Document:

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                OWNERSHIP INTEREST PLEDGE AND SECURITY AGREEMENT

                    [NMLP PLEDGE: NON-GMAC NMLP PARTNERSHIPS]

         OWNERSHIP INTEREST PLEDGE AND SECURITY AGREEMENT (this "PLEDGE
AGREEMENT"), dated as of November 24, 2003, by and among THE NEWKIRK MASTER
LIMITED PARTNERSHIP, a Delaware limited partnership ("NMLP"), NEWKIRK GP HOLDING
LLC, a Delaware limited liability company (the "HOLDING COMPANY"), the DELAWARE
LIMITED LIABILITY COMPANIES described in Schedule 1 attached hereto
(collectively, the "GENERAL PARTNER PLEDGORS"), each being a general partner of
an NMLP Partnership (as defined below) as specified on Schedule 2 attached
hereto, and FLEET NATIONAL BANK, a national banking association having an
address at 100 Federal Street, Boston, Massachusetts 02110, as agent (Fleet
National Bank, in such capacity as agent, hereinafter referred to as "AGENT")
for a syndicate of Lenders (singly and collectively, the "LENDERS") as
specifically provided in the Loan Agreement (as defined below).

                               W I T N E S S E T H
                               -------------------

         WHEREAS, pursuant to that certain Master Loan Agreement dated as of
November 24, 2003 (as amended, supplemented or otherwise modified from time to
time, the "LOAN AGREEMENT") entered into by and among NMLP, T-Two Partners,
L.P., a Delaware limited partnership ("T-TWO"), the Agent and the Lenders, the
Agent and the Lenders have agreed to make a loan to NMLP in the aggregate
principal amount of $216,000,000.00 (the "NMLP LOAN") and a loan to T-Two in the
aggregate principal amount of $309,000,000.00 (the "T-TWO LOAN") (the NMLP Loan
and the T- Two Loan sometimes are referred to herein, collectively, as the
"LOANS"), upon the terms and subject to the conditions set forth therein.

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

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

         WHEREAS, the Holding Company and the General Partner Pledgors have
substantial financial dealings with NMLP and are affiliated with NMLP (by
ownership, contractual relationship, employment and/or other meaningful business
relationship), and the extension of credit and the providing of financial
accommodations to NMLP will enhance and benefit the business activities and
interests of the Holding Company and the General Partner Pledgors.

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

         WHEREAS, NMLP owns 100.0% of the limited partnership interests in each
of the Delaware limited partnerships described in Schedule 2 attached hereto
(the "NMLP PARTNERSHIPS") and

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100.0% of such series of membership interests in the Holding Company as are
specified in Schedule 3 attached hereto.

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

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

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

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

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

               "Agent":  as defined in the first paragraph of this Pledge
         Agreement.

               "Cash Management Agreement": shall mean that certain Cash
         Management Agreement, dated as of November 24, 2003, among NMLP, the
         Holding Company, MLP Manager Corp. (the manager of each of the General
         Partner Pledgors), the NMLP Partnerships, various other subsidiaries of
         NMLP, the Agent and the Lenders, as amended, supplemented or otherwise
         modified from time to time.

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

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

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

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

                  "General Partner Pledgor Obligations": means all indebtedness,
         obligations and liabilities of NMLP and/or the General Partner Pledgors
         to the Agent and/or any of the Lenders, whether now existing or
         hereafter arising, direct or indirect, absolute or contingent, under
         any one or more of: (i) this Pledge Agreement; (ii) the Loan Agreement,
         the NMLP Note or any other NMLP Loan Document; and (iii) each of the
         same as hereafter modified,

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         amended, extended or replaced, including, without limitation, the NMLP
         Obligations (as defined in the Loan Agreement).

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

                  "Guaranteed Obligations": as defined in the Holding Company
         Guaranty.

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

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

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

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

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

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

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

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

                  "Loans": as defined in the re citals of this Pledge Agreement.

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

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

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

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

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

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

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

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

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

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

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

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

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         2. Pledge; Grant of Security Interest.

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

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

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

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

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

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

         4. Powers and Transfer Instruments.

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

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

                  (3) Concurrently with the delivery to the Agent of this Pledge
         Agreement and each certificate, if any, representing the General
         Partner Pledgor Pledged Interests, the

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         General Partner Pledgors shall deliver a duly executed Consent from
         each NMLP Partnership.

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

                  (1) Except for any consents as may be required in connection
         with any disposition of any portion of the NMLP Collateral, the Holding
         Company Collateral or the General Partner Pledgor Collateral by laws
         affecting the offering and sale of securities generally or as otherwise
         contemplated by the Loan Agreement, no consent of any other person or
         entity (including, without limitation, any owner or creditor of NMLP,
         the Holding Company or the General Partner Pledgors), and no license,
         permit, approval or authorization of, exemption by, notice or report
         to, or registration, filing (other than the filing of financing
         statements under the UCC in order to perfect a security interest in
         that portion of the NMLP Collateral, the Holding Company Collateral and
         the General Partner Pledgor Collateral in which a security interest is
         perfected by filing) or declaration with any governmental
         instrumentality is required in connection with (i) the execution,
         delivery, performance, validity or enforceability of this Pledge
         Agreement, (ii) the perfection or maintenance of the security interest
         created hereby (including the first priority nature of such security
         interest) or (iii) the exercise by the Agent of any rights provided for
         in this Pledge Agreement;

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

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

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

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

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

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

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

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

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

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

                  (l2) Upon the filing of the Form UCC-1 Statements referred to
         in Section 13, the lien granted pursuant to this Pledge Agreement will
         constitute a valid, perfected first priority lien on such General
         Partner Pledgor Pledged Interests and related General Partner Pledgor
         Collateral with respect to that portion of the General Partner Pledgor
         Collateral in which a security interest is perfected by the filing of a
         financing statement, enforceable as such against all creditors of the
         General Partner Pledgors and any Persons purporting to purchase any
         General Partner Pledgor Pledged Interests and related General Partner
         Pledgor Collateral from any General Partner Pledgor;

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

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

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

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

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

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

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

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

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

                  (22) Neither the execution and delivery of this Pledge
         Agreement nor the compliance by any General Partner Pledgor with the
         terms and provisions hereof are events which of themselves, or with the
         giving of notice or the passage of time, or both, would result in the
         creation or imposition of any lien, charge or encumbrance of any nature
         whatsoever on any of the assets of any General Partner Pledgor in all
         cases other than as

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         contemplated by this Pledge Agreement or the Loan Agreement, and no
         such event will result in the acceleration of the due date of any
         obligation of any General Partner Pledgor;

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

                  (24) There are no judgments presently outstanding and
         unsatisfied against any General Partner Pledgor or any of its assets
         which would cause an Event of Default under the Loan Agreement, and,
         except for that certain action captioned McCall, et. al. v. Newkirk GP
         LLC et. al. brought in the Superior Court of Connecticut, neither the
         General Partner Pledgors nor any of their assets are a party to, or the
         subject of, any actions or suits or proceedings in equity or by any
         governmental authorities which, if adversely determined, would have a
         Material Adverse Effect, and no such litigation or proceeding has been
         threatened in writing against any General Partner Pledgor or against
         any of the General Partner Pledgors' assets, and, to the General
         Partner Pledgors' knowledge, no investigation in contemplation of such
         litigation or proceeding has begun or is pending or has been threatened
         in writing, any of which it is probable (within the meaning of
         Statement of Financial Accounting Standards No. 5) that there will be
         an adverse determination and which, if adversely determined, would have
         a Material Adverse Effect;

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

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

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

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

                                       -9-

<PAGE>

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

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

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

                  (4) Without the prior written consent of Agent, NMLP will not,
         directly or indirectly (i) vote to enable, or take any other action to
         permit, the issuer(s) of the NMLP Pledged Interests to issue any
         interests or shares, as applicable, or to issue any other

                                      -10-

<PAGE>

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

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

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

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

                  (8) At any time and from time to time, upon the written
         request of Agent, and at the sole expense of the Holding Company, the
         Holding Company will promptly and duly execute and deliver such further
         instruments and documents and take such further actions as Agent may
         reasonably request for the purposes of obtaining or preserving the full
         benefits of this Pledge Agreement and of the rights and powers herein
         granted. If any amount payable under or in connection with any of the
         Holding Company Collateral shall be or become evidenced by any
         promissory note, other instrument or chattel paper, such note,
         instrument or
                                      -11-

<PAGE>

         chattel paper shall be promptly delivered to Agent, duly endorsed in
         a manner satisfactory to Agent, to be held as Holding Company
         Collateral pursuant to this Pledge Agreement.

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

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

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

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

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

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

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

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

                                      -12-
<PAGE>

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

         7. Cash Dividends; Distributions; Voting Rights.

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

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

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

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

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

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

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

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

                                      -13-
<PAGE>

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

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

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

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

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

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

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

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

                                      -14-

<PAGE>

         NMLP shall deposit such amounts in the applicable Depository Account
         within three Business Days of receipt.

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

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

         8. Rights of Agent.

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

                                      -15-

<PAGE>

                  (2) If an Event of Default shall have occurred and be
         continuing, then all such NMLP Pledged Interests, Holding Company
         Pledged Interests and General Partner Pledgor Pledged Interests at
         Agent's option shall be registered in the name of Agent or its nominee,
         and Agent or its nominee may thereafter exercise (x) all voting and
         other rights pertaining to such NMLP Pledged Interests, Holding Company
         Pledged Interests and General Partner Pledgor Pledged Interests and (y)
         any and all rights of conversion, exchange, subscription and any other
         rights, privileges or options pertaining to such NMLP Pledged
         Interests, Holding Company Pledged Interests and General Partner
         Pledgor Pledged Interests as if Agent were the absolute owner thereof
         (including, without limitation, the right to exchange at its discretion
         any and all of the NMLP Pledged Interests, the Holding Company Pledged
         Interests and the General Partner Pledgor Pledged Interests upon the
         merger, consolidation, reorganization, recapitalization or other
         fundamental change in the organizational structure of NMLP, the Holding
         Company or any of the General Partner Pledgors, or upon the exercise by
         NMLP, the Holding Company, any of the General Partner Pledgors or Agent
         of any right, privilege or option pertaining to such NMLP Pledged
         Interests, Holding Company Pledged Interests or General Partner Pledgor
         Pledged Interests, and in connection therewith, the right to deposit
         and deliver any and all of the NMLP Pledged Interests, Holding Company
         Pledged Interests or General Partner Pledgor Pledged Interests with any
         committee, depositary, transfer agent, registrar or other designated
         agency upon such terms and conditions as it may determine), all without
         liability except to account for property actually received by it, but
         Agent shall have no duty to exercise any such right, privilege or
         option and shall not be responsible for any failure to do so or delay
         in so doing.

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

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

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

                                      -16-
<PAGE>

                  (6) Notwithstanding anything to the contrary contained herein,
         at all times, the Agent's sole recourse against the General Partner
         Pledgors to enforce the General Partner Pledgor Obligations shall be
         limited to the rights and remedies against the General Partner Pledgor
         Collateral, and in no event shall the Agent or any of the Lenders have
         any other recourse against the General Partner Pledgors with respect to
         the General Partner Pledgor Obligations.

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

         10.      Remedies.

                  (1) If an Event of Default shall have occurred and be
         continuing, Agent may exercise, in addition to all other rights and
         remedies granted in this Pledge Agreement and in any other instrument
         or agreement securing, evidencing or relating to the NMLP Obligations,
         the Holding Company Obligations or the General Partner Pledgor
         Obligations, all rights and remedies of a secured party under the UCC.
         Without limiting the generality of the foregoing, Agent, if an Event of
         Default shall have occurred and be continuing, without demand of
         performance or other demand, presentment, protest, advertisement or
         notice of any kind (except any notice required by law referred to
         below) to or upon NMLP, the Holding Company, the General Partner
         Pledgors or any other person or entity (all and each of which demands,
         presentments, protests, advertisements or notices are hereby waived),
         may in such circumstances forthwith collect, receive, appropriate and
         realize upon the NMLP Collateral, the Holding Company Collateral and
         the General Partner Pledgor Collateral, or any part thereof, and/or may
         forthwith sell, assign, give option or options to purchase or otherwise
         dispose of and deliver the NMLP Collateral, the Holding Company
         Collateral and the General Partner Pledgor Collateral or any part
         thereof (or contract to do any of the foregoing), in one or more
         parcels at public or private sale or sales, in the over-the-counter
         market, at any exchange, broker's board or office of Agent or elsewhere
         upon such terms and conditions as it may deem advisable and at such
         prices as it may deem best, for cash or on

                                      -17-

<PAGE>

         credit or for future delivery without assumption of any credit risk.
         Agent shall have the right upon any such public sale or sales, and,
         to the extent permitted by law, upon any such private sale or sales,
         to purchase the whole or any part of the NMLP Collateral, the Holding
         Company Collateral or the General Partner Pledgor Collateral so sold,
         free of any right or equity of redemption in NMLP, the Holding
         Company or the General Partner Pledgors, which right or equity is
         hereby waived or released. Agent shall apply any NMLP Proceeds, Holding
         Company Proceeds or General Partner Pledgor Proceeds from time to time
         held by it and the net proceeds of any such collection, recovery,
         receipt, appropriation, realization or sale, after deducting all
         reasonable costs and expenses of every kind incurred therein or
         incidental to the care or safekeeping of any of the NMLP Collateral,
         the Holding Company Collateral or General Partner Pledgor Collateral or
         in any way relating to the NMLP Collateral, the Holding Company
         Collateral or the General Partner Pledgor Collateral or the rights of
         Agent hereunder, including, without limitation, reasonable attorneys'
         fees and disbursements, to the payment in whole or in part of the NMLP
         Obligations, the Holding Company Obligations or the General Partner
         Pledgor Obligations (as the case may be), in such order as Agent may
         elect, and only after such application and after the payment by Agent
         of any other amount required by any provision of law, including,
         without limitation, Section 9-615(a) of the UCC, need Agent account for
         the surplus, if any, to NMLP, the Holding Company and the General
         Partner Pledgors. To the extent permitted by applicable law, NMLP, the
         Holding Company and each General Partner Pledgor waive all claims,
         damages and demands any of them may acquire against Agent arising out
         of the exercise by Agent of any of its rights hereunder, except for any
         claims, damages and demands any of them may have against Agent arising
         from the gross negligence or willful misconduct of Agent. If any notice
         of a proposed sale or other disposition of NMLP Collateral, the Holding
         Company Collateral or General Partner Pledgor Collateral shall be
         required by law, such notice shall be deemed reasonable and proper if
         given at least 10 days before such sale or other disposition. NMLP and
         the Holding Company shall remain liable for any deficiency if the
         proceeds of any sale or other disposition of NMLP Collateral or the
         Holding Company Collateral (as the case may be) are insufficient to pay
         the NMLP Obligations or the Holding Company Obligations and the fees
         and disbursements of any attorneys employed by Agent to collect such
         deficiency.

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

         11. Private Sales.
                                      -18-

<PAGE>

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

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

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

         13. Financing Statements; Other Documents. This Pledge Agreement
constitutes an authenticated record, and NMLP, the Holding Company and each
General Partner Pledgor hereby authorize the Agent to file one or more UCC-1
financing statements, continuation statements or other documents with respect to
the NMLP Collateral, the Holding Company Collateral and the General Partner
Pledgor Collateral, without the signature of NMLP, the Holding Company or any
General

                                      -19-

<PAGE>

Partner Pledgor, and in such filing offices as the Agent shall deem
reasonably appropriate. NMLP, the Holding Company and each General Partner
Pledgor agree to deliver any other document or instrument which Agent may
reasonably request in connection with the administration and enforcement of this
Pledge Agreement or with respect to the NMLP Collateral, the Holding
Company Collateral and General Partner Pledgor Collateral for the purposes of
obtaining or preserving the full benefits of this Pledge Agreement and of the
rights and powers herein granted.

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

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

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

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

         18. Severability. Any provision of this Pledge Agreement which is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such

                                      -20-

<PAGE>

prohibition or unenforceability in any jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction.

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

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

         21. Waivers and Amendments; Successors and Assigns; Governing Law;
Venue. None of the terms or provisions of this Pledge Agreement may be waived,
amended, or otherwise modified except by a written instrument executed by the
party against which enforcement of such waiver, amendment, or modification is
sought. This Pledge Agreement shall be binding upon NMLP, the Holding Company,
each General Partner Pledgor and Agent, and the successors and assigns of each,
and shall inure to the benefit of Agent and the Lenders and their successors and
assigns and to the benefit of NMLP, the Holding Company and each General Partner
Pledgor and the NMLP's, the Holding Company's, and each General Partnership
Pledgor's successors and permitted assigns; provided that neither NMLP nor the
Holding Company nor any General Partner Pledgor shall have any right to (i)
assign this Pledge Agreement or any interest herein, or (ii) assign any interest
in the NMLP Collateral, the Holding Company Collateral or the General Partner
Pledgor Collateral or any part thereof, or otherwise pledge, encumber or grant
any option with respect to the NMLP Collateral, the Holding Company Collateral
or the General Partner Pledgor Collateral or any part thereof, or any cash or
property held by NMLP, the Holding Company or the General Partner Pledgors as
NMLP Collateral, Holding Company Collateral or General Partner Pledgor
Collateral under this Pledge Agreement if any such assignment, pledge,
encumbrance or grant would constitute a violation of the Loan Agreement. The
rights of Agent under this Pledge Agreement shall automatically be transferred
to any transferee to which Agent transfers the NMLP Note and the Loan Agreement
pursuant to the terms thereof. The construction, interpretation, validity,
enforceability and effect of all provisions of this Pledge Agreement including,
but not limited to, the payment of the NMLP Obligations, the Holding Company
Obligations and the General Partner Pledgor Obligations and the legality of the
interest rate and other charges shall be construed and enforced in accordance
with the internal laws of The Commonwealth of Massachusetts (without regard to
conflicts of laws). NMLP, the Holding Company and each General Partner Pledgor
agrees to submit to non-exclusive personal jurisdiction in Suffolk County, in
The Commonwealth of Massachusetts in any action or proceeding arising out of
this Pledge Agreement and, in furtherance of such agreement, NMLP, the Holding
Company and each General Partner Pledgor hereby agree and consent that, without
limiting other methods of obtaining jurisdiction, personal jurisdiction over
NMLP, the Holding Company or any General Partner Pledgor in any such action or
proceeding may be obtained within or without the jurisdiction of any court
located in The Commonwealth of Massachusetts and that any process or notice of
motion or other application to any such court in connection with any such action
or proceeding may be served upon NMLP, the Holding Company and any General
Partner Pledgor by registered or certified mail to or by personal service at the
last known address of NMLP, the Holding Company and such General Partner
Pledgor, whether such address be within or without the jurisdiction of any such
court.

                                      -21-

<PAGE>

         22. Executive Offices.

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

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

                  (3) No General Partner Pledgor shall (i) change the location
         of its chief executive offices or sole place of business from the
         location as of the date hereof or remove its books and records from
         such location, or (ii) change its name, identity or structure if, in
         either case, such change is prohibited by the Loan Agreement.

         23. Notices. Notices by Agent to NMLP, the Holding Company and the
General Partner Pledgors, to be effective, shall be in writing and shall be
hand-delivered or sent by Federal Express, or other reputable national overnight
courier service, or by postage pre-paid registered or certified mail, return
receipt requested, addressed to NMLP, the Holding Company or the General Partner
Pledgors at their address set forth below their signatures hereto, with a copy
in each instance to Post & Heymann LLP at the address set forth in Section 14.1
of the Loan Agreement, and shall be deemed to have been duly given or made (a)
when delivered if hand-delivered or sent by Federal Express, or other reputable
national overnight courier service, or (b) when delivered if sent by registered
or certified mail. Any communications by NMLP, the Holding Company or any
General Partner Pledgor to Agent may be given in any manner set forth in the
immediately preceding sentence, with a copy to Riemer & Braunstein LLP,
Attention: Steven J. Weinstein, Esq., to the addresses set forth in Section14.1
of the Loan Agreement.

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

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

                            [SIGNATURE PAGES FOLLOW]

                                      -22-

<PAGE>

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

NMLP:                              THE NEWKIRK MASTER LIMITED PARTNERSHIP,
                                   A Delaware limited partnership

                                   By: MLP GP LLC, its General Partner

                                       By:    Newkirk MLP Corp., its Manager

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

                                   Addresses:

                                   1. Chief Executive Office:
                                      c/o First Winthrop Corporation
                                      7 Bulfinch Place, Suite 500
                                       Boston, Massachusetts 02114

                                   2. Principal Place of Business:
                                      c/o First Winthrop Corporation
                                      7 Bulfinch Place, Suite 500
                                      Boston, Massachusetts 02114

HOLDING COMPANY:                   NEWKIRK GP HOLDING LLC,
                                   A Delaware limited liability company

                                   By: MLP Manager Corp., its Manager

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

GENERAL PARTNER
PLEDGORS:                              Newkirk 21 AT GP LLC
                                       Newkirk Alake GP LLC
                                       Newkirk Albeau GP LLC
                                       Newkirk Allia GP LLC
                                       Newkirk Ateb GP LLC
                                       Newkirk Avrem GP LLC
                                       Newkirk Basot GP LLC
                                       Newkirk Bedcar GP LLC
                                       Newkirk Boford GP LLC
                                       Newkirk Calcraf GP LLC
                                       Newkirk Carlane GP LLC
                                       Newkirk Carolion GP LLC
                                       Newkirk Clifmar GP LLC

                                      -23-
<PAGE>

                                       Newkirk Colane GP LLC
                                       Newkirk Crostex GP LLC
                                       Newkirk Croydon GP LLC
                                       Newkirk Dautec GP LLC
                                       Newkirk Daytower GP LLC
                                       Newkirk Denport GP LLC
                                       Newkirk Denville GP LLC
                                       Newkirk Feddata GP LLC
                                       Newkirk Flamont GP LLC
                                       Newkirk Gersant GP LLC
                                       Newkirk Hazelport GP LLC
                                       Newkirk Jackson Street GP LLC
                                       Newkirk Jaclane GP LLC
                                       Newkirk Jacway GP LLC
                                       Newkirk Jameslane GP LLC
                                       Newkirk Johab GP LLC
                                       Newkirk Kalan GP LLC
                                       Newkirk Lando GP LLC
                                       Newkirk Lanmar GP LLC
                                       Newkirk Larloosa GP LLC
                                       Newkirk Leyden GP LLC
                                       Newkirk Liroc GP LLC
                                       Newkirk Marbax GP LLC
                                       Newkirk Martall GP LLC
                                       Newkirk Merday GP LLC
                                       Newkirk Mesa GP LLC
                                       Newkirk Midlem GP LLC
                                       Newkirk Montal GP LLC
                                       Newkirk Nevit GP LLC
                                       Newkirk Newal GP LLC
                                       Newkirk Pinmar GP LLC
                                       Newkirk Pinole GP LLC
                                       Newkirk Porto GP LLC
                                       Newkirk Renlake GP LLC
                                       Newkirk Sablemart GP LLC
                                       Newkirk Salistown GP LLC
                                       Newkirk Sandnord GP LLC
                                       Newkirk Santex GP LLC
                                       Newkirk Segair GP LLC
                                       Newkirk Seguine GP LLC
                                       Newkirk Silward GP LLC
                                       Newkirk Skoob GP LLC
                                       Newkirk Spokmont GP LLC
                                       Newkirk Vegpow GP LLC
                                       Newkirk Vegrouge GP LLC
                                       Newkirk Walando GP LLC
                                       Newkirk Walmad GP LLC
                                       Newkirk Washtex GP LLC

                                      -24-

<PAGE>

                                   Each, a Delaware limited liability company

                                   By: MLP Manager Corp., their Manager

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

                                   Addresses:

                                   1. Chief Executive Office:
                                      c/o First Winthrop Corporation
                                      7 Bulfinch Place, Suite 500
                                      Boston, Massachusetts 02114

                                   2. Principal Place of Business:
                                      c/o First Winthrop Corporation
                                      7 Bulfinch Place, Suite 500
                                      Boston, Massachusetts 02114

AGENT:                                FLEET NATIONAL BANK,
                                      A national banking association

                                      By: ______________________________
                                          Scott C. Dow
                                          duly authorized

                                      -25-

<PAGE>

                                                                      SCHEDULE 1
                                                                       To Pledge
                                                                       Agreement

                            GENERAL PARTNER PLEDGORS

         26. Newkirk 21 AT GP LLC

         27. Newkirk Alake GP LLC

         28. Newkirk Albeau GP LLC

         29. Newkirk Allia GP LLC

         30. Newkirk Ateb GP LLC

         31. Newkirk Avrem GP LLC

         32. Newkirk Basot GP LLC

         33. Newkirk Bedcar GP LLC

         34. Newkirk Boford GP LLC

         35. Newkirk Calcraf GP LLC

         36. Newkirk Carlane GP LLC

         37. Newkirk Carolion GP LLC

         38. Newkirk Clifmar GP LLC

         39. Newkirk Colane GP LLC

         40. Newkirk Crostex GP LLC

         41. Newkirk Croydon GP LLC

         42. Newkirk Dautec GP LLC

         43. Newkirk Daytower GP LLC

         44. Newkirk Denport GP LLC

         45. Newkirk Denville GP LLC

         46. Newkirk Feddata GP LLC

         47. Newkirk Flamont GP LLC

         48. Newkirk Gersant GP LLC

                                      -26-
<PAGE>

         49. Newkirk Hazelport GP LLC

         50. Newkirk Jackson Street GP LLC

         51. Newkirk Jaclane GP LLC

         52. Newkirk Jacway GP LLC

         53. Newkirk Jameslane GP LLC

         54. Newkirk Johab GP LLC

         55. Newkirk Kalan GP LLC

         56. Newkirk Lando GP LLC

         57. Newkirk Lanmar GP LLC

         58. Newkirk Larloosa GP LLC

         59. Newkirk Leyden GP LLC

         60. Newkirk Liroc GP LLC

         61. Newkirk Marbax GP LLC

         62. Newkirk Martall GP LLC

         63. Newkirk Merday GP LLC

         64. Newkirk Mesa GP LLC

         65. Newkirk Midlem GP LLC

         66. Newkirk Montal GP LLC

         67. Newkirk Nevit GP LLC

         68. Newkirk Newal GP LLC

         69. Newkirk Pinmar GP LLC

         70. Newkirk Pinole GP LLC

         71. Newkirk Porto GP LLC

         72. Newkirk Renlake GP LLC

         73. Newkirk Sablemart GP LLC

         74. Newkirk Salistown GP LLC

         75. Newkirk Sandnord GP LLC

                                      -27-

<PAGE>

         76. Newkirk Santex GP LLC

         77. Newkirk Segair GP LLC

         78. Newkirk Seguine GP LLC

         79. Newkirk Silward GP LLC

         80. Newkirk Skoob GP LLC

         81. Newkirk Spokmont GP LLC

         82. Newkirk Vegpow GP LLC

         83. Newkirk Vegrouge GP LLC

         84. Newkirk Walando GP LLC

         85. Newkirk Walmad GP LLC

         86. Newkirk Washtex GP LLC

                                      -28-

<PAGE>

                                                                      SCHEDULE 2
                                                                      To Pledge
                                                                      Agreement

                                NMLP PARTNERSHIPS

         87. Newkirk 21 AT L.P.
             General Partner Pledgor: Newkirk 21 AT GP LLC
             -----------------------

         88. Newkirk Alake L.P.
             General Partner Pledgor: Newkirk Alake GP LLC
             -----------------------

         89. Newkirk Albeau L.P.
             General Partner Pledgor: Newkirk Albeau GP LLC
             -----------------------

         90. Newkirk Allia L.P.
             General Partner Pledgor: Newkirk Allia GP LLC
             -----------------------

         91. Newkirk Ateb L.P.
             General Partner Pledgor: Newkirk Ateb GP LLC
             -----------------------

         92. Newkirk Avrem L.P.
             General Partner Pledgor: Newkirk Avrem GP LLC
             -----------------------

         93. Newkirk Basot L.P.
             General Partner Pledgor: Newkirk Basot GP LLC
             -----------------------

         94. Newkirk Bedcar L.P.
             General Partner Pledgor: Newkirk Bedcar GP LLC
             -----------------------

         95. Newkirk Boford L.P.
             General Partner Pledgor: Newkirk Boford GP LLC
             -----------------------

         96. Newkirk Calcraf L.P.
             General Partner Pledgor: Newkirk Calcraf GP LLC
             -----------------------

         97. Newkirk Carlane L.P.
             General Partner Pledgor: Newkirk Calane GP LLC
             -----------------------

         98. Newkirk Carolion L.P.
             General Partner Pledgor: Newkirk Carolion GP LLC
             -----------------------

         99. Newkirk Clifmar L.P.
             General Partner Pledgor: Newkirk Clifmar GP LLC
             -----------------------

        100. Newkirk Colane L.P.
             General Partner Pledgor: Newkirk Colane GP LLC
             -----------------------

        101. Newkirk Crostex L.P.
             General Partner Pledgor: Newkirk Crostex GP LLC
             -----------------------

                                      -29-

<PAGE>

        102. Newkirk Croydon L.P.
             General Partner Pledgor: Newkirk Croydon GP LLC
             -----------------------

        103. Newkirk Dautec L.P.
             General Partner Pledgor: Newkirk Dautec GP LLC
             -----------------------

        104. Newkirk Daytower L.P.
             General Partner Pledgor: Newkirk Daytower GP LLC
             -----------------------

        105. Newkirk Denport L.P.
             General Partner Pledgor: Newkirk Denport GP LLC
             -----------------------

        106. Newkirk Denville L.P.
             General Partner Pledgor: Newkirk Denville GP LLC
             -----------------------

        107. Newkirk Feddata L.P.
             General Partner Pledgor: Newkirk Feddata GP LLC
             -----------------------

        108. Newkirk Flamont L.P.
             General Partner Pledgor: Newkirk Flamont GP LLC
             -----------------------

        109. Newkirk Gersant L.P.
             General Partner Pledgor: Newkirk Gersant GP LLC
             -----------------------

        110. Newkirk Hazelport L.P.
             General Partner Pledgor: Newkirk Hazelport GP LLC
             -----------------------

        111. Newkirk Jackson Street L.P.
             General Partner Pledgor: Newkirk Jackson Street GP LLC
             -----------------------

        112. Newkirk Jaclane L.P.
             General Partner Pledgor: Newkirk Jaclane GP LLC
             -----------------------

        113. Newkirk Jacway L.P.
             General Partner Pledgor: Newkirk Jacway GP LLC
             -----------------------

        114. Newkirk Jameslane L.P.
             General Partner Pledgor: Newkirk Jameslane GP LLC
             -----------------------

        115. Newkirk Johab L.P.
             General Partner Pledgor: Newkirk Johab GP LLC
             -----------------------

        116. Newkirk Kalan L.P.
             General Partner Pledgor: Newkirk Kalan GP LLC
             -----------------------

        117. Newkirk Lando L.P.
             General Partner Pledgor: Newkirk Lando GP LLC
             -----------------------

        118. Newkirk Lanmar L.P.
             General Partner Pledgor: Newkirk Lanmar GP LLC
             -----------------------

        119. Newkirk Larloosa L.P.
             General Partner Pledgor: Newkirk Larloosa GP LLC
             -----------------------

                                      -30-
<PAGE>

        120. Newkirk Leyden L.P.
             General Partner Pledgor: Newkirk Leyden GP LLC
             -----------------------

        121. Newkirk Liroc L.P.
             General Partner Pledgor: Newkirk Liroc GP LLC
             -----------------------

        122. Newkirk Marbax L.P.
             General Partner Pledgor: Newkirk Marbax GP LLC
             -----------------------

        123. Newkirk Martall L.P.
             General Partner Pledgor: Newkirk Martall GP LLC
             -----------------------

        124. Newkirk Merday L.P.
             General Partner Pledgor: Newkirk Merday GP LLC
             -----------------------

        125. Newkirk Mesa L.P.
             General Partner Pledgor: Newkirk Mesa GP LLC
             -----------------------

        126. Newkirk Midlem L.P.
             General Partner Pledgor: Newkirk Midlem GP LLC
             -----------------------

        127. Newkirk Montal L.P.
             General Partner Pledgor: Newkirk Montal GP LLC
             -----------------------

        128. Newkirk Nevit L.P.
             General Partner Pledgor: Newkirk Nevit GP LLC
             -----------------------

        129. Newkirk Newal L.P.
             General Partner Pledgor: Newkirk Newal GP LLC
             -----------------------

        130. Newkirk Pinmar L.P.
             General Partner Pledgor: Newkirk Pinmar GP LLC
             -----------------------

        131. Newkirk Pinole L.P.
             General Partner Pledgor: Newkirk Pinole GP LLC
             -----------------------

        132. Newkirk Porto L.P.
             General Partner Pledgor: Newkirk Porto GP LLC
             -----------------------

        133. Newkirk Renlake L.P.
             General Partner Pledgor: Newkirk Renlake GP LLC
             -----------------------

        134. Newkirk Sablemart L.P.
             General Partner Pledgor: Newkirk Sablemart GP LLC
             -----------------------

        135. Newkirk Salistown L.P.
             General Partner Pledgor: Newkirk Salistown GP LLC
             -----------------------

        136. Newkirk Sandnord L.P.
             General Partner Pledgor: Newkirk Sandnord GP LLC
             -----------------------

        137. Newkirk Santex L.P.
             General Partner Pledgor: Newkirk Santex GP LLC
             -----------------------

                                      -31-

<PAGE>

         138.  Newkirk Segair L.P.
               General Partner Pledgor: Newkirk Segair GP LLC
               -----------------------

         139.  Newkirk Seguine L.P.
               General Partner Pledgor: Newkirk Seguine GP LLC
               -----------------------

         140.  Newkirk Silward L.P.
               General Partner Pledgor: Newkirk Silward GP LLC
               -----------------------

         141.  Newkirk Skoob L.P.
               General Partner Pledgor: Newkirk Skoob GP LLC
               -----------------------

         142.  Newkirk Spokmont L.P.
               General Partner Pledgor: Newkirk Spokmont GP LLC
               -----------------------

         143.  Newkirk Vegpow L.P.
               General Partner Pledgor: Newkirk Vegpow GP LLC
               -----------------------

         144.  Newkirk Vegrouge L.P.
               General Partner Pledgor: Newkirk Vegrouge GP LLC
               -----------------------

         145.  Newkirk Walando L.P.
               General Partner Pledgor: Newkirk Walando GP LLC
               -----------------------

         146.  Newkirk Walmad L.P.
               General Partner Pledgor: Newkirk Walmad GP LLC
               -----------------------

         147.  Newkirk Washtex L.P.
               General Partner Pledgor: Newkirk Washtex GP LLC
               -----------------------

                                      -32-

<PAGE>

<TABLE>
<CAPTION>
                                                                                                         SCHEDULE 3
                                                                                                          To Pledge
                                                                                                          Agreement

                                                                                                   PERCENTAGE
                                   ISSUER OF                                    SERIES OF              OF
   HOLDER OF PLEDGED                PLEDGED              TYPE OF               MEMBERSHIP            ISSUED
      INTERESTS                    INTEREST             INTEREST                INTEREST            INTERESTS
      ---------                    --------             --------                --------            ---------
     <S>                           <C>                   <C>                      <C>                 <C>
The Newkirk Master               Newkirk GP            Membership             Series 21 AT           100.0%
Limited Partnership              Holding LLC

The Newkirk Master               Newkirk GP            Membership             Series Alake           100.0%
Limited Partnership              Holding LLC

The Newkirk Master               Newkirk GP            Membership             Series Albeau          100.0%
Limited Partnership              Holding LLC

The Newkirk Master               Newkirk GP            Membership             Series Allia           100.0%
Limited Partnership              Holding LLC

The Newkirk Master               Newkirk GP            Membership             Series Ateb            100.0%
Limited Partnership              Holding LLC

The Newkirk Master               Newkirk GP            Membership             Series Avrem           100.0%
Limited Partnership              Holding LLC

The Newkirk Master               Newkirk GP            Membership             Series Basot           100.0%
Limited Partnership              Holding LLC

The Newkirk Master               Newkirk GP            Membership             Series Bedcar          100.0%
Limited Partnership              Holding LLC

The Newkirk Master               Newkirk GP            Membership             Series Boford          100.0%
Limited Partnership              Holding LLC

The Newkirk Master               Newkirk GP            Membership             Series Calcraf         100.0%
Limited Partnership              Holding LLC

The Newkirk Master               Newkirk GP            Membership             Series Carlane         100.0%
Limited Partnership              Holding LLC

The Newkirk Master               Newkirk GP            Membership             Series Carolion        100.0%
Limited Partnership              Holding LLC

The Newkirk Master               Newkirk GP            Membership             Series Clifmar         100.0%
Limited Partnership              Holding LLC

The Newkirk Master               Newkirk GP            Membership             Series Colane          100.0%
Limited Partnership              Holding LLC

                                      -33-
<PAGE>

The Newkirk Master               Newkirk GP            Membership             Series Crostex       100.0%
Limited Partnership              Holding LLC

The Newkirk Master               Newkirk GP            Membership             Series Croydon       100.0%
Limited Partnership              Holding LLC

The Newkirk Master               Newkirk GP            Membership             Series Dautec        100.0%
Limited Partnership              Holding LLC

The Newkirk Master               Newkirk GP            Membership             Series Daytower      100.0%
Limited Partnership              Holding LLC

The Newkirk Master               Newkirk GP            Membership             Series Denport       100.0%
Limited Partnership              Holding LLC

The Newkirk Master               Newkirk GP            Membership             Series Denville      100.0%
Limited Partnership              Holding LLC

The Newkirk Master               Newkirk GP            Membership             Series Feddata       100.0%
Limited Partnership              Holding LLC

The Newkirk Master               Newkirk GP            Membership             Series Flamont       100.0%
Limited Partnership              Holding LLC

The Newkirk Master               Newkirk GP            Membership             Series Gersant       100.0%
Limited Partnership              Holding LLC

The Newkirk Master               Newkirk GP            Membership             Series Hazelport     100.0%
Limited Partnership              Holding LLC

The Newkirk Master               Newkirk GP            Membership             Series Jackson       100.0%
Limited Partnership              Holding LLC                                       Street

The Newkirk Master               Newkirk GP            Membership             Series Jaclane       100.0%
Limited Partnership              Holding LLC

The Newkirk Master               Newkirk GP            Membership             Series Jacway        100.0%
Limited Partnership              Holding LLC

The Newkirk Master               Newkirk GP            Membership             Series Jameslane     100.0%
Limited Partnership              Holding LLC

The Newkirk Master               Newkirk GP            Membership             Series Johab         100.0%
Limited Partnership              Holding LLC

The Newkirk Master               Newkirk GP            Membership             Series Kalan         100.0%
Limited Partnership              Holding LLC

The Newkirk Master               Newkirk GP            Membership             Series Lando         100.0%
Limited Partnership              Holding LLC

                                                       -34-

<PAGE>

The Newkirk Master               Newkirk GP            Membership             Series Lanmar        100.0%
Limited Partnership              Holding LLC

The Newkirk Master               Newkirk GP            Membership             Series Larloosa      100.0%
Limited Partnership              Holding LLC

The Newkirk Master               Newkirk GP            Membership             Series Leyden        100.0%
Limited Partnership              Holding LLC

The Newkirk Master               Newkirk GP            Membership             Series Liroc         100.0%
Limited Partnership              Holding LLC

The Newkirk Master               Newkirk GP            Membership             Series Marbax        100.0%
Limited Partnership              Holding LLC

The Newkirk Master               Newkirk GP            Membership             Series Martall       100.0%
Limited Partnership              Holding LLC

The Newkirk Master               Newkirk GP            Membership             Series Merday        100.0%
Limited Partnership              Holding LLC

The Newkirk Master               Newkirk GP            Membership             Series Mesa          100.0%
Limited Partnership              Holding LLC

The Newkirk Master               Newkirk GP            Membership             Series Midlem        100.0%
Limited Partnership              Holding LLC

The Newkirk Master               Newkirk GP            Membership             Series Montal        100.0%
Limited Partnership              Holding LLC

The Newkirk Master               Newkirk GP            Membership             Series Nevit         100.0%
Limited Partnership              Holding LLC

The Newkirk Master               Newkirk GP            Membership             Series Newal         100.0%
Limited Partnership              Holding LLC

The Newkirk Master               Newkirk GP            Membership             Series Pinmar        100.0%
Limited Partnership              Holding LLC

The Newkirk Master               Newkirk GP            Membership             Series Pinole        100.0%
Limited Partnership              Holding LLC

The Newkirk Master               Newkirk GP            Membership             Series Porto         100.0%
Limited Partnership              Holding LLC

The Newkirk Master               Newkirk GP            Membership             Series Renlake       100.0%
Limited Partnership              Holding LLC

The Newkirk Master               Newkirk GP            Membership             Series Sablemart     100.0%
Limited Partnership              Holding LLC

                                      -35-
<PAGE>

The Newkirk Master               Newkirk GP            Membership             Series Salistown     100.0%
Limited Partnership              Holding LLC

The Newkirk Master               Newkirk GP            Membership             Series Sandnord      100.0%
Limited Partnership              Holding LLC

The Newkirk Master               Newkirk GP            Membership             Series Santex        100.0%
Limited Partnership              Holding LLC

The Newkirk Master               Newkirk GP            Membership             Series Segair        100.0%
Limited Partnership              Holding LLC

The Newkirk Master               Newkirk GP            Membership             Series Seguine       100.0%
Limited Partnership              Holding LLC

The Newkirk Master               Newkirk GP            Membership             Series Silward       100.0%
Limited Partnership              Holding LLC

The Newkirk Master               Newkirk GP            Membership             Series Skoob         100.0%
Limited Partnership              Holding LLC

The Newkirk Master               Newkirk GP            Membership             Series Spokmont      100.0%
Limited Partnership              Holding LLC

The Newkirk Master               Newkirk GP            Membership             Series Vegpow        100.0%
Limited Partnership              Holding LLC

The Newkirk Master               Newkirk GP            Membership             Series Vegrouge      100.0%
Limited Partnership              Holding LLC

The Newkirk Master               Newkirk GP            Membership             Series Walando       100.0%
Limited Partnership              Holding LLC

The Newkirk Master               Newkirk GP            Membership             Series Walmad        100.0%
Limited Partnership              Holding LLC

The Newkirk Master               Newkirk GP            Membership             Series Washtex       100.0%
Limited Partnership              Holding LLC

</TABLE>
                                      -36-<PAGE>

                OWNERSHIP INTEREST PLEDGE AND SECURITY AGREEMENT

                      [NMLP PLEDGE: GMAC NMLP PARTNERSHIPS]

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

                               W I T N E S S E T H
                               -------------------

         WHEREAS, pursuant to that certain Master Loan Agreement dated as of
November 24, 2003 (as amended, supplemented or otherwise modified from time to
time, the "LOAN AGREEMENT") entered into by and among NMLP, T-Two Partners,
L.P., a Delaware limited partnership ("T-TWO"), the Agent and the Lenders, the
Agent and the Lenders have agreed to make a loan to NMLP in the aggregate
principal amount of $216,000,000.00 (the "NMLP LOAN") and a loan to T-Two in the
aggregate principal amount of $309,000,000.00 (the "T-TWO LOAN") (the NMLP Loan
and the T-Two Loan sometimes are referred to herein, collectively, as the
"LOANS"), upon the terms and subject to the conditions set forth therein.

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

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

         WHEREAS, NMLP owns 100.0% of the limited partnership interests in each
of the Delaware limited partnerships described in Schedule 1 attached hereto
(the "NMLP PARTNERSHIPS") and 100.0% of such series of membership interests in
Newkirk GP Holding LLC (the "HOLDING COMPANY"), a Delaware limited liability
company, as are specified on Schedule 2 attached hereto.

         WHEREAS, the Holding Company owns 100% of the membership interests in
each of the general partners of the NMLP Partnerships.

         WHEREAS, as a condition to extending the Loans, the Agent and the
Lenders have required NMLP to execute and deliver this Pledge Agreement and
certain other Security Documents to secure NMLP's obligations under the Guaranty
and the Loan Agreement.

         NOW, THEREFORE, in consideration of the premises and to induce the
Lenders to make the Loans under the Loan Agreement, NMLP hereby agrees with
Agent and the Lenders as follows:

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

                                       -1-

<PAGE>

                  "Agent": as defined in the first paragraph of this Pledge
         Agreement.

                  "Cash Management Agreement": shall mean that certain Cash
         Management Agreement, dated as of November 24, 2003, among NMLP, the
         Holding Company, various other subsidiaries of NMLP, the Agent and the
         Lenders, as amended, supplemented or otherwise modified from time to
         time.

                  "Collateral": means the Pledged Interests and all Proceeds
         thereof.

                  "Consents": shall mean those certain Consents from the NMLP
         Partnerships and the Holding Company referenced in Section 4 of this
         Pledge Agreement.

                  "Guaranty": as defined in the recitals of this Pledge
         Agreement.

                  "Holding Company": as defined in the recitals of this Pledge
         Agreement.

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

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

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

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

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

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

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

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

                  "Pledged Interests": means all right, title and interest of
         NMLP, whether now owned or hereafter acquired, as (i) the sole limited
         partner of each of the NMLP Partnerships and (ii) the sole member and
         the holder of 100% of each series of membership interest in the Holding
         Company listed on Schedule 2 hereto, together with all interests,
         certificates, options or rights of any nature whatsoever which may be
         issued or granted to NMLP by the NMLP Partnerships or the Holding
         Company in respect thereof.

                  "Proceeds": means (i) NMLP's right, title and interest in and
         to all Distributions, monies, fees, payments, compensations and
         proceeds now or hereafter payable in respect of the Pledged Interests,
         whether payable as profits, Distributions, asset Distributions,
         repayment of loans or capital or otherwise and including all "proceeds"
         as such term is defined in Section 9-102 of the UCC; (ii) all books,
         records, electronically stored data and

                                       -2-

<PAGE>

         information relating to the Pledged Interests and all rights of access
         to such books, records and information; (iii) all contract rights,
         general intangibles, claims, powers, privileges, benefits and remedies
         of NMLP relating to the foregoing; (iv) all additions to the Pledged
         Interests, all substitutions therefor and all replacements thereof; and
         (v) all cash or non-cash proceeds of any of the foregoing.

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

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

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

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

         3. Delivery of Certificates, Instruments, Etc. NMLP shall deliver to
Agent:

                  (1) all original certificates, instruments and other
         documents, if any, evidencing or representing the Pledged Interests,
         concurrently with the execution and delivery of this Pledge Agreement;
         and

                  (2) the original certificates, instruments or other documents,
         if any, evidencing or representing all other Collateral (except for
         collateral which this Pledge Agreement specifically permits NMLP to
         retain) within five (5) days after NMLP's receipt thereof.

         4. Powers and Transfer Instruments. Concurrently with the delivery to
the Agent of this Pledge Agreement and each certificate, if any, representing
the Pledged Interests, NMLP shall deliver a duly executed Consent from each NMLP
Partnership and from the Holding Company.

         5. Representations and Warranties. NMLP represents and warrants that:

                  (1) Except for any consents as may be required in connection
         with any disposition of any portion of the Collateral by laws affecting
         the offering and sale of securities generally or as otherwise
         contemplated by the Loan Agreement, no consent of any other person or
         entity (including, without limitation, any owner or creditor of NMLP),
         and no license, permit, approval or authorization of, exemption by,
         notice or report to, or registration, filing (other than the filing of
         financing statements under the UCC in order to perfect a security
         interest in that portion of the Collateral in which a security interest
         is perfected by filing) or declaration with any governmental
         instrumentality is required in connection with (i) the execution,
         delivery, performance, validity or enforceability of this Pledge
         Agreement, (ii) the perfection

                                       -3-

<PAGE>

         or maintenance of the security interest created hereby (including the
         first priority nature of such security interest) or (iii) the exercise
         by the Agent of any rights provided for in this Pledge Agreement;

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

                  (3) The Pledged Interests in the Holding Company constitute
         100.0% of each series of membership interest in the Holding Company
         listed on Schedule 2;

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

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

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

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

         6. Covenants. NMLP covenants and agrees with Agent and the Lenders that
from and after the date of this Pledge Agreement until this Pledge Agreement
shall be terminated:

                  (1) If NMLP shall, as a result of its ownership of the Pledged
         Interests, become entitled to receive or shall receive (i) any limited
         liability company certificate (including, without limitation, any
         certificate representing a dividend or a Distribution in connection
         with any reclassification, increase or reduction of capital or any
         certificate issued in connection with any reorganization), option or
         rights, (ii) any stock, (iii) any limited partnership interests
         (including, without limitation, any certificate representing a dividend
         or a Distribution in connection with any reclassification, increase or
         reduction of capital or any certificate issued in connection with any
         reorganization), option or rights, or (iv) any property other than
         cash, whether in addition to, in substitution of, as a conversion of,
         or in exchange

                                       -4-

<PAGE>

         for any of the Pledged Interests, or otherwise in respect thereof, NMLP
         shall accept the same as Agent's agent, hold the same in trust for
         Agent and deliver the same forthwith to Agent in the exact form
         received, duly endorsed by NMLP to Agent, if required, together with an
         undated assignment or power covering such certificate, duly executed in
         blank and with, if Agent so requests, signature guaranteed, to be held
         by Agent hereunder as additional security for the NMLP Obligations.

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

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

                  (4) NMLP agrees to pay, and to indemnify and save Agent
         harmless from, any and all liabilities with respect to, or resulting
         from any delay in paying, any and all stamp, excise, sales or other
         taxes (other than income taxes on the income of Agent or any of the
         Lenders) which may be payable or determined to be payable with respect
         to any of the Collateral or in connection with any of the transactions
         contemplated by this Pledge Agreement.

                  (5) NMLP shall, upon request from the Agent, from time to
         time, cause the issuer of any securities comprising any of the
         Collateral which may be, but have not been, certificated, to issue
         certificates with respect thereto in the name of NMLP or, if so
         requested by the Agent, in the name of the Agent as secured party.

                  (6) NMLP shall not exercise any right with respect to the
         Collateral which would dilute or adversely affect Agent's rights in the
         Collateral.

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

                                       -5-

<PAGE>

         7.       Cash Dividends; Distributions; Voting Rights.

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

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

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

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

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

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

         8.       Rights of Agent.

                  (1) If an Event of Default shall have occurred and be
         continuing, Agent shall have the right to receive any and all cash
         dividends or Distributions or other payments paid in respect of the
         Collateral and make application thereof to the NMLP Obligations, in
         such

                                       -6-
<PAGE>

         order as Agent, in its sole discretion, may elect. In connection
         therewith, if an Event of Default shall have occurred and be
         continuing, the Agent shall have the right to direct the issuer(s) of
         the Pledged Interests to pay all such cash dividends or Distributions
         or other payment directly to the Agent or as otherwise directed by the
         Agent.

                  (2) If an Event of Default shall have occurred and be
         continuing, then any or all such Pledged Interests (including, without
         limitation, any class of membership interest in the Holding Company) at
         Agent's option shall be registered in the name of Agent or its nominee,
         and Agent or its nominee may thereafter exercise (x) all voting and
         other rights pertaining to such Pledged Interests and (y) any and all
         rights of conversion, exchange, subscription and any other rights,
         privileges or options pertaining to such Pledged Interests as if Agent
         were the absolute owner thereof (including, without limitation, the
         right to exchange at its discretion any and all of the Pledged
         Interests upon the merger, consolidation, reorganization,
         recapitalization or other fundamental change in the organizational
         structure of NMLP, or upon the exercise by NMLP or Agent of any right,
         privilege or option pertaining to such Pledged Interests, and in
         connection therewith, the right to deposit and deliver any and all of
         the Pledged Interests with any committee, depositary, transfer agent,
         registrar or other designated agency upon such terms and conditions as
         it may determine), all without liability except to account for property
         actually received by it, but Agent shall have no duty to exercise any
         such right, privilege or option and shall not be responsible for any
         failure to do so or delay in so doing.

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

         9. Actions By Agent. NMLP hereby designates Agent as the
attorney-in-fact of NMLP to: (a) after the occurrence and during the continuance
of an Event of Default, endorse in favor of Agent any of the Collateral; (b)
after the occurrence and during the continuance of an Event of Default,
transfer, sell or otherwise dispose of any of the Collateral (including, without
limitation, any series of membership interest in the Holding Company) in such
name as Agent may from time to time determine; (c) cause the issuance of
certificates for book entry and/or uncertificated securities; (d) renew, extend
or roll over any Collateral; (e) make, demand and initiate actions to enforce
any of the Collateral or rights therein; and (f) take any other action to
effectuate the terms and provisions of this Pledge Agreement. Agent may take
such action with respect to the Collateral as Agent may reasonably determine to
be necessary to protect and preserve its interest in the Collateral. Except as
otherwise provided herein, all of the rights, remedies, powers, privileges and
discretions included in this Section 9 may be exercised by Agent whether or not
the NMLP Obligations are then due and whether or not an Event of Default has
occurred. The within designation and grant of power of attorney is coupled with
an interest, is irrevocable until the lien created by this Pledge Agreement is
terminated by a written instrument executed by a duly authorized officer of
Agent. The power of attorney shall not be affected by subsequent disability or
incapacity of NMLP. Agent shall not be liable for any act or omission to act
pursuant to this Section 9, except for any act or omission to act which is in
actual bad faith.

                                       -7-
<PAGE>

         10.      Remedies.

                  (1) If an Event of Default shall have occurred and be
         continuing, Agent may exercise, in addition to all other rights and
         remedies granted in this Pledge Agreement and in any other instrument
         or agreement securing, evidencing or relating to the NMLP Obligations,
         all rights and remedies of a secured party under the UCC. Without
         limiting the generality of the foregoing, Agent, if an Event of Default
         shall have occurred and be continuing, without demand of performance or
         other demand, presentment, protest, advertisement or notice of any kind
         (except any notice required by law referred to below) to or upon NMLP
         or any other person or entity (all and each of which demands,
         presentments, protests, advertisements or notices are hereby waived),
         may in such circumstances forthwith collect, receive, appropriate and
         realize upon the Collateral, or any part thereof (including, without
         limitation, any series of membership interest in the Holding Company),
         and/or may forthwith sell, assign, give option or options to purchase
         or otherwise dispose of and deliver the Collateral or any part thereof
         (or contract to do any of the foregoing), in one or more parcels
         (including, without limitation, any series of membership interest in
         the Holding Company) at public or private sale or sales, in the
         over-the-counter market, at any exchange, broker's board or office of
         Agent or elsewhere upon such terms and conditions as it may deem
         advisable and at such prices as it may deem best, for cash or on credit
         or for future delivery without assumption of any credit risk. Agent
         shall have the right upon any such public sale or sales, and, to the
         extent permitted by law, upon any such private sale or sales, to
         purchase the whole or any part of the Collateral (including, without
         limitation, any series of membership interest in the Holding Company)
         so sold, free of any right or equity of redemption in NMLP, which right
         or equity is hereby waived or released. Agent shall apply any Proceeds
         from time to time held by it and the net proceeds of any such
         collection, recovery, receipt, appropriation, realization or sale,
         after deducting all reasonable costs and expenses of every kind
         incurred therein or incidental to the care or safekeeping of any of the
         Collateral or in any way relating to the Collateral or the rights of
         Agent hereunder, including, without limitation, reasonable attorneys'
         fees and disbursements, to the payment in whole or in part of the NMLP
         Obligations, in such order as Agent may elect, and only after such
         application and after the payment by Agent of any other amount required
         by any provision of law, including, without limitation, Section
         9-615(a) of the UCC, need Agent account for the surplus, if any, to
         NMLP. To the extent permitted by applicable law, NMLP waives all
         claims, damages and demands it may acquire against Agent arising out of
         the exercise by Agent of any of its rights hereunder, except for any
         claims, damages and demands it may have against Agent arising from the
         gross negligence or willful misconduct of Agent. If any notice of a
         proposed sale or other disposition of Collateral shall be required by
         law, such notice shall be deemed reasonable and proper if given at
         least 10 days before such sale or other disposition. NMLP shall remain
         liable for any deficiency if the proceeds of any sale or other
         disposition of Collateral are insufficient to pay the NMLP Obligations
         and the fees and disbursements of any attorneys employed by Agent to
         collect such deficiency.

                  (2) If any Event of Default occurs and is continuing, any
         deposits, balances or other sums credited by or due from Agent, any
         affiliate of Agent or FleetBoston Financial Corporation or any of the
         Lenders, or from any affiliate of any of the Lenders, to NMLP may to
         the fullest extent not prohibited by applicable law at any time or from
         time to time, without regard to the existence, sufficiency or adequacy
         of any other collateral, and without notice or compliance with any
         other condition precedent now or hereafter imposed by statute, rule of
         law or otherwise, all of which are hereby waived to the fullest extent
         permitted by law, be set off, appropriated and applied by Agent against
         any or all of the NMLP

                                      -8-
<PAGE>

         Obligations irrespective of whether demand shall have been made, in
         such manner as Agent in its sole and absolute discretion may determine.
         Within three (3) Business Days of making any such set off,
         appropriation or application, Agent agrees to notify NMLP thereof,
         provided the failure to give such notice shall not affect the validity
         of such set off or appropriation or application. ANY AND ALL RIGHTS TO
         REQUIRE AGENT OR ANY OF THE LENDERS TO EXERCISE ITS RIGHTS OR REMEDIES
         WITH RESPECT TO ANY OTHER COLLATERAL WHICH SECURES THE NMLP LOAN, PRIOR
         TO EXERCISING ITS RIGHT OF SETOFF WITH RESPECT TO SUCH DEPOSITS,
         CREDITS OR OTHER PROPERTY OF NMLP, ARE HEREBY KNOWINGLY, VOLUNTARILY
         AND IRREVOCABLY WAIVED.

         11.      Private Sales.

                  (1) NMLP recognizes that Agent may be unable to effect a
         public sale of any or all the Pledged Interests, by reason of certain
         prohibitions contained in the Securities Act of 1933, as amended, and
         applicable state securities laws or otherwise, and may be compelled to
         resort to one or more private sales thereof to a restricted group of
         purchasers which will be obliged to agree, among other things, to
         acquire such securities for their own account for investment and not
         with a view to the distribution or resale thereof. NMLP acknowledges
         and agrees that any such private sale may result in prices and other
         terms less favorable to Agent than if such sale were a public sale.
         Agent shall be under no obligation to delay a sale of any of the
         Pledged Interests for the period of time necessary to permit NMLP to
         register such securities for public sale under the Securities Act of
         1933, as amended, or under applicable state securities laws, even if
         NMLP would agree to do so.

                  (2) NMLP further agrees to use its best efforts to do or cause
         to be done all such other acts as may be necessary to make any sale or
         sales of all or any portion of the Pledged Interests pursuant to this
         paragraph 11 valid and binding and in compliance with any and all other
         applicable requirements of law; provided, however, that NMLP shall be
         under no obligation to register the Pledged Interests for public sale
         under the Securities Act of 1933, as amended, or under applicable state
         securities laws. NMLP further agrees that a breach of any of the
         covenants contained in this paragraph 11 will cause irreparable injury
         to Agent, that Agent has no adequate remedy at law in respect of such
         breach and, as a consequence, that each and every covenant contained in
         this paragraph 11 shall be specifically enforceable against NMLP, and
         NMLP hereby waives and agrees not to assert any defenses against an
         action for specific performance of such covenants except for a defense
         that no default has occurred with respect to the NMLP Obligations.

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

         13. Financing Statements; Other Documents. This Pledge Agreement
constitutes an authenticated record, and NMLP hereby authorizes the Agent to
file one or more UCC-1 financing statements, continuation statements or other
documents with respect to the Collateral, without the signature of NMLP, and in
such filing offices as the Agent shall deem reasonably appropriate.

                                      -9-
<PAGE>

NMLP agrees to deliver any other document or instrument which Agent may
reasonably request in connection with the administration and enforcement of this
Pledge Agreement or with respect to the Collateral for the purposes of obtaining
or preserving the full benefits of this Pledge Agreement and of the rights and
powers herein granted.

         14. Powers Coupled with an Interest. All authorizations and agencies
and powers herein contained with respect to the Collateral are irrevocable and
coupled with an interest.

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

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

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

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

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

         20. No Waiver; Cumulative Remedies. Agent shall not by any act delay,
indulgence, omission or otherwise be deemed to have waived any right or remedy
hereunder or to have acquiesced in any default or in any breach of any of the
terms and conditions hereof. No failure to exercise, nor any delay in
exercising, on the part of Agent, any right, power or privilege hereunder

                                      -10-
<PAGE>

shall operate as a waiver thereof. No single or partial exercise of any right,
power or privilege hereunder shall preclude any other or further exercise
thereof or the exercise of any other right, power or privilege. A waiver by
Agent of any right or remedy hereunder on any one occasion shall not be
construed as a bar to any right or remedy which Agent would otherwise have on
any future occasion. The rights and remedies herein provided are cumulative, may
be exercised singly or concurrently and are not exclusive of any rights or
remedies provided by law.

         21. Waivers and Amendments; Successors and Assigns; Governing Law;
Venue. None of the terms or provisions of this Pledge Agreement may be waived,
amended, or otherwise modified except by a written instrument executed by the
party against which enforcement of such waiver, amendment, or modification is
sought. This Pledge Agreement shall be binding upon NMLP and Agent, and the
successors and assigns of each, and shall inure to the benefit of Agent and the
Lenders and their successors and assigns and to the benefit of NMLP and NMLP's
successors and permitted assigns; provided that NMLP shall not have any right to
(i) assign this Pledge Agreement or any interest herein, or (ii) to assign any
interest in the Collateral or any part thereof, or otherwise pledge, encumber or
grant any option with respect to the Collateral or any part thereof, or any cash
or property held by NMLP as Collateral under this Pledge Agreement if any such
assignment, pledge, encumbrance or grant would constitute a violation of the
Loan Agreement. The rights of Agent under this Pledge Agreement shall
automatically be transferred to any transferee to which Agent transfers the NMLP
Note and the Loan Agreement pursuant to the terms thereof. The construction,
interpretation, validity, enforceability and effect of all provisions of this
Pledge Agreement including, but not limited to, the payment of the NMLP
Obligations and the legality of the interest rate and other charges shall be
construed and enforced in accordance with the internal laws of The Commonwealth
of Massachusetts (without regard to conflicts of laws). NMLP agrees to submit to
non-exclusive personal jurisdiction in Suffolk County, in The Commonwealth of
Massachusetts in any action or proceeding arising out of this Pledge Agreement
and, in furtherance of such agreement, NMLP hereby agrees and consents that,
without limiting other methods of obtaining jurisdiction, personal jurisdiction
over NMLP in any such action or proceeding may be obtained within or without the
jurisdiction of any court located in The Commonwealth of Massachusetts and that
any process or notice of motion or other application to any such court in
connection with any such action or proceeding may be served upon NMLP by
registered or certified mail to or by personal service at the last known address
of NMLP, whether such address be within or without the jurisdiction of any such
court.

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

         23. Notices. Notices by Agent to NMLP, to be effective, shall be in
writing and shall be hand-delivered or sent by Federal Express, or other
reputable national overnight courier service, or by postage pre-paid registered
or certified mail, return receipt requested, addressed to NMLP at its address
set forth below their signatures hereto, with a copy in each instance to Post &
Heymann LLP at the address set forth in Section 14.1 of the Loan Agreement, and
shall be deemed to have been duly given or made (a) when delivered if
hand-delivered or sent by Federal Express, or other reputable national overnight
courier service, or (b) when delivered if sent by registered or certified mail.
Any communications by NMLP to Agent may be given in any manner set forth in the
immediately preceding sentence, with a copy to Riemer & Braunstein LLP,
Attention: Steven J. Weinstein, Esq., to the addresses set forth in Section14.1
of the Loan Agreement.

                                      -11-
<PAGE>

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

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

                            [SIGNATURE PAGE FOLLOWS]

                                      -12-
<PAGE>

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

NMLP:                              THE NEWKIRK MASTER LIMITED PARTNERSHIP,
                                   A Delaware limited partnership

                                   By: MLP GP LLC, its General Partner

                                       By:    Newkirk MLP Corp., its Manager

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

                                   Addresses:

                                   1.  Chief Executive Office:
                                       c/o First Winthrop Corporation
                                       7 Bulfinch Place, Suite 500
                                       Boston, Massachusetts 02114

                                   2.  Principal Place of Business:
                                       c/o First Winthrop Corporation
                                       7 Bulfinch Place, Suite 500
                                       Boston, Massachusetts 02114

                                   FLEET NATIONAL BANK,
                                   A national banking association

                                   By: ______________________________
                                       Scott C. Dow
                                       duly authorized

                                      -13-
<PAGE>

                                                                      SCHEDULE 1
                                                                       To Pledge
                                                                       Agreement

                                NMLP PARTNERSHIPS

        26.       Newkirk Altenn L.P.

        27.       Newkirk Alwood L.P.

        28.       Newkirk Bethplain L.P.

        29.       Newkirk Bluff L.P.

        30.       Newkirk Bradall L.P.

        31.       Newkirk Calane L.P.

        32.       Newkirk Dalhill L.P.

        33.       Newkirk Elport L.P.

        34.       Newkirk Elway L.P.

        35.       Newkirk JLE Way L.P.

        36.       Newkirk JVF L.P.

        37.       Newkirk Lybster L.P.

        38.       Newkirk Orper L.P.

        39.       Newkirk Plecar L.P.

        40.       Newkirk Simval L.P.

        41.       Newkirk Statmont L.P.

        42.       Newkirk Sunway L.P.

        43.       Newkirk Supergar L.P.

        44.       Newkirk Superline L.P.

        45.       Newkirk Superwest L.P.

        46.       Newkirk Suteret L.P.

                                      -14-
<PAGE>

        47.       Newkirk Syrcar L.P.

        48.       Newkirk Texford L.P.

        49.       Newkirk Vengar L.P.

        50.       Newkirk Walcreek L.P.

        51.       Newkirk Wybanco L.P.

                                      -15-
<PAGE>

                                                                      SCHEDULE 2
                                                                       To Pledge
                                                                       Agreement

                                                                     Percentage
                      ISSUER OF                        Series of        of
  HOLDER OF PLEDGED    PLEDGED      TYPE OF           Membership       Issued
      INTERESTS       INTEREST      INTEREST           Interest      Interests
      ---------       --------      --------           --------      ---------

The Newkirk Master   Newkirk GP    Membership       Series Altenn     100.0%
Limited Partnership  Holding LLC

The Newkirk Master   Newkirk GP    Membership       Series Alwood     100.0%
Limited Partnership  Holding LLC

The Newkirk Master   Newkirk GP    Membership     Series Bethplain    100.0%
Limited Partnership  Holding LLC

The Newkirk Master   Newkirk GP    Membership       Series Bluff      100.0%
Limited Partnership  Holding LLC

The Newkirk Master   Newkirk GP    Membership      Series Bradall     100.0%
Limited Partnership  Holding LLC

The Newkirk Master   Newkirk GP    Membership       Series Calane     100.0%
Limited Partnership  Holding LLC

The Newkirk Master   Newkirk GP    Membership      Series Dalhill     100.0%
Limited Partnership  Holding LLC

The Newkirk Master   Newkirk GP    Membership       Series Elport     100.0%
Limited Partnership  Holding LLC

The Newkirk Master   Newkirk GP    Membership       Series Elway      100.0%
Limited Partnership  Holding LLC

The Newkirk Master   Newkirk GP    Membership      Series JLE Way     100.0%
Limited Partnership  Holding LLC

The Newkirk Master   Newkirk GP    Membership        Series JVF       100.0%
Limited Partnership  Holding LLC

The Newkirk Master   Newkirk GP    Membership      Series Lybster     100.0%
Limited Partnership  Holding LLC

The Newkirk Master   Newkirk GP    Membership       Series Orper      100.0%
Limited Partnership  Holding LLC

The Newkirk Master   Newkirk GP    Membership       Series Plecar     100.0%
Limited Partnership  Holding LLC

                                      -16-
<PAGE>

The Newkirk Master   Newkirk GP    Membership       Series Simval     100.0%
Limited Partnership  Holding LLC

The Newkirk Master   Newkirk GP    Membership      Series Statmont    100.0%
Limited Partnership  Holding LLC

The Newkirk Master   Newkirk GP    Membership       Series Sunway     100.0%
Limited Partnership  Holding LLC

The Newkirk Master   Newkirk GP    Membership      Series Supergar    100.0%
Limited Partnership  Holding LLC

The Newkirk Master   Newkirk GP    Membership     Series Superline    100.0%
Limited Partnership  Holding LLC

The Newkirk Master   Newkirk GP    Membership     Series Superwest    100.0%
Limited Partnership  Holding LLC

The Newkirk Master   Newkirk GP    Membership      Series Suteret     100.0%
Limited Partnership  Holding LLC

The Newkirk Master   Newkirk GP    Membership       Series Syrcar     100.0%
Limited Partnership  Holding LLC

The Newkirk Master   Newkirk GP    Membership      Series Texford     100.0%
Limited Partnership  Holding LLC

The Newkirk Master   Newkirk GP    Membership       Series Vengar     100.0%
Limited Partnership  Holding LLC

The Newkirk Master   Newkirk GP    Membership      Series Walcreek    100.0%
Limited Partnership  Holding LLC

The Newkirk Master   Newkirk GP    Membership      Series Wybanco     100.0%
Limited Partnership  Holding LLC

                                      -17-

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