Document:

exhibit4248.htm

Exhibit 4.248

 

 

 

MASTER TERMINATION AGREEMENT

 

 

among

 

 

RENTAL CAR FINANCE CORP.,

as Issuer, Lessor, Financing Source and Beneficiary,

 

 

DOLLAR THRIFTY AUTOMOTIVE GROUP, INC.,

as Master Servicer and Guarantor,

 

 

DTG OPERATIONS, INC.,

as Lessee, Servicer and Lessee Grantor,

 

 

DEUTSCHE BANK TRUST COMPANY AMERICAS,

as Trustee, Financing Source, Beneficiary and Master Collateral Agent, and

 

 

WELLS FARGO BANK, N.A.,

as Note Purchaser

 

 

 

 

 

Dated as of October 26, 2011

 

 

  

  

  

 

TABLE OF CONTENTS

Page

 

ARTICLE I

 

CERTAIN DEFINITIONS

 

	
SECTION 1.1.

	
Definitions 

	
3

 

ARTICLE II

 

FINAL REDUCTION

 

	
SECTION 2.1.

	
Series 2010-2 Final Reduction 

	
6

 

ARTICLE III

 

TERMINATION OF TRANSACTION AGREEMENTS AND RELEASES OF COLLATERAL

 

	
SECTION 3.1.

	
Termination of Transaction Agreements 

	
6

	
SECTION 3.2.

	
Releases of Collateral 

	
7

 

ARTICLE IV

 

DELIVERY AND CANCELLATION OF RCFC NOTES AND DEMAND NOTES

 

	
SECTION 4.1.

	
Series 2010-2 Notes

	
8

	
SECTION 4.2.

	
Demand Notes

	
8

 

ARTICLE V

 

MISCELLANEOUS

 

	
SECTION 5.1.

	
No Bankruptcy Petition Against RCFC 

	
8

	
SECTION 5.2.

	
Governing Law 

	
9

	
SECTION 5.3.

	
Severability 

	
9

	
SECTION 5.4.

	
Counterparts 

	
9

ANNEX A – Terminated Agreements

 

  

  

  

 

MASTER TERMINATION AGREEMENT

 

This Master Termination Agreement (this “Agreement”), dated as of October 26, 2011, is by and among the following entities (each a “Party” hereto and collectively the “Parties”) in their respective capacities as parties to each of the Transaction Agreements (as defined herein) to which such entities are party: RENTAL CAR FINANCE CORP., a special purpose Oklahoma corporation (“RCFC”), as issuer, lessor, financing source and beneficiary, DOLLAR THRIFTY AUTOMOTIVE GROUP, INC., a Delaware corporation (“DTAG”), as master servicer and guarantor, DTG OPERATIONS, INC., an Oklahoma corporation (“DTG Operations”, together with RCFC and DTAG, each a “DTAG Party” and collectively the “DTAG Parties”), as lessee, servicer and lessee grantor, DEUTSCHE BANK TRUST COMPANY AMERICAS (“DBTCA”), as trustee, beneficiary, financing source and master collateral agent and WELLS FARGO BANK, N.A., as note purchaser.

 

 

W I T N E S S E T H:

 

WHEREAS, the Parties are party to certain of the agreements set forth on Annex A to this Agreement in connection with the DTAG Parties’ asset-backed fleet financing program (each such agreement, and each fee letter, fee agreement or similar arrangement relating to fees with respect to any such agreement in connection with the Series 2010-2 Notes, a “Transaction Agreement”, and collectively, the “Transaction Agreements”);

 

WHEREAS, RCFC desires to irrevocably reduce the Series 2010-2 Maximum Invested Amount under the Series 2010-2 Supplement from $300,000,000 to $0 (the “Series 2010-2 Final Reduction”);

 

WHEREAS, in connection with the Series 2010-2 Final Reduction, the Parties desire to irrevocably terminate all of the Transaction Agreements to which such Parties are party;

 

WHEREAS, all amounts owed by the DTAG Parties to the other Parties under the Series 2010-2 Notes and each other Transaction Agreement have been paid in full; and

 

WHEREAS, there are no vehicles currently leased subject to the Group VI Master Lease, and all payments obligations of the DTAG Parties under the Group VI Master Lease have been satisfied;

 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, each of the undersigned Parties does hereby agree as follows:

 

  

2

  

 

ARTICLE I

 

CERTAIN DEFINITIONS

 

SECTION 1.1.    Definitions

 

The following words and phrases shall have the following meanings, and the definitions of such terms are applicable to the singular as well as the plural form of such terms and to the masculine as well as the feminine and neuter genders of such terms.

 

“Account Control Agreement” has the meaning set forth in Section 3.2(d) hereof.

 

“Agreement” has the meaning set forth in the preamble hereto.

 

“Base Indenture” means the Amended and Restated Base Indenture, dated as of February 14, 2007 (as amended, restated, supplemented or otherwise modified from time to time prior to the date hereof), by and among the Issuer and the Trustee.

 

“Beneficiary” means each “Beneficiary” under any of the Beneficiary Supplements.

 

“Beneficiary Supplements” means the Series 2010-2 Beneficiary Supplement – Lessee Master Collateral and the Series 2010-2 Beneficiary Supplement – RCFC Master Collateral.

 

“DBTCA” has the meaning set forth in the preamble hereto.

 

“DTAG” has the meaning set forth in the preamble hereto.

 

“DTAG Party” and “DTAG Parties” have the meanings set forth in the preamble hereto.

 

“DTG Operations” has the meaning set forth in the preamble hereto.

 

“Financing Documents” has the meaning set forth in the Master Collateral Agency Agreement.

 

“Financing Source” means each “Financing Source” under any of the Beneficiary Supplements.

 

“Group VI Assignment of Exchange Agreement” means the Collateral Assignment of Exchange Agreement, dated as of June 17, 2010 (as amended, restated, supplemented or otherwise modified from time to time prior to the date hereof), by and among RCFC, the lessees party thereto and the Master Collateral Agent.

 

“Group VI Master Collateral” has the meaning set forth in the Series 2010-2 Supplement.

 

“Group VI Master Lease” means the Master Motor Vehicle Lease and Servicing Agreement (Group VI), dated as of June 17, 2010 (as amended, restated, supplemented or otherwise modified prior to the date hereof), between the Lessor, DTG Operations, as Lessee and Servicer, those permitted lessses from time to time becoming lessees and servicers thereunder and DTAG, as Guarantor and Master Servicer.

 

  

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“Guarantor” means DTAG, as “Guarantor” under the Group VI Master Lease.

 

 “Issuer” means RCFC as “Issuer” under the Series 2010-2 Supplement and the Base Indenture.

 

“Lessee” means DTG Operations, as “Lessee” under the Group VI Master Lease.

 

“Lessee Grantor” means DTG Operations, as “Lessee Grantor” under the Master Collateral Agency Agreement.

 

“Lessee Grantor Master Collateral” has the meaning set forth in the Master Collateral Agency Agreement.

 

“Lessor” means RCFC, as “Lessor” under the Group VI Master Lease.

 

“Master Collateral Agency Agreement” means the Second Amended and Restated Master Collateral Agency Agreement, dated as of February 14, 2007 (as amended, restated, supplemented or otherwise modified from time to time prior to the date hereof), between the Master Servicer, RCFC, as a grantor, a Financing Source and a Beneficiary, DTG Operations, as a grantor and Servicer, various financing sources party thereto, various beneficiaries party thereto, and the Master Collateral Agent.

 

“Master Collateral Agent” means DBTCA, as “Master Collateral Agent” under the Master Collateral Agency Agreement.

 

“Master Lease Collateral” has the meaning set forth in the Series 2010-2 Supplement.

 

“Master Servicer” means DTAG as “Master Servicer” under the Group VI Master Lease.

 

“Note Purchaser” has the meaning set forth in the Series 2010-2 Note Purchase Agreement.

 

“Note Purchaser Funding Limit” has the meaning set forth in the Series 2010-2 Note Purchase Agreement.

 

“Party” and “Parties” have the meaning set forth in the preamble hereto.

 

“Purchasers” has the meaning set forth in the Series 2010-2 Note Purchase Agreement.

 

“RCFC” has the meaning set forth in the preamble hereto.

 

“Reduction Fee” has the meaning set forth in Section 3.1(a) hereof.

 

“Related Vehicles” has the meaning set forth in the Master Collateral Agency Agreement.

 

“Series 2010-2 Beneficiary Supplement – Lessee Master Collateral” means the Financing Source and Beneficiary Supplement (Lessee Grantor Master Collateral), dated as of June 17, 2010 (as amended, restated, supplemented or otherwise modified from time to time prior to the date hereof), to the Master Collateral Agency Agreement, among the Master Servicer, DTG Operations, as a servicer and as a grantor, RCFC, as a grantor, DBTCA, as Trustee, Master Collateral Agent, Financing Source and Beneficiary, and each other Financing Source and Beneficiary party thereto.

 

  

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“Series 2010-2 Beneficiary Supplement – RCFC Master Collateral” means the Financing Source and Beneficiary Supplement (RCFC Master Collateral), dated as of June 17, 2010 (as amended, restated, supplemented or otherwise modified prior to the date hereof) to the Master Collateral Agency Agreement, among the Master Servicer, DTG Operations, as a servicer and as a grantor, RCFC, as a grantor, DBTCA, as Trustee, Master Collateral Agent, Financing Source and Beneficiary, and each other Financing Source and Beneficiary party thereto.

 

“Series 2010-2 Demand Note” means the “Demand Note” as defined in the Series 2010-2 Supplement

 

‘Series 2010-2 Facility Fee Letter” means the “Facility Fee Letter” as defined in the Series 2010-2 Note Purchase Agreement.

 

“Series 2010-2 Final Reduction” has the meaning set forth in the recitals hereto.

 

“Series 2010-2 Indenture” means the Base Indenture, as supplemented by the Series 2010-2 Supplement.

 

“Series 2010-2 Invested Amount” has the meaning set forth in the Series 2010-2 Supplement.

 

“Series 2010-2 Maximum Invested Amount” has the meaning set forth in the Series 2010-2 Supplement.

 

“Series 2010-2 Note Purchase Agreement” means the Note Purchase Agreement, dated as of June 17, 2010 (as amended, restated, supplemented or otherwise modified from time to time prior to the date hereof), among RCFC, as seller, the Master Servicer and Wells Fargo Bank, N.A., as note purchaser.

 

“Series 2010-2 Notes” has the meaning set forth in the Series 2010-2 Supplement.

 

“Series 2010-2 Supplement” means the Series 2010-2 Supplement to the Base Indenture, dated as of June 17, 2010 (as amended, restated, supplemented or otherwise modified from time to time prior to the date hereof), between the Issuer and the Trustee.

 

“Series 2011-2 Note Purchase Agreement” means the Note Purchase Agreement, dated as of the date hereof, among RCFC, as seller, the Master Servicer and Wells Fargo Bank, N.A., as note purchaser.

 

“Series 2011-2 Notes” has the meaning set forth in the Series 2011-2 Note Purchase Agreement.

 

“Series of Notes” has the meaning set forth in the Base Indenture.

 

  

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“Servicer” means DTG Operations, as “Servicer” under the Group VI Master Lease.

 

“Transaction Agreement(s)” has the meaning set forth in the recitals to this Agreement.

 

“Trustee” means DBTCA, as “Trustee” under the Series 2010-2 Supplement.

 

ARTICLE II

 

FINAL REDUCTION

 

SECTION 2.1.    Series 2010-2 Final Reduction

 

(a) Reduction.  By their signatures below, each of RCFC and each other Party to the Series 2010-2 Note Purchase Agreement, hereby agrees that, upon effectiveness of this Agreement pursuant to Section 3.1(b) hereof, the Series 2010-2 Maximum Invested Amount shall be reduced by an aggregate amount of $300,000,000 to $0 and the Note Purchaser Funding Limit of each Note Purchaser shall be decreased to $0 (without any further action by any party and notwithstanding any event, notice, waiting period or other condition provided for in any Transaction Agreement or related agreement except as expressly provided for herein).

 

(b) Representation and Warranty.  RCFC hereby represents and warrants that, after giving effect to the Series 2010-2 Final Reduction pursuant to the preceding Section 2.1(a), the Series 2010-2 Maximum Invested Amount shall not be lower than the Series 2010-2 Invested Amount.

 

ARTICLE III

 

TERMINATION OF TRANSACTION AGREEMENTS AND RELEASES OF COLLATERAL

 

SECTION 3.1.    Termination of Transaction Agreements

 

(a) Waiver of Reduction Fee.  In consideration of the agreement of RCFC set forth in Section 3.1(b) below, each Note Purchaser hereby waives payment of an amount equal to the product of (x) 1.0% and (y) the amount by which the Series 2010-2 Maximum Invested Amount is reduced pursuant to this Agreement that would otherwise be required to be paid pursuant to Section 2.03(a) of the Series 2010-2 Note Purchase Agreement (the “Reduction Fee”).

 

(b) Series 2011-2 Transaction.  The provisions of this Agreement, including without limitation the reductions of the Series 2010-2 Maximum Invested Amount and Note Purchaser Funding Limits pursuant to Section 2.1 hereof, the waiver of the Reduction Fee pursuant to Section 3.1(a) hereof, the payment of the Facility Fee pursuant to Section 3.1(c) hereof and the termination of the Transaction Agreements pursuant to Section 3.1(d) hereof, shall be conditioned upon and shall become effective concurrently with the purchase of the Series 2011-2 Notes by Wells Fargo Bank, N.A. pursuant to the Series 2011-2 Note Purchase Agreement.

 

(c) Series 2010-2 Note Purchase Agreement.  By its signature below, each party to the Series 2010-2 Note Purchase Agreement and each related Transaction Agreement hereby acknowledges and agrees that following payment of the Facility Fee accrued and unpaid through the date hereof, 

 

  

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it will have received payment in full of all of the applicable DTAG Parties’ obligations (including all applicable fees) to it that are owing as of the date hereof under and relating to each such applicable Transaction Agreement, and that there will remain no amounts owed by any of the DTAG Parties to it under any such Transaction Agreement.  Each DTAG Party agrees that, once paid, the fees or other amounts or any part thereof payable hereunder shall not be refundable under any circumstances.

 

(d) Termination of Transaction Agreements.  By its signature below, each Party hereby agrees that each of the Transaction Agreements to which it is a party is (without any further action by any party and notwithstanding any event, notice, waiting period or other condition provided for in any Transaction Agreement or related agreement except as expressly provided for herein) hereby terminated and released and of no further force or effect, and all obligations of any other party under each such Transaction Agreement are hereby terminated and such parties have no further liabilities or obligations thereunder, except in each case any obligations or provisions which by their terms or as provided for in this Agreement expressly survive termination of the applicable Transaction Agreement.

 

(e) Termination of Master Collateral Agency Agreement With Respect to Beneficiaries.  Each Beneficiary under a Beneficiary Supplement hereby notifies the Master Collateral Agent, pursuant to Section 5.9 of the Master Collateral Agency Agreement, that such Beneficiary has no Related Vehicles thereunder, no amounts are then owing to the related Financing Source under its Financing Documents and such Financing Documents have been terminated as of the date hereof and are of no further force or effect and that such Beneficiary has elected to terminate the Master Collateral Agency Agreement with respect to it.  The Master Collateral Agent hereby acknowledges receipt of the notice provided for in this Section 3.1(e) and the termination of the Master Collateral Agency Agreement with respect to each such Beneficiary.

 

SECTION 3.2.    Releases of Collateral

 

(a) Series 2010-2 Supplement.  Pursuant to Section 4.1 herein, by its signature below, the Trustee under the Series 2010-2 Supplement hereby releases all of its right, title and interest in the Master Lease Collateral and all other Collateral relating to the Series 2010-2 Notes in which a security interest is granted to it under the Series 2010-2 Indenture and any other Transaction Agreements, and, RCFC, on behalf of DBTCA, shall, at RCFC’s expense, promptly file or permit to be filed Form UCC-3 termination statements terminating DBTCA’s security interest with respect thereto in all jurisdictions as is necessary in order to accomplish same in connection with the termination of the Transaction Agreements; provided that, for the avoidance of doubt, the Trustee is not hereby releasing any security interest in any Collateral or Master Collateral granted to it under the Base Indenture or any other Transaction Agreement as such Collateral or such Master Collateral relates to any Series of Notes other than the Series 2010-2 Notes or the Group VI Series of Notes.

 

(b) Master Collateral Agency Agreement.  Pursuant to Section 4.1 herein, by its signature below, the Master Collateral Agent hereby releases all of its right, title and interest in the Group VI Master Collateral and all other Collateral relating to the Series 2010-2 Notes in which a security interest is granted to it under the Series 2010-2 Indenture and any other Transaction Agreements, 

 

  

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and, RCFC, on behalf of DBTCA, shall, at RCFC’s expense, promptly file or permit to be filed Form UCC-3 termination statements terminating DBTCA’s security interest with respect thereto in all jurisdictions as is necessary in order to accomplish same in connection with the termination of the Transaction Agreements; provided that, for the avoidance of doubt, the Master Collateral Agent is not hereby releasing any security interest in any Collateral or Master Collateral granted to it under the Base Indenture or any other Transaction Agreement as such Collateral or such Master Collateral relates to any Series of Notes other than the Series 2010-2 Notes or the Group VI Series of Notes.

 

(c) Group VI Master Lease.  To the extent applicable, by its signature below, the Lessor hereby releases its security interest in all of the Lessee’s right, title and interest in and to the Lessee Grantor Master Collateral with respect to the Group VI Master Collateral.

 

(d) Account Control Agreement.  DBTCA agrees that, promptly following the time of effectiveness of this Agreement, it will transmit a notice of termination pursuant to Section 14 of the Account Control Agreement, dated as of June 17, 2010, between RCFC and DBTCA (the “Account Control Agreement”), in its capacity as Secured Party under and as defined therein, and that the Account Control Agreement will thereby be terminated.

 

ARTICLE IV

 

DELIVERY AND CANCELLATION OF RCFC NOTES AND DEMAND NOTES

 

SECTION 4.1.    Series 2010-2 Notes.  Wells Fargo Bank, N.A., hereby agrees to deliver as promptly as practicable the original Series 2010-2 Note held by it to RCFC for cancellation in accordance with the terms of the Series 2010-2 Supplement and the Base Indenture and hereby directs the Trustee and the Master Collateral Agent to release its right, title and interest in all the applicable collateral as specified in Sections 3.2(a) and 3.2(b) herein.

 

SECTION 4.2.    Demand Notes.  The Trustee under the Series 2010-2 Supplement hereby agrees to deliver as promptly as practicable the Series 2010-2 Demand Note issued by DTAG in connection with the Series 2010-2 Supplement to DTAG for cancellation (and by its signature below, RCFC hereby consents and agrees to such delivery and cancellation).

 

ARTICLE V

 

MISCELLANEOUS

 

SECTION 5.1.    No Bankruptcy Petition Against RCFC

 

Each of the Parties (other than RCFC) hereby agrees that it will not institute against, or join any other person, firm, corporation or other entity in instituting against, RCFC any bankruptcy, reorganization, arrangement, insolvency, liquidation or similar proceeding prior to the date that is one year and one day after the last day on which any Notes (as defined in the Base Indenture) issued by RCFC under the Base Indenture shall have been cancelled. The provisions of this paragraph shall survive the termination of this Agreement.  Nothing contained herein shall preclude participation by Wells Fargo Bank. N.A., or any of its affiliates in the assertion or defense of its claims in any such proceeding involving RCFC.

  

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SECTION 5.2.    Governing Law

 

THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

SECTION 5.3.   Severability

 

Any provision of this Agreement that 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.  This Agreement constitutes the entire understanding among the parties hereto with respect to the subject matter hereof and supersedes any prior agreements, written or oral, with respect thereto.

 

SECTION 5.4.   Counterparts

 

This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.  Delivery of an executed counterpart of a signature page to this Agreement by facsimile or other electronic means shall be effective as delivery of a manually executed counterpart of this Agreement.

 

  

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IN WITNESS WHEREOF, each of the Parties has caused this Agreement to be duly executed as of the day and year first written above.

	
  

	
RENTAL CAR FINANCE CORP., as Issuer, 

     Lessor, Financing Source, Beneficiary and 

     Seller under the Series 2010-2 Note Purchase 

     Agreement

 

 

	
  

	
By

	 	 

	
  

	
Name:  H. Clifford Buster III

	
  

	
Title:  President and Treasurer

 

 

	
  

	
DOLLAR THRIFTY AUTOMOTIVE GROUP, 

     INC., as Master Servicer and Guarantor

 

 

	
  

	
By

	 	 

	
  

	
Name:  H. Clifford Buster III

	
  

	
Title:  Senior Executive Vice President, Chief 

Financial Officer and Treasurer

 

 

	
  

	
DTG OPERATIONS, INC., as Lessee, Servicer and 

     Lessee Grantor

 

 

	
  

	
By

	 	 

	
  

	
Name:  H. Clifford Buster III

	
  

	
Title:  Executive Vice President, Chief Financial 

Officer and Treasurer

 

 

  

  

  

 

	
  

	
DEUTSCHE BANK TRUST COMPANY 

     AMERICAS, as Trustee, Financing Source and 

     Beneficiary

 

 

	
  

	
By

	 	 

	
  

	
Name:

	
  

	
Title:

 

 

	
  

	
By

	 	 

	
  

	
Name:

	
  

	
Title:

 

 

	
  

	
DEUTSCHE BANK TRUST COMPANY 

     AMERICAS, as Master Collateral Agent

 

 

	
  

	
By

	 	 

	
  

	
Name:

	
  

	
Title:

 

 

	
  

	
By

	 	 

	
  

	
Name:

	
  

	
Title:

 

 

  

  

  

 

	
  

	
WELLS FARGO BANK, N.A., as a Note Purchaser

 

 

 

	
  

	
By

	 	 

	
  

	
Name:

	
  

	
Title:

 

 

  

  

  

 

Annex A

 

Terminated Agreements

 

	
1)  

	
The Group VI Master Lease;

 

	
2)  

	
The Series 2010-2 Supplement;

 

	
3)  

	
The Group VI Assignment of Exchange Agreement;

 

	
4)  

	
The Series 2010-2 Beneficiary Supplement – Lessee Master Collateral;

 

	
5)  

	
The Series 2010-2 Beneficiary Supplement – RCFC Master Collateral;

 

	
6)  

	
The Series 2010-2 Note Purchase Agreement;

 

	
7)  

	
The Series 2010-2 Facility Fee Letter;

 

	
8)  

	
The Series 2010-2 Demand Note; and

 

	
9)  

	
The Series 2010-2 Notes.Exhibit 10.1

Exhibit 10.1

SEVENTH AMENDMENT TO AGREEMENT OF LEASE FOR PREMISES IN
THE FEDERATED INVESTORS TOWER

THIS SEVENTH AMENDMENT TO AGREEMENT OF LEASE (the “Seventh Amendment”) is made and entered into the 15th day of August, 2007, by and between LIBERTY CENTER VENTURE, a Pennsylvania general partnership (“Landlord”), and FEDERATED INVESTORS, INC. (“Tenant”).

WHEREAS, Landlord and Tenant are parties to an Agreement of Lease for certain premises in the Federated Investors Tower dated January 1, 1993 (the “Original Master Lease”) as amended (with respect to matters relating to the 8th Floor Premises) by an Amendment to Agreement of Lease dated May 1, 1995 (the “Amendment”), a First Amendment to Agreement of Lease dated November 2, 1995 (the “First Amendment”), a Second Amendment to Agreement of Lease dated September 19, 1996 (the “Second Amendment”), a Third Amendment to Agreement of Lease dated February 10, 1999 (the “Third Amendment”), a Fourth Amendment to Agreement of Lease dated June 30, 2000 (the “Fourth Amendment”), a Fifth Amendment to Agreement of Lease dated November 10, 2000 (the “Fifth Amendment”), and a Sixth Amendment to Agreement of Lease dated December 31, 2003 (the “Sixth Amendment”) (collectively, the “Master Lease”);
        
WHEREAS, Landlord and  Tenant entered into the Original Master Lease for certain office space on the eighth (8th), tenth (10th), eleventh (11th), and fifteenth (15th) through twenty-seventh (27th) floors, inclusive, containing 318,983 Square Feet (the “Original Premises”) in the Federated Investors Tower located at 1001 Liberty Avenue in Pittsburgh, Pennsylvania (the “Building”);

WHEREAS, pursuant to the Third Amendment, the twelfth (12th) floor of the Building containing 20,510 Square Feet (the “Twelfth Floor”) was added to the total Rentable Area of the Original Premises with the result that the Original Premises was increased to 339,493 Square Feet;

WHEREAS, pursuant to the Fifth Amendment, a portion of the seventh (7th) floor of the Building containing 2,380 Square Feet was added to the Original Premises with the result that the total Rentable Area of the Original Premises was increased to 341,873 Square Feet;

WHEREAS, pursuant to the Sixth Amendment, Tenant surrendered certain office space consisting of the entire fifteenth (15th) floor of the Building, the entire eleventh (11th) floor of the Building and that portion of the seventh (7th) floor of the Building which were a part of the Original Premises with the result that the total Rentable Area of the Original Premises was decreased to 297,623 Square Feet;

WHEREAS, pursuant to Paragraph 9 of the Sixth Amendment, effective March 31, 2007, Tenant surrendered certain office space consisting of the entire tenth (10th) floor (being 21,352 Square Feet) of the Building with the result that the total Rentable Area of the Original Premises was decreased to 276,271 Square Feet;

WHEREAS, Landlord and Tenant now desire to amend the Master Lease so as to: (i) reduce the size of the 8th Floor Premises (as such term is defined in the Fifth Amendment); and (ii) modify certain other terms of the Master Lease, all in accordance with the terms and provisions hereof; and
    
NOW THEREFORE, the parties hereto, in consideration of the mutual premises contained herein, and intending to be legally bound hereby, do covenant and agree as follows:
    
1.    Preamble.  The foregoing preamble is incorporated by reference herein as if set forth at length.  Capitalized terms not otherwise defined shall have the meaning given to such terms in the 

Master Lease.  All references herein to the Master Lease shall include the Amendment, First Amendment, Second Amendment, Third Amendment, Fourth Amendment, Fifth Amendment, the Sixth Amendment and this Seventh Amendment.

2.    Defined Terms.  Capitalized terms used herein but not defined herein shall have the meanings assigned to such terms in the Master Lease, as amended.

3.    Reduction of 8th Floor Premises; Tenant's Share.

(a)    Reduction of 8th Floor Premises.  Effective September 1, 2007, the 8th Floor Premises (as such term is defined in the Fifth Amendment) shall be reduced by the amount of 94 Square Feet (from 11,279 Square Feet to 11,185 Square Feet) as outlined on Exhibit “A” attached hereto and made a part hereof (the “8th Floor Reduction Space”).  Accordingly, the 8th Floor Premises shall be comprised of 11,185 Square Feet effective September 1, 2007 with the result that the total Rentable Area of the Original Premises will be decreased by 276,177 Square Feet (the “Premises”).

(b)    Tenant's Share.  Landlord and Tenant acknowledge and agree that beginning on September 1, 2007, the Tenant's Share (as defined by Paragraph 1.1(www) of the Master Lease) with respect to the Premises shall be 53.75%.

4.    Basic Rent.  Landlord and Tenant agree that the Basic Rent for the 8th Floor Premises (being 11,185 Square Feet) for the period commencing September 1, 2007 and ending December 31, 2014 shall be in the amount of Twenty-two and 25/100 Dollars ($22.25) per Square Foot per year, being the annual sum of Two Hundred Forty-eight Thousand Eight Hundred Sixty-six and 25/100 Dollars ($248,866.25) per year, payable in equal monthly installments of Twenty Thousand Seven Hundred Thirty-eight and 85/100 Dollars ($20,738.85) per month.

5.    Landlord's Reduction Work.  In connection with the removal of the 8th Floor Reduction Space from the 8th Floor Premises, Landlord shall, at its sole cost and expense, perform the work described in Exhibit “B” attached hereto and made a part hereof (the “Landlord's Reduction Work”).  In no event and under no circumstances will  Landlord's Reduction Work entail or will Landlord be obliged to perform any work or supply any materials in excess of the work and materials described with particularity in Exhibit “B” attached hereto and made a part hereof.

6.    Applicable Law.  The law of the Commonwealth of Pennsylvania shall govern the validity, performance and enforcement of this Seventh Amendment.  The invalidity or unenforceability of any provision of this Seventh Amendment shall not affect or impair any other provision. 

7.    Interpretation.  In the event of any conflict between the provisions of the Master Lease and the provisions of this Seventh Amendment, the provisions of this Seventh Amendment shall control.  As amended hereby, all of the terms, covenants and conditions of the Master Lease as heretofore in effect shall remain in full force and effect after the date hereof and are hereby ratified and confirmed in all respects. 
    
8.    Execution.  This Seventh Amendment may be signed in counterparts, each of which shall be deemed an original, but all of which shall be deemed but one and the same instrument.

9.    Full Force and Effect.  Except as specifically set forth herein, the terms, covenants and conditions of the Master Lease, as amended, and this Seventh Amendment shall not be further modified or amended, except in writing signed by both Landlord and Tenant.  This Seventh Amendment sets 

forth the entire understanding of the parties hereto with respect to the matters set forth herein.  Landlord and Tenant each hereby ratify and reaffirm all of the remaining terms and conditions of the Master Lease, as amended.  Tenant hereby acknowledges that, to the best of Tenant's knowledge as of the date of this Seventh Amendment, Landlord is not in default under the terms and conditions of the Master Lease, as amended.  Landlord hereby acknowledges that, to the best of Landlord's knowledge as of the date of this Seventh Amendment, Tenant is not in default under the terms and conditions of the Master Lease, as amended.

10.    Confidentiality of Terms.  Landlord and Tenant covenant and agree to maintain the terms of this Seventh Amendment and all documents produced in connection therewith as strictly confidential.  In no event shall Landlord or Tenant disclose or publish such information to any third parties except:  (i) either party may disclose the terms of this Seventh Amendment to its lenders, accountants, attorneys, employees or tax advisors to whom disclosure is necessary, provided that such individuals are advised of the confidentiality provisions hereof; or (ii) as may be agreed upon in writing by the other party.

11.    Lender Consent.  This Seventh Amendment and the rights and obligations of the parties hereunder shall not become effective until Tenant and Landlord shall have received the written consent of Teachers Insurance Annuity Association of America, 730 Third Avenue, New York, New York 10017, Attention:  Senior Vice President - Mortgage and Real Estate, to this Seventh Amendment, and Landlord agrees to use commercially reasonable efforts to obtain such consent as soon as possible following the mutual execution and delivery of this Seventh Amendment.
    
IN WITNESS WHEREOF, this Seventh Amendment has been duly executed by the parties hereto as of the date first above written.
                
LANDLORD:

LIBERTY CENTER VENTURE,
a Pennsylvania limited partnership

		
	By:
	NEW LIBERTY CENTER PARTNERSHIP,                a Pennsylvania limited liability company

By:    F.C. LIBERTY, INC.,
a Pennsylvania corporation, General Partner

By:    / s / Duane Bishop
Name:      Duane Bishop
Title:    Vice President

TENANT:

FEDERATED INVESTORS, INC.

By:    / s / Thomas R. Donahue
Name:    Thomas R. Donahue
Title:    Vice President
 

EIGHTH AMENDMENT TO AGREEMENT OF LEASE FOR PREMISES IN THE FEDERATED INVESTORS TOWER

THIS EIGHTH AMENDMENT TO AGREEMENT OF LEASE (the “Eighth Amendment”) is made and entered into the 9th day of September, 2011, by and between LIBERTY CENTER VENTURE, a Pennsylvania general partnership (“Landlord”), and FEDERATED INVESTORS, INC. (“Tenant”).

WHEREAS, Landlord and Tenant are parties to an Agreement of Lease for certain premises in the Federated Investors Tower dated January 1, 1993 (the “Original Master Lease”) as amended (with respect to matters relating to the 8th Floor Premises) by an Amendment to Agreement of Lease dated May 1, 1995 (the “Amendment”), a First Amendment to Agreement of Lease dated  November 2, 1995 (the “First Amendment”), a Second Amendment to Agreement of Lease dated September 19, 1996 (the “Second Amendment”), a Third Amendment to Agreement of Lease dated February 10, 1999 (the “Third Amendment”), a Fourth Amendment to Agreement of Lease dated June 30, 2000 (the “Fourth Amendment”), a Fifth Amendment to Agreement of Lease dated November 10, 2000 (the “Fifth Amendment”), a Sixth Amendment to Agreement of Lease dated December 31, 2003 (the “Sixth Amendment”), and a Seventh Amendment to Agreement of Lease dated August 15, 2007 (the “Seventh Amendment”) (collectively, the “Master Lease”);  

WHEREAS, the Master Lease will expire by its terms on December 31, 2014; and 

WHEREAS, Landlord and Tenant desire to amend the Master Lease for purposes of, among other matters: (i) extending the Initial Term of the Master Lease by seven (7) years for the period from January 1, 2015 to December 31, 2021; (ii) providing for new Basic Rent during the aforesaid extension of the Initial Term; (iii) establishing a new Base Year for the aforesaid extension of the Initial Term, and establishing a new Base Year for the first Renewal Term and second Renewal Term if Tenant exercises its options to renew the Master Lease; (iv) modifying the payment terms for the Tenant Improvement and Refurbishment Allowance as calculated pursuant to Exhibit I of the Sixth Amendment; and (v) modifying certain other terms of the Master Lease, all in accordance with the terms and provisions hereof. 

NOW THEREFORE, Landlord and Tenant, in consideration of the mutual covenants contained herein, and intending to be legally bound hereby, agree as follows:

1.    Preamble.  The foregoing preamble is incorporated by reference herein as if set forth at length.  Capitalized terms not otherwise defined shall have the meaning given to such terms in the Master Lease.  All references herein to the Master Lease shall include the Amendment, First Amendment, Second Amendment, Third Amendment, Fourth Amendment, Fifth Amendment, the Sixth Amendment, Seventh Amendment, and this Eighth Amendment.

2.    Defined Terms.  Capitalized terms used herein but not defined herein shall have the meanings assigned to such terms in the Master Lease, as amended. The parties hereby confirm that the Premises leased under the Master Lease currently consists of 255,667 Square Feet located on Floor 8 and Floors 16 through 27 of the Building.  Landlord and Tenant acknowledge that Tenant's Share (as defined in Paragraph 1.1 (www) of the Master Lease) is 49.76%.

3.    Extension of Initial Term.  The parties hereto acknowledge and agree that the expiration date of the Initial Term is currently December 31, 2014.  By this Eighth Amendment, the Initial Term of the Master Lease with respect to all of the Premises is hereby extended from January 1, 2015 through December 31, 2021.  
    

4.    Basic Rent.  

The Basic Rent payable by Tenant for Floor 8 and Floors 16 through 27 during the extension of the Initial Term for the period from January 1, 2015 through December 31, 2021 shall be as follows:

(a)    For the period beginning on January 1, 2015 and ending on December 31, 2015, Tenant shall pay to Landlord Basic Rent in the amount of Twenty Four and 00/100 Dollars ($24.00) per Square Foot per year, being the sum of Six Million One Hundred Thirty Six Thousand Eight and 00/100 Dollars ($6,136,008.00) per calendar year, payable at the rate of Five Hundred Eleven Thousand Three Hundred Thirty Four and 00/100 Dollars ($511,334.00) per month.

(b)    For the period beginning on January 1, 2016 and ending on December 31, 2016, Tenant shall pay to Landlord Basic Rent in the amount of Twenty Four and 40/100 Dollars ($24.40) per Square Foot per year, being the sum of Six Million Two Hundred Thirty Eight Thousand Two Hundred Seventy Four and 80/100 Dollars ($6,238,274.80) per calendar year, payable at the rate of Five Hundred Nineteen Thousand Eight Hundred Fifty Six and 23/100 Dollars ($519,856.23) per month.

(c)    For the period beginning on January 1, 2017 and ending on December 31, 2017, Tenant shall pay to Landlord Basic Rent in the amount of Twenty Four and 50/100 Dollars ($24.50) per Square Foot per year, being the sum of Six Million Two Hundred Sixty Three Thousand Eight Hundred Forty One and 50/100 Dollars ($6,263,841.50) per calendar year, payable at the rate of Five Hundred Twenty One Thousand Nine Hundred Eighty Six and 79/100 Dollars ($521,986.79) per month.

(d)    For the period beginning on January 1, 2018 and ending on December 31, 2018, Tenant shall pay to Landlord Basic Rent in the amount of Twenty Four and 60/100 Dollars ($24.60) per Square Foot per year, being the sum of Six Million Two Hundred Eighty Nine Thousand Four Hundred Eight and 20/100 Dollars ($6,289,408.20) per calendar year, payable at the rate of Five Hundred Twenty Four Thousand One Hundred Seventeen and 35/100 Dollars ($524,117.35) per month.

(e)    For the period beginning on January 1, 2019 and ending on December 31, 2020, Tenant shall pay to Landlord Basic Rent in the amount of Twenty Four and 85/100 Dollars ($24.85) per Square Foot per year, being the sum of Six Million Three Hundred Fifty Three Thousand Three Hundred Twenty Four and 95/100 Dollars ($6,353,324.95) per calendar year payable at the rate of Five Hundred Twenty Nine Thousand Four Hundred Forty Three and 75/100 Dollars ($529,443.75) per month.

(f)    For the period beginning on January 1, 2021 and ending on December 31, 2021, Tenant shall pay to Landlord Basic Rent in the amount of Twenty Five and 15/100 Dollars ($25.15) per Square Foot per year, being the sum of Six Million Four Hundred Thirty Thousand Twenty Five and 05/100 Dollars ($6,430,025.05) per calendar year payable at the rate of Five Hundred Thirty Five Thousand Eight Hundred Thirty Five and 42/100 Dollars ($535,835.42) per month.

5.    Base Years.  For the extension of the Initial Term of the Master Lease for the period from January 1, 2015 through December 31, 2021, the Base Year shall be 2015.  If Tenant exercises its first Renewal Option under Section 2.3 of the Master Lease for the period from January 1, 2022 through December 31, 2026, the Base Year shall be 2022.  If Tenant exercises its second Renewal Option under Section 2.3 of the Master Lease for the period from January 1, 2028 through December 31, 2032, the Base Year shall be 2028.  

6.    Deletion of Exhibit I; Tenant Improvement and Refurbishment Allowances.  The Landlord and Tenant hereby agree that Exhibit I as attached to the Sixth Amendment is hereby deleted, and is hereby replaced by the following:

Tenant Improvement and Refurbishment Allowances:  Landlord and Tenant agree that, as of the date of this Eighth Amendment, the Tenant Improvement and Refurbishment Allowances remaining under the Master Lease are in the following amounts (the “Tenant Improvement and Refurbishment Allowances”):  

(i)     Floors 16 and 17 = $408,745.00; 
(ii)     Balance of Floor 8 = $105,127.00; and
(iii)     Floors 8, 16-27 = $5,284,088.00.

Total = $5,797,960.00

Landlord acknowledges and agrees that with respect to the Renewal Terms, if any, the determination of Value with respect to the Basic Rent for such Renewal Term pursuant to Section 3.1(b) of the Master Lease shall take into account the presence or absence of tenant improvement allowances in comparable transactions, whether a tenant improvement allowance shall be provided to Tenant in connection with such Renewal Term.

The aforesaid Tenant Improvement and Refurbishment Allowances amounts will be paid and/or credited to Tenant in the following manner:
 
(a)    On or before September 1 of each calendar year beginning with the calendar year 2011 and continuing until September 1, 2019 with respect to calendar year 2020 (provided, however, that with respect to calendar year 2012, such deadline shall be five (5) days following the date of this Amendment), Tenant will notify Landlord, in writing, of Tenant's proposed annual spending plan of the Tenant Improvement and Refurbishment Allowances amounts for the following calendar year.  Tenant's proposed annual spending plan shall set forth the maximum amount of the Tenant Improvement and Refurbishment Allowances to be drawn by Tenant with respect to the following calendar year (“Maximum Draw”).  Landlord acknowledges that Tenant's proposed spending plan is not subject to Landlord's approval, and Tenant acknowledges that all alterations and improvements shall comply with Article 7 of the Master Lease.  The Tenant's proposed annual spending plan is subject to final approval and implementation by Tenant's management and, after September 1 of each year, such proposed annual spending plan may change in scope (but any such change in scope delivered after September 1 will not increase the amount of the Maximum Draw), be delayed, or be cancelled by Tenant at any time thereafter. 

(b)    The Tenant Improvement and Refurbishment Allowances amounts for Floors 8, 16 and 17 ($513,872.00) (the “8th, 16th and 17th Floors TIA”) as set forth above will be used by Tenant only for those specific Floors and may include the purchase of furniture for such Floors. Tenant may use the remainder of the Tenant Improvement and Refurbishment Allowances amounts ($5,284,088.00) at its discretion for the improvement and refurbishment of any Floors (excluding furniture), provided that at least ten percent (10%) of the aggregate of the Tenant Improvement and Refurbishment Allowances are used for the improvement and refurbishment of Floors 18 through 24.  With respect to any unused portion of the Maximum Draw which was included by Tenant in its proposed annual spending plan for a calendar year and was not actually used by Tenant during such calendar year (i) if Tenant did not undertake the improvements and refurbishments to which such amounts were to be allocated then such unused amounts will be carried forward, and may used by Tenant at any time through December 31, 2020 pursuant to an annual spending plan; and (ii) if Tenant has undertaken the improvements and refurbishments to which such amounts were allocated but has not yet received and/or paid the invoices relating to such work, Tenant may draw such amounts from Landlord in the subsequent calendar year.  

(c)    Landlord shall pay directly to Tenant the actual annual Tenant Improvement and Refurbishment Allowances amounts expended (but in no event greater than the applicable Maximum Draw) 

within forty five (45) days following Landlord's receipt of paid invoices and unconditional lien waivers from all contractors performing any of Tenant's work in the Premises.  If the actual Tenant improvement and refurbishment expenditures by Tenant in any calendar year exceeds the applicable Maximum Draw, then Tenant shall be responsible for payment of such excess expenditures but shall have the right to be reimbursed for such amounts in subsequent calendar years as may be set forth in the Tenant's annual spending plan for such year(s) and to the extent of remaining available amounts of the Tenant Improvement and Refurbishment Allowances.  

(d)    (i)  If Tenant exercises its right to terminate the Master Lease pursuant to Section 10 of the Sixth Amendment effective after the date of this Eighth Amendment and prior to the expiration of the Initial Term, as extended hereby, Tenant shall reimburse Landlord for the unamortized portion of the Tenant Improvement and Refurbishment Allowances to the extent paid by Landlord to Tenant with respect to Floors 8, 16-27 in the maximum amount of $5,284,088.00 pursuant to this Eighth Amendment (the “Eighth Amendment TIA”). For purposes of determining such amortization, the parties have prepared and attached to this Eighth Amendment as Exhibit A an amortization schedule that assumes that the full amount of the Eighth Amendment TIA was disbursed prior to January 1, 2012, and that Tenant is amortizing the full amount of the Eighth Amendment TIA in its payments of Basic Rent hereunder at the rate of 5% per annum over the period beginning on January 1, 2012 and ending on December 31, 2021.  The unamortized amounts of the Eighth Amendment TIA that have been disbursed by Landlord to Tenant prior to the effective date of such termination shall be equal to the aggregate amount of the Eighth Amendment TIA actually disbursed by Landlord to Tenant less the aggregate amount of principal shown on Exhibit A as having been amortized as of the effective date of such termination..  For example, if Tenant has received the sum of 3.0 million dollars as the Eighth Amendment TIA and Tenant subsequently terminates the Lease pursuant to Section 10 of the Sixth Amendment with such termination being effective as of December 31, 2015, then Tenant would owe to Landlord the remaining unamortized amount of $1,195,962.00 (being the $3,000,000 Eighth Amendment TIA actually received by Tenant less the total of the amortized principal sums of $417,836.00, $439,213.00, $461,684.00 and $485,305.00).  Such reimbursement by Tenant to occur by no later than the expiration date of the Term as determined by the exercise of the foregoing termination right.  Landlord agrees that within sixty (60) days following the end of any calendar year in which amounts of the Eighth Amendment TIA are disbursed to Tenant, Landlord shall prepare and deliver to Tenant an annual statement  reflecting the prior year's  disbursements of the Eighth Amendment TIA and the total aggregate disbursements of the Eighth Amendment TIA during the Initial Term as extended hereby.  Tenant acknowledges and agrees that in no event shall Tenant be entitled to any credit or otherwise have any claim against Landlord with respect to (x) any negative amortization amounts for the Eighth Amendment TIA which Tenant has not actually received pursuant to the amortization schedule attached as Exhibit A, or (y) amounts of the Eighth Amendment TIA that shall not have been properly requested by Tenant under and pursuant to Section 10(c) to be disbursed by Landlord prior to the effective date of a termination of this Lease by Tenant. 

(ii)  If Tenant exercises its right to terminate the Master Lease pursuant to Section 10 of the Sixth Amendment effective on or prior to December 31, 2014, then Tenant shall, in addition to any reimbursement required under subparagraph (i) above, also reimburse Landlord for (A) the unamortized portion of the 8th, 16th and 17th Floors TIA to the extent paid by the Landlord to Tenant plus accrued interest thereon at the rate of 5% per annum (amortized over the period beginning on the date of this Eighth Amendment and ending on December 31, 2014) and (B) all other reimbursements required under Section 10 of the Sixth Amendment, which Landlord and Tenant agree consist of and are limited to the unamortized amounts of the following: (1) the $1,000,000 allowance paid on January 1, 2004 as amortized pursuant to the left hand column of page 4 of Exhibit A to the Sixth Amendment; (2) the $4,407,821 in savings on surrendered space as amortized pursuant to the right hand column on page 4 of Exhibit A to the Sixth Amendment; (3) $3,398,797 representing the original tenant refurbishment paid on 12/1/96 as amortized pursuant to the left hand column 

of page 5 of Exhibit A to the Sixth Amendment (provided, however, that Landlord acknowledges that amortization of such amount shall be completed on December 31, 2012 and not December 31, 2014 and therefore no reimbursement shall be required with respect to such amount for any termination effective after December 31, 2012); and (4) $2,528,993 representing the savings on remaining space as amortized pursuant to the right hand column on page 5 of Exhibit A to the Sixth Amendment.  

(iii)  If Tenant exercises its right to terminate the Master Lease pursuant to Section 10 of the Sixth Amendment effective after December 31, 2014, then Tenant shall not be obligated to make any reimbursement to Landlord under Section 10 of the Sixth Amendment or this paragraph (d) with respect to the 8th, 16th and 17th Floors TIA or any other amounts except as set forth in subparagraph (i) above.

(iv)  If Tenant exercises its right to terminate the Master Lease pursuant to Section 10 of the Sixth Amendment after December 31, 2021 during a Renewal Term, Tenant shall not be obligated to make any reimbursement to Landlord under Section 10 of the Sixth Amendment or this paragraph (d).

7.    Right to Reduce the Size of the Premises on the Exercise of Options to Renew.  Section 2.5 of the Master Lease and Section 9 of the Sixth Amendment are hereby deleted in their entirety and replaced by the following: 

In the event that Tenant exercises its Renewal Option for either the first Renewal Term or for both the first and second Renewal Terms, Tenant shall have the right to reduce the size of the Premises by surrendering either or both of the following: (i) the portion of the 8th Floor which is part of the Premises (containing 11,279 Square feet), or (ii) all of the 16th Floor which is part of the Premises (containing 20,518 Square Feet) (said space being sometimes hereinafter referred to as “Reduction Space” or “Reduction Spaces”), in each case such space reduction to be effective upon the expiration date of the Initial Term or the first Renewal Term, as applicable (the “Surrender Date”).  Tenant shall exercise its right of space reduction by written notice delivered to Landlord concurrently with the delivery of the Tenant's notice of its exercise of a Renewal Option, but in no event shall Tenant's notice of space reduction be given to Landlord later than twelve (12) months prior to the expiration of the Initial Term or the first Renewal Term, as applicable.  If Tenant's notice of space reduction is given in a timely manner, Tenant shall vacate and surrender possession of whichever Reduction Space Tenant has agreed to surrender, in broom clean condition, on the Surrender Date, and the Master Lease will be amended to reflect the surrender of such Reduction Space as of the Surrender Date.  If Tenant's space reduction notice is not delivered in a timely manner as provided above with respect to a Renewal Option, then Tenant's right to surrender the Surrender Space in connection with such Renewal Option shall lapse and become null and void and of no further force and effect with respect to such Renewal Option only.

8.    Landlord's Annual Capital Improvement Plan.  Landlord  agrees to furnish to Tenant, for informational purposes only, no later than December 1 of each year a written non-binding estimate of all possible capital repairs, replacements and improvements which might, in Landlord's sole discretion, be undertaken by Landlord in the Building in the subsequent calendar year.  Tenant acknowledges that the Landlord's non-binding estimate may be modified at any time thereafter without notice to Tenant.  Tenant further acknowledges and agrees that the Landlord's providing of an annual estimate is at the specific request of Tenant in order to assist Tenant in Tenant's planning for its own improvements and use of its Premises, and that such estimate does not constitute an acknowledgement or admission by Landlord that any items listed therein are in need of any repair, improvement, or replacement, nor does such estimate constitute any obligation or agreement by Landlord to make or perform any of the possible capital repairs, replacements or improvements as may be identified therein. 

9.    Applicable Law.  The laws of the Commonwealth of Pennsylvania shall govern the validity, 

performance and enforcement of this Eighth Amendment.  The invalidity or unenforceability of any provision of this Eighth Amendment shall not affect or impair any other provision.

10.    Interpretation.  In the event of any conflict between the provisions of the Master Lease and the provisions of this Eighth Amendment, the provisions of this Eighth Amendment shall control.

11.    Execution.  This Eighth Amendment may be signed in counterparts, each of which shall be deemed an original, but all of which shall be deemed but one and the same instrument.  

12.    Full Force and Effect.  Except as specifically set forth herein, the terms, covenants and conditions of the Master Lease shall remain in full force and effect.  Neither the Master Lease nor this Eighth Amendment may be further modified or amended, except in writing signed by both Landlord and Tenant.  This Eighth Amendment sets forth the entire understanding of the parties hereto with respect to the matters set forth herein.  Landlord and Tenant each hereby ratify and reaffirm all of the remaining terms and conditions of the Master Lease, as amended.  Tenant hereby acknowledges that, to the best of Tenant's knowledge as of the date of this Eighth Amendment, Landlord is not in default under the terms and conditions of the Master Lease, as amended.  Landlord hereby acknowledges that, to the best of Landlord's knowledge as of the date of this Eighth Amendment, Tenant is not in default under the terms and conditions of the Master Lease, as amended.     

13.    Confidentiality of Terms.  Landlord and Tenant covenant and agree to maintain the terms of this Eighth Amendment and all documents produced in connection therewith as strictly confidential.  In no event shall Landlord or Tenant disclose or publish such information to any third parties except: (i) either party may disclose the terms of this Eighth Amendment to its lenders, accountants, attorneys, employees or tax advisors to whom disclosure is necessary, provided that such individuals are advised of the confidentiality provisions hereof; or (ii) as may be agreed upon in writing by the other party.  Notwithstanding the foregoing, Landlord, with Tenant's prior written consent as to both form and content, may generate an announcement regarding Tenant's extension of the Master Lease without divulging any specifics of the Eighth Amendment.

14.    Lender Consent.  This Eighth Amendment and the rights and obligations of the parties hereunder shall not become effective until Tenant and Landlord shall have received the written consent of The Prudential Insurance Company of America, as Mortgagee, or its successor Mortgagee, to this Eighth Amendment, and Landlord agrees to use commercially reasonable efforts to obtain such consent as soon as possible following the mutual execution and delivery of this Eighth Amendment.

15.    No Brokers.  Landlord hereby warrants to Tenant that no real estate broker has or will represent Landlord in this transaction.  Tenant hereby warrants to Landlord that no real estate broker has or will represent Tenant in this transaction.  Landlord and Tenant shall indemnify each other against and hold the other harmless from all liabilities, claims and expenses (including reasonable attorney's fees) arising out of a breach of   their respective warranty.

     IN WITNESS WHEREOF, this Eighth Amendment has been duly executed by the parties hereto as of the date first above written.

(Signatures appear on the following two separate signature pages)

                            

LANDLORD:

LIBERTY CENTER VENTURE,                                 a Pennsylvania limited partnership

By:    NEW LIBERTY CENTER     
PARTNERSHIP, a Pennsylvania         
limited partnership

By:    F.C. LIBERTY, INC., a
Pennsylvania corporation, 
General Partner

By:    /s/ Duane F. Bishop, Jr.   
       Name:    Duane F. Bishop, Jr.      
         Title:    Vice President

                            

TENANT:

FEDERATED INVESTORS, INC.

By:    /s/ Thomas R. Donahue
       Name:    Thomas R. Donahue
         Title:    Chief Financial Officer

                        

EXHIBIT A

AMORTIZATION SCHEDULE EXAMPLE
	
															
	Tenant Refurbishment
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 

	Interest
	5
	%
	 
	 
	 
	 
	 
	 

	Amortization
	10 Years
	

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 

	 
	Total
	Int
	Principal
	Balance
	Accumulating Principal
	Example Draw
	Example Unamortized Balance

	Year 1
	 
	 
	 
	5,284,088
	

	 
	 
	 

	1/1/2012
	56,046
	

	22,017
	

	34,029
	

	5,250,059
	

	34,029
	

	 
	 

	2/1/2012
	56,046
	

	21,875
	

	34,171
	

	5,215,888
	

	68,200
	

	 
	 

	3/1/2012
	56,046
	

	21,733
	

	34,313
	

	5,181,575
	

	102,513
	

	 
	 

	4/1/2012
	56,046
	

	21,590
	

	34,456
	

	5,147,119
	

	136,969
	

	 
	 

	5/1/2012
	56,046
	

	21,446
	

	34,600
	

	5,112,520
	

	171,568
	

	 
	 

	6/1/2012
	56,046
	

	21,302
	

	34,744
	

	5,077,776
	

	206,312
	

	 
	 

	7/1/2012
	56,046
	

	21,157
	

	34,889
	

	5,042,887
	

	241,201
	

	 
	 

	8/1/2012
	56,046
	

	21,012
	

	35,034
	

	5,007,853
	

	276,235
	

	 
	 

	9/1/2012
	56,046
	

	20,866
	

	35,180
	

	4,972,673
	

	311,415
	

	 
	 

	10/1/2012
	56,046
	

	20,719
	

	35,326
	

	4,937,347
	

	346,741
	

	 
	 

	11/1/2012
	56,046
	

	20,572
	

	35,474
	

	4,901,873
	

	382,215
	

	 
	 

	12/1/2012
	56,046
	

	20,424
	

	35,621
	

	4,866,252
	

	417,836
	

	 
	 

	 
	672,551
	

	254,715
	

	417,836
	

	 
	 
	 
	 

	Year 2
	 
	 
	 
	 
	 
	 
	 

	1/1/2013
	56,046
	

	20,276
	

	35,770
	

	4,830,482
	

	453,606
	

	3,500,000
	

	 

	2/1/2013
	56,046
	

	20,127
	

	35,919
	

	4,794,563
	

	489,525
	

	 
	 

	3/1/2013
	56,046
	

	19,977
	

	36,069
	

	4,758,494
	

	525,594
	

	 
	 

	4/1/2013
	56,046
	

	19,827
	

	36,219
	

	4,722,276
	

	561,812
	

	 
	 

	5/1/2013
	56,046
	

	19,676
	

	36,370
	

	4,685,906
	

	598,182
	

	 
	 

	6/1/2013
	56,046
	

	19,525
	

	36,521
	

	4,649,384
	

	634,704
	

	 
	 

	7/1/2013
	56,046
	

	19,372
	

	36,674
	

	4,612,711
	

	671,377
	

	 
	 

	8/1/2013
	56,046
	

	19,220
	

	36,826
	

	4,575,885
	

	708,203
	

	 
	 

	9/1/2013
	56,046
	

	19,066
	

	36,980
	

	4,538,905
	

	745,183
	

	 
	 

	10/1/2013
	56,046
	

	18,912
	

	37,134
	

	4,501,771
	

	782,317
	

	 
	 

	11/1/2013
	56,046
	

	18,757
	

	37,289
	

	4,464,482
	

	819,606
	

	 
	 

	12/1/2013
	56,046
	

	18,602
	

	37,444
	

	4,427,038
	

	857,050
	

	 
	 

	 
	672,551
	

	233,338
	

	439,213
	

	 
	 
	 
	 

	Year 3
	 
	 
	 
	 
	 
	 
	 

	1/1/2014
	56,046
	

	18,446
	

	37,600
	

	4,389,438
	

	894,650
	

	 
	 

	2/1/2014
	56,046
	

	18,289
	

	37,757
	

	4,351,682
	

	932,406
	

	 
	 

	3/1/2014
	56,046
	

	18,132
	

	37,914
	

	4,313,768
	

	970,320
	

	 
	 

	4/1/2014
	56,046
	

	17,974
	

	38,072
	

	4,275,696
	

	1,008,392
	

	 
	 

	5/1/2014
	56,046
	

	17,815
	

	38,231
	

	4,237,465
	

	1,046,623
	

	 
	 

	6/1/2014
	56,046
	

	17,656
	

	38,390
	

	4,199,076
	

	1,085,012
	

	 
	 

	
															
	7/1/2014
	56,046
	

	17,496
	

	38,550
	

	4,160,526
	

	1,123,562
	

	 
	 

	8/1/2014
	56,046
	

	17,336
	

	38,710
	

	4,121,815
	

	1,162,273
	

	 
	 

	9/1/2014
	56,046
	

	17,174
	

	38,872
	

	4,082,944
	

	1,201,144
	

	 
	 

	10/1/2014
	56,046
	

	17,012
	

	39,034
	

	4,043,910
	

	1,240,178
	

	 
	 

	11/1/2014
	56,046
	

	16,850
	

	39,196
	

	4,004,714
	

	1,279,374
	

	 
	 

	12/1/2014
	56,046
	

	16,686
	

	39,360
	

	3,965,354
	

	1,318,734
	

	 
	 

	 
	672,551
	

	210,867
	

	461,684
	

	 
	 
	 
	 

	Year 4
	 
	 
	 
	 
	 
	 
	 

	1/1/2015
	56,046
	

	16,522
	

	39,524
	

	3,925,830
	

	1,358,258
	

	1,000,000
	

	 

	2/1/2015
	56,046
	

	16,358
	

	39,688
	

	3,886,142
	

	1,397,946
	

	 
	 

	3/1/2015
	56,046
	

	16,192
	

	39,854
	

	3,846,288
	

	1,437,800
	

	 
	 

	4/1/2015
	56,046
	

	16,026
	

	40,020
	

	3,806,269
	

	1,477,819
	

	 
	 

	5/1/2015
	56,046
	

	15,859
	

	40,186
	

	3,766,082
	

	1,518,006
	

	 
	 

	6/1/2015
	56,046
	

	15,692
	

	40,354
	

	3,725,728
	

	1,558,360
	

	 
	 

	7/1/2015
	56,046
	

	15,524
	

	40,522
	

	3,685,206
	

	1,598,882
	

	 
	 

	8/1/2015
	56,046
	

	15,355
	

	40,691
	

	3,644,515
	

	1,639,573
	

	 
	 

	9/1/2015
	56,046
	

	15,185
	

	40,860
	

	3,603,655
	

	1,680,433
	

	 
	 

	10/1/2015
	56,046
	

	15,015
	

	41,031
	

	3,562,624
	

	1,721,464
	

	 
	 

	11/1/2015
	56,046
	

	14,844
	

	41,202
	

	3,521,422
	

	1,762,666
	

	 
	 

	12/1/2015
	56,046
	

	14,673
	

	41,373
	

	3,480,049
	

	1,804,039
	

	 
	 

	 
	672,551
	

	187,246
	

	485,305
	

	 
	 
	 
	 

	Year 5
	 
	 
	 
	 
	 
	 
	 

	1/1/2016
	56,046
	

	14,500
	

	41,546
	

	3,438,503
	

	1,845,585
	

	784,088
	

	 

	2/1/2016
	56,046
	

	14,327
	

	41,719
	

	3,396,784
	

	1,887,304
	

	 
	 

	3/1/2016
	56,046
	

	14,153
	

	41,893
	

	3,354,892
	

	1,929,196
	

	 
	 

	4/1/2016
	56,046
	

	13,979
	

	42,067
	

	3,312,824
	

	1,971,264
	

	 
	 

	5/1/2016
	56,046
	

	13,803
	

	42,243
	

	3,270,582
	

	2,013,506
	

	 
	 

	6/1/2016
	56,046
	

	13,627
	

	42,419
	

	3,228,163
	

	2,055,925
	

	 
	 

	7/1/2016
	56,046
	

	13,451
	

	42,595
	

	3,185,568
	

	2,098,520
	

	 
	 

	8/1/2016
	56,046
	

	13,273
	

	42,773
	

	3,142,795
	

	2,141,293
	

	 
	 

	9/1/2016
	56,046
	

	13,095
	

	42,951
	

	3,099,844
	

	2,184,244
	

	 
	 

	10/1/2016
	56,046
	

	12,916
	

	43,130
	

	3,056,714
	

	2,227,374
	

	 
	 

	11/1/2016
	56,046
	

	12,736
	

	43,310
	

	3,013,405
	

	2,270,683
	

	 
	 

	12/1/2016
	56,046
	

	12,556
	

	43,490
	

	2,969,915
	

	2,314,173
	

	 
	 

	 
	672,551
	

	162,417
	

	510,134
	

	 
	 
	 
	 

	Year 6
	 
	 
	 
	 
	 
	 
	 

	1/1/2017
	56,046
	

	12,375
	

	43,671
	

	2,926,243
	

	2,357,845
	

	5,284,088
	

	2,926,243
	

	2/1/2017
	56,046
	

	12,193
	

	43,853
	

	2,882,390
	

	2,401,698
	

	 
	 

	3/1/2017
	56,046
	

	12,010
	

	44,036
	

	2,838,354
	

	2,445,734
	

	 
	 

	4/1/2017
	56,046
	

	11,826
	

	44,219
	

	2,794,135
	

	2,489,953
	

	 
	 

	5/1/2017
	56,046
	

	11,642
	

	44,404
	

	2,749,731
	

	2,534,357
	

	 
	 

	6/1/2017
	56,046
	

	11,457
	

	44,589
	

	2,705,142
	

	2,578,946
	

	 
	 

	7/1/2017
	56,046
	

	11,271
	

	44,775
	

	2,660,368
	

	2,623,720
	

	 
	 

	8/1/2017
	56,046
	

	11,085
	

	44,961
	

	2,615,407
	

	2,668,681
	

	 
	 

	9/1/2017
	56,046
	

	10,898
	

	45,148
	

	2,570,258
	

	2,713,830
	

	 
	 

	10/1/2017
	56,046
	

	10,709
	

	45,337
	

	2,524,922
	

	2,759,166
	

	 
	 

	11/1/2017
	56,046
	

	10,521
	

	45,525
	

	2,479,396
	

	2,804,692
	

	 
	 

	
															
	12/1/2017
	56,046
	

	10,331
	

	45,715
	

	2,433,681
	

	2,850,407
	

	 
	 

	 
	672,551
	

	136,318
	

	536,234
	

	 
	 
	 
	 

	Year 7
	 
	 
	 
	 
	 
	 
	 

	1/1/2018
	56,046
	

	10,140
	

	45,906
	

	2,387,775
	

	2,896,313
	

	 
	 

	2/1/2018
	56,046
	

	9,949
	

	46,097
	

	2,341,679
	

	2,942,409
	

	 
	 

	3/1/2018
	56,046
	

	9,757
	

	46,289
	

	2,295,390
	

	2,988,698
	

	 
	 

	4/1/2018
	56,046
	

	9,564
	

	46,482
	

	2,248,908
	

	3,035,180
	

	 
	 

	5/1/2018
	56,046
	

	9,370
	

	46,676
	

	2,202,232
	

	3,081,856
	

	 
	 

	6/1/2018
	56,046
	

	9,176
	

	46,870
	

	2,155,362
	

	3,128,726
	

	 
	 

	7/1/2018
	56,046
	

	8,981
	

	47,065
	

	2,108,297
	

	3,175,791
	

	 
	 

	8/1/2018
	56,046
	

	8,785
	

	47,261
	

	2,061,036
	

	3,223,052
	

	 
	 

	9/1/2018
	56,046
	

	8,588
	

	47,458
	

	2,013,577
	

	3,270,511
	

	 
	 

	10/1/2018
	56,046
	

	8,390
	

	47,656
	

	1,965,921
	

	3,318,167
	

	 
	 

	11/1/2018
	56,046
	

	8,191
	

	47,855
	

	1,918,067
	

	3,366,021
	

	 
	 

	12/1/2018
	56,046
	

	7,992
	

	48,054
	

	1,870,013
	

	3,414,075
	

	 
	 

	 
	672,551
	

	108,883
	

	563,668
	

	 
	 
	 
	 

	Year 8
	 
	 
	 
	 
	 
	 
	 

	1/1/2019
	56,046
	

	7,792
	

	48,254
	

	1,821,758
	

	3,462,330
	

	 
	 

	2/1/2019
	56,046
	

	7,591
	

	48,455
	

	1,773,303
	

	3,510,785
	

	 
	 

	3/1/2019
	56,046
	

	7,389
	

	48,657
	

	1,724,646
	

	3,559,442
	

	 
	 

	4/1/2019
	56,046
	

	7,186
	

	48,860
	

	1,675,786
	

	3,608,302
	

	 
	 

	5/1/2019
	56,046
	

	6,982
	

	49,064
	

	1,626,723
	

	3,657,365
	

	 
	 

	6/1/2019
	56,046
	

	6,778
	

	49,268
	

	1,577,455
	

	3,706,633
	

	 
	 

	7/1/2019
	56,046
	

	6,573
	

	49,473
	

	1,527,981
	

	3,756,107
	

	 
	 

	8/1/2019
	56,046
	

	6,367
	

	49,679
	

	1,478,302
	

	3,805,786
	

	 
	 

	9/1/2019
	56,046
	

	6,160
	

	49,886
	

	1,428,416
	

	3,855,672
	

	 
	 

	10/1/2019
	56,046
	

	5,952
	

	50,094
	

	1,378,321
	

	3,905,767
	

	 
	 

	11/1/2019
	56,046
	

	5,743
	

	50,303
	

	1,328,018
	

	3,956,070
	

	 
	 

	12/1/2019
	56,046
	

	5,533
	

	50,513
	

	1,277,506
	

	4,006,582
	

	 
	 

	 
	672,551
	

	80,045
	

	592,507
	

	 
	 
	 
	 

	Year 9
	 
	 
	 
	 
	 
	 
	 

	1/1/2020
	56,046
	

	5,323
	

	50,723
	

	1,226,783
	

	4,057,305
	

	 
	 

	1/1/2020
	56,046
	

	5,112
	

	50,934
	

	1,175,849
	

	4,108,239
	

	 
	 

	1/1/2020
	56,046
	

	4,899
	

	51,147
	

	1,124,702
	

	4,159,386
	

	 
	 

	1/1/2020
	56,046
	

	4,686
	

	51,360
	

	1,073,342
	

	4,210,746
	

	 
	 

	1/1/2020
	56,046
	

	4,472
	

	51,574
	

	1,021,769
	

	4,262,319
	

	 
	 

	1/1/2020
	56,046
	

	4,257
	

	51,789
	

	969,980
	

	4,314,108
	

	 
	 

	1/1/2020
	56,046
	

	4,042
	

	52,004
	

	917,976
	

	4,366,112
	

	 
	 

	1/1/2020
	56,046
	

	3,825
	

	52,221
	

	865,755
	

	4,418,333
	

	 
	 

	1/1/2020
	56,046
	

	3,607
	

	52,439
	

	813,316
	

	4,470,772
	

	 
	 

	1/1/2020
	56,046
	

	3,389
	

	52,657
	

	760,659
	

	4,523,429
	

	 
	 

	1/1/2020
	56,046
	

	3,169
	

	52,877
	

	707,782
	

	4,576,306
	

	 
	 

	1/1/2020
	56,046
	

	2,949
	

	53,097
	

	654,685
	

	4,629,403
	

	 
	 

	 
	672,551
	

	49,731
	

	622,820
	

	 
	 
	 
	 

	Year 10
	 
	 
	 
	 
	 
	 
	 

	1/1/2021
	56,046
	

	2,728
	

	53,318
	

	601,367
	

	4,682,721
	

	 
	 

	2/1/2021
	56,046
	

	2,506
	

	53,540
	

	547,827
	

	4,736,261
	

	 
	 

	
															
	3/1/2021
	56,046
	

	2,283
	

	53,763
	

	494,064
	

	4,790,024
	

	 
	 

	4/1/2021
	56,046
	

	2,059
	

	53,987
	

	440,076
	

	4,844,012
	

	 
	 

	5/1/2021
	56,046
	

	1,834
	

	54,212
	

	385,864
	

	4,898,224
	

	 
	 

	6/1/2021
	56,046
	

	1,608
	

	54,438
	

	331,426
	

	4,952,662
	

	 
	 

	7/1/2021
	56,046
	

	1,381
	

	54,665
	

	276,761
	

	5,007,327
	

	 
	 

	8/1/2021
	56,046
	

	1,153
	

	54,893
	

	221,868
	

	5,062,220
	

	 
	 

	9/1/2021
	56,046
	

	924
	

	55,121
	

	166,747
	

	5,117,341
	

	 
	 

	10/1/2021
	56,046
	

	695
	

	55,351
	

	111,395
	

	5,172,693
	

	 
	 

	11/1/2021
	56,046
	

	464
	

	55,582
	

	55,814
	

	5,228,274
	

	 
	 

	12/1/2021
	56,046
	

	233
	

	55,813
	

	—
	

	5,284,088
	

	 
	 

	 
	672,551
	

	17,866
	

	654,685

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00195-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00195-of-00352.parquet"}]]