Document:

Exhibit 10.103

                          WAREHOUSE SECURITY AGREEMENT

     WAREHOUSE SECURITY AGREEMENT, dated as of June 24, 1998, between E-LOAN,
INC., a California corporation (the "Assignor"), and GE CAPITAL MORTGAGE
SERVICES, INC., a Now Jersey corporation, as security agent (the "Security
Agent") for the benefit of Cooper River Funding Inc. (the "Lender") as the
landlord under the Warehouse Credit Agreement, dated as of June 19, 1998, among
the Assignor, the Lender and GB Capital Mortgage Services, Inc., as Agent (as
the same may from time to time be amended or supplemented, the "Warehouse Credit
Agreement"). Capitalized terms used herein and not defined herein shall have the
meanings specified in the Warehouse Credit Agreement.

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

     WHEREAS, the Assignor desires to receive Advances under the Warehouse
Credit Agreement;

     WHEREAS, the Lender has agreed to provide the Advances to the Assignor on
the terms and conditions specified in the Warehouse Credit Agreement; and

     WHEREAS, it is a condition precedent to the effectiveness of the Warehouse
Credit Agreement and the making of the Advances that the Assignor shall have
executed and delivered this Warehouse Security Agreement to the Security Agent;

     NOW, THEREFORE, in consideration of the benefits to the Assignor the
receipt and sufficiency of which am hereby acknowledged, the Assignor hereby
makes the following representations and warranties to the Security Agent and
hereby covenants and agrees with the Security Agent as follows:

     1.   SECURITY INTERESTS. As security for the Prompt and complete payment
and Performance when due of all of the Obligations, the Assignor does hereby
sell, pledge, assign, hypothecate, transfer and grant unto the Security Agent,
for the benefit of the Lender, a continuing security interest of first priority
in all of the right, title and interest of the Assignor in, to and under all of
the following, whether now existing or hereafter from time to time acquired (all
of the following, collectively, the "Collateral"):

               (i)  all Mortgage Loans which from time to time are, or are
     required to be, pledged or delivered to the Security Agent hereunder or
     pursuant to the Warehouse Credit Agreement, and all Mortgage Loans as to
     which any Collateral Document is, or is required to be, pledged or
     delivered to the Security Agent hereunder or pursuant to the Warehouse
     Credit Agreement, in each case including, without limitation, each Mortgage
     Note evidencing each such Mortgage Loan and each Mortgage securing each
     such Mortgage Note;

               (ii) all Mortgage-backed Securities which from time to time are,
     or an required to be, pledged or delivered to, or registered by book-entry
     in the name of, the

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                                                                  Exhibit 10.103

     Security Agent  or  any  designee  thereof  or agent therefor  hereunder or
     pursuant to the Warehouse Credit Agreement;

               (iii) all Liquid Assets which am from time to time pledged or
     delivered to, or registered by book-entry in the name of, the Security
     Agent or any designee thereof or agent therefor hereunder and pursuant to
     the Warehouse Credit Agreement and all instruments or certificates
     evidencing any such Liquid Assets;

               (iv) all General Intangibles, Instruments and Chattel Paper
     evidencing, securing, supporting or relating to Mortgage Loan or
     Mortgage-backed Securities described in clauses (i) or (ii) above,
     including, without limitation, causes of action, foreclosure suits and any
     judgments therein, relating thereto;

               (v)  all Receivables, Contracts, and Contract Rights relating to
     Mortgage Loans or Mortgage-backed Securities described in clause (i) or
     (ii) above and pursuant to the Warehouse Credit Agreement, including,
     without limitation, (A) all Purchase Commitments, (B) all Master
     Commitments, (C) all commitments to insure or guarantee and all guarantees,
     (D) all insurance policies and any claims thereunder, (E) rights to
     maintain any escrows, (F) rights under any agreement pursuant to which any
     Mortgage Loan or Mortgage-backed Security described in clauses (i) or (ii)
     above was purchased or issued, as the case may be, and (G) all escrow
     accounts and all monies, securities and instruments deposited or required
     to be deposited in the escrow accounts;

               (vi) (vi) all rights of the Assignor to service any Mortgage Loan
     described in clause (i) above and to receive any payment or compensation
     for the. servicing of any such Mortgage Loan, and all rights to receive
     from any mortgagor on whose behalf the Assignor has advanced funds, and
     whose Mortgage Loan is described in clause (i) above or whose Mortgage Loan
     secures a Mortgage-backed Security described in clause (ii) above, payment
     or reimbursement of the amount so advanced;

               (vii) all Collateral Documents and all other documents,
     instruments, certificates, forms, statements, surveys, appraisals,
     correspondence, files, tapes, discs, cards, computer programs, accounting
     records and other information and data relating to any or all of the
     foregoing;

               (viii) all Interest Rate Hedging Contracts with respect to the
     Mortgage Loan described in clause (i) above; and

               (ix) any proceeds of any and all of the foregoing.

     2.   POWER OF ATTORNEY. The Assignor hereby constitutes and appoints each
of the Security Agent and the Lender its true and lawful attorney, irrevocably,
with fun power after the occurrence of a Default(in the name of such Assignor or
otherwise) to act, require, demand, receive, compound and give acquittance for
any and all monies and claims for monies due or to become due to the Assignor
under or arising out of the Collateral, to execute and deliver any consents,
approvals, powers of attorney, assignments of mortgages, purchase contracts or
any other documents related to the Collateral, to endorse any check or other
instruments or orders in connection therewith and to file any claims or take any
action or institute any proceedings which

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                                                                  Exhibit 10.103

the Security Agent or the Lender may deem to be necessary or advisable in the
promises, which appointment as attorney is coupled with an interest.

     3.   PAYMENTS ON THE COLLATERAL. If, while this Security Agreement is in
effect, the Assignor shall become entitled to receive or shall receive any
principal or interest or any other payment in respect of the Collateral, the
Assignor agrees to accept the same as the Security Agent's agent and to hold the
same in trust on behalf of the Security Agent, and, if required to do so
pursuant to the terms of the Warehouse Credit Agreement, to deliver the same
forthwith to the Security Agent. All sums of money so paid in respect of the
Collateral which are received by the Assignor and paid to the Security Agent
shall be credited against the Obligations. So long as no Default or Event of
Default has occurred and is continuing, any amounts received by the Security
Agent in respect of the stated interest on any Collateral in excess of the
amounts then owing to the Lender pursuant to the Warehouse Credit Agreement and
the Note shall, upon request of the Assignor, be remitted to the Assignor
subject to the deduction therefrom by the Security Agent of such amount as the
Agent shall reasonably designate as a reserve for application to any fees or
accrued interest payable by the Assignor with respect to the calendar month in
which such amounts are received by the Security Agent.

     4.   RELEASE OF COLLATERAL; SUBSTITUTION. (a) So long as no Default or
Event of Default has occurred and is continuing or would result therefrom, upon
the Assignor's request therefor and a prepayment by the Assignor of Advances in
an amount sufficient to cause the amount of Advances outstanding to be less than
or equal to the Borrowing Base (calculated without reference to any Collateral
which the Assignor requests be released from the Lien granted pursuant hereto)
and a deposit by the Assignor of such amount as the Agent shall reasonably
designate as a reserve for application to any fees or accrued interest payable
under the Warehouse Credit Agreement with respect to the calendar mouth in which
such prepayment occurs, the Security Agent shall, within one Business Day after
the later of the receipt of such request or such prepayment and deposit, release
from the Lien granted pursuant hereto and deliver to the Assignor (i) the
Collateral corresponding to such Mortgage Loan(s) or Mortgage-backed
Security(ies) and (ii) the Collateral Documents pertaining thereto.

          (b)  So long as no Default or Event of Default has occurred and is
continuing, in lieu of any required prepayment of principal pursuant to Section
4.02 of the Warehouse Credit Agreement, the Assignor may, subject to the terms
and conditions of the Warehouse Credit Agreement and the consent of the Agent,
substitute and pledge additional Eligible Mortgage Loans and/or Eligible
Nonconforming Mortgage Loans (together with all required Collateral Documents
with respect thereto) having a Collateral Value in an amount such that
immediately after giving effect to such substitution or addition, such
prepayment is no longer required.

          (c)  In the event that the Security Agent shall be required to release
any Collateral pursuant to the provisions of Sections 4.03 or 4.04 of the
Warehouse Credit Agreement, the Security Agent shall release any such Collateral
consisting of Mortgage Loans under the following circumstances:

               (i)  To an Investor (or its custodian) under a bailee agreement
     in the form of either Schedule I or Schedule II attached hereto (a "Bailee
     Agreement"), as and to the extant required hereunder, for its examination
     and purchase, which Bailee

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                                                                  Exhibit 10.103

Agreement shall provide instructions to such investor (or its custodian) to
remit payment directly to the Security Agent (but in no event shall such amounts
be paid to the Security Agent later than the date of settlement) or to return
the Collateral to the Security Agent within 21 days, in accordance with the
Security Agent's instructions, and subject to the following:

                    (A)  such delivery may be made upon the receipt by the
          Security Agent of a written request from the Assignor at least one
          Business Day before such delivery is to be made. provided that such
          delivery is in compliance with the terms of the applicable Purchase
          Commitment:

                    (B)  before the Security Agent shall deliver any Collateral
          to GNMA, FHLMC, FNMA or any other Investor or to any custodian for
          such Investor, the Assignor shall have delivered to the Security Agent
          copies of all necessary or appropriate forms, schedules and/or other
          documents requested by the Security Agent to effect delivery and
          payment thereof in accordance with instructions to be provided by
          Security Agent; and

                    (C)  the forms described In the preceding clause (B) shall
          be delivered to GNMA, FNMA, FHLMC or such other Investor, or to a
          custodian for any thereof, as the case may be, in connection with the
          delivery of the Collateral.

               (ii) If a pledged Collateral Document requires correction, to the
     Assignor under cover of a bailee letter requiring the document to be
     returned to the Security Agent within 14 days as set forth hereunder,

          (d)  In the event that the Security Agent shall be required to release
any Collateral pursuant to the provisions of Section 4.03 or 4.04 of the
Warehouse Credit Agreement, the Security Agent shall release any such Collateral
consisting of Mortgage-backed Securities to the Investor under the related
Purchase Commitment on the settlement date specified in such Purchase Commitment
by book-entry transfer of such Mortgage-backed securities to the account of such
Investor against the wire transfer to the account of the Security Agent of the
full purchase price specified in such Purchase Commitment; provided that the
Security Agent shall have received from the Investor or the Assignor appropriate
instructions with respect to such delivery, transfer and payment.

          (e)  Notwithstanding anything in the foregoing to the contrary, the
Security Agent shall not be obligated to take any action in respect of any
release of any Collateral which would adversely affect any possessory lien in
favor of the Leader in such Collateral unless such release, is for the purpose
of terminating such possessory lien.

     5.   RIGHTS OF THE SECURITY AGENT. The Security Agent shall not be liable
for failure, to collect under or realize upon any Collateral or any part
thereof, or for any delay in to doing nor shall it be under any obligation to
take any action whatsoever with regard thereto. If an Event of Default or
Default has occurred and is continuing, the Security Agent may thereafter,
without notice, exercise all rights, privileges or options pertaining to any
Collateral as if it were the absolute owner thereof, upon such terms and
conditions as it may determine, all without liability

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                                                                  Exhibit 10.103

except to account for property actually received by it, but the Security Agent
shall have no duty to exercise, any of the aforesaid rights, privileges or
options and shall not be responsible for any failure to do so or delay in so
doing.

     6.   REMEDIES. The Assignor agrees that, if any Event of Default shall have
occurred and be continuing, then and in every such case, subject only to any
mandatory requirements of applicable law then in effect, the Security Agent, in
addition to any rights now or hereafter existing under applicable law, shall
have all rights of a secured creditor under the Uniform Commercial Code in all
relevant jurisdictions and may:

          (a)  Instruct the obligor or obligors on any agreement, instrument or
other obligation constituting the Collateral to make any payment required by the
terms of such instrument, agreement or obligation directly to the Security Agent
and, in connection therewith, complete and deliver to such obligors the
notification letters from the Assignor delivered to the Security Agent pursuant
to Section 10(c) hereof; and

          (b)  Sell, assign or otherwise liquidate, or direct the Assignor to
sell, assign or otherwise liquidate, any or all of the Collateral or any part
thereof, on a servicing released basis or otherwise, and take possession of the
proceeds of any such see, assignment or liquidation. Any Collateral may be sold,
assigned, or otherwise disposed of under one or more contracts or as an
entirety, and without the necessity of gathering at the place of sale the
property to be sold, and in general in such manner, at such time or times, at
such place or places and on such terms as the Security Agent may, in compliance
with any mandatory requirements of applicable law, determine to be commercially
reasonable. To the extent permitted by any such requirement of law, the Security
Agent on behalf of the Lender and/or the holder of the Note may bid for and
become the purchaser of the Collateral, or any item thereof, offered for sale in
accordance with this Section 6 without accountability to the Assignor (except to
the extent of surplus money received as Provided in Section 8). The Security
Agent need give the Assignor only such notice of disposition as shall be
required under the provisions of applicable law.

     7.   WAIVER OF CLAIMS. (a) Except as otherwise provided in this Agreement,
THE ASSIGNOR hereby waives, TO THE EXTENT PERmitTED BY APPLICABLE LAW, NOTICE
AND JUDICIAL HEARINg IN connection with the security agent's DISPOSITION OF ANY
OF THE COllATERAL., INCLUDING, WITHOUT LimitATION, ANY AND ALL PRIOR NOTICE AND
heARING FOR any prejudgment remedy or remedies AND ANY SUCH RIGHT WHICH the
ASSIGNOR WOUld OtheRWISe HAVE UNDER the CONSTITUTION or any statutes of the
united states or of any state, and the Assignor hereby further waives, to the
extent permitted by law:

               (i)  All requirements as to the time, place and terms of sale or
     other requirements with respect to the enforcement of the Security Agent's
     rights hereunder; and

               (ii) All rights of redemption, appraisement, valuation, stay,
     extension or moratorium now or hereafter in force under any applicable law
     In order to prevent or delay the enforcement of this Agreement or the
     absolute sale of the Collateral or any

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                                                                  Exhibit 10.103

     portion thereof, and the Assignor, for itself and all who may claim under
     it, insofar as it now or hereafter lawfully may, hereby waives the benefit
     of all such laws.

Any sale of, or the grant of options to purchase, or amy other realization upon,
any  Collateral  shall operate to divest all right,  fide,  interest,  claim and
demand,  either at law or in equity,  of the Assignor  therein and thereto,  and
shall be a  perpetual  bar both at law and in equity  against the  Assignor  and
against any and all Persons  claiming or attempting g to claim the Collateral so
sold,  optioned or realized upon, or any part thereof,  from,  through and under
the Assignor.

          (b)  The Assignor hereby waives any Claims for damages or otherwise
which it may have against the Security Agent for any acts the Security Agent may
take as Security Agent hereunder pursuant to the direction of the Lender, the
Agent or the Collateral Agent. In the event that a dispute should arise over
whether any item of the Collateral is subject to the rights of a third party,
the Security Agent agrees, at the request of the Lender, the Agent or the
Collateral Agent, to deliver such Collateral to the Lender, the Agent or the
Collateral Agent, as the case may be, or its designee, and the Assignor agrees,
to hold the Security Agent harmless in respect of claim of such third parties
arising from such delivery.

     8.   APPLICATION OF PROCEEDS. The proceeds of any Collateral disposed of
pursuant to Section 6 shall be applied as follows:

          (a)  To the payment of any and all expenses and fees (including
reasonable attorneys' fees) incurred by the Security Agent in disposing of
Collateral and my and all amounts incurred by the Security Agent in connection
therewith;

          (b)  Next, any surplus then remaining to the payment of the
Obligations it the following order of priority:

               (i)  all interest accrued and unpaid on the Advances made;

               (ii) the principal amount owing on the Advances made;

              (iii) the Fees then owing to the Lender and the Security Agent;
                    and

               (iv) all other Obligations then owing.

          (c)  (c) If the Commitment is then terminated, and no other Obligation
is outstanding, any surplus then remaining shall be paid to the Assignor,
subject, however, to the rights of the holder of any then existing Lien of
which, the Security Agent has actual notice (without investigation); it being
understood that the Assignor shall remain liable to the extent of any deficiency
between the amount of the proceeds of the Collateral and the aggregate amount of
the sums referred to in clauses (a) and (b) of this Section 8 with respect to
the Assignor.

     9.   DISCONTINUANCE OF PROCEEDINGS. In case the Security Agent shall have
instituted any proceeding to enforce any right, power or remedy under this
Agreement by foreclosure, sale, entry or otherwise, and such proceeding shall
have been discontinued or abandoned for any reason or shall have been determined
adversely to the Security Agent, then and in every such case the Assignor, the
Security Agent and each holder of any of the Obligations shall be restored

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                                                                  Exhibit 10.103

to their former positions and rights hereunder with respect to the Collateral
subject to the security interest created under this Agreement and all rights,
remedies and powers of the Security Agent shall continue as it no such
proceeding had been instituted.

     10.  REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE ASSIGNOR. The
Assignor represents and warrants on the date hereof, on each date on which any
Advance is made and on each date on which any Mortgage Loans or Mortgage-backed
Securities are delivered to the Security Agent for the purposes of pledge
hereunder, and covenants that:

          (a)  NECESSARY FILINGS. All filings, registrations and recordings
necessary or appropriate to create, preserve, protect and perfect the security
interest granted by the Assignor hereby in respect of the Collateral have been
accomplished and the security interest granted pursuant to this Agreement in and
to the Collateral constitutes a valid and enforceable perfected security
interest therein superior and prior to the rights of all other Persons therein
and subject to no other Liens (except that the Collateral may be subject to
Liens permitted pursuant to Section 8.01 of the Warehouse Credit Agreement) and
is entitled to all the rights, priorities and benefits afforded by the Uniform
Commercial Code or other relevant law as enacted in any relevant jurisdiction to
perfected security Interests.

          (b)  NO LIENS. The Assignor is, and as to Collateral acquired by it
from time to time after the date hereof the Assignor will be, the owner of all
the Collateral free from any Lien or other right, title or interest of any
Person (other than Liens permitted pursuant to Section 8.01 of the Warehouse
Credit Agreement), and the Assignor shall defend the Collateral against all
claims and demands of a Persons at any time claiming the same or any interest
therein adverse to the Lender;

          (c)  OTHER FINANCING STATEMENTS. There is no financing statement (or
similar statement or instrument of registration under the law of any
jurisdiction) covering or purporting to cover any interest of any kind in the
Collateral and so long as the Commitment has not been terminated, the Note is
outstanding or any of the Obligations, remain unpaid, the Assignor will not
execute or authorize to be filed In any public office any financing statement
(or similar statement or instrument of registration under the law of any
jurisdiction) or statements relating to the Collateral, except financing
statements filed or to be filed in respect of and covering the security
interests granted hereby by the Assignor.

          (d)  CHIEF EXECUTIVE OFFICES; RECORDS. The chief executive office of
the Assignor is located at the address set forth opposite its signature hereto.
The Assignor will not move such office except to such new location as the
Assignor may establish in accordance with the last sentence of this Section
10(d). Except as provided in the Warehouse Credit Agreement, the originals of
all documents evidencing the Collateral and the only original books of account
and records of the Assignor relating thereto are, and will continue to be, kept
at such chief executive office, or at such new locations as the Assignor may
establish in accordance with the last sentence of this Section 10(d). Except as
provided in the Warehouse Credit Agreement, all of the Collateral is, and will
continue to be, maintained at, and controlled and directed (including, without
limitation, for general accounting purposes) from, such office locations shown
above, or such new locations as the Assignor may establish in accordance with
the last sentence of this Section 10(d). The Assignor shall not establish a new
location for such offices

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until (i) it shall have given to the Security Agent not less than 45 days' prior
written notice of its intention so to do, clearly describing such new location
and providing such other information in connection therewith as the Security
Agent may reasonably request, and (ii) with respect to such new location, it
shall have taken all action, satisfactory to the Security Agent, to maintain the
security interest of the Security Agent in the Collateral intended to be,
granted hereby at all times fully perfected and in full force and effect.

          (e)  OBLIGOR NOTICES. The Assignor shall deliver to the Security Agent
at the time of the initial pledge of Collateral to the Security Agent hereunder,
and at such times thereafter as the Security Agent shall request, such number of
form letters to obligors on Mortgage Loans as the Security Agent shall
reasonably request, such letters to be on the Assignee's letterhead, addressed
in blank, signed by the Assignor and instructing such obligors that, commencing
with the payment date following receipt thereof, all payments to be made by such
obligor on such obligor's Mortgage Loan shall henceforth be made to the security
Agent or its designee. The Security Agent agrees that it will only complete
and/or deliver any such letter to an obligor on a Mortgage Loan if an Event of
Default shell have occurred and be continuing and any cure period provided in
the Warehouse Credit Agreement shall have expired. The Security Agent shall give
the Assignor notice of its delivery of any such letters.

          (f)  PROTECTION OF SECURITY. The Assignor will do nothing to Impair
the rights of the Security Agent or Lender in the Collateral.

          (g)  NO DISPOSITION, ETC. Without the prior written consent of the
Security Agent, the Assignor agrees that it will not sell, assign, transfer,
exchange, or otherwise dispose of, or grant any option with respect to, the
Collateral, nor will it create, incur or permit to exist any pledge, lien,
mortgage, hypothecation, security interest, charge, option or any other
encumbrance with respect to any of the Collateral, or any interest therein, or
any proceeds thereof, except for Liens permitted pursuant to Section 8.01 of the
Warehouse Credit Agreement and the Lien and security interest provided for by
this Agreement and except for any sale or other disposition as permitted under
Sections 4(c)(i) and 4(d) of this Agreement.

          (h)  FURTHER ACTIONS. Assignor will, at its own expense, make,
execute, endorse, acknowledge, file and/or deliver to the Security Agent from
time to time such lists, descriptions and designations of the Collateral,
confirmatory assignments, conveyances, financing statements, transfer
endorsements, powers of attorney, certificates, reports and other assurances or
instruments and take such further steps relating to the Collateral, and other
property or rights covered by the security interest hereby granted, which the
Security Agent deems reasonably appropriate or advisable to perfect, preserve or
protect its security interest in the Collateral. The Assignor will pay any
applicable filing fees and related expenses. The Assignor authorizes the
Security Agent to file any such financing statement without the signature of the
Assignor to the extent permitted by applicable law.

          (i)  MORTGAGE FILES AND RELATED RECORDS. The Assignor, if it is
servicing any Mortgage Loans pledged as Collateral or any Mortgage Loans which
secure a Mortgage-backed Security pledged as Collateral, will maintain (or will
cause any subservicer thereof to maintain) satisfactory and complete records
with respect to such Mortgage Loans (including but not limited to any applicable
credit/origination files) sufficient to permit the proper servicing and
efficient

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                                                                  Exhibit 10.103

sale thereof. Upon the occurrence of an Event of Default; the Assignor will (i)
deliver and turn over to the Security Agent, or at the option of the Security
Agent shall provide the Security Agent with access to, at any time on demand of
the Security Agent, the mortgage files maintained by the Assignor with respect
to, and all books, records and computer software, tapes or disks relating to,
the Mortgage Loans pledged as Collateral hereunder and/or (ii) allow the
Security Agent to occupy the premises of the Assignor where such mortgage files,
books, records and computer tapes an located and utilize such premises and the
equipment located thereon to service, administer and collect the Collateral.

          (j)  MORTGAGE NOTES. The Assignor shall notify the Security Agent (x)
of (i) any payment default in respect of any pledged Collateral which has
continued for 30 days, 60 days or 90 days, respectively, and any other material
default In any other term of any pledged Collateral, (ii) the occurrence of an
Insolvency Event (of which the Borrower has knowledge) in respect of any obligor
on any Mortgage Loan pledged as Collateral and (iii) the commencement of
foreclosure or similar proceedings in respect of the premises which secure any
Mortgage Loan pledged as Collateral, such notice to be delivered not later than
three (3) Business Days following the occurrence thereof in the cast of clauses
(i) and (iii) and promptly upon the Assignee's receiving notice or otherwise
becoming aware thereof in the case of clause (ii) and (y) immediately upon the
payment by any mortgagor of principal under any Mortgage Note then hold by the
Security Agent hereunder in an amount of $1,000 or more in excess of the
regularly scheduled installment thereon, identifying the loan number of such
Mortgage Loan and the amount so paid.

          (k)  RECOURSE. This Agreement Is made with full recourse to the
Assignor and pursuant to and upon all the warranties, representations, covenants
and agreements on the part of the Assignor contained herein, in the Warehouse
Credit Agreement and otherwise in writing in connection herewith or therewith.

     11.  SEVERABILITY. Any provision of this Security 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.  NO WAIVER, REMEDIES CUMULATIVE. The Security Agent shall not by any
act, delay, omission or otherwise be deemed to have waived any of its rights or
remedies hereunder and no waiver shall be valid unless in writing, signed by the
Security Agent, and then only to the extent therein set forth. A waiver by the
Security 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 Security Agent would
otherwise have on any future occasion. No failure or delay on the part of the
Security Agent or any holder of the Note in exercising any right, power or
privilege hereunder or under any other Credit Document and no course of dealing
between the Assignor and the Security Agent or the holder of the Note shall
operate as it waiver thereof, nor shall any single or partial exercise of any
right, power or privilege hereunder or under any other Credit Document preclude
any other or further exercise thereof or the exercise of any other fight power
or privilege hereunder or thereunder. The rights, powers and remedies herein or
in any other Credit Document provided are cumulative and may be exercised singly
or concurrently, and are not

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                                                                  Exhibit 10.103

exclusive of any rights, powers or remedies which the Security Agent or the
holder of the Note would otherwise have. No notice to or demand on the Assignor
in any case shall entitle the Assignor to any other or further notice or demand
in similar or other circumstances or constitute a waiver of the rights of the
Security Agent or this holder of the Note to any other or further action in any
circumstances without notice or demand. In the event that the Security Agent
shall bring any suit to enforce any of its rights hereunder and shall be
entitled to judgment, then the Security Agent may recover the reasonable
expenses, including attorneys' fees incurred in such suit and the amounts
thereof shall be included in such judgment.

     13.  INDEMNITY; REIMBURSEMENT. (a) The Assignor agrees to indemnify,
reimburse and hold the Security Agent the holder of the Note, and their
respective officers, directors, employees, representatives, agents and assigns
(hereinafter in this Section 13 referred to individually as an "Indemnitee" and
collectively as the "Indemnitees") harmless from any and all liabilities,
obligations, losses, damages, penalties, claims, actions, judgments, suits,
costs, expenses or disbursements (including reasonable attorneys' fees and
expenses) (for the purposes of this Section 13 the foregoing are collectively
called "expenses") of whatsoever kind or nature which may be imposed on,
asserted against or incurred by any of the Indemnitees in any way relating to or
arising out of this Agreement, any other Credit Document or the documents
executed in connection herewith and therewith or in any other way connected with
the administration of the transactions contemplated hereby and thereby or the
enforcement of any of the terms of or the preservation of any rights under any
thereof, or in any way relating to or arising out of the ownership, ordering,
purchase, delivery, control, acceptance, financing, possession, condition, sale,
return or other disposition or use of the Collateral (including, without
limitation, latent or other defects, whether or not discoverable), the violation
of the laws of any country, state or other governmental body or unit; any tort
(including, without limitation, claims arising or imposed under the doctrine of
strict liability. or for or on account of injury to or the death of any Person
(including any Indemnitee), or for property damage) or any contract claim;
provided that no Indemnitee shall be indemnified pursuant to this Section 13(a)
for expenses to the extent caused by the gross negligence or willful misconduct
of such Indemnitee. The Assignor agrees that upon written notice by any
Indemnitee of any assertion that could give rise to an expense, it shall assume
full responsibility for the defense thereof. Each Indemnitee agrees to use its
best efforts to promptly notify the Assignor of any such assertion of which such
Indemnitee has knowledge.

          (b)  Without limiting the application of Section 13(a), the Assignor
agrees to pay, or reimburse the Security Agent for, any and all fees, costs and
expenses of whatever kind or nature incurred by it in connection with (i) the
handling of the Collateral and its other obligations hereunder and the
enforcement of its rights hereunder and (ii) the creation, preservation or
protection of the Security Agent's Lien on, and security interest in, the
Collateral, including, without limitation, any fees, costs and expenses in
connection with the transmittal and delivery of any Mortgage Loan or related
documents to any third party, the delivery, storage, pledge, registration or
sale of Mortgage-backed Securities, all fees and tuft in connection with the
recording or filing of instruments and documents in public offices, payment of
discharge of any taxes or Liens upon or in respect of the Collateral, premiums
for insurance With respect to the Collateral and all other fees, costs and
expenses (including, without limitation, the reasonable fees and out-of-pocket
expenses of any legal counsel, public accountant and other expert or advisor
retained by the Security Agent) in connection with protecting, maintaining or
preserving

                                      -10-
<PAGE>
                                                                  Exhibit 10.103

the Collateral and the Lender's interest therein, whether through judicial
proceedings or otherwise, or in defending or prosecuting any actions, suits or
proceedings arising out of or relating to the Collateral.

          (c)  Without limiting the application of Section 13(a) or (b), the
Assignor agrees to pay, indemnify and hold each Indemnitee harmless from and
against any expenses which such Indemnitee may suffer, expend or incur in
consequence of or growing out of any representation by the Assignor in this
Agreement or any of the other Credit Documents or in any statement or writing
contemplated by or made or delivered pursuant to or in connection with this
Agreement or any of the other Credit Documents.

          (d)  If and to the extent that the Obligations of the Assignor under
this Section 13 are unenforceable for any reason, the Assignor hereby agrees to
make the maximum contribution to the payment and satisfaction of such
obligations which is permissible under applicable law.

     14.  DEFINITIONS. The following terms shall have the meanings herein
specified unless the context otherwise requires. Such definitions shall be
equally applicable to the singular and plural form of the terms defined.

     "Agreement" shall mean this Warehouse Security Agreement, as modified,
supplemented or amended from time to time.

     "Assignor" shall have the meaning provided in the first paragraph of this
Agreement.

     "Chattel Paper" shall have the meaning assigned that term under the UCC.

     "Collateral" shall have the meaning provided in Section 1.

     "Contract Rights" shall mean all rights of the Assignor (including, without
limitation, all rights to payment) under each Contract.

     "Contracts" shall mean all contracts between the Assignor and one or more
additional parties.

     "Documents" shall have the meaning assigned that term under the UCC.

     "General Intangibles" shall have the meaning assigned that term under the
UCC.

     "Indemnitee" shall have the meaning specified in Section 13.

     "Instrument" shall have the meaning assigned that term under the UCC.

     "Interest Rate Hedging Contract" shall mean any interest rate swap
agreement, interest rate cap agreement, interest rate collar agreement, interest
rate insurance arrangement, future or option contract in respect of U.S.
government securities or Mortgage-backed Securities or any other agreement,
arrangement or security position designed to provide protection to the Assignor
against fluctuations in interest rates.

                                      -11-
<PAGE>
                                                                  Exhibit 10.103

     "Obligations" shall mean: (a) all indebtedness, fees, obligations and
liabilities (including, without limitation, guarantees and other contingent
liabilities) of the Assignor to the Lender, the Agent, the Security Agent or the
holder of the Note arising under or in connection with any Credit Document; (b)
any and all sums advanced by the Security Agent in order to preserve the
Collateral or preserve its security interest in the Collateral and any other
amounts owing to the Security Agent hereunder; and (c) in the event of any
proceeding for the collection or enforcement of any indebtedness, obligations or
liabilities of the Assignor referred to in clause (a), after an Event of Default
shall have occurred and be continuing, the reasonable expenses of re-taking,
holding, preparing for sale or lease, selling or otherwise disposing or
realizing on the Collateral, or f any exercise by the Security Agent of its
rights hereunder, together with reasonable attorneys' fees and court costs.

     "Proceeds" shall have the meaning assigned that term under the UCC or under
other relevant law and, in any event, shall include, but not be limited to, (i)
any and all proceeds of any insurance, indemnity or warranty or payable to the
Security Agent or the Assignor from time to time with respect to any of the
Collateral, (ii) any and all payments (in any form whatsoever) made or due and
payable to the Assignor from time to time in connection with any requisition,
confiscation, condemnation, seizure or forfeiture of all or any part of the
Collateral by any governmental authority (or any Person acting under color of
governmental authority), (iii) any and all securities issued with respect to any
of the Collateral (whether issued by GNMA, FNMA, FHLMC or otherwise) and (iv)
any and all other amounts from time to time paid or payable under or in
connection with any of the Collateral (including, without limitation, under any
Purchase Commitment, Master Commitment or guaranty or commitment for guaranty).

     "Receivables" shall mean any "account' as such is defined in the UCC, now
or hereafter owned by the Assignor and, in any event shall include, but shall
not be limited to, all rights to payment whether now in existence or arising
from time to time hereafter, including, without limitation, rights evidenced by
an account, note, contract, security agreement, chattel paper or other evidence
of indebtedness of security, together with (i) all security pledged, assigned,
hypothecated or granted to or hold by the Assignor to secure the foregoing, (ii)
all of the Assignor's right, title and interest in and to any property or goods,
the sale of which give rise thereto, (iii) all guarantees, endorsements and
identifications on, or of, any of the foregoing, (iv) all powers of attorneys
for the execution of any evidence of indebtedness or security or underwriting in
connection therewith, (v) all books, records, ledger cards, data and invoices
relating thereto, (vi) all evidences of the filing of financing statements and
other statements and the registration of other instruments in connection
therewith and amendments thereto, notices to other creditors or secured parties
and certificates from filing or other registration officers, (vii) all credit
information, reports, memoranda relating thereto and (viii) all other writings
related In any way to the foregoing,

     "Security Agent" shall have the meaning provided in the first paragraph of
this Agreement.

     "UCC" shall mean the Uniform Commercial Code as in effect on the date
hereof in the State of New Jersey or in any other relevant jurisdiction, as
applicable.

                                      -12-
<PAGE>
                                                                  Exhibit 10.103

     'Warehouse Credit Agreement" shall have the meaning provided in the first
paragraph of this Agreement.

     15.  NOTICES. All notices and other communications hereunder shall be made
at the addresses, in the manner and with the effect provided in Section 11.02 of
the Warehouse Credit Agreement

     16.  OBLIGATIONS ABSOLUTE. The obligations of the Assignor under this
Agreement shall be absolute and unconditional and shall remain in full force and
effect without regard to, and shall not be released, suspended, discharged,
terminated or otherwise affected by, any circumstance or occurrence whatsoever,
including, without limitation: (a) any renewal, extension, amendment or
modification of, or addition or supplement to or deletion from, any of the
Credit Documents or any other instrument or agreement referred to therein, or
any assignment or transfer of any thereof; (b) any waiver, consent, extension,
indulgence or other action or inaction under or in respect of any such
instrument or agreement or this Agreement or any exercise or non-exercise of any
right, remedy, power or privilege under or in respect of this Agreement or any
other Credit Document; (c) any furnishing of any additional security to the
Security Agent or any acceptance thereof or any sale, exchange, release,
surrender or realization of or upon any security by the Security Agent; or (d)
any invalidity, irregularity or unenforceability of all or part of the
Obligations or of any security therefor.

     17.  SUCCESSORS AND ASSIGNS. This Agreement shall be binding upon and inure
to the benefit of and be enforceable by the respective successors and assigns of
the parties hereto, including, but not limited to, the Collateral Agent;
provided, however, that the Assignor may not assign or transfer any Of its
rights or obligations hereunder without the prior written consent of the
Security Agent. All agreements, statements, representations and warranties made
by the Assignor herein or in any certificate or other instrument delivered by
the Assignor or on its behalf under this Agreement or any Credit Document shall
be considered to have been relied upon by the Security Agent and shall survive
the execution and delivery of this Agreement and the other Credit Documents
regardless of any investigation made by the Security Agent or on its behalf.

     18.  HEADINGS, DESCRIPTIVE, ETC. The headings of the several sections and
subsections of this Agreement are inserted for convenience only and shall not in
any way affect the meaning or construction of any provision of this Agreement.
All references to Sections are to Sections of this Agreement unless otherwise
specified. The words "hereof," "herein," "hereto," and "hereunder" and words of
similar import when used in this Agreement shall refer to this Agreement as a
whole and not to any particular provision of this Agreement.

     19.  ASSIGNOR'S DUTIES. It is expressly agreed, anything herein contained
to the contrary notwithstanding, that the Assignor shall remain liable to
perform all of the obligations, if any, assumed by it with respect to the
Collateral and the Security Agent shall not have any obligations or liabilities
with respect to any Collateral by reason of or arising out of this Agreement,
nor shall the Security Agent be required or obligated in any manner to perform
or fulfill any of the obligations of the Assignor under or with respect to any
Collateral.

                                      -13-
<PAGE>
                                                                  Exhibit 10.103

     20.  TERMINATION; RELEASE. After the termination of the Commitment, and
when all Obligations have been paid in fall and the Note is no longer
outstanding, this Agreement shall terminate, and the Security Agent, at the
request and expense of the Assignor, will execute and deliver to the Assignor
the proper instruments acknowledging the termination of this Agreement, and will
duly assign, transfer and deliver or cause to be delivered to the Assignor
(without recourse and without any representation or warranty) such of the
Collateral as may be in possession of the Security Agent and has not theretofore
been sold or otherwise applied or released pursuant to this Agreement.

     21.  COUNTERPARTS. This Agreement may be executed in any number of
counterparts and by the different parties hereto on separate counterparts, each
of which when so executed and delivered shall be an original, but all of which
shall together constitute one and the same Instrument.

     22.  GOVERNING LAW; SUBMISSION TO JURISDICTION; VENUE. (a) This Agreement
and the rights and obligations of the parties hereunder shall be construed is
accordance with and be governed by the law of the State of New York, without
regard to principles of conflicts of laws. Any legal action or proceeding
against the Assignor with respect to this Agreement may be brought in the courts
of the State of New Jersey located in Camden County or in the United States
Federal Courts located in Camden County, and, by execution and delivery of this
Agreement, the Assignor hereby irrevocably accepts for itself and in respect of
its property, generally and unconditionally, the jurisdiction of the aforesaid
courts.

          (b)  The Assignor hereby irrevocably waives any objection which it may
now or hereafter have to the laying of venue of any of the aforesaid actions or
proceedings arising out of or in connection with this Agreement brought in the
courts referred to in clause (a) above and further hereby irrevocably waives and
agrees not to plead or claim in any such court that any such action, or
proceeding brought in any such court has been brought in an inconvenient forum.

     23.  WAIVER OF JURY TRIAL. THE ASSIGNOR AND THE SECURITY AGENT HEREBY
KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT EITHER OF THEM MAY HAVE
TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF,
UNDER OR IN CONNECTION WITH THIS AGREEMENT AND ANY AGREEMENT CONTEMPLATED TO BE
EXECUTED IN CONJUNCTION HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF DEALING,
STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OR ANY PARTY RELATING HERETO
OR THERETO. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE SECURITY AGENT TO
ENTER INTO THIS AGREEMENT ON BEHALF OF THE LENDER.

     IN WITNESS WHEREOF, the Assignor and the Security Agent have caused this
Security Agreement to be duly executed and delivered on the day and year first
above written.

                                      -14-
<PAGE>
                                                                  Exhibit 10.103

6200 Village Parkway, Suite 102           E-LOAN, INC.,
Dublin, CA 94568                          as Assignor
Telephone No.: (925) 241-2407
Facsimile No.: (925) 556-2614
                                          By:    /s/ JANINA PAWLOWSKI
                                                 -------------------------------
                                          Name:  JANINA PAWLOWSKI
                                                 -------------------------------
                                          Title: CEO
                                                 -------------------------------
Three Executive Campus                    GE CAPITAL MORTGAGE SERVICES, INC.
Cherry Hill, NJ 08002                     as Assignor
Attention:  Martin Schroeter
Telephone No: (609) 661-6110
Facsimile No.: (609) 7528                 By:    /s/ JOHN DOULONG
                                                 -------------------------------
                                          Name:  JOHN DOULONG
                                                 -------------------------------
                                          Title: VICE PRESIDENT
                                                 -------------------------------

                                      -15-
<PAGE>

                                                                  Exhibit 10.103
                                   SCHEDULE I

                            FORM OF BAILEE AGREEMENT

                                BAILEE AGREEMENT

     Bailee Agreement, dated as of ________________, 199__ (this "Agreement"),
by and between ____________________________ [INSERT NAME OF THE
INVESTOR/PURCHASER] (the "Purchaser") and GE Capital Mortgage Services, Inc., in
its capacity as Security Agent for the Lender referred to below (the "Security
Agent").

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

     WHEREAS, pursuant to the term of that certain Warehouse Credit Agreement
dated as of _____________, 199__ (the "Warehouse Credit Agreement"), by and
among Cooper River Funding Inc. (the "Lender"), __________________ [INSERT NAME
OF THE BORROWER] (the "Borrower") and GE Capital Mortgage Services, Inc., as
Agent thereunder for the Lender, the Lender may, from time to time, make
warehouse loans to the Borrower for the purposes of the Borrower to fund
residential mortgage loans (collectively, "Mortgage Loans");

     WHEREAS, the, Borrower has granted to the Security Agent for the benefit of
the Lender a security interest in and to the mortgage notes and the other
mortgage loan documentation relating to the Mortgage Loan (collectively, the
"Collateral") as security for the Warehouse Loans;

     WHEREAS, the Purchaser and the Borrower have entered into one or more
purchase commitments or purchase contracts (the "Purchase Contacts") pursuant to
which the Purchaser proposes to purchase from the Borrower, from time to time,
certain Mortgage Loans and the Collateral relating thereto;

     WHEREAS, the Borrower may, from time to time, request the Security Agent to
deliver the Collateral relating to certain Mortgage Loans to the Purchaser for
the purposes of the Purchaser's inspection of such Collateral prior to the
purchase thereof by the Purchaser, and

     WHEREAS, the Purchaser shall hold any Collateral received by it as bailee
for the benefit of the Security Agent until such time as the Purchaser either
purchases such Collateral or returns such Collateral to the Security Agent upon
the terms and conditions herein set forth;

     NOW, THEREFORE, in consideration of the agreements herein set forth and for
other good and valuable consideration, the parties hereto agree as follows.

     1.   Upon written request from the Borrower to the Security Agent pursuant
to the terms of the Warehouse Credit Agreement, the Security Agent will, from
time to time, deliver Collateral to the Purchaser to be held by the Purchaser as
bailee for the benefit of the Security Agent. The Collateral shall be delivered
to the Purchaser's address set forth opposite its

                                   Schedule I

                                       -1-
<PAGE>
                                                                  Exhibit 10.103

signature below or any other address the Purchaser may designate in writing to
the Security Agent. Enclosed with each such delivery of Collateral shall be a
bailee letter (a "Bailee Letter") substantially in the form of Exhibit A to this
Agreement.

     2.   The Purchaser hereby acknowledges the security interest of the
Security Agent in and to any Collateral received by the Purchaser and hereby
agrees to hold such Collateral as bailee for the benefit of the Security Agent
pursuant to the applicable provisions of the Uniform Commercial Code and upon
the terms and conditions herein set forth.

     3.   The Purchaser's obligations as bailee with respect to any Collateral
received by the Purchaser shall terminate without further action by any party at
such time as the Purchaser has either (a) purchased such Collateral by remitting
in full the purchase price with respect to such Collateral specified in the
applicable Purchase Contract (the "Purchase Price") by wire transfer in
immediately available funds to the account of the Security Agent specified below
and such funds have been received in such account; or (b) delivered and returned
such Collateral to the Security Agent at the Security Agent's address set forth
opposite its signature below or any other address the Security Agent may
designate in writing to the Purchaser (the "Security Agent's Address").

          INSTRUCTIONS FOR WIRE TRANSFER OF FUNDS:

          To:      [INSERT NAME OF BANK]

          ABA No:
                     -----------------------------
          Acct. No.:
                     -----------------------------
          Attention:
                     -----------------------------
          Reference:
                     -----------------------------

          INSTRUCTIONS FOR CREDIT TO SECURITIES
          ACCOUNT FOR BOOK-ENTRY SECURITY ISSUANCE:

          ----------------------------------------

          ----------------------------------------

          ----------------------------------------

     4.   Until such time as any Collateral received by the Purchaser has been
purchased by the Purchaser in accordance with the Purchase Contract and the
Purchase Price has been remitted or credited and received in full by the
Security Agent as set forth in paragraph 3 above, the Purchaser acknowledges and
agrees that (a) such Collateral shall remain subject to the liens and security
interests granted by the Borrower to the Security Agent for the benefit of the
Lender and (b) such Collateral shall be held by the Purchaser only for the
Purchaser's inspection and shall not be delivered or released to any party
(including, without limitation, the Borrower) other than the Security Agent or
its designee identified by the Security Agent to the Purchaser in writing.

     5.   Upon receipt by the Security Agent of the Purchase Price in full with
respect to any Collateral held by the Purchaser in immediately available funds
in the account specified in paragraph 3 above, the Security Agent's security
interest in such Collateral so purchased shall automatically terminate and be
canceled and released without notice or demand. Upon the

                                   Schedule I

                                      -2-
<PAGE>
                                                                  Exhibit 10.103

Purchaser's written request to the Security Agent, the Security Agent shall
provide the Purchaser with appropriate filings, registrations or recordings
necessary to effect such termination, cancellation and release.

     6.   Until such time as the Purchaser has paid the Purchase Price in full
with respect to any Collateral held by the Purchaser, the Security Agent shall
have the right to require the Purchaser at any time, by written notice to the
Purchaser, to immediately deliver and return such Collateral to the Security
Agent at the Security Agent's Address. Anything to the contrary in this
Agreement or any related document notwithstanding, unless such Purchase Price
shall have been received by the Security Agent, the Purchaser agrees to deliver
and return such Collateral to the Security Agent by no later than the date which
is 20 calendar days after the date of the Bailee Letter with which such
Collateral is delivered to the Purchaser without any notice, demand or other
action by the Security Agent.

     7.   The Purchaser agrees that the Purchase Price paid to the Security
Agent with respect to any particular Collateral shall not be reduced due to any
adjustments without the prior written approval of the Security Agent.

     8.   This Agreement may be executed in two counterparts, each of which
counterpart when executed and delivered shall be an original, but together shall
constitute one and the same instrument.

     9.   This Agreement and the rights and obligations of the parties hereunder
shall be construed in accordance with and governed by the laws of the State of
New York, without regard to principles of conflicts of laws.

Three Executive Campus                      GE CAPITAL MORTGAGE SERVICES, INC.
Cherry Hill, NJ 08002                       as Security Agent

Attention:  Martin Schroeter                By:
                                               -------------------------------
                                               Name:
                                               Title:

[INSERT ADDRESS]                            [INSERT NAME OF INVESTOR/ PURCHASER]

                                            By:
----------------------------                   -------------------------------
                                            Name:
----------------------------                Title:

Attention:
          ------------------

                                   SCHEDULE I
                                      -3-
<PAGE>
                                                                  Exhibit 10.103

                                    EXHIBIT A

                                       TO

                                BAILEE AGREEMENT

                       GE CAPITAL MORTGAGE SERVICES, INC.

                             THREE EXECUTIVE CAMPUS

                              CHERRY HILL, NJ 08002

[INSERT ADDRESS OF INVESTOR/PURCHASER]

Attention:  ___________________

                                  BAILEE LETTER

Re:  [INSERT NAME OF THE BORROWER]

Sirs:

     Reference is made to the Bailee Agreement, dated as of _____________,
199__, between [INSERT NAME OF INVESTOR/PURCHASER] (the "Purchaser") and GE
Capital Mortgage Services, Inc. (the "Security Agent").

     Enclosed are the original mortgage notes and mortgage loan documentation
described in the attached Schedule (the "Collateral").

     In accordance with the terms of the Bailee Agreement, by your receipt of
the Collateral: (a) you acknowledge that the Collateral is subject to the
Security Agent's security interest therein; (b) agree to hold the Collateral as
bailee for the benefit of the Security Agent subject to the terms of the Bailee
Agreement; and (c) agree to (i) remit in full the Purchase Price relating to the
Collateral as provided in paragraph 3 of the Bailee Agreement or (ii) in the
alternative, deliver and return the Collateral to the Security Agent to the
address set forth below for the Security Agent's receipt by no later than
__________________, 199__ [INSERT THE DATE THAT IS 20 CALENDAR DAYS AFTER THE
DATE OF THIS LETTER].

                                             Sincerely yours,

Three Executive Campus                       GE CAPITAL MORTGAGE SERVICES, INC.,
Cherry Hill, NJ 08002                          as Security Agent

Attention:  Martin Schroeter

                                             By: _______________________________
                                             Name:
                                             Title:

Enclosures

                                    EXHIBIT A
                                       -1-
<PAGE>

                                                                  Exhibit 10.103

                                   SCHEDULE II

                      [ALTERNATE FORM OF BAILEE AGREEMENT]

                       GE Capital Mortgage Services, Inc.

                             Three Executive Campus

                              Cherry Hill, NJ 08002

                             _______________, 199___

[INSERT NAME OF THE INVESTOR]

------------------------------

------------------------------

------------------------------
Attention:
          --------------------

                                 BAILEE LETTER

Re:  [INSERT NAME OF THE BORROWER]

Sirs:

     The undersigned, as Security Agent an behalf and for the benefit of Cooper
River Funding, Inc. (the Lender"), a lender to ______________________ (the
"Borrower"), has been requested by the Borrower to deliver the enclosed original
mortgage note[s] and mortgage loan documents (collectively the "Collateral")
described in the attached Schedule for your inspection prior to purchase of the
Collateral by you pursuant to a certain purchase contract (the "Purchase
Contract") between you and the Borrower.

     The Borrower has granted to us as Security Agent for the benefit of the
Lender a security interest in and to the Collateral. We hereby deliver the
Collateral to you to be held by you as Bailee, and by your receipt of the
Collateral you agree to hold the Collateral as bailee, for the benefit of us as
Security Agent pursuant to the applicable provisions of the Uniform Commercial
Code and upon the terms and conditions set forth below.

     Your obligations as bailee with respect to the Collateral shall terminate
without further action by any party at such time as when you have either (a)
purchased the Collateral by remitting in full the purchase price specified in
the Purchase Contract (the "Purchase Price") by wire transfer in immediately
available funds to our account specified below and such funds have been received
in such amount; or (b) delivered and returned the Collateral to us at the
address set forth below opposite our signature or such other address notified by
us to you in writing (the "Security Agent's Address").

                                  SCHEDULE II
                                      -2-
<PAGE>
                                                                  Exhibit 10.103

          INSTRUCTIONS FOR WIRE TRANSFER OF FUNDS:

          To:      [INSERT NAME OF BANK]

          ABA No:
                     -----------------------------
          Acct. No.:
                     -----------------------------
          Attention:
                     -----------------------------
          Reference:
                     -----------------------------

          INSTRUCTIONS FOR CREDIT TO SECURITIES
          ACCOUNT FOR BOOK-ENTRY SECURITY ISSUANCE:

          ----------------------------------------

          ----------------------------------------

          ----------------------------------------

     Until the Collateral has been purchased by you in accordance with the
Purchase Contract and the Purchase Price has been remitted or credited and
received in full by us, as set forth above, (a) the Collateral shall remain
subject to the liens and security interests granted by the Borrower to us as
Security Agent for the benefit of the Lender and (b) the Collateral shall be
held by you only for your inspection and shall not be delivered or released to
any party (including, without limitation, the Borrower) other than us or our
designee identified by us to you in writing.

     Upon receipt by us of the Purchase Price in full [in immediately available
funds in the account specified above,] [by book-entry transfer to the securities
account specified above,] our security interest in the Collateral so purchased
shall automatically terminate and be canceled and released without notice or
demand. Upon your written request to us, we shall provide you with appropriate
filings, registrations or recordings necessary to effect such termination,
cancellation and release.

     Until such time as you have paid the Purchase Price , we as Security Agent
shall have the right to require you at any time, by written notice to you, to
immediately deliver and return the Collateral to us at the Security Agent's
Address. Notwithstanding the foregoing, unless the Purchase Price shall have
been received by us, you agree to deliver and return the Collateral to us for
our receipt at the Security Agent's Address by no later than the date which is
[20] calendar days after the date of this letter without any notice, demand or
other action by us.

     The Purchaser agrees that the Purchase Price paid to the Security Agent
with respect to any particular Collateral shall not be reduced due to any
adjustments without the prior written approval of the Security Agent.

     If you are in agreement with the foregoing, please have the enclosed copy
of this letter duly executed by your authorized officer and return it to us at
the Security Agent's Address. In the event that the foregoing is not acceptable
to you please deliver and return to us immediately the Collateral at the
Security Agent's Address by same-day or overnight courier delivery. In the event
we do not receive a copy of this letter duly executed by you, then you shall be
deemed to have accepted possession of the Collateral as bailee for us as
Security Agent, effective the date

                                  SCHEDULE II
                                      -3-
<PAGE>
                                                                  Exhibit 10.103

first written above, subject to the security interest described above and upon
the terms described above.

     This letter shall be governed and construed in accordance with the laws of
the State of New York, without regard to principles of conflicts of laws,

Three Executive Campus                       GE CAPITAL MORTGAGE SERVICES, INC.
Cherry Hill, NJ 08002                        as Security Agent

Attention:                                   By:
          ------------------------              --------------------------------
                                                 Name:
                                                 Title:

Agreed to and accepted as of the
date first written above

[INSERT NAME OF INVESTOR]

By:
   ------------------------
Name:
Title:

                                  SCHEDULE II
                                      -4-<PAGE>

                                                                    EXHIBIT 10.1

              FOURTEENTH AMENDMENT TO SECOND AMENDED AND RESTATED
                       AGREEMENT OF LIMITED PARTNERSHIP
                                      OF
                PRENTISS PROPERTIES ACQUISITION PARTNERS, L.P.

          THIS FOURTEENTH AMENDMENT, dated as of April 1, 2001 (the "Fourteenth
Amendment"), amends the Second Amended and Restated Agreement of Limited
Partnership (as heretofore amended to date, the "Partnership Agreement") of
PRENTISS PROPERTIES ACQUISITION PARTNERS, L.P., a Delaware limited partnership
(the "Partnership").  Capitalized terms used herein but not defined herein shall
have the meanings given to such terms in the Partnership Agreement.

                                   BACKGROUND
                                   ----------

          Pursuant to the Partnership Agreement, Prentiss Properties I, Inc., a
Delaware corporation (the "General Partner"), as the general partner of the
Partnership, has the power and authority to issue additional Partnership
Interests in one or more newly created series of Partnership Interests to
persons on such terms and conditions as the General Partner may deem
appropriate.

          The General Partner, pursuant to the exercise of such power and
authority and in accordance with the Partnership Agreement, has determined to
execute this Amendment to the Partnership Agreement to create a new series of
Partnership Interests to be designated as 7.5% Series E Cumulative Preferred
Units and to evidence the issuance of such additional Partnership Interests and
the admission of Brandywine Operating Partnership, L.P., a Delaware limited
partnership ("Brandywine") as a Limited Partner of the Partnership in exchange
for certain contributions of interests in real estate and real estate related
assets that are being made to the Partnership on the date hereof pursuant to
that certain Contribution Agreement, dated as of March 14, 2001 between the
Partnership and Brandywine (the "Contribution Agreement).

          NOW, THEREFORE, in consideration of the mutual covenants and
agreements herein contained and other good and valuable consideration, the
receipt, adequacy and sufficiency of which are hereby acknowledged, the parties
hereto, intending to be legally bound, hereby amend the Partnership Agreement as
follows:

          1.   In accordance with the Partnership Agreement, Section 4.02 of the
Partnership Agreement is hereby amended by adding Section 4.02(g) to establish,
and to issue to Brandywine, the Series E Preferred Units having the
designations, preferences and other rights set forth below:

               (g) Series E Cumulative Preferred Units of Partnership Interest.
<PAGE>

               1.   Designation and Number. A series of Partnership Interests
designated as 7.5% Series E Cumulative Preferred Units ("Series E Preferred
Units") is hereby established. The number of Series E Preferred Units shall be
200,000. The stated value of a Series E Preferred Unit shall be $50.00 (the
"Stated Value").

               2.   Rank. The Series E Preferred Units shall, with respect to
distribution rights and rights upon liquidation, dissolution or winding up of
the Partnership, rank (i) senior to the Common Units and to all Partnership
Interests ranking junior to the Series E Preferred Units and (ii) on a parity
with all Partnership Interests issued by the Partnership that constitute Parity
Preferred Units.

               3.   Distributions.

                    (1)  Subject to the rights of holders of Parity Preferred
Units and holders of preferred units ranking senior to the Series E Preferred
Units issued after the date hereof in accordance herewith as to payment of
distributions and rights upon liquidation, dissolution or winding-up, the
holders of Series E Preferred Units shall be entitled to receive, when, as and
if declared by the Partnership acting through the General Partner, out of funds
legally available for that purpose, cumulative preferential distributions
payable in cash in an amount per Series E Preferred Unit equal to $0.9375 per
calendar quarter (equivalent to $3.75 per annum or an annual rate of 7.5%). Such
distributions shall be cumulative from the Issue Date (as defined in subsection
I below), whether or not in any Series E Distribution Period or Periods such
distributions shall be authorized or there shall be funds of the Partnership
legally available for the payment of such distributions, and shall be payable
quarterly in arrears on the Series E Distribution Payment Dates, commencing on
the first Series E Distribution Payment Date after the Series E Issue Date. Each
such distribution shall be payable in arrears to the holders of record of the
Series E Preferred Units, as they appear on the records of the Partnership at
the close of business on a record date which shall be not less than 10 and not
more than 60 days prior to the applicable Series E Distribution Payment Date.
Accumulated, accrued and unpaid distributions for any past Series E Distribution
Periods may be authorized and paid at any time, without reference to any regular
Series E Distribution Payment Date, to holders of record on a given date, which
date shall not precede by more than 45 days the payment date thereof, as may be
fixed by the Partnership, acting through the General Partner. The amount of
accumulated, accrued and unpaid distributions on any Series E Preferred Unit, or
fraction thereof, at any date shall be the amount of any distributions thereon
calculated at the applicable rate to and including such date, whether or not
earned or authorized, which have not been paid in cash. The amount of
distributions payable per Series E Preferred Unit for the initial Series E
Distribution Period, or any other period shorter or longer than a full Series E
Distribution Period, shall be computed ratably on the basis of four 90-day
quarters and a 360-day year.

                    (2)  Accumulated but unpaid distributions on the Series E
Preferred Units shall accrue additional distributions at the rate of 12% per
annum. Any distribution

                                      -2-
<PAGE>

payment made on the Series E Preferred Units shall first be credited against the
earliest accumulated but unpaid distribution due with respect to such Series E
Preferred Units which remains payable.

                    (3)  Except as provided in subsection C(iv) below, and for
so long as Series E Preferred Units are outstanding, no distributions (other
than in Common Units or Partnership Interests ranking junior to the Series E
Preferred Units as to distributions and upon liquidation, dissolution or winding
up of the Partnership) shall be authorized or paid or set aside for payment nor
shall any other distribution be authorized or made upon the Common Units or any
other Partnership Interests ranking, as to distributions or upon liquidation,
dissolution or winding up of the Partnership, on a parity with or junior to the
Series E Preferred Units for any period unless full cumulative distributions
have been or contemporaneously are authorized and paid or authorized and a sum
sufficient for the payment thereof set apart for such payment on the Series E
Preferred Units for all past Series E Distribution Periods and the then current
Series E Distribution Period, nor shall any Common Units, or any Partnership
Interests ranking junior to or on a parity with the Series E Preferred Units as
to distributions or upon liquidation, dissolution or winding up of the
Partnership, be redeemed, purchased or otherwise acquired for any consideration
(or any monies be paid to or made available for a sinking fund for the
redemption of any such Partnership Interests) by the Partnership or any other
entity controlled directly or indirectly by the Partnership (except by
conversion into or exchange for Partnership Interests ranking junior to the
Series E Preferred Units as to distributions and upon liquidation, dissolution
or winding up of the Partnership or for the repurchase of Common Units held by
employees, officers or consultants of the Partnership (or their permitted
transferees) that are subject to restrictive share purchase agreements under
which the Partnership has the option or obligation to repurchase such shares
upon the occurrence of certain events, such as termination of employment). The
foregoing sentence will not prohibit the redemption of Partnership Interests
corresponding to any Series E Preferred Shares or any class or series of Junior
Shares to be purchased by Prentiss Properties Trust (the "Trust") pursuant to
Article VII of the Amended and Restated Declaration of Trust (the "Trust") of
the Trust to preserve the Trust's status as a real estate investment trust.

                    (4)  When distributions are not paid in full (or a sum
sufficient for such full payment is not so set apart) upon the Series E
Preferred Units and any other Partnership Interests ranking on a parity as to
distributions with the Series E Preferred Units, all distributions authorized
with respect to the Series E Preferred Units and any other Partnership Interests
ranking on a parity as to distributions with the Series E Preferred Units shall
be authorized pro rata so that the amount of distributions authorized with
respect to the Series E Preferred Units and such other Partnership Interests
shall in all cases bear to each other the same ratio that accumulated
distributions with respect to the Series E Preferred Units and such other
Partnership Interests (which shall not include any accumulation in respect of
unpaid distributions for prior distribution periods if such Partnership
Interests do not have a cumulative distribution) bear to each other.

                                      -3-
<PAGE>

                    (5)  Holders of Series E Preferred Units shall not be
entitled to any distributions, whether payable in cash, other property or
otherwise, in excess of the full cumulative distributions described herein.

                    (6)  No distributions on Series E Preferred Units shall be
declared by the General Partner or paid by the Partnership at such time as the
terms and provisions of any agreement of the Partnership, including any
agreement relating to its indebtedness, prohibits such declaration or payment or
provides that such declaration, payment or setting apart for payment would
constitute a breach thereof or a default thereunder, or if such declaration or
payment shall be restricted or prohibited by law.

               4.   Liquidation Preference.

                    (1)  Subject to the rights of holders of Parity Preferred
Units and holders of preferred units ranking senior to the Series E Preferred
Units issued after the date hereof in accordance herewith with respect to rights
upon voluntary or involuntary liquidation, dissolution or winding-up of the
Partnership, upon any voluntary or involuntary liquidation, dissolution or
winding up of the affairs of the Partnership, the holders of the Series E
Preferred Units shall be entitled to receive out of the assets of the
Partnership legally available for distribution to the Partners, after payment or
legally required provision for debts and other liabilities of the Partnership, a
liquidation preference equal to the Stated Value per Series E Preferred Unit,
plus an amount equal to any accumulated and unpaid distributions to the date of
payment, before any distribution of assets is made to holders of Common Units,
General Partnership Interests or any other Partnership Interests that rank
junior to the Series E Preferred Units as to liquidation rights.

                    (2)  If upon any such voluntary or involuntary liquidation,
dissolution or winding up of the Partnership, the assets of the Partnership are
insufficient to pay the amount of such liquidating distributions on all
outstanding Series E Preferred Units and the corresponding amounts payable on
all other Partnership Interests ranking on a parity with the Series E Preferred
Units in the distribution of assets, then such assets shall be allocated among
the Series E Preferred Units, as a series, and each series of such other
Partnership Interests in proportion to the full liquidating distributions to
which they would otherwise be respectively entitled.

                    (3)  Written notice of any such liquidation, dissolution or
winding up of the Partnership, stating the payment date or dates when, and the
place or places where, the amounts distributable in such circumstances shall be
payable, shall be given by first class mail, postage pre-paid, not less than 10
nor more than 60 days prior to the payment date stated therein, to each holder
of the Series E Preferred Units at the respective addresses of such holders as
the same shall appear on the records of the Partnership.

                                      -4-
<PAGE>

                    (4)  After payment of the full amount of the liquidating
distributions to which they are entitled, the holders of Series E Preferred
Units shall have no right or claim to any of the remaining assets of the
Partnership.

                    (5)  Prior to the third (3rd) anniversary of the Series E
Issue Date, the General Partner shall not permit the Partnership to liquidate,
dissolve, wind up or otherwise consummate a transaction that would cause the
holder of the Series E Preferred Units to recognize a taxable event under
Section 1001 of the Internal Revenue Code of 1986, as amended, with respect to
the Section 704(c) gain associated the Class E Preferred Units and the Common
Units issued pursuant to the Contribution Agreement.

               5.   Redemption.

                    (1)  On and after the third (3rd) anniversary of the Series
E Issue Date, the holders of Series E Preferred Units may require the
Partnership, upon at least 30 days notice, to redeem in whole, but not in part,
the Series E Preferred Units for a redemption price per Series E Preferred Unit
payable in cash equal to the Stated Value plus an amount equal to any
accumulated and unpaid distributions to the date of redemption (the "Aggregate
Redemption Value"). Notwithstanding the forgoing, upon receipt of a redemption
notice from a holder of the Series E Preferred Units and in lieu of payment in
cash as previously provided, the General Partner or Prentiss Properties Trust, a
Maryland real estate investment trust (the "Company"), (or both) may, in its
sole and absolute discretion, elect to purchase directly and acquire such Series
E Preferred Units from the holder of such Series E Preferred Units in exchange
for the number of Common Shares of the Company obtained by dividing the
Aggregate Redemption Value by the Current Market Price on the business day
immediately preceding the redemption date, provided that the Company has filed
with the Securities Exchange Commission a registration statement covering the
resale of such Common Shares and the registration statement has been declared
effective by the Securities and Exchange Commission (the "SEC") under the
Securities Act as of the redemption date (without any stop orders), and the
Company has agreed to use its best efforts to maintain such registration
statement effective until the earlier of the date the Common Shares issue in
payment of the Aggregate Redemption Price have been resold by the holder or six
(6) months following the redemption date. The holder agrees that the Company may
extend the redemption date for up to an additional sixty (60) days as may be
deemed necessary by the Company to have the registration statement declared
effective by the SEC provided that the Company continues to use its best efforts
to have the registration statement declared effective under the Securities Act.
No fractional shares shall be issued upon redemption of the Series E Preferred
Units. Instead of any factional interest in a Common Share that would otherwise
be deliverable, the Company or the General Partner, as the case may be, shall
pay an amount in cash based upon the Current Market Price of the Common Shares
on the business day immediately preceding the redemption date. If the General
Partner or the Company exercises its purchase election and delivers Common
Shares in payment of the Aggregate Redemption Value, then the Partnership will
cause the General Partner or the Company, as the case may be, to issue to the
holder of the redeemed Class E Units additional Common Shares

                                      -5-
<PAGE>

(collectively, "Additional Common Shares") in the event that the holder, within
thirty (30) days following the redemption date, resells the Common Shares issued
in payment of the Aggregate Redemption Value and receives net proceeds from such
sale(s) in an aggregate amount less than the Aggregate Redemption Value (the
amount of such shortfall being referred to below as the "Shortfall"), provided
that the Partnership or the Company is notified in writing within three days of
the redemption date of the holder's intention to resell such Common Shares
and/or any Additional Common Shares and provided further that such holder
reasonably cooperates with the Partnership and the Company in any such sale,
including selling the Common Shares through such broker-dealer as the
Partnership or the Company may specify. The number of Additional Common Shares
to be issued in such circumstance would be calculated by dividing the dollar
amount of the Shortfall by the Current Market Price on the date of the last sale
of the Common Shares issued in payment of the Aggregate Redemption Value, and
the Partnership agrees to use best efforts to cause the Company to register
under the Securities Act the resale of such Additional Common Shares and to
maintain such registration statement effective until the earlier of the date the
Additional Common Shares have been resold by the holder or six (6) months
following the date of their issuance.

                    (2)  Unless full cumulative distributions on all outstanding
Series E Preferred Units have been or contemporaneously are authorized and paid
or authorized and a sum sufficient for the payment thereof set apart for payment
for all past distributions periods and the then current distribution period, the
Partnership shall not purchase or otherwise acquire directly or indirectly any
Partnership Interests ranking junior to or on a parity with the Series E
Preferred Units as to distributions or upon liquidation, dissolution or winding
up of the Partnership; provided that the foregoing restriction on purchases and
acquisitions shall apply only to purchases and acquisitions of Partnership
Interests held by any of the Company, the General Partner, any direct or
indirect subsidiary of the Company or the General Partner or any of Messrs.
Prentiss, August or DuBois.

                    (3)  On or after the redemption date, each holder of Series
E Preferred Units to be redeemed shall present and surrender the certificates
evidencing its Series E Preferred Units to the Partnership at the place
designated by the Partnership and thereupon the redemption price of such Series
E Preferred Units shall be paid or the Company shall issue a certificate or
certificates for the number of full Common Shares issuable upon redemption of
the Series E Preferred Units, as the case may be, to or on the order of the
person whose name appears on such certificate evidencing Series E Preferred
Units as the owner thereof and each surrendered certificate shall be canceled.

                    (4)  From and after the redemption date (unless the
Partnership defaults in payment of the redemption price), all distributions on
the Series E Preferred Units shall cease to accumulate and all rights of the
holders thereof, except the right to receive the redemption price thereof
(including all accumulated and unpaid distributions up to the redemption date),
shall cease and terminate and such Series E Preferred Units shall not be deemed
to be outstanding for any purpose whatsoever.

                                      -6-
<PAGE>

               6.   Voting Rights.

                    (1)  Holders of the Series E Preferred Units shall not have
any voting rights.

                    (2)  So long as any Series E Preferred Units remain
outstanding, the Partnership shall not, without the affirmative vote or consent
of the holders of at least two-thirds of Series E Preferred Units outstanding at
the time, given in person or by proxy, either in writing or at a meeting, (a)
authorize or create, or increase the authorized or issued amount of, any class
or series of Partnership Interests ranking prior to Series E Preferred Units
with respect to the payment of distributions or the distribution of assets upon
voluntary or involuntary liquidation, dissolution or winding up of the
Partnership or reclassify any previously designated Partnership Interests into
such Partnership Interests, or create, authorize or issue any obligation or
Partnership Interests convertible or exchangeable into or evidencing the right
to purchase any such Partnership Interests; or (b) amend, alter or repeal the
provisions of the Partnership Agreement, whether by merger, consolidation or
otherwise, or consummate a merger or consolidation involving the Partnership
(any such merger or consolidation, an "Event"), so as to materially and
adversely affect any right, preference, privilege or voting power of such Series
E Preferred Units or the holders thereof; provided, however, with respect to the
occurrence of any of the Events set forth in (b) above, the occurrence of any
such Event shall not be deemed to materially adversely affect such rights,
preferences, privileges or voting powers of holders of Series E Preferred Units
if immediately after any such Event (i) in which the Partnership is the
surviving entity, there are outstanding no Partnership Interests ranking as to
distribution rights or liquidation preference senior to the Series E Preferred
Units other than the securities of the Partnership outstanding prior to such
Event, (ii) in which the Partnership is not the surviving entity, as a result of
the Event, the holders of the Series E Preferred Units receive limited
partnership interests with preferences, rights and privileges substantially
similar to the preferences, rights and privileges of the Series E Preferred
Units and there are outstanding no limited partnership interests of the
surviving entity ranking as to distribution rights or liquidation preference
senior to the Series E Preferred Units other than the securities issued in
respect of Partnership Interests outstanding prior to such Event or (iii)
whether or not the Partnership is the surviving entity, there are no outstanding
equity securities of the Partnership or its successor (other than securities of
the Partnership outstanding prior to such Event, or securities issued in respect
of securities of the Partnership outstanding prior to such Event) ranking as to
distribution rights or liquidation preference senior to the Series E Preferred
Units.

               7.   Allocations. Allocations of the Partnership's items of
income, gain, loss and deduction shall be allocated among holders of Series E
Preferred Units in accordance with Article V of the Partnership Agreement.

               8.   Transfers. The Series E Preferred Units shall be subject to
the transfer provisions of Article IX of the Partnership Agreement (captioned
Transfer of Limited Partnership Interests); provided that Brandywine may
transfer all or any of the Series E Preferred

                                      -7-
<PAGE>

Units to one or more Affiliates so long as such transferee-Affiliates remain
subject to the restrictions in Article IX.

               9.   Definitions.

          "Current Market Price" shall mean for any day, the last reported sales
price on such day, or, if no sale takes place on such day, the average of the
reported closing bid and asked prices on such day, in either case as reported on
the New York Stock Exchange or, if such security is not listed or admitted for
trading on the NYSE, on the principal national securities exchange on which such
security is listed or admitted for trading or, if not listed or admitted for
trading on any national securities exchange, on the Nasdaq National Market
("NASDAQ") or, if such security is not quoted on NASDAQ, the average of the
closing bid and asked prices on such day in the over-the-counter market as
reported by the National Association of Securities Dealers, Inc. (the "NASD")
or, if bid and asked prices for such security on such day shall not have been
reported through the NASD, the average of the bid and asked prices on such day
as furnished by any NYSE member firm regularly making a market in such security
selected for such purpose by the Board of Trustees of the Company.

          "Series E Distribution Payment Date" shall mean, with respect to each
Series E Distribution Period, the fifteenth day of January, April, July and
October in each year, commencing, on July 15, 2001; provided, however, that if
any Series E Distribution Payment Date falls on any day other than a business
day, the distribution payment due on such Series E Distribution Payment Date
shall be paid on the business day immediately following such Series E
Distribution Payment Date.

          "Series E Distribution Periods" shall mean quarterly distribution
periods commencing on the fifteenth day of each January, April, July and October
of each year and ending on and including the day preceding the first day of the
next succeeding Series E Distribution Period (other than the initial Series E
Distribution Period, which shall commence on the Issue Date and end on and
include July 14, 2001).

          "Series E Issue Date" shall mean the date on which Series E Preferred
Units are first issued by the Partnership.

          2.   In accordance with the Partnership Agreement and the Contribution
Agreement, the Partnership hereby issues to Brandywine 26,768 Common Units and
represents and warrants that, except as provided below, each such Common Unit
has the same rights and entitlements as all other Common Units outstanding on
the date hereof, provided that the distributions declared by the Partnership on
the 26,768 Common Units during the initial calendar quarter in which such Common
Units are issued shall be pro rated by the Partnership based on the number of
days such Common Units are outstanding during such quarter. Brandywine (and any
subsequent transferee of the 26,768 Common Units issued to Brandywine on the
date hereof) shall not have the right to exercise the Exchange Right prior to
the second (2nd) anniversary of the date

                                      -8-
<PAGE>

on which the 26,768 Common Units are first issued, and may exercise the Exchange
Right only for all and not less than all of the 26,768 Common Units. The Company
shall file with the Securities and Exchange Commission a registration statement
covering the resale of the Common Shares received upon exercise by Brandywine of
the Exchange Right and use its best efforts to have the registration statement
declared effective under the Securities Act, all in accordance with and as
provided in Section 8.06 of the Prentiss Partnership Agreement. The limitations
in Section 8.05(c) of the Partnership Agreement and in the proviso in Section
8.05(d) shall not apply to the exercise by the holder of the 26,768 Common Units
issued to Brandywine.

          3.   All items of taxable income or gain that are allocated to the
Partnership by the Tysons Partnership (as defined in the Contribution Agreement)
pursuant to Section 704(c) of the Code, as well as any items of taxable income
or gain recognized by the Partnership in respect of the Tysons Partnership shall
be allocated to Brandywine for federal income tax purposes pursuant to Section
704(c) of the Code and the principles of Treas. Reg. Section 1.704-3(a)(9) and
Brandywine covenants to file its federal income tax return in a manner
consistent with the foregoing.  Furthermore, Brandywine will be allocated an
amount of income equal to any gain recognized by the Partnership upon the lapse
of the Brandywine  "bottom guaranty" of the $16.2 million Mass Mutual loan on
January 5, 2004.

          4.   The Partnership Agreement is hereby amended to reflect the
admission as a Limited Partner on the date hereof of Brandywine and the
ownership by Brandywine of the Series E Preferred Units and of 26,768 Common
Units, and Exhibit A to the Partnership Agreement is hereby amended and restated
in its entirety as set forth on Exhibit A attached hereto.
                                ---------

          5.   Except as expressly set forth in this Fourteenth Amendment to the
Partnership Agreement, the Partnership Agreement is hereby ratified and
confirmed in each and every respect.  Brandywine hereby acknowledges that the
General Partner intends to amend and restate the Partnership Agreement in its
entirety pursuant to Article XI of the Partnership Agreement to incorporate the
provisions and revisions contemplated by each amendment to the Partnership
Agreement including the Fourteenth Amendment (the "Third Restatement") and to
clarify other provisions of the Partnership Agreement, and Brandywine hereby
consents to the Third Restatement in substantially the form provided to
Brandywine on the date hereof.

                                      -9-
<PAGE>

          IN WITNESS WHEREOF, this Amendment to the Partnership Agreement has
been executed and delivered as of the date first above written.

                               GENERAL PARTNER:

                               PRENTISS PROPERTIES I, INC.

                               By: /s/ Thomas F. August
                               ------------------------
                               Name: Thomas F. August
                               Its: President

                               ADMITTED PARTNER:

                               BRANDYWINE OPERATING PARTNERSHIP, L.P.

                               By: Brandywine Realty Trust, its general partner

                                    By: /s/ Gerard H. Sweeney
                                    ----------------------------
                                    Name:  Gerard H. Sweeney
                                    Title: President and Chief Executive Officer

                                      -10-

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