Document:

Exhibit
10.43

GUARANTY
AGREEMENT

THIS GUARANTY
AGREEMENT (this “Agreement”) dated as of May 7, 2007, is made by GMH
COMMUNITIES TRUST, a Maryland real estate investment trust (“GMH”), GMH Military Housing LLC, a Delaware
limited liability company, GMH Military
Housing Investments, LLC, a Delaware limited liability company, GMH AETC Management/Development LLC, a
Delaware limited liability company, GMH
Northeast Housing Design/Build LLC, a Delaware limited liability
company, GMH Communities TRS, Inc.,
a Delaware corporation, GMH/Benham
Military Communities LLC, a Delaware limited liability company, GMH/Phelps Military Communities LLC, a
Delaware limited liability company, GMH
Military Housing--AETC Limited Partner LLC, a Delaware limited liability
company, GMH Military
Housing--Carlisle/Picatinny Limited Partner LLC, a Delaware limited
liability company, GMH Military
Housing--Bliss/WSMR Limited Partner LLC, a Delaware limited liability
company, GMH MILITARY HOUSING DEVELOPMENT, LLC, a Delaware limited liability
company, GMH MILITARY HOUSING MANAGEMENT, LLC, a Delaware limited liability
company, and GMH MILITARY HOUSING CONSTRUCTION, LLC, a Delaware limited
liability company (collectively, the “Guarantor”), in favor of U.S. Bank Trust National Association, a national
banking association, as trustee on behalf of the Noteholders under the
Indenture (as hereinafter defined) and any future holders of the Notes (in such
capacity), together with any and all successors and assigns in such capacity,
the “Trustee”).  Capitalized terms used
but not defined herein shall have the meanings assigned to them in the
Indenture.

RECITALS

A.                                   Merrill
Lynch, Pierce, Fenner & Smith Incorporated, as Initial Owner of the Notes
(the “Initial Owner”) and GMH Communities, LP, a Delaware limited partnership
(the “Issuer”), have entered into a Note Purchase Agreement dated as of the
date hereof pursuant to which the Initial Owner may purchase up to an aggregate
principal amount of $100,000,000 of GMH Communities, LP Notes, Series 2007,
issued by the Issuer under the Trust Indenture dated as of May 7, 2007, by and
between the Issuer and the Trustee (the “Indenture”).

B.                                     GMH
has an indirect beneficial interest in the Issuer and the proceeds received by
the Issuer from the sale of the Notes pursuant to the Indenture will benefit
the Guarantor.

C.                                     The
funds received by the Issuer pursuant to the sale of the Notes shall be
available for use by the Issuer and the Guarantor.

D.                                    The
Trustee has required the execution of this Agreement by the Guarantor in
connection with the Indenture.

NOW, THEREFORE, for and in consideration of
premises and other good and valuable consideration, the Guarantor hereby
covenants and agrees with the Trustee for the benefit of the Initial Owner and
such other holders of Notes as follows:

1.                                       Guaranty.  The Guarantor hereby absolutely,
unconditionally and irrevocably guarantees to the Trustee the prompt and
complete performance and payments when due, of all present and future
obligations of the Issuer to the Trustee, or to any successor or transferee of
the Trustee, including, without limitation, the interest and principal of the
Notes and fees, costs and expenses of the Trustee and the Initial Owner, in
accordance with the terms of the Indenture, whether said obligations are liquidated
or unliquidated, secured or unsecured, contingent or otherwise, whether now
existing or hereafter arising (the “Obligations”) and under and pursuant to all
amendments, supplements, renewals and restatements of the Indenture.  The guaranty provided for in this Agreement
is a present, absolute, unconditional, irrevocable and continuing guaranty of
performance and payment, not of collection. 
If the Issuer fails to pay any Obligations for which it is liable, when
and as the same shall become due and payable (whether by acceleration or
otherwise), the Guarantor shall on demand pay the same to the Trustee, in
immediately available funds, in lawful money of the United States of America,
at its address specified in or pursuant to the Indenture.

In order to ensure
timely payment of principal and interest on the Notes by the Issuer on each
Interest Payment Date and/or Principal Payment Date (collectively “Payment Date”),
the Guarantor hereby agrees that to the extent the Issuer shall have failed to
deposit, or cause to be deposited, to the Revenue Fund maintained by the
Trustee pursuant to the Indenture, by 10:00 A.M. Eastern time on the Payment
Date, an amount sufficient to pay the principal of and interest due and owing
on the Notes on the Payment Date, the Trustee shall have the right to demand
payment of an amount equal to the insufficiency from the Guarantor under this
Guaranty and the Guarantor shall deposit, or cause to be deposited, to the
Revenue Fund or to the Trustee under the Indenture, the amount of the
insufficiency no later than 10:00 A.M., Eastern time, on the next business day,
as set forth in Section 5.16 of the Indenture. 
Nothing in this Agreement shall be deemed to guaranty any obligation of
the Issuer other than the Issuer’s
obligations or liabilities arising out of the Indenture.

2.                                       Joint
and Several Obligation.  Each
Guarantor hereby binds and obligates itself and its successors and assigns
jointly, severally and solidarily with the Issuer and the other Guarantors for
the prompt and complete performance and payment of the Obligations precisely as
if the same had been contracted and were due and owing, directly by the
Guarantor; provided, however, each Guarantor’s joint and several obligation
hereunder shall be limited to its portion of Collateral, with the exception of
GMH.  It is agreed and understood that
the Guarantor shall be bound by all the provisions of this Agreement and for
the payment and performance of the Obligations.

3.                                       Absolute
Guaranty.  The Guarantor’s
obligations hereunder shall not be affected by the enforcement of the
Obligations, or by the existence, validity, enforceability, perfection or
extent of any collateral therefor, or by any other circumstance relating to the
Obligations which might otherwise constitute a defense to or legal or equitable
discharge of the guaranty provided in this Agreement.  The Trustee makes no representation or
warranty in respect of any such circumstance and has no duty or responsibility
whatsoever to the Guarantor in respect to the management and maintenance of the
Obligations or any collateral therefor. 
The Trustee shall not be obligated to file any claim relating to the
Obligations in the event that the Issuer becomes subject to a liquidation,
rehabilitation, bankruptcy, insolvency or similar proceeding, and the failure
of the Trustee so to file shall not affect the Guarantor’s obligations
hereunder.  In the

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event that any payment by
the Issuer in respect of any Obligations is rescinded or must otherwise be
returned for any reason whatsoever, the Guarantor shall remain liable hereunder
in respect to such Obligations as if such payment had not been made.

4.                                       Consents,
Waivers and Renewals.  The Guarantor
agrees that the Trustee may at any time and from time to time under an
agreement with the Issuer, either before or after the due date of any payment
due to the Trustee under the Indenture, and without notice to or further
consent of the Guarantor, extend the time of payment of, exchange or surrender
any collateral for, or renew any of the Obligations, and may also make any
other agreement with the Issuer concerning any of the Obligations, including,
but not limited to, the Notes, for the extension, renewal, payment, compromise,
discharge or release thereof, in whole
or in part, or for any modification of the terms of the Indenture, including
but not limited to, the Notes, without in any way impairing or affecting this
Agreement.  The Guarantor agrees that the
Trustee may resort to the Guarantor for payment of any of the Obligations,
whether or not the Trustee shall have proceeded against the Issuer with respect
to any of the Obligations.  The Guarantor
further agrees that the Trustee may resort to the Guarantor for payment of any
of the Obligations in lieu of any collateral security or to satisfy any
remaining Obligations after disposition of any collateral security.

5.                                       Expenses.  The Guarantor agrees to pay on demand all
reasonable fees and expenses (including the reasonable fees and expenses of the
Trustee’s counsel) in any way relating to the enforcement of the rights of the
Trustee hereunder; provided, that the Guarantor shall not be liable for any
expenses of the Trustee if no payment under this Agreement is due.

6.                                       Subrogation.  The Guarantor will not exercise any rights
under this Agreement which it may acquire by way of subrogation until all the
Obligations have been indefeasibly paid in full.  If any amount shall be paid to the Guarantor
in violation of the preceding sentence, such amount shall be held in trust for
the benefit of the Trustee and shall
forthwith be paid to the Trustee to be credited and applied to the Obligations,
whether matured or unmatured.  Subject to
the foregoing, upon payment of all the Obligations, the Guarantor shall be
subrogated to the rights of the Trustee against the Issuer, and the Trustee
agrees to take at the Guarantor’s expense such steps as the Guarantor may
reasonably request to implement such subrogation.

7.                                       Continuing
Guaranty.  This Agreement is absolute
and unconditional and shall remain in full force and effect and be binding upon
the Guarantor, its successors and assigns until all of the Obligations have
been indefeasibly paid in full.  This
Guaranty secures a revolving obligation of Issuer under the Indenture and this
Guaranty will not expire until all sums that can be drawn have been drawn and
indefeasibly repaid as further provided in Section 13.  The Guarantors represent and warrant that
each of the Recitals is true and accurate and is incorporated in this Guaranty
by reference.

8.                                       No Waiver;
Cumulative Rights.  No failure on the
part of the Trustee to exercise, and no delay in exercising any right, remedy
or power hereunder shall operate as a
waiver thereof, nor shall any single or partial exercise by the Trustee or the
Noteholders of any right, remedy or power hereunder preclude any other or
future exercise of any right, remedy or power. 
Each and every right, remedy and power hereby granted to the Trustee or
allowed it by law or

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other
agreement shall be cumulative and not exclusive of any other, and may be
exercised by the Trustee from time to time.

9.                                       Waiver of
Notice.  The Guarantor waives notice
of presentment to or demand of payment from anyone whomsoever liable upon any
of the Obligations, presentment, demand, notice of dishonor, protest, notice of
any sale of collateral security and all other notices and demands whatsoever.

10.                                 Representations
and Warranties.  Each Guarantor
represents and warrants as to itself:

(a)                                  The Guarantor is duly
organized, validly existing and in good standing under the laws of the State of
Delaware or Maryland, as applicable, and has full corporate power to execute,
deliver and perform this Agreement.

(b)                                 GMH is and shall
maintain its federal tax status as a real estate investment trust.

(c)                                  The execution,
delivery and performance of this Agreement have been and remain duly authorized
by all necessary corporate action and do not contravene any provision of the
Guarantor’s certificate of incorporation or declaration of trust, as
applicable, or by-laws, as amended to date, or any law, regulation, rule,
decree, order, judgment or contractual restriction binding on the Guarantor or
its assets.

(d)                                 All
consents, licenses, clearances, authorizations and approvals of, and
registrations and declarations with, any governmental authority or regulatory
body necessary for the due execution,
delivery and performance of this Agreement have been obtained and remain in
full force and effect and all conditions thereof have been duly complied with,
and no other action by, and no notice to or filing with, any governmental
authority or regulatory body is required in connection with the execution,
delivery or performance of this Agreement.

(e)                                  This
Agreement constitutes the legal, valid and binding obligation of the Guarantor
enforceable against the Guarantor in accordance with its terms, subject, as to
the enforcement, to bankruptcy, insolvency, reorganization and other laws of
general applicability relating to or affecting creditors’ rights and to general
equity principles.

(f)                                    Each
Guarantor represents for itself that there is no litigation or other pending
governmental investigation involving such Guarantor as of the date hereof
except as set forth in Schedule 10(f).

(g)                                 The
audited financial statements of GMH present fairly in all material respects the
financial condition of GMH.

11.                                 Ongoing Covenant of
Guarantor re: Pledged Collateral. 
For the term of this Agreement, the Guarantor hereby covenants and
agrees, for the benefit of the Issuer, the Trustee and the Initial Owner, that
it shall not sell, assign (by operation of law or otherwise), transfer, pledge
or otherwise dispose of, or create or suffer to exist any lien (other than
Permitted Liens) upon or with respect to the Collateral without the prior
written consent of the Issuer, the Trustee,

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and the Initial Owner.  The
forgoing does not limit the Guarantor’s use of Collateral monies in the normal
course of business as permitted by the Indenture.

12.                                 Assignment.  Neither the Guarantor nor the Trustee may
assign its rights, interest or obligations hereunder to any other person
without the prior written consent of the Guarantor or the Trustee, as the case
may be; provided, however, that the Trustee may assign its
rights, interests and obligations hereunder to an assignee or transferee to
which it has transferred its interests
and obligations under the Policy in accordance with the terms thereof.

13.                                 Expiration.  This Guaranty shall in no event terminate
until the expiration of the period during which the final payment upon the
Obligations may be subject to rescission, restoration or return under any
bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or
similar law of general applicability relating to or affecting creditors’ rights
and shall continue to be effective to the extent that at any time payment, or
any part thereof, of any of the Obligations is rescinded or must otherwise be
restored or returned by Trustee upon the insolvency, bankruptcy or
reorganization of the Issuer or other circumstances affecting the Issuer, all as
though such payment had not been made.

14.                                 Nature of Guaranty.  The fact that at any time or from time to
time the Obligations may be increased or reduced shall not release or discharge
the obligation of Guarantor to Trustee with respect to the Obligations.  This Guaranty may be enforced by Trustee and
any subsequent holder of the Notes and shall not be discharged by the
assignment or negotiation of all or part of the Notes.

15.                                 Guaranteed
Obligations Not Reduced by Offset. 
The Obligations and the liabilities and obligations of Guarantor to
Trustee hereunder, shall not be reduced, discharged or released because or by
reason of any existing or future offset, claim or defense of Issuer, or any
other party, against Trustee or against payment of the Obligations, whether
such offset, claim or defense arises in connection with the Obligations (or the
transactions creating the Obligations) or otherwise.

16.                                 No Duty To Pursue
Others.  It shall not be necessary
for Trustee (and Guarantor hereby waives any rights which Guarantor may have to
require Trustee), in order to enforce the obligations of Guarantor hereunder,
first to (i) institute suit or exhaust its remedies against Issuer or others
liable on the Notes or the Obligations or any other person, (ii) enforce Trustee’s
rights against any collateral which shall ever have been given to secure the
Notes, (iii) enforce Trustee’s rights against any other guarantors of the
Obligations, (iv) join Issuer or any others liable on the Obligations in any
action seeking to enforce this Guaranty, (v) exhaust any remedies available to
Trustee against any collateral which shall ever have been given to secure the
Notes, or (vi) resort to any other means of obtaining payment of the
Obligations. Trustee shall not be required to mitigate damages or take any
other action to reduce, collect or enforce the Obligations.

17.                                 Waivers.  Guarantor agrees to the provisions of the
Transaction Documents, and hereby waives notice of (i) any loans or advances
made by Trustee to Issuer, (ii) acceptance of this Guaranty, (iii) any
amendment or extension of the Note, the Indenture or of any other Transaction
Documents, (iv) the execution and delivery by Issuer and Trustee of any other
loan

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or credit agreement or of Issuer’s execution and delivery of any
promissory notes or other documents arising under the Transaction Documents or
in connection with the Indenture Property, (v) the occurrence of any breach by
Issuer or an event of default, (vi) Trustee’s transfer or disposition of the
Obligations, or any part thereof, (vii) sale or foreclosure (or posting or
advertising for sale or foreclosure) of any collateral for the Obligations,
(viii) protest, proof of non-payment or default by Issuer, or (ix) any other
action at any time taken or omitted by Trustee, and, generally, all demands and
notices of every kind in connection with this Guaranty, the Transaction
Documents, any documents or agreements evidencing, securing or relating to any
of the Obligations and the obligations hereby guaranteed.

18.                                 Effect of
Bankruptcy.  In the event that,
pursuant to any insolvency, bankruptcy, reorganization, receivership or other
debtor relief law, or any judgment, order or decision thereunder, or any
agreement, stipulation or settlement, Trustee must rescind or restore any
payment, or any part thereof, received by Trustee in satisfaction of the
Obligations, as set forth herein, any prior release or discharge from the terms
of this Guaranty given to Guarantor by Trustee shall be without effect, and
this Guaranty shall remain in full force and effect.  It is the intention of Borrower and Guarantor
that Guarantor’s obligations hereunder shall not be discharged except by
Guarantor’s performance of such obligations and then only to the extent of such
performance.

19.                                 Invalidity of
Obligations.  The invalidity,
illegality or unenforceability of all or any part of the Obligations, or any
document or agreement executed in connection with the Obligations, for any
reason whatsoever, including without limitation the fact that (i) the
Obligations, or any part thereof, exceeds the amount permitted by law, (ii) the
act of creating the Obligations or any part thereof is ultra vires, (iii) the
officers or representatives executing the Note, the Indenture or the other
Transaction Documents or otherwise creating the Obligations acted in excess of
their authority, (iv) the Obligations violate applicable usury laws, (v) the
Issuer has valid defenses, claims or offsets other than payment (whether at
law, in equity or by agreement) which render the Obligations wholly or
partially uncollectible from Issuer, (vi) the creation, performance or
repayment of the Obligations (or the execution, delivery and performance of any
document or instrument representing part of the Obligations or executed in connection
with the Obligations, or given to secure the repayment of the Obligations) is
illegal, uncollectible or unenforceable, or (vii) the Note, the Indenture or
any of the other Transaction Documents have been forged or otherwise are
irregular or not genuine or authentic, shall not discharge Guarantor’s
obligations hereunder, it being agreed that Guarantor shall remain liable
hereon regardless of whether Issuer or any other person be found not liable on
the Obligations or any part thereof for any reason.

20.                                 Release of Obligors.  Any full or partial release of the liability
of Issuer on the Obligations, or any part thereof, or of any guarantor, or any
other person or entity now or hereafter liable, whether directly or indirectly,
jointly, severally, or jointly and severally, to pay, perform, guaranty or
assure the payment of the Obligations, or any part thereof, shall not discharge
Guarantor’s obligations hereunder, it being recognized, acknowledged and agreed
by Guarantor that Guarantor may be required to pay the Obligations in full
without assistance or support of any other party, and Guarantor has not been
induced to enter into this Guaranty on the basis of a contemplation, belief,
understanding or agreement that other parties will be liable to

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pay or perform the Obligations, or that other parties will be looked to
to pay or perform the Obligations.

21.                                 Other Collateral.  The taking or accepting of any other
security, collateral or guaranty, or other assurance of payment, for all or any
part of the Obligations shall not discharge Guarantor’s obligations hereunder.

22.                                 Release of
Collateral.  Any release, surrender,
exchange, subordination, deterioration, waste, loss or impairment (including
without limitation negligent, willful, unreasonable or unjustifiable
impairment) of any collateral, property or security at any time existing in
connection with, or assuring or securing payment of, all or any part of the
Obligations shall not discharge Guarantor’s obligations hereunder.

23.                                 Care and Diligence.  The failure of Trustee or any other party to
exercise diligence or reasonable care in the preservation, protection,
enforcement, sale or other handling or treatment of all or any part of such
collateral, property or security, including but not limited to any neglect,
delay, omission, failure or refusal of Trustee (i) to take or prosecute any
action for the collection of any of the Obligations, or (ii) to foreclose, or
initiate any action to foreclose, or, once commenced, prosecute to completion
any action to foreclose upon any security therefor, or (iii) to take or
prosecute any action in connection with any instrument or agreement evidencing
or securing all or any part of the Obligations shall not discharge Guarantor’s
obligations hereunder.

24.                                 Unenforceability.  The fact that any collateral, security,
security interest or lien contemplated or intended to be given, created or
granted as security for the repayment of the Obligations, or any part thereof,
shall not be properly perfected or created, or shall prove to be unenforceable
or subordinate to any other security interest or lien, it being recognized and
agreed by Guarantor that Guarantor is not entering into this Guaranty in
reliance on, or in contemplation of the benefits of, the validity,
enforceability, collectibility or value of any of the collateral for the
Obligations shall not discharge Guarantor’s obligations hereunder.

25.                                 Notices.  All notices or demands on the Guarantor shall
be deemed effective when given, and shall be in writing and sent by telecopier,
confirmed by registered mail, and addressed to the Guarantor at:

GMH Communities
Trust

10 Campus Boulevard

Newton Square,
Pennsylvania 19073-3200

Attention:  Joseph Macchione

Telephone No.:
(610) 355-8180

Telecopier No.: (610)
355-8480

GMH Military
Housing, LLC

10 Campus Boulevard

Newton Square,
Pennsylvania 19073-3200

Attention:  Joseph Macchione

Telephone No.:
(610) 355-8180

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Telecopier No.: (610)
355-8480

GMH Military
Housing Investments, LLC

10 Campus Boulevard

Newton Square,
Pennsylvania 19073-3200

Attention:  Joseph Macchione

Telephone No.:
(610) 355-8180

Telecopier No.: (610)
355-8480

All Other
Guarantors

C/O GMH
Communities Trust

10 Campus Boulevard

Newton Square,
Pennsylvania 19073-3200

Attention:  Joseph Macchione

Telephone No.:
(610) 355-8180

Telecopier No.: (610)
355-8480

26.                                 Governing Law.  THIS AGREEMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.  The Trustee and Guarantor hereby agree to
waive any obligation on the part of the Guarantor to post or otherwise provide
any security or other financial guaranty which may otherwise be provided by New York law as a condition to answering
or otherwise fully defending any action brought to resolve any dispute under
this Agreement.  The Trustee and
Guarantor further covenant not to seek such security or other financial
guaranty (other than this Agreement) and to oppose otherwise the imposition of
such security of other financial guaranty (other than this Agreement).

27.                                 Forum Selection.  Each of the Parties hereto (i) hereby
irrevocably submits to the nonexclusive jurisdiction of the Supreme Court of
the State of New York, New York County
(without prejudice to the rights of any party to remove to the United States
District Court for the Southern District of New York) and to the nonexclusive
jurisdiction of the United States District Court for the Southern District of
New York, for the purpose of any suit, action or other proceeding arising out
of this Agreement, or the subject matter hereof or any of the transactions
contemplated hereby or thereby brought by any of the parties hereto or their
successors or assigns, (ii) hereby irrevocably agrees that all claims in
respect of such action or proceeding may be heard and determined in such New
York State court or, to the fullest extent permitted by applicable governmental
rule, in such Federal court, and (iii) to the extent permitted by applicable
law, hereby irrevocably waives, and agrees not to assert, by way of motion, as
a defense, or otherwise, in any such suit, action or proceeding any claim that
it is not personally subject to the jurisdiction of the above-named courts,
that the suit, action or proceeding is brought in an inconvenient forum, that
the venue of the suit, action or proceeding is improper or that this Agreement
or the subject matter hereof may not be enforced in or by such court.  A final judgment obtained in respect of any
action, suit or proceeding referred to in this Section 14 shall be conclusive
and may be enforced in other jurisdictions by suit or judgment or in any manner
as provided by applicable law.  Each of
the parties hereto hereby consents to service of process in

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connection
with the subject matter specified in the first sentence of this Section 14 in
connection with the above-mentioned courts in New York by registered mail,
Federal Express, DHL or similar courier at the address to which notices to it are to be given, it being
agreed that service in such manner shall constitute valid service upon such
party or its respective successors or assigns in connection with any such
action or proceeding only; provided, however, that nothing in this
Section 14 shall affect the right of any of such parties or their respective
successors or assigns to serve legal process in any other manner permitted by
applicable law.

28.                                 GUARANTOR AND TRUSTEE
EACH (A) AGREES NOT TO ELECT A TRIAL BY JURY WITH RESPECT TO ANY ISSUE
ARISING OUT OF THIS GUARANTY OR THE RELATIONSHIP BETWEEN THE PARTIES AS
GUARANTOR AND TRUSTEE THAT IS TRIABLE OF RIGHT BY A JURY AND (B) WAIVES
ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO SUCH ISSUE TO THE EXTENT THAT ANY
SUCH RIGHT EXISTS NOW OR IN THE FUTURE. 
THIS WAIVER OF RIGHT TO TRIAL BY JURY IS SEPARATELY GIVEN BY EACH PARTY,
KNOWINGLY AND VOLUNTARILY WITH THE BENEFIT OF COMPETENT LEGAL COUNSEL.

29.                                 Counterparts.  This Agreement may be simultaneously executed
in several counterparts, each of which shall be an original and all of which
shall constitute but one and the same instrument.

[REMAINDER OF THIS
PAGE INTENTIONALLY BLANK]

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IN WITNESS WHEREOF, this
Agreement has been duly executed and delivered by the Guarantor to Trustee as
of the date first above written.

	
  

  	
  GMH MILITARY HOUSING LLC , a
  Delaware limited

  
	
   

  	
  liability company

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Joseph M. Macchione

  	
   

  
	
   

  	
   

  	
  Name: Joseph M. Macchione

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  GMH MILITARY HOUSING INVESTMENTS, LLC,
  a

  
	
   

  	
  Delaware limited liability company

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Joseph M. Macchione

  	
   

  
	
   

  	
   

  	
  Name: Joseph M. Macchione

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  GMH AETC MANAGEMENT/DEVELOPMENT LLC, a
  

  
	
   

  	
  Delaware Limited Liability Company

  
	
   

  	
   

  
	
   

  	
   

  	
  By: GMH MILITARY HOUSING
  INVESTMENTS

  LLC, a Delaware Limited Liability Company, its

  Manager

  
	
   

  	
   

  
	
  

  	
   

  	
  By:

  	
  /s/ Joseph M. Macchione

  	
   

  
	
   

  	
   

  	
  Name: Joseph M. Macchione

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  GMH NORTHEAST HOUSING DESIGN/BUILD

  
	
   

  	
  LLC, a Delaware Limited
  Liability Company

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  GMH MILITARY HOUSING, LLC, a

  
	
   

  	
   

  	
  Delaware Limited Liability Company, its

  
	
   

  	
   

  	
  Manager

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Joseph M. Macchione

  	
   

  
	
   

  	
   

  	
  Name: Joseph M. Macchione

  
	
   

  	
   

  	
  Title: Vice President

  
									

 

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  GMH COMMUNITIES TRS, INC., a
  Delaware

  
	
   

  	
  Corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Joseph M. Macchione

  	
   

  
	
   

  	
   

  	
  Name: Joseph M. Macchione

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  GMH/BENHAM MILITARY COMMUNITIES LLC, a

  
	
   

  	
  Delaware Limited Liability Company

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  GMH MILITARY HOUSING INVESTMENTS

  
	
   

  	
   

  	
  LLC, a Delaware Limited
  Liability Company, its

  
	
   

  	
   

  	
  Manager

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Joseph M. Macchione

  	
   

  
	
   

  	
   

  	
  Name: Joseph M. Macchione

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  GMH/PHELPS MILITARY COMMUNITIES LLC,

  
	
   

  	
  a Delaware Limited Liability Company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: GMH MILITARY HOUSING

  
	
   

  	
   

  	
  INVESTMENTS LLC, a Delaware Limited

  
	
   

  	
   

  	
  Liability Company, its Manager

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Joseph M. Macchione

  	
   

  
	
   

  	
   

  	
  Name: Joseph M. Macchione

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  GMH MILITARY HOUSING–AETC LIMITED

  
	
   

  	
  PARTNER LLC, a Delaware
  limited liability company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Joseph M. Macchione

  	
   

  
	
   

  	
   

  	
  Name: Joseph M. Macchione

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  GMH MILITARY HOUSING – CARLISLE/PICATINNY

  
	
   

  	
  LIMITED PARTNER LLC, a
  Delaware Limited Liability

  
	
   

  	
  Company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: GMH MILITARY
  HOUSING INVESTMENTS

  
	
   

  	
   

  	
  LLC, a Delaware Limited
  Liability Company, its

  
	
   

  	
   

  	
  Manager

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Joseph M. Macchione

  	
   

  
	
   

  	
   

  	
  Name: Joseph M. Macchione

  
	
   

  	
   

  	
  Title: Vice President

  
										

 

 11
 

 

	
  

  	
  GMH MILITARY HOUSING – BLISS/WSMR

  
	
   

  	
  LIMITED PARTNER LLC, a
  Delaware Limited Liability

  
	
   

  	
  Company, a Delaware Limited Liability Company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: GMH MILITARY
  HOUSING INVESTMENTS

  
	
   

  	
   

  	
  LLC, a Delaware Limited
  Liability Company, its

  
	
   

  	
   

  	
  Manager

  
	
  

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Joseph M. Macchione

  	
   

  
	
   

  	
   

  	
  Name: Joseph M. Macchione

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  GMH MILITARY HOUSING MANAGEMENT LLC,

  
	
   

  	
  a Delaware Limited Liability Company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: GMH MILITARY HOUSING,
  LLC,

  
	
   

  	
   

  	
  a Delaware Limited Liability Company, its

  
	
   

  	
   

  	
  Manager

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Joseph M. Macchione

  	
   

  
	
   

  	
   

  	
  Name: Joseph M. Macchione

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  GMH MILITARY HOUSING DEVELOPMENT LLC,

  
	
   

  	
  a Delaware Limited Liability Company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:  GMH MILITARY HOUSING,
  LLC, a

  
	
   

  	
   

  	
  Delaware Limited Liability Company, its

  
	
   

  	
   

  	
  Manager

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Joseph M. Macchione

  	
   

  
	
   

  	
   

  	
  Name: Joseph M. Macchione

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  GMH MILITARY HOUSING CONSTRUCTION LLC,

  
	
   

  	
  a Delaware Limited Liability Company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:  GMH MILITARY
  HOUSING, LLC, a

  
	
   

  	
   

  	
  Delaware Limited Liability Company, its

  
	
   

  	
   

  	
  Manager

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Joseph M. Macchione

  	
   

  
	
   

  	
   

  	
  Name: Joseph M. Macchione

  
	
   

  	
   

  	
  Title: Vice President

  
											

 

 12
 

 

	
  

  	
  GMH COMMUNITIES TRUST, a
  Maryland Real Estate

  
	
   

  	
  Investment Trust

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Joseph M. Macchione

  	
   

  
	
   

  	
   

  	
  Name: Joseph M. Macchione

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  
	
   

  	
  TRUSTEE

  
	
   

  	
   

  
	
   

  	
  U.S. BANK TRUST NATIONAL ASSOCIATION, a

  
	
   

  	
  national banking association

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Thomas E. Tabor

  	
   

  
	
   

  	
   

  	
  Name: Thomas E. Tabor

  
	
   

  	
   

  	
  Title: Vice President

  
						

 

 13
 

SCHEDULE
10(f)

1.  In re: GMH Communities Trust Securities
Litigation.  Consolidated class
action lawsuit claiming fraudulent SEC filings by GMH.  More details of this litigation are set forth
in GMH’s filings with the SEC, which are incorporated herein by this reference.

2.  Forbes lawsuit.  Plaintiffs allege that GMH provided false and
misleading financial information.  This
suit is similar to No. 1, above. The plaintiffs were not included in the class
action suit because they are unit holders and not shareholders.  More details of this litigation are set forth
in GMH’s filings with the SEC, which are incorporated herein by this reference.

3.  Jeffrey M. Brown Associates, Inc. (“JMB”).  On
November 9, 2006, JMB (the construction contractor for the Fort Hamilton
project) presented a claim in the amount of approximately $8 million for extra
costs above the guaranteed maximum price for its contract.  The majority of the claim (approximately $7.9
million) relates to asserted post-contract adjustments in the scope of work and
the withdrawal of the proposed modular home supplier. Management disputed the
claim but agreed to meet with JMB to discuss the claim and possible
settlements. On January 18, 2007, JMB proposed a settlement that would involve
a change order to increase the Guaranteed Maximum Price for new construction at
Fort Hamilton by approximately $1.7 million and the cessation of further
renovation work by JMB at both Fort Hamilton and the Mitchel Manor portion of
the Navy Northeast project, where JMB is a subcontractor.  As part of this proposed settlement, JMB
would retract approximately $6.3 million of its original claim.  On February 23, 2007, GMH Military Housing
issued a letter back to JMB, in response to its prior settlement proposal,
indicating the company’s counteroffer for potential settlement terms between
the parties.  Any settlement is likely
subject to approval by the Army and the financing parties for Fort Hamilton,
and possibly the Navy and the financing parties for the Navy Northeast project
if the settlement also involves JMB’s work for the Navy Northeast project.  In April, 2007, JMB submitted change orders
in the amount of approximately $990,000 and they are under consideration by
management.  However, management believes
that the change orders are without merit. 
At this time, management believes that an agreement will be reached with
JMB if the other necessary parties consent. In addition, JMB holds a renovation
contract for work to be completed at the project.  GMH plans to assume the remaining renovation
contract under a revised scope that is to be approved by the appropriate
financing parties.  If an agreement is
not reached, and JMB were to file suit and prevail against the Fort Hamilton
project entity, GMH Communities LP could potentially become liable under the
Guaranty of Completion covering the project, which is discussed below.  The project entity also could be liable apart
from the completion guaranty, given that the project entity is the party to the
construction contract with JMB.

Guaranty of Completion: A Guaranty of Completion exists between GMH Communities LP, as
guarantor (through assignment of rights and obligations from GMH Capital
Partners, L.P.), in favor of The Bank of New York as master trustee under the
Trust Indenture covering the bonds financing the Fort Hamilton project.  Under the terms of this Guaranty, the
guarantor has guaranteed that the project will be fully and timely performed
and completed in accordance with the plans/specifications, “Guaranteed Maximum
Price” and construction schedule as set out in the related project construction
contract. In addition, the project entity has the same obligations

 14
 

to
complete the construction schedule under the terms of the Trust Indenture.  Management believes that any change order
increasing the Guaranteed Maximum Price of JMB’s construction contract as part
of the settlement will result in a corresponding increase to the Guaranteed
Maximum Price for purposes of the Guaranty because the definition of Guaranteed
Maximum Price in the Guaranty is tied to JMB’s construction contract.  Moreover, because any settlement and change
order with JMB would likely require the consent of the financing parties for
Fort Hamilton, management intends to document any such consent in a manner that
would provide a corresponding increase in the Guaranteed Maximum Price for
purposes of the Guaranty.  However, if a
settlement with JMB is not reached and JMB were to prevail on its claim, it is
possible that GMH Communities LP would be liable for the amount of the claim
above the Guaranteed Maximum Price.

4.  Northeast Housing LLC v. Pezza CMS, Inc.  In 2005, GMH Military Housing Management
entered into several contracts with Pezza CMS, Inc. (“Pezza”), a construction
contractor, to perform renovation work for the Navy NE project in Connecticut
and Rhode Island.  Pezza failed to complete those projects and also failed
to pay its subcontractors; therefore GMH terminated the contracts in April,
2006.  GMH paid the unpaid subcontractors all sums owed by Pezza
(approximately $283k) so that the subcontractors would not file mechanics leans
against the properties.  In addition, GMH hired new contractors to finish
the work for about $200k.

In retaliation for GMH
terminating its contracts, Pezza filed an Intent to File Mechanics Liens in RI
and CT.  GMH received lien waivers for all of the work performed by Pezza
and has paid either Pezza or its subcontractors for all work performed;
therefore the risk of Pezza actually perfecting the liens and successfully
collecting on the liens is minimal.

In Rhode Island, Pezza
had to act within 3 months of filing the Intent to Lien to perfect its lien
position.  Pezza failed to do so, causing its Intent to Lien and any
future opportunity to lien the property for this work to be relinquished.

In Connecticut, Pezza has
to act within 1 year of filing the Intent to Lien to perfect its lien position.
 This time period will run off in about four months.  Pezza has
indicated in its Intent To File Liens that it intends to file liens in the
amount of $230,921.93.  GMH has entered into an escrow agreement placing
the full amount of the liens in escrow pending the outcome of litigation
against Pezza (which should result in the liens being expunged).

GMH filed a complaint
against Pezza on October 26, 2006 seeking compensation from Pezza of over
$1,000,000 for (i) the amount paid to subcontractors ($283k), (ii) the amount
paid contractors to finish the work ($200k), (iii) lost rental because of the
delay caused by Pezza ($583k), plus (iv) attorneys fees.  The complaint also
seeks to eliminate the CT Intent to File Mechanics Liens.  The case is now
in the discovery phase of this litigation.

The CT liens will be
relinquished in four months if Pezza does not take any action to perfect its
liens.  This 1-year CT hurdle will occur prior to the court making any
decision on the liens.  The court will not have to act to relinquish the
liens if the 1-year mark comes and goes without Pezza filing its liens. 
Then, what will remain in the complaint is GMH’s action for damages.

 15
 

5.  West Point:  Subsidiaries of the Issuer are engaged in
defending a protest filed at the Government Accountability Office by Forest
City Military Communities LLC with respect to the West Point Military Housing
Project.  Forest City has asked the GAO
to review whether the U.S. Army properly implemented the evaluation scheme
under the Army’s solicitation when it selected GMH for the West Point
project.  An outcome is expected on or
before July 5, 2007.  A determination in
support of Forest City could result in the loss of the West Point project.

 16Exhibit 10.44

PLEDGE AND SECURITY AGREEMENT

This PLEDGE AND
SECURITY AGREEMENT (“Agreement”) is made as of May 7, 2007 by and among,
GMH MILITARY HOUSING LLC , a Delaware limited liability company, and GMH
MILITARY HOUSING DEVELOPMENT LLC, a Delaware limited liability company, GMH
MILITARY HOUSING MANAGEMENT LLC, a Delaware limited liability company, GMH
MILITARY HOUSING INVESTMENTS, LLC, a Delaware limited liability company, GMH
AETC MANAGEMENT/DEVELOPMENT LLC, a Delaware limited liability company, GMH NORTHEAST
HOUSING DESIGN/BUILD LLC, a Delaware limited liability company, GMH COMMUNITIES
TRS, INC., a Delaware corporation, GMH/BENHAM MILITARY COMMUNITIES LLC, a
Delaware limited liability company, GMH/PHELPS MILITARY COMMUNITIES LLC, a
Delaware limited liability company, GMH MILITARY HOUSING—AETC LIMITED PARTNER
LLC, a Delaware limited liability company, GMH MILITARY
HOUSING—CARLISLE/PICATINNY LIMITED PARTNER LLC, a Delaware limited liability
company, GMH MILITARY HOUSING—BLISS/WSMR LIMITED PARTNER LLC, a Delaware
limited liability company(individually and collectively, the “Guarantor”),
GMH COMMUNITIES, LP, a Delaware limited partnership (“Issuer”)( Issuer
and Guarantor are sometimes collectively or individually, the “Pledgor”)
and U.S.  BANK TRUST NATIONAL ASSOCIATION, a national banking association
organized and existing under the laws of the United States of America, as
trustee (together with any successor trustee hereunder, the “Trustee”).

R E C I T A L S:

A.            Pursuant to that
certain Trust Indenture of even date herewith between Issuer and Trustee (“Indenture”),
the Issuer will issue notes (the “Notes”) in the aggregate principal
amount of  One Hundred Million Dollars
($100,000,000.00) as such amount may be increased, if any, pursuant to the
Indenture.  Capitalized terms used but
not otherwise defined in Section 16 or herein shall have the meanings given to
them in the Indenture.

B.            The Guarantor has
guaranteed the Notes and other Obligations under the Indenture pursuant to the
Guaranty.

C.            To secure Guarantor’s
obligations under the Guaranty and the Issuer’s obligations under the Indenture
and to ensure the timely payment of the Notes and the performance of Issuer’s
other Obligations under and in accordance with the Indenture, Guarantors and
Issuer are required, among other things, to pledge, and by this Agreement do
pledge, among other things, all of their right, title and interest in, to and
under the revenues, member interest proceeds and other collateral set forth in
Schedule A  (the “Pledged
Proceeds”), including, without limitation the Revenues and Preferred
Returns.

NOW, THEREFORE, in
consideration of the foregoing and in order to induce parties to buy the Notes,
and for other good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the parties hereto, intending to be legally
bound, hereby agree as follows:

1.                                       GRANT
OF SECURITY INTEREST.

1.01.        Pledged
Collateral.  As security for the full
and punctual payment and performance of Guarantor’s Obligations under the Guaranty
and Issuer’s obligations under the Indenture, Guarantor and Issuer hereby
grant, pledge, hypothecate, transfer and assign to Trustee a first priority and
continuing lien on and first priority security interest in all of Pledgor’s
right, title, ownership, equity or other interests in and to the following,
whether now owned or hereafter acquired, now existing or hereafter arising and
wherever located (collectively, the “Pledged Collateral”):

(A) Pledgor’s right, title and interest in
and to the revenues, payments, and any sums paid to Pledgor under the contracts
and Pledged Collateral identified on Schedule A, Section 1 together with all
money, cash, contracts rights, intangibles, payment intangibles, accounts,
financial assets, instruments, chattel paper, general intangibles interests
related to such contracts and proceeds therefrom, including, without
limitation, the Revenues.

 (B)          (i) all fees payable to
Pledgor, income of Pledgor, and any and all profits, losses, payments of any
kind, allocations and distributions (“Distributions”) from the entities
and Pledged Collateral listed in Schedule A Section 2 and any successors
thereto (“Distributing Entities”) and related contracts, investment
property, and equity as well as the proceeds of any Distribution therefrom,
whether arising under the terms of any constituent documents of the
Distributing Entity or otherwise,

(ii) all other
payments, if any, due or to become due, to Pledgor and all other present or
future claims by Pledgor with respect to any Distributing Entity, or in respect
of any Distributions, under or arising out of (a) any Governing Document of any
Distributing Entities, (b) monies advanced, for services rendered or otherwise,
(c) any other contractual obligations, commercial tort claims, supporting
obligations, damages for contractual breach, insurance proceeds, condemnation
awards or other amounts due to Pledgor from the Distributing Entities or with
respect to the Distributing Entities, (d) Pledgor’s claims, rights, powers,
privileges, authority, options, security interests, liens and remedies, if any,
under or arising out of the ownership of the Distributing Entities,
(collectively, “Ownership Rights”), (e) to the extent permitted by applicable
law, Pledgor’s rights, if any, in any Distributing Entity pursuant to any
Governing Document of any Distributing Entity, or at law, to exercise and
enforce every right, power, remedy, authority, option and privilege of Pledgor
relating to any Pledged Proceeds, including without limitation, the right to execute
any instruments and to take any and all other action on behalf of and in the
name of Pledgor in respect of any Pledged Proceeds, (collectively, “Enforcement
Rights”), (f) to the extent permitted by the constituent documents of the
Distributing Entity or applicable law, (1) exercise any and all voting, consent
and management rights of Pledgor in or with respect to any Distributing Entity,
(2) exercise any election (including, but not limited to, election of remedies)
or option or to give or receive any notice, consent, amendment, waiver or
approval with respect to any Distributing Entity, (3) enforce or execute any
checks, or other instruments or orders of any Distributing Entity, and (4) file
any claims and to take any action in connection with any of the foregoing,
together with full power and authority to demand, receive, enforce or collect
any of the foregoing or any property of any Distributing Entity, (g) all

 2
 

Investment Property (as such term is defined
in Section 9-102 of the Uniform Commercial Code in effect in the Delaware, as
amended, modified, revised or restated from time to time, issued by or relating
to any Distributing Entity, or otherwise relating to the Distributing Entities,
(h) to the extent not otherwise included: 
(1) all assets and personal property of Pledgor in any way arising from,
related to, or pertaining to Pledgor’s right, title and interest in and to the
Distributing Entity or any Pledged Collateral; and (2) all proceeds of any or
all of the foregoing (including, without limitation, insurance proceeds and
distributions on the Pledged Collateral), as applicable, and (i) all of Issuer’s
and any Guarantor’s interest in any deposit account in which Pledged Proceeds
or Pledged Collateral are deposited (all of clause (B) sometimes called the “Preferred
Returns”). Pledged Collateral also includes, without limitation, all proceeds
of any and all of the foregoing.

Notwithstanding anything
in this Agreement to the contrary: (i) no pledge or security interest is
granted in this Agreement with respect to any Equity Interest in any
Distributing Entity, other than (y) any newly-issued Equity Interest in any
Distributing Entity, or (z) an Equity Interest distributed as a dividend or
distribution by a Distributing Entity; (ii) the sole purpose of the grant or
pledge of a security interest in contract rights, contractual obligations,
commercial tort claims, supporting obligations, damages, Ownership Rights,
rights in any Governing Entity, Enforcement Rights, the exercise or enforcement
of any rights referred to in Section 1.01(B)(ii)(f), shall be to facilitate,
after the occurrence of an Event of Default, Trustee’s realization of the
portion of the Collateral that constitutes money, cash, payments, fees,
returns, and sums that arise from Preferred Returns or Revenues from Military
Housing Projects; and (iii) any Equity Interests in an Affiliate of Issuer
formed or acquired after the Effective Date for the purpose of owning,
operating, developing, or managing, any military housing privatization project
that is not an existing Military Housing Project.

In addition,
notwithstanding anything to the contrary contained in this Agreement, only 90%
of any Distributions from Preferred Returns that are distributed from Stewart
Hunter Housing LLC, Walter Reed/Fort Detrick Housing LLC, Fort Hamilton Housing
LLC, Navy Northeast LLC, Fort Bliss/White Sands Missile Range Housing LP and
Fort Gordon Housing LLC, and 80% of any Distributions from Preferred Returns
that are distributed from AETC Housing LP, shall be pledged hereunder.

1.02.        Investment Property and
Contract Rights.  It is the intention
of Pledgor and Trustee that at all times while any Note remains outstanding,
the Pledged Collateral shall constitute, without limitation, cash or money,
payment intangibles, instruments, chattel paper, general intangibles, accounts,
investment property, contract rights and general intangibles and to that end,
Pledgor shall take, and shall cause each Distributing Entity to take, all
necessary action to obtain such classifications pursuant to the UCC.

1.03.        Perfection of Security
Interest.  On or before the Effective
Date and during the term of the Obligations as required by the Trustee, Pledgor
will (a) execute and deliver to Trustee for filing one or more financing
statements in connection with the Pledged Collateral in the form required to
properly perfect Trustee’s security interest in the Pledged Collateral in all
jurisdictions deemed appropriate by Trustee, to the full extent that such
security interest in the Pledged Collateral may be perfected by such a filing,
(b) with respect to any Equity Interest in a

 3
 

Distributing Entity that
is distributed by a Distributing Entity and is represented by a partnership
certificate, member certificate or stock certificate, or any other instrument,
note, chattel paper or certificate qualifying as Investment Property (“Certificated
Securities”), deliver to Trustee such Certificated Securities in each
Distributing Entity, duly endorsed or subscribed in blank, or accompanied by
appropriate stock powers or other instruments of transfer, pledge or
assignment, or enter into such other arrangement, as necessary to give control
of any Investment Property to Trustee within the meaning of Section 8-106 of
the UCC, (c) with respect to any Equity Interest that is not represented by a
Certificated Security, enter into such control agreements or other arrangements
with Trustee and with any Distributing Entity, as necessary to give control of
any Investment Property to Trustee within the meaning of Section 8-106 of the
UCC, (d) enter into or cause the appropriate party to enter into a control
agreement prepared by Trustee sufficient to perfect the interest of Trustee in
any Deposit Account, (e) with respect to each Pledged Proceed identified in
Schedule A, send an irrevocable direction letter as required by Trustee, in the
form of Exhibit A-1 or such other form as Trustee shall require and
obtain a copy executed by the Distributing Entity or such other party as the
Trustee shall direct, and (e) promptly take all other actions required to
perfect the security interest of Trustee in the Pledged Collateral under
applicable law.

1.04.        Registration
of Pledge.   Concurrently with the execution of this Pledge
Agreement, Pledgor shall deliver to each Distributing Entity and receive a copy
executed by Pledgor acknowledging compliance therewith written instructions
substantially in the form of Exhibit A-1, or Exhibit A-2 and
shall cause each Distributing Entity to deliver to Trustee an Initial
Transaction Statement in the form of Exhibit B-1, confirming that such
Distributing Entity has noted the pledge effected by this Pledge Agreement on
its books.

1.05.        Post-Closing
Pledged Collateral.  After the
Effective Date, Pledgor will concurrently take the actions contemplated by
clauses (a) through (e) of Section 1.03 with respect to any and all
additional Collateral acquired by Pledgor (including, without limitation, cash
or money, any newly issued Equity Interests of a Distributing Entity, any
conversion of a pre-existing Equity Interest, any Deposit Accounts, accounts
and any Non-Cash Distributions (defined herein), as applicable.  Pledgor will promptly thereafter deliver to
Trustee written instructions and Transaction Statements in substantially the
same form as Exhibit A-1 or Exhibit A-2, and Exhibit B-1,
and such additional certificates reasonably requested by Trustee, describing
such Equity Interests and certifying that the same have been pledged to Trustee
hereunder as additional Pledged Collateral.

2.                                       POWERS
OF PLEDGOR.

2.01.        Powers.  The Pledged Collateral will be used and
distributed pursuant to the terms of the Indenture.

2.02.        Powers Upon Event of
Default.  Upon the occurrence of an
Event of Default, the Trustee shall have in addition to the remedies in the
Indenture, the remedies provided Article 7 below.

 4
 

3.                                       REPRESENTATIONS,
WARRANTIES AND COVENANTS OF PLEDGOR.

Pledgor hereby
covenants with Trustee, and represents and warrants to Trustee as of the
Effective Date and until the indefeasible payment in full of all Obligations as
follows:

3.01.        Percentage Ownership.  Pledgor owns the percentage of the
Distributing Entity set forth in Schedule A with respect to the Pledged
Proceeds.  Pledgor does not have
outstanding any options or rights or other agreements to acquire or sell or
otherwise transfer all or any portion of any Pledged Proceeds.

3.02.        Title to Pledged
Collateral.  Pledgor validly acquired
and is the legal and beneficial owner of the Pledged Collateral in which it has
granted a security interest herein, free and clear of all Liens except such as
are created pursuant to this Pledge Agreement and Permitted Liens.  Pledgor has the legal right to pledge and
grant a security interest in the Pledged Collateral as herein provided without
the consent of any other Person, other than any such consent that has been
obtained.  Pledgor will have like title
in, and the right to pledge, any other property at any time hereafter acquired
by Pledgor and pledged to Trustee as Pledged Collateral hereunder.

3.03.        Defense of Title.  Pledgor will defend Trustee’s right, title
and interest in and to the Pledged Collateral against the claims and demands of
all other Persons.

3.04.        No Transfer.  Except for the Transfer effected by this
Pledge Agreement, Pledgor will not Transfer the Pledged Collateral, or any
portion thereof, or suffer or permit any Transfer thereof to occur, other than
a transfer permitted under the Indenture, if any, made under and in accordance
with the terms of the Indenture.  Any
Transfer made in violation of the foregoing provisions shall be an immediate
Event of Default hereunder without notice or opportunity to cure and shall be
void and of no force and effect, and upon demand of Trustee, shall forthwith be
cancelled or satisfied by an appropriate instrument in writing.  The foregoing shall not be deemed to limit
Pledgor’s use of such cash or proceeds of Collateral except during the
continuance of an Event of Default.

3.05.          Perfected Security
Interest.  Giving effect to this
Pledge Agreement, Trustee has, with respect to all Pledged Collateral owned by
Pledgor on the Effective Date, and will have with respect to any other property
at any time hereafter acquired by Pledgor and pledged to Trustee as Pledged
Collateral hereunder, a valid, perfected and continuing first lien upon and
security interest in the Pledged Collateral.

3.06.          No Financing
Statements.  Except for financing
statements filed or to be filed in favor of Trustee as secured party, or such
other financing statements expressly permitted with Trustee’s prior written
consent, which may be withheld in Trustee’s sole and absolute discretion, there
are not now, and will not in the future be, and Pledgor will not execute, any
financing statements under the UCC covering any or all of the Pledged
Collateral, and no such financing statements are, or will be, filed in any
public office.

3.07.          No Certificated Securities.  Pledgor represents and warrants that none of
the Pledged Proceeds is issued in the form of a Certificated Security and
covenants and agrees that it shall not permit any Distributing Entity to
convert existing Pledged Proceeds, or issue new Equity Interests, in the form
of Certificated Securities. 
Notwithstanding the foregoing, Pledgor shall promptly notify Trustee if
any Equity Interests with respect to a Distributing Entity

 5
 

(whether
now owned or hereafter acquired by Pledgor) is or becomes evidenced by a
Certificated Security, and shall promptly thereafter take all actions required
to perfect the security interest of Trustee in such Equity Interest under
applicable law as required under Section 1.03.  Pledgor further agrees to take such actions
as Trustee deems necessary or desirable to effect the foregoing and to permit
Trustee to exercise any of its rights and remedies hereunder, and agrees to provide
an opinion of counsel satisfactory to Trustee with respect to any such pledge
of Equity Interests which are Certificated Securities promptly upon request of
Trustee.

3.08.        Fully Paid and
Non-Assessable.  All of the Pledged
Proceeds has been duly authorized and validly issued and is fully paid and non-assessable,
and is subject to no options to purchase or similar rights of any Person,
except for the Existing Line of Credit, which shall be paid within five (5)
days of the Effective Date.  Pledgor is
not, and will not become, a party to or otherwise be or become bound by any
agreement, other than this Pledge Agreement, which restricts in any manner the
rights of any present or future holder of any of the Pledged Proceeds with
respect thereto.

3.09.        Pledgor
and Distributing Entities.  Pledgor
shall not and shall not allow any Pledgor or any Distributing Entity to (a)
amend any provision of its constituent documents, (b) dissolve, liquidate,
wind-up, merge or consolidate with any other entity, (c) file for or permit a
Bankruptcy Proceeding, (c) transfer, assign, convey, or pledge any of its legal
or equitable rights in any form or manner (“Transfer”) in any of its
respective assets and properties to any Person except as expressly permitted by
the Indenture.  Pledgor shall maintain
the corporate or partnership existence, as applicable, of each Pledgor and
Distributing Entity.

4.                                       DISTRIBUTIONS.

4.01.        Non-Cash
Distributions.  Trustee shall be
entitled to receive directly, and to retain as further Pledged Collateral, the
following non-cash distributions with respect to the Equity Interests of any
Distributing Entity (“Non-Cash Distributions”):

(a)           all
Equity Interests, or other securities or property (other than cash) paid or
distributed by way of dividend or distribution in respect of the Pledged
Collateral;

(b)           all
other or additional Equity Interests or other securities or property (other
than cash) paid or distributed in respect of the Pledged Collateral by way of
split, spin-off, split-up, recapitalization, reclassification, combination of
Equity Interests, or similar rearrangement; and

(c)           all
other or additional Equity Interests or other securities or property which may
be paid in respect of the Pledged Collateral by reason of any consolidation,
merger, exchange, exchange offers, conveyance of assets, exercise of options,
contribution of capital, liquidation or similar reorganization.

4.02.        Non-Cash
Distribution.  If Pledgor shall
become entitled to receive or shall receive from any Distributing Entity, any
Non-Cash Distribution as an addition to, on account of, in substitution of, or
in exchange for the Pledged Collateral or any part thereof, Pledgor shall hold
the same as the agent and in trust for Trustee, and shall immediately if held
or immediately upon receipt deliver it to Trustee in the exact form received,
with Pledgor’s endorsement or

 6
 

assignment or
other instrument as Trustee may deem appropriate, to be held by Trustee,
subject to the terms hereof, as further Pledged Collateral.

4.03.        Cash
Distributions.  Upon the occurrence
of any Event of Default, any cash distributions, dividends, interest and other
cash payments payable or distributed to Pledgor with respect to the Pledged
Collateral then held or thereafter received by Pledgor (“Cash Distributions”,
and collectively with Non-Cash Distributions “Distributions”), shall
immediately if then held and immediately upon receipt be remitted to Trustee
for application to the Obligations under the Indenture, and until so remitted
shall be received and held by Pledgor in trust for Trustee.

5.                                       APPLICATION
OF PLEDGED COLLATERAL.

Application of Pledged Collateral.  After an Event of Default all proceeds from
the sale of all or any portion of the Pledged Collateral, and all Distributions
now or at any time hereafter received or retained by Trustee pursuant to the
provisions of this Pledge Agreement (including, without limitation, the
provisions of Article 7 ) shall be applied by Trustee to the satisfaction of
Pledgor’s Obligations under the Indenture in such order and priority as
determined by the Indenture.

6.                                       EVENTS
OF DEFAULT.

Events of Default.  An event
of default (“Event of Default”) shall occur under this Pledge Agreement
if: (a) Pledgor fails to fully and timely perform any obligation under this
Pledge Agreement when due (and without reference to any notice or cure
permitted under the Indenture or any other related document), or (b) an “Event
of Default” as that term is defined under the Indenture or any other
Transaction Document has occurred and remains uncured.

7.                                       REMEDIES

If an Event of Default shall occur:

7.01.        Transfer
Rights.  Trustee shall have the
right, at any time and from time to time, to effect the Transfer of any or all
of the Pledged Collateral, subject only to the provisions of the UCC and any other
applicable statute which, in accordance with such statute, cannot be waived, in
any one or more of the following ways:

(a)           Register
in the name of, or transfer to, Trustee, a nominee or nominees, or designee or
designees, of Trustee; provided that the provisions of Section 8.06 are
complied with;

(b)           Sell,
resell, assign and deliver, in Trustee’s sole and absolute discretion, any or
all of the Pledged Collateral or any other security for Pledgor’s obligations
under the  Indenture (whether in whole or
in part and at the same or different times) and all right, title and interest,
claim and demand therein and right of redemption thereof, at public or private
sale, for cash or upon credit (by Trustee only), in accordance with the
applicable procedures specified in Article VIII; and

 7
 

(c)           Proceed
by a suit or suits at law or in equity to foreclose all or any part of the
security interests in the Pledged Collateral and sell the Pledged Collateral or
any portion thereof, under a judgment or decree of a court of competent
jurisdiction, retaining during the duration of such judicial enforcement all
other rights with respect to the Pledged Collateral, including, without
limitation, specifically the rights specified hereafter in this Article VII
with respect to the Distributing Entity.

7.02.        Voting
Rights.  Trustee may exercise, either
by itself or by its nominee or designee, in the name of Pledgor, the rights,
powers and remedies granted to Trustee hereunder and under the other Indenture
in respect of the Pledged Collateral at any time prior to effecting the
Transfer of such Pledged Collateral to Trustee or its nominee or designee, or
any third party purchasers, as contemplated in Subsections 7.01(a) and (b)
above, and whether or not any judicial action as contemplated in Subsection
7.01(c) above has been commenced or is continuing prior to a final unappealable
judgment.  Such rights and remedies shall
include, without limitation, and Pledgor hereby grants to Trustee, the right to
exercise, by delivering notice to Pledgor and any Distributing Entity, (a) all
voting, consent, managerial and other rights relating to the Pledged Proceeds,
whether in Pledgor’s name or otherwise, and (b) the right to exercise Pledgor’s
rights, if any, of conversion, exchange, or subscription, or any other rights,
privileges or options pertaining to any of the Pledged Proceeds, including,
without limitation, the right to exchange, at Trustee’s sole and absolute
discretion, any and all of the Pledged Proceeds upon the merger, consolidation,
reorganization, recapitalization or other readjustment of any Distributing
Entity, all without liability, except to account for property actually received
by Trustee.  Pledgor hereby irrevocably
authorizes and directs any Distributing Entity, on receipt of any such notice
(i) to deem and treat Trustee or its nominee in all respects as a member,
partner or shareholder, as applicable, (and not merely an assignee of a member,
partner or shareholder) of such Distributing Entity, entitled to exercise all
the rights, powers and privileges (including, without limitation, the right to
vote on or take any action with respect to any Distributing Entity matters
pursuant to the constituent documents thereof) to receive all distributions, to
be credited with the capital account and to have all other rights, powers and
privileges pertaining to such member, partner or shareholder interest, as
applicable, to which Pledgor would have been entitled had Pledgor not executed
this Pledge Agreement, and (ii) to file an amendment to the constituent
documents of any Distributing Entity admitting Trustee or such nominee(s) as a
member, partner or shareholder in place of Pledgor.

7.03.        Power
of Attorney.

(a)           Pledgor
hereby irrevocably authorizes and empowers Trustee, and assigns and transfers
to Trustee, and constitutes and appoints Trustee and any of its assigns, its
true and lawful attorney-in-fact and as its agent with full power
of substitution for Pledgor to proceed from time to time in Pledgor’s name, in
order to more fully vest in Trustee the rights and remedies provided for
herein, in any statutory or non-statutory legal or other proceeding,
without limitation, any bankruptcy proceeding, affecting Pledgor, any
Distributing Entity or the Pledged Collateral.

(b)           Trustee
and any of its assigns, or their respective nominees, may, to the extent
permitted by applicable law, either pursuant to such power-of-attorney or
otherwise, take any action and exercise and execute any instrument which
Trustee determines necessary or

 8
 

advisable to accomplish the purposes of this Pledge Agreement,
including without limitation: (i) execute and file proof of claim with
respect to any or all of the Pledged Collateral against any Distributing Entity
and vote such claims with respect to all or any portion of such Pledged
Collateral (A) for or against any proposal or resolution, (B) for a
trustee or trustees or for a receiver or receivers or for a committee of
creditors, and/or (C) for the acceptance or rejection of any proposed
arrangement, plan of reorganization, composition or extension;
(ii) receive, endorse and collect all drafts, checks and other instruments
for the payment of money made payable to Pledgor representing any interest,
payment of principal or other distribution payable in respect of the Pledged
Collateral; (iii) execute endorsements, assignments or other instruments of
conveyance or transfer in respect of any other property which is or may become
a part of the Pledged Collateral hereunder; and (iv) execute releases and
negotiate settlements as appropriate, including on account of, or in exchange
for any or all of the Pledged Collateral, or any payment or distribution
received by Pledgor, or Trustee on Pledgor’s behalf.

(c)           The
foregoing power-of-attorney is irrevocable and coupled with an interest, and
any similar or dissimilar powers previously given by Pledgor in respect of the
Pledged Collateral or any Distributing Entity to any Person other than Trustee
are hereby revoked.  The power-of-attorney
granted herein shall terminate automatically upon the termination of this
Pledge Agreement in accordance with the terms hereof.

7.04.        Management
Rights.  Trustee may at such time and
from time to time thereafter, without notice to, or consent of, Pledgor or any
other Person (to the extent permitted by law), but without affecting any of
Pledgor’s obligations under the Indenture, in the name of Pledgor or in the
name of Trustee: (a) notify any other party to make payment and
performance directly to Trustee or as Trustee directs, including without
limitation, requiring that all distributions from the Distributing Entity or
fees payable to the Pledgor or its Affiliates be paid directly to the Trustee
or as the Trustee directs, (b) extend the time of payment and performance
of, compromise or settle for cash, credit or otherwise, and upon any terms and
conditions, any obligations owing to Pledgor, or claims of Pledgor under any
constituent documents of any Distributing Entity, as applicable, (c) file
any claims, commence, maintain or discontinue any actions, suits or other
proceedings deemed by Trustee reasonably necessary or advisable for the purpose
of collecting upon or enforcing any constituent documents of any Distributing
Entity, and (d) execute any instrument and do all other things deemed
reasonably necessary and proper by Trustee to protect and preserve and realize
upon the Pledged Collateral or any portion thereof and the other rights
contemplated hereby.

7.05.        Right
of Substitution.  Trustee shall have
the right, without notice to or consent of Pledgor, to become, or to designate
its nominee, designee, agent or assignee to become, a partner, member, officer
or director, as applicable, of any Distributing Entity, in substitution of any
existing Person serving in such capacity.

7.06.        UCC
Rights.  Trustee may exercise all of
the rights and remedies of a secured party under the UCC.

 9
 

7.07.        Trustee Self-Help Rights.

(a)           Trustee shall have the right, but not the
obligation, to take any appropriate action as it, in its reasonable judgment,
may deem necessary to (i) cure any Event of Default, (ii) cause any term,
covenant, condition or obligation required under this Pledge Agreement, the
Indenture or any related document to be promptly performed or observed on
behalf of Pledgor, or (iii) protect the Pledged Collateral and any other
security obtained pursuant to the other Indenture.  All reasonable amounts advanced by, or on
behalf of, Trustee in exercising its rights under this Article VII
(including, without limitation, reasonable legal expenses and disbursements
incurred in connection therewith), together with interest thereon at the
Default Rate from the date of any such advance, shall be payable by Pledgor, to
Trustee upon demand therefore and shall be secured by the Pledged Collateral.

(b)           Trustee
shall not be obligated to perform or discharge any obligation of Pledgor or any
Distributing Entity as a result of this Pledge Agreement.  The acceptance by Trustee of this Pledge
Agreement shall not at any time or in any event obligate Trustee to (i) appear
in or defend any action or proceeding relating to the Pledged Collateral to
which it is not a party, or (ii) take any action hereunder or thereunder, or
expend any money or incur any expenses or perform or discharge any obligation,
duty or liability under the Pledged Collateral.

8.                                       SALES
OF THE PLEDGED COLLATERAL.

If an Event of
Default shall occur:

8.01.        Right to Conduct
Partial Sale of Collateral.  In
connection with any sale of the Pledged Collateral, Trustee may grant options
and may impose reasonable conditions such as requiring any purchaser to
represent that any “securities” constituting any part of the Pledged Collateral
are being purchased for investment only. 
If all or any of the Pledged Collateral is sold at any such sale by
Trustee to a third party upon credit, Trustee shall not be liable for the
failure of the purchaser to purchase or pay for the same and, in the event of
any such failure, Trustee may resell such Pledged Collateral.  It is expressly agreed that Trustee may
exercise its rights with respect to less than all of the Pledged Collateral,
leaving unexercised its rights with respect to the remainder of the Pledged
Collateral; provided, however, that such partial exercise shall in no way
restrict or jeopardize Trustee’s right to exercise its rights with respect to
the remaining Pledged Collateral at a later time or times.  Pledgor hereby waives and releases any and
all rights of redemption with respect to the sale of any Pledged Collateral.

8.02.        Sale Procedures.  No demand, advertisement or notice, all of
which are hereby expressly waived by Pledgor, shall be required in connection
with any sale or other disposition of all or any part of the Pledged
Collateral, except that Trustee shall give Pledgor at least ten (10) days’
prior notice of the time and place of any public sale or of the time and the
place at which any private sale or other disposition is to be made, which
notice Pledgor hereby agrees is reasonable. 
All other demands, advertisements and notices are hereby irrevocably
waived by Pledgor.  The notice of such
sale shall (a) in case of a public sale, state the time and place fixed for
such sale, (b) in case of a sale at a broker’s board or on a securities
exchange, state the board or exchange at which such sale is to be made and the
day on which the Pledged Collateral, or the portion thereof so being sold,
first will be offered for sale at such board or exchange, and (c) in

 10
 

the case of a private
sale, state the date after which such sale may be consummated.  Any such public sale shall be held at such
time or times within ordinary business hours and at such place or places as
Trustee may fix in the notice of such sale.

8.03.        Adjournment; Credit
Sale.  Trustee shall not be obligated
to make any sale of the Pledged Collateral if it shall determine, in its sole
and absolute discretion, not to do so, regardless of the fact that notice of
sale may have been given, and Trustee may without notice or publication adjourn
any public or private sale, and such sale may, without further notice, be made at
the time and place to which the same was so adjourned.  Upon each public or private sale of all or
any portion of the Pledged Collateral, unless prohibited by any applicable
statute which cannot be waived, Trustee (or its nominee or designee) may
purchase all or any portion of the Pledged Collateral being sold, free and
clear of, and discharged from, any trusts, claims, equity or right of
redemption of Pledgor, all of which are hereby waived and released to the
extent permitted by law, and may make payment therefore by credit against any
of Pledgor’s obligations under the Indenture in lieu of cash or any other
obligations.

8.04.        Expenses of Sale.  In the case of any sale, public or private,
of any portion of or all of the Pledged Collateral, the proceeds of the sale of
the Pledged Collateral shall be available to cover all reasonable costs and
expenses of every kind for the sale and delivery, including, without
limitation, brokers’ and reasonable attorneys’ fees and disbursements and any
tax imposed thereon.  After deducting
such costs and expenses from the proceeds of the sale, Trustee shall apply any
remaining amounts to the payment of Pledgor’s obligations under the Indenture
in the order of priority as set forth in the Indenture and related documents.

8.05.        No Public Registration
of Sale.  Pledgor is aware that
Section 9-610(c) of the UCC may restrict Trustee’s ability to purchase the
Pledged Collateral at a private sale. 
Pledgor is also aware that SEC staff personnel have, over a period of
years, issued various No-Action Letters that describe procedures which, in the
view of the SEC staff, permit a foreclosure sale of securities to occur in a
manner that is public for purposes of Part 6 of Article 9 of the UCC, yet not
public for purposes of Section 4(2) of the Securities Act of 1933 (as amended,
the Securities Act”).  Pledgor is also
aware that Trustee may wish to purchase certain interests that are sold at a
foreclosure sale, and Pledgor believes that such purchases would be appropriate
in circumstances in which such interests are sold in conformity with the
principles set forth in such No-Action Letters. Section 9-603 of the UCC
permits Pledgor to agree on the standards for determining whether Trustee has
complied with its obligations under Section 9-610. Pursuant to Section 9-603 of
the UCC, Pledgor specifically agrees that a foreclosure sale conducted in
conformity with the principles set forth in such No-Action Letters
(a) shall be considered to be a “public
disposition” for purposes of
Section 9-610(c) of the UCC; (b) will be considered commercially reasonable
notwithstanding that Trustee has not registered or sought to register the
interests under the Securities Act, even if Pledgor, or any Distributing Entity
agree to pay all costs of the registration process; and (c) shall be considered
to be commercially reasonable, notwithstanding that Trustee purchases such
interests at such a sale.

8.06.        Strict Foreclosure.

(a)           Trustee may, in its
sole and absolute discretion, either negotiate an agreement (“Strict
Foreclosure Agreement”) with Pledgor, or make a written proposal (“Strict

 11
 

Foreclosure Proposal”)
to Pledgor, to retain the Pledged Collateral in full or partial satisfaction of
the Obligations in accordance with the procedures specified in Section 9-620 of
the UCC.

(b)           In the case of a Strict
Foreclosure Proposal, Pledgor shall, within two (2) Business Days of Pledgor’s
receipt of the Strict Foreclosure Proposal, indicate Pledgor’s (i) acceptance
or rejection of such Strict Foreclosure Proposal, and (ii) waiver of any right
to redeem the Pledged Collateral pursuant to Section 9-624(c) of the UCC (“UCC
Waiver”).  Pledgor’s indication of
acceptance of a Strict Foreclosure Proposal shall be made by delivering a
notice in a form substantially identical to the form attached hereto as Exhibit
C).

(c)           Trustee shall notify
any Guarantor, any other creditor with perfected lien rights in the Pledged
Collateral, and any other Person entitled to notice under Section 9-621 of the
UCC (“Interested Parties”) of any Strict Foreclosure Agreement or Strict
Foreclosure Proposal.  Such Interested
Party shall, within two (2) Business Days of receipt of notice thereof,
indicate its (i) acceptance or rejection of the Strict Foreclosure Agreement or
the Strict Foreclosure Proposal, and (ii) UCC Waiver.

(d)           If Trustee fails to
receive (i) Borrower’s acceptance of a Strict Foreclosure Proposal and UCC
Waiver, or (ii) acknowledgements from all Interested Parties of acceptance of
the Strict Foreclosure Agreement or the Strict Foreclosure Proposal, as
applicable) and their respective UCC Waivers, within two (2) Business Days of
receipt of the notice periods specified in Subsections (b) and (c)
above (collectively the “Notice Period”), then Pledgor, or such other
Interested Party, as applicable, shall be deemed to have objected to the Strict
Foreclosure Agreement or the Strict Foreclosure Proposal, as applicable.

(e)           Notwithstanding the
acceptance of either a Strict Foreclosure Agreement or a Strict Foreclosure
Proposal by each Interested Party within the applicable Notice Period, Pledgor
and Trustee shall not be required to consummate such transfer of the Pledged
Collateral unless and until (i) twenty (20) days have elapsed after the
delivery of such acceptance and, (ii) any Interested Party shall have not paid
and satisfied the Obligations in full within such twenty (20) day period as
contemplated under Section 9-623 of the UCC (a “Redemption”).  If a Redemption is consummated, Pledgor’s
acceptance shall be deemed to have been revoked with the consent of Trustee.

(f)            If all the conditions
specified in Subsections (a) through (f) of this Section 8.06 have been
satisfied, Pledgor, and each Distributing Entity, shall fully cooperate, at
their sole expense, in all matters deemed reasonably necessary by Trustee to
effect such transfer of ownership on the records of the applicable Distributing
Entity in accordance with any applicable requirements of the constituent
documents of such Distributing Entity and/or the asset documents.  Such cooperation shall include using Pledgor’s
best efforts to assist Trustee in obtaining any necessary review, approvals and
other administrative action from such Distributing Entity, Trustee, any
applicable Rating Agencies, and any master or special servicer of the asset.  Such assistance shall include at Trustee’s
request (i) attending all meetings with, and providing all related financial
and operational documents and materials to, such third parties, and (ii)
providing such assurances and executing such documentation as is required by
such third parties or to effect such transfer.

 12
 

9.             SECURITIES ACT.

9.01.        Securities
Registration.  If an Event of Default
shall have occurred and Pledgor shall have received from Trustee a written
request that Pledgor effect any registration, qualification or compliance under
any federal or state securities law or laws with respect to all or any part of
the Pledged Collateral, and such registration, qualification and/or compliance
is required under applicable federal or state securities law or laws, Pledgor
as soon as practicable and at its sole expense, agrees to use its best efforts
to effect (and keep effective) such registration, qualification and compliance
as required under: (a) applicable federal or state securities law or laws and
as would permit or facilitate the sale and distribution of such Pledged
Collateral, including, without limitation, registration under the Securities
Act, as then in effect (or any similar statute then in effect), (b) applicable
blue sky or other state securities laws, and (c) other government
requirements.  Trustee shall furnish to
Pledgor such information regarding Trustee as Pledgor may request in writing
and as shall reasonably be required in connection with any such registration,
qualification or compliance.  Pledgor
will cause Trustee to be kept reasonably advised in writing as to the progress
of each such registration, qualification or compliance and as to the completion
thereof, will furnish to Trustee such number of prospectuses, offering
circulars or other documents incident thereto as Trustee from time to time may
reasonably request, and will indemnify Trustee and all others participating in
the distribution of such Pledged Collateral against all losses, liabilities,
claims or damages caused by any untrue statement (or alleged untrue statement)
of a material fact contained therein (or in any related registration statement,
notification or the like) or by any omission (or alleged omission) to state
therein (or in any related registration statement, notification or the like) a
material fact required to be stated therein or necessary to make the statements
therein not misleading, except insofar as the same may have been caused by an
untrue statement or omission based upon information furnished in writing to
Pledgor by Trustee expressly for use therein.

9.02.        Private
Securities Sale.  If at any time when
Trustee shall determine to exercise its right to sell all or any part of the
Pledged Collateral pursuant to Section 8, and such Pledged Collateral or the
part thereof to be sold shall not, for any reason whatsoever, be effectively
registered under the Securities Act, as then in effect, Trustee may, in its
sole and absolute discretion, sell such Pledged Collateral or part thereof by
private sale (for securities law purposes) in such manner and under such
circumstances as Trustee may deem necessary or advisable in order that such
sale may legally be effected without such registration, provided that at least
ten (10) days’ notice is given to Pledgor in accordance with the private sale
notice provisions of Article 8.  Without
limiting the generality of the foregoing, in any such event Trustee, in its
sole and absolute discretion (a) may proceed to make such private sale notwithstanding
that a registration statement for the purpose of registering such Pledged
Collateral or part thereof shall have been filed under such Securities Act, (b)
may approach and negotiate with a single potential purchaser to effect such
sale, and (c) may restrict such sale to a purchaser who will represent and
agree that such purchaser is purchasing for its own account, for investment,
and not with a view to the distribution or sale of such Pledged Collateral or
part thereof.  In the event of any such
sale, Trustee shall incur no responsibility or liability for selling all or any
part of the Pledged Collateral at a price which Trustee may in good faith deem
reasonable under the circumstances, notwithstanding the possibility that a
substantially higher price might be realized if the sale were deferred until
after registration under the Securities Act.

 13
 

10.                                 RECEIPT
OF SALE PROCEEDS.

10.01.        Receipt
of Sale Proceeds.  Upon any sale of
the Pledged Collateral, or any portion thereof, by Trustee hereunder (whether
by virtue of the power of sale herein granted, pursuant to judicial process or
otherwise), the receipt of the proceeds by Trustee or the officer making the
sale shall be a sufficient discharge to the purchaser or purchasers of the
Pledged Collateral so sold, and such purchaser or purchasers shall not be
obligated to see to the application of any part of the purchase money paid over
to Trustee or such officer or be answerable in any way for the misapplication
or non-application thereof.

11.                                 PREFERENCES.

11.01.        Preferences.  Trustee shall have no obligation to marshal
any assets in favor of Pledgor or any other party or against, or in payment of,
any or all of the obligations of Pledgor pursuant to this Pledge Agreement, the
Indenture, the  Note or any other  Indenture Document.  To the extent Pledgor makes a payment or
payments to Trustee for Pledgor’s benefit, which payment or proceeds or any
part thereof are subsequently invalidated, declared to be fraudulent or
preferential, set aside or required to be repaid to a trustee, receiver or any
other party under any bankruptcy law, state or federal law, common law or
equitable cause, then, to the extent of such payment or proceeds received, the
obligations (or part thereof) of Pledgor intended to be satisfied shall be
revived and continue in full force and effect, as if such payment or proceeds
had not been received by Trustee.

12.                                 REMEDIES
CUMULATIVE.

12.01.        Trustee
Rights.  The obligations of Pledgor
under this Pledge Agreement shall be absolute and unconditional and shall
remain in full force and effect without regard to, and shall not be released,
suspended, discharged, terminated or otherwise affected by, any circumstances
or occurrence except as specifically provided in this Pledge Agreement.  The rights, powers and remedies of Trustee
under this Pledge Agreement shall be cumulative and not exclusive of any other
right, power or remedy which Trustee may have against Pledgor or any other
Person pledging collateral pursuant to the Indenture or existing at law or in
equity or otherwise.  Trustee’s rights,
powers and remedies may be pursued singly, concurrently or otherwise, at such
time and in such order as Trustee may determine in Trustee’s sole and absolute
discretion.  Trustee shall have no duty
to exercise any of the aforesaid rights, powers and remedies and shall not be
responsible for any failure to do so or delay in so doing.

12.02.        No
Release, Etc.  No delay or omission
to exercise any remedy, right or power accruing upon a default or an Event of
Default shall impair any such remedy, right or power or shall be construed as a
waiver thereof, but any such remedy, right or power may be exercised from time
to time and as often as may be deemed expedient.  A waiver of any default or Event of Default
shall not be construed to be a waiver of any subsequent default or Event of
Default or to impair any remedy, right or power of Trustee.  Any and all of Trustee’s rights with respect
to any Pledged Collateral shall continue unimpaired, and Pledgor shall be and
remain obligated in accordance with the terms hereof, notwithstanding, among
other things: (a) any renewal, extension, amendment or modification of, or
addition or supplement to, or deletion from, this Pledge Agreement or any other
Indenture Document or any other instrument or agreement

 14
 

referred to
therein, or any assignment or transfer of any thereof; (b) any waiver, consent,
delay, extension of time, indulgence or other action or inaction under or in
respect of this Pledge Agreement or any other 
Indenture Document; (c) any exercise or non-exercise of any right,
remedy, power or privilege under or in respect of this Pledge Agreement, the
Indenture or any  other related  document; (d) any sale, exchange, release,
surrender, or substitution of, or realization upon, any Pledged Collateral
(except to the extent otherwise specifically agreed to by Trustee) or any other
security held by Trustee to secure the Obligations; (e) the furnishing to or
acceptance by Trustee of any additional security to secure the Obligations; or
(f) any invalidity, irregularity or unenforceability of all or any part of
Pledgor’s Obligations under the Indenture or any other related document or of
any security therefore.

13.                                 ACTS
OF TRUSTEE.

13.01.      Acts
of Trustee.  All of the Pledged
Collateral at any time delivered to Trustee pursuant to this Pledge Agreement
shall be held by Trustee subject to the terms, covenants and conditions set
forth in the Indenture.  Neither Trustee
nor any of Trustee’s directors, officers, agents, employees or counsel shall be
liable for any action taken or omitted to be taken by such party or parties
relative to any of the Pledged Collateral, except for such party’s or parties’
own gross negligence or willful misconduct. 
Trustee shall be entitled to rely in good faith upon any writing or
other document (including, without limitation, any telegram or e-mail) or any
telephone conversation reasonably believed by it to be genuine and correct and
to have been signed, sent or made by the proper Person (but Trustee shall be
entitled to such additional evidence of authority or validity as it may, in its
sole and absolute discretion request, but it shall have no obligation to make
any such request), and with respect to any legal matter, Trustee may rely in
acting or in refraining from acting upon the advice of counsel selected by it
concerning all matters hereunder.

14.                                 CUSTODY
OF PLEDGED COLLATERAL; NOTICE OF EXERCISE OF REMEDIES.

14.01.      Custody;
Notice.  Trustee shall not have any
duty concerning the collection or protection of the Pledged Collateral or any income
thereon or payments with respect thereto, or concerning the preservation of any
rights pertaining thereto beyond exercising reasonable care with respect to the
custody of any tangible evidence of the Pledged Collateral actually in its
possession.  Pledgor hereby waives notice
of acceptance hereof, and except as otherwise specifically provided herein or
required by provision of law which may not be waived, hereby waives any and all
notices or demands with respect to any exercise by Trustee of any rights or
powers which it may have or to which it may be entitled with respect to the
Pledged Collateral.

15.                                 MISCELLANEOUS
PROVISIONS.

15.01.      Further
Assurances.  Pledgor agrees to do
such further acts and things and to execute and deliver to Trustee with respect
to the Pledged Collateral such additional conveyances, assignments, agreements
and instruments as Trustee from time to time may reasonably require, or may
deem reasonably advisable, to effect this Pledge Agreement or to further assure
and confirm to Trustee the rights, powers and remedies intended to be granted
hereunder or under any other  Indenture
Document.  Pledgor hereby agrees to sign
and deliver to Trustee financing statements, continuation statements and other
documents, in form acceptable

 15
 

to Trustee, as
Trustee may from time to time reasonably request or which are reasonably
necessary or desirable in the opinion of Trustee to establish and maintain a
valid and perfected security interest in the Pledged Collateral, and to pay any
filing fees relative thereto.  Pledgor
also authorizes Trustee, to the extent permitted by law, to file such financing
statements and amendments thereto relating to all or any part of the Pledged
Collateral without the consent of Pledgor, and further authorizes Trustee, to
the extent permitted by law, to file a photographic or other reproduction of
this Pledge Agreement or of a financing statement in lieu of a financing
statement.  In addition, Pledgor agrees
at any time and from time to time upon not less than ten (10) days’ prior
notice by Trustee to Pledgor, to execute, acknowledge and deliver to Trustee or
any other party specified in such notice, a statement, in writing, certifying
that this Pledge Agreement is unmodified and in full force and effect (or if
there have been modifications, that the same, as modified, is in full force and
effect and stating the modifications hereto) and stating whether or not any
default or Event of Default has occurred, and, if so, specifying each such
default or Event of Default.

15.02.      Remedies
of Pledgor.  If a claim or
adjudication is made that Trustee or its agents or nominees, has acted
unreasonably, or has unreasonably delayed acting, in any case where by law or
under this Pledge Agreement or the Indenture, Trustee or such agent or nominee,
as the case may be, has an obligation to act reasonably or promptly, Pledgor
agrees that neither Trustee nor its agents, shall be liable for any monetary
damages, and Pledgor’s sole remedies shall be limited to commencing an action
seeking injunctive relief or declaratory judgment.  The parties hereto agree that any action or
proceeding to determine whether Trustee has acted reasonably shall be
determined by an action seeking declaratory judgment.

15.03.      Headings;
Exhibits.  The Article and Section
headings in this Pledge Agreement are included herein for convenience of
reference only and shall not constitute a part of this Pledge Agreement for any
other purpose.  All exhibits are
incorporated herein by reference.  Any
reference to the “Pledged Collateral” shall be deemed to refer to all or a
portion of the pledged collateral, as applicable, now held, or hereafter
received, by Trustee.

15.04.      Governing Law.  Except to the extent otherwise dictated by
Section 1-105 of the UCC, this Pledge Agreement shall be interpreted and
enforced according to the laws of the State of New York (excluding any choice
of law rules that may direct the application of the laws of another
jurisdiction).  THIS
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK.  EACH OF THE ISSUER,
GUARANTOR AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL
PROCEEDING ARISING OUT OF OR RELATING TO THE INDENTURE, THE NOTES, THIS
AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

15.05.      Jurisdiction.  Each of the parties hereto (i) hereby
irrevocably submits to the nonexclusive jurisdiction of the Supreme Court of
the State of New York, New York County (without prejudice to the rights of any
party to remove to the United States District Court for the Southern District
of New York) and to the nonexclusive jurisdiction of the United States District
Court for the Southern District of New York, for the purpose of any suit,
action or other proceeding arising out of this Indenture, or the subject matter
hereof or any of the transactions

 16
 

contemplated hereby or thereby
brought by any of the parties hereto or their successors or assigns, (ii)
hereby irrevocably agrees that all claims in respect of such action or
proceeding may be heard and determined in such New York State court or, to the
fullest extent permitted by applicable governmental rule, in such Federal
court, and (iii) to the extent permitted by applicable law, hereby irrevocably
waives, and agrees not to assert, by way of motion, as a defense, or otherwise,
in any such suit, action or proceeding any claim that it is not personally
subject to the jurisdiction of the above-named courts, that the suit, action or
proceeding is brought in an inconvenient forum, that the venue of the suit,
action or proceeding is improper or that this Indenture or the subject matter
hereof may not be enforced in or by such court. 
A final judgment obtained in respect of any action, suit or proceeding
referred to in this Section 1 shall be conclusive and may be enforced in other
jurisdictions by suit or judgment or in any manner as provided by applicable
law.  Each of the parties hereto hereby
consents to service of process in connection with the subject matter specified
in the first sentence of this Section 15.05 in connection with the
above-mentioned courts in New York by registered mail, Federal Express, DHL or
similar courier at the address to which notices to it are to be given, it being
agreed that service in such manner shall constitute valid service upon such
party or its respective successors or assigns in connection with any such
action or proceeding only; provided, however, that nothing in this Section
15.05 shall affect the right of any of such parties or their respective
successors or assigns to serve legal process in any other manner permitted by
applicable law.

15.06.      Exculpation.  Notwithstanding anything to the contrary
contained herein or in any other agreement, obligation, representation,
warranty or liability made, entered into or incurred by or on behalf of Pledgor
or any Guarantor, no member, shareholder, partner (unless such member,
shareholder, partner has independent obligation under the Indenture), director,
officer, employee or trustee assumes or shall be held to any personal liability
therefor.

15.07.      Termination.  Upon the indefeasible payment in full of
the  Indenture and all other amounts due
in connection therewith, if any, this Pledge Agreement shall terminate and upon
Trustee’s execution and delivery to Pledgor of documents prepared by Pledgor,
which shall, upon such execution and delivery, terminate Trustee’s lien on the
Pledged Collateral and which shall be in form and substance reasonably
acceptable to Trustee.  Upon such
payment, Trustee shall promptly execute and deliver to Pledgor such termination
documents.  This Section 15.07 and
any termination effected hereunder shall be subject to the provisions of
Article 11 above.

15.08.      Incorporation from Indenture.  All provisions of the Indenture
are incorporated into this Pledge Agreement by this reference, as if fully
reproduced herein.

16.                                 DEFINITIONS

16.01.      Certain
Terms.  The following terms (whether
or not underscored) when used in this Security Agreement, including its
preamble and recitals, shall have the following meanings (such definitions to
be equally applicable to the singular and plural forms thereof):

(a)           “Acts
of Trustee” is as defined in Section 13.01.

(b)           “Adjournment;
Credit Sale” is as defined in Section 8.03.

(c)           “Amendments”
is as defined in Section 3.09.

 17
 

(d)           “Application
of Pledged Collateral” is as defined in Section 5.01.

(e)           “Cash
Distributions Held in Trust” is as defined in Section 4.03.

(f)            “Certificated
Securities” is as defined in Section 1.03.

(g)           “Custody
Notice” is as defined in Section 14.01.

(h)           “Defense
of Title” is as defined in Section 3.03.

(i)            “Deposit
Account” shall mean an account established and maintained in which Pledged
Collateral is held for the benefit of the Trustee or any secured party under
this Agreement, and any bank account or demand deposit account established and
maintained in connection therewith

(j)            “Distributions”
is as defined in Section 1.01.

(k)           “Events
of Default” is as defined in Section 6.01.

(l)            “Exculpation”
is as defined in Section 15.06.

(m)          “Expenses
of Sale” is as defined in Section 8.04.

(n)           “Fully
Paid and Non-Assessable” is as defined in Section 3.08.

(o)           “Further
Assurances” is as defined in Section 15.01.

(p)           “Governing
Documents” means the constituent documents creating or governing each
entity constituting a Pledged Proceeds, including without limitation,
certificates of organization, operating agreements, partnership agreements,
certificates of limited partnership, 
articles of incorporation, by-laws, resolutions, and shareholder and
member agreements.

(q)           “Governing
Law” is as defined in Section 15.04.

(r)            “Headings;
Exhibits” is as defined in Section 15.03.

(s)           “Incorporation
from Indenture” is as defined in Section 15.08.

(t)            “Interested
Parties” is as defined in Section 8.06(c).

(u)           “Investment
Property” is as defined in Section 1.02.

(v)           “Jurisdiction”
is as defined in Section 15.05.

(w)          “Management
Rights” is as defined in Section 7.04.

(x)            “No
Certificated Securities” is as defined in Section 3.07.

 18
 

(y)           “No
Financing Statements” is as defined in Section 3.06.

(z)            “No
Public Registration of Sale” is as defined in Section 8.05.

(aa)         “No
Release, Etc.” is as defined in Section 12.02.

(bb)         “No
Transfer” is as defined in Section 3.04.

(cc)         “Non-Cash
Distribution Held in Trust” is as defined in Section 4.02.

(dd)         “Non-Cash
Distributions” is as defined in Section 4.01.

(ee)         “Notice
Period” is as defined in Section 8.06(d).

(ff)           “Percentage
Ownership” is as defined in Section 3.01.

(gg)         “Perfected
Security Interest” is as defined in Section 3.05.

(hh)         “Perfection
of Security Interest” is as defined in Section 1.03.

(ii)           “Pledged
Collateral” is as defined in Section 1.01.

(jj)           “Post-Closing
Pledge Collateral” is as defined in Section 1.05.

(kk)         “Power
of Attorney” is as defined in Section 7.03.

(ll)           “Pre-Default
Powers” is as defined in Section 2.01.

(mm)       “Preferences”
is as defined in Section 11.01.

(nn)         “Private
Securities Sale” is as defined in Section 9.02.

(oo)         “Receipt
of Sale Proceeds” is as defined in Section 10.01.

(pp)         “Redemption”
is as defined in Section 8.06(e).

(qq)         “Registration
of Pledge” is as defined in Section 1.04.

(rr)           “Remedies
of Pledgor” is as defined in Section 15.02.

(ss)         “Right
of Substitution” is as defined in Section 7.05.

(tt)           “Right
to Conduct Partial Sale of Collateral” is as defined in Section 8.01.

(uu)         “Sale
Procedures” is as defined in Section 8.02.

(vv)         “Securities
Registration” is as defined in Section 9.01.

(ww)       “Strict
Foreclosure Agreement” is as defined in Section 8.06(a).

 19
 

(xx)          “Strict
Foreclosure Proposal” is as defined in Section 8.06(a).

(yy)         “Strict
Foreclosure” is as defined in Section 8.06.

(zz)          “Termination
of Powers” is as defined in Section 2.02.

(aaa)       “Termination”
is as defined in Section 15.07.

(bbb)      “Title
to Pledge Collateral” is as defined in Section 3.02.

(ccc)       “Transfer
Rights” is as defined in Section 7.01.

(ddd)      “Trustee
Rights” is as defined in Section 12.01.

(eee)       “Trustee
Self-Help Rights” is as defined in Section 7.07.

(fff)         “UCC
Rights” is as defined in Section 7.06.

(ggg)      “UCC
Waiver” is as defined in Section 8.06(b).

(hhh)      “UCC”
means the Uniform Commercial Code as in effect from time to time in the State
of Delaware; provided that if, with respect to any financing statement
or by reason of any provisions of law, the perfection or the effect of
perfection or non-perfection of the security interests granted to the Trustee
pursuant to the applicable security document is governed by the Uniform
Commercial Code as in effect in a jurisdiction of the United States other than
Delaware, UCC means the Uniform Commercial Code as in effect from time to time
in such other jurisdiction for purposes of the provisions of each security
document and any financing statement relating to such perfection or effect of
perfection or non-perfection.

(iii)            “Voting
Rights” is as defined in Section 7.02.

[Pledgor
Signatures Appear on Next Page]

 20
 

IN
WITNESS WHEREOF, the parties hereto have caused this Pledge and Security
Agreement to be executed and delivered by its duly authorized officer on the
date first set forth above.

	
  

  	
  GUARANTOR/PLEDGOR

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  GMH
  MILITARY HOUSING LLC ,a Delaware limited

  liability company

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Joseph M. Macchione

  	
   

  
	
   

  	
  Name: Joseph M.
  Macchione

  
	
   

  	
  Title: Vice
  President

  
	
   

  	
   

  
	
   

  	
  GMH
  MILITARY HOUSING INVESTMENTS, LLC, a

  Delaware limited liability company

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Joseph M.
  Macchione

  	
   

  
	
   

  	
  Name: Joseph M.
  Macchione

  
	
   

  	
  Title: Vice
  President

  
	
   

  	
   

  
	
   

  	
  GMH
  AETC MANAGEMENT/DEVELOPMENT LLC, a

  Delaware Limited Liability Company

  
	
   

  	
   

  
	
   

  	
  By: GMH MILITARY HOUSING INVESTMENTS

  LLC, a Delaware Limited Liability Company, its

  Manager

  
	
   

  	
   

  
	
   

  	
  By

  	
   /s/ Joseph M. Macchione

  	
   

  
	
   

  	
  Name: Joseph M.
  Macchione

  
	
   

  	
  Title: Vice
  President

  
	
   

  	
   

  
	
   

  	
  GMH
  NORTHEAST HOUSING DESIGN/BUILD LLC,

  a Delaware Limited Liability Company

  
	
   

  	
   

  
	
   

  	
  By: GMH MILITARY HOUSING, LLC,

  a Delaware Limited Liability Company, its

  Manager

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ Joseph M.
  Macchione

  	
   

  
	
   

  	
  Name: Joseph M.
  Macchione

  
	
   

  	
  Title: Vice
  President

  
								

 

 21
 

 

	
  

  	
  GMH
  COMMUNITIES TRS, INC., a Delaware

  corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Joseph M.
  Macchione

  	
   

  
	
   

  	
  Name: Joseph M.
  Macchione

  
	
   

  	
  Title: Vice
  President

  
	
   

  	
   

  
	
   

  	
  GMH/BENHAM
  MILITARY COMMUNITIES LLC, a

  Delaware Limited Liability Company

  
	
   

  	
   

  
	
   

  	
  By: GMH MILITARY HOUSING INVESTMENTS

  LLC, a Delaware Limited Liability Company, its

  Manager

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Joseph M.
  Macchione

  	
   

  
	
   

  	
  Name: Joseph M.
  Macchione

  
	
   

  	
  Title: Vice
  President

  
	
   

  	
   

  
	
   

  	
  GMH/PHELPS
  MILITARY COMMUNITIES LLC, a

  Delaware Limited Liability Company

  
	
   

  	
   

  
	
   

  	
  By: GMH MILITARY HOUSING INVESTMENTS

  LLC, a Delaware Limited Liability Company, its

  Manager

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Joseph M.
  Macchione

  	
   

  
	
   

  	
  Name: Joseph M.
  Macchione

  
	
   

  	
  Title: Vice
  President

  
	
   

  	
   

  
	
   

  	
  GMH
  MILITARY HOUSING – AETC LIMITED

  PARTNER LLC, a Delaware Limited Liability Company

  
	
   

  	
   

  
	
   

  	
  By: GMH MILITARY HOUSING INVESTMENTS

  LLC, a Delaware Limited Liability Company, its

  Manager

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Joseph M.
  Macchione

  	
   

  
	
   

  	
  Name: Joseph M.
  Macchione

  
	
   

  	
  Title: Vice
  President

  
							

 

 22
 

 

	
  

  	
  GMH
  MILITARY HOUSING – CARLISLE/PICATINNY

  LIMITED PARTNER LLC, a Delaware Limited Liability

  Company

  
	
   

  	
   

  
	
   

  	
  By: GMH MILITARY HOUSING INVESTMENTS

  LLC, a Delaware Limited Liability Company, its

  Manager

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Joseph M.
  Macchione

  	
   

  
	
   

  	
  Name: Joseph M.
  Macchione

  
	
   

  	
  Title: Vice
  President

  
	
   

  	
   

  
	
   

  	
  GMH
  MILITARY HOUSING – BLISS/WSMR

  LIMITED PARTNER LLC, a Delaware Limited Liability

  Company,

  
	
   

  	
   

  
	
   

  	
  By: GMH MILITARY HOUSING INVESTMENTS

  LLC, a Delaware Limited Liability Company, its

  Manager

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Joseph M.
  Macchione

  	
   

  
	
   

  	
  Name: Joseph M.
  Macchione

  
	
   

  	
  Title: Vice
  President

  
	
   

  	
   

  
	
   

  	
  GMH
  MILITARY HOUSING DEVELOPMENT LLC,

  a Delaware limited liability company

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Joseph M.
  Macchione

  	
   

  
	
   

  	
  Name: Joseph M.
  Macchione

  
	
   

  	
  Title: Vice
  President

  
	
   

  	
   

  
	
   

  	
  GMH
  MILITARY HOUSING MANAGEMENT LLC,

  a Delaware limited liability company

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Joseph M.
  Macchione

  	
   

  
	
   

  	
  Name: Joseph M.
  Macchione

  
	
   

  	
  Title: Vice
  President

  
						

 

 23
 

 

	
  

  	
  ISSUER/PLEDGOR

  
	
   

  	
   

  
	
   

  	
  GMH COMMUNITIES, LP, a
  Delaware limited

  partnership

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Joseph M.
  Macchione

  	
   

  
	
   

  	
  Name: Joseph M.
  Macchione

  
	
   

  	
  Title: Vice
  President

  
	
   

  	
   

  
	
   

  	
  TRUSTEE

  
	
   

  	
   

  
	
   

  	
  U.S. BANK TRUST NATIONAL ASSOCIATION, a

  national banking association

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas E. Tabor

  	
   

  
	
   

  	
  Name: Thomas E. Tabor

  
	
   

  	
  Title: Vice President

  
								

 

 24

SCHEDULE
A

COLLATERAL

PLEDGED PROCEEDS

Section 1

Revenues, cash, fees,
payments and distributions and all Pledged Collateral arising from or in
connection with:

1.             Development Agreement
dated November 1, 2003 by and between Stewart Hunter Housing LLC, a Delaware
Limited Liability Company and GMH Military Housing Development LLC, a Delaware
Limited Liability Company.

2.             Management Agreement
dated November 1, 2003 by and between Stewart Hunter Housing LLC, a Delaware
Limited Liability Company and GMH Military Housing Development LLC, a Delaware
Limited Liability Company.

3.,            Renovation Agreement
By and Between Stewart Hunter Housing LLC, a Delaware Limited Liability Company
and GMH Military Housing Management LLC, a Delaware Limited Liability Company

4.             Development Agreement
dated February 6, 2007 by and between AETC Housing LP, a Delaware Limited
Partnership and GMH AETC Management/Development LLC, a Delaware Limited
Liability Company.

5.             Management Agreement
dated February 6, 2007 by and between AETC Housing LP, a Delaware Limited
Partnership and GMH AETC Management/Development LLC, a Delaware Limited
Liability Company.

6.             Renovation Agreement
dated February 6, 2007 by and between AETC Housing LP, a Delaware Limited
Partnership and GMH AETC Management/Development LLC, a Delaware Limited
Liability Company.

7.             Design/Build
Agreement dated November 1, 2004 by and between Northeast Housing LLC (as
assignee of GMH Military Housing—Navy Northeast LLC), a Delaware Limited
Liability Company, and GMH Northeast Housing Design/Build, LLC, a Delaware
Limited Liability Company.

8.             Asset Management
Agreement dated November 1, 2004 by and between Northeast Housing LLC, a
Delaware Limited Liability Company, and GMH Military Housing Management, LLC, a
Delaware Limited Liability Company.  The
rights of GMH Military Housing Management, LLC under this Asset Management
Agreement are only being pledged to the extent such rights may be pledged
without the consent of any third party.

9.             Property Management
Agreement dated November 1, 2004 by and between Northeast Housing LLC, a
Delaware Limited Liability Company, and GMH Military Housing Management, LLC, a
Delaware Limited Liability Company.

10.           Development Agreement
dated November 1, 2004 by and between Northeast Housing LLC (as assignee of GMH
Military Housing—Navy Northeast LLC), a Delaware Limited Liability Company, and
GMH Military Housing Development, LLC, a Delaware Limited Liability Company.

11.           Renovation Agreement
dated May 1, 2006 by and between Fort Gordon Housing LLC, a Delaware Limited
Liability Company, and GMH Military Housing Management LLC, a Delaware Limited
Liability Company.

12.           Development Agreement
dated May 1, 2006 by and between Fort Gordon Housing LLC, a Delaware Limited
Liability Company, and GMH Military Housing Development LLC, a Delaware Limited
Liability Company.

13.           Property Management
Agreement dated May 1, 2006 between Fort Gordon Housing LLC, a Delaware Limited
Liability Company, and GMH Military Housing Management LLC, a Delaware Limited
Liability Company.

14.           Renovation Agreement
dated December 20, 2006 between Carlisle/Picatinny Family Housing LP, a
Delaware Limited Partnership and GMH Military Housing Management LLC, a
Delaware Limited Liability Company.

15.           Property Management
Agreement dated May 1, 2006 between Carlisle/Picatinny Family Housing LP, a
Delaware Limited Partnership and GMH Military Housing Management LLC, a
Delaware Limited Liability Company.

16.           Development Agreement
dated May 1, 2006 between Carlisle/Picatinny Family Housing LP, a Delaware
Limited Partnership and GMH Military Housing Development LLC, a Delaware
Limited Liability Company, as amended on December 20, 2006.

17.           Development Agreement
dated June 1, 2004, by and between Fort Hamilton Housing, LLC, a Delaware
limited liability companyand GMH Military Housing Development LLC, a Delaware
limited liability company.

18.           Property Management
Agreement dated June 1, 2004 by and between Fort Hamilton Housing, LLC and GMH
Military Housing Management LLC.

19.           Development Agreement
dated December 21, 2005, by and between Fort Carson Family Housing, LLC, a
Delaware limited liability company and GMH Military Housing Development LLC, a
Delaware limited liability company.

 2
 

20.           Demolition Agreement
dated November 29, 2006 by and between Fort Carson Family Housing, LLC, a
Delaware limited liability company and GMH Military Housing Management LLC, a
Delaware limited liability company.

21.           Property and Asset
Management Agreement dated December 21, 2005 by and between Fort Carson Family
Housing, LLC and GMH Military Housing Management LLC.

22.           Development Agreement
dated July 1, 2004 by and between Fort Detrick/Walter Reed Army Medical Center
Housing LLC and GMH Military Housing Development LLC.

23.           Renovation Agreement
dated July 1, 2004 by and between Fort Detrick/Walter Reed Army Medical Center
Housing LLC and GMH Military Housing Management LLC.

24.           Property Management
Agreement dated July 1, 2004 by and between Fort Detrick/Walter Reed Army
Medical Center Housing LLC and GMH Military Housing Development LLC.

25.           Development Agreement
dated December 1, 2004 by and between Fort Eustis/Fort Story Housing LLC and
GMH Military Housing Development LLC, as amended March 1, 2005.

26.           Renovation Agreement
dated March 1, 2005,  by and between Fort
Eustis/Fort Story Housing LLC and GMH Military Housing Management LLC.

27.           Property Management
Agreement dated March 1, 2005 by and between Fort Eustis/Fort Story Housing LLC
and GMH Military Housing Development LLC.

28.           Development Agreement
dated July 1, 2005 by and between Fort Bliss/White Sands Missile Range Housing
LP and GMH Military Housing Development LLC.

29.           Renovation Agreement
dated July 1, 2005 by and between  Fort
Bliss/White Sands Missile Range Housing LP and GMH Military Housing Management
LLC.

30.           Property Management
Agreement dated July 1, 2005 by and between 
Fort Bliss/White Sands Missile Range Housing LP and GMH Military Housing
Development LLC.

Section 2

Distributions, Pledged
Collateral, cash and all amounts payable to Pledgor from the entities listed in
Schedule A Section 2 below and any other Distributing Entities and related
contracts, investment property, and equity as well as the proceeds of any of
the foregoing, whether arising under the terms of any constituent documents of
the Distributing Entity or otherwise,

1.             GMH Communities, LP

2.             GMH Communities TRS,
Inc.

3.             GMH Military Housing,
LLC

 3
 

4.             GMH Military Housing
Investments, LLC

5.             GMH/Benham Military
Communities LLC

6.             GMH/Phelps Military
Communities LLC

7.             GMH Military Housing—AETC
Limited Partner LLC

8.             GMH Military Housing—Carlisle/Picatinny
Limited Partner LLC

9.             GMH Military
Housing-Bliss/WSMR Limited Partner LLC

 4
 

EXHIBIT A-1

FORM
OF IRREVOCABLE PAYMENT INSTRUCTION LETTER

May       , 2007

[Pledgor entity]

10 Campus Blvd.

Newtown Square, PA 19073

Re:        GMH Communities, LP Taxable Notes, Series
2007

Dear Ladies and Gentlemen:

Please be advised that GMH Communities, LP has entered
in that certain Trust Indenture with the U.S. Bank Trust National Association (“Indenture”),
a copy of which is attached hereto as Schedule A-1A.

If you are notified in writing by either GMH
Communities, LP or U.S. Bank Trust National Association, in a form
substantially similar to that set attached hereto as Schedule A-1B, that an
Event of Default under and as defined by the Indenture has occurred, you hereby
are directed, and covenant and agree to deliver a check or otherwise transfer
by wire payment for deposit to the U.S. Bank Trust National Association, 100
Wall Street, Suite 1600, New York, New York, 10005, in accordance with the
wiring instructions set forth below, all fees, distributions, monies, cash, or
amounts otherwise owed to, or earned by [Pledgor entity] pursuant to any and
all Project Documents (as that term is defined in the Indenture), until you are
notified otherwise in writing by U.S. Bank Trust National Association.  Return an executed copy of this letter to
U.S. Bank Trust National Association at the address above.  U.S. Bank Trust National Association is an
express third-party beneficiary of this letter, and may fully enforce its
terms.

The wiring instructions are as follows:

	
  Bank Name:

  	
   

  	
  U.S. Bank Trust National Association

  
	
  ABA No.

  	
   

  	
  091000022

  
	
  Beneficiary:

  	
   

  	
  U.S. BANK TRUST N.A.

  
	
  Account No.:

  	
   

  	
  173103321092

  
	
  OB1:

  	
   

  	
  Corporate Trust

  
	
  REF:

  	
   

  	
  GMH Communities, LP Taxable Notes, Series 2007,
  Revenues Fund

  
	
  Attn:

  	
   

  	
  Ron Chin

  
	
  Telephone#:

  	
   

  	
  (617) 603-6604

  

 

 5
 

[Pledgor entity], a
Delaware limited partnership

	
  

  	
  By: GMH COMMUNITIES GP

  TRUST, a Delaware statutory

  trust, its general partner

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
								

 

Accepted and Agreed to:

[Paor entity],

a [            ]
[limited liability company/limited partnership]

	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
								

 

 6
 

SCHEDULE
A-1A

TRUST
INDENTURE

 7
 

SCHEDULE
A-1B

FORM OF
NOTIFICATION

RELATING TO PAYMENTS AND DISTRIBUTIONS TO

[PLEDGOR
ENTITY]

[date]

[Payor entity]

Re:        GMH Communities, LP Taxable Notes, Series
2007

Dear Ladies and Gentlemen:

Pursuant to the letter agreement dated May 7, 2007, a
copy of which is enclosed herewith, you are hereby notified that an Event of
Default has occurred under the Indenture; therefore, until you are notified
otherwise in writing by U.S. Bank Trust National Association, deliver a check
or otherwise transfer by wire payment for deposit to “GMH Communities, LP Taxable Notes, Series
2007, Revenues Fund” (Account No.              )
at U.S. Bank Trust National Association, 100 Wall Street, Suite 1600, New York,
New York, 10005, Attention:  Corporate
Trust Administration, all distributions, monies, cash, or otherwise owed to, or
earned by [Pledgor entity] pursuant to any and all Project Documents (as that
term is defined in the Indenture). 
Please return an acknowledged copy of this Notice to U.S. Bank Trust
National Association at the address above.

The wiring instructions are as follows:

	
  Bank Name:

  	
   

  	
  U.S. Bank Trust National Association

  
	
  ABA No.

  	
   

  	
  091000022

  
	
  Beneficiary:

  	
   

  	
  U.S. BANK TRUST N.A.

  
	
  Account No.:

  	
   

  	
  173103321092

  
	
  OB1:

  	
   

  	
  Corporate Trust

  
	
  REF:

  	
   

  	
  GMH Communities, LP Taxable Notes, Series 2007,
  Revenues Fund

  
	
  Attn:

  	
   

  	
  Ron Chin

  
	
  Telephone#:

  	
   

  	
  (617) 603-6604

  

 

U.S. BANK TRUST NATIONAL

ASSOCIATION,

	
  

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
									

 

 8
 

Receipt Acknowledged & Confirmed:

[Payor entity]

 

	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
								

 

 9

EXHIBIT A-2

Instructions to General Partner/ Managing Member

	
  

  	
   

  	
  [Date]

  
	
   

  	
   

  	
   

  
	
  TO:

  	
  [Name and Address
  of Manager]

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

You are hereby instructed to make a notation of the
pledge of the following equity interest as follows:

Pledgor
has pledged all proceeds and distributions from its member interests, now owned
or hereafter acquired, to the undersigned as security.

The name and address of the pledgor is:

[Name and Address of Pledgor]

The name and address of the pledgee is:

	
   

  	
   

  
	
   

  	
   

  
	
  Attn:

  	
   

  
	
   

  	
   

  
	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
  Manager:

  
	
   

  	
   

  
	
   

  	
                                                 ,
  a               

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Its:

  	
   

  	
   

  
							

 

EXHIBIT B-1

Initial Transaction Statement

	
  

  	
   

  	
  December     , 2002

  
	
   

  	
   

  	
   

  
	
  TO:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Attn: 

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

This statement is to advise you that a notation of the
pledge of all proceeds and distributions from following equity interest has been
made in the name of  as follows:

1.                                       Equity
Interest:

The equity interests now
owned or hereafter acquired by [Pledgor] in the 

undersigned [limited
partnership/limited liability company].

2.                                       Registered
Owner:

[Name
and Address of Pledgor]

Taxpayer Identification
Number: 

3.                                       Registered
Trustee:

 

Taxpayer
Identification Number:

4.                                       There
are no liens, restrictions or assignments of distributions or proceeds of the
undersigned entity and no adverse claims known to the undersigned entity to
which such equity interest is or may be subject except for restrictions on
transfer set forth in the formation documents of such entity.

5.                                       The
pledge was registered on                     ,
20       .

[Remainder of Page
Intentionally Left Blank]

 B-1a

THIS STATEMENT IS
MERELY A RECORD OF THE RIGHTS OF THE ADDRESSEES AS OF THE TIME OF ITS
ISSUANCE.  DELIVERY OF THIS STATEMENT, OF
ITSELF, CONFERS NO RIGHTS ON THE RECIPIENT. 
THIS STATEMENT IS NEITHER A NEGOTIABLE INSTRUMENT NOR A SECURITY.

 

	
  

  	
   

  	
  Very truly yours,

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [Borrower], a

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name: 

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
											

 

 B-11

EXHIBIT B-2

Initial Transaction Statement

	
  

  	
   

  	
  December      , 2002

  
	
   

  	
   

  	
   

  
	
  TO: 

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Attn:

  	
   

  	
   

  

 

This statement is to advise you that a notation of the
pledge of the proceeds and distributions from the following equity interest has
been made in the name of  as follows:

1.                                       Equity
Interest:

The equity interests now owned or hereafter acquired
by [Pledgor]
in the undersigned [limited
liability company/corporation].

2.                                       Registered
Owner:

[Name and Address of Pledgor]

Taxpayer Identification Number:

3.                                       Registered
Trustee:

 

Taxpayer Identification
Number: 

4.                                       There
are no liens, restrictions or assignments of distributions or proceeds of the
undersigned entity and no adverse claims known to the undersigned entity to
which such equity interest is or may be subject except for restrictions on
transfer set forth in the formation documents of such entity.

5.                                       The
pledge was registered on                              ,
20   .

[Remainder of Page
Intentionally Left Blank]

 B-2a

THIS STATEMENT IS MERELY
A RECORD OF THE RIGHTS OF THE ADDRESSEES AS OF THE TIME OF ITS ISSUANCE.  DELIVERY OF THIS STATEMENT, OF ITSELF,
CONFERS NO RIGHTS ON THE RECIPIENT.  THIS
STATEMENT IS NEITHER A NEGOTIABLE INSTRUMENT NOR A SECURITY.

	
  

  	
   

  	
  Very truly yours,

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  [Manager],  a

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
												

 

 B-22

EXHIBIT C

Acceptance of
Trustee’s Proposal under Section 8.06

[insert date]

[Address of            and
specified Indenture Servicer

(collectively, “
Trustee”)

 

Gentlemen:

This letter agreement and
waiver is being delivered by the undersigned, [                       ],
(“Pledgor”) to Trustee in connection with that certain  Pledge and Security Agreement dated as of
[     ,     ] by and between
Trustee and Pledgor (“Pledge Agreement”).  All capitalized terms used herein, unless
otherwise defined herein, shall have the meanings specified in the Pledge
Agreement.

1.             As contemplated by Section
8.06 of the Pledge Agreement, Pledgor hereby accepts Trustee’s Strict
Foreclosure Proposal to retain all right, title and interest in and to the
Pledged Collateral, and agrees to ratify such retention at the direction of
Trustee in accordance with such Section 8.06 and the other applicable
provisions of the Indenture.

2.             This acceptance is
irrevocable and unconditional, subject, however, to the terms of Section 5
below.

3.             All of the Interested
Parties acknowledge and consent to the acceptance and agreements set forth in Section
1 and Section 2 hereof.

4.             In accordance with
Section 9-624(c) of the UCC, each Distributing Entity, and each Interested
Party, hereby waives, effective as of the date hereof, all of its rights under
the UCC with respect to the  Indenture,
the Pledge Agreement and the Pledged Collateral, if any, including any rights
described in Section 9-623 of the UCC, in each case to the fullest extent such
rights may be waived in accordance with the UCC (“UCC Waiver”).

5.             Notwithstanding the
acceptance and UCC Waiver, Pledgor and Trustee shall not be required to
consummate such retention by Trustee unless and until (a) twenty (20) days have
elapsed after the delivery of such acceptance, and (b) none of the Interested
Parties have caused the entire Obligations to be paid and satisfied in full
within such twenty day period (a “Redemption”), and, if a Redemption is
consummated pursuant to the terms of the Indenture and in accordance with
applicable law, Pledgor’s acceptance shall be deemed to have been revoked with
the consent of Trustee.

 C-1
 

ACKNOWLEDGED
AND AGREED:

[INSERT SIGNATURE BLOCKS
OF EACH DISTRIBUTING ENTITY]

 

[                             ],
a                

 

	
  By:

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
  [General
  Partner], a                      

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
   

  
							

 

 C-2

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