Document:

<PAGE>

                         AMENDED AND RESTATED INDEMNITY

         Amended and Restated Indemnity Agreement ("INDEMNITY" or "AGREEMENT")
dated as of November 24, 2003 among the Indemnitor (defined below), THE NEWKIRK
MASTER LIMITED PARTNERSHIP, a Delaware limited partnership ("NMLP"), FLEET
NATIONAL BANK, a national banking association having an address at 100 Federal
Street, Boston, Massachusetts, and the other lending institutions which become
parties to the Master Loan Agreement (defined below) (Fleet National Bank and
such other lending institutions which become parties to the Master Loan
Agreement are collectively referred to as the "LENDERS" and each individually as
a "LENDER"), and FLEET NATIONAL BANK, as Agent (the "AGENT"). All capitalized
terms used in this Agreement which are not otherwise specifically defined herein
shall have the same meaning herein as in the Master Loan Agreement.

                                    RECITALS

         WHEREAS, reference is hereby made to the loan arrangement (the "LOAN
ARRANGEMENT") entered into by and among NMLP, the Agent and the Lenders, as
evidenced by, among other documents, instruments and agreements, that certain
Loan Agreement dated as of January 30, 2002 among NMLP, the Agent and the
Lenders (the "2002 LOAN AGREEMENT").

         WHEREAS, as a condition to entering into the Loan Arrangement with
NMLP, the Agent and the Lenders required NMLP and the Indemnitor to execute and
deliver that certain Indemnity dated as of January 30, 2002 (the "2002
INDEMNITY").

         WHEREAS, NMLP has now requested the Agent and the Lenders to refinance
the Loan Arrangement pursuant to that certain Master Loan Agreement dated as of
November 24, 2003 (as amended, supplemented or otherwise modified from time to
time, the "MASTER LOAN AGREEMENT") entered into by and among NMLP, T-Two
Partners, L.P., a Delaware limited partnership ("T-TWO"), the Agent and the
Lenders, upon the terms and subject to the conditions set forth therein.

         WHEREAS, as a condition to such refinancing, the Agent and the Lenders
have required that, among other things, NMLP and the Indemnitor execute and
deliver this Agreement, which amends, restates and supercedes the 2002 Indemnity
in its entirety on the terms and conditions set forth in this Agreement.

         As used herein:

         A. The term "ACTUAL NMLP LOSS" shall mean the sum of all payments made
by, or on behalf of, or from the assets of, NMLP, any NMLP Subsidiary, or any
NMLP Loan Party (except the Newkirk Indemnitor or the members of the NMLP GP)
to, or on behalf of, the Integrated Group on account of the Integrated
Obligations.

         B. The "INDEMNITOR" shall mean, singly and collectively, NEWKIRK NL
HOLDINGS LLC, a Delaware limited liability company, NEWKIRK MLP CORP., a
Delaware corporation, VORNADO REALTY, L.P., a Delaware limited partnership,
VORNADO NEWKIRK LLC, a Delaware limited liability company, VNK L.L.C., a
Delaware limited liability company, and APOLLO REAL ESTATE INVESTMENT FUND III,
L.P., a Delaware limited partnership.

         C. The term "INDEMNIFIED MATTERS" shall mean any and all claims, rights
to payment of money and other rights or causes of action held, asserted or
threatened by the Integrated Group

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or any other Person against NMLP, any NMLP Subsidiary, any NMLP Loan Party
(except the Newkirk Indemnitor or the members of the NMLP GP), or any
Indemnified Party under, or arising out of, the Integrated Documents and the
transactions with the Integrated Group relative thereto, including, without
limitation, (i) the Integrated Obligations and (ii) any liens granted to, or
held by, the Integrated Group to secure the repayment of the Integrated
Obligations.

         D. The term "INDEMNIFIED PARTY" shall mean: (i) NMLP; (ii) all those
claiming by, through or under NMLP; (iii) Agent and/or each Lender; (iv) all
those claiming by, through or under Agent or any Lender, including any
subsequent holder of the NMLP Loan and any present or future owner of a
participation interest therein, but specifically excluding any unrelated third
party purchaser of any of the NMLP Collateral; and (v) as to each of the
foregoing, their respective parent and subsidiary corporations, and, as
applicable, the respective officers or directors, of any one or more of them,
and any person, firm or entity which controls them but specifically excluding
any unrelated third party purchaser of any of the NMLP Collateral.

         E. The term "MASTER LOAN AGREEMENT" shall mean the Master Loan
Agreement dated as of the date hereof among NMLP, T-Two, the Agent and the
Lenders.

         FOR VALUE RECEIVED, the Indemnitor hereby unconditionally agrees as
follows:

         1. Indemnification. Except as provided below, at all times, both before
and after the repayment of the NMLP Loan, Indemnitor hereby agrees that it shall
at its sole cost and expense indemnify, defend, exonerate, protect and save
harmless each Indemnified Party against and from any and all damages, losses,
liabilities, obligations, penalties, claims, litigation, demands, defenses,
judgment, suits, proceedings, costs, disbursements or expenses of any kind or
nature whatsoever, including, without limitation, reasonable attorneys' and
experts' fees and disbursements, which may at any time be imposed upon, incurred
by or asserted or awarded against such Indemnified Party and arising from or out
of or in connection with the Indemnified Matters, provided, however that no
Indemnitor shall be liable under this Indemnity for any damages, losses,
liabilities, obligations, penalties, claims, litigation, demands, defenses,
judgment, suits, proceedings, costs, disbursements or expenses arising out of or
relating to the gross negligence or willful misconduct of an Indemnified Party.
Without limiting the generality of the foregoing in respect of matters other
than any Actual NMLP Loss, any Actual NMLP Loss shall be deemed to be a loss,
liability, and expense incurred by NMLP and arising from or out of or in
connection with the Indemnified Matters, and therefore, subject to
indemnification under this Section 1. Any such Actual NMLP Loss shall be paid by
the Indemnitor to NMLP within fifteen (15) days of demand by NMLP or Agent
therefor. Notwithstanding the terms and provisions hereof, NMLP irrevocably
directs the Indemnitor to pay to Agent (but only to the extent of the then
outstanding NMLP Obligations) the unpaid amount of any Actual NMLP Loss (which
payment shall be applied to the NMLP Obligations in accordance with the
provisions of the Master Loan Agreement) if a payment of an Actual NMLP Loss has
been

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demanded by NMLP or Agent and payment of such Actual NMLP Loss has not been
made in full to, or on behalf of, NMLP within fifteen (15) days of such demand.
The Agent shall have the right to enforce the obligations of the Indemnitor with
respect to any Actual NMLP Loss, but only for so long as NMLP Obligations are
outstanding.

         An Indemnified Party shall provide notice to the Indemnitor of any
claim which may form the basis of an indemnity hereunder other than a claim for
an Actual NMLP Loss (a "CLAIM") within ninety (90) days of receipt or notice of
such Claim and shall thereafter provide the Indemnitor with copies of all
documents received by such Indemnified Party relating to such Claim; provided,
however, failure by such Indemnified Party to provide any such notice or
documents will not relieve the Indemnitor of their obligation to indemnify the
Indemnified Parties hereunder. Upon notice of a Claim, an Indemnitor may notify
any Indemnified Party involved in such Claim that it desires to defend such
Indemnified Party against such Claim, whereupon such Indemnitor, except as
hereinafter provided, shall have the right to defend such Indemnified Party by
appropriate proceedings and shall have the power to reasonably direct and
control such defense, in all instances subject to the approval of the
Indemnified Party, which approval will not be unreasonably withheld. All costs
and expenses incurred by an Indemnitor in defending such Claim shall be paid by
such Indemnitor. An Indemnitor shall not consent to the entry of any judgment or
enter into any settlement in respect of a Claim without the consent of the
Indemnified Parties involved in the Claim, which consent shall not be
unreasonably withheld or delayed and provided such Indemnitor makes satisfactory
arrangements for the immediate satisfaction of such judgment or settlement. The
extent an Indemnitor shall direct, control or participate in the defense or
settlement of any Claim, the Indemnified Parties involved in such Claim will, as
reasonably required, give the Indemnitor and their counsel access to, during
normal business hours and after reasonable notice, the relevant business records
and other documents (subject to customary confidentiality agreements and any
limitations required based on any nondisclosure requirements imposed on the such
Indemnified Party), and permit them, during normal business hours and after
reasonable notice, to consult with the relevant employees and counsel of such
Indemnified Parties.

         1.1 Limitation. Notwithstanding anything to the contrary contained
herein, with the exception of obligations that have as of such date ripened into
an actual or threatened cause of action or claim for damages (the "EXISTING
CLAIM") or thereafter arise out of or are related to such Existing Claim, the
Indemnitor's liability hereunder shall be terminated after the full payment and
performance of all NMLP Obligations under the NMLP Loan Documents, including,
but not limited to, repayment in full of the NMLP Loan and all preference
periods under all applicable bankruptcy and insolvency laws having elapsed with
either: (a) no claim being made during such period against Agent or any Lender
for the disgorgement of any property or money received, or (b) if such a claim
has been filed, the dismissal thereof pursuant to a final, non-appealable
decision of a court of competent jurisdiction ("NON-CONTESTABLE PAYMENT").

         1.2 Recovery of Costs. Any and all amounts paid or advanced by Agent or
any Lender pursuant to this Agreement and all costs and expenditures reasonably
incurred in connection with any

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action taken pursuant to the terms of this Agreement, including but not
limited to reasonable attorneys' fees and expenses, and all court costs, shall
be payable upon demand with interest thereon at the Default Rate if not paid
within fifteen (15) days of demand thereof and, to the extent not prohibited by
law, but only if such amounts have been paid or advanced by Agent or a Lender.

         2. Waivers. Indemnitor each hereby waive and relinquish to the fullest
extent now or hereafter not prohibited by applicable law:

         2.1 Suretyship Defenses. All suretyship defenses and defenses in the
nature thereof;

         2.2 Marshalling. Any right or claim of right to cause a marshalling of
NMLP's or any of NMLP's Subsidiaries' assets or to cause Agent or any Lender to
proceed against any of the NMLP Collateral for the NMLP Loan before proceeding
under this Agreement against any Indemnitor, or to require Lender to proceed
against Indemnitor in any particular order;

         2.3 Notice. Notice of the acceptance hereof, presentment, demand for
payment, protest, notice of protest, or any and all notice of nonpayment,
nonperformance, nonobservance or default or other proof or notice of demand
whereby to charge Indemnitor therefor; and

         2.4 Statute of Limitations. The pleading of any Statute of Limitations
as a defense to such Indemnitor's obligations hereunder.

         3. Jury Trial. INDEMNITOR, NMLP, AGENT AND LENDERS HEREBY KNOWINGLY,
VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT TO A TRIAL BY JURY IN RESPECT OF
ANY LITIGATION BASED HEREON, ARISING OUT OF, UNDER OR IN-CONNECTION WITH THIS
AGREEMENT OR ANY COURSE OF CONDUCT, COURSE OF DEALINGS, STATEMENTS (WHETHER
VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTIES.

         4. Cumulative Rights. Agent's rights under this Agreement shall be in
addition to and not in limitation of all of the rights and remedies of Agent
under the other NMLP Loan Documents. All rights and remedies of Agent shall be
cumulative and may be exercised in such manner and combination as Agent may
determine.

         5. No Impairment. The liability of Indemnitor hereunder shall in no way
be limited or impaired by, and Indemnitor hereby assents to and agrees to be
bound by, any amendment or modification of the provisions of the other NMLP Loan
Documents to or with Agent and Lenders by NMLP, any NMLP Subsidiary, or any NMLP
Loan Party, or any successor or assign thereof. In addition, the liability of

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Indemnitor under this Agreement shall in no way be limited or impaired by:

         5.1 Extensions. Any extensions of time for performance required by any
of the other NMLP Loan Documents;

         5.2 Waiver. Any waiver, consent or approval granted or denied under any
of the other NMLP Loan Documents;

         5.3 Transfer. Any sale or assignment of the NMLP Loan, or any sale,
assignment or foreclosure of the NMLP Security Documents, or any sale or
transfer of all or part of the NMLP Collateral;

         5.4 Exculpatory Language. Any exculpatory, or nonrecourse, or limited
recourse provision in any of the NMLP Loan Documents (except as specifically
contained in this Agreement) limiting Agent's or any Lender's recourse or
limiting Agent's or any Lender's rights to a deficiency judgment against NMLP or
any other party;

         5.5 Inaccuracies. The accuracy or inaccuracy of any of the
representations or warranties made by or on behalf of any Indemnitor under the
NMLP Loan Documents or otherwise;

         5.6 Release. The release of Indemnitor, or of any other person or
entity from performance or observance of any of the agreements, covenants, terms
or conditions contained in any of the other NMLP Loan Documents by operation of
law, Agent's or any Lender's voluntary act, or otherwise;

         5.7 Bankruptcy or Reorganization. The filing of any bankruptcy or
reorganization proceeding by or against NMLP, any NMLP Subsidiary, any NMLP Loan
Party, any Indemnitor, or any subsequent owner of any NMLP Collateral;

         5.8 Substitution. The release or substitution in whole or part of any
NMLP Collateral or security for the NMLP Loan;

         5.9 Failure To Perfect. Agent's failure to file any UCC financing
statements (or Agent's improper recording or filing of any thereof) or to
otherwise perfect, protect, secure, or insure any security interest or lien
given as security for the NMLP Loan;

         5.10 Release of Parties. The release of any party now or hereafter
liable upon or in respect of the NMLP Loan; or

         5.11 Invalidity. The invalidity or unenforceability of all or any
portions of any of the NMLP Loan Documents as to any Indemnitor or to any other
person or entity.

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Any of the foregoing may be accomplished with or without notice to NMLP or any
Indemnitor or with or without consideration.

         6. Delay Not Waiver. No delay on Agent's part in exercising any right,
power or privilege hereunder or under any of the NMLP Loan Documents shall
operate as a waiver of any such privilege, power or right. No waiver by Agent in
any instance shall constitute a waiver in any other instance.

         7. Warranties and Representations. The Indemnitor represents and
warrants to Agent, as of the date hereof:

         7.1 No Claim. There is no claim pending against NMLP, any NMLP
Subsidiary, any Loan Party or any Indemnified Party under or related to the
Indemnified Matters and to the Indemnitor's knowledge, no such claim threatened;

         7.2 Valid and Binding. This Agreement constitutes the legal, valid and
binding obligation of the Indemnitor in accordance with the terms hereof;

         7.3 No Violations. The performance of the obligations evidenced hereby
will not constitute a violation of any law, order, regulation, contract,
organizational document or agreement to which the Indemnitor is a party or by
which any of its property is or may be bound;

         7.4 No Litigation. There is no material litigation or administrative
proceeding now pending or to its knowledge threatened in writing against the
Indemnitor which if adversely decided could materially impair the ability of the
Indemnitor to pay or perform its obligation hereunder; and

         7.5 Material Economic Benefit. The Indemnitor owns, directly or
indirectly, various ownership and economic interests in NMLP. The Indemnitor
further believes that the providing of the NMLP Loan to NMLP will constitute a
substantial and material benefit to the Indemnitor.

         8. Multiple Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original. Each of the
counterparts shall constitute but one and the same instrument and shall be
binding upon each of the parties individually as fully and completely as if all
had signed but one instrument so that the liability of the Indemnitor hereunder
shall be unaffected by the failure of any of the undersigned to execute any or
all of said counterparts.

         9. Notices. Any notice or other communication in connection with this
Agreement shall be in writing and (i) deposited in the

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United States mail, postage prepaid, by registered or certified mail,
or (ii) hand delivered by any commercially recognized courier service or
overnight delivery service, such as Federal Express, addressed as follows:

                  If to the Indemnitor:

                           NEWKIRK NL HOLDINGS, LLC
                           7 Bulfinch Place, Suite 500
                           Boston, Massachusetts 02114
                           Attention: Carolyn Tiffany, Chief Operating Officer

                           NEWKIRK MLP CORP.
                           7 Bulfinch Place, Suite 500
                           Boston, Massachusetts 02114
                           Attention: Carolyn Tiffany, Chief Operating Officer

                           VORNADO REALTY L.P.
                           888 7th Avenue
                           New York, New York 10019
                           Attention: Clifford Broser
                           (212) 894-7000
                           FAX: (212) 894-7071

                           VORNADO NEWKIRK L.L.C.
                           888 7th Avenue
                           New York, New York 10019
                           Attention: Clifford Broser
                           (212) 894-7000
                           FAX: (212) 894-7071

                           VNK L.L.C.
                           888 7th Avenue
                           New York, New York 10019
                           Attention: Clifford Broser
                           (212) 894-7000
                           FAX: (212) 894-7071

                           APOLLO REAL ESTATE INVESTMENT FUND III, L.P.
                           1301 Avenue of the Americas, 38th Floor
                           New York, New York 10019
                           Attn: Stuart Koenig
                           Facsimile Number: (212)515-3283

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                  with copies by regular mail or such hand delivery to:

                           Mark I. Fisher, Esquire
                           Katten Muchin Zavis Rosenman
                           575 Madison Avenue
                           New York, New York 10022-2585
                           (212) 940-8584
                           FAX: (212) 940-8776

                           David J. Heymann, Esquire
                           Post & Heymann, LLP
                           100 Jericho Quadrangle, Suite 214
                           Jericho, New York 11753
                           (516) 681-3636
                           FAX: (516) 433-2777

                           Arthur Adler, Esquire
                           Sullivan & Cromwell
                           125 Broad Street
                           New York, New York 10004-2498
                           (212) 558-4000
                           FAX (212) 558-3588

                  If to Agent:

                           Fleet National Bank
                           100 Federal Street
                           Boston, Massachusetts 02110
                           Attention:       Mr. Scott C. Dow
                                            Senior Vice President

         with copies by regular mail or such hand delivery to:

                           Riemer & Braunstein LLP
                           Three Center Plaza
                           Boston, Massachusetts 02108
                           Attention: Steven J. Weinstein, Esquire

                  If to NMLP:

                           Newkirk Master Limited Partnership
                           100 Jericho Quadrangle, Suite 214
                           Jericho, New York 11753
                           Attention: Peter Braverman, Executive Vice President

                           And

                           The Newkirk Master Limited Partnership
                           7 Bulfinch Place, Suite 500
                           Boston, Massachusetts 02114

                                        8

<PAGE>

                           Attention: Carolyn Tiffany, Chief Operating Officer

         with copies by regular mail or such hand delivery to:

                           Post & Heymann, LLP
                           100 Jericho Quadrangle, Suite 214
                           Jericho, New York 11753
                           Attention: David J. Heymann, Esquire

                           And

                           Katten Muchin Zavis Rosenman
                           575 Madison Avenue
                           New York, New York 10022-2585
                           Attention: Mark I. Fisher, Esquire

                           And

                           Sullivan & Cromwell
                           125 Broad Street
                           New York, New York 10004
                           Attention: Arthur Adler, Esquire

Any such addressee may change its address for such notices to any other address
in the United States as such addressee shall have specified by written notice
given as set forth above.

         All periods of notice shall be measured from the deemed date of
delivery. A notice shall be deemed to have been given, delivered and received,
when so delivered or tendered for delivery during customary business hours on a
Business Day at the specified address.

         10. No Oral Change. No provision of this Agreement may be changed,
waived, discharged, or terminated orally by telephone or by any other means
except by an instrument in writing signed by the party against whom enforcement
of the change, waiver or discharge or termination is sought.

         11. Parties Bound; Benefit. This Agreement shall be binding upon the
Indemnitor and its successors, assigns and shall be for the benefit of Agent and
the Lenders, and of any subsequent holder of the NMLP Loan and of any owner of a
participation interest therein. In the event the NMLP Loan is sold or
transferred, then the liability of the Indemnitor to Agent and the Lenders shall
then be in favor of both Agent and the Lenders originally named herein and each
subsequent holder of the NMLP Loan and any of interest therein.

         12. Partial Invalidity. Each of the provisions hereof shall be
enforceable against each Indemnitor to the fullest extent now or hereafter
permitted by law. The invalidity or unenforceability of

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<PAGE>

any provision hereof shall not limit the validity or enforceability of each
other provision hereof.

         13. Governing Law and Consent to Jurisdiction. This Agreement and the
rights and obligations of the parties hereunder shall in all respects be
governed by and construed and enforced in accordance with the laws of the
Commonwealth of Massachusetts. The parties further agree that Agent may enforce
its rights under this Agreement including, but not limited to, the rights to sue
Indemnitor in accordance with applicable law. The Indemnitor hereby irrevocably
submits to the nonexclusive jurisdiction of any Massachusetts State or Federal
Court sitting in Massachusetts over any suit, action or proceeding arising out
of or relating to this Agreement and the Indemnitor hereby agrees and consents
that in addition to any methods of service of process provided for under
applicable law, all service of process in any such suit, action or proceeding in
any Massachusetts State or Federal Court sitting in Massachusetts may be made by
certified or registered mail, return receipt requested, directed to the
Indemnitor at the address for notice pursuant to Section 9 above and service so
made shall be completed fifteen (15) days after the same shall have been so
mailed.

         14. Survival. Except as provided in Section 1.1 hereof, the
representations and warranties in Section 7 hereof and the indemnity in Section
1 hereof shall continue in effect and shall survive (among other events) any
payment and satisfaction of the NMLP Loan and the NMLP Obligations, any
termination or discharge of the NMLP Security Documents, or release of any NMLP
Collateral.

         15. Acknowledgment of Pledge. The Indemnitor acknowledges that (i) in
accordance with the terms and provisions of the NMLP Security Documents, NMLP
has collaterally assigned to the Agent, on behalf of the Lenders, its right,
title and interest in and to this Indemnity Agreement and (ii) upon the receipt
of written notice from the Agent of the occurrence of an Event of Default, the
Indemnitor shall pay any amounts due hereunder to NMLP, to the Agent or as may
be otherwise directed by the Agent.

                            [SIGNATURE PAGES FOLLOW]

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         Witness the execution and delivery hereof as an instrument deemed made
under seal as of the 24th day of November, 2003.

                                  APOLLO REAL ESTATE INVESTMENT FUND III, L.P.,
                                  A Delaware limited partnership

                                  By: Apollo Real Estate Advisors III, L.P.,
                                      a Delaware limited partnership,
                                      its General Partner

                                      By: Apollo Real Estate Capital
                                          Advisors III, Inc.,
                                          a Delaware corporation,
                                          its General Partner

                                     By:
                                        ----------------------------------------
                                        Name:  Stuart Koenig
                                        Title: Vice President

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<PAGE>

Witness the execution and delivery hereof as an instrument deemed made under
seal as of the 24th day of November, 2003.

                                     NEWKIRK NL HOLDINGS LLC,
                                     A Delaware limited liability company

                                     By: Newkirk Manager (NV) Corp., its Manager

                                     By:
                                        ----------------------------------------
                                        Name:  Carolyn Tiffany
                                        Title: Chief Operating Officer

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<PAGE>

Witness the execution and delivery hereof as an instrument deemed made under
seal as of the 24th day of November, 2003.

                                       NEWKIRK MLP CORP.,
                                       A Delaware corporation

                                       By:
                                          --------------------------------------
                                          Name:  Carolyn Tiffany
                                          Title: Chief Operating Officer

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Witness the execution and delivery hereof as an instrument deemed made under
seal as of the 24th day of November, 2003.

                              VORNADO REALTY L.P.,
                              A Delaware limited partnership

                              By: Vornado Realty Trust, as
                                  its General Partner

                              By:
                                  -----------------------------------------
                                  Name:  Joseph Macnow
                                  Title: Executive Vice President - Finance And
                                         Administration, Chief Financial Officer

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<PAGE>

Witness the execution and delivery hereof as an instrument deemed made under
seal as of the 24th day of November, 2003.

                                VORNADO NEWKIRK L.L.C.,
                                A Delaware limited liability company

                                By: Vornado Realty L.P., as its Member

                                    By: Vornado Realty Trust, as
                                        its General Partner

                                    By:
                                       -----------------------------------------
                                       Name:  Joseph Macnow
                                       Title: Executive Vice President -
                                              Finance And Administration,
                                              Chief Financial Officer

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<PAGE>

Witness the execution and delivery hereof as an instrument deemed made under
seal as of the 24th day of November, 2003.

                            VNK L.L.C.,
                            A Delaware limited liability company

                            By: Two Penn Plaza REIT, Inc., its sole member

                            By:
                               -------------------------------------------------
                               Name:  Joseph Macnow
                               Title: Vice President and Chief Financial Officer

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<PAGE>

Witness the execution and delivery hereof as an instrument deemed made under
seal as of the 24th day of November, 2003.

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:  Carolyn Tiffany
                                           Title: Chief Operating Officer

                                       17<PAGE>

                                    GUARANTY

                                 [NMLP Guaranty]

         GUARANTY, dated as of November 24, 2003 (the "GUARANTY"), by THE
NEWKIRK MASTER LIMITED PARTNERSHIP, a Delaware limited partnership (the
"GUARANTOR"), in favor of FLEET NATIONAL BANK, a national banking association
having an address at 100 Federal Street, Boston, Massachusetts 02110, as the
agent (Fleet National Bank, in such capacity as the agent, hereinafter referred
to as the "AGENT") for a syndicate of Lenders (singly and collectively, the
"LENDERS") as specifically provided in the Loan Agreement (as defined below).

                             INTRODUCTORY STATEMENT

         WHEREAS, pursuant to that certain Master Loan Agreement dated as of
November 24, 2003 (as amended, supplemented or otherwise modified from time to
time, the "LOAN AGREEMENT") entered into by and among the Guarantor, T-Two
Partners, L.P., a Delaware limited partnership ("T- TWO"), the Agent and the
Lenders, the Agent and the Lenders have agreed to make a loan to the Guarantor
in the aggregate principal amount of $216,000,000.00 (the "NMLP LOAN") and a
loan to T-Two in the aggregate principal amount of $309,000,000.00 (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. Capitalized terms used herein and not otherwise defined herein,
but defined in the Loan Agreement, shall have the meaning set forth in the Loan
Agreement.

         WHEREAS, the Guarantor has substantial financial dealings with T-Two
and is affiliated with T-Two (either by ownership, contractual relationship,
employment or other meaningful business relationship), and the lending of money
and other extensions of the T-Two Obligations by the Agent and the Lenders to
T-Two will enhance and benefit the business activities and interests of the
Guarantor.

         WHEREAS, as a condition to making the Loans, the Agent and the Lenders
have required the Guarantor to execute and deliver this Guaranty, guaranteeing
the payment and performance of all T-Two Obligations arising under or pursuant
to the Loan Agreement.

         WHEREAS, the Guarantor has executed and delivered certain Security
Documents, each dated as of the date hereof, in favor of the Agent and the
Lenders as described in Schedule 1 hereto to secure the Guarantor's obligations
hereunder.

         NOW THEREFORE, in consideration of the premises and in order to induce
the Agent and the Lenders to make the Loans and extend other financial
accommodations under the Loan Agreement, the Guarantor hereby agrees as follows:

         Section 1. Guaranty. The Guarantor hereby irrevocably and
unconditionally guarantees the punctual payment when due, whether at stated
maturity, after maturity, by acceleration or otherwise, and the punctual
performance, of all present and future T-Two Obligations under the Loan
Agreement and each other T-Two Loan Document, each as the same may be hereafter
amended, modified, extended, renewed or recast, including but not limited to the
payment of $309,000,000.00, together with interest and other charges thereon, as
provided in the Loan Agreement and the T-Two Note executed thereunder (the
foregoing being herein referred to as the "GUARANTEED OBLIGATIONS").

                                       -1-

<PAGE>

         Section 2. Waiver. The Guarantor hereby absolutely, unconditionally and
irrevocably waives, to the fullest extent permitted by law, (i) promptness,
diligence, notice of acceptance and any other notice with respect to this
Guaranty, (ii) presentment, demand of payment, protest, notice of dishonor or
nonpayment and any other notice with respect to the Guaranteed Obligations,
(iii) any requirement that the Agent protect, secure, perfect or insure any
security interest or Lien on any property subject thereto or exhaust any right
or take any action against T-Two or any other Person or any collateral (other
than the Collateral pledged to the Agent and the Lenders pursuant to the
Security Documents), (iv) any and all right to assert any defense (other than
the defense of indefeasible payment), set-off, counterclaim or cross-claim of
any nature whatsoever with respect to this Guaranty (except as otherwise
provided in Section 20(a)(iii) hereof), the obligations of the Guarantor
hereunder or the obligations of any other person or party relating to this
Guaranty or the obligations of the Guarantor hereunder or otherwise with respect
to the Guaranteed Obligations in any action or proceeding brought by the Agent
to collect the Guaranteed Obligations or any portion thereof or to enforce the
obligations of the Guarantor under this Guaranty, and (v) any other action,
event or precondition to the enforcement of this Guaranty or the performance by
the Guarantor of the obligations hereunder.

         Section 3. Guaranty Absolute.

                  (a) The Guarantor guarantees that, to the fullest extent
         permitted by law, the Guaranteed Obligations will be paid or performed
         strictly in accordance with their terms, regardless of any law,
         regulation or order now or hereafter in effect in any jurisdiction
         affecting any of such terms or the rights of the Agent with respect
         thereto.

                  (b) No invalidity, irregularity, voidability, voidness or
         unenforceability of the Loan Agreement, the T-Two Note, or any other
         T-Two Loan Document or any other agreement or instrument relating
         thereto, or of all or any part of the Guaranteed Obligations or of any
         security therefor shall affect, impair or be a defense to this
         Guaranty.

                  (c) This Guaranty is one of payment and performance, not
         collection, and the obligations of the Guarantor under this Guaranty
         are independent of the Guaranteed Obligations, and a separate action or
         actions may be brought and prosecuted against the Guarantor to enforce
         this Guaranty, irrespective of whether any action is brought against T-
         Two or any Affiliate or Subsidiary thereof or whether T-Two or any
         Affiliate or Subsidiary thereof is joined in any such action or
         actions.

                  (d) The liability of the Guarantor under this Guaranty shall
         be absolute and unconditional irrespective of:

                           (i) any change in the manner, place or terms of
         payment or performance, and/or any change or extension of the time of
         payment or performance of, renewal or alteration of, any Guaranteed
         Obligation, any security therefor, or any liability incurred directly
         or indirectly in respect thereof, or any other amendment or waiver of
         or any consent to departure from the Loan Agreement or the T-Two Note
         or any other T-Two Loan Document, including any increase in the
         Guaranteed Obligations resulting from the extension of additional
         credit to T-Two or any Subsidiary or Affiliate thereof or otherwise;

                           (ii) any sale, exchange, release, surrender,
         realization upon any property by whomsoever at any time pledged or
         mortgaged to secure, or howsoever securing, all or any of the
         Guaranteed Obligations (other than the Collateral pledged to the Agent
         and the Lenders under the Security Documents), and/or any offset
         against such Guaranteed Obligations, or failure to perfect, or continue
         the perfection of, any Lien in any such property,

                                       -2-

<PAGE>

         or delay in the perfection of any such Lien, or any amendment or waiver
         of or consent to departure from any other guaranty for all or any of
         the Guaranteed Obligations;

                           (iii)    any exercise or failure to exercise any
         rights against T-Two or any Affiliate or Subsidiary thereof or others
         (including the Guarantor);

                           (iv) any settlement or compromise of any Guaranteed
         Obligation, any security therefor or any liability (including any of
         those hereunder) incurred directly or indirectly in respect thereof or
         hereof;

                           (v) any manner of application of Collateral, or
         proceeds thereof, to all or any of the Guaranteed Obligations, or any
         manner of sale or other disposition of any Collateral for all or any of
         the Guaranteed Obligations or any other assets of T-Two or any
         Affiliate or Subsidiary thereof,

                           (vi)     any change, restructuring or termination of
         the existence of T-Two or any Affiliate or Subsidiary thereof;

                           (vii) the release of T-Two or any other party, other
         than the Guarantor, now or hereafter liable upon or in respect of the
         T-Two Loan Documents; or

                           (viii) any other agreements or circumstance of any
         nature whatsoever which might otherwise constitute a defense available
         to, or a discharge of, this Guaranty and/or the obligations of the
         Guarantor hereunder, or a defense to, or discharge of, T-Two or any
         Affiliate or Subsidiary thereof relating to this Guaranty or the
         obligations of the Guarantor hereunder or otherwise with respect to the
         T-Two Loan or other financial accommodations to T-Two (other than the
         defense of indefeasible payment).

                  (e) The Agent may at any time and from time to time (whether
or not after revocation or termination of this Guaranty) without the consent of,
or notice (except as shall be required by applicable statute and cannot be
waived) to, the Guarantor, and without incurring responsibility to the Guarantor
or impairing or releasing the obligations of the Guarantor hereunder, apply any
sums by whomsoever paid or howsoever realized to any Guaranteed Obligation
regardless of what Guaranteed Obligations remain unpaid.

                  (f) This Guaranty shall continue to be effective or be
reinstated, as the case may be, if claim is ever made upon the Agent for
repayment or recovery of any amount or amounts received by the Agent in payment
or on account of any of the Guaranteed Obligations as a result of laws relating
to preferences, fraudulent transfers and fraudulent conveyances, and the Agent
repays all or part of said amount by reason of any judgment, decree or order of
any court or administrative body having jurisdiction over the Agent or its
property, or any settlement or compromise of any such claim effected by the
Agent with any such claimant (including T-Two). In such event the Guarantor
agrees that any such judgment, decree, order, settlement or compromise shall be
binding upon the Guarantor, notwithstanding any revocation hereof or the
cancellation of any note (including the T- Two Note) or other instrument
evidencing any Guaranteed Obligation, and the Guarantor shall be and remain
liable to the Agent hereunder for the amount so repaid or recovered to the same
extent as if such amount had never originally been received by the Agent.

         Section 4. Continuing Guaranty. This Guaranty is a continuing one and
shall (i) remain in full force and effect until the indefeasible payment and
satisfaction in full of the Guaranteed Obligations, (ii) be binding upon the
Guarantor, its successors and assigns, and (iii) inure to the benefit of, and be
enforceable by, the Agent and the Lenders. All obligations to which this
Guaranty applies shall be conclusively presumed to have been created in reliance
hereon.

                                       -3-

<PAGE>

         Section 5. Representations, Warranties and Covenants. The Guarantor
hereby represents, warrants and covenants to and with the Agent and the Lenders
that:

                  (a) The Guarantor has the power to execute and deliver this
         Guaranty and to incur and perform its obligations hereunder;

                  (b) The Guarantor has duly taken all necessary action to
         authorize the execution, delivery and performance of this Guaranty and
         to incur and perform its obligations hereunder;

                  (c) No consent, approval, authorization or other action by,
         and no notice to or of, or declaration or filing with, any governmental
         or other public body, or any other Person, is required for the due
         authorization, execution, delivery and performance by the Guarantor of
         this Guaranty or the consummation of the transactions contemplated
         hereby;

                  (d) The execution, delivery and performance by the Guarantor
         of this Guaranty does not and will not, with the passage of time or the
         giving of notice or both, violate or otherwise conflict with any term
         or provision of any material agreement, instrument, judgment, decree,
         order or any statute, rule or governmental regulation applicable to the
         Guarantor or result in the creation of any Lien upon any of its
         properties or assets pursuant thereto;

                  (e) This Guaranty has been duly authorized, executed and
         delivered by the Guarantor and constitutes the legal, valid and binding
         obligation of the Guarantor, and is enforceable against the Guarantor
         in accordance with its terms, except as enforcement thereof may be
         subject to the effect of any applicable bankruptcy, insolvency,
         reorganization, moratorium or similar law affecting creditors' rights
         generally, and general principles of equity (regardless of whether such
         enforcement is sought in a proceeding in equity or at law); and

                  (f) The granting of the T-Two Loan to T-Two will constitute a
         material economic benefit to the Guarantor.

         Section 6. Affirmative Covenants. The Guarantor covenants and agrees
that, from the date hereof and so long as the T-Two Loan or the other Guaranteed
Obligations remain outstanding, the Guarantor shall pay, perform, observe and
otherwise comply with all of the affirmative covenants set forth in Section 7.2
of the Loan Agreement that have been made by T-Two therein with respect to the
T-Two Loan Parties, but only to the extent that such covenants were made with
respect to the Guarantor.

         Section 7. Negative Covenants. The Guarantor covenants and agrees that,
from the date hereof and so long as the T-Two Loan or the other Guaranteed
Obligations remain outstanding, the Guarantor shall not take any action (or
otherwise suffer or permit to occur any event) contrary to the negative
covenants set forth in Section 8.2 of the Loan Agreement, as agreed by T-Two
therein with respect to the T-Two Loan Parties, but only to the extent that such
covenants were made with respect to the Guarantor.

         Section 8. Expenses. The Guarantor will, upon demand, reimburse the
Agent for any sums, costs, and expenses which the Agent and/or the Lenders may
pay or incur pursuant to the provisions of this Guaranty or in enforcing this
Guaranty or in enforcing payment of the Guaranteed Obligations or otherwise in
connection with the provisions hereof, including court costs, collection
charges, and reasonable attorneys' fees, together with interest thereon as
specified in Section 15 hereof.

                                       -4-

<PAGE>

         Section 9. Terms.

                  (a) All terms defined in the Uniform Commercial Code of The
         Commonwealth of Massachusetts (as amended and in effect from time to
         time, the "UCC") and used herein shall have the meanings as defined in
         the UCC, unless the context otherwise requires.

                  (b) The words "include," "includes" and "including" shall be
         deemed to be followed by the phrase "without limitation".

                  (c) All references herein to Sections and subsections shall be
deemed to be references to Sections and subsections of this Guaranty unless the
context shall otherwise require.

         Section 10. Amendments and Modification. No provision hereof shall be
modified, altered or limited except by written instrument expressly referring to
this Guaranty and to such provision, and executed by the party to be charged.

         Section 11. Waiver of Subrogation Rights. Until such time as all the
Guaranteed Obligations have been indefeasibly satisfied (including the
expiration of any applicable voidable preference period under the federal
bankruptcy laws), the Guarantor hereby waives and releases any and all rights
and claims it may now or hereafter have or acquire against T-Two that would
constitute it a "creditor" of T-Two for purposes of the federal bankruptcy laws,
including all rights of subrogation against T-Two and its property and all
rights of indemnification, contribution and reimbursement from T-Two and its
property, regardless of whether such rights arise in connection with this
Guaranty, by operation of law, pursuant to contract or otherwise.

         Section 12. Remedies Upon Default.

                  (a) Upon the occurrence and during the continuance of any
         Event of Default, in addition to any other rights and remedies which
         the Agent and/or the Lenders may have hereunder or at law, and not in
         limitation thereof, the Agent may, without notice to or demand upon
         T-Two or the Guarantor, declare any Guaranteed Obligations immediately
         due and payable, and shall be entitled to enforce the obligations of
         the Guarantor hereunder.

                  (b) The Agent's rights under this Guaranty shall be in
         addition to, and not in limitation of, all of the rights and remedies
         of the Agent and/or the Lenders under the T-Two Loan Documents. All
         rights and remedies of the Agent and/or the Lenders shall be cumulative
         and may be exercised in such manner and combination as the Agent and/or
         the Lenders, respectively, may determine.

         Section 13. Set-Off. After the occurrence and during the continuance of
any Event of Default, any Accounts, deposits, balances or other sums credited by
or due from the Agent, any affiliate of the Agent or FleetBoston Financial
Corporation or any of the Lenders, or from any affiliate of any of the Lenders,
to the Guarantor 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 Agent against any or all of the
Guaranteed Obligations irrespective of whether demand shall have been made, in
such manner as the Agent in its sole and absolute discretion may determine.
Within three (3) Business Days of making any such set off, appropriation or
application, the Agent agrees to notify Guarantor 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 AGENT OR ANY OF
THE LENDERS TO EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER

                                       -5-

<PAGE>

COLLATERAL WHICH SECURES THE T-TWO LOAN, PRIOR TO EXERCISING ITS RIGHT OF SETOFF
WITH RESPECT TO SUCH ACCOUNTS, DEPOSITS, CREDITS OR OTHER PROPERTY OF THE
GUARANTOR, ARE HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED.

         Section 14. Statute of Limitations. Any acknowledgment or new promise,
whether by payment of principal or interest or otherwise and whether by T-Two or
others (including the Guarantor), with respect to any of the Guaranteed
Obligations shall, if the statute of limitations in favor of the Guarantor
against the Agent shall have commenced to run, toll the running of such statute
of limitations and, if the period of such statute of limitations shall have
expired, prevent the operation of such statute of limitations.

         Section 15. Interest. All amounts payable from time to time by the
Guarantor hereunder shall bear interest at the Default Rate, provided, that such
interest shall not be duplicative of any obligations payable under the Loan
Agreement.

         Section 16. Rights and Remedies Not Waived. No act, omission or delay
by the Agent shall constitute a waiver of its rights and remedies hereunder or
otherwise. No single or partial waiver by the Agent of any default hereunder or
right or remedy which it may have shall operate as a waiver of any other
default, right or remedy or of the same default, right or remedy on a future
occasion.

         Section 17. Admissibility of Guaranty. The Guarantor agrees that any
copy of this Guaranty signed by the Guarantor and transmitted by telecopier for
delivery to the Agent shall be admissible in evidence as the original itself in
any judicial or administrative proceeding, whether or not the original is in
existence.

         Section 18. Notices. All notices, requests and demands to or upon the
Agent, the Lenders or the Guarantor under this Guaranty shall be in writing and
given as provided in the Loan Agreement (and with respect to the Guarantor, c/o
T-Two at the address of T-Two as set forth in the Loan Agreement).

         Section 19. Counterparts. This Guaranty may be executed in any number
of counterparts and by the different parties hereto on separate counterparts,
each of which when so executed and delivered shall be an original and all of
which shall together constitute one and the same agreement.

         SECTION 20. CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL; ETC.

                  (A) ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS
         GUARANTY OR ANY SECURITY DOCUMENT MAY BE BROUGHT IN THE COURTS OF THE
         COMMONWEALTH OF MASSACHUSETTS OR OF THE UNITED STATES OF AMERICA FOR
         THE DISTRICT OF MASSACHUSETTS, AND, BY EXECUTION AND DELIVERY OF THIS
         GUARANTY, THE GUARANTOR HEREBY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS
         PROPERTY, GENERALLY AND UNCONDITIONALLY, THE NONEXCLUSIVE JURISDICTION
         OF THE AFORESAID COURTS. THE GUARANTOR HEREBY KNOWINGLY, VOLUNTARILY
         AND IRREVOCABLY WAIVES, IN CONNECTION WITH ANY SUCH ACTION OR
         PROCEEDING, (I) TRIAL BY JURY, (II) TO THE EXTENT IT MAY EFFECTIVELY DO
         SO UNDER APPLICABLE LAW, ANY OBJECTION, INCLUDING ANY OBJECTION TO THE
         LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH
         IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY SUCH ACTION OR
         PROCEEDING IN SUCH RESPECTIVE

                                       -6-

<PAGE>

         JURISDICTIONS AND (III) THE RIGHT TO IMPOSE ANY SET-OFF, COUNTERCLAIM
         OR CROSS-CLAIM UNLESS SUCH SET-OFF, COUNTERCLAIM OR CROSS-CLAM COULD
         NOT, BY REASON OF ANY APPLICABLE FEDERAL OR STATE PROCEDURAL LAWS, BE
         INTERPOSED, PLEADED OR ALLEGED IN ANY OTHER ACTION.

                  (b) The Guarantor irrevocably consents to the service of
         process of any of the aforementioned courts in any such action or
         proceeding by the mailing of copies thereof by certified mail, postage
         prepaid, to the Guarantor at its address determined pursuant to Section
         18 hereof.

                  (c) Nothing herein shall affect the right of the Agent to
         serve process in any other manner permitted by law or to commence legal
         proceedings or otherwise proceed against the Guarantor in any other
         jurisdiction.

                  (d) The Guarantor hereby waives presentment, notice of
         dishonor and protests of all instruments included in or evidencing any
         of the Guaranteed Obligations, and any and all other notices and
         demands whatsoever (except as expressly provided herein).

         SECTION 21. GOVERNING LAW. THIS GUARANTY, THE SECURITY DOCUMENTS AND
THE GUARANTEED OBLIGATIONS SHALL BE GOVERNED IN ALL RESPECTS BY THE LAWS OF THE
COMMONWEALTH OF MASSACHUSETTS APPLICABLE TO CONTRACTS EXECUTED AND TO BE
PERFORMED IN SUCH STATE, WITHOUT GIVING EFFECT TO THE CONFLICT OF LAW PRINCIPLES
THEREOF.

         Section 22.       Captions; Separability.

                  (a) The captions of the Sections and subsections of this
         Guaranty have been inserted for convenience only and shall not in any
         way affect the meaning or construction of any provision of this
         Guaranty.

                  (b) If any term of this Guaranty shall be held to be invalid,
         illegal or unenforceable, the validity of all other terms hereof shall
         in no way be affected thereby.

         Section 23. Acknowledgment of Receipt. The Guarantor acknowledges
receipt of a copy of this Guaranty and each of the T-Two Loan Documents.

         Section 24. Entire Agreement. This Guaranty sets forth the entire
agreement and understanding of the Agent, the Lenders and the Guarantor with
respect to the matters covered hereby and, by accepting this Guaranty, the
Guarantor acknowledges that no oral or other understanding, agreements,
representations or warranties have been made and/or exist with respect to the
matters covered by this Guaranty or with respect to the obligations of the
Guarantor hereunder or otherwise, except as specifically set forth in this
Guaranty.

                            [SIGNATURE PAGE FOLLOWS]

                                       -7-

<PAGE>

         IN WITNESS WHEREOF, the Guarantor has duly executed or caused this
Guaranty to be duly executed in The Commonwealth of Massachusetts as of the date
first above set forth.

                                       THE NEWKIRK MASTER LIMITED PARTNERSHIP,
                                       A Delaware limited partnership

                                       By: MLP GP LLC, its General Partner

                                           By: Newkirk MLP Corp., its Manager

                                           By:_________________________________
                                           Name: Carolyn Tiffany
                                           Title: Chief Operating Officer

                                       -8-

<PAGE>

                                   Schedule 1

         Security Agreement (All Assets), dated as of November 24, 2003, made by
the Guarantor to and in favor of the Agent and the Lenders.

         Ownership Interest Pledge and Security Agreement of Limited Partnership
Interests in NMLP Partnerships (except GMAC Borrowers) and Membership Interests
in Newkirk GP Holding LLC, dated as of November 24, 2003, made by the Guarantor,
Newkirk GP Holding LLC and the NMLP Partnership GPs to and in favor of the Agent
and the Lenders.

         Ownership Interest Pledge and Security Agreement of Limited Partnership
Interests in NMLP Partnerships (GMAC Borrowers) and Membership Interests in
Newkirk GP Holding LLC, dated as of November 24, 2003, made by the Guarantor and
Newkirk GP Holding LLC to and in favor of the Agent and the Lenders.

         Ownership Interest Pledge and Security Agreement of Ownership Interests
in NMLP Subsidiaries, dated as of November 24, 2003, made by the Guarantor to
and in favor of the Agent and the Lenders.

         Ownership Interest Pledge and Security Agreement of Membership
Interests in Newkirk GP LLC, Newkirk Finco LLC and Newkirk Capital LLC, dated as
of November 24, 2003, made by the Guarantor to and in favor of the Agent and the
Lenders.

         Depository Account Pledge and Security Agreement, dated as of November
24, 2003, by and between, among others, the Guarantor, the Agent and the
Lenders.

         Collateral Assignment of Omnibus Agreement; Put-Call Option Agreement
Amendment; Loan Commitment and Agreement to Guaranty, dated as of November 24,
2003, made by the Guarantor to and in favor of the Agent and the Lenders.

                                       -9-

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