Document:

Exhibit 10.18

 

MORTGAGE AND
SECURITY AGREEMENT

 

KNOW ALL MEN BY THESE PRESENTS that Newkirk                        L.P.
(as successor by merger to                         Associates
Limited Partnership), a Delaware limited
partnership, having an address at 7 Bulfinch Place, Suite 500,
Boston, Massachusetts 02114 (hereinafter called “Mortgagor”) for consideration
paid, hereby grants, conveys, transfers, assigns and sets-over unto KEYBANK
NATIONAL ASSOCIATION, a national banking association having an address at 101
Federal Street, Boston, Massachusetts 02110, as administrative agent (KeyBank
National Association, in such capacity as administrative agent, hereinafter
referred to as “Administrative Agent” or “Mortgagee”) for a syndicate of
Lenders (singly and collectively, the “Lenders”) under a Master Loan Agreement
(as amended, supplemented or otherwise modified from time to time, the “Loan
Agreement”) of even date among (i) The Newkirk Master Limited Partnership,
a Delaware limited partnership (“NMLP”), (ii) T-Two Partners, L.P., a
Delaware limited partnership (“T-Two”) (iii) the Administrative Agent, (iv) Bank
of America, N.A., as “Deposit Account Co-Agent” (Bank of America, N.A., in such
capacity as Deposit Account Co-Agent, hereinafter referred to as “Deposit
Account Co-Agent”), and (v) the Lenders, with MORTGAGE COVENANTS the
Mortgaged Property (as defined below) to secure the Obligations (as defined
below).

 

The term Mortgagor shall include wherever the context permits its
successors and assigns.  The term Administrative
Agent and the Lenders shall include, wherever the context permits, their
respective successors and assigns as the holder for the time being of this
Mortgage and Security Agreement and the NMLP Note, the Guaranty, and other
Obligations hereby secured.

 

R E C I T A L
S:

 

A.                                   Pursuant
to the terms and conditions of the Loan Agreement, the Administrative Agent and
the Lenders have agreed to make a loan to NMLP in the aggregate principal
amount of $                        (the
“NMLP Loan”) and a loan to T-Two in the aggregate principal amount of $                        (the
“T-Two Loan”) (the NMLP Loan and the T-Two Loan sometimes are referred to
herein, collectively, as the “Loans”), upon the terms and subject to the
conditions set forth therein;

 

B.                                     The
Mortgagor has substantial financial dealings with NMLP and is affiliated with
NMLP (either by ownership, contractual relationship, employment or other
meaningful business relationship), and the lending of money and the extending
of the NMLP Loan by the Administrative Agent and the Lenders to NMLP will
enhance and benefit the business activities and interests of the Mortgagor.

 

C.                                     As
a condition to extending the Loans, the Administrative Agent and the Lenders
have required the Mortgagor to execute and deliver to the Administrative Agent
its Guaranty of

 

1

 

even date herewith (as such may be amended, modified, supplemented or
restated hereafter, the “Guaranty”), pursuant to which the Mortgagor has guaranteed
the payment and performance of all NMLP Obligations arising under or pursuant
to the Loan Agreement;

 

D.                                    [If
Leasehold - The Mortgagor owns (i) a leasehold estate interest in the Land
(as defined herein) as established under the Ground Lease (as defined herein)
which is currently set to expire on                        ,
unless otherwise renewed pursuant to its terms and conditions, and (ii) a
fee simple interest in the Improvements (as defined herein);] and

 

E.                                      It
is a condition precedent to the Lenders making the Loans or otherwise extending
credit to NMLP and T-Two under the Loan Agreement that the Mortgagor execute
and deliver to the Administrative Agent this Mortgage and Security Agreement.

 

This Mortgage and Security
Agreement (hereinafter, the “Mortgage”) is granted pursuant to the terms,
provisions and conditions of the Loan Agreement.  Capitalized terms used herein which are not
otherwise specifically defined herein shall have the meaning ascribed to such
terms under the Loan Agreement, which Loan Agreement and other Loan Documents
are incorporated by reference herein and made a part of this Mortgage.

 

The term “Mortgaged Property” shall mean and include all of the
following described property:

 

A.                                   Real
Estate.  [(if ground lease
applicable) All of the right, title and interest of the Mortgagor, as ground
lessee, established pursuant to that certain Ground Lease dated as of                        (hereinafter,
together with any amendments, modifications, extensions, renewals, and
replacements thereof, the “Ground Lease”) in and to] The land more particularly
described on Exhibit A which is annexed hereto and made a part
hereof (“Land”), together with the improvements and other structures now or
hereafter situated thereon (such improvements being sometimes called the “Improvements”)
located at                        ,
                        together
with all rights, privileges, tenements, hereditaments, appurtenances,
easements, including, but not limited to, rights and easements for access and
egress and utility connections, and other rights now or hereafter appurtenant
thereto (hereinafter, the “Real Estate”);

 

B.                                     Fixtures.  All real estate fixtures or items which by
agreement of the parties may be deemed to be such fixtures, now or hereafter
owned by Mortgagor, or in which Mortgagor has or hereafter obtains an interest,
and now or hereafter located in or upon the Real Estate, or now or hereafter
attached to, installed in, or used in connection with any of the Real Estate,
including, but not limited to, any and all portable or sectional buildings,
bathroom, plumbing, heating, lighting, refrigerating, ventilating and
air-conditioning apparatus and equipment, garbage incinerators and receptacles,
elevators and elevator machinery, boilers, furnaces, stoves, tanks, motors,
sprinkler and fire detection and extinguishing systems, doorbell and alarm
systems, window shades, screens, awnings, screen doors, storm and other
detachable windows and doors,

 

2

 

mantels, partitions, built-in cases, counters and other fixtures
whether or not included in the foregoing enumeration (hereinafter, the “Fixtures”);

 

C.                                     Additional
Appurtenances. All bridges, easements, rights of way, licenses, privileges,
hereditaments, permits and appurtenances hereafter belonging to or inuring to
the benefit of the Real Estate and all right, title and interest of Mortgagor
in and to the land lying within any street or roadway adjoining any of the Real
Estate and all right, title and interest of Mortgagor in and to any vacated or
hereafter vacated streets or roads adjoining any of the Real Estate and any and
all reversionary or remainder rights (hereinafter, the “Additional
Appurtenances”);

 

D.                                    Awards.  All of the right, title and interest of Mortgagor
in and to any award or awards heretofore made or hereafter to be made by any
municipal, county, state or federal authorities to the present or any
subsequent owners of any of the Real Estate or the Land, or the Improvements,
or the Fixtures, or the Additional Appurtenances, or the Leases or the Personal
Property, including, without limitation, any award or awards, or settlements or
payments, or other compensation hereafter made resulting from (x) condemnation
proceedings or the taking of the Real Estate, or the Land, or the Improvements,
or the Fixtures, or the Additional Appurtenances, or the Leases or the Personal
Property, or any part thereof, under the power of eminent domain, or (y) the
alteration of grade or the location or discontinuance of any street adjoining
the Land or any portion thereof, or (z) any other injury to or decrease in
value of the Mortgaged Property (hereinafter, the “Awards”);

 

E.                                      Leases.  All leases and subleases now or hereafter
entered into of the Real Estate, or any portion thereof, and all rents, issues,
profits, revenues, earnings and royalties therefrom, and all right, title and
interest of Mortgagor thereunder, including, without limitation, purchase or
sale options, cash, letters of credit, or securities deposited thereunder to
secure performance by the tenants or occupants of their obligations thereunder,
whether such cash, letters of credit, or securities are to be held until the
expiration of the terms of such leases or occupancy agreements or applied to
one or more of the installments of rent coming due prior to the expiration of
such terms including, without limitation, the right to receive and collect the
rents and other payments due thereunder (hereinafter, the “Leases”);

 

F.                                      Purchase
and Sale Agreements.  All purchase
and sale agreements now or hereafter entered into of the Real Estate, or any
portion thereof, or any condominium units into which the Real Estate may be
converted including, without limitation, cash, letters of credit or securities
deposited thereunder to secure performance by the purchasers of their
obligations thereunder (hereinafter, the “Purchase and Sale Agreements”); and

 

G.                                     Personal
Property. All tangible and intangible personal property now owned or at any
time hereafter acquired by Mortgagor of every nature and description, and used
in any way in connection with the Real Estate, the Fixtures, the Additional
Appurtenances, the Purchase and Sale Agreements, or any other portion of the
Mortgaged Property, including, without limitation

 

3

 

express or implied upon the generality of the foregoing, all Equipment,
Goods, Inventory, Fixtures, Accounts, Instruments, Documents and General
Intangibles (as each such capitalized term is defined in the Uniform Commercial
Code in effect in the state where the Real Estate is situated) and further
including, without any such limitation, the following whether or not included
in the foregoing: materials; supplies; furnishings; chattel paper; money; bank
accounts; security deposits; utility deposits; any insurance or tax reserves
deposited with Administrative Agent; any cash collateral deposited with Administrative
Agent; claims to rebates, refunds or abatements of real estate taxes or any
other taxes; contract rights; plans and specifications; licenses, permits,
approvals and other rights; the rights of Mortgagor under contracts with
respect to the Real Estate or any other portion of the Mortgaged Property, or
the Project; signs, brochures, advertising, the name by which the Mortgaged
Property is known and any variation of the words thereof, and good will;
copyrights, service marks, and all goodwill associates therewith; and
trademarks; all proceeds paid for any damage or loss to all or any portion of
the Real Estate, the Fixtures, the Additional Appurtenances, any other Personal
Property or any other portion of the Mortgaged Property (hereinafter, the “Insurance
Proceeds”); all Awards; all Leases; all Purchase and Sale Agreements; all books
and records; and all proceeds, products, additions, accessions, substitutions
and replacements to any one or more of the foregoing (collectively, the “Personal
Property”).

 

The term “Obligations” shall mean and include:

 

A.                                   The
Guaranteed Obligations, a such term is defined in the Guaranty;

 

B.                                     The
payment, performance, discharge and satisfaction of each covenant, warranty,
representation, undertaking and condition to be paid, performed, satisfied and
complied with by Mortgagor under and pursuant to this Mortgage and the
Guaranty, and also by Mortgagor under and pursuant to each of the other Loan
Documents referred to in, or executed in connection therewith;

 

C.                                     The
payment of all costs, expenses, legal fees and liabilities incurred by Administrative
Agent and the Lenders in connection with the enforcement of any of Administrative
Agent’s or any Lender’s rights or remedies after a Default under this Mortgage,
the Guaranty, the other Loan Documents, or any other instrument, agreement or
document which evidences or secures any other obligations or collateral
therefor, whether now in effect or hereafter executed; and

 

D.                                    The
payment, performance, discharge and satisfaction of all other liabilities and
obligations of Mortgagor to Administrative Agent or any Lender, whether now
existing or hereafter arising, direct or indirect, absolute or contingent, arising
under this Mortgage, the Guaranty, the Loan Documents, or any other documents
executed therewith and including, without limitation express or implied upon
the generality of the foregoing, each liability and obligation of Mortgagor
under any one or more of the Loan Documents and any amendment, extension,
modification, replacement or recasting of any one or more of the instruments,

 

4

 

agreements and documents referred to herein or therein or executed in
connection with the transactions contemplated hereby or thereby.

 

PROVIDED ALWAYS, that this instrument is upon the express condition
that, if Mortgagor performs the Obligations (as defined herein), in accordance
with the provisions of this Mortgage and the Loan Documents, at the times and
in the manner specified, without deduction, fraud or delay, and if Mortgagor
performs and complies with all the agreements, conditions, covenants,
provisions and stipulations contained herein 
and in the other Loan Documents, then this Mortgage and the estate
hereby granted shall cease and become void and Administrative Agent shall
provide and deliver to Mortgagor a discharge of this Mortgage in proper form
for recording.

 

Mortgagor hereby grants to Administrative Agent, on behalf of the
Lenders, a continuing security interest in all of the Mortgaged Property in
which a security interest may be granted under the Uniform Commercial Code as
such is in effect in the Commonwealth of Massachusetts including, without
limitation, the Fixtures, the Personal Property, and the Purchase and Sale Agreements, together with all proceeds and products,
whether now or at any time
hereafter acquired and whether or not used in any way in connection with the
development, construction, marketing or operation of the Real Estate, to secure
all Obligations.

 

This instrument is intended to take effect as a mortgage pursuant to the
laws of the State of                        and
a security agreement pursuant to the UCC and is to be filed with                        as
a financing statement pursuant to the UCC.

 

Mortgagor hereby covenants, warrants, represents and agrees with Administrative
Agent, its successors and assigns, and the Lenders, that:

 

1.                                       Title.  Mortgagor has good record and marketable
title to the Mortgaged Property and has good right, full power and lawful
authority to grant and convey the same in the manner aforesaid; and that the
Mortgaged Property is free and clear of all encumbrances and exceptions, except
for the easements, covenants and restrictions of record as of even date (hereinafter,
the “Permitted Title Exceptions’). 
Mortgagor shall make any further assurances of title that Administrative
Agent may in good faith require including, without limitation, such further
instruments as may be requested by Administrative Agent to confirm the
assignment to Administrative Agent of all Awards.

 

2.                                       Performance
of Obligations.  Mortgagor shall perform
and observe all of the obligations and conditions set forth in each of the Guaranty,
this Mortgage, the Collateral Assignment of Leases and Rents of even date from
the Mortgagor to the Administrative Agent (hereinafter, the “Collateral
Assignment of Leases and Rents”), and each of the other agreements, if any,
executed by Mortgagor in connection with the Loan.

 

5

 

3.                                       Protection
and Maintenance.  Mortgagor shall
protect and maintain, or cause to be protected and maintained, in good, first-class
and substantial order, repair and tenantable condition at all times, the
buildings and structures now standing or hereafter erected on the Mortgaged
Property, and any additions and improvements thereto, and all Personal Property
now or hereafter situated therein, and the utility services, the parking areas
and access roads, and all building fixtures and equipment and articles of
personal property now or hereafter acquired and used in connection with the
operation of the Mortgaged Property.  Mortgagor
shall promptly replace or caused to be replaced any of the aforesaid which may
become lost, destroyed or unsuitable for use with other property of similar character.

 

4.                                       Loan
Agreement.

 

4.1                                 Mortgagor
hereby covenants and agrees that from the date hereof and so long as the Loans or
the other Obligations remain outstanding, the Mortgagor shall comply fully with
all and singular the affirmative covenants set forth in the Loan Agreement that
have been made by NMLP with respect to the Individual Properties.

 

4.2                                 Mortgagor
hereby covenants and agrees that from the date hereof and so long as the Loans or
the other Obligations remain outstanding, the Mortgagor shall not take any
action (or otherwise suffer or permit to occur any event) contrary to all and
singular the negative covenants set forth in Article 8 of the Loan
Agreement, as agreed by NMLP with respect to the Individual Properties.

 

5.                                       Insurance
Coverages.  Mortgagor shall insure,
or shall cause to be insured, the Mortgaged Property and the operation thereof
with such coverages and in such amounts as are required by the provisions of
the Loan Agreement and shall at all times keep, or cause to be kept, such
insurance in full force and effect and pay all premiums therefor.  Mortgagor hereby irrevocably appoints Administrative
Agent its true and lawful attorney-in-fact, with full power of substitution, to
assign any such policy in the event of the foreclosure of this Mortgage.

 

6.                                       Insurance
Proceeds.  Subject to the provisions
of the Loan Agreement relating to the application of insurance proceeds, which
provisions are expressly incorporated by reference herein and which Mortgagor
is hereby made a third-party beneficiary of, the proceeds of any hazard
insurance shall be used for the repair and restoration of the Mortgaged
Property or applied to or toward the indebtedness secured hereby in such order
as Administrative Agent may determine. 
Notwithstanding anything in this Section 5 to the contrary,
however, if the insurer denies liability to Mortgagor, Mortgagor shall not be
relieved of any obligation under Section 3 of this Mortgage.

 

7.                                       Eminent
Domain.  Subject to the provisions of
the Loan Agreement relating to the application of Awards, which provisions are
expressly incorporated by reference herein and which Mortgagor is hereby made a
third-party beneficiary of, any Awards shall be used for the

 

6

 

repair and restoration of the Mortgaged Property or applied to or
toward the indebtedness secured hereby in such order as Administrative Agent
may determine.

 

8.                                       Environmental
and Related Matters; Indemnification. 
Mortgagor shall at all times comply with all of the terms, conditions
and provisions imposed on the Indemnitors under the Environmental Indemnity.

 

9.                                       Payment
of Taxes and Prevention of Liens.  Subject
to the provisions of the Loan Agreement providing for right to contest taxes
and other payments, Mortgagor shall pay, or shall cause to be paid, before
delinquent or before any penalty for nonpayment attaches thereto, all taxes,
assessments and charges of every nature and to whomever assessed that may now
or hereafter be levied or assessed upon the Mortgaged Property or any part
thereof, or upon the rents, issues, income or profits thereof or upon the lien
or estate hereby created, whether any or all of said taxes, assessments or
charges be levied directly or indirectly or as excise taxes or as income
taxes.  Mortgagor may apply for tax
abatements and prosecute diligently and in good faith claims for refund so long
as: (i) no additional taxes, interest thereon or penalties are incurred
thereby, and (ii) no proceedings are instituted to divest Mortgagor of
title to all or any portion of the Mortgaged Property.  Mortgagor shall pay all sums which, if
unpaid, may result in the imposition of a lien on the Mortgaged Property before
such lien may attach (except that real estate taxes need not be paid prior to
the due date thereof) or which may result in conferring upon a tenant of any
part or all of the Mortgaged Property a right to recover such sums as prepaid
rent.

 

10.                                 Due
On Sale; No Other Encumbrances; No Transfer of Ownership Interests; Failure to
Comply with Permitted Exceptions. 
Except as otherwise specifically provided for in the Loan Agreement or
in this Mortgage, it shall be an Event of Default under the Loan Agreement, a
breach of the conditions of this Mortgage and an event permitting Administrative
Agent or any Lender to accelerate all indebtedness secured hereby, if, without Administrative
Agent’s prior written consent in each instance, which consent may be granted,
withheld or conditionally granted in Administrative Agent’s sole discretion: (a) there
is any sale, conveyance, transfer or encumbrance of, or lien imposed upon, all
or any portion of the Mortgaged Property; or (b) there is any transfer or
assignment of, or grant of any security interest in, any of the direct or
indirect ownership interests in Mortgagor.

 

11.                                 Administrative
Agent’s and Lenders’ Rights.  If Mortgagor
shall neglect or refuse: (a) to maintain and keep, or cause to be
maintained and kept, in good repair the Mortgaged Property or any part thereof
as required by this Mortgage or the Loan Agreement, or (b) to maintain and
pay, or cause to be maintained and paid, the premiums for insurance which may
be required by this Mortgage or the Loan Agreement, or (c) to pay and
discharge, or cause to be paid and discharged, all taxes of whatsoever nature,
assessments and charges of every nature and to whomever assessed, as required
by this Mortgage or the Loan Agreement, or (d) to pay the sums required to
be paid by this Mortgage or the Loan Agreement, or (e) to satisfy any
other terms or conditions of this Mortgage, or any instrument secured hereby, Administrative
Agent

 

7

 

may, at its election in each instance, but without any obligation
whatsoever to do so, upon thirty (30) days prior written notice (except in the
case of (i) an emergency where there is danger to person or property, or (ii) required
insurance coverage would lapse, or (iii) an Event of Default exists, in
each of which events no notice shall be required) , cause such repairs or
replacements to be made, obtain such insurance or pay said taxes, assessments,
charges, and sums, incur and pay reasonable amounts in protecting its rights
hereunder and the security hereby granted, pay any balance due under any
conditional agreement of sale (or lease) of any property included as a part of
the Mortgaged Property, and pay any amounts as Administrative Agent deems
reasonably necessary or appropriate to satisfy any term or condition of this
Mortgage, which Mortgagor shall have failed to satisfy, or to remedy any breach
of such term or condition, and any amounts or expenses so paid or incurred,
together with interest thereon from the date of payment by Administrative Agent
or the Lenders at the Default Rate as provided in the Guaranty or Loan
Agreement shall be immediately due and payable by Mortgagor to Administrative
Agent and the Lenders and until paid shall be secured hereby equally and
ratably, and the same may be collected as part of said principal debt in any
suit hereon or upon the Note.  No payment
by Administrative Agent or the Lenders shall relieve Mortgagor from any default
hereunder or impair any right or remedy of Administrative Agent consequent
thereon.

 

12.                                 Certain
Expenses.  If any action or
proceeding is commenced, including, without limitation, an action to foreclose
this Mortgage or to collect the debt hereby secured, to which action or proceeding
Administrative Agent or any Lender is made a party by reason of the execution
of this Mortgage, or by reason of any obligation which it secures, or by reason
of entry or any other action under this Mortgage, or if in Administrative Agent’s
judgment it becomes necessary in connection with legal proceedings or otherwise
to defend or uphold the Mortgage hereby granted or the lien hereby created or
any act taken to defend or uphold the mortgage hereby granted or the lien
hereby created or any act taken under this Mortgage, all sums reasonably paid
or incurred by Administrative Agent or any Lender for the expense of any
litigation or otherwise, in connection with any rights created by this
Mortgage  or any other Loan Document,
shall be paid by Mortgagor, or may at the option of Administrative Agent, if
not so paid, be added to the debt secured hereby and shall be secured hereby
equally and ratably and shall bear interest until paid at the Default Rate set
forth in the Guaranty or the Loan Agreement.

 

13.                                 Regarding
Leases.  Mortgagor shall not enter
into any leases or occupancy agreements except in accordance with the terms and
conditions of the Loan Agreement.

 

14.                                 Declaration
of Subordination.  At the option of Administrative
Agent, which may be exercised at any time or from time to time, by written
notice to Mortgagor and to any applicable tenant, this Mortgage shall become
subject and subordinate, in whole or in part (but not with respect to priority
of entitlement to insurance proceeds or condemnation proceeds), to any and all
leases of all or any part of the Mortgaged Property upon the execution by Administrative
Agent and recording or filing thereof, at any time hereafter in the appropriate
recording office wherein the Mortgaged Property is situated of a unilateral
declaration to that effect.

 

8

 

15.                                 Further
Assignment by Mortgagor.  Mortgagor
hereby further assigns to Administrative Agent as security. for the Obligations
the lessor’s interests in any or all Leases, now or hereafter outstanding, and
to the extent it may lawfully do so Mortgagor’s interests in all agreements,
contracts, licenses and permits, now or hereafter outstanding, affecting all or
any portion of the Mortgaged Property.  Mortgagor
shall execute, acknowledge and deliver such further or confirmatory assignments
thereof, by instruments in form satisfactory to the Administrative Agent, as Administrative
Agent may reasonably require.  Mortgagor
hereby authorizes Administrative Agent in the event of foreclosure, to sell and
assign said interests to the purchaser at foreclosure, but neither such
assignment nor any such future assignment shall be construed as binding Administrative
Agent to any lease, agreement, contract, license or permit so assigned, or to
impose upon Administrative Agent any obligations with respect thereto.  Mortgagor hereby irrevocably appoints Administrative
Agent, or any agent designated by Administrative Agent, the true and lawful
attorney-in-fact of Mortgagor, with full power of substitution, to execute,
acknowledge and deliver any such assignment on behalf of Mortgagor which Mortgagor
fails or refuses to do.

 

16.                                 UCC
Filing.  Mortgagor upon Administrative
Agent’s written request shall promptly cause this Mortgage and Security
Agreement and any required financing statements to be recorded and re-recorded,
registered and re-registered, filed and re-filed at such times and places as
may be required by law or reasonably deemed advisable by Administrative Agent
to create, preserve or protect the priority hereof and of any lien created
hereby upon the Mortgaged Property or any part thereof; and Mortgagor shall
from time to time do and cause to be done all such things as may be required by
Administrative Agent, or required by law, including all things which may from
time to time be necessary under the Uniform Commercial Code of the State of                        (the
“UCC”) fully to create, preserve and protect the priority hereof and of any
lien created hereby upon said property.  Mortgagor
hereby irrevocably appoints Administrative Agent, or any agent designated by Administrative
Agent, the true and lawful attorney-in-fact of Mortgagor, with full power of
substitution, to execute, acknowledge and deliver any such things on behalf of Mortgagor
which Mortgagor fails or refuses to do.

 

17.                                 Right
to Deal with Successor.  Administrative
Agent may, without notice to any person, deal with any successor in interest of
Mortgagor herein regarding this mortgage and the debt hereby secured in all
respects as it might deal with Mortgagor herein, without in any way affecting
the liability hereunder or upon the debt hereby secured of any predecessor in
interest of the person so dealt with; and no sale of the premises hereby
mortgaged, nor any forbearance on the part of Administrative Agent, nor any
extension by Administrative Agent of the time for payment of the debt hereby
secured, shall operate to release, discharge, modify, change or affect the
original liability of any predecessor in interest of the equity owner at the
time of such sale, forbearance or extension.

 

18.                                 Acceleration
of Debt.  If there is an Event of
Default or if an event occurs which entitles Administrative Agent to exercise
its rights and remedies under the Guaranty, then, at the

 

9

 

option of Administrative Agent, the entire indebtedness hereby secured
shall become immediately due and payable without further notice.

 

19.                                 Rights
and Remedies.

 

19.1                           Foreclosure
and other Remedies.  Upon the
occurrence and during the continuation of any Event of Default, and whether or
not Mortgagee shall have accelerated the maturity of the Obligations pursuant
to Paragraph 18 hereof, Mortgagee, at its option, may:

 

19.1.1                  institute an
action of mortgage foreclosure whether by sale, entry or in any other manner
provided for hereunder or under the laws of the [State of                        ],
or take such other action at law or in equity for the enforcement of this
Mortgage and realization on the Mortgaged Property or any other security herein
or elsewhere provided for, as applicable law may allow, and may proceed therein
to final judgment and execution for the entire unpaid balance of the principal
debt, with interest at the rate(s) stipulated in the Loan Agreement, together
with all other sums due from Mortgagor in accordance with the provisions of the
Loan Agreement and this Mortgage, including all sums which may have been loaned
by the Administrative Agent or Lenders to Mortgagor and NMLP after the date of
this Mortgage, all sums which may have been advanced by any Administrative
Agent or Lenders for taxes, water, or sewer rents, other lienable charges or
claims, insurance or repairs or maintenance after the date of this Mortgage
(including the period after the entry of any judgment in mortgage foreclosure
or other judgment entered pursuant to this Mortgage or any other Loan
Document), and all reasonable costs of suit, including counsel fees.  Mortgagor authorizes Mortgagee at its option
to foreclose this Mortgage, subject to the rights of any tenants under the Leases,
and the failure to make any such tenants parties defendant to any such
foreclosure proceedings and to foreclose their rights will not be asserted by
Mortgagor as a defense to any proceedings instituted by Mortgagee to recover
the indebtedness secured hereby or any deficiency remaining unpaid after the
foreclosure sale of the Mortgaged Property; however, nothing herein contained
shall prevent Mortgagor from asserting in any proceedings disputing the amount
of the deficiency or the sufficiency of any bid at such foreclosure sale that
any such tenants adversely affect the value of the Mortgaged Property;

 

19.1.2                  either with or
without entering upon or taking possession of the Mortgaged Property, demand,
collect and receive any or all revenues from the Mortgaged Property (the “Revenues”);

 

19.1.3                  either with or
without entering upon or taking possession of the Mortgaged Property, and
without assuming any obligations of Mortgagor thereunder, exercise the rights
of Mortgagor under, use or benefit from, any of the Leases;

 

19.1.4                  in person, by
agent or by court-appointed receiver, enter upon, take possession of, and
maintain full control of the Mortgaged Property in order to perform all

 

10

 

acts necessary or appropriate
to maintain and operate the Mortgaged Property, including, but not limited to,
the execution, cancellation or modification of Leases, the making of repairs to
the Mortgaged Property and the execution or termination of contracts providing
for the management or maintenance of the Mortgaged Property, all on such terms
as Mortgagee, in its sole discretion, deems proper or appropriate;

 

19.1.5                  proceed by a
suit or suits in law or in equity or by other appropriate proceeding to enforce
payment of the Obligations or the performance of any term, covenant, condition
or agreement of this Mortgage or the Loan Agreement or any of the other Loan
Documents, or any other right, and to pursue any other remedy available to it,
all as Mortgagee shall determine most effectual for such purposes;

 

19.1.6                  institute and
maintain such suits and proceedings as Mortgagee may deem expedient to prevent
any impairment of the Mortgaged Property by any acts which may be unlawful or
in violation of this Mortgage, to preserve or protects its interest in the
Mortgaged Property and the Revenues, and to restrain the enforcement of or
compliance with any legislation or other governmental enactment, rule or
order that would impair the security hereunder or be prejudicial to the
interest of Mortgagee;

 

19.1.7                  apply all or any
portion of the Mortgaged Property, or the proceeds thereof, towards (but not
necessarily in complete satisfaction of) the Obligations, in the manner set forth
in the Loan Agreement;

 

19.1.8                  exercise any
other right or remedy of a mortgagee or lender under the laws of the State of [                        ];

 

[19.1.9              exercise
the STATUTORY POWER OF SALE;]

 

19.2                           Receiver.  If an Event of Default shall have occurred
Mortgagee, upon application to a court of competent jurisdiction, shall be
entitled as a matter of strict right without notice and without regard to the
occupancy or value of any security for the Obligations or the solvency of any
party bound for its payment, to the appointment of a receiver to take
possession of the Mortgaged Property and to operate the Mortgaged Property and
to collect and apply the Revenues.  The
receiver shall have all of the rights and powers permitted under the laws of
the State of [                        ].  Mortgagor will pay to Mortgagee upon demand,
all expenses, including receiver’s fees, attorneys’ fees, costs and agent’s
compensation, incurred pursuant to such appointment and all such expenses shall
be a portion of the Obligations.

 

19.3                           Sale
or Other Disposition of Mortgaged Property. 
Mortgagor waives any right to require the marshaling of any of its
assets in connection with any disposition conducted pursuant hereto. In the
event all or part of the Mortgaged Property is included at any foreclosure sale
conducted pursuant hereto, a single total price for the Mortgaged Property, or
such part thereof

 

11

 

as is sold, may be accepted by Mortgagee with no obligation to distinguish
between the application of such proceeds amongst the property comprising the
Mortgaged Property.

 

19.4                           Collection
of Revenues.  In connection with the
exercise by Mortgagee of the rights and remedies provided for in subparagraph 19.1.2:

 

19.4.1                  Mortgagee may
notify any tenant, lessee or licensee of the Mortgaged Property, either in the
name of Mortgagee or Mortgagor, to make payment of revenues directly to
Mortgagee or Mortgagee’s agents, may advise any person of Mortgagee’s interest
in and to the Revenues and may collect directly from such tenants, lessees and
licensees all amounts due on account of such Revenues;

 

19.4.2                  At Mortgagee’s
request, Mortgagor will provide written notification to any or all tenants,
lessees and licensees of the Mortgaged Property concerning Mortgagee’s interest
in the Revenues and will request that such tenants, lessees and licensees
forward payment thereof directly to Mortgagee;

 

19.4.3                  Mortgagor shall
hold any proceeds and collections of any of the Revenues in trust for Mortgagee
and shall not commingle such proceeds or collections with any other funds of
Mortgagor; and

 

19.4.4                  Mortgagor shall
deliver all such proceeds to Mortgagee immediately upon the receipt thereof by
Mortgagor in the identical form received, but duly endorsed or assigned on
behalf of Mortgagor to Mortgagee.

 

19.5                           Use
and Occupation of Property.  In
connection with the exercise of Administrative Agent’s rights under
Subparagraph 19.1.4, Mortgagee may enter upon, occupy, and use all or any part
of the Mortgaged Property and may exclude Mortgagor from the Land and the
Improvements or portion thereof as may have been so entered upon, occupied, or
used.  In the event Mortgagee manages the
Land and the Improvements in accordance with Subparagraph 19.1.4 herein, Mortgagor
shall pay to Mortgagee on demand a reasonable fee for the management thereof in
addition to the Obligations.  Further,
Mortgagee may make such repairs, and replacements to the Improvements, as
Mortgagee, in its reasonable discretion, deems proper or appropriate to
preserve the value of the collateral. 
The obligation of Mortgagor to pay such amounts and all expenses
incurred by Mortgagee in the exercise of its rights hereunder shall be included
in the Obligations and shall accrue interest at the Default Rate set forth in
the Guaranty or the Loan Agreement, unless collection from Mortgagor of
interest at such rate would be contrary to applicable law, in which event such
amounts shall bear interest at the highest rate which may be collected from
Mortgagor under applicable law.

 

19.6                           Partial
Sales.  Mortgagor agrees that in case
Mortgagee, in the exercise of the power of sale contained herein or in the
exercise of any other rights hereunder given, elects to sell in parts or
parcels, said sales may be held from time to time and that the power shall not
be

 

12

 

exhausted until all of the Mortgaged Property not previously sold shall
have been sold, notwithstanding that the proceeds of such sales exceed, or may
exceed, the Obligations.

 

19.7                           Assembly
of Mortgaged Property.   Upon the
occurrence of any Event of Default, Mortgagee may require Mortgagor to assemble
that portion of the Mortgaged Property consisting of personal property and make
it available to Mortgagee, at Mortgagor’s sole risk and expense, at a place or
places to be designated by Mortgagee which are reasonably convenient to both
Mortgagee and Mortgagor.

 

20.                                 Pay
Costs and Expenses.  Upon any entry
made hereunder, Administrative Agent may, at its option, but without any
obligation to do so, do any one or more of the following: pay and incur all
expenses necessary or deemed by it appropriate for the holding and operating of
the Mortgaged Property, the conduct of any business thereon, the maintenance of
the Mortgaged Property, including without limitation payments of taxes,
assessments, insurance, wages of employees connected with the Mortgaged
Property or any business conducted thereon, charges and reasonable compensation
for services of Administrative Agent, its attorneys and accountants and all
other persons engaged or employed in connection with the Mortgaged Property or
of any business conducted thereon and, in addition, Administrative Agent, at
its option, may, but shall not be obligated to, make payments or incur
liability with respect to obligations arising prior to the date it takes
possession.

 

21.                                 Add
to Secured Indebtedness.  All
obligations so paid or incurred by Administrative Agent shall be reimbursed or
paid for by Mortgagor upon demand and prior to the repayment thereof shall be
added to the debt secured hereby and shall bear interest at the Default Rate
provided for in the Guaranty or the Loan Agreement, and shall be secured hereby
equally and ratably.  Administrative
Agent may also reimburse itself therefor from the income or receipts of the
Mortgaged Property or any business conducted thereon, or from the sale of all
or any portion of the Mortgaged Property. 
Administrative Agent may also apply toward any of the Obligations any
tax or insurance reserve account, deposit or any sum credited or due from Administrative
Agent to Mortgagor without first enforcing any other rights of Administrative
Agent against Mortgagor or the against any endorser or guarantor of any of the
Obligations or against the Mortgaged Property.

 

22.                                 Attorney-In-Fact.  Mortgagor hereby irrevocably constitutes and
appoints Administrative Agent, or any agent designated by Administrative Agent,
for so long as this Mortgage remains undischarged of record, as attorney-in-fact
of Mortgagor to execute, acknowledge, seal and deliver all instruments,
agreements, deeds, certificates and other documents of every nature and
description in order to carry out or implement the exercise of Administrative
Agent’s rights hereunder and under the other Loan Documents.

 

23.                                 Setoff.  Mortgagor hereby grants to Administrative
Agent and each of the Lenders, a lien, security interest and right of setoff as
security for all liabilities and obligations to Administrative Agent and the
Lenders, whether now existing or hereafter arising, upon and

 

13

 

against all deposits, credits, collateral and property, now or
hereafter in the possession, custody, safekeeping or control of Administrative
Agent or any Lender or any entity under the control of KeyBank National
Association or in transit to any of them. 
At any time, without demand or notice, after the occurrence of an Event
of Default, Administrative Agent or any Lender may set off the same or any part
thereof and apply the same to any liability or obligation of Mortgagor even
though unmatured and regardless of the adequacy of any other collateral
securing the Loan.  ANY AND ALL RIGHTS TO
REQUIRE ADMINISTRATIVE AGENT OR ANY LENDER TO EXERCISE ITS RIGHTS OR REMEDIES
WITH RESPECT TO ANY OTHER COLLATERAL WHICH SECURES THE LOAN, PRIOR TO
EXERCISING ITS RIGHT OF SETOFF WITH RESPECT TO SUCH DEPOSITS, CREDITS OR OTHER
PROPERTY OF THE MORTGAGOR, ARE HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY
WAIVED.

 

24.                                 Notices.  All notices, requests, and demands to or upon
the Administrative Agent, the Lenders or the Mortgagor under this Mortgage
shall be in writing and given as provided in the Loan Agreement (and, with
respect to the Mortgagor, c/o NMLP at the address of NMLP as set forth in the
Loan Agreement).

 

25.                                 Administrative
Agent/Lender Not Obligated; Cumulative Rights.  Nothing in this instrument shall be construed
as obligating Administrative Agent or any Lender to take any action or incur
any liability with respect to the Mortgaged Property or any business conducted
thereon, and all options given to Administrative Agent are for its benefit and
shall and may be exercised in such order and in such combination as Administrative
Agent in its sole discretion may from time to time decide.

 

26.                                 Severability.  In case any one or more of the provisions of
this Mortgage, the Guaranty, the Collateral Assignment of Leases and Rents, the
Loan Agreement, or any other agreement now or hereafter executed in connection
with any one or more of the foregoing are held to be invalid, illegal or
unenforceable in any respect, such invalidity, illegality or unenforceability
shall not affect any other provision hereof. 
Each of the provisions of every such agreement, document or instrument
shall be enforceable by Administrative Agent to the fullest extent now or
hereafter not prohibited by applicable law.

 

27.                                 No
Waiver.  No consent or waiver,
express or implied, by Administrative Agent to or of any Default by Mortgagor
shall be construed as a consent or waiver to or of any other Default at the
same time or upon any future occasion.

 

28.                                 Waivers
By Mortgagor.  Mortgagor, to the
fullest extent that Mortgagor may do so, hereby: (a) agrees that Mortgagor
will not at any time insist upon, plead, claim or take the benefit or advantage
of any law now or hereafter in force providing for any appraisement, valuation,
stay or extension, or any redemption after foreclosure sale, and waives and
releases all rights of redemption after foreclosure sale, valuation,
appraisement, stay of execution, notice of election to mature or declare due
the debt secured hereby; and (b) waives all rights to a

 

14

 

marshalling of the assets of Mortgagor, including the Mortgaged Property,
or to a sale in inverse order of alienation in the event of a sale hereunder of
the Mortgaged Property, and agrees not to assert any right under any statute or
rule of law pertaining to the marshalling of assets, sale in inverse order
of alienation, or other matters whatever to defeat, reduce or affect the right
of Administrative Agent under the terms of this Mortgage or the Guaranty to a
sale of the Mortgaged Property for the collection of the indebtedness evidenced
by the Guaranty without any prior or different resort for collection, or the
right of Administrative Agent to the payment of such indebtedness out of the
proceeds of sale of the Mortgaged Property in preference to every other
claimant whatever.

 

29.                                 Business
Loan: Not Personal Residence.  Mortgagor
covenants, warrants and represents that all of the proceeds of the Loan secured
hereby shall be used for business or commercial purposes, none of the proceeds
of the Loan secured hereby shall be used for personal, family or household
purposes, and that no individual liable for the Loan resides or intends to
reside in any portion of the Mortgaged Property.

 

30.                                 Certification.
The undersigned hereby certifies that
Mortgagor is a duly organized, validly existing limited partnership organized
and in good standing under the laws of the State of Delaware and that the execution and delivery hereof and of all
of the other Loan Documents by Mortgagor has been duly authorized by a
resolution of its Manager which is
in full force and effect.

 

31.                                 Governing
Law; Consent to Jurisdiction; Mutual Waiver of Jury Trial.

 

(a)                                  Substantial
Relationship.  It is understood and
agreed that all of the Loan Documents were delivered in the Commonwealth of
Massachusetts, which Commonwealth the parties agree has a substantial
relationship to the parties and to the underlying transactions embodied by the
Loan Documents.

 

(b)                                 Place
of Delivery.  Mortgagor agrees to
furnish to Administrative Agent at Administrative Agent’s office in Boston,
Massachusetts all further instruments, certifications and documents to be
furnished hereunder.

 

(c)                                  Governing
Law.  This Mortgage, except as
otherwise provided in herein, and each of the other Loan Documents shall in all
respects be governed, construed, applied and enforced in accordance with the
internal laws of the Commonwealth of Massachusetts without regard to principles
of conflicts of law.

 

(d)                                 Exceptions.  Notwithstanding the foregoing choice of law:

 

(i)                                     The
procedures governing the enforcement by Administrative Agent of its foreclosure
and other remedies against Mortgagor under this Mortgage and under the other
Loan Documents with

 

15

 

respect to the Mortgaged
Property or other assets situated in the State of                        ,
including by way of illustration, but not in limitation, actions for
foreclosure, for injunctive relief or for the appointment of a receiver shall
be governed by the laws of the State of                        ;

 

(ii)                                  Administrative
Agent and each of the Lenders shall comply with applicable law in the State of                        to
the extent required by the law of such jurisdiction in connection with the
foreclosure of the security interests and liens created under this Mortgage and
the other Loan Documents with respect to the Mortgaged Property or other assets
situated in the State of                        .

 

Nothing contained herein or any other
provisions of the Loan Documents shall be construed to provide that the
substantive laws of the State of                        shall
apply to any parties’ rights and obligations under any of the Loan Documents,
which, except as expressly provided in clauses this Section 31(d), are and
shall continue to be governed by the substantive law of Commonwealth of Massachusetts,
except as set forth in this Section 31(d). 
In addition, the fact that portions of the Loan Documents may include
provisions drafted to conform to the law of the State of                        is
not intended, nor shall it be deemed, in any way, to derogate the parties’
choice of law as set forth or referred to in this Mortgage or in the other Loan
Documents.  The parties further agree
that the Administrative Agent may enforce its rights under the Loan Documents
including, but not limited to, its rights to sue the Mortgagor or to collect
any outstanding indebtedness in accordance with applicable law.

 

(e)                                  Consent
to Jurisdiction.  Mortgagor hereby
consents to personal jurisdiction in any state or Federal court located within
the Commonwealth of Massachusetts.

 

(f)                                    JURY
TRIAL WAIVER.  MORTGAGOR, ADMINISTRATIVE
AGENT, AND EACH OF THE LENDERS MUTUALLY HEREBY KNOWINGLY, VOLUNTARILY AND
INTENTIONALLY WAIVE THE RIGHT TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION
BASED ON THIS MORTGAGE, ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS
MORTGAGE OR ANY OTHER LOAN DOCUMENTS CONTEMPLATED TO BE EXECUTED IN CONNECTION
HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF DEALINGS, STATEMENTS (WHETHER
VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY, INCLUDING, WITHOUT LIMITATION, ANY
COURSE OF CONDUCT, COURSE OF DEALINGS, STATEMENTS OR ACTIONS OF ADMINISTRATIVE
AGENT OR ANY LENDER RELATING TO THE ADMINISTRATION OF THE LOAN OR ENFORCEMENT
OF THE LOAN DOCUMENTS, AND AGREE THAT NEITHER PARTY WILL SEEK TO CONSOLIDATE
ANY SUCH ACTION WITH ANY OTHER ACTION IN

 

16

 

WHICH A JURY TRIAL CANNOT BE OR
HAS NOT BEEN WAIVED.  EXCEPT AS
PROHIBITED BY LAW, EACH PARTY HEREBY WAIVES ANY RIGHT IT MAY HAVE TO CLAIM
OR RECOVER IN ANY LITIGATION ANY SPECIAL, INDIRECT, SPECULATIVE, EXEMPLARY,
PUNITIVE OR CONSEQUENTIAL DAMAGES OR ANY DAMAGES OTHER THAN, OR IN ADDITION TO,
ACTUAL DAMAGES.  MORTGAGOR CERTIFIES THAT
NO REPRESENTATIVE, ADMINISTRATIVE AGENT OR ATTORNEY OF ADMINISTRATIVE AGENT OR
ANY LENDER HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT ADMINISTRATIVE AGENT
OR ANY LENDER WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE
FOREGOING WAIVER.  THIS WAIVER
CONSTITUTES A MATERIAL INDUCEMENT FOR EACH OF THE PARTIES HERETO TO ENTER INTO
THE TRANSACTIONS CONTEMPLATED HEREBY.

 

32.                                 [To
be Added if there is a Ground Lease with respect to the Mortgaged Property.]Representations,
Warranties and Covenants Regarding the Ground Lease.  In addition to Mortgagor’s representations,
warranties and covenants elsewhere contained herein, the Mortgagor represents,
warrants, covenants and agrees as follows:

 

(a)                                  The
Ground Lease is valid, binding and will be in full force and effect with
respect to the Mortgagor until                        ,
unless the same is renewed in accordance with its terms and conditions.

 

(b)                                 The
Mortgagor will promptly pay, when due and payable, the rent and all other sums
and charges mentioned in and made payable by Mortgagor, as “Lessee”  under the Ground Lease.

 

(c)                                  The
Mortgagor will promptly perform and observe all of the terms, covenants and
conditions required to be performed and observed by Mortgagor, as “Lessee”
under the Ground Lease, within the periods provided in the Ground Lease, and
will do all things necessary to preserve and to keep unimpaired its rights
under the Ground Lease.

 

(d)                                 The
Mortgagor shall (a) promptly notify the Administrative Agent in writing of
the receipt by Mortgagor of any notice (other than notices customarily sent on
a regular periodic basis) from the lessor under the Ground Lease of any default
in the performance or observance of any of the terms, covenants, or conditions
on the part of Mortgagor to be performed or observed under the Ground Lease; (b) promptly
notify the Administrative Agent and the Lenders in writing of the receipt by
Mortgagor of any notice from the lessor under the Ground Lease of any attempted
termination of the Ground Lease pursuant to the provisions of the Ground Lease;
and (c) promptly cause a copy of each such

 

17

 

notice received by Mortgagor
from the lessor under the Ground Lease to be delivered to the Administrative
Agent.

 

(e)                                  The
Mortgagor will, within twenty (20) days after written demand from the Administrative
Agent, deliver to the Administrative Agent an estoppel certificate in form and
substance satisfactory to the Administrative Agent.

 

(f)                                    The
Mortgagor will furnish the Administrative Agent upon demand, proof of payment
of all items which are required to be paid by the Mortgagor pursuant to the
Ground Lease.

 

(g)                                 The
Mortgagor shall not consent to any waiver or modification, amendment or
cancellation of any provision of the Ground Lease without the prior written
consent of the Administrative Agent, and any such waiver, modification,
amendment or cancellation shall be null and void; the Mortgagor shall not
consent to the subordination of the Ground Lease to any mortgage of the
leasehold interest of the Mortgagor in the Mortgaged Property without the prior
written consent of the Administrative Agent.

 

(h)                                 The
Mortgagor shall execute and deliver, on request of the Administrative Agent,
such instruments as the Administrative Agent may reasonably request and deem
useful or required to permit the Administrative Agent to cure any default under
the Ground Lease or permit the Administrative Agent to take such other action
as the Administrative Agent considers desirable to cure or remedy the matter in
default and preserve the interest of the Administrative Agent in the Mortgaged
Property.

 

(i)                                     Upon
the occurrence of an Event of Default hereunder and the expiration of any
applicable grace period without the cure thereof, or upon the failure of the
Mortgagor to take any action under this Section upon two (2) days
written notice from the Administrative Agent requesting such action, the
Mortgagor hereby authorizes the Administrative Agent to pay any and all rental
payments or similar sums to be paid by the Mortgagor, payment of which is then
due under the Ground Lease, with interest or penalties thereon if charged by
the lessor under the Ground Lease; and to incur and pay all sums reasonably
necessary to protect Administrative Agent’s rights hereunder and under the
Ground Lease.  Such sums shall be
included in the Obligations secured hereby.

 

33.                                 Headings.  Headings and captions in this Mortgage are
for convenience and reference only and the words and phrases contained therein
shall in no way be held to explain, modify, amplify or aid in the
interpretation, construction or meaning of any of the provisions hereof.

 

18

 

34.                                 Time
of Essence.  Time shall be of the
essence of each and every provision of this Mortgage and each of the other Loan
Documents.

 

IN WITNESS WHEREOF, Mortgagor has caused this Mortgage to be duly
executed and delivered as a sealed instrument as of the 11th day of August,
2005.

 

[SIGNATURE PAGE FOLLOWS]

 

19

 

	
   

  	
   

  	
  MORTGAGOR:

  
	
   

  	
   

  	
   

  
	
  Witness:

  	
   

  	
    NEWKIRK L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
      By:

  	
  Newkirk GP LLC, its

  
	
   

  	
   

  	
   

  	
  General Partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  MLP Manager Corp., its

  
	
   

  	
   

  	
   

  	
   

  	
  Manager

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
   

  
							

 

20

 

COMMONWEALTH OF MASSACHUSETTS

 

                        ,
ss.

 

On this date,                        ,
2005, before me, the undersigned notary public, personally appeared                        ,
the                         of
Newbury College, Inc., a Massachusetts not-for-profit corporation, proved
to me through satisfactory evidence of identification, which was                        to
be the person whose name is signed on the preceding or attached document, and
acknowledged to me that he signed it voluntarily for its stated purpose.

 

	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Notary Public

  
	
   

  	
   

  	
   

  	
  My commission expires

  

 

21

 

EXHIBIT ”A”

 

LEGAL
DESCRIPTION

 

22Exhibit 10.19

 

OWNERSHIP INTEREST PLEDGE AND SECURITY AGREEMENT

 

[NMLP PLEDGE: NON-GMAC NMLP PARTNERSHIPS]

 

OWNERSHIP INTEREST PLEDGE AND SECURITY AGREEMENT (this “Pledge Agreement”), dated as of August 11,
2005, by and among THE NEWKIRK MASTER LIMITED
PARTNERSHIP, a Delaware limited partnership (“NMLP”), NEWKIRK
GP HOLDING LLC, a Delaware limited liability company (the “Holding Company”), the DELAWARE LIMITED LIABILITY COMPANIES
described in Schedule 1 attached hereto (collectively, the “General Partner Pledgors”), each being a
general partner of an NMLP Partnership (as defined below) as specified on Schedule 2
attached hereto, and KEYBANK NATIONAL ASSOCIATION,
a national banking association having an address at 101 Federal Street, Boston,
Massachusetts 02110, as administrative agent (KeyBank National Association, in
such capacity as administrative agent, hereinafter referred to as “Administrative Agent”) for a syndicate of
Lenders (singly and collectively, the “Lenders”)
as specifically provided in the Loan Agreement (as defined below).

 

W I T N E S S E T H

 

WHEREAS, pursuant to that certain Master Loan Agreement dated as of August 11,
2005 (as amended, supplemented or otherwise modified from time to time, the “Loan Agreement”) entered into by and among (i) NMLP,
(ii) T-Two Partners, L.P., a Delaware limited partnership (“T-Two”), (iii) the Administrative
Agent, (iv) Bank of America, N.A., as “Deposit Account Co-Agent” (Bank of
America, N.A., in such capacity as Deposit Account Co-Agent, hereinafter
referred to as “Deposit Account Co-Agent”),
and (v) the Lenders, the Administrative Agent and the Lenders have agreed
to make a loan to NMLP in the aggregate principal amount of $                             
(the “NMLP Loan”) and a loan to
T-Two in the aggregate principal amount of $                             
(the “T-Two Loan”) (the NMLP Loan
and the T-Two Loan sometimes are referred to herein, collectively, as the “Loans”), upon the terms and subject to the
conditions set forth therein.

 

WHEREAS, NMLP has substantial financial dealings with T-Two and is
affiliated with T-Two (either by ownership, contractual relationship,
employment or other meaningful business relationship).

 

WHEREAS, pursuant to the terms of the Call Option Agreement, NMLP has
executed and delivered a Guaranty of even date herewith, guaranteeing the
payment and performance of all T-Two Obligations arising under or pursuant to
the Loan Agreement (the “NMLP Guaranty”).

 

WHEREAS, the Holding Company and the General Partner Pledgors have
substantial financial dealings with NMLP and are affiliated with NMLP (by
ownership, contractual relationship, employment and/or other meaningful
business relationship), and the extension of 

 

1

 

credit and the providing of financial
accommodations to NMLP will enhance and benefit the business activities and
interests of the Holding Company and the General Partner Pledgors.

 

WHEREAS, as a condition to extending the Loans, the Administrative Agent
and the Lenders have required the Holding Company to execute and deliver a
Guaranty of even date herewith, guaranteeing the payment and performance of all
obligations of NMLP arising under or pursuant to the Loan Agreement (the “Holding Company Guaranty”).

 

WHEREAS, as a further condition to extending the Loans, the
Administrative Agent and the Lenders have required the General Partner Pledgors
(except for those General Partner Pledgors listed on Schedule 4
attached hereto) to execute and deliver a Guaranty of even date herewith,
guaranteeing the payment and performance of all obligations of NMLP arising
under or pursuant to the Loan Agreement (the “General
Partner Pledgor Guaranty”).

 

WHEREAS, NMLP owns 100.0% of the limited partnership interests in each
of the Delaware limited partnerships described in Schedule 2
attached hereto (the “NMLP Partnerships”)
and 100.0% of such series of membership interests in the Holding Company as are
specified in Schedule 3 attached hereto.

 

WHEREAS, the Holding Company owns 100.0% of the membership interests in
each of the General Partner Pledgors.

 

WHEREAS, each General Partner Pledgor owns 100.0% of the general
partnership interests in such of the NMLP Partnerships as set forth on Schedule 2
attached hereto.

 

WHEREAS, as a further condition to extending the Loans, the Administrative
Agent and the Lenders have required NMLP, the Holding Company and each of the
General Partner Pledgors to execute and deliver this Pledge Agreement and
certain other NMLP Security Documents to secure NMLP’s obligations under the
NMLP Guaranty and the Loan Agreement, each General Partner Pledgor’s
obligations under the Loan Agreement and the General Partner Pledgor Guaranty
(to the extent applicable to such General Partner Pledgor), and the Holding
Company’s obligations under the Holding Company Guaranty.

 

NOW, THEREFORE, in consideration of the premises and to induce the
Lenders to make the Loans under the Loan Agreement, NMLP, the Holding Company
and each of the General Partner Pledgors hereby agree with the Administrative Agent
and the Lenders as follows:

 

1.                                       Defined
Terms.  Unless otherwise defined
herein, terms which are defined in the Loan Agreement and used herein are so
used as so defined, and the following terms shall have the following meanings:

 

“Administrative
Agent”:  as defined in the first
paragraph of this Pledge Agreement.

 

2

 

“Cash
Management Agreement”: shall mean that certain Cash Management Agreement,
dated as of August 11, 2005, among NMLP, the Holding Company, MLP Manager
Corp. (the manager of each of the General Partner Pledgors), the NMLP
Partnerships, various other subsidiaries of NMLP, the Administrative Agent and
the Deposit Account Co-Agent, as amended, supplemented or otherwise modified
from time to time.

 

“Consents”:  shall mean those certain Consents from the
NMLP Partnerships, the Holding Company and the General Partner Pledgors
referenced in Sections 4(a) and 4(b) of this Pledge Agreement.

 

“Deposit
Account Co-Agent”:  as defined in the
recitals of this Pledge Agreement.

 

“General
Partner Pledgors”: as defined in the first paragraph of this Pledge
Agreement.

 

“General
Partner Pledgor Collateral”:  means
the General Partner Pledgor Pledged Interests and all General Partner Pledgor
Proceeds thereof.

 

“General
Partner Pledgor Guaranty”:  as
defined in the recitals of this Pledge Agreement.

 

“General
Partner Pledgor Pledged Interests”: 
means all right, title and interest of each of the General Partner
Pledgors, whether now owned or hereafter acquired, as the sole general partner
of such of the NMLP Partnerships as listed on Schedule 2 hereto,
together with all interests, certificates, options or rights of any nature
whatsoever which may be issued or granted to the General Partner Pledgors by
the NMLP Partnerships in respect thereof.

 

“General
Partner Pledgor Obligations”:  means
all indebtedness, obligations and liabilities of NMLP and/or each of the
General Partner Pledgors to the Administrative Agent and/or any of the Lenders,
whether now existing or hereafter arising, direct or indirect, absolute or
contingent, under any one or more of: (i) this Pledge Agreement; (ii) the
Loan Agreement, the NMLP Note or any other NMLP Loan Document and the General
Partner Pledgor Guaranty (to the extent applicable to such General Partner
Pledgor); and (iii) each of the same as hereafter modified, amended,
extended or replaced, including, without limitation, the NMLP Obligations (as
defined in the Loan Agreement) and the NMLP Guaranteed Obligations (as defined
in the General Partner Pledgor Guaranty), as applicable.

 

“General
Partner Pledgor Proceeds”:  means (i) each
General Partner Pledgor’s right, title and interest in and to all
Distributions, monies, fees, payments, compensations and proceeds now or
hereafter payable in respect of the General Partner Pledgor Pledged 

 

3

 

Interests, whether payable as profits, Distributions, asset
Distributions, repayment of loans or capital or otherwise and including all “proceeds”
as such term is defined in Section 9-102(64) of the UCC; (ii) all
books, records, electronically stored data and information relating to the
General Partner Pledgor Pledged Interests and all rights of access to such
books, records and information; (iii) all contract rights, general
intangibles, claims, powers, privileges, benefits and remedies of the General
Partner Pledgors relating to the foregoing; (iv) all additions to the
General Partner Pledgor Pledged Interests, all substitutions therefor and all
replacements thereof; and (v) all cash or non-cash proceeds of any of the
foregoing.

 

“Holding
Company”: as defined in the first paragraph of this Pledge Agreement.

 

“Holding
Company Collateral”:  means the
Holding Company Pledged Interests and all Holding Company Proceeds thereof.

 

“Holding
Company Guaranty”:  as defined in the
recitals of this Pledge Agreement.

 

“Holding
Company Obligations”:  means all
indebtedness, obligations and liabilities of the Holding Company to the Administrative
Agent and/or any of the Lenders, whether now existing or hereafter arising,
direct or indirect, absolute or contingent, under any one or more of: (i) this
Pledge Agreement; (ii) the Holding Company Guaranty; and (iii) each
of the same as hereafter modified, amended, extended or replaced, including,
without limitation, the NMLP Guaranteed Obligations (as defined in the Holding
Company Guaranty).

 

“Holding
Company Pledged Interests”:  means
all right, title and interest of the Holding Company, whether now owned or
hereafter acquired, as the sole member of each of the General Partner Pledgors,
together with all interests, certificates, options or rights of any nature
whatsoever which may be issued or granted to the Holding Company by the General
Partner Pledgors in respect thereof.

 

“Holding
Company Proceeds”:  means (i) the
Holding Company’s right, title and interest in and to all Distributions,
monies, fees, payments, compensations and proceeds now or hereafter payable in
respect of the Holding Company Pledged Interests, whether payable as profits,
Distributions, asset Distributions, repayment of loans or capital or otherwise
and including all “proceeds” as such term is defined in Section 9-102(64)
of the UCC; (ii) all books, records, electronically stored data and
information relating to the Holding Company Pledged Interests and all rights of
access to such books, records and information; (iii) all contract rights,
general intangibles, claims, powers, privileges, benefits and remedies of the
Holding Company relating to the foregoing; (iv) all additions to the
Holding Company Pledged Interests, all substitutions therefor and all
replacements thereof; and (v) all cash or non-cash proceeds of any of the
foregoing.

 

4

 

“Lenders”:  as defined in the first paragraph of this
Pledge Agreement.

 

“Loan
Agreement”:  as defined in the
recitals of this Pledge Agreement.

 

“Loans”:  as defined in the recitals of this Pledge
Agreement.

 

“NMLP”:  as defined in the first paragraph of this
Pledge Agreement.

 

“NMLP
Collateral”:  means the NMLP Pledged
Interests and all NMLP Proceeds thereof.

 

“NMLP
Guaranty”:  as defined in the
recitals of this Pledge Agreement.

 

“NMLP Loan”:  as defined in the recitals of this Pledge
Agreement.

 

“NMLP
Obligations”:  means all
indebtedness, obligations and liabilities of NMLP to the Administrative Agent
and/or any of the Lenders, whether now existing or hereafter arising, direct or
indirect, absolute or contingent, under any one or more of: (i) this
Pledge Agreement; (ii) the Loan Agreement, NMLP Note or any other NMLP
Loan Document; (iii) the NMLP Guaranty; and (iv) each of the same as
hereafter modified, amended, extended or replaced, including, without
limitation, the NMLP Obligations (as defined in the Loan Agreement) and the
T-Two Guaranteed Obligations (as defined in the NMLP Guaranty).

 

“NMLP
Partnerships”: as defined in the recitals of this Pledge Agreement.

 

“NMLP
Pledged Interests”:  means all right,
title and interest of NMLP, whether now owned or hereafter acquired, as (i) the
sole limited partner of each of the NMLP Partnerships and (ii) the sole
member and holder of 100.0% of each series of membership interests in the
Holding Company listed on Schedule 3 attached hereto, together with
all interests, certificates, options or rights of any nature whatsoever which
may be issued or granted to NMLP by the NMLP Partnerships or the Holding
Company in respect thereof.

 

“NMLP
Proceeds”:  means (i) NMLP’s
right, title and interest in and to all Distributions, monies, fees, payments,
compensations and proceeds now or hereafter payable in respect of the NMLP
Pledged Interests, whether payable as profits, Distributions, asset
Distributions, repayment of loans or capital or otherwise and including all “proceeds”
as such term is defined in Section 9-102(64) of the UCC; (ii) all
books, records, electronically stored data and information relating to the NMLP
Pledged Interests and all rights of access to such books, records and
information; (iii) all contract rights, general intangibles, claims,
powers, privileges, benefits and remedies of NMLP relating to the foregoing; (iv) all
additions to the NMLP Pledged Interests, all substitutions therefor and all
replacements thereof; and (v) all cash or non-cash proceeds of any of the
foregoing.

 

5

 

“Pledge
Agreement”:  means this Ownership
Interest Pledge and Security Agreement, as amended, supplemented or otherwise
modified from time to time.

 

“T-Two”:  as defined in the recitals of this Pledge
Agreement.

 

“T-Two Loan”:  as defined in the recitals of this Pledge
Agreement.

 

“UCC”:  means the Uniform Commercial Code from time
to time in effect in The Commonwealth of Massachusetts; provided, that
if by mandatory provisions of law, the perfection or the effect of perfection
or non-perfection of the security interest granted hereunder in the NMLP
Collateral, Holding Company Collateral or the General Partner Pledgor
Collateral is governed by the Uniform Commercial Code of a jurisdiction other
than Massachusetts, “UCC” means the Uniform Commercial Code as in effect in
such other jurisdiction for purposes of provisions hereof relating to such
perfection or effect of perfection or non-perfection.

 

2.                                       Pledge;
Grant of Security Interest.

 

(a)                                  By
NMLP.  As security for the full and
punctual payment and performance of the NMLP Obligations when due and payable
(whether upon stated maturity, by acceleration or otherwise), NMLP hereby
transfers, assigns, grants, bargains, sells, conveys, hypothecates, pledges, sets
over, endorses over and delivers to the Administrative Agent all the NMLP
Pledged Interests, and NMLP hereby grants, pledges, hypothecates, transfers and
assigns to the Administrative Agent a continuing lien on and security interest
in all of the NMLP Collateral.

 

(b)                                 By
Holding Company.  As security for the
full and punctual payment and performance of the Holding Company Obligations
when due and payable (whether upon stated maturity, by acceleration or
otherwise), the Holding Company hereby transfers, assigns, grants, bargains,
sells, conveys, hypothecates, pledges, sets over, endorses over and delivers to
the Administrative Agent all the Holding Company Pledged Interests, and the
Holding Company hereby grants, pledges, hypothecates, transfers and assigns to the
Administrative Agent a continuing lien on and security interest in all of the
Holding Company Collateral.

 

(c)                                  By
General Partner Pledgors.  As
security for the full and punctual payment and performance of the General
Partner Pledgor Obligations when due and payable (whether upon stated maturity,
by acceleration or otherwise), the General Partner Pledgors hereby transfer,
assign, grant, bargain, sell, convey, hypothecate, pledge, set over, endorse
over and deliver to the Administrative Agent all the General Partner Pledgor
Pledged Interests, and the General Partner Pledgors hereby grant, pledge,
hypothecate, transfer and assign to the Administrative Agent a continuing lien
on and security interest in all of the General Partner Pledgor Collateral.

 

6

 

3.                                       Delivery
of Certificates, Instruments, Etc. 
NMLP, the Holding Company and each General Partner Pledgor shall deliver
to the Administrative Agent:

 

(a)                                  all
original certificates, instruments and other documents, if any, evidencing or
representing the NMLP Pledged Interests, the Holding Company Pledged Interests
and the General Partner Pledgor Pledged Interests, concurrently with the
execution and delivery of this Pledge Agreement; and

 

(b)                                 the
original certificates, instruments or other documents, if any, evidencing or
representing all other NMLP Collateral, Holding Company Collateral and General
Partner Pledgor Collateral (except for collateral which this Pledge Agreement
specifically permits the Borrower, the Holding Company or the General Partner
Pledgors to retain) within five (5) days after the NMLP’s, the Holding
Company’s or the General Partner Pledgor’s receipt thereof.

 

4.                                       Powers
and Transfer Instruments.

 

(a)                                  Concurrently
with the delivery to the Administrative Agent of this Pledge Agreement and each
certificate, if any, representing the NMLP Pledged Interests, NMLP shall
deliver a duly executed Consent from each NMLP Partnership and from each
General Partner Pledgor.

 

(b)                                 Concurrently
with the delivery to the Administrative Agent of this Pledge Agreement and each
certificate, if any, representing the Holding Company Pledged Interests, the
Holding Company shall deliver a duly executed Consent from each General Partner
Pledgor.

 

(c)                                  Concurrently
with the delivery to the Administrative Agent of this Pledge Agreement and each
certificate, if any, representing the General Partner Pledgor Pledged
Interests, the General Partner Pledgors shall deliver a duly executed Consent
from each NMLP Partnership.

 

5.                                       Representations
and Warranties.  NMLP, the Holding
Company and each General Partner Pledgor represent and warrant that:

 

(a)                                  Except
for any consents as may be required in connection with any disposition of any
portion of the NMLP Collateral, the Holding Company Collateral or the General
Partner Pledgor Collateral by laws affecting the offering and sale of
securities generally or as otherwise contemplated by the Loan Agreement, no
consent of any other person or entity (including, without limitation, any owner
or creditor of NMLP, the Holding Company or the General Partner Pledgors), and
no license, permit, approval or authorization of, exemption by, notice or
report to, or registration, filing (other than the filing of financing
statements under the UCC in order to perfect a security interest in that
portion of the NMLP Collateral, the Holding Company Collateral and the General
Partner 

 

7

 

Pledgor Collateral in which a
security interest is perfected by filing) or declaration with any governmental
instrumentality is required in connection with (i) the execution,
delivery, performance, validity or enforceability of this Pledge Agreement, (ii) the
perfection or maintenance of the security interest created hereby (including
the first priority nature of such security interest) or (iii) the exercise
by the Administrative Agent of any rights provided for in this Pledge
Agreement;

 

(b)                                 The
NMLP Pledged Interests in the NMLP Partnerships constitute all of the limited
partnership interests owned by NMLP in the NMLP Partnerships and constitute
100.0% of the limited partnership interests in the NMLP Partnerships;

 

(c)                                  The
NMLP Pledged Interests in the Holding Company constitute 100.0% of each series
of membership interest in the Holding Company listed on Schedule 3;

 

(d)                                 The
Holding Company Pledged Interests in the General Partner Pledgors constitute
all of the membership interests owned by the Holding Company in the General
Partner Pledgors and constitute 100.0% of the membership interests in the
General Partner Pledgors;

 

(e)                                  The
General Partner Pledgor Pledged Interests in the NMLP Partnerships constitute
all of the general partnership interests owned by the General Partner Pledgors
in the NMLP Partnerships and constitute 100.0% of the general partnership
interests in the NMLP Partnerships;

 

(f)                                    All
the NMLP Pledged Interests, the Holding Company Pledged Interests and the
General Partner Pledgor Pledged Interests have been duly and validly issued and
are fully paid.  No certificate or other
instrument has been issued at any time to evidence the NMLP Pledged Interests,
the Holding Company Pledged Interests or the General Partner Pledgor Pledged
Interests.  None of the limited
partnership interests or the membership interests comprising the NMLP
Collateral, none of the membership interests comprising the Holding Company
Collateral, and none of the general partnership interests comprising the
General Partner Pledgor Collateral, are dealt in or traded on securities
exchanges or in securities markets, and none by its terms expressly provides
that it is a security governed by Article 8 of the UCC or that it is an
investment company security, and none is held in a securities account (as
defined in Section 8-501 of the UCC);

 

(g)                                 NMLP
is the sole holder of record and sole beneficial owner of, and has good and
valid title to, the NMLP Pledged Interests, free of any and all liens or
options in favor of, or claims of, any other Person, except the lien created by
this Pledge Agreement;

 

(h)                                 The
Holding Company is the sole holder of record and sole beneficial owner of, and
has good and valid title to, the Holding Company Pledged Interests, free of 

 

8

 

any and all liens or options in
favor of, or claims of, any other Person, except the lien created by this
Pledge Agreement;

 

(i)                                     Each
General Partner Pledgor is the sole holder of record and sole beneficial owner
of, and has good and valid title to, the General Partner Pledgor Pledged
Interests in the applicable NMLP Partnership, free of any and all liens or
options in favor of, or claims of, any other Person, except the lien created by
this Pledge Agreement;

 

(j)                                     Upon
the filing of the Form UCC-1 Statements referred to in Section 13,
the lien granted pursuant to this Pledge Agreement will constitute a valid,
perfected first priority lien on such NMLP Pledged Interests and related NMLP
Collateral with respect to that portion of the NMLP Collateral in which a
security interest is perfected by the filing of a financing statement,
enforceable as such against all creditors of NMLP and any Persons purporting to
purchase any NMLP Pledged Interests and related NMLP Collateral from NMLP;

 

(k)                                  Upon
the filing of the Form UCC-1 Statements referred to in Section 13,
the lien granted pursuant to this Pledge Agreement will constitute a valid,
perfected first priority lien on such Holding Company Pledged Interests and
related Holding Company Collateral with respect to that portion of the Holding
Company Collateral in which a security interest is perfected by the filing of a
financing statement, enforceable as such against all creditors of the Holding
Company and any Persons purporting to purchase any Holding Company Pledged
Interests and related Holding Company Collateral from the Holding Company;

 

(l)                                     Upon
the filing of the Form UCC-1 Statements referred to in Section 13,
the lien granted pursuant to this Pledge Agreement will constitute a valid,
perfected first priority lien on such General Partner Pledgor Pledged Interests
and related General Partner Pledgor Collateral with respect to that portion of
the General Partner Pledgor Collateral in which a security interest is
perfected by the filing of a financing statement, enforceable as such against
all creditors of the General Partner Pledgors and any Persons purporting to
purchase any General Partner Pledgor Pledged Interests and related General
Partner Pledgor Collateral from any General Partner Pledgor;

 

(m)                               The
Holding Company is duly organized, validly existing and in good standing under
the laws of the state of its formation and has all requisite power and
authority under the laws of such state and under its organizational and charter
documents to enter into and perform its obligations under this Pledge
Agreement;

 

(n)                                 Each
of the General Partner Pledgors is duly organized, validly existing and in good
standing under the laws of the state of its formation and has all requisite
power and authority under the laws of such state and under its organizational
and charter documents to enter into and perform its obligations under this
Pledge Agreement;

 

9

 

(o)                                 The
Holding Company has taken all necessary legal and other action to authorize the
execution, delivery and performance of this Pledge Agreement, and this Pledge
Agreement constitutes the valid and binding obligation and agreement of the
Holding Company, enforceable in accordance with its terms, except as such may
be limited by the application of bankruptcy, moratorium, reorganization and
other laws affecting the rights of creditors generally or by general equitable
principles;

 

(p)                                 Each
of the General Partner Pledgors has taken all necessary legal and other action
to authorize the execution, delivery and performance of this Pledge Agreement,
and this Pledge Agreement constitutes the valid and binding obligation and
agreement of each of the General Partner Pledgors, enforceable in accordance
with its terms, except as such may be limited by the application of bankruptcy,
moratorium, reorganization and other laws affecting the rights of creditors
generally or by general equitable principles;

 

(q)                                 The
Holding Company has not received any notice of default under any agreement or
instrument to which it is a party or by which its assets may be bound which
default would have a Material Adverse Effect, and the Holding Company is not in
default under any order, judgment, award or decree of any court, arbitrator or
other governmental authority binding upon or affecting it or by which its may
be bound or affected which default would have a Material Adverse Effect;

 

(r)                                    None
of the General Partner Pledgors has received any notice of default under any
agreement or instrument to which any of them is a party or by which any of
their assets may be bound which default would have a Material Adverse Effect,
and none of the General Partner Pledgors is in default under any order,
judgment, award or decree of any court, arbitrator or other governmental
authority binding upon or affecting any of them or by which any of their assets
may be bound or affected which default would have a Material Adverse Effect;

 

(s)                                  Neither
the execution and delivery of this Pledge Agreement nor the compliance by the
Holding Company with the terms and provisions hereof are events which of
themselves, or with the giving of notice or the passage of time, or both, would
constitute, on the part of the Holding Company, a violation of or conflict
with, or result in any breach of, or default under, the terms, conditions or
provisions of, (i) the organizational and charter documents of the Holding
Company, or (ii) any other agreement or instrument to which the Holding
Company is a party or by which the Holding Company, or any of its assets, are
bound;

 

(t)                                    Neither
the execution and delivery of this Pledge Agreement nor the compliance by any
General Partner Pledgor with the terms and provisions hereof are events which
of themselves, or with the giving of notice or the passage of time, or both,
would constitute, on the part of any General Partner Pledgor, a violation of or
conflict 

 

10

 

with, or result in any breach
of, or default under, the terms, conditions or provisions of, (i) the
organizational and charter documents of any General Partner Pledgor, or (ii) any
other agreement or instrument to which any General Partner Pledgor is a party
or by which any General Partner Pledgor, or any of its assets, are bound;

 

(u)                                 Neither
the execution and delivery of this Pledge Agreement nor the compliance by the
Holding Company with the terms and provisions hereof are events which of
themselves, or with the giving of notice or the passage of time, or both, would
result in the creation or imposition of any lien, charge or encumbrance of any
nature whatsoever on any of the assets of the Holding Company in all cases
other than as contemplated by this Pledge Agreement or the Loan Agreement, and
no such event will result in the acceleration of the due date of any obligation
of the Holding Company;

 

(v)                                 Neither
the execution and delivery of this Pledge Agreement nor the compliance by any
General Partner Pledgor with the terms and provisions hereof are events which
of themselves, or with the giving of notice or the passage of time, or both,
would result in the creation or imposition of any lien, charge or encumbrance
of any nature whatsoever on any of the assets of any General Partner Pledgor in
all cases other than as contemplated by this Pledge Agreement or the Loan
Agreement, and no such event will result in the acceleration of the due date of
any obligation of any General Partner Pledgor;

 

(w)                               There
are no judgments presently outstanding and unsatisfied against the Holding
Company or any of its assets which would cause an Event of Default under the
Loan Agreement, and neither the Holding Company nor any of its assets are a
party to, or the subject of, any actions or suits or proceedings in equity or
by any governmental authorities which, if adversely determined, would have a
Material Adverse Effect, and no such litigation or proceeding has been
threatened in writing against the Holding Company or against any of the Holding
Company’s assets, and, to the Holding Company’s knowledge, no investigation in
contemplation of such litigation or proceeding has begun or is pending or has
been threatened in writing, any of which it is probable (within the meaning of
Statement of Financial Accounting Standards No. 5) that there will be an
adverse determination and which, if adversely determined, would have a Material
Adverse Effect;

 

(x)                                   There
are no judgments presently outstanding and unsatisfied against any General
Partner Pledgor or any of its assets which would cause an Event of Default
under the Loan Agreement, and neither the General Partner Pledgors nor any of
their assets are a party to, or the subject of, any actions or suits or
proceedings in equity or by any governmental authorities which, if adversely
determined, would have a Material Adverse Effect, and no such litigation or
proceeding has been threatened in writing against any General Partner Pledgor
or against any of the General Partner Pledgors’ assets, and, to the General
Partner Pledgors’ knowledge, no investigation in contemplation of such
litigation 

 

11

 

or proceeding has begun or is
pending or has been threatened in writing, any of which it is probable (within
the meaning of Statement of Financial Accounting Standards No. 5) that
there will be an adverse determination and which, if adversely determined,
would have a Material Adverse Effect;

 

(y)                                 The
address of the Holding Company’s chief executive office and principal place of
business and the location of the Holding Company’s books and records relating
to the Holding Company Pledged Interests is set forth below the Holding Company’s
signature hereto;

 

(z)                                   The
address of each General Partner Pledgor’s chief executive office and principal
place of business and the location of each General Partner Pledgor’s books and
records relating to the General Partner Pledgor Pledged Interests is set forth
below each General Partner Pledgor’s signature hereto; and

 

(aa)                            There
are no restrictions on the transfer of the NMLP Collateral, the Holding Company
Collateral or the General Partner Pledgor Collateral to the Administrative Agent
hereunder, or with respect to any subsequent transfer thereof or realization
thereupon by the Administrative Agent and/or the Lenders (or, if there are any
such restrictions, such transfer restrictions have been duly waived by all
required parties), and, as set forth in the Consents, NMLP, the Holding Company
and each of the General Partner Pledgors have obtained all consents needed in
connection with any such transfer or subsequent transfer, subject to matters
resulting from the operation of law.

 

6.                                       Covenants.  NMLP, the Holding Company and each General
Partner Pledgor covenant and agree with the Administrative Agent and the
Lenders that from and after the date of this Pledge Agreement until this Pledge
Agreement shall be terminated:

 

(a)                                  If
NMLP shall, as a result of its ownership of the NMLP Pledged Interests, become
entitled to receive or shall receive (i) any limited liability company
certificate (including, without limitation, any certificate representing a
dividend or a Distribution in connection with any reclassification, increase or
reduction of capital or any certificate issued in connection with any
reorganization), option or rights, (ii) any stock, (iii) any limited
partnership interests (including, without limitation, any certificate representing
a dividend or a Distribution in connection with any reclassification, increase
or reduction of capital or any certificate issued in connection with any
reorganization), option or rights, or (iv) any property other than cash,
whether in addition to, in substitution of, as a conversion of, or in exchange
for any of the NMLP Pledged Interests, or otherwise in respect thereof, NMLP
shall accept the same as the Administrative Agent’s agent, hold the same in
trust for the Administrative Agent and deliver the same forthwith to the
Administrative Agent in the exact form received, duly endorsed by NMLP to the
Administrative Agent, if required, together with an undated assignment or power
covering such certificate, duly executed in blank and with, if the Administrative
Agent so 

 

12

 

requests, signature guaranteed,
to be held by the Administrative Agent hereunder as additional security for the
NMLP Obligations.

 

(b)                                 If
the Holding Company shall, as a result of its ownership of the Holding Company
Pledged Interests, become entitled to receive or shall receive (i) any
limited liability company certificate (including, without limitation, any
certificate representing a dividend or a Distribution in connection with any
reclassification, increase or reduction of capital or any certificate issued in
connection with any reorganization), option or rights, (ii) any stock, (iii) any
limited partnership interests (including, without limitation, any certificate
representing a dividend or a Distribution in connection with any
reclassification, increase or reduction of capital or any certificate issued in
connection with any reorganization), option or rights, or (iv) any
property other than cash, whether in addition to, in substitution of, as a
conversion of, or in exchange for any of the Holding Company Pledged Interests,
or otherwise in respect thereof, the Holding Company shall accept the same as the
Administrative Agent’s agent, hold the same in trust for the Administrative Agent
and deliver the same forthwith to the Administrative Agent in the exact form
received, duly endorsed by the Holding Company to the Administrative Agent, if
required, together with an undated assignment or power covering such
certificate, duly executed in blank and with, if the Administrative Agent so
requests, signature guaranteed, to be held by the Administrative Agent
hereunder as additional security for the Holding Company Obligations.

 

(c)                                  If
any General Partner Pledgor shall, as a result of its ownership of the General
Partner Pledgor Pledged Interests, become entitled to receive or shall receive (i) any
limited liability company certificate (including, without limitation, any
certificate representing a dividend or a Distribution in connection with any
reclassification, increase or reduction of capital or any certificate issued in
connection with any reorganization), option or rights, (ii) any stock, (iii) any
limited partnership interests (including, without limitation, any certificate
representing a dividend or a Distribution in connection with any
reclassification, increase or reduction of capital or any certificate issued in
connection with any reorganization), option or rights, or (iv) any
property other than cash, whether in addition to, in substitution of, as a
conversion of, or in exchange for any of the General Partner Pledgor Pledged
Interests, or otherwise in respect thereof, such General Partner Pledgor shall
accept the same as the Administrative Agent’s agent, hold the same in trust for
the Administrative Agent and deliver the same forthwith to the Administrative Agent
in the exact form received, duly endorsed by the General Partner Pledgor to the
Administrative Agent, if required, together with an undated assignment or power
covering such certificate, duly executed in blank and with, if the
Administrative Agent so requests, signature guaranteed, to be held by the
Administrative Agent hereunder as additional security for the General Partner
Pledgor Obligations.

 

(d)                                 Without
the prior written consent of the Administrative Agent, NMLP will not, directly
or indirectly (i) vote to enable, or take any other action to permit, the 

 

13

 

issuer(s) of the NMLP Pledged
Interests to issue any interests or shares, as applicable, or to issue any
other securities convertible into or granting the right to purchase or exchange
for any interests of the issuer(s) of the NMLP Pledged Interests, or (ii) if
prohibited by the Loan Agreement, sell, assign, transfer, exchange or otherwise
dispose of, or grant any option with respect to, the NMLP Collateral, or (iii) create,
incur or permit to exist any lien or option in favor of, or any claim of any
person or entity with respect to, any of the NMLP Collateral, or any interest
therein, except for the lien provided for by this Pledge Agreement and liens
permitted under the Loan Agreement.  NMLP
will defend the right, title and interest of the Administrative Agent in and to
the NMLP Collateral against the claims and demands of all Persons whomsoever.

 

(e)                                  Without
the prior written consent of the Administrative Agent, the Holding Company will
not, directly or indirectly (i) vote to enable, or take any other action
to permit, the issuer(s) of the Holding Company Pledged Interests to issue any
interests or shares, as applicable, or to issue any other securities
convertible into or granting the right to purchase or exchange for any
interests of the issuer(s) of the Holding Company Pledged Interests, or (ii) if
prohibited by the Loan Agreement, sell, assign, transfer, exchange or otherwise
dispose of, or grant any option with respect to, the Holding Company
Collateral, or (iii) create, incur or permit to exist any lien or option
in favor of, or any claim of any person or entity with respect to, any of the
Holding Company Collateral, or any interest therein, except for the lien
provided for by this Pledge Agreement and liens permitted under the Loan
Agreement.  The Holding Company will
defend the right, title and interest of the Administrative Agent in and to the
Holding Company Collateral against the claims and demands of all Persons
whomsoever.

 

(f)                                    Without
the prior written consent of the Administrative Agent, the General Partner
Pledgors will not, directly or indirectly (i) vote to enable, or take any
other action to permit, the issuer(s) of the General Partner Pledgor Pledged
Interests to issue any interests or shares, as applicable, or to issue any
other securities convertible into or granting the right to purchase or exchange
for any interests of the issuer(s) of the General Partner Pledgor Pledged
Interests, or (ii) if prohibited by the Loan Agreement, sell, assign,
transfer, exchange or otherwise dispose of, or grant any option with respect
to, the General Partner Pledgor Collateral, or (iii) create, incur or
permit to exist any lien or option in favor of, or any claim of any person or
entity with respect to, any of the General Partner Pledgor Collateral, or any
interest therein, except for the lien provided for by this Pledge Agreement and
liens permitted under the Loan Agreement. 
The General Partner Pledgors will defend the right, title and interest
of the Administrative Agent in and to the General Partner Pledgor Collateral
against the claims and demands of all Persons whomsoever.

 

(g)                                 At
any time and from time to time, upon the written request of the Administrative Agent,
and at the sole expense of NMLP, NMLP will promptly and duly execute and
deliver such further instruments and documents and take such further actions 

 

14

 

as the Administrative Agent may
reasonably request for the purposes of obtaining or preserving the full
benefits of this Pledge Agreement and of the rights and powers herein
granted.  If any amount payable under or
in connection with any of the NMLP Collateral shall be or become evidenced by
any promissory note, other instrument or chattel paper, such note, instrument
or chattel paper shall be promptly delivered to the Administrative Agent, duly
endorsed in a manner satisfactory to the Administrative Agent, to be held as
NMLP Collateral pursuant to this Pledge Agreement.

 

(h)                                 At
any time and from time to time, upon the written request of the Administrative Agent,
and at the sole expense of the Holding Company, the Holding Company will
promptly and duly execute and deliver such further instruments and documents
and take such further actions as the Administrative Agent may reasonably
request for the purposes of obtaining or preserving the full benefits of this
Pledge Agreement and of the rights and powers herein granted.  If any amount payable under or in connection
with any of the Holding Company Collateral shall be or become evidenced by any
promissory note, other instrument or chattel paper, such note, instrument or
chattel paper shall be promptly delivered to the Administrative Agent, duly
endorsed in a manner satisfactory to the Administrative Agent, to be held as
Holding Company Collateral pursuant to this Pledge Agreement.

 

(i)                                     At
any time and from time to time, upon the written request of the Administrative Agent,
and at the sole expense of the General Partner Pledgors, the General Partner
Pledgors will promptly and duly execute and deliver such further instruments
and documents and take such further actions as the Administrative Agent may
reasonably request for the purposes of obtaining or preserving the full
benefits of this Pledge Agreement and of the rights and powers herein
granted.  If any amount payable under or
in connection with any of the General Partner Pledgor Collateral shall be or
become evidenced by any promissory note, other instrument or chattel paper,
such note, instrument or chattel paper shall be promptly delivered to the
Administrative Agent, duly endorsed in a manner satisfactory to the Administrative
Agent, to be held as General Partner Pledgor Collateral pursuant to this Pledge
Agreement.

 

(j)                                     NMLP,
the Holding Company and each General Partner Pledgor agree to pay, and to
indemnify and save the Administrative Agent harmless from, any and all
liabilities with respect to, or resulting from any delay in paying, any and all
stamp, excise, sales or other taxes (other than income taxes on the income of the
Administrative Agent or any of the Lenders) which may be payable or determined
to be payable with respect to any of the NMLP Collateral, the Holding Company
Collateral or the General Partner Pledgor Collateral (as the case may be) or in
connection with any of the transactions contemplated by this Pledge Agreement.

 

(k)                                  The
Holding Company will not merge or consolidate with any person if prohibited by
the Loan Agreement.

 

15

 

(l)                                     None
of the General Partner Pledgors will merge or consolidate with any person if
prohibited by the Loan Agreement.

 

(m)                               NMLP,
the Holding Company and the General Partner Pledgors shall, upon request from
the Administrative Agent, from time to time, cause the issuer of any securities
comprising any of the NMLP Collateral, the Holding Company Collateral or the
General Partner Pledgor Collateral which may be, but have not been,
certificated, to issue certificates with respect thereto in the name of NMLP,
the Holding Company or the General Partner Pledgors (as the case may be) or, if
so requested by the Administrative Agent, in the name of the Administrative Agent
as secured party.

 

(n)                                 Neither
NMLP nor the Holding Company nor any of the General Partner Pledgors shall
exercise any right with respect to the NMLP Collateral, the Holding Company
Collateral or the General Partner Pledgor Collateral which would dilute or
adversely affect the Administrative Agent’s rights in the NMLP Collateral, the
Holding Company Collateral and the General Partner Pledgor Collateral.

 

(o)                                 Except
as permitted in the Loan Agreement, NMLP shall not enter into or consent to any
amendment or modification of, or with respect to, the limited partnership
agreements of the NMLP Partnerships or the operating agreement of the Holding
Company without the Administrative Agent’s prior written consent in each
instance, which consent shall not be unreasonably withheld.

 

(p)                                 Except
as permitted in the Loan Agreement, the Holding Company shall not enter into or
consent to any amendment or modification of, or with respect to, the operating
agreements of the General Partner Pledgors without the Administrative Agent’s
prior written consent in each instance, which consent shall not be unreasonably
withheld.

 

(q)                                 Except
as permitted in the Loan Agreement, the General Partner Pledgors shall not
enter into or consent to any amendment or modification of, or with respect to,
the limited partnership agreements of the NMLP Partnerships without the
Administrative Agent’s prior written consent in each instance, which consent
shall not be unreasonably withheld.

 

7.                                       Cash
Dividends; Distributions; Voting Rights.

 

(a)                                  Unless
an Event of Default shall have occurred and be continuing, NMLP shall be
permitted to exercise all voting rights with respect to the NMLP Pledged
Interests; provided, however, that NMLP shall not, without the
prior written consent of the Administrative Agent in each instance, which
consent shall not be unreasonably withheld, vote the NMLP Collateral in favor
of, or consent to, any resolution or action which does or might:

 

16

 

(i)                                     impose
any restrictions upon the sale, transfer or disposition of the NMLP Collateral
other than restrictions, if any, the application of which is waived to the full
satisfaction of the Administrative Agent as to the NMLP Collateral; or

 

(ii)                                  result
in the issuance of any additional interest in the NMLP Partnerships or the
Holding Company, or of any class or series of security, which issuance might
adversely affect the value of the NMLP Collateral; or

 

(iii)                               vest
additional powers, privileges, preferences or priorities to any other class or
series of interest in the NMLP Partnerships or the Holding Company to the
detriment of the value of, or rights accruing to, the NMLP Collateral; or

 

(iv)                              except
as permitted in the Loan Agreement, permit the NMLP Partnerships or the Holding
Company to sell, transfer, assign, pledge, mortgage or otherwise encumber any
property owned by any of them, or to incur any new indebtedness in respect of
such property, unless the Administrative Agent has given its prior written
consent.

 

(b)                                 Unless
an Event of Default shall have occurred and be continuing, the Holding Company
shall be permitted to exercise all voting rights with respect to the Holding
Company Pledged Interests; provided, however, that the Holding
Company shall not, without the prior written consent of the Administrative Agent
in each instance, which consent shall not be unreasonably withheld, vote the
Holding Company Collateral in favor of, or consent to, any resolution or action
which does or might:

 

(i)                                     impose
any restrictions upon the sale, transfer or disposition of the Holding Company
Collateral other than restrictions, if any, the application of which is waived
to the full satisfaction of the Administrative Agent as to the Holding Company
Collateral; or

 

(ii)                                  result
in the issuance of any additional interest in the General Partner Pledgors, or
of any class of security, which issuance might adversely affect the value of
the Holding Company Collateral; or

 

(iii)                               vest
additional powers, privileges, preferences or priorities to any other class of
interest in the General Partner Pledgors to the detriment of the value of, or
rights accruing to, the Holding Company Collateral; or

 

17

 

(iv)                              except
as permitted in the Loan Agreement, permit the General Partner Pledgors to
sell, transfer, assign, pledge, mortgage or otherwise encumber any property
owned by any of them, or to incur any new indebtedness in respect of such
property, unless the Administrative Agent has given its prior written consent.

 

(c)                                  Unless
an Event of Default shall have occurred and be continuing, each General Partner
Pledgor shall be permitted to exercise all voting rights with respect to the
General Partner Pledgor Pledged Interests; provided, however,
that no General Partner Pledgor shall, without the prior written consent of the
Administrative Agent in each instance, which consent shall not be unreasonably
withheld, vote the General Partner Pledgor Collateral in favor of, or consent
to, any resolution or action which does or might:

 

(i)                                     impose
any restrictions upon the sale, transfer or disposition of the General Partner
Pledgor Collateral other than restrictions, if any, the application of which is
waived to the full satisfaction of the Administrative Agent as to the General
Partner Pledgor Collateral; or

 

(ii)                                  result
in the issuance of any additional interest in the NMLP Partnerships, or of any
class of security, which issuance might adversely affect the value of the
General Partner Pledgor Collateral; or

 

(iii)                               vest
additional powers, privileges, preferences or priorities to any other class of
interest in the NMLP Partnerships to the detriment of the value of, or rights
accruing to, the General Partner Pledgor Collateral; or

 

(iv)                              except
as permitted in the Loan Agreement, permit the NMLP Partnerships to sell,
transfer, assign, pledge, mortgage or otherwise encumber any property owned by
any of them, or to incur any new indebtedness in respect of such property,
unless the Administrative Agent has given its prior written consent.

 

(d)                                 Subject
to the terms and provisions hereof relating to the rights and remedies of the Administrative
Agent after the occurrence and during the continuance of an Event of Default,
in accordance with the terms and conditions of the Loan Agreement (including,
without limitation, Sections 7.1.14, 7.1.15 and 7.1.16 thereof), the Consents,
the Payment Direction Letters, and the Cash Management Agreement (including,
without limitation, Section 2.2 thereof), any and all cash dividends or
Distributions or any other payments received by NMLP in respect of the NMLP
Collateral shall be directly 

 

18

 

deposited in a designated
Depository Account in the name of NMLP. 
NMLP agrees that, to the extent that NMLP receives directly any cash
dividends or Distributions or any other payments which are required to be
deposited in a designated Depository Account as provided for in the Loan
Agreement, the Consents and/or the Cash Management Agreement, then (i) such
amounts shall be deemed to be NMLP Collateral and shall be held in trust for
the benefit of the Administrative Agent, (ii) such amounts shall not be
commingled with any other funds or property of NMLP, and (iii) NMLP shall
deposit such amounts in the applicable Depository Account within three Business
Days of receipt.

 

(e)                                  Subject
to the terms and provisions hereof relating to the rights and remedies of the Administrative
Agent after the occurrence and during the continuance of an Event of Default,
in accordance with the terms and conditions of the Loan Agreement (including,
without limitation, Sections 7.1.14, 7.1.15 and 7.1.16 thereof), the Consents,
the Payment Direction Letters, and the Cash Management Agreement (including,
without limitation, Section 2.2 thereof), any and all cash dividends or
Distributions or any other payments received by the Holding Company in respect
of the Holding Company Collateral shall be directly deposited in a designated
Depository Account in the name of MLP Manager Corp. or as otherwise directed by
the Administrative Agent in accordance with the terms of the Loan
Agreement.  The Holding Company agrees
that, to the extent that the Holding Company receives directly any cash
dividends or Distributions or any other payments which are required to be
deposited in a designated Depository Account as provided for in the Loan
Agreement, the Consents and/or the Cash Management Agreement, then (i) such
amounts shall be deemed to be Holding Company Collateral and shall be held in
trust for the benefit of the Administrative Agent, (ii) such amounts shall
not be commingled with any other funds or property of the Holding Company, and (iii) the
Holding Company shall deposit such amounts in the applicable Depository Account
within three Business Days of receipt.

 

(f)                                    Subject
to the terms and provisions hereof relating to the rights and remedies of the Administrative
Agent after the occurrence and during the continuance of an Event of Default,
in accordance with the terms and conditions of the Loan Agreement (including,
without limitation, Sections 7.1.14, 7.1.15 and 7.1.16 thereof), the Consents,
the Payment Direction Letters, and the Cash Management Agreement (including,
without limitation, Section 2.2 thereof), any and all cash dividends or
Distributions or any other payments received by any General Partner Pledgor in
respect of the General Partner Pledgor Collateral shall be directly deposited
in a designated Depository Account in the name MLP Manager Corp. or as
otherwise directed by the Administrative Agent in accordance with the terms of
the Loan Agreement.  Each General Partner
Pledgor agrees that, to the extent that any General Partner Pledgor receives
directly any cash dividends or Distributions or any other payments which are
required to be deposited in a designated Depository Account as provided for in
the Loan Agreement, the Consents and/or the Cash Management Agreement, then (i) such
amounts shall be deemed to be General 

 

19

 

Partner Pledgor Collateral and
shall be held in trust for the benefit of the Administrative Agent, (ii) such
amounts shall not be commingled with any other funds or property of such
General Partner Pledgor, and (iii) such General Partner Pledgor shall
deposit such amounts in the applicable Depository Account within three Business
Days of receipt.

 

8.                                       Rights
of Administrative Agent.

 

(a)                                  If
an Event of Default shall have occurred and be continuing, the Administrative Agent
shall have the right to receive any and all cash dividends or Distributions or
other payments paid in respect of the NMLP Collateral, the Holding Company
Collateral and the General Partner Pledgor Collateral and make application
thereof to the NMLP Obligations, the Holding Company Obligations or the General
Partner Pledgor Obligations (as the case may be), in such order as the
Administrative Agent, in its sole discretion, may elect.  In connection therewith, if an Event of
Default shall have occurred and be continuing, the Administrative Agent shall
have the right to direct the issuer(s) of the NMLP Pledged Interests, the
Holding Company Pledged Interests and the General Partner Pledgor Pledged
Interests to pay all such cash dividends or Distributions or other payment
directly to the Administrative Agent or as otherwise directed by the Administrative
Agent.

 

(b)                                 If
an Event of Default shall have occurred and be continuing, then all such NMLP
Pledged Interests, Holding Company Pledged Interests and General Partner
Pledgor Pledged Interests at the Administrative Agent’s option shall be
registered in the name of the Administrative Agent or its nominee, and the
Administrative Agent or its nominee may thereafter exercise (x) all voting and
other rights pertaining to such NMLP Pledged Interests, Holding Company Pledged
Interests and General Partner Pledgor Pledged Interests and (y) any and all
rights of conversion, exchange, subscription and any other rights, privileges
or options pertaining to such NMLP Pledged Interests, Holding Company Pledged
Interests and General Partner Pledgor Pledged Interests as if the
Administrative Agent were the absolute owner thereof (including, without
limitation, the right to exchange at its discretion any and all of the NMLP
Pledged Interests, the Holding Company Pledged Interests and the General
Partner Pledgor Pledged Interests upon the merger, consolidation,
reorganization, recapitalization or other fundamental change in the
organizational structure of NMLP, the Holding Company or any of the General
Partner Pledgors, or upon the exercise by NMLP, the Holding Company, any of the
General Partner Pledgors or the Administrative Agent of any right, privilege or
option pertaining to such NMLP Pledged Interests, Holding Company Pledged
Interests or General Partner Pledgor Pledged Interests, and in connection
therewith, the right to deposit and deliver any and all of the NMLP Pledged
Interests, Holding Company Pledged Interests or General Partner Pledgor Pledged
Interests with any committee, depositary, transfer agent, registrar or other
designated agency upon such terms and conditions as it may determine), all
without liability except to account for property actually received by it, but the

 

20

 

Administrative Agent shall have
no duty to exercise any such right, privilege or option and shall not be
responsible for any failure to do so or delay in so doing.

 

(c)                                  The
rights of the Administrative Agent hereunder shall not be conditioned or
contingent upon the pursuit by the Administrative Agent of any right or remedy
against NMLP or against any other NMLP Obligations or against any other NMLP
Collateral security therefor, guarantee thereof or right of offset with respect
thereto.  The Administrative Agent shall
not be liable for any failure to demand, collect or realize upon all or any
part of the NMLP Collateral or for any delay in doing so, nor shall it be under
any obligation to sell or otherwise dispose of any NMLP Collateral upon the
request of NMLP or any other person or entity or to take any other action
whatsoever with regard to the NMLP Collateral or any part thereof.

 

(d)                                 The
rights of the Administrative Agent hereunder shall not be conditioned or
contingent upon the pursuit by the Administrative Agent of any right or remedy
against the Holding Company or against any other person or entity which may be
or become liable in respect of all or any part of the Holding Company
Obligations or against any other Holding Company Collateral security therefor,
guarantee thereof or right of offset with respect thereto.  The Administrative Agent shall not be liable
for any failure to demand, collect or realize upon all or any part of the
Holding Company Collateral or for any delay in doing so, nor shall it be under
any obligation to sell or otherwise dispose of any Holding Company Collateral
upon the request of the Holding Company or any other person or entity or to
take any other action whatsoever with regard to the Holding Company Collateral
or any part thereof.

 

(e)                                  The
rights of the Administrative Agent hereunder shall not be conditioned or
contingent upon the pursuit by the Administrative Agent of any right or remedy
against the General Partner Pledgors or against any other person or entity
which may be or become liable in respect of all or any part of the General
Partner Pledgor Obligations or against any other General Partner Pledgor
Collateral security therefor, guarantee thereof or right of offset with respect
thereto.  The Administrative Agent shall
not be liable for any failure to demand, collect or realize upon all or any
part of the General Partner Pledgor Collateral or for any delay in doing so,
nor shall it be under any obligation to sell or otherwise dispose of any
General Partner Pledgor Collateral upon the request of any General Partner
Pledgor or any other person or entity or to take any other action whatsoever
with regard to the General Partner Pledgor Collateral or any part thereof.

 

(f)                                    Notwithstanding
anything to the contrary contained herein, at all times, the Administrative Agent’s
sole recourse against those General Partner Pledgors listed on Schedule 4
attached hereto to enforce the General Partner Pledgor Obligations shall be
limited to the rights and remedies against the General Partner Pledgor
Collateral, and in no event shall the Administrative Agent or any of the
Lenders have any other recourse 

 

21

 

against the General Partner
Pledgors listed on Schedule 4 attached hereto with respect to the
General Partner Pledgor Obligations.

 

9.                                       Actions
By Administrative Agent.  NMLP, the
Holding Company and each General Partner Pledgor hereby designates the
Administrative Agent as the attorney-in-fact of NMLP, the Holding Company and
each General Partner Pledgor to: (a) after the occurrence and during the
continuance of an Event of Default, endorse in favor of the Administrative Agent
any of the NMLP Collateral, the Holding Company Collateral or the General
Partner Pledgor Collateral; (b) after the occurrence and during the
continuance of an Event of Default, cause the transfer of any of the NMLP
Collateral, the Holding Company Collateral or the General Partner Pledgor
Collateral in such name as the Administrative Agent may from time to time
determine; (c) cause the issuance of certificates for book entry and/or
uncertificated securities; (d) renew, extend or roll over any NMLP
Collateral, Holding Company Collateral or General Partner Pledgor Collateral; (e) make,
demand and initiate actions to enforce any of the NMLP Collateral, the Holding
Company Collateral or the General Partner Pledgor Collateral or rights therein;
and (f) take any other action to effectuate the terms and provisions of
this Pledge Agreement.  The
Administrative Agent may take such action with respect to the NMLP Collateral,
the Holding Company Collateral and the General Partner Pledgor Collateral as the
Administrative Agent may reasonably determine to be necessary to protect and
preserve its interest in the NMLP Collateral, the Holding Company Collateral
and the General Partner Pledgor Collateral. 
Except as otherwise provided herein, all of the rights, remedies,
powers, privileges and discretions included in this Section 9 may be
exercised by the Administrative Agent whether or not the NMLP Obligations, the
Holding Company Obligations or the General Partner Pledgor Obligations are then
due and whether or not an Event of Default has occurred.  The within designation and grant of power of
attorney is coupled with an interest, is irrevocable until the lien created by
this Pledge Agreement is terminated by a written instrument executed by a duly
authorized officer of the Administrative Agent. 
The power of attorney shall not be affected by subsequent disability or
incapacity of NMLP, the Holding Company or any General Partner Pledgor.  The Administrative Agent shall not be liable
for any act or omission to act pursuant to this Section 9, except for any
act or omission to act which is in actual bad faith.

 

10.                                 Remedies.

 

(a)                                  If
an Event of Default shall have occurred and be continuing, the Administrative Agent
may exercise, in addition to all other rights and remedies granted in this
Pledge Agreement and in any other instrument or agreement securing, evidencing
or relating to the NMLP Obligations, the Holding Company Obligations or the
General Partner Pledgor Obligations, all rights and remedies of a secured party
under the UCC.  Without limiting the
generality of the foregoing, the Administrative Agent, if an Event of Default
shall have occurred and be continuing, without demand of performance or other
demand, presentment, protest, advertisement or notice of any kind (except any
notice required by law referred to below) to or upon NMLP, the Holding Company,
the General Partner Pledgors or any other person or entity (all and each of
which demands, 

 

22

 

presentments, protests,
advertisements or notices are hereby waived), may in such circumstances
forthwith collect, receive, appropriate and realize upon the NMLP Collateral,
the Holding Company Collateral and the General Partner Pledgor Collateral, or
any part thereof, and/or may forthwith sell, assign, give option or options to
purchase or otherwise dispose of and deliver the NMLP Collateral, the Holding
Company Collateral and the General Partner Pledgor Collateral or any part
thereof (or contract to do any of the foregoing), in one or more parcels at
public or private sale or sales, in the over-the-counter market, at any
exchange, broker’s board or office of the Administrative Agent or elsewhere
upon such terms and conditions as it may deem advisable and at such prices as
it may deem best, for cash or on credit or for future delivery without
assumption of any credit risk.  The
Administrative Agent shall have the right upon any such public sale or sales,
and, to the extent permitted by law, upon any such private sale or sales, to
purchase the whole or any part of the NMLP Collateral, the Holding Company
Collateral or the General Partner Pledgor Collateral so sold, free of any right
or equity of redemption in NMLP, the Holding Company or the General Partner
Pledgors, which right or equity is hereby waived or released.  The Administrative Agent shall apply any NMLP
Proceeds, Holding Company Proceeds or General Partner Pledgor Proceeds from time
to time held by it and the net proceeds of any such collection, recovery,
receipt, appropriation, realization or sale, after deducting all reasonable
costs and expenses of every kind incurred therein or incidental to the care or
safekeeping of any of the NMLP Collateral, the Holding Company Collateral or
General Partner Pledgor Collateral or in any way relating to the NMLP
Collateral, the Holding Company Collateral or the General Partner Pledgor
Collateral or the rights of the Administrative Agent hereunder, including,
without limitation, reasonable attorneys’ fees and disbursements, to the
payment in whole or in part of the NMLP Obligations, the Holding Company
Obligations or the General Partner Pledgor Obligations (as the case may be), in
such order as the Administrative Agent may elect, and only after such
application and after the payment by the Administrative Agent of any other
amount required by any provision of law, including, without limitation, Section 9-615(a) of
the UCC, need the Administrative Agent account for the surplus, if any, to
NMLP, the Holding Company and the General Partner Pledgors.  To the extent permitted by applicable law,
NMLP, the Holding Company and each General Partner Pledgor waive all claims,
damages and demands any of them may acquire against the Administrative Agent
arising out of the exercise by the Administrative Agent of any of its rights
hereunder, except for any claims, damages and demands any of them may have
against the Administrative Agent arising from the gross negligence or willful
misconduct of the Administrative Agent. 
If any notice of a proposed sale or other disposition of NMLP
Collateral, the Holding Company Collateral or General Partner Pledgor
Collateral shall be required by law, such notice shall be deemed reasonable and
proper if given at least 10 days before such sale or other disposition.  NMLP and the Holding Company shall remain
liable for any deficiency if the proceeds of any sale or other disposition of
NMLP Collateral or the Holding Company Collateral (as the case may be) are
insufficient to pay the NMLP Obligations or the Holding Company 

 

23

 

Obligations and the fees and
disbursements of any attorneys employed by the Administrative Agent to collect
such deficiency.

 

(b)                                 If
any Event of Default occurs and is continuing, any deposits, balances or other
sums credited by or due from the Administrative Agent, the Deposit Account Co-Agent,
any affiliate of the Administrative Agent, the Deposit Account Co-Agent or any
of the Lenders, or from any affiliate of any of the Lenders, to NMLP, the
General Partner Pledgors (except for those General Partner Pledgors listed on Schedule 4
attached hereto) or the Holding Company may to the fullest extent not
prohibited by applicable law at any time or from time to time, without regard
to the existence, sufficiency or adequacy of any other collateral, and without
notice or compliance with any other condition precedent now or hereafter
imposed by statute, rule of law or otherwise, all of which are hereby
waived to the fullest extent permitted by law, be set off, appropriated and
applied by the Administrative Agent against any or all of the NMLP Obligations,
the General Partner Pledgor Obligations or the Holding Company Obligations
irrespective of whether demand shall have been made, in such manner as the
Administrative Agent in its sole and absolute discretion may determine.  Within three (3) Business Days of making
any such set off, appropriation or application, the Administrative Agent agrees
to notify NMLP, the General Partner Pledgors (except for those General Partner
Pledgors listed on Schedule 4 attached hereto) or the Holding
Company thereof, provided the failure to give such notice shall not affect the
validity of such set off or appropriation or application.  ANY AND ALL RIGHTS TO REQUIRE THE
ADMINISTRATIVE AGENT, THE DEPOSIT ACCOUNT CO-AGENT OR ANY OF THE LENDERS TO
EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL WHICH
SECURES THE NMLP LOAN, PRIOR TO EXERCISING ITS RIGHT OF SETOFF WITH RESPECT TO
SUCH DEPOSITS, CREDITS OR OTHER PROPERTY OF NMLP OR THE HOLDING COMPANY, ARE
HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED.

 

11.                                 Private
Sales.

 

(a)                                  NMLP,
the Holding Company and each General Partner Pledgor recognize that the
Administrative Agent may be unable to effect a public sale of any or all the
NMLP Pledged Interests, the Holding Company Pledged Interests or the General
Partner Pledgor Pledged Interests, by reason of certain prohibitions contained
in the Securities Act of 1933, as amended, and applicable state securities laws
or otherwise, and may be compelled to resort to one or more private sales
thereof to a restricted group of purchasers which will be obliged to agree,
among other things, to acquire such securities for their own account for
investment and not with a view to the Distribution or resale thereof.  NMLP, the Holding Company and each General
Partner Pledgor acknowledge and agree that any such private sale may result in
prices and other terms less favorable to the Administrative Agent than if such
sale were a public sale.  The
Administrative Agent shall be under no obligation to delay a sale of any of the
NMLP Pledged Interests, the 

 

24

 

Holding Company Pledged
Interests or General Partner Pledgor Pledged Interests for the period of time
necessary to permit NMLP, the Holding Company or the General Partner Pledgors
to register such securities for public sale under the Securities Act of 1933,
as amended, or under applicable state securities laws, even if NMLP, the
Holding Company or the General Partner Pledgors would agree to do so.

 

(b)                                 NMLP,
the Holding Company and each General Partner Pledgor further agree to use their
best efforts to do or cause to be done all such other acts as may be necessary
to make any sale or sales of all or any portion of the NMLP Pledged Interests,
the Holding Company Pledged Interests or the General Partner Pledgor Pledged
Interests pursuant to this Section 11 
valid and binding and in compliance with any and all other applicable
requirements of law; provided, however, that neither NMLP nor the
Holding Company nor any General Partner Pledgor shall be under any obligation
to register the NMLP Pledged Interests, the Holding Company Pledged Interests
or the General Partner Pledgor Pledged Interests for public sale under the
Securities Act of 1933, as amended, or under applicable state securities
laws.  NMLP, the Holding Company and each
General Partner Pledgor further agree that a breach of any of the covenants
contained in this Section 11 will cause irreparable injury to the
Administrative Agent, that the Administrative Agent has no adequate remedy at
law in respect of such breach and, as a consequence, that each and every
covenant contained in this Section 11 shall be specifically enforceable
against NMLP, the Holding Company and each General Partner Pledgor, and NMLP,
the Holding Company and each General Partner Pledgor hereby waive and agree not
to assert any defenses against an action for specific performance of such
covenants except for a defense that no default has occurred with respect to the
NMLP Obligations, the Holding Company Obligations or the General Partner
Pledgor Obligations.

 

12.                                 Limitation
on Duties Regarding Collateral.  The
Administrative Agent’s sole duty with respect to the custody, safekeeping and
physical preservation of the NMLP Collateral, the Holding Company Collateral
and General Partner Pledgor Collateral in its possession, under Section 9-207
of the UCC or otherwise, shall be to deal with it in the same manner as the
Administrative Agent deals with similar securities and property for its own
account.  Neither the Administrative Agent
nor any of its directors, officers, employees or agents shall be liable for
failure to demand, collect or realize upon any of the NMLP Collateral, the
Holding Company Collateral or the General Partner Pledgor Collateral or for any
delay in doing so or shall be under any obligation to sell or otherwise dispose
of any NMLP Collateral, the Holding Company Collateral or General Partner
Pledgor Collateral upon the request of NMLP, the Holding Company, any General
Partner Pledgor or otherwise.

 

13.                                 Financing
Statements; Other Documents.  This
Pledge Agreement constitutes an authenticated record, and NMLP, the Holding
Company and each General Partner Pledgor hereby authorize the Administrative Agent
to file one or more UCC-1 financing statements, continuation statements or
other documents with respect to the NMLP Collateral, the Holding 

 

25

 

Company
Collateral and the General Partner Pledgor Collateral, without the signature of
NMLP, the Holding Company or any General Partner Pledgor, and in such filing
offices as the Administrative Agent shall deem reasonably appropriate.  NMLP, the Holding Company and each General
Partner Pledgor agree to deliver any other document or instrument which the
Administrative Agent may reasonably request in connection with the
administration and enforcement of this Pledge Agreement or with respect to the
NMLP Collateral, the Holding Company Collateral and General Partner Pledgor
Collateral for the purposes of obtaining or preserving the full benefits of
this Pledge Agreement and of the rights and powers herein granted.

 

14.                                 Powers
Coupled with an Interest.  All
authorizations and agencies and powers herein contained with respect to the
NMLP Collateral, the Holding Company Collateral and the General Partner Pledgor
Collateral are irrevocable and coupled with an interest.

 

15.                                 Security
Interest Absolute.  All rights of the
Administrative Agent hereunder, the grant of a security interest in the NMLP
Collateral, the Holding Company Collateral and the General Partner Pledgor
Collateral and all obligations of NMLP, the Holding Company and the General
Partner Pledgors hereunder, shall be absolute and unconditional irrespective of
(i) any lack of validity or enforceability of the Loan Agreement, any
agreement with respect to any of the NMLP Obligations, the Holding Company
Obligations, the General Partner Pledgor Obligations or any other agreement or
instrument relating to any of the foregoing, (ii) any change in time,
manner or place of payment of, or in any other term of, all or any of the NMLP
Obligations, the Holding Company Obligations or the General Partner Pledgor
Obligations, or any other amendment or waiver of or any consent to any
departure from the NMLP Note or any other agreement or instrument, (iii) any
exchange, release or non-perfection of any other collateral, or any release or
amendment or waiver of or consent to or departure from any guarantee, for all
or any of the NMLP Obligations, the Holding Company Obligations or General
Partner Pledgor Obligations, or (iv) any other circumstance which might
otherwise constitute a defense available to (other than the defense of
indefeasible payment), or a discharge of, NMLP, the Holding Company or the
General Partner Pledgors in respect of the NMLP Obligations, the Holding
Company Obligations or the General Partner Pledgor Obligations or in respect of
this Pledge Agreement.

 

16.                                 Fees
and Expenses.   To the extent
provided in the Loan Agreement and the Guaranty, NMLP, the Holding Company and
the General Partner Pledgors shall be obligated to, upon demand, pay to the Administrative
Agent the amount of any and all reasonable expenses, including the reasonable
fees and expenses of its counsel and of any experts or agents which the Administrative
Agent or any Lender may incur in connection with (i) the sale of,
collection from, or other realization upon, any of the NMLP Collateral, the
Holding Company Collateral or the General Partner Pledgor Collateral, or (ii) during
the continuance of an Event of Default, the exercise or enforcement of any of
the rights of the Administrative Agent hereunder.  Any such amounts payable as provided
hereunder or thereunder shall be additional obligations secured hereby and by
the other NMLP Security Documents.

 

26

 

17.                                 Termination.  Upon the payment in full of the NMLP
Obligations, the Holding Company Obligations or the General Partner Pledgor
Obligations, in immediately available funds, including, without limitation, all
unreimbursed costs and expenses of the Administrative Agent and of each Lender
for which NMLP, the Holding Company or the General Partner Pledgors are
responsible, the Administrative Agent shall release the NMLP Collateral, the
Holding Company Collateral or the General Partner Pledgor Collateral (as the
case may be) granted to the Administrative Agent as provided for herein.  However, such release by the Administrative Agent
shall not be deemed to terminate or release NMLP, the Holding Company or any
General Partner Pledgor from any obligation or liability under this Pledge
Agreement which specifically by its terms survives the payment in full of the
NMLP Obligations, the Holding Company Obligations or the General Partner
Pledgor Obligations.

 

18.                                 Severability.  Any provision of this Pledge Agreement which
is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate
or render unenforceable such provision in any other jurisdiction.

 

19.                                 Paragraph
Headings.  The paragraph headings
used in this Pledge Agreement are for convenience of reference only and are not
to affect the construction, or be taken into consideration in interpreting,
this Pledge Agreement.

 

20.                                 No
Waiver; Cumulative Remedies.  The
Administrative Agent shall not by any act delay, indulgence, omission or
otherwise be deemed to have waived any right or remedy hereunder or to have
acquiesced in any default or in any breach of any of the terms and conditions
hereof.  No failure to exercise, nor any
delay in exercising, on the part of the Administrative Agent, any right, power
or privilege hereunder shall operate as a waiver thereof.  No single or partial exercise of any right,
power or privilege hereunder shall preclude any other or further exercise
thereof or the exercise of any other right, power or privilege.  A waiver by the Administrative Agent of any
right or remedy hereunder on any one occasion shall not be construed as a bar
to any right or remedy which the Administrative Agent would otherwise have on
any future occasion.  The rights and
remedies herein provided are cumulative, may be exercised singly or
concurrently and are not exclusive of any rights or remedies provided by law.

 

21.                                 Waivers
and Amendments; Successors and Assigns; Governing Law; Venue.  None of the terms or provisions of this
Pledge Agreement may be waived, amended, or otherwise modified except by a
written instrument executed by the party against which enforcement of such
waiver, amendment, or modification is sought. 
This Pledge Agreement shall be binding upon NMLP, the Holding Company,
each General Partner Pledgor and the Administrative Agent, and the successors
and assigns of each, and shall inure to the benefit of the Administrative Agent
and the Lenders and their successors and assigns and to the benefit of NMLP,
the Holding Company and each General Partner Pledgor and the NMLP’s, the
Holding Company’s, and each General Partnership Pledgor’s successors and
permitted assigns; provided  

 

27

 

that neither
NMLP nor the Holding Company nor any General Partner Pledgor shall have any
right to (i) assign this Pledge Agreement or any interest herein, or (ii) assign
any interest in the NMLP Collateral, the Holding Company Collateral or the
General Partner Pledgor Collateral or any part thereof, or otherwise pledge,
encumber or grant any option with respect to the NMLP Collateral, the Holding
Company Collateral or the General Partner Pledgor Collateral or any part
thereof, or any cash or property held by NMLP, the Holding Company or the
General Partner Pledgors as NMLP Collateral, Holding Company Collateral or
General Partner Pledgor Collateral under this Pledge Agreement if any such
assignment, pledge, encumbrance or grant would constitute a violation of the
Loan Agreement.  The rights of the
Administrative Agent under this Pledge Agreement shall automatically be
transferred to any transferee to which the Administrative Agent transfers the
NMLP Note and the Loan Agreement pursuant to the terms thereof.  The construction, interpretation, validity,
enforceability and effect of all provisions of this Pledge Agreement including,
but not limited to, the payment of the NMLP Obligations, the Holding Company
Obligations and the General Partner Pledgor Obligations and the legality of the
interest rate and other charges shall be construed and enforced in accordance
with the internal laws of The Commonwealth of Massachusetts (without regard to
conflicts of laws).  NMLP, the Holding
Company and each General Partner Pledgor agrees to submit to non-exclusive
personal jurisdiction in Suffolk County, in The Commonwealth of Massachusetts
in any action or proceeding arising out of this Pledge Agreement and, in
furtherance of such agreement, NMLP, the Holding Company and each General
Partner Pledgor hereby agree and consent that, without limiting other methods
of obtaining jurisdiction, personal jurisdiction over NMLP, the Holding Company
or any General Partner Pledgor in any such action or proceeding may be obtained
within or without the jurisdiction of any court located in The Commonwealth of
Massachusetts and that any process or notice of motion or other application to
any such court in connection with any such action or proceeding may be served
upon NMLP, the Holding Company and any General Partner Pledgor by registered or
certified mail to or by personal service at the last known address of NMLP, the
Holding Company and such General Partner Pledgor, whether such address be
within or without the jurisdiction of any such court.

 

22.                                 Executive
Offices.

 

(a)                                  NMLP
shall not (i) change the location of its chief executive offices or sole
place of business from the location as of the date hereof or remove its books
and records from such location, or (ii) change its name, identity or
structure if, in either case, such change is prohibited by the Loan Agreement.

 

(b)                                 The
Holding Company shall not (i) change the location of its chief executive
offices or sole place of business from the location as of the date hereof or
remove its books and records from such location, or (ii) change its name,
identity or structure if, in either case, such change is prohibited by the Loan
Agreement.

 

(c)                                  No
General Partner Pledgor shall (i) change the location of its chief
executive offices or sole place of business from the location as of the date
hereof or 

 

28

 

remove its books and records
from such location, or (ii) change its name, identity or structure if, in
either case, such change is prohibited by the Loan Agreement.

 

23.                                 Notices.  Notices by the Administrative Agent to NMLP,
the Holding Company and the General Partner Pledgors, to be effective, shall be
in writing and shall be hand-delivered or sent by Federal Express, or other
reputable national overnight courier service, or by postage pre-paid registered
or certified mail, return receipt requested, addressed to NMLP, the Holding
Company or the General Partner Pledgors at their address set forth below their
signatures hereto, with a copy in each instance to Post Heymann &
Koffler LLP at the address set forth in Section 15.1 of the Loan
Agreement, and shall be deemed to have been duly given or made (a) when
delivered if hand-delivered or sent by Federal Express, or other reputable
national overnight courier service, or (b) when delivered if sent by
registered or certified mail.  Any
communications by NMLP, the Holding Company or any General Partner Pledgor to the
Administrative Agent may be given in any manner set forth in the immediately
preceding sentence, with a copy to Riemer & Braunstein LLP, Attention:
Steven J. Weinstein, Esq., to the addresses set forth in Section 15.1
of the Loan Agreement.

 

24.                                 Entire
Understanding.  The Administrative Agent
acknowledges that this Pledge Agreement, the NMLP Note, the NMLP Guaranty, the
Holding Company Guaranty, the General Partner Pledgor Guaranty and the other
NMLP Loan Documents and NMLP Security Documents set forth the entire agreement
and understanding of the Administrative Agent, NMLP, the Holding Company and
the General Partner Pledgors with respect to the NMLP Loan and that no oral or
other agreements, understanding, representation or warranties exist with
respect to the NMLP Loan, other than those set forth in this Pledge Agreement,
the NMLP Note, the NMLP Guaranty, the Holding Company Guaranty, the General
Partner Pledgor Guaranty and the other NMLP Loan Documents and NMLP Security
Documents.

 

25.                                 Counterpart
Signatures.  This Pledge Agreement
may be executed in two or more counterparts, each of which shall constitute an
original, but all of which, when taken together, shall constitute but one
instrument.

 

[SIGNATURE PAGES FOLLOW]

 

29

 

IN WITNESS WHEREOF, the undersigned has caused this Pledge Agreement to
be duly executed and delivered as of the date first above written.

 

	
  NMLP:

  	
  THE NEWKIRK MASTER LIMITED
  PARTNERSHIP,

  
	
   

  	
  A Delaware limited
  partnership

  

 

	
   

  	
  By:

  	
  MLP GP LLC, its General
  Partner

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  Newkirk MLP Corp., its
  Manager

  

 

	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
  John J. Cramer

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  

 

	
   

  	
  Addresses:

  
	
   

  	
   

  
	
   

  	
  1.

  	
  Chief Executive Office:

  
	
   

  	
   

  	
  c/o First Winthrop
  Corporation

  
	
   

  	
   

  	
  7 Bulfinch Place, Suite 500

  
	
   

  	
   

  	
  Boston, Massachusetts
  02114

  
	
   

  	
   

  	
   

  
	
   

  	
  2.

  	
  Principal Place of
  Business:

  
	
   

  	
   

  	
  c/o First Winthrop
  Corporation

  
	
   

  	
   

  	
  7 Bulfinch Place, Suite 500

  
	
   

  	
   

  	
  Boston, Massachusetts
  02114

  
	
   

  	
   

  
	
   

  	
   

  
	
  HOLDING COMPANY:

  	
  NEWKIRK GP HOLDING LLC,

  
	
   

  	
  A Delaware limited
  liability company

  

 

	
   

  	
  By:

  	
  MLP Manager Corp., its
  Manager

  

 

	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
  John J. Cramer

  
	
   

  	
  Title:

  	
  Vice President

  
					

 

	
  GENERAL PARTNER

  	
   

  
	
  PLEDGORS:

  	
  Newkirk 21 AT GP LLC

  
	
   

  	
  Newkirk Alake GP LLC

  
	
   

  	
  Newkirk Albeau GP LLC

  
	
   

  	
  Newkirk Altenn GP LLC

  
	
   

  	
  Newkirk Alwood GP LLC

  
	
   

  	
  Newkirk Ateb GP LLC

  
	
   

  	
  Newkirk Avrem GP LLC

  
	
   

  	
  Newkirk Basot GP LLC

  
	
   

  	
  Newkirk Bedcar GP LLC

  
	
   

  	
  Newkirk Bethplain GP LLC

  

 

30

 

	
   

  	
  Newkirk Boford GP LLC

  
	
   

  	
  Newkirk Bradall GP LLC

  
	
   

  	
  Newkirk Calane GP LLC

  
	
   

  	
  Newkirk Calcraf GP LLC

  
	
   

  	
  Newkirk Carolion GP LLC

  
	
   

  	
  Newkirk Clifmar GP LLC

  
	
   

  	
  Newkirk Colane GP LLC

  
	
   

  	
  Newkirk Croydon GP LLC

  
	
   

  	
  Newkirk Dalhill GP LLC

  
	
   

  	
  Newkirk Dautec GP LLC

  
	
   

  	
  Newkirk Daytower GP LLC

  
	
   

  	
  Newkirk Denport GP LLC

  
	
   

  	
  Newkirk Denville GP LLC

  
	
   

  	
  Newkirk Elport GP LLC

  
	
   

  	
  Newkirk Elway GP LLC

  
	
   

  	
  Newkirk Feddata GP LLC

  
	
   

  	
  Newkirk Flamont GP LLC

  
	
   

  	
  Newkirk Gersant GP LLC

  
	
   

  	
  Newkirk Hazelport GP LLC

  
	
   

  	
  Newkirk Jackson Street GP
  LLC

  
	
   

  	
  Newkirk Jacway GP LLC

  
	
   

  	
  Newkirk JLE Way GP LLC

  
	
   

  	
  Newkirk Johab GP LLC

  
	
   

  	
  Newkirk JVF GP LLC

  
	
   

  	
  Newkirk Lando GP LLC

  
	
   

  	
  Newkirk Lanmar GP LLC

  
	
   

  	
  Newkirk Larloosa GP LLC

  
	
   

  	
  Newkirk Leyden GP LLC

  
	
   

  	
  Newkirk Liroc GP LLC

  
	
   

  	
  Newkirk Lybster GP LLC

  
	
   

  	
  Newkirk Marbax GP LLC

  
	
   

  	
  Newkirk Martall GP LLC

  
	
   

  	
  Newkirk Merday GP LLC

  
	
   

  	
  Newkirk Mesa GP LLC

  
	
   

  	
  Newkirk Midlem GP LLC

  
	
   

  	
  Newkirk Montal GP LLC

  
	
   

  	
  Newkirk Newal GP LLC

  
	
   

  	
  Newkirk Orper GP LLC

  
	
   

  	
  Newkirk Pinmar GP LLC

  
	
   

  	
  Newkirk Pinole GP LLC

  
	
   

  	
  Newkirk Plecar GP LLC

  
	
   

  	
  Newkirk Porto GP LLC

  
	
   

  	
  Newkirk Renlake GP LLC

  
	
   

  	
  Newkirk Sablemart GP LLC

  
	
   

  	
  Newkirk Salistown GP LLC

  
	
   

  	
  Newkirk Sandnord GP LLC

  
	
   

  	
  Newkirk Santex GP LLC

  
	
   

  	
  Newkirk Segair GP LLC

  
	
   

  	
  Newkirk Seguine GP LLC

  

 

31

 

	
   

  	
  Newkirk Silward GP LLC

  
	
   

  	
  Newkirk Simval GP LLC

  
	
   

  	
  Newkirk Skoob GP LLC

  
	
   

  	
  Newkirk Spokmont GP LLC

  
	
   

  	
  Newkirk Statmont GP LLC

  
	
   

  	
  Newkirk Sunway GP LLC

  
	
   

  	
  Newkirk Superwest GP LLC

  
	
   

  	
  Newkirk Suteret GP LLC

  
	
   

  	
  Newkirk Syrcar GP LLC

  
	
   

  	
  Newkirk Texford GP LLC

  
	
   

  	
  Newkirk Vegpow GP LLC

  
	
   

  	
  Newkirk Vegrouge GP LLC

  
	
   

  	
  Newkirk Vengar GP LLC

  
	
   

  	
  Newkirk Walando GP LLC

  
	
   

  	
  Newkirk Walcreek GP LLC

  
	
   

  	
  Newkirk Walmad GP LLC

  
	
   

  	
  Newkirk Washtex GP LLC

  
	
   

  	
  Newkirk Wybanco GP LLC

  
	
   

  	
   

  
	
   

  	
  Each, a Delaware limited
  liability company

  

 

	
   

  	
  By:

  	
  MLP Manager Corp., their
  Manager

  

 

	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
  John J. Cramer

  
	
   

  	
  Title:

  	
  Vice President

  
					

 

	
   

  	
   

  
	
   

  	
  Addresses:

  

 

	
   

  	
  1.

  	
  Chief Executive Office:

  
	
   

  	
   

  	
  c/o First Winthrop
  Corporation

  
	
   

  	
   

  	
  7 Bulfinch Place, Suite 500

  
	
   

  	
   

  	
  Boston, Massachusetts
  02114

  
	
   

  	
   

  	
   

  
	
   

  	
  2.

  	
  Principal Place of
  Business:

  
	
   

  	
   

  	
  c/o First Winthrop
  Corporation

  
	
   

  	
   

  	
  7 Bulfinch Place, Suite 500

  
	
   

  	
   

  	
  Boston, Massachusetts
  02114

  

 

32

 

	
  ADMINISTRATIVE

  	
   

  
	
  AGENT:

  	
  KEYBANK NATIONAL ASSOCIATION,

  
	
   

  	
  A national banking association

  
	
   

  	
   

  

 

	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
  Jeffry M. Morrison

  
	
   

  	
  Title:

  	
  Vice President

  
					

 

33

 

SCHEDULE 1

To Pledge

Agreement

 

GENERAL PARTNER PLEDGORS

 

1.                                       Newkirk
21 AT GP LLC

 

2.                                       Newkirk
Alake GP LLC

 

3.                                       Newkirk
Albeau GP LLC

 

4.                                       Newkirk
Altenn GP LLC

 

5.                                       Newkirk
Alwood GP LLC

 

6.                                       Newkirk
Ateb GP LLC

 

7.                                       Newkirk
Avrem GP LLC

 

8.                                       Newkirk
Basot GP LLC

 

9.                                       Newkirk
Bedcar GP LLC

 

10.                                 Newkirk
Bethplain GP LLC

 

11.                                 Newkirk
Boford GP LLC

 

12.                                 Newkirk
Bradall GP LLC

 

13.                                 Newkirk
Calane GP LLC

 

14.                                 Newkirk
Calcraf GP LLC

 

15.                                 Newkirk
Carolion GP LLC

 

16.                                 Newkirk
Clifmar GP LLC

 

17.                                 Newkirk
Colane GP LLC

 

18.                                 Newkirk
Croydon GP LLC

 

19.                                 Newkirk
Dalhill GP LLC

 

34

 

20.                                 Newkirk
Dautec GP LLC

 

21.                                 Newkirk
Daytower GP LLC

 

22.                                 Newkirk
Denport GP LLC

 

23.                                 Newkirk
Denville GP LLC

 

24.                                 Newkirk
Elport GP LLC

 

25.                                 Newkirk
Elway GP LLC

 

26.                                 Newkirk
Feddata GP LLC

 

27.                                 Newkirk
Flamont GP LLC

 

28.                                 Newkirk
Gersant GP LLC

 

29.                                 Newkirk
Hazelport GP LLC

 

30.                                 Newkirk
Jackson Street GP LLC

 

31.                                 Newkirk
Jacway GP LLC

 

32.                                 Newkirk
JLE Way GP LLC

 

33.                                 Newkirk
Johab GP LLC

 

34.                                 Newkirk
JVF GP LLC

 

35.                                 Newkirk
Lando GP LLC

 

36.                                 Newkirk
Lanmar GP LLC

 

37.                                 Newkirk
Larloosa GP LLC

 

38.                                 Newkirk
Leyden GP LLC

 

39.                                 Newkirk
Liroc GP LLC

 

40.                                 Newkirk
Lybster GP LLC

 

41.                                 Newkirk
Marbax GP LLC

 

42.                                 Newkirk
Martall GP LLC

 

35

 

43.                                 Newkirk
Merday GP LLC

 

44.                                 Newkirk
Mesa GP LLC

 

45.                                 Newkirk
Midlem GP LLC

 

46.                                 Newkirk
Montal GP LLC

 

47.                                 Newkirk
Newal GP LLC

 

48.                                 Newkirk
Orper GP LLC

 

49.                                 Newkirk
Pinmar GP LLC

 

50.                                 Newkirk
Pinole GP LLC

 

51.                                 Newkirk
Plecar GP LLC

 

52.                                 Newkirk
Porto GP LLC

 

53.                                 Newkirk
Renlake GP LLC

 

54.                                 Newkirk
Sablemart GP LLC

 

55.                                 Newkirk
Salistown GP LLC

 

56.                                 Newkirk
Sandnord GP LLC

 

57.                                 Newkirk
Santex GP LLC

 

58.                                 Newkirk
Segair GP LLC

 

59.                                 Newkirk
Seguine GP LLC

 

60.                                 Newkirk
Silward GP LLC

 

61.                                 Newkirk
Simval GP LLC

 

62.                                 Newkirk
Skoob GP LLC

 

63.                                 Newkirk
Spokmont GP LLC

 

64.                                 Newkirk
Statmont GP LLC

 

65.                                 Newkirk
Sunway GP LLC

 

36

 

66.                                 Newkirk
Superwest GP LLC

 

67.                                 Newkirk
Suteret GP LLC

 

68.                                 Newkirk
Syrcar GP LLC

 

69.                                 Newkirk
Texford GP LLC

 

70.                                 Newkirk
Vegpow GP LLC

 

71.                                 Newkirk
Vegrouge GP LLC

 

72.                                 Newkirk
Vengar GP LLC

 

73.                                 Newkirk
Walando GP LLC

 

74.                                 Newkirk
Walcreek GP LLC

 

75.                                 Newkirk
Walmad GP LLC

 

76.                                 Newkirk
Washtex GP LLC

 

77.                                 Newkirk
Wybanco GP LLC

 

37

 

SCHEDULE 2

To Pledge

Agreement

 

NMLP PARTNERSHIPS

 

1.                                       Newkirk
21 AT L.P.

 

General Partner Pledgor:
Newkirk 21 AT GP LLC

 

2.                                       Newkirk
Alake L.P.

 

General Partner Pledgor:
Newkirk Alake GP LLC

 

3.                                       Newkirk
Albeau L.P.

 

General Partner Pledgor:
Newkirk Albeau GP LLC

 

4.                                       Newkirk
Altenn L.P.

 

General Partner Pledgor:
Newkirk Altenn GP LLC

 

5.                                       Newkirk
Alwood L.P.

 

General Partner Pledgor:
Newkirk Alwood GP LLC

 

6.                                       Newkirk
Ateb L.P.

 

General Partner Pledgor:
Newkirk Ateb GP LLC

 

7.                                       Newkirk
Avrem L.P.

 

General Partner Pledgor:
Newkirk Avrem GP LLC

 

8.                                       Newkirk
Basot L.P.

 

General Partner Pledgor:
Newkirk Basot GP LLC

 

9.                                       Newkirk
Bedcar L.P.

 

General Partner Pledgor:
Newkirk Bedcar GP LLC

 

38

 

10.                                 Newkirk
Bethplain L.P.

 

General Partner Pledgor:
Newkirk Bethplain GP LLC

 

11.                                 Newkirk
Boford L.P.

 

General Partner Pledgor:
Newkirk Boford GP LLC

 

12.                                 Newkirk
Bradall L.P.

 

General Partner Pledgor:
Newkirk Bradall GP LLC

 

13.                                 Newkirk
Calane L.P.

 

General Partner Pledgor:
Newkirk Calane GP LLC

 

14.                                 Newkirk
Calcraf L.P.

 

General Partner Pledgor:
Newkirk Calcraf GP LLC

 

15.                                 Newkirk
Carolion L.P.

 

General Partner Pledgor:
Newkirk Carolion GP LLC

 

16.                                 Newkirk
Clifmar L.P.

 

General Partner Pledgor:
Newkirk Clifmar GP LLC

 

17.                                 Newkirk
Colane L.P.

 

General Partner Pledgor:
Newkirk Colane GP LLC

 

18.                                 Newkirk
Croydon L.P.

 

General Partner Pledgor:
Newkirk Croydon GP LLC

 

19.                                 Newkirk
Dalhill L.P.

 

General Partner Pledgor:
Newkirk Dalhill GP LLC

 

20.                                 Newkirk
Dautec L.P.

 

General Partner Pledgor:
Newkirk Dautec GP LLC

 

39

 

21.                                 Newkirk
Daytower L.P.

 

General Partner Pledgor:
Newkirk Daytower GP LLC

 

22.                                 Newkirk
Denport L.P.

 

General Partner Pledgor:
Newkirk Denport GP LLC

 

23.                                 Newkirk
Denville L.P.

 

General Partner Pledgor:
Newkirk Denville GP LLC

 

24.                                 Newkirk
Elport L.P.

 

General Partner Pledgor:
Newkirk Elport GP LLC

 

25.                                 Newkirk
Elway L.P.

 

General Partner Pledgor:
Newkirk Elway GP LLC

 

26.                                 Newkirk
Feddata L.P.

 

General Partner Pledgor:
Newkirk Feddata GP LLC

 

27.                                 Newkirk
Flamont L.P.

 

General Partner Pledgor:
Newkirk Flamont GP LLC

 

28.                                 Newkirk
Gersant L.P.

 

General Partner Pledgor:
Newkirk Gersant GP LLC

 

29.                                 Newkirk
Hazelport L.P.

 

General Partner Pledgor:
Newkirk Hazelport GP LLC

 

30.                                 Newkirk
Jackson Street L.P.

 

General Partner Pledgor:
Newkirk Jackson Street GP LLC

 

31.                                 Newkirk
Jacway L.P.

 

General Partner Pledgor:
Newkirk Jacway GP LLC

 

40

 

32.                                 Newkirk
JLE Way L.P.

 

General Partner Pledgor:
Newkirk JLE Way GP LLC

 

33.                                 Newkirk
Johab L.P.

 

General Partner Pledgor:
Newkirk Johab GP LLC

 

34.                                 Newkirk
JVF L.P.

 

General Partner Pledgor:
Newkirk JVF GP LLC

 

35.                                 Newkirk
Lando L.P.

 

General Partner Pledgor:
Newkirk Lando GP LLC

 

36.                                 Newkirk
Lanmar L.P.

 

General Partner Pledgor:
Newkirk Lanmar GP LLC

 

37.                                 Newkirk
Larloosa L.P.

 

General Partner Pledgor:
Newkirk Larloosa GP LLC

 

38.                                 Newkirk
Leyden L.P.

 

General Partner Pledgor:
Newkirk Leyden GP LLC

 

39.                                 Newkirk
Liroc L.P.

 

General Partner Pledgor:
Newkirk Liroc GP LLC

 

40.                                 Newkirk
Lybster L.P.

 

General Partner Pledgor:
Newkirk Lybster GP LLC

 

41.                                 Newkirk
Marbax L.P.

 

General Partner Pledgor:
Newkirk Marbax GP LLC

 

42.                                 Newkirk
Martall L.P.

 

General Partner Pledgor:
Newkirk Martall GP LLC

 

41

 

43.                                 Newkirk
Merday L.P.

 

General Partner Pledgor:
Newkirk Merday GP LLC

 

44.                                 Newkirk
Mesa L.P.

 

General Partner Pledgor:
Newkirk Mesa GP LLC

 

45.                                 Newkirk
Midlem L.P.

 

General Partner Pledgor:
Newkirk Midlem GP LLC

 

46.                                 Newkirk
Montal L.P.

 

General Partner Pledgor:
Newkirk Montal GP LLC

 

47.                                 Newkirk
Newal L.P.

 

General Partner Pledgor:
Newkirk Newal GP LLC

 

48.                                 Newkirk
Orper L.P.

 

General Partner Pledgor:
Newkirk Orper GP LLC

 

49.                                 Newkirk
Pinmar L.P.

 

General Partner Pledgor:
Newkirk Pinmar GP LLC

 

50.                                 Newkirk
Pinole L.P.

 

General Partner Pledgor:
Newkirk Pinole GP LLC

 

51.                                 Newkirk
Plecar L.P.

 

General Partner Pledgor:
Newkirk Plecar GP LLC

 

52.                                 Newkirk
Porto L.P.

 

General Partner Pledgor:
Newkirk Porto GP LLC

 

53.                                 Newkirk
Renlake L.P.

 

General Partner Pledgor:
Newkirk Renlake GP LLC

 

42

 

54.                                 Newkirk
Sablemart L.P.

 

General Partner Pledgor:
Newkirk Sablemart GP LLC

 

55.                                 Newkirk
Salistown L.P.

 

General Partner Pledgor:
Newkirk Salistown GP LLC

 

56.                                 Newkirk
Sandnord L.P.

 

General Partner Pledgor:
Newkirk Sandnord GP LLC

 

57.                                 Newkirk
Santex L.P.

 

General Partner Pledgor:
Newkirk Santex GP LLC

 

58.                                 Newkirk
Segair L.P.

 

General Partner Pledgor:
Newkirk Segair GP LLC

 

59.                                 Newkirk
Seguine L.P.

 

General Partner Pledgor:
Newkirk Seguine GP LLC

 

60.                                 Newkirk
Silward L.P.

 

General Partner Pledgor:
Newkirk Silward GP LLC

 

61.                                 Newkirk
Simval L.P.

 

General Partner Pledgor:
Newkirk Simval GP LLC

 

62.                                 Newkirk
Skoob L.P.

 

General Partner Pledgor:
Newkirk Skoob GP LLC

 

63.                                 Newkirk
Spokmont L.P.

 

General Partner Pledgor:
Newkirk Spokmont GP LLC

 

64.                                 Newkirk
Statmont L.P.

 

General Partner Pledgor:
Newkirk Statmont GP LLC

 

43

 

65.                                 Newkirk
Sunway L.P.

 

General Partner Pledgor:
Newkirk Sunway GP LLC

 

66.                                 Newkirk
Superwest L.P.

 

General Partner Pledgor:
Newkirk Superwest GP LLC

 

67.                                 Newkirk
Suteret L.P.

 

General Partner Pledgor:
Newkirk Suteret GP LLC

 

68.                                 Newkirk
Syrcar L.P.

 

General Partner Pledgor:
Newkirk Syrcar GP LLC

 

69.                                 Newkirk
Texford L.P.

 

General Partner Pledgor:
Newkirk Texford GP LLC

 

70.                                 Newkirk
Vegpow L.P.

 

General Partner Pledgor:
Newkirk Vegpow GP LLC

 

71.                                 Newkirk
Vegrouge L.P.

 

General Partner Pledgor:
Newkirk Vegrouge GP LLC

 

72.                                 Newkirk
Vengar L.P.

 

General Partner Pledgor:
Newkirk Vengar GP LLC

 

73.                                 Newkirk
Walando L.P.

 

General Partner Pledgor:
Newkirk Walando GP LLC

 

74.                                 Newkirk
Walcreek L.P.

 

General Partner Pledgor:
Newkirk Walcreek GP LLC

 

75.                                 Newkirk
Walmad L.P.

 

General Partner Pledgor:
Newkirk Walmad GP LLC

 

44

 

76.                                 Newkirk
Washtex L.P.

 

General Partner Pledgor:
Newkirk Washtex GP LLC

 

77.                                 Newkirk
Wybanco L.P.

 

General Partner Pledgor:
Newkirk Wybanco GP LLC

 

45

 

SCHEDULE 3

To Pledge

Agreement

 

	
  Holder of Pledged

  Interests

  	
   

  	
  Issuer of

  Pledged

  Interest

  	
   

  	
  Type of

  Interest

  	
   

  	
  Series of

  Membership

  Interest

  	
   

  	
  Percentage

  of

  Issued

  Interests

  	
   

  
	
  The Newkirk Master Limited
  Partnership

  	
   

  	
  Newkirk
  GP Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series 21
  AT

  	
   

  	
  100.0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Newkirk Master Limited
  Partnership

  	
   

  	
  Newkirk
  GP Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Alake

  	
   

  	
  100.0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Newkirk Master Limited
  Partnership

  	
   

  	
  Newkirk
  GP Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Albeau

  	
   

  	
  100.0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Newkirk Master Limited
  Partnership

  	
   

  	
  Newkirk
  GP Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Altenn

  	
   

  	
  100.0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Newkirk Master Limited
  Partnership

  	
   

  	
  Newkirk
  GP Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Alwood

  	
   

  	
  100.0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Newkirk Master Limited
  Partnership

  	
   

  	
  Newkirk
  GP Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Ateb

  	
   

  	
  100.0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Newkirk Master Limited
  Partnership

  	
   

  	
  Newkirk
  GP Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Avrem

  	
   

  	
  100.0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Newkirk Master Limited
  Partnership

  	
   

  	
  Newkirk
  GP Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Basot

  	
   

  	
  100.0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Newkirk Master Limited
  Partnership

  	
   

  	
  Newkirk
  GP Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Bedcar

  	
   

  	
  100.0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Newkirk Master Limited
  Partnership

  	
   

  	
  Newkirk
  GP Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Bethplain

  	
   

  	
  100.0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Newkirk Master Limited
  Partnership

  	
   

  	
  Newkirk
  GP Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Boford

  	
   

  	
  100.0

  	
  %

  

 

46

 

	
  The Newkirk Master Limited Partnership

  	
   

  	
  Newkirk GP
  Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Bradall

  	
   

  	
  100.0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Newkirk Master Limited Partnership

  	
   

  	
  Newkirk GP
  Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Calane

  	
   

  	
  100.0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Newkirk Master Limited Partnership

  	
   

  	
  Newkirk GP
  Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Calcraf

  	
   

  	
  100.0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Newkirk Master Limited Partnership

  	
   

  	
  Newkirk GP
  Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Carolion

  	
   

  	
  100.0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Newkirk Master Limited Partnership

  	
   

  	
  Newkirk GP
  Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Clifmar

  	
   

  	
  100.0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Newkirk Master Limited Partnership

  	
   

  	
  Newkirk GP
  Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Colane

  	
   

  	
  100.0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Newkirk Master Limited Partnership

  	
   

  	
  Newkirk GP
  Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Croydon

  	
   

  	
  100.0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Newkirk Master Limited Partnership

  	
   

  	
  Newkirk GP
  Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Dalhill

  	
   

  	
  100.0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Newkirk Master Limited Partnership

  	
   

  	
  Newkirk GP
  Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Dautec

  	
   

  	
  100.0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Newkirk Master Limited Partnership

  	
   

  	
  Newkirk GP
  Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Daytower

  	
   

  	
  100.0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Newkirk Master Limited Partnership

  	
   

  	
  Newkirk GP
  Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Denport

  	
   

  	
  100.0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Newkirk Master Limited Partnership

  	
   

  	
  Newkirk GP
  Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Denville

  	
   

  	
  100.0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Newkirk Master Limited Partnership

  	
   

  	
  Newkirk GP
  Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Elport

  	
   

  	
  100.0

  	
  %

  

 

47

 

	
  The Newkirk Master
  Limited Partnership

  	
   

  	
  Newkirk GP
  Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Elway

  	
   

  	
  100.0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Newkirk Master Limited Partnership

  	
   

  	
  Newkirk GP
  Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Feddata

  	
   

  	
  100.0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Newkirk Master Limited Partnership

  	
   

  	
  Newkirk GP
  Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Flamont

  	
   

  	
  100.0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Newkirk Master Limited Partnership

  	
   

  	
  Newkirk GP
  Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Gersant

  	
   

  	
  100.0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Newkirk Master Limited Partnership

  	
   

  	
  Newkirk GP
  Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Hazelport

  	
   

  	
  100.0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Newkirk Master Limited Partnership

  	
   

  	
  Newkirk GP
  Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Jackson
  Street

  	
   

  	
  100.0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Newkirk Master Limited Partnership

  	
   

  	
  Newkirk GP
  Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Jacway

  	
   

  	
  100.0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Newkirk Master Limited Partnership

  	
   

  	
  Newkirk GP
  Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series JLE
  Way

  	
   

  	
  100.0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Newkirk Master Limited Partnership

  	
   

  	
  Newkirk GP
  Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Johab

  	
   

  	
  100.0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Newkirk Master Limited Partnership

  	
   

  	
  Newkirk GP
  Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series JVF

  	
   

  	
  100.0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Newkirk Master Limited Partnership

  	
   

  	
  Newkirk GP
  Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Lando

  	
   

  	
  100.0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Newkirk Master Limited Partnership

  	
   

  	
  Newkirk GP
  Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Lanmar

  	
   

  	
  100.0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Newkirk Master Limited Partnership

  	
   

  	
  Newkirk GP
  Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Larloosa

  	
   

  	
  100.0

  	
  %

  

 

48

 

	
  The Newkirk Master Limited Partnership

  	
   

  	
  Newkirk GP
  Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Leyden

  	
   

  	
  100.0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Newkirk Master Limited Partnership

  	
   

  	
  Newkirk GP
  Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Liroc

  	
   

  	
  100.0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Newkirk Master Limited Partnership

  	
   

  	
  Newkirk GP
  Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Lybster

  	
   

  	
  100.0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Newkirk Master Limited Partnership

  	
   

  	
  Newkirk GP
  Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Marbax

  	
   

  	
  100.0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Newkirk Master Limited Partnership

  	
   

  	
  Newkirk GP
  Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Martall

  	
   

  	
  100.0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Newkirk Master Limited Partnership

  	
   

  	
  Newkirk GP
  Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Merday

  	
   

  	
  100.0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Newkirk Master Limited Partnership

  	
   

  	
  Newkirk GP
  Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Mesa

  	
   

  	
  100.0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Newkirk Master Limited Partnership

  	
   

  	
  Newkirk GP
  Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Midlem

  	
   

  	
  100.0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Newkirk Master Limited Partnership

  	
   

  	
  Newkirk GP
  Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Montal

  	
   

  	
  100.0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Newkirk Master Limited Partnership

  	
   

  	
  Newkirk GP
  Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Newal

  	
   

  	
  100.0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Newkirk Master Limited Partnership

  	
   

  	
  Newkirk GP
  Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Orper

  	
   

  	
  100.0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Newkirk Master Limited Partnership

  	
   

  	
  Newkirk GP
  Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Pinmar

  	
   

  	
  100.0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Newkirk Master Limited Partnership

  	
   

  	
  Newkirk GP
  Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Pinole

  	
   

  	
  100.0

  	
  %

  

 

49

 

	
  The Newkirk Master Limited Partnership

  	
   

  	
  Newkirk GP
  Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Plecar

  	
   

  	
  100.0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Newkirk Master Limited Partnership

  	
   

  	
  Newkirk GP
  Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Porto

  	
   

  	
  100.0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Newkirk Master Limited Partnership

  	
   

  	
  Newkirk GP
  Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Renlake

  	
   

  	
  100.0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Newkirk Master Limited Partnership

  	
   

  	
  Newkirk GP
  Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Sablemart

  	
   

  	
  100.0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Newkirk Master Limited Partnership

  	
   

  	
  Newkirk GP
  Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Salistown

  	
   

  	
  100.0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Newkirk Master Limited Partnership

  	
   

  	
  Newkirk GP
  Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Sandnord

  	
   

  	
  100.0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Newkirk Master Limited Partnership

  	
   

  	
  Newkirk GP
  Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Santex

  	
   

  	
  100.0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Newkirk Master Limited Partnership

  	
   

  	
  Newkirk GP
  Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Segair

  	
   

  	
  100.0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Newkirk Master Limited Partnership

  	
   

  	
  Newkirk GP
  Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Seguine

  	
   

  	
  100.0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Newkirk Master Limited Partnership

  	
   

  	
  Newkirk GP
  Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Silward

  	
   

  	
  100.0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Newkirk Master Limited Partnership

  	
   

  	
  Newkirk GP
  Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Simval

  	
   

  	
  100.0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Newkirk Master Limited Partnership

  	
   

  	
  Newkirk GP
  Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Skoob

  	
   

  	
  100.0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Newkirk Master Limited Partnership

  	
   

  	
  Newkirk GP
  Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Spokmont

  	
   

  	
  100.0

  	
  %

  

 

50

 

	
  The Newkirk Master Limited Partnership

  	
   

  	
  Newkirk GP
  Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Statmont

  	
   

  	
  100.0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Newkirk Master Limited Partnership

  	
   

  	
  Newkirk GP
  Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Sunway

  	
   

  	
  100.0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Newkirk Master Limited Partnership

  	
   

  	
  Newkirk GP
  Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Superwest

  	
   

  	
  100.0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Newkirk Master Limited Partnership

  	
   

  	
  Newkirk GP
  Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Suteret

  	
   

  	
  100.0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Newkirk Master Limited Partnership

  	
   

  	
  Newkirk GP
  Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Syrcar

  	
   

  	
  100.0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Newkirk Master Limited Partnership

  	
   

  	
  Newkirk GP
  Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Texford

  	
   

  	
  100.0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Newkirk Master Limited Partnership

  	
   

  	
  Newkirk GP
  Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Vegpow

  	
   

  	
  100.0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Newkirk Master Limited Partnership

  	
   

  	
  Newkirk GP
  Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Vegrouge

  	
   

  	
  100.0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Newkirk Master Limited Partnership

  	
   

  	
  Newkirk GP
  Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Vengar

  	
   

  	
  100.0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Newkirk Master Limited Partnership

  	
   

  	
  Newkirk GP
  Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Walando

  	
   

  	
  100.0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Newkirk Master Limited Partnership

  	
   

  	
  Newkirk GP
  Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Walcreek

  	
   

  	
  100.0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Newkirk Master Limited Partnership

  	
   

  	
  Newkirk GP
  Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Walmad

  	
   

  	
  100.0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Newkirk Master Limited Partnership

  	
   

  	
  Newkirk GP
  Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Washtex

  	
   

  	
  100.0

  	
  %

  

 

51

 

	
  The Newkirk Master Limited Partnership

  	
   

  	
  Newkirk GP
  Holding LLC

  	
   

  	
  Membership

  	
   

  	
  Series Wybanco

  	
   

  	
  100.0

  	
  %

  

 

52

 

SCHEDULE 4

To Pledge

Agreement

 

GENERAL PARTNER PLEDGORS NOT PARTY TO

GENERAL PARTNER PLEDGOR GUARANTY

 

1.                                       Newkirk
Ateb GP LLC

 

2.                                       Newkirk
Bedcar GP LLC

 

3.                                       Newkirk
Boford GP LLC

 

4.                                       Newkirk
Calcraf GP LLC

 

5.                                       Newkirk
Dautec GP LLC

 

6.                                       Newkirk
Denport GP LLC

 

7.                                       Newkirk
Larloosa GP LLC

 

8.                                       Newkirk
Leyden GP LLC

 

9.                                       Newkirk
Liroc GP LLC

 

10.                                 Newkirk
Segair GP LLC

 

11.                                 Newkirk
Spokmont GP LLC

 

53

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00090-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00090-of-00352.parquet"}]]