result in adverse tax consequences to the
Borrower. 
 “FAA”: the Federal Aviation Administration, and any successor agency of the United
States Government exercising substantially equivalent powers. 

  
 -8-

 “Facility”: the Commitments and the Loans. 

“FATCA”: Sections 1471 through 1474 of the Code, as of the date of this Agreement and any regulations or
official interpretations thereof. 
 “FCC”: the Federal Communications Commission, and any
successor agency of the United States Government exercising substantially equivalent powers. 
 “Federal
Funds Effective Rate”: for any day, the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers, as published on the next succeeding Business Day by
the Federal Reserve Bank of New York, or, if such rate is not so published for any day which is a Business Day, the average of the quotations for the day of such transactions received by JPMorgan Chase Bank, N.A. from three federal funds
brokers of recognized standing selected by it. 
 “Foreign Subsidiary”: any Subsidiary of the
Borrower that is not a Domestic Subsidiary. 
 “Funding Office”: the office designated from time
to time by the Administrative Agent, by written notice to the Borrower and the Lenders, as the Funding Office. 

“GAAP”: generally accepted accounting principles in the United States of America as in effect from time
to time, except that for purposes of Section 7.1, GAAP shall be determined on the basis of such principles in effect on the date hereof and consistent with those used in the preparation of the most recent audited financial statements referred
to in Section 4.1. 
 “Governmental Authority”: any nation or government, any state or
other political subdivision thereof and any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. 

“Guarantee and Collateral Agreement”: the Guarantee and Collateral Agreement to be executed and delivered
on the Closing Date by the Borrower and each other Loan Party, substantially in the form of Exhibit A, as the same may be restated, amended, supplemented or otherwise modified from time to time. 

“Guarantee Obligation”: as to any Person (the “guaranteeing person”), any obligation of
(a) the guaranteeing person or (b) another Person (including, without limitation, any bank under any letter of credit) to induce the creation of which the guaranteeing person has issued a reimbursement, counterindemnity or similar
obligation, in either case guaranteeing or in effect guaranteeing any Indebtedness, leases, dividends or other obligations (the “primary obligations”) of any other third Person (the “primary obligor”) in any manner,
whether directly or indirectly, including, without limitation, any obligation of the guaranteeing person, whether or not contingent, (i) to purchase any such primary obligation or any Property constituting direct or indirect security therefor,
(ii) to advance or supply funds (1) for the purchase or payment of any such primary obligation or (2) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the
primary obligor, (iii) to purchase Property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation or
(iv) otherwise to assure or hold harmless the owner of any such primary obligation against loss in respect thereof; provided, however, that the term Guarantee Obligation shall not include endorsements of instruments for deposit or
collection in the ordinary course of business. The amount of any Guarantee Obligation of any guaranteeing person shall be deemed to be the lower of (a) an amount 

  
 -9-

 
equal to the stated or determinable amount of the primary obligation in respect of which such Guarantee Obligation is made and (b) the maximum amount for which such guaranteeing person may
be liable pursuant to the terms of the instrument embodying such Guarantee Obligation, unless such primary obligation and the maximum amount for which such guaranteeing person may be liable are not stated or determinable, in which case the amount of
such Guarantee Obligation shall be such guaranteeing person’s maximum reasonably anticipated liability in respect thereof as determined by the Borrower in good faith. 

“Hedge Agreements”: all interest rate swaps, caps or collar agreements or similar arrangements entered
into by the Borrower or any Subsidiary providing for protection against fluctuations in interest rates or currency exchange rates or the exchange of nominal interest obligations, either generally or under specific contingencies. 

“Holdings”: SBA Telecommunications, Inc., a Florida corporation. 

“Indebtedness”: of any Person at any date, without duplication, (a) all indebtedness of such Person
for borrowed money, (b) all obligations of such Person for the deferred purchase price of Property or services (other than current trade payables incurred in the ordinary course of such Person’s business), (c) all obligations of such
Person evidenced by notes, bonds, debentures or other similar instruments (other than performance bonds and other obligations of a like nature incurred in the ordinary course of such Person’s business), (d) all indebtedness created or
arising under any conditional sale or other title retention agreement with respect to Property acquired by such Person (even though the rights and remedies of the seller or lender under such agreement in the event of default are limited to
repossession or sale of such Property), (e) all Capital Lease Obligations of such Person, (f) all obligations of such Person, contingent or otherwise, as an account party under acceptance, letter of credit or similar facilities,
(g) all obligations of such Person, contingent or otherwise, to purchase, redeem, retire or otherwise acquire for value any Capital Stock of such Person, (h) all Guarantee Obligations of such Person in respect of obligations of the kind
referred to in clauses (a) through (g) above, (i) all obligations of the kind referred to in clauses (a) through (h) above secured by (or for which the holder of such obligation has an existing right, contingent or
otherwise, to be secured by) any Lien on Property (including, without limitation, accounts and contract rights) owned by such Person, whether or not such Person has assumed or become liable for the payment of such obligation, (j) for the
purposes of Section 8(e) only, all obligations of such Person in respect of Hedge Agreements and (k) the liquidation value of any preferred Capital Stock of such Person or its Subsidiaries held by any Person other than such Person and its
Wholly Owned Subsidiaries. 
 “Indemnified Liabilities”: as defined in Section 10.5.

 “Indemnitee”: as defined in Section 10.5. 

“Insolvency”: with respect to any Multiemployer Plan, the condition that such Plan is insolvent within
the meaning of Section 4245 of ERISA. 
 “Insolvent”: pertaining to a condition of
Insolvency. 
 “Intellectual Property”: the collective reference to all rights, priorities and
privileges relating to intellectual property, whether arising under United States, multinational or foreign laws or otherwise, including, without limitation, copyrights, copyright licenses, patents, patent licenses, trademarks, trademark licenses,
technology, know-how and processes, and all rights to sue at law or in equity for any infringement or other impairment thereof, including the right to receive all proceeds and damages therefrom. 

  
 -10-

 “Interest Payment Date”: (a) as to any Base Rate Loan,
the last day of each March, June, September and December (or, if an Event of Default shall have occurred and is continuing, the last day of each calendar month) to occur while such Base Rate Loan is outstanding and the final maturity date of such
Base Rate Loan, (b) as to any Eurodollar Loan having an Interest Period of three months or less, the last day of such Interest Period, (c) as to any Eurodollar Loan having an Interest Period longer than three months, each day which is
three months, or a whole multiple thereof, after the first day of such Interest Period and the last day of such Interest Period and (d) as to any Loan (other than a Base Rate Loan), the date of any repayment or prepayment made in respect
thereof. 
 “Interest Period”: as to any Eurodollar Loan, (a) initially, the period
commencing on the borrowing or conversion date, as the case may be, with respect to such Eurodollar Loan and ending one, two, three or six months thereafter, as selected by the Borrower in its notice of borrowing or notice of conversion, as the case
may be, given with respect thereto; and (b) thereafter, each period commencing on the last day of the next preceding Interest Period applicable to such Eurodollar Loan and ending one, two, three or six months thereafter, as selected by the
Borrower by irrevocable notice to the Administrative Agent no later than 11:00 A.M., New York City time, on the date that is three Business Days prior to the last day of the then current Interest Period with respect thereto; provided that,
all of the foregoing provisions relating to Interest Periods are subject to the following: 
 (i) if any Interest
Period would otherwise end on a day that is not a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless the result of such extension would be to carry such Interest Period into another calendar month in
which event such Interest Period shall end on the immediately preceding Business Day; 
 (ii) any Interest Period
with respect to any Loans that would otherwise extend beyond the maturity date of such Loans, shall end on the maturity date of such Loans; 
 (iii) any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest
Period) shall end on the last Business Day of a calendar month; and 
 (iv) the Borrower shall select Interest
Periods so as not to require a payment or prepayment of any Eurodollar Loan during an Interest Period for such Eurodollar Loan. 
 “Investments”: as defined in Section 7.7. 

“Lead Arrangers”: Barclays Bank PLC and J.P. Morgan Securities LLC. 

“Lenders”: as defined in the preamble hereto. 

“Lien”: any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien
(statutory or other), charge or other security interest or any preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including, without limitation, any conditional sale or other title
retention agreement and any capital lease having substantially the same economic effect as any of the foregoing). 

  
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 “Loan Documents”: this Agreement, the Security Documents
and the Notes. 
 “Loan Parties”: Holdings, the Borrower and each Subsidiary of the Borrower
which is a party to a Loan Document, and individually a “Loan Party.” 
 “Loan”: any
loan made by any Lender pursuant to this Agreement. 
 “Material Adverse Effect”: a material
adverse effect on (a) the business, assets, property or condition (financial or otherwise) of the Borrower and its Subsidiaries taken as a whole or (b) the validity or enforceability of this Agreement or any of the other Loan Documents or
the rights or remedies of the Administrative Agent or the Lenders hereunder or thereunder. 
 “Material
Environmental Loss”: the collective reference to the following items arising out of any Environmental Law or any liabilities or obligations with respect to any Materials of Environmental Concern that either (i) exceed $1,000,000
individually, or $5,000,000 in the aggregate, or (ii) would have a Material Adverse Effect: (a) any costs to the Borrower and/or any of its Subsidiaries relating to investigative, removal, remedial or other response activities, compliance
costs, compensatory damages, natural resource damages, punitive damages, fines, penalties and any associated engineering, legal and other professional fees (including without limitation, costs of defending or asserting any claim) in connection with
any of the foregoing and (b) any other losses to the Borrower and/or its Subsidiaries; provided that any amounts expended for environmental site assessments pursuant to customary due diligence conducted in connection with the acquisition
of Towers and/or Tower sites shall be excluded from the calculation of any Material Environmental Loss. 

“Materials of Environmental Concern”: any gasoline or petroleum (including crude oil or any fraction
thereof) or petroleum products, polychlorinated biphenyls, urea-formaldehyde insulation, asbestos, molds, pollutants, contaminants, radioactivity, radiofrequency radiation or any other radiation associated with or allegedly associated with the
telecommunications business, and any other substances of any kind, whether or not any such substance is defined as hazardous or toxic under any Environmental Law, that is regulated pursuant to or could give rise to liability under any Environmental
Law. 
 “Maturity Date”: the 364th day after the Closing Date. 

“Multiemployer Plan”: a Plan that is a multiemployer plan as defined in Section 4001(a)(3) of ERISA.

 “Net Cash Proceeds”: (a) in connection with any Asset Sale or any Recovery Event, the
proceeds thereof in the form of cash and Cash Equivalents (including any such proceeds received by way of deferred payment of principal pursuant to a note or installment receivable or purchase price adjustment receivable or otherwise, but only as
and when received) of such Asset Sale or Recovery Event, net of attorneys’ fees, accountants’ fees, investment banking fees, amounts required to be applied to the repayment of Indebtedness secured by a Lien expressly permitted hereunder on
any asset which is the subject of such Asset Sale or Recovery Event (other than any Lien pursuant to a Security Document) and other customary fees and expenses (including commissions, transfer taxes and other customary expenses) actually incurred in
connection therewith and net of taxes paid or reasonably estimated to be payable as a result thereof (after taking into account any available tax credits or deductions and any tax sharing arrangements) and (b) in connection with any issuance or
sale of Capital Stock or any incurrence of Indebtedness, the cash proceeds received from such issuance or incurrence, net of attorneys’ fees, investment 

  
 -12-

 
banking fees, accountants’ fees, underwriting discounts and commissions and other customary fees and expenses (including commissions, transfer taxes and other customary expenses) actually
incurred in connection therewith. 
 “Net Income”: with respect to any Person for any period,
the net income (loss) of such Person for such period, determined in accordance with GAAP, excluding, however, (i) any gain or loss, together with any related provision for taxes on such gain or loss, realized in connection with (a) any
asset sale outside the ordinary course of business (including, without limitation, dispositions pursuant to sale and leaseback transactions) or (b) the disposition of any securities by such Person or any of its Subsidiaries or the write off of
any deferred financing fees or the extinguishment of any Indebtedness of such Person or any of its Subsidiaries, (ii) any extraordinary gain or loss, together with any related provision for taxes on such extraordinary gain or loss and
(iii) the cumulative effect of a change in accounting principles. 
 “Non-Excluded Taxes”:
as defined in Section 2.15(a). 
 “Non-U.S. Lender”: as defined in Section 2.15(e).

 “Notes”: the collective reference to any promissory note evidencing Loans. 

“Obligations”: the unpaid principal of and interest on (including, without limitation, interest accruing
after the maturity of the Loans and interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to the Borrower, whether or not a claim for post-filing or
post-petition interest is allowed in such proceeding) the Loans and all other obligations and liabilities of the Borrower to the Administrative Agent or to any Lender, whether direct or indirect, absolute or contingent, due or to become due, or now
existing or hereafter incurred, which may arise under, out of, or in connection with, this Agreement, any other Loan Document or any other document made, delivered or given in connection herewith or therewith, whether on account of principal,
interest, reimbursement obligations, fees, indemnities, costs, expenses (including, without limitation, all fees, charges and disbursements of counsel to the Administrative Agent or to any Lender that are required to be paid by the Borrower pursuant
hereto) or otherwise. 
 “Other Taxes”: any and all present or future stamp or documentary taxes
or any other excise or property taxes, charges or similar levies arising from any payment made hereunder or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any other Loan Document, including any
interest, additions to tax or penalties applicable thereto. 
 “Parent”: SBA Communications
Corporation, a Florida corporation. 
 “Participant”: as defined in Section 10.6(b).

 “Participant Register”: as defined in Section 10.6(b). 

“PBGC”: the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of Title IV
of ERISA (or any successor). 
 “Person”: an individual, partnership, corporation, limited
liability company, business trust, joint stock company, trust, unincorporated association, joint venture, Governmental Authority or other entity of whatever nature. 

  
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 “Plan”: at a particular time, any employee benefit plan
that is covered by ERISA and in respect of which the Borrower or a Commonly Controlled Entity is (or, if such plan were terminated at such time, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in
Section 3(5) of ERISA. 
 “Pro Forma Financial Statements”: as defined in Section 4.1.

 “Property”: any right or interest in or to property of any kind whatsoever, whether real,
personal or mixed and whether tangible or intangible, including, without limitation, Capital Stock. 

“Recovery Event”: any settlement of or payment in respect of any property or casualty insurance claim or
any condemnation proceeding relating to any asset of the Borrower or any of its Subsidiaries which yields gross proceeds to the Borrower or any of its Subsidiaries in excess of $1,000,000. 

“Register”: as defined in Section 10.6(d). 

“Regulation U”: Regulation U of the Board as in effect from time to time. 

“Reinvestment Deferred Amount”: with respect to any Reinvestment Event, the aggregate Net Cash Proceeds
received by the Borrower or any of its Subsidiaries in connection therewith that are not applied to prepay the Loans pursuant to Section 2.7(a) as a result of the delivery of a Reinvestment Notice. 

“Reinvestment Event”: any Recovery Event in respect of which the Borrower has delivered a Reinvestment
Notice. 
 “Reinvestment Notice”: a written notice executed by a Responsible Officer stating
that no Event of Default has occurred and is continuing and that the Borrower (directly or indirectly through a Subsidiary) intends and expects to use all or a specified portion of the Net Cash Proceeds of a Recovery Event to acquire assets useful
in its business or make capitalized repairs and improvements with respect to such assets. 

“Reinvestment Prepayment Date”: with respect to any Reinvestment Event, the earlier of (a) the date
occurring 180 days after such Reinvestment Event and (b) the date on which the Borrower shall have determined not to, or shall have otherwise ceased to acquire assets useful in its business or make capitalized repairs and improvements with
respect to such assets, in each case with all or any portion of the relevant Reinvestment Deferred Amount. 

“Reinvestment Prepayment Amount”: with respect to any Reinvestment Event, the Reinvestment Deferred
Amount relating thereto less any amount expended prior to the relevant Reinvestment Prepayment Date to acquire assets useful in its business or make capitalized repairs and improvements with respect to such assets. 

“Related Fund”: with respect to any Lender, any fund that (x) invests in commercial loans and
(y) is managed or advised by the same investment advisor as such Lender, by such Lender or an Affiliate of such advisor. 
 “Reorganization”: with respect to any Multiemployer Plan, the condition that such plan is in reorganization within the meaning of Section 4241 of ERISA. 

  
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 “Reportable Event”: any of the events set forth in
Section 4043(c) of ERISA, other than those events as to which the 30 day notice period is waived under subsections .27, .28, .29, .30, .31, .32, .34 or .35 of PBGC Reg. § 4043. 

“Required Lenders”: at any time prior to the Closing Date, the holders of more than 50% of the
Commitments and at any time thereafter, the holders of more than 50% of the aggregate unpaid principal amount of the Loans then outstanding. 
 “Requirement of Law”: as to any Person, the Certificate of Incorporation and By-Laws or other organizational or governing documents of such Person, and any law, treaty, rule or regulation
or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its Property or to which such Person or any of its Property is subject. 

“Responsible Officer”: the chief executive officer, president, chief financial officer or chief
accounting officer of the Borrower, but in any event, with respect to financial matters, the chief financial officer of the Borrower. 
 “Restricted Payments”: as defined in Section 7.6. 
 “SEC”: the Securities and Exchange Commission (or successors thereto or an analogous Governmental Authority). 

“Secured Parties”: as defined in the Guarantee and Collateral Agreement. 

“Security Documents”: the collective reference to the Guarantee and Collateral Agreement and all other
security documents hereafter delivered to the Administrative Agent granting a Lien on any Property of any Person to secure the obligations and liabilities of any Loan Party under any Loan Document. 

“Single Employer Plan”: any Plan that is covered by Title IV of ERISA, but which is not a
Multiemployer Plan. 
 “Solvent”: when used with respect to any Person, as of any date of
determination, (a) the amount of the “present fair saleable value” of the assets of such Person will, as of such date, exceed the amount of all “liabilities of such Person, contingent or otherwise”, as of such date, as such
quoted terms are determined in accordance with applicable federal and state laws governing determinations of the insolvency of debtors, (b) the present fair saleable value of the assets of such Person will, as of such date, be greater than the
amount that will be required to pay the liability of such Person on its debts as such debts become absolute and matured, (c) such Person will not have, as of such date, an unreasonably small amount of capital with which to conduct its business,
and (d) such Person will be able to pay its debts as they mature. For purposes of this definition, (i) “debt” means liability on a “claim”, and (ii) “claim” means any (x) right to payment, whether or
not such a right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured or unsecured or (y) right to an equitable remedy for breach of performance if such breach
gives rise to a right to payment, whether or not such right to an equitable remedy is reduced to judgment, fixed, contingent, matured or unmatured, disputed, undisputed, secured or unsecured. 

“Specified Representations”: (a) the representations made by the Borrower in the Acquisition
Agreement as are material to the interest of the Lenders, but only to the extent that (x)

  
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the accuracy of any such representation is a condition to the Borrower’s obligations to close under the Acquisition Agreement or (y) the Borrower has the right to terminate its
obligations under the Acquisition Agreement as a result of a breach of such representations in the Acquisition Agreement, and (b) the representations set forth in (i) Section 4.3(a)-(c), Section 4.4, Section 4.11,
Section 4.14, Section 4.16, Section 4.19, Section 4.20 and Section 4.23 and (ii) Section 4.1(b)(i) of the Guarantee and Collateral Agreement. 

“Subsidiary”: as to any Person, a corporation, partnership, limited liability company or other entity of
which shares of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the board of directors or
other managers of such corporation, partnership or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such Person. Unless otherwise
qualified, all references to a “Subsidiary” or to “Subsidiaries” in this Agreement shall refer to a Subsidiary or Subsidiaries of the Borrower. 

“Subsidiary Guarantor”: each Subsidiary of the Borrower (other than any Excluded Subsidiary) party to the
Guarantee and Collateral Agreement. 
 “Tower”: any wireless transmission tower or similar
structure, and related assets that are located on the site of such wireless transmission tower, owned by the Borrower or any of its Subsidiaries or leased by the Borrower or any of its Subsidiaries pursuant to a lease required to be classified and
accounted for as a capital lease on a balance sheet of the Borrower and its Subsidiaries under GAAP. 

“Tower Cash Flow”: for any period, site leasing revenue less the cost of site leasing revenues
(excluding maintenance capital expenditures, depreciation, amortization and accretion to the extent included in the cost of site leasing revenues) of any Person that owns a Tower for such period, all determined in accordance with GAAP, but excluding
the non-cash impact of straightlining revenue or ground lease expense as required by FAS 13. Tower Cash Flow will not include revenue or expenses attributable to non-site rental services provided by the Borrower or any of its Subsidiaries or
revenues derived from the sale of assets. 
 “Transferee”: as defined in Section 10.14.

 “Type”: as to any Loan, its nature as a Base Rate Loan or a Eurodollar Loan. 

“Wholly Owned Subsidiary”: as to any Person, any other Person all of the Capital Stock of which (other
than directors’ qualifying shares required by law) is owned by such Person directly and/or through other Wholly Owned Subsidiaries. 
 “Wholly Owned Subsidiary Guarantor”: any Subsidiary Guarantor that is a Wholly Owned Subsidiary of the Borrower. 

“Withholding Agent”: any Loan Party and the Administrative Agent. 

1.2 Other Definitional Provisions. (a) Unless otherwise specified therein, all terms defined in this Agreement shall have the
defined meanings when used in the other Loan Documents or any certificate or other document made or delivered pursuant hereto or thereto. 

  
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 (b) As used herein and in the other Loan Documents, and any certificate or other document
made or delivered pursuant hereto or thereto, (i) accounting terms relating to the Borrower or any of its Subsidiaries not defined in Section 1.1 and accounting terms partly defined in Section 1.1, to the extent not defined, shall
have the respective meanings given to them under GAAP (provided that, all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made without giving effect to
(i) any election under Accounting Standards Codification 825-10-25 (previously referred to as Statement of Financial Accounting Standards 159) (or any other Accounting Standards Codification or Financial Accounting Standard having a similar
result or effect) to value any Indebtedness or other liabilities of the Borrower or any Subsidiary at “fair value”, as defined therein and (ii) any treatment of Indebtedness in respect of convertible debt instruments under Accounting
Standards Codification 470-20 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any such Indebtedness in a reduced or bifurcated manner as described therein, and such
Indebtedness shall at all times be valued at the full stated principal amount thereof), (ii) the words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without
limitation”, (iii) the word “incur” shall be construed to mean incur, create, issue, assume, become liable in respect of or suffer to exist (and the words “incurred” and “incurrence” shall have correlative
meanings), (iv) the words “asset” and “Property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and Properties, including cash, Capital Stock, securities,
revenues, accounts, leasehold interests and contract rights, and (v) references to agreements or other Contractual Obligations shall, unless otherwise specified, be deemed to refer to such agreements or Contractual Obligations as amended,
supplemented, restated or otherwise modified from time to time. 
 (c) The words “hereof”, “herein” and
“hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section, Schedule and Exhibit references are to this Agreement unless
otherwise specified. 
 (d) The meanings given to terms defined herein shall be equally applicable to both the singular and
plural forms of such terms. 
 SECTION 2 
 AMOUNT AND TERMS OF COMMITMENTS 
 2.1 Commitments. Subject to the terms and
conditions hereof, each Lender severally agrees to make a Loan to the Borrower on the Closing Date in an amount not to exceed the amount of the Commitment of such Lender. The Loans may from time to time be Eurodollar Loans or Base Rate Loans, as
determined by the Borrower and notified to the Administrative Agent in accordance with Section 2.2 and Section 2.8. 

2.2 Procedure for Borrowing. The Borrower shall give the Administrative Agent irrevocable notice (which notice must be received by
the Administrative Agent prior to 10:00 A.M., New York City time, one Business Day prior to the anticipated Closing Date) requesting that the Lenders make the Loans on the Closing Date and specifying the amount to be borrowed. Upon receipt of such
notice the Administrative Agent shall promptly notify each Lender thereof. Not later than 12:00 Noon, New York City time, on the Closing Date each Lender shall make available to the Administrative Agent at the Funding Office an amount in immediately
available funds equal to the principal amount of the Loan or Loans to be made by such Lender. The Administrative Agent shall credit the account of the Borrower on the books of such office of the Administrative Agent with the aggregate of the amounts
made available to the Administrative Agent by the Lenders in immediately available funds. 

  
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 2.3 Repayment of Loans; Evidence of Debt. 

(a) To the extent not previously paid, all Loans shall be due and payable on the Maturity Date (or such earlier date on which the Loans
become due and payable pursuant to Section 8). 
 (b) Each Lender shall maintain in accordance with its usual practice an
account or accounts evidencing indebtedness of the Borrower to such Lender resulting from each Loan of such Lender from time to time, including the amounts of principal and interest payable and paid to such Lender from time to time under this
Agreement. 
 (c) The Administrative Agent, on behalf of the Borrower, shall maintain the Register pursuant to
Section 10.6(d), and a subaccount therein for each Lender, in which shall be recorded (i) the amount of each Loan made hereunder and any Note evidencing such Loan, the Type thereof and each Interest Period applicable thereto, (ii) the
amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and (iii) both the amount of any sum received by the Administrative Agent hereunder from the Borrower and each
Lender’s share thereof. 
 (d) The entries made in the Register and the accounts of each Lender maintained pursuant to
Section 2.3(b) shall, to the extent permitted by applicable law, be prima facie evidence of the existence and amounts of the obligations of the Borrower therein recorded; provided, however, that the failure of any
Lender or the Administrative Agent to maintain the Register or any such account, or any error therein, shall not in any manner affect the obligation of the Borrower to repay (with applicable interest) the Loans made to such Borrower by such Lender
in accordance with the terms of this Agreement. 
 (e) The Borrower agrees that, upon the request to the Administrative Agent by
any Lender, the Borrower will execute and deliver to such Lender a promissory note of the Borrower evidencing any Loans of such Lender, substantially in the form of Exhibit F with appropriate insertions as to date and principal amount.

 2.4 Fees, etc. (a) The Borrower agrees to pay to the Administrative Agent the fees in the amounts and on the dates as
set forth in any written fee agreements entered into by the Borrower with the Administrative Agent and to perform any other obligations contained therein. 
 2.5 Reserved. 
 2.6 Optional Prepayments. The Borrower may at any
time and from time to time prepay the Loans, in whole or in part, without premium or penalty, upon irrevocable notice delivered to the Administrative Agent no later than 11:00 A.M., New York City time, three Business Days prior thereto in the case
of Eurodollar Loans and no later than 11:00 A.M., New York City time, one Business Day prior thereto in the case of Base Rate Loans, which notice shall specify the date and amount of such prepayment, and whether such prepayment is of Eurodollar
Loans or Base Rate Loans; provided, that if a Eurodollar Loan is prepaid on any day other than the last day of the Interest Period applicable thereto, the Borrower shall also pay any amounts owing pursuant to Section 2.16. Upon receipt
of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof. If any such notice is given, the amount specified in such notice shall be due and payable on the date specified therein, together with accrued interest
to such date on the amount prepaid. Optional partial prepayments of the Loans shall be in an aggregate principal amount of $1,000,000 or a whole multiple of $500,000 in excess thereof. 

  
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 2.7 Mandatory Prepayments. 

(a) Unless the Required Lenders shall otherwise agree, if on any date the Borrower or any of its Subsidiaries shall receive Net Cash
Proceeds from any Asset Sale, such Net Cash Proceeds shall be applied on such date to the prepayment of the Loans in accordance with Section 2.7(d) and Section 2.13. Unless the Required Lenders shall otherwise agree, if on any date the
Borrower or any of its Subsidiaries shall receive Net Cash Proceeds from any Recovery Event, then, unless a Reinvestment Notice shall be delivered in respect thereof, such Net Cash Proceeds shall be applied on or prior to the 10th day after such
date to the prepayment of the Loans in accordance with Section 2.7(d) and Section 2.13; provided, that, notwithstanding the foregoing, on each Reinvestment Prepayment Date, an amount equal to the Reinvestment Prepayment with respect
to the relevant Reinvestment Event shall be applied to the prepayment of the Loans in accordance with Section 2.7(d) and Section 2.13. 
 (b) Unless the Required Lenders shall otherwise agree, if any Capital Stock shall be issued by the Borrower or any of its Subsidiaries (other than Capital Stock issued to an Affiliate thereof the Net Cash
Proceeds of which are applied to make Investments permitted under Section 7.7(f) or Capital Expenditures permitted under Section 7.16), an amount equal to 100% of the Net Cash Proceeds thereof shall be applied on the date of such issuance
to the prepayment of the Loans in accordance with Section 2.7(d) and Section 2.13. 
 (c) Unless the Required Lenders
shall otherwise agree, if any Indebtedness shall be incurred by the Borrower or any of its Subsidiaries (excluding any Indebtedness incurred in accordance with Section 7.2), an amount equal to 100% of the Net Cash Proceeds thereof shall be
applied on the date of such incurrence to the prepayment of the Loans in accordance with Section 2.7(d) and Section 2.13. 
 (d) The application of any prepayment pursuant to Section 2.7 shall be made, first, to Base Rate Loans and, second, to Eurodollar Loans. Each prepayment of Loans under Section 2.7 shall be
accompanied by accrued interest to the date of such prepayment on the amount prepaid. 
 2.8 Conversion and Continuation
Options. 
 (a) The Borrower may elect from time to time to convert Eurodollar Loans to Base Rate Loans by giving the
Administrative Agent at least two Business Days’ prior irrevocable notice of such election, provided that any such conversion of Eurodollar Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower
may elect from time to time to convert Base Rate Loans to Eurodollar Loans by giving the Administrative Agent at least three Business Days’ prior irrevocable notice of such election (which notice shall specify the length of the initial Interest
Period therefor), provided that no Base Rate Loan may be converted into a Eurodollar Loan (i) when any Event of Default has occurred and is continuing and the Administrative Agent or the Required Lenders have determined in its or their
sole discretion not to permit such conversions or (ii) after the date that is one month prior to the final scheduled maturity date of such Loans. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant
Lender thereof. 
 (b) Any Eurodollar Loan may be continued as such upon the expiration of the then current Interest Period with
respect thereto by the Borrower giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1, of the length of the next Interest Period to
be applicable to such Loans, provided that no Eurodollar Loan may be continued as such (i) when any Event of Default has occurred and is continuing and the Administrative Agent has or the Required Lenders have determined in its or their
sole discretion not to permit such continuations or (ii) after the date that is one month prior to the final scheduled maturity date of such Loans; and provided, further, that if the Borrower shall fail to give any required notice
as described above in this paragraph or if such continuation is not permitted pursuant to the preceding proviso such Loans shall be automatically converted to Base Rate Loans on the last day of such then expiring Interest Period. Upon receipt of any
such notice the Administrative Agent shall promptly notify each relevant Lender thereof. 

  
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 2.9 Minimum Amounts and Maximum Number of Eurodollar Tranches. Notwithstanding
anything to the contrary in this Agreement, all borrowings, conversions, continuations and optional prepayments of Eurodollar Loans hereunder and all selections of Interest Periods hereunder shall be in such amounts and be made pursuant to such
elections so that, (a) after giving effect thereto, the aggregate principal amount of the Eurodollar Loans comprising each Eurodollar Tranche shall be equal to $2,500,000 or a whole multiple of $500,000 in excess thereof and (b) no more
than ten (10) Eurodollar Tranches shall be outstanding at any one time in respect of the Loans made on the Closing Date. 

2.10 Interest Rates and Payment Dates. 
 (a) Each Eurodollar Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurodollar Rate determined for such day plus the
Applicable Margin. 
 (b) Each Base Rate Loan shall bear interest at a rate per annum equal to the Base Rate plus the
Applicable Margin. 
 (c) (i) If all or a portion of the principal amount of any Loan, shall not be paid when due (whether at
the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum that is equal to the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section plus 2%
and (ii) if all or a portion of any interest payable on any Loan or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per
annum equal to the rate then applicable to Base Rate Loans plus 2%, in each case, with respect to clauses (i) and (ii) above, from the date of such non-payment until such amount is paid in full (after as well as before judgment).

 (d) Interest shall be payable in arrears on each Interest Payment Date, provided that interest accruing pursuant to
paragraph (c) of this Section shall be payable from time to time on demand. 
 2.11 Computation of Interest and
Fees. 
 (a) Interest, fees and commissions payable pursuant hereto shall be calculated on the basis of a 360-day year for
the actual days elapsed, except that, with respect to Base Rate Loans the rate of interest on which is calculated on the basis of the Prime Rate, the interest thereon shall be calculated on the basis of a 365- (or 366-, as the case may be) day year
for the actual days elapsed. The Administrative Agent shall as soon as practicable notify the Borrower and the relevant Lenders of each determination of a Eurodollar Rate. Any change in the interest rate on a Loan resulting from a change in the Base
Rate or the Eurocurrency Reserve Requirements shall become effective as of the opening of business on the day on which such change becomes effective. The Administrative Agent shall as soon as practicable notify the Borrower and the relevant Lenders
of the effective date and the amount of each such change in interest rate. 
 (b) Each determination of an interest rate by the
Administrative Agent pursuant to any provision of this Agreement shall be conclusive and binding on the Borrower and the Lenders in the absence of manifest error. The Administrative Agent shall, at the request of the Borrower, deliver to the
Borrower a statement showing the quotations used by the Administrative Agent in determining any interest rate pursuant to Section 2.10(a). 

  
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 2.12 Inability to Determine Interest Rate. If prior to the first day of any Interest
Period: 
 (a) the Administrative Agent shall have determined (which determination shall be conclusive and binding upon the
Borrower) that, by reason of circumstances affecting the relevant market, adequate and reasonable means do not exist for ascertaining the Eurodollar Rate for such Interest Period, or 

(b) the Administrative Agent shall have received notice from the Required Lenders that the Eurodollar Rate determined or to be determined
for such Interest Period will not adequately and fairly reflect the cost to such Lenders (as conclusively certified by such Lenders) of making or maintaining their affected Loans during such Interest Period, 

the Administrative Agent shall give telecopy or telephonic notice thereof to the Borrower and the relevant Lenders as soon as practicable thereafter. If
such notice is given (x) any Eurodollar Loans requested to be made on the first day of such Interest Period shall be made as Base Rate Loans, (y) any Loans that were to have been converted on the first day of such Interest Period to
Eurodollar Loans shall be continued as Base Rate Loans and (z) any outstanding Eurodollar Loans shall be converted, on the last day of the then current Interest Period with respect thereto, to Base Rate Loans. Until such notice has been
withdrawn by the Administrative Agent, no further Eurodollar Loans shall be made or continued as such, nor shall the Borrower have the right to convert Loans to Eurodollar Loans. 

2.13 Pro Rata Treatment and Payments. 
 (a) Each payment (including each prepayment) by the Borrower on account of principal of and interest on the Loans, shall be allocated among the Lenders pro rata based on the respective
outstanding principal amounts of the Loans then held by the Lenders. Amounts prepaid on account of the Loans may not be reborrowed. 
 (b) The application of any payment of Loans (including mandatory prepayments but excluding optional prepayments) shall be made, first, to Base Rate Loans and, second, to Eurodollar Loans.
The application of optional prepayments shall be as directed by the Borrower. Each payment of the Loans (except in the case of Base Rate Loans) shall be accompanied by accrued interest to the date of such payment on the amount paid. 

(c) All payments (including prepayments) to be made by the Borrower hereunder, whether on account of principal, interest, fees or
otherwise, shall be made without setoff or counterclaim and shall be made prior to 12:00 Noon, New York City time, on the due date thereof to the Administrative Agent, for the account of the Lenders, at the Funding Office, in Dollars and in
immediately available funds. The Administrative Agent shall distribute such payments to the Lenders promptly upon receipt in like funds as received, net of any amounts owing by such Lender pursuant to Section 9.7. If any payment hereunder
(other than payments on the Eurodollar Loans) becomes due and payable on a day other than a Business Day, such payment shall be extended to the next succeeding Business Day. If any payment on a Eurodollar Loan becomes due and payable on a day other
than a Business Day, the maturity thereof shall be extended to the next succeeding Business Day unless the result of such extension would be to extend such payment into another calendar month, in which event such payment shall be made on the
immediately preceding Business Day. In the case of any extension of any payment of principal pursuant to the preceding two sentences, interest thereon shall be payable at the then applicable rate during such extension. 

(d) Unless the Administrative Agent shall have been notified in writing by any Lender prior to a borrowing that such Lender will not make
the amount that would constitute its share of such borrowing available to the Administrative Agent, the Administrative Agent may assume that such Lender is making such amount available to the Administrative Agent, and the Administrative Agent may,
in reliance upon such assumption, make available to the Borrower a corresponding amount. If such amount is not made available to the Administrative Agent by the required time on the Closing Date, such Lender shall pay

  
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to the Administrative Agent, on demand, such amount with interest thereon, at a rate equal to the greater of (i) the Federal Funds Effective Rate and (ii) a rate determined by the
Administrative Agent in accordance with banking industry rules on interbank compensation, for the period until such Lender makes such amount immediately available to the Administrative Agent. A certificate of the Administrative Agent submitted to
any Lender with respect to any amounts owing under this paragraph shall be conclusive in the absence of manifest error. If such Lender’s share of such borrowing is not made available to the Administrative Agent by such Lender within three
Business Days of the Closing Date, the Administrative Agent shall also be entitled to recover such amount with interest thereon at the rate per annum applicable to Base Rate Loans, on demand, from the Borrower. 

(e) Unless the Administrative Agent shall have been notified in writing by the Borrower prior to the date of any payment being made
hereunder that the Borrower will not make such payment to the Administrative Agent, the Administrative Agent may assume that the Borrower is making such payment, and the Administrative Agent may, but shall not be required to, in reliance upon such
assumption, make available to the Lenders their respective pro rata shares of a corresponding amount. If such payment is not made to the Administrative Agent by the Borrower within three Business Days of such required date, the
Administrative Agent shall be entitled to recover, on demand, from each Lender to which any amount which was made available pursuant to the preceding sentence, such amount with interest thereon at the rate per annum equal to the daily average
Federal Funds Effective Rate. Nothing herein shall be deemed to limit the rights of the Administrative Agent or any Lender against the Borrower. 
 (f) If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.13(d), Section 2.13(e), or Section 9.7, then the Administrative Agent may, in its discretion
(notwithstanding any contrary provision of this Agreement), apply any amounts thereafter received by the Administrative Agent for the account of such Lender to satisfy such Lender’s obligations under such Sections until all such unsatisfied
obligations are fully paid. 
 2.14 Requirements of Law. (a) If the adoption of or any change in any Requirement of
Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof:

 (i) shall subject any Lender or Transferee to any tax of any kind whatsoever with respect to this Agreement or
any Eurodollar Loan made by it, or change the basis of taxation of payments to such Lender or Transferee in respect thereof (except for Non-Excluded Taxes covered by Section 2.15 and changes in the rate of tax on the overall net income of such
Lender or Transferee); 
 (ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory
loan, insurance charge or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit (or participations therein) by, or any other acquisition of funds by, any
office of such Lender that is not otherwise included in the determination of the Eurodollar Rate hereunder; or 

(iii) shall impose on such Lender any other condition; 
 and the result of any of the foregoing is to increase the cost to such Lender (or, in the case of (i), to such Lender or Transferee), by an amount which such Lender (or, in the case of (i), such Lender or
Transferee) deems to be material, of making, converting into, continuing or maintaining Eurodollar Loans (or, in the case of (i), any Loans) or to reduce any amount receivable hereunder in respect thereof, then, in any such case, the Borrower shall
promptly pay such Lender (or, in the case of (i), such Lender or Transferee), upon 

  
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its demand, any additional amounts necessary to compensate such Lender (or, in the case of (i), such Lender or Transferee) for such increased cost or reduced amount receivable. If any Lender or
Transferee becomes entitled to claim any additional amounts pursuant to this Section, it shall promptly notify the Borrower (with a copy to the Administrative Agent) of the event by reason of which it has become so entitled provided that the
Borrower shall not be required to compensate a Lender or Transferee pursuant to this paragraph for any amounts incurred more than six months prior to the date on which such Lender or Transferee notifies the Borrower of such Lender’s or
Transferee’s intention to claim compensation therefor; and provided further that, if the circumstances giving rise to such claim have a retroactive effect, then such six-month period shall be extended to include the period of such
retroactive effect. 
 (b) If any Lender shall have determined that the adoption of or any change in any Requirement of Law
regarding capital adequacy or liquidity requirement or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy or liquidity
requirement (whether or not having the force of law) from any Governmental Authority made subsequent to the date hereof shall have the effect of reducing the rate of return on such Lender’s or such corporation’s capital as a consequence of
its obligations hereunder to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender’s or such corporation’s policies with respect to
capital adequacy or liquidity requirement) by an amount deemed by such Lender to be material, then from time to time, after submission by such Lender to the Borrower (with a copy to the Administrative Agent) of a written request therefor, the
Borrower shall pay to such Lender such additional amount or amounts as will compensate such Lender for such reduction; provided that the Borrower shall not be required to compensate a Lender pursuant to this paragraph for any amounts incurred
more than six months prior to the date on which such Lender notifies the Borrower of such Lender’s intention to claim compensation therefor; and provided further that, if the circumstances giving rise to such claim have a
retroactive effect, then such six-month period shall be extended to include the period of such retroactive effect. If any Lender becomes entitled to claim any additional amounts pursuant to this Section, it shall promptly notify the Borrower (with a
copy to the Administrative Agent) of the event by reason of which it has become so entitled. 
 (c) A certificate as to any
additional amounts payable pursuant to this Section submitted by any Lender to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of manifest error. The obligations of the Borrower pursuant to this Section
shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder. 
 (d)
Notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements and directives thereunder, issued in connection therewith or in implementation
thereof, and (ii) all requests, rules, guidelines, requirements and directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or
foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a change in Requirements of Law, regardless of the date enacted, adopted, issued or implemented. 

2.15 Taxes. (a) All payments made by or on behalf of any Loan Party under this Agreement or any other Loan Document shall be
made free and clear of, and without deduction or withholding for or on account of, any present or future income, stamp or other taxes, levies, imposts, duties, charges, fees, deductions or withholdings, now or hereafter imposed, levied, collected,
withheld or assessed by any Governmental Authority, excluding net income taxes and franchise taxes (imposed in lieu of net income taxes) imposed on the Administrative Agent or any Lender as a result of a present or former connection between the
Administrative Agent or such Lender and the jurisdiction of the Governmental Authority imposing such tax or any political subdivision or taxing authority thereof or therein (other than 

  
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any such connection arising solely from the Administrative Agent’s or such Lender’s having executed, delivered or performed its obligations or received a payment under, or enforced,
this Agreement or any other Loan Document); provided that, if any such non-excluded taxes, levies, imposts, duties, charges, fees, deductions or withholdings (“Non-Excluded Taxes”) or Other Taxes are required to be withheld
from any amounts payable to the Administrative Agent or any Lender hereunder, as determined in good faith by the applicable Withholding Agent, (i) such amounts shall be paid to the relevant Governmental Authority in accordance with applicable
law and (ii) the amounts so payable by the applicable Loan Party to the Administrative Agent or such Lender shall be increased to the extent necessary to yield to the Administrative Agent or such Lender (after payment of all Non-Excluded Taxes
and Other Taxes) interest or any such other amounts payable hereunder at the rates or in the amounts specified in this Agreement as if such withholding or deduction has not been made, provided further, however, that the Borrower
shall not be required to increase any such amounts payable to any Lender with respect to any Non-Excluded Taxes (i) that are attributable to such Lender’s failure to comply with the requirements of paragraph (e) or (f) of this
Section or (ii) that are United States withholding taxes resulting from any Requirement of Law in effect (including FATCA) on the date such Lender becomes a party to this Agreement, except to the extent that such Lender’s assignor (if any)
was entitled, at the time of assignment, to receive additional amounts from the Borrower with respect to such Non-Excluded Taxes pursuant to this Section 2.15. 
 (b) In addition, the Borrower shall pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law. 
 (c) Whenever any Non-Excluded Taxes or Other Taxes are payable by the Borrower, as promptly as possible thereafter the Borrower shall send to the Administrative Agent for the account of the relevant Agent
or Lender, as the case may be, a certified copy of an original official receipt received by the Borrower showing payment thereof. If (i) the Borrower fails to pay any Non-Excluded Taxes or Other Taxes when due to the appropriate taxing
authority, (ii) the Borrower fails to remit to the Administrative Agent the required receipts or other required documentary evidence or (iii) any Non-Excluded Taxes or Other Taxes are imposed directly upon the Administrative Agent or any
Lender, the Borrower shall indemnify the Administrative Agent and the Lenders for such amounts and any incremental taxes, interest or penalties that may become payable by the Administrative Agent or any Lender as a result of any such failure, in the
case of (i) or (ii), or any such direct imposition, in the case of (iii). The agreements in this Section 2.15 shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder. 

(d) Each Lender shall indemnify the Administrative Agent for the full amount of any taxes, levies, imposts, duties, charges, fees,
deductions, withholdings or similar charges imposed by any Governmental Authority that are attributable to such Lender and that are payable or paid by the Administrative Agent, together with all interest, penalties, reasonable costs and expenses
arising therefrom or with respect thereto, as determined by the Administrative Agent in good faith. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest
error. 
 (e) Each Lender (or Transferee) that is a “United States Person” as defined in Section 7701(a)(30) of
the Code shall deliver to the Borrower and the Administrative Agent on or before the date on which it becomes a party to this Agreement two properly completed and duly signed copies of U.S. Internal Revenue Service (“IRS”) Form W-9
(or any successor form) certifying that such Lender is exempt from U.S. federal withholding tax. Each Lender (or Transferee) that is not a “United States Person” as defined in Section 7701(a)(30) of the Code (a “Non-U.S.
Lender”) shall deliver to the Borrower and the Administrative Agent (or, in the case of a Participant, to the Lender from which the related participation shall have been purchased) (i) two copies of U.S. IRS Form W-8BEN, Form W-8ECI or
Form W-8IMY (together with any applicable underlying IRS forms), (ii) in the case of a Non-U.S. Lender claiming 

  
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exemption from U.S. federal withholding tax under Section 871(h) or 881(c) of the Code with respect to payments of “portfolio interest”, a statement substantially in the form of
Exhibit G and the applicable IRS Form W-8, or any subsequent versions thereof or successors thereto properly completed and duly executed by such Non-U.S. Lender claiming complete exemption from, or a reduced rate of, U.S. federal withholding
tax on payments under this Agreement and the other Loan Documents, or (iii) any other form prescribed by applicable requirements of U.S. federal income tax law as a basis for claiming exemption from or a reduction in U.S. federal withholding
tax duly completed together with such supplementary documentation as may be prescribed by applicable requirements of law to permit the Borrower and the Administrative Agent to determine the withholding or deduction required to be made. Such forms
shall be delivered by each Lender on or before the date it becomes a party to this Agreement (or, in the case of any Participant, on or before the date such Participant purchases the related participation) and from time to time thereafter upon the
request of the Borrower or the Administrative Agent. In addition, each Lender shall deliver such forms promptly upon the obsolescence or invalidity of any form previously delivered by such Lender. Each Lender shall promptly notify the Borrower and
the Administrative Agent at any time it determines that it is no longer in a position to provide any previously delivered certificate to the Borrower (or any other form of certification adopted by the U.S. taxing authorities for such purpose).
Notwithstanding any other provision of this paragraph, a Lender shall not be required to deliver any form pursuant to this paragraph that such Lender is not legally able to deliver. 

(f) A Lender that is entitled to an exemption from or reduction of non-U.S. withholding tax under the law of the jurisdiction in which
the Borrower is located, or any treaty to which such jurisdiction is a party, with respect to payments under this Agreement shall deliver to the Borrower (with a copy to the Administrative Agent), at the time or times prescribed by applicable law or
reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation prescribed by applicable law as will permit such payments to be made without withholding or at a reduced rate, provided that
such Lender is legally entitled to complete, execute and deliver such documentation and in such Lender’s reasonable judgment such completion, execution or submission would not materially prejudice the legal or commercial position of such
Lender. 
 (g) If a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by
FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the
Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by
Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under
FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (g), “FATCA” shall include any
amendments made to FATCA after the date of this Agreement. 
 2.16 Indemnity. The Borrower agrees to indemnify each
Lender for and to hold each Lender harmless from any loss or expense that such Lender may sustain or incur as a consequence of (a) default by the Borrower in making a borrowing of, conversion into or continuation of Eurodollar Loans after the
Borrower has given a notice requesting the same in accordance with the provisions of this Agreement, (b) default by the Borrower in making any prepayment of or conversion from Eurodollar Loans after the Borrower has given a notice thereof in
accordance with the provisions of this Agreement or (c) the making of a prepayment or conversion of Eurodollar Loans on a day that is not the last day of an Interest Period with respect thereto. Such indemnification may include an amount equal
to the excess, if any, of (i) the amount of interest that would have accrued on the amount so prepaid, or not so borrowed, converted 

  
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or continued, for the period from the date of such prepayment or of such failure to borrow, convert or continue to the last day of such Interest Period (or, in the case of a failure to borrow,
convert or continue, the Interest Period that would have commenced on the date of such failure) in each case at the applicable rate of interest for such Loans provided for herein (excluding, however, the Applicable Margin included therein, if any)
over (ii) the amount of interest (as reasonably determined by such Lender) that would have accrued to such Lender on such amount by placing such amount on deposit for a comparable period with leading banks in the interbank eurodollar
market. A certificate as to any amounts payable pursuant to this Section submitted to the Borrower by any Lender shall be conclusive in the absence of manifest error. This covenant shall survive the termination of this Agreement and the payment of
the Loans and all other amounts payable hereunder. 
 2.17 Illegality. Notwithstanding any other provision herein, if the
adoption of or any change in any Requirement of Law or in the interpretation or application thereof shall make it unlawful for any Lender to make or maintain Eurodollar Loans as contemplated by this Agreement, (a) the commitment of such Lender
hereunder to make Eurodollar Loans, continue Eurodollar Loans as such and convert Base Rate Loans to Eurodollar Loans shall forthwith be cancelled and (b) such Lender’s Loans then outstanding as Eurodollar Loans, if any, shall be converted
automatically to Base Rate Loans on the respective last days of the then current Interest Periods with respect to such Loans or within such earlier period as required by law. If any such conversion of a Eurodollar Loan occurs on a day which is not
the last day of the then current Interest Period with respect thereto, the Borrower shall pay to such Lender such amounts, if any, as may be required pursuant to Section 2.16. 

2.18 Change of Lending Office; Replacement of Lenders. 
 (a) Each Lender agrees that, upon the occurrence of any event giving rise to the operation of Section 2.14, Section 2.15(a) or Section 2.17 with respect to such Lender, it will, if
requested by the Borrower, use reasonable efforts (subject to overall policy considerations of such Lender) to designate another lending office for any Loans affected by such event with the object of avoiding the consequences of such event;
provided, that such designation is made on terms that, in the sole judgment of such Lender, cause such Lender and its lending office(s) to suffer no economic, legal or regulatory disadvantage, and provided, further, that nothing
in this Section shall affect or postpone any of the obligations of any Borrower or the rights of any Lender pursuant to Section 2.14, Section 2.15(a) or Section 2.17. 

(b) If any Lender (i) requests compensation under Section 2.14 or Section 2.17, or if the Borrower is required to pay any
additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.15(a) or (ii) does not consent to any proposed amendment, supplement, modification, consent or waiver of any provision of
this Agreement or any other Loan Document that requires the consent of each of the Lenders or each of the Lenders affected thereby (so long as the consent of the Required Lenders has been obtained pursuant to Section 10.1), then the Borrower
may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 10.6), all its
interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that (i) the Borrower shall have received the
prior written consent of the Administrative Agent, which consent shall not unreasonably be withheld, (ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans, accrued interest thereon, accrued
fees and all other amounts payable to it hereunder, from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts) and (iii) in the case of any such assignment
resulting from a claim for compensation under Section 2.14 or Section 2.17 or payments required to be made pursuant to Section 2.15(a), such assignment will result in a 

  
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material reduction in such compensation or payments. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or
otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply. 
 SECTION 3

 RESERVED. 
 SECTION 4 
 REPRESENTATIONS AND WARRANTIES 

To induce the Administrative Agent and the Lenders to enter into this Agreement and to make Loans the Borrower hereby represents and
warrants to the Administrative Agent and each Lender that: 
 4.1 Financial Condition. Each of the unaudited pro
forma consolidated balance sheet and related pro forma consolidated statement of income of the Borrower and its Subsidiaries as of and for the twelve-month period ending on December 31, 2011 (the “Pro Forma
Financial Statements”), copies of which have heretofore been furnished to each Lender, has been prepared giving effect (as if such events had occurred on such date, in the case of the balance sheet, or at the beginning of such period, in
the case of the income statement) to the Loans to be made on the Closing Date and the use of proceeds thereof and (ii) the payment of fees and expenses in connection with the foregoing. The Pro Forma Financial Statements have been prepared in
good faith based on assumptions believed by the Borrower to be reasonable as of the date of delivery thereof, and presents fairly in all material respects on a pro forma basis the estimated financial position of the Borrower and its
consolidated Subsidiaries as of December 31, 2011, assuming that the events specified in the preceding sentence had actually occurred at such date. 
 4.2 No Change. Since December 31, 2011, there has been no development or event that has had or could reasonably be expected to have a Material Adverse Effect. 

4.3 Existence; Compliance with Law. Each of the Borrower and its Subsidiaries (a) is duly organized, validly existing and in
good standing under the laws of the jurisdiction of its organization, (b) has the organizational power and authority, and the legal right, to own and operate its Property, to lease the Property it operates as lessee and to conduct the business
in which it is currently engaged, (c) is duly qualified as a foreign corporation or other organization and in good standing under the laws of each jurisdiction where its ownership, lease or operation of Property or the conduct of its business
requires such qualification except to the extent the failure to be so qualified could not, in the aggregate, reasonably be expected to have a Material Adverse Effect and (d) is in compliance with all Requirements of Law except to the extent
that the failure to comply therewith could not, in the aggregate, reasonably be expected to have a Material Adverse Effect. 

4.4 Power; Authorization; Enforceable Obligations. Each Loan Party has the organizational power and authority, and the legal
right, to make, deliver and perform the Loan Documents to which it is a party and, in the case of the Borrower, to borrow hereunder. Each Loan Party has taken all necessary organizational action to authorize the execution, delivery and performance
of the Loan Documents to which it is a party and, in the case of the Borrower, to authorize the borrowings on the terms and conditions of this Agreement. No consent or authorization of, filing with, notice to or other act by or in respect of, any
Governmental Authority or any other Person is required in connection with the borrowings 

  
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hereunder or with the execution, delivery, performance, validity or enforceability of this Agreement or any of the Loan Documents, except the filings referred to in Section 4.19. Each Loan
Document has been duly executed and delivered on behalf of each Loan Party party thereto. This Agreement constitutes, and each other Loan Document upon execution will constitute, a legal, valid and binding obligation of each Loan Party party
thereto, enforceable against each such Loan Party in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’
rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law). 
 4.5
No Legal Bar. The execution, delivery and performance of this Agreement and the other Loan Documents, the borrowings hereunder and the use of the proceeds thereof (a) will not violate any Requirement of Law or any Contractual Obligation
of the Borrower or any of its Subsidiaries except (x) as could not, in the aggregate, reasonably be expected to have a Material Adverse Effect and (y) for such Contractual Obligations pursuant to which the Administrative Agent is required
to execute and deliver a non-disturbance agreement and (b) will not result in, or require, the creation or imposition of any Lien on any of their respective properties or revenues pursuant to any Requirement of Law or any such Contractual
Obligation (other than the Liens created by the Security Documents). No Requirement of Law or Contractual Obligation applicable to the Borrower or any of its Subsidiaries could reasonably be expected to have a Material Adverse Effect. 

4.6 No Material Litigation. No litigation, investigation or proceeding of or before any arbitrator or Governmental Authority is
pending or, to the knowledge of the Borrower, threatened by or against the Borrower or any of its Subsidiaries or against any of their respective properties or revenues (a) with respect to any of the Loan Documents or any of the transactions
contemplated hereby or thereby, or (b) that could reasonably be expected to have a Material Adverse Effect. 
 4.7 No
Default. Neither the Borrower nor any of its Subsidiaries is in default under or with respect to any of its Contractual Obligations in any respect that could reasonably be expected to have a Material Adverse Effect. No Default or Event of
Default has occurred and is continuing. 
 4.8 Ownership of Property; Liens. Each of the Borrower and its Subsidiaries
has title in fee simple to, a valid leasehold interest in, or an easement, license or permit to occupy, all its real property, and good title to, a valid leasehold interest in, or an easement, license or permit to occupy, all its other Property, and
none of such Property is subject to any Lien except as permitted by Section 7.3. 
 4.9 Intellectual Property. The
Borrower and each of its Subsidiaries owns, or is licensed to use, all Intellectual Property necessary for the conduct of its business as currently conducted. No material claim has been asserted and is pending by any Person challenging or
questioning the use of any Intellectual Property or the validity or effectiveness of any Intellectual Property, nor does the Borrower know of any valid basis for any such claim. The use of Intellectual Property by the Borrower and its Subsidiaries
does not infringe on the rights of any Person in any material respect. 
 4.10 Taxes. Except as set forth on Schedule
4.10, each of the Borrower and each of its Subsidiaries has filed or caused to be filed all Federal, state and other material tax returns that are required to be filed and has paid all taxes shown to be due and payable on said returns or on any
assessments made against it or any of its Property and all other taxes, fees or other charges imposed on it or any of its Property by any Governmental Authority that are due and payable (other than any the amount or validity of which are currently
being contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP have been provided on the books of the Borrower or its Subsidiaries, as the case may be); no tax Lien has been filed, and, to the
knowledge of the Borrower, no claim is being asserted, with respect to any such tax, fee or other charge. 

  
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 4.11 Federal Regulations. No part of the proceeds of any Loans will be used
(a) for “purchasing” or “carrying” any “margin stock” within the respective meanings of each of the quoted terms under Regulation U as now and from time to time hereafter in effect or (b) for any purpose
that violates the provisions of the Regulations of the Board. No more than 25% of the assets of the Borrower and its Subsidiaries consist of “margin stock” as so defined. If requested by any Lender or the Administrative Agent, the Borrower
will furnish to the Administrative Agent and each Lender a statement to the foregoing effect in conformity with the requirements of FR Form G-3 or FR Form U-1 referred to in Regulation U. 

4.12 Labor Matters. There are no strikes or other labor disputes against the Borrower or any of its Subsidiaries pending or, to
the knowledge of the Borrower, threatened that (individually or in the aggregate) could reasonably be expected to have a Material Adverse Effect. Hours worked by and payment made to employees of the Borrower and its Subsidiaries have not been in
violation of the Fair Labor Standards Act or any other applicable Requirement of Law dealing with such matters that (individually or in the aggregate) could reasonably be expected to have a Material Adverse Effect. All payments due from the Borrower
or any of its Subsidiaries on account of employee health and welfare insurance that (individually or in the aggregate) could reasonably be expected to have a Material Adverse Effect if not paid have been paid or accrued as a liability on the books
of the Borrower or the relevant Subsidiary. 
 4.13 ERISA. Neither a Reportable Event nor any failure to satisfy the
minimum funding standards (within the meaning of Section 412 or 430 of the Code or Section 302 of ERISA), including any “accumulated funding deficiency,” whether or not waived, has occurred during the five-year period prior to
the date on which this representation is made or deemed made with respect to any Plan, and each Plan has complied in all material respects with the applicable provisions of ERISA and the Code. There has been no failure to make by its due date a
required installment under Section 430(j) of the Code with respect to any Single Employer Plan nor a failure by any Loan Party or any Commonly Controlled Entity to make any required contribution to a Multiemployer Plan. There has been no
determination that any Single Employer Plan is or is expected to be in “at risk” status (within the meaning of Section 430 of the Code or Section 303 of ERISA). No termination of a Single Employer Plan has occurred, and no Lien
in favor of the PBGC or a Plan has arisen, during such five-year period. The present value of all accrued benefits under each Single Employer Plan (based on those assumptions used to fund such Plans) did not, as of the last annual valuation date
prior to the date on which this representation is made or deemed made, exceed the value of the assets of such Plan allocable to such accrued benefits by a material amount. Neither the Borrower nor any Commonly Controlled Entity has had a complete or
partial withdrawal from any Multiemployer Plan that has resulted or could reasonably be expected to result in a material liability under ERISA, and neither the Borrower nor any Commonly Controlled Entity would become subject to any material
liability under ERISA if the Borrower or any such Commonly Controlled Entity were to withdraw completely from all Multiemployer Plans as of the valuation date most closely preceding the date on which this representation is made or deemed made. No
such Multiemployer Plan is in Reorganization or Insolvent or is expected to be in “endangered” or “critical” status (within the meaning of Section 432 of the Code or Section 305 of ERISA). 

4.14 Investment Company Act; Other Regulations. No Loan Party is an “investment company,” or a company
“controlled” by an “investment company”, within the meaning of the Investment Company Act of 1940, as amended. No Loan Party is subject to regulation under any Requirement of Law (other than Regulation X of the Board) which
limits its ability to incur Indebtedness. 
 4.15 Subsidiaries. 

(a) The Subsidiaries listed on Schedule 4.15(a) constitute all the Subsidiaries of the Borrower as of the Closing Date.
Schedule 4.15(a) sets forth as of the Closing Date the name and jurisdiction of incorporation of each Subsidiary and, as to each such Subsidiary, the percentage of each class of Capital Stock owned by any Loan Party. 

  
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 (b) There are no outstanding subscriptions, options, warrants, calls, rights or other
agreements or commitments (other than stock options granted to employees or directors and directors’ qualifying shares) of any nature relating to any Capital Stock of any Loan Party or any Subsidiary of any Loan Party except as set forth on
Schedule 4.15(b). 
 4.16 Use of Proceeds. The proceeds of the Loans made on the Closing Date shall be used to
finance a portion of the Acquisition and to pay related fees and expenses. 
 4.17 Environmental Matters. Other than
exceptions to any of the following that could not, individually or in the aggregate, reasonably be expected to result in a Material Environmental Loss: 
 (a) the Borrower and its Subsidiaries: (i) are, and within the period of all applicable statutes of limitation have been, in compliance with all applicable Environmental Laws; (ii) hold all
Environmental Permits (each of which is in full force and effect) required for any of their current or intended operations or for any property owned, leased, or otherwise operated by any of them; (iii) are, and within the period of all
applicable statutes of limitation have been, in compliance with all of their Environmental Permits; and (iv) reasonably believe that: each of their Environmental Permits will be timely renewed and complied with, without material expense; any
additional Environmental Permits that may be required of any of them will be timely obtained and complied with, without material expense; and compliance with any Environmental Law that is or is expected to become applicable to any of them will be
timely attained and maintained, without material expense. 
 (b) Materials of Environmental Concern are not present at, on,
under, in, or about any real property now or formerly owned, leased or operated by the Borrower or any of its Subsidiaries, or at any other location (including, without limitation, any location to which Materials of Environmental Concern have been
sent for re-use or recycling or for treatment, storage, or disposal) which could reasonably be expected to (i) give rise to liability of the Borrower or any of its Subsidiaries under any applicable Environmental Law or otherwise result in costs
to the Borrower or any of its Subsidiaries, or (ii) interfere with the Borrower’s or any of its Subsidiaries’ continued operations, or (iii) impair the fair saleable value of any real property owned or leased by the Borrower or
any of its Subsidiaries. 
 (c) There is no judicial, administrative, or arbitral proceeding (including any notice of violation
or alleged violation) under or relating to any Environmental Law to which the Borrower or any of its Subsidiaries is, or to the knowledge of the Borrower or any of its Subsidiaries will be, named as a party that is pending or, to the knowledge of
the Borrower or any of its Subsidiaries, threatened; and to the knowledge of the Borrower or any of its Subsidiaries, there are no judicial, administrative, or arbitral proceedings under or relating to any Environmental Law pending or threatened
against any Person, other than the Borrower or any of its Subsidiaries, that could reasonably be expected to affect the Borrower or any of its Subsidiaries. 
 (d) Neither the Borrower nor any of its Subsidiaries has received any written request for information, or been notified that it is a potentially responsible party under or relating to the federal
Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended, or any similar Environmental Law, or with respect to any Materials of Environmental Concern. 

(e) Neither the Borrower nor any of its Subsidiaries has entered into or agreed to any consent decree, order, or settlement or other
agreement, or is subject to any judgment, decree, or order or other agreement, in any judicial, administrative, arbitral, or other forum for dispute resolution, relating to compliance with or liability under any Environmental Law. 

  
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 (f) Neither the Borrower nor any of its Subsidiaries has assumed or retained, by contract or
operation of law, any liabilities of any kind, fixed or contingent, known or unknown, under any Environmental Law or with respect to any Material of Environmental Concern. 
 4.18 Accuracy of Information, etc. No statement or information contained in this Agreement, any other Loan Document or any other written document, certificate or statement furnished to the
Administrative Agent or the Lenders or any of them, by or on behalf of any Loan Party for use in connection with the transactions contemplated by this Agreement or the other Loan Documents, contained as of the date such statement, information,
document or certificate was so furnished, any untrue statement of a material fact or omitted to state a material fact necessary in order to make the statements contained herein or therein not misleading. The projections and pro forma
financial information contained in the materials referenced above are based upon good faith estimates and assumptions believed by management of the Borrower to be reasonable at the time made, it being recognized by the Lenders that such financial
information as it relates to future events is not to be viewed as fact and that actual results during the period or periods covered by such financial information may differ from the projected results set forth therein by a material amount. There is
no fact actually known to any Loan Party that could reasonably be expected to have a Material Adverse Effect that has not been expressly disclosed herein, in the other Loan Documents or in any other documents, certificates and statements furnished
to the Administrative Agent and the Lenders for use in connection with the transactions contemplated hereby and by the other Loan Documents. 
 4.19 Security Documents. The Guarantee and Collateral Agreement is effective to create in favor of the Administrative Agent, for the benefit of the Secured Parties, a legal, valid and enforceable
security interest in the Collateral described therein and proceeds thereof. In the case of the Pledged Stock described in the Guarantee and Collateral Agreement, upon stock certificates representing such Pledged Stock having been delivered to the
Administrative Agent and in the case of the other Collateral described in the Guarantee and Collateral Agreement, upon financing statements in appropriate form having been filed in the offices specified on Schedule 4.19 and upon such other
filings as are specified on Schedule 3 to the Guarantee and Collateral Agreement having been duly completed, the Guarantee and Collateral Agreement shall constitute a fully perfected Lien on, and security interest in, all right, title and interest
of the Loan Parties in such Collateral and the proceeds thereof, as security for the Obligations (as defined in the Guarantee and Collateral Agreement) to the extent a Lien on such Collateral can be perfected by the filing of a financing statement,
by other filings specified on Schedule 3 to the Guarantee and Collateral Agreement or, in the case of Pledged Stock, control, in each case prior and superior in right to any other Person (except, in the case of Collateral other than Pledged Stock,
Liens permitted by Section 7.3). Notwithstanding the foregoing, it is understood that neither mortgages nor fixture filings shall be made in respect of Tower or office locations. 

4.20 Solvency. Each Loan Party is, and after giving effect to the incurrence of all Indebtedness and obligations being incurred in
connection herewith will be and will continue to be, Solvent. 
 4.21 Real Property Leases. The present and contemplated
use of the real property owned or leased by the Borrower or any of its Subsidiaries for the operation of Towers is in compliance in all material respects with all applicable zoning ordinances and regulations and other laws and regulations where
failure so to comply would result, or create reasonable risk of resulting, in a Material Adverse Effect. Each lease pursuant to which the Borrower or any of its Subsidiaries, as lessee, acquired rights in real property upon which any Tower is
situated is in full force and effect, the Borrower or such Subsidiary has all rights of the lessee thereunder, there has been no default in the performance of any of its terms or 

  
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conditions by the Borrower or any such Subsidiary nor (to the best of the Borrower’s knowledge) any other party thereto, and no claims of default have been asserted with respect thereto, in
each case except as would not result, or would not create a reasonable risk of resulting, in a Material Adverse Effect. 
 4.22
FCC and FAA Matters; State Regulatory Compliance. (a) The Borrower (i) has duly and timely filed all material reports, registrations and other material filings, if any, which are required to be filed by it or any of its Subsidiaries
under the Communications Act or any other applicable law, rule or regulation of any Governmental Authority, including the FCC and the FAA, the non-filing of which would not result, or be reasonably likely to result, in a Material Adverse Effect and
(ii) is in compliance with all such laws, rules, regulations and ordinances, including those promulgated by the FCC and the FAA, to the extent the non-compliance with which would result, or be reasonably likely to result, in a Material Adverse
Effect. All information provided by or on behalf of the Borrower or any Affiliate in any material filing, if any, with the FCC and the FAA relating to the business of the Borrower and its Subsidiaries was, to the knowledge of such Person at the time
of filing, complete and correct in all material respects when made, and the FCC and the FAA have been notified of any substantial or significant changes in such information as may be required in accordance with applicable Requirements of Law.

 (b) Except as set forth on Schedule 4.22, the Borrower and its Subsidiaries have all permits, certificates, licenses,
tariff approvals and other authorizations from all state and federal Governmental Authorities required to conduct their current business except for such permits, certificates, licenses, tariff approvals and other authorizations as could not, in the
aggregate, reasonably be expected to have a Material Adverse Effect. 
 (c) The Borrower has no knowledge of any investigation,
notice of apparent liability, violation, forfeiture or other order or complaint issued by or before any state or federal Governmental Authority, or of any other proceedings of or before any state or federal Governmental Authority, which could
reasonably be expected to have a Material Adverse Effect. 
 4.23 Senior Obligations. The Obligations rank at least
pari passu in right of payment with all of the unsurbordinated and unsecured Indebtedness of the Borrower and its Subsidiaries, except for obligations accorded preference by mandatory provisions of law. 

4.24 Certain Documents. The Borrower has delivered to the Administrative Agent a complete and correct copy of the Acquisition
Agreement, including any amendments, supplements or modifications with respect thereto. 
 SECTION 5 

CONDITIONS PRECEDENT 
 5.1 Conditions to Effectiveness. The occurrence of the Closing Date, and the agreement of each Lender to extensions of credit requested to be made by it hereunder, are subject to the satisfaction
of the following conditions precedent: 
 (a) Loan Documents. The Administrative Agent shall have received (i) this
Agreement, executed and delivered by a duly authorized officer of the Borrower and each Lender and (ii) the Guarantee and Collateral Agreement, executed and delivered by a duly authorized officer of the Borrower and each Subsidiary Guarantor.

  
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 (b) Acquisition, etc. The Acquisition shall have been consummated or shall be
consummated substantially concurrently with the initial funding of Loans on the Closing Date in all material respects in accordance with the Acquisition Agreement (without giving effect to any amendments, supplements, waivers or other modifications
to or of the Acquisition Agreement that are material and adverse to the Lenders without the prior written consent of the Lead Arrangers (it being understood and agreed that any modification, amendment, consent or waiver to the definition of
“Company Material Adverse Effect” shall be deemed to be material and adverse to the interest of the Lenders)). 
 (c)
Pro Forma Financial Statements. The Lenders shall have received the Pro Forma Financial Statements. 
 (d) No Company
Material Adverse Effect. Since the date of the Acquisition Agreement, there shall not have been any change, development or event that has had or would be reasonably expected to have, individually or in the aggregate, a Company Material Adverse
Effect (as defined in the Acquisition Agreement as in effect on February 18, 2012). 
 (e) Fees. The Lenders and the
Administrative Agent shall have received all fees required to be paid, and all expenses for which invoices have been presented (including reasonable fees, disbursements and other charges of counsel to the Lead Arrangers), on or before the Closing
Date, or such amounts shall have been authorized to be deducted from the proceeds of the initial funding of Loans. 
 (f)
Material Indebtedness. Neither the Borrower nor any of its Subsidiaries shall have any material indebtedness for borrowed money other than the Loans under this Agreement. 

(g) Representations and Warranties. The Specified Representations shall be true and correct in all material respects (or in all
respects to the extent such representations are qualified by materiality) on and as of the Closing Date, except for such Specified Representations expressly stated to be made as of a specific earlier date, in which case such Specified
Representations shall be true and correct in all material respects (or in all respects to the extent such representations are qualified by materiality) as of such earlier date. 

(h) Closing Certificate; Certificate of Incorporation; Good Standing. The Administrative Agent shall have received (i) a
certificate of each Loan Party, dated the Closing Date, substantially in the form of Exhibit C, with appropriate insertions and attachments, including the certificate of incorporation of each Loan Party that is a corporation and the certificate
of formation and limited liability company agreement of each Loan Party that is a limited liability company, and (ii) a good standing certificate for each Loan Party from its jurisdiction of organization. 

(i) Legal Opinions. The Administrative Agent shall have received the following executed legal opinions: 

(i) the legal opinion of Greenberg Traurig, P.A., counsel to the Loan Parties and their Subsidiaries, substantially in the
form of Exhibit E–1; and 
 (ii) the legal opinion of Thomas P. Hunt, Esq., general counsel of the Loan
Parties, substantially in the form of Exhibit E–2. 
 Each such legal opinion shall cover such other matters incident
to the transactions contemplated by this Agreement as the Administrative Agent may reasonably require. 

  
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 (j) Pledged Stock; Stock Power; Pledged Notes. The Administrative Agent shall have
received (i) the certificates representing the shares of Capital Stock pledged pursuant to the Guarantee and Collateral Agreement together with an undated stock power for each such certificate executed in blank by a duly authorized officer of
the pledgor thereof and (ii) each promissory note pledged to the Administrative Agent pursuant to the Guarantee and Collateral Agreement endorsed (without recourse) in blank (or accompanied by an executed transfer form in blank satisfactory to
the Administrative Agent) by the pledgor thereof. 
 (k) Filings, Registrations and Recordings. Each document (including,
without limitation, any Uniform Commercial Code financing statement) required by the Security Documents or under law or reasonably requested by the Administrative Agent to be filed, registered or recorded in order to create in favor of the
Administrative Agent, for the benefit of the Secured Parties, a perfected Lien on the Collateral described therein, prior and superior in right to any other Person (other than with respect to Liens expressly permitted by Section 7.3), shall be
in proper form for filing, registration or recordation. 
 (l) PATRIOT Act. To the extent requested at least 5 days prior
to closing, the Lenders shall have received, sufficiently in advance of closing, all documentation and other information required by bank regulatory authorities under applicable “know your customer” and anti-money laundering rules and
regulations, including without limitation the USA PATRIOT Act. 
 (m) Pro Forma Compliance Certificate. The
Administrative Agent shall have received a certificate of a Responsible Officer in form reasonably satisfactory to the Administrative Agent certifying that the Borrower shall be in compliance with the covenant set forth in Section 7.1 on a pro
forma basis after giving effect to the extensions of credit requested to be made on the Closing Date, if any, and the use of proceeds thereof as if the requested borrowing had occurred on the last day of the four most recently completed fiscal
quarters ended not less than 45 days prior to the Closing Date and (i) removing the financial results that would otherwise be included in such calculations in respect of any Property Disposed of after such last day and on or prior to the
Closing Date and (ii) including the financial results that would otherwise be excluded in such calculations in respect of any Property acquired after such last day and on or prior to the Closing Date. 

(n) Solvency Certificate. The Administrative Agent shall have received a solvency certificate of the chief financial officer of
the Borrower (or other senior executive officer of the Borrower satisfactory to the Administrative Agent) in form reasonably satisfactory to the Administrative Agent certifying as to the solvency of the Borrower and its Subsidiaries considered as a
whole after giving effect to the transactions contemplated hereby. 
 SECTION 6 

AFFIRMATIVE COVENANTS 
 The Borrower hereby agrees that, so long as any Loan or other amount is owing to any Lender or the Administrative Agent hereunder, the Borrower shall and shall cause each of its Subsidiaries to:

 6.1 Financial Statements. Furnish to the Administrative Agent (and the Administrative Agent shall furnish to each
Lender): 
 (a) (i) as soon as available, the financial statements referred to in Section 7.7(g) of the Acquisition
Agreement; and (ii) as soon as available, but in any event within 90 days after the end of each 

  
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fiscal year of the Parent and the Borrower, a copy of the audited consolidated balance sheet of the Parent and its consolidated Subsidiaries and the Borrower and its consolidated Subsidiaries, in
each case as at the end of such year and the related audited consolidated statements of income and of cash flows for such year, setting forth in each case in comparative form the figures for the previous year, reported on without a “going
concern” or like qualification or exception, or qualification arising out of the scope of the audit, by Ernst & Young LLP or other independent certified public accountants of nationally recognized standing; and 

(b) as soon as available, but in any event not later than 45 days after the end of each of the first three quarterly periods of each
fiscal year of the Parent and the Borrower (in the case of the Borrower, commencing with the fiscal quarter ending June 30, 2012), (i) the unaudited consolidated balance sheets of the Parent and its consolidated Subsidiaries and the
Borrower and its consolidated Subsidiaries, in each case as of the end of such quarter, (ii) the related unaudited consolidated statements of income for such quarter and the portion of the fiscal year through the end of such quarter and
(iii) the related unaudited consolidated statements of cash flows for the portion of the fiscal year through the end of such quarter, certified by a Responsible Officer as being fairly stated in all material respects (subject to normal year-end
audit adjustments). 
 All such financial statements shall be complete and correct in all material respects and shall be
prepared in reasonable detail and in accordance with GAAP applied consistently throughout the periods reflected therein and with prior periods (except as approved by such accountants or officer, as the case may be, and disclosed therein).

 6.2 Certificates; Other Information. Furnish to the Administrative Agent (and the Administrative Agent shall furnish
to each Lender) or, in the case of clause (f), to the relevant Lender: 
 (a) concurrently with the delivery of the
financial statements referred to in Section 6.1(a), a certificate of the independent certified public accountants reporting on such financial statements stating that in making the examination necessary therefor no knowledge was obtained of any
Default or Event of Default in respect of the financial covenant contained in Section 7.1, except as specified in such certificate; 
 (b) concurrently with the delivery of any financial statements pursuant to Section 6.1, (i) a certificate of a Responsible Officer stating that, to the best of each such Responsible
Officer’s knowledge, each Loan Party during such period has observed or performed all of its covenants and other agreements, and satisfied every condition, contained in this Agreement and the other Loan Documents to which it is a party to be
observed, performed or satisfied by it, and that such Responsible Officer has obtained no knowledge of any Default or Event of Default except as specified in such certificate and (ii) (x) a Compliance Certificate containing all information and
calculations necessary for determining compliance by the Borrower and its Subsidiaries with the provisions of this Agreement referred to therein as of the last day of the fiscal quarter or fiscal year of the Borrower, as the case may be and
(y) to the extent not previously disclosed to the Administrative Agent, (1) a description of any change in the jurisdiction of organization of any Loan Party, (2) a list of any material patent or trademark acquired by any Loan Party
and (3) a description of any Person that has become a Subsidiary, in each case since the date of the most recent report delivered pursuant to this clause (y) (or, in the case of the first such report so delivered, since the Closing Date);

 (c) Reserved; 
 (d) within five days after the same are sent, copies of all financial statements and reports that the Borrower sends to the holders of any class of its debt securities or public equity securities and,
within five days after the same are filed, copies of all financial statements and reports that the Borrower may make to, or file with, the SEC or notice of such filing; 

  
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 (e) promptly following receipt thereof, copies of any documents described in Sections 101(k)
or 101(l) of ERISA that any Loan Party or any Commonly Controlled Entity may request with respect to any Multiemployer Plan; provided, that if the Loan Parties or any Commonly Controlled Entity have not requested such documents or notices
from the administrator or sponsor of the applicable Multiemployer Plan, then, upon reasonable request of the Administrative Agent, the Loan Parties and/or the Commonly Controlled Entities shall promptly make a request for such documents or notices
from such administrator or sponsor and the Borrower shall provide copies of such documents and notices promptly after receipt thereof; and 
 (f) promptly, such additional financial and other information as the Administrative Agent, or any Lender through the Administrative Agent, may from time to time reasonably request. 

6.3 Payment of Obligations. Pay, discharge or otherwise satisfy at or before maturity or before they become delinquent, as the
case may be, all its material obligations of whatever nature, except where the amount or validity thereof is currently being contested in good faith by appropriate proceedings and reserves in conformity with GAAP with respect thereto have been
provided on the books of the Borrower or its Subsidiaries, as the case may be. 
 6.4 Conduct of Business and Maintenance of
Existence, etc. (a) (i) Preserve, renew and keep in full force and effect its organizational existence and (ii) take all reasonable action to maintain all rights, privileges and franchises necessary or desirable in the normal
conduct of its business, except, in each case, as otherwise permitted by Section 7.4 and except, in the case of clause (ii) above, to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect; and
(b) comply with all Contractual Obligations and Requirements of Law except to the extent that failure to comply therewith could not, in the aggregate, reasonably be expected to have a Material Adverse Effect. 

6.5 Maintenance of Property; Insurance. (a) Keep all Property and systems useful and necessary in its business in good
working order and condition, ordinary wear and tear excepted. 
 (b) Maintain with financially sound and reputable insurance
companies insurance with respect to its Property and business against loss or damage of the kinds customarily insured against by Persons engaged in the same or similar business, of such types and in such amounts (after giving effect to any
self-insurance reasonable and customary for similarly situated Persons engaged in the same or similar business) and with deductible levels as are customarily carried under similar circumstances by such other Persons and ensure that the
Administrative Agent is named as an additional insured and/or loss payee under such liability and property insurance as reasonably requested by the Administrative Agent. 
 6.6 Inspection of Property; Books and Records; Discussions. (a) Keep proper books of records and account in which full, true and correct entries in conformity with GAAP and all Requirements of
Law shall be made of all dealings and transactions in relation to its business and activities and (b) permit representatives of the Administrative Agent or any Lender to visit and inspect any of its properties and examine and make abstracts
from any of its books and records at any reasonable time and as often as may reasonably be desired (such visits and inspections to be coordinated by the Lenders to the extent reasonably practicable) and to discuss the business, operations,
properties and financial and other condition of the Borrower and its Subsidiaries with officers of the Borrower and its Subsidiaries and with its independent certified public accountants; provided that if no Default or Event of Default has
occurred and is continuing, only the Administrative Agent on behalf of the Lenders may exercise the rights of the Administrative Agent and the Lenders under this Section 6.6(b), such visits shall be limited to once per fiscal quarter and such
discussions shall be limited to once per week. 

  
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 6.7 Notices. Promptly give notice to the Administrative Agent and each Lender of:

 (a) the occurrence of any Default or Event of Default; 

(b) any (i) default or event of default under any Contractual Obligation of Holdings or any of its Subsidiaries beyond any period of
grace provided in such Contractual Obligation or (ii) litigation, investigation or proceeding which may exist at any time between Holdings or any of its Subsidiaries and any Governmental Authority, that in either case, if not cured or if
adversely determined, as the case may be, could reasonably be expected to have a Material Adverse Effect; 
 (c) any litigation
or proceeding affecting Holdings or any of its Subsidiaries in which the amount involved is $5,000,000 or more and not covered by insurance or in which injunctive or similar relief is sought (other than injunctive relief related to a land
development approval for a Tower); 
 (d) the following events, as soon as possible and in any event within 30 days after
the Borrower knows or has reason to know thereof: (i) the occurrence of any Reportable Event with respect to any Plan, a failure to make any required contribution to a Plan, a failure by any Plan to satisfy the minimum funding standards (within
the meaning of Section 412 or 430 of the Code or Section 302 of ERISA), including any “accumulated funding deficiency,” whether or not waived, any determination that a Single Employer Plan is or is expected to be in “at
risk” status (within the meaning of Section 430 of the Code or Section 303 of ERISA), the creation of any Lien in favor of the PBGC or a Plan or any withdrawal from, or the termination, Reorganization or Insolvency of, any
Multiemployer Plan, or determination that any Multiemployer Plan is or is expected to be in “endangered” or “critical” status (within the meaning of Section 432 of the Code or Section 305 of ERISA), or (ii) the
institution of proceedings or the taking of any other action by the PBGC or the Borrower or any Commonly Controlled Entity or any Multiemployer Plan with respect to the withdrawal from, or the termination, Reorganization, Insolvency, or
“endangered” or “critical” status, of, any Plan; 
 (e) the following events, as soon as possible and in any
event within ten days after the Borrower knows or has reason to know thereof: (i) any development, event, or condition that, individually or in the aggregate with other related developments, events or conditions, could reasonably be expected to
result in the Borrower and its Subsidiaries sustaining a Material Environmental Loss; (ii) any notice that any governmental authority may deny any application for a material Environmental Permit sought by, or revoke or refuse to renew any
material Environmental Permit held by, the Borrower or any of its Subsidiaries; and (iii) any Governmental Authority has identified the Borrower or any of its Subsidiaries as a potentially responsible party under any Environmental Law for the
cleanup of Materials of Environmental Concern at any location, whether or not owned, leased or operated by the Borrower or its Subsidiaries; and 
 (f) any development or event that has had or could reasonably be expected to have a Material Adverse Effect. 
 Each notice pursuant to this Section shall be accompanied by a statement of a Responsible Officer setting forth details of the occurrence referred to therein and stating what action the Borrower or the
relevant Subsidiary proposes to take with respect thereto. 
 6.8 Environmental Laws. (a) Comply in all material
respects with, and use commercially reasonable efforts to ensure compliance in all material respects by all tenants and subtenants, if any, with, all applicable Environmental Laws, and obtain and comply in all material respects with and

  
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maintain any and all Environmental Permits required for any of their current or intended operations or for any property owned, leased or otherwise operated by any of them, and use commercially
reasonable efforts to ensure that all tenants and subtenants obtain and comply in all material respects with and maintain, any and all Environmental Permits required of them by any applicable Environmental Laws. 

(b) Conduct and complete all investigations, studies, sampling and testing, and all remedial, removal and other actions required under
Environmental Laws and the SBA Environmental Analysis Policy and promptly comply with all orders and directives of all Governmental Authorities regarding Environmental Laws. 
 (c) Generate, use, treat, store, release, dispose of, and otherwise manage Materials of Environmental Concern in a manner that would not reasonably be expected to result in a material liability to the
Borrower or any of its Subsidiaries or to materially affect any real property owned or leased by any of them; and take reasonable efforts to prevent any other Person from generating, using, treating, storing, releasing, disposing of, or otherwise
managing Materials of Environmental Concern in a manner that could reasonably be expected to result in a material liability to, or materially affect any real property owned or operated by, the Borrower or any of its Subsidiaries. 

6.9 Additional Collateral, etc. (a) With respect to any personal Property acquired after the Closing Date by the Borrower or
any of its Subsidiaries (other than (x) any leasehold, easement or fee interest in real property, (x) any Property subject to a Lien expressly permitted by Section 7.3(g) and (z) Property acquired by an Excluded Subsidiary) as to
which the Administrative Agent, for the benefit of the Secured Parties, does not have a perfected Lien, promptly (i) execute and deliver to the Administrative Agent such amendments to the Guarantee and Collateral Agreement or such other
documents as the Administrative Agent deems necessary or advisable to grant to the Administrative Agent, for the benefit of the Secured Parties, a security interest in such Property and (ii) take all actions necessary or advisable to grant to
the Administrative Agent, for the benefit of the Secured Parties, a perfected first priority security interest in such Property, including without limitation, the filing of Uniform Commercial Code financing statements in such jurisdictions as may be
required by the Guarantee and Collateral Agreement or by law or as may be requested by the Administrative Agent. 
 (b) With
respect to any new Subsidiary (other than an Excluded Subsidiary) created or acquired after the Closing Date (which, for the purposes of this paragraph, shall include any existing Subsidiary that ceases to be an Excluded Subsidiary) by the Borrower
or any of its Subsidiaries, promptly (i) execute and deliver to the Administrative Agent such amendments to the Guarantee and Collateral Agreement as the Administrative Agent deems necessary or advisable to grant to the Administrative Agent,
for the benefit of the Secured Parties, a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned by the Borrower or any of its Subsidiaries, (ii) deliver to the Administrative Agent the certificates
representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the Borrower or such Subsidiary, as the case may be, (iii) cause such new Subsidiary (A) to become a
party to the Guarantee and Collateral Agreement and (B) to take such actions necessary or advisable to grant to the Administrative Agent for the benefit of the Secured Parties a perfected first priority security interest in the Collateral
described in the Guarantee and Collateral Agreement with respect to such new Subsidiary, including, without limitation, the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and
Collateral Agreement or by law or as may be requested by the Administrative Agent, and (iv) if requested by the Administrative Agent, deliver to the Administrative Agent legal opinions relating to the matters described above, which opinions
shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent. 

  
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 (c) With respect to any new Excluded Subsidiary created or acquired after the Closing Date
by the Borrower or any of its Subsidiaries, promptly (i) execute and deliver to the Administrative Agent such amendments to the Guarantee and Collateral Agreement as the Administrative Agent deems necessary or advisable in order to grant to the
Administrative Agent, for the benefit of the Secured Parties, a perfected first priority security interest in the Capital Stock of such new Excluded Subsidiary that is owned by the Borrower or any of its Subsidiaries (provided that in no event shall
more than 65% of the total outstanding Capital Stock of any such new Excluded Subsidiary be required to be so pledged), (ii) deliver to the Administrative Agent the certificates representing such Capital Stock, together with undated stock
powers, in blank, executed and delivered by a duly authorized officer of the Borrower or such Excluded Subsidiary, as the case may be, and take such other action as may be necessary or, in the opinion of the Administrative Agent, desirable to
perfect the Lien of the Administrative Agent thereon, and (iii) if requested by the Administrative Agent, deliver to the Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance,
and from counsel, reasonably satisfactory to the Administrative Agent. For the avoidance of doubt, no local perfection measures shall be taken in any foreign jurisdiction. 
 6.10 Further Assurances. From time to time execute and deliver, or cause to be executed and delivered, such additional instruments, certificates or documents, and take all such actions, as the
Administrative Agent may reasonably request, for the purposes of implementing or effectuating the provisions of this Agreement and the other Loan Documents, or of more fully perfecting or renewing the rights of the Administrative Agent and the
Lenders with respect to the Collateral (or with respect to any additions thereto or replacements or proceeds thereof or with respect to any other property or assets hereafter acquired by the Borrower or any Subsidiary which may be deemed to be part
of the Collateral) pursuant hereto or thereto. Upon the exercise by the Administrative Agent or any Lender of any power, right, privilege or remedy pursuant to this Agreement or the other Loan Documents which requires any consent, approval,
recording, qualification or authorization of any Governmental Authority, the Borrower will execute and deliver, or will cause the execution and delivery of, all applications, certifications, instruments and other documents and papers that the
Administrative Agent or such Lender may be required to obtain from the Borrower or any of its Subsidiaries for such governmental consent, approval, recording, qualification or authorization. 

SECTION 7 

NEGATIVE COVENANTS 
 The Borrower hereby agrees that, so long as any Loan or other amount is owing to any Lender or the Administrative Agent hereunder, the Borrower shall not, and shall not permit any of its Subsidiaries to,
directly or indirectly: 
 7.1 Consolidated Leverage Ratio. 

Permit the ratio of Consolidated Total Debt to Consolidated Adjusted EBITDA (the “Consolidated Leverage Ratio”) as of
the last day of any period of four consecutive fiscal quarters of the Borrower (or, if less, the number of full fiscal quarters subsequent to the Closing Date) ending with any fiscal quarter to exceed 7.00 to 1.00. 

7.2 Limitation on Indebtedness. Create, incur, assume or suffer to exist any Indebtedness, except: 

(a) Indebtedness of any Loan Party pursuant to any Loan Document; 

  
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 (b) (i) Indebtedness of the Borrower or a Wholly Owned Subsidiary Guarantor to any other
Loan Party and (ii) Indebtedness of any Subsidiary that is not a Loan Party to any other Subsidiary that is not a Loan Party; 
 (c) Indebtedness of the Borrower or any Subsidiary (including, without limitation, Capital Lease Obligations) secured by Liens permitted by Section 7.3(g) in an aggregate principal amount not to
exceed $5,000,000 at any one time outstanding; 
 (d) Indebtedness outstanding on the Closing Date and listed on
Schedule 7.2(d) and any refinancings, refundings, renewals or extensions thereof (without any increase in the principal amount thereof or any shortening of the maturity of any principal amount thereof); 

(e) Guarantee Obligations made in the ordinary course of business by the Borrower or any of its Subsidiaries of obligations of the
Borrower or any Subsidiary; provided, that a Loan Party may not guaranty Indebtedness of a Subsidiary that is not a Loan Party unless such Loan Party could have incurred such Indebtedness or such Guarantee Obligation is subordinated to the
Obligations on terms reasonably satisfactory to the Administrative Agent; 
 (f) Reserved; 

(g) Indebtedness owed to credit card companies which are used to pay operating expenses associated with Towers and letters of credit to
secure such Indebtedness in an aggregate amount not exceeding $500,000 at any one time outstanding; 
 (h) Reserved. 

(i) cash management obligations and other Indebtedness in respect of netting services, overdraft protections and similar arrangements in
each case incurred in the ordinary course of business in connection with cash management activities; 
 (j) Indebtedness of the
Borrower or any Subsidiary to the Borrower or any other Subsidiary to the extent constituting an Investment permitted by Section 7.7; and 
 (k) other Indebtedness of the Borrower or any Subsidiary in an aggregate principal amount not to exceed $5,000,000 at any one time outstanding. 

7.3 Limitation on Liens. Create, incur, assume or suffer to exist any Lien upon any of its Property, whether now owned or
hereafter acquired, except for: 
 (a) Liens for taxes not yet due or which are being contested in good faith by appropriate
proceedings, provided that adequate reserves with respect thereto are maintained on the books of the Borrower or its Subsidiaries, as the case may be, in conformity with GAAP; 

(b) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens arising in the
ordinary course of business which are not overdue for a period of more than 30 days or that are being contested in good faith by appropriate proceedings; 
 (c) pledges or deposits in connection with workers’ compensation, unemployment insurance and other social security legislation; 

  
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 (d) deposits to secure the performance of bids, trade contracts (other than for borrowed
money), leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business, and deposits to secure obligations under contracts to purchase towers or other
related assets; 
 (e) easements, rights-of-way, restrictions and other similar encumbrances incurred in the ordinary course of
business that, in the aggregate, are not substantial in amount and which do not in any case materially detract from the value of the Property subject thereto or materially interfere with the ordinary conduct of the business of the Borrower or any of
its Subsidiaries; 
 (f) Liens in existence on the Closing Date listed on Schedule 7.3(f) for taxes described on Schedule
4.10 or securing Indebtedness permitted by Section 7.2(d), provided that no such Lien is spread to cover any additional Property after the Closing Date and that the amount of Indebtedness secured thereby is not increased; 

(g) Liens securing Indebtedness of the Borrower or any Subsidiary incurred pursuant to Section 7.2(c) to finance the acquisition of
fixed or capital assets, provided that (1) such Liens shall be created substantially simultaneously with the acquisition of such fixed or capital assets, (2) such Liens do not at any time encumber any Property other than the
Property financed by such Indebtedness and (3) the amount of Indebtedness secured thereby is not increased; 
 (h) Liens
created pursuant to the Security Documents; 
 (i) any interest or title of a lessor under any lease entered into by the
Borrower or any Subsidiary in the ordinary course of its business and covering only the assets so leased (including landlord’s Liens on any property placed on the property subject to such lease); 

(j) Liens on cash deposits not exceeding an aggregate amount equal to $500,000 to secure Indebtedness permitted by Section 7.2(g);

 (k) Reserved; 
 (l) Liens securing judgments not constituting an Event of Default under Section 8(h); 
 (m) Liens (i) of a collection bank arising under Section 4-208 of the Uniform Commercial Code on items in the course of collection and (ii) in favor of a banking institution arising as a
matter of law encumbering deposits (including the right of set-off); and 
 (n) other Liens securing obligations, including
Indebtedness, in an aggregate principal amount not to exceed $5,000,000 at any one time outstanding. 
 7.4 Limitation on
Fundamental Changes. Enter into any merger, consolidation or amalgamation, or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution), or Dispose of all or substantially all of its Property or business, except that:

 (a) (i) any Subsidiary of the Borrower may be merged or consolidated with or into the Borrower (provided that the
Borrower shall be the continuing or surviving corporation) or with or into any Subsidiary Guarantor wholly owned by the Borrower (provided that the Subsidiary Guarantor shall be the continuing or surviving corporation) and (ii) any
Subsidiary of the Borrower that is not a Loan Party may be merged or consolidated with or into any other Subsidiary that is not a Loan Party; 

  
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 (b) any Subsidiary of the Borrower may Dispose of any or all of its assets
(i) (A) to the Borrower or any Subsidiary Guarantor (upon voluntary liquidation or otherwise) or (B) in the case of any Subsidiary that is not a Loan Party, to any other Subsidiary that is not a Loan Party, or (ii) pursuant to a
Disposition permitted by Section 7.5; and 
 (c) any Subsidiary of the Borrower may be dissolved upon transfer of all of
such Subsidiary’s assets to a Subsidiary Guarantor or the Borrower or, in the case of a Subsidiary that is not a Loan Party, to any other Subsidiary that is not a Loan Party. 

7.5 Limitation on Disposition of Property. Dispose of any of its Property (including, without limitation, receivables and
leasehold interests), whether now owned or hereafter acquired, or, in the case of any Subsidiary, issue or sell any shares of such Subsidiary’s Capital Stock to any Person, except: 

(a) the Disposition in the ordinary course of business of obsolete or worn out property, or surplus real property not needed in the
Borrower’s business; 
 (b) the sale of inventory in the ordinary course of business (including, without limitation, the
leasing of space on Towers) and the sale of accounts receivable in the ordinary course of business which, in the reasonable discretion of the Borrower, should be sold to a collection agency in connection with the compromise or collection thereof not
to exceed $1,000,000 in the aggregate; 
 (c) Dispositions permitted by Section 7.4 and Dispositions of Cash Equivalents;

 (d) (i) the sale or issuance of any Subsidiary’s Capital Stock to the Borrower or any Subsidiary Guarantor and
(ii) the sale or issuance of any non-Loan Party Subsidiary’s Capital Stock to any other Subsidiary that is not a Loan Party; 
 (e) the Disposition of other assets having a fair market value not to exceed $1,000,000 in the aggregate; 
 (f) the Disposition of Towers in exchange for Towers with Tower Cash Flow at least equal in amount to the Tower Cash Flow of such Disposed Towers; 

(g) any Recovery Event, provided that the requirements of Section 2.7(a), as applicable, are complied with in connection
therewith; 
 (h) Dispositions of the Distributed Antenna Network Business, provided that the requirements of
Section 2.7(a) are complied with; 
 (i) (i) the Disposition of Towers or Tower sites by the Borrower or any of its
Subsidiaries to the Borrower or a Subsidiary Guarantor and (ii) the Disposition of Towers or Tower sites by any Subsidiary that is not a Loan Party to any other Subsidiary that is not a Loan Party; 

(j) the Disposition of the Capital Stock of Mobilitie Guatemala y Compania Limitada and Mobilitie Nicaragua y Compania Limitada described
on Schedule 7.5; and 
 (k) the sale of other assets; provided that (i) such assets are sold at fair market
value, (ii) the purchase price for such assets shall be paid in cash substantially concurrently with the consummation of such sale, (iii) immediately before and on a pro forma basis after giving effect thereto the Borrower shall be in
compliance with the Consolidated Leverage Ratio and (iv) the requirements of Section 2.7(a) are complied with. 

  
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 7.6 Limitation on Restricted Payments. Declare or pay any dividend (other than
dividends payable solely in common stock of the Person making such dividend) on, or make any payment on account of, or set apart assets for a sinking or other analogous fund for, the purchase, redemption, defeasance, retirement or other acquisition
of, any Capital Stock of the Borrower or any Subsidiary, whether now or hereafter outstanding, or make any other distribution in respect thereof, either directly or indirectly, whether in cash or property or in obligations of the Borrower or any
Subsidiary, or enter into any derivatives or other transaction with any financial institution, commodities or stock exchange or clearinghouse (a “Derivatives Counterparty”) obligating the Borrower or any Subsidiary to make payments
to such Derivatives Counterparty as a result of any change in market value of any such Capital Stock (collectively, “Restricted Payments”), except that so long as no Default or Event of Default shall have occurred and be continuing,
the Borrower may make Restricted Payments to Holdings or the Parent if at the time of making any such Restricted Payment and after giving effect thereto the Borrower shall be in compliance with the Consolidated Leverage Ratio, calculated on a pro
forma basis giving effect to such Restricted Payment and (x) removing the financial results that would otherwise be included in such calculations in respect of any Property Disposed of after such date and on or prior to the date of making such
Restricted Payment and (y) including the financial results that would otherwise be excluded in such calculations in respect of any Property acquired after such date and on or prior to the date of making such Restricted Payment. 

7.7 Limitation on Investments. Make any advance, loan, extension of credit (by way of guaranty or otherwise) or capital
contribution to, or purchase any Capital Stock, bonds, notes, debentures or other debt securities of, or any assets constituting an ongoing business from, or make any other investment in, any other Person (all of the foregoing,
“Investments”), except: 
 (a) extensions of trade credit in the ordinary course of business; 

(b) Investments in Cash Equivalents; 
 (c) Investments arising in connection with the incurrence of Indebtedness permitted by Section 7.2(b) and Section 7.2 (e); 

(d) loans and advances to employees of the Borrower or any Subsidiaries of the Borrower in the ordinary course of business (including,
without limitation, for travel, entertainment and relocation expenses and excluding advances made to employees in the form of federal income tax withholding payments paid by the Borrower or any of its Subsidiaries) in an aggregate amount for the
Borrower and Subsidiaries of the Borrower not to exceed $250,000 at any one time outstanding; 
 (e) (i) Investments (other than
those relating to the incurrence of Indebtedness permitted by Section 7.7(c)) by the Borrower or any of its Subsidiaries in the Borrower or any Person that, prior to such investment or immediately after giving effect thereto, is a Subsidiary
Guarantor and (ii) Investments (other than those relating to the incurrence of Indebtedness permitted by Section 7.7(c)) by any Subsidiary that is not a Loan Party in any other Subsidiary that is not a Loan Party; and 

(f) so long as no Default or Event of Default shall have occurred and be continuing, other Investments if at the time of making any such
Investment and after giving effect thereto the Borrower shall be in compliance with the Consolidated Leverage Ratio, calculated on a pro forma basis giving effect to such Investment and (x) removing the financial results that would otherwise be
included in such calculations in respect of any Property Disposed of after such date and on or prior to the date of making such Investment and (y) including the financial results that would otherwise be excluded in such calculations in respect
of any Property acquired after such date and on or prior to the date of making such Investment. 

  
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 7.8 Limitation on Modifications of Certain Documents. Amend, supplement or otherwise
modify (pursuant to a waiver or otherwise) its certificate of incorporation or its certificate of formation, as applicable, or the Acquisition Agreement, in any manner reasonably determined by the Administrative Agent to be materially adverse to the
Lenders. 
 7.9 Limitation on Transactions with Affiliates. Enter into any transaction, including, without limitation,
any purchase, sale, lease or exchange of Property, the rendering of any service or the payment of any management, advisory or similar fees, with any Affiliate (other than the Borrower or any Subsidiary Guarantor) other than: (a) transactions
that are (i) otherwise permitted under this Agreement, (ii) in the ordinary course of business of the Borrower or such Subsidiary, as the case may be, and (iii) upon fair and reasonable terms no less favorable to the Borrower or such
Subsidiary, as the case may be, than it would obtain in a comparable arm’s length transaction with a Person that is not an Affiliate and (b) the provision of (and payment for) shared services, including general administrative and corporate
level services to the extent allocated on a fair and reasonable basis. 
 7.10 Limitation on Sales and Leasebacks. Enter
into any arrangement with any Person providing for the leasing by the Borrower or any Subsidiary of real or personal property which has been or is to be sold or transferred by the Borrower or such Subsidiary to such Person or to any other Person to
whom funds have been or are to be advanced by such Person on the security of such property or rental obligations of the Borrower or such Subsidiary, except (i) to the extent permitted by Section 7.2(c) and (ii) to the extent in
respect of no more than ten Towers and the related Tower sites at any one time outstanding and in the case of this clause (ii) which transactions do not require more than nominal lease payments to be made by the Borrower or any of its
Subsidiaries. 
 7.11 Limitation on Negative Pledge Clauses. Enter into or suffer to exist or become effective any
agreement that prohibits or limits the ability of the Borrower or any of its Subsidiaries to create, incur, assume or suffer to exist any Lien upon any of its Property or revenues, whether now owned or hereafter acquired, to secure the Obligations
or, in the case of any guarantor, its obligations under the Guarantee and Collateral Agreement, other than (a) this Agreement and the other Loan Documents, (b) any agreements governing any purchase money Liens or Capital Lease Obligations
otherwise permitted hereby (in which case, any prohibition or limitation shall only be effective against the assets financed thereby) and (c) any agreements binding on a Person at the time such Person becomes a Subsidiary of the Borrower, so
long as such agreements were not entered into or amended, supplemented or otherwise modified (other than to permit such Lien and except for such amendments, modifications or supplements that are not, when taken as a whole, adverse to the Lenders) in
contemplation of such Person becoming a Subsidiary of the Borrower. 
 7.12 Limitation on Restrictions on Subsidiary
Distributions. Enter into or suffer to exist or become effective any consensual encumbrance or restriction on the ability of any Subsidiary to (a) make Restricted Payments in respect of any Capital Stock of such Subsidiary held by, or pay
any Indebtedness owed to, the Borrower or any other Subsidiary, (b) make Investments in the Borrower or any other Subsidiary or (c) transfer any of its assets to the Borrower or any other Subsidiary, except for such encumbrances or
restrictions existing under or by reason of (i) any restrictions existing under the Loan Documents, (ii) any restrictions with respect to a Subsidiary imposed pursuant to an agreement that has been entered into in connection with the
Disposition of all or substantially all of the Capital Stock or assets of such Subsidiary or (iii) any restrictions existing under any agreements binding on a Person at the time such Person becomes a Subsidiary of the Borrower, so long as such
agreements were not entered into or amended, supplemented or otherwise modified (other than to permit such restriction and except for such amendments, modifications or supplements that are not, when taken as a whole, adverse to the Lenders) in
contemplation of such Person becoming a Subsidiary of the Borrower. 

  
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 7.13 Limitation on Lines of Business. Enter into any business, either directly or
through any Subsidiary, except for those businesses in which the Borrower and its Subsidiaries are engaged on the date of this Agreement or that are reasonably related thereto. 

7.14 Limitation on Hedge Agreements. Enter into any Hedge Agreement other than Hedge Agreements entered into in the ordinary
course of business, and not for speculative purposes, to protect against changes in interest rates or foreign exchange rates. 

7.15 Limitation on Changes in Fiscal Periods. Permit the fiscal year of the Borrower to end on a day other than December 31.

 7.16 Limitation on Capital Expenditures. Make or commit to make any Capital Expenditure, except: 

(a) Capital Expenditures of the Borrower and its Subsidiaries made in the ordinary course of business (i) for maintenance and
non-discretionary improvement (including in connection with casualty events) of Property of the Borrower and its Subsidiaries, (ii) Tower or DAS augmentation in connection with tenant co-location or tenant equipment change or as otherwise
required by applicable law or (iii) to convert ground lease interests to fee simple or easement interests; and 
 (b) so
long as no Default or Event of Default shall have occurred and be continuing, other Capital Expenditures of the Borrower and its Subsidiaries in the ordinary course of business to the extent that, immediately before and on a pro forma basis after
giving effect thereto, the Borrower shall be in compliance with the Consolidated Leverage Ratio. 
 SECTION 8 

EVENTS OF DEFAULT 
 If any of the following events shall occur and be continuing: 
 (a) The Borrower
shall fail to pay any principal of any Loan when due in accordance with the terms hereof; or the Borrower shall fail to pay any interest on any Loan or any other amount payable hereunder or under any other Loan Document, within five days after any
such interest or other amount becomes due in accordance with the terms hereof; or 
 (b) Any representation or warranty made or
deemed made by any Loan Party herein or in any other Loan Document or that is contained in any certificate, document or financial or other statement furnished by it at any time under or in connection with this Agreement or any such other Loan
Document shall prove to have been inaccurate in any material respect on or as of the date made or deemed made; or 
 (c) Any
Loan Party shall default in the observance or performance of any agreement contained in Section 4.16, clause (i) or (ii) of Section 6.4(a) (with respect to the Borrower only), Section 6.7(a), Section 6.7(b)(i) or
Section 7 of this Agreement; or 
 (d) Any Loan Party shall default in the observance or performance of any other agreement
contained in this Agreement or any other Loan Document (other than as provided in paragraphs (a) through (c) of this Section) and in each case, such default shall continue unremedied for a period of 30 days; or 

  
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 (e) Holdings or any of its Subsidiaries shall (i) default in making any payment of any
principal of any Indebtedness (including, without limitation, any Guarantee Obligation, but excluding the Loans) on the scheduled or original due date with respect thereto; or (ii) default in making any payment of any interest on any such
Indebtedness beyond the period of grace, if any, provided in the instrument or agreement under which such Indebtedness was created; or (iii) default in the observance or performance of any other agreement or condition relating to any such
Indebtedness or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event shall occur or condition exist, the effect of which default or other event or condition is to cause, or to permit the holder or
beneficiary of such Indebtedness (or a trustee or agent on behalf of such holder or beneficiary) to cause, with the giving of notice if required, such Indebtedness to become due prior to its stated maturity or (in the case of any such Indebtedness
constituting a Guarantee Obligation) to become payable; provided, that a default, event or condition described in clause (i), (ii) or (iii) of this paragraph (e) shall not at any time constitute an Event of Default unless,
at such time, one or more defaults, events or conditions of the type described in clauses (i), (ii) and (iii) of this paragraph (e) shall have occurred and be continuing with respect to Indebtedness the outstanding principal
amount of which exceeds in the aggregate $1,000,000; or 
 (f) (i) Holdings or any of its Subsidiaries shall commence any
case, proceeding or other action (A) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to
it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts, or (B) seeking appointment of a
receiver, trustee, custodian, conservator or other similar official for it or for all or any substantial part of its assets, or Holdings or any of its Subsidiaries shall make a general assignment for the benefit of its creditors; or (ii) there
shall be commenced against Holdings or any of its Subsidiaries any case, proceeding or other action of a nature referred to in clause (i) above that (A) results in the entry of an order for relief or any such adjudication or appointment or
(B) remains undismissed, undischarged or unbonded for a period of 60 days; or (iii) there shall be commenced against Holdings or any of its Subsidiaries any case, proceeding or other action seeking issuance of a warrant of attachment,
execution, distraint or similar process against all or any substantial part of its assets that results in the entry of an order for any such relief that shall not have been vacated, discharged, or stayed or bonded pending appeal within 60 days
from the entry thereof; or (iv) Holdings or any of its Subsidiaries shall take any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set forth in clause (i), (ii), or (iii) above;
or (v) Holdings or any of its Subsidiaries shall generally not, or shall be unable to, or shall admit in writing its inability to, pay its debts as they become due; or 
 (g) (i) Any Person shall engage in any “prohibited transaction” (as defined in Section 406 of ERISA or Section 4975 of the Code) involving any Plan, (ii) the failure to make by
its due date a required installment under Section 430(j) of the Code with respect to any Single Employer Plan, (iii) the failure by any Loan Party or any Commonly Controlled Entity to make any required contribution to any Multiemployer
Plan, (iv) any Plan shall fail to satisfy the minimum funding standards (as defined in Section 412 or 430 of the Code or Section 302 of ERISA), including any “accumulated funding deficiency,” whether or not waived,
applicable to it, (v) the determination that any Plan is or is expected to be in “at risk” status (within the meaning of Section 430 of the Code or Section 303 of ERISA), or any Lien in favor of the PBGC or a Plan shall
arise on the assets of any Loan Party or any Commonly Controlled Entity, (vi) a Reportable Event shall occur with respect to, or proceedings shall commence to have a trustee appointed, or a trustee shall be appointed, to administer or to
terminate, any Single Employer Plan, which Reportable Event or commencement of proceedings or appointment of a trustee is, in the reasonable opinion of the Required Lenders, likely to result in the termination of such Plan for purposes of
Title IV of ERISA, (vii) any Single Employer Plan shall terminate for purposes of Title IV of ERISA, (viii) the Borrower or any Commonly Controlled Entity shall, or in the reasonable opinion of the Required Lenders is likely to,
incur any liability in connection with a withdrawal from, or the Insolvency or Reorganization of, or the 

  
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endangered or critical status (within the meaning of Section 432 of the Code or Section 305 of ERISA) of, a Multiemployer Plan or (ix) any other event or condition shall occur or
exist with respect to a Plan; and in each case in clauses (i) through (ix) above, such event or condition, together with all other such events or conditions, if any, could, in the sole judgment of the Required Lenders, reasonably be
expected to have a Material Adverse Effect; or 
 (h) One or more judgments or decrees shall be entered against Holdings or any
of its Subsidiaries involving for Holdings and its Subsidiaries taken as a whole a liability (not paid or fully covered by insurance as to which the relevant insurance company has acknowledged coverage) of $5,000,000 or more, and all such judgments
or decrees shall not have been vacated, discharged, stayed or bonded pending appeal within 30 days from the entry thereof; or 
 (i) Any of the Security Documents shall cease, for any reason, to be in full force and effect, or any Loan Party or any Affiliate of any Loan Party shall so assert, or any Lien created by any of the
Security Documents shall cease to be enforceable and of the same effect and priority purported to be created thereby; or 
 (j)
The guarantee contained in Section 2 of the Guarantee and Collateral Agreement shall cease, for any reason, to be in full force and effect or any Loan Party or any Affiliate of any Loan Party shall so assert; or 

(k) (i) Any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of
1934, as amended (the “Exchange Act”)), shall become, or obtain rights (whether by means or warrants, options or otherwise) to become, the “beneficial owner” (as defined in Rules 13(d)-3 and 13(d) 5 under the Exchange Act),
directly or indirectly, of more than 20% of the economic or voting interests of outstanding common stock of the Parent; (ii) the Parent shall cease to own and control, of record and beneficially, directly, 100% of each class of outstanding
Capital Stock of Holdings free and clear of all Liens or (iii) Holdings shall cease to own and control, of record and beneficially, directly or indirectly, 100% of each class of outstanding Capital Stock of the Borrower free and clear of all
Liens; 
 then, and in any such event, (A) if such event is an Event of Default specified in clause (i) or (ii) of
paragraph (f) above with respect to the Borrower, automatically the Loans hereunder (with accrued interest thereon) and all other amounts owing under this Agreement and the other Loan Documents shall immediately become due and payable, and
(B) if such event is any other Event of Default, either or both of the following actions may be taken: (i) with the consent of the Required Lenders, the Administrative Agent may, or upon the request of the Required Lenders, the
Administrative Agent shall, by notice to the Borrower, declare the Loans hereunder (with accrued interest thereon) and all other amounts owing under this Agreement and the other Loan Documents to be due and payable forthwith, whereupon the same
shall immediately become due and payable. 
 SECTION 9 
 THE ADMINISTRATIVE AGENT 
 9.1 Appointment. Each Lender hereby irrevocably
designates and appoints the Administrative Agent as the agent of such Lender under this Agreement and the other Loan Documents, and each such Lender irrevocably authorizes the Administrative Agent, in such capacity, to take such action on its behalf
under the provisions of this Agreement and the other Loan Documents and to exercise such powers and perform such duties as are expressly delegated to the Administrative Agent by the terms of this

  
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Agreement and the other Loan Documents, together with such other powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary elsewhere in this Agreement, the
Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities
shall be read into this Agreement or any other Loan Document or otherwise exist against the Administrative Agent. 
 9.2
Delegation of Duties. The Administrative Agent may execute any of its duties under this Agreement and the other Loan Documents by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters
pertaining to such duties. The Administrative Agent shall not be responsible for the negligence or misconduct of any agents or attorneys in-fact selected by it with reasonable care. 

9.3 Exculpatory Provisions. Neither the Administrative Agent nor any of its officers, directors, employees, agents, advisors,
attorneys-in-fact or affiliates shall be (i) liable for any action lawfully taken or omitted to be taken by it or such Person under or in connection with this Agreement or any other Loan Document (except to the extent that any of the foregoing
are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from its or such Person’s own gross negligence or willful misconduct) or (ii) responsible in any manner to any of the Lenders for any
recitals, statements, representations or warranties made by any Loan Party or any officer thereof contained in this Agreement or any other Loan Document or in any certificate, report, statement or other document referred to or provided for in, or
received by the Administrative Agent under or in connection with, this Agreement or any other Loan Document or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Loan Document or for any
failure of any Loan Party a party thereto to perform its obligations hereunder or thereunder. The Administrative Agent shall not be under any obligation to any Lender to ascertain or to inquire as to the observance or performance of any of the
agreements contained in, or conditions of, this Agreement or any other Loan Document, or to inspect the properties, books or records of any Loan Party. 
 9.4 Reliance by Administrative Agent. The Administrative Agent shall be entitled to rely, and shall be fully protected in relying, upon any instrument, writing, resolution, notice, consent,
certificate, affidavit, letter, telecopy or email message, statement, order or other document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and
statements of legal counsel (including counsel to the Borrower), independent accountants and other experts selected by the Administrative Agent. The Administrative Agent may deem and treat the payee of any Note as the owner thereof for all purposes
unless a written notice of assignment, negotiation or transfer thereof shall have been filed with the Administrative Agent. The Administrative Agent shall be fully justified in failing or refusing to take any action under this Agreement or any other
Loan Document unless it shall first receive such advice or concurrence of the Required Lenders (or, if so specified by this Agreement, all Lenders) as it deems appropriate or it shall first be indemnified to its satisfaction by the Lenders against
any and all liability and expense that may be incurred by it by reason of taking or continuing to take any such action. The Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement and
the other Loan Documents in accordance with a request of the Required Lenders (or, if so specified by this Agreement, all Lenders), and such request and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders and
all future holders of the Loans. 
 9.5 Notice of Default. The Administrative Agent shall not be deemed to have knowledge
or notice of the occurrence of any Default or Event of Default unless the Administrative Agent has received notice from a Lender, Holdings or the Borrower referring to this Agreement, describing such Default or Event of Default and stating that such
notice is a “notice of default”. In the event that the 

  
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Administrative Agent receives such a notice, the Administrative Agent shall give notice thereof to the Lenders. The Administrative Agent shall take such action with respect to such Default or
Event of Default as shall be reasonably directed by the Required Lenders (or, if so specified by this Agreement, all Lenders); provided that unless and until the Administrative Agent shall have received such directions, the Administrative
Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders. 

9.6 Non-Reliance on Administrative Agent and Other Lenders. Each Lender expressly acknowledges that neither the Administrative
Agent nor any of its officers, directors, employees, agents, advisors, attorneys-in-fact or affiliates have made any representations or warranties to it and that no act by the Administrative Agent hereafter taken, including any review of the affairs
of a Loan Party or any affiliate of a Loan Party, shall be deemed to constitute any representation or warranty by the Administrative Agent to any Lender. Each Lender represents to the Administrative Agent that it has, independently and without
reliance upon the Administrative Agent or any other Lender, and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, operations, property, financial and other condition
and creditworthiness of the Loan Parties and their affiliates and made its own decision to make its Loans hereunder and enter into this Agreement. Each Lender also represents that it will, independently and without reliance upon the Administrative
Agent or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the other
Loan Documents, and to make such investigation as it deems necessary to inform itself as to the business, operations, property, financial and other condition and creditworthiness of the Loan Parties and their affiliates. Except for notices, reports
and other documents expressly required to be furnished to the Lenders by the Administrative Agent hereunder, the Administrative Agent shall not have any duty or responsibility to provide any Lender with any credit or other information concerning the
business, operations, property, condition (financial or otherwise), prospects or creditworthiness of any Loan Party or any affiliate of a Loan Party that may come into the possession of the Administrative Agent or any of its officers, directors,
employees, agents, advisors, attorneys-in-fact or affiliates. 
 9.7 Indemnification. The Lenders agree to indemnify the
Administrative Agent and its officers, directors, employees, affiliates, agents, advisors and controlling persons (each, an “Agent Indemnitee”) (to the extent not reimbursed by a Loan Party without limiting the obligation of each
Loan Party to do so), ratably according to their respective Aggregate Exposure Percentages in effect on the date on which indemnification is sought under this Section (or, if indemnification is sought after the date upon which the Commitments shall
have terminated and the Loans shall have been paid in full, ratably in accordance with such Aggregate Exposure Percentages immediately prior to such date), from and against any and all liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, costs, expenses or disbursements of any kind whatsoever that may at any time (whether before or after the payment of the Loans) be imposed on, incurred by or asserted against such Agent Indemnitee in any way relating to or arising
out of, the Commitments, this Agreement, any of the other Loan Documents or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any action taken or omitted by such Agent Indemnitee
under or in connection with any of the foregoing; provided that no Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements
that are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from such Agent Indemnitee’s gross negligence or willful misconduct. The agreements in this Section shall survive the termination of this
Agreement and the payment of the Loans and all other amounts payable hereunder. 
 9.8 Administrative Agent in Its Individual
Capacity. The Administrative Agent and its affiliates may make loans to, accept deposits from and generally engage in any kind of business with any 

  
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Loan Party as though the Administrative Agent were not an agent. With respect to its Loans made or renewed by it, the Administrative Agent shall have the same rights and powers under this
Agreement and the other Loan Documents as any Lender and may exercise the same as though it were not an agent, and the terms “Lender” and “Lenders” shall include the Administrative in its individual capacity. 

9.9 Successor Administrative Agent. The Administrative Agent may resign as Administrative Agent upon 10 days’ notice to the
Lenders and the Borrower. If the Administrative Agent shall resign as Administrative Agent under this Agreement and the other Loan Documents, then the Required Lenders shall appoint from among the Lenders a successor agent for the Lenders, which
successor agent shall (unless an Event of Default under Section 8(a) or Section 8(f) with respect to the Borrower shall have occurred and be continuing) be subject to approval by the Borrower (which approval shall not be unreasonably
withheld or delayed), whereupon such successor agent shall succeed to the rights, powers and duties of the Administrative Agent, and the term “Administrative Agent” shall mean such successor agent effective upon such appointment and
approval, and the former Administrative Agent’s rights, powers and duties as Administrative Agent shall be terminated, without any other or further act or deed on the part of such former Administrative Agent or any of the parties to this
Agreement or any holders of the Loans. If no successor agent has accepted appointment as Administrative Agent by the date that is 10 days following a retiring Administrative Agent’s notice of resignation, the retiring Administrative
Agent’s resignation shall nevertheless thereupon become effective, and the Lenders shall assume and perform all of the duties of the Administrative Agent hereunder until such time, if any, as the Required Lenders appoint a successor agent as
provided for above. After any retiring Administrative Agent’s resignation as Administrative Agent, the provisions of this Section 9 and of Section 10.5 shall continue to inure to its benefit. 

9.10 Authorization to Release Liens. The Administrative Agent is hereby irrevocably authorized by each of the Lenders to release
any Lien covering any Property of the Borrower or any of its Subsidiaries that is the subject of a Disposition which is permitted by this Agreement or which has been consented to in accordance with Section 10.1 and to release any obligations
under any Loan Document of any Person being Disposed of in such Disposition or which has been consented to in accordance with Section 10.1. 
 9.11 Lead Arrangers. The Lead Arrangers shall not have any duties or responsibilities hereunder in their capacities as such. 
 SECTION 10 
 MISCELLANEOUS 

10.1 Amendments and Waivers. Neither this Agreement, any other Loan Document, nor any terms hereof or thereof may be amended,
supplemented or modified except in accordance with the provisions of this Section 10.1. The Required Lenders and each Loan Party party to the relevant Loan Document may, or with the written consent of the Required Lenders, the Administrative
Agent and each Loan Party party to the relevant Loan Document may, from time to time, (a) enter into written amendments, supplements or modifications hereto and to the other Loan Documents (including amendments and restatements hereof or
thereof) for the purpose of adding any provisions to this Agreement or the other Loan Documents or changing in any manner the rights of the Lenders or of the Loan Parties hereunder or thereunder or (b) waive, on such terms and conditions as may
be specified in the instrument of waiver, any of the requirements of this Agreement or the other Loan Documents or any Default or Event of Default and its consequences; provided, however, that no such waiver and no such amendment,
supplement or modification shall: 
 (i) forgive or reduce the principal amount or extend the final scheduled
date of maturity of any Loan, extend the scheduled date of any payment in respect of any Loan, reduce the stated rate of any interest or fee payable hereunder or extend the scheduled date of any payment thereof, in each case without the consent of
each Lender directly affected thereby; 

  
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 (ii) amend, modify or waive any provision of this Section or reduce the
percentage specified in the definition of Required Lenders, consent to the assignment or transfer by the Borrower of any of its rights and obligations under this Agreement and the other Loan Documents, release all or substantially all of the
Collateral or release all or substantially all of the Subsidiary Guarantors from their guarantee obligations under the Guarantee and Collateral Agreement, or subordinate any of the Indebtedness under this Agreement, in each case without the consent
of all Lenders; 
 (iii) amend, modify or waive any provision of Section 2.13 without the consent of each
Lender directly affected thereby; 
 (iv) amend, modify or waive any provision of Section 9 or any other
provision of any Loan Document affecting the rights or responsibilities of the Administrative Agent, without the consent of the Administrative Agent; or 
 (v) impose restrictions on assignments and participations that are more restrictive than, or additional to, those set forth in Section 10.6, without the consent of all Lenders. 

Any such waiver and any such amendment, supplement or modification shall apply equally to each of the Lenders and shall be binding upon
the Loan Parties, the Lenders, the Administrative Agent and all future holders of the Loans. In the case of any waiver, the Loan Parties, the Lenders and the Administrative Agent shall be restored to their former position and rights hereunder and
under the other Loan Documents, and any Default or Event of Default waived shall be deemed to be cured and not continuing; but no such waiver shall extend to any subsequent or other Default or Event of Default, or impair any right consequent
thereon. Any such waiver, amendment, supplement or modification shall be effected by a written instrument signed by the parties required to sign pursuant to the foregoing provisions of this Section; provided, that delivery of an executed
signature page of any such instrument by facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart thereof. 
 Furthermore, notwithstanding the foregoing, the Administrative Agent, with the consent of the Borrower, may amend, modify or supplement any Loan Document without the consent of any Lender or the Required
Lenders in order to correct, amend or cure any ambiguity, inconsistency or defect or correct any typographical error or other manifest error in any Loan Document. 

  
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 10.2 Notices. All notices, requests and demands to or upon the respective parties
hereto to be effective shall be in writing (including by telecopy), and, unless otherwise expressly provided herein, shall be deemed to have been duly given or made when delivered, or three Business Days after being deposited in the mail, postage
prepaid, or, in the case of telecopy notice, when received, addressed (a) in the case of the Borrower and the Administrative Agent, as follows and (b) in the case of the Lenders, as set forth in an administrative questionnaire delivered to
the Administrative Agent or, in the case of a Lender which becomes a party to this Agreement pursuant to an Assignment and Acceptance, in such Assignment and Acceptance or (c) in the case of any party, to such other address as such party may
hereafter notify to the other parties hereto: 
  

					
	 	 	The Borrower:	 	SBA Monarch Acquisition, LLC
		 		 	5900 Broken Sound Parkway NW
		 		 	Boca Raton, Florida 33487
		 		 	Attention: Jeffrey A. Stoops
		 		 	Telecopy: (561) 997-0343
		 		 	Telephone: (561) 995-7670
			
		 	with a copy to:	 	Attention: Thomas P. Hunt
		 		 	Telecopy: (561) 989-2941
		 		 	Telephone: (561) 226-9231
			
		 	The Administrative Agent:	 	JPMorgan Chase Bank, N.A.
		 		 	 1111 Fannin Street, Floor 10

Houston, TX, 77002

		 		 	Attention: Shannon Handcox
		 		 	Telecopy: (713) 750-2878
		 		 	Telephone: (713) 427-6103
			
		 	with a copy to:	 	JPMorgan Chase Bank, N.A.
		 		 	383 Madison Avenue, Floor 24
		 		 	New York, NY, 10179
		 		 	Attention: Kinjal Icecreamwala
		 		 	Telecopy: (212) 270-3802
		 		 	Telephone: (212) 270-3802

 provided that any notice, request or demand to or upon the Administrative Agent or any Lender shall not be
effective until received. 
 Notices and other communications to the Lenders hereunder may be delivered or furnished by
electronic communications pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Section 2 unless otherwise agreed by the Administrative Agent and the applicable
Lender. The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such
procedures may be limited to particular notices or communications. 
 10.3 No Waiver; Cumulative Remedies. No failure to
exercise and no delay in exercising, on the part of the Administrative Agent or any Lender, any right, remedy, power or privilege hereunder or under the other Loan Documents shall operate as a waiver thereof; nor shall any single or partial exercise
of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not
exclusive of any rights, remedies, powers and privileges provided by law. 
 10.4 Survival of Representations and
Warranties. All representations and warranties made herein, in the other Loan Documents and in any document, certificate or statement delivered pursuant hereto or in connection herewith shall survive the execution and delivery of this Agreement
and the making of the Loans and other extensions of credit hereunder. 
 10.5 Payment of Expenses. The Borrower agrees
(a) to pay or reimburse each of the Administrative Agent and the Lead Arrangers for all its reasonable out-of-pocket costs and expenses 

  
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incurred in connection with the syndication of the Facility and the development, preparation and execution of, and in the case of the Administrative Agent any amendment, supplement or
modification to, this Agreement and the other Loan Documents and any other documents prepared in connection herewith or therewith, and the consummation and administration of the transactions contemplated hereby and thereby, including, without
limitation, the reasonable fees and disbursements and other charges of one counsel to the Administrative Agent in each applicable jurisdiction and the charges of Intralinks, (b) to pay or reimburse each Lender and the Administrative Agent for
all its costs and expenses incurred in connection with the enforcement or preservation of any rights under this Agreement, the other Loan Documents and any other documents prepared in connection herewith or therewith, including, without limitation,
the fees and disbursements of counsel (including the allocated fees and disbursements and other charges of in-house counsel) to each Lender and of counsel to the Administrative Agent, (c) to pay, indemnify, or reimburse each Lender and the
Administrative Agent for, and hold each Lender and the Administrative Agent harmless from, any and all recording and filing fees and any and all liabilities with respect to, or resulting from any delay in paying, stamp, excise and other taxes, if
any, which may be payable or determined to be payable in connection with the execution and delivery of, or consummation or administration of any of the transactions contemplated by, or any amendment, supplement or modification of, or any waiver or
consent under or in respect of, this Agreement, the other Loan Documents and any such other documents, (d) to pay, indemnify, or reimburse each Lender, the Administrative Agent, the Lead Arrangers, their respective affiliates, and their
respective officers, directors, trustees, employees, advisors, agents and controlling persons (each, an “Indemnitee”) for, and hold each Indemnitee harmless from and against any and all other liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever with respect to the execution, delivery, enforcement, performance and administration of this Agreement, the other Loan Documents and any
such other documents, including, without limitation, any of the foregoing relating to the use of proceeds of the Loans or the violation of, noncompliance with or liability under, any Environmental Law applicable to the operations of the Borrower,
any of its Subsidiaries or any property at any time owned, leased, or in any way used by the Borrower, any Subsidiary of the Borrower or any other entity for which the Borrower or any of its Subsidiaries is alleged to be responsible, and the fees
and disbursements and other charges of legal counsel in connection with claims, actions or proceedings between any Indemnitee and any Loan Party hereunder (all the foregoing in this clause (d), collectively, the “Indemnified
Liabilities”), provided, that the Borrower shall have no obligation hereunder to any Indemnitee with respect to Indemnified Liabilities to the extent such Indemnified Liabilities are found by a final and nonappealable decision of a
court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of such Indemnitee. No Indemnitee shall be liable for any damages arising from the use by unauthorized persons of information or other materials sent
through electronic, telecommunications or other information transmission systems that are intercepted by such persons or for any special, indirect, consequential or punitive damages in connection with this Agreement or the other Loan Documents or
the transactions contemplated hereby or thereby Without limiting the foregoing, and to the extent permitted by applicable law, the Borrower agrees not to assert and to cause its Subsidiaries not to assert, and hereby waives and agrees to cause its
Subsidiaries so to waive, all rights for contribution or any other rights of recovery with respect to all claims, demands, penalties, fines, liabilities, settlements, damages, costs and expenses of whatever kind or nature, under or related to
Environmental Laws, that any of them might have by statute or otherwise against any Indemnitee. All amounts due under this Section shall be payable not later than 10 days after written demand therefor. Statements payable by the Borrower pursuant to
this Section shall be submitted to the Borrower as set forth in Section 10.2, or to such other Person or address as may be hereafter designated by the Borrower in a written notice to the Administrative Agent. The agreements in this Section
shall survive repayment of the Loans and all other amounts payable hereunder. 

  
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 10.6 Successors and Assigns; Participations and Assignments. 

(a) This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns
permitted hereby, except that the Borrower may not assign or transfer any of its rights or obligations under this Agreement without the prior written consent of Administrative Agent and each Lender (and any attempted assignment or transfer by the
Borrower without such consent shall be null and void). 
 (b) Any Lender may, without the consent of, or notice to, the Borrower
or the Administrative Agent, sell participations to one or more banks or other entities (a “Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its
Commitments and the Loans owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such
obligations, and (iii) the Borrower, the Administrative Agent and the Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement pursuant
to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement
may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver that (i) requires the consent of each Lender directly affected thereby pursuant to the in Section 10.1(b) and
(ii) directly affects such Participant. Each Lender that sells a participation agrees, at the Borrower’s request and expense, to use reasonable efforts to cooperate with the Borrower to effectuate the provisions of Section 2.18(b)
with respect to any Participant. The Borrower agrees that each Participant shall be entitled to the benefits of Section 2.14, Section 2.15 and Section 2.16 (subject to the requirements and limitations therein, including the
requirements under Section 2.15(e) and 2.15(f) (it being understood that the documentation required under Section 2.15(e) and Section 2.15(f) shall be delivered to the participating Lender)) to the same extent as if it were a
Lender and had acquired its interest by assignment pursuant to paragraph (c) of this Section; provided that such Participant (i) agrees to be subject to the provisions of Section 2.14 and Section 2.15 as if it were an assignee
under paragraph (c) of this Section and (ii) shall not be entitled to receive any greater payment under Section 2.14 and Section 2.15, with respect to any participation, than its participating Lender would have been entitled to
receive. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 10.7(b) as though it were a Lender, provided such Participant shall be subject to Section 10.7(a) as though it were a Lender. Each
Lender that sells a participation shall, acting solely for this purpose as an agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each
Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register to any
Person (including the identity of any Participant or any information relating to a Participant’s interest in any Commitments, Loans or its other obligations under any Loan Document) except to the extent that such disclosure is necessary to
establish that such Commitment, Loan or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such
Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent
(in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register. 
 (c) Any Lender
(an “Assignor”) may, in accordance with applicable law and upon written notice to the Administrative Agent, at any time and from time to time assign to any Lender or any affiliate, Related Fund or Control Investment Affiliate
thereof or, with the consent of the Administrative Agent and, other than upon the occurrence and during the continuance of an Event of Default, the Borrower (which, in each case, shall not be unreasonably withheld or delayed), to an additional bank,
financial institution or, notwithstanding any provision of Section 2.20 to the contrary, other entity (an “Assignee”) all 

  
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or any part of its rights and obligations under this Agreement pursuant to an Assignment and Acceptance, substantially in the form of Exhibit D, executed by such Assignee and such Assignor
(and, where the consent of the Administrative Agent or the Borrower is required pursuant to the foregoing provisions, by such other Persons) and delivered to the Administrative Agent for its acceptance and recording in the Register; provided
that no such assignment to an Assignee (other than any Lender, Related Fund or any affiliate of a Lender or Related Fund) shall be in an aggregate principal amount of less than $1,000,000 (other than in the case of an assignment of all of a
Lender’s interests under this Agreement), unless otherwise agreed by the Borrower and the Administrative Agent. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to such Assignment
and Acceptance, (x) the Assignee thereunder shall be a party hereto and, to the extent provided in such Assignment and Acceptance, have the rights and obligations of a Lender hereunder with Loans as set forth therein, and (y) the Assignor
thereunder shall, to the extent provided in such Assignment and Acceptance, be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all of an Assignor’s rights and obligations under this
Agreement, such Assignor shall cease to be a party hereto, except as to Section 2.14, Section 2.15 and Section 10.5); provided however, if the Borrower or any Affiliate thereof shall be an Assignee, the Loans acquired by
such Assignee shall, immediately upon such acquisition and without any further act or deed by such Assignee, the Borrower, the Administrative Agent or any other Person, be deemed cancelled and, with respect to an assignment of Loans to such Assignee
pursuant to this Section 10.6(c), the provisions of Section 2.13 shall not apply. For purposes of the minimum assignment amounts set forth in this paragraph, multiple assignments by two or more Related Funds shall be aggregated.

 (d) The Administrative Agent shall, on behalf of the Borrower, maintain at its address referred to in Section 10.2 a
copy of each Assignment and Acceptance delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment of, and the principal amount (and stated interest) of the Loans
owing to, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register as
the owner of the Loans and any Notes evidencing such Loans recorded therein for all purposes of this Agreement. Any assignment of any Loan, whether or not evidenced by a Note, shall be effective only upon appropriate entries with respect thereto
being made in the Register (and each Note shall expressly so provide). Any assignment or transfer of all or part of a Loan evidenced by a Note shall be registered on the Register only upon surrender for registration of assignment or transfer of the
Note evidencing such Loan, accompanied by a duly executed Assignment and Acceptance; thereupon one or more new Notes in the same aggregate principal amount shall be issued to the designated Assignee, and the old Notes shall be returned by the
Administrative Agent to the Borrower marked “canceled.” The Register shall be available for inspection by the Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. 

(e) Upon its receipt of an Assignment and Acceptance executed by an Assignor and an Assignee (and, in any case where the consent of any
other Person is required by Section 10.6(c), by each such other Person) together with payment to the Administrative Agent of a registration and processing fee of $3,500 (treating multiple, simultaneous assignments by or to two or more Related
Funds as a single assignment) (except that no such registration and processing fee shall be payable (y) in connection with an assignment by or to any Agent or (z) in the case of an Assignee which is already a Lender or is an affiliate or
Related Fund of a Lender or a Person under common management with a Lender), the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and (ii) on the effective date determined pursuant thereto record the
information contained therein in the Register and give notice of such acceptance and recordation to the Borrower. On or prior to such effective date, the Borrower, at its own expense, upon request, shall execute and deliver to the Administrative
Agent (in exchange for the Note of the assigning Lender) a new Note to the order of such Assignee in an amount equal to the Loan assumed or acquired by it pursuant to such Assignment and Acceptance. Such new Note or Notes shall be dated the Closing
Date and shall otherwise be in the form of the Note or Notes replaced thereby. 

  
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 (f) For avoidance of doubt, the parties to this Agreement acknowledge that the provisions of
this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests in Loans and Notes, including, without limitation, any pledge or assignment
by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law. 
 10.7 Adjustments;
Set-off. 
 (a) Except to the extent that this Agreement provides for payments to be allocated to a particular Lender, if
any Lender (a “Benefitted Lender”) shall at any time receive any payment of all or part of the Obligations owing to it, or receive any collateral in respect thereof (whether voluntarily or involuntarily, by set-off, pursuant to
events or proceedings of the nature referred to in Section 8(f), or otherwise), in a greater proportion than any such payment to or collateral received by any other Lender, if any, in respect of such other Lender’s Obligations, such
Benefitted Lender shall purchase for cash from the other Lenders a participating interest in such portion of each such other Lender’s Obligations, or shall provide such other Lenders with the benefits of any such collateral, as shall be
necessary to cause such Benefitted Lender to share the excess payment or benefits of such collateral ratably with each of the Lenders; provided, however, that if all or any portion of such excess payment or benefits is thereafter
recovered from such Benefitted Lender, such purchase shall be rescinded, and the purchase price and benefits returned, to the extent of such recovery, but without interest. 
 (b) In addition to any rights and remedies of the Lenders provided by law, each Lender shall have the right, without prior notice to the Borrower, any such notice being expressly waived by the Borrower to
the extent permitted by applicable law, upon any amount becoming due and payable by the Borrower hereunder (whether at the stated maturity, by acceleration or otherwise), to set off and appropriate and apply against such amount any and all deposits
(general or special, time or demand, provisional or final), in any currency, and any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or
owing by such Lender or any branch or agency thereof to or for the credit or the account of the Borrower. Each Lender agrees promptly to notify the Borrower and the Administrative Agent after any such setoff and application made by such Lender,
provided that the failure to give such notice shall not affect the validity of such setoff and application. 
 10.8
Counterparts. This Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument.
Delivery of an executed signature page of this Agreement by e-mail, facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart hereof. A set of the copies of this Agreement signed by all the parties
shall be lodged with the Borrower and the Administrative Agent. 
 10.9 Severability. Any provision of this Agreement
that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

10.10 Integration. This Agreement and the other Loan Documents represent the entire agreement of the Borrower, the Administrative
Agent and the Lenders with respect to the subject matter 

  
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hereof and thereof, and there are no promises, undertakings, representations or warranties by the Administrative Agent or any Lender relative to subject matter hereof not expressly set forth or
referred to herein or in the other Loan Documents. 
 10.11 GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS
AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 10.12 Submission To Jurisdiction; Waivers. The Borrower hereby irrevocably and unconditionally: 
 (a) submits for itself and its Property in any legal action or proceeding relating to this Agreement and the other Loan Documents to which it is a party, or for recognition and enforcement of any judgment
in respect thereof, to the exclusive jurisdiction of the courts of the State of New York, the courts of the United States of America for the Southern District of New York, and appellate courts from any thereof; provided, that nothing
contained herein or in any other Loan Document will prevent any Lender or the Administrative Agent from bringing any action to enforce any award or judgment or exercise any right under the Security Documents or against any Collateral or any other
property of any Loan Party in any other forum in which jurisdiction can be established; 
 (b) consents that any such action or
proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not
to plead or claim the same; 
 (c) agrees that service of process in any such action or proceeding may be effected by mailing a
copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to the Borrower at its address set forth in Section 10.2 or at such other address of which the Administrative Agent shall have been
notified pursuant thereto; 
 (d) agrees that nothing herein shall affect the right to effect service of process in any other
manner permitted by law or shall limit the right to sue in any other jurisdiction; and 
 (e) waives, to the maximum extent not
prohibited by law, any right it may have to claim or recover in any legal action or proceeding referred to in this Section any special, exemplary, punitive or consequential damages. 

10.13 Acknowledgments. The Borrower hereby acknowledges that: 

(a) it has been advised by counsel in the negotiation, execution and delivery of this Agreement and the other Loan Documents; 

(b) neither the Administrative Agent nor any Lender has any fiduciary relationship with or duty to the Borrower arising out of or in
connection with this Agreement or any of the other Loan Documents, and the relationship between the Administrative Agent and the Lenders, on one hand, and the Borrower, on the other hand, in connection herewith or therewith is solely that of debtor
and creditor; and 
 (c) no joint venture is created hereby or by the other Loan Documents or otherwise exists by virtue of the
transactions contemplated hereby among the Administrative Agent and the Lenders or among the Borrower and the Lenders. 

  
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 10.14 Confidentiality; Public Disclosure. 

(a) Each of the Administrative Agent and the Lenders agrees to keep confidential all non-public information provided to it by any Loan
Party pursuant to this Agreement that is designated by such Loan Party as confidential; provided that nothing herein shall prevent any Agent or any Lender from disclosing any such information (i) to any Agent, any other Lender or any affiliate
of any thereof, (ii) to any Participant or Assignee (each, a “Transferee”) or prospective Transferee that agrees to comply with the provisions of this Section or substantially equivalent provisions, (iii) any of its employees,
directors, agents, attorneys, accountants and other professional advisors, (iv) any financial institution that is a direct or indirect contractual counterparty in swap agreements or such contractual counterparty’s professional advisor (so
long as such contractual counterparty or professional advisor to such contractual counterparty agrees to be bound by the provisions of this Section), (v) upon the request or demand of any Governmental Authority having jurisdiction over it,
(vi) in response to any order of any court or other Governmental Authority or as may otherwise be required pursuant to any Requirement of Law, (vii) in connection with any litigation or similar proceeding, (viii) that has been
publicly disclosed other than in breach of this Section, (ix) to the National Association of Insurance Commissioners or any similar organization or any nationally recognized rating agency that requires access to information about a
Lender’s investment portfolio in connection with ratings issued with respect to such Lender or (x) in connection with the exercise of any remedy hereunder or under any other Loan Document. 

(b) None of the Loan Parties shall issue any press release or other public disclosure (other than any filing required to be made with the
SEC) using the name of any of the Lenders or any affiliate of a Lender in connection with this transaction without both (i) providing any such Lender with at least two (2) Business Days’ prior notice and (ii) obtaining the
Lender’s or such Lender’s affiliate’s prior written consent. Nothing in the immediately preceding sentence shall prevent any disclosure of the name of any Lender or of any affiliate of such Lender to the extent (and only to the
extent) required by any Requirement of Law, provided that, the person or entity making such disclosure shall nonetheless consult with the affected Lender or the relevant affiliate of such Lender prior to issuing such press release or other
public disclosure. 
 (c) Notwithstanding the foregoing, the Lenders and their Affiliates shall have the right to (i) list
and exhibit the Borrower’s name and logo, as provided by the Borrower from time to time, and describe the transaction that is the subject of this Agreement in their marketing materials and (ii) post such information, including, without
limitation, a customary “tombstone,” on their web site. 
 10.15 Release of Collateral Security and Guarantee
Obligations. 
 (a) Notwithstanding anything to the contrary contained herein or in any other Loan Document, upon request of
the Borrower in connection with any Disposition of Property permitted by the Loan Documents or consented to in accordance with Section 10.1, the Administrative Agent shall take such actions as shall be required to release its security interest
in any Collateral being Disposed of in such Disposition and to release any guarantee obligations under any Loan Document of any Person being Disposed of in such Disposition are complied with in connection therewith, to the extent necessary to permit
consummation of such Disposition or substitutions in accordance with the Loan Documents. 
 (b) Notwithstanding anything to the
contrary contained herein or any other Loan Document, when all Obligations have been paid in full, upon request of the Borrower, the Administrative Agent shall take such actions as shall be required to release its security interest in all
Collateral, and to release all guarantee obligations under any Loan Document. Any such release of guarantee obligations shall be deemed subject to the provision that such guarantee obligations shall be reinstated if after such release any portion of
any payment in respect of the Obligations guaranteed thereby shall be rescinded or 

  
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must otherwise be restored or returned upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Borrower or any Subsidiary Guarantor, or upon or as a result of the
appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, the Borrower or any Subsidiary Guarantor or any substantial part of its property, or otherwise, all as though such payment had not been made. 

(c) Notwithstanding anything to the contrary contained herein or any other Loan Document, effective as of the Closing Date, the
Administrative Agent shall take such actions as shall be required to release its security interest in all Collateral of the entities set forth on Schedule 7.5, and to release all guarantee obligations of the entities set forth on
Schedule 7.5 under any Loan Document. 
 10.16 Accounting Changes. In the event that any “Accounting
Change” (as defined below) shall occur and such change results in a change in the method of calculation of financial covenants, standards or terms in this Agreement, then the Borrower and the Administrative Agent agree to enter into
negotiations in order to amend such provisions of this Agreement so as to equitably reflect such Accounting Changes with the desired result that the criteria for evaluating the Borrower’s financial condition shall be the same after such
Accounting Changes as if such Accounting Changes had not been made. Until such time as such an amendment shall have been executed and delivered by the Borrower, the Administrative Agent and the Required Lenders, all financial covenants, standards
and terms in this Agreement shall continue to be calculated or construed as if such Accounting Changes had not occurred. “Accounting Changes” refers to changes in accounting principles required by the promulgation of any rule, regulation,
pronouncement or opinion by the Financial Accounting Standards Board of the American Institute of Certified Public Accountants or, if applicable, the SEC. 
 10.17 WAIVERS OF JURY TRIAL. THE BORROWER, THE ADMINISTRATIVE AGENT AND THE LENDERS HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING
TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN. 
 10.18 USA Patriot Act. Each Lender
hereby notifies the Borrower that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot Act”), it is required to obtain, verify and record information that
identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow such Lender to identify the Borrower in accordance with the Patriot Act. 

  
 -59-

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and
delivered by their proper and duly authorized officers as of the day and year first above written. 
  

					
	SBA MONARCH ACQUISITION, LLC
		
	By:	 	 /s/ Thomas P. Hunt

		 	Name:	 	Thomas P. Hunt
		 	Title:	 	Senior Vice President and General Counsel
	
	 JPMORGAN CHASE BANK, N.A.,
 as Administrative Agent

		
	By:	 	 /s/ Peter B. Thauer

		 	Name:	 	Peter B. Thauer
		 	Title:	 	Executive Director

 [Signature Page to Credit Agreement] 

 
					
	
	 JPMORGAN CHASE BANK, N.A.,
 as a Lender

		
	By:	 	 /s/ Peter B. Thauer

		 	Name:	 	Peter B. Thauer
		 	Title:	 	Executive Officer
	
	Barclays Bank PLC, as a Lender
		
	By:	 	 /s/ Noam Azachi

		 	Name:	 	Noam Azachi
		 	Title:	 	Assistant Vice President

 [Signature Page to Credit Agreement] 

 SCHEDULE 1.1 
 COMMITMENTS 
  

					
	 Lender
	  	 Commitment
	 
		
	 JPMorgan Chase Bank, N.A.
	  	$	200,000,000.00	  
		
	 Barclays Bank PLC
	  	$	200,000,000.00	  

 SCHEDULE 4.10 
 TAXES 
 Property and sales taxes for periods prior to the Closing Date in an amount (taking into
account the Borrower’s ability to pass-through tax expenses to tenants and the Borrower’s estimates (believed by the Borrower to be reasonable as of the Closing Date) of potential penalties and interest for which it is indemnified) that
could not reasonably be expected to result in a Material Adverse Effect. 

 SCHEDULE 4.15(a) 
 SUBSIDIARIES 
  

							
	 Subsidiary
	  	 Jurisdiction of Incorporation
	  	
Chief Executive Office and
Principal Place of Business
	  	 Outstanding Stock

				
	SBA Monarch Towers I, LLC (formerly known as Mobilitie Investments, LLC)	  	Delaware	  	 5900 Broken Sound

Parkway NW
 Boca Raton, FL 33487
	  	SBA Monarch Acquisition, LLC is the sole member
				
	SBA Monarch Towers II, LLC (formerly known as Mobilitie Investments II, LLC)	  	Delaware	  	 5900 Broken Sound Parkway NW
 Boca Raton, FL 33487
	  	SBA Monarch Acquisition, LLC is the sole member
				
	MPGJ-I, LLC*	  	Delaware	  		  	
				
	MPGJ-II, LLC**	  	Delaware	  		  	
				
	MPMA-I, LLC*	  	Delaware	  		  	
				
	Mobilitie Networks II, LLC**	  	Delaware	  		  	
				
	Mobilitie Guatemala y Compania Limitada***	  	Guatemala	  		  	
				
	Mobilitie Nicaragua y Compania Limitada***	  	Nicaragua	  		  	

  

	*	To be merged into SBA Monarch Towers I, LLC contemporaneously with closing. 

	**	To be merged into SBA Monarch Towers II, LLC contemporaneously with closing. 

	***	To be disposed of to an Affiliate of the Borrower contemporaneously with closing. 

 SCHEDULE 4.15(b) 
 AGREEMENTS AFFECTING CAPITAL STOCK OF SUBSIDIARIES 
 The agreements pertaining to the transactions
described in the footnotes to Schedule 4.15(a). 

 SCHEDULE 4.19 
 UCC FILING JURISDICTIONS 
 File UCC Financing Statements in the Florida Secured Transaction
Registry with respect to: 
 SBA Monarch Acquisition, LLC 
 File UCC Financing Statements with the Delaware Department of State with respect to: 
 SBA Monarch
Towers I, LLC 
 SBA Monarch Towers II, LLC 

 SCHEDULE 4.22 
 FCC AND FAA MATTERS; STATE REGULATORY COMPLIANCE 
  

	 	1.	The consent of The City of New York to the change in control of SBA Monarch Towers II, LLC (formerly known as Mobilitie Investments II, LLC) under the Mobilitie II
Franchise Agreement. 

  

	 	2.	As a result of the Acquisition, the Borrower will be making filings to change the ownership information for all of the FCC Antenna Structure Registrations for sites
acquired in the Acquisition. 

 SCHEDULE 7.2(d) 
 EXISTING INDEBTEDNESS 
 Irrevocable Standby Letter of Credit issued by Wells Fargo Bank, N.A. to
SBA Monarch Towers II, LLC (formerly known as Mobilitie Investments II, LLC) in the principal amount of $30,000. 

 SCHEDULE 7.3(f) 
 EXISTING LIENS 
  

	 	1.	UCC financing statements in favor of Toronto Dominion (Texas), LLC, as administrative agent, for Indebtedness to be discharged by the Mobilitie sellers
contemporaneously with closing and for which an executed payoff letter has been obtained. 

  

	 	2.	Liens for taxes disclosed on Schedule 4.10. 

 SCHEDULE 7.5 
 SCHEDULED DISPOSITIONS 
  

	 	1.	Dispositions of the following entities: 

 Mobilitie Guatemala y Compania Limitada 
 Mobilitie Nicaragua y Compania Limitada

  

	 	2.	Dispositions of the Intercompany Promissory Note, dated June 17, 2011, issued by Mobilitie Guatemala y Compania Limitada to SBA Monarch Towers II, LLC (formerly
known as Mobilitie Investments II, LLC) and the Intercompany Promissory Note, dated June 17, 2011, issued by Mobilitie Nicaragua y Compania Limitada to SBA Monarch Towers II, LLC (formerly known as Mobilitie Investments II, LLC)

 The Dispositions above may be made to Affiliates of the Borrower without regard to Section 7.9 of the
Agreement.

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