Document:

Management Agreement

 Exhibit 10.1 
 MANAGEMENT AGREEMENT 
 between 
 CC HOLDINGS GS V LLC 
 GLOBAL SIGNAL ACQUISITIONS LLC 
 GLOBAL SIGNAL ACQUISITIONS II LLC 
 PINNACLE TOWERS LLC 
 AND THE OTHER ENTITIES LISTED ON THE SIGNATURE PAGES, 
 collectively, as Owners, 
 and 
 CROWN CASTLE USA INC., 
 as Manager

 Dated as of April 30, 2009 

 TABLE OF CONTENTS 
  

					
			
	 SECTION 1.
	  	Definitions	  	1
			
	 SECTION 2.
	  	Appointment	  	3
			
	 SECTION 3.
	  	Site Management Services	  	4
			
	 SECTION 4.
	  	Administrative Services	  	5
			
	 SECTION 5.
	  	Operation Standards	  	6
			
	 SECTION 6.
	  	Authority of Manager	  	6
			
	 SECTION 7.
	  	Operating Account; Receipts	  	7
			
	 SECTION 8.
	  	Budgets	  	7
			
	 SECTION 9.
	  	Operating Expenses and Capital Expenditures	  	8
			
	 SECTION 10.
	  	Compensation	  	9
			
	 SECTION 11.
	  	Employees	  	9
			
	 SECTION 12.
	  	Books, Records and Inspections	  	10
			
	 SECTION 13.
	  	Insurance Requirements	  	10
			
	 SECTION 14.
	  	Environmental	  	11
			
	 SECTION 15.
	  	Cooperation	  	11
			
	 SECTION 16.
	  	Representations and Warranties of Manager	  	11
			
	 SECTION 17.
	  	Representations and Warranties of Owners	  	12
			
	 SECTION 18.
	  	Restrictions on Other Activities of Manager	  	13
			
	 SECTION 19.
	  	Removal or Substitution of Sites	  	14
			
	 SECTION 20.
	  	Term of Agreement	  	14
			
	 SECTION 21.
	  	Duties Upon Termination	  	15
			
	 SECTION 22.
	  	Indemnities	  	15
			
	 SECTION 23.
	  	Miscellaneous	  	16

  

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 LIST OF SCHEDULES AND EXHIBITS 
  

			
	 Schedule I
	  	List of Sites
	 Exhibit A
	  	Initial Budget
	 Exhibit B
	  	Form of Manager Report

  

 ii 

 MANAGEMENT AGREEMENT 
 THIS MANAGEMENT AGREEMENT is entered into as of April 30, 2009 (the “Effective Date”) by and between each of the entities listed on the signature pages hereto under the heading
“Owners” (collectively, the “Owners”) and Crown Castle USA Inc., a Pennsylvania corporation (the “Manager”). This Agreement replaces the Management Agreement, dated as of February 28, 2006, by and
between each of the entities listed on the signature pages thereto under the heading “Owners” and Global Signal Services LLC. 
 SECTION 1. Definitions. Capitalized terms used and not otherwise defined herein shall have the meanings specified in the Indenture (as defined below). In addition, as used in this Agreement, the following terms shall have the
following meanings: 
 “Administrative Services” has the meaning specified in Section 4. 
 “Agreement” means this Management Agreement together with all amendments hereof and supplements hereto. 
 “Budget” means the Operating Budget or the CapEx Budget. 
 “CapEx Budget” means the annual budget covering the planned Maintenance Capital Expenditures for the period covered by such budget. 
 “Effective Date” has the meaning specified in the first paragraph of this Agreement. 
 “Environmental Laws” means all present and future local, state, federal or other governmental authority, statutes, ordinances, codes,
orders, decrees, laws, rules or regulations pertaining to or imposing liability or standards of conduct concerning environmental regulation (including, without limitation, regulations concerning health and safety), contamination or clean-up or the
handling, generation, release or storage of Hazardous Material affecting the Properties including, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended, the Resource Conservation and
Recovery Act, as amended, the Emergency Planning and Community Right-to-Know Act of 1986, as amended, the Hazardous Substances Transportation Act, as amended, the Solid Waste Disposal Act, as amended, the Clean Water Act, as amended, the Clean Air
Act, as amended, the Toxic Substances Control Act, as amended, the Safe Drinking Water Act, as amended, the Occupational Safety and Health Act, as amended, any state superlien and environmental clean-up statutes and all regulations adopted in
respect of the foregoing laws whether now or hereafter in effect, but excluding any local, state, federal, or other governmental historic preservation or similar laws relating to historical resources and historic preservation not related to
(i) protection of health or the environment or (ii) Hazardous Materials. 
 “Expiration Date” means May 30,
2009, as such date may be extended from time to time pursuant to Section 20. 
 “FAA” means the Federal Aviation
Administration. 

 “FCC” means the Federal Communications Commission. 
 “Hazardous Material” means all or any of the following: (A) substances, materials, compounds, wastes, products, emissions and
vapors that are defined or listed in, regulated by, or otherwise classified pursuant to, any applicable Environmental Laws, including any so defined, listed, regulated or classified as “hazardous substances”, “hazardous
materials”, “hazardous wastes”, “toxic substances”, “pollutants”, “contaminants”, or any other formulation intended to regulate, define, list or classify substances by reason of deleterious, harmful or
dangerous properties; (B) waste oil, oil, petroleum or petroleum derived substances, natural gas, natural gas liquids or synthetic gas and drilling fluids, produced waters and other wastes associated with the exploration, development or
production of crude oil, natural gas or geothermal resources; (C) any flammable substances or explosives or any radioactive materials; (D) asbestos in any form; (E) electrical or hydraulic equipment which contains any oil or
dielectric fluid containing polychlorinated biphenyls; (F) radon; (G) mold; or (H) urea formaldehyde, provided, however, such definition shall not include (i) cleaning materials and other substances commonly used in the ordinary
course of the Owners’ business, which materials exist only in reasonable quantities and are stored, contained, transported, used, released, and disposed of in accordance with all applicable Environmental Laws, or (ii) cleaning materials
and other substances commonly used in the ordinary course of the Owners’ tenant’s, or any of their respective agent’s, business, which materials exist only in reasonable quantities and are stored, contained, transported, used,
released, and disposed of in accordance with all applicable Environmental Laws. 
 “Indenture” means the Indenture, dated as
of April 30, 2009, among CC Holdings GS V LLC, Crown Castle GS III Corp., the Guarantors and The Bank of New York Mellon Trust Company, N.A., as trustee. 
 “Managed Site” means a Site subject to a Site Management Agreement. 
 “Management
Fee” has the meaning specified in Section 10. 
 “Manager” has the meaning specified in the first paragraph of
this Agreement. 
 “Monthly Payment Date” has the meaning specified in the Cash Management Agreement. 
 “Operating Account” has the meaning specified in Section 7(a). 
 “Operation Standards” means the standards for the performance of the Services set forth in Section 5. 
 “Owner Representative” has the meaning specified in Section 23(i). 
 “Owners” has the meaning specified in the first paragraph of this Agreement. 
 “Permitted Operations” has the meaning specified in Section 18. 
  

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 “Prime Rate” means the “prime rate” published in the “Money Rates”
section of The Wall Street Journal, as such “prime rate” may change from time to time. If The Wall Street Journal ceases to publish the “prime rate”, then the Trustee shall select an equivalent publication that publishes such
“prime rate”; and if such “prime rate” is no longer generally published or is limited, regulated or administered by a governmental or quasigovernmental body, then the Trustee shall select a comparable interest rate index.

 “Records” has the meaning specified in Section 12. 
 “Services” means, collectively, the Site Management Services and the Administrative Services. 
 “Site Management Services” has the meaning specified in Section 3. 
 “Sites” means each tower, rooftop or other telecommunication site listed on Schedule I hereto, as modified from time to time pursuant to
Section 19. 
 “Tenant” means a tenant or licensee under a Lease, including any ground lessee under a Lease where an
Owner is the ground lessor. 
 “Term” has the meaning specified in Section 20. 
 “Transaction Documents” means the Indenture, the Security Documents, this Agreement and each other agreement contemplated by any of the
foregoing. 
 “Trustee” means The Bank of New York Mellon Trust Company, N.A.. 
 References to “Articles”, “Sections”, “Subsections”, “Exhibits” and
“Schedules” shall be to Articles, Sections, Subsections, Exhibits and Schedules, respectively, of this Agreement unless otherwise specifically provided. Any of the terms defined in this Section 1 may, unless the context
otherwise requires, be used in the singular or the plural depending on the reference. In this Agreement, “hereof”, “herein”, “hereto”, “hereunder” and the like mean and refer to
this Agreement as a whole and not merely to the specific article, section, subsection, paragraph or clause in which the respective word appears; words importing any gender include the other genders; references to “writing” include
printing, typing, lithography and other means of reproducing words in a tangible visible form; the words “including”, “includes” and “include” shall be deemed to be followed by the words
“without limitation”; and any reference to any statute or regulation may include any amendments of same and any successor statutes and regulations. Further, (i) any reference to any agreement or other document may include subsequent
amendments, assignments, and other modifications thereto, and (ii) any reference to any Person may include such Person’s respective permitted successors and assigns or, in the case of governmental Persons, Persons succeeding to the
relevant functions of such Persons. 
 SECTION 2. Appointment. On the terms and conditions set forth therein, each Owner hereby
engages the Manager to perform the Services described herein. The Manager hereby accepts such engagement. The Manager is an independent contractor, and nothing in this Agreement or in the relationship of any Owner and the Manager shall constitute a
partnership, joint venture or any other similar relationship. 
  

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 SECTION 3. Site Management Services. During the Term of this Agreement, the Manager shall, subject
to the terms hereof, perform those functions reasonably necessary to maintain, market, operate, manage and administer the Sites (collectively, the “Site Management Services”), all in accordance with the Operation Standards. Without
limiting the generality of the foregoing, the Manager will have the following specific duties in relation to the Sites: 
 (a)
Marketing/Leasing of Sites. The Manager shall use commercially reasonable efforts to market and procure Leases with third party customers for the Sites, including locating potential Tenants, negotiating Leases with such Tenants and executing
and/or brokering Leases as agent for the Owners. The Manager shall have complete authority to negotiate all of the terms of each Lease, both economic and non-economic, as well as complete authority to negotiate and execute amendments and other
modifications thereto in the name of or on behalf of the Owners; provided, however, that the terms of any Lease or amendment or modification thereof shall be on commercially reasonable terms and in accordance with the Operation
Standards. 
 (b) Site Operations. The Manager shall monitor and manage each Owner’s property rights associated with the Sites,
make periodic inspections of the Sites for needed repairs, arrange for all such repairs determined to be necessary or appropriate, and otherwise provide for the maintenance of the Sites, including using commercially reasonable efforts to ensure that
Tenants install their equipment in accordance with the terms of the relevant Lease and that all Sites are maintained in compliance in all material respects with any applicable FAA and FCC regulations, the terms of any applicable Ground Lease or
Easement and any other applicable laws, rules and regulations. The Manager shall arrange for all utilities, services, equipment and supplies necessary for the management, operation, maintenance and servicing of the Sites in accordance with the terms
and conditions of the Leases, the Site Management Agreements and applicable law. All utility contracts shall be in the name of the applicable Owner with all notices to be addressed to such Owner in care of the Manager, at the Manager’s address.
The Manager shall perform on behalf of each Owner any obligation reasonably required of such Owner pursuant to any Site Management Agreement, agency agreement, or other agreement related to the Sites (other than the payment of amounts due from the
Owners thereunder, which payments shall be paid out of the Operating Account as provided herein). If any Owner is obligated to or otherwise undertakes any alterations or improvements to a Site, the Manager shall arrange for such alteration or
improvement on the Owner’s behalf. 
 (c) Administration of Leases. The Manager shall, on behalf of the Owners (i) maintain
a database of the Leases indicating, for each Lease, the amount of all payments due from the Tenant thereunder, the dates on which such payments are due and, in the case of a Managed Site, the amount of all payments due to or from the counterparty
under the relevant Site Management Agreement, (ii) use commercially reasonable efforts to collect all rent and other amounts due under the Leases, which efforts may include invoicing such rent and other amounts, (iii) perform all services
required to be performed by the Owners under the terms of the Leases and the Site Management Agreements and (iv) otherwise use commercially reasonable efforts to ensure compliance on the part of the Tenants and the Owners with the terms of each
Lease and Site Management Agreement, all in accordance with the Operation Standards. Each Owner hereby authorizes the Manager to take any action the Manager deems to be necessary or appropriate to enforce the terms of each Lease and Site Management
Agreement in accordance 

  

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with the Operation Standards, including the right to exercise (or not to exercise) any right such Owner may have to collect rent and other amounts due under
the Leases (whether through judicial proceedings or otherwise), to terminate any Lease and/or to evict any Tenant. The Manager shall also have the right, in accordance with the Operation Standards, to compromise, settle, and otherwise resolve claims
and disputes with regard to Leases and Site Management Agreements. The Manager may agree to any modification, waiver or amendment of any term of, forgive any payment on, and permit the release of any Tenant on, any Lease pertaining to the Sites as
it may determine to be necessary or appropriate in accordance with the Operation Standards. 
 (d) Compliance with Law, Etc. The
Manager will take such actions within its reasonable control as may be necessary to comply in all material respects with any and all laws, ordinances, orders, rules, regulations, requirements, permits, licenses, certificates of occupancy, statutes
and deed restrictions applicable to the Sites. Without limiting the generality of the foregoing, the Manager shall use commercially reasonable efforts to apply for, obtain and maintain, in the name of the respective Owners, or, if required, in the
name of the Manager, the licenses and permits reasonably required for the operation of the Sites as telecommunications sites, or for the management, marketing and operation of the Sites (including such licenses required to be obtained from the FAA
and the FCC). The cost of complying with this paragraph shall be the responsibility of the Owners, shall be considered an Operating Expense, shall be included in the Operating Budget and will be payable out of the Operating Account. 
 (e) On each Monthly Payment Date, the Manager will furnish to the Owner Representative a report (the “Manager Report”) in substantially
the form attached as Exhibit B with respect to the periods specified therein. 
 SECTION 4. Administrative Services. During the Term
of this Agreement, the Manager shall, subject to the terms hereof, provide to each Owner the following administrative services in accordance with the Operation Standards (collectively, the “Administrative Services”): 
 (i) provide to the Owners clerical, bookkeeping and accounting services, including maintenance of general records of the Owners and the
preparation of monthly financial statements, as necessary or appropriate in light of the nature of the Owners’ business and the requirements of the Transaction Documents; 
 (ii) maintain accurate books of account and records of the transactions of each Owner, render statements or copies thereof from time to
time as reasonably requested by such Owner and assist in all audits of such Owner; 
 (iii) prepare and file, or cause to be
prepared and filed, all franchise, withholding, income and other tax returns of such Owner required to be filed by it and arrange for any taxes owing by such Owner to be paid to the appropriate authorities out of funds of such Owner available for
such purpose, all on a timely basis and in accordance with applicable law; 
  

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 (iv) administer such Owner’s performance under the Transaction Documents, including
(A) preparing and delivering on behalf of such Owner such opinions of counsel, officers’ certificates, financial statements, reports, notices and other documents as are required under the Transaction Documents and (B) holding,
maintaining and preserving the Transaction Documents and books and records relating to the Transaction Documents and the transactions contemplated or funded thereby, and making such books and records available for inspection in accordance with the
terms of the Transaction Documents; 
 (v) take all actions on behalf of such Owner as may be necessary or appropriate in
order for such Owner to remain duly organized and qualified to carry out its business under applicable law, including making all necessary or appropriate filings with federal, state and local authorities under corporate and other applicable
statutes; and 
 (vi) managing all litigation instituted by or against such Owner, including retaining on behalf of and for
the account of such Owner legal counsel to perform such services as may be necessary or appropriate in connection therewith and negotiating any settlements to be entered into in connection therewith. 
 SECTION 5. Operation Standards. The Manager shall perform the Services in accordance with the terms of the Transaction Documents, the Leases, the
Site Management Agreements, the Ground Leases, the Easements and applicable law and, to the extent consistent with the foregoing, (i) using the same degree of care, skill, prudence and diligence that the Owners employed in the management of
their Sites and operations prior to the date hereof and that the Manager uses for other sites it manages and (ii) with the objective of maximizing revenue and minimizing expenses on the Sites. The Site Management Services shall be of a scope
and quality not less than those generally performed by first class, professional managers of properties similar in type and quality to the Sites and located in the same market areas as the Sites. The Manager hereby acknowledges that it has received
a copy of each of the Transaction Documents and agrees not to take any action that would cause the Owners to be in default thereunder. 
 SECTION 6. Authority of Manager. During the Term hereof, the parties recognize that Manager will be acting as the exclusive agent of the Owners with regard to the Services described herein. Each Owner hereby grants to the Manager the
exclusive right and authority, and hereby appoints the Manager as its true and lawful attorney-in-fact, with full authority in the place and stead of such Owner and in the name of such Owner, to negotiate, execute, implement or terminate, as
circumstances dictate, for and on behalf of such Owner, any and all Leases, Ground Leases, Site Management Agreements, easements, contracts, permits, licenses, registrations, approvals, amendments and other instruments, documents, and agreements as
the Manager deems necessary or advisable in accordance with the Operation Standards. In addition, the Manager will have full discretion in determining whether to commence litigation on behalf of an Owner, and will have full authority to act on
behalf of each Owner in any litigation proceedings or settlement discussions commenced by or against any Owner. Each Owner shall promptly execute such other or further documents as the Manager may from time to time reasonably request to more
completely effect or evidence the authority of the Manager hereunder, including the delivery of such powers of attorney (or other similar 

  

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authorizations) as the Manager may reasonably request to enable it to carry out the Services hereunder. Notwithstanding anything herein to the contrary, the
Manager shall not have the right or power, and in no event shall it have any obligation, to institute, or to join any other Person in instituting, or to authorize a trustee or other Person acting on its behalf or on behalf of others to institute,
any bankruptcy, reorganization, arrangement, insolvency, liquidation or receivership proceedings under the laws of the United States of America or any state thereof with respect to any Owner. 
 SECTION 7. Operating Account; Receipts. 
 (a) Operating Account. Subject to Section 9(c), the Manager shall establish and maintain one or more operating bank accounts in the name of an Owner and/or on behalf of one or more Owners (such account or accounts being the
“Operating Account”). The Owners shall maintain funds in the Operating Account for the payment of Capital Expenditures and Operating Expenses (other than Impositions and Insurance Premiums that are to be paid directly out of the
Impositions and Insurance Reserve pursuant to the Transaction Documents) in accordance with the amounts and timing set forth in the Budgets. At all times during the Term of this Agreement the Manager shall have full access to the Operating Account
for the purposes set forth herein, and all checks or disbursements from the Operating Account will require only the signature of the Manager. Funds may be withdrawn by Manager from the Operating Account only (i) to pay Operating Expenses and
Capital Expenditures in accordance with the terms hereof, (ii) to withdraw amounts deposited in error and (iii) if the Manager determines, in accordance with the Operation Standards, that the amount on deposit in the Operating Account
exceeds the amount required to pay the Operating Expenses and Capital Expenditures as the same become due and payable, to make such other distributions as the Owner Representative may direct. The Manager may direct any institution maintaining the
Operating Account to invest the funds held therein in one or more Permitted Investments as the Manager may select in its discretion. All interest and investment income realized on funds deposited therein shall be deposited to the Operating Account.

 (b) Receipts. The Manager shall cause all Receipts to be deposited into the Deposit Account (or to the Lock Box Account or the
appropriate sub-account thereof, to the extent permitted or required by the Transaction Documents) as soon as practicable and in any event within two Business Days of the Manager’s receipt thereof. To the extent that the Manager holds any
Receipts, whether in accordance with this Agreement or otherwise, the Manager shall be deemed to hold the same in trust for the applicable Owner and for the benefit of the Trustee. 
 SECTION 8. Budgets. Contemporaneously with the execution and delivery of this Agreement, the Manager and the Owners have agreed on an initial
Operating Budget and CapEx Budget for the current calendar year, copies of which are attached as Exhibit A. On or before February 15 of each year, the Manager shall deliver to the Owner Representative an Operating Budget and CapEx Budget for
such year (in each case presented on a monthly and annual basis). The Operating Budget shall identify and set forth the Managers’ reasonable estimate, after due consideration, of all Operating Expenses on a line-item basis consistent with the
form of Operating Budget attached as Exhibit A. Each of the parties hereto acknowledges and agrees that the Operating Budget and the CapEx Budget represent an estimate only, and that 

  

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actual Operating Expenses and Capital Expenditures may vary from those set forth in the applicable Budget. In the event the Manager determines, in accordance
with the Operation Standards, that the actual Operating Expenses or Capital Expenditures for any year will materially differ from those set forth in the applicable Budget for such year, such Budget shall, at the request of the Manager and subject to
the Transaction Documents, be modified or supplemented as appropriate to reflect such differences. The Manager will furnish a copy of each Budget to the Trustee at the times required by the Transaction Documents. 
 SECTION 9. Operating Expenses and Capital Expenditures. 
 (a) The Manager is hereby authorized to incur Operating Expenses and to make Capital Expenditures on behalf of the Owners, the necessity, nature and amount of which may be determined in Manager’s discretion in
accordance with the Operation Standards. The Manager shall use commercially reasonable efforts to incur Operating Expenses and to make Capital Expenditures within the limits prescribed by the Budgets; provided that the Manager may at any time
incur Operating Expenses and make Capital Expenditures in amounts that exceed the Operating Expenses or Capital Expenditures, as the case may be, specified in the applicable Budget if and to the extent that the Manager determines in accordance with
the Operation Standards that it is necessary or advisable to do so. 
 (b) The Manager shall maintain accurate records with respect to each
Site reflecting the status of real estate and personal property taxes, ground lease payments, insurance premiums and other Operating Expenses payable in respect thereof and shall furnish to the Owner Representative and the Trustee from time to time
such information regarding the payment status of such items as the Owner Representative or the Trustee may from time to time reasonably request. The Manager shall arrange for the payment of all such real estate and personal property taxes, ground
lease payments, insurance premiums and other Operating Expenses as the same become due and payable out of funds available for that purpose in the Imposition and Insurance Reserve or the Operating Account, as applicable. All Operating Expenses will
be funded through the Imposition and Insurance Reserve or the Operating Account, as applicable, and the Manager shall have no obligation to subsidize, incur, or authorize any Operating Expense that cannot, or will not be paid by or through the
Imposition and Insurance Reserve or the Operating Account. If the Manager determines that the funds on deposit in the Imposition and Insurance Reserve and the Operating Account are not sufficient to pay all Operating Expenses related to the Sites as
the same shall become due and payable, the Manager shall notify the Owner Representative and the Trustee of the amount of such deficiency and the Owners shall deposit the amount of such deficiency therein as soon as practicable. 
 (c) Notwithstanding anything to contrary herein, if at any time the Operating Account has not been established or maintained, the Manager shall use
commercially reasonable efforts to establish and maintain the Operating Account as promptly as practicable and, during any period in which the Operating Account has not been established or maintained, shall cause all Operating Expenses and any
Capital Expenditures to be paid, whether out of its own funds or otherwise. In the event that the Operating Account has been established and maintained and there is a deficiency in the Operating Account, the Manager may, in its sole discretion,
elect to pay Operating Expenses or make Capital Expenditures out of its own funds, but shall have no obligation to do so. The Owners, jointly and severally, shall be obligated to pay or reimburse the 

  

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Manager for all such Operating Expenses paid and Capital Expenditures made by the Manager out of its own funds plus interest thereon at the Prime Rate;
provided that such interest may be paid only if (i) the Operating Account has been established and the reimbursement relates to a deficiency in the Operating Account, (ii) such interest is requested by the Manager and (iii) such
interest is permitted to be paid under the Indenture and the Cash Management Agreement. 
 SECTION 10. Compensation. In consideration
of the Manager’s agreement to perform the Services described herein, during the Term hereof, the Owners hereby jointly and severally agree to pay to the Manager a fee (the “Management Fee”), on each Monthly Payment Date, equal
to 7.5% of the Operating Revenues for the immediately preceding calendar month. On each Monthly Payment Date, the Manager shall report to the Owners the Management Fee then due and payable based on the best information regarding Operating Revenues
for the immediately preceding calendar month then available to it. If the Manager subsequently determines that Management Fee so paid to it was less than what should have been paid (based on a re- computation of the Operating Revenues for such
calendar month), then the Management Fee due on the next Monthly Payment Date following the date of such determination shall be increased by the amount of the underpayment. If the Manager subsequently determines that Management Fee so paid to it was
higher than what should have been paid (based on a re-computation of the Operating Revenues for such calendar month), then the Management Fee due on the next Monthly Payment Date following the date of such determination shall be reduced by the
amount of the overpayment. Upon the expiration or earlier termination of this Agreement as set forth in Section 20, the Manager shall be entitled to receive, on the next succeeding Monthly Payment Date, the portion of the Management Fee which
was earned by the Manager through the effective date of such expiration or termination (such earned portion being equal to the product at (a) the total Management Fee that would have been payable for the month in which such expiration or
termination occurred had this Agreement remained in effect multiplied by (b) a fraction, the numerator of which is the number of days in such month through the effective of such expiration or termination, and the denominator of which is the
total number of days in such month). The Manager shall be entitled to no other fees or payments from the Owners as a result of the termination or expiration of this Agreement in accordance with the terms hereof. All expenses necessary to the
performance of the Manager’s duties (other than Operating Expenses and any Capital Expenditures, all of which are payable by the Owners) will be paid from the Manager’s own funds. 
 SECTION 11. Employees. The Manager shall employ, supervise and pay at all times a sufficient number of capable employees as may be necessary for
Manager to perform the Services hereunder in accordance with the Operation Standards. All employees of Manager will be employed at the sole cost of the Manager. All matters pertaining to the employment, supervision, compensation, promotion, and
discharge of such employees are the sole responsibility of Manager, who is, in all respects, the employer of such employees. To the extent the Manager, its designee, or any subcontractor negotiates with any union lawfully entitled to represent any
such employees, it shall do so in its own name and shall execute any collective bargaining agreements or labor contracts resulting therefrom in its own name and not as an agent for any Owner. The Manager shall comply in all material respects with
all applicable laws and regulations related to workers’ compensation, social security, ERISA, unemployment insurance, hours of labor, wages, working conditions, and other employer-employee related subjects. The Manager is independently engaged
in the business of performing management and operation services as an independent contractor. All employment arrangements are therefore solely Manager’s concern and responsibility, and the Owners shall have no liability with respect thereto.

  

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 SECTION 12. Books, Records and Inspections. The Manager shall, on behalf of the Owners, keep such
materially accurate and complete books and records pertaining to the Sites and the Services as may be necessary or appropriate under the Operation Standards. Such books and records shall include all Leases, Site Management Agreements, Ground Leases
corporate records, monthly summaries of all accounts receivable and accounts payable, maintenance records, Insurance Policies, receipted bills and vouchers, and other documents and papers pertaining to the Sites. All such books and records
(“Records”) shall be kept in an organized fashion and in a secure location and separate from records relating to other management agreements. During the Term of this Agreement, the Manager shall afford to the Owners and the Trustee
access to any Records relating to the Sites and the Services within its control, except to the extent it is prohibited from doing so by applicable law or the terms of any applicable obligation of confidentiality or to the extent such information is
subject to a privilege under applicable law to be asserted on behalf of the Owners. Such access shall be afforded without charge but only upon reasonable prior written request and during normal business hours at the offices of the Manager designated
by it. 
 SECTION 13. Insurance Requirements. 
 (a) Owner Insurance. The Manager shall maintain, on behalf of the Owners, all Insurance Policies required to be maintained by the Owners pursuant to the Transaction Documents and such other Insurance Policies
as the Manager shall determine to be necessary or appropriate in accordance with the Operation Standards. The Manager shall prepare and present, on behalf of the Owners, claims under any such insurance policy in a timely fashion in accordance with
the terms of such policy. Any payments on such policy shall be made to the Manager as agent of and for the account of the Owners, except as otherwise required by the Transaction Documents. All such payments shall be applied in accordance with the
Transaction Documents or, if the Transaction Documents do not specify an application, shall be deposited into the Operating Account. Annually, upon request of the Trustee, the Manager shall provide to the Trustee on behalf of the Owners such
evidence of insurance and payments of the premiums thereof as required by the Indenture. 
 (b) Manager’s Insurance. The Manager
shall maintain, at its own expense, a commercial crime policy and professional liability insurance policy. Any such commercial crime policy and professional liability insurance shall protect and insure the Manager against losses, including forgery,
theft, embezzlement, errors and omissions and negligent acts of the employees of the Manager and shall be maintained in a form and amount consistent with customary industry practices for managers of properties such as the Sites. The Manager shall be
deemed to have complied with this provision if one of its respective Affiliates has such commercial crime policy and professional liability policy and the coverage afforded thereunder extends to the Manager. Annually, upon request of the Owner
Representative, the Manager shall cause to be delivered to the Owner Representative and the Trustee a certification evidencing coverage under such commercial crime policy and professional liability insurance policy. Any such commercial crime policy
or professional liability insurance policy shall not be cancelled 

  

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without 10 days’ prior written notice to the Owner Representative and the Trustee. In cases where any Owner and Manager maintain insurance policies that
duplicate coverage, then the policies of such Owner shall provide primary coverage and Manager’s policies shall be excess and non-contributory. 
 SECTION 14. Environmental. 
 (a) None of the Owners is aware of any material violations of
Environmental Laws at the Sites. 
 (b) The Manager shall not consent to the installation, use or incorporation into the Sites of any
Hazardous Materials in violation of applicable Environmental Laws and shall not consent to the discharge, dispersion, release, or storage, treatment, generation or disposal of any pollutants or toxic or Hazardous Materials, other than in compliance
with Environmental Laws and covenants and agrees to take reasonable steps to comply with the Environmental Laws. 
 (c) Manager covenants and
agrees (i) that it shall advise the Owner Representative and the Trustee in writing of each notice of any material violation of Environmental Law of which Manager has actual knowledge, promptly after manager obtains actual knowledge thereof,
and (ii) to deliver promptly to the Owner Representative and the Trustee copies of all communications from any Federal, state and local governmental authorities received by Manager concerning any such violation and Hazardous Material on, at or
about the Sites. 
 SECTION 15. Cooperation. Each Owner and the Manager shall cooperate with the other parties hereto in connection
with the performance of any responsibility required hereunder or otherwise related to the Sites or the Services. In the case of the Owners, such cooperation shall include (i) executing such documents and/or performing such acts as may be
required to protect, preserve, enhance, or maintain the Sites or the Operating Account, (ii) executing such documents as may be reasonably required to accommodate a Tenant or its installations, (iii) furnishing to the Manager, on or prior
to the Effective Date, all keys, key cards or access codes required in order to obtain access to the Sites, (iv) furnishing to the Manager, on or prior to the Effective Date, all books, records, files, abstracts, contracts, Leases, Site
Management Agreements, materials and supplies, budgets and other Records relating to the Sites or the performance of the Services and (v) providing to the Manager such other information as Manager considers reasonably necessary for the
effective performance of the Services. In the case of the Manager, such cooperation shall include cooperating with the Trustee, potential purchasers of any of the Sites, appraisers, auditors and their respective agents and representatives, with the
view that such parties shall be able to perform their duties efficiently and without interference. 
 SECTION 16. Representations and
Warranties of Manager. The Manager makes the following representations and warranties to the Owners all of which shall survive the execution, delivery, performance or termination of this Agreement: 
 (a) The Manager is a corporation duly organized, validly existing and in good standing under the laws of the Commonwealth of Pennsylvania. 
  

 11 

 (b) The Manager’s execution and delivery of, performance under and compliance with this Agreement
will not violate the Manager’s organizational documents or constitute a default (or an event which, with notice or lapse of time, or both, would constitute a default) under, or result in a material breach of, any material agreement or other
material instrument to which it is a party or by which it is bound. 
 (c) The Manager has the full power and authority to own its
properties, to conduct its business as presently conducted by it and to enter into and consummate all transactions contemplated by this Agreement, has duly authorized the execution, delivery and performance of this Agreement, and has duly executed
and delivered this Agreement. 
 (d) This Agreement, assuming due authorization, execution and delivery by each of the other parties hereto,
constitutes a valid, legal and binding obligation of the Manager, enforceable against the Manager in accordance with the terms hereof, subject to (A) applicable bankruptcy, insolvency, reorganization, moratorium and other laws affecting the
enforcement of creditors’ rights generally, and (B) general principles of equity, regardless of whether such enforcement is considered in a proceeding in equity or at law. 
 (e) The Manager is not in violation of, and its execution and delivery of, performance under and compliance with this Agreement will not constitute a
violation of, any law, any order or decree of any court or arbiter, or any order, regulation or demand of any federal, state or local governmental or regulatory authority, which violation, in the Manager’s good faith and reasonable judgment, is
likely to affect materially and adversely either the ability of the Manager to perform its obligations under this Agreement or the financial condition of the Manager. 
 (f) The Manager’s execution and delivery of, performance under and compliance with, this Agreement do not breach or result in a violation of, or default under, any material indenture, mortgage, deed of trust,
agreement or instrument to which the Manager is a party or by which the Manager is bound or to which any of the property or assets of the Manager are subject. 
 (g) No consent, approval, authorization or order of any state or federal court or governmental agency or body is required for the consummation by the Manager of the transactions contemplated herein, except for those
consents, approvals, authorizations or orders that previously have been obtained. 
 (h) No litigation is pending or, to the best of the
Manager’s knowledge, threatened against the Manager that, if determined adversely to the Manager, would prohibit the Manager from entering into this Agreement or that, in the Manager’s good faith and reasonable judgment, is likely to
materially and adversely affect either the ability of the Manager to perform its obligations under this Agreement or the financial condition of the Manager. 
 SECTION 17. Representations and Warranties of Owners. Each Owner makes the following representations and warranties to the Manager all of which shall survive the execution, delivery, performance or termination
of this Agreement: 
 (a) Such Owner is a limited liability company or corporation duly organized, validly existing and in good standing
under the laws of its jurisdiction of organization. 
  

 12 

 (b) Such Owner’s execution and delivery of, performance under and compliance with this Agreement
will not violate such Owner’s organizational documents or constitute a default (or an event which, with notice or lapse of time, or both, would constitute a default) under, or result in a material breach of, any material agreement or other
material instrument to which it is a party or by which it is bound. 
 (c) Such Owner has the full power and authority to own its properties,
to conduct its business as presently conducted by it and to enter into and consummate all transactions contemplated by this Agreement, has duly authorized the execution, delivery and performance of this Agreement, and has duly executed and delivered
this Agreement. 
 (d) This Agreement, assuming due authorization, execution and delivery by each of the other parties hereto, constitutes a
valid, legal and binding obligation of such Owner, enforceable against such Owner in accordance with the terms hereof, subject to (A) applicable bankruptcy, insolvency, reorganization, moratorium and other laws affecting the enforcement of
creditors’ rights generally, and (B) general principles of equity, regardless of whether such enforcement is considered in a proceeding in equity or at law. 
 (e) Such Owner is not in violation of, and its execution and delivery of, performance under and compliance with this Agreement will not constitute a violation of, any law, any order or decree of any court or arbiter,
or any order, regulation or demand of any federal, state or local governmental or regulatory authority, which violation, in such Owner’s good faith and reasonable judgment, is likely to affect materially and adversely either the ability of such
Owner to perform its obligations under this Agreement or the financial condition of such Owner. 
 (f) No consent, approval, authorization or
order of any state or federal court or governmental agency or body is required for the consummation by such Owner of the transactions contemplated herein, except for those consents, approvals, authorizations or orders that previously have been
obtained. 
 (g) No litigation is pending or, to the best of such Owner’s knowledge, threatened against such Owner that, if determined
adversely to such Owner, would prohibit such Owner from entering into this Agreement or that, in such Owner’s good faith and reasonable judgment, is likely to materially and adversely affect either the ability of such Owner to perform its
obligations under this Agreement or the financial condition of such Owner. 
 SECTION 18. Restrictions on Other Activities of Manager.
The Manager hereby covenants and agrees that (i) it shall not engage in any business except as contemplated by this Agreement and other management agreements or arrangements with Affiliates of the Manager and/or third parties not affiliated
with the Manager or any Owner and in business activities other than but related to the management of wireless telecommunications facilities (including the development and operation of such facilities) (“Permitted Operations”),
(ii) it shall not incur any indebtedness or other liabilities except for (A) obligations hereunder and under other 

  

 13 

 
management agreements (including salaries and benefits of its officers and employees) and obligations incurred in the ordinary course of business in
connection with its Permitted Operations and (iii) it shall comply in all material respects with the provisions of its organizational documents. 
 SECTION 19. Removal or Substitution of Sites. If during the Term of this Agreement an Owner assigns or otherwise transfers all of its right, title and interest in and to any Site to a Person other than another
Owner or the Trustee (whether pursuant to a taking under the power of eminent domain or otherwise) or otherwise ceases to have an interest in a Site, this Agreement shall terminate (as to that Site only) on the date of such assignment or transfer
and the Owners shall promptly deliver to Manager an amendment to Schedule I reflecting the removal of such Site from the scope of this Agreement. Upon the termination of this Agreement as to a particular Site, the Manager and the respective Owner of
such Site shall be released and discharged from all liability hereunder with respect to such Site for the period from and after the applicable termination date and the Manager shall have no further obligation to perform any Site Management Services
with respect thereto from and after such date. In addition, the Owners may at any time add any additional Site to Schedule I in connection with a substitution or acquisition permitted under the terms of the Transaction Documents. Upon such
substitution or acquisition, the Owners shall promptly deliver to the Manager an amendment to Schedule I reflecting the addition of such Site, whereupon the Manager shall assume responsibility for the performance of the Site Management Services
hereunder with respect to such Site. 
 SECTION 20. Term of Agreement. 
 (a) Term. This Agreement shall be in effect during the period (the “Term”) commencing on the date hereof and ending at 5:00 p.m.
(New York time) on the Expiration Date, unless sooner terminated in accordance with the provisions of this Section 20. Immediately prior to the then-current Expiration Date, the Expiration Date shall be automatically extended to the date that
is 30 days after the then-current Expiration Date without any action on the part of any party, unless the Owner Representative, acting in its sole and absolute discretion, delivers written notice to the contrary to the Manager prior to the
then-current Expiration Date in which case the Expiration Date shall remain the then-current Expiration Date. 
 (b) Termination for
Cause. The Owner Representative (or the Trustee on its behalf at the direction of the Holders of a majority in aggregate principal amount of the then outstanding Notes) shall have the right, upon notice to the Manager, to terminate this
Agreement: (i) upon the declaration and continuance of an “Event of Default” under (and as defined in) the Indenture, (ii) if the Manager has engaged in fraud, gross negligence or willful misconduct arising from or in connection
with its performance under this Agreement or (iii) if the Manager defaults in the performance of its obligations hereunder and such default (A) is reasonably likely to have a Material Adverse Effect and (B) remains unremedied for 30
days after the Manager receives written notice thereof. 
 (c) Automatic Termination for Bankruptcy, Etc. If the Manager or any Owner
files a petition for bankruptcy, reorganization or arrangement, or makes an assignment for the benefit of the creditors or takes advantage of any insolvency or similar law, or if a receiver or trustee is appointed for the assets or business of the
Manager or any Owner and is not discharged 

  

 14 

 
within ninety (90) days after such appointment, then this Agreement shall terminate automatically; provided that if any such event shall occur
with respect to less than all of the Owners, then this Agreement will terminate solely with respect to the Owner or Owners for which such event has occurred and the respective Sites owned, leased or managed by such Owner(s). Upon the termination of
this Agreement as to a particular Owner, the Manager and such Owner shall be released and discharged from all liability hereunder for the period from and after the applicable termination date and the Manager shall have no further obligation to
perform any Services for such Owner or any Sites owned, leased or managed by such Owner from and after such date. 
 (d) Resignation By
Manager. Unless and until all Obligations due and owing under the Indenture have been fully satisfied, the Manager shall not resign from the obligations and duties hereby imposed on it hereunder except upon determination that (i) the
performance of its duties hereunder is no longer permissible under applicable law and (ii) there is no reasonable action which can be taken to make the performance of its duties hereunder permissible under applicable law. Any such determination
under clause (d)(i) above permitting the resignation of the Manager shall be evidenced by an opinion of counsel (who is not an employee of the Manager) to such effect delivered, and in form and substance reasonably satisfactory, to the Owner
Representative. From and after the date on which all Obligations due and owing under the Indenture have been fully satisfied, the Manager shall have the right in its sole and absolute discretion, upon 30 days’ prior written notice to the Owner
Representative, to resign from the obligations and duties hereby imposed on it. This Agreement shall terminate on the effective date of any resignation of the Manager permitted under this paragraph (d). 
 SECTION 21. Duties Upon Termination. Upon the expiration or termination of the Term, the Manager shall have no further right to act for any Owner
or to draw checks on the Operating Account and shall promptly (i) furnish to the Owner Representative or its designee all keys, key cards or access codes required in order to obtain access to the Sites, (ii) deliver to the Owner
Representative or its designee all rent, income, tenant security deposits and other monies due or belonging to the Owners under this Agreement but received after such termination, (iii) deliver to the Owner Representative or its designee all
books, files, abstracts, contracts, leases, materials and supplies, budgets and other Records relating to the Sites or the performance of the Services and (iv) upon request, assign, transfer, or convey, as required, to the respective Owners all
service contracts and personal property relating to or used in the operation and maintenance of the Sites, except any personal property which was paid for and is owned by Manager. The Manager shall also, for a period of ninety (90) days after
such expiration or termination, make itself available to consult with and advise the Owners regarding the operation and maintenance of the Sites or otherwise to facilitate an orderly transition of management to a new manager of the Sites. This
Section 21 shall survive the expiration or earlier termination of this Agreement (whether in whole or part). 
 SECTION 22.
Indemnities. 
 (a) Subject to Section 23(g), the Owners jointly and severally agree to indemnify, defend and hold Manager
harmless from and against, any and all suits, liabilities, damages, or claims for damages (including any reasonable attorneys’ fees and other reasonable costs and expenses relating to any such suits, liabilities or claims), in any way relating
to the 

  

 15 

 
Sites, the Manager’s performance of the Services hereunder, or the exercise by the Manager of the powers or authorities herein or hereafter granted to
the Manager, except for those actions, omissions and breaches of Manager in relation to which the Manager has agreed to indemnify the Owners pursuant to Section 22(b). 
 (b) Subject to Section 23(g), the Manager agrees to indemnify, defend and hold the Owners harmless from and against any and all suits, liabilities,
damages, or claims for damages (including any reasonable attorneys’ fees and other reasonable costs and expenses relating to any such suits, liabilities or claims), in any way arising out of (i) any acts or omissions of the Manager or its
agents, officers or employees in the performance of the Services hereunder constituting misfeasance, bad faith or negligence or (ii) any material breach of any representation or warranty made by the Manager hereunder. 
 (c) “Indemnified Party” and “Indemnitor” shall mean the Manager and Owners, respectively, as to Section 22(a) and
shall mean the Owners and Manager, respectively, as to Section 22(b). If any action or proceeding is brought against an Indemnified Party with respect to which indemnity may be sought under this Section 22, the Indemnitor, upon written
notice from the Indemnified Party, shall assume the investigation and defense thereof, including the employment of counsel and payment of all expenses. The Indemnified Party shall have the right to employ separate counsel in any such action or
proceeding and to participate in the defense thereof, but the Indemnitor shall not be required to pay the fees and expenses of such separate counsel unless such separate counsel is employed with the written approval and consent of the Indemnitor,
which shall not be unreasonably withheld or refused. 
 (d) The indemnities in this Section 22 shall survive the expiration or
termination of the Agreement. 
 SECTION 23. Miscellaneous. 
 (a) Amendments. No amendment, supplement, waiver or other modification of this Agreement shall be effective unless in writing and executed and
delivered by the Manager and the Owner Representative; provided that, until all Obligations due and owing under the Indenture have been fully satisfied, any amendment, supplement, waiver or other modification of this Agreement that would be
materially adverse to the Trustee or the holders of the Notes shall also require the consent of the Trustee. No failure by any party hereto to insist on the strict performance of any obligation, covenant, agreement, term or condition of this
Agreement, or to exercise any right or remedy available upon a breach of this Agreement, shall constitute a waiver of any of the terms of this Agreement. 
  

 16 

 (b) Notices. Any notice or other communication required or permitted hereunder shall be in writing
and may be delivered personally or by commercial overnight carrier, telecopied or mailed (postage prepaid via the US postal service) to the applicable party at the following address (or at such other address as the party may designate in writing
from time to time); however, any such notice or communication shall be deemed to be delivered only when actually received by the party to whom it is addressed: 
  

					
		 	(1) To any Owner	  	 c/o CC Holdings GS V LLC
 1220 Augusta Drive, Suite
500
 Houston, Texas 77057
 Attention: Chief Financial Officer and

                   General Counsel
 Facsimile: (713) 570-3100

			
		 	(2) To Manager:	  	 Crown Castle USA Inc.
 1220 Augusta Drive, Suite 500

 Houston, Texas 77057
 Attention: Chief Financial Officer and

                   General Counsel
 Facsimile: (713) 570-3100

 (c) Assignment, Etc. The provisions of this Agreement shall be binding upon, and shall
inure to the benefit of, the parties hereto and their respective successors and permitted assigns. None of the rights, interests, duties, or obligations created by this Agreement may be assigned, transferred, or delegated in whole or in part by the
Manager or any Owner, and any such purported assignment, transfer, or delegation shall be void; provided, however, that (i) the Owners may assign this Agreement to the Trustee and grant a security interest in their rights and
interests hereunder pursuant to the Transaction Documents and (ii) the Manager may, in accordance with the Operation Standards, utilize the services of third-party service providers to perform all or any portion of its Services hereunder.
Notwithstanding the appointment of a third-party service provider, the Manager shall remain primarily liable to the Owners to the same extent as if the Manager were performing the Services alone, and the Manager agrees that no additional
compensation shall be required to be paid by the Owners in connection with any such third-party service provider. 
 (d) Entire Agreement;
Severability. This Agreement constitutes the entire agreement between the parties hereto, and no oral statements or prior written matter not specifically incorporated herein shall be of any force or effect. In the event any one or more of the
provisions contained in this Agreement should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and therein shall not in any way be affected or impaired
thereby. 
 (e) Limitations on Liability. 
 (i) Notwithstanding anything herein to the contrary, neither the Manager nor any director, officer, employee or agent of the Manager shall
be under any liability to the Owners or any other Person for any action taken, or not taken, in good faith pursuant to this Agreement, or for errors in judgment; provided, however, that this provision shall not protect the Manager
against any liability to the Owners for the material breach of a representation or warranty made by the Manager herein or against any liability which would otherwise be imposed on the Manager by reason of misfeasance, bad faith or negligence in the
performance of the Services hereunder. 
  

 17 

 (ii) No party will be liable to any other for special, indirect, incidental, exemplary,
consequential or punitive damages, or loss of profits, arising from the relationship of the parties or the conduct of business under, or breach of, this Agreement, except where such damages or loss of profits are claimed by or awarded to a third
party in a claim or action against which a party to this Agreement has a specific obligation to indemnify another party to this Agreement. 
 (iii) Notwithstanding any other provision of this Agreement or any rights which the Manager might otherwise have at law, in equity, or by statute, any liability of an Owner to the Manager shall be satisfied only from
such Owner’s interest in the Sites, the Leases, the Site Management Agreements, the Insurance Policies and the proceeds thereof, and then only to the extent that such Owner has funds available to satisfy such liability in accordance with the
Transaction Documents (any such available funds being hereinafter referred to as “Available Funds”). In the event the Available Funds of an Owner are insufficient to pay in full any such liabilities of an Owner, the excess of such
liabilities over such Available Funds shall not constitute a claim (as defined in the United States Bankruptcy Code) against such Owner unless and until a proceeding of the type described in Section 23(j) is commenced against such Owner by a
party other than the Manager. 
 (iv) No officer, director, employee, agent, shareholder, member or Affiliate of any Owner or
the Manager (except, in the case of an Owner, for Affiliates that are also Owners hereunder) shall in any manner be personally or individually liable for the obligations of any Owner or the Manager hereunder or for any claim in any way related to
this Agreement or the performance of the Services. 
 (v) The provisions of this Section 23(e) shall survive the
expiration and termination of this Agreement. 
 (f) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK BUT OTHERWISE WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES). 
 (g) Litigation Costs. If any legal action or other proceeding of any kind is brought for the enforcement of this Agreement or because of a
default, misrepresentation, or any other dispute in connection with any provision of this Agreement or the Services, the successful or prevailing party shall be entitled to recover all fees and other costs incurred in such action or proceeding, in
addition to any other relief to which it may be entitled. 
 (h) Confidentiality. Each party hereto agrees to keep confidential (and
(a) to cause its respective officers, directors and employees to keep confidential and (b) to use its best efforts to cause its respective agents and representatives to keep confidential) the Information (as defined below) and all copies
thereof, extracts therefrom and analyses or other materials based thereon, except that the parties hereto shall be permitted to disclose Information (i) to the extent required by applicable laws and regulations or by any subpoena or similar
legal process, (ii) as 

  

 18 

 
requested by Rating Agencies (iii) to the extent provided in the Offering Memorandum and (iv) to actual or prospective Tenants. For the purposes of
this paragraph (h), the term “Information” shall mean the terms and provisions of this Agreement and all financial statements, certificates, reports, Records, agreements and information (including the Leases, the Site Management Agreements
and all analyses, compilations and studies based on any of the foregoing) that relate to the Sites or the Services, other than any of the foregoing that are or become publicly available other than by a breach of the confidentiality provisions
contained herein. 
 (i) Owners’ Representative and Agent. From time to time during the Term, the Owners shall appoint one
(1) Owner (the “Owner Representative”) to serve as the Owners’ representative and agent to act, make decisions, and grant any necessary consents or approvals hereunder, collectively, on behalf of all of the Owners. Each
Owner hereby appoints CC Holdings GS V LLC as the initial Owner Representative hereunder and hereby authorizes the Owner Representative to take such action as agent on its behalf and to exercise such powers as are delegated to the Owner
Representative by the terms hereof, together with such powers as are reasonably incidental thereto. 
 (j) No Petition. Prior to the
date that is one year and one day after the date on which all Obligations due and owing under the Indenture have been fully satisfied, the Manager shall not institute, or join any other Person in instituting, or authorize a trustee or other Person
acting on its behalf or on behalf of others to institute, any bankruptcy, reorganization, arrangement, insolvency, liquidation or receivership proceedings under the laws of the United States of America or any state thereof against any Owner.

 (k) Permitted Operations. The Owners hereby acknowledge and agree that the Manager may engage in Permitted Operations and, as a
result, the Manager may engage in business activities that are in competition with the business of the Owners in respect of the Sites. Nothing in this Agreement shall in any way preclude the Manager or its Affiliates, subsidiaries, officers,
employees and agents from engaging in any Permitted Operation (including the operation, maintenance, leasing and/or marketing of telecommunications sites for itself or for others), even if, by doing so, such activities could be construed to be in
competition with the business activities of the Owners; provided that (i) if the Manager arranges for a Lease of a telecommunication site with a tenant that is also a Tenant under a Lease with an Owner, such new Lease will be separate
from and independent of the Lease(s) between the Tenant and such Owner, (ii) if the Tenant with respect to a Site is an Affiliate of the Manager, the Manager shall perform all Services in respect of such Site in the same manner as if such
Tenant were not an Affiliate, (iii) expect as otherwise permitted by the Transaction Documents, the Manager will not solicit a tenant to transfer its Lease from a Site owned, leased or managed by an Owner to a telecommunications site owned,
leased or managed by a Person that is not an Owner and (iv) in all cases the Manager shall perform its duties and obligations hereunder in accordance with the Operation Standards notwithstanding any potential conflicts of interest that may
arise, including any relationship that the Manager may have with any Tenant or any other owners of telecommunication sites that it manages. 
 (l) Headings. Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this Agreement and are not to effect the construction of, or to be taken into consideration in interpreting,
this Agreement. 
  

 19 

 (m) Counterparts. This Agreement may be executed by the parties hereto in separate counterparts,
each of which when so executed and delivered shall constitute an original, but all of which when taken together shall constitute one contract. Delivery of an executed counterpart of this Agreement by facsimile shall be effective as delivery of a
manually executed counterpart of this Agreement. 
 [NO ADDITIONAL TEXT ON THIS PAGE] 
  

 20 

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

									
	        Manager:	 		 	CROWN CASTLE USA INC.
					
		 		 		 	By:	 	/s/ Jay Brown
		 		 		 		 	Name: Jay Brown
		 		 		 		 	Title: SVP, CFO and Treasurer
			
	        Owners:	 		 	CC HOLDINGS GS V LLC
		 		 	GLOBAL SIGNAL ACQUISITIONS LLC
		 		 	GLOBAL SIGNAL ACQUISITIONS II LLC
		 		 	PINNACLE TOWERS LLC
		 		 	INTRACOASTAL CITY TOWERS LLC
		 		 	TOWER SYSTEMS LLC
		 		 	RADIO STATION WGLD LLC
		 		 	HIGH POINT MANAGEMENT CO. LLC
		 		 	INTERSTATE TOWER COMMUNICATIONS LLC
		 		 	 TOWER TECHNOLOGY COMPANY OF JACKSONVILLE LLC

		 		 	ICB TOWERS, LLC
		 		 	PINNACLE TOWERS III LLC
		 		 	PINNACLE TOWERS V INC.
		 		 	SHAFFER & ASSOCIATES, INC.
		 		 	SIERRA TOWERS, INC.
		 		 	AIRCOMM OF AVON, L.L.C.
		 		 	COVERAGE PLUS ANTENNA SYSTEMS LLC
		 		 		 	By:	 	/s/ Jay Brown
		 		 		 		 	Name: Jay Brown
		 		 		 		 	Title: SVP, CFO and Treasurer

  

 Signature Page to Management AgreementCash Management Agreement

 Exhibit 10.2 
 Execution Copy 
 CASH MANAGEMENT AGREEMENT 
 Dated as of April 30, 2009 
 among

 CC HOLDINGS GS V LLC 
 as
Issuer, 
 PINNACLE TOWERS LLC AND THE DIRECT AND INDIRECT SUBSIDIARIES 
 SIGNATORY HERETO, GLOBAL SIGNAL ACQUISITIONS LLC, GLOBAL SIGNAL 
 ACQUISITIONS II
LLC AND ANY OTHER GUARANTOR OR GUARANTORS THAT ARE 
 OR MAY BECOME A PARTY HERETO 
 as The Guarantors, 
 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., 
 as Trustee and as Bank, 
 and 
 CROWN CASTLE USA, INC., 
 as Manager

 CASH MANAGEMENT AGREEMENT 
 CASH MANAGEMENT AGREEMENT (this “Agreement”), dated as of April 30, 2009, among CC HOLDINGS GS V LLC, a
Delaware limited liability company (“CCL”), the Guarantors signatory hereto (collectively, the “Guarantors”), THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a National Association, as
trustee (in such capacity “Trustee”) and as bank (in such capacity “Bank”), and Crown Castle USA, Inc., a Delaware corporation (“Manager”). This Agreement replaces the
Cash Management Agreement, dated as of February 28, 2006, by and among each of the entities listed on the signature pages thereto under the heading “Borrowers”, Towers Finco III LLC, LaSalle Bank National Association and Global Signal
Services LLC. 
 W I T N E S S E T H: 
 WHEREAS, pursuant to the terms of that certain indenture by and among CCL, Crown Castle GS III Corp., as co-issuer, the Guarantors and Trustee dated as of the date of this Agreement (together with all amendments and supplements thereto, the
“Indenture”) the Guarantors have guarantied the repayment of certain obligations; 
 WHEREAS, the Notes are secured
by, among other things, (i) the pledge of the personal property of CCL and each of the Guarantors pursuant to the Pledge and Security Agreement and the Security Agreement and (ii) the pledge and delivery of the equity interests by CCL in
certain Guarantors and by certain Guarantors in their subsidiaries pursuant to the Pledge and Security Agreements (such pledge and all extensions, renewals, modifications, substitutions and amendments thereof, collectively, the “Security
Instruments”); 
 WHEREAS, pursuant to the Security Instruments each of the Guarantors have granted to Trustee a security
interest in all of such Guarantor’s right, title and interest in, to and under the Receipts (as defined in the herein), due and to become due to such Guarantor or to which the respective Guarantor is now or may hereafter become entitled,
arising out of the Properties or the Collateral or any part or parts thereof; 
 WHEREAS, each of CCL, the Guarantors and Manager have
entered into a Management Agreement with respect to the Properties, dated as of the date hereof, pursuant to which Manager has agreed to manage the Properties operated by each respective Guarantor; 
 WHEREAS, in order to fulfill all of CCL’s and the Guarantors’ Obligations, CCL, the Guarantors and Manager have agreed that all Receipts will
be deposited directly into a Deposit Account (as defined herein) established by CCL and the Guarantors, transferred to a Lock Box Account (as defined herein) established hereunder by CCL and the Guarantors with Bank and allocated and/or disbursed in
accordance with the terms and conditions hereof. 

 NOW, THEREFORE, in consideration of the covenants herein contained and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
  

	I.	DEFINITIONS 

 Capitalized terms not otherwise
defined herein shall have the meaning set forth in the Indenture. As used herein, the following terms shall have the following definitions: 
 “Accounts” means, collectively, the Deposit Account, the Lock Box Account and the Sub-Accounts. 
 “Advance Rents Reserve Deposit” means, collectively, the Annual Advance Rents Reserve Deposit and the Quarterly Advance Rents Reserve Deposit. 
 “Advance Rents Reserve Sub-Account” as defined in Section 2.1(c). 
 “Agreement” means this Cash Management Agreement among CCL, the Guarantors, Manager, Bank and Trustee, as amended, supplemented
or otherwise modified from time to time. 
 “Annual Advance Rents Reserve Deposit” means eleven-twelfths
(11/12ths) of the amount of rent due and paid pursuant to Leases which require that annual rent due thereunder be paid in advance; provided, however, if rents which are required to be delivered as Annual Advance Rents Reserve
Deposits are received late, appropriate adjustments shall be made taking into consideration amounts which, but for such late payment of rent, would have previously been distributed from the Advance Rents Reserve Sub-Account had such rents not been
paid late. Manager, CCL and the Guarantors shall provide Trustee with bills or a statement of amounts due for such calendar year pursuant to such Leases on or before the fifteenth (15th) day prior to the commencement of the applicable calendar
year which shall be accompanied by an Officer’s Certificate and such other documents as may be reasonably required by Trustee to establish the amounts required to be deposited into the Advance Rents Reserve Sub-Account. 
 “Asset Sales Sub-Account” as defined in Section 2.1(c). 
 “Cash Trap Reserve Sub-Account” as defined in Section 2.1(c). 
 “Collateral” as defined in Section 5.1. 
 “Debt Service Sub-Account” as defined in Section 2.1(c). 
 “Deposit
Account” as defined in Section 2.1(a). 
 “Deposit Account Control Agreement” as defined in
Section 2.1(a). 
 “Deposit Bank” as defined in Section 2.1(a). 
 “Eligible Account” means a separate and identifiable account from all other funds held by the holding institution, which account
is either (i) an account maintained with an Eligible Bank or (ii) a segregated trust account maintained by a corporate trust department of a federal depository institution or a state chartered depository institution subject to regulations
regarding fiduciary funds on deposit similar to Title 12 of the Code of Federal Regulation §9.10(b), which, in either case, has corporate trust powers and is acting in its fiduciary capacity or is otherwise acceptable to the Rating Agencies.

  

 2 

 “Eligible Bank” means a bank that (i) satisfies the Rating Criteria and
(ii) insures the deposits thereunder through the Federal Deposit Insurance Corporation. 
 “Excess Cash Flow”
means all funds remaining in the Lock Box Account after the distributions and allocations of all amounts required to be allocated or distributed pursuant to clause (i) through (v) of Section 3.3(a). 
 “Extraordinary Receipts” means any receipts of the Guarantors not included within the definition of Operating Revenues under the
Indenture, including, without limitation, receipts from litigation proceedings and tax certiorari proceedings. 
 “Impositions and
Insurance Reserve Sub-Account” as defined in Section 2.1(c). 
 “Interest Payment Date” means each
February 1, May 1, August 1 or November 1 on which interest on the Notes is due and payable. 
 “Lock Box Account” as defined in Section 2.1(b). 
 “Monthly Debt Service Payment
Amount” means an amount equal to one third (1/3rd) of the interest due on the Notes on the next Interest Payment Date during the term of the Notes. 
 “Monthly Impositions and Insurance Amount” means an amount equal to one twelfth (1/12th) of the annual Impositions and Insurance Premiums that Manager reasonably estimates will be payable
with respect to (or if covered by blanket insurance policies, allocated to) the Properties during the next twelve months, plus any additional amounts related to deficiencies pursuant to Section 2.1(c)(ii). 
 “Monthly Payment Date” means the first (1st) day of each calendar month or, if any such first (1st) day is not a
Business Day, the next succeeding Business Day, beginning in June 1, 2009. 
 “Permitted Investments” means any
one or more of the following obligations or securities acquired at a purchase price of not greater than par (unless cash is deposited into the applicable Sub-Account in the amount by which the purchase price exceeds par), payable on demand or having
a maturity date not later than the business day immediately prior to the date on which the invested sums are required for payment of an obligation for which the related Sub-Account was created and meeting one of the appropriate standards set forth
below: 
  

	 	(i)	 obligations of, or obligations fully guaranteed as to payment of principal and interest by, the United States or any agency or instrumentality thereof, provided
such obligations are backed by the full faith and credit of the United States of America including, without limitation, obligations of: the U.S. Treasury (all 

  

 3 

	 	 
direct or fully guaranteed obligations), the Farmers Home Administration (certificates of beneficial ownership), the General Services Administration
(participation certificates), the U.S. Maritime Administration (guaranteed Title XI financing), the Small Business Administration (guaranteed participation certificates and guaranteed pool certificates), the U.S. Department of Housing and Urban
Development (local authority bonds) and the Washington Metropolitan Area Transit Authority (guaranteed transit bonds); provided, however, that the Investments described in this clause (i) must (A) have a predetermined fixed dollar amount
of principal due at maturity that cannot vary or change, (B) if rated by S&P, not have an “r” highlighter affixed to their rating, (C) if such Investments have a variable rate of interest, have an interest rate tied to a
single interest rate index plus a fixed spread (if any) and must move proportionately with that index, and (D) not be subject to liquidation prior to their maturity; 

  

	 	(ii)	Federal Housing Administration debentures; 

  

	 	(iii)	obligations of the following United States government sponsored agencies: Federal Home Loan Mortgage Corp. (debt obligations), the Farm Credit System (consolidated systemwide bonds
and notes), the Federal Home Loan Banks (consolidated debt obligations), the Federal National Mortgage Association (debt obligations), the Student Loan Marketing Association (debt obligations), the Financing Corp. (debt obligations), and the
Resolution Funding Corp. (debt obligations); provided, however, that the Investments described in this clause (iii) must (A) have a predetermined fixed dollar amount of principal due at maturity that cannot vary or change,
(B) if rated by S&P, not have an “r” highlighter affixed to their rating, (C) if such Investments have a variable rate of interest, have an interest rate tied to a single interest rate index plus a fixed spread (if any) and
must move proportionately with that index, and (D) not be subject to liquidation prior to their maturity; 

  

	 	(iv)	federal funds, unsecured certificates of deposit, time deposits, bankers’ acceptances and repurchase agreements with maturities of not more than 365 days of any bank, the short
term obligations of which at all times are rated in the highest short term rating category by each Rating Agency (or, if not rated by all Rating Agencies, rated by at least one Rating Agency in the highest short term rating category and otherwise
acceptable to each other Rating Agency; provided, however, that the Investments described in this clause (iv) must (A) have a predetermined fixed dollar amount of principal due at maturity that cannot vary or change, (B) if
rated by S&P, not have an “r” highlighter affixed to their rating, (C) if such Investments have a variable rate of interest, have an interest rate tied to a single interest rate index plus a fixed spread (if any) and must move
proportionately with that index, and (D) not be subject to liquidation prior to their maturity; 

  

 4 

	 	(v)	fully Federal Deposit Insurance Corporation-insured demand and time deposits in, or certificates of deposit of, or bankers’ acceptances issued by, any bank or trust company,
savings and loan association or savings bank, the short term obligations of which at all times are rated in the highest short term rating category by each Rating Agency (or, if not rated by all Rating Agencies, rated by at least one Rating Agency in
the highest short term rating category and otherwise acceptable to each other Rating Agency); provided, however, that the Investments described in this clause (v) must (A) have a predetermined fixed dollar of principal due at
maturity that cannot vary or change, (B) if rated by S&P, not have a “r” highlighter affixed to their rating, (C) if such Investments have a variable rate of interest, have an interest rate tied to a single interest rate
index plus a fixed spread (if any) and must move proportionately with that index, and (D) not be subject to liquidation prior to their maturity; 

  

	 	(vi)	debt obligations with maturities of not more than 365 days and at all times rated by each Rating Agency (or, if not rated by all Rating Agencies, rated by at least one Rating Agency
and otherwise acceptable to each other Rating Agency) in its highest long-term unsecured debt rating category; provided, however, that the Investments described in this clause (vi) must (A) have a predetermined fixed dollar amount of
principal due at maturity that cannot vary or change, (B) if rated by S&P, not have an “r” highlighter affixed to their rating, (C) if such Investments have a variable rate of interest, have an interest rate tied to a single
interest rate index plus a fixed spread (if any) and must move proportionately with that index, and (D) not be subject to liquidation prior to their maturity; 

  

	 	(vii)	commercial paper (including both non-interest-bearing discount obligations and interest-bearing obligations payable on demand or on a specified date not more than one year after the
date of issuance thereof) with maturities of not more than 365 days and that at all times is rated by each Rating Agency (or, if not rated by all Rating Agencies, rated by at least one Rating Agency and otherwise acceptable to each other Rating
Agency,) in its highest short-term unsecured debt rating; provided, however, that the Investments described in this clause (vii) must (A) have a predetermined fixed dollar amount of principal due at maturity that cannot vary
or change, (B) if rated by S&P, not have a “r” highlighter affixed to their rating, (C) if such Investments have a variable rate of interest, have an interest rate tied to a single interest rate index plus a fixed spread (if
any) and must move proportionately with that index, and (D) not be subject to liquidation prior to their maturity; 

  

	 	(viii)	units of taxable money market funds or mutual funds, which funds are regulated investment companies, seek to maintain a constant net asset value per share and have the highest
rating from each Rating Agency (or, if not rated by all Rating Agencies, rated by at least one Rating Agency and otherwise acceptable to each other Rating Agency) for money market funds or mutual funds; and 

  

 5 

	 	(ix)	any other security, obligation or investment which has been approved as a Permitted Investment in writing by each Rating Agency, as evidenced by a written confirmation that the
designation of such security, obligation or investment as a Permitted Investment will not, in and of itself, result in a downgrade, qualification or withdrawal of the initial or, if higher, then current ratings assigned to the Notes by such Rating
Agency; 

 provided, however, that such instrument continues to qualify as a “cash flow investment” pursuant to Code
Section 860G(a)(6) earning a passive return in the nature of interest and no obligation or security shall be a Permitted Investment if (A) such obligation or security evidences a right to receive only interest payments or (B) the
right to receive principal and interest payments on such obligation or security are derived from an underlying investment that provides a yield to maturity in excess of 120% of the yield to maturity at par of such underlying investment; and
provided, further, no obligation or security, other than an obligation or security constituting real estate assets, cash, cash items or Government Securities pursuant to Code Section 856(c)(4)(A), shall be a Permitted Investment if the
value of such obligation or security exceeds ten percent (10%) of the total value of the outstanding securities of any one issuer. 
 “Pledge and Security Agreement” means the Pledge and Security Agreement dated as of the date hereof, made by CCL, Pinnacle Towers LLC, Pinnacle Towers III LLC and Pinnacle Towers V Inc., in favor of Trustee.

 “Quarterly Advance Rents Reserve Deposit” means two-thirds
(2/3rds) of the amount of rent due and paid pursuant to Leases which require that quarterly rent due thereunder be paid in advance during the first (1st) month of each calendar quarter (i.e., January, April, July and October); provided, however, if rents which are required to be delivered as Quarterly Advance Rents Reserve Deposits are received late, appropriate adjustments
shall be made taking into consideration amounts which, but for such late payment of rent, would have previously been distributed from the Advance Rents Reserve Sub-Account had such rents not been paid late. Manager, CCL and the Guarantors shall
provide Trustee with bills or a statement of amounts due for such calendar quarter pursuant to such Leases on or before the fifteenth (15th) day prior to the commencement of the applicable calendar quarter which shall be accompanied by an
Officer’s Certificate and such other documents as may be reasonably required by Trustee to establish the amounts required to be deposited into the Advance Rents Reserve Sub-Account. 
 “Rating Criteria”, with respect to any Person, means that (i) the short-term unsecured debt obligations of such Person are
rated at least “A-1” by S&P, “P-1” by Moody’s and “F-I” by Fitch, if deposits are held by such Person for a period of less than one month, or (ii) the long-term unsecured debt obligations of such Person
are rated at least “AA-” by S&P (or “A” if the short-term unsecured debt obligations of such person are rated at least “A-1”), “Aa3” by Moody’s and “AA-” by Fitch, if deposits are held by
such Person for a period of one month or more. 
 “Receipts” means, collectively, all revenues, receipts and other
payments to CCL and the Guarantors of every kind arising from ownership, operation or management of the Properties, including without limitation, all warrants, stock options, or equity interests in any 

  

 6 

 
tenant, licensee or other Person occupying space at, or providing services related to or for the benefit of, the Properties received by CCL and the
Guarantors or any Related Person in lieu of rent or other payment, but excluding, (i) any amounts received by CCL or the Guarantors and required to be paid to any Person that is not a Related Person as management fees, brokerage fees, fees
payable to the owner of a Managed Property or similar fees or reimbursements, (ii) any other amounts received by CCL, the Guarantors or any Related Person that constitute the property of a Person other than CCL or a Guarantor (including,
without limitation, all revenues, receipts and other payments arising from the ownership, operation or management of properties by Affiliates of the Guarantor), and (iii) security deposits received under a Lease, unless and until such security
deposits are applied to the payment of amounts due under such Lease. For purposes of this definition, the term “Related Person” means any Person in which CCL or any Guarantor holds, individually or in the aggregate, greater than a 10%
equity interest. 
 “Securities Accounts” means, collectively, the Lock Box Account and the Sub-Accounts. 

“Security Agreement” means the Security Agreement dated as of the date hereof made by the Guarantors in favor of Trustee.

 “Sub-Accounts” means, collectively, the Debt Service Sub-Account, the Impositions and Insurance Reserve
Sub-Account, the Cash Trap Reserve Sub-Account, the Advance Rents Reserve Sub-Account, the Asset Sales Sub-Account, and any other sub-accounts of the Lock Box Account which may hereafter be established by Trustee hereunder. 
 “Tenant” means any Person that is a tenant or occupant of any portion of the Properties under any Lease now or hereafter in
effect. 
 “Third-Party Receipts” means any sums deposited into the Lock Box Account which represent funds delivered
to the Guarantors or Manager on account of any Person other than the Guarantors, which sums are required to be paid, or reimbursed, to any such Person by the Guarantors or Manager, and for which the Guarantors have delivered documentation reasonably
satisfactory to Trustee establishing the amounts of such Third-Party Receipts. 
 “Tenant Direction Letter” as
defined in Section 2.2(a). 
 “Transaction Documents” means the Indenture, the Notes, the Security Documents,
the Management Agreement and each other agreement contemplated by any of the foregoing. 
 “UCC” as defined in
Section 5.1(a)(iv). 
  

 7 

	II.	THE ACCOUNTS AND SUB-ACCOUNTS 

 Section 2.1
Establishment of Deposit Account, Lock Box Account, Sub-Accounts and Other Accounts. 
  

	 	(a)	Deposit Account. CCL and the Guarantors acknowledge and confirm that they have established and will maintain one or more lock box(es) and related deposit account(s)
(collectively, the “Deposit Account”) with a financial institution selected by CCL or the Guarantors and reasonably acceptable to Trustee, provided such institution qualifies as an Eligible Bank (the “Deposit
Bank”), pursuant to an agreement (the “Deposit Account Control Agreement”) in Trustee’s form or otherwise in form and substance reasonably acceptable to Trustee, executed and delivered by CCL, the Guarantors
and the Deposit Bank. Among other things, the Deposit Account Control Agreement shall provide that upon activation neither CCL nor the Guarantors shall have access to or control over the deposit box or the Deposit Account, that all deposits into the
deposit box shall be deposited by the Deposit Bank into the Deposit Account as received, and that all available funds on deposit in the Deposit Account shall be deposited by wire transfer (or transfer via the ACH System) every Business Day by the
Deposit Bank into the Lock Box Account or to any other account or accounts as Trustee may direct in accordance with Trustee’s directions. 

  

	 	(b)	Lock Box Account. CCL and the Guarantors acknowledge and confirm that they have established and will maintain with Bank an Eligible Account for the purposes specified herein,
which shall be entitled “Lock Box Account for the benefit of The Bank of New York Mellon Trust Company, N.A., its successors and assigns, as secured party” (said account, and any account replacing the same in accordance with this
Agreement, the “Lock Box Account”). The Lock Box Account shall be under the sole dominion and control of Trustee, and neither CCL nor the Guarantors shall have rights to control or direct the investment or payment of funds
therein except as may be expressly provided herein. The funds of CCL and the Guarantors may be co-mingled hereunder. 

 Any
amounts that Trustee may hold in reserve pursuant to the Indenture may be held by Trustee in the Lock Box Account (including in a Sub-Account thereof) or may be held in another account or manner as specified in the Indenture. 
  

	 	(c)	Sub-Accounts of the Lock Box Account. The Lock Box Account shall be deemed to contain the following Sub-Accounts (which may be maintained as separate ledger accounts):

 (i) “Debt Service Sub-Account” shall mean the Sub-Account of the Lock Box Account established for the
purpose of depositing the amounts required for payment of principal and interest under the Notes and the Indenture and all other amounts due pursuant to the Notes and the Indenture. 
 (ii) “Imposition and Insurance Reserve Sub-Account” shall mean the Sub-Account of the Lock Box Account established for the purpose
of depositing the sums required to be deposited for payment of Impositions and Insurance Premiums. CCL and the Guarantors are required to make 

  

 8 

 
monthly deposits into the Imposition and Reserve Sub-Account in an amount equal to the Monthly Imposition and Insurance Amount. If at any time Manager
reasonably determines that the amount in the Imposition and Insurance Reserve Sub-Account will not be sufficient to pay the Imposition and Insurance Premiums when due, CCL and the Guarantors are required to increase the monthly deposits by the
amount that Manager estimates is sufficient to make up the deficiency. 
 (iii) “Cash Trap Reserve Sub-Account” shall
mean the Sub-Account of the Lock Box Account established for the purpose of depositing 100% of all Excess Cash Flow for as long as a Cash Trap Event is continuing. 
 (iv) “Asset Sales Sub-Account” shall mean the Sub-Account of the Lock Box Account established for the purpose of depositing any Net Proceeds and Event of Loss Proceeds prior to their
application in accordance with Sections 4.10 and 4.21, respectively, of the Indenture. 
 (v) “Advance Rents Reserve
Sub-Account” shall mean the Sub-Account of the Lock Box Account established for the purpose of depositing the Advance Rents Reserve Deposit. 
 Section 2.2 Deposits into Accounts. Each of CCL, the Guarantors and Manager represents, warrants and covenants that: 
  

	 	(a)	To the extent not previously notified, Manager, CCL and the Guarantors shall notify and advise each tenant under each Lease to send directly to the deposit box or Deposit Account
all payments of Receipts pursuant to an instruction letter in the form of Exhibit A (each a “Tenant Direction Letter”). Pursuant to the Deposit Account Control Agreement, all available funds on deposit in the Deposit
Account shall be deposited by the Deposit Bank into the Lock Box Account by wire transfer (or transfer via the ACH System) on each Business Day. 

  

	 	(b)	If, notwithstanding the provisions of this Section 2.2, CCL, the Guarantors or Manager receives any Receipts from any Property, or any Extraordinary Receipts, then
(i) such amounts shall be deemed to be Collateral and shall be held in trust for the benefit, and as the property, of Trustee and applied pursuant to the terms of this Agreement, (ii) such amounts shall not be commingled with any other
funds or property of CCL, the Guarantors or Manager, and (iii) CCL, the Guarantors or Manager shall deposit such amounts in the Deposit Account within two (2) Business Days of receipt. Provided no Event of Default has occurred and is then
continuing, Extraordinary Receipts shall be held and applied as “rents” in accordance with Section 3.3 hereof when and as received. 

  

 9 

	 	(c)	Without the prior written consent of Trustee, none of CCL, the Guarantors or Manager shall (i) terminate, amend, revoke or modify any Tenant Direction Letter in any manner
whatsoever, or (ii) direct or cause any Tenant or other Person to pay any amount in any manner other than as provided in the related Tenant Direction Letter. 

  

	 	(d)	Each of CCL, the Guarantors and Manager shall cause any Net Proceeds or Event of Loss Proceeds to be deposited directly into the Asset Sale Sub-Account as same are paid (or, if any
such proceeds are received by the Guarantors or Manager, same shall be deposited into the Asset Sale Sub-Account within two (2) Business Days after receipt thereof) and such proceeds shall be allocated and disbursed in accordance with
Section 4.1 hereof. 

 Section 2.3 Account Name. The Securities Accounts shall each be in the name of
Trustee, as secured party; provided, however, that in the event Trustee resigns or is removed in accordance with Section 7.08 of the Indenture, Bank, at Trustee’s request shall change the name of each Securities Account to
the name of the successor or assignee. The Deposit Account shall be in the name of CCL or the Guarantors, provided, however, that in the event Trustee resigns or is removed in accordance with Section 7.08 of the Indenture, Trustee shall
notify Deposit Bank to change the name of the secured party on the Deposit Account to the name of the successor or assignee. The account number of each Account as of the Issue Date is set forth on Schedule I hereto. 
 Section 2.4 Eligible Accounts/Characterization of Accounts. Each Account shall be an Eligible Account. Each Securities Account is
and shall be treated as a “securities account” as such term is defined in Section 8-501(a) of the UCC. Bank hereby agrees that each item of property (whether investment property, financial asset, securities, securities entitlement,
instrument, cash or other property) credited to each Account shall be treated as a “financial asset” within the meaning of Section 8-102(a)(9) of the UCC. Bank shall, subject to the terms of this Agreement, treat Trustee as entitled
to exercise the rights that comprise any financial asset credited to each Account. All securities or other property underlying any financial assets credited to each Account (other than cash) shall be registered in the name of Bank, endorsed to Bank
or in blank or credited to another securities account maintained in the name of Bank and in no case will any financial asset credited to any Account be registered in the name of CCL, Manager or the Guarantors, payable to the order of CCL, Manager,
or the Guarantors or specially endorsed to CCL, Manager, or the Guarantors. 
 Section 2.5 Permitted Investments. Sums
on deposit in the Securities Accounts shall be invested in Permitted Investments. Except during the existence and continuance of any Event of Default, CCL shall have the right to direct Trustee to invest sums on deposit in the Securities Accounts in
Permitted Investments; provided, however, in no event shall CCL direct Trustee to make a Permitted Investment if the maturity date of that Permitted Investment is later than the date on which the invested sums are required for payment
of an obligation for which the Account was created. After an Event of Default and during the continuance thereof, Trustee shall have 

  

 10 

 
the right to direct Bank to invest sums on deposit in the Securities Accounts in Permitted Investments as Trustee shall determine in its sole discretion.
Each of CCL and the Guarantors hereby irrevocably authorize and direct Bank to apply any income earned from Permitted Investments to the respective Securities Accounts. The amount of actual losses sustained on a liquidation of a Permitted Investment
shall be deposited into the Lock Box Account by CCL or the Guarantors no later than three (3) Business Days following such liquidation. CCL and the Guarantors shall be responsible for payment of any federal, state or local income or other tax
applicable to income earned from Permitted Investments. Any interest, dividends or other earnings which may accrue on the Securities Accounts shall be added to the balance in the applicable Account and allocated and/or disbursed in accordance with
the terms hereof. 
 Section 2.6 Third-Party Receipts. Sums on deposit in the Lock Box Account representing Third-Party
Receipts shall be released to CCL and the Guarantors upon receipt. CCL and the Guarantors covenant that all Third-Party Receipts released to CCL and the Guarantors shall be paid to the Person or Persons to which such Third-Party Receipts are due not
later than ten (10) Business Days after receipt thereof. Within thirty (30) days of the written request of Trustee, CCL, Manager and the Guarantors shall deliver evidence reasonably satisfactory to Trustee that all Third-Party Receipts
released to CCL and the Guarantors pursuant to this Section 2.6 have been delivered to the appropriate Person. 
  

	III.	DEPOSITS 

 Section 3.1 Initial
Deposits. 
  

	 	(a)	CCL shall deposit in the Debt Service Sub-Account on the date hereof the amount of $0.00. 

  

	 	(b)	CCL shall deposit in the Impositions and Insurance Reserve Sub-Account on the date hereof the amount of $9,064,000.00. 

  

	 	(c)	CCL shall deposit in the Advance Rents Reserve Sub-Account on the date hereof the amount of $7,017,000.00. 

 Section 3.2 Additional Deposits. CCL and the Guarantors shall make such additional deposits into the Accounts as may be required by the
Indenture. 
 Section 3.3 Allocation of Funds from the Lock Box Account. 
  

	 	(a)	At any time other than after the occurrence and during the continuance of an Event of Default, Manager shall direct Trustee to allocate and deposit, as applicable, all available
funds on deposit in the Lock Box Account (other than Third-Party Receipts which shall be released to, and applied by, CCL and the Guarantors pursuant to Section 2.6) on each Business Day of each calendar month in the following amounts and order
of priority: 

 (i) First, to the Impositions and Insurance Reserve Sub-Account, an amount equal to the Monthly Impositions and
Insurance Amount; 
  

 11 

 (ii) Second, to the Debt Service Sub-Account, an amount equal to the Monthly Debt Service Payment Amount;

 (iii) Third, to CCL and the Guarantors, an amount equal to the Operating Expenses (other than (A) Impositions and Insurance Premiums
and (B) Management Fees) for the next calendar month; 
 (iv) Fourth, to the Debt Service Sub-Account, until such Sub-Account contains
funds necessary to pay the Trustee all other amounts due and payable to the Trustee (other than principal and interest on the Notes), including any Applicable Premium on the next Interest Payment Date; 
 (v) Fifth, allocate to the accrued and unpaid Management Fee; 
 (vi) Sixth, if a Cash Trap Event shall have occurred and be continuing, any amounts remaining in the Lock Box Account after deposits for items (i) through (v) above have been deposited will be deposited into
the Cash Trap Reserve Sub-Account; 
 (vii) Seventh, any remaining amounts will be distributed to, or at the direction of, CCL. 
  

	 	(b)	If there are insufficient funds in the Lock Box Account for the deposits required by (i) Section 3.3(a)(i) above on or before the next Monthly Payment Date when due and
(ii) Sections 3.3(a)(ii) and (iv) above on or before the next Interest Payment Date when due, CCL or the Guarantors shall deposit such deficiency into the Lock Box Account on or before such Monthly Payment Date or Interest Payment Date, as
applicable. Under no circumstances shall Trustee be required to utilize the amounts in the Cash Trap Reserve Sub-Account to cure any deficiencies in any other Sub-Account. To the extent sufficient funds are included within the applicable
Sub-Accounts (or, if not sufficient, CCL or the Guarantors deposit any such deficiency pursuant to this Section 3.3(b)) CCL and the Guarantors shall be deemed to have satisfied their obligations to make the related deposit under the Indenture.

  

	 	(c)	CCL and the Guarantors shall use all disbursements made to them under Sections 3.3(a)(iii) solely to pay Operating Expenses (other than (A) Impositions and Insurance Premiums
and (B) Management Fees). 

  

	 	(d)	Following the receipt of any annual or quarterly rents paid in advance, an amount of such rents equal to the Advance Rents Reserve Deposits will be deposited from the Lock Box
Account into the Advance Rents Reserve Sub-Account. 

  

 12 

	 	(e)	Upon the expiration of a Cash Trap Event and provided no Event of Default then exists, any funds remaining in the Cash Trap Reserve Sub-Account shall be returned to CCL and the
Guarantors pursuant to Section 3.3(a)(vii). 

  

	 	(f)	Notwithstanding anything herein to the contrary, upon the occurrence and during the continuance of an Event of Default, all funds on deposit in the Lock Box Account, and any
Sub-Accounts thereof shall be disbursed to or as directed by Trustee in accordance with the Indenture. 

  

	 	(g)	On the Issue Date, and on each Monthly Payment Date thereafter, Manager will provide an estimate to the Trustee of the Management Fee that will be payable on the next succeeding
Monthly Payment Date. The daily allocations pursuant to Section 3.3(a)(v) above shall be made on the basis of such estimate. If the actual Management Fee payable on any Monthly Payment Date is not equal to the amount allocated for the payment
thereof pursuant to Section 3.3(a)(v), then the Management Fee for the Monthly Payment Date immediately following final determination of the applicable Management Fee shall be adjusted by an amount equal to the deficiency or surplus, as
applicable. 

  

	IV.	PAYMENT OF FUNDS FROM SUB-ACCOUNTS 

 Section
4.1 Payments From Accounts and Sub-Accounts. 
  

	 	(a)	Impositions and Insurance Reserve Sub-Account. Provided no Event of Default has occurred and is continuing, Trustee shall withdraw amounts on deposit in the Impositions and
Insurance Reserve Sub-Account to pay the Impositions and Insurance Premiums next due or reimburse CCL or the Guarantors for Impositions and Insurance Premiums previously paid by CCL or the Guarantors. 

  

	 	(b)	Debt Service Sub-Account. Provided no Event of Default has occurred and is continuing, Trustee shall withdraw amounts from the Debt Service Sub-Account to pay (in the
following priority): first, the interest due on each Interest Payment Date on which it is due and payable under the Notes and the Indenture; and second, all other amounts due and payable to the Trustee (other than principal and
interest on the Notes), including any Applicable Premium on which such amounts are due and payable under the Notes and the Indenture. 

  

	 	(c)	Lock Box Account. Provided no Event of Default has occurred or is continuing and: 

 (i) so long as funds on deposit in the Lock Box Account are sufficient to make all required deposits pursuant to Sections 3.3(a)(i) and (ii) on each Business Day of each calendar month, as applicable, Trustee
shall withdraw amounts on deposit in the Lock Box Account and distribute to 

  

 13 

 
CCL and the Guarantors to pay the Operating Expenses (other than (A) Impositions and Insurance Premiums and (B) Management Fees) for the next
calendar month or reimburse CCL, the Guarantors or Manager for such Operating Expenses previously paid by CCL, the Guarantors or Manager (including any related interest thereon in accordance with the Management Agreement); 
 (ii) so long as funds on deposit in the Lock Box Account are sufficient to make all required deposits pursuant to Sections 3.3(a)(i) through (iv) on
the next Monthly Payment Date or Interest Payment Date, as applicable, Trustee shall withdraw amounts on deposit in the Lock Box Account and distribute to Manager to pay the accrued and unpaid Management Fees; and 
 (iii) so long as funds on deposit in the Lock Box Account are sufficient to make all required deposits pursuant to Sections 3.3(a)(i) through (v) on
the next Monthly Payment Date or Interest Payment Date, as applicable and provided that no Cash Trap Event has occurred and is continuing as provided under Section 3.3(a)(vi), Trustee shall withdraw the remaining amounts on deposit in the Lock
Box Account and distribute to CCL and the Guarantors. 
 All such distributions to CCL, the Guarantors or Manager will be in accordance with the wiring
instructions attached hereto as Exhibit B, or such other wiring instructions as CCL, Manager or the Guarantors may hereafter provide to Trustee and Bank by written notice in accordance with the terms hereof. 
  

	 	(d)	Cash Trap Reserve Sub-Account. During a Cash Trap Event and subject and pursuant to the provisions of Section 4.20 of the Indenture, Trustee shall withdraw amounts from
the Cash Trap Reserve Sub-Account to purchase Notes pursuant to a Repayment Event Offer. 

  

	 	(e)	Asset Sale Sub-Account. Trustee shall withdraw amounts from the Asset Sale Sub-Account, subject and pursuant to the provisions of Sections 4.10 and 4.21 of the Indenture,
(i) with respect to Net Proceeds and solely to the extent of such Net Proceeds, to (A) acquire Substitute Assets and/or (B) purchase notes pursuant to an Asset Sale Offer and (ii) with respect to Event of Loss Proceeds and solely
to the extent of such Event of Loss Proceeds, to (A) restore or repair Properties or acquire Substitute Assets and/or (B) purchase notes pursuant to an Event of Loss Offer; provided that, in either event, to the extent there are Excess
Proceeds or Event of Loss Excess Proceeds upon the completion of the Asset Sale Offer or Event of Loss Offer, as applicable, such Excess Proceeds and Event of Loss Excess Proceeds will be deposited in the Lock Box Account. 

 

 14 

	 	(f)	Advance Rents Reserve Sub-Account. On the Monthly Payment Date, Trustee shall cause amounts deposited into the Advance Rents Reserve Sub-Account to be released to the Lock
Box Account on each Payment Date based upon a ratable allocation of such Advance Rents Reserve Deposit over the period for which the Annual Advance Rents Reserve Deposit (i.e., one-eleventh (1/11th) per month over the succeeding eleven months),
and the Quarterly Advance Rents Reserve Deposit (i.e., one-half (1/2) per month over the succeeding two (2) months) have been paid which such amounts shall be allocated and disbursed in accordance with Section 3.3 hereof;
provided, however, if rents which are required to be delivered as Advance Rents Reserve Deposits are received late, appropriate adjustments shall be made for allocating such rents over the period for which such deposits are required,
taking into consideration amounts which, but for such late payment of rent, would have previously been distributed from the Advance Rents Reserve Sub-Account had such rents not been paid late. 

 Section 4.2 Sole Dominion and Control. CCL, the Guarantors and Manager acknowledge and agree that the Securities Accounts are
subject to the sole dominion, control and discretion of Trustee, its authorized agents or designees, including Bank, subject to the terms hereof. None of CCL, the Guarantors or Manager shall have any right of withdrawal with respect to any Account
except in accordance with Section 3.3 or 4.1. Bank shall have the right and agrees to comply with the instructions of Trustee with respect to the Securities Accounts without further consent of CCL, the Guarantors or Manager. Bank shall comply
with all “entitlement orders” (as defined in Section 8-102(a)(8) of the UCC) and instructions originated by Trustee without further consent by CCL, the Guarantors or any other Person. 
  

	V.	PLEDGE OF ACCOUNTS 

 Section 5.1 Security for
Obligations. (a) To secure the full and punctual payment and performance of all Obligations of CCL and the Guarantors under the Indenture, the Notes, the Security Instruments, this Agreement and all other Transaction Documents,
CCL and the Guarantors hereby grant to Trustee a first priority continuing security interest in and to the following property of CCL and the Guarantors, whether now owned or existing or hereafter acquired or arising and regardless of where located
(all of the same, collectively, the “Collateral”): 
 (i) the Accounts and all cash, checks, drafts, certificates and
instruments, if any, from time to time deposited or held therein, including, without limitation, all deposits or wire transfers made to the Deposit Account, the Lock Box Account, and each of the Sub-Accounts; 
 (ii) any and all amounts invested in Permitted Investments; 
 (iii) all interest, dividends, cash, instruments and other property from time to time received, receivable or otherwise payable in respect of, or in exchange for, any or all of the foregoing; and 
  

 15 

 (iv) to the extent not covered by clauses (i), (ii) or (iii) above, all “proceeds”
(as defined under the Uniform Commercial Code as in effect in the State of New York (the “UCC”)) of any or all of the foregoing. 
  

	 	(b)	Trustee and Bank, as agent for Trustee, shall have with respect to the Collateral, in addition to the rights and remedies herein set forth, all of the rights and remedies available
to a secured party under the UCC, as if such rights and remedies were fully set forth herein. 

 Section 5.2
Rights on Default. Upon the occurrence and during the continuance of an Event of Default, Trustee shall promptly notify Bank of such Event of Default and, without notice from Bank or Trustee, (a) CCL and the Guarantors shall
have no further right in respect of (including, without limitation, the right to instruct Trustee or Bank to transfer from) the Securities Accounts, (b) Trustee may direct Bank to liquidate and transfer any amounts then invested in Permitted
Investments to the Securities Accounts or reinvest such amounts in other Permitted Investments as Trustee may reasonably determine is necessary to perfect or protect any security interest granted or purported to be granted hereby or to enable Bank,
as agent for Trustee, or Trustee to exercise and enforce Trustee’s rights and remedies hereunder with respect to any Collateral, and (c) Trustee may apply any Collateral to any Obligations in such order of priority as Trustee may
determine, in accordance with the Indenture. The proceeds of any disposition of the Collateral, or any part thereof, may be applied by Trustee to the payment of the Obligations in such priority and proportions as Trustee in its discretion shall deem
proper, in accordance with the Indenture. 
 Section 5.3 Financing Statement; Further Assurances. CCL and the Guarantors hereby
authorize Trustee to file a financing statement or statements in connection with the Collateral in the form required by Trustee to properly perfect Trustee’s security interest therein to the extent a security interest in the Collateral may also
be perfected by filing. CCL and the Guarantors agree that at any time and from time to time, at the expense of CCL and the Guarantors, CCL and the Guarantors will promptly execute and deliver all further instruments and documents, and take (or
authorize the taking of) all further action, that may be reasonably necessary or desirable, or that Bank or Trustee may reasonably request, in order to perfect and protect any security interest granted or purported to be granted hereby (including,
without limitation, any security interest in and to any Permitted Investments) or to enable Bank or Trustee to exercise and enforce its rights and remedies hereunder with respect to any Collateral. In the event of any change in name, identity or
structure of CCL and the Guarantors, CCL and the Guarantors shall notify Trustee thereof and hereby authorize Trustee to file and record such UCC financing statements (if any) as are reasonably necessary to maintain the priority of Trustee’s
lien upon and security interest in the Collateral, and shall pay all expenses and fees in connection with the filing and recording thereof. 
  

 16 

 Section 5.4 Termination of Agreement. This Agreement shall create a continuing
security interest in the Collateral and shall remain in full force and effect until payment in full of the Obligations. Upon payment and performance in full of the Obligations, this Agreement shall terminate and CCL and the Guarantors shall be
entitled to the return, at their expense, of such of the Collateral as shall not have been sold or otherwise applied pursuant to the terms hereof, and Bank and/or Trustee shall execute such instruments and documents as may be reasonably requested by
CCL and the Guarantors to evidence such termination and the release of the lien hereof including, without limitation, letters to the Tenants prepared by CCL and the Guarantors and reasonably acceptable to Trustee rescinding the instructions set
forth in the Tenant Direction Letter and authorization to file UCC-3 termination statements. 
 Section 5.5 Representations of CCL and
the Guarantors. 
  

	 	(a)	This Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the Collateral in favor of Trustee, which security interest is prior to all
other liens, and is enforceable as such as against creditors of and purchasers from CCL and the Guarantors. 

  

	 	(b)	CCL and the Guarantors own and have good and marketable title to the Collateral free and clear of any lien, claim or encumbrance of any Person except as created under this
Agreement. 

  

	 	(c)	CCL and the Guarantors are delivering this agreement pursuant to which Bank has agreed to comply with all instructions originated by Trustee directing disposition of the funds in
the Securities Accounts without further consent by CCL or the Guarantors. 

  

	 	(d)	Other than the security interest granted to Trustee pursuant to this Agreement or the Security Instruments, CCL and the Guarantors have not pledged, assigned, sold, granted a
security interest in, or otherwise conveyed the Collateral. CCL and the Guarantors have received all consents and approvals required by the terms of the Collateral to the transfer to Trustee of their interest and rights in the Collateral hereunder.

  

	 	(e)	The Accounts are not in the name of any person other than CCL and the Guarantors or Trustee. CCL and the Guarantors have not consented to Bank or securities intermediary complying
with instructions of any person other than Trustee. 

  

	 	(f)	CCL and the Guarantors have not authorized the filing of and are not aware of any financing statements against CCL and the Guarantors that include a description of collateral
covering the Collateral other than any financing statement relating to the security interest granted to Trustee hereunder and pursuant to the Security Instruments or that has been terminated. CCL and the Guarantors are not aware of any judgment or
tax lien filings against any of CCL and the Guarantors. 

  

 17 

	 	(g)	CCL and the Guarantors have taken all steps necessary to cause the securities intermediary to identify in its records Trustee as the person having a security entitlement against the
securities intermediary in the Securities Accounts. 

  

	VI.	RIGHTS AND DUTIES OF TRUSTEE AND BANK 

 Section
6.1 Reasonable Care. Beyond the exercise of reasonable care in the custody thereof or as otherwise expressly provided herein, neither Bank nor Trustee shall have any duty as to any Collateral in its possession or control as agent
therefor or bailee thereof or any income thereon or the preservation of rights against any Person or otherwise with respect thereto. Bank and Trustee each shall be deemed to have exercised reasonable care in the custody and preservation of the
Collateral in its possession if the Collateral is accorded treatment substantially equal to that which Bank or Trustee accords its own property, it being understood that Bank and/or Trustee shall not be liable or responsible for any loss or damage
to any of the Collateral, or for any diminution in value thereof, by reason of the act or omission of Bank or Trustee, its Affiliates, agents, employees or bailees, except to the extent that such loss or damage results from Bank’s or
Trustee’s gross negligence or willful misconduct, provided that nothing in this Article VI shall be deemed to relieve Bank from the duties and standard of care which, as a commercial bank, it generally owes to depositors. Neither Trustee
nor Bank shall have any liability for any loss resulting from the investment of funds in Permitted Investments in accordance with the terms and conditions of this Agreement. 
 Section 6.2 Indemnity. Bank, in its capacity as agent hereunder, shall be responsible for the performance only of such duties as are
specifically set forth herein, and no duty shall be implied from any provision hereof. Bank shall not be under any obligation or duty to perform any act which would involve it in expense or liability or to institute or defend any suit in respect
hereof, or to advance any of its own monies. CCL and the Guarantors, jointly and severally, shall indemnify and hold Bank and Trustee, their respective employees and officers harmless from and against any loss, liability, cost or damage (including,
without limitation, reasonable attorneys’ fees and disbursements) incurred by Bank or Trustee in connection with the transactions contemplated hereby, except to the extent that such loss or damage results from Bank’s or Trustee’s
gross negligence or willful misconduct. The foregoing indemnity shall survive the termination of this Agreement and the resignation and removal of Bank or Trustee. 
 Section 6.3 Reliance. Bank shall be protected in acting upon any notice, resolution, request, consent, order, certificate, report, opinion, bond or other paper, document or signature reasonably
believed by it to be genuine, and it may be assumed that any person purporting to act on behalf of any Person giving any of the foregoing in connection with the provisions hereof has been duly authorized to do so. Bank may consult with legal
counsel, and the advice or opinion of such counsel shall be full and complete authorization and protection in respect of any action taken or suffered by it hereunder and in good faith in accordance therewith. Bank shall not 

  

 18 

 
be liable for any act or omission done or omitted to be done by Bank in reliance upon any instruction, direction or certification received by Bank and
without gross negligence or willful misconduct. Bank shall be entitled to execute any of the powers hereunder or perform any duties hereunder either directly or through agents or attorneys; provided, however, that the execution of such
powers by any such agents or attorneys shall not diminish, or relieve Bank for, responsibility therefor to the same degree as if Bank itself had executed such powers. 
 Section 6.4 Resignation of Bank. 
  

	 	(a)	Bank shall have the right to resign as Bank hereunder upon thirty (30) days’ prior written notice to CCL, Manager and Trustee, and in the event of such resignation, CCL
and the Guarantors shall appoint a successor Bank which must be an Eligible Bank. No such resignation by Bank shall become effective until a successor Bank shall have accepted such appointment and executed an instrument by which it shall have
assumed all of the rights and obligations of Bank hereunder. If no such successor Bank is appointed within thirty (30) days after receipt of the resigning Bank’s notice of resignation, the resigning Bank may petition a court for the
appointment of a successor Bank. 

  

	 	(b)	In connection with any resignation by Bank, (i) the resigning Bank shall, (A) duly assign, transfer and deliver to the successor Bank this Agreement and all cash and
Permitted Investments held by it hereunder, (B) authorize the filing of such financing statements and shall execute such other instruments prepared by CCL and the Guarantors and approved by Trustee or prepared by Trustee as may be necessary to
assign to the successor Bank, as agent for Trustee, any security interest in the Collateral existing in favor of the retiring Bank hereunder and to otherwise give effect to such succession and (C) take such other actions as may be reasonably
required by Trustee or the successor Bank in connection with the foregoing and (ii) the successor Bank shall establish in Trustee’s name, as secured party, cash collateral accounts, which shall become the Securities Accounts for purposes
of this Agreement upon the succession of such Bank, and which Securities Accounts shall also be “securities accounts” within the meaning of the UCC. 

  

	 	(c)	Trustee at its sole discretion shall have the right, upon thirty (30) days notice to Bank, to substitute Bank with a successor Bank reasonably acceptable to CCL and the
Guarantors that satisfies the requirements of an Eligible Bank or to have one or more of the Accounts held by another Eligible Bank, provided that such successor Bank shall perform the duties of Bank pursuant to the terms of this Agreement.

  

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 Section 6.5 Trustee Appointed Attorney-In-Fact. Upon the occurrence and during the
continuance of an Event of Default, CCL and the Guarantors hereby irrevocably constitute and appoint Trustee as CCL’s and the Guarantors’ true and lawful attorney-in-fact, coupled with an interest and with full power of substitution, to
execute, acknowledge and deliver any instruments and to exercise and enforce every right, power, remedy, option and privilege of CCL and the Guarantors with respect to the Collateral, and do in the name, place and stead of CCL and the Guarantors,
all such acts, things and deeds for and on behalf of and in the name of CCL and the Guarantors, which CCL and the Guarantors are required to do hereunder or under the other Transaction Documents or which Bank or Trustee may deem reasonably necessary
or desirable to more fully vest in Trustee the rights and remedies provided for herein and to accomplish the purposes of this Agreement including, without limitation, the filing of any UCC financing statements or continuation statements in
appropriate public filing offices on behalf of CCL and the Guarantors, in any of the foregoing cases, upon CCL and the Guarantors’ failure to take any of the foregoing actions within fifteen (15) days after notice from Trustee. The
foregoing powers of attorney are irrevocable and coupled with an interest. 
 Section 6.6 Acknowledgment of Lien/Offset
Rights. Bank hereby acknowledges and agrees with respect to the Securities Accounts that (a) the Securities Accounts shall be held by Bank in the name of Trustee, (b) all funds held in the Securities Accounts shall be held for the
benefit of Trustee as secured party, (c) CCL and the Guarantors have granted to Trustee a first priority security interest in the Collateral, (d) Bank shall not disburse any funds from the Securities Accounts except as provided herein, and
(e) Bank shall invest and reinvest any balance of the Securities Accounts in Permitted Investments in accordance with Section 2.5 hereof. 
 Section 6.7 Reporting Procedures. Bank shall provide CCL, the Guarantors, Manager and Trustee with a record of all checks and any other items deposited to the Lock Box Account or processed for collection. Bank shall
make available a daily credit advice to CCL, the Guarantors and Manager, which credit advice shall specify the amount of each receipt deposited into each Account on such date. The Bank shall send a monthly report to CCL, the Guarantors, Manager and
Trustee, which monthly report shall specify the credits and charges to the Securities Accounts for the previous calendar month. Bank shall, at the request of Trustee or Manager, establish Trustee and Manager as users of Bank’s electronic data
transfer system in accordance with Bank’s standard procedures. Upon request of Trustee or Manager, (i) Bank shall make available to Trustee or Manager, as applicable, either (x) copies of the daily credit advices and any other advices
or reports furnished by Bank to CCL, the Guarantors and/or Manager hereunder or (y) information on Securities Account balances, to the extent said balances in the Securities Accounts have changed from the previous report, the aggregate amount
of withdrawals from the Securities Accounts and other similar information via the electronic data transfer system or facsimile transmission on a daily basis, and (ii) Bank shall advise Trustee or Manager, as applicable, of the amount of
available funds in the Securities Accounts and shall deliver to Trustee and Manager copies of all statements and other information concerning the Securities Accounts, to the extent that the balances in the Securities Accounts have changed from the
previous report, 

  

 20 

 
as Trustee or Manager shall reasonably request. In the event Bank shall resign as Bank hereunder, Bank shall provide the Guarantors and Manager with a final
written accounting, including closing statements, with respect to the Securities Accounts within thirty (30) days of resignation. 
  

	VII.	REMEDIES 

 Section 7.1
Remedies. Upon the occurrence and during the continuance of an Event of Default, Trustee or Bank at the direction of Trustee and as agent for Trustee, may: 
  

	 	(a)	without notice to CCL, Manager, or the Guarantors, except as required by law, and at any time or from time to time, charge, set-off and otherwise apply all or any part of the
Collateral against the Obligations or any part thereof, including, without limitation, costs and expenses set forth in Section 8.4 hereof; 

  

	 	(b)	in its sole discretion, at any time and from time to time, exercise any and all rights and remedies available to it under this Agreement, and/or as a secured party under the UCC
and/or under any other applicable law or in equity; and 

  

	 	(c)	demand, collect, take possession of, receive, settle, compromise, adjust, sue for, foreclose or realize upon the Collateral (or any portion thereof) as Trustee may determine in its
sole discretion. 

 Section 7.2 Waiver. CCL and each of the Guarantors hereby expressly waives, to the fullest
extent permitted by law, presentment, demand, protest or any notice of any kind in connection with this Agreement or the Collateral. CCL and each of the Guarantors acknowledge and agree that ten (10) days’ prior written notice of the time
and place of any public sale of the Collateral or any other intended disposition thereof shall be reasonable and sufficient notice to CCL and the Guarantors within the meaning of the UCC. 
  

	VIII.	MISCELLANEOUS 

 Section 8.1 Transfers
and Other Liens. CCL and the Guarantors agree that they will not (i) sell or otherwise dispose of any of the Collateral or (ii) create or permit to exist any Lien upon or with respect to all or any of the Collateral, except in each
case as permitted by this Agreement, the Indenture and other Transaction Documents. 
 Section 8.2 Trustee’s Right to
Perform the Guarantors’ Obligations; No Liability of Trustee. If CCL and the Guarantors fail to perform any of the covenants or obligations contained herein, and such failure shall continue for a period ten (10) Business Days after
CCL’s and the Guarantors’ receipt of written notice thereof from Trustee, Trustee may itself perform, or cause performance of, such covenants or obligations, and the reasonable expenses of Trustee incurred in 

  

 21 

 
connection therewith shall be payable by CCL and the Guarantors to Trustee. Notwithstanding Trustee’s right to perform certain obligations of CCL and
the Guarantors, it is acknowledged and agreed that CCL and the Guarantors retain control of the Properties and operation thereof and notwithstanding anything contained herein or Bank’s or Trustee’s exercise of any of its rights or remedies
hereunder, under the Transaction Documents or otherwise at law or in equity, neither Bank nor Trustee shall be deemed to be a mortgagee-in-possession nor shall Trustee be subject to any liability with respect to the Properties or otherwise based
upon any claim of lender liability except as a result of Trustee’s gross negligence or willful misconduct. 
 Section 8.3
No Waiver. The rights and remedies provided in this Agreement and the other Transaction Documents are cumulative and may be exercised independently or concurrently, and are not exclusive of any other right or remedy provided at law or
in equity. No failure to exercise or delay by Bank or Trustee in exercising any right or remedy hereunder or under the Transaction Documents shall impair or prohibit the exercise of any such rights or remedies in the future or be deemed to
constitute a waiver or limitation of any such right or remedy or acquiescence therein. Every right and remedy granted to Bank and/or Trustee hereunder or by law may be exercised by Bank and/or Trustee at any time and from time to time, and as often
as Bank and/or Trustee may deem it expedient. Any and all of Bank’s and/or Trustee’s rights with respect to the lien and security interest granted hereunder shall continue unimpaired, and CCL and the Guarantors shall be and remain
obligated in accordance with the terms hereof, notwithstanding (a) any proceeding of CCL and the Guarantors under the Federal Bankruptcy Code or any bankruptcy, insolvency or reorganization laws or statutes of any state, (b) the release or
substitution of Collateral at any time, or of any rights or interests therein or (c) any delay, extension of time, renewal, compromise or other indulgence granted by the Bank and/or Trustee in the event of any default, with respect to the
Collateral or otherwise hereunder. No delay or extension of time by Bank and/or Trustee in exercising any power of sale, option or other right or remedy hereunder, and no notice or demand which may be given to or made upon CCL and the Guarantors by
Bank and/or Trustee, shall constitute a waiver thereof, or limit, impair or prejudice Bank’s and/or Trustee’s right, without notice or demand, to take any action against CCL and the Guarantors or to exercise any other power of sale, option
or any other right or remedy. 
 Section 8.4 Expenses. The Collateral shall secure, and CCL and the Guarantors shall pay
to Bank and Trustee in accordance with the time frames set forth in the Indenture, from time to time, all costs and expenses for which CCL and the Guarantors are liable under the Indenture and as follows: 
  

	 	(a)	CCL and the Guarantors agree to compensate the Bank for performing the services described herein pursuant to the fee schedule described in Exhibit C. CCL and the Guarantors
shall be liable to the Bank for the amount of any exchange, collection, processing, transfer, wire, postage or other out-of-pocket expenses incurred by the Bank, as reasonably determined by the Bank from time to time. 

  

 22 

	 	(b)	The Bank shall debit the Lock Box Account by the amount of its fees under advice on a monthly basis or shall include its fees in an account analysis statement, in accordance with
the particular arrangements among the Bank, CCL and the Guarantors as the Bank, CCL and the Guarantors may agree from time to time. 

  

	 	(c)	If insufficient funds are available to cover the amounts due under this Section 8.4, CCL and the Guarantors shall pay such amounts to the Bank in immediately available funds
within five (5) Business Days of demand by Bank, and if such amounts remain unpaid after that time, then the Trustee shall pay such unpaid amounts in immediately available funds within one (1) Business Day of demand by Bank.

 Section 8.5 Entire Agreement. This Agreement, together with the Indenture and the agreements
contemplated thereby, constitute the entire and final agreement among the parties with respect to the subject matter hereof and may not be changed, terminated or otherwise varied, except by a writing duly executed by the parties. 
 Section 8.6 No Waiver. No waiver of any term or condition of this Agreement, whether by delay, omission or otherwise, shall be
effective unless in writing and signed by the party sought to be charged, and then such waiver shall be effective only in the specific instance and for the purpose for which given. 
 Section 8.7 Successors and Assigns; Third Party Beneficiaries. This Agreement shall be binding upon and inure to the benefit of the
parties hereto, their respective successors and permitted assigns. This Agreement inures to the benefit of the Holders as provided in the Indenture. 
 Section 8.8 Notices. All notices, demands, requests, consents, approvals and other communications (any of the foregoing, a “Notice”) required, permitted, or desired to be given
hereunder shall be in writing and delivered to the parties at the addresses and in the manner provided in Section 14.02 of the Indenture. Notices to the Bank shall be addressed as follows: 
 If to Bank:   THE BANK OF NEW YORK MELLON TRUST 
             COMPANY, N.A. 
             601 Travis Street, 16th Floor 
             Houston, Texas 77002 
             Attention: Corporate Trust Services, re: CC Holdings GS V 
             LLC and Crown Castle GS III Corp. 
 Section 8.9 Captions. All captions in this Agreement are included herein for convenience of reference only and shall not constitute part of this Agreement for any other purpose. 
  

 23 

 Section 8.10 Governing Law. This Agreement shall be governed by and construed and
enforced in all respects in accordance with the laws of the State of New York without regard to conflicts of law principles of such State. 
 Section 8.11 Counterparts. This Agreement may be executed in any number of counterparts. 
 Section 8.12
Exculpation. The provisions of Article 11 of the Indenture are hereby incorporated by reference into this Agreement as to the liability of the Guarantors hereunder to the same extent and with the same force as if fully set forth
herein, and shall apply equally to Manager to the same extent and with the same force as if fully set forth herein. 
 Section 8.13
Inconsistencies. To the extent the terms of this Agreement are inconsistent with the terms of the Indenture, the terms of the Indenture shall prevail. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 
  

 24 

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

			
	ISSUER:
	
	CC HOLDINGS GS V LLC, a Delaware limited liability company
		
	By:	 	/s/ Jay Brown
		 	Name: Jay Brown
		 	Title:   SVP, CFO and Treasurer

 [SIGNATURES CONTINUE ON NEXT PAGE] 

			
	GUARANTORS:
	
	GLOBAL SIGNAL ACQUISITIONS LLC, a Delaware limited liability company
	GLOBAL SIGNAL ACQUISITIONS II LLC, a Delaware limited liability company
	PINNACLE TOWERS LLC, a Delaware limited liability company
	INTRACOASTAL CITY TOWERS LLC, a Delaware limited liability company
	TOWER SYSTEMS LLC, a Delaware limited liability company
	RADIO STATION WGLD LLC, a Delaware limited liability company
	HIGH POINT MANAGEMENT CO. LLC, a Delaware limited liability company
	ICB TOWERS, LLC, a Georgia limited liability company
	AIRCOMM OF AVON, L.L.C. , a Connecticut limited liability company
	INTERSTATE TOWER COMMUNICATIONS LLC, a Delaware limited liability company
	TOWER TECHNOLOGY COMPANY OF JACKSONVILLE LLC, a Delaware limited liability company
	PINNACLE TOWERS III LLC, a Delaware limited liability company
	COVERAGE PLUS ANTENNA SYSTEMS LLC, a Delaware limited liability company
	PINNACLE TOWERS V INC., a Florida limited liability company
	SHAFFER & ASSOCIATES INC., an Illinois limited liability company
	SIERRA TOWERS, INC., a Texas limited liability company
		
	By:	 	/s/ Jay Brown
		 	Name: Jay Brown
		 	Title:   SVP, CFO and Treasurer

 [SIGNATURES CONTINUE ON THE FOLLOWING PAGE] 
 [Cash Management Agreement Signature Page] 

			
	TRUSTEE:
	
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.
	a National Association
		
	By:	 	/s/ Mauri Cowen
		 	Name: Mauri Cowen
		 	Title:   Vice President
	
	MANAGER: 
	
	CROWN CASTLE USA, INC.,
	a Delaware corporation
		
	By:	 	/s/ Jay Brown
		 	Name: Jay Brown
		 	Title:   SVP, CFO and Treasurer

 [SIGNATURES CONTINUE ON THE FOLLOWING PAGE] 
 [Cash Management Agreement Signature Page] 

			
	BANK:
	
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.
	a National Association
		
	By:	 	/s/ Mauri Cowen
		 	Name: Mauri Cowen
		 	Title:   Vice President

 [Cash Management Agreement Signature Page]

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