Document:

EXHIBIT 10.7
                                                                  EXECUTION COPY

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                                 BRIDGE LOAN AND
                               OVERRIDE AGREEMENT

                                  BY AND AMONG

                       GLOBAL SIGNAL ACQUISITIONS II LLC,
                                  AS BORROWER,

                   THE LENDERS FROM TIME TO TIME PARTY HERETO,

                             BANK OF AMERICA, N.A.,
                AS CO-ADMINISTRATIVE AGENT AND CALCULATION AGENT,

                                       AND

                       MORGAN STANLEY ASSET FUNDING INC.,
                 AS CO-ADMINISTRATIVE AGENT AND COLLATERAL AGENT

                            DATED AS OF MAY 26, 2005

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                                TABLE OF CONTENTS

                                                                            Page
                                                                            ----
                                    ARTICLE A
                      INCORPORATION AND OVERRIDE PROVISIONS

Section A.1    General Override Provision                                     2
Section A.2    Particular Sections                                            2

                                    ARTICLE I

                                   DEFINITIONS

Section 1.1    Certain Defined Terms..........................................2

                                   ARTICLE II

                       TERMS OF THE LOANS AND COMMITMENTS

Section 2.1    Loan Commitments..............................................16
Section 2.2    Procedure for Borrowing.......................................17
Section 2.3    Interest Rates and Payment Dates..............................17
Section 2.4    Repayment of Loans; Evidence of Debt..........................18
Section 2.5    Extension of Maturity Date....................................19
Section 2.6    [Reserved]....................................................19
Section 2.7    Optional Prepayment...........................................19
Section 2.8    Mandatory Prepayments.........................................20
Section 2.9    Computation of Interest and Fees..............................20
Section 2.10   Inability to Determine Interest Rate..........................21
Section 2.11   Pro Rata Treatment and Payments...............................21
Section 2.12   Illegality....................................................22
Section 2.13   Requirements of Law...........................................22
Section 2.14   Taxes.........................................................24
Section 2.15   Breakage......................................................28

                                   ARTICLE III

                              CONDITIONS PRECEDENT

Section 3.1    Additional Conditions.........................................28

                                   ARTICLE IV

                         REPRESENTATIONS AND WARRANTIES

                                       -i-

Section 4.1    Additional Representations and Warranties.....................30

                                    ARTICLE V

                                    COVENANTS

Section 5.1    Additional Covenants..........................................31

                                   ARTICLE VI

                                   [RESERVED]

                                   ARTICLE VII

                                   [RESERVED]

                                  ARTICLE VIII

                          ADDITIONAL EVENTS OF DEFAULT

Section 8.1    Event of Default..............................................36

                                   ARTICLE IX

                                   [RESERVED]

                                    ARTICLE X

                       PLEDGE OF OTHER COMPANY COLLATERAL

                                   ARTICLE XI

                                   [RESERVED]

                                   ARTICLE XII

                                   [RESERVED]

                                  ARTICLE XIII

                                   [RESERVED]

                            ARTICLE XIIIA THE AGENTS

                                      -ii-

Section 13A.1   Appointment...................................................39
Section 13A.2   Delegation of Duties..........................................40
Section 13A.3   Exculpatory Provisions........................................40
Section 13A.4   Reliance by Agents............................................40
Section 13A.5   Notice of Default.............................................41
Section 13A.6   Non-Reliance on Agents and Other Lenders......................41
Section 13A.7   Indemnification...............................................41
Section 13A.8   Agents in Their Individual Capacity...........................42
Section 13A.9   Successor Agents..............................................42

                                   ARTICLE XIV

                                  MISCELLANEOUS

Section 14.1    Amendments and Waivers........................................43
Section 14.2    Notices.......................................................43
Section 14.3    Successors and Assigns; Participations and Assignments........45
Section 14.4    Adjustments; Set off..........................................49
Section 14.5    Indemnification and Expenses..................................49
Section 14.6    GOVERNING LAW.................................................51
Section 14.7    Submission To Jurisdiction; Waivers...........................51
Section 14.8    Confidentiality...............................................51
Section 14.9    Takeout Financing; Securitization Loan Agreements.............52
Section 14.10   No Recourse Against Conduit Lenders...........................52
Section 14.11   Program Support Providers.....................................53
Section 14.12   Limited Recourse to Certain Loan Parties......................53

                                      -iii-

SCHEDULES

   Schedule A.2      Inoperative Provisions of the Securitization Loan Agreement
                        Form
   Schedule 2.1      Loan Commitment Percentages, Applicable Lending Offices and
                        Notice Addresses
   Schedule 1.1      Replaced Terms
   Schedule 4.1      Filing Offices
   Schedule 5.1(d)   Allocated Purchase Price
   Schedule 14.3     Competitors

EXHIBITS

   Exhibit A         Securitization Loan Agreement Form
   Exhibit B         Form of Note
   Exhibit C         Form of Assignment and Acceptance
   Exhibit D         Form of Limited Recourse Parent Guarantee
   Exhibit E         Section 2.14 Certificate
   Exhibit F         [Intentionally omitted.]
   Exhibit G         Form of Subsidiary Guarantee
   Exhibit H         Form of Pledge Agreement
   Exhibit I         Form of Title Policy
   Exhibit J         Form of Legal Opinion

ANNEXES

   Annex I           Form of Notice of Borrowing
   Annex II          Form of Notice of Prepayment

                                      -iv-

                       BRIDGE LOAN AND OVERRIDE AGREEMENT

          BRIDGE LOAN AND OVERRIDE AGREEMENT, dated as of May 26, 2005
(including, without limitation, the terms of the Securitization Loan Agreement
Form referenced herein to the extent incorporated herein, this "AGREEMENT"), by
and among Global Signal Acquisitions II LLC, a Delaware limited liability
company (the "BORROWER"), the lenders from time to time parties to this
Agreement (the "LENDERS"), Bank of America, N.A. ("BANA"), as co-administrative
agent and calculation agent, and Morgan Stanley Asset Funding Inc. ("MSAFI"), as
co-administrative agent and collateral agent for the Lenders hereunder and under
the other Loan Documents (as defined below).

                                    RECITALS

          WHEREAS, Global Signal Inc., a Delaware corporation and the ultimate
parent company of the Borrower ("GLOBAL SIGNAL"), has entered into that certain
Agreement to Contribute, Lease and Sublease, dated as of February 14, 2005 (as
the same may be amended, the "AGREEMENT TO LEASE AND SUBLEASE"), among Sprint
Corporation, a Kansas corporation ("SPRINT"), certain subsidiaries of Sprint
(the "CONTRIBUTORS") and Global Signal, pursuant to which the Contributors have
agreed to contribute a portfolio of wireless communication towers to one or more
newly formed, bankruptcy-remote special purpose subsidiaries of Sprint
(collectively, the "SPRINT SPV"), and ultimately to sublease (and/or permit the
Borrower to operate) such towers to the Borrower for the Borrower to operate
such towers for a period of up to 32 years under one or more Master Lease and
Subleases (as the same may be amended, collectively, the "LEASE AGREEMENT") to
be entered into by and among the Sprint SPV, as Lessor, the Borrower, as Lessee,
Sprint, the Contributors and Global Signal (the Agreement to Lease and Sublease
and the Lease Agreement are collectively referred to herein as the "SPRINT
ACQUISITION DOCUMENTS" and the contribution and leasing of such towers by the
Borrower pursuant to the Sprint Acquisition Documents being referred to herein
as the "SPRINT ACQUISITION").

          WHEREAS, pursuant to the Sprint Acquisition Documents, simultaneously
with the consummation of the Sprint Acquisition, the Equity Investors will
contribute (the "EQUITY CONTRIBUTION") approximately $250,000,000 to the
Borrower.

          WHEREAS, the Borrower has requested that the Lenders extend a term
loan to the Borrower in an amount not to exceed the Aggregate Loan Commitment
(as hereinafter defined), the proceeds of which will be used to provide a
portion of the financing of the Sprint Acquisition.

          WHEREAS, the Borrower and the Lenders desire that the Loans be
refinanced on or prior to the Maturity Date (as hereinafter defined) through an
assignment of the Loans to a new lender pursuant to a whole loan securitization
transaction (the "SECURITIZATION") on terms and conditions substantially as set
forth in the form of the Amended and Restated Loan and Security Agreement
attached hereto as EXHIBIT A (as modified pursuant to this Agreement, the
"SECURITIZATION LOAN AGREEMENT FORM").

          WHEREAS, to facilitate the assignment of the Loans pursuant to the
Securitization, the Borrower has requested that the Securitization Loan
Agreement Form govern the terms and conditions of the Loans, as modified by this
Agreement.

          NOW, THEREFORE, in consideration of the premises and for other good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Borrower, the Lenders and the Agents hereby agree as follows:

                                    ARTICLE A

                      INCORPORATION AND OVERRIDE PROVISIONS

          Section A.1 General Override Provision. The parties hereto hereby
agree to make loans to the Borrower on the terms of the Securitization Loan
Agreement Form, and hereby agree that the Securitization Loan Agreement Form is
hereby incorporated herein in its entirety as if it were set forth directly
herein and forms part of this Agreement, in each case as modified as set forth
in this Agreement and subject to the override set forth in the following
sentence. Notwithstanding any provision of the Securitization Loan Agreement
Form to the contrary, the provisions of this Agreement shall control and to the
extent of a conflict with the provisions of the Securitization Loan Agreement
Form respecting such matters, the terms and conditions of this Agreement shall
override such provisions of the Securitization Loan Agreement Form.

          Section A.2 Particular Sections. Notwithstanding the foregoing, the
provisions of the Securitization Loan Agreement Form listed on SCHEDULE A.2 (the
"INOPERATIVE PROVISIONS") shall not be incorporated herein or form part of this
Agreement and shall have no force or effect until, if and when, the occurrence
of the Securitization, pursuant to SECTION 14.9.

                                    ARTICLE I

                                   DEFINITIONS

          Section 1.1 Certain Defined Terms. (a) The terms defined below are
used in this Agreement as so defined.

          "ACQUISITION": the Sprint Acquisition and any other acquisition by the
Borrower of (i) Towers, (ii) all of the Capital Stock of any Person that holds
Towers as a principal asset, and/or (iii) a fee, easement, or long term ground
lease interest in real property upon which wireless communications towers are,
or are to be, located.

          "ADMINISTRATIVE AGENTS": the BANA Administrative Agent and the Morgan
Stanley Administrative Agent; each, an "Administrative Agent".

          "AGENTS": collectively, the Administrative Agents, the Calculation
Agent and the Collateral Agent.

          "AGGREGATE ACQUISITION PRICE": the aggregate Rent and Pre-Lease Rent
to be prepaid by the Borrower to the Sprint SPV on the Effective Date (as
defined in the Lease

                                      -2-

Agreement) pursuant to Section 11(a) of the Lease Agreement, together with (i)
reasonable and customary transaction costs (including commissions), (ii) the
reasonable fees and expenses of counsel to the Borrower for services rendered in
connection with the Sprint Acquisition and (iii) the amount of taxes that are
payable by the Borrower as a result of the Sprint Acquisition, in an amount not
to exceed $45,000,000 in the aggregate for all items described in clauses (i)
through (iii).

          "AGGREGATE LOAN COMMITMENT": the lesser of (a) $850,000,000 and (b)
70% of the Aggregate Acquisition Price.

          "AGREEMENT": as defined in the preamble to this Agreement.

          "AGREEMENT TO LEASE AND SUBLEASE": as defined in the first recital to
this Agreement.

          "APPLICABLE LENDING OFFICE": for each Lender, the lending office of
such Lender designated for each Type of Loan on SCHEDULE 2.1 hereto (or any
other lending office from time to time notified to its Administrative Agent by
such Lender) as the office at which its Loans are to be made and maintained.

          "APPLICABLE MARGIN": for any Loan of any Type on any day, (i) during
the period from the Closing Date through October 20, 2005, 1.50% per annum in
the case of Eurodollar Loans, and 1.50% in the case of Base Rate Loans, and (ii)
thereafter, the applicable rate per annum set forth below, based upon the Net
Tower Cash Flow as of October 20, 2005 (the levels of Net Tower Cash Flow and
Applicable Margin are set forth on the table below and referred to in this
Agreement as "LEVEL I" and "LEVEL II", respectively):

<TABLE>

---------------------------------------------------------------------------------
                                      Applicable Margin for    Applicable Margin
Level         Net Tower Cash Flow        Eurodollar Loans     for Base Rate Loans
---------------------------------------------------------------------------------

Level I    Greater than or equal to
           $86,000,000                        1.50%                  1.50%
---------------------------------------------------------------------------------
Level II   Less than $86,000,000              1.75%                  1.75%
---------------------------------------------------------------------------------
</TABLE>

; provided that on the date of the first extension of the Maturity Date pursuant
to SECTION 2.5, the Applicable Margin for Eurodollar Loans and Base Rate Loans
under both Levels I and II shall each be increased by 0.25%, and on the date of
the second extension of the Maturity Date pursuant to SECTION 2.5, the
Applicable Margin for Eurodollar Loans and Base Rate Loans under Levels I and II
shall each be increased by 0.75% above the Applicable Margin in effect after the
first extension of the Maturity Date.

          "APPROVED FUND": (a) with respect to any Lender, any Bank CLO of such
Lender, and (b) with respect to any Lender that is a fund that invests in
commercial loans and similar extensions of credit, any other fund that invests
in commercial loans and similar

                                      -3-

extensions of credit and is managed by the same investment advisor as such
Lender or by an Affiliate of such investment advisor.

          "ASSET SALE": any sale, lease or other disposition of property or
series of related sales, leases or other dispositions of property (excluding any
such sale, lease or other disposition permitted by SECTIONS 5.1(G) (II), (III)
and (IV)).

          "ASSIGNEE": as defined in SECTION 14.3(C).

          "ASSIGNMENT AND ACCEPTANCE": as defined in SECTION 14.3(C).

          "BANA": as defined in the preamble to this Agreement.

          "BANA ADMINISTRATIVE AGENT": BANA in its capacity as co-administrative
agent hereunder for the BANA Syndicate, and any successor co-administrative
agent appointed by the BANA Syndicate in accordance with SECTION 13A.9.

          "BANA SYNDICATE": BANA, as an Initial Lender under this Agreement,
together with any Assignees of its Loan.

          "BANK CLO": as to any Lender, any entity (whether a corporation,
partnership, trust or otherwise) that is engaged in making, purchasing, holding
or otherwise investing in commercial loans and similar extensions of credit in
the ordinary course of its business and is administered or managed by such
Lender or an Affiliate of such Lender.

          "BASE RATE" means for any day a fluctuating rate per annum equal to
the higher of (a) the Federal Funds Rate plus 1/2 of 1% and (b) the rate of
interest in effect for such day as publicly announced from time to time by the
Calculation Agent as its "prime rate." The "prime rate" is a rate set by the
Calculation Agent based upon various factors including the Calculation Agent's
costs and desired return, general economic conditions and other factors, and is
used as a reference point for pricing some loans, which may be priced at, above,
or below such announced rate. Any change in such rate announced by the
Calculation Agent shall take effect at the opening of business on the day
specified in the public announcement of such change.

          "BASE RATE LOAN" means a Loan that bears interest based on the Base
Rate.

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

          "BORROWER": as defined in the preamble to this Agreement.

          "CALCULATION AGENT": so long as BANA is an Administrative Agent, BANA,
and if BANA is not an Administrative Agent, such other Administrative Agent
selected by the Required Lenders.

          "CASH EQUIVALENTS": (a) securities with maturities of 90 days or less
from the date of acquisition issued or fully guaranteed or insured by the United
States Government or any agency thereof, (b) certificates of deposit and
eurodollar time deposits with maturities of 90 days

                                      -4-

or less from the date of acquisition and overnight bank deposits of any Lender
or of any commercial bank having capital and surplus in excess of $500,000,000,
(c) 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 seven days with respect to securities issued or fully guaranteed or insured
by the United States Government, (d) commercial paper of a domestic issuer rated
at least A-1 or the equivalent thereof by S&P or P-1 or the equivalent thereof
by Moody's and in either case maturing within 90 days after the day of
acquisition, (e) securities with maturities of 90 days 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 90 days 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.

          "CHANGE OF CONTROL": the occurrence of any of the following:

          (a) the Equity Investors and/or any Person controlled by Fortress
Investment Group LLC or Greenhill Capital Partners, L.P. or any of their
respective Affiliates shall collectively, directly or indirectly, cease to own
and/or control in the aggregate (i) at least 51% of the voting interest in the
Capital Stock of Global Signal or (ii) at least 51% of the voting and economic
interest (directly or indirectly) in the Capital Stock of GSOP; or

          (b) Global Signal shall cease to own at least 51% of the voting and
economic interest in the Capital Stock of GSOP; or

          (c) GSOP shall cease to own at least 100% of the voting and economic
interest in the Capital Stock of the Borrower; or

          (d) with respect to any direct or indirect Subsidiary of GSOP, an
event or series of events resulting in GSOP ceasing to own directly or
indirectly less than 100% of the Capital Stock of such Subsidiary (other than
pursuant to a dissolution of such Subsidiary); or

          (e) an event or series of events by which during any period of 12
consecutive months, a majority of the members of the board of directors or other
equivalent governing body of Global Signal, GSOP and/or any Subsidiary of GSOP
cease to be composed of individuals (i) who were members of that board or
equivalent governing body on the first day of such period, (ii) whose election
or nomination to that board or equivalent governing body was approved by
individuals referred to in clause (i) above constituting at the time of such
election or nomination at least a majority of that board or equivalent governing
body or (iii) whose election or nomination to that board or other equivalent
governing body was approved by individuals referred to in clauses (i) and (ii)
above constituting at the time of such election or nomination at least a
majority of that board or equivalent governing body (excluding, in the case of
both clause (ii) and clause (iii), any individual whose initial nomination for,
or assumption of office as, a

                                      -5-

member of that board or equivalent governing body occurs as a result of an
actual or threatened solicitation of proxies or consents for the election or
removal of one or more directors by any person or group other than a
solicitation for the election of one or more directors by or on behalf of the
board of directors);

provided that in no event shall the merger of GSOP with or into Global Signal or
a Subsidiary of Global Signal be deemed a "Change of Control" so long as the
Required Lenders reasonably determine that such merger is not adverse to their
interests and provide written notice to the Borrower of the same. For the
purposes of this definition, "control" of a Person (including, with its
correlative meanings, "controlled by" and "under common control with") means the
power, directly or indirectly, either to (a) vote 10% or more of the securities
having ordinary voting power for the election of directors of such Person or (b)
direct or cause the direction of the management and policies of such Person,
whether by contract or otherwise.

          "CLOSING DATE": the date on which the conditions precedent set forth
in ARTICLE III of the Securitization Loan Agreement Form and ARTICLE III hereof
shall be satisfied or waived.

          "COLLATERAL AGENT": MSAFI as collateral agent for the Lenders,
together with any successor Collateral Agent appointed pursuant to SECTION 13A.9
of this Agreement.

          "COMMONLY CONTROLLED ENTITY": an entity, whether or not incorporated,
which is under common control with Global Signal or the Borrower within the
meaning of Section 4001 of ERISA or is part of a group which includes Global
Signal or the Borrower and which is treated as a single employer under Section
414(b) or (c) of the IRC or, for purposes of the IRC, Section 414(m) or (o) of
the IRC.

          "CONDUIT ASSIGNEE": any special purpose entity that finances its
activities directly or indirectly through asset-backed commercial paper and is
administered by a Lender or any of its Affiliates and designated by such Lender
from time to time to accept an assignment from the Conduit Lender in such
Lender's Syndicate of all or a portion of the Loans.

          "CONDUIT LENDER": any special purpose entity administered by any
Lender (or an affiliate of such Lender) which funds Loans hereunder and has been
designated by such Lender in a written notice to Borrower; provided, that the
designation by any Lender of a Conduit Lender shall not relieve the designating
Lender of any of its obligations to fund a Loan under this Agreement if, for any
reason, its Conduit Lender fails to fund any such Loan, and provided, further,
that no Conduit Lender shall be deemed to have any Loan Commitment. Upon the
designation of any Conduit Lender by a Lender, such Conduit Lender shall have
all of the rights of a "Lender" hereunder and under the other Loan Documents.

          "CONSOLIDATED EBITDA": with respect to any Person and its consolidated
Subsidiaries for any period of determination, the sum (determined on a
consolidated basis), without duplication, of (a) net income for such period,
plus (b) amortization, accretion and depreciation for such period, plus (c)
interest expense (determined in accordance with GAAP) for such period, plus (d)
actual taxes based on income for such period, plus (e) extraordinary losses for
such period, including losses on early extinguishment of debt, minus (f)
extraordinary

                                      -6-

gains for such period, plus (g) losses on foreign currency exchange for such
period, minus (h) gains on foreign currency exchange for such period, plus (i)
for purposes of calculating Consolidated EBITDA of the Borrower, costs or
amortization expense associated with obtaining title insurance and mortgaging
and perfecting liens on properties to be mortgaged to the Collateral Agent, plus
(j) non-cash charges associated with stock-based compensation expense plus (k)
non-cash accrued straight-line rent expense recorded under SFAS 13 plus (l)
acquisition costs associated with the Sprint Acquisition to the extent (x) such
costs are not capitalized and (y) such costs are included in the budget of such
acquisition costs previously provided to the Administrative Agents in connection
with the Sprint Acquisition, plus (m) asset write-down charges related to
discontinued operations. For purposes of clauses (b) through (m) above, such
amounts shall be deducted from, or added to, net income, in each case only to
the extent such amounts were included in the calculation of net income; provided
that the calculation of Consolidated EBITDA shall be adjusted to annualize the
financial results of Towers owned, leased or managed by such Person and its
Subsidiaries for less than one year as follows: (i) the Consolidated EBITDA
attributed to any Tower owned, leased or managed by such Person and its
Subsidiaries 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 (ii) the Consolidated EBITDA for Towers owned, leased
or managed 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 consistent with the methodology set forth in EXHIBIT F
and adjusted to reflect the financial results of such Towers on a consolidated
basis (as opposed to a stand-alone per Tower basis).

          "CONSOLIDATED INDEBTEDNESS": for any Person and its consolidated
Subsidiaries at such time, the aggregate Indebtedness of such Person and its
consolidated Subsidiaries determined on a consolidated basis in accordance with
GAAP.

          "CONTINUE", "CONTINUATION" and "CONTINUED": the continuation of a
Eurodollar Loan from one day to the next day.

          "CONTRIBUTORS": as defined in the first recital to this Agreement.

          "CONVERT", "CONVERSION" and "CONVERTED": a conversion of Eurodollar
Loans into Base Rate Loans, which may be accompanied by the transfer by a Lender
(at its sole discretion) of a Loan from one Applicable Lending Office to
another.

          "DERIVATIVES COUNTERPARTY": as defined in SECTION 5.1(I).

          "EQUITY CONTRIBUTION": as defined in the second recital to this
Agreement.

          "EQUITY INVESTORS": Fortress Pinnacle Acquisition LLC, FRIT PINN LLC
and Greenhill Capital Partners, L.P., Greenhill Capital, L.P., Greenhill Capital
Partners (Executives), L.P. and Greenhill Capital Partners (Cayman), L.P. or any
other Person reasonably acceptable to the Required Lenders.

                                      -7-

          "EUROCURRENCY RESERVE REQUIREMENTS": for any day as applied to a
Eurodollar Loan, the aggregate (without duplication) of the rates (expressed as
a decimal fraction) of reserve requirements current 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), as now and from time to time hereafter in effect, dealing
with reserve requirements prescribed for eurocurrency funding (currently
referred to as "EUROCURRENCY LIABILITIES" in Regulation D) maintained by a
member bank of the Federal Reserve System.

          "EURODOLLAR RATE": with respect to a Eurodollar Loan, for the First
Interest Period 3.09%, and for any Interest Period thereafter, a rate per annum
determined by the Calculation Agent pursuant to the following formula:

                                              Eurodollar Base Rate
               Eurodollar Rate = ---------------------------------------------
                                    1.00 - Eurocurrency Reserve Requirements

          Where,

          "EURODOLLAR BASE RATE" means, for such Interest Period:

          (a) the rate per annum equal to the rate determined by the Calculation
     Agent to be the offered rate that appears on the page of the Telerate
     screen 3750 (or any successor thereto) that displays an average British
     Bankers Association Interest Settlement Rate for deposits in Dollars (for
     delivery the first day of such Interest Period) with a term equivalent to
     such Interest Period, determined as of approximately 11:00 a.m. (London
     time) two Business Days prior to the first day of such Interest Period, or

          (b) if the rate referenced in the preceding clause (a) does not appear
     on such page or service or such page or service shall not be available, the
     rate per annum equal to the rate determined by the Calculation Agent to be
     the offered rate on such other page or other service that displays an
     average British Bankers Association Interest Settlement Rate for deposits
     in Dollars (for delivery on the first day of such Interest Period) with a
     term equivalent to such Interest Period, determined as of approximately
     11:00 a.m. (London time) two Business Days prior to the first day of such
     Interest Period, or

          (c) if the rates referenced in preceding clauses (a) and (b) are not
     available, the rate per annum equal to the rate determined by the
     Calculation Agent as the rate of interest at which deposits in Dollars for
     delivery on the first day of such Interest Period in same day funds in the
     approximate amount of the Eurodollar Loan being made, continued or
     converted by Bank of America and with a term equivalent to such Interest
     Period would be offered by Bank of America's London Branch to major banks
     in the London interbank Eurodollar market at their request at approximately
     4:00 p.m. (London time) two Business Days prior to the first day of such
     Interest Period.

          "EURODOLLAR LOANS": Loans to which the applicable rate of interest is
based upon the Eurodollar Rate.

                                      -8-

          "EURODOLLAR RESERVE PERCENTAGE": for any day during any Interest
Period, the reserve percentage (expressed as a decimal, carried out to five
decimal places) in effect on such day, whether or not applicable to any Lender,
under regulations issued from time to time by the FRB (or any successor thereto)
for determining the maximum reserve requirement (including any emergency,
supplemental or other marginal reserve requirement) with respect to Eurocurrency
funding (currently referred to as "Eurocurrency liabilities"). The Eurodollar
Rate for each outstanding Eurodollar Loan shall be adjusted automatically as of
the effective date of any change in the Eurodollar Reserve Percentage.

          "EXCLUDED TAXES": as defined in SECTION 2.14(G).

          "EXTRAORDINARY RECEIPT": any cash received by or paid to or for the
account of any Person other than in the ordinary course of business in respect
of tax refunds, pension plan reversions, proceeds of insurance (other than
proceeds of Recovery Events, proceeds of business interruption insurance to the
extent such proceeds constitute compensation for lost earnings and proceeds from
reinsurance received in the ordinary course of business), indemnity payments,
purchase price adjustments received in connection with any purchase agreement
(or other similar agreement) and payments in respect of judgments or settlements
of claims, litigation or proceedings; provided that Extraordinary Receipts shall
not include cash receipts received from proceeds of indemnity payments or
payments in respect of judgments or settlements of claims, litigation or
proceedings to the extent that such proceeds, awards or payments are received by
any Person in respect of any third party claim against or loss by such Person
and promptly applied to pay (or to reimburse such Person for its prior payment
of) such claim or loss and the costs and expenses of such Person with respect
thereto so long as such application is commenced prior to or within 90 days
after the receipt of such proceeds, awards, or payments and that any such
expense being so reimbursed was not charged by a Loan Party or a Subsidiary or
Affiliate of a Loan Party.

          "FEDERAL FUNDS EFFECTIVE RATE": for any day, the rate per annum equal
to the weighted average of the rates on overnight Federal funds transactions
with members of the Federal Reserve System arranged by Federal funds brokers on
such day, as published by the Federal Reserve Bank of New York on the Business
Day next succeeding such day; provided that (a) if such day is not a Business
Day, the Federal Funds Rate for such day shall be such rate on such transactions
on the next preceding Business Day as so published on the next succeeding
Business Day, and (b) if no such rate is so published on such next succeeding
Business Day, the Federal Funds Rate for such day shall be the average rate
(rounded upward, if necessary, to a whole multiple of 1/100 of 1%) charged to
the Calculation Agent on such day on such transactions as determined by the
Calculation Agent.

          "FEE LETTER": the fee letter by and among the Borrower, BANA and
Morgan Stanley in connection with this Agreement.

          "FIRST INTEREST PERIOD": means the date of the draw of funds under
Section 2.2 and ending on the third (3rd) Business Day of July 2005.

          "GLOBAL SIGNAL": as defined in the first recital to this Agreement.

                                      -9-

          "GSOP": Global Signal Operating Partnership L.P., a Delaware limited
partnership and its successors and assigns.

          "GSOP CREDIT AGREEMENT": the Second Amended and Restated Credit
Agreement, dated as of April 15, 2005 between GSOP, as borrower, Bank of
America, N.A., as administrative agent and letter of credit issuer and the
lenders from time to time party thereto.

          "GOVERNING DOCUMENTS": (i) with respect to any corporation, the
certificate or articles of incorporation and the bylaws; (ii) with respect to
any limited liability company, the certificate or articles of formation or
organization and operating agreement; and (iii) with respect to any partnership,
joint venture, trust or other form of business entity, the partnership, joint
venture or other applicable agreement of formation or organization and any
agreement, instrument, filing or notice with respect thereto filed in connection
with its formation or organization with the applicable Governmental Authority in
the jurisdiction of its formation or organization and, if applicable, any
certificate or articles of formation or organization of such entity.

          "INITIAL LENDERS": BANA and MSAFI, comprising all of the initial
Lenders under this Agreement.

          "INSOLVENCY": with respect to any Multiemployer Plan, the condition
that such Plan is insolvent within the meaning of Section 4245 of ERISA.

          "INTEREST PAYMENT DATE": (a) with respect to payments to be made to
the Lenders in any Syndicate, the third (3rd) Business Day of each calendar
month (commencing on the third (3rd) Business Day of July, 2005) immediately
following delivery of a written notice by the Administrative Agent for such
Syndicate to the Borrower setting forth in reasonable detail the amount of
accrued and unpaid interest thereon at such time or (b) the date of any
repayment or prepayment of Loans.

          "INTEREST PERIOD": as to each Eurodollar Loan, (x) the First Interest
Period, (y) if and when such Eurodollar Loan is Converted from a Base Rate Loan,
initially, the date of such Conversion and ending on the date one month
thereafter, and (z) thereafter, each period commencing on the last day of the
next preceding Interest Period applicable to such Eurodollar Loan and ending on
the date one month thereafter. No Interest Period shall extend beyond the
Maturity Date and if any Interest Period would otherwise end on a day that is
not a Business Day unless such Business Day is beyond the Maturity Date, such
Interest Period shall be extended to the next succeeding Business Day.

          "INTEREST RATE AGREEMENT": any interest rate swap agreement, interest
rate cap agreement, interest rate collar agreement, interest rate hedging
agreement or other similar agreement or arrangement, each of which is for the
purpose of hedging the interest rate exposure associated with the Borrower's and
its Subsidiaries' operations and not for speculative purposes.

          "LENDERS": as defined in the preamble to this Agreement.

          "LEVEL I": as defined in the definition of "Applicable Margin".

                                      -10-

          "LEVEL II": as defined in the definition of "Applicable Margin".

          "LIMITED RECOURSE PARENT GUARANTEE": the Parent Guarantee dated as of
the date hereof made by Global Signal and GSOP in favor of the Collateral Agent
for the benefit of the Agents and the Lenders, substantially in the form of
EXHIBIT D, as the same may be amended, supplemented and otherwise modified from
time to time.

          "LOANS": as defined in SECTION 2.1(A).

          "LOAN COMMITMENT": with respect to any Lender, the obligation of such
Lender to make a Loan to the Borrower hereunder on the Closing Date pursuant to
SECTION 2.1 in a principal amount equal to its percentage interest in the
Aggregate Loan Commitment set forth opposite such Lender's name on SCHEDULE 2.1
under the caption "LOAN COMMITMENT PERCENTAGE."

          "LOAN DOCUMENTS": this Agreement (including the provisions of the
Securitization Loan Agreement Form incorporated herein), the Notes, the Deeds of
Trust, the Assignment of Management Agreement, the Subsidiary Guarantee, the
Limited Recourse Parent Guarantee, the Pledge Agreement, the Environmental
Indemnity, the Financing Statements, the Cash Management Agreement, the Fee
Letter and any and all other documents and agreements executed by any of the
Borrower, Guarantor or Manager in connection with this Agreement.

          "LOAN FACILITY": the Loan Commitments and the Loans made thereunder.

          "LOAN PARTIES": the Borrower, GSOP, Global Signal, the Manager and
each Subsidiary of the Borrower which is a party to any Loan Document.

          "LOAN PERCENTAGE": as to any Lender at any time, the fraction
(expressed as a percentage), the numerator of which is the unpaid principal
amount of the Loans of such Lender at such time and the denominator of which is
the aggregate unpaid principal amount of the Loans of all Lenders.

          "MATURITY DATE": the Original Maturity Date, or such later date to
which such date may be extended pursuant to SECTION 2.5.

          "MORGAN STANLEY ADMINISTRATIVE AGENT": MSAFI, as co-administrative
agent hereunder for the Morgan Stanley Syndicate, and any successor
co-administrative agent appointed by the Morgan Stanley Syndicate pursuant to
SECTION 13A.9.

          "MORGAN STANLEY SYNDICATE": MSAFI, as an Initial Lender under this
Agreement, together with any Assignees of its Loan.

          "MSAFI": as defined in the preamble to this Agreement.

          "MULTIEMPLOYER PLAN": a Plan which is a "multiemployer plan" as
defined in Section 4001(a)(3) of ERISA and which is subject to Title IV of
ERISA.

                                      -11-

          "NET CASH PROCEEDS": the gross cash proceeds received by the Borrower
or any of its Subsidiaries in connection with or as a result of (a) any sale,
lease or sublease of any assets, (b) the issuance of any Indebtedness, (c) the
issuance of any equity (other than equity issued to a Loan Party by another Loan
Party or any net proceeds of an equity offering used to fund the Aggregate
Acquisition Price on or prior to the Closing Date), and (d) the receipt of any
capital contributions (other than by a Loan Party with respect to capital
contributions made by another Loan Party) or Extraordinary Receipts, minus with
respect to each of the foregoing (so long as each of the following are estimated
in good faith by the management of the Borrower and certified to the
Administrative Agents in reasonable detail by an authorized officer of the
Borrower) (i) actual taxes paid or payable with respect to such asset sale or
Recovery Event (if any) in an amount equal to the tax liability of the Borrower
or any of its Subsidiaries in respect of such sale or Recovery Event (taking
into account all tax benefits of each of the parties), (ii) reasonable and
customary transaction costs payable by the Borrower or any such Subsidiary of
the Borrower to any Person that is not an Affiliate or an Equity Investor or
Affiliate of an Equity Investor related to such transaction, (iii) Indebtedness
secured by the assets sold or otherwise subject to a Recovery Event that is
immediately repaid as a consequence of such sale, except Indebtedness that
constitutes any of the Obligations, (iv) with respect to clause (a), the portion
of such cash proceeds reserved for post-closing adjustments, including, without
limitation, indemnification payments and purchase price adjustments which are
held in a third-party escrow account or in a segregated deposit account in which
the Collateral Agent has a first priority perfected security interest; provided
that on the date all such post-closing adjustments have been determined, the
amount (if any) by which the reserved amount exceeds the actual post-closing
adjustments payable by the Borrower or any of its Subsidiaries shall constitute
Net Cash Proceeds on such date, and (v) with respect to clause (a), an amount,
not in excess of the taxable gain recognized on such asset sale, necessary to
meet the REIT Distribution Requirement with respect thereto.

          "NET TOWER CASH FLOW": at any time, an amount equal to (i) the
aggregate annualized amount of the rent then payable by all lessees under Leases
with respect to Towers, or, in the case of Towers that are Managed Properties,
the revenue then due to the Borrower or any of its Subsidiaries under the Site
Management Agreement for such Towers (net of any payments required to be
remitted by the Borrower or its Subsidiaries to the owner or lessor of such
Towers), less (ii) the sum of (a) the aggregate annualized current insurance
expense, real estate and property taxes, ground lease payments (if any) and
amounts payable to a third party owner under any Site Management Agreement (if
applicable) with respect to the Towers; (b) the aggregate trailing twelve
(12)-month Maintenance Capital Expenditures and other expenses in respect of the
Towers for direct maintenance expenses, utilities, licensing and permitting
(provided, that in no event shall any item referred to in clauses (a) and (b) of
this definition (including Maintenance Capital Expenditures and utilities paid
by Sprint treated as a reduction in the Purchase Price) be deducted in respect
of any Tower the maintenance of which is the obligation of a Person other than
the Borrower or one or more of its Subsidiaries); and (c) a management fee equal
to the greater of (x) $9,600,000 per annum and (y) 5.00% of the aggregate
annualized amount of the rent then payable by all lessees under the Leases. For
purposes of clause (ii)(a) of this definition, the amount of "current" expenses,
taxes and other payments shall be determined, for the first month after the
Acquisition of any Tower, with respect to the Towers acquired pursuant to the
Sprint Acquisition, the amount set forth in Exhibit A of the Securitization Loan
Agreement Form under the heading "insurance, taxes and ground/lease

                                      -12-

payments" and, at any time thereafter, based on the actual amount of such
expenses, taxes and other payments. For purposes of clause (b) of this
definition, the calculation of the aggregate trailing twelve (12)-month
Maintenance Capital Expenditures and other expenses with respect to any Tower
(in each case after giving effect to the proviso thereto) shall be based on (i)
at the time of the Acquisition of such Tower and for one month thereafter, (A)
with respect to Maintenance Capital Expenditures and direct maintenance
expenses, the higher of (x) the sum of the actual annual budgeted Maintenance
Capital Expenditures and the annual budgeted direct maintenance expenses for
such Tower, and (y) $700, and (B) with respect to all other expenses, the
information obtained from the seller of such Tower pursuant to the
pre-acquisition due diligence process of the Loan Parties, and (ii) at any time
after the first month until the first anniversary of the Acquisition of such
Tower, the actual amount of such Maintenance Capital Expenditures and other
expenses, annualized based on the number of months that have passed since the
date of such Acquisition. The calculation of Net Tower Cash Flow shall be
subject to the last sentence of Section 5.1(d)(v).

          "NON-EXCLUDED TAXES": as defined in SECTION 2.14(A).

          "NON-EXEMPT LENDER": as defined in SECTION 2.14(F).

          "NOTE": as defined in SECTION 2.4(E).

          "NOTICE OF BORROWING": as defined in SECTION 2.2(A).

          "ORAL LEASES": those Leases which are oral and not subject to any
written agreement.

          "ORIGINAL MATURITY DATE": the day that is twelve (12) months after the
Closing Date, or if such date is not a Business Day, the next Business Day.

          "OTHER TAXES": as defined in SECTION 2.14(B).

          "PARTICIPANTS": as defined in SECTION 14.3(B).

          "PBGC": the Pension Benefit Guaranty Corporation established pursuant
to Subtitle A of Title IV of ERISA.

          "PLAN": at a particular time, any employee benefit plan which is
covered by ERISA and in respect of which Global Signal, 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.

          "PLEDGE AGREEMENT": the Pledge Agreement dated as of the date hereof
made by Global Signal, GSOP and any Person that becomes a party thereto pursuant
to Section 5(e) thereof in favor of the Collateral Agent, substantially in the
form of EXHIBIT H, as the same may be amended, supplemented or otherwise
modified from time to time.

          "PROGRAM SUPPORT AGREEMENT": with respect to any Conduit Lender, any
agreement entered into by any Program Support Provider providing for the
issuance of one or

                                      -13-

more letters of credit for the account of the Conduit Lender (or any related
commercial paper issuer that finances the Conduit Lender), the issuance of one
or more surety bonds for which the Conduit Lender (or such related issuer) is
obligated to reimburse the applicable Program Support Provider for any drawings
thereunder, the sale by the Conduit Lender (or such related issuer) to any
Program Support Provider of the Conduit Lender's interest under this Agreement
and the Loans (or portions thereof or participations therein) and/or the making
of loans and/or other extensions of credit to the Conduit Lender (or such
related issuer) in connection with its commercial paper program, together with
any letter of credit, surety bond or other instrument issued thereunder.

          "PROGRAM SUPPORT PROVIDER": with respect to any Conduit Lender, any
Person now or hereafter extending credit or having a commitment to extend credit
to or for the account of, or to make purchases from, such Conduit Lender (or any
related commercial paper issuer that finances such Conduit Lender) or issuing a
letter of credit, surety bond or other instrument to support any obligations
arising under or in connection with such Conduit Lender's (or such related
issuer's) commercial paper program.

          "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.

          "REIT DISTRIBUTION REQUIREMENT": distributions in an amount reasonably
necessary to enable Global Signal to pay the dividends required to maintain its
REIT Status and not be subject to corporate level tax based on income or to
excise tax under Section 4981 of the IRC.

          "REIT STATUS": with respect to any Person, such Person's status as a
real estate investment trust, as defined in Section 856(a) of the IRC, that
satisfies the conditions and limitations set forth in Section 856(b) and 856(c)
of the IRC.

          "REGISTER": as defined in SECTION 2.4(C).

          "REGULATION D": Regulation D of the Board as in effect from time to
time.

          "REORGANIZATION": with respect to any Multiemployer Plan, the
condition that such plan is in reorganization within the meaning of Section 4241
of ERISA.

          "REPORTABLE EVENT": any of the events set forth in Section 4043(c) of
ERISA, other than those events as to which the thirty day notice period is
waived under Sections .21, .22, .23, .26, .27 or .28 of PBGC Reg. Section 4043.

          "REQUIRED LENDERS": at any time, Lenders the Loan Percentages of which
aggregate more than 50%.

          "REQUIRED SYNDICATE LENDERS": with respect to either Syndicate,
Lenders the Loan Percentages of which aggregate more than 50% of the total Loan
Percentages of all the Lenders in such Syndicate.

                                      -14-

          "REQUIREMENTS 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.

          "SECTION 2.14 CERTIFICATE": as defined in SECTION 2.14(F)(II).

          "SECURITIZATION": as defined in the third recital to this Agreement.

          "SECURITIZATION LOAN AGREEMENT": as defined in SECTION 14.9.

          "SECURITIZATION LOAN AGREEMENT FORM": as defined in the third recital
to this Agreement.

          "SPRINT": as defined in the first recital to this Agreement.

          "SPRINT ACQUISITION": as defined in the first recital to this
Agreement.

          "SPRINT ACQUISITION DOCUMENTS": as defined in the first recital to
this Agreement.

          "SPRINT SPV": as defined in the first recital to this Agreement.

          "S&P": Standard & Poor's Ratings Services, a division of The
McGraw-Hill Companies, Inc.

          "SUBSIDIARY": as to any Person, a corporation, partnership 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 GUARANTEE": a Guarantee made by each Subsidiary (if any)
of the Borrower in favor of the Collateral Agent for the benefit of the Agents
and the Lenders, substantially in the form of EXHIBIT G as the same may be
amended, supplemented or otherwise modified from time to time.

          "SYNDICATE": either the BANA Syndicate or the Morgan Stanley
Syndicate.

          "SYNTHETIC LEASE": any lease entered into in connection with the lease
or acquisition of fixed assets which is treated under GAAP as an operating lease
but for tax purposes as a capital lease.

          "TAXES": as defined in SECTION 2.14(A).

                                      -15-

          "TAKEOUT FINANCING": a Securitization or a bank and/or bond, equity or
other financing transaction by Global Signal, the Borrower or any other
Affiliate of Global Signal, the proceeds of which are used to repay the Loans in
connection with the maturity of the Loans or early termination of the Loan
Facility.

          "TAKEOUT FINANCING NOTICE": as defined in SECTION 14.9.

          "THRESHOLD AMOUNT": $1,000,000.

          "TRANSFEREE": as defined in SECTION 14.3(E).

          "TYPE": as to any Loan, its nature as a Base Rate Loan or a Eurodollar
Loan.

          "ULTIMATE LENDER": as defined in SECTION 14.9.

          (b) Certain Replaced Terms. Each occurrence of the following terms in
the Securitization Loan Agreement Form shall be replaced as indicated below:

          (i) Each reference to "Borrower Parties" shall be deemed to be a
     reference to "Loan Parties", mutatis mutandis.

          (ii) Each reference to "Lender" listed in Part 1 of SCHEDULE 1.1 shall
     be deemed to be a reference to "Administrative Agents", mutatis mutandis.

          (iii) Each reference to "Lender" listed on Part 2 of SCHEDULE 1.1
     shall be deemed to be a reference to "Collateral Agent", mutatis mutandis.

          (iv) Each reference to "Lender" listed on Part 3 of SCHEDULE 1.1 shall
     be deemed to be a reference to "Agents", mutatis mutandis.

          (v) Each reference to "Lender" or "the Lender" listed on Part 4 of
     SCHEDULE 1.1 shall be deemed to be a reference to "each Lender" or "any
     Lender" as the context shall require, mutatis mutandis.

          (vi) Each reference to "Lender" listed on Part 5 of SCHEDULE 1.1 shall
     be deemed to be a reference to "the Required Lenders", mutatis mutandis.

          (vii) Each reference to "Lender" listed on Part 6 of SCHEDULE 1.1
     shall be deemed to be a reference to "each of the Lenders and the Agents",
     mutatis mutandis.

                                   ARTICLE II

                       TERMS OF THE LOANS AND COMMITMENTS

          Section 2.1 Loan Commitments.

          Subject to the terms and conditions hereof (including, without
limitation, the satisfaction of the conditions precedent set forth in ARTICLE
III of the Securitization Loan

                                      -16-

Agreement Form and ARTICLE III hereof), each Lender agrees to make a Loan
("LOANS") to the Borrower on the Closing Date up to an aggregate principal
amount not to exceed its respective Loan Commitment. Amounts prepaid or repaid
on the Loans may not be reborrowed.

          Section 2.2 Procedure for Borrowing.

          (a) The Borrower shall deliver to each Administrative Agent a fully
executed notice of borrowing substantially in the form of ANNEX I (the "NOTICE
OF BORROWING") no later than 11:00 a.m., New York City time, two Business Days
prior to the Closing Date. The Notice of Borrowing shall provide:

          (i) the amount to be borrowed;

          (ii) a calculation of the Aggregate Loan Commitment in reasonable
     detail;

          (iii) the amount of the borrowing to be paid to Sprint and its
     Subsidiaries; and

          (iv) wire instructions for Sprint and its Subsidiaries and the other
     parties to be paid in connection with the closing of the Sprint
     Acquisition.

          (b) Upon receipt of the Notice of Borrowing, each Administrative Agent
shall promptly notify each Lender in its respective Syndicate thereof. Not later
than 11:00 a.m., New York City time, on the Closing Date, each Lender shall make
available to its Administrative Agent at the office specified in SECTION 14.2
for such Administrative Agent the amount of such Lender's pro rata share of such
borrowing in immediately available funds. Subject to the satisfaction of the
conditions precedent set forth in ARTICLE III of the Securitization Loan
Agreement Form and ARTICLE III hereof and each Administrative Agent shall on
such date make the amounts it received from the Lenders in its Syndicate
available to the Borrower by wiring the specified funds to the accounts
specified in the Notice of Borrowing no later than 1:00 p.m., New York City
time, provided, that the Administrative Agents shall have received the funds
from each Lender by 11:00 a.m., New York City time, on such day.

          Section 2.3 Interest Rates and Payment Dates.

          (a) The Loans shall be Eurodollar Loans until the Loans are converted
to Base Rate Loans pursuant to SECTION 2.3(E), SECTION 2.10 or SECTION 2.12.

          (b) Each Eurodollar Loan shall bear interest at a rate per annum equal
to the Eurodollar Rate determined for such day plus the Applicable Margin.

          (c) Each Base Rate Loan shall bear interest at a rate per annum equal
to the Base Rate plus the Applicable Margin.

          (d) If the Applicable Margin is to be determined under Level II after
October 15, 2005, the Borrower shall on the first Business Day following such
date make a retroactive payment of interest to each applicable Administrative
Agent for the benefit of the Lenders in its Syndicate for the period of the
Closing Date to such date equal to the difference between the

                                      -17-

interest on the Loans calculated based on Level II of the Applicable Margin for
such period and the interest actually paid by the Borrower on the Loans for such
period.

          (e) If all or a portion of (i) any principal of any Loan, (ii) any
interest payable thereon or (iii) any other amount payable hereunder shall not
be paid when due (whether at the stated maturity, by acceleration or otherwise),
(x) at the option of any Administrative Agent or the Required Lenders and upon
notice to the Borrower, each Eurodollar Loan shall convert to a Base Rate Loan,
and (y) the principal of all overdue Loans and any such overdue interest or
other amount shall bear interest at a rate per annum which is the rate that
would otherwise be applicable to the Loans pursuant to the foregoing provisions
of this Section plus 4%, in each case from the date of such non-payment until
such overdue principal, interest or other amount is paid in full (as well after
as before judgment).

          (f) Interest shall be payable in arrears on each Interest Payment
Date; provided that interest accruing pursuant to paragraph (e) of this Section
shall be payable from time to time on demand.

          Section 2.4 Repayment of Loans; Evidence of Debt.

          (a) The Borrower hereby unconditionally promises to pay to each
Administrative Agent for the account of the Lenders in its Syndicate, the
principal amount of the Loans held by such Lenders on the Maturity Date;
provided, that if the Maturity Date is extended pursuant to SECTION 2.5, the
Borrower shall make a principal repayment to such Administrative Agent on each
Interest Payment Date following the Original Maturity Date in an amount equal to
a monthly percentage share of the aggregate outstanding principal amount of the
Loans held by such Lenders based on a 20-year straight-line amortization
schedule commencing on the Original Maturity Date, as calculated by the
Administrative Agents. Each Administrative Agent shall distribute to the Lenders
in its respective Syndicate payments it receives from the Borrower for the
account of such Lenders promptly upon receipt in like funds as received.

          (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 the Loan of such Lender, including the amounts of principal and
interest payable and paid to such Lender from time to time under this Agreement.

          (c) Each Administrative Agent shall maintain a register (the
"REGISTER"), solely for such purpose as agent for the Borrower, in which shall
be recorded (i) the name and address of each Lender in its Syndicate (including
any Assignee, successor and participants), (ii) the amount of each Loan made
hereunder by the Lenders in its Syndicate and any Note evidencing such Loan,
(iii) the amount of any principal or interest due and payable or to become due
and payable from the Borrower to each such Lender hereunder, (iv) the amount of
any sum received by such Administrative Agent hereunder from the Borrower, and
(v) each assignment and participation of such Loan pursuant to SECTION 14.3.

          (d) The entries made in each Register and the accounts of each Lender
maintained pursuant to SECTION 2.4(C) 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

                                      -18-

(absent manifest error); provided, however, that the failure of any
Administrative Agent to maintain the Register or any Lender to maintain 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 the Borrower
by such Lender in accordance with the terms of this Agreement. Any assignment or
transfer by any Lender of its rights and obligations under this Agreement
pursuant to and in accordance with SECTION 14.3 that is not recorded in
accordance with this SECTION 2.4 shall be treated for purposes of this Agreement
as a sale by such Lender of a participation in such rights and obligations in
accordance with SECTION 14.3.

          (e) The Borrower agrees that, upon the request of any Lender to its
Administrative Agent, the Borrower will execute and deliver to such Lender a
promissory note of the Borrower evidencing the Loans of such Lender,
substantially in the form of EXHIBIT B, with appropriate insertions as to date
and principal amount (a "NOTE").

          Section 2.5 Extension of Maturity Date.

          (a) Extension Option. (i) The Borrower may on two occasions extend the
Maturity Date for a period of six months upon written notice to the
Administrative Agents no later than 30 days prior to the then existing Maturity
Date; provided that if upon any such extension the Maturity Date would not be on
a Business Day, the Maturity Date shall be the next Business Day. Upon receipt
of any such notice, each Administrative Agent shall promptly notify each Lender
in its Syndicate thereof.

          (ii) The effectiveness of any such extension is subject to the
     satisfaction of the following conditions: (A) any fees and other amounts
     (including, without limitation, any fees payable by the Borrower in
     connection with such extension) shall have been paid; (B) any other amounts
     then due hereunder shall have been paid, (C) no Event of Default shall have
     occurred and be continuing on the date of such extension, and (D) delivery
     of a certificate of a Responsible Officer of the Borrower as to the matters
     set forth in SECTIONS 3.1(D) AND (H) and SECTIONS 4.2(B)(4) of the
     Securitization Loan Agreement Form.

          Section 2.6 [Reserved]

          Section 2.7 Optional Prepayment. 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 to the Administrative Agents (in the form of ANNEX II)
prior to 12:00 noon, New York City time, at least three Business Days prior
thereto, specifying the date and amount of prepayment. Upon receipt of any such
notice, each Administrative Agent shall promptly notify each Lender in its
Syndicate thereof. If any such notice is given, the amount specified in such
notice shall be due and payable to the Administrative Agents on a pro rata basis
on the date specified therein, together with any accrued interest to such date
on the amount prepaid. Partial prepayments pursuant to this Section shall be in
an aggregate principal amount of $500,000 or a whole multiple thereof. Amounts
prepaid pursuant to this SECTION 2.7 may not be reborrowed. For the avoidance of
doubt, any assignment of this Agreement by the Lenders to an Ultimate Lender
pursuant to a Takeout Financing shall not be considered an optional prepayment.

                                      -19-

          Section 2.8 Mandatory Prepayments.

          (a) If on any date the Borrower or any of its Subsidiaries shall
receive Net Cash Proceeds from (i) any incurrence of Indebtedness by the
Borrower or any of its Subsidiaries, other than Indebtedness permitted pursuant
to SECTION 5.15 of the Securitization Loan Agreement Form, (ii) any sale or
issuance of Capital Stock by or receipt of any capital contribution to the
Borrower or any of its Subsidiaries (other than the Equity Contribution or
Capital Stock issued by a Loan Party to another Loan Party or GSOP or capital
contributions received by a Loan Party from another Loan Party or GSOP), (iii)
any Asset Sale or (iv) any Extraordinary Receipts, then 100% of such Net Cash
Proceeds shall be applied on the third Business Day following receipt of such
Net Cash Proceeds (or in the case of clauses (iii) and (iv), following receipt
of Net Cash Proceeds from any individual event or series of events in an
aggregate amount of $5,000,000) toward the prepayment of the Loans and interest
thereon.

          (b) If on any date the Borrower or any of its Subsidiaries shall
receive Net Cash Proceeds from any Recovery Event, 100% of such Net Cash
Proceeds shall be applied on the third Business Day following receipt of such
Net Cash Proceeds toward the prepayment of the Loans; provided that such
prepayment shall not be required if all of the following requirements are
satisfied: (i) the aggregate amount of all such Net Cash Proceeds is not greater
than $5,000,000, (ii) such Net Cash Proceeds are (A) reinvested in other like
assets within 270 days of the Recovery Event that gave rise to such Net Cash
Proceeds or (B) committed to be reinvested in other like assets within 270 days
of such Recovery Event and reinvested in such assets within 365 days of such
Recovery Event, and (iii) such Net Cash Proceeds are held in a segregated
deposit account that is subject to a perfected first priority security interest
in favor of Collateral Agent for the benefit of the Agents and the Lenders,
provided that the reinvestment or commitment to reinvest any such Net Cash
Proceeds of an amount in excess of $5,000,000 pursuant to clause (ii) above is
pre-approved in writing by the Required Lenders in their reasonable discretion.

          (c) If on any day a Takeout Financing shall occur which does not
result in this Agreement being replaced with a Securitization Loan Agreement
pursuant to SECTION 14.9, then the Borrower shall prepay, in full and in cash,
the Loans, any unpaid interest thereon and all other Obligations then
outstanding.

          (d) Any prepayment of Loans pursuant to this Section, and the rights
of the Lenders in respect thereof, are subject to the provisions of SECTION
2.11.

          Section 2.9 Computation of Interest and Fees.

          (a) Interest and fees shall be calculated in all other cases, on the
basis of a 360-day year, in each case for the actual days elapsed. The
Calculation Agent shall as soon as practicable notify the Borrower and each
Administrative Agent 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 Calculation
Agent shall as soon as practicable notify the Borrower and each Administrative
Agent of the effective date and the amount of each such change in interest rate.

                                      -20-

          (b) Each determination of an interest rate by the Calculation Agent
pursuant to any provision of this Agreement shall be conclusive and binding on
the Borrower in the absence of manifest error.

          Section 2.10 Inability to Determine Interest Rate. If on any day:

          (a) the Calculation 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; or

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

then the Calculation Agent shall give telecopy or telephonic notice thereof to
the Borrower and the Administrative Agents as soon as practicable thereafter. If
such notice is given any outstanding Eurodollar Loans shall be Converted on such
day to Base Rate Loans, and until such notice has been withdrawn by the
Calculation Agent, no Loans under the Loan Facility shall be Converted to
Eurodollar Loans or Continued as such. The Calculation Agent shall withdraw any
such notice pursuant to clause (a) above if the Calculation Agent determines
that the relevant circumstances have ceased to exist.

          Section 2.11 Pro Rata Treatment and Payments.

          (a) The borrowing by the Borrower from the Lenders hereunder and any
reduction of the Loans of the Lenders shall be made pro rata according to the
respective Loan Percentages of the Lenders. Each payment (including each
prepayment) by the Borrower on account of principal of and interest on the Loans
shall be made pro rata according to the respective outstanding principal amounts
of the Loans then held by the Lenders.

          (b) All payments (including prepayments) to be made by the Borrower
hereunder, whether on account of principal, interest, fees or otherwise, shall
be made without set off or counterclaim and shall be made prior to 12:00 noon,
New York City time, on the due date thereof to the relevant Administrative Agent
at such Administrative Agent's office specified in SECTION 14.2, in Dollars and
in immediately available funds. If any payment hereunder (other than payments on
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, and, with
respect to payments of principal, interest thereon shall be payable at the then
applicable rate during such extension. 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.

                                      -21-

          (c) Unless the Administrative Agent for a Lender shall have been
notified in writing by such Lender prior to a borrowing that such Lender will
not make the amount that would constitute its pro rata share of such borrowing
available to its Administrative Agent in accordance with SECTION 2.2(B), such
Administrative Agent may assume that such Lender is making such amount available
to it, and such Administrative Agent may, in reliance upon such assumption, make
available to the Borrower a corresponding amount. If such amount is not made
available to such Administrative Agent by the required time on the Closing Date,
such Lender shall pay to such Administrative Agent, on demand, such amount with
interest thereon at a rate equal to the daily average Federal Funds Effective
Rate for the period until such Lender makes such amount immediately available to
such Administrative Agent. A certificate of an Administrative Agent submitted to
any Lender in its Syndicate with respect to any amounts owing under this Section
shall be conclusive in the absence of manifest error. If such Lender's pro rata
share of such borrowing is not made available to its Administrative Agent by
such Lender within three Business Days of the Closing Date, such Administrative
Agent shall also be entitled to recover such amount with interest thereon at the
rate per annum applicable to Base Rate Loans hereunder, on demand, from the
Borrower.

          Section 2.12 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 and Continue
Eurodollar Loans as such 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.

          Section 2.13 Requirements of Law.

          (a) If the adoption of or any change in any bank regulatory guideline
or any Requirement of Law or in the administration, interpretation or
application thereof or compliance by any Lender or any Program Support Provider
with any request or directive (whether or not having the force of law) from any
central bank or other Governmental Authority made subsequent to (A) the date
that such Lender (or, with respect to a Program Support Provider, the applicable
Conduit Lender) became a party to this Agreement, (B) with respect to a transfer
or assignment made pursuant to SECTION 14.3(B) or (C) hereof, the effective date
of such transfer or assignment, except to the extent that such Transferee's
predecessor was entitled to such amounts or (C) with respect to the designation
of a new lending office, the effective date of such designation:

          (i) does or shall subject any Lender or any Program Support Provider
     to any tax, duty or other charge of any kind whatsoever with respect to
     this Agreement, any Note, any other Loan Document, any Program Support
     Agreement or any Loan made by it, or change the basis of taxation of
     payments to such Lender or such Program Support Provider in respect thereof
     (except for Non-Excluded Taxes resulting from such Lender's or such Program
     Support Provider's failure to comply with the provisions of SECTION 2.14
     hereof and changes in the rate or manner of determination of tax on the
     overall net income of such Lender or such Program Support Provider together
     with, in each case, any interest, penalties or additions to such taxes);

                                      -22-

          (ii) does or shall impose, modify or hold applicable any reserve,
     special deposit, compulsory loan or similar requirement (including any
     requirement imposed by the Board of Governors of the Federal Reserve
     System) against assets held by, deposits or other liabilities in or for the
     account of, advances, loans or other extensions of credit by, or any other
     acquisition of funds by, any office of such Lender or such Program Support
     Provider which is not otherwise included in the determination of the
     Eurodollar Rate; or

          (iii) does or shall impose on such Lender or such Program Support
     Provider any other condition or expense;

and the result of any of the foregoing is to increase the cost to such Lender or
such Program Support Provider, by an amount which such Lender or such Program
Support Provider deems to be material, of making, continuing or maintaining
Loans (or, with respect to Program Support Providers, of entering into its
Program Support Agreements) or to reduce any amount receivable hereunder in
respect thereof, then, in any such case, the Borrower shall promptly, after
receiving notice as specified in clause (c) of this Section, pay such Lender
(for its own account or the account of such Program Support Provider, if
applicable) such additional amount or amounts as will compensate such Lender or
such Program Support Provider for such increased cost or reduced amount
receivable.

          (b) If any Lender or any Program Support Provider shall have
determined that the adoption of or any change in or change in the
administration, interpretation or application of any bank regulatory guideline
or Requirement of Law regarding capital adequacy or in the interpretation or
application thereof or compliance by such Lender or such Program Support
Provider or any corporation controlling such Lender or such Program Support
Provider with any request or directive regarding capital adequacy (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 Program Support Provider's or such corporation's capital as a
consequence of its obligations hereunder (or under the related Program Support
Agreements) to a level below that which such Lender or such Program Support
Provider or such corporation could have achieved but for such adoption, change
or compliance (taking into consideration such Lender's or such Program Support
Provider's or such corporation's policies with respect to capital adequacy) by
an amount deemed by such Lender or such Program Support Provider to be material,
then from time to time, the Borrower shall promptly pay to such Lender (for its
own account or the account of such Program Support Provider, if applicable) such
additional amount or amounts as will compensate such Lender or such Program
Support Provider for such reduction. For avoidance of doubt, any interpretation
of Accounting Research Bulletin No. 51 by the Financial Accounting Standards
Board (including Interpretation No. 46: Consolidation of Variable Interest
Entities) shall constitute an adoption, change, request or directive, and any
implementation thereof shall be, subject to this SECTION 2.13(B).

          (c) If any Lender becomes entitled to claim any additional amounts
pursuant to this SECTION 2.13, it shall promptly notify the Borrower (with a
copy to its Administrative Agent) of the event by reason of which it has become
so entitled. A certificate as to any additional amounts payable pursuant to this
Section submitted by such Lender to the Borrower (with a copy to its
Administrative Agent) shall be conclusive in the absence of manifest error.

                                      -23-

The agreements in this Section shall survive the termination of this Agreement
and the payment of the Loans and all other amounts payable hereunder.

          (d) Any Lender, if claiming any additional amounts payable pursuant to
this SECTION 2.13 or SECTION 2.14, shall use reasonable efforts (consistent with
its internal policy and legal and regulatory restrictions and so long as, in its
sole determination, such efforts would not be disadvantageous to it) to file any
certificate or document reasonably requested in writing by the Borrower if the
making of such a filing would avoid the need for or reduce the amount of any
such additional amounts.

          Section 2.14 Taxes.

          (a) Any and all payments by the Borrower under or in respect of this
Agreement or any other Loan Documents to which the Borrower is a party shall be
made free and clear of, and without deduction or withholding for or on account
of, any and all present or future taxes, levies, imposts, deductions, charges or
withholdings and all liabilities (including penalties, interest and additions to
tax) with respect thereto, whether now or hereafter imposed, levied, collected,
withheld or assessed by any taxation authority or other Governmental Authority
(collectively, "TAXES"), unless required by law. If the Borrower shall be
required under any applicable Requirement of Law to deduct or withhold any Taxes
from or in respect of any sum payable under or in respect of this Agreement or
any of the other Loan Documents to any Lender or any Program Support Provider,
(i) Borrower shall make all such deductions and withholdings in respect of
Taxes, (ii) Borrower shall pay the full amount deducted or withheld in respect
of Taxes to the relevant taxation authority or other Governmental Authority in
accordance with the applicable Requirement of Law, and (iii) the sum payable by
Borrower shall be increased as may be necessary so that after Borrower has made
all required deductions and withholdings (including deductions and withholdings
applicable to additional sums payable under this SECTION 2.14) such Lender or
such Program Support Provider receives an amount equal to the sum it would have
received had no such deductions or withholdings been made in respect of
Non-Excluded Taxes. For purposes of this Agreement and except as otherwise
provided in SECTION 2.14(F) and SECTION 2.14(G), the term "NON-EXCLUDED TAXES"
are Taxes other than, in the case of each Lender or a Program Support Provider,
Taxes that are imposed on or measured by its overall net income (including
franchise taxes imposed in lieu thereof and branch profit taxes, and including
penalties, interest and additions to Tax with respect thereto), by the
jurisdiction under the laws of which such Lender or such Program Support
Provider is organized or of its Applicable Lending Office, or any political
subdivision thereof, unless Taxes are imposed as a result of a connection that
arises solely from such Lender having executed, delivered or performed its
obligations or received payments under, or enforced, this Agreement or any of
the other Loan Documents or from such Program Support Provider having executed,
delivered or performed its obligations or received payments under, or enforced,
its Program Support Agreements (in which case such Taxes will be treated as
Non-Excluded Taxes).

          (b) In addition, Borrower hereby agrees to pay any present or future
stamp, recording, documentary, excise, property or similar taxes, charges or
levies that arise from any payment made under or in respect of this Agreement or
any other Loan Document or from the execution, delivery or registration of, any
performance under, or otherwise with respect to, this Agreement or any other
Loan Document (collectively, "OTHER TAXES").

                                      -24-

          (c) Borrower hereby agrees to indemnify each Lender and any Program
Support Provider for, and to hold each of them harmless against, the full amount
of Non-Excluded Taxes and Other Taxes, and the full amount of Taxes of any kind
imposed on or paid by such Lender or such Program Support Provider, and any
liability (including penalties, additions to tax, interest and expenses) arising
therefrom or with respect thereto, in each case, imposed by any jurisdiction on
amounts payable under this SECTION 2.14. The indemnity by Borrower provided for
in this SECTION 2.14(C) shall apply and be made whether or not the Non-Excluded
Taxes or Other Taxes for which indemnification hereunder is sought have been
correctly or legally asserted. Amounts payable by Borrower under the indemnity
set forth in this SECTION 2.14(C) shall be paid within ten (10) days from the
date on which the applicable Lender or Program Support Provider, as the case may
be, makes written demand therefor, and provides to Borrower any notice or
assessment made for such Non-Excluded Taxes or Other Taxes received by such
Lender or such Program Support Provider from a Governmental Authority or tax
authority.

          (d) Any Lender or Program Support Provider that receives additional
payments from the Borrower pursuant to SECTIONS 2.14(A), (B) or (C) shall take
all reasonable actions (consistent with its internal policy and legal and
regulatory restrictions) requested by Borrower to assist Borrower, as the case
may be, at the sole expense of Borrower, to recover from the relevant taxation
authority or other Governmental Authority any Taxes in respect of which amounts
were paid by Borrower pursuant to SECTIONS 2.14(A), (B) or (C). However, such
Lender and any such Program Support Provider will not be required to take any
action that would be, in the sole judgment of such Lender or such Program
Support Provider, legally inadvisable, or commercially or otherwise
disadvantageous to such Lender or such Program Support Provider in any respect,
and in no event shall such Lender or such Program Support Provider be required
to disclose any tax returns or any other information that, in the sole judgment
of such Lender or such Program Support Provider, is confidential.

          (e) Within 30 days after the date of any payment of Taxes pursuant to
SECTION 2.14, Borrower (or any Person making such payment on behalf of Borrower)
shall furnish to the applicable Lender or such Program Support Provider a
certified copy of the original official receipt evidencing payment thereof. In
the case of any payment under or in respect of this Agreement or any of the
other Loan Documents by or on behalf of Borrower through an account or branch
outside the United States, or on behalf of Borrower by a payor that is not a
United States person, if Borrower determines that no Taxes are payable in
respect thereof, Borrower shall furnish, or shall cause such payor to furnish,
to the applicable Lender or such Program Support Provider an opinion of counsel
reasonably acceptable to the applicable Lender or such Program Support Provider
stating that such payment is exempt from Taxes. For purposes of SECTIONS 2.14(E)
and (F), the terms "UNITED STATES" and "UNITED STATES PERSON" shall have the
meanings specified in Section 7701 of the IRC.

          (f) On or before the first payment date hereunder to which each Lender
or Program Support Provider (including any participant, assignee or successor)
is entitled, and from time to time thereafter if requested in writing by
Borrower (but only so long as such Lender remains lawfully able to do so), any
Lender or Program Support Provider that either (i) is not incorporated under the
laws of the United States, any State thereof, or the District of Columbia or
(ii) whose name does not include "Incorporated," "Inc.," "Corporation," "Corp.,"
"P.C.,"

                                      -25-

"insurance company," or "assurance company" (a "NON-EXEMPT LENDER"), shall
deliver or cause to be delivered to Borrower the following properly completed
and duly executed documents:

          (i) a complete and executed (x) U.S. Internal Revenue Form W-8BEN with
     Part II completed in which such Lender or such Program Support Provider
     claims the benefits of a tax treaty with the United States providing for a
     reduced or zero rate of withholding (or any successor forms thereto),
     including all appropriate attachments or (y) a U.S. Internal Revenue
     Service Form W-8ECI (or any successor form thereto); or

          (ii) in the case of an individual, (x) a complete and executed U.S.
     Internal Revenue Service Form W-8BEN (or any successor forms thereto) and a
     certificate substantially in the form of EXHIBIT E (a "SECTION 2.14
     CERTIFICATE") or (y) a complete and executed Internal Revenue Service Form
     W-9 (or any successor form thereto); or

          (iii) in the case of a Non-Exempt Lender or Program Support Provider
     that is organized under the laws of the United States, any State thereof,
     or the District of Columbia, (x) a complete and executed Internal Revenue
     Service Form W-9 (or any successor forms thereto), including all
     appropriate attachments or (y) if such Non-Exempt Lender or Program Support
     Provider is disregarded for federal income tax purposes, the documents that
     would be required by clause (i), (ii), (iii), (iv) or (v) with respect to
     its beneficial owner if such beneficial owner were Lender or Program
     Support Provider; or

          (iv) in the case of a Non-Exempt Lender or Program Support Provider
     that (i) is not organized under the laws of the United States, any State
     thereof, or the District of Columbia, and (ii) is treated as a corporation
     for U.S. federal income tax purposes, a complete and executed U.S. Internal
     Revenue Service Form W-8BEN claiming a zero rate of withholding (or any
     successor forms thereto) and a Section 2.14 Certificate; or

          (v) in the case of a Non-Exempt Lender or Program Support Provider
     that (A) is treated as a partnership or other non-corporate entity, or is
     disregarded for U.S. federal income tax purposes, and (B) is not organized
     under the laws of the United States, any State thereof, or the District of
     Columbia, (x) a complete and executed Internal Revenue Service Form W-8IMY
     (including all required documents and attachments) (or any successor form
     thereto), and (y)(i) a Section 2.14 Certificate, and (ii) without
     duplication, with respect to each of its beneficial owners and the
     beneficial owners of such beneficial owners looking through chains of
     owners to individuals or entities that are treated as corporations for U.S.
     federal income tax purposes (all such owners, "BENEFICIAL OWNERS"), the
     documents that would be required by clause (i), (ii), (iii), (iv) or this
     clause (v) with respect to each such beneficial owner if such beneficial
     owner were a Lender or Program Support Provider; provided, however, that no
     such documents will be required with respect to a beneficial owner to the
     extent the actual Lender or Program Support Provider is determined to be in
     compliance with the requirements for certification on behalf of its
     beneficial owner as may be provided in applicable U.S. Treasury
     regulations, or the requirements of this clause (v) are otherwise
     determined to be unnecessary, all such determinations under this clause (v)
     to be made in the sole discretion of Borrower.

                                      -26-

          (g) If the forms referred to above in SECTION 2.14(F) that are
provided by a Lender or Program Support Provider at the time such Lender, or the
Conduit Lender related to such Program Support Provider, first becomes a party
to this Agreement indicate a United States interest withholding tax rate in
excess of zero, withholding tax at such rate shall be treated as Taxes other
than "Non-Excluded Taxes" ("EXCLUDED TAXES") and shall not qualify as
Non-Excluded Taxes unless and until such Lender or such Program Support Provider
provides the appropriate form certifying that a lesser rate applies, whereupon
withholding tax at such lesser rate shall be considered Excluded Taxes solely
for the periods governed by such form. If, however, on the date of the
Assignment and Acceptance pursuant to which a Lender, or the Conduit Lender
related to a Program Support Provider, assignee becomes a party to this
Agreement, Lender assignor, or the Program Support Provider related to the
Conduit Lender assignor, was entitled to indemnification or increased amounts
under this SECTION 2.14, then the Lender assignee, or Program Support Provider
related to the Conduit Lender assignee, shall be entitled to indemnification or
increased amounts to the extent (and only to the extent) that the Lender
assignor, or the Program Support Provider related to the Conduit Lender
assignor, was entitled to such indemnification or increased amounts for
Non-Excluded Taxes, and the Lender assignee, or Program Support Provider related
to the Conduit Lender assignee, shall be entitled to additional indemnification
or increased amounts for any other or additional Non-Excluded Taxes. Any
additional Taxes in respect of a Lender or Program Support Provider that result
solely and directly from a change in the Applicable Lending Office of such
Lender or such Program Support Provider shall be treated as Excluded Taxes (and
shall not qualify as Non-Excluded Taxes) (A) except for any additional
Non-Excluded Taxes imposed as a result of a change in the applicable Requirement
of Law, or in the interpretation or application thereof, occurring after the
date of such change or (B) unless such change is made at the request of the
Borrower for such Lender or such Program Support Provider to change its
Applicable Lending Office.

          (h) For any period with respect to which any Lender or Program Support
Provider has failed to provide Borrower with the appropriate form, certificate
or other document described in SECTION 2.14(F) (other than (i) if such failure
is due to a change in any applicable Requirement of Law, or in the
interpretation or application thereof, occurring after the date on which a form,
certificate or other document originally was required to be provided, (ii) if
such form, certificate or other document otherwise is not required under SECTION
2.14(F) or (iii) if it is legally inadvisable or otherwise commercially
disadvantageous for such Lender or such Program Support Provider to deliver such
form, certificate or other document), such Lender or such Program Support
Provider shall not be entitled to indemnification or additional amounts under
SECTIONS 2.14(A) or (C) with respect to Non-Excluded Taxes imposed by the United
States by reason of such failure; provided, however, that should a Lender or
Program Support Provider become subject to Non-Excluded Taxes because of its
failure to deliver a form, certificate or other document required hereunder,
Borrower shall take such steps as such Lender or such Program Support Provider
shall reasonably request to assist such Lender in recovering such Non-Excluded
Taxes.

          (i) The agreements in this Section shall survive the termination of
this Agreement and the payment of the Loans and all other amounts payable
hereunder.

                                      -27-

          Section 2.15 Breakage. The Borrower shall pay the applicable
Administrative Agent for the account of the related Lenders, on demand, such
amount or amounts as shall compensate the Lenders for any loss (including loss
of profit), cost or expense incurred by the Lenders (as reasonably determined by
the applicable Administrative Agent) as a result of any reduction of any
principal amount of any Loan (other than repayment in full of the Loans on the
Maturity Date) that occurs prior to the maturity date of the commercial paper
(or other financing source) funding such Loans, which maturity date Borrower has
been made aware (and Borrower may elect to extend the date of any prepayment to
avoid such costs, absent an Event of Default), such compensation to be (i)
limited to an amount equal to any loss or expense suffered by the Lenders during
the period from the date of receipt of such repayment to (but excluding) the
maturity date of such commercial paper (or other financing source) and (ii) net
of the income, if any, received by the recipient of such reductions from
investing the proceeds of such reductions of such Loans. The determination by
the applicable Administrative Agent of the amount of any such loss or expense
shall be set forth in a written notice to the Borrower in reasonable detail and
shall be conclusive, absent manifest error. In addition, the Borrower agrees to
indemnify each Lender and to hold each Lender harmless from any actual loss or
expense which 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 after the Borrower has given a notice thereof in
accordance with the provisions of this Agreement or (c) the making of a
prepayment of Eurodollar Loans on a day which is not the last day of an Interest
Period with respect thereto. This covenant shall survive the termination of this
Agreement and the payment of Loans and all other amounts payable hereunder.

                                  ARTICLE III

                              CONDITIONS PRECEDENT

          Section 3.1 Additional Conditions. Without limitation to the
conditions precedent in ARTICLE III of the Securitization Loan Agreement Form,
the obligations of each Lender to fund its Loan on the Closing Date are subject
to the conditions precedent set forth below.

          (a) Sprint Acquisition.

          (i) The Equity Contribution and the Sprint Acquisition shall have
     been, or shall be concurrently with the making of the Loans, consummated,
     and the "Initial Closing" (as defined in the Agreement to Lease and
     Sublease) shall have occurred, or shall occur concurrently with the making
     of the Loans, in each case in accordance with the terms of the Sprint
     Acquisition Documents, without any amendment, modification or waiver
     thereof that would be materially adverse to the Lenders' interest in the
     Collateral except with the consent of the Required Lenders, and the
     Administrative Agents shall have received evidence reasonably satisfactory
     to it to that effect.

          (ii) Each Administrative Agent shall have received a copy of each of
     the Sprint Acquisition Documents, certified by an authorized officer of the
     Borrower as

                                      -28-

     being a true and correct copy thereof, and, to the extent requested by
     either Administrative Agent, a copy of any of the documents delivered to
     the Borrower on the "Initial Closing Date" (as defined in the Agreement to
     Lease and Sublease), all of which may be certified as "drafts" with fully
     executed counterparts made available on the Closing Date with executed
     copies to be delivered within ten (10) Business Days following the Closing
     Date.

          (iii) Each of the Administrative Agents shall have received, with
     respect to the Towers acquired in the Sprint Acquisition, a valuation
     summary in form and substance satisfactory to the Administrative Agents.

          (b) Consents, Licenses and Approvals. The Administrative Agents shall
have received, with a counterpart for each Lender, a certificate of an
authorized officer of the Borrower as to the matters set forth in SECTION
4.2(B)(4) of the Securitization Loan Agreement Form.

          (c) Lien Searches. The Administrative Agents shall have received the
results of a recent search by a Person reasonably satisfactory to the
Administrative Agents, of the Uniform Commercial Code, judgment and tax lien
filings which may have been filed with respect to personal property of the
Borrower (other than any property acquired in the Sprint Acquisition), and the
results of such search shall be satisfactory to the Administrative Agents.

          (d) Acknowledgment and Consent of Loan Parties. The Collateral Agent
shall have received an acknowledgement of and consent to the Pledge Agreement,
executed by a duly authorized officer of each "Issuer" (as defined therein)
thereunder, in substantially the form appended to the Pledge Agreement.

          (e) Environmental Reports. The Administrative Agents shall have
received a database search environment assessment report for each Tower and, if
the Administrative Agents determine in their reasonable judgment that any
condition described in a report for any Tower so warrants, a Phase I or Phase II
environment assessment report for such Tower.

          (f) Engineering Reports. The Administrative Agents shall have received
a copy of each engineering report obtained by the Borrower or its Subsidiaries
(if any) with respect to any Mortgaged Property acquired in the Acquisition.

          (g) Opinions. Each of the Administrative Agents shall have received
from legal counsel to the Borrower, reasonably satisfactory to each of the
Administrative Agents, a written legal opinion, substantially in the form
attached hereto as Exhibit J.

          (h) Fees and Expenses. The Administrative Agents shall have received
the fees to be received on the Closing Date referred to in the Fee Letter. The
Borrower shall have paid all reasonable fees and expenses of legal counsel to
BANA and Morgan Stanley in connection with the preparation and negotiation of
this Agreement and, subject to the proviso to Section 14.5(b) of this Agreement,
participation agreements and other related documents in connection with the
syndication of this Agreement.

                                      -29-

                                   ARTICLE IV

                         REPRESENTATIONS AND WARRANTIES

          Section 4.1 Additional Representations and Warranties. Without
limitation to the representations and warranties set forth in ARTICLE IV of the
Securitization Loan Agreement Form, the Borrower hereby represents and warrants
to each of the Lenders and the Agents that the statements made in this ARTICLE
IV will be, true, correct and complete as of the Closing Date and each Interest
Payment Date.

          (a) Intellectual Property. Each of the Borrower and its Subsidiaries
owns, or is licensed to use, all trademarks, trade names, copyrights,
technology, know how and processes necessary for the conduct of its business as
currently conducted except for those of which the failure to so own or license
are not reasonably expected to have a Material Adverse Effect (the "INTELLECTUAL
PROPERTY"). No claim has been asserted and is pending by any Person challenging
or questioning the use of any such Intellectual Property or the validity or
effectiveness of any such Intellectual Property, which, if successful, would
reasonably be expected to have a Material Adverse Effect, nor does the Borrower
know of any valid basis for any such claim. The use of such Intellectual
Property by the Borrower and its Subsidiaries does not infringe on the rights of
any Person, except for such claims and infringements that, in the aggregate, are
not reasonably expected to have a Material Adverse Effect.

          (b) Security Documents. The provisions of ARTICLE X of the
Securitization Loan Agreement Form and the Pledge Agreement are effective to
create in favor of the Collateral Agent for the benefit of the Agents and the
Lenders a legal, valid and enforceable security interest in all right, title and
interest of each Loan Party in the "Other Company Collateral" or the
"Collateral" described therein.

          (i) The exact legal name and form and jurisdiction of organization for
     each of the Loan Parties is set forth in SCHEDULE 4.1. None of the Loan
     Parties have done business using a prior name, assumed name or trade name,
     other than GSI, which was previously known as Pinnacle Holdings, Inc. When
     proper Financing Statements have been filed in the offices in the
     jurisdictions listed in SCHEDULE 4.1, the security interest created by
     ARTICLE X of the Securitization Loan Agreement Form and the Pledge
     Agreement constitute a fully perfected first priority Lien on, and security
     interest in, all right, title and interest of the applicable Loan Parties
     to the Pledge Agreement in the "Pledged Collateral" described therein,
     which can be perfected by such filing.

          (ii) Neither the Borrower nor any Subsidiary owns any property, or has
     any interest in any property, that is not (or will not be following
     delivery and recordation of the Deeds of Trust) subject to a fully
     perfected first priority Lien on, or security interest in, such property in
     favor of the Collateral Agent (for the benefit of the Agents and the
     Lenders), subject only to Permitted Encumbrances.

                                      -30-

                                    ARTICLE V

                                    COVENANTS

          Section 5.1 Additional Covenants. Without limitation to the covenants
set forth in ARTICLE V of the Securitization Loan Agreement Form, the Borrower
and its Subsidiaries shall be subject to each of the covenants set forth below.

          (a) Environmental Laws. The Borrower and its Subsidiaries shall comply
with, and shall use its commercially reasonable efforts to ensure compliance by
all tenants and subtenants, if any, with, all applicable Environmental Laws and
obtain and comply in all material respects with and maintain, and use its
commercially reasonable efforts to ensure that all tenants and subtenants obtain
and comply in all material respects with and maintain, any and all licenses,
approvals, notifications, registrations or permits required by applicable
Environmental Laws except to the extent that failure to do so could not be
reasonably expected to have a Material Adverse Effect.

          (b) Leases. The Borrower shall, and shall cause each of its
Subsidiaries to, after the Closing Date, only enter into new Leases or become
party to any Leases which are not Oral Leases. The Borrower covenants that it
will use its commercially reasonable efforts to ensure that each Lease (i) is
not oral and is subject to written agreement, (ii) does not prohibit or render
unenforceable or void any Lien of the Collateral Agent or any foreclosure and/or
operation of the Tower on which such Lease is located by the Collateral Agent,
whether by contractual provision, operation of law, or otherwise, (iii) does not
have any provision preventing, hindering or prohibiting the Collateral Agent
from directly receiving the rents, receivables or other revenues generated in
respect of such Lease from the lessee thereof (or the effect of which prevents,
hinders or prohibits such action by operation of Law), and (iv) is subject to a
first priority assignment of such Lease and all rents, issues and profits with
respect thereto to the Collateral Agent.

          (c) Additional Subsidiaries. In the event that the Borrower is
permitted to acquire or form any additional Subsidiary, such Subsidiary shall
execute a Subsidiary Guarantee and the Borrower and/or any Subsidiary which is a
holder of any Capital Stock of such Subsidiary shall execute a supplement to the
Pledge Agreement in accordance with SECTION 5(E) thereof, and shall take such
other action as shall be necessary or advisable (including, without limitation,
the execution of Financing Statements) in order to perfect the Liens granted by
such Subsidiary in favor of the Collateral Agent for the benefit of the Agents
and the Lenders and to effect and perfect the pledge of all of the Capital Stock
of such Subsidiary in favor of the Collateral Agent for the benefit of the
Agents and the Lenders. The Collateral Agent shall be entitled to receive legal
opinions of one or more counsel to the Borrower and such Subsidiary addressing
such matters as the Collateral Agent or its counsel may reasonably request,
including, without limitation, the enforceability of such Subsidiary Guarantee
and the Pledge Agreement against such Subsidiary or the Borrower, as applicable,
and the creation, validity and perfection of the Liens so granted by such
Subsidiary and the Borrower and/or other Subsidiaries to the Collateral Agent
for the benefit of the Agents and the Lenders.

                                      -31-

          (d) Deeds of Trust; Title Policies; Zoning. (i) With respect to Towers
acquired pursuant to the Sprint Acquisition representing 26.67% or more of the
Aggregate Acquisition Price as determined by reference to the allocated purchase
price schedule attached as Schedule 5.1(d), the Borrower shall within two months
after the Closing Date deliver, or cause to be delivered, to the Collateral
Agent, and cause to be duly recorded in the requisite jurisdiction, Deeds of
Trust for such Towers.

          (ii) With respect to Towers acquired pursuant to the Sprint
     Acquisition representing 53.34% or more of the Aggregate Acquisition Price
     as determined by reference to the allocated purchase price schedule
     attached as Schedule 5.1(d), the Borrower shall within four months after
     the Closing Date deliver, or cause to be delivered, to the Collateral
     Agent, and cause to be duly recorded in the requisite jurisdiction, Deeds
     of Trust for such Towers.

          (iii) With respect to Towers acquired pursuant to the Sprint
     Acquisition representing 80.00% or more of the Aggregate Acquisition Price
     as determined by reference to the allocated purchase price schedule
     attached as Schedule 5.1(d), the Borrower shall within six months after the
     Closing Date (A) deliver, or cause to be delivered, to the Collateral
     Agent, and cause to be duly recorded in the requisite jurisdiction, Deeds
     of Trust for such Towers, and (B) deliver, or cause to be delivered, to the
     Collateral Agent Title Policies for such Towers referred to in clause (A).

          (iv) The Title Policies shall be substantially in the form attached
     hereto as Exhibit I, shall be in full force and effect, shall inure to the
     benefit of the Collateral Agent and be freely assignable to the new lender
     or trustee in connection with a Securitization without the consent or any
     notification to the Title Company, shall have the premium therefor paid in
     full within six months after the Closing Date, the Title Company shall be
     licensed in the state in which the Mortgaged Property is located, shall
     have no claims made under such Title Policy, and shall affirmatively insure
     (unless the related Mortgaged Property is in a jurisdiction where such
     affirmative insurance is not available) that the Borrower's interest in the
     applicable Property is the same as the Mortgaged Property legally described
     in the related Deed of Trust.

          (v) If Borrower or any Subsidiary of the Borrower is notified by a
     Governmental Authority alleging that Towers generating in excess of five
     percent (5%) of the Net Tower Cash Flow are or have become a
     "non-conforming use" under, or is otherwise in violation of, applicable
     zoning and building ordinances, the Borrower shall promptly notify the
     Administrative Agents. If (a) any such alleged non-conforming use or zoning
     violation is not cured or if such allegation is not withdrawn or determined
     in favor of the Borrower or the relevant Subsidiary by such Governmental
     Authority within six months after such notice or if such alleged
     non-confirming use or zoning violation is not capable of cure without
     material alteration of such Tower and there is a final determination by
     such Governmental Authority or an admission by the Borrower or such
     Subsidiary confirming the existence of such non-conforming use or zoning
     violation, and (b) any Towers with zoning violations and "non-confirming
     uses" described in this clause (v) after a final determination have been
     ordered to be removed or materially altered by such Governmental Authority,
     then such Towers shall not be included in the calculation

                                      -32-

     of Net Tower Cash Flow until such non-conforming use or zoning violation is
     cured or such allegation is withdrawn or determined in favor of the
     Borrower or such Subsidiary by such Governmental Authority.

          (e) Interest Rate Protection. At all times, Borrower shall maintain,
or caused to be maintained, in effect one or more Interest Rate Agreements in
form and substance reasonably satisfactory to the Required Lenders, with respect
to an aggregate notional principal amount of not less than 100% of the aggregate
principal amount of the total Indebtedness of the Borrower and its Subsidiaries.
The Interest Rate Agreement between BANA and Global Signal supporting the
Interest Rate Agreement between Borrower and Global Signal, in each case, in
effect on the Closing Date and disclosed to the Agents prior to the Closing Date
shall satisfy this requirement.

          (f) Limitation on Fundamental Changes. The Borrower shall not, and
shall not permit any of its Subsidiaries to, enter into any merger,
consolidation or amalgamation, or liquidate, wind up or dissolve itself (or
suffer any liquidation or dissolution), or convey, sell, lease, assign, transfer
or otherwise dispose of, all or substantially all of its property, business or
assets, or make any material change in its present method of conducting
business, except:

          (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 entity) or with or into any one or more wholly owned Subsidiaries
     of the Borrower (provided that the wholly owned Subsidiary or Subsidiaries
     shall be the continuing or surviving entity);

          (ii) any wholly owned Subsidiary may sell, lease, transfer or
     otherwise dispose of any or all of its assets (upon voluntary liquidation
     or otherwise) to the Borrower or any other wholly owned Subsidiary of the
     Borrower;

          (iii) the merger of the Borrower or any Subsidiary of the Borrower
     with or into Global Signal or a Subsidiary of Global Signal so long as each
     Lender determines that such merger is not adverse to its interests and
     provides written notice of the same to the Borrower; and

          (iv) the merger of any Subsidiary of the Borrower with or into another
     Person pursuant to an Acquisition; provided that concurrently therewith the
     requirements of SECTION 5.1(C) and SECTION 6.5(B)(VII)-(IX), SECTION
     6.5(C)(I)-(II), SECTION 6.5(C)(III)(A)-(D), and SECTION
     6.5(C)(III)(F)(I)-(III) of the Securitization Loan Agreement Form are
     satisfied.

          (g) Limitation on Sale of Assets. The Borrower shall not, and shall
not permit any of its Subsidiaries to, convey, sell, lease, assign, transfer or
otherwise dispose of any of its property, business or assets (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 other than the Borrower or any wholly
owned Subsidiary, except:

                                      -33-

          (i) the sale or other disposition of obsolete or worn out property in
     the ordinary course of business; provided that the Net Cash Proceeds of
     each such transaction are applied to the prepayment of the Loans as
     provided in SECTION 2.8(A);

          (ii) the sale or other disposition of any property in the ordinary
     course of business; provided that (other than with respect to the lease of
     Tower capacity) the aggregate book value of all assets so sold or disposed
     of in any period of twelve consecutive months shall not exceed 3% of
     consolidated total assets of the Borrower and its Subsidiaries as at the
     time of such sale or disposition;

          (iii) the lease of Tower capacity in the ordinary course of business;
     and

          (iv) as permitted by SECTION 5.1(F).

          (h) Limitation on Distributions. The Borrower shall not, and shall not
permit any of its Subsidiaries to, make any distribution 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
shares of any class of Capital Stock of the Borrower or any warrants or options
to purchase any such Capital Stock, 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,
except, so long as no Event of Default then exists or would result therefrom,
(i) distributions in cash or other property to the extent required to satisfy
the REIT Distribution Requirement, (ii) equity distributions as consideration
for the transactions contemplated by SECTION 5.1(F), (iii) distributions in cash
to GSOP used exclusively to make payments under the GSOP Credit Agreement and
other distributions in an amount not to exceed $5,000,000 in the aggregate
during the term of this Agreement, and (iv) other distributions in cash to GSOP
so long as the Debt Service Coverage Ratio is greater than or equal to 1.7:1.

          (i) Derivatives Transactions. The Borrower shall not, and shall not
permit any of its Subsidiaries to enter into any derivative 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.

          (j) Limitation on Investments, Loans and Advances. The Borrower shall
not, and shall not permit any of its Subsidiaries to, make any advance, loan,
extension of credit or capital contribution to, or purchase any stock, bonds,
notes, debentures or other securities of or any assets constituting a business
unit of, or make any other investment in, any Person, except:

          (i) extensions of trade credit in the ordinary course of business;

          (ii) investments in Cash Equivalents;

          (iii) investments arising from transactions by the Borrower or any
     Subsidiary with customers or suppliers in the ordinary course of business,
     including endorsements of negotiable instruments, debt obligations and
     other investments received in connection

                                      -34-

     with the bankruptcy or reorganization of customers and suppliers and in
     settlement of delinquent obligations of, and other disputes with, customers
     and suppliers;

          (iv) investments by the Borrower in any Subsidiary and investments by
     such Subsidiary in the Borrower and in other Subsidiaries of the Borrower;

          (v) investments in a Person for the purpose of consummating an
     Acquisition so long as such Person becomes a Subsidiary of the Borrower
     upon the consummation of such Acquisition and the requirements of SECTION
     5.1(C) and SECTION 6.5(B)(VII)-(IX), SECTION 6.5(C)(I)-(II), SECTION
     6.5(C)(III)(A)-(D), and SECTION 6.5(C)(III)(F)(I)-(III) of the
     Securitization Loan Agreement Form are satisfied; and

          (vi) acquisitions of fee, leasehold or easement interests (or other
     interests) in connection with an Acquisition so long as the requirements of
     SECTION 5.1(C) and SECTION 6.5(B)(VII)-(IX), SECTION 6.5(C)(I)-(II),
     SECTION 6.5(C)(III)(A)-(D), and SECTION 6.5(C)(III)(F)(I)-(III) of the
     Securitization Loan Agreement Form are satisfied.

          (k) Limitation on Synthetic Leases and Sale/Leaseback Transactions.
The Borrower shall not, and shall not permit its Subsidiaries to, enter into any
Synthetic Lease or any other arrangement with any Person (other than the Sprint
Acquisition to the extent it may be characterized as a Synthetic Lease)
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.

          (l) Limitation on Negative Pledge Clauses. The Borrower shall not, and
shall not permit its Subsidiaries to, enter into with any Person any agreement,
other than this Agreement or the Sprint Acquisition Documents, or acquire any
Ground Lease which prohibits or limits the ability of the Borrower or any of its
Subsidiaries to create, incur, assume or suffer to exist any Lien on any of its
property, assets or revenues, whether now owned or hereafter acquired.

          (m) Limitation on Lines of Business. The Borrower shall not, and shall
not permit its Subsidiaries to, enter into any business except for those
businesses in which the Borrower and its Subsidiaries are engaged (or proposed
to be engaged) on the date of this Agreement or which are directly related
thereto.

          (n) Borrower Leverage. Borrower shall maintain at all times during the
periods indicated in clauses (A) through (D) below the ratio of (i) Consolidated
Indebtedness of the Borrower and its Subsidiaries at such time to (ii) Net Tower
Cash Flow of the Borrower and its Subsidiaries at such time, of less than (A)
during the period from September 30, 2005 to December 30, 2005, 10.00:1.00, (B)
during the period from December 31, 2005 to January 31, 2006, 9.75:1.00, (C)
during the period from February 1, 2006 to the date twelve months after the
Closing Date, 9.50:1.00, and (D) at any time thereafter, 9.00:1:00.

          (o) Compliance Certificate. Each delivery of a Compliance Certificate
hereunder shall contain (i) commencing September 30, 2005, a calculation of the
financial

                                      -35-

covenants set forth in Section 5.1(n), (ii) a calculation of the financial
covenants set forth in the definition of "Global Signal Default" in the Limited
Recourse Parent Guarantee, (iii) a calculation of the Debt Service Coverage
Ratio as at the end of the period covered by the financial statements being
delivered with the Compliance Certificate, and (iv) a statement of the
percentage of the Aggregate Acquisition Price for Towers for which Deeds of
Trust and Title Policies have been delivered.

          (p) Amendments to Lease and Sublease. The Borrower will not permit or
consent to any amendment to the Agreement to Lease and Sublease in a manner
materially adverse to the interests of the Lenders in the Collateral, taken as a
whole.

                                   ARTICLE VI

                                   [RESERVED]

                                   ARTICLE VII

                                   [RESERVED]

                                  ARTICLE VIII

                          ADDITIONAL EVENTS OF DEFAULT

          Section 8.1 Event of Default. Without otherwise limiting in any way
the Events of Default set forth in the Securitization Loan Agreement Form, each
of the following events shall constitute an Event of Default:

          (a) The Borrower shall fail to pay any principal of any Loan when due
in accordance with the terms of this Agreement; or the Borrower shall fail to
pay when due any interest on any Loan, or any other amount payable hereunder or
under the other Loan Documents (other than amounts described in clause (b)
below);

          (b) The Borrower or any other Loan Party shall fail to pay any amount
required to be paid pursuant SECTION 5.26 of the Securitization Loan Agreement
Form within ten (10) days after demand by any Lender or Agent;

          (c) Any representation or warranty made or deemed made by the Borrower
or any other Loan Party herein or in any other Loan Document or which 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 incorrect in any material respect on or
as of the date made or deemed made;

          (d) The Borrower or any other Loan Party shall default in the
observance or performance of any agreement contained in:

                                      -36-

          (i) the first sentence of SECTION 5.1(C), SECTIONS 5.1(D)(I), (II) and
     (IV) and SECTIONS 5.1(F) though 5.1(m) of this Agreement and SECTIONS 5.15
     through 5.20 and SECTIONS 5.23 and 5.24 of the Securitization Loan
     Agreement Form, Section 5 of the Pledge Agreement, Section 2.1(g) of the
     Mortgages, or Section 11(g) or (h) of the Limited Recourse Parent
     Guarantee;

          (ii) SECTION 5.1(N) of this Agreement and such default shall continue
     unremedied for a period of three (3) Business Days;

          (iii) SECTION 5.1(D)(III) of this Agreement and such default shall
     continue unremedied for a period of five (5) Business Days; or

          (iv) SECTION 5.1(D)(V) of this Agreement and such default shall
     continue unremedied for a period of thirty (30) days.

          (e) The Borrower or any other Loan Party shall default in the
observance or performance of any other agreement contained in this Agreement or
any other Loan Document, and such default shall continue unremedied for a period
of 30 days after notice from any Agent or Lender or after any Loan Party has
Knowledge of such default;

          (f) Global Signal, the Borrower or any of their respective
Subsidiaries shall (i) default in any payment of principal of or interest of any
Indebtedness (other than the Loans) or in the payment of any Contingent
Obligation, in excess of the Threshold Amount and beyond the period of grace, if
any, provided in the instrument or agreement under which such Indebtedness or
Contingent Obligation was created; or (ii) default in the observance or
performance of any other agreement or condition relating to any such
Indebtedness or Contingent Obligation described in clause (i) of this SECTION
8.1(F) or to any Sprint Acquisition Document or which is 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 holders of such
Indebtedness, the beneficiary or beneficiaries of such Contingent Obligation (or
a trustee or administrative agent on behalf of such holder or holders or
beneficiary or beneficiaries) or any party to such Sprint Acquisition Document,
to cause, with the giving of notice if required, such Indebtedness to become due
prior to its stated maturity, such Contingent Obligation to become payable, or
such Sprint Acquisition Document to be terminated;

          (g) One or more judgments or decrees shall be entered against Global
Signal or any of its Subsidiaries involving in the aggregate a liability (to the
extent not paid or covered by insurance) of $50,000,000 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;

          (h) (i) Any Person shall engage in any "prohibited transaction" (as
defined in Section 406 of ERISA or Section 4975 of the IRC) involving any Plan,
(ii) any "accumulated funding deficiency" (as defined in Section 302 of ERISA),
whether or not waived, shall exist with respect to any Plan or any Lien in favor
of the PBGC or a Plan shall arise on the assets of Global Signal, the Borrower
or any Commonly Controlled Entity, (iii) a Reportable Event shall occur with
respect to, or proceedings shall commence to have a trustee appointed, or a
trustee

                                      -37-

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, (iv) any
Single Employer Plan shall terminate for purposes of Title IV of ERISA, (v) 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, a Multiemployer Plan or
(vi) any other event or condition shall occur or exist with respect to a Plan;
and in each case in clauses (i) through (vi) above, such event or condition,
together with all other such events or conditions, if any, is reasonably
expected to have a Material Adverse Effect;

          (i) Any Change of Control shall occur; provided, however, that a
Change of Control resulting from a breach under clause (a) of the definition
thereof shall be deemed an Event of Default hereunder only in the event that any
of the following shall occur:

          (i) the ownership percentages as set forth in subclauses (i) and (ii)
     thereof fall below 51% and the ownership percentage in the Capital Stock of
     Global Signal held by any Person other than any Person controlled by
     Fortress Investment Group LLC or Greenhill Capital Partners, L.P. or each
     of their respective Affiliates exceeds that of all Persons controlled by
     Fortress Investment Group LLC or Greenhill Capital Partners, L.P. or each
     of their respective Affiliates; or

          (ii) the ownership percentages as set forth in subclauses (i) and (ii)
     thereof fall below 40%;

          (j) The "manager" of the Borrower shall cease to be Global Signal
Services LLC (or another wholly owned (directly or indirectly) Subsidiary of
GSOP or Global Signal) or any other Person approved by the Required Lenders
(such approval not to be unreasonably withheld) pursuant to a management
agreement that is subordinated to the Obligations on terms satisfactory to the
Required Lenders and is otherwise in form and substance reasonably satisfactory
to the Required Lenders;

          (k) Global Signal shall fail to maintain at any time, the ratio of (i)
Consolidated Indebtedness of Global Signal and its Subsidiaries at such time to
(ii) Consolidated EBITDA of Global Signal and its Subsidiaries for the period of
12 consecutive calendar months ended at or most recently prior to such time of
less than (A) 7.65:1.00 from the Closing Date until the initial Maturity Date,
and (B) 7.50:1.00 from and after the first extension of the Maturity Date
pursuant to SECTION 2.5; or

          (l) At any time, the aggregate outstanding principal amount of the
Loans shall exceed the Aggregate Loan Commitment.

                                      -38-

                                   ARTICLE IX

                                   [RESERVED]

                                    ARTICLE X

                       PLEDGE OF OTHER COMPANY COLLATERAL

          Without limitation of ARTICLE X of the Securitization Loan Agreement
Form, the Borrower hereby pledges, assigns and grants to the Collateral Agent
for the ratable benefit of the Lenders and the Agents a security interest in all
of the Borrower's right, title and interest in the Sprint Acquisition Documents
and any escrow, holdback or similar account created and/or maintained in
connection with the Sprint Acquisition, including, without limitation, the
account specified in Section 2.10 of the Agreement to Lease and Sublease (each
an "ESCROW ACCOUNT"). The Borrower agrees that if any funds are released to it
from any Escrow Account, except for funds released for purposes of paying Rent
and Pre-Lease Rent in respect of the Aggregate Acquisition Price, the Borrower
shall immediately cause such funds to be paid to the Lock Box Account and
disbursed in accordance with the Cash Management Agreement.

          The Borrower hereby authorizes the filing by the Collateral Agent of
Financing Statements describing as the collateral covered thereby "all assets of
the debtor" or words to that effect, notwithstanding that such wording may be
broader in scope than the Other Company Collateral described in this Agreement.

                                   ARTICLE XI

                                   [RESERVED]

                                   ARTICLE XII

                                   [RESERVED]

                                  ARTICLE XIII

                                   [RESERVED]

                                  ARTICLE XIIIA

                                   THE AGENTS

          Section 13A.1 Appointment. Each Lender in the BANA Syndicate hereby
irrevocably designates and appoints BANA as the BANA Administrative Agent, each
Lender in the Morgan Stanley Syndicate hereby irrevocably designates and
appoints MSAFI as the Morgan Stanley Administrative Agent, and each Lender and
each Administrative Agent hereby irrevocably designates and appoints BANA as
Calculation Agent and MSAFI as Collateral Agent of such Lender under this
Agreement and the other Loan Documents, and each such Lender and

                                      -39-

each Administrative Agent irrevocably authorizes its respective Administrative
Agent and the Calculation Agent and the Collateral 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 such Agent by the terms of this 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, none of either Administrative Agent, the Calculation Agent nor the
Collateral Agent shall 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 Agents.

          Section 13A.2 Delegation of Duties. Each 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. No Agent shall be responsible for the
negligence or misconduct of any agents or attorneys in fact selected by it with
reasonable care.

          Section 13A.3 Exculpatory Provisions. No Agent nor any of their
respective officers, directors, employees, agents, 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 for 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 the Borrower or
any other 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 such 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 the Borrower or any other Loan
Party to perform its obligations hereunder or thereunder. No Agent shall 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 the Borrower or any other Loan Party.

          Section 13A.4 Reliance by Agents. Each of the Agents shall be entitled
to rely, and shall be fully protected in relying, upon any Note, writing,
resolution, notice, consent, certificate, affidavit, letter, cablegram,
telegram, telecopy, telex or teletype 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, without limitation, counsel to the
Borrower or any other Loan Party), independent accountants and other experts
selected by such Agent. Each 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 in respect thereof. Each 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
as it deems appropriate or it shall first be indemnified to its satisfaction by
the Lenders against any and all liability and expense which may be incurred by
it

                                      -40-

by reason of taking or continuing to take any such action. Each 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, 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.

          Section 13A.5 Notice of Default. No Agent shall be deemed to have
knowledge or notice of the occurrence of any Default or Event of Default
hereunder unless such Agent has received notice from a Lender 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 any Agent
receives such a notice, such Agent shall give notice thereof to the Lenders.
Each Agent shall take such action with respect to such Default or Event of
Default as shall be reasonably directed by the Required Lenders; provided that
unless and until such Agent shall have received such directions, such 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.

          Section 13A.6 Non-Reliance on Agents and Other Lenders. Each Lender
expressly acknowledges that no Agent nor any of their respective officers,
directors, employees, agents, attorneys in fact or Affiliates has made any
representations or warranties to it and that no act by an Agent hereinafter
taken, including any review of the affairs of the Borrower or any other Loan
Party, shall be deemed to constitute any representation or warranty by such
Agent to any Lender. Each Lender represents to each Agent that it has,
independently and without reliance upon such 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 Borrower and the other
Loan Parties 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 any 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
Borrower. Except for notices, reports and other documents expressly required to
be furnished to the Lenders by an Agent hereunder or under the other Loan
Documents, such 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
the Borrower or any other Loan Party which may come into the possession of such
Agent or any of its officers, directors, employees, agents, attorneys in fact or
Affiliates.

          Section 13A.7 Indemnification. The Lenders (other than any Conduit
Lender) agree to indemnify each Agent in its capacity as such (to the extent not
reimbursed by the Borrower and without limiting the obligation of the Borrower
to do so), ratably according to their respective Loan Percentages in effect on
the date on which indemnification is sought, from and against any and all
liabilities, obligations, losses, damages, penalties, actions, judgments, suits,
costs, expenses or disbursements of any kind whatsoever which may at any time
(including, without limitation, at any time following the payment of the Loans)
be imposed on, incurred by

                                      -41-

or asserted against such Agent in any way relating to or arising out of the Loan
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
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 resulting solely from such Agent's gross negligence or willful
misconduct, and no Lender shall be required to indemnify any Administrative
Agent other than the Administrative Agent for such Lender's Syndicate. The
agreements in this Section shall survive the payment of the Loans and all other
amounts payable hereunder.

          Section 13A.8 Agents in Their Individual Capacity. Each Agent and its
respective Affiliates may make loans to, accept deposits from and generally
engage in any kind of business with the Borrower and the other Loan Parties as
though such Agent were not an Agent hereunder and under the other Loan
Documents. With respect to the Loans made by it, each 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 each Agent in its individual capacity.

          Section 13A.9 Successor Agents. Each Agent may resign as Agent upon
ten (10) days' notice to the Lenders. If an Agent shall resign as 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 (or, in the
case of an Administrative Agent, the Required Syndicate Lenders of such
Administrative Agent's Syndicate shall appoint from among the Lenders in such
Syndicate (or other Person satisfactory to such Required Syndicate Lenders) a
successor Administrative Agent for such Syndicate), which successor Agent, in
the absence of the occurrence and continuance of an Event of Default, shall be
approved by the Borrower, whereupon such successor Agent shall succeed to the
rights, powers and duties of the resigning Agent, and the term "Administrative
Agent" (and the terms "BANA Administrative Agent" or "Morgan Stanley
Administrative Agent"), "Calculation Agent", or "Collateral Agent", as the case
may be, shall mean such successor Administrative Agent, Calculation Agent or
Collateral Agent, as the case may be, effective upon such appointment and
approval, and the resigning Agent's rights, powers and duties as Agent shall be
terminated, without any other or further act or deed on the part of such
resigning Agent or any of the parties to this Agreement or any holders of the
Loans. After any resigning Agent's resignation as Agent, the provisions of this
ARTICLE XIIIA shall inure to its benefit as to any actions taken or omitted to
be taken by it while it was an Agent under this Agreement and the other Loan
Documents. Prior to the effectiveness of its resignation, the resigning Agent
shall execute all documents reasonably requested by the successor Agent or the
Required Lenders, as the case may be, to evidence the resignation of the
resigning Agent and the transfer of its office to a successor Agent and to
otherwise protect the interests of the Lenders under the Loan Documents in
connection with such resignation.

                                      -42-

                                   ARTICLE XIV

                                  MISCELLANEOUS

          Section 14.1 Amendments and Waivers. Neither this Agreement nor 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 14.1. The Required Lenders may, or, with the written consent of the
Required Lenders, the Agents may, from time to time, (a) enter into with the
Borrower written amendments, supplements or modifications hereto and to the
other Loan Documents 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 Borrower hereunder or thereunder or (b) waive, on such terms and
conditions as the Required Lenders or the Administrative Agents, as the case may
be, may specify in such instrument, 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:

          (a) reduce the amount or extend the scheduled date of maturity of any
Loan, or 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 affected thereby,

          (b) amend, modify or waive any provision of this SECTION 14.1 or
change the percentage specified in the definition of Required Lenders, or
consent to the assignment or transfer by the Borrower of any of its rights and
obligations under this Agreement and the other Loan Documents or release all or
any material portion of the Collateral or release Global Signal from all or
substantially all of its obligations under the Limited Recourse Parent Guarantee
or any Subsidiary of the Borrower from all or substantially all of its
obligations under its Subsidiary Guarantee, in each case, without the written
consent of all the Lenders, or

          (c) amend, modify or waive any provision of ARTICLE XIIIA without the
written consent of the then Administrative Agents, Calculation Agent and the
Collateral Agent.

Any such waiver and any such amendment, supplement or modification shall apply
equally to each of the Lenders and shall be binding upon the Borrower, the
Lenders, the Agents and all future holders of the Loans. In the case of any
waiver, the Borrower, the Lenders and the Agents shall be restored to their
former positions 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.

          Section 14.2 Notices. All notices, requests and demands to or upon the
respective parties hereto to be effective shall be in writing (including by
facsimile transmission) and, unless otherwise expressly provided herein, shall
be deemed to have been duly given or made (a) in the case of delivery by hand,
when delivered, (b) in the case of delivery by mail, three Business Days after
being deposited in the mails, postage prepaid or (c) in the case of delivery by
facsimile transmission, when sent and receipt has been electronically confirmed,
addressed as follows in the case of the Borrower and the Agents, and as set
forth in SCHEDULE 2.1

                                      -43-

in the case of the other parties hereto, or to such other address as may be
hereafter notified by the respective parties hereto:

          The Borrower:         Global Signal Acquisitions LLC
                                301 North Cattlemen Road, Suite 300
                                Sarasota, Florida 34232
                                Attention: William Freeman
                                Fax: (941) 308-4170

          with a copy to:       Sidley Austin Brown & Wood LLP
                                787 Seventh Avenue
                                New York, New York 10019
                                Attention: Mark Poole
                                Brian Fahrney
                                Facsimile: 212-839-5599

          with a copy to:       Global Signal Services LLC
                                301 North Cattleman Road, Suite 300
                                Sarasota, FL 34232
                                Attention: General Counsel
                                Fax: (941) 308-4294

          BANA Administrative
          Agent and Calculation
          Agent:                Bank of America, N.A.
                                NC1-027-19-01
                                214 North Tryon Street
                                Charlotte, NC 28255
                                Attention: Camille Zerbinos
                                Telephone: (704) 386-8361
                                Telecopier: (704) 387-2828

          with a copy to:       Cadwalader, Wickersham & Taft LLP
                                227 West Trade Street, Suite 2400
                                Charlotte, NC 28202
                                Attention: Christopher M. McDermott
                                Fax: (704) 348 5200

          Morgan Stanley
          Administrative Agent
          and Collateral Agent: 1221 Avenue of the Americas, 27th Floor
                                New York, NY 10020
                                Attention: Barbara Isaacman
                                Fax: (212) 507-4151

                                      -44-

          with a copy to:       Cadwalader, Wickersham & Taft LLP
                                227 West Trade Street, Suite 2400
                                Charlotte, NC 28202
                                Attention: Christopher M. McDermott
                                Fax: (704) 348-5200

provided that any notice, request or demand to or upon the Administrative Agents
or the Lenders pursuant to SECTIONS 2.2 and 2.7 shall not be effective until
received.

Notices and other communications to the Lenders hereunder may be delivered or
furnished by electronic communication (including e-mail and Internet or intranet
websites) pursuant to procedures approved by the Administrative Agents, provided
that the foregoing shall not apply to notices to any Lender pursuant to ARTICLE
II if such Lender has notified its Administrative Agent that it is incapable of
receiving notices under such Article by electronic communication. Any 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.

Unless the Administrative Agents otherwise prescribe, (i) notices and other
communications sent to an e-mail address shall be deemed received upon the
sender's receipt of an acknowledgement from the intended recipient (such as by
the "return receipt requested" function, as available, return e-mail or other
written acknowledgement), provided that if such notice or other communication is
not sent during the normal business hours of the recipient, such notice or
communication shall be deemed to have been sent at the opening of business on
the next business day for the recipient, and (ii) notices or communications
posted to an Internet or intranet website shall be deemed received upon the
deemed receipt by the intended recipient at its e-mail address as described in
the foregoing clause (i) of notification that such notice or communication is
available and identifying the website address therefor.

          Section 14.3 Successors and Assigns; Participations and Assignments.

          (a) Subject to subsection (c) of this SECTION 14.3, this Agreement
shall be binding upon and inure to the benefit of the Borrower, the Lenders, the
Agents and their respective successors and assigns, except that the Borrower may
not assign or transfer any of its rights or obligations under this Agreement
without the prior written consent of each Lender (and any purported such
assignment or transfer by the Borrower without the consent of each Lender shall
be null and void).

          (b) Any Lender may, in accordance with applicable law, at any time
sell to one or more banks, financial institutions or other entities
("PARTICIPANTS") participating interests in any Loan owing to such Lender or any
other interest of such Lender hereunder and under the other Loan Documents;
provided that notwithstanding the foregoing, such Lender may not sell any such
participating interest to a direct competitor of the Borrower listed on SCHEDULE
14.3. In the event of any such sale by such Lender of a participating interest
to a Participant, such Lender's obligations under this Agreement to the other
parties to this Agreement shall remain unchanged, such Lender shall remain
solely responsible for the performance thereof, such Lender shall remain the
holder of any such Loan for all purposes under this Agreement and the

                                      -45-

other Loan Documents, and the Borrower shall continue to deal solely and
directly with such Lender in connection with such Lender's rights and
obligations under this Agreement and the other Loan Documents. A Participant
under any such participation may be given the right to approve any amendment to
or waiver of any provision of any Loan Document, or any consent to any departure
by any Loan Party therefrom, to the same extent as a Lender, provided that
Borrower shall only be required to deal with such Lender.

          (c) Any Lender may, in accordance with applicable law, at any time and
from time to time assign to any of its Affiliates or an Approved Fund or, with
the consent of its Administrative Agent and, so long as no Default or Event of
Default has occurred and is continuing, the Borrower (which shall not be
unreasonably withheld), to an additional bank, financial institution or other
entity (an "ASSIGNEE") all or any part of its rights and obligations under this
Agreement and the other Loan Documents pursuant to an Assignment and Acceptance,
substantially in the form of EXHIBIT C, appropriately completed (an "ASSIGNMENT
AND ACCEPTANCE"), executed by such Assignee, such assigning Lender (and, in the
case of an Assignee that is not then a Lender or an Affiliate thereof, by the
Borrower (if no Default or Event of Default shall have occurred and be
continuing) and such Administrative Agent), and attaching the Assignee's
relevant tax forms, administrative details and wiring instructions, and
delivered to such Administrative Agent for its acceptance and recording in the
Register; provided that notwithstanding the foregoing, such Lender may not
assign any of its rights and obligations under this Agreement and the other Loan
Document to a direct competitor of the Borrower listed on SCHEDULE 14.3;
provided further, that (i) no such assignment to an Assignee shall be in an
aggregate principal amount of less than $10,000,000 (other than in the case of
an assignment of all of a Lender's interests under this Agreement), unless
otherwise agreed by such Administrative Agent (such amount to be aggregated in
respect of assignments by any Lender and the Affiliates or Approved Funds
thereof), (ii) in the case of an assignment by a Lender to a Bank CLO managed by
such Lender or an Affiliate of such Lender, unless, during such time as no
Default or Event of Default has occurred and is continuing, such assignment to
such Bank CLO has been consented to by the Borrower (such consent not to be
unreasonably withheld or delayed), the assigning Lender shall retain the sole
right (and such Bank CLO shall have no such right) to approve any amendment,
waiver or other modification of this Agreement or any other Loan Document;
provided that the Assignment and Acceptance between such Lender and such Bank
CLO may provide that such Lender will not, without the consent of such Bank CLO,
agree to any amendment, modification or waiver that requires the consent of each
Lender directly affected thereby pursuant to SECTION 14.1, and (ii) each
Assignee which is not a US Person shall comply with the provisions of SECTION
2.14(F) (and such Assignee shall not be entitled to the benefits of SECTION 2.14
unless such Assignee complies with such SECTION 2.14(F)). 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 a Loan Commitment as
set forth therein, and (y) the assigning Lender 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 or the remaining portion of an assigning Lender's rights and obligations
under this Agreement, such assigning Lender shall cease to be a party hereto).
Notwithstanding any provision of this paragraph (c) and paragraph (d) of this
Section, the consent of the Borrower shall not be required, and, unless
requested by the Assignee and/or the assigning Lender, new

                                      -46-

Notes shall not be required to be executed and delivered by the Borrower, for
any assignment which occurs at any time when any of the events described in
SECTION 8.1(G) AND (H) of the Securitization Loan Agreement Form shall have
occurred and be continuing. Any assignment or transfer by a Lender of rights or
obligations under this Agreement that does not comply with this SECTION 14.3
shall be treated for purposes of this Agreement as a sale by such Lender of a
participation in such rights and obligations in accordance with clause (b) of
this SECTION 14.3.

          (d) Upon its receipt of an Assignment and Acceptance executed by an
assigning Lender and an Assignee (and, in the case of an Assignee that is not
then a Lender or an affiliate or Approved Fund thereof, by the Borrower (to the
extent required hereunder) and the Administrative Agent of such assigning
Lender), together with payment by the Assignee or the assigning Lender to such
Administrative Agent of a registration and processing fee of $3,500, such
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 Lenders and the Borrower.

          (e) The Borrower authorizes each Lender to disclose to any Participant
or Assignee (each, a "TRANSFEREE") and any prospective Transferee any and all
financial information in the Lender's possession concerning the Borrower and its
Affiliates which has been delivered to such Lender by or on behalf of the
Borrower pursuant to this Agreement or which has been delivered to such Lender
by or on behalf of the Borrower in connection with such Lender's credit
evaluation of the Borrower and its Affiliates prior to becoming a party to this
Agreement; provided that such Transferee shall have agreed to be bound by the
provisions of SECTION 14.8 hereof.

          (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, including, without limitation, (i) any
pledge or assignment by a Lender of any Loan or Note to any Federal Reserve Bank
in accordance with applicable law, and (ii) any pledge or assignment by a Lender
which is a fund to its trustee for the benefit of such trustee and/or its
investors to secure its obligations under any indenture or Governing Documents
to which it is a party; provided that no such pledge or assignment of a security
interest shall release a Lender from any of its obligations hereunder or
substitute any such pledgee or assignee for a Lender as a party hereto.

          (g) Notwithstanding the foregoing, any Lender may, with notice to, but
without consent of, the Borrower and its Administrative Agent, and in accordance
with the definition of "Conduit Lender" set forth in SECTION 1.1 and the terms
of this SECTION 14.3(H), designate a Conduit Lender and fund any of the Loans
which such Lender is obligated to make hereunder by causing such Conduit Lender
to fund such Loans on behalf of such Lender. Any Conduit Lender may assign any
or all of the Loans it may have funded hereunder to its designating Lender
without the consent of the Borrower or its Administrative Agent and without
regard to the limitations set forth in SECTION 14.3(C). Each of the Borrower,
each Lender and each Agent hereby confirms that it will not institute against a
Conduit Lender or join any other Person in instituting against a Conduit Lender
any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceeding under any federal or state bankruptcy or similar law, for

                                      -47-

one year and one day after the payment in full of the latest maturing commercial
paper note or other rated indebtedness of such Conduit Lender or its related
commercial paper issuer. In addition, notwithstanding the foregoing, any Conduit
Lender may (i) with notice to, but without the prior written consent of, the
Borrower and the Administrative Agents and without paying any processing fee
therefor, assign all or a portion of its interests in any Loans to any Program
Support Provider and (ii) disclose on a confidential basis any non-public
information relating to its Loans to any rating agency, commercial paper dealer
or Program Support Provider. This clause (g) may not be amended without the
written consent of any Conduit Lender directly affected thereby.

          (h) Without limiting the foregoing, any Conduit Lender may, from time
to time, with prior or concurrent notice to the Borrower, in one transaction or
a series of transactions, assign all or a portion of the Loans and its rights
and obligations under this Agreement and any other Loan Documents to which it is
a party to a Conduit Assignee. Upon and to the extent of such assignment by a
Conduit Lender to a Conduit Assignee, (i) such Conduit Assignee shall be the
owner of the assigned portion of the Loans, (ii) the related administrator for
such Conduit Assignee will act as the Administrative Agent for such Conduit
Assignee, with all corresponding rights and powers, express or implied, (iii)
such Conduit Assignee (and any related commercial paper issuer, if such Conduit
Assignee does not itself issue commercial paper) and their respective liquidity
support provider(s) and credit support provider(s) and other related parties
shall have the benefit of all the rights and protections provided to the Conduit
Lender and its Program Support Provider(s) herein and in the other Loan
Documents (including any limitation on recourse against such Conduit Assignee or
related parties, any agreement not to file or join in the filing of a petition
to commence an insolvency proceeding against such Conduit Assignee, and the
right to assign to another Conduit Assignee as provided in this paragraph), (iv)
such Conduit Assignee shall assume all (or the assigned or assumed portion) of
the Conduit Lender's obligations, if any, hereunder or any other Loan Document,
and the Conduit Lender shall be released from such obligations, in each case to
the extent of such assignment, and the obligations of the Conduit Lender and
such Conduit Assignee shall be several and not joint, (v) all distributions in
respect of the Loans shall be made to the applicable agent or administrator, as
applicable, on behalf of the Conduit Lender and such Conduit Assignee on a pro
rata basis according to their respective interests, (vi) the defined terms and
other terms and provisions of this Agreement and the other Loan Documents shall
be interpreted in accordance with the foregoing, and (vii) if requested by the
applicable Administrative Agent with respect to the Conduit Assignee, the
parties will execute and deliver such further agreements and documents and take
such other actions as such Administrative Agent may reasonably request to
evidence and give effect to the foregoing.

          (i) In the event that the Conduit Lender makes an assignment to a
Conduit Assignee in accordance with the above provision, the related Lenders in
the applicable Syndicate: (i) if requested by the applicable Administrative
Agent, shall terminate their participation in the applicable Program Support
Agreement to the extent of such assignment, (ii) if requested by the applicable
Administrative Agent, shall execute (either directly or through a participation
agreement, as determined by the applicable Administrative Agent) the program
support agreement related to such Conduit Assignee, to the extent of such
assignment, the terms of which shall be substantially similar to those of the
participation or other agreement entered into by such related Lender with
respect to the applicable Program Support Agreement (or which

                                      -48-

shall be otherwise reasonably satisfactory to the applicable Administrative
Agent and related Lender), (iii) if requested by the Conduit Lender, shall enter
into such agreements as requested by the Conduit Lender pursuant to which they
shall be obligated to provide funding to the Conduit Assignee on substantially
the same terms and conditions as is provided for in this Agreement in respect of
the Conduit Lender (or which agreements shall be otherwise reasonably
satisfactory to the Conduit Lender and the Lender), and (iv) shall take such
actions as the applicable Administrative Agent shall reasonably request in
connection therewith.

          (j) The Borrower hereby agrees and consents to and acknowledges the
assignment by a Conduit Lender of all of its rights under, interest in and title
to this Agreement and the Loans to the collateral agent for its commercial paper
program.

          Section 14.4 Adjustments; Set off.

          (a) If any Lender (a "BENEFITED LENDER") shall at any time receive any
payment of all or part of its Loans, or interest thereon, 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 described in
SECTION 8.1(G) and (H) of the Securitization Loan Agreement Form, 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 Loans, or interest
thereon, such Benefited Lender shall purchase for cash from the other Lenders a
participating interest in such portion of each such other Lender's Loans, or
shall provide such other Lenders with the benefits of any such collateral, or
the proceeds thereof, as shall be necessary to cause such Benefited Lender to
share the excess payment or benefits of such collateral or proceeds 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 Benefited Lender,
such purchase shall be rescinded, and the purchase price and benefits returned,
to the extent of such recovery, but without interest. The Borrower agrees that
each Lender so purchasing a portion of another Lender's Loan may exercise all
rights of payment (including, without limitation, rights of set off) with
respect to such portion as fully as if such Lender were the direct holder of
such portion.

          (b) In addition to any rights and remedies of the Lenders provided by
this Agreement and by law, upon the occurrence and during the continuance of an
Event of Default, 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 Affiliate thereof to
or for the credit or the account of the Borrower. Each Lender agrees promptly to
notify the Borrower and the Administrative Agents after any such set off and
application made by such Lender; provided that the failure to give such notice
shall not affect the validity of such set off and application.

          Section 14.5 Indemnification and Expenses.

                                      -49-

          (a) The Borrower agrees to hold each Agent and each Lender and each
Program Support Provider harmless from and indemnify each Agent and each Lender
and each Program Support Provider against all liabilities, losses, damages,
judgments, reasonable costs and expenses of any kind which may be imposed on,
incurred by or asserted against any Agent or any Lender or any Program Support
Provider relating to or arising out of this Agreement, the Note, any other Loan
Document or any transaction contemplated hereby or thereby, or any amendment,
supplement or modification of, or any waiver or consent under or in respect of,
this Agreement, the Note, any other Loan Document or any transaction
contemplated hereby or thereby (collectively, the "COSTS"), that, in each case,
results from anything other than such Agent's or such Lender's or such Program
Support Provider's gross negligence or willful misconduct. Without limiting the
generality of the foregoing the Borrower agrees to hold each Agent and each
Lender and each Program Support Provider harmless from and indemnify each Agent
and each Lender and each Program Support Provider against all Costs relating to
or arising out of any violation or alleged violation of any environmental law,
rule or regulation that, in each case, results from anything other than such
Agent's or Lender's or Program Support Provider's gross negligence or willful
misconduct or relating to or arising out of any breach, violation or alleged
breach or violation of any consumer credit laws, including without limitation
the "Truth in Lending Act" 15 U.S.C. Sections 1601 et. seq. and/or the "Real
Estate Settlement Procedures Act" 12 U.S.C. Sections 2601 et. seq. In any suit,
proceeding or action brought by any Agent or any Lender or any Program Support
Provider in connection with any Loan Document or any Loan for any sum owing
thereunder, or to enforce any provisions of any Loan Document, the Borrower will
save, indemnify and hold such Agent or such Lender or such Program Support
Provider harmless from and against all expense, loss or damage suffered by
reason of any defense, set off, counterclaim, recoupment or reduction or
liability whatsoever of the account debtor or obligor thereunder, arising out of
a breach by the Borrower of any obligation thereunder or arising out of any
other agreement, indebtedness or liability at any time owing to or in favor of
such account debtor or obligor or its successors from the Borrower. The Borrower
also agrees to reimburse each Agent and each Lender and each Program Support
Provider as and when billed by such Agent and such Lender and such Program
Support Provider for all such Agent's and such Lender's and such Program Support
Provider's costs and expenses incurred in good faith in connection with the
enforcement or the preservation of such Agent's and such Lender's and such
Program Support Provider's rights under this Agreement, the Note, any other Loan
Document or any transaction contemplated hereby or thereby, including without
limitation the reasonable fees and disbursements of its counsel. The Borrower
hereby acknowledges that, notwithstanding the fact that the Loans and the Notes
are secured by the Collateral, the obligation of the Borrower under the Loans
and the Notes are recourse obligations of the Borrower.

          (b) The Borrower agrees to pay as and when billed by each of BANA and
Morgan Stanley all of the out-of-pocket costs and expenses incurred by such
Person in connection with the development, preparation and execution of, and any
amendment, supplement or modification requested by the Borrower to, this
Agreement, the Notes, any other Loan Document or any other documents prepared in
connection herewith or therewith; provided, that the reimbursement obligation of
the Borrower to BANA or Morgan Stanley with respect to the preparation and
delivery of participation agreements and other related documents in connection
with the syndication of this Agreement (i) shall not exceed for such Person
$25,000 and (ii) shall only apply to costs and expenses incurred by such Person
prior to the Closing Date. The

                                      -50-

Borrower agrees to pay as and when billed by each Agent all of the reasonable
out-of-pocket costs and expenses incurred in connection with the consummation
and administration of the transactions contemplated hereby and thereby including
without limitation (i) all the reasonable fees, disbursements and expenses of
counsel, and (ii) all the due diligence, inspection, testing and review costs
and expenses incurred with respect to Collateral under this Agreement,
including, but not limited to, those costs and expenses incurred pursuant to
SECTION 14.5(A) hereof. In addition, the Borrower agrees to pay as and when
billed by each Lender as of the Closing Date that is not an Agent all of its
reasonable out-of-pocket costs and expenses incurred in connection with
development, preparation and execution of the Loan Documents, including without
limitation all the reasonable fees, disbursements and expenses of counsel.

          Section 14.6 GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND
OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

          Section 14.7 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 non-exclusive general 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;

          (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 14.2 or at such other address of which the
Administrative Agents 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.

          Section 14.8 Confidentiality. Each Lender agrees to keep confidential
any written or oral information (a) provided to it by or on behalf of the
Borrower or any of its Subsidiaries pursuant to or in connection with this
Agreement or (b) obtained by such Lender based on a review of the books and
records of the Borrower or any of its Subsidiaries; provided that nothing herein
shall prevent any Lender from disclosing any such information (i) to any
Transferee or Assignee, or to any actual or prospective counterparty (or its
advisors) to any

                                      -51-

swap, credit derivative or other derivative transaction relating to the Borrower
and its obligations, which has signed a confidentiality agreement containing the
terms of this SECTION 14.8, (ii) to its employees, directors, agents, attorneys,
accountants and other professional advisors who reasonably need to know such
information in connection with such Lender's rights and obligations under the
Loan Documents and who have a duty to keep such information confidential, (iii)
upon the request or demand of any examiner or other Governmental Authority
having jurisdiction over such Lender, (iv) in response to any order of any court
or other Governmental Authority or as may otherwise be required pursuant to any
Requirement of Law, (v) which has been publicly disclosed other than in breach
of this Agreement, (vi) in connection with the exercise of any remedy hereunder
or (vii) to the National Association of Insurance Commissioners, any nationally
recognized statistical rating agency or any other similar organization.
Notwithstanding anything to the contrary contained in this Agreement or any
other Loan Document, all persons may disclose to any and all persons, without
limitations of any kind, the purported or claimed U.S. federal income tax
treatment of the Loans and other Obligations, any fact that may be relevant to
understanding the purported or claimed U.S. federal income tax treatment of the
Loans and other Obligations, and all materials of any kind (including opinions
or other tax analyses) relating to such U.S. federal income tax treatment or
fact.

          Section 14.9 Takeout Financing; Securitization Loan Agreements. (a) In
the event that the Borrower elects to enter into a Takeout Financing with
respect to all but not less than all of the Loans, the Borrower shall give
written notice thereof (a "TAKEOUT FINANCING NOTICE") to the Administrative
Agents not less than five (5) Business Days prior to the proposed date of such
Takeout Financing. Such notice shall set forth (i) the proposed date of such
Takeout Financing and (ii) a description of the proposed transaction (including
whether such proposed Takeout Financing would be a Securitization). If such
Takeout Financing is a Securitization, each Lender agrees that it will, on the
date of such Takeout Financing, assign all of its rights and obligations
(including any participation interests) under this Agreement and the Loan
Documents in accordance with SECTION 14.3 to its Administrative Agent, and its
Administrative Agent agrees that it shall then immediately assign all of its
rights and obligations under this Agreement and the Loan Documents to the Person
or Persons which shall acquire the Loans pursuant to such Takeout Financing (the
"ULTIMATE LENDER"). The purchase price payable to the Lenders for such
assignment of the Loans and other rights and obligations under this Agreement
and the other Loan Documents shall be 100% of the principal amount of the Loans
plus all accrued and unpaid interest thereon, together will all accrued and
unpaid fees and other amounts owing under the Loan Documents (including amounts
owing under SECTION 2.15). Upon the effectiveness of the assignment contemplated
by the second preceding sentence, this Agreement shall automatically be deemed
to be amended, restated and superseded by the Securitization Loan Agreement
Form, with such modifications thereto as shall be acceptable to the Borrower,
the Ultimate Lender, and thereupon shall become the sole operative document
governing such Loans subject to the Takeout Financing (such operative document,
a "SECURITIZATION LOAN AGREEMENT").

          Section 14.10 No Recourse Against Conduit Lenders. Notwithstanding
anything to the contrary contained in this Agreement, the obligations of each
Conduit Lender under this Agreement and all other Loan Documents are solely the
corporate obligations of such Conduit Lender and shall be payable solely to the
extent of funds received from the Borrower in

                                      -52-

accordance herewith or from any party to any Loan Document in accordance with
the terms thereof in excess of funds necessary to pay matured and maturing
commercial paper.

          Section 14.11 Program Support Providers. The Borrower hereby
acknowledges and agrees that the Program Support Providers shall be intended
third party beneficiaries of this Agreement and the other Loan Documents, as
their interests may appear.

          Section 14.12 Limited Recourse to Certain Loan Parties.
Notwithstanding any other provision of the Loan Documents, the personal
liability of Global Signal and GSOP under the Limited Recourse Parent Guarantee
to pay any and all Obligations guaranteed thereby shall be limited to
$50,000,000. This provision shall not in any way be deemed to limit in any way
recourse to the Borrower or any of its assets under this Agreement or any other
Loan Document or to GSOP under the Pledge Agreement in respect of the Pledged
LLC Interests (as defined in the Pledge Agreement) issued by the Borrower or to
any Subsidiary of the Borrower under the Pledge Agreement or its respective
Subsidiary Guarantee.

                            [SIGNATURE PAGES FOLLOW]

                                      -53-

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

                                        BORROWER:

                                        GLOBAL SIGNAL ACQUISITIONS II LLC,
                                        a Delaware limited liability company

                                        By: /s/ Greerson G. McMullen
                                            ------------------------------------
                                            Name: Greerson G. McMullen
                                            Title: Executive Vice President

                                        LENDERS:

                                        BANK OF AMERICA, N.A., as BANA
                                        Administrative Agent and Calculation
                                        Agent and a Lender

                                        By: /s/ Michelle M. Heath
                                            ------------------------------------
                                            Name: Michelle M. Heath
                                            Title: Managing Director

                                        MORGAN STANLEY ASSET FUNDING INC., as
                                        Morgan Stanley Administrative Agent and
                                        Collateral Agent and a Lender

                                        By: /s/ Barbara Isaacman
                                            ------------------------------------
                                            Name: Barbara Isaacman
                                            Title: Vice President================================================================================

                                                                    EXHIBIT 10.8

                              AMENDED AND RESTATED

                           LOAN AND SECURITY AGREEMENT

                              DATED ______________

                                     BETWEEN

       GLOBAL SIGNAL ACQUISITIONS LLC, GLOBAL SIGNAL ACQUISITIONS II LLC,
          AND ANY OTHER BORROWER OR BORROWERS THAT ARE OR MAY BECOME A
                                  PARTY HERETO,
                                  AS BORROWERS

                                       AND

           MORGAN STANLEY ASSET FUNDING INC., AS ADMINISTRATIVE AGENT
                AND COLLATERAL AGENT, AND FOR THE BENEFIT OF ANY
              SUCCESSOR ADMINISTRATIVE AGENT AND COLLATERAL AGENT,
                                    AS LENDER

                                   ----------

================================================================================

                                TABLE OF CONTENTS

                                                                            PAGE
                                                                            ----
ARTICLE I DEFINITIONS....................................................      2
   Section 1.1   Certain Defined Terms...................................      2
   Section 1.2   Accounting Terms........................................     24
   Section 1.3   Other Definitional Provisions...........................     24

ARTICLE II TERMS OF THE LOAN.............................................     25
   Section 2.1   Loan....................................................     25
   Section 2.2   Interest................................................     26
   Section 2.3   Additional Borrowers....................................     27
   Section 2.4   Payments................................................     27
   Section 2.5   Maturity................................................     28
   Section 2.6   Prepayment..............................................     28
   Section 2.7   Outstanding Balance.....................................     29
   Section 2.8   Taxes...................................................     29
   Section 2.9   Reasonableness of Charges...............................     29
   Section 2.10  Servicing/Special Servicing.............................     30

ARTICLE III CONDITIONS TO LOAN...........................................     30
   Section 3.1   Conditions to Funding of the Loan on the Closing Date...     30

ARTICLE IV REPRESENTATIONS AND WARRANTIES................................     33
   Section 4.1   Organization, Powers, Capitalization, Good Standing,
                 Business................................................     33
   Section 4.2   Authorization of Borrowing, etc.........................     34
   Section 4.3   Financial Statements....................................     34
   Section 4.4   Indebtedness and Contingent Obligations.................     34
   Section 4.5   Title to the Properties.................................     35
   Section 4.6   Zoning; Compliance with Laws............................     35
   Section 4.7   Leases; Agreements......................................     36
   Section 4.8   Condition of the Properties.............................     36
   Section 4.9   Litigation; Adverse Facts...............................     37
   Section 4.10  Payment of Taxes........................................     37
   Section 4.11  Adverse Contracts.......................................     37
   Section 4.12  Performance of Agreements...............................     37
   Section 4.13  Governmental Regulation.................................     37
   Section 4.14  Employee Benefit Plans..................................     37
   Section 4.15  Broker's Fees...........................................     37
   Section 4.16  Solvency................................................     38
   Section 4.17  Disclosure..............................................     38
   Section 4.18  Use of Proceeds and Margin Security.....................     38

   Section 4.19  Insurance...............................................     38
   Section 4.20  Investments.............................................     38
   Section 4.21  No Plan Assets..........................................     39
   Section 4.22  Governmental Plan.......................................     39
   Section 4.23  Not Foreign Person......................................     39
   Section 4.24  No Collective Bargaining Agreements.....................     39
   Section 4.25  Ground Leases...........................................     39
   Section 4.26  Easements...............................................     39
   Section 4.27  Principal Place of Business.............................     42
   Section 4.28  Environmental Compliance................................     42
   Section 4.29  Separate Tax Lot........................................     42

ARTICLE V COVENANTS OF BORROWER PARTIES..................................     43
   Section 5.1   Financial Statements and Other Reports..................     43
   Section 5.2   Existence; Qualification................................     46
   Section 5.3   Payment of Impositions and Claims.......................     46
   Section 5.4   Maintenance of Insurance................................     47
   Section 5.5   Operation and Maintenance of the Properties;
                 Casualty; Condemnation..................................     50
   Section 5.6   Inspection..............................................     52
   Section 5.7   Compliance with Laws and Contractual Obligations........     53
   Section 5.8   Further Assurances......................................     53
   Section 5.9   Performance of Agreements and Leases....................     53
   Section 5.10  Leases..................................................     53
   Section 5.11  Management Agreement....................................     54
   Section 5.12  Reserved................................................     55
   Section 5.13  Deposits; Application of Receipts.......................     55
   Section 5.14  Estoppel Certificates...................................     55
   Section 5.15  Indebtedness............................................     55
   Section 5.16  No Liens................................................     56
   Section 5.17  Contingent Obligations..................................     56
   Section 5.18  Restriction on Fundamental Changes......................     56
   Section 5.19  Transactions with Related Persons.......................     56
   Section 5.20  Bankruptcy, Receivers, Similar Matters..................     56
   Section 5.21  ERISA...................................................     57
   Section 5.22  Reserved................................................     57
   Section 5.23  Ground Leases...........................................     58
   Section 5.24  Easements...............................................     64
   Section 5.25  Master Lease Sites......................................     67
   Section 5.26  Lender's Expenses.......................................     69

ARTICLE VI RESERVES......................................................     69
   Section 6.1   Security Interest in Reserves; Other Matters Pertaining
                 to Reserves.............................................     69
   Section 6.2   Funds Deposited with Lender.............................     69

                                       ii

   Section 6.3   Impositions and Insurance Reserve.......................     70
   Section 6.4   Advance Rents Reserve Sub-Account.......................     71
   Section 6.5   Acquisition Reserve.....................................     71
   Section 6.6   Reserved................................................     75
   Section 6.7   Reserved................................................     75
   Section 6.8   Cash Trap Reserve.......................................     75

ARTICLE VII DEPOSIT ACCOUNT; LOCK BOX ACCOUNT; CASH MANAGEMENT...........     75
   Section 7.1   Establishment of Deposit Account and Lock Box Account...     75
   Section 7.2   Application of Funds in Lock Box Account................     77
   Section 7.3   Application of Funds After Event of Default.............     77

ARTICLE VIII DEFAULT, RIGHTS AND REMEDIES................................     77
   Section 8.1   Event of Default........................................     77
   Section 8.2   Acceleration and Remedies...............................     80
   Section 8.3   Performance by Lender...................................     82
   Section 8.4   Evidence of Compliance..................................     82

ARTICLE IX SINGLE-PURPOSE, BANKRUPTCY-REMOTE REPRESENTATIONS,
   WARRANTIES AND COVENANTS..............................................     83
   Section 9.1   Applicable to Borrower Parties..........................     83
   Section 9.2   Applicable to Borrowers, Guarantor and Manager..........     85

ARTICLE X PLEDGE OF OTHER COMPANY COLLATERAL.............................     86
   Section 10.1  Grant of Security Interest/UCC Collateral...............     86

ARTICLE XI RESTRICTIONS ON LIENS, TRANSFERS; ASSUMABILITY;
   RELEASE OF PROPERTIES.................................................     87
   Section 11.1  Restrictions on Transfer and Encumbrance................     87
   Section 11.2  Transfers of Beneficial Interests.......................     87
   Section 11.3  Defeasance..............................................     88
   Section 11.4  Release of Properties...................................     89
   Section 11.5  Substitution of Property................................     91
   Section 11.6  Substitution of Additional Pledged Properties...........     94

ARTICLE XII RECOURSE; LIMITATIONS ON RECOURSE............................     95
   Section 12.1  Limitations on Recourse.................................     95
   Section 12.2  Partial Recourse........................................     96
   Section 12.3  Miscellaneous...........................................     96

                                       iii

ARTICLE XIII WAIVERS OF DEFENSES OF GUARANTORS AND SURETIES..............     97
   Section 13.1  Waivers.................................................     97

ARTICLE XIV MISCELLANEOUS................................................     99
   Section 14.1  Expenses and Attorneys' Fees............................     99
   Section 14.2  Indemnity...............................................     99
   Section 14.3  Amendments and Waivers..................................    100
   Section 14.4  Retention of the Borrowers' Documents...................    100
   Section 14.5  Notices.................................................    100
   Section 14.6  Survival of Warranties and Certain Agreements...........    101
   Section 14.7  Failure or Indulgence Not Waiver; Remedies Cumulative...    101
   Section 14.8  Marshaling; Payments Set Aside..........................    102
   Section 14.9  Severability............................................    102
   Section 14.10 Headings................................................    102
   Section 14.11 APPLICABLE LAW..........................................    102
   Section 14.12 Successors and Assigns..................................    103
   Section 14.13 Sophisticated Parties, Reasonable Terms, No Fiduciary
                 Relationship............................................    103
   Section 14.14 Reasonableness of Determinations........................    103
   Section 14.15 Limitation of Liability.................................    103
   Section 14.16 No Duty.................................................    104
   Section 14.17 Entire Agreement........................................    104
   Section 14.18 Construction; Supremacy of Loan Agreement...............    104
   Section 14.19 Consent to Jurisdiction.................................    104
   Section 14.20 Waiver of Jury Trial....................................    105
   Section 14.21 Counterparts; Effectiveness.............................    105
   Section 14.22 Servicer................................................    105
   Section 14.23 Obligations of Borrower Parties.........................    105
   Section 14.24 Additional Inspections; Reports.........................    106
   Section 14.25 Cross-Default; Cross-Collateralization; Waiver of
                 Marshalling of Assets...................................    106

                                       iv

                              AMENDED AND RESTATED
                           LOAN AND SECURITY AGREEMENT

          This AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT (this "LOAN
AGREEMENT") is dated as of [___________], 2005, and entered into by and between
GLOBAL SIGNAL ACQUISITIONS LLC, a Delaware limited liability company
("ACQUISITIONS I"), Global Signal Acquisitions II LLC, a Delaware limited
liability company ("ACQUISITIONS II") and the other BORROWER OR BORROWERS
signatory hereto or that may become a party hereto (collectively, "BORROWERS",
and individually, each a "BORROWER"), and ______________________, a Delaware
limited liability company (together with its successors and assigns, "LENDER").

                                    RECITALS

          WHEREAS, Acquisitions I entered into that certain Acquisition Credit
Agreement with Morgan Stanley Asset Funding Inc., as Administrative Agent and
Collateral Agent, and the lenders set forth therein (collectively, the
"ACQUISITIONS I LENDERS"), dated as of April 22, 2005 (as amended through the
date hereof, the "ACQUISITIONS I CREDIT AGREEMENT") pursuant to the terms of
which the Acquisitions I Lenders advanced certain funds (the "ACQUISITIONS I
INDEBTEDNESS") to Acquisitions I;

          WHEREAS, certain subsidiaries of Acquisitions I (the "Existing
Subsidiaries") have become obligated as guarantors under the Acquisitions I
Credit Agreement and have delivered mortgages, deeds of trust, and/or deeds to
secure debt as additional security for the obligations of Acquisitions I under
the Acquisitions I Credit Agreement;

          WHEREAS, Acquisitions II entered into that certain Bridge Loan and
Override Agreement with Bank of America, N.A., as Co-Administrative Agent and
Calculation Agent, and Morgan Stanley Asset Funding Inc., as Co-Administrative
Agent and Collateral Agent, and the lenders set forth therein (collectively, the
"ACQUISITIONS II LENDERS"), dated as of May 26, 2005 (as amended through the
date hereof, the "ACQUISITIONS II CREDIT Agreement") pursuant to the terms of
which the Acquisitions II Lenders advanced certain funds (the "ACQUISITIONS II
INDEBTEDNESS") to Acquisitions II;

          WHEREAS, Acquisitions II has delivered mortgages, deeds of trust,
and/or deeds to secure debt as additional security for the obligations of
Acquisitions II under the Acquisitions II Credit Agreement;

          WHEREAS, Lender has (i) succeeded to the rights and obligations of the
Acquisitions I Lenders under the Acquisitions I Credit Agreement, (ii) succeeded
to the rights and obligations of the Acquisitions II Lenders under the
Acquisitions II Credit Agreement (the Acquisitions I Credit Agreement and the
Acquisitions II Credit Agreement being collectively referred to herein as the
"EXISTING CREDIT AGREEMENTS"), and (ii) has become the sole Administrative
Agent, Collateral Agent, and Calculation Agent and the sole lender thereunder,
all pursuant to the terms of the Existing Credit Agreements;

          WHEREAS, the Existing Subsidiaries, Acquisitions I, Acquisitions II,
and Lender have agreed to (i) combine and consolidate the Acquisitions I
Indebtedness and the

Acquisitions II Indebtedness (collectively, the "EXISTING INDEBTEDNESS"), (ii)
modify the terms and conditions of the Existing Indebtedness, (iii) include the
Existing Subsidiaries, Acquisitions I and Acquisitions II as "BORROWERS"
hereunder and under the Loan, and (iv) provide for one additional advance in an
amount (the "INCREASED INDEBTEDNESS") such that the Principal Amount of the Loan
outstanding as of the Closing Date will be $[______________] pursuant to the
terms hereof;

          WHEREAS, to secure the additional obligations under the Increased
Indebtedness, the Borrowers have agreed to deliver certain additional collateral
to Lender pursuant to the terms hereof;

          WHEREAS, the Borrowers and Lender intend these recitals to be a
material part of this Agreement;

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

          NOW THEREFORE, to evidence and secure the payment of the principal of,
Yield Maintenance (if any) and interest on the Existing Indebtedness under the
Existing Credit Agreements and the Increased Indebtedness and all other
obligations, liabilities or sums due or to become due pursuant to the Loan
Documents, the Borrowers and Lender have executed and delivered this Agreement
and the Borrowers and Lender by these presents and by the execution and delivery
hereof do hereby irrevocably agree as follows:

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

          NOW, THEREFORE, in consideration of the premises and the agreements,
provisions and covenants herein contained, the Borrowers and Lender agree as
follows:

                                    ARTICLE I
                                   DEFINITIONS

SECTION 1.1 CERTAIN DEFINED TERMS. The terms defined below are used in this Loan
Agreement as so defined. Terms defined in the preamble and recitals to this Loan
Agreement are used in this Loan Agreement as so defined.

     "ACCEPTABLE MANAGER" means Global Signal Services LLC or, upon receipt of a
Rating Confirmation, another reputable management company reasonably acceptable
to Lender with experience managing properties similar to the Properties.

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

     "ACCOUNTS" means, collectively, the Deposit Account, the Lock Box Account,
the Sub-Accounts thereof, the Acquisition Reserve and any other accounts pledged
to Lender pursuant to this Loan Agreement or any other Loan Document.

     "ACQUISITION" means any acquisition by the Borrowers of (i) Towers, (ii)
all of the Capital Stock of any Person that holds Towers as a principal asset,
and/or (iii) a fee, easement, or long term ground lease interest in real
property upon which wireless communications towers are, or are to be, located.

     "ACQUISITION DATE" has the meaning set forth in Section 6.5.

     "ACQUISITIONS I CREDIT AGREEMENT" has the meaning set forth in the
Recitals.

     "ACQUISITIONS II CREDIT AGREEMENT" has the meaning set forth in the
Recitals.

     "ACQUISITIONS I INDEBTEDNESS" has the meaning set forth in the Recitals.

     "ACQUISITIONS II INDEBTEDNESS" has the meaning set forth in the Recitals.

     "ACQUISITIONS I LENDERS" has the meaning set forth in the Recitals.

     "ACQUISITIONS II LENDERS" has the meaning set forth in the Recitals.

     "ACQUISITION PERIOD" means the period commencing as of the Closing Date and
ending on the earlier of (x) the date that the Acquisition Reserve is terminated
by the Borrowers in accordance with Section 6.5 and (y) the Business Day
immediately prior to the _______ Payment Date.

     "ACQUISITION PROPERTY" means any Tower that is subject to an Acquisition
pursuant to Section 6.5.

     "ACQUISITION RESERVE" has the meaning set forth in Section 6.5.

     "ADDITIONAL PLEDGED PROPERTIES" means initially, all the properties
(including land and Improvements) described in EXHIBIT A, and all related
facilities, owned by the Borrowers and pledged as additional Collateral for the
Loan; provided that, following (w) an Additional Pledged Property Substitution,
"ADDITIONAL PLEDGED PROPERTIES" shall include the Replacement Additional Pledged
Property and shall exclude the Substituted Additional Pledged Property, (x) an
Acquisition, "ADDITIONAL PLEDGED PROPERTIES" shall include all Acquisition
Properties that are not Mortgaged Properties, (y) a Conversion, "ADDITIONAL
PLEDGED PROPERTIES" shall exclude the applicable Conversion Property, and (z)
delivery of the required Deeds of Trust, "ADDITIONAL PLEDGED PROPERTY" shall
exclude the applicable Mortgaged Property.

     "ADDITIONAL PLEDGED PROPERTY SUBSTITUTION" has the meaning set forth in
Section 11.6.

     "ADVANCE RENTS RESERVE DEPOSIT" has the meaning set forth in the Cash
Management Agreement.

     "ADVANCE RENTS RESERVE SUB-ACCOUNT" has the meaning set forth in Section
6.4.

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

     "ALLOCATED LOAN AMOUNT" means the portion of the Loan allocated to each
Property calculated as the Cash Purchase Price for the applicable Properties
multiplied by the quotient (expressed as a percentage) of (x) Net Tower Cash
Flow of the applicable Property divided by (y) Net Tower Cash Flow of all
Properties.

     "ALLOCATED PURCHASE PRICE" means with respect to a particular Property, the
amount designated on EXHIBIT A as the "ALLOCABLE VALUE" for such Property.

     "AMENDED DEED OF TRUST" means an amendment to the Deed of Trust originally
encumbering the Mortgaged Property for which an Amended Easement or an Amended
Ground Lease has been executed, the effect of which spreads the lien of the
existing Deed of Trust to encumber the existing Mortgaged Property and the
additional property (including land and improvements) subject to the Amended
Easement or Amended Ground Lease, as applicable.

     "AMENDED EASEMENT" has the meaning set forth in Section 5.24.

     "AMENDED GROUND LEASE" has the meaning set forth in Section 5.23.

     "ANNUAL ADVANCE RENTS RESERVE DEPOSIT" has the meaning set forth in the
Cash Management Agreement.

     "APPROVED ACCOUNTING FIRM" means any "Big Four" accounting firm, consisting
of Ernst & Young, PricewaterhouseCoopers, Deloitte & Touche or KPMG LLP or any
successor entity.

     "ASSIGNMENT OF MANAGEMENT AGREEMENT" means the Collateral Assignment of
Management Agreement of even date herewith executed by each of the Borrowers and
the

Manager, constituting an Assignment of the Management Agreement as Collateral
for the Loan, as same may be amended or modified from time to time.

     "AVAILABILITY" means an amount equal to the lesser of (x) the amount
remaining in the Acquisition Reserve, (y) one hundred (100%) of the Cash
Purchase Price for the applicable Acquisition, and (z) an amount which would
cause the Yield after consideration of the applicable Acquisition to be not less
than ______________________________________________________.

     "BANKRUPTCY CODE" means Title 11 of the United States Code, as amended from
time to time, and all rules and regulations promulgated thereunder.

     "BORROWER" and "BORROWERS" have the meanings set forth in the preamble;
provided that, following a Release, "BORROWERS" shall mean each of the Borrowers
remaining as a party to the Loan Documents, and whose Properties remain
encumbered by the Loan Documents as Collateral for the Loan and "BORROWER" shall
mean any of such remaining parties, as each of such terms may be modified
pursuant to the terms of Section 2.3 in connection with an Acquisition.

     "BORROWER PARTY" and "BORROWER PARTIES" means, individually or
collectively, the Borrowers and Guarantor.

     "BORROWER PARTY SECRETARY" has the meaning set forth in Section 3.1.

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

     "CAPEX BUDGET" means the annual budget covering the planned Capital
Expenditures for the period covered by such budget. The CapEx Budget shall not
include Capital Expenditures consisting of discretionary expenditures made to
acquire fee or easement interests with respect to any Ground Leased Property, or
non-recurring expenditures made to enhance the Operating Revenues of a Property.

     "CAPITAL EXPENDITURES" means expenditures for Capital Improvements.

     "CAPITAL IMPROVEMENTS" means capital improvements, repairs or alterations,
fixtures, equipment and other capital items (whether paid in cash or property or
accrued as liabilities) made by the Borrowers that, in conformity with GAAP,
would not be included in the Borrowers' annual financial statements as an
operating expense of the Properties.

     "CAPITAL STOCK" means any and all shares, interests, participations or
other equivalents (however designated) of capital stock of a corporation, any
and all similar ownership interests in a Person (other than a corporation) and
any and all warrants, rights or options to purchase any of the foregoing.

     "CASH MANAGEMENT AGREEMENT" means the Cash Management Agreement of even
date herewith among Acquisitions II (and any other Borrower that may become a
party hereto), Lender, Manager, and Lock Box Account Bank.

     "CASH PURCHASE PRICE" means the aggregate cash consideration required to be
paid by the Borrowers for any Properties (after giving effect to any purchase
price adjustments, including any earnouts, holdbacks or prepaids which are
required to be paid (or put into escrow pursuant to the applicable purchase
agreement) by the Borrowers at or prior to such time in settlement of the final
purchase price therefor), together with reasonable and customary transaction
costs (including commissions, accountant costs and audits), the reasonable fees
and expenses of counsel to the Borrowers for services rendered in connection
with the transaction and the amount of taxes that are payable by the Borrowers
as a result of such transaction.

     "CASH TRAP DSCR" means ________________.

     "CASH TRAP EVENT" has the meaning set forth in Section 6.8.

     "CASH TRAP RESERVE" has the meaning set forth in Section 6.8.

     "CLAIMS" has the meaning set forth in Section 5.3.

     "CLOSING" means the funding of the Loan and the consummation of the other
transactions contemplated by this Loan Agreement.

     "CLOSING DATE" means the date on which the Closing occurs.

     "COLLATERAL" means rights, interests, and property of every kind, real and
personal, tangible and intangible, which is granted, pledged, liened, or
encumbered as security for the Loan or any of the other Obligations under this
Loan Agreement, the Deeds of Trust, the Cash Management Agreement, the Guaranty,
the Pledge Agreement or other Loan Documents, including without limitation the
Properties and the Account Collateral.

     "COLLOCATION AGREEMENT" means an agreement pursuant to which a Contributor
rents a third party space at any wireless communication site, including all
amendments, modifications, supplements, assignments, guaranties and side letters
related thereto.

     "COMPLIANCE CERTIFICATE" has the meaning set forth in Section 5.1.

     "COMPONENT" has the meaning set forth in the Note.

     "COMPONENT RATE" means, for any Component, the rate per annum set forth in
the Note for such Component.

     "CONDEMNATION PROCEEDS" means, collectively, the proceeds of any
condemnation or taking pursuant to the exercise of the power of eminent domain
or purchase in lieu thereof, in all instances to the extent required to be paid
to the Borrowers.

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

     "CONTRIBUTOR" has the meaning set forth in the Sprint Contribution
Agreement.

     "CONVERSION" means (x) with respect to Pre-Lease Sites, the conversion of a
Pre-Lease Site to a Master Lease Site and (y) with respect to Non-Contributable
Sites, a Non-Contributable Site Conversion where the site will directly become a
Master Lease Site, in accordance with the terms of the Sprint Contribution
Agreement on the applicable Conversion Closing Date.

     "CONVERSION CLOSING DATE" has the meaning set forth in the Sprint
Acquisition Documents.

     "CONVERSION PROPERTY" means, as of the applicable Conversion Closing Date,
any Pre-Lease Site or Non-Contributable Site under the Sprint Contribution
Agreement that is converted to a Master Lease Site.

     "CONTRACTUAL OBLIGATION", as applied to any Person, means any indenture,
mortgage, deed of trust, contract, undertaking, agreement or other instrument to
which that Person is a party or by which it or any of its properties is bound or
to which it or any of its properties is subject, other than the Loan Documents.

     "DEBT SERVICE COVERAGE RATIO" or "DSCR" means, at any time of
determination, Net Tower Cash Flow divided by the amount of interest that the
Borrowers will be required to pay over the succeeding twelve (12) months on the
Principal Amount of the Loan; provided that in calculating the DSCR during the
Acquisition Period, the Principal Amount of the Loan (and debt

service with respect thereto calculated at the average weighted Component Rate
across all Components) shall be deemed to be equal to ____% of the Cash Purchase
Price of all Properties owned as of the date of determination.

     "DEBT SERVICE SUB-ACCOUNT" has the meaning set forth in Section 7.1.

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

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

     "DEFAULT RATE" has the meaning set forth in Section 2.2.

     "DEFEASED NOTE" has the meaning set forth in Section 11.3.

     "DEPOSIT ACCOUNT" has the meaning set forth in Section 7.1.

     "DEPOSIT ACCOUNT AGREEMENT" has the meaning set forth in Section 7.1.

     "DEPOSIT BANK" has the meaning set forth in Section 7.1.

     "DISTRIBUTION DATE" shall mean the fifteenth (15th) day of each calendar
month or, if any such fifteenth (15th) day is not a Business Day, the next
succeeding Business Day, beginning in [__________] 2005.

     "DOLLARS" and the sign "$" mean the lawful money of the United States of
America.

     "EASEMENT" means, individually and collectively, the easement interests
granted to the Borrowers by the owner of the applicable fee interest in the
Properties described on SCHEDULE 4.26 attached hereto, which such easement
interests have been, or may be in the future, subjected to a Deed of Trust as
Collateral for the Loan; provided that, (i) following termination of an Easement
pursuant to Section 5.24, "EASEMENT" shall mean each of the Properties that
remain subject to an Easement, (ii) following a Substitution with respect to a
Property that will be subject to an Easement, "EASEMENT" shall include the
Replacement Property and shall exclude the Substituted Property, and (iii) with
respect to, or following, an Acquisition, "EASEMENT" shall include all
Acquisition Properties acquired by the purchase of an easement for the property
located under one or more Towers.

     "EASEMENT DEFAULT" has the meaning set forth in Section 4.26.

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

     "ELIGIBLE BANK" means a bank that satisfies the Rating Criteria.

     "EMPLOYEE BENEFIT PLAN" means any employee benefit plan within the meaning
of Section 3(3) of ERISA (including any Multiemployer Plan) which is subject to
Title IV of ERISA or to Section 412 of the Code and (i) which is maintained for
employees of any of the Borrowers or any ERISA Affiliate, (ii) which has at any
time within the preceding six (6) years been maintained for the employees of any
of the Borrowers or any current or former ERISA Affiliate or (iii) for which any
of the Borrowers or any ERISA Affiliate has any liability, including contingent
liability.

     "ENVIRONMENTAL INDEMNITY" means the Environmental Indemnity of even date
herewith from the Borrowers to Lender, as same may be amended or modified from
time to time.

     "ENVIRONMENTAL LAWS" means all present and future local, state, federal or
other governmental authority, statutes, ordinances, codes, orders, decrees,
laws, rules or regulations pertaining to or imposing liability or standards of
conduct concerning environmental regulation (including, without limitation,
regulations concerning health and safety), contamination or clean-up or the
handling, generation, release or storage of Hazardous Material affecting the
Properties including, without limitation, the Comprehensive Environmental
Response, Compensation and Liability Act of 1980, as amended, the Resource
Conservation and Recovery Act, as amended, the Emergency Planning and Community
Right-to-Know Act of 1986, as amended, the Hazardous Substances Transportation
Act, as amended, the Solid Waste Disposal Act, as amended, the Clean Water Act,
as amended, the Clean Air Act, as amended, the Toxic Substances Control Act, as
amended, the Safe Drinking Water Act, as amended, the Occupational Safety and
Health Act, as amended, any state superlien and environmental clean-up statutes
and all regulations adopted in respect of the foregoing laws whether now or
hereafter in effect, but excluding any local, state, federal, or other
governmental historic preservation or similar laws relating to historical
resources and historic preservation not related to (i) protection of health or
the environment or (iii) Hazardous Materials.

     "ERISA" means the Employee Retirement Income Security Act of 1974, and all
rules and regulations promulgated thereunder.

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

     "ESTOPPEL" has the meaning set forth in Section 4.25(A).

     "EVENT OF DEFAULT" has the meaning set forth in Section 8.1.

     "EXCESS CASH FLOW" means all funds remaining in the Lock Box Account after
distributions and allocations of all amounts required to be allocated or
distributed pursuant to Section 3.3(a)(i) - (v) of the Cash Management
Agreement.

     "EXCESS INTEREST" has the meaning set forth in Section 2.2.

     "EXCULPATED PARTIES" has the meaning set forth in Section 12.2.

     "EXISTING CREDIT AGREEMENTS" has the meaning set forth in the Recitals.

     "EXISTING INDEBTEDNESS" has the meaning set forth in the Recitals.

     "EXISTING LENDERS" has the meaning set forth in the Recitals.

     "EXISTING SUBSIDIARIES" has the meaning set forth in the Recitals.

     "EXTRAORDINARY EXPENSES" means Capital Expenditures and other operating
expenses not set forth in either the annual CapEx Budget or the Operating
Budget.

     "FEDERAL OBLIGATIONS" means non-callable direct obligations of, or
obligations fully guaranteed as to payment of principal and interest by, the
United States of America or any agency or instrumentality thereof provided that
such obligations are backed by the full faith and credit of the United States of
America as chosen by the Borrowers, subject to the approval of Lender.

     "FINANCIAL STATEMENTS" means statements of operations and retained
earnings, statements of cash flow and balance sheets.

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

     "FIRST INTEREST ACCRUAL PERIOD" means the period commencing on the Closing
Date and ending on the last day of [______________] 2005.

     "FITCH" means Fitch, Inc.

     "FORCE MAJEURE" means acts of god, governmental restrictions, stays,
judgments, orders, decrees, enemy actions, civil commotion, fire, casualty,
strikes or work stoppages which are industry-wide and not aimed at the Borrowers
or their Affiliates, or other causes beyond the reasonable control of the
Borrowers and/or their Affiliates, but the Borrowers' lack of funds in and of
itself shall not be deemed a cause beyond the control of the Borrowers.

     "GAAP" means generally accepted accounting principles as set forth in
Statement on Auditing Standards No. 69 entitled "The Meaning of Presenting
Fairly in Conformity with Generally Accepted Accounting Principles in the
Independent Auditor's Report" issued by the Auditing Standards Board of the
Institute of Certified Public Accountants and statements and

pronouncements of the Financial Accounting Standards Board to the extent such
principles are applicable to the facts and circumstances as of the date of
determination.

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

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

     "GROUND LEASE DEFAULT" has the meaning set forth in Section 4.25

     "GROUND LEASED PROPERTY" and "GROUND LEASED PROPERTIES" means, collectively
or individually, the Master Lease Sites and Properties subject to the Ground
Leases as described on SCHEDULE 4.25 attached hereto; provided that, (i)
following termination of a Ground Lease pursuant to Section 5.23, "GROUND LEASED
PROPERTIES" shall mean each of the Properties that remain subject to a Ground
Lease, (ii) following a Substitution with respect to a Property that will be
subject to a Ground Lease, "GROUND LEASED PROPERTIES" shall include the
Replacement Property and shall exclude the Substituted Property, (iii) with
respect to, or following, an Acquisition, "GROUND LEASED PROPERTIES" shall
include all Acquisition Properties which are subject to a Ground Lease, and (iv)
with respect to, or following, a Conversion, "GROUND LEASED PROPERTIES" shall
include all Conversion Properties.

     "GROUND LEASES" means each Master Lease Agreement, the Prime Ground Leases,
and, following an Acquisition, any future ground leases with respect to
Replacement Properties and Acquisition Properties; provided that "GROUND LEASES"
shall not refer to any ground lease where any of the Borrowers is the landlord
under such lease.

     "GROUND LESSORS" means the landlords under the Ground Leases.

     "GSI" has the meaning set forth in Section 5.1.

     "GUARANTOR" means ______________________, a Delaware limited liability
company.

     "GUARANTY" means collectively, the Environmental Indemnity and the Parent
Guaranty.

     "HAZARDOUS MATERIAL" means all or any of the following: (A) substances,
materials, compounds, wastes, products, emissions and vapors that are defined or
listed in, regulated by, or otherwise classified pursuant to, any applicable
Environmental Laws, including any so defined, listed, regulated or classified as
"hazardous substances", "hazardous materials", "hazardous wastes", "toxic
substances", "pollutants", "contaminants", or any other formulation intended to

regulate, define, list or classify substances by reason of deleterious, harmful
or dangerous properties; (B) waste oil, oil, petroleum or petroleum derived
substances, natural gas, natural gas liquids or synthetic gas and drilling
fluids, produced waters and other wastes associated with the exploration,
development or production of crude oil, natural gas or geothermal resources; (C)
any flammable substances or explosives or any radioactive materials; (D)
asbestos in any form; (E) electrical or hydraulic equipment which contains any
oil or dielectric fluid containing polychlorinated biphenyls; (F) radon; (G)
mold; or (H) urea formaldehyde, provided, however, such definition shall not
include (i) cleaning materials and other substances commonly used in the
ordinary course of the Borrowers' business, which materials exist only in
reasonable quantities and are stored, contained, transported, used, released,
and disposed of in accordance with all applicable Environmental Laws, or (ii)
cleaning materials and other substances commonly used in the ordinary course of
the Borrowers' tenant's, or any of their respective agent's, business, which
materials exist only in reasonable quantities and are stored, contained,
transported, used, released, and disposed of in accordance with all applicable
Environmental Laws.

     "IMPOSITIONS" means (i) all real estate and personal property taxes, and
vault charges and all other taxes, levies, assessments and other similar
charges, general and special, ordinary and extraordinary, foreseen and
unforeseen, of every kind and nature whatsoever (including any payments in lieu
of taxes), which at any time prior to, at or after the execution hereof may be
assessed, levied or imposed by, in each case, a governmental authority upon any
of the Properties or the rents relating thereto or upon the ownership, use,
occupancy or enjoyment thereof, and any interest, cost or penalties imposed by
such governmental authority with respect to any of the foregoing and (ii) all
rent and other amounts payable by the Borrowers under each of the Ground Leases.
Impositions shall not include (x) any sales or use taxes payable by the
Borrowers, (y) taxes payable by tenants or guests occupying any portions of the
Properties, or (z) taxes or other charges payable by any Manager unless such
taxes are being paid on behalf of the Borrowers.

     "IMPOSITIONS AND INSURANCE RESERVE" means the reserve established pursuant
to Section 6.3.

     "IMPROVEMENTS" means all buildings, structures, fixtures, additions,
enlargements, extensions, modifications, repairs, replacements and improvements
of every kind and nature now or hereafter located on the Properties and owned by
any of the Borrowers.

     "INCREASED INDEBTEDNESS" has the meaning set forth in the Recitals.

     "INDEBTEDNESS" or "INDEBTEDNESS", means, for any Person, without
duplication: (i) all indebtedness of such Person for borrowed money, for amounts
drawn under a letter of credit, or for the deferred purchase price of property
for which such Person or its assets is liable, (ii) all unfunded amounts under a
loan agreement, letter of credit (unless secured in full by Dollars), or other
credit facility for which such Person would be liable if such amounts were
advanced thereunder, (iii) all amounts required to be paid by such Person as a
guaranteed payment to partners or a preferred or special dividend, including any
mandatory redemption of shares or interests but not any preferred return or
special dividend paid solely from, and to the extent of, excess cash flow after
the payment of all operating expenses, capital improvements and debt

service on all Indebtedness, (iv) all obligations under leases that constitute
capital leases for which such Person is liable, and (v) all obligations of such
Person under interest rate swaps, caps, floors, collars and other interest hedge
agreements, in each case whether such Person is liable contingently or
otherwise, as obligor, guarantor or otherwise, or in respect of which
obligations such Person otherwise assures a creditor against loss.

     "INDEMNIFIED LIABILITIES" has the meaning set forth in Section 14.2.

     "INDEMNITEES" has the meaning set forth in Section 14.2.

     "INDEPENDENT DIRECTOR" means, with respect to any entity, an individual who
shall not have been at the time of such individual's appointment or at any time
while serving as a director of such entity, and shall not have been at any time
during the preceding five years (i) a stockholder, director (other than as an
independent director/member), officer, employee, partner, attorney or counsel of
such entity or any of its Affiliates (except that such individual may be an
independent director of any of its Affiliates) or a direct or indirect legal or
beneficial owner in such entity or any of its Affiliates, (ii) a customer,
creditor, manager, contractor, supplier or other Person who derives any of its
purchases or revenues from its activities with such entity or any of its
Affiliates (other than a company that provides professional independent
directors and which also may provide other ancillary corporate, partnership,
company or trust services to such entity or any of its Affiliates in the
ordinary course of their business), (iii) a Person or other entity controlling,
directly or indirectly, or under common control with such entity or any of its
Affiliates or stockholder, creditor, manager, contractor, partner, customer,
employee, officer, director, supplier or other such Person, or (iv) a member of
the immediate family of such entity or any of its Affiliates or stockholder,
director, officer, employee, partner, customer, creditor, manager, contractor,
supplier or other such Person. As used in this definition, the term "control"
means the possession, directly or indirectly, of the power to direct or cause
the direction of the management, policies or activities of a Person, whether
through ownership of voting securities, by contract or otherwise.

     "INSURANCE POLICIES" has the meaning set forth in Section 5.4.

     "INSURANCE PREMIUMS" means the annual insurance premiums for the insurance
policies required to be maintained by the Borrowers with respect to the
Properties under Section 5.4.

     "INSURANCE PROCEEDS" means all of the proceeds received by the Borrowers
under the Insurance Policies.

     "INTEREST ACCRUAL PERIOD" means the First Interest Accrual Period and,
thereafter, each one (1) month period which shall be a calendar month.

     "INVOLUNTARY BORROWER BANKRUPTCY" has the meaning set forth in Section
5.20.

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

     "IRS" means the Internal Revenue Service or any successor thereto.

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

     "LEASE" means any lease, tenancy, license, assignment and/or other rental
or occupancy agreement or other agreement or arrangement (including, without
limitation, any and all guaranties of any of the foregoing) heretofore or
hereafter entered into affecting the use, enjoyment or occupancy of, or the
conduct of any activity upon or in, the Properties or any portion thereof,
including any extensions, renewals, modifications or amendments thereof, and
including (i) any ground lease where any of the Borrowers is the landlord
thereunder, and (ii) the Master Lease Agreement in respect of the Towers leased
to Sprint, including the rights and obligations in respect thereto only.

     "LENDER" has the meaning set forth in the preamble.

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

     "LOAN" has the meaning set forth in Section 2.1.

     "LOAN AGREEMENT" means this Loan and Security Agreement, as same may be
amended, modified or restated from time to time (including all schedules,
exhibits, annexes and appendices hereto).

     "LOAN DOCUMENTS" means this Loan Agreement, the Note, the Deeds of Trust,
the Assignment of Management Agreement, the Guaranty, the Pledge Agreement, the
Environmental Indemnity, the Financing Statements, the Cash Management
Agreement, and any and all other documents and agreements from any of the
Borrowers, Guarantor or Manager and accepted by Lender for the purposes of
evidencing and/or securing the Loan.

     "LOCK BOX ACCOUNT" and "LOCK BOX ACCOUNT BANK" has the meaning set forth in
Section 7.1.

     "LOSS PROCEEDS" means, collectively, all Insurance Proceeds and all
Condemnation Proceeds.

     "LOSS PROCEEDS RESERVE SUB-ACCOUNT" has the meaning set forth in the Cash
Management Agreement.

     "MAINTENANCE CAPITAL EXPENDITURES" means Capital Expenditures made for the
purpose of maintaining the Properties or complying with applicable laws,
regulations,

ordinances, statutes, codes, or rules applicable to the Properties, but shall
exclude discretionary expenditures made to acquire fee or easement interests
with respect to any Ground Leased Property and non-recurring expenditures made
to enhance the Operating Revenues of a Property.

     "MANAGED PROPERTIES" means the Pre-Lease Sites (prior to a Conversion) and
the Properties identified as "MANAGED PROPERTIES" on EXHIBIT A; provided that,
(i) following termination of a Site Management Agreement pursuant to Section
5.9, "MANAGED PROPERTIES" shall mean each of the Properties that remain subject
to a Site Management Agreement, (ii) following an Additional Pledged Property
Substitution with respect to a Property that will be subject to a Site
Management Agreement, "MANAGED PROPERTIES" shall include the Replacement
Additional Pledged Property and shall exclude the Substituted Additional Pledged
Property, and (iii) following an Acquisition, "MANAGED PROPERTIES" shall include
all Acquisition Properties subject to a Site Management Agreement.

     "MANAGEMENT AGREEMENT" means the Management Agreement between each Borrower
and Manager described therein dated as of the date hereof, and any management
agreement which may hereafter be entered into in accordance with the terms and
conditions hereof, pursuant to which any subsequent Manager may hereafter manage
one or more of the Properties.

     "MANAGEMENT FEE" means the fees earned by the Manager pursuant to the terms
of the Management Agreement.

     "MANAGER" means the manager described in the Management Agreement or an
Acceptable Manager as may hereafter be charged with management of one or more of
the Properties in accordance with the terms and conditions hereof.

     "MASTER LEASE AGREEMENT" has the meaning set forth in Section 5.25.

     "MASTER LEASE SITES" has the meaning set forth in the Master Lease
Agreement.

     "MASTER LESSOR" means the applicable Sprint entity party to a Master Lease
Agreement, in its capacity as the landlord thereunder.

     "MATERIAL ADVERSE EFFECT" means, as determined by Lender in its reasonable
discretion, after giving effect to the Sprint Acquisition, (A) a material
adverse effect (which may include economic or political events) upon the
business, operations, or condition (financial or otherwise) of the Borrowers and
Guarantor (taken as a whole), or (B) the material impairment of the ability of
any of the Borrowers and Guarantor (taken as a whole) to perform their
obligations under the Loan Documents (taken as a whole), or (C) the material
impairment of the ability of Lender to enforce or collect the Obligations as
such Obligations become due, or (D) a material adverse effect on the use, value
or operation of the Properties as Collateral for the Loan, provided, however
that if five percent (5%) or more of the Operating Revenues derived from the
Properties (after giving effect to the Sprint Acquisition) taken as a whole are
materially and adversely affected, then a Material Adverse Effect shall be
deemed to exist. In determining whether any individual event would result in a
Material Adverse Effect, notwithstanding that such event does not of itself have
such effect, a Material Adverse Effect shall be deemed to have occurred if the
cumulative effect of such event and all other then occurring events and existing
conditions would result in a Material Adverse Effect.

     "MATERIAL AGREEMENT" means the Site Management Agreements, the Sprint
Acquisition Documents and any contract or agreement, or series of related
agreements, by any Borrower or Borrowers relating to the ownership, management,
development, use, operation, leasing, maintenance, repair or improvement of the
Properties under which there is an obligation of the Borrowers, in the
aggregate, to pay, or under which any of the Borrowers receives in compensation,
more than $250,000 per annum, excluding (i) the Management Agreement, and (ii)
any agreement which is terminable by the Borrowers on not more than sixty (60)
days' prior written notice without any fee or penalty.

     "MATERIAL LEASE" means any Lease, or series of related Leases, by any
Borrower or Borrowers of space at one or more of the Properties which (i)(a)
provides for annual rent or other payments in an amount equal to or greater than
$250,000, and (b) may not be cancelled by the applicable Borrower on thirty (30)
days' notice without payment of a termination fee, penalty or other cancellation
fee, (ii) obligates the Borrowers to make any improvements to the Properties
either directly or through cash allowances (including, without limitation, free
rent, tenant improvement allowances, or landlord's construction work) to the
applicable tenant in excess of $100,000, or (iii) is a ground lease where any of
the Borrowers is the landlord under such ground lease.

     "MATURITY DATE" means the Payment Date occurring in [___________], or such
other date on which the final payment of principal of the Note becomes due and
payable as herein provided, whether at such stated maturity date, by
acceleration, or otherwise.

     "MAXIMUM RATE" has the meaning set forth in Section 2.2.

     "MEMBER" means, individually or collectively, those parties identified on
SCHEDULE 4.1(C) as "Members", and any other entity which is now or hereafter
becomes the managing member of any of the Borrowers under such Borrower's
limited liability company operating agreement (other than the sole member of any
single member limited liability company).

     "MINIMUM DSCR" means ____________________.

     "MOODY'S" means Moody's Investors Service, Inc.

     "MORTGAGED PROPERTIES" and "MORTGAGED PROPERTY" means, collectively, or
individually, the properties (including land and Improvements, and all
leaseholds and easements) and all related facilities, owned by the Borrowers and
which shall be encumbered by and will be more particularly described in the
respective Deeds of Trust; provided that, (i) following a Release, "MORTGAGED
PROPERTIES" shall mean each of the Mortgaged Properties that remain encumbered
by the Deeds of Trust as Collateral for the Loan, (ii) following a Substitution,
"MORTGAGED PROPERTIES" shall include the Replacement Property and shall exclude
the Substituted Property, (iii) with respect to, or following, an Acquisition,
"MORTGAGED PROPERTIES" shall include all Acquisition Properties required to be
encumbered by a Deed of Trust pursuant to Section 6.5, (iv) with respect to, or
following, a Conversion, "MORTGAGED PROPERTIES" shall include all Master Lease
Sites required to be encumbered by a Deed of Trust pursuant to Section 5.25, and

(v) following delivery of the required Deed of Trust, "MORTGAGED PROPERTY" shall
include the applicable Property encumbered by the related Deed of Trust.

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

     "NET TOWER CASH FLOW" at any time, an amount equal to (i) the aggregate
annualized amount of the rent then payable by all lessees under Leases with
respect to Towers, or, in the case of Towers that are Managed Properties, the
revenue then due to the Borrowers or any of their Subsidiaries under the Site
Management Agreement for such Towers (net of any payments required to be
remitted by the Borrowers or their Subsidiaries to the owner or lessor of such
Towers), less (ii) the sum of (a) the aggregate annualized current insurance
expense, real estate and property taxes, ground lease payments (if any) and
amounts payable to a third party owner under any Site Management Agreement (if
applicable) with respect to the Towers; (b) the aggregate trailing twelve
(12)-month Maintenance Capital Expenditures and other expenses in respect of the
Towers for direct maintenance expenses, utilities, licensing and permitting
(provided, that in no event shall any item referred to in clauses (a) and (b) of
this definition (including Maintenance Capital Expenditures and utilities paid
by Sprint treated as a reduction in the purchase price under the Sprint
Acquisition) be deducted in respect of any Tower the maintenance of which is the
obligation of a Person other than the Borrowers or one or more of their
Subsidiaries); and (c) a management fee equal to the greater of (x) $9,600,000
per annum, and (y) five percent (5%) of the aggregate annualized amount of the
rent then payable by all lessees under Leases. For purposes of clause (ii)(a) of
this definition, the amount of "current" expenses, taxes and other payments
shall be determined, for the first month after the Acquisition of any Tower (i)
with respect to the Towers acquired pursuant to the Sprint Acquisition, the
amount set forth in EXHIBIT A under the heading "insurance, taxes and
ground/lease payments", and (ii) with respect to any other Towers acquired by
the Borrowers or their subsidiaries, in accordance with the methodology set
forth in EXHIBIT J and, at any time thereafter, based on the actual amount of
such expenses, taxes and other payments. For purposes of clause (b) of this
definition, the calculation of the aggregate trailing twelve (12)-month
Maintenance Capital Expenditures and other expenses with respect to any Tower
(in each case after giving effect to the proviso thereto) shall be based on (i)
at the time of the Acquisition of such Tower and for one month thereafter, (A)
with respect to Maintenance Capital Expenditures and direct maintenance
expenses, the higher of (x) the sum of the actual annual budgeted Maintenance
Capital Expenditures and the annual budgeted direct maintenance expenses for
such Tower, and (y) $700, and (B) with respect to all other expenses, the
information obtained from the seller of such Tower pursuant to the
pre-acquisition due diligence process of the Borrowers to the extent the
Borrowers are required to pay such costs following the Sprint Acquisition, and
(ii) at any time after the first month until the first anniversary of the
Acquisition of such Tower, the actual amount of such Maintenance Capital
Expenditures and other expenses (excluding utilities expenses to the extent they
are paid for by Sprint), annualized based on the number of months that have
passed since the date of such Acquisition.

     "NON-CONTRIBUTABLE SITE" has the meaning set forth in the Sprint
Contribution Agreement.

     "NON-CONTRIBUTABLE SITE CONVERSION" means the conversion of a
Non-Contributable Site to a Pre-Lease Site or a Master Lease Site in accordance
with the terms of the Sprint Contribution Agreement.

     "NOTE" has the meaning set forth in Section 2.1.

     "NOTICE OF CONVERSION" has the meaning set forth in Section 5.25.

     "NOTICE OF DRAW" has the meaning set forth in Section 6.5.

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

     "OFFICER'S CERTIFICATE" means a certificate delivered to Lender by the
Borrowers which is signed on behalf of the Borrowers by an authorized officer of
the Borrowers which states that the items set forth in such certificate are
true, accurate and complete in all material respects.

     "OPERATING BUDGET" means, for any period, the Borrowers' budget setting
forth the Borrowers' best estimate, after due consideration, of all operating
expenses and any other expenses for the Properties for such period, as same may
be amended pursuant to Section 5.1(D) hereof.

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

     "OTHER COMPANY COLLATERAL" has the meaning set forth in Section 10.1.

     "OWNED PROPERTY" and "OWNED PROPERTIES" means, collectively or individually
all real estate owned, or following an Acquisition, to be owned, in fee by the
Borrowers, together with any fixtures and appurtenances thereon.

     "OWNERSHIP INTERESTS" has the meaning set forth in Section 9.1.

     "PARENT GUARANTY" means the Parent Guaranty of even date herewith, from
Guarantor to Lender, as same may amended or modified from time to time.

     "PAYMENT DATE" means each day that is four (4) Business Days prior to any
Distribution Date.

     "PERMITTED ENCUMBRANCES" means, collectively, (i) the Deeds of Trust and
the other Liens of the Loan Documents in favor of Lender, (ii) the items shown
in Schedule B to the Title Policies as of the date such Property is encumbered
by a Deed of Trust, (iii) Liens for Impositions not yet due and payable or Liens
arising after the date hereof which are being contested in good faith by
appropriate proceedings promptly instituted and diligently conducted in
accordance with Section 5.3(B) hereof; (iv) in the case of Liens arising after
the date hereof, statutory Liens of carriers, warehousemen, mechanics,
materialmen and other similar Liens arising by operation of law, which are
incurred in the ordinary course of business and discharged by the Borrowers by
payment, bonding or otherwise within forty-five (45) days after the filing
thereof or which are being contested in good faith in accordance with Section
5.3(B) hereof; (v) Liens arising from reasonable and customary purchase money
financing of personal property and equipment leasing to the extent the same are
created in the ordinary course of business in accordance with Section 5.15(B)
hereof; and (vi) all easements, rights-of-way, restrictions and other similar
charges or non-monetary encumbrances against real property which do not have a
Material Adverse Effect.

     "PERMITTED INDEBTEDNESS" has the meaning set forth in Section 5.15.

     "PERMITTED INVESTMENTS" has the meaning set forth in the Cash Management
Agreement.

     "PERMITTED OWNERSHIP INTEREST TRANSFERS" has the meaning set forth in
Section 11.2.

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

     "PLEDGE AGREEMENT" means, collectively, that certain Pledge and Security
Agreement delivered by Guarantor and that certain Pledge and Security Agreement
delivered by Acquisitions I, each dated as of the date hereof and given for the
benefit of Lender.

     "PRE-EXISTING CONDITION" has the meaning set forth in Section 5.5.

     "PRE-LEASE SITES" has the meaning set forth in the Sprint Contribution
Agreement.

     "PRIME GROUND LEASES" means the ground leases described on Schedule 4.25
attached hereto; provided that "PRIME GROUND LEASES" shall not refer to any
Master Lease Agreement.

     "PRINCIPAL AMOUNT" means, with respect to the Loan, the principal amount of
all Components of the Loan, and with respect to any Component, the principal
amount of such Component, in each case as such amount may be reduced from time
to time pursuant to the terms of this Loan Agreement, the Note or the other Loan
Documents.

     "PROPERTIES" means, collectively, the Mortgaged Properties and the
Additional Pledged Properties.

     "QUALIFYING ACQUISITION PROPERTY" means each of the Acquisition Properties
which are capable of being encumbered by a Deed of Trust; provided however, if
the representations and warranties set forth in Sections 4.6, 4.25(A)(i) - (vi)
and (viii) - (xi), 4.26, and 4.28 with respect to all Acquisition Properties
(including Acquisition Properties included within a prior Acquisition) are not
true in all material respects with respect to more than ten percent (10%) of the
Acquisition Properties (calculated based upon the number of Acquisition
Properties to be acquired in such Acquisition), the Acquisition Properties
included in such Acquisition which exceed the ten percent (10%) threshold shall
be excluded as Qualifying Properties unless the Borrowers deliver a Rating
Confirmation in connection with such proposed Acquisition; provided that any
Acquisition Property previously excluded as a Qualifying Acquisition Property
will be included as a Qualifying Acquisition Property if the representations and
warranties which precluded such Acquisition Property being included as a
Qualifying Acquisition Property are, at the time of determination, true in all
material respects, or the required Rating Confirmation has been obtained.

     "QUARTERLY ADVANCE RENTS RESERVE DEPOSIT" has the meaning set forth in the
Cash Management Agreement.

     "RATING AGENCY" means Moody's and Fitch.

     "RATING CONFIRMATION" means, with respect to the transaction or matter in
question, each applicable Rating Agency shall have confirmed in writing that
such transaction or matter shall not result in a downgrade, qualification, or
withdrawal of the then current rating for any certificate or other securities
issued in connection with a Securitization (or the placing of such certificate
or other security on negative credit watch or ratings outlook in contemplation
of any such action with respect thereto).

     "RATING CRITERIA" with respect to any Person, means that (i) the short-term
unsecured debt obligations of such Person are rated at least "A-1" by S&P, "P-1"
by Moody's and "F-1" by Fitch, if deposits are held by such Person for a period
of less than one month, or (ii) the long-term unsecured debt obligations of such
Person are rated at least "AA-" by S&P (or "A" if the short-term unsecured debt
obligations of such Person are rated at least "A-1"), "Aa2" by

Moody's and "A" by Fitch, if deposits are held by such Person for a period of
one month or more.

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

     "RELATED PERSON" means any Person in which any of the Borrowers or the
Guarantor holds greater than a ten percent (10%) equity interest.

     "RELEASE" has the meaning set forth in Section 11.4.

     "RELEASED PROPERTY" has the meaning set forth in Section 11.4.

     "RELEASE PRICE" means an amount equal to the greater of (x) one hundred
twenty-five percent (125%) of the Allocated Loan Amount of the applicable
Property and (y) such amount as shall be required to be paid such that the Debt
Service Coverage Ratio following the proposed Release is equal to or greater
than the Debt Service Coverage Ratio as in effect immediately prior to the
Release.

     "RENT ROLL" has the meaning set forth in Section 3.1.

     "RENTS" has the meaning set forth in the Deeds of Trust.

     "REPLACEMENT ADDITIONAL PLEDGED PROPERTY" and "REPLACEMENT ADDITIONAL
PLEDGED PROPERTIES" have the meanings set forth in Section 11.6.

     "REPLACEMENT PROPERTY" and "REPLACEMENT PROPERTIES" have the meanings set
forth in Section 11.5.

     "RESERVE SUB-ACCOUNTS" has the meaning set forth in Section 7.1.

     "RESERVES" means the reserves held by or on behalf of Lender pursuant to
this Loan Agreement or the other Loan Documents, including without limitation,
the reserves established pursuant to Article VI.

     "RESPONSIBLE OFFICER" means a chief executive officer, president or chief
financial officer (or other individual performing the functions of any of the
foregoing).

     "RESTORATION" has the meaning set forth in Section 5.5.

     "S&P" means Standard & Poor's Ratings Services, a division of The
McGraw-Hill Companies, Inc.

     "SCHEDULED DEFEASANCE PAYMENTS" means:

     (a) with respect to a defeasance of the Loan in whole, payments on or prior
to, but as close as possible to (i) each scheduled Payment Date, after the date
of defeasance and through and including the first Payment Date that is three (3)
months prior to the Maturity Date, in amounts equal to the scheduled payments
due on such dates under the Loan Documents and (ii) the first Payment Date that
is three (3) months prior to the Maturity Date, in an amount equal to the
Principal Amount of the Loan and accrued interest thereon; or

     (b) with respect to any defeasance of the Loan in part in connection with a
Release, payments on or prior to, but as close as possible to, (i) each Payment
Date after the date of defeasance through and including the first Payment Date
that is three (3) months prior to the Maturity Date, in amounts equal to a
proportionate share (based on the percentage of the outstanding Principal Amount
of the Loan prior to the defeasance represented by the Release Price) of the
monthly installments of principal and interest due on such dates under the Loan
Documents and (ii) the first Payment Date that is three (3) months prior to the
Maturity Date, in an amount equal to the Release Price and any accrued interest
thereon.

     "SEC" has the meaning set forth in Section 5.1.

     "SECURITIES" (whether or not capitalized) means any stock, shares, voting
trust certificates, bonds, debentures, options, warrants, notes, or other
evidences of indebtedness, secured or unsecured, convertible, subordinated or
otherwise, or in general any instruments commonly known as "securities" or any
certificates of interest, shares or participations in temporary or interim
certificates for the purchase or acquisition of, or any right to subscribe to,
purchase or acquire, any of the foregoing.

     "SECURITIZATION" means a rated offering of securities representing direct
or indirect interests in the Loan or the right to receive income therefrom.

     "SECURITIZATION OUTSIDE DATE" means December 1, 2005.

     "SECURITY AGREEMENT" has the meaning set forth in Section 11.3.

     "SERVICER" means a servicer selected by Lender from time to time in its
sole discretion to service the Loan.

     "SERVICING FEES" has the meaning set forth in Section 2.10.

     "SFAS" means Statement of Financial Accounting Standards 13 published by
the Financial Accounting Standards Board.

     "SITE MANAGEMENT AGREEMENTS" means those certain leases, management
agreements, or similar agreements pursuant to which the Borrowers are authorized
to sublease or otherwise broker space at the Managed Properties.

     "SNDA" has the meaning set forth in Section 5.10.

     "SPRINT" means Sprint Corporation and the Sprint subsidiaries party to the
Sprint Acquisition Documents.

     "SPRINT ACQUISITION" means the transactions contemplated by the Sprint
Acquisition Documents.

     "SPRINT ACQUISITION DOCUMENTS" means the Sprint Contribution Agreement and
the documents set forth on Exhibit B, as amended from time-to-time, and such
additional documents as are required to be executed and delivered pursuant to
the terms of such documents from time-to-time in connection with the Sprint
Acquisition, as same may be assigned or modified from time-to-time.

     "SPRINT CONTRIBUTION AGREEMENT" means that certain Agreement to Contribute
Lease and Sublease dated as of February 14, 2005 among Sprint Corporation, the
Sprint subsidiaries named therein and Global Signal Inc., as same may be
assigned or modified from time-to-time.

     "SUB-ACCOUNTS" has the meaning set forth in Section 7.1.

     "SUB-PRIME GROUND LESSOR" means the applicable Sprint entity party to a
Master Lease Agreement, in its capacity as the tenant under the applicable Prime
Ground Lease.

     "SUBSTITUTED ADDITIONAL PLEDGED PROPERTY" has the meaning set forth in
Section 11.6.

     "SUBSTITUTED PROPERTY" has the meaning set forth in Section 11.5.

     "SUBSTITUTION" has the meaning set forth in Section 11.5.

     "SUCCESSOR BORROWERS" has the meaning set forth in Section 11.3.

     "SUPPLEMENTAL FINANCIAL INFORMATION" means (i) commencing with the 2005
calendar year, a comparison of budgeted expenses and the actual expenses for the
prior calendar year or corresponding calendar quarter for such prior year, and
(ii) such other financial reports as the subject entity shall routinely and
regularly prepare as requested by Lender.

     "TAX LIABILITIES" has the meaning set forth in Section 2.8.

     "TITLE COMPANY" means any of Chicago Title Insurance Company, Fidelity
National Title Insurance Company, First American Title, Land America, Stewart
Title Insurance Company or such other title company reasonably acceptable to
Lender.

     "TITLE POLICIES" means the ALTA mortgagee policies (or marked, signed
commitments to issue such policies) of title insurance pertaining to the Deeds
of Trust on the Mortgaged Properties issued, or to be issued, by the Title
Company to Lender.

     "TOWER" and "TOWERS" means collectively, or individually, any wireless
communications towers owned, leased or managed (or to be owned, leased or
managed) by the Borrowers, including any rooftop or other sites owned, leased or
managed by the Borrowers, together with any real estate, fixtures and
appurtenances that accompany the towers, rooftops or other sites acquired in an
Acquisition.

     "TRANSFER" has the meaning set forth in Section 11.2.

     "TRUSTEE" means the trustee of the trust established to hold the Loan in
connection with the Securitization.

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

     "UNDEFEASED NOTE" has the meaning set forth in Section 11.3.

     "UNSEASONED PROPERTY" means any Property that has been owned by the
Borrowers, or any of them, for less than twelve (12) full calendar months.

     "WAIVING PARTY" has the meaning set forth in Section 13.1.

     "YIELD" means the quotient (expressed as a percentage) of (x) Net Tower
Cash Flow for the existing Properties (excluding Acquisition Properties excluded
from the definition of Qualifying Acquisition Properties) and the applicable
Qualifying Acquisition Properties divided by (y) the sum of (i)
$[______________] plus (ii) that portion of the Cash Purchase Price of all
Acquisitions which have been and will be withdrawn from the Acquisition Reserve;
provided that, in calculating Yield, the Rents from non-telephony sources shall
be limited to twenty-five percent (25%) of the aggregate Rents utilized in
calculating Net Tower Cash Flow.

     "YIELD MAINTENANCE" has the meaning set forth in Section 2.6(B).

SECTION 1.2 ACCOUNTING TERMS.

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

SECTION 1.3 OTHER DEFINITIONAL PROVISIONS.

     References to "ARTICLES", "SECTIONS", "SUBSECTIONS", "EXHIBITS" and
"SCHEDULES" shall be to Articles, Sections, Subsections, Exhibits and Schedules,
respectively, of this Loan Agreement unless otherwise specifically provided. Any
of the terms defined in Section 1.1 may, unless the context otherwise requires,
be used in the singular or the plural depending on the reference. In this Loan
Agreement, "HEREOF", "HEREIN", "HERETO", "HEREUNDER" and the like mean and refer
to this Loan Agreement as a whole and not merely to the specific article,
section,

subsection, paragraph or clause in which the respective word appears; words
importing any gender include the other genders; references to "WRITING" include
printing, typing, lithography and other means of reproducing words in a tangible
visible form; the words "INCLUDING", "INCLUDES" and "INCLUDE" shall be deemed to
be followed by the words "without limitation"; and any reference to any statute
or regulation may include any amendments of same and any successor statutes and
regulations. Further, (i) any reference to any agreement or other document may
include subsequent amendments, assignments, and other modifications thereto, and
(ii) any reference to any Person may include such Person's respective permitted
successors and assigns or, in the case of governmental Persons, Persons
succeeding to the relevant functions of such Persons.

                                   ARTICLE II
                                TERMS OF THE LOAN

SECTION 2.1 LOAN.

     (A) AMENDMENT AND RESTATEMENT; LOAN. The Existing Credit Agreements are
hereby amended and restated in their entirety in accordance with the terms of
this Loan Agreement. Subject to the terms and conditions of this Loan Agreement
and in reliance upon the representations and warranties of the Borrowers
contained herein, Lender and the Borrowers agree to combine the Existing
Indebtedness and the Increased Indebtedness so that together they shall
constitute one loan in the principal amount of $[_______________] (such loan and
the obligation of the Borrowers to repay the same together with all interest and
other amounts from time to time owing hereunder may be referred to as the
"LOAN") which Loan shall be comprised of one (1) or more Components.

     (B) NOTE. On the Closing Date, the Borrowers shall execute and deliver to
Lender a Amended and Restated Promissory Note, dated of even date herewith (as
amended, modified or restated, and any replacement or substitute notes therefor,
by means of multiple notes or otherwise, collectively, the "NOTE"), made by the
Borrowers to the order of Lender, in the principal amount of $____________
allocated to each of the Components as more fully described in the Note.

     (C) USE OF PROCEEDS. The proceeds of the Loan funded at Closing shall be
used to (i) refinance existing indebtedness; (ii) pay all recording fees and
taxes, title insurance premiums, the reasonable out-of-pocket costs and expenses
incurred by Lender, including reasonable legal fees and expenses of counsel to
Lender, and other costs and expenses approved by Lender (which approval will not
be unreasonably withheld) related to the Loan; (iii) establish the Reserves
required hereunder; and (iv) provide for general corporate purposes, including,
without limitation, payment of transaction costs and expenses incurred by the
Borrowers. The remaining proceeds of the Loan, if any, shall be disbursed to or
as otherwise directed by the Borrowers.

SECTION 2.2 INTEREST.

     (A) RATE OF INTEREST. The outstanding principal balance of each Component
of the Loan shall bear interest at a rate per annum equal to the lesser of (i)
the Component Rate for such Component and (ii) the Maximum Rate.

     (B) DEFAULT RATE. Notwithstanding the foregoing, upon the occurrence and
during the continuance of an Event of Default and in any event from and after
the Maturity Date of the Loan and until the Loan and all other Obligations are
satisfied in full, the outstanding principal balance of each Component of the
Loan and all other Obligations shall bear interest until paid in full at a rate
per annum that is five percent (5.0%) in excess of the then applicable Component
Rate for each Component otherwise applicable under this Loan Agreement and the
Note (the "DEFAULT RATE").

     (C) COMPUTATION OF INTEREST. Interest on the Loan and all other Obligations
owing to Lender shall be computed on the basis of a 360-day year consisting of
twelve (12) thirty (30) day months, and shall be charged for the actual number
of days elapsed during any partial month. Interest shall be payable in arrears
(except with respect to the number of days from the Payment Date in any Interest
Accrual Period to the last day of such Interest Accrual Period as to which
interest shall be payable in advance, if any).

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

Rate is greater or lesser than the Component Rate with respect to any Component,
then the foregoing provisions of this paragraph shall apply.

     (E) LATE CHARGES. If an Event of Default regarding non-payment of
principal, interest or other sums due hereunder or under any of the other Loan
Documents shall occur, then the Borrowers shall pay to Lender, in addition to
all sums otherwise due and payable, a late fee in an amount equal to five
percent (5.0%) of such principal, interest or other sums due hereunder or under
any other Loan Document, such late charge to be immediately due and payable
without demand by Lender.

SECTION 2.3 ADDITIONAL BORROWERS. Subject to the provisions of Section 6.5
hereof, on or before the expiration of the Acquisition Period, the Borrowers
shall, in connection with an Acquisition, cause any Person acquired in
connection with an Acquisition to assume and become jointly and severally
obligated under the Note and the Loan Documents for repayment of the Loan,
including causing any Acquisition Properties owned by such Person to be added as
Collateral for repayment of the Loan. Upon such assumption, (i) SCHEDULE 1 shall
be amended to include such additional Persons as are designated to become
"BORROWERS" hereunder; (ii) all references to the Borrowers hereunder shall
include all of the Borrowers identified on such amended SCHEDULE 1; and (iii)
each additional designated Affiliate shall execute an assumption and joinder
agreement in the form of EXHIBIT G.

SECTION 2.4 PAYMENTS.

     (A) PAYMENTS OF INTEREST; APPLICATION OF PAYMENTS. On each Payment Date
commencing with the Payment Date in [______________] 2005, and on each Payment
Date thereafter through and including the Maturity Date, the Borrowers shall
make a payment of interest at the applicable Component Rate on each Component
for the Interest Accrual Period immediately preceding each such Payment Date
(together with any late charges, Servicing Fees and other expenses then due and
owing under the Loan Documents). Except during the continuance of an Event of
Default, all payments from whatever source (including prepayment of the Loan)
shall be applied first to pay late charges, the charges and expenses of Lender,
and any Servicing Fees as provided hereunder, second to currently accruing
interest at the applicable Component Rate on each Component, and third, to the
Principal Amount of the most senior Component (i.e. the Component with the
earliest alphabetical designation) until the Principal Amount of such Component
has been reduced to zero, and then sequentially to each Component with the next
earliest alphabetical designation in that order until the Principal Amount of
each such Component is repaid in full.

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

     (C) MANNER OF PAYMENT; APPLICATION OF PAYMENTS. The Borrowers promise to
pay all of the Obligations relating to the Loan as such amounts become due or
are declared due pursuant to the terms of this Loan Agreement. All payments by
the Borrowers on the Loan shall be made without deduction, defense, set off or
counterclaim and in immediately available funds delivered to Lender by wire
transfer to such accounts at such banks as Lender may from time to time
designate. Prior to an Event of Default, each payment shall be applied in
accordance with Section 2.4(A) hereof and, to the extent sufficient funds are
contained in the Lock Box Account, or an Account or Sub-Account thereof, to make
the required monthly payments to the applicable Reserves and Sub-Accounts on
such Payment Date, the Borrowers shall be deemed to have satisfied its
obligation to make such payments. Upon the occurrence and during the continuance
of an Event of Default, payments shall be applied to the Obligations in such
order as Lender shall determine in its sole and absolute discretion.

SECTION 2.5 MATURITY.

     (A) MATURITY DATE. To the extent not sooner due and payable in accordance
with the Loan Documents, the then outstanding principal balance of the Loan, all
accrued and unpaid interest thereon (and including interest through the end of
the Interest Accrual Period then in effect), and all other sums then owing to
Lender hereunder and under the Note, the Deeds of Trust and the other Loan
Documents, shall be due and payable on the Maturity Date.

SECTION 2.6 PREPAYMENT.

     (A) LIMITATION ON PREPAYMENT. The Borrowers shall have no right to prepay
the Loan in whole or in part, except as expressly set forth in this Loan
Agreement. (i) From and after the second (2nd) anniversary of the Closing Date,
the Borrowers may prepay the Loan in whole, or in part, at any time, and (ii) if
a partial prepayment is required to be made to cure a Default under Sections
8.1(E), 8.1(O) or 8.1(P), the Borrowers may prepay the Loan in part, at any
time, provided that (x) the Borrowers shall provide to Lender not less than
fifteen (15) days' prior written notice of such prepayment, (y) together with
such prepayment the Borrowers also shall pay all accrued and unpaid interest and
all other Obligations then due and owing, and (z) if such prepayment occurs on
any day other than a Payment Date, then together therewith the Borrowers also
shall pay to Lender the amount of interest that would have accrued on the amount
being prepaid from and including the date of such prepayment to the end of such
Interest Accrual Period. Subject to the provisions of Section 2.4(C), all
prepayments made under this Loan Agreement shall be applied in accordance with
Section 2.4(A).

     (B) YIELD MAINTENANCE DUE. If any prepayment of all or any portion of the
Loan shall occur (including on account of acceleration of the Loan (whether or
not due to an Event of Default) or otherwise), then except only as expressly
provided in this Loan Agreement or the other Loan Documents to the contrary, the
Borrowers shall pay the Yield Maintenance on the amount prepaid to Lender
together with such prepayment, as liquidated damages (which shall be the sole
and exclusive remedy of Lender in connection with such prepayment) and
compensation for costs incurred, and in addition to all other amounts due and
owing to Lender. Notwithstanding the foregoing, no Yield Maintenance will be due
as to a prepayment of the Loan on any Payment Date that occurs during the three
(3) month period immediately preceding the Maturity Date (provided the amount of
interest that would have accrued on the amount being

prepaid from and including the date of such prepayment through the following
Payment Date shall be payable with such prepayment). The foregoing designation
of any amount of Yield Maintenance in this Agreement shall not create a right to
prepay at any time or in any circumstances where this Loan Agreement does not
expressly state that such a right exists. "YIELD MAINTENANCE" means the excess,
if any, of (x) the present value on the date of prepayment (by acceleration or
otherwise) of all future installments of principal and interest that the
Borrowers would otherwise be required to pay on that portion of the applicable
Component prepaid from the date of such prepayment to and including the first
Payment Date that is three (3) months prior to the Maturity Date absent such
prepayment, assuming the entire unpaid Principal Amount of such Component is
required to be paid on such Payment Date, with such present value being
determined by the use of a discount rate equal to the sum of (a) the yield to
maturity (adjusted to a "mortgage equivalent basis" pursuant to the standards
and practices of the Securities Industry Association), on the date of such
prepayment of the United States Treasury Security having the term to maturity
closest to the first Payment Date that is three (3) months prior to the Maturity
Date, plus (b) .50% over (y) that portion of the applicable Component prepaid on
the date of such prepayment.

SECTION 2.7 OUTSTANDING BALANCE. The balance on Lender's books and records shall
be presumptive evidence (absent manifest error) of the amounts owing to Lender
by the Borrowers; provided that any failure to record any transaction affecting
such balance or any error in so recording shall not limit or otherwise affect
the Borrowers' obligation to pay the Obligations.

SECTION 2.8 TAXES. Any and all payments or reimbursements made hereunder or
under the Note shall be made free and clear of and without deduction for any and
all taxes, withholding taxes, levies, imposts, deductions, charges or
withholdings, and all liabilities with respect thereto arising out of or in
connection with the transactions contemplated by the Loan Documents (all such
taxes, levies, imposts, deductions, charges or withholdings and all liabilities
with respect thereto (excluding taxes imposed on net income in accordance with
the following sentence) herein "TAX LIABILITIES"). Notwithstanding the
foregoing, the Borrowers shall not be liable for taxes imposed on the net income
of Lender by the jurisdiction under the laws of which Lender is organized or
doing business or any political subdivision thereof and taxes imposed on its net
income by the jurisdiction of Lender's applicable lending office or any
political subdivision thereof. If the Borrowers shall be required by law to
deduct any such Tax Liabilities (or amounts in estimation or reimbursement for
the same) from or in respect of any sum payable hereunder to Lender, then the
sum payable hereunder shall be increased as may be necessary so that, after
making all required deductions, Lender receives an amount equal to the sum it
would have received had no such deductions been made.

SECTION 2.9 REASONABLENESS OF CHARGES. The Borrower Parties agree that (i) the
actual costs and damages that Lender would suffer by reason of an Event of
Default (exclusive of the attorneys' fees and other costs incurred in connection
with enforcement of Lender's rights under the Loan Documents) or a prepayment
would be difficult and needlessly expensive to calculate and establish, and (ii)
the amounts of the Default Rate, the late charges, and the Yield Maintenance are
reasonable, taking into consideration the circumstances known to the parties at
this time, and (iii) such Default Rate, late charges, Yield Maintenance, and
Lender's reasonable attorneys' fees and other costs and expenses incurred in
connection with enforcement of Lender's rights under the Loan Documents shall be
due and payable as provided herein, and

(iv) such interest at the Default Rate, late charges, Yield Maintenance, and the
obligation to pay Lender's reasonable attorneys' fees and other enforcement
costs do not, individually or collectively, constitute a penalty.

SECTION 2.10 SERVICING/SPECIAL SERVICING. Lender may change the Servicer from
time to time without the consent of the Borrowers, on prior written notice to
the Borrowers. The Borrowers expressly acknowledge and agree that the Servicer's
fees and Trustee's fees (to the extent not included in the Component Rate), and
if the Loan becomes a specially serviced loan, any additional fees of the
Servicer payable in connection therewith, and such additional trust fund
expenses and fees, including any Rating Agency fees, as shall be incurred in
connection with the Securitization (collectively, the "SERVICING FEE") shall be
payable by the Borrowers and shall constitute a portion of the Obligations;
provided, however, that at no time shall the Borrowers be liable for Servicing
Fees in excess of those fees charged to Lender. Lender shall provide a
reasonably detailed statement of Servicing Fees for which the Borrowers are
liable two (2) Business Days prior to the date when due; provided that failure
to timely provide such statement shall not relieve the Borrowers from the
obligation to pay all such Servicing Fees.

                                  ARTICLE III
                               CONDITIONS TO LOAN

SECTION 3.1 CONDITIONS TO FUNDING OF THE LOAN ON THE CLOSING DATE. The
obligations of Lender to fund the Loan are subject to the prior or concurrent
satisfaction or waiver of the conditions set forth below, and to satisfaction of
any other conditions specified herein or elsewhere in the Loan Documents. Where
in this Section any documents, instruments or information are to be delivered to
Lender, then the condition shall not be satisfied unless (i) the same shall be
in form and substance reasonably satisfactory to Lender, and (ii) if so required
by Lender, the Borrowers shall deliver to Lender a certificate duly executed by
the Borrowers stating that the applicable document, instrument or information is
true and complete and does not omit to state any information without which the
same might reasonably be deemed materially misleading.

     (A) LOAN DOCUMENTS. On or before the Closing Date, the Borrowers shall
execute and deliver and cause to be executed and delivered to Lender all of the
Loan Documents together with such other documents as may be reasonably required
by Lender, each, unless otherwise noted, of even date herewith, duly executed,
in form and substance satisfactory to Lender and in quantities designated by
Lender (except for the Note, of which only one shall be signed), which Loan
Documents shall become effective upon the Closing.

     (B) DEPOSITS. The deposits required herein, including without limitation,
the initial deposits into the Reserves and Accounts, shall have been made (and
at the Borrowers' option, the same may be made from the proceeds of the Loan).

     (C) PERFORMANCE OF AGREEMENTS, TRUTH OF REPRESENTATIONS AND WARRANTIES.
Each Borrower Party and all other Persons executing any agreement on behalf of
any Borrower Party shall have performed in all material respects all agreements
which this Loan Agreement provides shall be performed on or before the Closing
Date. The representations and warranties

contained herein and in the other Loan Documents shall be true, correct and
complete in all material respects on and as of the Closing Date.

     (D) CLOSING CERTIFICATE. On or before the Closing Date, Lender shall have
received certificates of even date herewith executed on behalf of each Borrower
by the chief financial officer (or similar officer of the Borrowers) stating
that: (i) on such date, to the Borrowers' Knowledge no Default exists; (ii) no
material adverse change in the financial condition or operations of the business
of the Borrowers or the projected cash flow of the Borrowers or the Properties
has occurred since the delivery to Lender of any financial statements, budgets,
proformas, or similar materials (or if there has been any change, specifying
such change in detail), and that, to the Borrowers' Knowledge after due inquiry,
such financial materials fairly present the financial condition and results of
operations of the Borrowers, and all other materials delivered to Lender are
complete and accurate in all material respects; (iii) the representations and
warranties set forth in this Loan Agreement are true and correct in all material
respects on and as of such date with the same effect as though made on and as of
such date (or if any such representations or warranties require qualification,
specifying such qualification in detail); and (iv) to the Borrowers' Knowledge,
there are no material facts or conditions concerning the Properties or any
Borrower Party that have not been disclosed to Lender which could have a
Material Adverse Effect.

     (E) OPINIONS OF COUNSEL. On or before the Closing Date, Lender shall have
received from legal counsel for the Borrowers reasonably satisfactory to Lender,
written legal opinions, each in form and substance reasonably acceptable to
Lender, as to such matters as Lender shall request, including opinions to the
effect that (i) each of the Borrower Parties is validly existing and in good
standing in its state of organization, (ii) this Loan Agreement and the Loan
Documents have been duly authorized, executed and delivered and are enforceable
in accordance with their terms subject to customary qualifications for
bankruptcy, general equitable principles, and other customary assumptions and
qualifications; (iii) the Deposit Account Agreement and Cash Management
Agreement have been duly authorized, executed and delivered by Borrower and
Manager and are enforceable in accordance with their terms and the security
interests in favor of Lender in the Account Collateral have been validly created
and perfected; and (iv) none of the Borrowers, the Manager or the Guarantor
would be consolidated in any bankruptcy proceeding affecting GSI. Also on or
before the Closing Date, Lender shall have received the following legal
opinions, each in form and substance reasonably acceptable to Lender: (a) an
opinion of the Borrowers' local counsel in each state in which Mortgaged
Properties generating five percent (5%) or more of the Operating Revenues from
the Mortgaged Properties (taken as a whole) are located as to the enforceability
of, and the creation and perfection of Liens under, the Deeds of Trust in such
states and such other matters as Lender may reasonably request; (b) opinions of
Richards, Layton & Finger or other Delaware legal counsel, reasonably acceptable
to Lender, for each of the Borrowers that are single member Delaware limited
liability companies, for the Guarantor and Manager that, among other matters,
(1) under Delaware law (x) the prior unanimous written consent of its board of
directors (including the Independent Directors) would be required for a
voluntary bankruptcy filing by such Borrower, the Guarantor or Manager, (x) such
unanimous consent requirements are enforceable against such Borrower, Guarantor
and Manager in accordance with their terms; (2) under Delaware law the
bankruptcy or dissolution of its member would not cause the dissolution of such
Borrower, the Guarantor or Manager; (3) under Delaware law, creditors of its
member shall have no legal

or equitable remedies with respect to the assets of such Borrower, the Guarantor
or Manager; and (4) a federal bankruptcy court would hold that Delaware law
governs the determination of what Persons have authority to file a voluntary
bankruptcy petition on behalf of such Borrower, the Guarantor and Manager; and
(c) such other legal opinions as Lender may reasonably request.

     (F) TITLE POLICIES. On or before the Closing Date, Lender shall have
received and approved the Title Policies. The Title Policies shall be in form
and substance reasonably satisfactory to Lender, shall be in full force and
effect, shall be freely assignable to and will inure to the benefit of the
Trustee (subject to recordation of assignments of the Deeds of Trust) without
the consent or any notification to the Title Company, shall have the premium
therefor paid in full as of the Closing Date, the Title Company shall be
licensed in the state in which the Mortgaged Property is located, shall have no
claims made under such Title Policy, and shall affirmatively insure (unless the
related Mortgaged Property is in a jurisdiction where such affirmative insurance
is not available) that the applicable Borrowers' interest in the applicable
Property is the same as the Mortgaged Property legally described in the related
Deed of Trust.

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

     (H) CERTIFICATES OF INCUMBENCY AND RESOLUTIONS. On or before the Closing
Date, Lender shall have received certificates of incumbency and resolutions of
each Borrower Party and its constituents as requested by Lender, approving and
authorizing the Loan and the execution, delivery and performance of the Loan
Documents, certified as of the Closing Date by the Borrower Party Secretary as
being in full force and effect without modification or amendment.

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

     (J) RENT ROLL. Prior to the Closing, Lender shall have received from the
Borrowers a rent roll for each of the Properties (collectively, the "RENT
ROLL"), certified by the Borrowers, and in form and substance satisfactory to
Lender.

     (K) LEASES. Not later than thirty (30) days following the Closing Date,
Lender shall have received true, correct and complete copies of the Leases, as
amended.

     (L) INSURANCE POLICIES AND ENDORSEMENTS. On or before the Closing Date,
Lender shall have received copies of certificates of insurance (dated not more
than 20 days prior to the Closing Date) regarding insurance required to be
maintained under this Loan Agreement and the other Loan Documents, together with
endorsements satisfactory to Lender naming Lender as an additional insured and
loss payee, as required by this Loan Agreement, under such policies. In
addition, as to any insurance matters arising under Environmental Laws or
pertaining to any environmental insurance that any of the Borrowers has with
respect to any Property, the same shall be endorsed to Lender as required by
this Loan Agreement and shall name Lender as an insured, additional insured
and/or loss payee, as applicable.

     (M) DOCUMENTATION REGARDING APPLICATION OF PROCEEDS. At least two (2) days
prior to the Closing Date, Lender shall have received payoff demand letters and
wiring instructions from each lender or other obligee of any existing
indebtedness which is required to be repaid pursuant to this Loan Agreement.

     (N) LEGAL FEES; CLOSING EXPENSES. The Borrowers shall have paid any and all
reasonable legal fees and expenses of counsel to Lender, together with all
recording fees and taxes, title insurance premiums, and other reasonable costs
and expenses related to the Closing.

     (O) GROUND LEASES. Not later than thirty (30) days following the Closing
Date, Lender shall have received true and complete copies of each of the Ground
Leases, certified by the Borrowers.

                                   ARTICLE IV
                         REPRESENTATIONS AND WARRANTIES

     In order to induce Lender to enter into this Loan Agreement and to make the
Loan, each Borrower represents and warrants to Lender that the statements set
forth in this Article IV, after giving effect to the Closing, will be, true,
correct and complete in all material respects as of the Closing Date.

SECTION 4.1 ORGANIZATION, POWERS, CAPITALIZATION, GOOD STANDING, BUSINESS.

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

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

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

SECTION 4.2 AUTHORIZATION OF BORROWING, ETC.

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

     (B) NO CONFLICT. The execution, delivery and performance by each Borrower
Party of the Loan Documents to which it is a party and the consummation of the
transactions contemplated thereby do not and will not: (1) violate (x) any
provision of law applicable to any Borrower Party; (y) the partnership
agreement, certificate of limited partnership, certificate of formation,
certificate of incorporation, bylaws, declaration of trust, limited liability
company agreement, operating agreement or other organizational documents, as the
case may be, of each Borrower Party; or (z) any order, judgment or decree of any
Governmental Authority binding on any Borrower Party or any of its Affiliates;
(2) conflict with, result in a breach of or constitute (with due notice or lapse
of time or both) a default under any Contractual Obligation of any Borrower
Party or any of its Affiliates (except where such breach will not cause a
Material Adverse Effect); (3) result in or require the creation or imposition of
any material Lien (other than the Lien of the Loan Documents) upon the
Properties or assets of any Borrower Party; or (4) require any approval or
consent of any Person under any Contractual Obligation of any Borrower Party,
which approvals or consents have not been obtained on or before the dates
required under such Contractual Obligation, but in no event later than the
Closing Date (except where the failure to obtain such approval or consent will
not have a Material Adverse Effect).

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

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

SECTION 4.3 FINANCIAL STATEMENTS. All financial statements concerning any of the
Borrowers and their Affiliates which have been furnished by or on behalf of the
Borrowers to Lender pursuant to this Loan Agreement present fairly in all
material respects the financial condition of the Persons covered thereby.

SECTION 4.4 INDEBTEDNESS AND CONTINGENT OBLIGATIONS. As of the Closing, the
Borrowers shall have no outstanding Indebtedness or Contingent Obligations other
than the Obligations or any other Permitted Indebtedness.

SECTION 4.5 TITLE TO THE PROPERTIES. The Borrowers have good and marketable fee
simple title (or, in the case of the Ground Leased Properties, leasehold or
subleasehold title) to the Properties, other than the Managed Properties, free
and clear of all Liens except for the Permitted Encumbrances. The Borrowers own
all personal property and improvements on the Properties (other than the Managed
Properties, personal property and improvements owned by Sprint, and personal
property which is owned by tenants of such Property, not used or necessary for
the operation of the applicable Property, leased by the Borrowers as permitted
hereunder), subject only to the Permitted Encumbrances, or which constitutes
leased temporary mobile antennas. The Deeds of Trust will create (i) a valid,
perfected first lien on the applicable Properties, subject only to the Permitted
Encumbrances, and (ii) perfected first priority security interests in and to,
and perfected collateral assignments of, all personalty (other than personal
property owned by Sprint) in connection therewith (including the Rents and the
Leases), all in accordance with the terms thereof, in each case subject only to
any applicable Permitted Encumbrances. Except as set forth on SCHEDULE 4.5, to
the actual Knowledge of the Borrowers, there are no proceedings in condemnation
or eminent domain affecting any of the Properties and none is threatened.
Subject to the terms of the Sprint Acquisition Documents no Person has any
option or other right to purchase all or any portion of any interest owned by
the Borrowers with respect to the Properties. Except to the extent affirmative
coverage will be provided under the Title Policies, there are no mechanic's,
materialman's or other similar liens or claims which have been filed for work,
labor or materials affecting the Properties which are or will be liens prior to,
or equal or coordinate with, the lien of the applicable Deed of Trust the effect
of which is reasonably likely to have a Material Adverse Effect. The Permitted
Encumbrances, in the aggregate, do not materially interfere with the benefits of
the security intended to be provided by the Deeds of Trust and this Loan
Agreement, materially and adversely affect the value of any of the Mortgaged
Properties taken as a whole, impair the use or operations of the Mortgaged
Properties or impair the Borrowers' ability to pay their respective obligations
in a timely manner.

SECTION 4.6 ZONING; COMPLIANCE WITH LAWS. The Properties and the use thereof
comply with all applicable zoning, subdivision and land use laws, regulations
and ordinances, all applicable health, fire, building codes, parking laws and
all other laws, statutes, codes, ordinances, rules and regulations applicable to
the Properties, or any of them, including without limitation the Americans with
Disabilities Act, except to the extent failure to so comply would not, in the
aggregate, be reasonably likely to have a Material Adverse Effect. All permits,
licenses and certificates for the lawful use, occupancy and operation of each
component of each of the Properties given as Collateral hereunder in the manner
in which it is currently being used, occupied and operated have been obtained
and are current and in full force and effect, except to the extent failure to
obtain any such permits, licenses or certificates would not, in the aggregate,
be reasonably likely to have a Material Adverse Effect. To the Borrowers'
Knowledge, (i) except as set forth on SCHEDULE 4.6, no legal proceedings are
pending or threatened with respect to the zoning of any Property and (ii) except
as may be set forth in the Title Policies, neither the zoning nor any other
right to construct, use or operate any Property is in any way dependent upon or
related to any real estate other than such Property, except to the extent same
would not, in the aggregate, be reasonably likely to have a Material Adverse
Effect.

SECTION 4.7 LEASES; AGREEMENTS.

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

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

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

SECTION 4.8 CONDITION OF THE PROPERTIES. To the Borrower's Knowledge, except as
set forth on SCHEDULE 4.8, as of the Closing Date all Improvements are in good
repair and condition, ordinary wear and tear excepted except to the extent same
would not have a Material Adverse Effect. The Borrowers are not aware of any
latent or patent structural or other material defect or deficiency in the
Properties which could, in the aggregate, have a Material Adverse Effect, and
all necessary utilities are fully connected to the Improvements and are fully
operational, are sufficient to meet the reasonable needs of each of the
Properties as now used or presently contemplated to be used, and no other
utility facilities or repairs are necessary to meet the reasonable needs of each
of the Properties as now used or presently contemplated. To the Borrowers'
Knowledge, except to the extent affirmative coverage will be provided under the
Title Policies against forced removal by Borrower, none of the Improvements
create encroachments over, across or upon the Properties' boundary lines, rights
of way or easements,

and no building or other improvements on adjoining land create such an
encroachment, which could reasonably be expected to have a Material Adverse
Effect. Access will be insured by the Title Company for all Ground Leased
Properties and the Borrowers have access to each of the Owned Properties except
to the extent that failure to have such access would not be reasonably likely to
have a Material Adverse Effect.

SECTION 4.9 LITIGATION; ADVERSE FACTS. Except as set forth on SCHEDULE 4.9,
there are no judgments outstanding against any Borrower Party, or affecting any
of the Properties or any property of any Borrower, nor to the Borrower's
Knowledge after due inquiry is there any action, charge, claim, demand, suit,
proceeding, petition, governmental investigation or arbitration now pending or
threatened against any Borrower Party or any of the Properties that could
reasonably be expected to result in a Material Adverse Effect.

SECTION 4.10 PAYMENT OF TAXES. All federal, state and local tax returns and
reports of each Borrower required to be filed have been timely filed (or each
Borrower has timely filed for an extension and the applicable extension has not
expired), and all taxes, assessments, fees and other governmental charges
(including any payments in lieu of taxes) upon such Person and upon its
properties, assets, income and franchises which are due and payable have been
paid except to the extent same are being contested in accordance with Section
5.3(B).

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

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

SECTION 4.13 GOVERNMENTAL REGULATION. No Borrower Party is subject to regulation
under the Public Utility Holding Company Act of 1935, the Federal Power Act or
the Investment Company Act of 1940 or to any federal or state statute or
regulation limiting its ability to incur indebtedness for borrowed money.

SECTION 4.14 EMPLOYEE BENEFIT PLANS. Except as set forth on SCHEDULE 4.14, no
Borrower Party maintains or contributes to, or has any obligation (including a
contingent obligation) under, any Employee Benefit Plans.

SECTION 4.15 BROKER'S FEES. No broker's or finder's fee, commission or similar
compensation will be payable by or pursuant to any contract or other obligation
of the Borrowers with respect to the making of the Loan or any of the other
transactions contemplated hereby or by any of the Loan Documents. The Borrowers
shall indemnify, defend, protect, pay and hold Lender

harmless from any and all broker's or finder's fees claimed to be due in
connection with the making of the Loan arising from any Borrower Parties'
actions.

SECTION 4.16 SOLVENCY. The Borrowers (a) have not entered into the transaction
or any Loan Document with the actual intent to hinder, delay, or defraud any
creditor and (b) received reasonably equivalent value in exchange for the
obligations under the Loan Documents. Giving effect to the Loan, the fair
saleable value of each Borrower's assets exceed and will, immediately following
the making of the Loan, exceed such Borrower's total liabilities, including,
without limitation, subordinated, unliquidated, disputed and Contingent
Obligations. The fair saleable value of each Borrower's assets is and will,
immediately following the making of the Loan, be greater than the Borrower's
probable liabilities, including the maximum amount of its Contingent Obligations
on its debts as such debts become absolute and matured. Each Borrower's assets
do not and, immediately following the making of the Loan will not, constitute
unreasonably small capital to carry out its business as conducted or as proposed
to be conducted. The Borrowers do not intend to, and do not believe that they
will, incur Indebtedness and liabilities (including Contingent Obligations and
other commitments) beyond its ability to pay such Indebtedness and liabilities
as they mature (taking into account the timing and amounts of cash to be
received by the Borrowers and the amounts to be payable on or in respect of
obligations of the Borrowers).

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

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

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

SECTION 4.20 INVESTMENTS. The Borrowers have no (i) direct or indirect interest
in, including without limitation stock, partnership interest or other securities
of, any other Person (other than

the other Borrowers), or (ii) direct or indirect loan, advance or capital
contribution to any other Person, including all indebtedness from that other
Person (other than the other Borrowers).

SECTION 4.21 NO PLAN ASSETS. No Borrower Party is or will be (i) an employee
benefit plan as defined in Section 3(3) of ERISA which is subject to ERISA, (ii)
a plan as defined in Section 4975(e)(1) of the IRC which is subject to Section
4975 of the IRC, or (iii) an entity whose underlying assets constitute "plan
assets" of any such employee benefit plan or plan for purposes of Title I of
ERISA of Section 4975 of the IRC; provided that, in making such representation,
the Borrowers have assumed that (i) no portion of the Loan shall be funded with
plan assets of any employee benefit plan that is subject to Title I of ERISA or
any plan that is covered by Section 4975 of the Code unless the Lender is
eligible to apply one or more exemptions such that the Loan will not constitute
a nonexempt prohibited transaction under Section 406 of ERISA or that could
subject a Borrower Party or its Affiliates to an excise tax under Section 4975
of the IRC; and (ii) such assumption in the preceding clause is true and correct
with respect to any party to which Lender transfers or assigns any portion of
the Loan.

SECTION 4.22 GOVERNMENTAL PLAN. No Borrower Party is or will be a "governmental
plan" within the meaning of Section 3(32) of ERISA and transactions by or with
the Borrowers are not and will not be subject to state statutes applicable to
the Borrowers' regulating investments of and fiduciary obligations with
obligations with respect to governmental plans.

SECTION 4.23 NOT FOREIGN PERSON. No Borrower Party is a "foreign person" within
the meaning of Section 1445(f)(3) of the IRC.

SECTION 4.24 NO COLLECTIVE BARGAINING AGREEMENTS. Except as set forth on
SCHEDULE 4.24, no Borrower Party is a party to any collective bargaining
agreement.

SECTION 4.25 GROUND LEASES.

     (A) With respect to each Ground Leased Property encumbered by a Deed of
Trust:

          (i) To the Borrowers' Knowledge, the Prime Ground Lease contains the
entire agreement of the applicable Prime Ground Lessor and the applicable
Sub-Prime Ground Lessor pertaining to the Ground Leased Property covered
thereby. The Borrowers have no estate, right, title or interest in or to the
Ground Leased Property except pursuant to the Master Lease Agreement and to the
Borrowers' Knowledge, the Sub-Prime Ground Lessor has no estate, right, title or
interest in or to the Ground Leased Property except pursuant to the Prime Ground
Lease. The Borrowers have delivered, or will deliver pursuant to Section 3.1(O),
a true and correct copy of the Ground Lease to Lender and the Ground Lease has
not been modified, amended or assigned except as set forth therein.

          (ii) The Borrowers have obtained title insurance insuring the
applicable Borrower's subleasehold interest in each of the Prime Ground Leases.

          (iii) There are no rights to terminate the Master Lease Agreement, or
to the Borrowers' Knowledge, the Prime Ground Lease other than the Ground
Lessor's right to terminate by reason of default, casualty, condemnation or
other reasons, in each case as expressly set forth in the applicable Ground
Lease.

          (iv) The Master Lease Agreement, and to the Borrowers' Knowledge, the
Ground Lease is in full force and effect, and no breach or default or event that
with the giving of notice or passage of time would constitute a breach or
default under the Ground Lease (a "GROUND LEASE DEFAULT") exists on the part of
the Borrowers or, to the Borrowers' Knowledge, on the part of the Ground Lessor
under the Ground Lease. The Borrowers have not received any written notice that
a Ground Lease Default exists, or that the Ground Lessor or any third party
alleges the same to exist.

          (v) The applicable Borrower is the exclusive owner of the lessees's or
sublessee's, as applicable, interest under and pursuant to the applicable Ground
Lease and to the Borrowers' Knowledge, the Sub-Prime Ground Lessor has not
assigned, transferred, or encumbered its interest in, to, or under the Prime
Ground Lease (other than assignments that will terminate on or prior to
Closing).

          (vi) The Ground Lease or a memorandum thereof or other instrument
sufficient to permit recording of a deed of trust or similar security instrument
has been recorded and the Ground Lease (or a separate agreement with respect
thereto (the "ESTOPPEL")) permits the interest of the Sub-Prime Ground Lessor,
as lessee (and consequently, the sublessee), to be encumbered and permits, or
does not prohibit, the encumbrance by the applicable Borrower of its leasehold
or subleasehold, as applicable, interest pursuant to the related Deed of Trust.

          (vii) Except for the Permitted Encumbrances and as set forth on
SCHEDULE 4.25(A)(VII), the interests in the Ground Lease is not subject to any
liens or encumbrances (whether on the fee interest in the property demised
thereunder or the Sub-Prime Ground Lessor's interest, as lessee, in the Prime
Ground Lease) superior to, or of equal priority with, the related Deed of Trust
unless (x) a non-disturbance agreement has been obtained from the applicable
holder of such lien or encumbrance or (y) the priority of the lien of the
applicable Deed of Trust over such encumbrance will be insured by the Title
Policies.

          (viii) Except as set forth on SCHEDULE 4.25(A)(VIII), the Prime Ground
Lease (or the applicable Estoppel) requires the Prime Ground Lessor to give
notice of any default by the Sub-Prime Ground Lessor to any leasehold mortgagee
which such notice must be delivered before the Prime Ground Lessor may terminate
the Prime Ground Lease, or the Ground Lease or the Estoppel provides that notice
of termination given under the Prime Ground Lease is not effective against the
Lender unless a copy of the notice has been sent to Lender in the manner
described in the Prime Ground Lease.

          (ix) Except as set forth on SCHEDULE 4.25(A)(IX), a leasehold
mortgagee is permitted to cure any default under the Prime Ground Lease that is
curable after the receipt of notice of any default.

          (x) Except as set forth on SCHEDULE 4.25(A)(X), the Prime Ground Lease
has a term (including all available extensions) that extends not less than ten
(10) years beyond the Maturity Date.

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

          (xii) The Borrower's subleasehold interest in the Prime Ground Lease
is assignable to the Trustee upon notice to, but without the consent of, the
Prime Ground Lessor and Sub-Prime Ground Lessor (or, if any such consent is
required, it has been obtained prior to the Closing Date) or, except to the
extent same is not reasonably likely to have a Material Adverse Effect, in the
event that it is so assigned, it is further assignable by the Trustee and its
successors and assigns upon notice to, but without a need to obtain the consent
of, the Prime Ground Lessor or Sub-Prime Ground Lessor.

          (xiii) Except as set forth on Schedule 4.25(A)(xiii), the Prime Ground
Lease (or the applicable Estoppel) requires the Prime Ground Lessor to recognize
the Borrowers as a direct lessee of Prime Ground Lessor upon termination of the
Prime Ground Lease following rejection of the Prime Ground Lease by Sub-Prime
Ground Lessor in a bankruptcy proceeding under the Bankruptcy Code, provided
that the Borrowers cures any defaults that are susceptible to being cured by
Borrowers.

     (B) With respect to the Ground Leased Properties constituting an Additional
Pledged Property:

          (i) To the Borrowers' Knowledge, the Prime Ground Lease contains the
entire agreement of the applicable Prime Ground Lessor and the applicable
Sub-Prime Ground Lessor pertaining to the Ground Leased Property covered
thereby. The Borrowers have no estate, right, title or interest in or to the
Ground Leased Property except pursuant to the Master Lease Agreement and the
Sub-Prime Ground Lessor has no estate, right, title or in interest in or to the
Ground Leased Property except pursuant to the Prime Ground Lease. The Borrowers
have delivered, or will deliver pursuant to Section 3.1(O), a true and correct
copy of the Prime Ground Lease to Lender and the Prime Ground Lease has not been
modified, amended or assigned except as set forth therein.

          (ii) To the Knowledge of the Borrowers, the Ground Lessor is the
exclusive owner of the fee or leasehold interest in its Ground Leased Property.

          (iii) There are no rights to terminate the Master Lease Agreement, or
to the Borrowers' Knowledge, the Prime Ground Lease other than the Ground
Lessor's right to terminate by reason of default, casualty, condemnation or
other reasons, in each case as expressly set forth in the applicable Ground
Lease.

          (iv) The Master Lease Agreement, and to the Borrower's Knowledge, the
Prime Ground Lease is in full force and effect, and Ground Lease Default exists
on the part of the Borrower or, to the Borrowers' Knowledge, on the part of the
Prime Ground Lessor under the Ground Lease. The Borrowers have not received any
written notice that a Prime Ground Lease Default exists, or that the Prime
Ground Lessor or any third party alleges the same to exist.

          (v) The applicable Borrower is the exclusive owner of the sublessee's
interest under and pursuant to the applicable Prime Ground Lease and the
Sub-Prime Ground Lessor has not assigned, transferred, or encumbered its
interest in, to, or under the Prime Ground Lease (other than assignments that
will terminate on or prior to Closing).

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

SECTION 4.26 EASEMENTS.

     (A) Each Easement contains the entire agreement pertaining to the
applicable Property covered thereby. The Borrowers have no estate, right, title
or interest in or to such Properties except under and pursuant to the Easements.
The Borrowers have delivered true and correct copies of each of the Easements to
Lender and the Easements have not been modified, amended or assigned except as
set forth therein.

     (B) Each fee owner of the Properties subject to the Easements is the
exclusive fee simple owner of the fee estate with respect to such Property.

     (C) There are no rights to terminate any Easement other than as expressly
set forth in the applicable Easement.

     (D) Each Easement is in full force and effect and to the Borrowers'
Knowledge, no breach or default or event that with the giving of notice or
passage of time would constitute a breach or default under any Easement (an
"EASEMENT DEFAULT") exists on the part of the Borrowers. The Borrowers have not
received any written notice that a Easement Default exists, or that any third
party alleges the same to exist.

     (E) The applicable Borrower is the exclusive owner of the easement interest
under and pursuant to the applicable Easement and has not assigned, transferred,
or encumbered its interest in, to, or under any Easement (other than assignments
that will terminate on or prior to Closing), except in favor of Lender pursuant
to this Loan Agreement and the other Loan Documents.

SECTION 4.27 PRINCIPAL PLACE OF BUSINESS. The Borrowers' principal place of
business is located in the State of Florida.

SECTION 4.28 ENVIRONMENTAL COMPLIANCE. The Properties are in compliance with all
applicable Environmental Laws (except to the extent failure to so comply would
not have a Material Adverse Effect), and no notice of violation of such
Environmental Laws has been issued by any Governmental Authority; no action has
been taken by the Borrowers that would cause the Properties to not be in
compliance with all Environmental Laws pertaining to Hazardous Materials; and no
Hazardous Materials are present at the Properties (except to the extent the
presence thereof on Properties that are not then the subject of a pending
Acquisition would not have a Material Adverse Effect).

SECTION 4.29 SEPARATE TAX LOT. Each of the Properties that the Borrowers own in
fee constitute one or more separate tax parcels.

                                   ARTICLE V
                          COVENANTS OF BORROWER PARTIES

     The Borrowers covenant and agree that until payment in full of the Loan,
all accrued and unpaid interest and all other Obligations, the Borrowers shall
perform and comply with all covenants in this Article V applicable to such
Person.

SECTION 5.1 FINANCIAL STATEMENTS AND OTHER REPORTS.

     (A) FINANCIAL STATEMENTS.

          (i) ANNUAL REPORTING. Within one hundred twenty (120) days after the
end of each calendar year, commencing with the end of the 2005 calendar year,
the Borrowers (on a consolidated basis) shall, and shall cause Global Signal
Inc. ("GSI") to, provide true and complete copies of their Financial Statements
for such year to Lender; provided that, while GSI is a publicly traded entity,
delivery of GSI's annual report on form 10-K filed with the United States
Securities and Exchange Commissions (the "SEC") shall satisfy the requirements
of this Section 5.1(A)(i) with respect to GSI. All such Financial Statements
shall be audited by an Approved Accounting Firm or by other independent
certified public accountants reasonably acceptable to Lender, and shall bear the
unqualified certification of such accountants that such Financial Statements
present fairly in all material respects the financial position of the subject
company. The annual Financial Statements shall be accompanied by Supplemental
Financial Information for such calendar year. The annual Financial Statements
for the Borrowers (on a consolidated basis) shall also be accompanied by a
certification executed by the entity's chief executive officer or chief
financial officer (or other officer with similar duties), satisfying the
criteria set forth in Section 5.1(A)(vii) below, and a Compliance Certificate
(as defined below).

          (ii) QUARTERLY REPORTING. Within forty-five (45) days after the end of
the first three (3) calendar quarters in each year, the Borrowers on a
consolidated basis and GSI on a consolidated basis shall provide copies of their
Financial Statements for such quarter to Lender, together with a certification
executed on behalf of each of the Borrowers by their respective chief executive
officers or chief financial officers (or other officer with similar duties) in
accordance with the criteria set forth in Section 5.1(A)(vii) below; provided
that, while GSI is a publicly traded entity, delivery of GSI's quarterly report
on form 10-Q filed with the SEC shall satisfy the requirements of this Section
5.1(A)(ii) with respect to GSI. Such quarterly Financial Statements shall be
accompanied by Supplemental Financial Information and a Compliance Certificate
for such calendar quarter. Together with the quarterly Financial Statements
delivered hereunder, the Borrowers shall, or shall cause Manager to, deliver
copies of all Leases executed during such calendar quarter.

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

          (iv) MONTHLY REPORTING. Within thirty (30) days after the end of each
calendar month, each Borrower shall provide, or cause Manager to provide, to
Lender the following items determined on an accrual basis: (a) monthly and year
to date operating statements prepared for such calendar month (which, commencing
with the 2006 calendar year, shall include budgeted and last year results for
the same year-to-date period), containing such information as is necessary and
sufficient under GAAP to fairly represent the results of operation of the
Properties during such calendar month (except that full financial statement
footnotes are only required annually), all in form reasonably satisfactory to
Lender; and (b) monthly and year to date detailed reports (substantially in the
form of SCHEDULE 5.1(A)(IV)), including supporting documentation satisfactory to
Lender in its sole discretion for each item of Extraordinary Expense (as such
term is defined in the Cash Management Agreement) for which Lender has approved
a disbursement from the Cash Trap Reserve pursuant to the terms of Section 3.3
of the Cash Management Agreement. Along with such operating statements, each
Borrower shall deliver to Lender a Compliance Certificate of such Borrower's
chief executive officer or chief financial officer (or other officer with
similar duties) satisfying the criteria set forth in Section 5.1(A)(vii) below.

          (v) ADDITIONAL REPORTING. In addition to the foregoing, the Borrowers
shall, and shall cause Guarantor and Manager to, promptly provide to Lender such
further documents and information concerning its operations, properties,
ownership, and finances as Lender shall from time to time reasonably request
upon prior written notice to the Borrowers.

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

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

          (viii) FISCAL YEAR. Each Borrower represents that its fiscal year and
that of the Guarantor ends on December 31, and agrees that no change shall be
made to each such fiscal year.

     (B) ACCOUNTANTS' REPORTS. Promptly upon receipt thereof, each Borrower will
deliver copies of all material reports submitted by independent public
accountants in connection with each annual audit of the Financial Statements or
other business operations of such Borrower made by such accountants, including
the comment letter submitted by such accountants to management in connection
with the annual audit.

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

     (D) ANNUAL OPERATING BUDGET AND CAPEX BUDGETS. Prior to February 15 of each
calendar year, the Borrowers shall deliver to Lender the Operating Budget and
CapEx Budget (in each case presented on a monthly and annual basis) for such
calendar year for informational purposes only. During the Acquisition Period the
Borrowers shall deliver updates to the Operating Budget and the CapEx Budget
within thirty (30) days after each calendar month. The Borrowers may make
changes to the Operating Budget and the CapEx Budget from time to time as deemed
reasonably necessary by the Borrowers. Notice of any modifications to the
Operating Budget and the CapEx Budget shall be delivered to Lender at the time
of delivery of the next financial reporting required pursuant to Section
5.1(A)(iv). The Operating Budget shall identify and set forth each Borrower's
reasonable estimate, after due consideration, of all operating expenses on a
line-item basis consistent with the form of Operating Budget delivered to Lender
prior to Closing. The Operating Budget and the CapEx Budget will be delivered to
Lender for Lender's information only and shall not be subject to Lender's
approval provided that each such budget is consistent in form with the budgets
delivered to Lender in connection with the Closing.

     (E) MATERIAL NOTICES.

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

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

     (F) EVENTS OF DEFAULT, ETC. Promptly upon any of the Borrowers obtaining
Knowledge of any of the following events or conditions, such Borrower shall
deliver a certificate executed on its behalf by its chief financial officer or
similar officer specifying the nature and period of existence of such condition
or event and what action such Borrower or any Affiliate thereof has taken, is
taking and proposes to take with respect thereto: (i) any condition or event
that constitutes an Event of Default; (ii) any Material Adverse Effect; or (iii)
any actual or

alleged breach or default or assertion of (or written threat to assert) remedies
under the Management Agreement, any Ground Lease or any Easement.

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

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

     (I) OTHER INFORMATION. With reasonable promptness, Borrowers will deliver
such other information and data with respect to such Person and its Affiliates
or the Properties as from time to time may be reasonably requested by Lender.

SECTION 5.2 EXISTENCE; QUALIFICATION. The Borrowers will, and will cause
Guarantor to, at all times preserve and keep in full force and effect their
existence as a limited partnership, limited liability company, or corporation,
as the case may be, and all rights and franchises material to its business,
including their qualification to do business in each state where it is required
by law to so qualify.

SECTION 5.3 PAYMENT OF IMPOSITIONS AND CLAIMS.

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

     (B) The Borrowers shall not be required to pay, discharge or remove any
Imposition or Claim relating to a Property so long as the Borrowers contest in
good faith such Imposition, Claim or the validity, applicability or amount
thereof by an appropriate legal proceeding which operates to prevent the
collection of such amounts and the sale of the applicable Property or any
portion thereof, so long as: (i) no Event of Default shall have occurred and be
continuing, (ii) prior to the date on which such Imposition or Claim would
otherwise have become

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

SECTION 5.4 MAINTENANCE OF INSURANCE.

     The Borrowers will continuously maintain the following described policies
of insurance without cost to Lender (the "INSURANCE POLICIES"):

          (i) Property insurance against loss and damage by all risks of
physical loss or damage and other risks covered by the so-called extended
coverage endorsement covering the Improvements and personal property on each of
the Properties owned by any of the Borrowers, in amounts not less than the full
insurable replacement value of all Improvements (less building foundations and
footings) and personal property from time to time on the Properties and without
sublimits, and bearing a replacement cost agreed-amount endorsement;

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

          (iii) If any of the Properties (other than the Managed Properties) are
in an area prone to geological phenomena, including, but not limited to,
sinkholes, mine subsidence or earthquakes, insurance covering such risks in an
amount equal to one hundred percent (100%) of the replacement value with a
maximum permissible deductible of $10,000;

          (iv) For each Property (other than the Managed Properties) located in
whole or in part in a federally designated "special flood hazard area", flood
insurance in an amount equal to the lesser of (x) the maximum available amount
and (y) the replacement cost of the Improvements and the Borrowers' personal
property located on the applicable Property;

          (v) An umbrella excess liability policy with a limit of not less than
Forty Million Dollars ($40,000,000) over primary insurance, which policy shall
include coverage for water damage, so-called assumed and contractual liability
coverage, premises medical payment and automobile liability coverage, and
coverage for safeguarding of personalty and shall also include such additional
coverages and insured risks which are acceptable to Lender;

          (vi) Business interruption and/or rent loss insurance with an
aggregate limit equal to six (6) months of gross income from the Properties plus
continuing fixed costs for the Properties for a period of not less than six (6)
months;

          (vii) Worker's Compensation Insurance in statutory amounts, if any, at
all times;

          (viii) During any period of construction, repair or restoration,
builders "all risk" insurance in an amount equal to not less than the full
insurable value of the Properties applicable construction project;

          (ix) If the Properties (other than the Managed Properties), or any of
them, are or become a "non-conforming use" under applicable zoning and building
ordinances, or other requirements of the applicable Governmental Authority, law
or ordinance coverage to compensate for the cost of demolition and the increased
cost of construction, if available;

          (x) Such other insurance as may from time to time be reasonably
required by Lender and which is then customarily required by institutional
lenders for securitized loans secured by similar properties similarly situated,
against other insurable hazards, including, but not limited to, malicious
mischief, vandalism, windstorm and or earthquake, due regard to be given to the
size and type of the Properties, Improvements, fixtures and equipment and their
location, construction and use. Additionally, the Borrowers shall carry such
insurance coverage as Lender may from time to time require if the failure to
carry such insurance would result in a downgrade, qualification or withdrawal of
any class of securities issued in connection with a Securitization (or the
placing of such certificate or other security on negative credit watch or
ratings outlook in contemplation of any such action with respect thereto).

     All Insurance Policies shall be in content (including, without limitation,
endorsements or exclusions, if any), form, and amounts, and issued by companies,
satisfactory to Lender from time to time and shall name Lender and its
successors and assignees as their interests may appear as an "additional
insured" for each of the liability policies under this Section 5.4 hereof and
shall (except for Worker's Compensation Insurance) contain a waiver of
subrogation clause reasonably acceptable to Lender. All Insurance Policies under
Sections 5.4 (i), (iv), (vi), and (vii) hereof with respect to the Mortgaged
Properties shall contain a Non-Contributory Standard mortgagee clause and a
mortgagee's Loss Payable Endorsement (Form 438 BFU NS), or their equivalents
(such endorsements shall entitle Lender to collect any and all proceeds payable
under all such insurance, with the insurance company waiving any claim or
defense against Lender for premium payment, deductible, self-insured retention
or claims reporting provisions). All Insurance Policies shall provide that the
coverage shall not be modified without thirty (30) days' advance written notice
to Lender and shall provide that no claims shall be paid thereunder to a Person
other than Lender without ten (10) days' advance written notice to Lender. The

Borrowers may obtain any insurance required by this Section through blanket
policies; provided, however, that such blanket policies shall separately set
forth the amount of insurance in force (together with applicable deductibles,
and per occurrence limits) with respect to the Properties (which shall not be
reduced by reason of events occurring on property other than the Properties) and
shall afford all the protections to Lender as are required under this Section.
Except as may be expressly provided above, all policies of insurance required
hereunder shall contain no annual aggregate limit of liability, other than with
respect to liability insurance. If a blanket policy is issued, a certified copy
of said policy shall be furnished, together with a certificate indicating that
Lender is an additional insured (and, if applicable, loss payee) under such
policy in the designated amount. The Borrowers will deliver duplicate originals
of all Insurance Policies, premium prepaid for a period of one (1) year, to
Lender and, in case of Insurance Policies about to expire, the Borrowers will
deliver duplicate originals of replacement policies satisfying the requirements
hereof to Lender prior to the date of expiration; provided, however, if such
replacement policy is not yet available, the Borrowers shall provide Lender with
an insurance certificate executed by the insurer or its authorized agent
evidencing that the insurance required hereunder is being maintained under such
policy, which certificate shall be acceptable to Lender on an interim basis
until the duplicate original of the policy is available. An insurance company
shall not be satisfactory unless such insurance company (a) is licensed or
authorized to issue insurance in the State where the applicable Property is
located and (b) has a claims paying ability rating by the Rating Agencies of "A"
(or its equivalent). Notwithstanding the foregoing, a carrier which does not
meet the foregoing ratings requirement shall nevertheless be deemed acceptable
hereunder provided that such carrier is reasonably acceptable to Lender and the
Borrowers shall obtain and deliver to Lender a Rating Confirmation with respect
to such carrier from each of the Rating Agencies. If any insurance coverage
required under this Section 5.4 is maintained by a syndicate of insurers, the
preceding ratings requirements shall be deemed satisfied (without any required
Rating Confirmation) as long as at least seventy-five percent (75%) of the
coverage (if there are four or fewer members of the syndicate) or at least sixty
percent (60%) of the coverage (if there are five or more members of the
syndicate) is maintained with carriers meeting the claims-paying ability ratings
requirements by S&P and Moody's (if applicable) set forth above and all carriers
in such syndicate have a claims-paying ability rating by S&P of not less than
"BBB" and by Moody's of not less than "Baa2" (to the extent rated by Moody's).
The Borrowers shall furnish Lender receipts for the payment of premiums on such
insurance policies or other evidence of such payment reasonably satisfactory to
Lender in the event that such premiums have not been paid by Lender pursuant to
the Loan Agreement. The requirements of this Section 5.4 shall apply to any
separate policies of insurance taken out by the Borrowers concurrent in form or
contributing in the event of loss with the Insurance Policies. Losses shall be
payable to Lender notwithstanding (1) any act, failure to act or negligence of
the Borrowers or their agents or employees, Lender or any other insured party
which might, absent such agreement, result in a forfeiture or all or part of
such insurance payment, other than the willful misconduct of Lender knowingly in
violation of the conditions of such policy, (2) the occupation or use of the
Properties or any part thereof for purposes more hazardous than permitted by the
terms of such policy, (3) any foreclosure or other action or proceeding taken
pursuant to this Loan Agreement or (4) any change in title to or ownership of
the Properties or any part thereof. The property insurance described in this
Section 5.4 hereof shall include "underground hazards" coverage; "time element"
coverage by which Lender shall be assured payment of all amounts due under the
Note, this Loan Agreement and the other Loan

Documents; "extra expense" (i.e., soft costs), clean-up, transit and ordinary
payroll coverage; and "expediting expense" coverage to facilitate rapid repair
or restoration of the Properties. The Insurance Policies shall not contain any
deductible in excess of $250,000.

SECTION 5.5 OPERATION AND MAINTENANCE OF THE PROPERTIES; CASUALTY; CONDEMNATION.

     (A) The Borrowers shall maintain or cause to be maintained in good repair,
working order and condition all material property necessary for use in the
business of each Borrower, including the applicable Property, and will make or
cause to be made all appropriate repairs, renewals and replacements thereof. All
work required or permitted under this Loan Agreement shall be performed in a
workmanlike manner and in compliance with all applicable laws.

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

          (ii) The Borrowers shall promptly give Lender written notice of any
known actual or threatened commencement of any condemnation or eminent domain
proceeding affecting the Properties or any portion thereof and shall deliver to
Lender copies of any and all papers served in connection with such proceedings.
Lender is hereby irrevocably appointed as the attorney-in-fact for the Borrowers
(jointly with the Borrowers unless an Event of Default has occurred and is
continuing), or any of them, with respect to Condemnation Proceeds in excess of
$1,000,000 to collect, receive and retain any Condemnation Proceeds (to be held
in the Loss Proceeds Reserve Sub-Account pending the Borrowers' determination
with respect to Restoration of the affected Property as set forth in Subsection
5.5(C)) and to make any compromise or settlement in connection with such
proceeding. In accordance with the terms hereof, the Borrowers shall cause the
Condemnation Proceeds in excess of $1,000,000 which are payable to the
Borrowers, to be paid directly to Lender. If the applicable Property is sold

following an Event of Default, through foreclosure or otherwise, prior to the
receipt by Lender of Condemnation Proceeds, Lender shall have the right, whether
or not a deficiency judgment on the Note shall have been sought, recovered or
denied, to receive said Condemnation Proceeds, or a portion thereof sufficient
to pay the Obligations. Notwithstanding the foregoing, the Borrowers may
prosecute any condemnation proceeding and settle or compromise and collect
Condemnation Proceeds of not more than $1,000,000 provided that: (a) no Event of
Default shall have occurred and be continuing, (b) in Lender's reasonable good
faith judgment, such condemnation or taking does not and will not materially
restrict access to the Properties or otherwise have a Material Adverse Effect
and the Property remaining after such condemnation or taking is capable of being
restored to an economically viable whole of substantially the same type which
existed prior to the condemnation or taking or in substantial compliance with
all applicable laws, (c) the Borrowers apply the Condemnation Proceeds to any
reconstruction or repair of the Property necessary as a result of such
condemnation or taking, and (d) the Borrowers promptly commence and diligently
prosecute such reconstruction or repair to completion in accordance with all
applicable laws. Subject to the terms hereof, the Borrowers authorize Lender to
apply such Condemnation Proceeds, after the deduction of Lender's reasonable
expenses incurred in the collection of such Condemnation Proceeds, at Lender's
option, to restoration or repair of the Properties or to payment of the sums
secured by the Loan Documents, whether or not then due, in the order determined
by Lender, with the balance, if any, to the Borrowers. Application of any
Condemnation Proceeds to payment of the Obligations pursuant to the foregoing
sentence shall be made with the required Yield Maintenance. Lender shall not
exercise Lender's option to apply such Condemnation Proceeds to payment of the
Obligations provided that each of the conditions (as applicable) to the release
of Loss Proceeds for restoration or repair of the Properties under Section
5.5(C) below have been satisfied with respect to such condemnation awards or
damages.

     (C) Lender shall not exercise Lender's option to apply Loss Proceeds to
payment of the Obligations if all of the following conditions are met: (i) no
Event of Default then exists; (ii) Lender reasonably determines that there will
be sufficient funds to complete the Restoration of the Property to at least
substantially to the condition it was in immediately prior to such casualty
(excluding replacement of obsolete Other Company Collateral which is not
required in connection with operating the applicable Property) and in compliance
with applicable laws (the "PRE-EXISTING CONDITION") and to timely make all
payments due under the Loan Documents during the Restoration of the affected
Property; (iii) Lender reasonably determines that the Net Tower Cash Flow of the
Properties (including rental income or business interruption insurance) will be
sufficient to pay principal and interest on the Loan and Operating Revenues of
the Properties, after the Restoration thereof to the Pre-Existing Condition,
will be sufficient to meet all operating expenses, and payments for Reserves;
and (iv) Lender determines that the Restoration of the affected Property to the
Pre-Existing Condition will be completed not later than six (6) months prior to
the Maturity Date; provided that Lender shall make Loss Proceeds available for
Restoration if the Loss Proceeds are required to be utilized for a Restoration
under the Sprint Acquisition Documents and no Event of Default is then
continuing. If Lender elects to apply Loss Proceeds to payment of the
Obligations, such application shall be made on the Payment Date immediately
following such election in accordance with the terms of the Cash Management
Agreement. Notwithstanding the foregoing to the contrary, the Borrowers may, in
their reasonable discretion, and within thirty (30) days of receipt of such Loss
Proceeds, elect not to restore or replace a Property, in which event all Loss
Proceeds held in the Loss Proceeds

Reserve Sub-Account shall be applied to payment of the Obligations on the
Payment Date immediately following such election with the required Yield
Maintenance.

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

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

SECTION 5.6 INSPECTION. Each Borrower shall permit any authorized
representatives designated by Lender to visit and inspect during normal business
hours its Properties and its business, including its financial and accounting
records, and to make copies and take extracts therefrom and to discuss its
affairs, finances and business with its officers and independent public
accountants (with such Borrower's representative(s) present), at such reasonable
times during normal business hours and as often as may be reasonably requested,
provided that same is conducted in such a manner as to not unreasonably
interfere with the Borrowers' business. Unless an Event of Default has occurred
and is continuing, Lender shall provide advance written notice of at least three
(3) Business Days prior to visiting or inspecting any Property or such
Borrower's offices.

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

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

SECTION 5.9 PERFORMANCE OF AGREEMENTS AND LEASES. Each Borrower Party shall duly
and punctually perform, observe and comply in all material respects with all of
the terms, provisions, conditions, covenants and agreements on its part to be
performed, observed and complied with (i) hereunder and under the other Loan
Documents to which it is a party, (ii) under all Material Agreements and
Material Leases and (iii) all other agreements entered into or assumed by such
Person in connection with the Properties, and will not suffer or permit any
material default or event of default (giving effect to any applicable notice
requirements and cure periods) to exist under any of the foregoing except where
the failure to perform, observe or comply with any agreement referred to in this
clause (iii) would not reasonably be expected to have a Material Adverse Effect.
Notwithstanding the foregoing to the contrary, the Borrowers shall be permitted
to terminate any Site Management Agreement which the Borrowers reasonably deem
necessary in accordance with prudent business practices, provided that (i) the
Borrowers provide written notice to Lender of such determination not later than
thirty (30) days prior to such termination, (ii) together with such notice the
Borrowers provide supporting information reasonably acceptable to Lender that
following such termination the DSCR will be equal to or greater than the DSCR
immediately prior to such termination, (iii) if (1) the aggregate Allocated Loan
Amount with respect to (x) each such Property for which termination has occurred
under this Section 5.9, Section 5.23(A), and Section 5.24(A), and (y) the
Property for which a termination is proposed, is greater than five percent (5%)
of the Principal Amount of the Loan at Closing, or (2) at least seventy-eight
percent (78%) of the Operating Revenues of the Properties that remain following
a proposed termination do not consist of telephony revenues, the Borrowers have
delivered a Rating Confirmation, and (iv) following such termination, such
Property will be owned and managed by a Person other than the Borrowers or any
of their Affiliates. In connection with any sale permitted pursuant to the terms
of this Section 5.9, the Borrowers may sell any Other Company Collateral
associated with the applicable Property and no longer required in connection
with the operation of the Borrowers' business.

SECTION 5.10 LEASES. Any Rents which constitute Advance Rents Reserve Deposits
shall be deposited into the Advance Rents Reserve Sub-Account to be applied in
accordance with the Cash Management Agreement. The Borrowers, at Lender's
request, shall furnish Lender with

executed copies of all Leases hereafter made. Each new Lease other than (x) the
addition of new sites pursuant to existing master Leases, or (y) Governmental
Leases, shall specifically provide that such Lease (i) is subordinate to the
Deeds of Trust, provided that Lender agrees not to disturb the applicable
tenant's possession for so long as tenant is not in default under the terms of
the applicable lease (as evidenced by an agreement substantially in the form of
EXHIBIT E (an "SNDA"); (ii) that the tenant attorns to Lender; (iii) that the
attornment of the tenant shall not be terminated by foreclosure; and (iv) that
in no event shall Lender, as holder of the Deeds of Trust or as successor
landlord, be liable to the tenant for any act or omission of any prior landlord
or for any liability or obligation of any prior landlord occurring prior to the
date that Lender or any subsequent owner acquires title to the Property. On the
Closing Date and at such other times as shall be required by applicable law
(including upon replacement of the Manager), Lender shall execute a power of
attorney (in the form of EXHIBIT F) enabling Manager (on behalf of Lender) to
execute SNDAs in the form of EXHIBIT E (with the appropriate information
completed therein) without any material changes being made to the form.

SECTION 5.11 MANAGEMENT AGREEMENT.

     (A) The Borrowers shall cause Manager to manage the Properties in
accordance with the Management Agreement. The Borrowers shall (i) perform and
observe all of the material terms, covenants and conditions of the Management
Agreement on the part of each Borrower to be performed and observed, (ii)
promptly notify Lender of any notice to any of the Borrowers of any material
default under the Management Agreement of which it is aware, and (iii) prior to
termination of the Manager in accordance with Section 5.11(C) hereof, Borrower
shall renew the Management Agreement prior to each expiration date thereunder in
accordance with its terms. If any of the Borrowers shall default in the
performance or observance of any material term, covenant or condition of the
Management Agreement on the part of the Borrowers to be performed or observed,
then, without limiting Lender's other rights or remedies under this Agreement or
the other Loan Documents, and without waiving or releasing the Borrowers from
any of their obligations hereunder or under the Management Agreement, Lender
shall have the right, upon prior written notice to the Borrowers, but shall be
under no obligation, to pay any sums and to perform any act as may be reasonably
appropriate to cause such material conditions of the Management Agreement on the
part of the Borrowers to be performed or observed.

     (B) The Borrowers shall not surrender, terminate, cancel, or modify (other
than non-material changes), the Management Agreement, or enter into any other
Management Agreement with any new Manager (other than an Acceptable Manager), or
consent to the assignment by the Manager of its interest under the Management
Agreement, in each case without delivery of Rating Confirmations from each of
the Rating Agencies and written consent of the Lender. If at any time Lender
consents to the appointment of a new Manager, or if an Acceptable Manager shall
become the Manager, such new Manager, or the Acceptable Manager, as the case may
be, and the Borrowers shall, as a condition of Lender's consent, or with respect
to an Acceptable Manager, prior to commencement of its duties as Manager,
execute a subordination of management agreement in substantially the form
delivered in connection with the closing of the Loan.

     (C) Lender shall have the right to require that the Manager be replaced
with a Person chosen by the Borrowers (or, if an Event of Default has occurred
and is then continuing, Lender)

and reasonably acceptable to Lender, upon the earliest to occur of any one or
more of the following events: (i) an Event of Default has occurred and is then
continuing, (ii) thirty (30) days after notice from Lender to the Borrowers if
Manager has engaged in fraud, gross negligence or willful misconduct arising
from or in connection with its performance under the Management Agreement, (iii)
thirty (30) days after notice from Lender to the Borrowers if the DSCR is less
than 1.0:1 and Lender reasonably determines that such decline in the DSCR is
primarily attributable to acts or omissions of the Manager rather than factors
affecting the Borrowers' industry generally, or (iv) Manager defaults under the
Management Agreement, such default is reasonably likely to have a Material
Adverse Effect, and such default remains unremedied for thirty (30) days
following written notice to Manager.

SECTION 5.12 RESERVED.

SECTION 5.13 DEPOSITS; APPLICATION OF RECEIPTS. The Borrowers will deposit all
Receipts into, and otherwise comply with, the Accounts established from time to
time hereunder. Subject to Article VII hereof and the Cash Management Agreement,
each Borrower shall promptly apply all Receipts to the payment of all current
and past due operating expenses, and to the repayment of all sums currently due
or past due under the Loan Documents, including all payments into the Reserves.

SECTION 5.14 ESTOPPEL CERTIFICATES.

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

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

SECTION 5.15 INDEBTEDNESS. The Borrowers will not directly or indirectly create,
incur, assume, guaranty, or otherwise become or remain directly or indirectly
liable with respect to any Indebtedness except for the following (collectively,
"PERMITTED INDEBTEDNESS"):

     (A) The Obligations;

     (B) (i) Unsecured trade payables not evidenced by a note and arising out of
purchases of goods or services in the ordinary course of business and (ii)
Indebtedness incurred in the

financing of equipment or other personal property used at any Property in the
ordinary course of business, provided that (a) each such trade payable is
payable not later than ninety (90) days after the original invoice date and is
not overdue by more than thirty (30) days, and (b) the aggregate amount of such
trade payables and Indebtedness relating to financing of equipment and personal
property or otherwise referred to in clauses (i) and (ii) above outstanding does
not, at any time, exceed $40,000,000.

In no event shall any Indebtedness other than the Loan be secured, in whole or
in part, by the Properties or any portion thereof or interest therein,

SECTION 5.16 NO LIENS. The obligations of each Borrower under this Section are
in addition to and not in limitation of its obligations under Article XI herein.
The Borrower shall not create, incur, assume or permit to exist any Lien on or
with respect to the Properties, any other Collateral or any such direct or
indirect ownership interest in the Borrowers, except the Permitted Encumbrances.

SECTION 5.17 CONTINGENT OBLIGATIONS. Other than Permitted Indebtedness, no
Borrower Party shall directly or indirectly create or become or be liable with
respect to any Contingent Obligation excluding obligations for the benefit of
Lender hereunder.

SECTION 5.18 RESTRICTION ON FUNDAMENTAL CHANGES. Except as otherwise expressly
permitted in this Loan Agreement, no Borrower Party shall, or shall permit any
other Person to, (i) amend, modify or waive any term or provision of such
Borrower Party's partnership agreement, certificate of limited partnership,
articles of incorporation, by-laws, articles of organization, operating
agreement or other organizational documents so as to violate or permit the
violation of the single-purpose entity provisions set forth in Article IX,
unless required by law; or (ii) liquidate, wind-up or dissolve such Borrower
Party or Manager.

SECTION 5.19 TRANSACTIONS WITH RELATED PERSONS. The Borrowers shall not directly
or indirectly enter into or permit to exist any transaction (including the
purchase, sale, lease or exchange of any property or the rendering of any
service) with any Related Person of any of the Borrowers or with any director,
officer or employee of any Borrower Party, except transactions in the ordinary
course of and pursuant to the reasonable requirements of the business of the
Borrowers and upon fair and reasonable terms and are no less favorable to any of
the Borrowers than would be obtained in a comparable arm's length transaction
with a Person that is not a Related Person of any Borrower. The Borrowers shall
not make any payment or permit any payment to be made on behalf of the Borrowers
to any Related Person of any of the Borrowers when or as to any time when any
Event of Default shall exist except as may be permitted by Lender pursuant to
the terms of the Cash Management Agreement.

SECTION 5.20 BANKRUPTCY, RECEIVERS, SIMILAR MATTERS.

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

     (B) INVOLUNTARY CASES, RECEIVERS, ETC. The Borrower Parties shall not apply
for, consent to, or aid, solicit, support, or otherwise act, cooperate or
collude to cause the

appointment of or taking possession by, a receiver, trustee or other custodian
for all or a substantial part of the assets of any Borrower. As used in this
Loan Agreement, an "INVOLUNTARY BORROWER BANKRUPTCY" shall mean any involuntary
case under the Bankruptcy Code or any applicable bankruptcy, insolvency or other
similar law now or hereafter in effect, in which any of the Borrowers is a
debtor or any portion of the Properties is property of the estate therein. The
Borrowers shall not file a petition for, consent to the filing of a petition
for, or aid, solicit, support, or otherwise act, cooperate or collude to cause
the filing of a petition for an Involuntary Borrower Bankruptcy. In any
Involuntary Borrower Bankruptcy, no Borrower Party shall, without the prior
written consent of Lender, consent to the entry of any order, file any motion,
or support any motion (irrespective of the subject of the motion), and the
Borrowers shall not file or support any plan of reorganization. The Borrowers
having any interest in any Involuntary Borrower Bankruptcy shall do all things
reasonably requested by Lender to assist Lender in obtaining such relief as
Lender shall seek, and shall in all events vote as directed by Lender. Without
limitation of the foregoing, each such Borrower shall do all things reasonably
requested by Lender to support any motion for relief from stay or plan of
reorganization proposed or supported by Lender.

SECTION 5.21 ERISA.

     (A) NO ERISA PLANS. None of the Borrower Parties will establish any
Employee Benefit Plan or Multiemployer Plan, or will commence making
contributions to (or become obligated to make contributions to) any Employee
Benefit Plan or Multiemployer Plan.

     (B) COMPLIANCE WITH ERISA. The Borrowers shall not: (i) engage in any
non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of
the IRC; or (ii) except as may be necessary to comply with applicable laws,
establish or amend any Employee Benefit Plan which establishment or amendment
could result in liability to the Borrowers or any ERISA Affiliate or increase
the obligation of the Borrowers, provided that the Borrower shall not be in
default of this covenant if, in either case, any portion of the Loan has been,
or will be, funded with plan assets of any employee benefit plan that either (x)
is subject to Title I of ERISA or any plan that is covered by Section 4975 of
the Code (unless the Lender is eligible to apply for one or more exemptions such
that the Loan will not constitute a nonexempt prohibited transaction under
Section 406 of ERISA) or (y) could subject a Borrower Party or its Affiliates to
an excise tax under Section 4975 of the IRC.

     (C) NO PLAN ASSETS. The Borrowers shall not at any time during the term of
this Loan Agreement become (1) an employee benefit plan defined in Section 3(3)
of ERISA which is subject to ERISA, (2) a plan as defined in Section 4975(e)(1)
of the IRC which is subject to Section 4975 of the IRC, (3) a "governmental
plan" within the meaning of Section 3(32) of ERISA or (4) an entity any of whose
underlying assets constitute "plan assets" of any such employee benefit plan,
plan or governmental plan for purposes of Title I of ERISA, Section 4975 of the
IRC or any state statutes applicable to the Borrowers regulating investments of
governmental plans.

SECTION 5.22 RESERVED

SECTION 5.23 GROUND LEASES.

     (A) MODIFICATION. Except as provided in this Section 5.23, the Borrowers
shall not modify or amend any material substantive or economic terms of, or,
subject to the terms of Section 11.5 hereof, terminate or surrender, or consent
to the termination or surrender of, any Ground Lease, in each case without the
prior written consent of Lender, which consent shall not be unreasonably
withheld, conditioned or delayed. Any such attempted or purported material
modification, amendment, or any surrender or termination of any Ground Lease
without Lender's prior written consent shall be null and void and of no force or
effect. Notwithstanding the foregoing to the contrary, the Borrowers shall be
permitted, without Lender's consent, to:

          (i) extend the terms of the Ground Leases on commercially reasonable
substantive and economic terms and, in the case of Prime Ground Leases, in
accordance with the terms of the applicable Master Lease Agreement;

          (ii) terminate any Ground Lease which the Borrowers reasonably deem
necessary in accordance with prudent business practices, provided that (a) the
Borrowers provide written notice to Lender of such determination not later than
thirty (30) days prior to such termination, (b) together with such notice the
Borrowers provide supporting information reasonably acceptable to Lender that
following such termination the DSCR will be equal to or greater than the DSCR
immediately prior to such termination, (c) if (1) the aggregate Allocated Loan
Amount of (x) each such Property for which a termination has occurred under this
Section 5.23(A), Section 5.9, and Section 5.24(A) plus (y) the Property for
which a termination is proposed is greater than five percent (5%) of the
Principal Amount of the Loan at Closing, or (2) at least seventy-eight percent
(78%) of the Operating Revenues of the Properties that remain following a
proposed termination do not consist of telephony revenues, the Borrowers have
delivered a Rating Confirmation, and (d) following such termination such
Property is not held by any Affiliate of the Borrowers. In connection with any
termination permitted pursuant to the terms of this Section 5.23(A), the
Borrowers may sell any Other Company Collateral associated with the applicable
Property and no longer required in connection with the operation of the
Borrowers' business; and

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

          (a) Lender shall have received at least ten (10) day's prior written
notice of the execution of the Amended Ground Lease, together with a summary of
the economic terms thereof, and, following execution and delivery of the Amended
Ground Lease, Lender shall have received a copy of the Amended Ground Lease
certified by the applicable Borrower as being

true, accurate and complete, together with an estoppel from the applicable
Ground Lessor demonstrating that the Amended Ground Lease is in full force and
effect;

          (b) on or prior to execution and delivery of the Amended Ground Lease,
Lender shall have received a database search environmental report prepared by
Martin and Associates (or another consultant reasonably acceptable to Lender) on
the real property to be included under the Amended Ground Lease, together with a
Phase I or Phase II environment assessment report (if any database search
environmental report reveals any condition that in Lender's reasonable judgment
warrants such a report) which concludes that the subject property does not
contain any Hazardous Materials (except for cleaning and other products used in
connection with the routine maintenance, operation or repair of the subject
property or the operation thereof as a tower property in full compliance with
Environmental Laws) and is not in violation of any Environmental Laws;

          (c) if the Ground Lease being replaced is with respect to a Mortgaged
Property, simultaneous with the execution and delivery of the Amended Ground
Lease, Lender shall have received an Amended Deed of Trust executed and
delivered by a duly authorized officer of the applicable Borrower encumbering
the property included under the Amended Ground Lease, together with an
endorsement to (or replacement of) the existing Title Policy in substantially
the form delivered at the time of acquisition thereof insuring the lien of the
Amended Deed of Trust, issued by the Title Company and dated as of the date of
the Amended Ground Lease;

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

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

     (B) PERFORMANCE OF GROUND LEASES. The Borrowers shall fully perform, as
lessee or sublessee, as and when due each and all of its obligations under each
Ground Lease in accordance with the terms of such Ground Lease, and shall not
cause or suffer to occur any material breach or default in any of such
obligations. The Borrowers shall exercise any option to renew or extend any
Ground Lease (in the case of any Prime Ground Lease, pursuant to Borrower's
rights under the Master Lease Agreement) and if the Borrowers elect not to renew
a Ground Lease (which shall only be permitted if the Borrowers would be entitled
to terminate such Ground Lease pursuant to clause (A) above) the Borrowers shall
give Lender thirty (30) days prior written notice of the Borrowers' intention
not to renew such Ground Lease. If the Borrowers fail to renew a Ground Lease
which is required to be renewed pursuant to this Section 5.23(B), Lender shall
have the right to renew such Ground Lease on behalf of the Borrowers.
Notwithstanding that certain of the obligations of the Borrowers under this Loan
Agreement may be similar or identical to certain of the obligations of the
Borrowers under the Ground Leases, all

of the obligations of the Borrowers under this Loan Agreement are and shall be
separate from and in addition to its obligations under the Ground Leases.

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

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

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

     (F) BANKRUPTCY.

          (i) If any Ground Lessor shall reject any Ground Lease under or
pursuant to Section 365 of the Bankruptcy Code, the Borrowers shall not (and in
the case of a Prime Ground Lease, to the extent within the Borrowers' control,
Borrower shall not suffer any Sub-Prime Ground Lessor to) elect to treat the
Ground Lease as terminated but shall elect to remain in possession of the
applicable Ground Leased Property and the leasehold estate under such Ground
Lease. The lien of the Deed of Trust covering such Property does and shall
encumber and attach to all of the Borrowers' rights and remedies at any time
arising under or pursuant to Section 365 of the Bankruptcy Code, including
without limitation, all of such Borrower's rights to remain in possession of
such Property and the leasehold estate.

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

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

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

          (c) Upon written request of Lender, the Borrowers shall assume (or, in
the case of a Prime Ground Lease, to the extent within the Borrowers' control,
assume pursuant to its rights under the Master Lease Agreement or cause the
lessor under the Master Lease Agreement to assume) the Ground Lease, and shall
take such steps as are necessary to preserve such Borrower's right to assume the
Ground Lease, including without limitation using commercially reasonable efforts
to obtain extensions of time to assume or reject the Ground Lease under
Subsection 365(d) of the Bankruptcy Code to the extent it is applicable.

          (iii) If the Borrowers or the applicable Ground Lessor seeks to reject
any Ground Lease or have the Ground Lease deemed rejected, then prior to the
hearing on such rejection Lender shall, subject to applicable law, be given no
less than twenty (20) days' notice and opportunity to elect in lieu of rejection
to have the Ground Lease assumed and assigned to a

nominee of Lender. If Lender shall so elect to assume and assign the Ground
Lease, then the Borrowers shall, subject to applicable law, continue any request
to reject the Ground Lease until after the motion to assume and assign has been
heard. If Lender shall not elect to assume and assign the Ground Lease, then
Lender may, subject to applicable law, obtain in connection with the rejection
of the Ground Lease a determination that the applicable Ground Lessor, at
Lender's option, shall (1) agree to terminate the Ground Lease and enter into a
new lease with Lender on the same terms and conditions as the Ground Lease, for
the remaining term of the Ground Lease, or (2) treat the Ground Lease as
breached and provide Lender with the rights to cure defaults under the Ground
Lease and to assume the rights and benefits of the Ground Lease.

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

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

     (G) REGARDING MASTER LEASE AGREEMENTS. In addition to the other provisions
of this Section 5.23, the following shall apply with respect to each Master
Lease Agreement:

          (i) The Borrowers shall enforce the Master Lease Agreement and will
not terminate, modify, cancel, change, supplement, alter or amend the Master
Lease Agreement, or waive, excuse, condone or in any way release or discharge
the Master Lessor of or from any of the material covenants and conditions to be
performed or observed by Master Lessor to the extent such action would have a
material adverse impact on Lender's interest in the Collateral. The Borrowers
hereby grant, mortgage, bargain, sell, assign and set over to Lender, all of the
Borrowers' interests in the Master Lease Agreement. The assignment of the
Borrowers' interest set forth in this Section is an absolute, unconditional and
present assignment from the Borrowers to Lender and not an assignment for
security and the existence or exercise of the Borrowers' revocable license to
take all actions with respect to the Master Lease Agreement shall not operate to
subordinate this assignment to any subsequent assignment. The exercise by Lender
of any of its rights or remedies pursuant to this Section shall not be deemed to
make Lender a mortgagee-in-possession. So long as no Event of Default shall
exist, the Borrowers shall have a revocable license to take all actions with
respect to the Master Lease Agreement subject to the terms of this Agreement and
the Deeds of Trust and subject to Lender's rights as a "Lessee Lender" which are
granted to each "Lessee Lender" pursuant to the Master Lease Agreement. Any
surrender of the leasehold estate created by the Master Lease Agreement or
termination, cancellation, modification, change, supplement, alteration or
amendment of the Master Lease Agreement without the prior written consent of
Lender shall be void and of no force and effect.

          (ii) Lender shall have the right, but not the obligation (unless and
until Lender takes control of one or more Properties), to perform any
obligations of the Borrowers under the terms of the Master Lease Agreement
during the continuance of a default under the Master Lease Agreement, a Default
or Event of Default. All costs and expenses (including, without limitation,
reasonable attorneys' fees and expenses) so incurred, shall be treated as an
advance secured by the Deeds of Trust, shall bear interest thereon at the
Default Rate from the date of payment by Lender until paid in full and shall be
paid by the Borrowers to Lender during the continuance of an Event of Default
within ten (10) days after demand. No performance by Lender of any obligations
of the Borrowers under the Master Lease Agreement shall constitute a waiver of
any Event of Default arising by reason of Borrower's failure to perform the
same. If Lender shall make any payment or perform any act or take action in
accordance with this Section 5.23(G), Lender will notify the Borrowers of the
making of any such payment, the performance of any such act, or the taking of
any such action. In any such event, subject to the terms of the Master Lease
Agreement, and the rights of lessees, sublessees and other occupants under the
Leases, Lender and any Person designated by Lender shall have, and are hereby
granted, the right to enter upon the Property at any time and from time to time
for the purpose of taking any such action.

          (iii) To the extent permitted by law, the price payable by the
Borrowers or any other Person in the exercise of any right of redemption
following foreclosure of the Property shall include all amounts paid under the
Master Lease Agreement and other sums advanced by Lender on behalf of the
Borrowers, together with interest thereon at the Default Rate.

          (iv) Unless Lender shall otherwise consent, the fee or leasehold title
and the leasehold or subleasehold estate, as applicable, in each of the
Properties shall not merge but shall always be kept separate and distinct,
notwithstanding the union of said estates either in Master Lessor or in the
Borrowers or Lender, or in a third party, by purchase (in either estate) or
otherwise.

          (v) If the Master Lessor shall deliver to Lender a copy of any notice
of default sent by the Master Lessor to the Borrowers, as tenants under the
Master Lease Agreement, such notice shall constitute full protection to Lender
for any action taken or omitted to be taken by Lender, in good faith in
accordance with this Agreement, in reliance thereon.

          (vi) The Borrowers hereby assigns, transfers and sets over to Lender
all of the Borrowers' claims and rights to the payment of damages arising from
any rejection by the Master Lessor of the Master Lease Agreement under the
Bankruptcy Code. The Borrowers shall notify Lender promptly (and in any event
within ten (10) days) of any claim, suit, action or proceeding relating to the
rejection of the Master Lease Agreement. Lender is hereby irrevocably appointed
as the Borrowers' attorney-in-fact, coupled with an interest, with exclusive
power to file and prosecute (during the existence of an Event of Default), to
the exclusion of the Borrowers, any proofs of claim, complaints, motions,
applications, notices and other documents, in any case in respect of the Master
Lessor under the Bankruptcy Code. The Borrowers may make any compromise or
settlement in connection with such proceedings (subject to Lender's approval);
provided, however, that Lender shall be authorized and entitled to compromise or
settle any such proceeding if such compromise or settlement is made after the
occurrence and during the continuance of an Event of Default. The Borrowers
shall promptly execute and

deliver to Lender any and all instruments reasonably required in connection with
any such proceeding after request therefor by Lender. Except as set forth above,
the Borrowers shall not adjust, compromise, settle or enter into any agreement
with respect to such proceedings without the prior written consent of Lender,
which consent shall not be unreasonably withheld or delayed.

          (vii) If pursuant to Section 365(h)(2) of the Bankruptcy Code, the
Borrowers seek to offset against the rent reserved in the Master Lease Agreement
the amount of any damages caused by the non-performance by the Master Lessor of
any of the Master Lessor's obligations under the Master Lease Agreement after
the rejection by the Master Lessor of the Master Lease Agreement under the
Bankruptcy Code, the Borrowers shall, prior to effecting such offset, notify
Lender of their intention to do so, setting forth the amounts proposed to be so
offset and the basis therefor. If Lender has failed to object as aforesaid
within ten (10) days after notice from the Borrowers in accordance with the
first sentence of this clause (vii), the Borrowers may proceed to effect such
offset in the amounts set forth in the Borrowers' notice. Neither Lender's
failure to object as aforesaid nor any objection or other communication between
Lender and the Borrowers relating to such offset shall constitute an approval of
any such offset by Lender. The Borrowers shall indemnify and save Lender
harmless from and against any and all claims, demands, actions, suits,
proceedings, damages, losses, costs and expenses of every nature whatsoever
(including, without limitation, reasonable attorneys' fees and disbursements)
arising from or relating to any such offset by the Borrowers against the rent
reserved in the Master Lease Agreement.

          (viii) Effective upon the entry of an order for relief in respect of
the Borrowers under the Bankruptcy Code, the Borrowers hereby assign and
transfer to Lender a non-exclusive right to apply to the appropriate bankruptcy
court under Section 365(d)(4) of the Bankruptcy Code for an order extending the
period during which the Master Lease Agreement may be rejected or assumed.

          (ix) In the event that the Borrowers or any Affiliate of the Borrowers
or any Person Controlled by the Borrowers or any Person holding a direct or
indirect (through intervening entities) legal or beneficial interest in the
Borrowers (or family members of such Persons) acquires any economic interest,
whether directly or indirectly (through intervening entities), in Master Lessor,
the Borrowers shall provide immediate written notice thereof to Lender and
Lender shall have the right to act for the Borrowers with respect to any
arbitration or other legal or administrative proceedings under the Master Lease
Agreement.

SECTION 5.24 EASEMENTS.

     (A) MODIFICATION. Except as provided in this Section 5.24, the Borrowers
shall not modify or amend any material substantive or economic terms of, or,
subject to the terms of Section 11.5 hereof, terminate or surrender any
Easement, in each case without the prior written consent of Lender, which
consent shall not be unreasonably withheld, conditioned or delayed. Any such
attempted or purported material modification, amendment, or any surrender or
termination of any Easement without Lender's prior written consent shall be null
and void and of no force or effect. Notwithstanding the foregoing to the
contrary, the Borrowers shall be permitted, without Lender's consent, to:

          (i) extend the terms of the Easement on commercially reasonable
substantive and economic terms;

          (ii) terminate any Easement which the Borrowers reasonably deem
necessary in accordance with prudent business practices, provided that (i) the
Borrowers provide written notice to Lender of such determination not later than
thirty (30) days prior to such termination, (ii) together with such notice the
Borrowers provide supporting information reasonably acceptable to Lender that
following such termination the DSCR will be equal to or greater than the DSCR
immediately prior to such termination, (iii) if (1) the aggregate Allocated Loan
Amount with respect to (x) each such Property for which a termination has
occurred under this Section 5.24(A), Section 5.9 and Section 5.23(A) and (y) the
Property for which a termination is proposed is greater than five percent (5%)
of the Principal Amount of the Loan at Closing, or (2) at least seventy-eight
percent (78%) of the Operating Revenues of the Properties that remain following
a proposed termination do not consist of telephony revenues, the Borrowers have
delivered a Rating Confirmation, and (iv) following such termination such
Property is not held by any Affiliate of the Borrowers. In connection with any
termination permitted pursuant to the terms of this Section 5.24(A), the
Borrowers may sell any Other Company Collateral associated with the applicable
Property and no longer required in connection with the operation of the
Borrowers' business.

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

          (a) Lender shall have received at least ten (10) day's prior written
notice of the execution of the Amended Easement, together with a summary of the
economic terms thereof, and, following execution and delivery of the Amended
Easement, Lender shall have received a copy of the Amended Easement certified by
the applicable Borrower as being true, accurate and complete;

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

          (c) if the Easement being replaced is with respect to a Mortgaged
Property, on or prior to execution and delivery of the Amended Easement, Lender
shall have received a

current survey (together with legal description) for the property proposed to be
included under the Amended Easement, certified to the title company and Lender
and their successors and assigns, prepared by a professional land surveyor
licensed in the state in which the applicable Property is located;

          (d) if the Easement being replaced is with respect to a Mortgaged
Property, simultaneous with the execution and delivery of the Amended Easement,
Lender shall have received an Amended Deed of Trust executed and delivered by a
duly authorized officer of the applicable Borrower encumbering the property
included under the Amended Easement, together with an endorsement to (or
replacement of) the existing Title Policy in substantially the form delivered in
connection with the acquisition thereof insuring the lien of the Amended Deed of
Trust, issued by the Title Company and dated as of the date of the Amended
Easement;

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

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

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

     (C) NOTICE OF DEFAULT. If any of the Borrowers shall have or receive any
written notice that any Easement Default has occurred, then the Borrowers
immediately shall notify Lender in writing of the same and immediately deliver
to Lender a true and complete copy of each such notice. Further, the Borrowers
shall provide such documents and information as Lender shall reasonably request
concerning the Easement Default.

     (D) LENDER'S RIGHT TO CURE. If any Easement Default shall occur and be
continuing, or if the fee owner asserts that an Easement Default has occurred
(whether or not the Borrowers question or deny such assertion), then, subject to
the terms and conditions of the applicable Easement Lender, upon five (5)
Business Days' prior written notice to the Borrowers, unless Lender reasonably
determines that a shorter period (or no period) of notice is necessary to
protect Lender's interest in the Easement, may (but shall not be obligated to)
take any action that Lender deems reasonably necessary, including, without
limitation, (i) performance or attempted performance of the applicable
Borrower's obligations under the applicable Easement, (ii) curing or attempting
to cure any actual or purported Easement Default, (iii) mitigating or attempting
to mitigate any damages or consequences of the same and (iv) entry upon the
applicable Property

for any or all of such purposes. Upon Lender's request, each Borrower shall
submit satisfactory evidence of payment or performance of any of its obligations
under each Easement. Lender may pay and expend such sums of money as Lender in
its sole discretion deems necessary or desirable for any such purpose, and the
Borrowers shall pay to Lender within five (5) Business Days of the written
demand of Lender all such sums so paid or expended by Lender, together with
interest thereon from the date of expenditure at the Default Rate.

SECTION 5.25 MASTER LEASE SITES; MORTGAGED PROPERTIES.

     (A) ADDITION OF MASTER LEASE SITES AS MORTGAGED PROPERTIES. The Borrowers
shall, pursuant to the terms of the Sprint Acquisition Documents, enter into
those certain Master Lease and Sublease Agreements (each, a "MASTER LEASE
AGREEMENT") whereby (a) the Master Lease Sites will be leased to the Borrowers,
(b) the Borrowers will be assigned all Collocation Agreements and Tower Related
Assets and all Assumed Liabilities relating to the applicable Master Lease
Sites, (c) the Borrowers shall have the right to operate the Pre-Lease Sites and
all Collocation Agreements relating to the Pre-Lease Sites and (d) the Borrowers
shall be assigned all Assumed Liabilities with respect to the Pre-Lease Sites.
Upon the execution of each new Master Lease Agreement and compliance with the
requirements of this Section 5.25, the Master Lease Sites contained therein
shall become Mortgaged Properties under this Agreement.

     (B) NOTICE OF ADDITION OF MASTER LEASE SITES. In connection with any
Conversion, or Non-Contributable Site Conversion, in either case where a site
will become a Master Lease Site, Borrower shall give Lender revocable notice
substantially in the form of EXHIBIT H (a "NOTICE OF CONVERSION") specifying and
accompanied by the following:

          (i) the proposed date upon which such site shall become a Master Lease
Site, which such date may be extended from time to time by Borrower upon written
notice to Lender;

          (ii) a report specifying for each of the Conversion Properties the
"Tower Identifier" (name/ID);

          (iii) if not previously provided to Lender, a database search
environmental report prepared by Martin and Associates (or another consultant
reasonably acceptable to Lender) on the real property where each such Tower is
located (together with a Phase I or Phase II environment assessment report if
any database search environmental report reveals any condition that in Lender's
reasonable judgment warrants such a report), which concludes that each Master
Lease Site does not contain any Hazardous Materials (except for cleaning and
other products used in connection with the routine maintenance, operation or
repair of the Master Lease Site) and is not in material violation of any
Environmental Laws;

          (iv) a copy of each engineering report (if any) obtained by the
Borrowers with respect to such Master Lease Site; and

          (v) an calculation of the Allocated Loan Amount for each Conversion
Property.

     (C) REQUIRED DELIVERIES IN CONNECTION WITH CONVERSION PROPERTIES. For each
Conversion Property, Borrower shall deliver to Lender:

          (i) within sixty (60) days of the Conversion Closing Date, a Deed of
Trust for each Conversion Property, executed and delivered by a duly authorized
officer of Borrower which shall be:

               (a)  if a Securitization has not yet occurred, prior to the
                    Securitization Outside Date, in the name of the
                    securitization trustee provided to Borrower; and

               (b)  if a Securitization has not occurred and the Securitization
                    Outside Date has passed, in the name of Lender, as
                    collateral agent;

          (ii) within the later of (a) the Conversion Closing Date or (b) six
(6) months of the Closing Date, a Title Policy in the form of (EXHIBIT I) dated
as of the Conversion Closing Date (with coverage in the amount of the Allocated
Loan Amount together with evidence that all premiums in respect of the Title
Policies shall have been paid) for each of the Properties for which title has
been ordered as indicated on SCHEDULE 4.25; provided that the Borrowers shall
not be required to obtain Title Policies with respect to Properties with
Allocated Purchase Prices in excess of eighty-percent (80%) of the aggregate
Allocated Purchase Prices of all Properties as of the Closing Date;

          (iii) valid certificates of insurance indicating that the requirements
for the Insurance Policies required hereunder have been satisfied with respect
to each Conversion Property;

          (iv) payments or reimbursement to Lender, to the extent invoiced, of
all reasonable fees, costs and expenses incurred by Lender (including, without
limitation, reasonable attorneys fees and disbursements) in connection with the
Conversion Property, and all recording charges, filing fees, taxes or other
expenses (including, without limitation, mortgage and intangible taxes and
documentary stamp taxes) payable in connection with the applicable Deeds of
Trust shall have been paid;

          (v) a copy of the applicable Master Lease Agreement (or amendment
thereto) adding the applicable Conversion Property.

     (D) FORMAT FOR NOTICES/DELIVERIES. All notices and deliveries required
pursuant to the terms of this Section 5.25 may be provided by (i) electronic
delivery, (ii) access to a dedicated electronic documentation web-based site
(provided that confirmation of such access together with any required access
code is delivered to Lender within the time periods provided herein), or (iii)
as provided pursuant to Section 14.5 hereof (which may include delivery in
digital media form).

     (E) UPDATES OF REPRESENTATIONS. In connection with the delivery of Deeds of
Trust and the conversion of any Property to a Mortgaged Property during the term
hereof, the Borrowers shall deliver to Lender on the first (1st) Business Day of
each calendar month (commencing in August 2005) an Officer's Certificate
updating the representations and warranties contained in Section 4.25 hereof
with respect to any Property converted to a Mortgaged Property during the period
following delivery of the most recent Officer's Certificate

related thereto, including additions, if any, to the Schedules related to the
representations and warranties set forth in Section 4.25.

SECTION 5.26 LENDER'S EXPENSES. The Borrowers shall pay, on demand by Lender,
all reasonable out-of-pocket expenses, charges, costs and fees (including
reasonable attorneys' fees and expenses) in connection with the negotiation,
documentation, closing, administration, servicing, enforcement interpretation,
and collection of the Loan and the Loan Documents, and in the preservation and
protection of Lender's rights hereunder and thereunder. Without limitation the
Borrowers shall pay all costs and expenses, including reasonable attorneys'
fees, incurred by Lender in any case or proceeding under the Bankruptcy Code (or
any law succeeding or replacing any of the same).

                                   ARTICLE VI
                                    RESERVES

SECTION 6.1 SECURITY INTEREST IN RESERVES; OTHER MATTERS PERTAINING TO RESERVES.

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

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

SECTION 6.2 FUNDS DEPOSITED WITH LENDER.

     (A) INTEREST, OFFSETS. Except only as expressly provided otherwise herein,
all funds of the Borrowers which are deposited with Lock Box Account Bank as
Reserves hereunder shall

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

     (B) FUNDING AT CLOSING. The Borrowers shall deposit with Lender the amounts
necessary to fund each of the Reserves as set forth below. Deposits into the
Reserves at Closing may occur by deduction from the amount of the Loan that
otherwise would be disbursed to the Borrowers, followed by deposit of the same
into the applicable Sub-Account or Account of the Lock Box Account in accordance
with the Cash Management Agreement on the Closing Date. Notwithstanding such
deductions, the Loan shall be deemed for all purposes to be fully disbursed at
Closing.

SECTION 6.3 IMPOSITIONS AND INSURANCE RESERVE. On the Closing Date, the
Borrowers shall deposit with Lock Box Account Bank $_________ and, pursuant to
the Cash Management Agreement, the Borrowers shall deposit monthly, on each
Payment Date commencing on the Payment date in the month immediately following
the Securitization, one-twelfth (1/12th) of the annual charges (as reasonably
estimated by Lender) for all Impositions (excluding, however, personal property
taxes) and all Insurance Premiums (provided that any amounts in respect of
blanket policies shall include only that portion of Insurance Premiums allocated
to the coverage provided for the Borrowers and the Properties) payable with
respect to the Properties hereunder (said funds, together with any interest
thereon and additions thereto, the "IMPOSITIONS AND INSURANCE RESERVE"). The
initial amount of the monthly deposit to be made to the Impositions and
Insurance Reserve from and after the date hereof is $_________. In connection
with any disbursements from the Acquisition Reserve for an Acquisition, the
Borrowers shall deposit a sum of money sufficient (together with future monthly
deposits) to make the payment of Impositions and Insurance Premiums with respect
to the applicable Acquisition Properties at least ten (10) Business Days prior
to the date initially due, and deliver to Lender an Officer's Certificate
setting forth in reasonable detail (a) the calculation of the required sums to
be deposited into the Impositions and Insurance Reserve with respect to such
Acquisition, and (b) the new monthly deposit amount as will be required to make
the payments on the dates contemplated by this Section 6.3, taking into
consideration such Acquisition. The Borrowers shall also deposit with Lock Box
Account Bank within ten (10) Business Days of the written demand by Lender, to
be added to and included within such reserve, a sum of money which Lender
reasonably estimates, together with such monthly deposits, will be sufficient to
make the payment of each such charge (but, with respect to blanket policies,
only that portion of the Insurance Premiums allocated to the coverage provided
for the Borrowers and the Properties) at least ten (10) Business Days prior to
the date initially due. The Borrowers shall provide Lender with bills or a
statement of amounts due for the next calendar month which shall be accompanied
by an Officer's Certificate and such other documents as may be reasonably
required to establish the amounts required to be paid in the following calendar
month at least five (5) days prior to the date on which each payment shall first
become subject to penalty or interest if not paid, or if

paid, copies of paid bills. So long as (i) no Event of Default has occurred and
is continuing, (ii) the Borrowers have provided Lender with the foregoing
materials in a timely manner, and (iii) sufficient funds are held by Lender for
the payment of the Impositions and Insurance Premiums relating to the
Properties, as applicable, Lender shall at the Borrowers' election, (x) pay said
items, (y) disburse to the Borrowers from such Reserve an amount sufficient to
pay said items, or (z) reimburse the Borrowers for items previously paid by the
Borrowers. Interest shall accrue in favor of the Borrowers on funds in the
Impositions and Insurance Reserve.

SECTION 6.4 ADVANCE RENTS RESERVE SUB-ACCOUNT. Pursuant to the Cash Management
Agreement, from and after the Securitization, the Borrowers shall deposit, or
instruct Lock Box Bank to deposit, (i) the Annual Advance Rents Reserve Deposit
not later than the third (3rd) Business Day of February of each calendar year,
and (ii) the Quarterly Advance Rents Reserve Deposit not later than the third
(3rd) Business Day of February, May, August and November of each calendar year,
such amounts to be deposited into a sub-account of the Lock Box Account (said
sub-account, the "ADVANCE RENTS RESERVE SUB-ACCOUNT") for deposit of such
Advance Rents Reserve Deposit and such Advance Rents Reserve Deposit shall be
held, allocated and disbursed in accordance with the terms and conditions of the
Cash Management Agreement. The Advance Rents Reserve Sub-Account shall be under
the sole dominion and control of Lender and/or its designee including any
Servicer of the Loan, and the Borrowers shall have no rights to control or
direct the investment or payment of funds therein except as expressly provided
herein.

SECTION 6.5 ACQUISITION RESERVE.

     (A) ESTABLISHMENT OF ACQUISITION RESERVE. On the Closing Date, the
Borrowers shall deposit with Lock Box Bank $___________________ (said funds
together with interest thereon being referred to herein as the "ACQUISITION
RESERVE"). From time to time after Closing, amounts held in the Acquisition
Reserve shall be disbursed and made available to the Borrowers solely for
payment of the Cash Purchase Price of an Acquisition in accordance with the
provisions of this Section 6.5 through the expiration of the Acquisition Period.
Upon expiration of the Acquisition Period, the Acquisition Reserve shall cease
to be available to the Borrowers at which time all amounts remaining in the
Acquisition Reserve will be applied (together with the applicable Yield
Maintenance) to the outstanding Principal Amount in accordance with Section
2.4(A).

     (B) NOTICE OF DRAW; INITIAL DELIVERIES. In connection with an Acquisition,
the Borrowers may request a disbursement from the Acquisition Reserve on any
Business Day prior to the expiration of the Acquisition Period, and Lender shall
make such disbursement, in an aggregate principal amount not to exceed the
Availability at such time, provided that the Borrowers shall give Lender a
revocable notice substantially in the form of EXHIBIT H (a "NOTICE OF DRAW")
(which Notice of Draw must be received by Lender prior to 11:00 a.m., New York
City time, two (2) Business Days prior to the proposed Acquisition Date),
specifying, and accompanied by, the following:

          (i) the amount to be disbursed from the Acquisition Reserve, which
such amount may be adjusted upward or downward by up to ten percent (10%) of
such amount (but in no case exceeding the Availability) upon written notice to
Lender received no later than one (1) Business Day prior to the requested
Acquisition Date;

          (ii) the proposed date for the Acquisition, which such date may be
extended from time to time at the request of the Borrowers upon written notice
to Lender received no later than one (1) Business Day prior to any proposed date
for an Acquisition (such date, as same may be adjusted, the "ACQUISITION DATE").

          (iii) wire instructions of the seller party to any Acquisition (or
other Persons) to which the Cash Purchase Price of such Acquisition to be
financed with such disbursement is to be provided, including any such portion
which is to be paid following consummation of such Acquisition in respect of
post closing adjustments, including, but not limited to, holdbacks and earnouts;

          (iv) a calculation of the Availability, certified by a Responsible
Officer of the Borrowers upon which Lender is entitled to rely in making such
disbursement;

          (v) a written instruction signed by a Responsible Officer of the
Borrowers directing Lender to wire the proceeds of the disbursement to the
accounts and Persons specified in the Notice of Draw;

          (vi) a report specifying for each of the applicable Acquisition
Properties being acquired pursuant to such Acquisition, (1) the "Tower
Identifier" (name/ID), (2) the Cash Purchase Price, (3) the Net Tower Cash Flow
(including the proposed Acquisition Properties), and (4) whether the Acquisition
Property will be acquired as an Owned Property, a Ground Leased Property, a
Managed Property or acquired through the acquisition of an Easement;

          (vii) a database search environmental report prepared by Martin and
Associates (or another consultant reasonably acceptable to Lender) on the real
property where each such Tower is located, (together with a Phase I or Phase II
environment assessment report if any database search environmental report
reveals any condition that in Lender's reasonable judgment warrants such a
report), which concludes that each Acquisition Property does not contain any
Hazardous Materials (except for cleaning and other products used in connection
with the routine maintenance, operation or repair of the Acquisition Property)
and is not in material violation of any Environmental Laws;

          (viii) a copy of each engineering report obtained by the Borrowers
with respect to any Acquisition Property acquired in such Acquisition; and

          (ix) a calculation of the Allocated Loan Amount for each Acquisition
Property.

     (C) DISBURSEMENT. Each disbursement shall be made on the Acquisition Date
in an amount equal to at least $100,000, subject to the satisfaction of the
following conditions:

          (i) An Officer's Certificate from the Borrowers stating that each of
the representations and warranties made by the Borrowers and the other Borrower
Parties in or pursuant to the Loan Documents shall be true and correct in all
material respects on and as of such date, and following the Acquisition Date, as
if made on and as of each such date (except (1) to the extent such
representation or warranty expressly relates to an earlier date, in which case
such representation or warranty shall be true and correct in all material
respects as of such earlier date,

and (2) the failure of any such representation and warranty to be true would not
reasonably be expected to have a Material Adverse Effect).

          (ii) No Default or Event of Default shall have occurred and be
continuing on such date or after giving effect to the disbursement requested to
be made on such date.

          (iii) Disbursement of the amount requested by the Notice of Draw is
subject to Lender receiving on or prior to the Acquisition Date the following
all in form and substance reasonably satisfactory to Lender:

          (a)  a Deed of Trust with respect to each Acquisition Property (other
               than (1) Properties which are prohibited by the applicable Ground
               Lease or Easement from being encumbered by a Deed of Trust and
               (2) Managed Properties), or if a leasehold or fee interest in any
               Acquisition Property is subsequently acquired by a Borrower,
               delivery of a Deed of Trust within a reasonable period following
               such acquisition, each executed and delivered by a duly
               authorized officer of the applicable Borrowers;

          (b)  Title Policies (containing the endorsements and affirmative
               coverages set forth in EXHIBIT I to the extent available in the
               applicable jurisdiction) for each Acquisition Property to be
               encumbered by a Deed of Trust dated as of the date of the
               Acquisition (or if a leasehold or fee interest in any Acquisition
               Property is subsequently acquired by a Borrower, within a
               reasonable period following such acquisition) with coverage in
               the amount of the Cash Purchase Price for the applicable
               Acquisition and insuring Lender (together with its successors and
               assigns) that the relevant Deed of Trust creates a valid first
               lien on the Acquisition Property encumbered thereby, free and
               clear of all exceptions from coverage other than Permitted
               Encumbrances and standard exceptions and exclusions from coverage
               (as modified by the terms of any endorsements). Lender shall also
               have received copies of the closing statements for such
               Acquisition showing that all premiums in respect of such
               endorsements and Title Policies shall have been paid as of the
               closing of such Acquisition;

          (c)  valid certificates of insurance indicating that the requirements
               for the Insurance Policies required hereunder have been satisfied
               with respect to each Acquisition Property and evidence of the
               payment of all premiums payable for the existing policy period by
               including such premium on the closing statement for such
               Acquisition;

          (d)  payment or reimbursement to Lender to the extent invoiced of all
               reasonable fees, costs and expenses incurred by Lender
               (including, without limitation, reasonable attorneys fees and
               disbursements) in connection with such Acquisition, and all
               recording charges, filing fees, taxes or other expenses
               (including, without limitation, mortgage and intangibles taxes
               and documentary stamp taxes) payable in connection with the
               applicable Deeds of Trust shall have been paid;

          (e)  evidence that each Acquisition Property that is an Owned Property
               acquired in such Acquisition constitutes a separate tax lot;

          (f)  if such Acquisition consists of the acquisition of the Capital
               Stock of any Person, in addition to the foregoing deliveries, the
               Borrowers shall have delivered (i) a Rating Confirmation, (ii) an
               assumption and joinder agreement in the form of EXHIBIT G
               executed and delivered by a duly authorized officer of the
               applicable Borrower, and (iii) good standing certificates from
               the applicable jurisdiction of formation for such Person
               (together with such resolutions and other evidence of corporate,
               limited liability company or partnership action, as applicable,
               as shall be required to complete the Acquisition);

          (g)  a calculation of the Allocated Loan Amount for each Acquisition
               Property which shall be equal to the Cash Purchase Price for the
               applicable Acquisition funded from the Acquisition Reserve
               multiplied by the quotient (expressed as a percentage) of (x) Net
               Tower Cash Flow of the applicable Property divided by (y) Net
               Tower Cash Flow of all Qualifying Acquisition Properties acquired
               in such Acquisition; provided that the Allocated Loan Amount for
               any Properties that are not Qualifying Acquisition Properties
               shall be $0.00; and

          (h)  evidence that, with respect to all Acquisition Properties, after
               giving effect to such Acquisition, (x) the average remaining term
               (including all available extensions) of the Ground Leases for
               such Properties (taken as a whole) is equal to or greater than
               fifteen (15) years, and (y) at least eighty percent (80%) of the
               Operating Revenues generated by such Properties (taken as a
               whole) comes from telephony tenants.

          (iv) Not later than forty-five (45) days following completion of an
Acquisition, the Borrowers shall, or shall cause Manager to, deliver to Lender
copies of all leases and any Ground Leases affecting any Acquisition Property
acquired in such Acquisition, certified, to the Knowledge of the Borrowers as
being true and correct.

     (D) TERMINATION OF ACQUISITION RESERVE. The Borrowers shall have the right,
upon not less than three (3) Business Days' prior written notice to Lender, to
terminate the Acquisition Reserve at which time any amounts remaining in the
Acquisition Reserve will be applied (together with the applicable Yield
Maintenance) to the outstanding Principal Amount in accordance with Section
2.4(A).

     (E) FORMAT FOR NOTICES/DELIVERIES. All notices and deliveries required
pursuant to the terms of this Section 6.5 may be provided by (i) electronic
delivery, (ii) access to a dedicated electronic documentation web-based site
(provided that confirmation of such access together with any required access
code is delivered to Lender within the time periods provided herein), or (iii)
as provided pursuant to Section 14.5 hereof (which may include delivery in
digital media form).

SECTION 6.6 RESERVED.

SECTION 6.7 RESERVED.

SECTION 6.8 CASH TRAP RESERVE. If a Cash Trap Event shall occur, then, from and
after the date that it is determined that a Cash Trap Event has occurred (which
shall be based upon the financial reporting required to be delivered pursuant to
Section 5.1(A)(iv)) and for so long as such Cash Trap Event continues to exist,
all Excess Cash Flow (except as otherwise expressly provided below) shall be
deposited with Lender (or its Servicer or agent) and held in the Lock Box
Account in accordance with the terms of the Cash Management Agreement (said
funds, together with any interest thereon, the "CASH TRAP RESERVE"). A "CASH
TRAP EVENT" shall occur as of the last day of any calendar quarter when the Debt
Service Coverage Ratio is equal to or less than the Cash Trap DSCR, and shall
continue to exist until such time as the Debt Service Coverage Ratio exceeds the
Cash Trap DSCR for two (2) consecutive calendar quarters. If as of the last day
of any calendar quarter the Debt Service Coverage Ratio is less than the Minimum
DSCR, Lender will apply any amounts in the Cash Trap Reserve to payment of the
Loan on the next Payment Date (including any required Yield Maintenance). Any
funds on deposit in the Cash Trap Reserve shall continue to be held as
additional Collateral in accordance with this Section 6.8. Provided that no
Event of Default exists and the Cash Trap DSCR test has been satisfied for two
(2) consecutive calendar quarters (as determined above), any funds remaining in
the Cash Trap Reserve shall be released to the Borrowers. The existence of a
Cash Trap Event shall be determined by Lender in its reasonable good faith
determination. Notwithstanding any provision herein to the contrary, during the
continuance of an Event of Default all funds on deposit in the Cash Trap Reserve
and any subsequent Excess Cash Flow may be applied by Lender to payment of the
Loan (including payment of Yield Maintenance, if any) or other Obligations as
Lender may elect.

                                   ARTICLE VII
                                DEPOSIT ACCOUNT;
                        LOCK BOX ACCOUNT; CASH MANAGEMENT

SECTION 7.1 ESTABLISHMENT OF DEPOSIT ACCOUNT AND LOCK BOX ACCOUNT.

     (A) (i) DEPOSIT ACCOUNT. On or before the Closing Date, and prior to the
completion of any Acquisition, one or more deposit accounts, which shall be
Eligible Accounts, shall be established at the Borrowers' sole cost and expense
in the name of Lender, as secured party hereunder (said accounts, and any
accounts replacing same in accordance with this Loan Agreement and the Deposit
Account Agreement, collectively, the "DEPOSIT ACCOUNT") with one or more
financial institutions reasonably approved by Lender (collectively, the "DEPOSIT
BANK"), pursuant to one or more agreements (collectively, the "DEPOSIT ACCOUNT
AGREEMENT") substantially similar to Lender's form or otherwise in form and
substance reasonably acceptable to Lender, executed and delivered by the
Borrowers and the Deposit Bank. The Deposit Account shall be under the sole
dominion and control of Lender (which dominion and control may be exercised by
Servicer). Among other things, the Deposit Account Agreement shall provide that
the Borrowers shall have no access to or control over the Deposit Account, that
all available funds on deposit in the Deposit Account shall be transferred by
wire transfer (or transfer via the ACH System) on each Monday, Wednesday and
Friday of each calendar week (or if such day is

not a Business day, the next such day that is a Business Day) by the Deposit
Bank into the Lock Box Account, for application in accordance with the Cash
Management Agreement. The Deposit Bank and the Lock Box Account Bank shall be
directed to deliver to the Borrowers copies of bank statements and other
information made available by the Deposit Bank and the Lock Box Account Bank
concerning the Deposit Account and the Lock Box Account, respectively.

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

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

     (B) LOCK BOX ACCOUNT. On or before the Closing Date, pursuant to the terms
of the Cash Management Agreement, an Eligible Account shall be established in
the name of Lender, as secured party hereunder, to serve as the "Lock Box
Account" (said account, and any account replacing the same in accordance with
this Loan Agreement and the Cash Management Agreement, the "LOCK BOX ACCOUNT";
and the depositary institution in which the Lock Box Account is maintained, the
"LOCK BOX ACCOUNT BANK"). The Lock Box Account shall be under the sole dominion
and control of Lender (which dominion and control may be exercised by Servicer);
and except as expressly provided hereunder or in the Cash Management Agreement,
the Borrowers shall not have the right to control or direct the investment or
payment of funds therein during the continuance of an Event of Default. Lender
may elect to change any financial institution in which the Lock Box Account
shall be maintained if such institution is no longer an Eligible Bank, upon not
less than five (5) Business Days' notice to the Borrower. The Lock Box Account
shall be deemed to contain such sub-accounts as Lender may designate
("SUB-ACCOUNTS"), which may be maintained as separate ledger accounts and need
not be separate Eligible Accounts. The Sub-Accounts shall include the following
as more particularly described in the Cash Management Agreement:

          (i) "DEBT SERVICE SUB-ACCOUNT" shall mean the Sub-Account of the Lock
Box Account established for the purposes of reserving for payments of principal
and interest and

other amounts due under the Loan Documents (but without duplication of amounts
covered under item (ii) below); and

          (ii) "RESERVE SUB-ACCOUNTS" shall mean the Sub-Accounts of the Lock
Box Account established for the purpose of holding funds in the Reserves
including: (a) the "Imposition and Insurance Reserve Sub-Account", (b) the "Cash
Trap Reserve Sub-Account", (c) the "Advance Rents Reserve Sub-Account", and (d)
the "Loss Proceeds Reserve Sub-Account".

SECTION 7.2 APPLICATION OF FUNDS IN LOCK BOX ACCOUNT. Funds in the Lock Box
Account shall be allocated to the Sub-Accounts or the other Accounts (or paid,
as the case may be) in accordance with the Cash Management Agreement.

SECTION 7.3 APPLICATION OF FUNDS AFTER EVENT OF DEFAULT. If any Event of Default
shall occur and be continuing, then notwithstanding anything to the contrary in
this Section or elsewhere, Lender shall have all rights and remedies available
under applicable law and under the Loan Documents. Without limitation of the
foregoing, for so long as an Event of Default exists, Lender may apply any and
all Receipts in the Deposit Account, the Lock Box Account, the Cash Trap Reserve
Sub-Account, the Acquisition Reserve and any other Accounts or Sub-Accounts
against all or any portion of any of the Obligations, in any order.

                                  ARTICLE VIII
                          DEFAULT, RIGHTS AND REMEDIES

SECTION 8.1 EVENT OF DEFAULT.

     "EVENT OF DEFAULT" shall mean the occurrence or existence of any one or
more of the following:

     (A) SCHEDULED PAYMENTS. Failure of the Borrowers to pay any scheduled
payment amount when the same is due under this Loan Agreement, the Note, or any
other Loan Documents (whether such amount is interest, principal, Reserves, or
otherwise), or to pay for any Insurance Policies required pursuant to Section
5.4 hereof; or

     (B) OTHER PAYMENTS. Failure of the Borrowers to pay any amount from time to
time owing under this Loan Agreement, the Note, or any other Loan Documents
(other than amounts subject to the preceding paragraph) within ten (10) days
after written notice to the Borrowers; or

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

     (D) BREACH OF PROVISIONS REGARDING INSURANCE, TRANSFERS, LIENS, SINGLE
PURPOSE. Breach or default under any of Section 5.4, 5.10, 5.15, 5.16, 5.17,
5.18, Article IX (including with respect to Manager or Guarantor), or Section
11.1; provided that (i) in the case of an involuntary Lien under Section 5.16 or
11.1, the same shall not constitute an Event of Default if such liens, in the
aggregate, are not reasonably likely to have a Material Adverse Effect or if
within thirty (30) days after the Borrowers' receipt of notice thereof, the
Borrowers shall either

(x) cause the same to be removed of record, or (y) provide to Lender security
for the same in an amount and pursuant to terms both satisfactory to Lender in
Lender's sole discretion, and (ii) in the case of a default under Section 5.16,
such default shall not constitute an Event of Default if cured within thirty
(30) days after the occurrence thereof, provided that (x) if such default is
capable of cure but with diligence cannot be cured within such thirty (30) day
period, (y) the Borrowers (or the applicable Borrower Party) has commenced to
cure such default within such thirty (30) day period and has pursued such cure
diligently, and (z) each Borrower delivers to Lender promptly following written
demand (which demand may be made from time to time by Lender) evidence
reasonably satisfactory to Lender of the foregoing, such period may be extended
for a period not to exceed ninety (90) days after the original notice of
default; or

     (E) BREACH OF WARRANTY. Any representation, warranty, certification or
other statement made by any Borrower, Guarantor or Manager in any Loan Document
or in any statement or certificate at any time given in writing pursuant to or
in connection with any Loan Document is false as of the date made and such
breach is reasonably likely to have a Material Adverse Effect, provided that
such breach shall not constitute an Event of Default if within forty-five (45)
days of the Borrowers' Knowledge thereof (or such longer period as may be
consented to by Lender), the Borrowers' take such action as may be required to
make such representation, warranty, certification or other statement to be true
as made, which may include removing the affected Property by effectuating a
Release, Substitution or Other Property Substitution subject to the terms of
Section 11.4, Section 11.5 or Section 11.6, respectively; or

     (F) OTHER DEFAULTS UNDER LOAN DOCUMENTS. A default shall occur in the
performance of or compliance with any term contained in this Loan Agreement
(other than a default already described in another subsection of this Section
8.1) or the other Loan Documents and such default is reasonably likely to have a
Material Adverse Effect and such default is not fully cured within thirty (30)
days after receipt by the Borrowers of written notice from Lender of such
default; provided however that if (i) the default is capable of cure but with
diligence cannot be cured within such period of thirty (30) days, (ii) the
Borrowers (or the applicable Borrower Party) has commenced the cure within such
thirty (30) day period and has pursued such cure diligently, and (iii) each
Borrower delivers to Lender promptly following written demand (which demand may
be made from time to time by Lender) evidence reasonably satisfactory to Lender
of the foregoing, then such period shall be extended for so long as is
reasonably necessary for the Borrowers in the exercise of due diligence to cure
such default, but in no event beyond one hundred and twenty (120) days after the
original notice of default; or

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

Borrower Party or Manager, applicable, for all or a substantial part of the
property of such Person; or

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

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

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

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

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

     (M) INVALIDITY OF LOAN DOCUMENTS. This Loan Agreement, any Deed of Trust or
any of the Loan Documents for any reason ceases to be in full force and effect
or ceases to be a legally valid, binding and enforceable obligation of the
Borrowers or any Lien securing the Obligations shall, in whole or in part, cease
to be a perfected first priority Lien, subject to the Permitted Encumbrances
(except in any of the foregoing cases in accordance with the terms hereof or
under any other Loan Document) which is reasonably likely to have a Material
Adverse Effect, and the Borrowers do not take all actions requested by Lender to
correct such defect within ten (10) days after the written request by Lender to
take such action, or any Person under the control of the Borrowers or Guarantor
who is a party thereto, other than Lender, denies

that it has any further liability (as distinguished from denial of the existence
of a Default or Event of Default) under any Loan Documents to which it is party,
or gives notice to such effect; or

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

     (O) GROUND LEASE. Any default by any of the Borrowers beyond any applicable
grace period shall occur under any Ground Lease and the Borrowers have not
effectuated a Release or Substitution of such affected Property within
forty-five (45) days of the expiration of such grace period or, subject to
Section 5.23 or Section 11.5 hereof, any actual or attempted surrender,
termination, modification or amendment of any Ground Lease without Lender's
prior written consent; or

     (P) EASEMENTS. Any default by any of the Borrowers beyond any applicable
grace period shall occur under any Easement and the Borrowers have not
effectuated a Release or Substitution of such affected Property within
forty-five (45) days of the expiration of such grace period or, subject to
Section 5.24 or Section 11.5 hereof, any actual or attempted surrender,
termination, modification or amendment of any Easement without Lender's prior
written consent.

     (Q) MASTER LEASE AGREEMENT. Any default by any of the Borrowers beyond any
applicable grace period shall occur under the Master Lease Agreement or any
actual or attempted surrender, termination, modification or amendment of the
Master Lease Agreement occurs without Lender's prior written consent if required
hereunder.

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

SECTION 8.2 ACCELERATION AND REMEDIES.

     (A) Upon the occurrence and during the continuance of any Event of Default
described in any of Subsections 8.1(G), 8.1(H), or 8.1(I), the unpaid principal
amount of and accrued interest and fees on the Loan and all other Obligations
shall automatically become immediately due and payable, without presentment,
demand, protest, notice of intent to accelerate, notice of acceleration or other
requirements of any kind, all of which are hereby expressly waived by the
Borrowers. Upon and at any time after the occurrence of any other Event of
Default, at the option of Lender, which may be exercised without notice or
demand to anyone, all or any portion of the Loan and other Obligations shall
immediately become due and payable.

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

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

     (D) During the continuance of an Event of Default, Lender shall have the
right from time to time to sever the Note and the other Loan Documents into one
or more separate notes, mortgages and other security documents in such
denominations as Lender shall determine in its sole discretion for purposes of
evidencing and enforcing its rights and remedies provided hereunder. The
Borrowers shall execute and deliver to Lender from time to time, within ten (10)
days after the request of Lender, a severance agreement and such other documents
as Lender shall reasonably request in order to effect the severance described in
the preceding sentence, all in form and substance reasonably satisfactory to
Lender. The Borrowers hereby absolutely and irrevocably appoint Lender as their
true and lawful attorney-in-fact, coupled with an interest, in their name and
stead to make and execute all documents reasonably necessary to effect the
aforesaid severance if the Borrowers fail to do so within ten (10) days of
Lender's written request, the Borrowers ratifying all that their said
attorney-in-fact shall do by virtue thereof.

     (E) Any amounts recovered from the Properties or any other collateral for
the Loan after an Event of Default may be applied by Lender toward the payment
of any interest and/or

principal of the Loan and/or any other amounts due under the Loan Documents in
such order, priority and proportions as Lender in its sole discretion shall
determine.

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

SECTION 8.3 PERFORMANCE BY LENDER.

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

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

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

                                   ARTICLE IX
               SINGLE-PURPOSE, BANKRUPTCY-REMOTE REPRESENTATIONS,
                            WARRANTIES AND COVENANTS

SECTION 9.1 APPLICABLE TO BORROWER PARTIES. The Borrowers hereby represent,
warrant and covenant as of the Closing Date and until such time as all
Obligations are paid in full, that absent express advance written waiver from
Lender, which may be withheld in Lender's sole discretion, that each Borrower
Party:

     (A) Except for properties, or interests therein, which the Borrowers have
sold and for which the Borrowers have no continuing obligations or liabilities,
has not owned, and does not own and will not own any assets other than (i) with
respect to the Borrowers, the Properties (including incidental personal property
necessary for the operation thereof and proceeds therefrom), or (ii) with
respect to the Member and the Borrowers, direct or indirect ownership interests
in the Borrowers or such incidental assets as are necessary to enable it to
discharge its obligations with respect to the Borrowers (the "OWNERSHIP
INTERESTS");

     (B) has not, and is not, engaged and will not engage in any business,
directly or indirectly, other than the ownership, management and operation of
the Properties or the Ownership Interests, as applicable, and acquisition of the
Acquisition Properties;

     (C) has not entered into, and will not enter into, any contract or
agreement with any partner, member, shareholder, trustee, beneficiary, principal
or Affiliate of any Borrower Party except upon terms and conditions that are
intrinsically fair and substantially similar to those that would be available on
an arm's-length basis with third parties other than such Affiliate (including
the Management Agreement);

     (D) has not incurred any debt (other than among the Borrowers) that remains
outstanding as of Closing and will not incur any debt, secured or unsecured,
direct or contingent (including guaranteeing any obligation), other than (i) the
Obligations, and (ii) Permitted Indebtedness;

     (E) has not made any loans or advances to any Person that remains
outstanding as of Closing and will not make any loan or advances to any Person
(including any of its Affiliates, other than among the Borrowers), and has not
acquired and will not acquire obligations or securities of any of its Affiliates
other than the other Borrower Parties;

     (F) is and reasonably expects to remain solvent and pay its own
liabilities, indebtedness, and obligations of any kind from its own separate
assets as the same shall become due;

     (G) has done or caused to be done and will do all things necessary to
preserve its existence, and will not, nor will any partner, member, shareholder,
trustee, beneficiary, or principal amend, modify or otherwise change its
partnership certificate, partnership agreement, articles of incorporation,
by-laws, articles of organization, operating agreement, or other organizational
documents in any manner with respect to the matters set forth in this Article
IX;

     (H) has continuously maintained, and shall continuously maintain, its
existence and be qualified to do business in all states necessary to carry on
its business, specifically including in the case of each Borrower, the state
where its Properties are located;

     (I) has conducted and operated, and will conduct and operate, its business
as presently contemplated with respect to the ownership of the Properties, or
the Ownership Interests, as applicable;

     (J) has maintained, and will maintain, books and records and bank accounts
(other than bank accounts established hereunder, or established by Manager
pursuant to the Management Agreement) separate from those of its partners,
members, shareholders, trustees, beneficiaries, principals, Affiliates, and any
other Person (other than the other Borrowers) and will maintain separate
financial statements except that it may also be included in consolidated
financial statements of its Affiliates;

     (K) has at all times held, and will continue to hold, itself out to the
public as, a legal entity separate and distinct from any other Person (including
any of its partners, members, shareholders, trustees, beneficiaries, principals
and Affiliates, and any Affiliates of any of the same), and not as a department
or division of any Person (other than the other Borrowers) and will correct any
known misunderstandings regarding its existence as a separate legal entity;

     (L) has paid, and will pay, the salaries of its own employees, if any;

     (M) has allocated, and will continue to allocate, fairly and reasonably any
overhead for shared office space;

     (N) has used, and will continue to use, its own stationery, invoices and
checks (other than those Borrowers who are expressly permitted to use, along
with other Borrowers only, common stationary, invoices and checks);

     (O) has filed, and will continue to file, its own tax returns with respect
to itself (or consolidated tax returns, if applicable) as may be required under
applicable law;

     (P) reasonably expects to maintain adequate capital for its obligations in
light of its contemplated business operations;

     (Q) has not sought, acquiesced in, or suffered or permitted, and will not
seek, acquiesce in, or suffer or permit, its liquidation, dissolution or winding
up, in whole or in part;

     (R) will not enter into any transaction of merger or consolidation, sell
all or substantially all of its assets, or acquire by purchase or otherwise all
or substantially all of the business or assets of, or any stock or beneficial
ownership of, any Person other than in connection with an Acquisition;

     (S) has not commingled or permitted to be commingled, and will not
commingle or permit to be commingled, its funds or other assets with those of
any other Person (other than, with respect to the Borrowers, each other
Borrower, or as may be held by Manager, as agent, for each Borrower pursuant to
the terms of the Management Agreement);

     (T) has and will maintain its assets in such a manner that it is not costly
or difficult to segregate, ascertain or identify its individual assets from
those of any other Person;

     (U) does not and will not hold itself out to be responsible for the debts
or obligations (other than the Obligations) of any other Person;

     (V) has not guaranteed or otherwise become liable in connection with any
obligation of any other Person (other than the other Borrowers) that remains
outstanding, and will not guarantee or otherwise become liable on or in
connection with any obligation (other than the Obligations) of any other Person
(other than the other Borrowers) that remains outstanding;

     (W) has not held, and, except for funds deposited into the Accounts in
accordance with the Loan Documents, shall not hold, title to its assets other
than in its name;

     (X) shall comply in all material respects with all of the assumptions,
statements, certifications, representations, warranties and covenants regarding
or made by it contained in or appended to the nonconsolidation opinion delivered
pursuant hereto;

     (Y) has conducted, and will continue to conduct, its business in its own
name; and

     (Z) has observed, and will continue to observe, all corporate, limited
liability company, or limited partnership, as applicable, formalities.

SECTION 9.2 APPLICABLE TO BORROWERS, GUARANTOR AND MANAGER. In addition to their
respective obligations under Section 9.1, each Borrower hereby represents,
warrants and covenants as of the Closing Date and until such time as all
Obligations are paid in full, that absent express advance written waiver from
Lender, which may be withheld in Lender's sole discretion:

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

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

     (C) Manager shall comply with the provisions of Section 9.1 applicable to
Manager and as is necessary and incidental to its performance under the
Management Agreement, provided that Manager may enter into additional management
agreements with Affiliates of the Borrowers and employ such persons and own such
assets as may be necessary or incidental thereto.

                                   ARTICLE X
                       PLEDGE OF OTHER COMPANY COLLATERAL

SECTION 10.1 GRANT OF SECURITY INTEREST/UCC COLLATERAL. The Borrowers hereby
pledge, assign and grant to Lender a security interest in and to all of the
Borrowers' fixtures and personal property (including, but not limited to all,
(i) equipment in all of its forms, now or hereafter existing, all parts thereof
and all accessions thereto, including but not limited to machinery, towers,
satellite receivers, antennas, headend electronics, furniture, motor vehicles,
aircraft and rolling stock, (ii) of the Borrowers' fixtures now existing or
hereafter acquired, all substitutes and replacements therefor, all accessions
and attachments thereto, and all tools, parts and equipment now or hereafter
added to or used in connection with the fixtures on or above the Properties
(and, following an Acquisition, all Acquisition Properties) described herein and
all real property now owned or hereafter acquired by the Borrowers and all
substitutes and replacements for, accessions, attachments and other additions
to, tools, parts, and equipment used in connection with, and all proceeds,
products, and increases of, any and all of the foregoing Collateral (including,
without limitation, proceeds which constitute property of the types described
herein), (iii) accounts now or hereafter existing, (iv) inventory now or
hereafter existing, (v) general intangibles (other than Site Management
Agreements) now or hereafter existing, (vi) investment property now or hereafter
existing, (vii) deposit accounts now or hereafter existing, (viii) chattel paper
now or hereafter existing, (ix) instruments, (x) Site Management Agreements now
or hereafter existing (including all rights to payment thereunder, but excluding
any other rights that cannot be assigned without third party consent under such
Site Management Agreements), and the proceeds of the foregoing (collectively,
the "OTHER COMPANY COLLATERAL"), as security for payment and performance of all
of the Obligations hereunder and under the Note and the other Loan Documents.
The Other Company Collateral is subject to the security interest in favor of
Lender created herein and all provisions of this Loan Agreement and the other
Loan Documents. The Borrowers hereby authorize Lender to file such financing
statements as Lender shall deem reasonably necessary to perfect Lender's
interest in the Other Company Collateral. Upon the occurrence and during the
continuance of any Event of Default, Lender shall have all rights and remedies
pertaining to the Other Company Collateral as are provided for in any of the
Loan Documents or under any applicable law including, without limitation of
Lender's rights of enforcement with respect to the Other Company Collateral or
any part thereof, exercising its rights of enforcement with respect to the Other
Company Collateral or any part thereof under the UCC as amended (or under the
UCC in force in any other state to the extent the same is applicable law) and in
conjunction with, in addition to, or in substitution for, such rights and
remedies of the following:

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

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

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

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

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

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

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

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

                                   ARTICLE XI
                 RESTRICTIONS ON LIENS, TRANSFERS; ASSUMABILITY;
                              RELEASE OF PROPERTIES

SECTION 11.1 RESTRICTIONS ON TRANSFER AND ENCUMBRANCE. Except as expressly
permitted under this Article XI, transfers of Properties among the Borrowers
(provided that appropriate amendments to the Loan Documents are delivered in
connection with such transfer as are necessary to continue Lender's first
priority perfected security interest in the Collateral), and Leases entered into
as permitted hereunder, the Borrowers shall not cause or suffer to occur or
exist, directly or indirectly, voluntarily or involuntarily, by operation of law
or otherwise, any sale, transfer, mortgage, pledge, Lien or encumbrance (other
than the Permitted Encumbrances) of (i) all or any part of the Properties or any
interest therein (except in connection with a termination permitted pursuant to
Section 5.9, 5.23(A) or 5.24(A)), or (ii) any direct or indirect ownership or
beneficial interest in any Borrower, the Guarantor or Manager, irrespective of
the number of tiers of ownership without Lender's consent and receipt of a
Rating Confirmation.

SECTION 11.2 TRANSFERS OF BENEFICIAL INTERESTS. The following voluntary or
involuntary sales, encumbrances, conveyances, transfers and pledges (each, a
"TRANSFER") of a direct, indirect or beneficial interest shall be permitted
without Lender's consent ("PERMITTED OWNERSHIP INTEREST TRANSFERS"):

     (A) A Transfer of no more than forty-nine percent (49%) of the direct or
indirect ownership interests in Guarantor or Manager (in the aggregate).

     (B) A Transfer or a series of Transfers that result in the proposed
transferee, together with Affiliates of such transferee, owning in the aggregate
(directly or indirectly) more than forty-nine percent (49%) of the economic and
beneficial interests in Guarantor or Manager (where, prior to such Transfer,
such proposed transferee and its Affiliates owned in the aggregate (directly or
indirectly) forty-nine percent (49%) or less of such interests in Guarantor or
Manager, as applicable); and, provided that such Transfer shall not be a
Permitted Ownership Interest Transfer unless Lender receives, prior to such
Transfer, both (x) evidence reasonably satisfactory to Lender (which shall
include a legal non-consolidation opinion reasonably acceptable to Lender and
the Rating Agencies) that the single purpose nature and bankruptcy remoteness of
the Borrowers, the Guarantor or Manager, as applicable (and their members and
general partners, as applicable) following such Transfer or Transfers will be
the same as prior to such Transfer or Transfers and (y) Rating Confirmation.

     (C) For so long as GSI's (or its successor's) stock is traded through the
"over-the-counter market" or through any recognized stock exchange, (x) any
Transfer of all or any portion of the issued and outstanding capital stock of
GSI, or the issuance of additional capital stock of GSI (including common or
preferred shares) through the "over-the-counter market" or through any
recognized stock exchange, or (y) the issuance by Global Signal Operating
Partnership, L.P. of partnership interests in connection with a permitted
contribution under the IRC.

     For purposes of this Section 11.2, "control" shall have the meaning given
thereto in the definition of "Affiliate" in Section 1.1 and a "change of
control" of any Person shall include the Transfer of legal or equitable
ownership interests in such Person which after giving effect to such Transfer
results in any transferee or pledgee of such interests holding more than a
forty-nine (49%) legal or equitable ownership interest or security interest in
such Person.

SECTION 11.3 DEFEASANCE. At any time prior to the first Payment Date that is
three (3) months prior to the Maturity Date, the Borrowers may defease the Loan
at any time, in whole or, from time to time, in part in accordance with the
following provisions:

     (A) Lender shall have received from the Borrowers not less than thirty (30)
days' prior written notice specifying the date proposed for such defeasance and
the amount which is to be defeased, which proposed date shall be a Payment Date.

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

     (C) No Event of Default shall have occurred and be continuing unless, in
connection with such defeasance, the Release of one or more Properties which are
the subject of a proposed defeasance will cure such Event of Default.

     (D) The Borrowers shall (i) deliver Federal Obligations sufficient to make
the Scheduled Defeasance Payments to Lender (ii) deliver to Lender (1) a
security agreement, in form and substance reasonably satisfactory to Lender,
creating a first priority lien on the Federal Obligations purchased by Borrowers
in accordance with the terms of this Section 11.3 (the

"SECURITY AGREEMENT"); (2) deliver to Lender an Officer's Certificate certifying
that the requirements set forth in this Section 11.3 have been satisfied; (3)
deliver to Lender an opinion of counsel for the Borrowers in form and substance
reasonably satisfactory to Lender stating, among other things, that Lender has a
first priority perfected security interest in the Federal Obligations; (4) if
only a portion of the Loan is being defeased, the Borrowers shall execute and
deliver all necessary documents to split the Note into two substitute notes, one
having a principal balance equal to the defeased portion of the Note (the
"DEFEASED NOTE") and one note having a principal balance equal to the undefeased
portion of the Note (the "UNDEFEASED NOTE"), with a balloon payment on the
Defeased Note due on the first Payment Date that occurs three (3) months prior
to the Maturity Date; (5) deliver to Lender a certificate, in form and substance
reasonably satisfactory to Lender from an independent certified public
accountant confirming that the requirements of this Section 11.3 have been
satisfied; and (6) deliver to Lender such other certificates, documents,
opinions or instruments as Lender may reasonably request. The Borrowers,
pursuant to the Security Agreement or other appropriate document, shall
authorize and direct that the payments received from the Federal Obligations
shall be made directly to Lender and applied to satisfy the obligations of the
Borrowers under the Defeased Note. The Defeased Note and the Undefeased Note
shall have identical terms as the Note, except for the principal balance,
payment amounts and amortization schedules and with a balloon payment on the
Defeased Note due on the first Payment Date that occurs three (3) months prior
to the Maturity Date. A Defeased Note cannot be the subject of a further
defeasance.

     (E) Lender shall have received a Rating Confirmation.

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

SECTION 11.4 RELEASE OF PROPERTIES.

     (A) DEFEASANCE; PREPAYMENTS. If (x) the Borrowers defease all or a portion
of the Loan pursuant to Section 11.3 hereof to facilitate the disposition of a
Property or (y) a prepayment is made pursuant to Section 2.6(A), Section 5.5(C),
Section 11.4(B), or Section 11.4(C) hereof, Lender shall, promptly upon
satisfaction of all the following terms and conditions execute, acknowledge and
deliver to the Borrowers a release of the applicable Loan Documents with respect
to any such Property (a "RELEASE", and each such released Property, a "RELEASED
PROPERTY") in recordable form with respect to the applicable Released Property:

          (i) In the event of a prepayment of the Loan in part, but not in
whole, Lender shall have received the Release Price on the date proposed for
such prepayment, which shall be applied in accordance with Section 2.4(A)
hereof.

          (ii) Except for prepayments or defeasances, as applicable, which are
made (x) contemporaneously with the application of Loss Proceeds towards the
payment of the Loan where such Loss Proceeds constitute at least fifty percent
(50%) of the Release Price, or (y) under Section 11.4(B) or Section 11.4(C)
Lender shall have received from the Borrowers evidence in form and substance
satisfactory to Lender that (1) the Debt Service Coverage Ratio immediately
following the Release is equal to the greater of (x) 1.30:1 or (y) the Debt
Service Coverage Ratio immediately prior to effecting such Release, and (2) at
least seventy-eight percent (78%) of the Operating Revenues of the Properties
that remain following a proposed Release will consist of telephony revenues,
unless in either such case the Borrowers have delivered a Rating Confirmation in
connection with such Release, accompanied by an Officer's Certificate stating
that the statements, calculations and information comprising such evidence are
true, correct and complete in all respects.

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

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

          (v) Immediately following such Release, the Released Property will be
owned by a Person other than the Borrowers or any of their Affiliates (unless
such Release is effectuated to cure a Default, in which event the Released
Property may be owned by an Affiliate of the Borrowers).

     (B) UNDERPERFORMING OWNED PROPERTIES. The Borrowers shall be permitted,
without Lender's consent, to sell any Properties which the Borrowers reasonably
deem necessary in accordance with prudent business practices, provided that:

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

          (ii) Together with such notice the Borrowers provide supporting
information reasonably acceptable to Lender that following such sale the DSCR
will be equal to or greater than the DSCR immediately prior to such sale.

          (iii) If (1) the aggregate Allocated Loan Amount of (x) each such
Property for which a sale has occurred under this Section 11.4(B) and (y) the
Property for which a sale is proposed is greater than five percent (5%) of the
Principal Amount of the Loan at Closing, or (2) at least seventy-eight percent
(78%) of the Operating Revenues of the Properties that remain following a
proposed sale do not consist of telephony revenues, the Borrowers have delivered
a Rating Confirmation.

          (iv) Following such sale such Property is not held by any Affiliate of
the Borrowers.

     In connection with any sale permitted pursuant to the terms of this Section
11.4(B), the Borrowers may sell any Other Company Collateral associated with the
applicable Mortgaged Property and no longer required in connection with the
operation of the Borrowers' business, and the net proceeds of sale (after
reasonable and customary expenses) of any Mortgaged Property and Other Company
Collateral pursuant to the terms of this Section 11.4 shall be deemed "Receipts"
for all intents and purposes under this Agreement and shall be applied in
accordance with the terms of the Cash Management Agreement.

     (C) MASTER LEASE SITES; PRE-LEASE SITES. The Borrowers shall be permitted,
without Lender's consent, to release any Master Lease Site or Pre-Lease Sites
from a Master Lease Agreement to the extent required pursuant to the terms of
the Sprint Acquisition Documents upon payment of the Release Price for such
Master Lease Site or Pre-Lease Site.

SECTION 11.5 SUBSTITUTION OF PROPERTY. Subject to the terms and conditions set
forth in this Section 11.5, the Borrowers shall have the right to obtain a
release of the lien of the applicable Deed of Trust (and the related Loan
Documents) encumbering one or more Mortgaged Properties (for purposes of this
section only, hereinafter referred to as, the "SUBSTITUTED PROPERTY") by (i)
substituting therefor one or more properties of like kind and quality (which
shall include, among other things, the geographic diversity of the Substituted
Property and markets and submarkets with, among other similarities, similar
demographics, populations, absorption trends, accessibility and visibility) or
(ii), with respect to any of the Ground Leased Properties, subjecting the fee
interest, or an easement interest, in such Ground Leased Property to the lien of
a security instrument in favor of Lender as security for the Loan (individually,
a "REPLACEMENT PROPERTY" and collectively, the "REPLACEMENT PROPERTIES"). In
addition, any such substitution (each a "SUBSTITUTION") shall be subject, in
each case, to the satisfaction of the following conditions precedent:

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

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

     (C) The aggregate value of the Replacement Properties, as established by
the Borrowers to the reasonable satisfaction of Lender, shall be at least equal
to the aggregate value of the Substituted Property as of the date immediately
preceding the Substitution.

     (D) After giving effect to the Substitution, the Debt Service Coverage
Ratio of the Loan is at least equal to the Debt Service Coverage Ratio of the
Loan as of the date immediately preceding the Substitution.

     (E) Lender shall have received a copy of the instrument conveying to the
applicable Borrower the transferred interests and, if such instrument creates a
leasehold interest or an easement interest in favor of the Borrowers, such
instrument shall be reasonably satisfactory to Lender, contain such Lender
protections as are contained in similar instruments accepted by

Lender at Closing, and is accompanied by an estoppel or similar instrument
reasonably satisfactory to Lender.

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

     (G) Lender shall have received (i) a title insurance policy (or a marked,
signed and redated commitment to issue such title insurance policy) reasonably
satisfactory to Lender insuring the lien of the security instrument encumbering
the Replacement Property, issued by the Title Company and dated as of the date
of the Substitution, and (ii) reasonably requested endorsements to the title
policies delivered to Lender in connection with the Deeds of Trust to reflect
the Substitution. Lender also shall have received copies of paid receipts
showing that all premiums in respect of such endorsements and title insurance
policies have been paid.

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

     (I) Lender shall have received such opinions as may be reasonably requested
with respect to the Loan Documents delivered with respect to the Replacement
Property, the Borrower's qualification, and authorization substantially in the
form delivered at Closing, together with an update of the insolvency opinion
indicating that the Substitution does not affect the opinions set forth therein,
and an opinion of counsel stating that the Substitution does not constitute a
"significant modification" of the Loan or "deemed exchange" of the Note under
Section 1001 of the Code.

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

     (K) Lender shall have received a database search environmental report
prepared by Martin and Associates (or another consultant reasonably acceptable
to Lender) on the

Replacement Property, together with a Phase I or Phase II environment assessment
report (if any database search environmental report reveals any condition that
in Lender's reasonable judgment warrants such a report) which concludes that the
subject property does not contain any Hazardous Materials (except for cleaning
and other products used in connection with the routine maintenance or repair of
the subject property) and is not in material violation of any Environmental
Laws.

     (L) Lender shall have received a physical conditions report with respect to
the Replacement Property from a nationally recognized structural consultant
approved by Lender in a form recognized and approved by Lender prior to such
release and Substitution stating that the Replacement Property and its use
comply in all material respects with applicable legal requirements of the
Governmental Authorities and that the Replacement Property is in good condition
and repair and free of damage or waste.

     (M) Except with respect to any Substitution converting Ground Leased
Properties to fee or easement owned properties, or in connection with a
Substitution to cure a Default, if (1) the aggregate Allocated Loan Amount of
all Substituted Properties during any calendar year exceeds five percent (5%) of
the original Principal Amount of the Loan (with any excess limit permitted to be
carried over into subsequent years), (2) the percentage of Operating Revenues
from the applicable Replacement Property represented by telephony and investment
grade tenants (taken together) is less than that from the Substituted Property,
(3) the Substitute Property will be subject to a Ground Lease with a term
(including all available extensions) of less than fifteen (15) years following
the applicable Substitution, (4) the weighted average remaining term of the
Leases with respect to the Replacement Properties is shorter than the weighted
average remaining term of the Leases with respect to the Substituted Property,
or (5) the Maintenance Capital Expenditures for the Replacement Properties are
materially greater than the Maintenance Capital Expenditures for the Substituted
Property, the Borrowers shall have delivered Rating Confirmation.

     (N) On or prior to the date of Substitution, the Borrowers shall deliver an
Officer's Certificate dated as of the date of Substitution certifying that the
requirements set forth in this Section 11.5 have been satisfied and remaking the
applicable representations and warranties as of that date.

     (O) Immediately following such Substitution, the Substituted Property will
be owned by a Person other than the Borrowers or any of their Affiliates (unless
such Substitution is effectuated to cure a Default, in which event the
Substituted Property may be owned by an Affiliate of the Borrowers).

     Upon the satisfaction of the foregoing conditions precedent, as reasonably
determined by Lender, (i) Lender will release its lien from the Substituted
Property, (ii) the Replacement Property shall be deemed to be a "MORTGAGED
PROPERTY" hereunder, (iii) all references herein to the Deeds of Trust shall
include the applicable security instrument encumbering the Replacement Property,
and (iv) the applicable Allocated Loan Amount with respect to the Substituted
Property shall be deemed to be the Allocated Loan Amount with respect to the
Replacement Property for all purposes hereunder.

SECTION 11.6 SUBSTITUTION OF ADDITIONAL PLEDGED PROPERTIES. Subject to the terms
and conditions set forth in this Section 11.6, the Borrowers shall have the
right to transfer Additional Pledged Properties (for purposes of this section
only, hereinafter referred to as, the "SUBSTITUTED ADDITIONAL PLEDGED PROPERTY")
by substituting therefor one or more properties of like kind and quality (which
shall include, among other things, the geographic diversity of the Substituted
Additional Pledged Property and markets and submarkets with, among other
similarities, similar demographics, populations, absorption trends,
accessibility and visibility) (individually, a "REPLACEMENT ADDITIONAL PLEDGED
PROPERTY" and collectively, the "REPLACEMENT ADDITIONAL PLEDGED PROPERTIES"). In
addition, any such substitution (each an "ADDITIONAL PLEDGED PROPERTY
SUBSTITUTION") shall be subject, in each case, to the satisfaction of the
following conditions precedent:

     (A) No Event of Default shall have occurred and be continuing, unless the
release of the Substituted Additional Pledged Property will cure such Event of
Default.

     (B) The Borrowers shall have given Lender at least forty-five (45) days
prior written notice of its election to seek an Additional Pledged Property
Substitution.

     (C) The aggregate value of the Replacement Additional Pledged Property, as
established by the Borrowers to the reasonable satisfaction of Lender, shall be
at least equal to the aggregate value of the Substituted Additional Pledged
Property as of the date immediately preceding the Additional Pledged Property
Substitution.

     (D) After giving effect to the Additional Pledged Property Substitution,
the Debt Service Coverage Ratio of the Loan is at least equal to the Debt
Service Coverage Ratio of the Loan as of the date immediately preceding the
Additional Pledged Property Substitution.

     (E) Lender shall have received a copy of the instrument conveying to the
applicable Borrower the transferred interests.

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

     (G) The Borrowers shall have paid or reimbursed Lender for all third party
out-of-pocket costs and expenses incurred by Lender (including, without
limitation, reasonable attorneys fees and disbursements) in connection with the
Additional Pledged Property Substitution.

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

     (I) Lender shall have received a physical conditions report with respect to
the Replacement Additional Pledged Property from a nationally recognized
structural consultant approved by Lender in a form recognized and approved by
Lender prior to such release and Additional Pledged Property Substitution
stating that the Replacement Additional Pledged Property and its use comply in
all material respects with applicable legal requirements of the Governmental
Authorities and that the Replacement Additional Pledged Property is in good
condition and repair and free of damage or waste.

     (J) On or prior to the date of the Additional Pledged Property
Substitution, the Borrowers shall deliver an Officer's Certificate dated as of
the date of Additional Pledged Property Substitution certifying that the
requirements set forth in this Section 11.6 have been satisfied.

     (K) On or prior to the date of the Additional Pledged Property
Substitution, the Borrowers shall deliver an opinion of counsel stating that the
Additional Pledged Property Substitution does not constitute a "significant
modification" of the Loan or "deemed exchange" of the Note under Section 1001 of
the Code.

     (L) If (1) the aggregate Allocated Loan Amount of all Substituted
Additional Pledged Properties during any calendar year exceeds five percent (5%)
of the original Principal Amount of the Loan (with any excess limit permitted to
be carried over into subsequent years), (2) the percentage of Operating Revenues
from the applicable Replacement Additional Pledged Property represented by
telephony and investment grade tenants (taken together) is less than that from
the Substituted Additional Pledged Property, (3) the Substituted Additional
Pledged Property will be subject to a Ground Lease with a term (including all
available extensions) of less than fifteen (15) years following the applicable
Additional Pledged Property Substitution, (4) the weighted average remaining
term of the Leases with respect to the Replacement Additional Pledged Properties
is shorter than the weighted average remaining term of the Leases with respect
to the Substituted Additional Pledged Property, or (5) the Maintenance Capital
Expenditures for the Replacement Additional Pledged Properties are materially
greater than the Maintenance Capital Expenditures for the Substituted Additional
Pledged Property, the Borrowers shall have delivered Rating Confirmation.

     (M) Immediately following such Additional Pledged Property Substitution,
the Substituted Additional Pledged Property will be owned by a Person other than
the Borrowers or any of their Affiliates (unless such Additional Pledged
Property Substitution is effectuated to cure a Default, in which event the
Substituted Additional Pledged Property may be owned by an Affiliate of the
Borrowers).

Upon the satisfaction of the foregoing conditions precedent, as reasonably
determined by Lender, the Replacement Additional Pledged Property shall be
deemed to be an "ADDITIONAL PLEDGED PROPERTY" hereunder.

                                  ARTICLE XII
                        RECOURSE; LIMITATIONS ON RECOURSE

SECTION 12.1 LIMITATIONS ON RECOURSE. Subject to the provisions of this Article,
and notwithstanding any provision of the Loan Documents other than this Article,
the personal

liability of the Borrowers (but not that of Guarantor which shall remain fully
liable under the Guaranty) to pay any and all Obligations including but not
limited to the principal of and interest on the debt evidenced by the Note and
any other agreement evidencing the Borrowers' obligations under the Note shall
be limited to (i) the Properties, (ii) the rents, profits, issues, products and
income of the Properties, received or collected by or on behalf of the Borrowers
or any Borrower Party after an Event of Default, and (iii) any other Collateral.

Notwithstanding anything to the contrary in this Loan Agreement, the Deeds of
Trust or any of the Loan Documents, Lender shall not be deemed to have waived
any right which Lender may have under Section 506(a), 506(b), 1111(b) or any
other provisions of the Bankruptcy Code to file a claim for the full amount of
the Obligations secured by the Deeds of Trust or to require that all collateral
shall continue to secure all of the Obligations owing to Lender in accordance
with the Loan Documents.

SECTION 12.2 PARTIAL RECOURSE. Notwithstanding Section 12.1, the Borrowers (but
not their members, partners, employees, shareholders agents, directors or
officers (the "EXCULPATED PARTIES")) shall be personally liable to the extent of
any liability, loss, damage, cost or expense (including, without limitation,
attorneys' fees and expenses) suffered or incurred by Lender resulting from any
and all of the following: (i) fraud of any of the Borrowers; (ii) any material
misrepresentation made by the Borrowers in this Loan Agreement or any other Loan
Document; (iii) insurance proceeds, condemnation awards, or other sums or
payments attributable to the Properties that are not applied in accordance with
the provisions of the Loan Documents; (iv) all Receipts of the Properties
received by or on behalf of the Borrowers or any Borrower Party or Manager and
not deposited into the Deposit Account in accordance with Article VII and the
Cash Management Agreement; (v) failure to turn over to Lender, after an Event of
Default, or misappropriation of any tenant security deposits or rents collected
in advance (other than by Lender or Servicer); (vi) failure to notify Lender of
any change in the jurisdiction of organization of any of the Borrowers or of any
change in the name of any of the Borrowers or if any of the Borrowers takes any
other action which could make the information set forth in the Financing
Statements relating to the Loan materially misleading; (vii) failure by the
Borrowers to comply with the covenants, obligations, liabilities, warranties and
representations contained in the Environmental Indemnity or otherwise pertaining
to environmental matters; (viii) material waste; (ix) any uncured default under
Section 11.1; and (x) any material uncured default under Article IX.

SECTION 12.3 MISCELLANEOUS. No provision of this Article shall (i) affect the
enforcement of the Environmental Indemnity, the Guaranty or any guaranty or
similar agreement executed in connection with the Loan, (ii) release or reduce
the debt evidenced by the Note, (iii) impair the lien of any of the Deeds of
Trust or any other security document, (iv) impair the rights of Lender to
enforce any provisions of the Loan Documents, or (v) limit Lender's ability to
obtain a deficiency judgment or judgment on the Note or otherwise against any
Borrower Party but not any Exculpated Party to the extent necessary to obtain
any amount for which such Borrower Party may be liable in accordance with this
Article or any other Loan Document.

                                  ARTICLE XIII
                 WAIVERS OF DEFENSES OF GUARANTORS AND SURETIES

SECTION 13.1 WAIVERS. To the extent that any of the Borrowers (in this Article,
a "WAIVING PARTY") is deemed for any reason to be a guarantor or surety of or
for any other Borrower Party or Affiliate or to have rights or obligations in
the nature of the rights or obligations of a guarantor or surety (whether by
reason of execution of a guaranty, provision of security for the obligations of
another, or otherwise) then this Article shall apply. This Article shall not
affect the rights of the Waiving Party other than to waive or limit rights and
defenses that Waiving Party would have (i) in its capacity as a guarantor or
surety or (ii) in its capacity as one having rights or obligations in the nature
of a guarantor or surety.

     Waiving Party hereby waives diligence, presentment, demand of payment,
filing of claims with a court in the event of receivership or bankruptcy of any
of the other Borrower Parties, protest or notice with respect to any of the
obligations of any of the other Borrower Parties, setoffs and counterclaims and
all presentments, demands for performance, notices of nonperformance, protests,
notices of protest, notices of dishonor and notices of acceptance, the benefits
of all statutes of limitation, and all other demands whatsoever (and shall not
require that the same be made on any of the other Borrower Parties as a
condition precedent to the obligations of Waiving Party), and covenants that the
Loan Documents will not be discharged, except by complete payment and
performance of the obligations evidenced and secured thereby, except only as
limited by the express contractual provisions of the Loan Documents. Waiving
Party further waives all notices that the principal amount, or any portion
thereof, and/or any interest on any instrument or document evidencing all or any
part of the obligations of any of the other Borrower Parties to Lender is due,
notices of any and all proceedings to collect from any of the other Borrower
Parties or any endorser or any other guarantor of all or any part of their
obligations, or from any other person or entity, and, to the extent permitted by
law, notices of exchange, sale, surrender or other handling of any security or
collateral given to Lender to secure payment of all or any part of the
obligations of any of the other Borrower Parties.

     Except only to the extent provided otherwise in the express contractual
provisions of the Loan Documents, Waiving Party hereby agrees that all of its
obligations under the Loan Documents shall remain in full force and effect,
without defense, offset or counterclaim of any kind, notwithstanding that any
right of Waiving Party against any of the other Borrower Parties or defense of
Waiving Party against Lender may be impaired, destroyed, or otherwise affected
by reason of any action or inaction on the part of Lender. Waiving Party waives
all rights and defenses arising out of an election of remedies by the Lender,
even though that election of remedies, may have destroyed the Waiving Party's
rights of subrogation and reimbursement against the other Borrower Parties.

     Lender is hereby authorized, without notice or demand, from time to time,
(a) to renew, extend, accelerate or otherwise change the time for payment of, or
other terms relating to, all or any part of the obligations of any of the other
Borrower Parties; (b) to accept partial payments on all or any part of the
obligations of any of the other Borrower Parties; (c) to take and hold security
or collateral for the payment of all or any part of the obligations of any of
the other Borrower Parties; (d) to exchange, enforce, waive and release any such
security or collateral for such obligations; (e) to apply such security or
collateral and direct the order or manner of sale

thereof as in its discretion it may determine; (f) to settle, release, exchange,
enforce, waive, compromise or collect or otherwise liquidate all or any part of
such obligations and any security or collateral for such obligations. Any of the
foregoing may be done in any manner, and Waiving Party agrees that the same
shall not affect or impair the obligations of Waiving Party under the Loan
Documents.

     Waiving Party hereby assumes responsibility for keeping itself informed of
the financial condition of all of the other Borrower Parties and any and all
endorsers and/or other guarantors of all or any part of the obligations of the
other Borrower Parties, and of all other circumstances bearing upon the risk of
nonpayment of such obligations, and Waiving Party hereby agrees that Lender
shall have no duty to advise Waiving Party of information known to it regarding
such condition or any such circumstances.

     Waiving Party agrees that neither Lender nor any person or entity acting
for or on behalf of Lender shall be under any obligation to marshal any assets
in favor of Waiving Party or against or in payment of any or all of the
obligations secured hereby. Waiving Party further agrees that, to the extent
that any of the other Borrower Parties or any other guarantor of all or any part
of the obligations of the other Borrower Parties makes a payment or payments to
Lender, or Lender receives any proceeds of collateral for any of the obligations
of the other Borrower Parties, which payment or payments or any part thereof are
subsequently invalidated, declared to be fraudulent or preferential, set aside
and/or required to be repaid or refunded, then, to the extent of such payment or
repayment, the part of such obligations which has been paid, reduced or
satisfied by such amount shall be reinstated and continued in full force and
effect as of the time immediately preceding such initial payment, reduction or
satisfaction.

     Waiving Party (i) shall have no right of subrogation with respect to the
obligations of the other Borrower Parties; (ii) waives any right to enforce any
remedy that Lender now has or may hereafter have against any of the other
Borrower Parties any endorser or any guarantor of all or any part of such
obligations or any other person; and (iii) waives any benefit of, and any right
to participate in, any security or collateral given to Lender to secure the
payment or performance of all or any part of such obligations or any other
liability of the other parties to Lender.

     Waiving Party agrees that any and all claims that it may have against any
of the other Borrower Parties, any endorser or any other guarantor of all or any
part of the obligations of the other Borrower Parties, or against any of their
respective properties, shall be subordinate and subject in right of payment to
the prior payment in full of all obligations secured hereby. Notwithstanding any
right of any of the Waiving Party to ask, demand, sue for, take or receive any
payment from the other Borrower Parties, all rights, liens and security
interests of Waiving Party, whether now or hereafter arising and howsoever
existing, in any assets of any of the other Borrower Parties (whether
constituting part of the security or collateral given to Lender to secure
payment of all or any part of the obligations of the other Borrower Parties or
otherwise) shall be and hereby are subordinated to the rights of Lender in those
assets.

                                   ARTICLE XIV
                                  MISCELLANEOUS

SECTION 14.1 EXPENSES AND ATTORNEYS' FEES. Whether or not the transactions
contemplated hereby shall be consummated, the Borrowers agree to promptly pay
all reasonable fees, costs and expenses incurred by Lender in connection with
any matters contemplated by or arising out of this Loan Agreement, including the
following, and all such fees, costs and expenses shall be part of the
Obligations, payable on demand: (A) reasonable fees, costs and expenses
(including reasonable attorneys' fees, and other professionals retained by
Lender) incurred in connection with the examination, review, due diligence
investigation, documentation and closing of the financing arrangements evidenced
by the Loan Documents; (B) reasonable fees, costs and expenses (including
reasonable attorneys' fees and other professionals retained by Lender) incurred
in connection with the administration of the Loan Documents and the Loan and any
amendments, modifications and waivers relating thereto; (C) reasonable fees,
costs and expenses (including reasonable attorneys' fees) incurred in connection
with the review, documentation, negotiation, closing and administration of any
subordination or intercreditor agreements; and (D) reasonable fees, costs and
expenses (including attorneys' fees and fees of other professionals retained by
Lender) incurred in any action to enforce or interpret this Loan Agreement or
the other Loan Documents or to collect any payments due from the Borrowers under
this Loan Agreement, the Note or any other Loan Document or incurred in
connection with any refinancing or restructuring of the credit arrangements
provided under this Loan Agreement, whether in the nature of a "workout" or in
connection with any insolvency or bankruptcy proceedings or otherwise. Any costs
and expenses due and payable to Lender after the Closing Date may be paid to
Lender pursuant to the Cash Management Agreement.

SECTION 14.2 INDEMNITY. In addition to the payment of expenses as required
elsewhere herein, whether or not the transactions contemplated hereby shall be
consummated, the Borrowers agree to indemnify, defend, protect, pay and hold
Lender, Servicer and their successors and assigns (including, without
limitation, the trustee and/or the trust under any trust agreement executed in
connection with any Securitization backed in whole or in part by the Loan and
any other Person which may hereafter be the holder of the Note or any interest
therein), and the officers, directors, stockholders, partners, members,
employees, agents, Affiliates and attorneys of Lender and such successors and
assigns (collectively called the "INDEMNITEES") harmless from and against any
and all liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, claims, Tax Liabilities, broker's or finders fees, reasonable
costs, expenses and disbursements of any kind or nature whatsoever (including
the reasonable fees and disbursements of outside counsel for such Indemnitees in
connection with any investigative, administrative or judicial proceeding
commenced or threatened, whether or not such Indemnitee shall be designated a
party thereto) that are imposed on, incurred by, or asserted against that
Indemnitee, in any manner relating to or arising out of (A) the negotiation,
execution, delivery, performance, administration, ownership, or enforcement of
any of the Loan Documents; (B) any of the transactions contemplated by the Loan
Documents; (C) any breach by the Borrowers of any material representation,
warranty, covenant, or other agreement contained in any of the Loan Documents;
(D) Lender's agreement to make the Loan hereunder; (E) any claim brought by any
third party arising out of any condition or occurrence at or pertaining to the
Properties; (F) any design, construction, operation, repair, maintenance, use,
non-use or condition of the Properties or Improvements, including claims or
penalties arising from violation of any applicable laws or insurance
requirements, as

well as any claim based on any patent or latent defect, whether or not
discoverable by Lender; (G) any performance of any labor or services or the
furnishing of any materials or other property in respect of the Properties or
any part thereof; (H) any contest referred to in Section 5.3(B) hereof; (I) any
obligation or undertaking relating to the performance or discharge of any of the
terms, covenants and conditions of the landlord contained in the Leases; or (J)
the use or intended use of the proceeds of any of the Loan (the foregoing
liabilities herein collectively referred to as the "INDEMNIFIED LIABILITIES");
provided that the Borrowers shall not have an obligation to an Indemnitee
hereunder with respect to Indemnified Liabilities arising from the fraud, gross
negligence or willful misconduct of such Indemnitee as determined by a court of
competent jurisdiction. The obligations and liabilities of the Borrowers under
this Section 14.2 shall survive the term of the Loan and the exercise by Lender
of any of its rights or remedies under the Loan Documents, including the
acquisition of the Properties by foreclosure or a conveyance in lieu of
foreclosure.

SECTION 14.3 AMENDMENTS AND WAIVERS. Except as otherwise provided herein, no
amendment, modification, termination or waiver of any provision of this Loan
Agreement, the Note or any other Loan Document, or consent to any departure
therefrom, shall in any event be effective unless the same shall be in writing
and signed by Lender and any other party to be charged. Each amendment,
modification, termination or waiver shall be effective only in the specific
instance and for the specific purpose for which it was given. No notice to or
demand on the Borrowers in any case shall entitle the Borrowers or other Person
to any other or further notice or demand in similar or other circumstances.

SECTION 14.4 RETENTION OF THE BORROWERS' DOCUMENTS. Lender may, in accordance
with Lender's customary practices, destroy or otherwise dispose of all
documents, schedules, invoices or other papers, delivered by the Borrowers to
Lender (other than the Note) unless the Borrowers request in writing that same
be returned. Upon such request and at the Borrowers' expense, Lender shall
return such papers when Lender's actual or anticipated need for same has
terminated.

SECTION 14.5 NOTICES. Unless otherwise specifically provided herein, any notice
or other communication required or permitted to be given shall be in writing and
addressed to the respective party as set forth below. Notices shall be effective
(i) three (3) days after the date such notice is sent by certified mail, return
receipt requested, postage prepaid, (ii) on the next Business Day if sent by a
nationally recognized overnight courier service, (iii) on the date of delivery
by personal delivery and (iv) on the date of transmission if sent by telefax
(with confirmation sent by certified mail) during business hours on a Business
Day (otherwise on the next Business Day).

Notices shall be addressed as follows:

If to the Borrowers or any Borrower Party:

c/o Global Signal Inc.
301 North Cattlemen Road
Suite 300
Sarasota, Florida 34232
Attention: General Counsel
Facsimile: (941) 308-4250

With a copy to:

Sidley Austin Brown & Wood LLP
787 Seventh Avenue
New York, New York 10019
Attention: Mark Poole, Esq.
Facsimile: (212) 839-5599

If to Lender:

[______________]

With a copy to:

[______________]

Any party may change the address at which it is to receive notices to another
address in the United States at which business is conducted (and not a
post-office box or other similar receptacle), by giving notice of such change of
address in accordance with the foregoing. This provision shall not invalidate or
impose additional requirements for the delivery or effectiveness of any notice
(i) given in accordance with applicable statutes or rules of court, or (ii) by
service of process in accordance with applicable law. If there is any assignment
or transfer of Lender's interest in the Loan, then the new Lenders may give
notice to the parties in accordance with this Section, specifying the addresses
at which the new Lenders shall receive notice, and they shall be entitled to
notice at such address in accordance with this Section.

SECTION 14.6 SURVIVAL OF WARRANTIES AND CERTAIN AGREEMENTS. All agreements,
representations and warranties made herein shall survive the execution and
delivery of this Loan Agreement, the making of the Loan hereunder and the
execution and delivery of the Note. Notwithstanding anything in this Loan
Agreement or implied by law to the contrary, the agreements of the Borrowers to
indemnify or release Lender or Persons related to Lender, or to pay Lender's
costs, expenses, or taxes shall survive the payment of the Loan and the
termination of this Loan Agreement.

SECTION 14.7 FAILURE OR INDULGENCE NOT WAIVER; REMEDIES CUMULATIVE. No failure
or delay on the part of Lender in the exercise of any power, right or privilege
hereunder or under the Note or any other Loan Document shall impair such power,
right or privilege or be construed to be a

waiver of any default or acquiescence therein, nor shall any single or partial
exercise of any such power, right or privilege preclude other or further
exercise thereof or of any other right, power or privilege. All rights and
remedies existing under this Loan Agreement, the Note and the other Loan
Documents are cumulative to, and not exclusive of, any rights or remedies
otherwise available.

SECTION 14.8 MARSHALING; PAYMENTS SET ASIDE. Lender shall not be under any
obligation to marshal any assets in favor of any Person or against or in payment
of any or all of the Obligations. To the extent that any Person makes a payment
or payments to Lender, or Lender enforces its remedies or exercises its rights
of set off, and such payment or payments or the proceeds of such enforcement or
set off or any part thereof are subsequently invalidated, declared to be
fraudulent or preferential, set aside and/or required to be repaid to a trustee,
receiver or any other party under any bankruptcy law, state or federal law,
common law or equitable cause, then to the extent of such recovery, the
Obligations or part thereof originally intended to be satisfied, and all Liens,
if any, and rights and remedies therefor, shall be revived and continued in full
force and effect as if such payment had not been made or such enforcement or set
off had not occurred.

SECTION 14.9 SEVERABILITY. The invalidity, illegality or unenforceability in any
jurisdiction of any provision in or obligation under this Loan Agreement, the
Note or other Loan Documents shall not affect or impair the validity, legality
or enforceability of the remaining provisions or obligations under this Loan
Agreement, the Note or other Loan Documents or of such provision or obligation
in any other jurisdiction.

SECTION 14.10 HEADINGS. Section and subsection headings in this Loan Agreement
are included herein for convenience of reference only and shall not constitute a
part of this Loan Agreement for any other purpose or be given any substantive
effect.

SECTION 14.11 APPLICABLE LAW. THIS LOAN AGREEMENT AND THE OTHER LOAN DOCUMENTS
WERE NEGOTIATED IN THE STATE OF NEW YORK, AND EXECUTED AND DELIVERED IN THE
STATE OF NEW YORK, AND THE PROCEEDS OF THE LOAN WERE DISBURSED FROM NEW YORK,
WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND
TO THE UNDERLYING TRANSACTION EMBODIED HEREBY, AND IN ALL RESPECTS, INCLUDING,
WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, MATTERS OF CONSTRUCTION,
VALIDITY AND PERFORMANCE. THIS LOAN AGREEMENT AND THE OTHER LOAN DOCUMENTS AND
THE OBLIGATIONS ARISING HEREUNDER AND THEREUNDER SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO
CONTRACTS MADE AND PERFORMED IN THE STATE OF NEW YORK AND ANY APPLICABLE LAWS OF
THE UNITED STATES OF AMERICA EXCEPT THAT AT ALL TIMES THE PROVISIONS FOR THE
CREATION, PERFECTION AND ENFORCEMENT OF THE LIENS AND SECURITY INTERESTS CREATED
PURSUANT TO THE DEEDS OF TRUST AND THE ASSIGNMENTS OF LEASES SHALL BE GOVERNED
BY THE LAWS OF THE STATE WHERE THE PROPERTY IS LOCATED, EXCEPT THAT THE SECURITY
INTERESTS IN ACCOUNT COLLATERAL SHALL BE GOVERNED BY THE LAWS OF

THE STATE OF NEW YORK OR THE STATE WHERE THE SAME IS HELD, AT THE OPTION OF
LENDER.

SECTION 14.12 SUCCESSORS AND ASSIGNS. This Loan Agreement shall be binding upon
and inure to the benefit of the parties hereto and their respective successors
and assigns except that the Borrowers may not assign their rights or obligations
hereunder or under any of the other Loan Documents except as expressly provided
in Article XI.

SECTION 14.13 SOPHISTICATED PARTIES, REASONABLE TERMS, NO FIDUCIARY
RELATIONSHIP. The Borrowers, on behalf of themselves and all Borrower Parties,
represent, warrant and acknowledge that (i) they are sophisticated real estate
investors, familiar with transactions of this kind, and (ii) they have entered
into this Loan Agreement and the other Loan Documents after conducting their own
assessment of the alternatives available to them in the market, and after
lengthy negotiations in which they have been represented by legal counsel of
their choice. The Borrowers, on behalf of themselves and all Borrower Parties,
also acknowledge and agree that the rights of Lender under this Loan Agreement
and the other Loan Documents are reasonable and appropriate, taking into
consideration all of the facts and circumstances including without limitation
the quantity of the Loan, the nature of the Properties, and the risks incurred
by Lender in this transaction. No provision in this Loan Agreement or in any of
the other Loan Documents and no course of dealing between the parties shall be
deemed to create (i) any partnership or joint venture between Lender and the
Borrowers or any other Person, or (ii) any fiduciary or similar duty by Lender
to the Borrowers or any other Person. The relationship between Lender and the
Borrowers is exclusively the relationship of a creditor and a debtor, and all
relationships between Lender and any other Borrower are ancillary to such
creditor/debtor relationship.

SECTION 14.14 REASONABLENESS OF DETERMINATIONS. In any instance where any
consent, approval, determination or other action by Lender is, pursuant to the
Loan Documents or applicable law, required to be done reasonably or required not
to be unreasonably withheld, then Lender's action shall be presumed to be
reasonable, and the Borrowers shall bear the burden of proof of showing that the
same was not reasonable. In the event that a claim or adjudication is made that
Lender or its agents have acted unreasonably or unreasonably delayed acting in
any case where, by law or under this Loan Agreement or the other Loan Documents,
Lender or such agent, as the case may be, has an obligation to act reasonably or
promptly, neither Lender nor its agents shall be liable for any monetary
damages, and the Borrowers' sole remedy shall be limited to commencing an action
seeking injunctive relief or declaratory judgment. Any action or proceeding to
determine whether Lender has acted reasonably shall be determined by an action
seeking declaratory judgment.

SECTION 14.15 LIMITATION OF LIABILITY. Neither Lender, nor any Affiliate,
officer, director, employee, attorney, or agent of Lender, shall have any
liability with respect to, and each of the Borrowers hereby waives, releases,
and agrees not to sue any of them upon, any claim for any special, indirect,
incidental, or consequential damages suffered or incurred by the Borrower
Parties in connection with, arising out of, or in any way related to, this Loan
Agreement or any of the other Loan Documents, or any of the transactions
contemplated by this Loan Agreement or any of the other Loan Documents, other
than the gross negligence or willful misconduct of Lender. Each of the Borrowers
hereby waives, releases, and agrees not to sue Lender or any of Lender's
Affiliates, officers, directors, employees, attorneys, or agents for punitive
damages in

respect of any claim in connection with, arising out of, or in any way related
to, this Loan Agreement or any of the other Loan Documents, or any of the
transactions contemplated by this Loan Agreement or any of the transactions
contemplated hereby, except to the extent the same is caused by the gross
negligence or willful misconduct of Lender.

SECTION 14.16 NO DUTY. All attorneys, accountants, appraisers, and other
professional Persons and consultants retained by Lender shall have the right to
act exclusively in the interest of Lender and shall have no duty of disclosure,
duty of loyalty, duty of care, or other duty or obligation of any type or nature
whatsoever to any of the Borrowers or Affiliates thereof, or any other Person.

SECTION 14.17 ENTIRE AGREEMENT. This Loan Agreement, the Note, and the other
Loan Documents referred to herein embody the final, entire agreement among the
parties hereto and supersede any and all prior commitments, agreements,
representations, and understandings, whether written or oral, relating to the
subject matter hereof and may not be contradicted or varied by evidence of
prior, contemporaneous, or subsequent oral agreements or discussions of the
parties hereto. There are no oral agreements among the parties to the Loan
Documents.

SECTION 14.18 CONSTRUCTION; SUPREMACY OF LOAN AGREEMENT; SPRINT ACQUISITION
DOCUMENTS. The Borrowers and Lender acknowledge that each of them has had the
benefit of legal counsel of its own choice and has been afforded an opportunity
to review this Loan Agreement and the other Loan Documents with its legal
counsel and that this Loan Agreement and the other Loan Documents shall be
construed as if jointly drafted by the Borrowers and Lender. If any term,
condition or provision of this Loan Agreement shall be inconsistent with any
term, condition or provision of any other Loan Document, then this Loan
Agreement shall control. If any term, condition or provision of the Loan
Documents, or the performance or withholding of performance under the Loan
Documents by any party, would cause a default under the Sprint Acquisition
Documents, the Sprint Acquisition Documents shall control and such performance
shall be waived or shall be required to the extent disallowed or required, as
applicable, under the Sprint Acquisition Documents.

SECTION 14.19 CONSENT TO JURISDICTION. EACH OF THE BORROWERS HEREBY CONSENTS TO
THE JURISDICTION OF ANY STATE OR FEDERAL COURT LOCATED WITHIN THE COUNTY OF NEW
YORK, STATE OF NEW YORK OR WITHIN THE COUNTY AND STATE IN WHICH THE PROPERTY IS
LOCATED AND IRREVOCABLY AGREES THAT, ALL ACTIONS OR PROCEEDINGS ARISING OUT OF
OR RELATING TO THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS SHALL BE LITIGATED IN
SUCH COURTS. EACH OF THE BORROWERS ACCEPTS FOR ITSELF AND IN CONNECTION WITH THE
PROPERTY, GENERALLY AND UNCONDITIONALLY, THE NONEXCLUSIVE JURISDICTION OF THE
AFORESAID COURTS AND WAIVES ANY DEFENSE OF FORUM NON CONVENIENS, AND IRREVOCABLY
AGREES TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY IN CONNECTION WITH THIS
AGREEMENT, THE NOTE, SUCH OTHER LOAN DOCUMENTS OR SUCH OBLIGATION. NOTHING
HEREIN SHALL AFFECT THE RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY
LAW OR SHALL LIMIT THE RIGHT OF LENDER TO BRING PROCEEDINGS AGAINST ANY BORROWER
IN THE COURTS OF ANY OTHER JURISDICTION.

SECTION 14.20 WAIVER OF JURY TRIAL. EACH OF THE BORROWERS AND LENDER HEREBY
WAIVES ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION
BASED UPON OR ARISING OUT OF THIS LOAN AGREEMENT, ANY OF THE LOAN DOCUMENTS, OR
ANY DEALINGS BETWEEN ANY BORROWER PARTY AND LENDER RELATING TO THE SUBJECT
MATTER OF THIS LOAN TRANSACTION AND THE LENDER/BORROWER RELATIONSHIP THAT IS
BEING ESTABLISHED. EACH OF THE BORROWER PARTIES AND LENDER ALSO WAIVES ANY BOND
OR SURETY OR SECURITY UPON SUCH BOND WHICH MIGHT, BUT FOR THIS WAIVER, BE
REQUIRED OF IT. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF
ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE
SUBJECT MATTER OF THIS TRANSACTION, INCLUDING WITHOUT LIMITATION, CONTRACT
CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND
STATUTORY CLAIMS. EACH OF THE BORROWERS AND LENDER ACKNOWLEDGES THAT THIS WAIVER
IS A MATERIAL INDUCEMENT TO ENTER INTO THIS LOAN AGREEMENT, THAT EACH HAS
ALREADY RELIED ON THE WAIVER IN ENTERING INTO THIS LOAN AGREEMENT AND THAT EACH
WILL CONTINUE TO RELY ON THE WAIVER IN THE FUTURE. EACH OF THE BORROWERS AND
LENDER FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS
LEGAL COUNSEL, AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL
RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. THIS WAIVER IS IRREVOCABLE,
MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THE WAIVER
SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS
TO THIS LOAN AGREEMENT, THE LOAN DOCUMENTS, OR TO ANY OTHER DOCUMENTS OR
AGREEMENT RELATING TO THE LOAN. IN THE EVENT OF LITIGATION, THIS LOAN AGREEMENT
MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

SECTION 14.21 COUNTERPARTS; EFFECTIVENESS. This Loan Agreement and other Loan
Documents and any amendments or supplements thereto may be executed in any
number of counterparts and by different parties hereto in separate counterparts,
each of which when so executed and delivered shall be deemed an original, but
all of which counterparts together shall constitute but one and the same
instrument. This Loan Agreement shall become effective upon the execution of a
counterpart hereof by each of the parties hereto.

SECTION 14.22 SERVICER. Lender shall have the right from time to time to
designate and appoint a Servicer and special servicer, and to change or replace
any Servicer or special servicer. Provided that the Borrowers have been notified
of such Servicer's role, all rights of the Lender hereunder may be exercised by
Servicer on behalf of Lender. Lender shall notify the Borrowers in writing as to
the identity of the Servicer and any special servicer.

SECTION 14.23 OBLIGATIONS OF BORROWER PARTIES. The Borrower Parties other than
the Borrowers are parties to this Loan Agreement only with regard to the
representations, warranties, and covenants specifically applicable to them.

SECTION 14.24 ADDITIONAL INSPECTIONS; REPORTS. Notwithstanding anything
contained in this Loan Agreement to the contrary, if for any reason whatsoever
Lender suspects that any conditions exist or may exist at any Property which
might have a Material Adverse Effect, Lender shall have the right, at the
Borrowers' sole reasonable cost and expense, to cause such inspections and
reports to be prepared and performed with respect to any Property as Lender
shall reasonably determine.

SECTION 14.25 CROSS-DEFAULT; CROSS-COLLATERALIZATION; WAIVER OF MARSHALLING OF
ASSETS.

     (A) Each of the Borrowers acknowledges that Lender has made the Loan to
each of the Borrowers upon the security of the Properties and the Other Company
Collateral and in reliance upon the aggregate value of the Properties and the
Other Company Collateral taken together being of greater value as collateral
security than the sum of each such Property and each of the Borrowers' interests
in the Company Collateral taken separately. Each of the Borrowers agrees that
the Deeds of Trusts and other security agreements given hereunder are and will
be cross-collateralized and cross-defaulted with each other so that (i) an Event
of Default shall constitute an Event of Default under each of the Deeds of
Trusts and the other security agreements given hereunder which secure the Note;
(ii) each Deed of Trust and the other security agreements given hereunder shall
constitute security for the Note as if a single blanket lien were placed on all
of the Properties and the Other Company Collateral as security for the Note; and
(iii) such cross-collateralization shall in no event be deemed to constitute a
fraudulent conveyance.

     (B) To the fullest extent permitted by law, each of the Borrowers, for
itself and its successors and assigns, waives all rights to a marshalling of the
assets of each of the Borrowers, each of the Borrower's members and others with
interests in each of the Borrowers, and of the Properties and the Other Company
Collateral, or to a sale in inverse order of alienation in the event of
foreclosure of all or any of the Deeds of Trusts or the Other Company
Collateral, and agrees not to assert any right under any laws pertaining to the
marshalling of assets, the sale in inverse order of alienation, homestead
exemption, the administration of estates of decedents, or any other matters
whatsoever to defeat, reduce or affect the right of Lender under the Loan
Documents to a sale of the Properties and the Other Company Collateral for the
collection of the Loan without any prior or different resort for collection or
of the right of Lender to the payment of the Loan out of the net proceeds of the
Properties and the Other Company Collateral in preference to every other
claimant whatsoever. In addition, each of the Borrowers, for itself and its
successors and assigns, waives in the event of foreclosure of any or all of the
Deeds of Trusts or Other Company Collateral, any equitable right otherwise
available to each of the Borrowers which would require the separate sale of the
Properties and the Other Company Collateral or require Lender to exhaust its
remedies against any such Properties and the Other Company Collateral or any
combination of the Properties and the Other Company Collateral before proceeding
against any other Properties and the Other Company Collateral or combination of
Properties and the Other Company Collateral; and further in the event of such
foreclosure each of the Borrowers does hereby expressly consent to and
authorize, at the option of Lender, the foreclosure and sale either separately
or together of any combination of the Properties and the Other Company
Collateral.

                        [signatures follow on next page]

          IN WITNESS WHEREOF, the parties hereto have duly executed and
delivered this Loan Agreement as of the date first written above.

                                        BORROWERS:

                                        GLOBAL SIGNAL ACQUISITIONS LLC
                                        GLOBAL SIGNAL ACQUISITIONS II LLC

                                        By:
                                            ------------------------------------
                                            Name:
                                                  ------------------------------
                                            Title:
                                                   -----------------------------

                                        LENDER:

                                        ----------------------------------------

                                        By:
                                            ------------------------------------
                                            Name:
                                                  ------------------------------
                                            Title:
                                                   -----------------------------

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