Exhibit 10.34

 

FIRST AMENDMENT TO

SECOND AMENDED AND RESTATED OPERATING AGREEMENT

OF

TPG/CALSTRS, LLC

 

THIS FIRST AMENDMENT TO SECOND AMENDED AND RESTATED OPERATING AGREEMENT OF
TPG/CALSTRS, LLC (this “Amendment”), is entered into as of June 8, 2006, by and
between CALIFORNIA STATE TEACHERS’ RETIREMENT SYSTEM, a public entity
(“Investor”), and THOMAS PROPERTIES GROUP, L.P., a Maryland limited partnership
(“Operator”).

 

RECITALS

 

A. Investor and Operator, as the only members of TPG/CalSTRS, LLC, a Delaware
limited liability company (the “Company”), entered into that certain Second
Amended and Restated Operating Agreement of TPG/CalSTRS, LLC, dated as of
October 13, 2004 (the “Original Agreement”). All capitalized terms not otherwise
defined herein shall have the meaning set forth in the Original Agreement.

 

B. Investor and Operator wish to amend the Original Agreement as set forth
herein.

 

AGREEMENT

 

NOW, THEREFORE, in consideration of the mutual covenants and agreements set
forth herein, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, Investor and Operator agree as
follows:

 

1. Sections 4.01(a) of the Original Agreement shall be amended by changing the
period at the end thereof to a comma and adding to the end thereof the
following:

 

“plus (iii) all Reinvestable Proceeds actually distributed to Investor.”

 

2. Section 4.01(b) of the Original Agreement shall be amended by changing the
period at the end thereof to a comma and adding to the end thereof the
following:

 

“plus (iii) all Reinvestable Proceeds actually distributed to Operator.”

 

3. Section 6.03 of the Original Agreement shall be amended by adding to the end
thereof the following:

 

“The foregoing to the contrary notwithstanding, any Reinvestable Proceeds
actually distributed to the Members may be recalled as additional Capital
Contributions subject to all other provisions of this Agreement governing
Capital Contributions. To the extent that Reinvestable Proceeds are to be
recalled as additional Capital Contributions concurrently with or immediately
following the distribution of such Reinvestable Proceeds to the Members, such
Reinvestable Proceeds may be retained by the Company in lieu of being actually
distributed to the Members provided that all other provisions of this Agreement
governing Capital Contributions have first been complied with and provided
further that for all purposes of this Agreement such retained Reinvestable
Proceeds shall nevertheless be accounted for as distributed to the Members and
then recontributed by the Members as additional Capital Contributions on the
date so retained.”

 

4. The definition of “Investment Period” in Exhibit A to the Original Agreement
is amended and restated in its entirety to read as follows:

 

“Investment Period” means the time period beginning on the date of the Prior
Agreement and ending on May 1, 2007.”

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5. The following definition of “Reinvestable Proceeds” is added to Exhibit A to
the Original Agreement:

 

“Reinvestable Proceeds” means, for each Member with respect to each Project,
distributions made with respect to that Project equal to the lesser of (a) the
Project Capital Proceeds directly attributable to that Project actually
distributed to such Member prior to the expiration of the Investment Period, or
(b) the aggregate of all Capital Contributions made by such Member directly
attributable to such Project.

 

6. Except as expressly provided in this Amendment, all of the terms and
provisions of the Original Agreement remain unmodified and in full force and
effect.

 

7. Each individual executing this Amendment on behalf of an entity hereby
represents and warrants to the other party or parties to this Amendment that (a)
such individual has been duly and validly authorized to execute and deliver this
Amendment on behalf of such entity; and (b) this Amendment is and will be duly
authorized, executed and delivered by such entity.

 

IN WITNESS WHEREOF, Investor and Operator have executed this Amendment as of the
day and year first above written.

 

“Investor”

     

CALIFORNIA STATE TEACHERS’

RETIREMENT SYSTEM, a public entity

            By:  

/S/    CHRISTOPHER J. ALLMAN        

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Christopher J. Allman

Chief Investment Officer

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(Print Name and Title)

“Operator”

     

THOMAS PROPERTIES GROUP, L.P., a

Maryland limited partnership

            By:  

THOMAS PROPERTIES GROUP,

INC., a Delaware corporation,

General Partner

               

By:

 

/S/    JOHN R. SISCHO, EVP        

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John R. Sischo, EVP

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                    (Print Name and Title)

 

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