Document:

Exhibit 10.20

 

OWNERSHIP INTEREST
PLEDGE AND SECURITY AGREEMENT

 

[NMLP PLEDGE: NMLP
SUBSIDIARIES]

 

OWNERSHIP INTEREST PLEDGE AND SECURITY AGREEMENT (this “Pledge Agreement”), dated as of August 11,
2005, by and between THE NEWKIRK MASTER
LIMITED PARTNERSHIP, a Delaware limited partnership (“NMLP”), and KEYBANK NATIONAL ASSOCIATION, a national banking association
having an address at 101 Federal Street, Boston, Massachusetts 02110, as administrative
agent (KeyBank National Association, in such capacity as administrative agent,
hereinafter referred to as “Administrative Agent”)
for a syndicate of Lenders (singly and collectively, the “Lenders”) as specifically provided in the
Loan Agreement (as defined below).

 

W I T N E S S E T H

 

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

 

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

 

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

 

WHEREAS, NMLP (i) is the record owner and beneficial owner of
those certain limited partnership interests listed on Schedule 1
attached hereto issued by the limited partnerships named therein (the  “Limited
Partnerships”), (ii) is the record owner and beneficial owner
of those certain membership interests listed on Schedule 1 attached
hereto issued by the limited liability companies named therein (the “Companies”), and (iii) is the record
owner and beneficial owner of the shares of stock or other ownership interests
described on Schedule 1 attached hereto issued by the corporations
named therein (the “Corporations”),
(the “Limited 

 

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Partnerships”, the “Companies” and the “Corporations” are hereinafter collectively
referred to as the “NMLP Subsidiaries”).

 

WHEREAS, as a condition to extending the Loans, the Administrative Agent
and the Lenders have required NMLP to execute and deliver this Pledge Agreement
and certain other NMLP 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 the
Administrative Agent and the Lenders as follows:

 

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

 

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

 

“Cash
Management Agreement”: shall mean that certain Cash Management Agreement,
dated as of August 11, 2005, among NMLP, various subsidiaries of NMLP, the
Administrative Agent and the Deposit Account Co-Agent, 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 Subsidiaries referenced in Section 4 of this Pledge Agreement.

 

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

 

“Guaranty”:  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.

 

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

 

“NMLP
Subsidiaries”:  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, in and to the
NMLP Subsidiaries, as listed on Schedule 1 hereto, together with
all interests, certificates, options or rights of any nature whatsoever which
may be issued or granted to NMLP by the NMLP Subsidiaries in respect of the
foregoing.

 

“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(64)
of the UCC; (ii) all books, records, electronically stored data and
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.

 

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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 the
Administrative Agent all the Pledged Interests, and NMLP hereby grants,
pledges, hypothecates, transfers and assigns to the Administrative Agent a
continuing lien on and security interest in all of the Collateral.

 

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

 

(a)                                  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

 

(b)                                 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 Administrative Agent of this
Pledge Agreement and each certificate, if any, representing the Pledged
Interests, NMLP shall deliver a duly executed Consent from each NMLP
Subsidiary.

 

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

 

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

 

(b)                                 The
Pledged Interests constitute all of the ownership interests owned by NMLP in
each of the NMLP Subsidiaries;

 

(c)                                  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 

 

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Pledged
Interests that has not been delivered to the Administrative Agent pursuant to Section 3
of this Pledge Agreement.  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);

 

(d)                                 NMLP
is the sole holder of record and sole beneficial owner of, and has good and
valid title to, the Pledged Interests, free of any and all liens or options in
favor of, or claims of, any other Person, except the liens in existence on the
date hereof and described on Schedule 1 hereto (“Permitted Liens”) and the lien created in
favor of the Administrative Agent by this Pledge Agreement;

 

(e)                                  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 lien on such Pledged Interests and related Collateral, subject only
to Permitted Liens, 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; and

 

(f)                                    There
are no restrictions on the transfer of the Collateral to the Administrative Agent
hereunder, or with respect to any subsequent transfer thereof or realization
thereupon by the Administrative Agent and/or the Lenders (or, if there are any
such restrictions, such transfer restrictions have been duly waived by all
required parties), and, as set forth in the Consents, NMLP 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 the
Administrative Agent and the Lenders that from and after the date of this
Pledge Agreement until this Pledge Agreement shall be terminated:

 

(a)                                  If
NMLP shall, as a result of its ownership of the 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 Pledged Interests, or otherwise in
respect thereof, NMLP shall accept the same as the Administrative Agent’s
agent, hold the same 

 

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in trust for the Administrative
Agent and deliver the same forthwith to the Administrative Agent in the exact
form received, duly endorsed by NMLP to the Administrative Agent, if required,
together with an undated assignment or power covering such certificate, duly
executed in blank and with, if the Administrative Agent so requests, signature
guaranteed, to be held by the Administrative Agent hereunder as additional security
for the NMLP Obligations.

 

(b)                                 Without
the prior written consent of the Administrative Agent, NMLP will not, directly
or indirectly (i) vote to enable, or take any other action to permit, the
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 the Administrative Agent in and to the Collateral against the
claims and demands of all Persons whomsoever.

 

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

 

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

 

(e)                                  NMLP
shall, upon request from the Administrative 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 Administrative Agent, in the name of
the Administrative Agent as secured party.

 

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

 

7.                                       Cash
Dividends; Distributions; Voting Rights.

 

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

 

(ii)                                  result in the issuance of any additional interest in the
NMLP Subsidiaries, or of any class 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 of
interest in the NMLP Subsidiaries 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
Subsidiaries to sell, transfer, assign, pledge, mortgage or otherwise encumber
any property owned by any of them, or to incur any new indebtedness in respect
of such property, unless the Administrative Agent has given its prior written
consent.

 

(b)                                 Subject
to the terms and provisions hereof relating to the rights and remedies of the Administrative
Agent after the occurrence and during the continuance of an Event of Default,
in accordance with the terms and conditions of the Loan Agreement (including,
without limitation, Sections 7.1.14, 7.1.15 and 7.1.16 thereof), the Consents,
the Payment Direction Letters and the Cash Management Agreement (including,
without limitation, Section 2.2 thereof), any and all cash dividends or
Distributions or any other payments received by NMLP in respect of the
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 the Administrative Agent,
(ii) such amounts shall not be commingled with any other 

 

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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 Administrative Agent.

 

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

 

(b)                                 If
an Event of Default shall have occurred and be continuing, then all such
Pledged Interests at the Administrative Agent’s option shall be registered in
the name of the Administrative Agent or its nominee, and the Administrative Agent
or its nominee may thereafter exercise (x) all voting and other rights
pertaining to such 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 the Administrative 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 the
Administrative 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 the Administrative Agent shall have no
duty to exercise any such right, privilege or option and shall not be
responsible for any failure to do so or delay in so doing.

 

(c)                                  The
rights of the Administrative Agent hereunder shall not be conditioned or
contingent upon the pursuit by the Administrative Agent of any right or remedy
against NMLP or against any other 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.  The Administrative 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.

 

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9.                                       Actions
By Administrative Agent.  NMLP hereby designates the Administrative 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 the Administrative Agent
any of the Collateral; (b) after the occurrence and during the continuance
of an Event of Default, cause the transfer of any of the Collateral in such
name as the Administrative Agent may from time to time determine; (c) cause
the issuance of certificates for book entry and/or uncertificated securities; (d) renew,
extend or roll over any 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.  The Administrative 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 the Administrative 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 the Administrative Agent.  The power of attorney shall not be affected
by subsequent disability or incapacity of NMLP. 
The Administrative Agent shall not be liable for any act or omission to
act pursuant to this Section 9, except for any act or omission to act
which is in actual bad faith.

 

10.                                 Remedies.

 

(a)                                  If
an Event of Default shall have occurred and be continuing, the Administrative Agent
may exercise, in addition to all other rights and remedies granted in this
Pledge Agreement and in any other instrument or agreement securing, evidencing
or relating to the NMLP Obligations, all rights and remedies of a secured party
under the UCC.  Without limiting the
generality of the foregoing, the Administrative Agent, if an Event of Default
shall have occurred and be continuing, without demand of performance or other
demand, presentment, protest, advertisement or notice of any kind (except any
notice required by law referred to below) to or upon NMLP 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,
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 at public or
private sale or sales, in the over-the-counter market, at any exchange, broker’s
board or office of the Administrative Agent or elsewhere upon such terms and
conditions as it may deem advisable and at such prices as it may deem best, for
cash or on credit or for future delivery without assumption of any credit
risk.  The Administrative Agent shall
have the right upon any such public sale or sales, and, to the extent permitted
by law, upon any such private sale or sales, to purchase the whole or any part
of the Collateral so sold, free of any right or equity of redemption in NMLP,
which right or equity is hereby waived or released.  The Administrative Agent shall apply any
Proceeds from time to time held by it 

 

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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 the Administrative 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 the
Administrative Agent may elect, and only after such application and after the
payment by the Administrative Agent of any other amount required by any
provision of law, including, without limitation, Section 9-615(a) of
the UCC, need the Administrative Agent account for the surplus, if any, to
NMLP.  To the extent permitted by
applicable law, NMLP waives all claims, damages and demands it may acquire
against the Administrative Agent arising out of the exercise by the
Administrative Agent of any of its rights hereunder, except for any claims,
damages and demands it may have against the Administrative Agent arising from
the gross negligence or willful misconduct of the Administrative Agent.  If any notice of a proposed sale or other
disposition of 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 the Administrative Agent to collect
such deficiency.

 

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

 

10

 

11.                                 Private
Sales.

 

(a)                                  NMLP
recognizes that the Administrative 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 the
Administrative Agent than if such sale were a public sale.  The Administrative Agent shall be under no
obligation to delay a sale of any of the 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.

 

(b)                                 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 Section 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 Section 11 will cause irreparable injury to the Administrative Agent,
that the Administrative Agent has no adequate remedy at law in respect of such
breach and, as a consequence, that each and every covenant contained in this Section 11
shall be specifically enforceable against NMLP, 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.  The
Administrative 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 the
Administrative Agent deals with similar securities and property for its own
account.  Neither the Administrative Agent
nor any of its directors, officers, employees or agents shall be liable for
failure to demand, collect or realize upon any of the 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 Administrative 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 Administrative
Agent shall deem reasonably appropriate. 
NMLP agrees to deliver any other document or instrument which the
Administrative Agent may reasonably request in connection with the
administration 

 

11

 

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

 

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 Administrative Agent and of each Lender
for which NMLP is responsible, the Administrative Agent shall release the
Collateral granted to the Administrative Agent as provided for herein.  However, such release by the Administrative Agent
shall not be deemed to terminate or release NMLP 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.

 

12

 

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

 

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

 

21.                                 Waivers
and Amendments; Successors and Assigns; Governing Law; Venue.  None of the terms or provisions of this
Pledge Agreement may be waived, amended, or otherwise modified except by a
written instrument executed by the party against which enforcement of such
waiver, amendment, or modification is sought. 
This Pledge Agreement shall be binding upon NMLP, the Administrative Agent
and the Lenders, and the successors and assigns of each, and shall inure to the
benefit of the Administrative Agent and the Lenders and their successors and
assigns and to the benefit of NMLP 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 the
Administrative Agent under this Pledge Agreement shall automatically be
transferred to any transferee to which the
Administrative Agent transfers the NMLP Note and 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 

 

13

 

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 the Administrative 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 its signature hereto, with a copy in
each instance to Post Heymann & Koffler LLP at the address set forth
in Section 15.1 of the Loan Agreement, and shall be deemed to have been
duly given or made (a) when delivered if hand-delivered or sent by Federal
Express, or other reputable national overnight courier service, or (b) when
delivered if sent by registered or certified mail.  Any communications by NMLP to the
Administrative Agent may be given in any manner set forth in the immediately
preceding sentence, with a copy to Riemer & Braunstein LLP, Attention:
Steven J. Weinstein, Esq., to the addresses set forth in Section 15.1
of the Loan Agreement.

 

24.                                 Entire
Understanding.  The Administrative Agent
acknowledges that this Pledge Agreement, the NMLP Note, the Guaranty and the
other NMLP Loan Documents and NMLP Security Documents set forth the entire
agreement and understanding of the Administrative 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, 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
PAGE FOLLOWS]

 

14

 

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

 

	
  NMLP:

  	
  THE NEWKIRK MASTER LIMITED PARTNERSHIP,

  
	
   

  	
  A Delaware limited partnership

  
	
   

  	
   

  
	
   

  	
  By:

  	
  MLP GP LLC, its General Partner

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  Newkirk MLP Corp., its Manager

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
  John J. Cramer

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  
	
   

  	
  Addresses:

  
	
   

  	
   

  
	
   

  	
  1.

  	
  Chief Executive Office:

  
	
   

  	
   

  	
  c/o First Winthrop Corporation

  
	
   

  	
   

  	
  7 Bulfinch Place, Suite 500

  
	
   

  	
   

  	
  Boston, Massachusetts 02114

  
	
   

  	
   

  	
   

  
	
   

  	
  2.

  	
  Principal Place of Business:

  
	
   

  	
   

  	
  c/o First Winthrop Corporation

  
	
   

  	
   

  	
  7 Bulfinch Place, Suite 500

  
	
   

  	
   

  	
  Boston, Massachusetts 02114

  
	
   

  	
   

  
	
   

  	
   

  
	
  ADMINISTRATIVE

  	
   

  
	
  AGENT:

  	
  KEYBANK NATIONAL ASSOCIATION,

  
	
   

  	
  A national banking association

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
  Jeffry M. Morrison

  
	
   

  	
  Title:

  	
  Vice President

  
								

 

15

 

SCHEDULE 1

To Pledge

Agreement

 

DESCRIPTION OF
PLEDGED INTERESTS

 

	
  Issuers of Pledged

  Interests

  	
   

  	
  Type of

  Interest

  	
   

  	
  Percentage

  of

  Issued

  Interests

  	
   

  	
  Permitted Liens

  	
   

  
	
  Newkirk MLP
  Unit LLC

  	
   

  	
  Membership

  	
   

  	
  100.0

  	
  %

  	
  None

  	
   

  
	
  NK-Remainder
  Interest LLC

  	
   

  	
  Membership

  	
   

  	
  100.0

  	
  %

  	
  None

  	
   

  
	
  NK-Leyden
  Loan, L.P.

  	
   

  	
  Membership

  	
   

  	
  97.775

  	
  %

  	
  None

  	
   

  
	
  NK-Leyden GP
  LLC

  	
   

  	
  Membership

  	
   

  	
  100.0

  	
  %

  	
  None

  	
   

  
	
  NK-Dautec
  Loan, L.P.

  	
   

  	
  Limited
  Partnership

  	
   

  	
  97.324

  	
  %

  	
  None

  	
   

  
	
  NK-Dautec GP
  LLC

  	
   

  	
  Membership

  	
   

  	
  100.0

  	
  %

  	
  None

  	
   

  
	
  NK-First
  Loan E Cert LLC

  	
   

  	
  Membership

  	
   

  	
  100.0

  	
  %

  	
  None

  	
   

  
	
  NK-First
  Loan F Cert LLC

  	
   

  	
  Membership

  	
   

  	
  100.0

  	
  %

  	
  None

  	
   

  
	
  NK-First
  Loan G Cert LLC

  	
   

  	
  Membership

  	
   

  	
  100.0

  	
  %

  	
  None

  	
   

  
	
  MLP Manager
  Corp.

  	
   

  	
  Stock
  Ownership

  	
   

  	
  100.0

  	
  %

  	
  None

  	
   

  

 

16Exhibit 10.21

 

OWNERSHIP INTEREST PLEDGE AND SECURITY AGREEMENT (S)

 

[NMLP PLEDGE: FINCO, CAPITAL AND GP]

 

OWNERSHIP
INTEREST PLEDGE AND SECURITY AGREEMENT (this “Pledge
Agreement”), dated as of August 11, 2005, by and between THE NEWKIRK MASTER LIMITED PARTNERSHIP, a
Delaware limited partnership (“NMLP”),
and KEYBANK NATIONAL ASSOCIATION,
a national banking association having an address at 101 Federal Street, Boston,
Massachusetts 02110, as administrative agent (KeyBank National Association, in
such capacity as administrative agent, hereinafter referred to as “Administrative Agent”) for a syndicate of
Lenders (singly and collectively, the “Lenders”)
as specifically provided in the Loan Agreement (as defined below).

 

W I T N E S S
E T H

 

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

 

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

 

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

 

WHEREAS, NMLP
owns (i) 100.0% of the membership interests in Newkirk GP, LLC, a Delaware
limited liability company (“Newkirk GP”),
(ii) 100.0% of the membership interests in Newkirk Finco LLC, a Delaware
limited liability company (“Newkirk Finco”),
and (iii) 50.01% of the membership interests in Newkirk Capital LLC, a
Delaware limited liability company (“Newkirk
Capital”) (“Newkirk GP”,
“Newkirk Finco” and “Newkirk Capital” are hereinafter
collectively referred to as the “NMLP
Subsidiaries”).

 

1

 

WHEREAS, as a
condition to extending the Loans, the Administrative Agent and the Lenders have
required NMLP to execute and deliver this Pledge Agreement and certain other
NMLP 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 Administrative
Agent and the Lenders to make the Loans under the Loan Agreement, NMLP hereby
agrees with the Administrative Agent and the Lenders as follows:

 

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

 

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

 

“Cash
Management Agreement”:  shall mean
that certain Cash Management Agreement, dated as of August 11, 2005, among
NMLP, various subsidiaries of NMLP, the Administrative Agent and the Deposit
Account Co-Agent, 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 Subsidiaries referenced in Section 4 of this Pledge Agreement.

 

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

 

“Guaranty”:  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 Administrative Agent
and/or any of the Lenders, whether now existing or hereafter arising, direct or
indirect, absolute or contingent, under any one or more of: (i) this
Pledge Agreement; (ii) the Loan Agreement, NMLP Note or any other NMLP
Loan 

 

2

 

Document; (iii) the
Guaranty; and (iv) each of the same as hereafter modified, amended,
extended or replaced, including, without limitation, the NMLP Obligations (as
defined in the Loan Agreement) and the T-Two Guaranteed Obligations (as defined
in the Guaranty).

 

“NMLP
Subsidiaries”:  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, in and to the
NMLP Subsidiaries, as listed on Schedule 1 hereto, together with
all interests, certificates, options or rights of any nature whatsoever which
may be issued or granted to NMLP by the NMLP Subsidiaries in respect of the
foregoing.

 

“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(64)
of the UCC; (ii) all books, records, electronically stored data and
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.

 

“Trigger
Event”:  as defined in Section 2(b) of
this Pledge Agreement.

 

“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.

 

3

 

2.             Pledge;
Grant of Security Interest.

 

(a)           Subject
to the terms and provisions of Section 2(b) below, as security for
the full and punctual payment and performance of the NMLP Obligations when due
and payable (whether upon stated maturity, by acceleration or otherwise), NMLP
hereby transfers, assigns, grants, bargains, sells, conveys, hypothecates,
pledges, sets over, endorses over and delivers to the Administrative Agent all
the Pledged Interests, and NMLP hereby grants, pledges, hypothecates, transfers
and assigns to the Administrative Agent a continuing lien on and security
interest in all of the Collateral.

 

(b)           The
security interest granted in Section 2(a) shall not become effective
until the earlier to occur of the following events, each as reasonably
determined by the Administrative Agent: (i) the repayment in full of the
Integrated Obligations (as defined in the Loan Agreement); (ii) the
release of the lien held by the Integrated Group (as defined in the Loan
Agreement) of any of the Collateral, subject to the provisions of Section 2(d) below;
or (iii) the acceleration of the NMLP Obligations as a result of an Event
of Default under the Loan Agreement or any other NMLP Loan Document, and the
election by the Administrative Agent to vest and perfect the security interest
granted under Section 2(a), as evidenced by written notice to NMLP (each,
a “Trigger Event”).  Immediately upon the occurrence of a Trigger
Event, and without the need for further action by NMLP or the Administrative Agent
and/or the Lenders, the security interest granted under Section 2(a) and
all of the terms and provisions of this Pledge Agreement automatically shall
become enforceable against NMLP in accordance with the terms of this Pledge
Agreement.

 

(c)           Notwithstanding
Section 2(b) above, the following terms, covenants and conditions
contained in this Pledge Agreement shall be in full force and effect as of the
date hereof: Sections 5(a)-5(e), 6(e), 6(g), 7(a), 7(b), 7(c)(ii) and
(iii), 8(c), 14, 16, 17, 18, 19, 20, 21, 22, 23, 24 and 25.

 

(d)           If
the Integrated Group releases a portion of the Collateral, thereby causing a
Trigger Event under Section 2(b)(ii) above, the security interest
granted under Section 2(a) and all of the terms and provisions of
this Pledge Agreement applicable thereto automatically shall become enforceable
against NMLP in accordance with the terms of this Pledge Agreement as to that
portion of the Collateral released.

 

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

 

(a)           all
original certificates, instruments and other documents, if any, evidencing or
representing the Pledged Interests as soon as practicable after the occurrence
of a Trigger Event; and

 

4

 

(b)           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.  Upon the
occurrence of a Trigger Event, NMLP shall deliver a duly executed Consent from
each NMLP Subsidiary.

 

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

 

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

 

(b)           The
Pledged Interests constitute all of the ownership interests owned by NMLP in
each of the NMLP Subsidiaries;

 

(c)           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 that has not been
delivered to the Administrative Agent pursuant to Section 3 of this Pledge
Agreement.  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);

 

(d)           NMLP
is the sole holder of record and sole beneficial owner of, and has good and
valid title to, the Pledged Interests, free of any and all liens or options in
favor of, or claims of, any other Person, except the liens in existence on the
date hereof and described on Schedule 1 hereto (“Permitted Liens”) and the lien created in
favor of the Administrative Agent by this Pledge Agreement;

 

(e)           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 lien 

 

5

 

on such Pledged Interests and related
Collateral, subject only to Permitted Liens, 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; and

 

(f)            There
are no restrictions on the transfer of the Collateral to the Administrative
Agent hereunder, or with respect to any subsequent transfer thereof or
realization thereupon by the Administrative Agent and/or the Lenders (or, if
there are any such restrictions, such transfer restrictions have been duly
waived by all required parties), and, as set forth in the Consents, NMLP 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 the
Administrative Agent and the Lenders that from and after the date of this
Pledge Agreement until this Pledge Agreement shall be terminated:

 

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

 

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

 

6

 

interest therein, except for the lien
provided for by this Pledge Agreement and liens permitted under the Loan
Agreement.  NMLP will defend the right,
title and interest of the Administrative Agent in and to the Collateral against
the claims and demands of all Persons whomsoever.

 

(c)           At
any time and from time to time, upon the written request of the Administrative
Agent, and at the sole expense of NMLP, NMLP will promptly and duly execute and
deliver such further instruments and documents and take such further actions as
the Administrative Agent may reasonably request for the purposes of obtaining
or preserving the full benefits of this Pledge Agreement and of the rights and
powers herein granted.

 

(d)           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 the
Administrative Agent, duly endorsed in a manner satisfactory to the Administrative
Agent, to be held as Collateral pursuant to this Pledge Agreement.

 

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

 

(f)            NMLP
shall, upon request from the Administrative 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 Administrative Agent, in the name of
the Administrative Agent as secured party.

 

(g)           Unless
otherwise required pursuant to the Integrated Obligations, NMLP shall not
exercise any right with respect to the Collateral which would dilute or
adversely affect the Administrative Agent’s rights in the Collateral.

 

7.             Cash
Dividends; Distributions; Voting Rights.

 

(a)           Unless
an Event of Default shall have occurred and be continuing, NMLP shall be
permitted to exercise all voting rights with respect to the Pledged Interests; provided,
however, that, unless otherwise required pursuant to the Integrated
Obligations, NMLP shall not, without the prior written consent of the
Administrative 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:

 

7

 

(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 Administrative Agent as to the Collateral; or

 

(ii)                                  result
in the issuance of any additional interest in the NMLP Subsidiaries, or of any
class 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 of
interest in the NMLP Subsidiaries 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 Subsidiaries to sell,
transfer, assign, pledge, mortgage or otherwise encumber any property owned by
any of them, or to incur any new indebtedness in respect of such property,
unless the Administrative Agent has given its prior written consent.

 

(b)           Subject
to the terms and provisions hereof relating to the rights and remedies of the Administrative
Agent after the occurrence and during the continuance of an Event of Default, and
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), NMLP agrees that, unless and
until NMLP is otherwise required pursuant to the Integrated Obligations, 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.

 

(c)           NMLP
agrees that, unless and until NMLP is otherwise required pursuant to the
Integrated Obligations, 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 the Administrative Agent, (ii) such amounts shall not be
commingled with any other funds or property of NMLP, and (iii) NMLP shall
deposit such amounts in the applicable Depository Account within three Business
Days of receipt.

 

8.             Rights
of Administrative Agent.

 

(a)           If
an Event of Default shall have occurred and be continuing, the Administrative
Agent shall have the right to receive any and all cash dividends or 

 

8

 

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

 

(b)           If
an Event of Default shall have occurred and be continuing, then all such
Pledged Interests at the Administrative Agent’s option shall be registered in
the name of the Administrative Agent or its nominee, and the Administrative
Agent or its nominee may thereafter exercise (x) all voting and other rights
pertaining to such 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 the Administrative 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 the
Administrative 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 the Administrative Agent shall have no
duty to exercise any such right, privilege or option and shall not be
responsible for any failure to do so or delay in so doing.

 

(c)           The
rights of the Administrative Agent hereunder shall not be conditioned or
contingent upon the pursuit by the Administrative Agent of any right or remedy
against NMLP or against any other 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.  The Administrative
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 Administrative Agent.  NMLP hereby
designates the Administrative 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 the Administrative Agent any of the Collateral; (b) after the
occurrence and during the continuance of an Event of Default, cause the
transfer of any of the Collateral in such name as the Administrative Agent may
from time to time determine; (c) cause the issuance of certificates for
book entry and/or uncertificated securities; (d) renew, extend or 

 

9

 

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.  The Administrative Agent may take such action
with respect to the Collateral as the Administrative 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 the Administrative 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 the Administrative
Agent.  The power of attorney shall not
be affected by subsequent disability or incapacity of NMLP.  The Administrative Agent shall not be liable
for any act or omission to act pursuant to this Section 9, except for any
act or omission to act which is in actual bad faith.

 

10.           Remedies.

 

(a)           If
an Event of Default shall have occurred and be continuing, the Administrative
Agent may exercise, in addition to all other rights and remedies granted in
this Pledge Agreement and in any other instrument or agreement securing, evidencing
or relating to the NMLP Obligations, all rights and remedies of a secured party
under the UCC.  Without limiting the
generality of the foregoing, the Administrative Agent, if an Event of Default
shall have occurred and be continuing, without demand of performance or other
demand, presentment, protest, advertisement or notice of any kind (except any
notice required by law referred to below) to or upon NMLP 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,
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 at public or
private sale or sales, in the over-the-counter market, at any exchange, broker’s
board or office of the Administrative Agent or elsewhere upon such terms and
conditions as it may deem advisable and at such prices as it may deem best, for
cash or on credit or for future delivery without assumption of any credit
risk.  The Administrative Agent shall
have the right upon any such public sale or sales, and, to the extent permitted
by law, upon any such private sale or sales, to purchase the whole or any part
of the Collateral so sold, free of any right or equity of redemption in NMLP,
which right or equity is hereby waived or released.  The Administrative 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 the Administrative 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 the
Administrative Agent may elect, and 

 

10

 

only after such application and after the
payment by the Administrative Agent of any other amount required by any
provision of law, including, without limitation, Section 9-615(a) of
the UCC, need the Administrative Agent account for the surplus, if any, to
NMLP.  To the extent permitted by
applicable law, NMLP waives all claims, damages and demands it may acquire
against the Administrative Agent arising out of the exercise by the
Administrative Agent of any of its rights hereunder, except for any claims,
damages and demands it may have against the Administrative Agent arising from
the gross negligence or willful misconduct of the Administrative Agent.  If any notice of a proposed sale or other
disposition of 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 the Administrative Agent to collect
such deficiency.

 

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

 

11.           Private
Sales.

 

(a)           NMLP
recognizes that the Administrative 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 

 

11

 

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 the Administrative Agent than if such sale were a public sale.  The Administrative Agent shall be under no
obligation to delay a sale of any of the 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.

 

(b)           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 Section 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 Section 11 will cause irreparable injury to the Administrative Agent,
that the Administrative Agent has no adequate remedy at law in respect of such
breach and, as a consequence, that each and every covenant contained in this Section 11
shall be specifically enforceable against NMLP, 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.  The
Administrative 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 the
Administrative Agent deals with similar securities and property for its own
account.  Neither the Administrative
Agent nor any of its directors, officers, employees or agents shall be liable
for failure to demand, collect or realize upon any of the 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 Administrative 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 Administrative
Agent shall deem reasonably appropriate. 
The Administrative Agent agrees, however, not to file any such UCC-1
financing statement unless and until the occurrence of a Trigger Event.  NMLP agrees that, immediately upon the
occurrence of a Trigger Event, the Administrative Agent shall be authorized to
file any or all of such UCC-1 financing statements as the Administrative Agent
deems reasonably necessary to perfect its security interest in the
Collateral.  NMLP agrees to deliver any
other document or instrument which the Administrative Agent may reasonably
request in connection with the administration and enforcement of this Pledge
Agreement or with 

 

12

 

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

 

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 Administrative Agent and of each Lender
for which NMLP is responsible, the Administrative Agent shall release the
Collateral granted to the Administrative Agent as provided for herein.  However, such release by the Administrative
Agent shall not be deemed to terminate or release NMLP 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.

 

13

 

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

 

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

 

21.           Waivers
and Amendments; Successors and Assigns; Governing Law; Venue.  None of the terms or provisions of this
Pledge Agreement may be waived, amended, or otherwise modified except by a
written instrument executed by the party against which enforcement of such
waiver, amendment, or modification is sought. 
This Pledge Agreement shall be binding upon NMLP, the Administrative
Agent and the Lenders, and the successors and assigns of each, and shall inure
to the benefit of the Administrative Agent and the Lenders and their successors
and assigns and to the benefit of NMLP 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 the
Administrative Agent under this Pledge Agreement shall automatically be transferred
to any transferee to which the Administrative Agent transfers the NMLP Note and
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 

 

14

 

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 the Administrative 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 the Borrower at its address set forth below its signature hereto,
with a copy in each instance to Post Heymann & Koffler LLP at the
address set forth in Section 15.1 of the Loan Agreement, and shall be
deemed to have been duly given or made (a) when delivered if
hand-delivered or sent by Federal Express, or other reputable national
overnight courier service, or (b) when delivered if sent by registered or
certified mail.  Any communications by
NMLP to the Administrative Agent may be given in any manner set forth in the
immediately preceding sentence, with a copy to Riemer & Braunstein
LLP, Attention: Steven J. Weinstein, Esq., to the addresses set forth in Section 15.1
of the Loan Agreement.

 

24.           Entire
Understanding.  The Administrative
Agent acknowledges that this Pledge Agreement, the NMLP Note, the Guaranty and
the other NMLP Loan Documents and NMLP Security Documents set forth the entire
agreement and understanding of the Administrative 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, 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.

 

15

 

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

 

 

	
  NMLP:

  	
  THE NEWKIRK MASTER LIMITED
  PARTNERSHIP,

  
	
   

  	
  A Delaware limited
  partnership

  

 

	
   

  	
  By:

  	
  MLP GP LLC, its General
  Partner

  

 

	
   

  	
   

  	
  By:

  	
  Newkirk MLP Corp., its Manager

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
  John J. Cramer

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
						

 

	
  :

  	
  Addresses

  
	
   

  	
   

  
	
   

  	
  1.

  	
  Chief Executive Office:

  
	
   

  	
   

  	
  c/o First Winthrop
  Corporation

  
	
   

  	
   

  	
  7 Bulfinch Place,
  Suite 500

  
	
   

  	
   

  	
  Boston, Massachusetts
  02114

  
	
   

  	
   

  	
   

  
	
   

  	
  2.

  	
  Principal Place of
  Business:

  
	
   

  	
   

  	
  c/o First Winthrop
  Corporation

  
	
   

  	
   

  	
  7 Bulfinch Place,
  Suite 500

  
	
   

  	
   

  	
  Boston, Massachusetts
  02114

  

 

	
   

  	
   

  
	
  ADMINISTRATIVE

  	
   

  
	
  AGENT:

  	
  KEYBANK NATIONAL ASSOCIATION,

  
	
   

  	
  A national banking
  association

  
	
   

  	
   

  

 

	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
  Jeffry M. Morrison

  
	
   

  	
  Title:

  	
  Vice President

  
					

 

16

 

SCHEDULE 1

To Pledge

Agreement

 

DESCRIPTION OF PLEDGED INTERESTS

 

	
  Issuers
  of Pledged 

  Interests

  	
   

  	
  Type of 

  Interest

  	
   

  	
  Percentage

  of 

  Issued 

  Interests

  	
   

  	
  Permitted
  Liens

  	
   

  
	
  Newkirk GP LLC

  	
   

  	
  Membership

  	
   

  	
  100.0

  	
  %

  	
  Integrated Group

  	
   

  
	
  Newkirk Finco LLC

  	
   

  	
  Membership

  	
   

  	
  100.0

  	
  %

  	
  Integrated Group

  	
   

  
	
  Newkirk Capital LLC

  	
   

  	
  Membership

  	
   

  	
  50.01

  	
  %

  	
  Integrated Group

  	
   

  

 

17

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