Exhibit 10.47.M
   PLEDGE AGREEMENT
  MUNIMAE TEI HOLDINGS, LLC
  MERRILL
LYNCH CAPITAL SERVICES, INC.
  MERRILL
LYNCH, PIERCE, FENNER & SMITH INCORPORATED




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Section 1.  Grant of Security
    
    
    2Section 2.  Security for Obligations
    
    
    2Section 3.  Pledgor Remains Liable
    
    
    2Section 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.  The Pledgee Appointed Attorney-in-Fact
    
    
    7Section 11.  The Pledgee May Perform
    
    
    8Section 12.  The Pledgee 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
    
    
    13SCHEDULES 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. MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
 PRELIMINARY STATEMENTS.
 2005
Pledge Agreement




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Section 1. Grant of Security
     Section 2. Security for Obligations
 Section 3. Pledgor Remains Liable
 2




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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. The Pledgee Appointed Attorney-in-Fact
   7




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Section 11. The Pledgee May Perform
 Section 12. The Pledgee 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
 12




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Section 20. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK
  13




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MUNIMAE TEI HOLDINGS, LLCByNameTitle




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MERRILL LYNCH CAPITAL SERVICES, INC.ByNameTitle




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MERRILL, LYNCH, PIERCE, FENNER & SMITH INCORPORATEDByNameTitle




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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
    
    Maryland
    
    621 East Pratt
    
    LLC
    
    Maryland
    
    W05207691Holdings, LLC
    
    
    
    Street,
3rd floor,Baltimore, MD21202




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SCHEDULE II TO THE
SECURITY AGREEMENT
 PLEDGED EQUITY
 PercentageType ofEquity
    
    
    
    Certificate
    
    Number of
    
    ofOutstandingPledgor
    
    Issuer
    
    Interests
    
    Par Value
    
    No(s)
    
    Shares
    
    SharesMuniMae TEIHoldings, LLC
    
    MuniMae TEBondSubsidiary, LLC
    
    CommonLLC Interests
    
    N/A
    
    010
    
    1,000
    
    9.9% 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.