Document:

exhibit10_1.htm

     

    Exhibit
      10.1

    

    

    

    36,389,617
      Shares

     

    CROWN
      CASTLE INTERNATIONAL CORP.

     

    COMMON
      STOCK, PAR VALUE $0.01 PER SHARE

     

    UNDERWRITING
      AGREEMENT

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    June
      28,
      2007

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    June
      28,
      2007

     

    Morgan
      Stanley & Co. Incorporated

    Allen
      & Company LLC

    Banc
      of
      America Securities LLC

    c/o
      Morgan Stanley & Co. Incorporated

        1585
      Broadway

        New
      York, New
      York 10036

     

    Ladies
      and Gentlemen:

     

    Certain
      stockholders (the “Selling Shareholders”) of Crown Castle
      International Corp., a Delaware corporation (the “Company”),
      named in Schedule I hereto, severally propose to sell to the several
      underwriters named in Schedule II hereto (the “Underwriters”),
      for whom you are acting as managers (the “Managers”), an
      aggregate of 36,389,617 shares of the common stock, par value $0.01 per share,
      of the Company (the “Firm Shares”), each Selling Shareholder
      selling the amount of Firm Shares set forth opposite such Selling Shareholder’s
      name in Schedule I hereto.  The Firm Shares are hereinafter
      collectively referred to as the “Shares.”  The
      outstanding shares of common stock, par value $0.01 per share, of the Company
      are hereinafter referred to as the “Common Stock.”

     

    The
      Company has filed with the Securities and Exchange Commission (the
“Commission”) a registration statement (the file number of
      which is set forth in Schedule III hereto), including a prospectus, on Form
      S-3,
      relating to the securities (the “Shelf Securities”), including
      the Shares, to be sold from time to time by the stockholders identified in
      the
      prospectus, including the Selling Shareholders.  The registration
      statement as amended to and including the date of this Agreement, including
      the
      information, if any, deemed to be part of the registration statement at the
      time
      of effectiveness pursuant to Rule 430A or Rule 430B under the
      Securities Act of 1933, as amended (the “Securities Act”), that
      has not been superseded or modified, is hereinafter referred to as the
“Registration Statement,” and the related prospectus covering
      the Shelf Securities dated February 5, 2007 in the form first used to confirm
      sales of the Shares (or in the form first made available to the Underwriters
      by
      the Company to meet requests of purchasers pursuant to Rule 173 under the
      Securities Act) is hereinafter referred to as the “Basic
      Prospectus.”  The Basic Prospectus, as supplemented by the
      prospectus supplement specifically relating to the Shares in the form first
      used
      to confirm sales of the Shares (or in the form first made available to the
      Underwriters by the Company to meet requests of purchasers

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    pursuant
      to Rule 173 under the Securities Act) is hereinafter referred to as the
“Prospectus,” and the term “preliminary
      prospectus” means any preliminary form of the
      Prospectus.  For purposes of this Agreement, “free writing
      prospectus” has the meaning set forth in Rule 405 under the Securities
      Act, “Time of Sale Prospectus” means the preliminary prospectus
      together with the free writing prospectuses, if any, each identified in Schedule
      III hereto, and “broadly available road show” means a “bona
      fide electronic road show” as defined in Rule 433(h)(5) under the Securities Act
      that has been made available without restriction to any person.  As
      used herein, the terms “Registration Statement,” “Basic Prospectus,”
“preliminary prospectus,” “Time of Sale Prospectus” and “Prospectus” shall
      include the documents, if any, incorporated by reference therein.  The
      terms “supplement,” “amendment,” and
“amend” as used herein with respect
      to the Registration
      Statement, the Basic Prospectus, the Time of Sale Prospectus, any preliminary
      prospectus or free writing prospectus shall include all documents subsequently
      filed by the Company with the Commission pursuant to the Securities Exchange
      Act
      of 1934, as amended (the “Exchange Act”), that are deemed to be
      incorporated by reference therein.  “Applicable Time”
means 4:15 p.m., New York City time, on June 28, 2007.

    
       

      1.  Representations
        and Warranties of the Company.  The Company represents and
        warrants to and agrees with each of the Underwriters that:

       

      (a)  The
        Registration Statement has become effective; no stop order suspending the
        effectiveness of the Registration Statement is in effect, and no proceedings
        for
        such purpose are pending before or, to the knowledge of the Company, threatened
        by the Commission.  The Registration Statement is an automatic shelf
        registration statement as defined in Rule 405 under the Securities Act and
        the
        Company is a well-known seasoned issuer (as defined in Rule 405 under the
        Securities Act) eligible to use the Registration Statement as an automatic
        shelf
        registration statement and the Company has not received notice that the
        Commission objects to the use of the Registration Statement as an automatic
        shelf registration statement.

       

      (b)  (i)
        Each
        document filed or to be filed pursuant to the Exchange Act and incorporated
        by
        reference in the Registration Statement, the Time of Sale Prospectus or the
        Prospectus complied or will comply when so filed in all material respects
        with
        the Exchange Act and the applicable rules and regulations of the Commission
        thereunder, (ii) each part of the Registration Statement, when such part
        became
        effective, did not contain, and each such part, as amended or supplemented,
        if
        applicable, will not contain, any untrue statement of a material fact or
        omit to
        state a material fact required to be stated therein or necessary to make
        the
        statements therein not misleading, (iii) the Registration Statement as of
        the
        date hereof does not contain any untrue statement of a material fact or omit
        to
        state a material fact required to be stated therein or necessary to make
        the
        statements therein not misleading, (iv) the Registration Statement as of
        the
        date hereof complies, and the Prospectus as of its date will comply, and
        the
        Registration Statement and the Prospectus, as amended or supplemented,
        if

       

      
        
          
          

        

        
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        applicable,
          as of the Closing Date (as defined in Section 5) will comply, in all material
          respects with the Securities Act and the applicable rules and regulations
          of the
          Commission thereunder, (v) the Time of Sale Prospectus at the Applicable
          Time
          will not contain, and at the time of each sale of the Shares after the
          Applicable Time in connection with the offering when the Prospectus is
          not yet
          available to prospective purchasers and at the Closing Date (as defined
          in
          Section 5), the Time of Sale Prospectus, as then amended or supplemented
          by the
          Company, if applicable, will not contain, any untrue statement of a material
          fact or omit to state a material fact necessary to make the statements
          therein,
          in the light of the circumstances under which they were made, not misleading,
          (vi) each broadly available road show, if any, when considered together
          with the
          Time of Sale Prospectus, does not contain any untrue statement of a material
          fact or omit to state a material fact necessary to make the statements
          therein,
          in the light of the circumstances under which they were made, not misleading
          and
          (vii) the Prospectus as of its date will not contain, and the Prospectus,
          as
          amended or supplemented, if applicable, as of the Closing Date will not
          contain,
          any untrue statement of a material fact or omit to state a material fact
          necessary to make the statements therein, in the light of the circumstances
          under which they were made, not misleading, except that the representations
          and
          warranties set forth in this paragraph do not apply to statements or omissions
          in the Registration Statement, the Time of Sale Prospectus or the Prospectus
          based upon information relating to any Underwriter furnished to the Company
          in
          writing by such Underwriter through the Managers expressly for use
          therein.

      

       

      (c)  The
        Company is not an “ineligible issuer” in connection with the offering pursuant
        to Rules 164, 405 and 433 under the Securities Act.  Any free writing
        prospectus that the Company is required to file pursuant to Rule 433(d) under
        the Securities Act has been, or will be, filed with the Commission in accordance
        with the requirements of the Securities Act and the applicable rules and
        regulations of the Commission thereunder.  Each free writing
        prospectus that the Company has filed in connection with the offering of
        the
        Shares, or is required to file in connection with the offering of the Shares,
        pursuant to Rule 433(d) under the Securities Act or that was prepared by
        or on
        behalf of or used or referred to by the Company complies or will comply in
        all
        material respects with the requirements of the Securities Act and the applicable
        rules and regulations of the Commission thereunder.  Except for the
        free writing prospectuses, if any, identified in Schedule III hereto forming
        part of the Time of Sale Prospectus, and electronic road shows, if any, each
        furnished to you before first use, the Company has not prepared, used or
        referred to, and will not, without your prior consent, prepare, use or refer
        to,
        any free writing prospectus.

       

      (d)  Neither
        the Company nor any of its subsidiaries has sustained, since the date of
        the
        latest audited financial statements incorporated by reference into the
        Registration Statement, the Time of Sale Prospectus and the Prospectus, any
        loss
        or interference with its business from fire, explosion, flood or other calamity,
        whether or not covered by insurance, or from any labor dispute or court or
        governmental action, order or decree, otherwise than as set forth or

       

       

      
        
          
          

        

        
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        contemplated
          in the Time of Sale Prospectus and the Prospectus or as would not reasonably
          be
          expected, in the aggregate, to result in a Material Adverse Effect (as
          defined
          below); and, since the respective dates as of which information is given
          in the
          Time of Sale Prospectus and the Prospectus, there has not been any change
          in the
          capital stock or long-term debt of the Company or any of its subsidiaries
          or any
          material adverse change, or any development involving a prospective material
          adverse change, except such as are described in the Time of Sale Prospectus
          and
          the Prospectus or such as would not be reasonably expected, in the aggregate,
          to
          result in a material adverse effect on the condition (financial or other),
          business, properties or results of operations of the Company and the Material
          Subsidiaries (as defined in Section 1(g)), taken as a whole, or prevent
          or
          materially interfere with the consummation of the transactions contemplated
          hereby (a “Material Adverse Effect”).

      

       

      (e)  The
        Company and each of its subsidiaries have good and marketable title to all
        real
        property and good and marketable title to all personal property owned by
        them,
        in each case free and clear of all liens, encumbrances and defects except
        such
        as are described in the Time of Sale Prospectus and the Prospectus or would
        not
        reasonably be expected, in the aggregate, to have a Material Adverse Effect;
        and
        any real property and buildings held under lease by the Company and its
        subsidiaries are held by them under valid, subsisting and enforceable leases
        with such exceptions as would not be reasonably expected, in the aggregate,
        to
        result in a Material Adverse Effect.

       

      (f)  The
        Company is a corporation duly incorporated and validly existing and in good
        standing under the laws of the State of Delaware with all requisite corporate
        power and authority to own, lease and operate its properties and to conduct
        its
        business as described in the Time of Sale Prospectus and the Prospectus,
        and is
        duly registered and qualified to conduct its business and is in good standing
        in
        each jurisdiction or place where the nature of its properties or the conduct
        of
        its business requires such registration or qualification, except where the
        failure so to register or qualify or to be in good standing would not have
        a
        Material Adverse Effect; and each subsidiary of the Company has been duly
        incorporated or formed, as the case may be, and is validly existing as a
        corporation, limited partnership, limited liability company or other legal
        entity in good standing or the equivalent under the laws of its jurisdiction
        of
        incorporation or formation, as the case may be.

       

      (g)  Each
        subsidiary of the Company that constitutes a “significant subsidiary,” as such
        term is defined in Rule 405 of the rules and regulations under the Securities
        Act, is included in the list of subsidiaries of the Company set forth on
        Schedule IV hereto (each such subsidiary listed on Schedule IV hereto, a
        “Material Subsidiary” and, collectively, the “Material
        Subsidiaries”).

       

      (h)  The
        Company has an authorized capitalization as set forth in the Time of Sale
        Prospectus and the Prospectus, and all of the issued shares of Common Stock
        (including the Shares) have been duly and validly authorized and 

       

       

      
        
          
          

        

        
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        issued,
          are fully paid and non-assessable and conform to the description of the
          Common
          Stock contained in the Time of Sale Prospectus and the Prospectus; and
          all of
          the issued shares of capital stock of each subsidiary of the Company have
          been
          duly and validly authorized and issued, are fully paid and non-assessable
          and
          are owned directly or indirectly by the Company, free and clear of all
          liens,
          encumbrances, equities or claims, except as set forth in the Time of Sale
          Prospectus and the Prospectus.

      

       

      (i)  Neither
        the Company nor any of its subsidiaries, nor, to the knowledge of the Company,
        any of their respective affiliates, has taken any action which is designed
        to or
        which has constituted or which might have been reasonably expected to cause
        or
        result in stabilization or manipulation of the price of any security of the
        Company in connection with the offering of the Shares.

       

      (j)  The
        sale
        of the Shares hereunder and the compliance by the Company with all of the
        provisions of this Agreement and the consummation of the transactions
        contemplated herein will not conflict with or result in a breach or violation
        of
        any of the terms or provisions of or, with the giving of notice or the lapse
        of
        time or both, constitute a default under, (A) any indenture, mortgage, deed
        of
        trust, loan agreement or other agreement or instrument to which the Company
        or
        any of its subsidiaries is a party or by which the Company or any of its
        subsidiaries is bound or to which any of the property or assets of the Company
        or any of its subsidiaries is subject, (B) the provisions of the charter,
        by-laws or other constitutive documents of the Company or any of its
        subsidiaries or (C) any statute or any order, rule or regulation of any court
        or
        governmental agency or body having jurisdiction over the Company or any of
        its
        subsidiaries or any of their properties or assets except in the cases of
        clause
        (A) or (C), such breaches, violations or defaults that in the aggregate would
        not have a Material Adverse Effect; and no consent, approval, authorization,
        order, registration or qualification of or with any such court or governmental
        agency or body is required for the sale of the Shares or the consummation
        by the
        Company of the transactions contemplated by this Agreement, except (1) such
        as
        may be required under the Securities Act, the Exchange Act and applicable
        Blue
        Sky or foreign securities laws in connection with the purchase and distribution
        of the Shares by the Underwriters or as have already been obtained or made
        and
        (2) where the failure to obtain or make such consents, approvals,
        authorizations, registrations or qualifications would not, individually or
        in
        the aggregate, have a Material Adverse Effect.

       

      (k)  Neither
        the Company nor any of its subsidiaries (A) is in violation of its charter,
        by-laws or other constitutive documents, (B) is in default and no event has
        occurred which, with notice or lapse of time or both, would constitute such
        a
        default, in the due performance or observance of any term, covenant or condition
        contained in any material indenture, mortgage, deed of trust, loan agreement
        or
        other agreement or instrument to which it is a party or by which it is bound
        or
        to which any of its properties or assets is subject or (C) is in violation
        of
        any law, ordinance, governmental rule, regulation or court decree to which
        it or
        its 

       

       

      
        
          
          

        

        
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        property
          or assets may be subject or has failed to obtain any material license,
          permit,
          certificate, franchise or other governmental authorization or permit necessary
          to the ownership of its property or to the conduct of its business, except
          for,
          in the cases of clause (B) or (C), such defaults, violations or failures
          to
          obtain that in the aggregate would not have a Material Adverse
          Effect.

      

       

      (l)  The
        statements contained in (A) the Time of Sale Prospectus and the Prospectus
        under
        the captions “Description of Common Stock” and “Material United States Federal
        Tax Consequences for Non-U.S. Stockholders",” (B) the Prospectus under the
        caption “Underwriters” and (C) the Registration Statement in Item 15,
        insofar as they are descriptions of contracts, agreements or other legal
        documents, or refer to statements of law or legal conclusions, are accurate
        in
        all material respects and present fairly the information purported to be
        described therein.

       

      (m)  Other
        than as set forth in the Time of Sale Prospectus and the Prospectus, there
        are
        no legal or governmental proceedings pending to which the Company or any
        of its
        subsidiaries is a party or of which any property of the Company or any of
        its
        subsidiaries is the subject which, if determined adversely to the Company
        or any
        of its subsidiaries, would individually or in the aggregate have a Material
        Adverse Effect; and, to the best of the Company’s knowledge, no such proceedings
        are threatened or contemplated by governmental authorities or threatened
        by
        others.

       

      (n)  Each
        preliminary prospectus filed as part of the Registration Statement as originally
        filed or as part of any amendment thereto, or filed pursuant to Rule 424
        under
        the Securities Act, complied when so filed in all material respects with
        the
        Securities Act and the applicable rules and regulations of the Commission
        thereunder.

       

      (o)  The
        Company is not, and after giving effect to the offering and sale of the Shares
        and the application of the proceeds thereof as described in the Prospectus
        will
        not be, required to register as an “investment company” as such term is defined
        in the Investment Company Act of 1940, as amended.

       

      (p)  There
        has
        been no storage, disposal, generation, manufacture, refinement, transportation,
        handling or treatment of toxic wastes, medical wastes, hazardous wastes or
        hazardous substances by the Company or any of its subsidiaries (or, to the
        knowledge of the Company, any of their predecessors in interest) at, upon
        or
        from any of the property now or previously owned or leased by the Company
        or any
        of its subsidiaries in violation of any applicable law, ordinance, rule,
        regulation, order, judgment, decree or permit or which would require remedial
        action under any applicable law, ordinance, rule, regulation, order, judgment,
        decree or permit, except for any violation or remedial action which would
        not
        have, or could not be reasonably likely to have, singularly or in the aggregate,
        a Material Adverse Effect; there has been no material spill, discharge, leak,
        emission, injection, escape, dumping or release of any kind onto 

       

       

      
        
          
          

        

        
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        such
          property or into the environment surrounding such property of any toxic
          wastes,
          medical wastes, solid wastes, hazardous wastes or hazardous substances
          due to or
          caused by the Company or any of its subsidiaries or with respect to which
          the
          Company or any of its subsidiaries has knowledge, except for any such spill,
          discharge, leak, emission, injection, escape, dumping or release which
          would not
          have or would not be reasonably likely to have, singularly or in the aggregate,
          a Material Adverse Effect; and the terms “hazardous wastes,” “toxic wastes,”
“hazardous substances” and “medical wastes” shall have the meanings specified in
          any applicable local, state, federal and foreign laws or regulations with
          respect to environmental protection.

      

       

      (q)  Except
        as
        set forth in the Registration Statement, the Time of Sale Prospectus and
        the
        Prospectus, there are no contracts, agreements or understandings between
        the
        Company and any person granting such person the right to require the Company
        to
        file a registration statement under the Securities Act with respect to any
        securities of the Company or to require the Company to include such securities
        with the Shares registered pursuant to the Registration Statement.

       

      (r)  KPMG
        LLP,
        who have certified certain financial statements of the Company and its
        subsidiaries, are independent public accountants as required by the Securities
        Act and the rules and regulations of the Commission thereunder.

       

      (s)  Ernst
        & Young LLP, who have certified certain financial statements of Global
        Signal Inc. and its subsidiaries, are independent public accountants as required
        by the Securities Act and the rules and regulations of the Commission
        thereunder.

       

      (t)  This
        Agreement has been duly and validly authorized, executed and delivered by
        the
        Company.

       

      (u)  The
        Company’s consolidated historical and pro forma financial statements,
        together with the related notes thereto, included in the Form 10-K/A and
        Form
        10-Q which are incorporated into the Registration Statement, the Time of
        Sale
        Prospectus and the Prospectus, comply as to form in all material respects
        with
        the applicable requirements of Regulation S-X under the Securities Act. Such
        historical financial statements fairly present the financial position of
        the
        Company at the respective dates indicated and the results of operations and
        cash
        flows for the respective periods indicated, in each case in accordance with
        generally accepted accounting principles consistently applied throughout
        such
        periods. Such pro forma financial statements have been prepared on a
        basis consistent with such historical financial statements, except for the
        pro forma adjustments specified therein, and give effect to assumptions
        made on a reasonable basis and in good faith and present fairly the pro
        forma position, results of operations and the other information purported
        to be shown therein at the respective dates or for the respective periods
        therein specified. The other financial and statistical information and data
        incorporated or included in the 

       

       

      
        
          
          

        

        
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        Registration
          Statement, the Time of Sale Prospectus or the Prospectus are, in all material
          respects, fairly presented and prepared on a basis consistent with the
          financial
          statements and the books and records of the Company.

      

       

      (v)  The
        Company and each of the Material Subsidiaries has such permits, licenses,
        franchises, certificates of need and other approvals or authorizations of
        any
        governmental or regulatory authority (“Permits”), including,
        without limitation, any permits required by the Federal Communications
        Commission (“FCC”) or the Federal Aviation Administration
        (“FAA”), as are necessary under applicable law to own their
        respective properties and to conduct their respective businesses in the manner
        described in the Time of Sale Prospectus and the Prospectus, except to the
        extent that the failure to have such Permits would not have a Material Adverse
        Effect.  The Company and the Material Subsidiaries have fulfilled and
        performed, in all material respects, all their respective obligations with
        respect to the Permits, and no event has occurred which allows, or after
        notice
        or lapse of time would allow, revocation or termination thereof or results
        in
        any other impairment of the rights of, or imposition of a penalty on, the
        holder
        of any such Permit, subject in each case to such qualification as may be
        set
        forth in the Time of Sale Prospectus and the Prospectus and except to the
        extent
        that any such revocation, termination, impairment or penalty would not have
        a
        Material Adverse Effect. Except as described in the Time of Sale Prospectus
        and
        the Prospectus, none of the Permits contains any restriction that has not
        previously been satisfied and that is materially burdensome to the Company
        or
        any of the Material Subsidiaries.

       

      (w)  For
        each
        existing tower of the Company not yet registered with the FCC where registration
        will be required, the FCC’s grant of an application for registration of such
        tower will not have a significant environmental effect as defined under Section
        1.1307(a) or (b) of the FCC’s rules.

       

      (x)  The
        consummation of the transactions contemplated by this Agreement shall not
        cause
        any third party to have any rights of first refusal with respect to the
        acquisition of towers of the Company or any of its subsidiaries under any
        agreement filed as an exhibit to any document incorporated by reference in
        the
        Registration Statement (the “Material Agreements”) that has not
        already been described in the Time of Sale Prospectus and the Prospectus
        as to
        which the Company and any of the Material Subsidiaries or any of their property
        or assets may be subject.

       

      (y)  The
        Company and each of the Material Subsidiaries owns or possesses all patents,
        trademarks, trademark registration, service marks, service mark registrations,
        trade names, copyrights, licenses, inventions, trade secrets and rights
        described in the Time of Sale Prospectus and the Prospectus as being owned
        by
        any of them or necessary for the conduct of their respective businesses,
        and
        neither the Company nor any of the Material Subsidiaries is aware of any
        claim
        to the contrary or any challenge by any other person to the rights of the
        Company or any of the Material Subsidiaries with respect to such rights that,
        if

       

       

      
        
          
          

        

        
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        determined
          adversely to the Company or any such Material Subsidiary, would individually
          or
          in the aggregate have a Material Adverse Effect.

      

       

      (z)  Neither
        the Company nor any of its subsidiaries is involved in any strike, job action
        or
        labor dispute with any group of employees, and, to the knowledge of the Company
        and its subsidiaries, no such action or dispute is threatened.

       

      (aa)  The
        Company and each of its subsidiaries are in compliance in all material respects
        with all presently applicable provisions of the Employee Retirement Income
        Security Act of 1974, as amended, including the regulations and published
        interpretations thereunder (“ERISA”); no “reportable event” (as
        defined in ERISA) has occurred with respect to any “pension plan” (as defined in
        ERISA) for which the Company would have any liability; the Company has not
        incurred and does not expect to incur liability under (i) Title IV of ERISA
        with
        respect to termination of, or withdrawal from, any “pension plan” or (ii)
        Sections 412 or 4971 of the Internal Revenue Code of 1986, as amended, including
        the regulations and published interpretations thereunder (the
“Code”); and each “pension plan” for which the Company would
        have any liability that is intended to be qualified under Section 401(a)
        of the
        Code is so qualified in all material respects and nothing has occurred, whether
        by action or by failure to act, which would cause the loss of such
        qualification.

       

      (bb)  The
        Company and each of its subsidiaries have filed all federal, state and local
        income and franchise tax returns required to be filed through the date hereof
        and have paid all taxes due thereon, and no tax deficiency has been determined
        adversely to the Company or any of its subsidiaries nor does the Company
        or any
        of its subsidiaries have any knowledge of any tax deficiency which, if
        determined adversely to the Company or any of its subsidiaries, would have
        a
        Material Adverse Effect.

       

      (cc)  The
        Company (i) makes and keeps accurate books and records and (ii) maintains
        a
        system of internal accounting controls sufficient to provide reasonable
        assurance that (A) transactions are executed in accordance with management’s
        authorization, (B) transactions are recorded as necessary to permit preparation
        of its financial statements in conformity with generally accepted accounting
        principles and to maintain accountability for assets, (C) access to its assets
        is permitted only in accordance with management’s general or specific
        authorization and (D) the reported accountability for its assets is compared
        with existing assets at reasonable intervals and appropriate action is taken
        with respect to any differences.

       

      (dd)  The
        Company and each of the Material Subsidiaries carry, or are covered by,
        insurance in such amounts and covering such risks as is adequate for the
        conduct
        of its businesses and the value of its properties and as is customary for
        companies engaged in similar businesses in similar industries.

       

       

      
        
          
          

        

        
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      (ee)  The
        Company has established and maintains disclosure controls and procedures
        (as
        such term is defined in Rule 13a-14 and 15d-14 under the Exchange Act); such
        disclosure controls and procedures are designed to ensure that material
        information relating to the Company, including its consolidated subsidiaries,
        is
        made known to the Company’s Chief Executive Officer and its Chief Financial
        Officer by others within those entities, and such disclosure controls and
        procedures are effective to perform the functions for which they were
        established; the Company’s auditors and the Audit Committee of the Board of
        Directors have been advised of: (A) any significant deficiencies in the design
        or operation of internal controls which could adversely affect the Company’s
        ability to record, process, summarize, and report financial data; and (B)
        any
        fraud, whether or not material, that involves management or other employees
        who
        have a role in the Company’s internal controls; any material weaknesses in
        internal controls have been identified for the Company’s auditors; and since the
        date of the most recent evaluation of such disclosure controls and procedures,
        there have been no significant changes in internal controls or in other factors
        that could significantly affect internal controls, including any corrective
        actions with regard to significant deficiencies and material
        weaknesses.

       

      (ff)  There
        is
        and has been no failure on the part of the Company and any of the Company’s
        directors or officers, in their capacities as such, to comply with the
        provisions of the Sarbanes-Oxley Act of 2002 and the rules and regulations
        promulgated in connection therewith.

       

      (gg)  Neither
        the Company or any of its subsidiaries, nor, to the knowledge of the Company,
        any director, officer, agent, employee or other person associated with or
        acting
        on behalf of the Company or any of its subsidiaries, has (i) used any corporate
        funds for any unlawful contribution, gift, entertainment or other unlawful
        expense relating to political activity; (ii) made any direct or indirect
        unlawful payment to any foreign or domestic government official or employee
        from
        corporate funds; (iii) violated or is in violation of any provision of the
        U.S.
        Foreign Corrupt Practices Act of 1977; or (iv) made any bribe, rebate, payoff,
        influence payment, kickback or other unlawful payment.

       

      2.  Representations
        and Warranties of the Selling Shareholders.  Each Selling
        Shareholder, severally and not jointly, represents and warrants to and agrees
        with each of the Underwriters that:

       

      (a)  This
        Agreement has been duly authorized, executed and delivered by or on behalf
        of
        such Selling Shareholder.

       

      (b)  The
        execution and delivery by such Selling Shareholder of, and the performance
        by
        such Selling Shareholder of its obligations under, this Agreement, the Custody
        Agreement signed by such Selling Shareholder and Mellon Investor Services,
        LLC,
        as Custodian, relating to the deposit of the Shares to be sold by such Selling
        Shareholder (the “Custody Agreement”) and the Power of Attorney
        appointing certain individuals as such Selling Shareholder’s attorneys-in-fact
        to 

       

       

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

         

        the
          extent set forth therein, relating to the transactions contemplated hereby
          and
          by the Registration Statement (the “Power of Attorney”) will
          not contravene (A) any provision of applicable law, or the certificate
          of
          incorporation, by-laws or any other organizational or constitutive documents
          of
          such Selling Shareholder (if such Selling Shareholder is not a natural
          person),
          (B) any agreement or other instrument binding upon such Selling Shareholder
          or
          (C) any judgment, order or decree of any governmental body, agency or court
          having jurisdiction over such Selling Shareholder, except, with respect
          to
          clauses (B) and (C) above, such contraventions as would not have a material
          adverse effect on such Selling Shareholder and would not prevent or materially
          interfere with the consummation by such Selling Shareholder of the transactions
          contemplated hereby; and no consent, approval, authorization or order of,
          or
          qualification with, any governmental body or agency is required for the
          performance by such Selling Shareholder of its obligations under this Agreement
          or the Custody Agreement or Power of Attorney of such Selling Shareholder,
          except (i) such as may be required by the securities or Blue Sky laws of
          the
          various states or the laws of any foreign jurisdiction in connection with
          the
          offer and sale of the Shares and (ii) where the failure to obtain such
          consent
          approval, authorization, order or qualification, individually or in the
          aggregate, would not have a material adverse effect on such Selling Shareholder
          and would not prevent or materially interfere with the consummation of
          the
          transactions contemplated by this Agreement.

      

       

      (c)  Subject
        to the proviso below, such Selling Shareholder has, and on the Closing Date
        will
        have, valid title to, or a valid “security entitlement” within the meaning of
        Section 8-501 of the New York Uniform Commercial Code in respect of, the
        Shares
        to be sold by such Selling Shareholder free and clear of all security interests,
        claims, liens or other encumbrances and the legal right and power, and all
        authorization and approval required by law, to enter into this Agreement,
        the
        Custody Agreement and the Power of Attorney and to sell, transfer and deliver
        the Shares to be sold by such Selling Shareholder or a security entitlement
        in
        respect of such Shares; provided, that solely with respect to an
        aggregate of 24,583,234 Shares to be sold by FRIT Holdings LLC, FRIT PINN
        LLC
        and FIT GSL LLC, which Shares are currently subject to security interests
        pursuant to certain margin loan agreements, this representation and warranty
        shall speak only as of the Closing Date (and not as of the date of this
        Agreement).

       

      (d)  As
        of the
        Closing Date, the Custody Agreement and the Power of Attorney will have been
        duly authorized, executed and delivered by such Selling Shareholder and are
        valid and binding agreements of such Selling Shareholder and, assuming due
        authorization, execution and delivery by the other parties thereto, each
        constitute valid and legally binding obligations of such Selling Shareholder
        enforceable in accordance with their terms, subject to bankruptcy, insolvency,
        fraudulent transfer, reorganization, moratorium and similar laws of general
        applicability relating to or affecting creditors’ rights and to general equity
        principals.

       

       

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

       

       

      (e)  With
        respect to any Shares delivered by such Selling Shareholder in certificated
        form
        endorsed to the Underwriters, delivery of the Shares to be sold by such Selling
        Shareholder and payment therefor pursuant to this Agreement will pass valid
        title to such Shares, free and clear of any adverse claim within the meaning
        of
        Section 8-102 of the New York Uniform Commercial Code, to each Underwriter
        who
        has purchased such Shares without notice of an adverse claim.

       

      (f)  Such
        Selling Shareholder has no knowledge of any material fact, condition or
        information not disclosed in the Time of Sale Prospectus or the Prospectus
        that
        has had, or is reasonably likely to have, a Material Adverse
        Effect.

       

      (g)  (i)
        The
        Registration Statement, as of the date hereof, does not contain and, as amended
        or supplemented, if applicable, as of the Closing Date will not contain any
        untrue statement of a material fact or omit to state a material fact required
        to
        be stated therein or necessary to make the statements therein not misleading,
        (ii) the Time of Sale Prospectus at the Applicable Time will not, and at
        the
        time of each sale of the Shares after the Applicable Time in connection with
        the
        offering when the Prospectus is not yet available to prospective purchasers
        and
        at the Closing Date (as defined in Section 5), the Time of Sale Prospectus,
        as then amended or supplemented by the Company, if applicable, will not,
        contain
        any untrue statement of a material fact or omit to state a material fact
        necessary to make the statements therein, in the light of the circumstances
        under which they were made, not misleading, (iii) each broadly available
        road
        show, if any, when considered together with the Time of Sale Prospectus,
        does
        not contain any untrue statement of a material fact or omit to state a material
        fact necessary to make the statements therein, in the light of the circumstances
        under which they were made, not misleading and (iv) the Prospectus as of
        its
        date will not contain and the Prospectus, as amended or supplemented, if
        applicable, as of the Closing Date will not contain any untrue statement
        of a
        material fact or omit to state a material fact necessary to make the statements
        therein, in the light of the circumstances under which they were made, not
        misleading; provided that the representations and warranties set forth
        in this paragraph (i) are limited to statements or omissions made in reliance
        upon and in conformity with information relating to such Selling Shareholder
        furnished to the Company in writing by such Selling Shareholder expressly
        for
        use in the Registration Statement, the Time of Sale Prospectus, the Prospectus
        or any amendments or supplements thereto.

       

      3.  Agreements
        to Sell and Purchase. Each Selling Shareholder, severally and
        not jointly, hereby agrees to sell to the several Underwriters, and each
        Underwriter, upon the basis of the representations and warranties herein
        contained, but subject to the conditions hereinafter stated, agrees, severally
        and not jointly, to purchase from such Selling Shareholder at $35.30 a share
        (the “Purchase Price”) the number of Firm Shares (subject to
        such adjustments to eliminate fractional shares as you may determine) set
        forth
        in Schedule II hereto opposite the name of such
        Underwriter.

       

       

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

       

      Each
        of
        the Company and the Selling Shareholders hereby agrees that, without the
        prior
        written consent of Morgan Stanley & Co. Incorporated on behalf of the
        Underwriters, it will not, during the period ending 60 days after the date
        of the Prospectus, except as provided in the succeeding paragraph, (1) offer,
        pledge, sell, contract to sell, sell any option or contract to purchase,
        purchase any option or contract to sell, grant any option, right or warrant
        to
        purchase, lend, or otherwise transfer or dispose of, directly or indirectly,
        any
        shares of Common Stock or any securities convertible into or exercisable
        or
        exchangeable for Common Stock, (2) enter into any swap or other arrangement
        that
        transfers to another, in whole or in part, any of the economic consequences
        of
        ownership of the Common Stock, whether any such transaction described in
        clause (1) or (2) above is to be settled by delivery of Common Stock or
        such other securities, in cash or otherwise or (3) file, or cause to be filed,
        any registration statement with the Commission relating to the offering of
        any
        shares of Common Stock or any securities convertible into or exercisable
        or
        exchangeable for Common Stock.

       

      The
        restrictions contained in the preceding paragraph shall not apply to
        (a) the Shares to be sold hereunder, (b) the issuance by the Company
        of shares of Common Stock upon the exercise of an option or warrant or the
        conversion of a security outstanding on the date hereof of which the
        Underwriters have been advised in writing, (c) transactions by a Selling
        Shareholder relating to shares of Common Stock or other securities acquired
        in
        open market transactions after the completion of the offering of the Shares,
        provided that no filing under Section 16(a) of the Exchange Act
        shall be required or shall be voluntarily made in connection with subsequent
        sales of Common Stock or other securities acquired in such open market
        transactions during the period ending 60 days after the date of the Prospectus,
        (d) transfers by a Selling Shareholder of shares of Common Stock or any security
        convertible into Common Stock as a bona fide gift, (e) distributions by a
        Selling Shareholder of shares of Common Stock or any security convertible
        into
        Common Stock to limited partners or stockholders of the Selling Shareholder;
        provided that in the case of any transfer or distribution pursuant to
        clause (d) or (e), (i) each donee or distributee shall enter into a written
        agreement accepting the restrictions set forth in the preceding paragraph
        and
        this paragraph as if it were a Selling Shareholder and (ii) no filing under
        Section 16(a) of the Exchange Act, reporting a reduction in beneficial
        ownership of shares of Common Stock, shall be required or shall be voluntarily
        made in respect of the transfer or distribution during the 60-day restricted
        period, (f) grants by the Company of employee stock options or restricted
        stock
        pursuant to the terms of a plan in effect on the date hereof or (g) the filing
        by the Company of any registration statement with the Commission on Form
        S-8
        relating to the offering of securities pursuant to the terms of a plan in
        effect
        on the date hereof.  In addition, each Selling Shareholder agrees
        that, without the prior written consent of Morgan Stanley & Co. Incorporated
        on behalf of the Underwriters, it will not, during the period ending 60 days
        after the date of the Prospectus, make any demand for, or exercise any right
        with respect to, the registration of any shares of Common Stock or any security
        convertible into or exercisable or exchangeable for Common
        Stock.  Each Selling Shareholder consents to the entry of stop

       

       

      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

         

         

        transfer
          instructions with the Company’s transfer agent and registrar against the
          transfer of any Shares held by such Selling Shareholder except in compliance
          with the foregoing restrictions.

      

       

      4.  Terms
        of Public Offering.  The Selling Shareholders are advised by you
        that the Underwriters propose to make a public offering of their respective
        portions of the Shares as soon after this Agreement have become effective
        as in
        your judgment is advisable.  The Selling Shareholders are further
        advised by you that the Shares are to be offered to the public as set forth
        in
        the Prospectus.

       

      5.  Payment
        and Delivery.  Payment for the Firm Shares to be sold by each
        Selling Shareholder shall be made to such Selling Shareholder in Federal
        or
        other funds immediately available in New York City against delivery of such
        Firm
        Shares for the respective accounts of the several Underwriters at
        10:00 a.m., New York City time, on July 5, 2007, or at such other time on
        the same or such other date, not later than July 10, 2007, as shall be
        designated in writing by you.  The time and date of such payment are
        hereinafter referred to as the “Closing Date.”

       

      The
        Firm
        Shares shall be registered in such names and in such denominations as you
        shall
        request in writing not later than one full business day prior to the Closing
        Date.  The Firm Shares shall be delivered to you on the Closing Date
        for the respective accounts of the several Underwriters, with any transfer
        taxes
        payable in connection with the transfer of the Shares to the Underwriters
        duly
        paid, against payment of the Purchase Price therefor.

       

      6.  Conditions.  The
        several obligations of the Selling Shareholders to sell
        their  respective Shares to the Underwriters and the several
        obligations of the Underwriters to purchase and pay for the Shares on the
        Closing Date are subject to the condition that the Prospectus, as amended
        or
        supplemented, in relation to the Shares, shall have been filed with the
        Commission pursuant to Rule 424(b) within the applicable time period described
        for such filing by the rules and regulations under the Securities Act; as
        of the
        Closing Date, no stop order suspending the effectiveness of the Registration
        Statement shall be in effect or shall be pending or, to the knowledge of
        the
        Selling Shareholders or the Company, threatened by the Commission.

       

      The
        several obligations of the Underwriters are subject to the following further
        conditions:

       

      (a)  Subsequent
        to the execution and delivery of this Agreement and prior to the Closing
        Date:

          

                  (i)  there
        shall not have occurred any downgrading, nor shall any notice have been given
        of
        any intended or potential downgrading or of any review for a possible

                  change
        that does not
        indicate the direction of the possible change, in the rating accorded any
        of the
        securities of the 

       

       

      
        
          
          

        

        
          14

          
            

          

        

        
          
          

        

         

                    Company
          or any of its
          subsidiaries by any “nationally recognized statistical rating organization,” as
          such term is defined for purposes of Rule 436(g)(2) under the 

                    Securities
          Act; and

      

       

                  (ii)  there
        shall not have occurred any change, or any development involving a prospective
        change, in the condition, financial or otherwise, or in the earnings,

                  business
        or
        operations of the Company and its subsidiaries, taken as a whole, from that
        set
        forth in the Time of Sale Prospectus as of the date of this Agreement

                  that,
        in your
        judgment, is material and adverse and that makes it, in your judgment,
        impracticable to market the Shares on the terms and in the manner contemplated
        

                  in
        the Time of Sale
        Prospectus.

       

      (b)  The
        Underwriters shall have received on the Closing Date a certificate, dated
        the
        Closing Date and signed by an executive officer of the Company, to the effect
        set forth in Section 6(a)(i) above and to the effect that the
        representations and warranties of the Company contained in this Agreement
        are
        true and correct as of the Closing Date and that the Company has complied
        with
        all of the agreements and satisfied all of the conditions on its part to
        be
        performed or satisfied hereunder on or before the Closing Date.

       

      The
        officer signing and delivering such certificate may rely upon the best of
        his or
        her knowledge as to proceedings threatened.

       

      (c)  The
        Underwriters shall have received on the Closing Date a certificate, dated
        the
        Closing Date and signed by an authorized officer of each Selling Shareholder,
        to
        the effect that the representations and warranties of the such Selling
        Shareholder contained in this Agreement are true and correct as of the Closing
        Date and that such Selling Shareholder has complied with all of the agreements
        and satisfied all of the conditions on its part to be performed or satisfied
        hereunder on or before the Closing Date.

       

      (d)  The
        Underwriters shall have received on the Closing Date an opinion of Cravath,
        Swaine & Moore LLP, outside counsel for the Company, dated the Closing Date,
        in form and substance reasonably acceptable to the Underwriters.

       

      (e)  The
        Underwriters shall have received on the Closing Date an opinion of E. Blake
        Hawk, general counsel to the Company, dated the Closing Date, in form and
        substance reasonably acceptable to the Underwriters.

       

      (f)  The
        Underwriters shall have received on the Closing Date an opinion dated the
        Closing Date, in form and substance reasonably acceptable to the Underwriters
        of
        each of (i) David N. Brooks, counsel for Fortress Registered Investment Trust,
        FRIT Holdings LLC, FRIT PINN LLC, FIT GSL LLC and Fortress Pinnacle Investment
        Fund LLC, (ii) Ulrika Ekman, counsel for GCP SPV 1, LLC, GCP SPV 2, LLC and
        Greenhill Capital Partners, LLC and (iii) Bill Wall, 

       

       

      
        
          
          

        

        
          15

          
            

          

        

        
          
          

        

         

         

        counsel
          for Abrams Capital Partners I, L.P., Abrams Capital Partners II, L.P. and
          Whitecrest Partners, L.P.

      

       

      (g)  The
        Underwriters shall have received on the Closing Date an opinion of Skadden,
        Arps, Slate, Meagher & Flom LLP, counsel for the Underwriters, dated the
        Closing Date, in form and substance reasonably acceptable to the
        Underwriters.

       

      (h)  The
        Underwriters shall have received, on each of the date hereof and the Closing
        Date, a letter dated the date hereof or the Closing Date, as the case may
        be, in
        form and substance satisfactory to the Underwriters, from KPMG LLP and Ernst
        & Young LLP, independent public accountants, containing statements and
        information of the type ordinarily included in accountants’ “comfort letters” to
        underwriters with respect to the financial statements and certain financial
        information contained in the Registration Statement, the Time of Sale Prospectus
        and the Prospectus; provided that the letter delivered on the Closing
        Date shall use a “cut-off date” not earlier than the date hereof.

       

      (i)  The
        “lock-up” agreements, each substantially in the form of Exhibit A hereto,
        between you and each of John Kelly, Ben Moreland and E. Blake Hawk relating
        to sales and certain other dispositions of shares of Common Stock or certain
        other securities, delivered to you on or before the date hereof, shall be
        in
        full force and effect on the Closing Date.

       

      7.  Covenants
        of the Company.  The Company covenants with each Underwriter as
        follows:

       

      (a)  To
        furnish to you, without charge, a signed copy of the Registration Statement
        (including exhibits thereto and documents incorporated by reference therein)
        and
        to deliver to each of the Underwriters during the period mentioned in
        Section 7(e) or 7(f) below, as many copies of the Time of Sale Prospectus,
        the Prospectus, any documents incorporated by reference therein and any
        supplements and amendments thereto or to the Registration Statement as you
        may
        reasonably request.

       

      (b)  Prior
        to
        the completion of this offering, before amending or supplementing the
        Registration Statement, the Time of Sale Prospectus or the Prospectus, to
        furnish to you a copy of each such proposed amendment or supplement and not
        to
        file any such proposed amendment or supplement to which you reasonably object
        promptly after receipt thereof, and to file with the Commission within the
        applicable period specified in Rule 424(b) under the Securities Act any
        prospectus required to be filed pursuant to such Rule.

       

      (c)  To
        furnish to you a copy of each proposed free writing prospectus to be prepared
        by
        or on behalf of, used by, or referred to by the Company and not to use or
        refer
        to any proposed free writing prospectus to which you reasonably
        object.

       

       

      
        
          
          

        

        
          16

          
            

          

        

        
          
          

        

      

       

      (d)  Not
        to
        take any action that would result in an Underwriter or the Company being
        required to file with the Commission pursuant to Rule 433(d) under the
        Securities Act a free writing prospectus prepared by or on behalf of the
        Underwriter that the Underwriter otherwise would not have been required to
        file
        thereunder.

       

      (e)  If
        the
        Time of Sale Prospectus is being used to solicit offers to buy the Shares
        at a
        time when the Prospectus is not yet available to prospective purchasers and
        any
        event shall occur or condition exist as a result of which it is necessary
        to
        amend or supplement the Time of Sale Prospectus in order to make the statements
        therein, in the light of the circumstances, not misleading, or if any event
        shall occur or condition exist as a result of which the Time of Sale Prospectus
        conflicts with the information contained in the Registration Statement then
        on
        file, or if, in the opinion of counsel for the Company, it is necessary to
        amend
        or supplement the Time of Sale Prospectus to comply with applicable law,
        forthwith to prepare, file with the Commission and furnish, at its own expense,
        to the Underwriters and to the dealers (whose names and addresses you will
        furnish to the Company) to which Shares may have been sold by you on behalf
        of
        the Underwriters, either amendments or supplements to the Time of Sale
        Prospectus so that the statements in the Time of Sale Prospectus as so amended
        or supplemented will not, in the light of the circumstances when delivered
        to a
        prospective purchaser, be misleading or so that the Time of Sale Prospectus,
        as
        amended or supplemented, will no longer conflict with the Registration
        Statement, or so that the Time of Sale Prospectus, as amended or supplemented,
        will comply with applicable law.

       

      (f)  If,
        during such period after the first date of the public offering of the Shares
        as
        in the reasonable opinion of counsel for the Underwriters or the Company,
        the
        Prospectus (or in lieu thereof the notice referred to in Rule 173(a) of the
        Securities Act) is required by law to be delivered in connection with sales
        by
        an Underwriter or dealer, any event shall occur or condition exist as a result
        of which it is necessary to amend or supplement the Prospectus in order to
        make
        the statements therein, in the light of the circumstances when the Prospectus
        (or in lieu thereof the notice referred to in Rule 173(a) of the Securities
        Act)
        is delivered to a purchaser, not misleading, or if, in the reasonable opinion
        of
        counsel for the Underwriters or the Company, it is necessary to amend or
        supplement the Prospectus to comply with applicable law, forthwith to prepare,
        file with the Commission and furnish, at its own expense, to the Underwriters
        and to the dealers (whose names and addresses you will furnish to the Company)
        to which Shares may have been sold by you on behalf of the Underwriters,
        either
        amendments or supplements to the Prospectus so that the statements in the
        Prospectus as so amended or supplemented will not, in the light of the
        circumstances when the Prospectus (or in lieu thereof the notice referred
        to in
        Rule 173(a) of the Securities Act) is delivered to a purchaser, be misleading
        or
        so that the Prospectus, as amended or supplemented, will comply with applicable
        law.

       

       

      
        
          
          

        

        
          17

          
            

          

        

        
          
          

        

      

       

       

      (g)  To
        endeavor to qualify the Shares for offer and sale under the securities or
        Blue
        Sky laws of such jurisdictions as you shall reasonably request;
provided that the Company shall not be required to (i) qualify as a
        foreign corporation or other entity or as a dealer in securities in any such
        jurisdiction where it would not otherwise be required to so qualify, (ii)
        file
        any general consent to service of process in any such jurisdiction or (iii)
        subject itself to taxation in any such jurisdiction if it is not otherwise
        so
        subject.

       

      (h)  To
        make
        generally available to the Company’s security holders and to you as soon as
        practicable an earning statement covering a period of at least twelve months
        beginning with the first fiscal quarter of the Company occurring after the
        date
        of this Agreement which shall satisfy the provisions of Section 11(a) of
        the Securities Act and the rules and regulations of the Commission
        thereunder.

       

      (i)  To
        prepare a final term sheet relating to the offering of the Shares, containing
        only information that describes the final terms of the offering in a form
        consented to by the Managers, and to file such final term sheet within the
        period required by Rule 433(d)(5)(ii) under the Securities Act following
        the
        date the final terms have been established for the offering of the
        Shares.

       

      8.  Expenses.  Whether
        or not the transactions contemplated in this Agreement are consummated or
        this
        Agreement is terminated, the Company agrees to pay or cause to be paid all
        reasonable expenses incident to the performance of its obligations under
        this
        Agreement, including: (i) the fees, disbursements and expenses of the Company’s
        counsel and the Company’s accountants in connection with the registration and
        delivery of the Shares under the Securities Act and all other fees or expenses
        in connection with the preparation and filing of the Registration Statement,
        any
        preliminary prospectus, the Time of Sale Prospectus, the Prospectus, any
        free
        writing prospectus prepared by or on behalf of, used by, or referred to by
        the
        Company and amendments and supplements to any of the foregoing, including
        all
        printing costs associated therewith, and the mailing and delivering of copies
        thereof to the Underwriters and dealers, in the quantities hereinabove
        specified, (ii) all costs and expenses related to the transfer and delivery
        of
        the Shares to the Underwriters, (iii) all filing fees and the reasonable
        fees
        and disbursements of counsel to the Underwriters incurred in connection with
        the
        review and qualification of the offering of the Shares by the National
        Association of Securities Dealers, Inc., (iv) the cost of, if any, printing
        certificates representing the Shares, (v) the costs and charges of any transfer
        agent, registrar or depositary, (vi) the costs and expenses of the Company
        relating to investor presentations on any “road show” undertaken in connection
        with the marketing of the offering of the Shares, including, without limitation,
        expenses associated with the preparation or dissemination of any electronic
        roadshow, expenses associated with the production of road show slides and
        graphics, fees and expenses of any consultants engaged in connection with
        the
        road show presentations with the prior approval of the Company, travel and
        lodging expenses of the representatives and officers of the Company and any
        such

       

       

      
        
          
          

        

        
          18

          
            

          

        

        
          
          

        

         

         

        consultants,
          and the cost of any aircraft chartered in connection with the road show,
          (vii)
          all expenses in connection with any offer and sale of the Shares outside
          of the
          United States, including filing fees and the reasonable fees and disbursements
          of counsel for the Underwriters in connection with offers and sales outside
          of
          the United States, and (viii) all other costs and expenses incident to
          the
          performance of the obligations of the Company hereunder for which provision
          is
          not otherwise made in this Section; provided, however, that
          each Selling Shareholder will pay (x) its portion of all underwriting discounts,
          commission and transfer and other taxes, if any, relating to the sale of
          such
          Selling Shareholder’s Shares and (y) all fees and expenses of its outside
          counsel incurred in connection with this offering (except as otherwise
          provided
          in Section 10).  It is understood, however, that except as
          provided in this Section, Section 10 entitled “Indemnity and Contribution”
and the last paragraph of Section 12 below, the Underwriters will pay all
          of their costs and expenses, including fees and disbursements of their
          counsel,
          stock transfer taxes payable on resale of any of the Shares by them and
          any
          advertising expenses connected with any offers they may make.

      

       

      The
        provisions of this Section shall not supersede or otherwise affect any agreement
        of the Company and the Selling Shareholders may otherwise have for the
        allocation of such expenses among themselves.

       

      9.  Covenants
        of the Underwriters.  Each Underwriter severally covenants with
        the Company not to take any action that would result in the Company being
        required to file with the Commission under Rule 433(d) a free writing prospectus
        prepared by or on behalf of such Underwriter that otherwise would not be
        required to be filed by the Company thereunder, but for the action of the
        Underwriter.

       

      10.  Indemnity
        and Contribution.(a) The Company agrees to indemnify and hold harmless each
        Underwriter, each person, if any, who controls any Underwriter within the
        meaning of either Section 15 of the Securities Act or Section 20 of the
        Exchange Act, and each affiliate of any Underwriter within the meaning of
        Rule 405 under the Securities Act from and against any and all losses,
        claims, damages and liabilities (including, without limitation, any legal
        or
        other expenses reasonably incurred in connection with defending or investigating
        any such action or claim) caused by any untrue statement or alleged untrue
        statement of a material fact contained in the Registration Statement or any
        amendment thereof, any preliminary prospectus, the Time of Sale Prospectus,
        any
        issuer free writing prospectus as defined in Rule 433(h) under the Securities
        Act, any Company information that the Company has filed, or is required to
        file,
        pursuant to Rule 433(d) under the Securities Act, or the Prospectus or any
        amendment or supplement thereto, or caused by any omission or alleged omission
        to state therein a material fact required to be stated therein or necessary
        to
        make the statements therein not misleading, except insofar as such losses,
        claims, damages or liabilities are caused by any such untrue statement or
        omission or alleged untrue statement or omission based upon information relating
        to any Underwriter furnished to the Company in writing by such Underwriter
        through you expressly 

       

       

      
        
          
          

        

        
          19

          
            

          

        

        
          
          

        

         

         

        for
          use
          therein, it being understood and agreed that only such information furnished
          by
          the Underwriters consists of the information described in clause (c)
          below.

      

       

      (b)  Each
        Selling Shareholder agrees, severally and not jointly, to indemnify and hold
        harmless each Underwriter, each person, if any, who controls any Underwriter
        within the meaning of either Section 15 of the Securities Act or Section
        20 of
        the Exchange Act of 1934, and each affiliate of any Underwriter within the
        meaning of Rule 405 under the Securities Act from and against any and all
        losses, claims, damages and liabilities (including, without limitation, any
        legal or other expenses reasonably incurred in connection with defending
        or
        investigating any such action or claim) caused by any untrue statement or
        alleged untrue statement of a material fact contained in the Registration
        Statement or any amendment thereof, any preliminary prospectus, Time of Sale
        Prospectus, any free writing prospectus prepared by or on behalf of, used
        by, or
        referred to by the Company or the Prospectus or any amendment or supplement
        thereto, or caused by any omission or alleged omission to state therein a
        material fact required to be stated therein or necessary to make the statements
        therein not misleading, but only to the extent that such untrue statement
        or
        alleged untrue statement or omission or alleged omission was made in reliance
        upon and in conformity with written information relating to the Selling
        Shareholder and furnished by or on behalf of the Selling Shareholder
        specifically for use therein; provided, however, that in no case shall
        such Selling Shareholder be liable or responsible for any amount in excess
        of
        the aggregate price at which the Shares sold by such Selling Shareholder
        were
        offered to the public under this Agreement (net of underwriting discounts
        and
        commissions but excluding any deductions for other expenses).

       

      (c)  Each
        Underwriter agrees, severally and not jointly, to indemnify and hold harmless
        the Company, the Selling Shareholders, the directors of the Company, the
        officers of the Company who sign the Registration Statement and each person,
        if
        any, who controls the Company or any Selling Shareholder within the meaning
        of
        either Section 15 of the Securities Act or Section 20 of the Exchange
        Act from and against any and all losses, claims, damages and liabilities
        (including, without limitation, any legal or other expenses reasonably incurred
        in connection with defending or investigating any such action or claim) caused
        by any untrue statement or alleged untrue statement of a material fact contained
        in the Registration Statement or any amendment thereof, any preliminary
        prospectus, the Time of Sale Prospectus, any issuer free writing prospectus
        as
        defined in Rule 433(h) under the Securities Act, any Company information
        that
        the Company has filed, or is required to file, pursuant to Rule 433(d) of
        the
        Securities Act, or the Prospectus (as amended or supplemented if the Company
        shall have furnished any amendments or supplements thereto), or caused by
        any
        omission or alleged omission to state therein a material fact required to
        be
        stated therein or necessary to make the statements therein not misleading,
        but
        only with reference to information relating to such Underwriter furnished
        to the
        Company in writing by such Underwriter through you expressly for use in the
        Registration Statement, any preliminary prospectus, the Time of Sale Prospectus,
        any issuer 

       

       

      
        
          
          

        

        
          20

          
            

          

        

        
          
          

        

         

         

        free
          writing prospectus or the Prospectus or any amendment or supplement thereto,
          it
          being understood and agreed that the only such information furnished by
          any
          Underwriter consists of the information in the third, ninth, tenth and
          twelfth
          paragraphs of the Underwriting section in the preliminary prospectus and
          the
          Prospectus.

      

       

      (d)  In
        case
        any proceeding (including any governmental investigation) shall be instituted
        involving any person in respect of which indemnity may be sought pursuant
        to
        Section 10(a), 10(b) or 10(c), such person (the “indemnified
        party”) shall promptly notify the person against whom such indemnity
        may be sought (the “indemnifying party”) in writing and the
        indemnifying party, upon request of the indemnified party, shall retain counsel
        reasonably satisfactory to the indemnified party to represent the indemnified
        party and any others the indemnifying party may designate in such proceeding
        and
        shall pay the fees and disbursements of such counsel related to such
        proceeding.  In any such proceeding, any indemnified party shall have
        the right to retain its own counsel, but the fees and expenses of such counsel
        shall be at the expense of such indemnified party unless (i) the indemnifying
        party and the indemnified party shall have mutually agreed to the retention
        of
        such counsel or (ii) the named parties to any such proceeding (including
        any
        impleaded parties) include both the indemnifying party and the indemnified
        party
        and representation of both parties by the same counsel would be inappropriate
        due to actual or potential differing interests between them.  It is
        understood that the indemnifying party shall not, in respect of the legal
        expenses of any indemnified party in connection with any proceeding or related
        proceedings in the same jurisdiction, be liable for (i) the fees and expenses
        of
        more than one separate firm (in addition to one local counsel in each
        jurisdiction) for all Underwriters and all persons, if any, who control any
        Underwriter within the meaning of either Section 15 of the Securities Act
        or Section 20 of the Exchange Act or who are affiliates of any Underwriter
        within the meaning of Rule 405 under the Securities Act, (ii) the fees and
        expenses of more than one separate firm (in addition to one local counsel
        in
        each jurisdiction) for the Company, its directors, its officers who sign
        the
        Registration Statement and each person, if any, who controls the Company
        within
        the meaning of either such Section and (iii) the fees and expenses of more
        than
        one separate firm (in addition to one local counsel in each jurisdiction)
        for
        all Selling Shareholders and all persons, if any, who control any Selling
        Shareholder within the meaning of either such Section, and that all such
        fees
        and expenses shall be reimbursed as they are incurred.  In the case of
        any such separate firm for the Underwriters and such control persons and
        affiliates of any Underwriters, such firm shall be designated in writing
        by
        Morgan Stanley & Co. Incorporated.  In the case of any such
        separate firm for the Company, and such directors, officers and control persons
        of the Company, such firm shall be designated in writing by the
        Company.  In the case of any such separate firm for the Selling
        Shareholders and such control persons of any Selling Shareholders, such firm
        shall be designated in writing by the persons named as attorneys-in-fact
        for the
        Selling Shareholders under the Powers of Attorney.  The indemnifying
        party shall not be liable for any settlement of any proceeding effected without
        its written consent, but if settled 

       

       

      
        
          
          

        

        
          21

          
            

          

        

        
          
          

        

         

         

        with
          such
          consent or if there be a final judgment for the plaintiff, the indemnifying
          party agrees to indemnify the indemnified party from and against any loss
          or
          liability by reason of such settlement or judgment.  No indemnifying
          party shall, without the prior written consent of the indemnified party,
          effect
          any settlement of any pending or threatened proceeding in respect of which
          any
          indemnified party is or could have been a party and indemnity could have
          been
          sought hereunder by such indemnified party, unless (i) such settlement
          includes
          an unconditional release of such indemnified party from all liability on
          claims
          that are the subject matter of such proceeding and (ii) does not include
          a
          statement as to, or an admission of, fault, culpability or a failure to
          act by
          or on behalf of an indemnified party.

      

       

      (e)  To
        the
        extent the indemnification provided for in Section 10(a), 10(b) or 10(c)
        is
        unavailable to an indemnified party or insufficient in respect of any losses,
        claims, damages or liabilities referred to therein, then each indemnifying
        party
        under such paragraph, in lieu of indemnifying such indemnified party thereunder,
        shall contribute to the amount paid or payable by such indemnified party
        as a
        result of such losses, claims, damages or liabilities (i) in such proportion
        as
        is appropriate to reflect the relative benefits received by the indemnifying
        party or parties on the one hand and the indemnified party or parties on
        the
        other hand from the offering of the Shares or (ii) if the allocation provided
        by
        clause 10(e)(i) above is not permitted by applicable law, in such proportion
        as
        is appropriate to reflect not only the relative benefits referred to in clause
        10(e)(i) above but also the relative fault of the indemnifying party or parties
        on the one hand and of the indemnified party or parties on the other hand
        in
        connection with the statements or omissions that resulted in such losses,
        claims, damages or liabilities, as well as any other relevant equitable
        considerations. The relative benefits received by the Company and the Selling
        Shareholders on the one hand and the Underwriters on the other hand in
        connection with the offering of the Shares shall be deemed to be in the same
        respective proportions as the net proceeds from the offering of the Shares
        (after deducting the underwriting discount but before deducting expenses)
        received by each Selling Shareholder and the total underwriting discounts
        and
        commissions received by the Underwriters, bear to the aggregate price at
        which
        the Shares are offered to the public, in each case as set forth in the table
        on
        the cover of the Prospectus.  The relative fault of the Company and
        the Selling Shareholders on the one hand and the Underwriters on the other
        hand
        shall be determined by reference to, among other things, whether the untrue
        or
        alleged untrue statement of a material fact or the omission or alleged omission
        to state a material fact relates to information supplied by either the Company
        or the Selling Shareholders or by the Underwriters and the parties’ relative
        intent, knowledge, access to information and opportunity to correct or prevent
        such statement or omission. The Underwriters’ respective obligations to
        contribute pursuant to this Section 10 are several in proportion to the
        respective number of Shares they have purchased hereunder, and not
        joint.  The Selling Shareholders’ respective obligations to contribute
        pursuant to this Section 10 are several in proportion to the respective number
        of Shares they have sold hereunder, and not joint.  The liability of
        each Selling Shareholder under the 

       

       

      
        
          
          

        

        
          22

          
            

          

        

        
          
          

        

         

         

        indemnity
          agreement contained in this paragraph shall be limited to an amount equal
          to the
          aggregate price at which the Shares sold by such Selling Shareholder were
          offered to the public under this Agreement (net of underwriting discounts
          and
          commissions but excluding any deductions for other expenses).

      

       

      (f)  The
        Company, the Selling Shareholders and the Underwriters agree that it would
        not
        be just or equitable if contribution pursuant to this Section 10 were determined
        by pro rata allocation (even if the Underwriters were treated as one entity
        for
        such purpose) or by any other method of allocation that does not take account
        of
        the equitable considerations referred to in Section 10(e). The amount paid
        or
        payable by an indemnified party as a result of the losses, claims, damages
        and
        liabilities referred to in Section 10(e) shall be deemed to include, subject
        to
        the limitations set forth above, any legal or other expenses reasonably incurred
        by such indemnified party in connection with investigating or defending any
        such
        action or claim. Notwithstanding the provisions of this Section 10, (i) no
        Underwriter shall be required to contribute any amount in excess of the amount
        by which the total price at which the Shares underwritten by it and distributed
        to the public were offered to the public exceeds the amount of any damages
        that
        such Underwriter has otherwise been required to pay by reason of such untrue
        or
        alleged untrue statement or omission or alleged omission and (ii) no Selling
        Shareholder shall be required to contribute any amount that, when added to
        any
        liability of such Selling Shareholder under subsection (b) above, exceeds
        the
        aggregate price at which the Shares sold by such Selling Shareholder were
        offered to the public under this Agreement (net of underwriting discounts
        and
        commissions but excluding any deductions for other expenses).  No
        person guilty of fraudulent misrepresentation (within the meaning of Section
        11(f) of the Securities Act) shall be entitled to contribution from any person
        who was not guilty of such fraudulent misrepresentation. The remedies provided
        for in this Section 10 are not exclusive and shall not limit any rights or
        remedies which may otherwise be available to any indemnified party at law
        or in
        equity.

       

      (g)  The
        indemnity and contribution provisions contained in this Section 10 and the
        representations, warranties and other statements of the Company and the Selling
        Shareholders contained in this Agreement shall remain operative and in full
        force and effect regardless of (i) any termination of this Agreement, (ii)
        any
        investigation made by or on behalf of any Underwriter, any person controlling
        any Underwriter or any affiliate of any Underwriter, any Selling Shareholder
        or
        any person controlling any Selling Shareholder, or the Company, its officers
        or
        directors or any person controlling the Company and (iii) acceptance of and
        payment for any of the Shares.

       

      11.  Termination.  The
        Underwriters may terminate this Agreement by notice given by you to the Company
        and the Selling Shareholders, if after the execution and delivery of this
        Agreement and prior to the Closing Date (i) trading generally shall have
        been
        suspended or materially limited on, or by, as the case may be, either of
        the New
        York Stock Exchange or the NASDAQ Global Market, (ii) trading of any securities
        of the Company shall have been suspended on any 

       

      
        
          
          

        

        
          23

          
            

          

        

        
          
          

        

         

         

        exchange
          or in any over-the-counter market, (iii) a material disruption in securities
          settlement, payment or clearance services in the United States shall have
          occurred, (iv) any moratorium on commercial banking activities shall have
          been
          declared by Federal or New York State authorities or (v) there shall have
          occurred any outbreak or escalation of hostilities, or any change in financial
          markets or any calamity or crisis that, in your judgment, is material and
          adverse and which, singly or together with any other event specified in
          this
          clause (v), makes it, in your judgment, impracticable or
          inadvisable to proceed with the offer, sale or delivery of the Shares on
          the
          terms and in the manner contemplated in the Time of Sale Prospectus or
          the
          Prospectus.

      

       

      12.  Effectiveness;
        Defaulting Underwriters.  This Agreement shall become effective
        upon the execution and delivery hereof by the parties hereto.

       

        If,
        on the Closing Date,
        any one or more of the Underwriters shall fail or refuse to purchase Shares
        that
        it has or they have agreed to purchase hereunder on such date, and the aggregate
        number of Shares which such defaulting Underwriter or Underwriters agreed
        but
        failed or refused to purchase is not more than one tenth of the aggregate
        number
        of the Shares to be purchased on such date, the other Underwriters shall
        be
        obligated severally in the proportions that the number of Firm Shares set
        forth
        opposite their respective names in Schedule II bears to the aggregate number
        of
        Firm Shares set forth opposite the names of all such non-defaulting
        Underwriters, or in such other proportions as you may specify, to purchase
        the
        Shares which such defaulting Underwriter or Underwriters agreed but failed
        or
        refused to purchase on such date; provided that in no event shall the
        number of Shares that any Underwriter has agreed to purchase pursuant to
        this
        Agreement be increased pursuant to this Section 12 by an amount in excess
        of
        one-ninth of such number of Shares without the written consent of such
        Underwriter. If, on the Closing Date, any Underwriter or Underwriters shall
        fail
        or refuse to purchase Firm Shares and the aggregate number of Firm Shares
        with
        respect to which such default occurs is more than one-tenth of the aggregate
        number of Firm Shares to be purchased on such date, and arrangements
        satisfactory to you, the Company and the Selling Shareholders for the purchase
        of such Firm Shares are not made within 36 hours after such default, this
        Agreement shall terminate without liability on the part of any non-defaulting
        Underwriter, the Company or the Selling Shareholders. In any such case either
        you or the relevant Selling Shareholders shall have the right to postpone
        the
        Closing Date, but in no event for longer than seven days, in order that the
        required changes, if any, in the Registration Statement, in the Time of Sale
        Prospectus, in the Prospectus or in any other documents or arrangements may
        be
        effected. Any action taken under this paragraph shall not relieve any defaulting
        Underwriter from liability in respect of any default of such Underwriter
        under
        this Agreement.

       

      If
        this
        Agreement shall be terminated by the Underwriters, or any of them, because
        of
        any failure or refusal on the part of any Selling Shareholder to comply with
        the
        terms or to fulfill any of the conditions of this Agreement, or if for any
        reason any Selling Shareholder shall be unable to perform its obligations
        under

       

      
        
          
          

        

        
          24

          
            

          

        

        
          
          

        

         

         

        this
          Agreement, each of the defaulting Selling Shareholders on a pro rata basis
          (based on the number of Shares to be sold by such defaulting Selling
          Shareholders hereunder) will reimburse the Underwriters or such Underwriters
          as
          have so terminated this Agreement with respect to themselves, severally,
          for all
          out-of-pocket expenses approved in writing by you (including the fees and
          disbursements of their counsel) reasonably incurred by such Underwriters
          in
          connection with this Agreement or the offering contemplated
          hereunder.

      

       

      13.  Entire
        Agreement.  (a) This Agreement, together with any contemporaneous
        written agreements and any prior written agreements (to the extent not
        superseded by this Agreement) that relate to the offering of the Shares,
        represents the entire agreement between the Company and the Selling
        Shareholders, on the one hand, and the Underwriters, on the other, with respect
        to the preparation of any preliminary prospectus, the Time of Sale Prospectus,
        the Prospectus, the conduct of the offering, and the purchase and sale of
        the
        Shares.

       

      (b)  The
        Company acknowledges that in connection with the offering of the
        Shares:  (i) the Underwriters have acted at arms length, are not
        agents of, and owe no fiduciary duties to, the Company or any other person,
        (ii)
        the Underwriters owe the Company only those duties and obligations set forth
        in
        this Agreement and prior written agreements (to the extent not superseded
        by
        this Agreement), if any, and (iii) the Underwriters may have interests that
        differ from those of the Company.  The Company waives to the full
        extent permitted by applicable law any claims it may have against the
        Underwriters arising from an alleged breach of fiduciary duty in connection
        with
        the offering of the Shares.

       

      14.  Counterparts.  This
        Agreement may be signed in two or more counterparts, each of which shall
        be an
        original, with the same effect as if the signatures thereto and hereto were
        upon
        the same instrument.

       

      15.  Applicable
        Law.  This Agreement shall be governed by and construed in
        accordance with the internal laws of the State of New York.

       

      16.  Headings.  The
        headings of the sections of this Agreement have been inserted for convenience
        of
        reference only and shall not be deemed a part of this Agreement.

       

       

      
        
          
          

        

        
          25

          
            

          

        

        
          
          

        

      

       

       

      17.  Notices.  All
        communications hereunder shall be in writing and effective only upon receipt
        and
        if to the Underwriters shall be delivered, mailed or sent to you in care
        of
        Morgan Stanley & Co. Incorporated, 1585 Broadway, New York,
        New York 10036, Attention: Equity Syndicate Desk, with a copy to the Legal
        Department; if to the Company shall be delivered, mailed or sent to Crown
        Castle
        International Corp., 510 Bering Drive, Suite 600, Houston, TX 77057, Attention:
        General Counsel  and if to a Selling Shareholder shall be delivered,
        mailed or sent to the address for such Selling Shareholder set forth on
        Schedule III hereto.

       

      [Signature
        page follows]

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    
    

                                                            
      	 	
              Very truly
                yours,
CROWN
                CASTLE INTERNATIONAL CORP.

            	 
	 	 	 	 
	
               

            	
              By:
                

            	/s/ Jay
              A.
              Brown	 
	 	 	Name: 
Jay
              A.
              Brown 	 
	 	 	Title: 
Vice
              President 	 
	 	 	 	 

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    
      	 	FORTRESS
              REGISTERED INVESTMENT TRUST	 
	 	 	 	 
	
               

            	
              By:
                

            	/s/ Randal
              Nardone	 
	 	 	Name: 
              Randal Nardone 	 
	 	 	Title: 
              Chief Operating Officer	 
	 	 	 	 

    

     

     

    
      	 	FRIT
              HOLDINGS LLC	 
	 	 	 	 
	
               

            	
              By:
                

            	/s/ Randal
              Nardone	 
	 	 	Name: 
              Randal Nardone 	 
	 	 	Title: 
              Chief Operating Officer	 
	 	 	 	 

    

    

     

    
      	 	FRIT
              PINN LLC	 
	 	 	 	 
	
               

            	
              By:
                

            	/s/ Randal
              Nardone	 
	 	 	Name: 
              Randal Nardone 	 
	 	 	Title: 
              Vice President	 
	 	 	 	 

    

     

    
      	 	FIT
              GSL LLC	 
	 	 	 	 
	
               

            	
              By:
                

            	/s/ Randal
              Nardone	 
	 	 	Name: 
              Randal Nardone 	 
	 	 	Title: 
              Chief Operating Officer	 
	 	 	 	 

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	FORTRESS
              PINNACLE INVESTMENT FUND LLC	 
	 	 	 	 
	
               

            	
              By:
                

            	/s/ Randal
              Nardone	 
	 	 	Name: 
              Randal Nardone 	 
	 	 	Title: 
              Chief Operating Officer	 
	 	 	 	 

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	GCP
              SPV 1, LLC	 
	 	 	 	 
	
               

            	
              By:
                

            	/s/ Ulrika
              Ekman	 
	 	 	Name: 
              Ulrika Ekman	 
	 	 	Title: 
              General Counsel and Secretary	 
	 	 	 	 

    

     

    

    
      	 	GCP
              SPV 2, LLC	 
	 	 	 	 
	
               

            	
              By:
                

            	/s/ Ulrika
              Ekman	 
	 	 	Name: 
              Ulrika Ekman	 
	 	 	Title: 
              General Counsel and Secretary	 
	 	 	 	 

    

     

     

    
      	 	GREENHILL
              CAPITAL PARTNERS, LLC	 
	 	 	 	 
	
               

            	
              By:
                

            	/s/ Ulrika
              Ekman	 
	 	 	Name: 
              Ulrika Ekman	 
	 	 	Title: 
              General Counsel and Secretary	 
	 	 	 	 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	 	ABRAMS
              CAPITAL PARTNERS, L.P.	 
	 	 	 	 
	
               

            	
              By:
                

            	/s/ David
              Abrams	 
	 	 	Name: 
              David Abrams	 
	 	 	Title: 
              Managing Member	 
	 	 	 	 

    

     

     

    
      	 	ABRAMS
              CAPITAL PARTNERS II, L.P.	 
	 	 	 	 
	
               

            	
              By:
                

            	/s/ David
              Abrams	 
	 	 	Name: 
              David Abrams	 
	 	 	Title: 
              Managing Member	 
	 	 	 	 

    

    

     

    
      	 	WHITECREST
              PARTNERS, L.P.	 
	 	 	 	 
	
               

            	
              By:
                

            	/s/ David
              Abrams	 
	 	 	Name: 
              David Abrams	 
	 	 	Title: 
              Managing Member	 
	 	 	 	 

    

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    
      	
              Accepted
                as of the date hereof:

               

              Morgan
                Stanley & Co. Incorporated

              Allen
                & Company LLC

              Banc
                of America Securities LLC

            
	
              Acting
                severally on behalf of themselves 

                  and
                the
                several Underwriters named 

                  in
                Schedule II hereto.

            
	
              By:

            	
              Morgan
                Stanley & Co. Incorporated        

            
	 	 
	
              By:

            	
              /s/
                Todd J. Singer            

            
	 	
              Name:

            	
              Todd
                J. Singer

            
	 	
              Title:

            	
              Executive
                DirectorBig Bear Resources Inc

Big Bear Resources Inc.

NUMBER SHARES

[ ] INCORPORATED UNDER THE LAWS OF THE STATE OF NEVADA [ ]

100,000,000 SHARES COMMON STOCK AUTHORIZED, $.001 PAR VALUE

This

certifies

that /S/ SPECIMEN CUSIP 224082 10 7

SEE REVERSE FOR

CERTAIN DEFINITIONS

Is the owner of

FULLY PAID AND NON-ASSESSABLE SHARES OF COMMON STOCK OF

Big Bear Resources Inc.

 

transferable on the books of the corporation in person or by duly

authorized attorney upon surrender of this certificate properly

endorsed. This certificate and the shares represented hereby are

subject to the laws of the State of Nevada, and to the Certificate

of Incorporation and Bylaws of the Corporation, as now or hereafter

amended. This certificate is not valid unless countersigned by the

Transfer Agent.

WITNESS the facsimile seal of the Corporation and the signature of

its duly authorized officers.

DATED /S/ SPECIMEN

/s/ S. Houghton BIG BEAR RESOURCES INC. /s/ K. Houghton

PRESIDENT CORPORATE SEAL SECRETARY

NEVADA

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