Document:

EXHIBIT 4.10

                               GLOBAL SIGNAL INC.

                                       and

                             _____________________,

                                as Warrant Agent

                                   ----------

                                WARRANT AGREEMENT

                          Dated as of ________________

                                   ----------

                          Warrants to Purchase _______

                                   ----------

                                TABLE OF CONTENTS

<TABLE>

                                                                              PAGE

                                    ARTICLE I
                     ISSUANCE OF WARRANTS AND EXECUTION AND
                        DELIVERY OF WARRANT CERTIFICATES

SECTION 1.01.   Issuance of Warrants............................................2
SECTION 1.02.   Execution and Delivery of Warrant Certificates..................2
SECTION 1.03.   Issuance of Warrant Certificates................................3

                                   ARTICLE II
                WARRANT PRICE, DURATION AND EXERCISE OF WARRANTS

SECTION 2.01.   Warrant Price...................................................4
SECTION 2.02.   Duration of Warrants............................................4
SECTION 2.03.   Exercise of Warrants............................................4

                                   ARTICLE III
            OTHER PROVISIONS RELATING TO RIGHTS OF HOLDERS OF WARRANT

SECTION 3.01.   No Rights as Warrant Securityholder
                Conferred by Warrant or Warrant Certificates....................6
SECTION 3.02.   Lost, Mutilated, Stolen, or Destroyed Warrant Certificates......6
SECTION 3.03.   Enforcement of Rights...........................................6
SECTION 3.04.   Merger, Consolidation, Conveyance or Transfer...................7

                                   ARTICLE IV
                              EXCHANGE AND TRANSFER

SECTION 4.01.   Exchange and Transfer...........................................7
SECTION 4.02.   Treatment of Holders of Warrant Certificates....................8
SECTION 4.03.   Cancellation of Warrant Certificates............................8

                                    ARTICLE V
                          CONCERNING THE WARRANT AGENT

SECTION 5.01.   Warrant Agent...................................................9
SECTION 5.02.   Conditions of Warrant Agent's Obligations.......................9
SECTION 5.03.   Resignation and Appointment of Successor.......................11

                                   ARTICLE VI
                                  MISCELLANEOUS

SECTION 6.01.   Amendment......................................................12
</TABLE>

                                       i

<TABLE>

SECTION 6.02.   Notices and Demands to the Company and Warrant Agent...........13
SECTION 6.03.   Addresses......................................................13
SECTION 6.04.   Applicable Law.................................................13
SECTION 6.05.   Delivery of Prospectus.........................................13
SECTION 6.06.   Obtaining of Governmental Approval.............................13
SECTION 6.07.   Persons Having Rights under Warrant Agreement..................13
SECTION 6.08.   Headings.......................................................14
SECTION 6.09.   Counterparts...................................................14
SECTION 6.10.   Inspection of Agreement........................................14
SECTION 6.11.   Notices to Holders of Warrants.................................14

EXHIBIT A - Form of Warrant Certificate
</TABLE>

                                       ii

                              WARRANT AGREEMENT(1)

          THIS AGREEMENT dated as of ___________ between GLOBAL SIGNAL INC., a
corporation duly organized and existing under the laws of the State of Delaware
(the "Company"), and ___________, a [bank] [trust company] duly incorporated and
existing under the laws of___________, as Warrant Agent (the "Warrant Agent").

          [Bracketed language here and throughout this Agreement should be
inserted as follows:

          1. If Warrants are immediately detachable from the Offered Securities;
          and

          2. If Warrants are detachable from the Offered Securities only after
          the Detachable Date.]

                                   WITNESSETH:

          [WHEREAS, the Company has entered into an Indenture dated as of
_____________ (the "Senior Indenture") between the Company and ______________,
as Trustee (the "Senior Indenture Trustee"), and an Indenture dated as of
____________ (the "Subordinated Indenture") between the Company and
_____________, as Trustee (the "Subordinated Indenture Trustee") (together, the
"Trustees" or "Trustee" and "Indentures" or "Indenture"), providing for the
issuance from time to time of its unsecured debt securities to be issued in one
or more series as provided in the Indenture; and]

          WHEREAS, the Company proposes to sell [[title of such securities being
offered] (the "Offered Securities") with] one or more warrants (the "Warrants")
representing the right to purchase [title of such securities purchasable through
exercise of Warrants] (the "Warrant Securities"), the Warrants to be evidenced
by Warrant certificates issued pursuant to this Agreement (the "Warrant
Certificates"); and

          WHEREAS, the Company desires the Warrant Agent to act on behalf of the
Company in connection with the issuance, transfer, exchange, exercise and
replacement of the Warrant Certificates, and in this Agreement wishes to set
forth, among other things, the form and provisions of the Warrant Certificates
and the terms and conditions on which they may be issued, transferred,
exchanged, exercised and replaced;

          NOW, THEREFORE, in consideration of the premises and of the mutual
agreements herein contained, the parties hereto agree as follows:

----------
(1)  Complete or modify the provisions of this form as appropriate to reflect
     the terms of the Warrants and Warrant Securities. Monetary amounts may be
     in U.S. dollars or in foreign currency.

                                   ARTICLE I

                     ISSUANCE OF WARRANTS AND EXECUTION AND
                        DELIVERY OF WARRANT CERTIFICATES

          SECTION 1.01. Issuance of Warrants. The Warrants shall be evidenced by
one or more Warrant Certificates. Each Warrant evidenced thereby shall represent
the right, subject to the provisions contained herein and therein, to purchase
[_____ shares of the Warrant Securities] [$________aggregate principal amount of
Warrant Securities] and shall be initially issued in connection with the
issuance of the Offered Securities [1: and shall be separately transferable
immediately thereafter] [2: but shall not be separately transferable until on
and after ________, (the "Detachable Date")]. [The Warrants shall be initially
issued [in units] with the Offered Securities, and] each Warrant [included in
such a unit] shall evidence the right, subject to the provisions contained
herein and in the Warrant Certificates, to purchase [_____ shares of the Warrant
Securities] [$________ aggregate principal amount of Warrant Securities]
[included in such a unit].

          SECTION 1.02. Execution and Delivery of Warrant Certificates. Each
Warrant, whenever issued, shall be evidenced by a Warrant Certificate in
registered form, substantially in the form set forth in Exhibit A hereto, shall
be dated and may have such letters, numbers or other marks of identification or
designation and such legends or endorsements printed, lithographed or engraved
thereon as the officers of the Company executing the same may approve (execution
thereof to be conclusive evidence of such approval) and as are not inconsistent
with the provisions of this Agreement, or as may be required to comply with any
law or with any rule or regulation made pursuant thereto or with any rule or
regulation of any stock exchange on which the Warrants may be listed, or to
conform to usage. The Warrant Certificates shall be signed on behalf of the
Company by its chairman or vice chairman of the Board of Directors, the
president, any managing director or the treasurer of the Company, in each case
under its corporate seal, which may but need not be, attested by its secretary
or one of its assistant secretaries. Such signatures may be manual or facsimile
signatures of such authorized officers and may be imprinted or otherwise
reproduced on the Warrant Certificates. The corporate seal of the Company may be
in the form of a facsimile thereof and may be impressed, affixed, imprinted or
otherwise reproduced on the Warrant Certificates.

          No Warrant Certificate shall be valid for any purpose, and no Warrant
evidenced thereby shall be exercisable, until such Warrant Certificate has been
countersigned by the Warrant Agent by manual signature. Such signature by the
Warrant Agent upon any Warrant Certificate executed by the Company shall be
conclusive evidence, and the only evidence, that the Warrant Certificate so
countersigned has been duly issued hereunder.

          In case any officer of the Company who shall have signed any of the
Warrant Certificates either manually or by facsimile signature shall cease to be
such officer before the Warrant Certificates so signed shall have been
countersigned and delivered by the Warrant Agent as provided herein, such
Warrant Certificates may be

                                       2

countersigned and delivered notwithstanding that the person who signed such
Warrant Certificates ceased to be such officer of the Company; and any Warrant
Certificate may be signed on behalf of the Company by such persons as, at the
actual date of the execution of such Warrant Certificate, shall be the proper
officers of the Company, although at the date of the execution of this Agreement
any such person was not such officer.

          The term "Holder", when used with respect to any Warrant Certificate,
shall mean any person in whose name at the time such Warrant Certificate shall
be registered upon the books to be maintained by the Warrant Agent for that
purpose [2: or, prior to the Detachable Date, any person in whose name at the
time the Offered Security to which such Warrant Certificate is attached is
registered upon the register of the Offered Securities. Prior to the Detachable
Date, the Company will, or will cause the registrar of the Offered Securities
to, make available at all times to the Warrant Agent such information as to
holders of the Offered Securities with Warrants as may be necessary to keep the
Warrant Agent's records up to date.]

          SECTION 1.03. Issuance of Warrant Certificates. Warrant Certificates
evidencing the right to purchase [_____ shares of the Warrant Securities] [an
aggregate principal amount not exceeding $________ of Warrant Securities]
(except as provided in Sections 2.03, 3.02 and 4.01) may be executed by the
Company and delivered to the Warrant Agent upon the execution of this Warrant
Agreement or from time to time thereafter. The Warrant Agent shall, upon receipt
of Warrant Certificates duly executed on behalf of the Company, countersign
Warrant Certificates evidencing ___________ Warrants representing the right to
purchase up to [_____ shares of the Warrant Securities] [$_______ aggregate
principal amount of Warrant Securities] and shall deliver such Warrant
Certificates to or upon the order of the Company. Subsequent to such original
issuance of the Warrant Certificates, the Warrant Agent shall countersign a
Warrant Certificate only if the Warrant Certificate is issued in exchange or
substitution for one or more previously countersigned Warrant Certificates or in
connection with their transfer as hereinafter provided or as provided in the
penultimate paragraph of Section 2.03.

          Pending the preparation of definitive Warrant Certificates evidencing
Warrants, the Company may execute and the Warrant Agent shall countersign and
deliver temporary Warrant Certificates evidencing such Warrants (printed,
lithographed, typewritten or otherwise produced, in each case in form
satisfactory to the Warrant Agent). Such temporary Warrant Certificates shall be
issuable substantially in the form of the definitive Warrant Certificates but
with such omissions, insertions and variations as may be appropriate for
temporary Warrant Certificates, all as may be determined by the Company with the
concurrence of the Warrant Agent. Such temporary Warrant Certificates may
contain such reference to any provisions of this Warrant Agreement as may be
appropriate. Every such temporary Warrant Certificate shall be executed by the
Company and shall be countersigned by the Warrant Agent upon the same conditions
and in substantially the same manner, and with like effect, as the definitive
Warrant Certificates. Without unreasonable delay, the Company shall execute and
shall furnish definitive Warrant Certificates and thereupon such temporary
Warrant Certificates may

                                       3

be surrendered in exchange therefor without charge pursuant to and subject to
the provisions of Section 4.01, and the Warrant Agent shall countersign and
deliver in exchange for such temporary Warrant Certificates definitive Warrant
Certificates of authorized denominations evidencing a like aggregate number of
Warrants evidenced by such temporary Warrant Certificates. Until so exchanged,
such temporary Warrant Certificates shall be entitled to the same benefits under
this Warrant Agreement as definitive Warrant Certificates.

                                   ARTICLE II

                WARRANT PRICE, DURATION AND EXERCISE OF WARRANTS

          SECTION 2.01. Warrant Price. On ________, ____, the exercise price of
each Warrant will be _____. During the period from __________, ____ through and
including ___________, _____, the exercise price of each Warrant will be
__________ [plus [accrued amortization of the original issue discount] [accrued
interest] from ______, ____.] [In each case, the original issue discount will be
amortized at a __% annual rate, computed on an annual basis using the "interest"
method and using a 360-day year consisting of twelve 30-day months]. Such
exercise price of Warrant Securities is referred to in this Agreement as the
"Warrant Price". [The original issue discount for each principal amount of
Warrant Securities is ________].

          SECTION 2.02. Duration of Warrants. [Subject to Section 4.03(b),] each
Warrant may be exercised [in whole but not in part] [in whole or in part] [at
any time, as specified herein, on or after [the date thereof] [________, ____]
and at or before [time, location] on _________, _____ (each day during such
period may hereinafter be referred to as an "Exercise Date")] [on [list of
specific dates] (each, an "Exercise Date")], or such later date as the Company
may designate by notice to the Warrant Agent and the Holders of Warrant
Certificates [in registered form and to the beneficial owners of the global
Warrant Certificate] (the "Expiration Date"). Each Warrant not exercised at or
before [time, location] on the Expiration Date shall become void, and all rights
of the Holder [and any beneficial owners] of the Warrant Certificate evidencing
such Warrant under this Agreement shall cease.

          SECTION 2.03. Exercise of Warrants. During the period specified in
Section 2.02, any whole number of Warrants may be exercised by providing certain
information as set forth on the reverse side of the Warrant Certificates
evidencing such Warrants and by paying in full [in lawful money of the United
States of America] [in applicable currency] [in cash] [by certified check or
official bank check or by bank wire transfer, in each case,] [by bank wire
transfer] [in immediately available funds,] the Warrant Price for each Warrant
exercised [(plus accrued interest, if any, on the Warrant Securities to be
issued upon exercise of such Warrant from and including the Interest Payment
Date (as defined in the Indenture), if any, in respect of such Warrant
Securities immediately preceding the Exercise Date to and including the Exercise
Date (unless the Exercise Date is after the Regular Record Date (as defined in
the Indenture), if any, for such Interest Payment Date, but on or before the
immediately succeeding Interest Payment Date for such Warrant Securities, in
which event no such accrued interest shall

                                       4

be payable in respect of Warrant Securities to be issued in registered form))]
to the Warrant Agent at its corporate trust office at [address] [or at
___________], provided that such exercise is subject to receipt within five
business days of such [payment] [wire transfer] by the Warrant Agent of the
Warrant Certificate evidencing each Warrant exercised with the form of election
to purchase Warrant Securities set forth on the reverse side of the Warrant
Certificate properly completed and duly executed.

           [Insert Cashless Exercise Option provisions, if applicable]

          The date on which payment in full of the Warrant Price (plus any such
accrued interest) is received by the Warrant Agent shall, subject to receipt of
the Warrant Certificate as aforesaid, be deemed to be the date on which the
Warrant is exercised. The Warrant Agent shall deposit all funds received by it
in payment for the exercise of Warrants in an account of the Company maintained
with it (or in such other account as may be designated by the Company) and shall
advise the Company, by telephone or by facsimile transmission or other form of
electronic communication available to both parties, at the end of each day on
which a payment for the exercise of Warrants is received of the amount so
deposited to its account. The Warrant Agent shall promptly confirm such advice
to the Company in writing.

          If a day on which Warrants may be exercised in the city in which such
Warrants are to be exercised shall be a Saturday or Sunday or a day on which
banking institutions in such city are authorized or required to be closed, then,
notwithstanding any other provision of this Agreement or the Warrant Certificate
evidencing such Warrants, but subject to the limitation that no Warrant may be
exercised after the Expiration Date, the Warrants shall be exercisable on the
next succeeding day which in such city is not a Saturday or Sunday or a day on
which banking institutions in such city are authorized or required to be closed.

          The Warrant Agent shall, from time to time, as promptly as
practicable, advise the Company and the Trustee in writing of (i) the number of
Warrants exercised, (ii) the instructions of each Holder of the Warrant
Certificates evidencing such Warrants with respect to delivery of the Warrant
Securities to be issued upon such exercise, (iii) delivery of any Warrant
Certificates evidencing the balance, if any, of the Warrants remaining after
such exercise, and (iv) such other information as the Company or the Trustee
shall reasonably require.

          As soon as practicable after the exercise of any Warrant, but subject
to receipt by the Warrant Agent of the Warrant Certificate evidencing such
Warrant as provided in this Section, the Company shall issue[, pursuant to the
Indenture, in authorized denominations to or upon the order of the Holder of the
Warrant Certificate evidencing each Warrant,] the Warrant Securities to which
such Holder is entitled, in fully registered form, registered in such name or
names as may be directed by such Holder. If fewer than all of the Warrants
evidenced by such Warrant Certificate are exercised, the Company shall execute,
and an authorized officer of the Warrant Agent shall manually countersign and
deliver, a new Warrant Certificate evidencing the number of such Warrants
remaining unexercised.

                                       5

          The Company shall not be required to pay any stamp or other tax or
other governmental charge required to be paid in connection with any transfer
involved in the issuance of the Warrant Securities, and in the event that any
such transfer is involved, the Company shall not be required to issue or deliver
any Warrant Security until such tax or other charge shall have been paid or it
has been established to the Company's satisfaction that no such tax or other
charge is due.

                                   ARTICLE III

            OTHER PROVISIONS RELATING TO RIGHTS OF HOLDERS OF WARRANT

          SECTION 3.01. No Rights as Warrant Securityholder Conferred by Warrant
or Warrant Certificates. No Warrant Certificate or Warrant evidenced thereby
shall entitle the Holder or any beneficial owner thereof to any of the rights of
a holder or beneficial owner of Warrant Securities, including, without
limitation, [the right to receive the payment of principal of (premium, if any)
or interest, if any, on Warrant Securities or to enforce any of the covenants in
the Indenture] [the right to receive dividend payments on the Warrant Securities
or any voting rights].

          SECTION 3.02. Lost, Mutilated, Stolen, or Destroyed Warrant
Certificates. Upon receipt by the Warrant Agent of evidence reasonably
satisfactory to it and the Company of the ownership of and the loss, mutilation,
theft or destruction of any Warrant Certificate and of such security or
indemnity as may be required by the Company and the Warrant Agent to hold each
of them and any agent of them harmless and, in the case of mutilation of a
Warrant Certificate, upon surrender thereof to the Warrant Agent for
cancellation, then, in the absence of notice to the Company or the Warrant Agent
that such Warrant Certificate has been acquired by a bona fide purchaser, the
Company shall execute, and an authorized officer of the Warrant Agent shall
manually countersign and deliver, in exchange for or in lieu of the lost,
mutilated, stolen or destroyed Warrant Certificate, a new Warrant Certificate of
the same tenor and evidencing a like number of Warrants. Upon the issuance of
any new Warrant Certificate under this Section, the Company may require the
payment of a sum sufficient to cover any stamp or other tax or other
governmental charge that may be imposed in relation thereto and any other
expenses (including the fees and expenses of the Warrant Agent) in connection
therewith. Every substitute Warrant Certificate executed and delivered pursuant
to this Section in lieu of any lost, mutilated, stolen or destroyed Warrant
Certificate shall represent an additional contractual obligation of the Company,
whether or not the lost, stolen or destroyed Warrant Certificate shall be at any
time enforceable by anyone, and shall be entitled to the benefits of this
Agreement equally and proportionately with any and all other Warrant
Certificates duly executed and delivered hereunder. The provisions of this
Section are exclusive and shall preclude (to the extent lawful) all other rights
and remedies with respect to the replacement of lost, mutilated, stolen or
destroyed Warrant Certificates.

          SECTION 3.03. Enforcement of Rights. Notwithstanding any of the
provisions of this Agreement, any Holder of a Warrant Certificate, without the
consent of the Warrant Agent, the Trustee, the holder of any Offered Securities
or the Holder of any

                                       6

other Warrant Certificate, may, in its own behalf and for its own benefit,
enforce, and may institute and maintain any suit, action or proceeding against
the Company suitable to enforce, or otherwise in respect of, its right to
exercise its Warrants in the manner provided in its Warrant Certificate and in
this Agreement.

          SECTION 3.04. Merger, Consolidation, Conveyance or Transfer. (a) If at
any time there shall be a merger or consolidation of the Company or a conveyance
or transfer of its property and assets substantially as an entirety [as
permitted under the Indenture], then in any such event the successor or assuming
corporation referred to therein shall succeed to and be substituted for the
Company, with the same effect [, subject to the Indenture,] as if it had been
named herein and in the Warrant Certificates as the Company; the Company shall
thereupon, except in the case of a transfer by way of lease, be relieved of any
further obligation hereunder and under the Warrants and the Warrant
Certificates, and the Company as the predecessor corporation, except in the case
of a transfer by way of lease, may thereupon or at any time thereafter be
dissolved, wound up or liquidated. Such successor or assuming corporation may
thereupon cause to be signed, and may issue either in its own name or in the
name of the Company, Warrant Certificates evidencing any or all of the Warrants
issuable hereunder which theretofore shall not have been signed by the Company,
and may execute and deliver Warrant Securities in its own name [, pursuant to
the Indenture,] in fulfillment of its obligations to deliver Warrant Securities
upon exercise of the Warrants. All the Warrants so issued shall in all respects
have the same legal rank and benefit under this Agreement as the Warrants
theretofore or thereafter issued in accordance with the terms of this Agreement
as though all of such Warrants had been issued at the date of the execution
hereof. In any case of any such merger, consolidation, conveyance or transfer,
such changes in phraseology and form (but not in substance) may be made in the
Warrant Certificates representing the Warrants thereafter to be issued as may be
appropriate.

               (b) The Warrant Agent may receive a written opinion of legal
counsel (who shall be acceptable to the Warrant Agent) as conclusive evidence
that any such merger, consolidation, conveyance or transfer complies with the
provisions of this Section and the Indenture.

                  [Add Anti-Dilution provisions as necessary.]

                                   ARTICLE IV

                              EXCHANGE AND TRANSFER

          SECTION 4.01. Exchange and Transfer. (a) [1: Upon] [2: Prior to the
Detachable Date, a Warrant Certificate may be exchanged or transferred only
together with the Offered Security to which such Warrant Certificate was
initially attached, and only for the purpose of effecting, or in conjunction
with, an exchange or transfer of such Offered Security. Prior to any Detachable
Date, each transfer of the Offered Security, shall operate also to transfer the
related Warrant Certificates. On or after the Detachable Date, upon] surrender
at the corporate trust office of the Warrant Agent at [address] [or __________],
Warrant Certificates evidencing Warrants may be exchanged for Warrant

                                       7

Certificates in other authorized denominations evidencing such Warrants or the
transfer thereof may be registered in whole or in part; provided, however, that
such other Warrant Certificates shall evidence the same aggregate number of
Warrants as the Warrant Certificates so surrendered.

               (b) The Warrant Agent shall keep, at its corporate trust office
at [address] [and at __________], books in which, subject to such reasonable
regulations as it may prescribe, it shall register Warrant Certificates and
exchanges and transfers of outstanding Warrant Certificates upon surrender of
such Warrant Certificates to the Warrant Agent at its corporate trust office at
[address] [or __________] for exchange or registration of transfer, properly
endorsed [or accompanied by appropriate instruments of registration of transfer
and written instructions for transfer, all in form satisfactory to the Company
and the Warrant Agent.]

               (c) No service charge shall be made for any exchange or
registration of transfer of Warrant Certificates, but the Company may require
payment of a sum sufficient to cover any stamp or other tax or other
governmental charge that may be imposed in connection with any such exchange or
registration of transfer.

               (d) Whenever any Warrant Certificates are so surrendered for
exchange or registration of transfer, an authorized officer of the Warrant Agent
shall manually countersign and deliver to the person or persons entitled thereto
a Warrant Certificate or Warrant Certificates, duly authorized and executed by
the Company, as so requested. The Warrant Agent shall not effect any exchange or
registration of transfer which will result in the issuance of a Warrant
Certificate, evidencing a fraction of a Warrant or a number of full Warrants and
a fraction of a Warrant.

               (e) All Warrant Certificates issued upon any exchange or
registration of transfer of Warrant Certificates shall be the valid obligations
of the Company evidencing the same obligations, and entitled to the same
benefits under this Agreement, as the Warrant Certificates surrendered for such
exchange or registration or transfer.

          SECTION 4.02. Treatment of Holders of Warrant Certificates. Each
Holder of a Warrant Certificate, by accepting the same, consents and agrees with
the Company, the Warrant Agent and every subsequent Holder of such Warrant
Certificate that until the transfer of such Warrant Certificate is registered on
the books of such Warrant Agent [2: or, prior to the Detachable Date, until the
transfer of the Offered Security to which such Warrant Certificate is attached
is registered in the register of the Offered Securities], the Company and the
Warrant Agent may treat the registered Holder of such Warrant Certificate as the
absolute owner thereof for any purpose and as the person entitled to exercise
the rights represented by the Warrants evidenced thereby, any notice to the
contrary notwithstanding.

          SECTION 4.03. Cancellation of Warrant Certificates. [(a)] Any Warrant
Certificate surrendered for exchange or registration of transfer or exercise of
the Warrants evidenced thereby shall, if surrendered to the Company, be
delivered to the

                                       8

Warrant Agent, and all Warrant Certificates surrendered or so delivered to the
Warrant Agent shall be promptly cancelled by the Warrant Agent and shall not be
reissued and, except as expressly permitted by this Agreement, no Warrant
Certificate shall be issued hereunder in exchange therefor or in lieu thereof.
The Warrant Agent shall cause all cancelled Warrant Certificates to be destroyed
and shall deliver a certificate of such destruction to the Company.

               [(b) If the Company notifies the Trustee of its election to
redeem [2: prior to the Detachable Date] [, as a whole but not in part,] [2: the
Offered Securities [or] [and]] the Warrant Securities pursuant to the Indenture
or the terms thereof, the Company may elect, and shall give notice to the
Warrant Agent of its election, to cancel the unexercised Warrants, the Warrant
Certificates and the rights evidenced thereby. Promptly after receipt of such
notice by the Warrant Agent, the Company shall, or, at the Company's request,
the Warrant Agent shall in the name of and at the expense of the Company, give
notice of such cancellation to the Holders of the Warrant Certificates, such
notice to be so given not less than 30 nor more than 60 days prior to the date
fixed for the redemption of [2: the Offered Securities [or] [and]] the Warrant
Securities pursuant to the Indenture or the terms thereof. The unexercised
Warrants, the Warrant Certificates and the rights evidenced thereby shall be
cancelled and become void on the 15th day prior to such date fixed for
redemption.]

                                    ARTICLE V

                          CONCERNING THE WARRANT AGENT

          SECTION 5.01. Warrant Agent. The Company hereby appoints __________ as
Warrant Agent of the Company in respect of the Warrants and the Warrant
Certificates upon the terms and subject to the conditions herein and in the
Warrant Certificates set forth; and ___________ hereby accepts such appointment.
The Warrant Agent shall have the powers and authority granted to and conferred
upon it in the Warrant Certificates and herein and such further powers and
authority to act on behalf of the Company as the Company may hereafter grant to
or confer upon it.

          All of the terms and provisions with respect to such powers and
authority contained in the Warrant Certificates are subject to and governed by
the terms and provisions hereof.

          SECTION 5.02. Conditions of Warrant Agent's Obligations. The Warrant
Agent accepts its obligations herein set forth upon the terms and conditions
hereof, including the following, to all of which the Company agrees and to all
of which the rights hereunder of the Holders from time to time of the Warrant
Certificates shall be subject:

               (a) Compensation and Indemnification. The Company agrees promptly
to pay the Warrant Agent the compensation to be agreed upon with the Company for
all services rendered by the Warrant Agent and to reimburse the Warrant Agent
for reasonable out-of-pocket expenses (including reasonable attorneys' fees)

                                       9

incurred by the Warrant Agent without negligence, bad faith or breach of this
Agreement on its part in connection with the services rendered hereunder by the
Warrant Agent. The Company also agrees to indemnify the Warrant Agent for, and
to hold it harmless against, any loss, liability or expense incurred without
negligence or bad faith on the part of the Warrant Agent, arising out of or in
connection with its acting as Warrant Agent hereunder, as well as the reasonable
costs and expenses of defending against any claim of such liability.

               (b) Agent for the Company. In acting under this Agreement and in
connection with the Warrants and the Warrant Certificates, the Warrant Agent is
acting solely as agent of the Company and does not assume any obligation or
relationship of agency or trust for or with any of the Holders of Warrant
Certificates or beneficial owners of Warrants.

               (c) Counsel. The Warrant Agent may consult with counsel
satisfactory to it in its reasonable judgment, and the advice of such counsel
shall be full and complete authorization and protection in respect of any action
taken, suffered or omitted by it hereunder in good faith and in accordance with
the advice of such counsel.

               (d) Documents. The Warrant Agent shall be protected and shall
incur no liability for or in respect of any action taken or thing suffered by it
in reliance upon any Warrant Certificate, notice, direction, consent,
certificate, affidavit, statement or other paper or document reasonably believed
by it to be genuine and to have been presented or signed by the proper parties.

               (e) Certain Transactions. The Warrant Agent, and its officers,
directors and employees, may become the owner of, or acquire any interest in,
Warrants, with the same rights that it or they would have if it were not the
Warrant Agent hereunder, and, to the extent permitted by applicable law, it or
they may engage or be interested in any financial or other transaction with the
Company and may act on, or as depositary, trustee or agent for, any committee or
body of holders of Warrant Securities or other obligations of the Company as
freely as if it were not the Warrant Agent hereunder. [Nothing in this Warrant
Agreement shall be deemed to prevent the Warrant Agent from acting as Trustee
under the Indenture.]

               (f) No Liability for Interest. The Warrant Agent shall have no
liability for interest on any monies at any time received by it pursuant to any
of the provisions of this Agreement or of the Warrant Certificates.

               (g) No Liability for Invalidity. The Warrant Agent shall not be
under any responsibility with respect to the validity or sufficiency of this
Agreement or the execution and delivery hereof (except the due authorization to
execute this Agreement and the due execution and delivery hereof by the Warrant
Agent) or with respect to the validity or execution of any Warrant Certificates
(except its countersignature thereof).

                                       10

               (h) No Liability for Recitals. The recitals contained herein
shall be taken as the statements of the Company, and the Warrant Agent assumes
no liability for the correctness of the same.

               (i) No Implied Obligations. The Warrant Agent shall be obligated
to perform only such duties as are herein and in the Warrant Certificates
specifically set forth and no implied duties or obligations shall be read into
this Agreement or the Warrant Certificates against the Warrant Agent. The
Warrant Agent shall not be under any obligation to take any action hereunder
which may tend to involve it in any expense or liability, the payment of which
within a reasonable time is not, in its reasonable opinion, assured to it. The
Warrant Agent shall not be accountable or under any duty or responsibility for
the use by the Company of any of the Warrant Certificates countersigned by the
Warrant Agent and delivered by it to the Company pursuant to this Agreement or
for the application by the Company of the proceeds of the Warrant Certificates.
The Warrant Agent shall have no duty or responsibility in case of any default by
the Company in the performance of its covenants or agreements contained herein
or in the Warrant Certificates or in the case of the receipt of any written
demand from a Holder of a Warrant Certificate with respect to such default,
including, without limiting the generality of the foregoing, any duty or
responsibility to initiate or attempt to initiate any proceedings at law or
otherwise or, except as provided in Section 6.02, to make any demand upon the
Company.

          SECTION 5.03. Resignation and Appointment of Successor. (a) The
Company agrees, for the benefit of the Holders from time to time of the Warrant
Certificates, that there shall at all times be a Warrant Agent hereunder until
all the Warrants have been exercised or are no longer exercisable.

               (b) The Warrant Agent may at any time resign as such by giving
written notice of its resignation to the Company, specifying the desired date on
which its resignation shall become effective; provided, however, that such date
shall be not less than 90 days after the date on which such notice is given
unless the Company agrees to accept shorter notice. Upon receiving such notice
of resignation, the Company shall promptly appoint a successor Warrant Agent
(which shall be a bank or trust company in good standing, authorized under the
laws of the jurisdiction of its organization to exercise corporate trust powers)
by written instrument in duplicate signed on behalf of the Company, one copy of
which shall be delivered to the resigning Warrant Agent and one copy to the
successor Warrant Agent. The Company may, at any time and for any reason, remove
the Warrant Agent and appoint a successor Warrant Agent (qualified as aforesaid)
by written instrument in duplicate signed on behalf of the Company and
specifying such removal and the date when it is intended to become effective,
one copy of which shall be delivered to the Warrant Agent being removed and one
copy to the successor Warrant Agent. Any resignation or removal of the Warrant
Agent and any appointment of a successor Warrant Agent shall become effective
upon acceptance of appointment by the successor Warrant Agent as provided in
this subsection (b). In the event a successor Warrant Agent has not been
appointed and accepted its duties within 90 days of the Warrant Agent's notice
of resignation, the Warrant Agent may apply to any court of competent
jurisdiction for the designation of a successor Warrant Agent. Upon

                                       11

its resignation or removal, the Warrant Agent shall be entitled to the payment
by the Company of the compensation and to the reimbursement of all reasonable
out-of-pocket expenses (including reasonable attorneys' fees) incurred by it
hereunder as agreed to in Section 5.02(a).

               (c) The Company shall remove the Warrant Agent and appoint a
successor Warrant Agent if the Warrant Agent (i) shall become incapable of
acting, (ii) shall be adjudged bankrupt or insolvent, (iii) shall commence a
voluntary case or other proceeding seeking liquidation, reorganization or other
relief with respect to it or its debts under any bankruptcy, insolvency or other
similar law now or hereafter in effect or seeking the appointment of a trustee,
receiver, liquidator, custodian or other similar official of it or any
substantial part of its property, (iv) shall consent to, or shall have had
entered against it a court order for, any such relief or to the appointment of
or taking possession by any such official in any involuntary case or other
proceedings commenced against it, (v) shall make a general assignment for the
benefit of creditors or (vi) shall fail generally to pay its debts as they
become due. Upon the appointment as aforesaid of a successor Warrant Agent and
acceptance by it of such appointment, the predecessor Warrant Agent shall, if
not previously disqualified by operation of law, cease to be Warrant Agent
hereunder.

               (d) Any successor Warrant Agent appointed hereunder shall
execute, acknowledge and deliver to its predecessor and the Company an
instrument accepting such appointment hereunder, and thereupon such successor
Warrant Agent, without any further act, deed or conveyance, shall become vested
with all the authority, rights, powers, immunities, duties and obligations of
such predecessor with like effect as if originally named as Warrant Agent
hereunder, and such predecessor shall thereupon become obligated to transfer,
deliver and pay over, and such successor Warrant Agent shall be entitled to
receive, all monies, securities and other property on deposit with or held by
such predecessor as Warrant Agent hereunder.

               (e) Any corporation into which the Warrant Agent hereunder may be
merged or converted or any corporation with which the Warrant Agent may be
consolidated, or any corporation resulting from any merger, conversion or
consolidation to which the Warrant Agent shall be a party, or any corporation to
which the Warrant Agent shall sell or otherwise transfer all or substantially
all the assets and business of the Warrant Agent, provided that it shall be
qualified as aforesaid, shall be the successor Warrant Agent under this
Agreement without the execution or filing of any paper or any further act on the
part of any of the parties hereto.

                                   ARTICLE VI

                                  MISCELLANEOUS

          SECTION 6.01. Amendment. This Agreement and the terms of the Warrants
and the Warrant Certificates may be amended by the parties hereto, without the
consent of the Holder of any Warrant Certificate or the beneficial owner of any
Warrant, for the purpose of curing any ambiguity, or of curing, correcting or
supplementing any

                                       12

defective or inconsistent provision contained herein or in the Warrant
Certificates, or making any other provisions with respect to matters or
questions arising under this Agreement as the Company and the Warrant Agent may
deem necessary or desirable, provided that such action shall not affect
adversely the interests of the Holders of the Warrant Certificates or the
beneficial owners of Warrants in any material respect.

          SECTION 6.02. Notices and Demands to the Company and Warrant Agent. If
the Warrant Agent shall receive any notice or demand addressed to the Company by
the Holder of a Warrant Certificate pursuant to the provisions of the Warrant
Certificates, the Warrant Agent shall promptly forward such notice or demand to
the Company.

          SECTION 6.03. Addresses. Any communication from the Company to the
Warrant Agent with respect to this Agreement shall be addressed to __________,
Attention: ________, and any communication from the Warrant Agent to the Company
with respect to this Agreement shall be addressed to GLOBAL SIGNAL INC., 301
North Cattlemen Road, Suite 300, Sarasota, Florida 34232, Attention: __________
(or such other address as shall be specified in writing by the Warrant Agent or
by the Company).

          SECTION 6.04. Applicable Law. The validity, interpretation and
performance of this Agreement and each Warrant Certificate issued hereunder and
of the respective terms and provisions hereof and thereof shall be governed by,
and construed in accordance with, the laws of the State of New York.

          SECTION 6.05. Delivery of Prospectus. The Company will furnish to the
Warrant Agent sufficient copies of a prospectus relating to the Warrant
Securities deliverable upon exercise of Warrants (the "Prospectus"), and the
Warrant Agent agrees that upon the exercise of any Warrant, the Warrant Agent
will deliver to the Holder of the Warrant Certificate evidencing such Warrant,
prior to or concurrently with the delivery of the Warrant Securities issued upon
such exercise, a Prospectus. The Warrant Agent shall not, by reason of any such
delivery, assume any responsibility for the accuracy or adequacy of such
Prospectus.

          SECTION 6.06. Obtaining of Governmental Approval. The Company will
from time to time take all action which may be necessary to obtain and keep
effective any and all permits, consents and approvals of governmental agencies
and authorities and securities acts filings under United States federal and
state laws (including without limitation a registration statement in respect of
the Warrants and Warrant Securities under the Securities Act of 1933, as
amended), which may be or become requisite in connection with the issuance,
sale, transfer and delivery of the Warrant Certificates, the exercise of the
Warrants, the issuance, sale, transfer and delivery of the Warrant Securities
issued upon exercise of the Warrants or upon the expiration of the period during
which the Warrants are exercisable.

          SECTION 6.07. Persons Having Rights under Warrant Agreement. Nothing
in this Agreement shall give to any person other than the Company, the Warrant

                                       13

Agent and the Holders of the Warrant Certificates any right, remedy or claim
under or by reason of this Agreement.

          SECTION 6.08. Headings. The descriptive headings of the several
Articles and Sections of this Agreement are inserted for convenience only and
shall not control or affect the meaning or construction of any of the provisions
hereof.

          SECTION 6.09. Counterparts. This Agreement may be executed in any
number of counterparts, each of which as so executed shall be deemed to be an
original, but such counterparts shall together constitute but one and the same
instrument.

          SECTION 6.10. Inspection of Agreement. A copy of this Agreement shall
be available at all reasonable times at the principal corporate trust office of
the Warrant Agent for inspection by the Holder of any Warrant Certificate. The
Warrant Agent may require such Holder to submit its Warrant Certificate to the
Warrant Agent for review prior to such inspection.

          SECTION 6.11. Notices to Holders of Warrants. Any notice to Holders of
Warrants evidenced by Warrant Certificates which by any provisions of this
Warrant Agreement is required or permitted to be given shall be given by first
class mail prepaid at such Holder's address as it appears on the books of the
Warrant Agent.

                                       14

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

                                                     GLOBAL SIGNAL INC.

                                                     By:
                                                         -----------------------
                                                         Name:
                                                         Title:

                                                     [WARRANT AGENT]

                                                     By:
                                                         -----------------------
                                                         Name:
                                                         Title:

                                       15

                                                                       EXHIBIT A

                          [FORM OF WARRANT CERTIFICATE]

                                     [Face]

[Prior to _______________, this Warrant Certificate may be transferred or
exchanged if and only if the [title of Offered Security] to which it was
initially attached is so transferred or exchanged.]

[Prior to ___________, Warrants evidenced by this Warrant Certificate cannot be
exercised.]

                EXERCISABLE ONLY IF AUTHENTICATED BY THE WARRANT
                            AGENT AS PROVIDED HEREIN

               VOID AFTER THE CLOSE OF BUSINESS ON _________, ____

                               GLOBAL SIGNAL INC.

                        Warrant Certificate representing
                              Warrants to purchase
                          [Title of Warrant Securities]
                               as described herein

                                   ----------

No. ____                                                _______________ Warrants

          This certifies that [_____________________] or registered assigns is
the registered owner of the above indicated number of Warrants, each Warrant
entitling such registered owner to purchase, at any time [after the close of
business on _________, _____, and] on or before the close of business on
____________, ____, [____ shares of [title of Warrant Securities]] [$________
aggregate principal amount of [title of Warrant Securities]] (the "Warrant
Securities") of GLOBAL SIGNAL INC. (the "Company")[, issued or to be issued
under the Indenture (as hereinafter defined),] on the following basis.(2)
[During the period from ________, ____ through and including ___________, ____,
each Warrant shall entitle the Holder thereof, subject to the provisions of this
Agreement, to purchase from the Company the [principal] amount of Warrant
Securities stated above in this Warrant Certificate at the exercise price of
[___] [___% of the principal amount thereof [plus accrued amortization, if any,
of the original issue discount of the Warrant Securities][plus accrued interest,
if any, from the most recent date from

----------
(2)  Complete and modify the following provisions as appropriate to reflect the
     terms of the Warrants and the Warrant Securities.

                                       A-1

which interest shall have been paid on the Warrant Securities or, if no interest
shall have been paid on the Warrant Securities, from ___________, ____]; [in
each case, the original issue discount ($_______ for each $1,000 principal
amount of Warrant Securities) will be amortized at a ___% annual rate, computed
on a[n] [semi-]annual basis[, using a 360-day year constituting of twelve 30-day
months]] (the "Exercise Price"). The Holder of this Warrant Certificate may
exercise the Warrants evidenced hereby, in whole or in part, by surrendering
this Warrant Certificate, with the purchase form set forth hereon duly
completed, accompanied [by payment in full, in lawful money of the United States
of America, [in cash or by certified check or official bank check in New York
Clearing House funds] [by bank wire transfer in immediately available funds]],
the Exercise Price for each Warrant exercised, to the Warrant Agent (as
hereinafter defined), at the corporate trust office of [name of Warrant Agent],
or its successor as warrant agent (the "Warrant Agent"), at the addresses
specified on the reverse hereof [or at ____________] and upon compliance with
and subject to the conditions set forth herein and in the Warrant Agreement (as
hereinafter defined). This Warrant Certificate may be exercised only for the
purchase of [_____ shares of] Warrant Securities [in the principal amount of
$________] or any integral multiple thereof.

          [Insert Cashless Exercise Option provisions, if applicable]

          The term "Holder" as used herein shall mean[, prior to _________, ____
(the "Detachable Date"), the registered owner of the Company's [title of Offered
Securities] to which such Warrant Certificate was initially attached, and after
such Detachable Date,] the person in whose name at the time such Warrant
Certificate shall be registered upon the books to be maintained by the Warrant
Agent for that purpose pursuant to the Warrant Agreement.

          Any whole number of Warrants evidenced by this Warrant Certificate may
be exercised to purchase Warrant Securities in registered form. Upon any
exercise of fewer than all of the Warrants evidenced by this Warrant
Certificate, there shall be issued to the registered owner hereof a new Warrant
Certificate evidencing the number of Warrants remaining unexercised.

          This Warrant Certificate is issued under and in accordance with the
Warrant Agreement dated as of __________, ____ (the "Warrant Agreement"),
between the Company and the Warrant Agent and is subject to the terms and
provisions contained in the Warrant Agreement, to all of which terms and
provisions the Holder of this Warrant Certificate consents by acceptance hereof.
Copies of the Warrant Agreement are on file at the above-mentioned office of the
Warrant Agent [and at _______________].

          [The Warrant Securities to be issued and delivered upon the exercise
of Warrants evidenced by this Warrant Certificate will be issued under and in
accordance with an Indenture, dated as of ________________ (the "Indenture"),
between the Company and ________________, a [corporation] [national banking
association] organized under the laws of the State of __________, as trustee
(such trustee, and any successors to such trustee, the "Trustee") and will be
subject to the terms and provisions contained in the Warrant Securities and in
the Indenture. Copies of the Indenture,

                                       A-2

including the form of the Warrant Securities, are on file at the corporate trust
office of the Trustee [and at __________].]

          [Prior to ___________, ____ (the "Detachable Date"), this Warrant
Certificate may be exchanged or transferred only together with the [title of
Offered Security] (the "Offered Security") to which this Warrant Certificate was
initially attached, and only for the purpose of effecting, or in conjunction
with, an exchange or transfer of such Offered Security. Additionally, on or
prior to the Detachable Date, each transfer of such Offered Security on the
register of the Offered Securities shall operate also to transfer this Warrant
Certificate. After the Detachable Date,] this Warrant Certificate, and all
rights hereunder, may be transferred when surrendered at the corporate trust
office of the Warrant Agent [or _________] by the registered owner or its
assigns, in person or by an attorney duly authorized in writing, in the manner
and subject to the limitations provided in the Warrant Agreement.

          Except as provided in the immediately preceding paragraph, after
authentication by the Warrant Agent and prior to the expiration of this Warrant
Certificate, this Warrant Certificate may be exchanged at the corporate trust
office of the Warrant Agent [or at _____________] for Warrant Certificates
representing the same aggregate number of Warrants.

          This Warrant Certificate shall not entitle the registered owner hereof
to any of the rights of a registered holder of the Warrant Securities,
including, without limitation, [the right to receive payments of principal of
(and premium, if any) or interest, if any, on the Warrant Securities or to
enforce any of the covenants of the Indenture] [the right to receive dividend
payments on the Warrant Securities or any voting rights].

          Reference is hereby made to the further provisions of this Warrant
Certificate set forth on the reverse hereof, which further provisions shall for
all purposes have the same effect as if set forth at this place.

          This Warrant Certificate shall not be valid or obligatory for any
purpose until authenticated by the Warrant Agent.

                                      A-3

          IN WITNESS WHEREOF, the Company has caused this Warrant Certificate to
be duly executed as of the date hereof.

Dated:
       -----------------

                                                      GLOBAL SIGNAL INC.

                                                      By:
                                                          ----------------------
                                                          Name:
                                                          Title:

                          CERTIFICATE OF AUTHENTICATION

          This is one of the Warrant Certificates referred to in the
within-mentioned Warrant Agreement.

                                                      --------------------------
                                                      As Warrant Agent

                                                      By:
                                                          ----------------------
                                                          Authorized Signature

                                      A-4

                          [FORM OF WARRANT CERTIFICATE]

                                    [Reverse]

                     (Instructions for exercise of Warrants)

          To exercise any Warrants evidenced hereby, the Holder of this Warrant
Certificate must pay [in cash or by certified check or official bank check in
New York Clearing House funds or by bank wire transfer in immediately available
funds], the Exercise Price in full for each of the Warrants exercised, to
_________, Corporate Trust Department, _______________, Attn: ___________ [or
________________], which payment should specify the name of the Holder of this
Warrant Certificate and the number of Warrants exercised by such Holder. In
addition, the Holder of this Warrant Certificate should complete the information
required below and present in person or mail by registered mail this Warrant
Certificate to the Warrant Agent at the addresses set forth below.

                               [FORM OF EXERCISE]

                   (To be executed upon exercise of Warrants)

          The undersigned hereby irrevocably elects to exercise _________
Warrants, represented by this Warrant Certificate, to purchase [______ shares of
[title of Warrant Securities]] [$_________ aggregate principal amount of the
[title of Warrant Securities]] (the "Warrant Securities") of GLOBAL SIGNAL INC.
and represents that he has tendered payment for such Warrant Securities [in cash
or by certified check or official bank check in New York Clearing House funds or
by bank wire transfer in immediately available funds] to the order of GLOBAL
SIGNAL INC., c/o Treasurer in the amount of $___________ in accordance with the
terms hereof. The undersigned requests that said [principal] amount of Warrant
Securities be in fully registered form, in the authorized denominations,
registered in such names and delivered, all as specified in accordance with the
instructions set forth below.

          If said [principal] amount of Warrant Securities is less than all of
the Warrant Securities purchasable hereunder, the undersigned requests that a
new Warrant Certificate representing the remaining balance of the Warrants
evidenced hereby be issued and delivered to the undersigned unless otherwise
specified in the instructions below.

Dated:
      ---------------

                                                         Name:

                                                         -----------------------
                                                             (Please Print)

-----------------------------------
(Insert Social Security or Other
Identifying Number of Holder)

                                      A-5

                                         Address:

                                         ---------------------------------------
                                         ---------------------------------------

                                         Signature:

                                         ---------------------------------------
                                         (Signed exactly as name appears on the
                                         other side of this Warrant Certificate)

            This Warrant may be exercised at the following addresses:

                     By hand at:

                                 -----------------------------------
                                 -----------------------------------
                                 -----------------------------------

                     By mail at:

                                 -----------------------------------
                                 -----------------------------------
                                 -----------------------------------

           (Instructions as to form and delivery of Warrant Securities
                          and/or Warrant Certificates):

                                      A-6

                              [FORM OF ASSIGNMENT]

              (To be executed to transfer the Warrant Certificate)

          FOR VALUE RECEIVED __________________ hereby sells, assigns and
transfers unto

                                          --------------------------------------
                                          Please insert social security or other
                                          identifying number

                                          --------------------------------------
                                          (Please print name and address
                                          including zip code)

____________________________the right represented by the within Warrant
Certificate and does hereby irrevocably constitute and appoint
_________________, Attorney, to transfer said Warrant Certificate on the books
of the Warrant Agent with full power of substitution.

Dated:
       -------------

                                         ---------------------------------------
                                                        Signature
                                         (Signed exactly as name appears on the
                                         other side of this Warrant Certificate)

Signature Guarantee:

---------------------------------------------------
Participant in a recognized Signature Guarantee
Medallion Program (or other signature guarantor
program reasonably acceptable to the Warrant Agent)

                                      A-7EXHIBIT 4.12

                               GLOBAL SIGNAL INC.,

                   __________________________, As Depositary,

                                       AND

                        THE HOLDERS FROM TIME TO TIME OF

                    THE DEPOSITARY RECEIPTS DESCRIBED HEREIN

                                   ----------

                                     FORM OF

                                DEPOSIT AGREEMENT

                                   ----------

                               Dated as of [DATE]

                                TABLE OF CONTENTS

                                                                            PAGE
                                                                            ----

                              ARTICLE I DEFINITIONS

          ARTICLE II FORM OF RECEIPTS, DEPOSIT OF STOCK, EXECUTION AND
            DELIVERY, TRANSFER, SURRENDER AND REDEMPTION OF RECEIPTS

Section 2.1   Form and Transfer of Receipts....................................2

Section 2.2   Deposit of Stock; Execution and Delivery of Receipts
              in Respect Thereof...............................................4

Section 2.3   Redemption of Stock..............................................4

Section 2.4   Registration of Transfer of Receipts.............................6

Section 2.5   Split-Ups and Combinations of Receipts; Surrender of
              Receipts and Withdrawal of Stock.................................6

Section 2.6   Limitations on Execution and Delivery, Transfer,
              Surrender and Exchange of Receipts...............................7

Section 2.7   Lost Receipts, Etc...............................................8

Section 2.8   Cancellation and Destruction of Surrendered Receipts.............8

     ARTICLE III CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE COMPANY

Section 3.1   Filing Proofs, Certificates and Other Information................8

Section 3.2   Payment of Taxes or Other Governmental Charges...................9

Section 3.3   Representation and Warranty as to Stock..........................9

                  ARTICLE IV THE DEPOSITED SECURITIES; NOTICES

Section 4.1   Cash Distributions...............................................9

Section 4.2   Distribution Other than Cash, Rights, Preferences or
              Privileges......................................................10

Section 4.3   Subscription Rights, Preferences or Privileges..................10

Section 4.4   Notice of Dividends, Etc.; Fixing of Record Date for
              Holders of Receipts.............................................11

Section 4.5   Voting Rights...................................................12

Section 4.6   Changes Affecting Deposited Securities and
              Reclassifications, Recapitalization, Etc........................12

Section 4.7   Inspection of Reports...........................................13

Section 4.8   Lists of Receipt Holders........................................13

ARTICLE V THE DEPOSITARY, THE DEPOSITARY'S AGENTS, THE REGISTRAR AND THE COMPANY

Section 5.1   Maintenance of Offices, Agencies and Transfer Books By
              the Depositary; Registrar.......................................13

Section 5.2   Prevention of or Delay in Performance By the Depositary,
              The Depositary's Agents, the Registrar or the Company...........14

Section 5.3   Obligations of the Depositary, the Depositary's Agents,
              the Registrar and the Company...................................15

Section 5.4   Resignation and Removal of the Depositary; Appointment
              of Successor Depositary.........................................15

Section 5.5   Corporate Notices and Reports...................................16

Section 5.6   Indemnification By the Company..................................16

Section 5.7   Charges and Expenses............................................17

Section 5.8   Tax Compliance..................................................17

                      ARTICLE VI AMENDMENT AND TERMINATION

Section 6.1   Amendment.......................................................18

Section 6.2   Termination.....................................................18

                            ARTICLE VII MISCELLANEOUS

Section 7.1   Counterparts....................................................18

Section 7.2   Exclusive Benefit of Parties....................................18

Section 7.3   Invalidity of Provisions........................................19

Section 7.4   Notices.........................................................19

Section 7.5   Depositary's Agents.............................................19

Section 7.6   Holders of Receipts are Parties.................................19

Section 7.7   Governing Law...................................................20

Section 7.8   Inspection of Deposit Agreement.................................20

Section 7.9   Headings........................................................20

                                       ii

          DEPOSIT AGREEMENT dated as of [DATE], among GLOBAL SIGNAL INC., a
Delaware corporation (the "Company"), __________, a __________ corporation (the
"Depositary"), and the holders from time to time of the Receipts described
herein.

          WHEREAS, it is desired to provide, as hereinafter set forth in this
Deposit Agreement, for the deposit of shares of ________________ preference
shares, $__ par value each, of the Company with the Depositary for the purposes
set forth in this Deposit Agreement and for the issuance hereunder of Receipts
evidencing Depositary Shares in respect of the Stock so deposited; and

          WHEREAS, the Receipts are to be substantially in the form of Exhibit A
annexed hereto, with appropriate insertions, modifications and omissions, as
hereinafter provided in this Deposit Agreement;

          NOW, THEREFORE, in consideration of the premises contained herein and
such other good and valuable consideration, receipt of which is hereby
acknowledged, the parties hereto agree as follows:

                                    ARTICLE I

                                   DEFINITIONS

          The following definitions shall for all purposes, unless otherwise
indicated, apply to the respective terms used in this Deposit Agreement:

          "Certificate of Designation" shall mean the Certificate of Designation
establishing and setting forth the rights, preferences, privileges and
limitations of the Stock.

          "Certificate of Incorporation" shall mean the amended and restated
certificate of incorporation of the Company, together with any amendments
thereto, filed with the Secretary of State of the State of Delaware.

          "Company" shall mean GLOBAL SIGNAL INC., a Delaware corporation, and
its successors.

          "Deposit Agreement" shall mean this Deposit Agreement, as amended,
modified or supplemented from time to time in accordance with the terms hereof.

          "Depositary" shall mean __________, and any successor as Depositary
hereunder.

          "Depositary Shares" shall mean an interest in [fraction] of a share of
Stock deposited with the Depositary hereunder and the same proportionate
interest in any and all other property received by the Depositary in respect of
such share of Stock and held under this Deposit Agreement, all as evidenced by
the Receipts issued hereunder. Subject to the terms of this Deposit Agreement,
each owner of a Depositary Share is entitled,

proportionately, to all the rights, preferences and privileges of the Stock
represented by such Depositary Share, including the dividend, voting and
liquidation rights contained in the Certificate of Designation, and to the
benefits of all obligations of the Company under the Certificate of Designation.

          "Depositary's Agent" shall mean an agent appointed by the Depositary
pursuant to Section 7.5.

          "Depositary's Office" shall mean the office of the Depositary, in the
Borough of Manhattan, New York, New York, at which at any particular time its
depositary receipt business shall be administered, which at the date of this
Deposit Agreement is located at ____________.

          "Receipt" shall mean one of the depositary receipts substantially in
the form set forth as Exhibit A annexed hereto, issued hereunder, whether in
definitive or temporary form evidencing the number of Depositary Shares held of
record by the holder of such Depositary Shares.

          "Record Holder," as applied to a Receipt, shall mean the individual
entity or person in whose name a Receipt is registered on the books of the
Depositary or any register of any Registrar maintained for such purpose.

          "Registrar" shall mean any bank or trust company which shall be
appointed by the Depositary to register ownership and transfers of Receipts as
herein provided and which may include the Depositary.

          "Securities Act" shall mean the Securities Act of 1933.

          "Stock" shall mean shares of the Company's _________ Preference
Shares, $___ par value per share.

          "Transfer Agent" shall mean the Registrar.

                                   ARTICLE II

           FORM OF RECEIPTS, DEPOSIT OF STOCK, EXECUTION AND DELIVERY,
                 TRANSFER, SURRENDER AND REDEMPTION OF RECEIPTS

          Section 2.1 Form and Transfer of Receipts.

          Definitive Receipts shall be in the form set forth in Exhibit A
annexed to this Deposit Agreement, with appropriate insertions, modifications
and omissions, as hereinafter provided. Pending the preparation of definitive
Receipts, the Depositary, upon the written order of the Company delivered in
compliance with Section 2.2, shall execute and deliver temporary receipts which
shall be printed, lithographed, typewritten or otherwise substantially of the
tenor of the definitive Receipts in lieu of which they are issued and with such
appropriate insertions, omissions, substitutions and other variations as the
persons executing such Receipts may determine, as evidenced by their execution
of

                                        2

such Receipts. If temporary Receipts are issued, the Company and the Depositary
will cause definitive Receipts to be prepared without unreasonable delay. After
the preparation of definitive Receipts, the temporary Receipts shall be
exchangeable for definitive Receipts upon surrender of the temporary Receipts at
the Depositary's Office, without charge to the holder. Upon surrender for
cancellation of any one or more temporary Receipts, the Depositary shall execute
and deliver in exchange therefor definitive Receipts representing the same
number of Depositary Shares as represented by the surrendered temporary Receipt
or Receipts registered in the name (and only the name) of the holder of the
temporary Receipt. Such exchange shall be made at the Company's expense and
without any charge therefor to the holder. Until so exchanged, the temporary
Receipts shall in all respects be entitled to the same benefits under this
Deposit Agreement, and with respect to the Stock, as definitive Receipts.

          Receipts shall be executed by the Depositary by the manual signature
of a duly authorized signatory of the Depositary; provided, that such signature
may be a facsimile if a Registrar for the Receipts (other than the Depositary)
shall have been appointed and such Receipts are countersigned by manual
signature of a duly authorized signatory of the Registrar. No Receipt shall be
entitled to any benefits under this Deposit Agreement or be valid or obligatory
for any purpose unless it shall have been executed manually by a duly authorized
signatory of the Depositary or, if a Registrar for the Receipts (other than the
Depositary) shall have been appointed, by manual or facsimile signature of a
duly authorized signatory of the Depositary and countersigned manually by a duly
authorized signatory of such Registrar. The Depositary shall record on its books
each Receipt so signed and delivered as hereinafter provided. Receipts bearing
the manual or facsimile signatures of individuals who were at any time proper
officers of the Depositary or the Registrar, as the case may be, shall
constitute adequate signatures hereunder, notwithstanding that such individuals
or any of them have ceased to hold such offices prior to the delivery of such
Receipt or did not hold such offices on the date of delivery of such Receipts.

          Receipts shall be in denominations of any number of whole Depositary
Shares.

          Receipts may be endorsed with or have incorporated in the text thereof
such legends or recitals or changes not inconsistent with the provisions of this
Deposit Agreement as may be required by the Depositary or required to comply
with any applicable law or any regulation or with the rules and regulations or
any securities exchange upon which the Stock, the Depositary Shares or the
Receipts may be listed or to conform with any usage with respect thereto, or to
indicate any special limitations or restrictions to which any particular
Receipts are subject.

          Title to Depositary Shares evidenced by a Receipt which is properly
endorsed, or accompanied by a properly executed instrument of transfer, shall be
transferable by delivery with the same effect as in the case of a negotiable
instrument; provided, however, that until transfer of a Receipt shall be
registered on the books of the Depositary as provided in Section 2.4, the
Depositary may, notwithstanding any notice to the contrary, treat the record
holder thereof at such time as the absolute owner thereof for

                                        3

the purpose of determining the person entitled to distributions of dividends or
other distributions with respect to the Stock or to any notice provided for in
this Deposit Agreement and for all other purposes.

          The Depositary shall not lend any Stock deposited hereunder.

          Section 2.2 Deposit of Stock; Execution and Delivery of Receipts in
                      Respect Thereof.

          Subject to the terms and conditions of this Deposit Agreement, the
Company or any other person authorized by the Company, as notified in writing to
the Depositary, may from time to time deposit shares of the Stock under this
Deposit Agreement by delivery to the Depositary of a certificate or certificates
for the Stock to be deposited. Such certificate or certificates representing the
Stock shall be properly endorsed or accompanied, if required by the Depositary,
by a duly executed instrument of transfer or endorsement, in form satisfactory
to the Depositary, together with such certifications as may be required by the
Depositary in accordance with the provisions of this Deposit Agreement, and
together with a written order of the Company, directing the Depositary to
execute and deliver to the person or persons named in such order, a Receipt or
Receipts evidencing in the aggregate the number of Depositary Shares
representing such deposited Stock.

          All Stock deposited by the Company with the Depositary shall be held
by the Depositary at the Depositary's Office or at such other place or places as
the Depositary shall determine.

          Upon receipt by the Depositary of a certificate or certificates for
Stock deposited with the Depositary by the Company in accordance with the
provisions of this Section, together with the other documents required as above
specified, and upon recordation of the Stock on the books of the Company in the
name of the Depositary or its nominee, the Depositary shall execute and deliver
to the person or persons named in the written order delivered to the Depositary
a Receipt or Receipts, evidencing in the aggregate the number of Depositary
Shares representing the Stock so deposited. Such Receipt or Receipts shall be
registered by the Depositary or the Registrar in such name or names as may be
requested by the person or persons as specified in the written order. The
Depositary shall execute and deliver such Receipts at the Depositary's Office or
such other offices, if any, as such person may designate. Delivery at other
offices shall be at the risk and expense of the person requesting such delivery.
The Depositary may not execute and deliver Receipts pursuant to this Section
prior to receipt of Stock.

          Other than in the case of splits, combinations or other
reclassifications affecting the Stock, or in the case of dividends or other
distributions of Stock, if any, there shall be deposited hereunder not more than
[___] shares of Stock.

          Section 2.3 Redemption of Stock.

          Whenever the Company shall elect or be required to redeem shares of
Stock in accordance with the provisions of the Certificate of Designation, it
shall (unless

                                        4

otherwise agreed to in writing with the Depositary) give or cause to be given to
the Depositary not less than 10 days' prior notice of the proposed date of the
mailing of a notice of redemption of Stock to the record holders of receipts and
of the number of such shares held by the Depositary to be so redeemed and the
applicable redemption price, which notice shall be accompanied by a certificate
from the Company stating that such redemption of Stock is in accordance with the
provisions of the Certificate of Designation. On the date of such redemption,
provided that the Company shall then have paid or caused to be paid in full to
the Depositary the redemption price of the Stock to be redeemed, plus an amount
equal to any accrued and unpaid dividends thereon to the date fixed for
redemption, in accordance with the provisions of the Certificate of Designation,
the Depositary shall redeem the number of Depositary Shares representing such
Stock. The Depositary shall mail notice of the Company's redemption of Stock and
the proposed simultaneous redemption of the number of Depositary Shares
representing the Stock to be redeemed by first-class mail, postage prepaid, not
less than 30 and not more than 90 days prior to the date fixed for redemption of
such Stock and Depositary Shares (the "Redemption Date"), to the record holders
of the Receipts evidencing the Depositary Shares to be so redeemed, at the
addresses of such holders as they appear on the records of the Depositary on the
[_] day prior to the date of such notice; but neither failure to mail any such
notice of redemption of Depositary Shares to one or more such holders nor any
defect in any notice of redemption of Depositary Shares to one or more such
holders shall affect the sufficiency of the proceedings for redemption as to
other holders. Each such notice shall state: (i) the Redemption Date; (ii) the
number of Depositary Shares to be redeemed and, if less than all the Depositary
Shares to be redeemed, the number of such Depositary Shares held by such holder
to be so redeemed; (iii) the redemption price; (iv) the place or places where
Receipts evidencing Depositary Shares are to be surrendered for payment of the
redemption price; and (v) the dividends in respect of the Stock represented by
the Depositary Shares to be redeemed will cease to accumulate on such Redemption
Date. In case less than all the outstanding Depositary Shares are to be
redeemed, the Depositary Shares to be so redeemed shall be selected by lot or
pro rata (as nearly as may be) as may be determined by the Depositary or any
other method which may be determined by the Depositary in its sole discretion to
be equitable.

          Notice having been mailed by the Depositary as aforesaid, from and
after the Redemption Date (unless the Company shall have failed to provide the
funds necessary to redeem the Stock evidenced by the Depositary Shares called
for redemption), (i) dividends in respect of the shares of Stock so called for
redemption shall cease to accrue from and after such date, (ii) the Depositary
Shares being redeemed from such proceeds shall be deemed no longer to be
outstanding, (iii) all rights of the holders of Receipts evidencing such
Depositary Shares (except the right to receive the redemption price) shall, to
the extent of such Depositary Shares, cease and terminate and, (iv) upon
surrender in accordance with such redemption notice of the Receipts evidencing
any such Depositary Shares called for redemption (properly endorsed or assigned
for transfer, if the Depositary shall so require), such Depositary Shares shall
be redeemed by the Depositary at a redemption price per Depositary Share equal
to [____________] [_]% of the redemption price per share paid in respect of the
shares of Stock plus all money and other property, if any, represented by such
Depositary Shares, including all amounts

                                        5

paid by the Company in respect of dividends which on the Redemption Date have
accumulated on the shares of Stock to be so redeemed and have not theretofore
been paid.

          If fewer than all the Depositary Shares evidenced by a Receipt are
called for redemption, the Depositary will deliver to the holder of such Receipt
upon its surrender to the Depositary, together with the redemption payment, a
new Receipt evidencing the Depositary Shares evidenced by such prior Receipt and
not called for redemption. The Depositary shall remit to the Company any funds
deposited by or for the account of the Company for the purpose of redeeming any
Depositary Shares that the holders thereof have failed to redeem after two years
from the date of such deposit, without further action necessary on the part of
the Company.

          Section 2.4 Registration of Transfer of Receipts.

          Subject to the terms and conditions of this Deposit Agreement, the
Registrar, on behalf of the Depositary, shall register on its books from time to
time transfers of Receipts upon notice to the Registrar by the Depositary of any
surrender of a Receipt for transfer by the holder in person or by duly
authorized attorney, which Receipt in each case must be properly endorsed or
accompanied by a properly executed instrument of transfer. Upon surrender of a
properly endorsed Receipt or Receipts, accompanied by a properly executed
instrument of transfer, the Depositary shall execute a new Receipt or Receipts
evidencing the same aggregate number of Depositary Shares as those evidenced by
the Receipt or Receipts surrendered and deliver such new Receipt or Receipts to
or upon the order of the transferee named in the endorsement or instrument of
transfer.

          Section 2.5 Split-Ups and Combinations of Receipts; Surrender of
                      Receipts and Withdrawal of Stock.

          Upon surrender of a Receipt or Receipts at the Depositary's Office or
at such other offices as it may designate for the purpose of effecting a
split-up or combination of such Receipt or Receipts, and subject to the terms
and conditions of this Deposit Agreement, the Depositary shall execute and
deliver a new Receipt or Receipts to the holder thereof or to such holder's
order in the denominations requested, evidencing the aggregate number of
Depositary Shares evidenced by the Receipt or Receipts surrendered. The
Depositary shall give prompt notice of such action and the certificate numbers
to the Registrar, if applicable, for the purpose of recording such split-up or
consolidation.

          Any holder of a Receipt or Receipts representing any number of whole
shares of Stock may (unless the related Depositary Shares have previously been
called for redemption) withdraw the number of whole shares of Stock underlying
such Depositary Shares and all money and other property, if any, represented
thereby by surrendering such Receipt or Receipts, at the Depositary's Office or
at such other offices as the Depositary may designate for such withdrawals.
Thereafter, without unreasonable delay, the Depositary shall deliver to such
holder, or to the person or persons designated by such holder as hereinafter
provided, the number of whole shares of Stock and all money and

                                        6

other property, if any, represented by the Receipt or Receipts so surrendered
for withdrawal, but holders of such whole shares of Stock will not thereafter be
entitled to deposit such Stock hereunder or to receive Depositary Shares
therefor. If a Receipt or Receipts delivered by the holder to the Depositary in
connection with such withdrawal shall evidence a number of Depositary Shares in
excess of the number of Depositary Shares representing the number of whole
shares of Stock to be so withdrawn, the Depositary shall at the same time, in
addition to such number of whole shares of Stock and such money and other
property, if any, to be so withdrawn, deliver to such holder, or (subject to
Sections 2.4 and 3.2) upon his order, a new Receipt evidencing such excess
number of Depositary Shares not withdrawn. Delivery of the Stock and money and
other property, if any, being withdrawn may be made by the delivery of such
certificates, documents of title and other instruments as the Depositary may
deem appropriate.

          If the Stock and the money and other property, if any, being withdrawn
are to be delivered to a person or persons other than the record holder of the
Receipt or Receipts being surrendered for withdrawal of Stock, such holder shall
execute and deliver to the Depositary a written order so directing the
Depositary, and the Depositary may require that the Receipt or Receipts
surrendered by such holder for withdrawal of such shares of Stock be properly
endorsed in blank or accompanied by a properly executed instrument of transfer
in blank.

          Delivery of the Stock and the money and other property, if any,
represented by Receipts surrendered for withdrawal shall be made by the
Depositary at the Depositary's Office, except that, at the request, risk and
expense of the holder surrendering such Receipt or Receipts and for the account
of the holder thereof, such delivery may be made at such other place as may be
designated by such holder.

          Section 2.6 Limitations on Execution and Delivery, Transfer, Surrender
                      and Exchange of Receipts.

          As a condition precedent to the execution and delivery, registration
of transfer, split-up, combination, surrender or exchange of any Receipt, the
Depositary, any of the Depositary's Agents or the Company may require payment to
it of a sum sufficient for the payment (or, in the event that the Depositary or
the Company shall have made such payment, the reimbursement to it) of any
charges or expenses payable by the holder of a Receipt pursuant to Section 5.7,
may require the production of evidence satisfactory to it as to the identity and
genuineness of any signature; and may also require compliance with the rules and
regulations of any governmental body, any stock exchange or applicable
self-regulatory body, including without limitation, the National Association of
Securities Dealers, Inc. (the "NASD") or such regulations, if any, as the
Depositary or the Company may establish consistent with the provisions of this
Deposit Agreement.

          The deposit of Stock may be refused, the delivery of Receipts against
Stock deposited with the Depositary may be suspended, the registration of
transfer of Receipts may be refused and the registration of transfer, surrender
or exchange of outstanding Receipts may be suspended (i) during any period when
the register of stockholders of the Company is closed with respect to the Stock,
(ii) if any such action is

                                        7

deemed necessary or advisable by the Depositary, any of the Depositary's Agents
or the Company at any time or from time to time because of any requirement of
law or of any government or governmental body or commission, stock exchange or
the NASD or under any provision of this Deposit Agreement, or (iii) with the
approval of the Company, for any other reason. Without limitation of the
foregoing, the Depositary shall not knowingly accept for deposit under this
Deposit Agreement any shares of Stock that are required to be registered under
the Securities Act unless a registration statement under the Securities Act is
in effect as to such shares of Stock.

          Section 2.7 Lost Receipts, Etc.

          If any mutilated Receipt is surrendered to the Depositary, the
Depositary may, in its discretion, execute and deliver in exchange therefor a
new Receipt of like form and tenor in exchange and substitution for such
mutilated Receipt. In case any Receipt shall be destroyed, lost or stolen, the
Depositary shall execute and deliver a Receipt to the holder thereof of like
form and tenor in exchange and substitution for such destroyed, lost or stolen
Receipt, upon (i) the filing by the holder thereof with the Depositary of
evidence satisfactory to the Depositary of such destruction or loss or theft of
such Receipt, of the authenticity thereof and of such holder's ownership
thereof, (ii) the holder's furnishing the Depositary with reasonable
indemnification satisfactory to the Depositary and the Company and (iii) payment
of any expense (including fees, charges and expenses of the Depositary) in
connection with such execution and delivery.

          Section 2.8 Cancellation and Destruction of Surrendered Receipts.

          All Receipts surrendered to the Depositary or any Depositary's Agent
shall be cancelled by the Depositary. Except as prohibited by applicable law or
regulation, the Depositary is authorized to destroy all Receipts so cancelled,
and provide the Company a certificate of designation therefor.

                                   ARTICLE III

           CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE COMPANY

          Section 3.1 Filing Proofs, Certificates and Other Information.

          Any holder of a Receipt may be required from time to time to file such
proof of residence, or other matters or other information, to obtain such
guarantees of signature, to execute such certificates and to make such
representations and warranties consistent with the terms of the Stock as the
Depositary or the Company may reasonably deem necessary or proper. The
Depositary or the Company may withhold the delivery, or delay the registration
of transfer, redemption or exchange, of any Receipt or the withdrawal of the
Stock represented by the Depositary Shares evidenced by any Receipt and the
delivery of all money or other property, if any, represented by the Depositary
Shares represented by such Receipt or the distribution of any dividend or other
distribution or the sale of any rights or of the proceeds thereof until such
proof or other

                                        8

information is filed or such certificates are executed or such representations
and warranties are made.

          Section 3.2 Payment of Taxes or Other Governmental Charges.

          Holders of Receipts shall be obligated to make payments to the
Depositary of certain charges and expenses, as provided in Section 5.7.
Registration of transfer of any Receipt or any withdrawal of Stock and all money
or other property, if any, represented by the Depositary Shares evidenced by
such Receipt may be refused until any such payment due is made, and any
dividends, interest payments or other distributions may be withheld or any part
of or all the Stock or other property represented by the Depositary Shares
evidenced by such Receipt and not theretofore sold may be sold for the account
of the holder thereof (after attempting by reasonable means to notify such
holder prior to such sale), and such dividends, interest payments or other
distributions or the proceeds of any such sale may be applied to any payment of
such charges or expenses, the holder of such Receipt remaining liable for any
deficiency.

          Section 3.3 Representation and Warranty as to Stock.

          In the case of the initial deposit of the Stock, the Company and, in
the case of subsequent deposits thereof, each person so depositing Stock under
this Deposit Agreement shall be deemed thereby to represent and warrant that
such Stock and each certificate therefor are valid, fully paid and nonassessable
and that the person making such deposit is duly authorized to do so. Such
representations and warranties shall survive the deposit of the Stock and the
issuance of Receipts.

                                   ARTICLE IV

                        THE DEPOSITED SECURITIES; NOTICES

          Section 4.1 Cash Distributions.

          Whenever the Depositary shall receive any cash dividend or other cash
distribution with respect to the Stock, the Depositary shall, subject to
Sections 3.1 and 3.2, distribute to record holders of Receipts on the record
date fixed pursuant to Section 4.4 the pro rata portion, as nearly as
practicable, of such dividend or distribution applicable to the number of
Depositary Shares evidenced by the Receipts held by such holders; provided,
however, that in case the Company or the Depositary shall be required to
withhold and shall withhold any monies from any cash dividend or other cash
distribution in respect of the Stock an amount on account of taxes, the
distribution in respect of Depositary Shares shall be reduced accordingly. The
Depositary shall distribute or make available for distribution, as the case may
be, only such amount, however, as can be distributed without attributing to any
holder of Depositary Shares a fraction of one cent, and any balance not so
distributable shall be held by the Depositary (without liability for interest
thereon) and shall be added to and be treated as part of the next succeeding
distribution to record holders of Receipts then outstanding.

                                        9

          Section 4.2 Distribution Other than Cash, Rights, Preferences or
                      Privileges.

          Whenever the Depositary shall receive any property (including
securities) for distribution in a form other than cash, with respect to the
Stock, the Depositary shall, subject to Sections 3.1 and 3.2, distribute to
record holders of Receipts on the record date fixed pursuant to Section 4.4 the
pro rata portion, as nearly as practicable of such property (including
securities) received by it applicable to the number of Depositary Shares
evidenced by the Receipts held by such holders, in any manner that the
Depositary may deem equitable and practicable for accomplishing such
distribution. If in the opinion of the Depositary such distribution cannot be
made proportionately among such record holders, or if for any other reason
(including any requirement that the Company or the Depositary withhold an amount
on account of taxes) the Depositary deems, after consultation with the Company,
such distribution not to be feasible, the Depositary may, with the approval of
the Company, adopt such method as it deems equitable and practicable for the
purpose of effecting such distribution, including the sale of the property thus
received, or any part thereof, in a commercially reasonable manner. The net
proceeds of any such sale shall, subject to Sections 3.1 and 3.2, be distributed
or made available for distribution, as the case may be, by the Depositary to
record holders of Receipts as provided by Section 4.1 in the case of a
distribution received in cash. The Depositary shall not make any distribution of
such securities unless the Company shall have provided an opinion of counsel
stating that such securities have been registered under the Securities Act or do
not need to be registered.

          Section 4.3 Subscription Rights, Preferences or Privileges.

          If the Company shall at any time offer or cause to be offered to the
persons in whose names Stock is recorded on the books of the Company any rights,
preferences or privileges to subscribe for or to purchase any securities or any
rights, preferences or privileges of any other nature, such rights, preferences
or privileges shall in each such instance be made available by the Depositary to
the record holders of Receipts, pro rata in proportion to the Stock represented
by the Depositary Shares evidenced by such Receipt, in such manner as the
Depositary may determine, either by the issue to such record holders of warrants
representing such rights, preferences or privileges or by such other method as
may be approved by the Depositary in its discretion with the approval of the
Company; provided, however, that (i) if at the time of issue or offer of any
such rights, preferences or privileges the Depositary determines that it is not
lawful or (after consultation with the Company) not feasible to make such
rights, preferences or privileges available to holders of Receipts by the issue
of warrants or otherwise, or (ii) if and to the extent so instructed by holders
of Receipts who do not desire to exercise such rights, preferences or
privileges, then the Depositary, in its discretion (with the approval of the
Company, in any case where the Depositary has determined that it is not feasible
to make such rights, preferences or privileges available), may, if applicable
laws or the terms of such rights, preferences or privileges permit such
transfer, sell such rights, preferences or privileges at public or private sale,
at such place or places and upon such terms as it may deem proper. The net
proceeds of any such sale shall, subject to Sections 3.1 and 3.2, be distributed
by the Depositary to the record

                                       10

holders of Receipts entitled thereto as provided by Section 4.1 in the case of a
distribution received in cash. The Depositary shall not make any distribution of
any such rights, preferences or privileges unless the Company shall have
provided an opinion of counsel stating that such rights, preferences or
privileges have been registered under the Securities Act or do not need to be
registered.

          If registration under the Securities Act of the securities to which
any rights, preferences or privileges relate is required in order for holders of
Receipts to be offered or sold the securities to which such rights, preferences
or privileges relate, the Company agrees with the Depositary that it will file
promptly a registration statement pursuant to the Securities Act with respect to
such rights, preferences or privileges and securities and use its best efforts
and take all steps available to it to cause such registration statement to
become effective sufficiently in advance of the expiration of such rights,
preferences or privileges to enable such holders to exercise such rights,
preferences or privileges. In no event shall the Depositary make available to
the holders of Receipts any right, preference or privilege to subscribe for or
to purchase any securities unless and until such registration statement shall
have become effective, or unless the offering and sale of such securities to
such holders are exempt from registration under the provisions of the Securities
Act.

          If any other action under the laws of any jurisdiction or any
governmental or administrative authorization, consent or permit is required in
order for such rights, preferences or privileges to be made available to holders
of Receipts, the Company agrees with the Depositary that the Company will use
its best efforts to take such action or obtain such authorization, consent or
permit sufficiently in advance of the expiration of such rights, preferences or
privileges to enable such holders to exercise such rights, preferences or
privileges.

          Section 4.4 Notice of Dividends, Etc.; Fixing of Record Date for
                      Holders of Receipts.

          Whenever any cash dividend or other cash distribution shall become
payable or any distribution of property (including securities) other than cash
shall be made, or if rights, preferences or privileges shall at any time be
offered, with respect to Stock, or whenever the Depositary shall receive notice
of (i) any meeting at which holders of Stock are entitled to vote or of which
holders of Stock are entitled to notice, or (ii) any election on the part of the
Company to redeem any shares of Stock, the Depositary shall in each such
instance fix a record date (which shall be the same date as the record date
fixed by the Company with respect to the Stock) for the determination of the
holders of Receipts who shall be entitled to receive such dividend,
distribution, rights, preferences or privileges or the net proceeds of the sale
thereof, or to give instructions for the exercise of voting rights at any such
meeting, or to receive notice of such meeting or for any other appropriate
reasons.

                                       11

          Section 4.5 Voting Rights.

          Upon receipt of notice of any meeting at which the holders of Stock
are entitled to vote, the Depositary shall, as soon as practicable thereafter,
mail to the record holders of Receipts a notice which shall contain (i) such
information as is contained in such notice of meeting and (ii) a statement that
the holders may, subject to any applicable restrictions, instruct the Depositary
as to the exercise of the voting rights pertaining to the amount of Stock
represented by their respective Depositary Shares (including an express
indication that instructions may be given to the Depositary to give a
discretionary proxy to a person designated by the Company) and a brief statement
as to the manner in which such instructions may be given. Upon the written
request of the holders of Receipts on the applicable record date, the Depositary
shall endeavor insofar as practicable, to vote or cause to be voted, in
accordance with the instructions set forth in such requests, the maximum number
of whole shares of Stock represented by the Depositary Shares evidenced by all
Receipts as to which any particular voting instructions are received. The
Company hereby agrees to take all action which may be deemed necessary by the
Depositary in order to enable the Depositary to vote such Stock or cause such
Stock to be voted. In the absence of specific instructions from the holder of a
Receipt, the Depositary will either vote the Shares or abstain from voting in
accordance with applicable stock exchange rules on which the Shares may be
listed (but, at its discretion, not from appearing at any meeting with respect
to such Stock unless directed to the contrary by the holders of all the
Receipts) to the extent of the Stock represented by the Depositary Shares
evidenced by such Receipt.

          Section 4.6 Changes Affecting Deposited Securities and
                      Reclassifications, Recapitalization, Etc.

          Upon any change in par or stated value or liquidation preference,
split-up, combination or any other reclassification of the Stock, or upon any
recapitalization, reorganization, merger, amalgamation or consolidation to which
the Company is a party or sale of all or substantially all of the Company's
assets, the Depositary may in its discretion with the approval of, and shall
upon the instructions of, the Company, and (in either case) in such manner as to
retain as nearly as possible the percentage ownership interest in the Stock of
holders of the Receipts immediately prior to such event, (i) make such
adjustments in (x) the fraction of an interest represented by one Depositary
Share in one share of Stock and (y) the ratio of the redemption price per
Depositary Share to the redemption price of a share of Stock, in each case, as
may be necessary fully to reflect the effects of such change in par or stated
value or liquidation preference, split- up, combination or other
reclassification of Stock, or of such recapitalization, reorganization, merger,
amalgamation or consolidation or sale and (ii) treat any securities which shall
be received by the Depositary in exchange for or upon conversion of or in
respect of the Stock as new deposited securities so received in exchange for or
upon conversion or in respect of such Stock. In any such case the Depositary may
in its discretion, with the approval of the Company, execute and deliver
additional Receipts, or may call for the surrender of all outstanding Receipts
to be exchanged for new Receipts specifically describing such new deposited
securities.

                                       12

          Anything to the contrary herein notwithstanding, holders of Receipts
shall have the right from and after the effective date of any such change in par
or stated value or liquidation preference, split-up, combination or other
reclassification of the Stock or any such recapitalization, reorganization,
merger, amalgamation or consolidation or sale to the extent that holders of
Stock had the right, prior to or on the applicable effective date, to convert,
exchange or surrender the Stock represented thereby only into or for, as the
case may be, the kind and amount of shares of stock and other securities and
property and cash into which such Stock might have been exchange or surrendered
immediately prior to the effective date of such transaction.

          Section 4.7 Inspection of Reports.

          The Depositary shall transmit to the record holders of Receipts, at
the addresses of such record holders as set forth on the books of the
Depositary, and shall make available for inspection by holders of Receipts at
the Depositary's Office, and at such other places as it may from time to time
deem advisable, any reports and communications received from the Company which
are received by the Depositary as the holder of Stock.

          Section 4.8 Lists of Receipt Holders.

          Promptly upon request from time to time by the Company, the Depositary
shall furnish to it a list, as of a recent date, of the names and addresses of
all persons in whose names Receipts are registered on the books of the
Depositary and the amount of Stock represented thereby.

                                    ARTICLE V

     THE DEPOSITARY, THE DEPOSITARY'S AGENTS, THE REGISTRAR AND THE COMPANY

          Section 5.1 Maintenance of Offices, Agencies and Transfer Books By the
                      Depositary; Registrar.

          Upon execution of this Deposit Agreement, the Depositary shall
maintain, at the Depositary's Office, facilities for the execution and delivery,
registration and registration of transfer, surrender and exchange of Receipts,
and at the offices of the Depositary's Agents, if any, facilities for the
delivery, registration of transfer, surrender and exchange of Receipts and the
deposit and withdrawal of Stock, all in accordance with the provisions of this
Deposit Agreement.

          The Depositary shall, with the approval of the Company, appoint a
Registrar for registration of the Receipts or the Depositary Shares in
accordance with any requirements of any applicable stock exchange on which the
Receipts or the Depositary Shares are listed. Such Registrar (which may be the
Depositary if so permitted by the requirements of such exchange) may be removed
and a substitute registrar appointed by the Depositary upon the request or with
the approval of the Company. If the Receipts, the Depositary Shares or the Stock
are listed on one or more other stock exchanges, the

                                       13

Depositary will, at the request of the Company, arrange such facilities for the
delivery, registration, registration of transfer, surrender and exchange of such
Receipts, such Depositary Shares or such Stock as may be required by law or
applicable stock exchange regulation.

          The Registrar shall keep books at the Depositary's Office for the
registration and registration of transfer of Receipts or at such other place as
shall be approved by the Company and of which the holders of Receipts shall have
reasonable notice, which books at all reasonable times shall be open for
inspection by the record holders of Receipts during normal business hours as and
to the extent provided by applicable law; provided, that any such holder
requesting to exercise such right shall certify to the Registrar that such
inspection shall be for a proper purpose reasonably related to such person's
rights as an owner of Depositary Shares evidenced by the Receipts.

          The Depositary may cause the Registrar to close such books, at any
time or from time to time, when the register of stockholders of the Company is
closed with respect to the Stock or when such action is deemed necessary or
advisable by the Depositary or any Depositary's Agent because of any requirement
of law or of any government, governmental body or commission, stock exchange or
any applicable self-regulatory body, including without limitation, the NASD.

          Section 5.2 Prevention of or Delay in Performance By the Depositary,
                      The Depositary's Agents, the Registrar or the Company.

          Neither the Depositary nor any Depositary's Agent nor any Registrar
nor the Company shall incur any liability to any holder of any Receipt if by
reason of any provision of any present or future law, or regulation thereunder,
of the United States of America or of any other governmental authority or, in
the case of the Depositary, the Depositary's Agent or the Registrar, by reason
of any provision, present or future, of the Company's Certificate of
Incorporation or Certificate of Designation or by reason of any act of God or
war or other circumstance beyond the control of the relevant party, the
Depositary, the Depositary's Agent, the Registrar or the Company shall be
prevented, delayed or forbidden from doing or performing any act or thing which
the terms of this Deposit Agreement provide shall be done or performed; nor
shall the Depositary, any Depositary's Agent, any Registrar or the Company incur
any liability or be subject to any obligation (i) by reason of any
nonperformance or delay, caused as aforesaid, in the performance of any act or
thing which the terms of this Deposit Agreement provide shall or may be done or
performed, or (ii) by reason of any exercise of, or failure to exercise, any
discretion provided for in this Deposit Agreement except, in case of any such
exercise or failure to exercise discretion not caused as aforesaid, if caused by
the negligence, fraud, dishonesty, or willful misconduct of the party charged
with such exercise or failure to exercise.

                                       14

          Section 5.3 Obligations of the Depositary, the Depositary's Agents,
                      the Registrar and the Company.

          Neither the Depositary nor any Depositary's Agent nor any Registrar
nor the Company shall be under any obligation to appear in, prosecute or defend
any action, suit or other proceeding in respect of the Stock, the Depositary
Shares or the Receipts which in its opinion may involve it in expense or
liability unless indemnity satisfactory to it against all expense and liability
be furnished as often as may be required.

          Neither the Depositary nor any Depositary's Agent nor any Registrar
nor the Company shall be liable for any action or any failure to act by it in
reliance upon the written advice of legal counsel or accountants, any holder of
a Receipt or any other person believed by it in good faith to be competent to
give such information. The Depositary, any Depositary's Agent, any Registrar and
the Company may each rely and shall each be protected in acting upon any written
notice, request, direction or other document believed by it to be genuine and to
have been signed or presented by the proper party or parties specified in this
Deposit Agreement.

          The Depositary shall not be responsible for any failure to carry out
any instruction to vote any of the shares of Stock or for the manner or effect
of any such vote made, as long as any such action or non-action is in good
faith. The Depositary undertakes, and any Registrar shall be required to
undertake, to perform such duties and only such duties as are specifically set
forth in this Deposit Agreement using its best efforts and in good faith. The
parties hereto acknowledge that no implied covenants or obligations shall be
read into this Depositary Agreement against the Depositary or any Registrar. The
Depositary will indemnify the Company against any liability that may arise out
of acts performed or omitted by the Depositary or the Depositary's Agents due to
its or their negligence, bad faith, willful misconduct, fraud or dishonesty. The
Depositary, the Depositary's Agents, and any Registrar may own and deal in any
class of securities of the Company and its affiliates and in Receipts. The
Depositary may also act as transfer agent or registrar of any of the securities
of the Company and its affiliates.

          Section 5.4 Resignation and Removal of the Depositary; Appointment of
                      Successor Depositary.

          The Depositary may at any time resign as Depositary hereunder by
notice of its election so to do delivered to the Company, such resignation to
take effect upon the appointment of a successor Depositary and its acceptance of
such appointment as hereinafter provided.

          The Depositary may at any time be removed by the Company by notice of
such removal delivered to the Depositary, such removal to take effect upon the
appointment of a successor Depositary and its acceptance of such appointment as
hereinafter provided.

          In case at any time the Depositary acting hereunder shall resign or be
removed, the Company shall, within 60 days after the delivery of the notice or
resignation

                                       15

or removal, as the case may be, appoint a successor Depositary, which shall be a
bank or trust company having its principal office in the United States of
America and having a combined capital and surplus of at least $50,000,000. If no
successor Depositary shall have been so appointed and have accepted appointment
within 60 days after delivery of such notice, the resigning or removed
Depositary may petition any court of competent jurisdiction for the appointment
of a successor Depositary. Every successor Depositary shall execute and deliver
to its predecessor and to the Company an instrument in writing accepting its
appointment hereunder, and agreeing to become a party to this Deposit Agreement
and thereupon such successor Depositary, without any further act or deed, shall
become fully vested with all the rights, powers, duties and obligations of its
predecessor and for all purposes shall be the Depositary under this Deposit
Agreement, and such predecessor, upon payment of all sums due it and on the
written request of the Company, shall execute and deliver an instrument
transferring to such successor all rights and powers of such predecessor
hereunder, shall duly assign, transfer and deliver all right, title and interest
in the Stock and any moneys or property held hereunder to such successor, and
shall deliver to such successor a list of the record holders of all outstanding
Receipts. Any successor Depositary shall promptly mail notice of its appointment
to the record holders of Receipts.

          Any corporation or other entity into or with which the Depositary may
be merged, consolidated or converted or to which the Depositary may sell all or
substantially all of its assets shall be the successor of such Depositary
without the execution or filing of any document or any further act, and notice
thereof shall not be required hereunder. Such successor Depositary may
authenticate the Receipts in the name of the predecessor Depositary or in the
name of the successor Depositary.

          Section 5.5 Corporate Notices and Reports.

          The Company agrees that it will deliver to the Depositary and the
Depositary will, promptly after receipt thereof, transmit to the record holders
of Receipts, in each case at the addresses furnished to it pursuant to Section
4.8, all notices and reports (including without limitation financial statements)
required by law, by the rules of any national securities exchange upon which the
Stock, the Depositary Shares or the Receipts are listed or by the Company's
Certificate of Incorporation and Certificate of Designation to be furnished by
the Company to holders of Stock. Such transmission will be at the Company's
expense and the Company will provide the Depositary with such number of such
documents as the Depositary may reasonably request.

          Section 5.6 Indemnification By the Company.

          The Company shall indemnify the Depositary, any Depositary's Agent and
any Registrar against, and hold each of them harmless from, any loss, liability
or expense (including the costs and expenses of defending itself and reasonable
counsel fees) which may arise out of (a) acts performed or omitted in connection
with this Deposit Agreement and the Receipts (i) by the Depositary, any
Registrar or any of their respective agents (including any Depositary's Agent),
except for any liability arising out of negligence, willful misconduct, fraud,
dishonesty or bad faith on the respective parts of any such

                                       16

person or persons, or (ii) by the Company or any of its agents, or (b) the
offer, sale or registration of the Receipts, the Depositary Shares or the Stock
pursuant to the provisions hereof.

          Section 5.7 Charges and Expenses.

          The Company shall pay all transfer and other taxes and governmental
charges arising solely from the existence of the depositary arrangements
hereunder. The Company shall pay all charges of the Depositary in connection
with the initial deposit of the Stock and the initial issuance of the Depositary
Shares, redemption of the Stock at the option of the Company and all withdrawals
of shares of the Stock by owners of Depositary Shares. All other transfer and
other taxes and governmental charges shall be at the expense of holders of
Depositary Shares. If, at the request of a holder of Receipts, the Depositary
incurs charges or expenses for which it is not otherwise liable hereunder, such
holder will be liable for such charges and expenses. All other charges and
expenses of the Depositary and any Depositary's Agent hereunder and of any
Registrar (including, in each case, reasonable fees and expenses of counsel)
incident to the performance of their respective obligations hereunder will be
paid upon consultation and agreement between the Depositary and the Company as
to the amount and nature of such charges and expenses. The Depositary shall
present its statement for charges and expenses to the Company once every three
months or at such other intervals as the Company and the Depositary may agree.

          Section 5.8 Tax Compliance.

          (a) The Depositary, on its own behalf and on behalf of the Company,
will comply with all applicable certification, information reporting and
withholding (including "backup" withholding) requirements imposed by applicable
tax laws, regulations or administrative practice with respect to (i) any
payments made with respect to the Depositary Shares or (ii) the issuance,
delivery, holding, transfer, redemption or exercise of rights under the Receipts
or the Depositary Shares. Such compliance shall include, without limitation, the
preparation and timely filing of required returns and the timely payment of all
amounts required to be withheld to the appropriate taxing authority or its
designated agent.

          (b) The Depositary shall comply with any direction received from the
Company with respect to the application of such requirements to particular
payments or holders or in other particular circumstances, and may for purposes
of this Deposit Agreement rely on any such direction in accordance with the
provisions of Section 5.3 hereof.

          (c) The Depositary shall maintain all appropriate records documenting
compliance with such requirements, and shall make such records available on
request of the Company or to its authorized representatives.

                                       17

                                   ARTICLE VI

                            AMENDMENT AND TERMINATION

          Section 6.1 Amendment.

          The form of the Receipts and any provisions of this Deposit Agreement
may at any time and from time to time be amended by agreement between the
Company and the Depositary in any respect which they may deem necessary or
desirable; provided, however, that no such amendment which would materially and
adversely alter the rights of the holders of Receipts shall be effective unless
such amendment shall have been approved by the holders of Receipts evidencing at
least a majority of the Depositary Shares then outstanding. Every holder of an
outstanding Receipt at the time any such amendment becomes effective, or any
transferee of such holder, shall be deemed, by continuing to hold such Receipt,
or by reason of the acquisition thereof, to consent and agree to such amendment
and to be bound by the Deposit Agreement as amended thereby.

          Section 6.2 Termination.

          This Deposit Agreement may be terminated by the Company or the
Depositary only after (i) all outstanding Depositary Shares shall have been
redeemed pursuant to Section 2.3; (ii) each share of preferred stock has been
converted into other shares of preferred stock or common stock or has been
exchanged for debt securities; or (iii) there shall have been made a final
distribution in respect of the Stock in connection with any liquidation,
dissolution or winding up of the Company and such distribution shall have been
distributed to the holders of Receipts evidencing the Depositary Shares pursuant
to Section 4.1 or 4.2, as applicable.

          Upon the termination of this Deposit Agreement, the parties hereto
shall be discharged from all obligations under this Deposit Agreement except for
their respective obligations under Sections 5.3, 5.6 and 5.7.

                                   ARTICLE VII

                                  MISCELLANEOUS

          Section 7.1 Counterparts.

          This Deposit Agreement may be executed in any number of counterparts,
and by each of the parties hereto on separate counterparts, each of which
counterparts, when so executed and delivered, shall be deemed an original, but
all such counterparts taken together shall constitute one and the same
instrument.

          Section 7.2 Exclusive Benefit of Parties.

          This Deposit Agreement is for the exclusive benefit of the parties
hereto, and their respective successors hereunder, and shall not be deemed to
give any legal or equitable right, remedy or claim to any other person
whatsoever.

                                       18

          Section 7.3 Invalidity of Provisions.

          In case any one or more of the provisions contained in this Deposit
Agreement or in the Receipts should be or become invalid, illegal or
unenforceable in any respect, the validity, legality and enforceability of the
remaining provisions contained herein or therein shall in no way be affected,
prejudiced or disturbed thereby.

          Section 7.4 Notices.

          Any and all notices to be given to the Company hereunder or under the
Receipts shall be in writing and shall be deemed to have been duly given if
personally delivered or sent by mail or telegram, confirmed by letter, addressed
to the Company at North Cattlemen Road, Suite 300, Sarasota, Florida 34232, to
the attention of the General Counsel, or at any other address of which the
Company shall have notified the Depositary in writing.

          Any and all notices to be given to the Depositary hereunder or under
the Receipts shall be in writing and shall be deemed to have been duly given if
personally delivered or sent by mail or by telegram, confirmed by letter,
addressed to the Depositary at the Depositary's Office, at [_____], or at any
other address of which the Depositary shall have notified the Company and the
record holders of the Receipts in writing.

          Any and all notices to be given to any record holder of a Receipt
hereunder or under the Receipts shall be in writing and shall be deemed to have
been duly given if personally delivered or sent by mail or by telegram,
confirmed by letter, addressed to such record holder at the address of such
record holder as it appears on the books of the Depositary, or if such holder
shall have filed with the Depositary a written request that notices intended for
such holder be mailed to some other address, at the address designated in such
request.

          Delivery of a notice sent by mail or by telegram, shall be deemed to
be effected at the time when a duly addressed letter containing the same (or a
confirmation thereof in the case of a telegram) is deposited, postage prepaid,
in a post office letter box. The Depositary or the Company may, however, act
upon any telegram message received by it from the other or from any holder of a
Receipt, notwithstanding that such telegram, telecopy or telex message shall not
subsequently be confirmed by letter or as aforesaid.

          Section 7.5 Depositary's Agents.

          The Depositary may from time to time appoint Depositary's Agents to
act in any respect for the Depositary for the purposes of this Deposit Agreement
and may at any time appoint additional Depositary's Agents and vary or terminate
the appointment of such Depositary's Agents. The Depositary will notify the
Company of any such action.

          Section 7.6 Holders of Receipts are Parties.

          By acceptance of delivery of the Receipts, the holder of any such
Receipt from time to time shall be deemed to have agreed to become a party to
this Deposit

                                       19

Agreement and to be bound by all of the terms and conditions hereof and of the
Receipts to the same extent as though such person executed this Deposit
Agreement.

          Section 7.7 Governing Law.

          THIS DEPOSIT AGREEMENT AND THE RECEIPTS AND ALL RIGHTS HEREUNDER AND
THEREUNDER AND PROVISIONS HEREOF AND THEREOF SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT REFERENCE TO
APPLICABLE CONFLICTS OF LAWS PROVISIONS).

          Section 7.8 Inspection of Deposit Agreement.

          Copies of this Deposit Agreement shall be filed with the Depositary
and the Depositary's Agents and shall be open to inspection during business
hours at the Depositary's Office and the respective offices of the Depositary's
Agent, if any, by any holder of a Receipt.

          Section 7.9 Headings.

          The headings of articles and sections in this Deposit Agreement and in
the form of the Receipt set forth in Exhibit A hereto have been inserted for
convenience only and are not to be regarded as a part of this Deposit Agreement
or the Receipts or to have any bearing upon the meaning or interpretation of any
provision contained herein or in the Receipts.

                                       20

          IN WITNESS WHEREOF, the Company and the Depositary have duly executed
this Deposit Agreement as of the day and year first above set forth, and all
holders of Receipts shall become parties hereto by and upon acceptance by them
of delivery of Receipts issued in accordance with the terms hereof.

                                                    GLOBAL SIGNAL INC.

Attested by

                                                    By:
-----------------------                                -------------------------
                                                       Name:
                                                       Title:

                                                    [______], as Depositary

Attested by:

                                                    By:
------------------------                               -------------------------
                                                       Name:
                                                       Title:

                                                                       Exhibit A

                            [FORM OF FACE OF RECEIPT]

TEMPORARY RECEIPT - Exchangeable for Definitive Engraved Receipt When Ready for
Delivery

NUMBER
DEPOSITARY SHARES

          CERTIFICATE FOR NOT MORE THAN [___] DEPOSITARY SHARES

TDR

          DEPOSITARY RECEIPT FOR DEPOSITARY SHARES, REPRESENTING

                   [___] PREFERRED SHARES OF GLOBAL SIGNAL INC.

                                            CUSIP [___]

ORGANIZED UNDER THE LAWS OF THE STATE OF DELAWARE (SEE REVERSE FOR CERTAIN
DEFINITIONS)

[______________], as Depositary (the "Depositary"), hereby certifies that
[________] is the registered owner of [_______________] DEPOSITARY SHARES
("Depositary Shares"), each Depositary Share representing [_______________] of
one share of [insert title of stock], (the "Stock"), of GLOBAL SIGNAL INC., a
Delaware corporation (the "Company"), on deposit with the Depositary, subject to
the terms and entitled to the benefits of the Deposit Agreement dated as of
[DATE] (the "Deposit Agreement"), between the Company, the Depositary and the
holders from time to time of the Receipts issued thereunder. By accepting this
Depositary Receipt the holder hereof becomes a party to and agrees to be bound
by all the terms and conditions of the Deposit Agreement. This Depositary
Receipt shall not be valid or obligatory for any purpose or entitled to any
benefits under the Deposit Agreement unless it shall have been executed by the
Depositary by the manual signature of a duly authorized officer or, if executed
in facsimile by the Depository, countersigned by a Registrar in respect of the
Depositary Receipts by the manual signature of a duly authorized officer
thereof.

Dated:                              Countersigned:

------------------                  ---------------------
Depositary                          Registrar

By:                                 By:
    --------------                      -----------------

Authorized Officer                  Authorized Officer

                          [FORM OF REVERSE OF RECEIPT]

                               GLOBAL SIGNAL INC.

          GLOBAL SIGNAL INC. WILL FURNISH WITHOUT CHARGE TO EACH RECEIPT HOLDER
WHO SO REQUESTS A COPY OF THE DEPOSIT AGREEMENT AND A STATEMENT OR SUMMARY OF
THE POWERS, DESIGNATIONS, PREFERENCES AND RELATIVE, PARTICIPATING, OPTIONAL OR
OTHER SPECIAL RIGHTS OF EACH CLASS OF STOCK OR SERIES THEREOF WHICH THE COMPANY
IS AUTHORIZED TO ISSUE AND OF THE QUALIFICATIONS, LIMITATIONS OR RESTRICTIONS OF
SUCH PREFERENCES AND/OR RIGHTS. ANY SUCH REQUEST IS TO BE ADDRESSED TO THE
TRANSFER AGENT NAMED ON THE FACE OF THIS RECEIPT.

          The following abbreviations when used in the inscription on the face
of this receipt shall be construed as though they were written out in full
according to applicable laws or regulations.

TEN COM - as tenants in common

TEN ENT - as tenants by the entireties Act

JT TEN - as joint tenants with right of survivorship and not as tenants in
         common

UNIF GIFT MIN ACT ________ Custodian _______
                   (Cust)            (Minor)

Under Uniform Gifts to Minors Act ______________
                                      (State)

Additional abbreviations may also be used though not in the above list.

[FORM OF ASSIGNMENT]

For value received, _______________ hereby sells, assigns and transfers unto

PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE

PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE

_________________________________________ Depositary Shares represented by the
within Receipt, and do hereby irrevocably constitute and appoint
________________________________________ [his/her] Attorney, to transfer the
said Depositary Shares on the books of the within-named Depositary with full
power of substitution in the premises.

Signature:
           -----------------------

[DATE]

     NOTICE: The signature to the assignment must correspond with the name as
     written upon the face of this Receipt in every particular, without
     alteration or enlargement or any change whatever.

(GUARANTEE OF SIGNATURE/S)

Authorized Signature
                     ----------------------------
Name and Title
               ---------------------------------
Dated
      ------------
Name of Firm:
              ----------------------------------

Notice: If applicable, all signatures on this assignment must be guaranteed by a
        firm that is a member of a registered national securities exchange of
        the National Association of Securities Dealers, Inc., or by a commercial
        bank or trust company having an office or correspondent in the United
        States (an "Eligible Institution"). However, signatures need not be
        guaranteed if this assignment is made for the account of an Eligible
        Institution.

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