Document:

EX-10.86M

 Exhibit 10.86M 
 EXECUTION VERSION 
 FIFTH AMENDMENT 

FIFTH AMENDMENT, dated as of September 28, 2012 (this “Amendment”), among SBA SENIOR FINANCE II LLC (the
“Borrower”), the INCREMENTAL TRANCHE B TERM LENDERS (as defined below) and TORONTO DOMINION (TEXAS) LLC, as administrative agent (the “Administrative Agent”). CITIGROUP GLOBAL MARKETS INC., BARCLAYS BANK PLC and
J.P. MORGAN SECURITIES LLC are acting as joint lead arrangers (the “Lead Arrangers”), and CITIGROUP GLOBAL MARKETS INC., BARCLAYS BANK PLC, J.P. MORGAN SECURITIES LLC, TD SECURITIES (USA) LLC, WELLS FARGO SECURITIES, LLC, RBS
SECURITIES INC. and DEUTSCHE BANK SECURITIES INC. are acting as bookrunners (the “Bookrunners”), in connection with the Incremental Tranche B Term Loans referred to below. 

RECITALS: 

WHEREAS, SBA Communications Corporation (the “Parent”) and SBA 2012 Acquisition, LLC, a Delaware limited liability
company (“Merger Sub”), a newly formed subsidiary of the Parent, has entered into an Agreement and Plan of Merger (including the exhibits attached thereto, the “Merger Agreement”) dated as of June 25, 2012 with
TowerCo II Holdings LLC (the “Company”) and TowerCo III Holdings LLC pursuant to which the Parent will acquire (such acquisition, the “Acquisition”) the membership interests of the Company and the other Company
Subsidiaries (as defined in the Merger Agreement) (collectively, the “Target”) by causing Merger Sub to merge with and into the Company. 
 WHEREAS, reference is hereby made to the Amended and Restated Credit Agreement, dated as of June 30, 2011 (as amended by the First Amendment thereto, dated as of May 9, 2012, as further amended
by the Second Amendment thereto, dated as of May 9, 2012, as further amended by the Third Amendment thereto, dated as of September 28, 2012, and as further amended by the Fourth Amendment thereto, dated as of September 28, 2012, and
as further amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among the Borrower, the several banks and other financial institutions or entities from time to time parties thereto (collectively,
the “Lenders”) and the Administrative Agent. 
 WHEREAS, in connection with the Acquisition, the Borrower has
(a) delivered an Incremental Term Loan Notice to the Administrative Agent pursuant to Section 2.20(a) of the Credit Agreement requesting Incremental Term Loans in an aggregate principal amount of $300,000,000 (the “Incremental
Tranche B Term Loans”) and (b) requested that the Credit Agreement be amended as set forth herein pursuant to Section 2.20(c) of the Credit Agreement without additional consent or approval of the Lenders. 

WHEREAS, each financial institution identified on the signature pages hereto as an “Incremental Tranche B Term Lender” (each,
an “Incremental Tranche B Term Lender”) has agreed severally, on the terms and conditions set forth herein and in the Credit Agreement, to provide a portion of the Incremental Tranche B Term Loans and to become, if not already, a
Lender for all purposes under the Credit Agreement. 
 The parties hereto therefore agree as follows: 

SECTION 1. Defined Terms. Unless otherwise defined herein, capitalized terms are used herein as defined in the
Credit Agreement, as amended hereby. 

 SECTION 2. Incremental Tranche B Term Loans. (a) Subject to and upon
the terms and conditions set forth herein, each Incremental Tranche B Term Lender party hereto severally agrees to make, on the Incremental Tranche B Facility Effective Date (as defined below), an Incremental Tranche B Term Loan in U.S. dollars to
the Borrower in an amount equal to the commitment amount set forth next to such Incremental Tranche B Term Lender’s name in Schedule 1 hereto under the caption “Incremental Tranche B Term Loan Commitments”. The Incremental
Tranche B Term Loans shall rank pari passu in right of payment and of security with the Term Loans made prior to the date hereof and shall have the same terms thereof, except as expressly set forth herein or in the Credit Agreement. Except as
expressly set forth herein or in the Credit Agreement, the Incremental Tranche B Term Loans shall be “Loans”, “Term Loans” and “Incremental Term Loans”, and the Incremental Tranche B Term Lenders shall be
“Lenders” and “Term Lenders”, for all purposes of the Credit Agreement and the other Loan Documents. The Incremental Tranche B Term Loans may be repaid or prepaid in accordance with the provisions of the Credit Agreement and this
Amendment, but once repaid or prepaid may not be reborrowed. 
 (b) Use of Proceeds. The Incremental Tranche B Term Loans
shall be used to (i) pay a portion of the consideration for the Acquisition, (ii) refinance certain existing indebtedness of the Target and (iii) pay certain fees and expenses incurred in connection with the foregoing, with any
remaining proceeds being used for general corporate purposes. 
 SECTION 3. Applicable Margin. As used
in the Credit Agreement, “Applicable Margin” shall, with respect to the Incremental Tranche B Term Loans, be deemed to mean (a) 1.75% in the case of Base Rate Loans and (b) 2.75% in the case of Eurodollar Loans. 

SECTION 4. Amendments to the Credit Agreement. The Credit Agreement is hereby amended as of the Incremental
Tranche B Facility Effective Date as set forth below. 
 (a) Amendments to Section 1.1 (Defined Terms).
Section 1.1 of the Credit Agreement is hereby amended as of the Incremental Tranche B Facility Effective Date as follows: 

(i) by adding the following definitions in appropriate alphabetical order: 

“Incremental Term Loan B Amendment”: the Fifth Amendment, dated the Incremental Tranche B Facility Effective Date, among
the Borrower, the Incremental Tranche B Term Lenders and the Administrative Agent. 
 “Incremental Tranche B Facility
Effective Date”: September 28, 2012. 
 “Incremental Tranche B Term Lenders”: the collective
reference to each Lender that holds an Incremental Tranche B Term Loan. 
 “Incremental Tranche B Term Loans”:
as defined in the Incremental Term Loan B Amendment. 
 (ii) by amending the definition of “Base Rate” by replacing
the last sentence thereof with the following sentence: 
 “Notwithstanding the foregoing, the Base Rate for (i) any
Term Loan made on the Amendment Effective Date and (ii) any Incremental Tranche B Term Loan made on the Incremental Tranche B Facility Effective Date will be deemed to be 2.00% per annum if the Base Rate determined pursuant to this
definition would otherwise be less than 2.00% per annum.” 

  
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 (iii) by amending the definition of “Eurodollar Rate” by replacing the last
sentence thereof with the following sentence: 
 “Notwithstanding the foregoing, the Eurodollar Rate for (i) any Term
Loan made on the Amendment Effective Date and (ii) any Incremental Tranche B Term Loan made on the Incremental Tranche B Facility Effective Date, in each case with respect to any applicable Interest Period, will be deemed to be 1.00% per
annum if the Eurodollar Rate for such Interest Period determined pursuant to this definition would otherwise be less than 1.00% per annum.” 
 (iv) by amending the definition of “Loan Documents” by inserting “, the Incremental Term Loan B Amendment” immediately after the words “the Fourth Amendment” in the
definition thereof. 
 (v) by amending and restating the definition of “Term Loan Maturity Date” in its entirety as
follows: 
 “Term Loan Maturity Date”: (a) with respect to the Term Loans (other than the Incremental Term
Loans), June 30, 2018, (b) with respect to the Incremental Tranche A Term Loans, May 9, 2017 and (c) with respect to the Incremental Tranche B Term Loans, September 28, 2019. 

(vi) by amending and restating the definition of “Term Percentage” in its entirety as follows: 

“Term Percentage”: as to (i) any Term Lender (other than any Incremental Tranche A Term Lender or Incremental
Tranche B Term Lender) at any time, the percentage which the aggregate unpaid principal amount of such Lender’s Term Loans (other than any Incremental Tranche A Term Loans or Incremental Tranche B Term Loans) then outstanding constitutes of the
aggregate unpaid principal amount of the Term Loans (other than any Incremental Tranche A Term Loans or Incremental Tranche B Term Loans) then outstanding, (ii) any Incremental Tranche A Term Lender at any time, the percentage which the
aggregate unpaid principal amount of such Lender’s Incremental Tranche A Term Loans then outstanding constitutes of the aggregate unpaid principal amount of Incremental Tranche A Term Loans then outstanding and (iii) any Incremental
Tranche B Term Lender at any time, the percentage which the aggregate unpaid principal amount of such Lender’s Incremental Tranche B Term Loans then outstanding constitutes of the aggregate unpaid principal amount of Incremental Tranche B Term
Loans then outstanding. 
 (b) Amendment to Section 2.3 (Repayment of Loans; Evidence of Debt).
Section 2.3(a)(i) of the Credit Agreement is hereby amended as of the Incremental Tranche B Facility Effective Date by adding the following sentence immediately prior to the last sentence thereof: 

“The Incremental Tranche B Term Loans of each Incremental Tranche B Term Lender shall be repayable on the last day of each March,
June, September and December (commencing on March 31, 2013) in an amount equal to the product of (x) such Incremental Tranche B Term Lender’s Term Percentage multiplied by (y) an amount equal to 0.250% of the aggregate principal
amount of the Incremental Tranche B Term Loans on the Incremental Tranche B Facility Effective Date.” 
 (c) Amendments
to Section 2.6 (Optional Prepayments). Section 2.6 of the Credit Agreement is hereby amended as of the Incremental Tranche B Facility Effective Date as follows: 
 (i) by deleting the parenthetical phrase in the first sentence of paragraph (a) thereof in its entirety and replacing it with the following: 

“(except in the case of Term Loans as otherwise provided in paragraphs (b) and (c) below)” 

  
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 (ii) by adding the following new paragraph (c) at the end thereof: 

“(c) Any (i) optional prepayment of the Incremental Tranche B Term Loans using proceeds of Indebtedness incurred by the
Borrower from a substantially concurrent incurrence of syndicated term loans for which the interest rate payable thereon on the date of such prepayment is lower than the Eurodollar Rate on the date of such prepayment plus the Applicable Margin with
respect to such Incremental Tranche B Term Loans on the date of such prepayment with the primary purpose of refinancing Incremental Tranche B Term Loans at a lower interest rate or (ii) repricing of the Incremental Tranche B Term Loans pursuant
to an amendment to this Agreement resulting in the interest rate payable thereon on the date of such amendment being lower than the Eurodollar Rate on the date immediately prior to such amendment plus the Applicable Margin with respect to the
Incremental Tranche B Term Loans on the date immediately prior to such amendment, shall be accompanied by a prepayment fee equal to 1.00% of the aggregate principal amount of such prepayment (or, in the case of clause (ii) above, of the
aggregate amount of Incremental Tranche B Term Loans outstanding immediately prior to such amendment) if made on or prior to the first anniversary of the Incremental Tranche B Facility Effective Date.” 

(d) Amendment to Section 2.20 (Incremental Term Loans). Section 2.20 of the Credit Agreement is hereby amended as of the
Incremental Tranche B Facility Effective Date by amending and restating clause (v) thereof in its entirety as follows: 

“(v) with respect to any Incremental Term Loans made after the Amendment Effective Date, (A) if the total yield in respect of
any Incremental Term Loan (including any upfront fees, any interest rate floors, and any OID, with upfront fees and OID being equated to interest rates as reasonably determined by the Administrative Agent based on an assumed three-year life to
maturity, but excluding any arrangement, underwriting or similar fee paid by the Borrower) (the “Incremental Term Margin”) exceeds the total yield for the Term Loans made on the Amendment Effective Date (including any upfront fees,
any interest rate floors, and any OID, with upfront fees and OID being equated to interest rates as reasonably determined by the Administrative Agent based on an assumed three-year life to maturity, but excluding any arrangement, underwriting or
similar fee paid by the Borrower) by more than 50 basis points, then the Applicable Margin for the Term Loans made on the Amendment Effective Date shall be increased to equal the Incremental Term Margin minus 50 basis points and (B) if the
Incremental Term Margin exceeds the total yield for the Incremental Tranche B Term Loans (including any upfront fees, any interest rate floors, and any OID, with upfront fees and OID being equated to interest rates as reasonably determined by the
Administrative Agent based on an assumed three-year life to maturity, but excluding any arrangement, underwriting or similar fee paid by the Borrower) by more than 50 basis points, then the Applicable Margin for the Incremental Tranche B Term Loans
shall be increased to equal the Incremental Term Margin minus 50 basis points.” 
 SECTION 5. Repayment of
Incremental Tranche B Term Loans. The Borrower agrees to repay to the Administrative Agent, for the benefit of each Incremental Tranche B Term Lender, the Incremental Tranche B Term Loans in accordance with Section 2.3 of the Credit
Agreement, as amended hereby. 
 SECTION 6. Representations and Warranties; No Default. The
Borrower hereby certifies that, immediately before and after giving effect to this Amendment, (a) each of the representations and 

  
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warranties made by any Loan Party in or pursuant to the Loan Documents are true and correct in all material respects (and in all respects if qualified by materiality) on and as of such date as if
made on and as of such date (except for such representations and warranties expressly stated to be made as of a specific earlier date, in which case such representations and warranties were true and correct as of such earlier date) and (b) no
Default or Event of Default has occurred and is continuing. 
 SECTION 7. Conditions to Effectiveness.
This Amendment shall become effective upon satisfaction of the following conditions precedent (such date, the “Incremental Tranche B Facility Effective Date”): 

(a) receipt by the Administrative Agent of executed signature pages to this Amendment from the Borrower and each
Incremental Tranche B Term Lender; 
 (b) receipt by the Administrative Agent of a customary closing certificate,
substantially in the form attached hereto a Exhibit A, and legal opinions of Greenberg Traurig, P.A. and Thomas P. Hunt, Esq., substantially in the forms attached hereto as Exhibit B-1 and Exhibit B-2, respectively, and an instrument of
acknowledgment and confirmation, substantially in the form attached hereto as Exhibit C, executed by each Loan Party with respect to the guarantees and security interests created under the Security Documents and the effectiveness and enforceability
thereof for the benefit of the Incremental Tranche B Term Loans; 
 (c) receipt by the Administrative Agent of a
certificate from the chief financial officer of the Borrower (or other senior executive officer of the Borrower satisfactory to the Administrative Agent) in form and substance reasonably acceptable to the Administrative Agent, certifying as to the
solvency of the Borrower and its Subsidiaries considered as a whole after giving effect to the Incremental Tranche B Term Loans; 
 (d) compliance by the Borrower with the financial covenants contained in the Credit Agreement and receipt by the Administrative Agent of a certificate of a Responsible Officer in a form reasonably
satisfactory to the Administrative Agent certifying that the Borrower and Parent shall be in compliance with the financial covenants in Section 7.1 of the Credit Agreement, in each case, on a pro forma basis after giving effect to the
Incremental Tranche B Term Loans; 
 (e) (i) receipt by the Administrative Agent of (a) audited consolidated
balance sheets and related statements of income, stockholders’ equity and cash flows of Parent and its subsidiaries, for the three most recently completed fiscal years ended at least 90 days before the Incremental Tranche B Facility Effective
Date and (b) unaudited consolidated balance sheets and related statements of income, stockholders’ equity and cash flows of the Parent and its subsidiaries, for each subsequent fiscal quarter ended at least 45 days before the Incremental
Tranche B Facility Effective Date; provided that filing of the required financial statements on form 10-K and form 10-Q by Parent will satisfy the foregoing requirements and (ii) there shall not have been any material adverse change in
the consolidated financial condition of Parent, the Borrower and their subsidiaries from that reflected in such consolidated financial statements; 
 (f) to the extent requested at least 5 days prior to the proposed Incremental Tranche B Facility Effective Date, receipt by the Administrative Agent and Incremental Tranche B Term Lenders sufficiently in
advance of the Incremental Tranche B Facility Effective Date, of all documentation and other information required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including
the PATRIOT Act; 

  
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 (g) (i) the accuracy in all material respects (and in all respects if
qualified by materiality) of the representations and warranties in the Credit Agreement and (ii) there being no Default or Event of Default in existence at the time of, or after giving effect to, the Incremental Tranche B Term Loans; and

 (h) the payment of all fees and expenses due to the Administrative Agent, the Lead Arrangers, the Bookrunners
and the Lenders or the receipt by the Administrative Agent of authorization from the Borrower to deduct such fees and expenses from the proceeds of the initial fundings under the Incremental Tranche B Term Loans. 

SECTION 8. Acknowledgment of Incremental Tranche B Term Lenders. Each Incremental Tranche B Term Lender
expressly acknowledges that neither the Administrative Agent, the Lead Arrangers, the Bookrunners nor any of their respective affiliates and their respective officers, directors, trustees, employees, advisors, agents and controlling persons (each an
“Agent”) have made any representations or warranties to it and that no act by any Agent hereafter taken, including any review of the affairs of any Loan Party or any affiliate of any Loan Party, shall be deemed to constitute any
representation or warranty by any Agent to any Incremental Tranche B Term Lender. Each Incremental Tranche B Term Lender represents to the Agents that it has, independently and without reliance upon any Agent or any other Lender, and based on such
documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, operations, property, financial and other condition and creditworthiness of the Loan Parties and their affiliates and made its own
decision to provide its Incremental Tranche B Term Loans hereunder and enter into this Amendment. Each Incremental Tranche B Term 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 the Credit Agreement and the other Loan Documents, and to make such
investigation as it deems necessary to inform itself as to the business, operations, property, financial and other condition and creditworthiness of the Loan Parties and their affiliates. Each Incremental Tranche B Term Lender hereby
(a) confirms that it has received a copy of the Credit Agreement, each other Loan Document and such other documents and information as it deems appropriate to make its decision to enter into this Amendment, (b) agrees that it shall be
bound by the terms of the Credit Agreement as a Lender thereunder with respect to its Incremental Tranche B Term Loans and that it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are
required to be performed by it as a Lender, (c) irrevocably designates and appoints the Agents as the agents of such Incremental Tranche B Term Lender under the Credit Agreement and the other Loan Documents, and each Incremental Tranche B Term
Lender irrevocably authorizes each Agent, in such capacity, to take such action on its behalf under the provisions of the Credit Agreement and the other Loan Documents and to exercise such powers and perform such duties as are delegated to such
Agent by the terms of the Credit Agreement and the other Loan Documents, together with such other powers as are reasonably incidental thereto and (d) specifies as its lending office and address for notices the offices designated by it to the
Administrative Agent prior to the date hereof. 
 SECTION 9. Effect on the Loan Documents;
Miscellaneous. Except as expressly provided herein or in the Credit Agreement, (a) the Incremental Tranche B Term Loans shall be subject to the provisions of the Credit Agreement and the other Loan Documents that apply to
“Loans”, “Term Loans” and “Incremental Term Loans” thereunder and (b) all of the terms and provisions of the Credit Agreement and the other Loan Documents are and shall remain in full force and effect. This
Amendment shall constitute an Incremental Term Loan Amendment and a Loan Document for all purposes of the Credit Agreement and the other Loan Documents. Provisions of this Amendment are deemed incorporated into the Credit Agreement as if fully set
forth therein. 

  
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 SECTION 10. Expenses. The Borrower shall pay and reimburse the
Administrative Agent and the Lead Arrangers for all reasonable out-of-pocket expenses incurred in connection with the preparation and delivery of this Amendment, including, without limitation, the reasonable fees and disbursements of one counsel to
the Administrative Agent in each applicable jurisdiction. 
 SECTION 11. Counterparts. This Amendment
may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of
a signature page of this Amendment by telecopy or electronic transmission (e.g., “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart of this Amendment. 

SECTION 12. Governing Law. THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE
STATE OF NEW YORK. 

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

							
	SBA SENIOR FINANCE II LLC
			
		 	By:	 	 /s/ Thomas P. Hunt

		 		 	Name:	 	Thomas P. Hunt
		 		 	Title:	 	Senior Vice President and General Counsel

  

[Signature Page to Fifth Amendment to SBA Senior Finance II A&R CRA] 

 
			
	TORONTO DOMINION (TEXAS) LLC, as Administrative Agent
		
	By:	 	 /s/ Bebi Yasin

		 	Name: BEBI YASIN
		 	Title: AUTHORIZED SIGNATORY

  

[Signature Page to Fifth Amendment to SBA Senior Finance II A&R CRA] 

 
			
	
CITIBANK, N.A., as an Incremental Tranche B Term Lender

		
	By:	 	 /s/ Ross MacIntyre

		 	Name: Ross MacIntyre
		 	Title: Managing Director & Vice President

  

[Signature Page to Fifth Amendment to SBA Senior Finance II A&R CRA] 

 SCHEDULE 1 

 

			
	 Incremental Tranche B Term Lender
	 	 Incremental Tranche B Term Loan Commitments

	 Citibank, N.A.
	 	$300,000,000EX-10.99

 Exhibit 10.99 
 EXECUTION VERSION 
 REGISTRATION RIGHTS AGREEMENT 

This REGISTRATION RIGHTS AGREEMENT, dated September 28, 2012 (the “Agreement”), is entered into by and among SBA
Communications Corporation, a Florida corporation (the “Company”), and the several initial purchasers listed in Schedule 1 hereto (the “Initial Purchasers”). 

The Company and the Initial Purchasers are parties to the Purchase Agreement dated September 20, 2012 (the “Purchase
Agreement”), which provides for the sale by the Company to the Initial Purchasers of $500,000,000 aggregate principal amount of 5.625% Senior Notes due 2019 of the Company (the “Securities”). As an inducement to the Initial
Purchasers to enter into the Purchase Agreement, the Company has agreed to provide to the Initial Purchasers and their direct and indirect transferees the registration rights set forth in this Agreement. The execution and delivery of this Agreement
is a condition to the closing under the Purchase Agreement. 
 In consideration of the foregoing, the parties hereto agree as
follows: 
 1. Definitions. As used in this Agreement, the following terms shall have the following meanings:

 “Agreement” shall have the meaning set forth in the preamble. 

“Business Day” shall mean any day that is not a Saturday, Sunday or other day on which commercial banks in New York City
are authorized or required by law to remain closed. 
 “Company” shall have the meaning set forth in the
preamble and shall also include any successor entity. 
 “Closing Date” shall mean the first date on which any
Securities are initially issued. 
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended
from time to time. 
 “Exchange Dates” shall have the meaning set forth in Section 2(a)(ii) hereof.

 “Exchange Offer” shall mean the exchange offer by the Company of Exchange Securities for Registrable
Securities pursuant to Section 2(a) hereof. 
 “Exchange Offer Registration” shall mean a registration
under the Securities Act effected pursuant to Section 2(a) hereof. 
 “Exchange Offer Registration
Statement” shall mean an exchange offer registration statement on Form S-4 (or, if applicable, on another appropriate form) and all amendments and 

 
supplements to such registration statement, in each case including the Prospectus contained therein or deemed a part thereof, all exhibits thereto and any document incorporated by reference
therein. 
 “Exchange Securities” shall mean senior notes issued by the Company under the Indenture containing
terms identical to the Securities (except that the Exchange Securities will not be subject to restrictions on transfer or to any increase in annual interest rate for failure to comply with this Agreement) and to be offered to Holders of Securities
in exchange for Registrable Securities pursuant to the Exchange Offer. 
 “FINRA” shall mean the Financial
Industry Regulatory Authority. 
 “Free Writing Prospectus” shall mean a free writing prospectus, as defined in
Rule 405 under the Securities Act. 
 “Holder” shall mean each Initial Purchaser, for so long as it owns any
Registrable Securities, and each of the Initial Purchasers’ successors, assigns and direct and indirect transferees who becomes an owner of Registrable Securities under the Indenture; provided that for purposes of Sections 4 and 5 of this
Agreement, the term “Holders” shall include Participating Broker-Dealers. 
 “Indemnified Person”
shall have the meaning set forth in Section 5(c) hereof. 
 “Indemnifying Person” shall have the meaning
set forth in Section 5(c) hereof. 
 “Indenture” shall mean the indenture relating to the Securities,
dated as of September 28, 2012 between the Company and U.S. Bank National Association, as trustee, and as the same may be amended from time to time in accordance with the terms thereof. 

“Initial Purchasers” shall have the meaning set forth in the preamble. 

“Inspector” shall have the meaning set forth in Section 3(a)(xiii) hereof. 

“Issuer Free Writing Prospectus” shall mean an issuer free writing prospectus, as defined in Rule 433 under the
Securities Act. 
 “Participating Broker-Dealers” shall have the meaning set forth in Section 4(a) hereof.

 “Permitted Free Writing Prospectus” shall have the meaning set forth in Section 6(k) hereof.

 “Person” shall mean an individual, partnership, limited liability company, corporation, trust or
unincorporated organization, or a government or agency or political subdivision thereof. 
 “Prospectus” shall
mean the prospectus included in, or, pursuant to the rules and regulations of the Securities Act, deemed a part of, a Registration Statement, including any preliminary prospectus, and any such prospectus as amended or supplemented by any prospectus
supplement, including a prospectus supplement with respect to the terms of the offering of any portion of the Registrable Securities covered by a Shelf Registration Statement, and by all other amendments and supplements to such prospectus, and in
each case including any document incorporated by reference therein. 

  
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 “Purchase Agreement” shall have the meaning set forth in the preamble.

 “Registrable Securities” shall mean the Securities; provided that such Securities shall cease to be
Registrable Securities (i) when such Securities cease to be outstanding, (ii) when a Registration Statement with respect to such Securities has become effective under the Securities Act and such Securities have been exchanged or disposed
of pursuant to such Registration Statement or (iii) except in the case of Securities that otherwise remain Registrable Securities and that are held by an Initial Purchaser and that are ineligible to be exchanged in the Exchange Offer, when the
Exchange Offer is consummated. 
 “Registration Expenses” shall mean any and all expenses incident to
performance of or compliance by the Company with this Agreement, including without limitation: (i) all SEC, stock exchange or FINRA registration and filing fees, (ii) all fees and expenses incurred in connection with compliance with state
securities or blue sky laws (including reasonable fees and disbursements of one counsel for any Underwriters or Holders in connection with blue sky qualification of any Exchange Securities or Registrable Securities), (iii) all expenses of any
Persons in preparing or assisting in preparing, word processing, printing and distributing any Registration Statement, any Prospectus and any amendments or supplements thereto, any underwriting agreements, securities sales agreements or other
similar agreements and any other documents relating to the performance of and compliance with this Agreement, (iv) all rating agency fees, (v) all fees and disbursements relating to the qualification of the Indenture under applicable
securities laws, (vi) the reasonable fees and disbursements of the Trustee and its counsel, (vii) the reasonable fees and disbursements of counsel for the Company and, in the case of a Shelf Registration Statement, the reasonable fees and
disbursements of one counsel for the Holders (which counsel shall initially be counsel for the Initial Purchasers, subject to replacement upon action by a majority of Holders) and (viii) the fees and disbursements of the independent public
accountants of the Company, including the expenses of any special audits or “comfort” letters required by or incident to the performance of and compliance with this Agreement, but excluding fees and expenses of counsel to the Underwriters
(other than fees and expenses set forth in clause (ii) above) or the Holders and underwriting discounts and commissions, brokerage commissions and transfer taxes, if any, relating to the sale or disposition of Registrable Securities by a
Holder. 
 “Registration Statement” shall mean any registration statement of the Company that covers any of the
Exchange Securities or Registrable Securities pursuant to the provisions of this Agreement and all amendments and supplements to any such registration statement, including post-effective amendments, in each case including the Prospectus contained
therein or deemed a part thereof, all exhibits thereto and any document incorporated by reference therein. 

“SEC” shall mean the United States Securities and Exchange Commission. 

“Securities” shall have the meaning set forth in the preamble. 

“Securities Act” shall mean the Securities Act of 1933, as amended from time to time. 

  
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 “Shelf Additional Interest Date” shall have the meaning set forth in
Section 2(d) hereof. 
 “Shelf Effectiveness Period” shall have the meaning set forth in Section 2(b)
hereof. 
 “Shelf Registration” shall mean a registration effected pursuant to Section 2(b) hereof.

 “Shelf Registration Statement” shall mean a “shelf” registration statement of the Company filed
under the Securities Act providing for the registration on a continuous or delayed basis of the Registrable Securities pursuant to Rule 415 under the Securities Act, or any similar rule that may be adopted by the SEC, and all amendments and
supplements to such registration statement, including post-effective amendments, in each case including the Prospectus contained therein or deemed a part thereof, all exhibits thereto and any document incorporated by reference therein. 

“Shelf Request” shall have the meaning set forth in Section 2(b) hereof. 

“Staff” shall mean the staff of the SEC. 
 “Target Registration Date” shall have the meaning set forth in Section 2(d) hereof. 
 “Trust Indenture Act” shall mean the Trust Indenture Act of 1939, as amended from time to time. 
 “Trustee” shall mean the trustee with respect to the Securities under the Indenture. 
 “Underwriter” shall have the meaning set forth in Section 3(e) hereof. 
 “Underwritten Offering” shall mean an offering in which Registrable Securities are sold to an Underwriter for reoffering to the public. 

2. Registration Under the Securities Act. (a) To the extent not prohibited by any applicable law or applicable
interpretations of the Staff, the Company shall use reasonable best efforts to (i) cause to be filed an Exchange Offer Registration Statement covering offers to the Holders to exchange all the Registrable Securities for Exchange Securities,
(ii) have such Registration Statement remain effective until 180 days after the last Exchange Date for use by one or more Participating Broker-Dealers, (iii) commence the Exchange Offer promptly after the Exchange Offer Registration
Statement is declared effective by the SEC and (iv) complete the Exchange Offer within 360 days after the Closing Date. 
 The Company shall commence the Exchange Offer by mailing the related Prospectus, appropriate letters of transmittal and other accompanying documents to each Holder stating, in addition to such other
disclosures as are required by applicable law, substantially the following: 
  

	 	(i)	that the Exchange Offer is being made pursuant to this Agreement and that all Registrable Securities validly tendered and not properly withdrawn will be accepted for
exchange; 

  

	 	(ii)	the dates of acceptance for exchange (which shall be a period of at least 20 Business Days from the date such notice is mailed) (the “Exchange Dates”);

  
 4 

	 	(iii)	that any Registrable Security not tendered will remain outstanding and continue to accrue interest but will not retain any rights under this Agreement, except as
otherwise specified herein; 

  

	 	(iv)	that any Holder electing to have a Registrable Security exchanged pursuant to the Exchange Offer will be required to (A) surrender such Registrable Security,
together with the appropriate letter of transmittal, to the institution and at the address (located in the Borough of Manhattan, The City of New York) and in the manner specified in the notice, or (B) effect such exchange otherwise in
compliance with the applicable procedures of the depositary for such Registrable Security, in each case prior to the close of business on the last Exchange Date; and 

 

	 	(v)	that any Holder will be entitled to withdraw its election, not later than the close of business on the last Exchange Date, by (A) sending to the institution and at
the address (located in the Borough of Manhattan, The City of New York) specified in the notice, a telegram, telex, facsimile transmission or letter setting forth the name of such Holder, the principal amount of Registrable Securities delivered for
exchange and a statement that such Holder is withdrawing its election to have such Securities exchanged or (B) effecting such withdrawal in compliance with the applicable procedures of the depositary for the Registrable Securities.

 As a condition to participating in the Exchange Offer, a Holder will be required to represent to the Company
that (i) any Exchange Securities to be received by it will be acquired in the ordinary course of its business, (ii) at the time of the commencement of the Exchange Offer it has no arrangement or understanding with any Person to participate
in the distribution (within the meaning of the Securities Act) of the Exchange Securities in violation of the provisions of the Securities Act, (iii) it is not an “affiliate” (within the meaning of Rule 405 under the Securities Act)
of the Company and (iv) if such Holder is a broker-dealer that will receive Exchange Securities for its own account in exchange for Registrable Securities that were acquired as a result of market-making or other trading activities, then such
Holder will deliver a Prospectus (or, to the extent permitted by law, make available a Prospectus to purchasers) in connection with any resale of such Exchange Securities. 
 As soon as practicable after the last Exchange Date, the Company shall: 
  

	 	(i)	accept for exchange Registrable Securities or portions thereof validly tendered and not properly withdrawn pursuant to the Exchange Offer; and 

 

	 	(ii)	deliver, or cause to be delivered, to the Trustee for cancellation all Registrable Securities or portions thereof so accepted for exchange by the Company and issue, and
cause the Trustee to promptly authenticate and deliver to each Holder, Exchange Securities equal in principal amount to the principal amount of the Registrable Securities tendered by such Holder. 

The Company shall use reasonable best efforts to complete the Exchange Offer as provided above and shall comply with the applicable
requirements of the Securities Act, the Exchange Act and other applicable laws and regulations in connection with the Exchange Offer. The Exchange Offer shall not be subject to any conditions, other than that the Exchange Offer shall not violate any
applicable law or applicable interpretations of the Staff. 

  
 5 

 (b) In the event that (i) the Company determines that the Exchange
Offer Registration provided for in Section 2(a) above is not available or may not be completed as soon as practicable after the last Exchange Date because it would violate any applicable law or applicable interpretations of the Staff,
(ii) the Exchange Offer is not for any other reason completed by the 360th calendar day following the Closing Date or (iii) upon receipt of a written request (a “Shelf Request”) from any Initial Purchaser representing that it holds Registrable Securities
that are or were ineligible to be exchanged in the Exchange Offer, the Company shall use reasonable best efforts to cause to be filed as soon as practicable after such determination date or Shelf Request, as the case may be, a Shelf Registration
Statement providing for the sale of all the Registrable Securities by the Holders thereof and to have such Shelf Registration Statement become effective. 
 In the event that the Company is requested to file a Shelf Registration Statement pursuant to clause (iii) of the preceding sentence, the Company shall use reasonable best efforts to file and have
become effective both an Exchange Offer Registration Statement pursuant to Section 2(a) with respect to all Registrable Securities and a Shelf Registration Statement (which may be a combined Registration Statement with the Exchange Offer
Registration Statement) with respect to offers and sales of Registrable Securities held by the Initial Purchasers after completion of the Exchange Offer. 
 The Company agrees to use reasonable best efforts to keep the Shelf Registration Statement continuously effective until the expiration of the time period referred to in Rule 144 under the Securities Act
(or any similar rule in force, but not Rule 144A), or such shorter period that will terminate when the Registrable Securities have been sold pursuant to the Shelf Registration Statement (the period from the Closing Date to such earlier day, the
“Shelf Effectiveness Period”). The Company further agrees to supplement or amend the Shelf Registration Statement and the related Prospectus if required by the rules, regulations or instructions applicable to the registration form
used by the Company for such Shelf Registration Statement or by the Securities Act or by any other rules and regulations thereunder or if reasonably requested by a Holder of Registrable Securities with respect to information relating to such Holder,
and to use reasonable best efforts to cause any such amendment to become effective, if required, and such Shelf Registration Statement and Prospectus to become usable as soon as thereafter practicable. The Company agrees to furnish to the Holders of
Registrable Securities copies of any such supplement or amendment promptly after its being used or filed with the SEC. 
 (c)
The Company shall pay all Registration Expenses in connection with any registration pursuant to Section 2(a) or Section 2(b) hereof. Each Holder shall pay all underwriting discounts and commissions, brokerage commissions and transfer
taxes, if any, relating to the sale or disposition of such Holder’s Registrable Securities pursuant to the Shelf Registration Statement. 
 (d) An Exchange Offer Registration Statement pursuant to Section 2(a) hereof will not be deemed to have become effective unless it has been declared effective by the SEC. A Shelf Registration
Statement pursuant to Section 2(b) hereof will not be deemed to have become effective unless it has been declared effective by the SEC or is automatically effective upon filing with the SEC as provided by Rule 462 under the Securities Act.

  
 6 

 In the event that either the Exchange Offer is not completed or the
Shelf Registration Statement, if required pursuant to Section 2(b)(i) or 2(b)(ii) hereof, has not become effective on or prior to the 360th calendar day following the Closing Date (the “Target Registration Date”), the interest rate on the
Registrable Securities will be increased by (i) 0.25% per annum for the first 90-day period immediately following the Target Registration Date and (ii) an additional 0.25% per annum with respect to each subsequent 90 day period
thereafter, in each case until the Exchange Offer is completed or the Shelf Registration Statement, if required hereby, becomes effective, up to a maximum increase of 1.00% per annum. In the event that the Company receives a Shelf Request
pursuant to Section 2(b)(iii), and the Shelf Registration Statement required to be filed thereby has not become effective by the later of the 360th calendar day following the Closing Date or (y) 120 days after delivery of such Shelf Request (such later date,
the “Shelf Additional Interest Date”), then the interest rate on the Registrable Securities will be increased by (i) 0.25% per annum for the first 90-day period payable commencing from one day after the Shelf Additional
Interest Date and (ii) an additional 0.25% per annum with respect to each subsequent 90 day period thereafter, in each case until the Shelf Registration Statement becomes effective or the expiration of the Shelf Effectiveness Period, up to
a maximum increase of 1.00% per annum. 
 If the Shelf Registration Statement, if required hereby, has
become effective and thereafter either ceases to be effective or the Prospectus contained therein ceases to be usable, in each case whether or not permitted by this Agreement, at any time during the Shelf Effectiveness Period, and such failure to
remain effective or usable exists for more than 30 days (whether or not consecutive) in any 12-month period, then the interest rate on the Registrable Securities will be increased by (i) 0.25% per annum for the first 90-day period
commencing on the 31st day in such 12-month period that
such Shelf Registration Statement ceases to be effective or the Prospectus contained therein ceases to be usable and (ii) an additional 0.25% per annum with respect to each subsequent 90 day period thereafter, in each case until the Shelf
Registration Statement has again become effective, the Prospectus again becomes usable or the expiration of the Shelf Effectiveness Period, up to a maximum increase of 1.00% per annum. 

(e) Without limiting the remedies available to the Initial Purchasers and the Holders, the Company acknowledges that any failure by the
Company to comply with its obligations under Section 2(a) and Section 2(b) hereof may result in material irreparable injury to the Initial Purchasers or the Holders for which there is no adequate remedy at law, that it will not be possible
to measure damages for such injuries precisely and that, in the event of any such failure, the Initial Purchasers or any Holder may obtain such relief as may be required to specifically enforce the Company’s obligations under Section 2(a)
and Section 2(b) hereof. 
 (f) The Company represents, warrants and covenants that it (including its agents and
representatives) will not prepare, make, use, authorize, approve or refer to any Free Writing Prospectus. 

  
 7 

 3. Registration Procedures. 

(a) In connection with its obligations pursuant to Section 2(a) and Section 2(b) hereof, the Company shall as expeditiously as
possible: 
  

	 	(i)	use reasonable best efforts to prepare and file with the SEC a Registration Statement on the appropriate form under the Securities Act, which form (x) shall be
selected by the Company, (y) shall, in the case of a Shelf Registration, be available for the sale of the Registrable Securities by the Holders thereof and (z) shall comply as to form in all material respects with the requirements of the
applicable form and include all financial statements required by the SEC to be filed therewith; and use reasonable best efforts to cause such Registration Statement to become effective and remain effective for the applicable period in accordance
with Section 2 hereof; 

  

	 	(ii)	use reasonable best efforts to prepare and file with the SEC such amendments and post-effective amendments to each Registration Statement as may be necessary to keep
such Registration Statement effective for the applicable period in accordance with Section 2 hereof and cause each Prospectus to be supplemented by any required prospectus supplement and, as so supplemented, to be filed pursuant to Rule 424
under the Securities Act; and keep each Prospectus current during the period described in Section 4(3) of and Rule 174 under the Securities Act that is applicable to transactions by brokers or dealers with respect to the Registrable Securities
or Exchange Securities; 

  

	 	(iii)	in the case of a Shelf Registration, use reasonable best efforts to furnish to each Holder of Registrable Securities, to counsel for the Initial Purchasers, to counsel
for such Holders and to each Underwriter of an Underwritten Offering of Registrable Securities, if any, without charge, as many copies of each Prospectus or preliminary prospectus, and any amendment or supplement thereto, as such Holder, counsel or
Underwriters may reasonably request in order to facilitate the sale or other disposition of the Registrable Securities thereunder; and the Company consents to the use of such Prospectus, preliminary prospectus and any amendment or supplement thereto
in accordance with applicable law by each of the Holders of Registrable Securities and any such Underwriters in connection with the offering and sale of the Registrable Securities covered by and in the manner described in such Prospectus,
preliminary prospectus or any amendment or supplement thereto in accordance with applicable law; 

  

	 	(iv)	use reasonable best efforts to register or qualify the Registrable Securities under all applicable state securities or “blue sky” laws of such jurisdictions
as any Holder of Registrable Securities covered by a Registration Statement shall reasonably request in writing by the time the applicable Registration Statement becomes effective; cooperate with such Holders in connection with any filings required
to be made with FINRA; and do any and all other acts and things that may be reasonably necessary or advisable to enable each Holder to complete the disposition in each such jurisdiction of the Registrable Securities owned by such Holder;
provided that the Company shall not be required to (1) qualify as a foreign corporation or other entity or as a dealer in securities in any such jurisdiction where it would not otherwise be required to so qualify, (2) file any
general consent to service of process in any such jurisdiction or (3) subject itself to taxation in any such jurisdiction if it is not so subject; 

  
 8 

	 	(v)	notify counsel for the Initial Purchasers and, in the case of a Shelf Registration, notify each Holder of Registrable Securities and counsel for such Holders promptly
and, if requested by any such Holder or counsel, confirm such advice in writing (1) when a Registration Statement has become effective, when any post-effective amendment thereto has been filed and becomes effective and when any amendment or
supplement to the Prospectus has been filed, (2) of any request by the SEC or any state securities authority for amendments and supplements to a Registration Statement or Prospectus or for additional information after the Registration Statement
has become effective, (3) of the issuance by the SEC or any state securities authority of any stop order suspending the effectiveness of a Registration Statement or the initiation of any proceedings for that purpose, including the receipt by
the Company of any notice of objection of the SEC to the use of a Shelf Registration Statement or any post-effective amendment thereto pursuant to Rule 401(g)(2) under the Securities Act, (4) if, between the applicable effective date of a Shelf
Registration Statement and the closing of any sale of Registrable Securities covered thereby, the representations and warranties of the Company contained in any underwriting agreement, securities sales agreement or other similar agreement, if any,
relating to an offering of such Registrable Securities cease to be true and correct in all material respects or if the Company receives any notification with respect to the suspension of the qualification of the Registrable Securities for sale in
any jurisdiction or the initiation of any proceeding for such purpose, (5) of the happening of any event during the period a Registration Statement is effective that makes any statement made in such Registration Statement or the related
Prospectus untrue in any material respect or that requires the making of any changes in such Registration Statement or Prospectus in order to make the statements therein not misleading and (6) of any determination by the Company that a
post-effective amendment to a Registration Statement or any amendment or supplement to the Prospectus would be appropriate; 

  

	 	(vi)	use reasonable best efforts to obtain the withdrawal of any order suspending the effectiveness of a Registration Statement or, in the case of a Shelf Registration, the
resolution of any objection of the SEC pursuant to Rule 401(g)(2), including by filing an amendment to such Shelf Registration Statement on the proper form, at the earliest possible moment and provide immediate notice to each Holder of the
withdrawal of any such order or such resolution; 

  

	 	(vii)	in the case of a Shelf Registration, furnish to each Holder of Registrable Securities, without charge, at least one conformed copy of each Registration Statement and
any post-effective amendment thereto (without any documents incorporated therein by reference or exhibits thereto, unless requested); 

  

	 	(viii)	in the case of a Shelf Registration, cooperate with the Holders of Registrable Securities to facilitate the timely preparation and delivery of certificates representing
Registrable Securities to be sold and not bearing any restrictive legends and enable such Registrable Securities to be issued in such denominations and registered in such names (consistent with the provisions of the Indenture) as such Holders may
reasonably request at least one Business Day prior to the closing of any sale of Registrable Securities; 

  
 9 

	 	(ix)	in the case of a Shelf Registration, upon the occurrence of any event contemplated by Section 3(a)(v)(5) hereof, use reasonable best efforts to prepare and file
with the SEC a supplement or post-effective amendment to such Shelf Registration Statement or any related Prospectus or Issuer Free Writing Prospectus or any document incorporated therein by reference or file any other required document so that, as
thereafter delivered (or, to the extent permitted by law, made available) to purchasers of the Registrable Securities, such Prospectus or Issuer Free Writing Prospectus will cease to have the identified deficiencies and will not contain any untrue
statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; and the Company shall notify the Holders of Registrable Securities
to suspend use of the Prospectus or Issuer Free Writing Prospectus as promptly as practicable after the occurrence of such an event, and such Holders hereby agree to suspend use of the Prospectus or Issuer Free Writing Prospectus until the Company
has amended or supplemented the Prospectus or Issuer Free Writing Prospectus to correct such misstatement or omission; 

  

	 	(x)	a reasonable time prior to the filing of any Registration Statement, any Prospectus, any Issuer Free Writing Prospectus, any amendment to a Registration Statement or
amendment or supplement to a Prospectus or Issuer Free Writing Prospectus or of any document that is to be incorporated by reference into a Registration Statement or a Prospectus after initial filing of a Registration Statement, provide copies of
such document to the Initial Purchasers and their counsel (and, in the case of a Shelf Registration Statement, to the Holders of Registrable Securities and their counsel) and make such of the representatives of the Company as shall be reasonably
requested by the Initial Purchasers or their counsel (and, in the case of a Shelf Registration Statement, the Holders of Registrable Securities or their counsel) available for discussion of such document; and the Company shall not, at any time after
initial filing of a Registration Statement, use or file any Prospectus, any Issuer Free Writing Prospectus, any amendment of or supplement to a Registration Statement or a Prospectus, or any document that is to be incorporated by reference into a
Registration Statement or a Prospectus, of which the Initial Purchasers and their counsel (and, in the case of a Shelf Registration Statement, the Holders of Registrable Securities and their counsel) shall not have previously been advised and
furnished a copy or to which the Initial Purchasers or their counsel (and, in the case of a Shelf Registration Statement, the Holders of Registrable Securities or their counsel) shall reasonably object within five Business Days after the receipt
thereof; 

  

	 	(xi)	obtain a CUSIP number for all Exchange Securities or Registrable Securities, as the case may be, not later than the initial effective date of a Registration Statement;

  

	 	(xii)	 cause the Indenture to be qualified under the Trust Indenture Act in connection with the registration of the Exchange Securities or Registrable
Securities, as the case may be; cooperate with the Trustee and the Holders to effect such changes to 

  
 10 

	 	
the Indenture as may be required for the Indenture to be so qualified in accordance with the terms of the Trust Indenture Act; and execute, and use reasonable best efforts to cause the Trustee to
execute, all documents as may be required to effect such changes and all other forms and documents required to be filed with the SEC to enable the Indenture to be so qualified in a timely manner; 

 

	 	(xiii)	in the case of a Shelf Registration, make available for inspection by a representative of the Holders of the Registrable Securities (an “Inspector”),
any Underwriter participating in any disposition pursuant to such Shelf Registration Statement, any attorneys and accountants designated by a majority of the Holders of Registrable Securities to be included in such Shelf Registration and any
attorneys and accountants designated by such Underwriter, at reasonable times and in a reasonable manner, all pertinent financial and other records, documents and properties of the Company and its subsidiaries, and cause the officers, directors and
employees of the Company to supply all information reasonably requested by any such Inspector, Underwriter, attorney or accountant in connection with a Shelf Registration Statement; provided that if any such information is identified by the
Company as being confidential or proprietary, each Person receiving such information shall take such actions as are reasonably necessary to protect the confidentiality of such information to the extent such action is otherwise not inconsistent with,
an impairment of or in derogation of the rights and interests of any Inspector, Holder or Underwriter; 

  

	 	(xiv)	in the case of a Shelf Registration, use reasonable best efforts to cause all Registrable Securities to be listed on any securities exchange or any automated quotation
system on which similar securities issued or guaranteed by the Company are then listed if requested by the majority of Holders, to the extent such Registrable Securities satisfy applicable listing requirements; 

 

	 	(xv)	if reasonably requested by any Holder of Registrable Securities covered by a Shelf Registration Statement, promptly include in a Prospectus supplement or post-effective
amendment such information with respect to such Holder as such Holder reasonably requests to be included therein and make all required filings of such Prospectus supplement or such post-effective amendment as soon as reasonably practicable after the
Company has received notification of the matters to be so included in such filing; and 

  

	 	(xvi)	 in the case of a Shelf Registration, enter into such customary agreements and take all such other actions in connection therewith (including those
requested by a majority of the Holders) in order to expedite or facilitate the disposition of such Registrable Securities including, but not limited to, an Underwritten Offering and in such connection, (1) to the extent possible, make such
representations and warranties to the Holders and any Underwriters of such Registrable Securities with respect to the business of the Company and its subsidiaries and the Registration Statement, Prospectus and documents incorporated by reference or
deemed incorporated by reference, if any, in each case, in form, substance and scope as are customarily made by issuers to underwriters in underwritten offerings and confirm 

  
 11 

	 	
the same if and when requested, (2) obtain opinions of counsel to the Company (which counsel and opinions, in form, scope and substance, shall be reasonably satisfactory to the Holders and
such Underwriters and their respective counsel) addressed to each selling Holder and Underwriter of Registrable Securities, covering the matters customarily covered in opinions requested in underwritten offerings, (3) obtain “comfort”
letters from the independent certified public accountants of the Company (and, if necessary, any other certified public accountant of the Company or any subsidiary of the Company, or of any business acquired by the Company for which financial
statements and financial data are or are required to be included in the Registration Statement) addressed to each selling Holder (to the extent permitted by applicable professional standards) and Underwriter of Registrable Securities, such letters
to be in customary form and covering matters of the type customarily covered in “comfort” letters in connection with underwritten offerings, including but not limited to financial information contained in any preliminary prospectus or
Prospectus and (4) deliver such documents and certificates as may be reasonably requested by the Holders of a majority in principal amount of the Registrable Securities being sold or the Underwriters, and which are customarily delivered in
underwritten offerings, to evidence the continued validity of the representations and warranties of the Company made pursuant to clause (1) above and to evidence compliance with any customary conditions contained in an underwriting agreement.

 (b) In the case of a Shelf Registration Statement, the Company may require each Holder of Registrable
Securities to furnish to the Company such information regarding such Holder and the proposed disposition by such Holder of such Registrable Securities as the Company may from time to time reasonably request in writing. 

(c) In the case of a Shelf Registration Statement, each Holder of Registrable Securities covered in such Shelf Registration Statement
agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section 3(a)(v)(3) or 3(a)(v)(5) hereof, such Holder will forthwith discontinue disposition of Registrable Securities pursuant to
the Shelf Registration Statement until such Holder’s receipt of the copies of the supplemented or amended Prospectus or Issuer Free Writing Prospectus contemplated by Section 3(a)(ix) hereof and, if so directed by the Company, such Holder
will deliver to the Company all copies in its possession, other than permanent file copies then in such Holder’s possession, of the Prospectus and any Issuer Free Writing Prospectuses covering such Registrable Securities that are current at the
time of receipt of such notice. 
 (d) If the Company shall give any notice to suspend the disposition of Registrable Securities
pursuant to a Registration Statement, the Company shall extend the period during which such Registration Statement shall be maintained effective pursuant to this Agreement by the number of days during the period from and including the date of the
giving of such notice to and including the date when the Holders of such Registrable Securities shall have received copies of the supplemented or amended Prospectus necessary to resume such dispositions. The Company may give any such notice only
twice during any 365-day period and any such suspensions shall not exceed 30 days for each suspension and there shall not be more than two suspensions in effect during any 365-day period. 

  
 12 

 (e) The Holders of Registrable Securities covered by a Shelf Registration Statement who
desire to do so may sell such Registrable Securities in an Underwritten Offering. In any such Underwritten Offering, the investment bank or investment banks and manager or managers (each, an “Underwriter”) that will administer the offering
will be selected by the Holders of a majority in principal amount of the Registrable Securities included in such offering. 

4. Participation of Broker-Dealers in Exchange Offer. 

(a) The Staff has taken the position that any broker-dealer that receives Exchange Securities for its own account in the Exchange Offer
in exchange for Securities that were acquired by such broker-dealer as a result of market-making or other trading activities (a “Participating Broker-Dealer”) may be deemed to be an “underwriter” within the meaning of the
Securities Act and must deliver a prospectus meeting the requirements of the Securities Act in connection with any resale of such Exchange Securities. 
 The Company understands that it is the Staff’s position that if the Prospectus contained in the Exchange Offer Registration Statement includes a plan of distribution containing a statement to the
above effect and the means by which Participating Broker-Dealers may resell the Exchange Securities, without naming the Participating Broker-Dealers or specifying the amount of Exchange Securities owned by them, such Prospectus may be delivered by
Participating Broker-Dealers (or, to the extent permitted by law, made available to purchasers) to satisfy their prospectus delivery obligation under the Securities Act in connection with resales of Exchange Securities for their own accounts, so
long as the Prospectus otherwise meets the requirements of the Securities Act. 
 (b) In light of the above, and notwithstanding
the other provisions of this Agreement, the Company agrees to amend or supplement the Prospectus contained in the Exchange Offer Registration Statement for a period of up to 180 days after the last Exchange Date (as such period may be extended
pursuant to Section 3(d) of this Agreement), in order to expedite or facilitate the disposition of any Exchange Securities by Participating Broker-Dealers consistent with the positions of the Staff recited in Section 4(a) above. The
Company further agrees that Participating Broker-Dealers shall be authorized to deliver such Prospectus (or, to the extent permitted by law, make available) during such period in connection with the resales contemplated by this Section 4.

 (c) The Initial Purchasers shall have no liability to the Company or any Holder with respect to any request that they may
make pursuant to Section 4(b) above. 
 5. Indemnification and Contribution. 

(a) The Company agrees to indemnify and hold harmless each Initial Purchaser and each Holder, their respective affiliates, directors and
officers and each Person, if any, who controls any Initial Purchaser or any Holder within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, from and against any and all losses, claims, damages and
liabilities (including, without limitation, legal fees and other expenses incurred in connection with any suit, action or proceeding or any claim asserted, as such fees and expenses are incurred), that arise out of, or are based upon, (1) any
untrue statement or alleged untrue statement of a material fact contained in any Registration Statement or any omission or alleged omission to state therein a material fact required to be stated therein or necessary in order to make the statements

  
 13 

 
therein not misleading, or (2) any untrue statement or alleged untrue statement of a material fact contained in any Prospectus or any Issuer Free Writing Prospectus, or any omission or
alleged omission to state therein a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, in each case except insofar as such losses, claims, damages or
liabilities arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any information provided by any Initial Purchaser or Holder expressly for use therein.
In connection with any Underwritten Offering permitted by Section 3, the Company will also indemnify the Underwriters, if any, selling brokers, dealers and similar securities industry professionals participating in the distribution, their
respective affiliates and each Person who controls such Persons (within the meaning of the Securities Act and the Exchange Act) to the same extent as provided above with respect to the indemnification of the Holders, if requested in connection with
any Registration Statement, any Prospectus or any Issuer Free Writing Prospectus. 
 (b) Each Holder agrees, severally and not
jointly, to indemnify and hold harmless the Company, the Initial Purchasers and the other selling Holders, the directors of the Company, each officer of the Company who signed the Registration Statement and each Person, if any, who controls the
Company, any Initial Purchaser and any other selling Holder within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act to the same extent as the indemnity set forth in paragraph (a) above, but only with
respect to any losses, claims, damages or liabilities that arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any information relating to such Holder
furnished to the Company in writing by such Holder expressly for use in any Registration Statement, any Prospectus or any Issuer Free Writing Prospectus. 
 (c) If any suit, action, proceeding (including any governmental or regulatory investigation), claim or demand shall be brought or asserted against any Person in respect of which indemnification may be
sought pursuant to either paragraph (a) or (b) above, such Person (the “Indemnified Person”) shall promptly notify the Person against whom such indemnification may be sought (the “Indemnifying Person”) in
writing; provided that the failure to notify the Indemnifying Person shall not relieve it from any liability that it may have under paragraph (a) or (b) above except to the extent that it has been materially prejudiced (through the
forfeiture of substantive rights or defenses) by such failure; and provided, further, that the failure to notify the Indemnifying Person shall not relieve it from any liability that it may have to an Indemnified Person otherwise than under
paragraph (a) or (b) above. If any such proceeding shall be brought or asserted against an Indemnified Person and it shall have notified the Indemnifying Person thereof, the Indemnifying Person shall retain counsel reasonably satisfactory
to the Indemnified Person to represent the Indemnified Person and any others entitled to indemnification pursuant to this Section 5 that the Indemnifying Person may designate in such proceeding and shall pay the fees and expenses of such
proceeding and shall pay the fees and expenses of such counsel related to such proceeding, as incurred. In any such proceeding, any Indemnified Person shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be
at the expense of such Indemnified Person unless (i) the Indemnifying Person and the Indemnified Person shall have mutually agreed to the contrary; (ii) the Indemnifying Person has failed within a reasonable time to retain counsel
reasonably satisfactory to the Indemnified Person; (iii) the Indemnified Person shall have reasonably concluded that there may be legal defenses available to it that are different from or in addition to those available to the Indemnifying
Person; or (iv) the named parties in any such proceeding (including any impleaded parties) include both the Indemnifying Person and the 

  
 14 

 
Indemnified Person and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. It is understood and agreed that the
Indemnifying Person shall not, in connection with any proceeding or related proceeding in the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel) for all Indemnified Persons, and
that all such fees and expenses shall be reimbursed as they are incurred. Any such separate firm (x) if designated for one or more Initial Purchasers or affiliates, directors, officers or control Persons of one or more Initial Purchasers shall
be designated in writing by J.P. Morgan Securities LLC unless such representation is to include Holders that are not Initial Purchasers, (y) if designated for one or more Holders or directors, officers or control Persons of any Holder, in each
case including one or more Holders other than Initial Purchasers, shall be designated in writing by a majority of the Holders to be represented and (z) in all other cases shall be designated in writing by the Company. The Indemnifying Person
shall not be liable for any settlement of any proceeding effected without its prior written consent, but if settled with such consent or if there is a final non-appealable judgment for the plaintiff, the Indemnifying Person agrees to indemnify each
Indemnified Person from and against any loss or liability by reason of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time an Indemnified Person shall have requested that an Indemnifying Person reimburse the
Indemnified Person for fees and expenses of counsel as contemplated by this paragraph, the Indemnifying Person shall be liable for any settlement of any proceeding effected without its written consent if (i) such settlement is entered into more
than 30 days after receipt by the Indemnifying Person of such request, (ii) the Indemnifying Person shall not have reimbursed the Indemnified Person for such amounts as are not in dispute in accordance with such request prior to the date of
such settlement and (iii) the Indemnifying Person shall not have notified the Indemnified Person in writing (and in reasonable detail) of its good faith belief that such reimbursement is not required. No Indemnifying Person shall, without the
prior written consent of the Indemnified Person, effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Person is or could have been a party and indemnification could have been sought hereunder by such
Indemnified Person, unless such settlement (A) includes an unconditional release of such Indemnified Person, in form and substance reasonably satisfactory to such Indemnified Person, from all liability on claims that are the subject matter of
such proceeding and (B) does not include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any Indemnified Person. 
 (d) If the indemnification provided for in paragraphs (a) and (b) above is unavailable to an Indemnified Person or insufficient in respect of any losses, claims, damages or liabilities referred
to therein, then each Indemnifying Person under such paragraph, in lieu of indemnifying such Indemnified Person thereunder, shall contribute to the amount paid or payable by such Indemnified Person as a result of such losses, claims, damages or
liabilities (i) in such proportion as is appropriate to reflect the relative benefits received by the Company from the offering of the Securities and the Exchange Securities, on the one hand, and by the Holders from receiving Securities or
Exchange Securities registered under the Securities Act, on the other hand, or (ii) if the allocation provided by clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits
referred to in clause (i) but also the relative fault of the Company on the one hand and the Holders on the other in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities, as well as any other
relevant equitable considerations. The relative fault of the Company on the one hand and the Holders on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact relates to information supplied by the Company or by the applicable Holders, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such
statement or omission. 

  
 15 

 (e) The Company and the Holders agree that it would not be just and equitable if
contribution pursuant to this Section 5 were determined by pro rata allocation (even if the Holders were treated as one entity for such purpose) or by any other method of allocation that does not take account of the equitable
considerations referred to in paragraph (d) above. The amount paid or payable by an Indemnified Person as a result of the losses, claims, damages and liabilities referred to in paragraph (d) above shall be deemed to include, subject to the
limitations set forth above, any legal or other expenses incurred by such Indemnified Person in connection with any such action or claim. Notwithstanding the provisions of this Section 5, in no event shall a Holder be required to contribute any
amount in excess of the amount by which the total price at which the Securities or Exchange Securities sold by such Holder exceeds the amount of any damages that such Holder has otherwise been required to pay by reason of such untrue or alleged
untrue statement or omission or alleged omission. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such
fraudulent misrepresentation. The Holders’ obligations to contribute pursuant to this Section 5 are several and not joint. 
 (f) The remedies provided for in this Section 5 are not exclusive and shall not limit any rights or remedies that may otherwise be available to any Indemnified Person at law or in equity. 

(g) The indemnity and contribution provisions contained in this Section 5 shall remain operative and in full force and effect
regardless of (i) any termination of this Agreement, (ii) any investigation made by or on behalf of the Initial Purchasers or any Holder or any Person controlling any Initial Purchaser or any Holder, or by or on behalf of the Company or
the officers or directors of or any Person controlling the Company, (iii) acceptance of any of the Exchange Securities and (iv) any sale of Registrable Securities pursuant to a Shelf Registration Statement. 

6. General. 
 (a) No Inconsistent Agreements. The Company represents, warrants and agrees that (i) the rights granted to the Holders hereunder do not in any way conflict with and are not inconsistent with
the rights granted to the holders of any other outstanding securities issued or guaranteed by the Company under any other agreement and (ii) the Company has not entered into, or on or after the date of this Agreement will not enter into, any
agreement that is inconsistent with the rights granted to the Holders of Registrable Securities in this Agreement or otherwise conflicts with the provisions hereof. 
 (b) Amendments and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or supplemented, and waivers or consents to departures from the
provisions hereof may not be given unless the Company has obtained the written consent of a majority of the Holders affected by such amendment, modification, supplement, waiver or consent; provided that no amendment, modification, supplement,
waiver or consent to any departure from the provisions of Section 5 hereof shall be effective as against any Holder of Registrable Securities unless consented to in writing by such Holder. Any amendments, modifications, supplements, waivers or
consents pursuant to this Section 6(b) shall be by a writing executed by each of the parties hereto. 

  
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 (c) Notices. All notices and other communications provided for or permitted hereunder
shall be made in writing by hand-delivery, registered first-class mail, telex, or any courier guaranteeing overnight delivery (i) if to a Holder, at the most current address given by such Holder to the Company by means of a notice given in
accordance with the provisions of this Section 6(c), which address initially is, with respect to the Initial Purchasers, the addresses set forth in the Purchase Agreement; (ii) if to the Company, initially at the Company’s address set
forth in the Purchase Agreement and thereafter at such other address, notice of which is given in accordance with the provisions of this Section 6(c); and (iii) to such other persons at their respective addresses as provided in the
Purchase Agreement and thereafter at such other address, notice of which is given in accordance with the provisions of this Section 6(c). All such notices and communications shall be deemed to have been duly given: at the time delivered by
hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt is acknowledged, if transmitted by facsimile; and on the next Business Day if timely delivered to an air courier
guaranteeing overnight delivery. Copies of all such notices, demands or other communications shall be concurrently delivered by the Person giving the same to the Trustee, at the address specified in the Indenture. 

(d) Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors, assigns and
transferees of each of the parties, including, without limitation and without the need for an express assignment, subsequent Holders; provided that nothing herein shall be deemed to permit any assignment, transfer or other disposition of
Registrable Securities in violation of the terms of the Purchase Agreement or the Indenture. If any transferee of any Holder shall acquire Registrable Securities in any manner, whether by operation of law or otherwise, such Registrable Securities
shall be held subject to all the terms of this Agreement, and by taking and holding such Registrable Securities such Person shall be conclusively deemed to have agreed to be bound by and to perform all of the terms and provisions of this Agreement
and such Person shall be entitled to receive the benefits hereof. The Initial Purchasers (in their capacity as Initial Purchasers) shall have no liability or obligation to the Company with respect to any failure by a Holder to comply with, or any
breach by any Holder of, any of the obligations of such Holder under this Agreement. 
 (e) Third Party Beneficiaries.
Each Holder shall be a third party beneficiary to the agreements made hereunder between the Company, on the one hand, and the Initial Purchasers, on the other hand, and shall have the right to enforce such agreements directly to the extent it deems
such enforcement necessary or advisable to protect its rights or the rights of other Holders hereunder. 
 (f)
Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute
one and the same agreement. 
 (g) Headings. The headings in this Agreement are for convenience of reference only, are
not a part of this Agreement and shall not limit or otherwise affect the meaning hereof. 
 (h) Governing Law. This
Agreement, and any claim, controversy or dispute relating to or arising out of this Agreement, shall be governed by and construed in accordance with the laws of the State of New York. Each party hereto hereby irrevocably and unconditionally submits,
for itself and its property, to the exclusive jurisdiction of the federal and state courts located in New York County, New York, including the United States District Court for the Southern District of New York, in connection with any claim brought
with respect to this Agreement or related matter and waives any right to claim such forum would be inappropriate, including concepts of forum non conveniens. 

  
 17 

 (i) Waiver of Jury Trial. The Company and each of the Initial Purchasers hereby
irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. 

(j) Entire Agreement; Severability. This Agreement contains the entire agreement between the parties relating to the subject
matter hereof and supersedes all oral statements and prior writings with respect thereto. If any term, provision, covenant or restriction contained in this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable
or against public policy, the remainder of the terms, provisions, covenants and restrictions contained herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated. The Company and the Initial Purchasers
shall endeavor in good faith negotiations to replace the invalid, void or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, void or unenforceable provisions. 

(k) Free Writing Prospectuses. Each Holder represents that it has not prepared or had prepared on its behalf or used or referred
to, and agrees that it will not prepare or have prepared on its behalf or use or refer to, any Free Writing Prospectus, and has not distributed and will not distribute any written materials in connection with the offer or sale of the Registrable
Securities without the prior express written consent of the Company. Any such Free Writing Prospectus consented to by the Company is hereinafter referred to as a “Permitted Free Writing Prospectus.” The Company represents and agrees
that it has treated and will treat, as the case may be, each Permitted Free Writing Prospectus as an Issuer Free Writing Prospectus, including in respect of timely filing with the SEC, legends and record-keeping. 

(l) Majorities. Any reference herein to a majority of Holders or Electing Holders shall be deemed to refer to a majority of the
relevant aggregate principal amount of the outstanding Registrable Securities and any reference herein to a majority of Electing Holders shall be deemed to refer to a majority of the relevant aggregate principal amount of the outstanding Registrable
Securities the Holder of which is an Electing Holder with respect to such Registrable Securities; provided that whenever the consent or approval of Holders or Electing Holders is required hereunder, any Registrable Securities owned directly
or indirectly by the Company or any of its affiliates shall not be counted in determining whether such consent or approval was given by the required majority. 
 [Signature Page Follows] 

  
 18 

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

			
	SBA COMMUNICATIONS CORPORATION
		
	By:	 	 /s/ Thomas P. Hunt

		 	Name: Thomas P. Hunt
		 	Title: Senior Vice President, Chief Administrative Officer and General Counsel

 [Signature Page to the Registration Rights Agreement] 

 Confirmed and accepted as of the date first above written: 

 

			
	J.P. MORGAN SECURITIES LLC
		
	By:	 	 /s/ Jessica Kearns

		 	Name: Jessica Kearns
		 	Title: Managing Director

 For itself and as Representative of the other Initial Purchasers. 

  
 [Signature
Page to the Registration Rights Agreement] 

 Schedule 1 
 Initial Purchasers 
 J.P. Morgan Securities LLC 

Barclays Capital Inc. 
 Citigroup Global
Markets Inc. 
 Deutsche Bank Securities Inc. 
 RBS Securities Inc. 
 TD Securities (USA) LLC 

Wells Fargo Securities, LLC

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