Incentive-Owners of transmission sites seek long term, nonrecourse financing.

Market Industry Strength 1) Continuing demand for wireless connections 2) Potential for cash flows from cell towers to remain relatively stable 3) Low tech nature of collateral allowing for reliable valuations 4) Limited supply of municipal permits for the sites: Barriers to Entry

Securitizations combine characteristics of three basic industries 1) Telecommunications 2) Equipment leasing 3) CRE

Transactions are telecommunications equipment leases where note-holders are repaid from existing lease payments and future flows from lease renewals. In addition to the lease payments, noteholders typically secured by a first lien on the cell tower equipment as well as a security interest in the land or ground lease where towers are located.

Collateral Pool

-Transmission sites generally consist of Land, Towers, antennae, lines. Base stations,

Structure

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Risks/Analysis 1) Payment Shortfalls 2) Refinance 3) Vacancies 4) Technological Obsolesence

Pricing

CCI 2010 CCI 2006-1A
Class Spread Class Price 5 Yr 178| AFX 105.25|106 7 Yr 184| AFL 98.75|100
10 Yr 190| B 105|106 C 105|106 GTP 2010 D 105|106
Class Spread E 105|106
C 200| F 105|106
F 555| G 105|106

SBAC 2006-1A AMTT 2007-1A
Class Price Class Price A 104.25|105.25 AFX 105.75|106.25 B 104.25|105.25 AFL 96|99 C 104.25|105.25 B 105.5|106.25
D 104.25|105.25 C 105.5|106.25 E 104.25|105.25 D 105.5|106.25
F 104.25|105.25 E 105|106
G 104.25|105.25 F 105|106
H 104.25|105.25
J 104.25|105.25