Document:

EXHIBIT
10.31

THIRD AMENDMENT TO PARENT
GUARANTEE

THIRD AMENDMENT TO PARENT GUARANTEE, dated as
of February 28, 2006 (this
"Amendment"), to the Parent
Guarantee, dated as of December 3, 2004 (as amended, restated,
supplemented or otherwise modified from time to time, the
"Guarantee"), made among Global
Signal Inc., a Delaware corporation ("Global
Signal"), and Global Signal GP LLC, a Delaware
limited liability company ("Global
GP", and together with Global Signal, each a
"Guarantor" and collectively, the
"Guarantors"), and Bank of America,
N.A. ("Bank of America"), as
administrative agent (in such capacity, together with its successors
and assigns, the "Administrative
Agent") for the lenders under the Credit Agreement
referred to below.

W I T N E S S E T H:

WHEREAS, the Guarantors and the Administrative Agent are
parties to the Guarantee;

WHEREAS, Global Signal
Operating Partnership, a Delaware limited partnership (the
"Borrower"), the Administrative
Agent, Bank of America, as L/C issuer, and certain lenders are each
party to that certain Second Amended and Restated Credit Agreement (as
amended, restated, supplemented or otherwise modified, the
"Credit Agreement"), dated as of
April 15, 2005 and the Loan Documents (as defined in the Credit
Agreement, the "Loan Documents");
and

WHEREAS, pursuant to the Guarantee, the Guarantors
have agreed to guarantee the Obligations (as defined in the Credit
Agreement) of Borrower under the Credit Agreement and provide for
certain cross-collateralization provisions;

WHEREAS, the
Loan Parties (as defined in the Credit Agreement) have requested that
certain financial covenants contained in the Guarantee be adjusted;
and

WHEREAS, the Guarantors and the Administrative Agent
have agreed to amend the Guarantee on the terms and conditions set
forth herein;

NOW, THEREFORE, in consideration of the
premises and mutual covenants contained herein, the Guarantors and the
Administrative Agent hereby agree as follows:

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

2.    Amendments to the
Guarantee.

(a)    Section 1(a) of the Guarantee is hereby
amended by adding the following definitions in appropriate alphabetical
order:

"Excess Securitization
Proceeds" means the lesser of (A) the amount by which
the cash proceeds of the Permitted Securitization II exceeds the
aggregate of (I) the outstanding amount of Carl Lewis Indebtedness,
(II)  Indebtedness outstanding under the Global Signal
Acquisitions Credit Agreement and (III)  Indebtedness outstanding
in connection with the Permitted Securitization and (B)
$100,000,000.

"Available Excess
Securitization Proceeds" means, at any time, the
amount of Excess Securitization Proceeds held in the form of cash or
Cash Equivalents by Global Signal and its Subsidiaries at such
time.

(b)    Clause (i) of the definition of
"Global Signal Default" as set forth in
Section 1(a) of the Guarantee is hereby amended and restated as
follows:

"(i)    at any time, the
Consolidated Indebtedness of Global Signal and its consolidated
Subsidiaries shall exceed $1,875,000,000."

(c)    Clause (ii) of the definition of "Global
Signal Default" as set forth in Section 1(a) of the
Guarantee is hereby amended and restated as follows:

"(ii)    at any time, the ratio of (1)  Debt
for Borrowed Money of Global Signal and its Subsidiaries on a
consolidated basis at such time, less the amount of Available Excess
Securitization Proceeds, to (2)  Consolidated EBITDA for the
period of 12 consecutive calendar months ended at or most recently
prior to such time shall be greater than 7.65:1.00; provided
that the calculation of Consolidated EBITDA shall be adjusted to
annualize the financial results of Towers owned, leased or managed for
less than one year as follows: (A)  the Consolidated EBITDA
attributed to any Tower owned, leased or managed for less than one year
but greater than or equal to one month shall be the Consolidated EBITDA
attributed to such Tower for the period commencing on the date of the
Acquisition of such Tower through the last day of the most recently
completed month times, a fraction, the numerator of which is 12 and the
denominator of which is the number of calendar months completed since
the date of such Acquisition, and (B)  the Consolidated EBITDA
for Towers owned for less than one month shall be the estimated annual
Consolidated EBITDA for such Towers based upon the budgeted annualized
results of such Towers determined in a manner reasonably acceptable to
the Administrative Agent and adjusted to reflect the financial results
of such Towers on a consolidated basis (as opposed to a stand-alone per
Tower basis)."

3.    Representations and
Warranties.    Each Guarantor hereby confirms, reaffirms and
restates, on and as of the date hereof, the representations and
warranties applicable to such Guarantor as set forth in Sections 10 and
11 of the Guarantee.

4.    Effectiveness.    This
Amendment shall become effective on the date hereof.

5.    Continuing Effect of the Guarantee.    This
Amendment shall not constitute an amendment of any other provision of
the Guarantee not expressly referred to herein and shall not be
construed as a waiver or consent to any further or future action on the
part of any Guarantor that would require a waiver or consent of the
Administrative Agent. Except as expressly amended hereby, the
provisions of the Guarantee are and shall remain in full force and
effect.

6.    References to the Parent Guarantee; Loan
Documents.    Upon the effectiveness of this Amendment, each
reference in the Guarantee to "this Parent
Guarantee", "hereunder",
"hereof", "herein",
or words of like import shall mean and be a reference to the Guarantee
as amended hereby, each reference to the Guarantee in any other
document, instrument or agreement executed and/or delivered in
connection with the Credit Agreement or any other shall mean and be a
reference to the Guarantee as amended hereby, and this Amendment shall
be deemed to be a Loan Document under and as defined in the Credit
Agreement.

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

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

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

											
	 		GLOBAL
SIGNAL INC.
	 		By:		/s/ Jeffrey
A. Klopf
	 		 		Name: Jeffrey A.
Klopf
Title: Executive Vice President, General Counsel and
Secretary
	 		GLOBAL
SIGNAL GP LLC
	 		By:		Global Signal
Inc., its Sole Member
	 		By:		/s/ William
T. Freeman
	 		 		Name: William T.
Freeman
Title: Executive Vice President, Chief Financial Officer
and Assistant
Secretary
	

											
	 		BANK
OF AMERICA, N.A.,
 as Administrative Agent
	 		By:		/s/ Todd
Shipley
	 		 		Name: Todd
Shipley
Title: Senior Vice
PresidentEXHIBIT
10.46

[Global Signal Inc. Logo]

Jeff Foster
 [****]
 [****]

Dear Jeff,

Global Signal Services LLC (Global) is pleased to
confirm our offer and your acceptance of employment for the position of
Chief Accounting Officer, reporting to Bill Freeman, Executive Vice
President, and Chief Financial Officer. Your duties and
responsibilities will be those described to you during your interview
with Mr. Freeman. This letter confirms our understanding and agreement
with respect to principal details of your employment.

As we
discussed, if you accept this offer of employment, your employment will
be begin April 18, 2005. This is an exempt position for which you will
be compensated semi-monthly at a rate of $8,333.33 or $200,000.00
annually. Applicable federal, state and local taxes will be withheld
from each paycheck, as will be any additional deductions you choose to
make.

You will be eligible for an annual target bonus, based on
performance, of 30% of your base salary, but guaranteed on a
prorated basis for 2005. You also will be paid $25,000 sign-on bonus
with your first paycheck. In the event you voluntarily leave the
Company's employ, or are discharged for cause as defined below,
within the first 12 months of employment you must reimburse the Company
on a prorated basis for the sign-on bonus within 30 days of
termination.

Should you be terminated for other than cause
within your first year of employment with Global Signal, you will
receive six months' severance pay subject to applicable federal,
state and local tax withholding. Cause in this instance shall mean (i)
your intentional misapplication of Global Signal Services LLC or any of
its subsidiaries' funds intended to result directly or indirectly
in significant gain or personal enrichment at the expense of Global
Signal Services LLC, or any act of dishonesty committed by you in
connection with Global Signal Services LLC and its subsidiaries'
business; (ii) your conviction of a crime involving moral turpitude;
(iii) your non-performance or non-observance in any material respect of
any requirement with respect to your employment hereunder; or (iv) any
other action by you that involves willful and deliberate malfeasance or
negligence in the performance of your duties.

This information
is confidential and should not be discussed with anyone other than your
manager, Mr. Freeman, your immediate family or your financial
advisor.

You will accrue paid Personal Leave Time (PLT) at the
rate of 15 days per calendar year and will also be eligible for two
floating holidays annually. This paid time off is in accordance with
the Company's paid time off policy applicable to employees, as
amended from time to time.

Global provides a very comprehensive
benefits package. You may elect to cover yourself and any eligible
dependents on medical, dental and vision coverage. Your coverage will
be effective the first of the month following or coincident with your
hire date. The Company also provides basic life insurance and
accidental death and dismemberment, dependent life insurance and
long-term disability coverage at no cost to employees on this same
date. A benefit information package will be made available to you at
new hire orientation.

The Company offers a 401(k) plan to all
employees upon date of hire. There are a variety of investment options
to choose from. The Company match is equal to 50% of the first
6% of your salary contribution, (3% company match), to a
maximum company match of $1,800 per year. Participation and eligibility
in any of the Company's benefit plans and programs is subject to
the terms, conditions, and limitations of such plans and programs, as
may be amended by the Company from time to time.

You represent
that on the first day of work you will be free to accept employment
hereunder without any contractual restrictions, express or implied,
with respect to any of your prior employers. You represent that you
have not taken or otherwise misappropriated and you do not have in your

possession or control any confidential or
proprietary information belonging to any of your prior employers or
connected with or derived from your services to prior employers. You
represent that you have returned to all prior employers any and all
such confidential and proprietary information. You further acknowledge
that the Company has informed you that you are not to use or cause the
use of such confidential or proprietary information in any matter
whatsoever in connection with your employment by the Company. You agree
that you will not use such information.

By accepting this offer
and in exchange for employment with the Company, you agree that all
disputes, claims and controversies between you and the Company, its
affiliates, agents and successors will be resolved by final and binding
arbitration pursuant to the Federal Arbitration Act and the procedures
of the American Arbitration Association. By agreeing to final and
binding arbitration, you acknowledge that you are waiving any rights to
a jury trial for all such disputes, claims and controversies. This
offer letter will be covered by and construed in accordance with the
laws of Florida, and exclusive jurisdiction will be in a court of
competent jurisdiction in Florida.

To prevent any
misunderstanding between us, this letter will supercede any discussions
or written documents between us or between you and any other
representatives of Global regarding your employment. This letter sets
forth the entire understanding between us regarding your employment,
and may not be amended or modified except by a document in writing
signed by both of us.

Please understand that while it is our
hope and belief that our relationship will be a long one, this is an
offer of employment on an "at will" basis.
The application form explains that the conditions of employment and
compensation are "at will" in that they can
be terminated with or without cause, and with or without notice, at any
time, at the option of either Global or yourself, except as otherwise
provided by law.

The terms of this offer letter, therefore, do
not and are not intended to create either an express and/or implied
contract of employment with Global. No manager or representative of
Global, other than an officer of Global, has authority to enter into
any agreement for employment for any specified period of time or to
make any agreement or contract to the foregoing, and any promises to
the contrary may only be relied upon by you if they are in writing and
signed by an officer of Global.

Finally, this offer of
employment is contingent upon satisfaction of the following conditions:
proof of citizenship or unrestricted authorization to work it the
United States (please bring your acceptable documents on your first day
of employment); satisfactory completion of a background investigation,
which may include verification of past employment, education, felony
criminal convictions history, driving record and credit report, if
applicable; and you signing the Company's Non-Compete, No
Solicitation and Confidentiality Agreement, a copy of which is attached
to this letter. By signing this letter, you agree to abide by the terms
of the Company's Non-Compete, No Solicitation and Confidentiality
Agreement.

Jeff, if you agree with and accept the terms of this
offer of employment, please sign below and return this letter to my
attention via hand delivery or confidential fax (941) 308-3660. We are
confident your employment with Global will prove mutually beneficial,
and we look forward to having you join our team. We will see you at
8:30 on April 18, 2005 for your new employee orientation.

Sincerely,

Karen S. Reynolds
 Vice President, Human
Resources

I accept Global's offer of employment as
outlined above:

ACCEPTED BY: Jeff Foster

SIGNATURE:
/s/ Jeffrey H. Foster   DATE: March 22,
2005

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