Debt and Other Obligations



	Original Issue Date	Contractual Maturity Date		Outstanding Balance as of June 30, 2011			Outstanding Balance as of December 31, 2010		Stated Interest Rate as of June 30, 2011(a)
Bank debt - variable rate:
Revolver	Jan. 2007	Sept. 2013		$	188,000	(b)	$	157,000	2.4	%	(c)
2007 Term Loans	Jan./March 2007	March 2014		622,375			625,625		1.7	%	(c)
Total bank debt				810,375			782,625
Securitized debt - fixed rate:
January 2010 Tower Revenue Notes	Jan. 2010	2035 - 2040	(d)	1,900,000			1,900,000		5.8	%	(d)
August 2010 Tower Revenue Notes	Aug. 2010	2035 - 2040	(d)	1,550,000			1,550,000		4.5	%	(d)
2009 Securitized Notes	July 2009	2019/2029	(e)	225,290			233,085		7.0	%
Total securitized debt				3,675,290			3,683,085
High yield bonds - fixed rate:
9% Senior Notes	Jan. 2009	Jan. 2015		811,206			804,971		9.0	%	(f)
7.75% Secured Notes	April 2009	May 2017		977,416			975,913		7.8	%	(g)
7.125% Senior Notes	Oct. 2009	Nov. 2019		497,806			497,712		7.1	%	(h)
7.5% Senior Notes	Dec. 2003	Dec. 2013		51			51		7.5	%
Total high yield bonds				2,286,479			2,278,647
Other:
Capital leases and other obligations	Various	Various	(i)	44,114			34,537		Various		(i)
Total debt and other obligations				6,816,258			6,778,894
Less: current maturities and short-term debt and other current obligations				30,708			28,687
Non-current portion of long-term debt and other long-term obligations				$	6,785,550		$	6,750,207

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(a)	Represents the weighted-average stated interest rate.

(b)

In June 2011, CCOC amended the senior secured revolving credit facility ("Revolver") to increase the aggregate revolving commitment availability by $50.0 million to a total revolving commitment availability of $450.0 million, subject to certain restrictions based on the maintenance of financial covenants in the 2007 Credit Agreement. As of June 30, 2011, the undrawn availability under the Revolver is $262.0 million.

(c)

The Revolver bears interest at a rate per annum, at the election of CCOC, equal to (i) the greater of the prime rate of The Royal Bank of Scotland plc and the Federal Funds Effective Rate plus 0.5%, plus a credit spread ranging from 1.0% to 1.4% or (ii) LIBOR plus a credit spread ranging from 2.0% to 2.4%, in each case based on the Company's consolidated leverage ratio. The 2007 Term Loans bear interest at a rate per annum, at CCOC's election, equal to (i) the greater of the prime rate of The Royal Bank of Scotland plc and the Federal Funds Effective Rate plus 0.5% or (ii) LIBOR plus 1.5%.

(d)

If the respective series of the January 2010 Tower Revenue Notes and August 2010 Tower Revenue Notes are not paid in full on or prior to 2015, 2017 and 2020, as applicable, then Excess Cash Flow (as defined in the indenture) of the issuers (of such notes) will be used to repay principal of the applicable series and class of the 2010 Tower Revenue Notes, and additional interest (by an additional approximately 5% per annum) will accrue on the respective 2010 Tower Revenue Notes. The January 2010 Tower Revenue Notes consist of three series of notes with principal amounts of $300.0 million, $350.0 million and $1.3 billion, having anticipated repayment dates in 2015, 2017 and 2020, respectively. The August 2010 Tower Revenue Notes consist of three series of notes with principal amounts of $250.0 million, $300.0 million and $1.0 billion, having anticipated repayment dates in 2015, 2017 and 2020, respectively.


(e)	The 2009 Securitized Notes consist of $155.3 million of principal as of June 30, 2011 that amortizes through 2019, and $70.0 million of principal as of June 30, 2011 that amortizes during the period beginning in 2019 and ending in 2029.


(f)	The effective yield is approximately 11.3%, inclusive of the discount.


(g)	The effective yield is approximately 8.2%, inclusive of the discount.


(h)	The effective yield is approximately 7.2%, inclusive of the discount.


(i)	The Company's capital leases and other obligations bear interest rates up to 9% and mature in periods ranging from less than one year to approximately 20 years.

Interest Expense and Amortization of Deferred Financing Costs

The components of "interest expense and amortization of deferred financing costs" are as follows:



	Three Months Ended June 30,				Six Months Ended June 30,
	2011		2010		2011		2010
Interest expense on debt obligations	$	100,802	$	101,666	$	201,687	$	203,576
Amortization of deferred financing costs	3,754		3,986		7,476		7,880
Amortization of discounts on long-term debt	3,968		3,571		7,833		7,050
Amortization of interest rate swaps	17,959		10,836		35,848		21,825
Other	—		286		325		795
Total	$	126,483	$	120,345	$	253,169	$	241,126