Exhibit 10.47.K
  
 PLEDGE AGREEMENT
(MLCS/MMA REALTY)
  MUNIMAE TEI HOLDINGS, LLC
  MERRILL LYNCH CAPITAL SERVICES, INC.




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Section 1.
    
    Grant of Security
    
    
    2Section 2.
    
    Security for Obligations
    
    
    2Section 3.
    
    Pledgor Remains Liable
    
    
    3Section 4.
    
    Delivery and Control of Security Collateral
    
    
    3Section 5.
    
    Representations and Warranties
    
    
    3Section 6.
    
    Further Assurances
    
    
    5Section 7.
    
    Post-Closing Changes
    
    
    5Section 8.
    
    Voting Rights; Dividends; Etc.
    
    
    6Section 9.
    
    Transfers and Other Liens; Additional Shares
    
    
    7Section 10.
    
    MLCS Appointed Attorney-in-Fact
    
    
    7Section 11.
    
    MLCS May Perform
    
    
    8Section 12.
    
    MLCS Duties
    
    
    8Section 13.
    
    Remedies
    
    
    9Section 14.
    
    Indemnity and Expenses
    
    
    10Section 15.
    
    Amendments; Waivers, Etc.
    
    
    11Section 16.
    
    Notices, Etc.
    
    
    11Section 17.
    
    Continuing Security Interest; Assignments
    
    
    11Section 18.
    
    Release; Termination
    
    
    12Section 19.
    
    Execution in Counterparts
    
    
    12Section 20.
    
    Governing Law
    
    
    12
 SCHEDULES I
    
    LOCATION, CHIEF EXECUTIVE OFFICE, TYPE OF
ORGANIZATION, JURISDICTION OF ORGANIZATION
AND ORGANIZATIONAL IDENTIFICATION NUMBERSCHEDULE II
    
    PLEDGED EQUITYSCHEDULE III
    
    CHANGES IN NAME, LOCATION, ETC.




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PLEDGE AGREEMENT
 THIS PLEDGE AGREEMENT MUNIMAE TEI HOLDINGS, LLC MERRILL LYNCH CAPITAL
SERVICES, INC.
 PRELIMINARY STATEMENTS.
 Master Agreement Support
Annex Swap Agreement




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Section 1. Grant of Security
     Section 2. Security for Obligations
 2




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Section 3. Pledgor Remains Liable
 Section 4. Delivery and Control of Security Collateral
   Section 5. Representations and Warranties
  3




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4




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Section 6. Further Assurances
    Section 7. Post-Closing Changes
 5




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Section 8. Voting Rights; Dividends; Etc.
        6




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Section 9. Transfers and Other Liens; Additional Shares
   Section 10. MLCS Appointed Attorney-in-Fact
  7




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Section 11. MLCS May Perform
 Section 12. MLCS Duties
   8




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Section 13. Remedies
      9




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Section 14. Indemnity and Expenses
  10




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Section 15. Amendments; Waivers, Etc.
 Section 16. Notices, Etc.
 Section 17. Continuing Security Interest; Assignments
 11




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Section 18. Release; Termination
   Section 19. Execution in Counterparts
 Section 20. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK
  12




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MUNIMAE TEI HOLDINGS, LLCByNameTitle




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MERRILL LYNCH CAPITAL SERVICES, INC.ByNameTitle




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SCHEDULE I TO THE
SECURITY AGREEMENT
 LOCATION, CHIEF EXECUTIVE OFFICE,
TYPE OF ORGANIZATION, JURISDICTION OF ORGANIZATION
AND ORGANIZATIONAL IDENTIFICATION NUMBER
 Location (per
    
    ChiefSection 9-307 of
    
    Executive
    
    Type of
    
    Jurisdiction
    
    OrganizationalPledgor
    
    the UCC)
    
    Office
    
    Organization
    
    of Organization
    
    I.D. No.MuniMae TEI 
Holdings, LLC
    
    Maryland
    
    621 East Pratt
Street,
3rd
floor,Baltimore, MD21202
    
    LLC
    
    Maryland
    
    W05207691




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SCHEDULE II TO THE
SECURITY AGREEMENT
 PLEDGED EQUITY
 Percentage ofType of
    
    
    
    Certificate
    
    Number of
    
    OutstandingPledgor
    
    Issuer
    
    Equity Interests
    
    Par Value
    
    No(s)
    
    Shares
    
    SharesMuniMae TEI 
Holdings, LLC
    
    MuniMae TE Bond
Subsidiary, LLC
    
    Common LLC Interests
    
    N/A
    
    
    012
    
    
    
    400
    
    
    3.96% of Common
Shares (as defined
in the Operating
Agreement of the
Issuer)




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SCHEDULE III TO THE
SECURITY AGREEMENT
 CHANGES IN NAME, LOCATION, ETC.