Document:

Amended Restated Sixth Amendment to Second Amended Restated Operating Agreement

 Exhibit 10.50 

AMENDED AND RESTATED SIXTH AMENDMENT TO 

SECOND AMENDED AND RESTATED OPERATING AGREEMENT 

OF 
 TPG/CALSTRS,
LLC 
 THIS AMENDED AND RESTATED SIXTH AMENDMENT TO SECOND AMENDED AND RESTATED OPERATING AGREEMENT OF TPG/CALSTRS, LLC (this
“Amendment”), is entered into effective as of February 19, 2010, by and between CALIFORNIA STATE TEACHERS’ RETIREMENT SYSTEM, a public entity (“Investor”), and THOMAS PROPERTIES GROUP, L.P., a Maryland
limited partnership (“Operator”). 
 Operator and Investor entered into that certain Sixth Amendment to Second
Amended and Restated Operating Agreement of TPG/CalSTRS, LLC as of February 19, 2010 (the “Original Sixth Amendment”). Operator and Investor now desire change certain of the terms and conditions thereof and hereby amend and
restate and supersede the Original Sixth Amendment in its entirety as set forth below. Effective as of the Effective Date, the Original Sixth Amendment shall be null and void and of no force and effect. 

RECITALS 
 A.
Investor and Operator, as the sole 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”), as amended by that certain First Amendment to Second Amended and Restated Operating Agreement of TPG/CalSTRS, LLC, dated as of June 8, 2006, that certain Second Amendment to
Second Amended and Restated Operating Agreement of TPG/CalSTRS, LLC, dated as of May 25, 2007, that certain Third Amendment to Second Amended and Restated Operating Agreement of TPG/CalSTRS, LLC, dated as of February 1, 2008, that certain
Fourth Amendment to Second Amended and Restated Operating Agreement dated as of November 5, 2008, and that certain Fifth Amendment to Second Amended and Restated Operating Agreement dated as of October 30, 2009 (collectively with the
Original Agreement, the “Agreement”). All capitalized terms not otherwise defined herein shall have the meanings set forth in the Agreement. 

B. One of the Projects owned by the Company is that certain office complex commonly known as City National Plaza, located at 505 –
555 South Flower Street, Los Angeles, California (the “City National Plaza Project”). The current ownership structure of the City National Plaza Project is as set forth on Exhibit “B” to the Master Agreement
(defined below). 
 C. Effective as of the date hereof, Investor and Operator have entered into that certain Master Agreement
for Debt and Equity Restructure of City National Plaza, as amended by that certain Amended and Restated Master Agreement for Debt and Equity Restructure of City National Plaza (as amended, the “Master Agreement”) with respect to the
City National Plaza Project. As described in the Master Agreement, CNP Investor, LLC, a limited liability company (“CNP Investor”) that is a wholly owned subsidiary of Investor, has agreed to purchase various mezzanine loans made to
Title Holding Subsidiaries of the Company to finance the City National Plaza Project (the “Mezzanine Loans”). Pursuant to the Master Agreement, CNP Investor, Investor, Operator, the Company, and various other parties, agreed that
CNP Investor would distribute the Mezzanine Loans to CalSTRS, which would then convert the Mezzanine Loans into an increased equity interest in the Company solely as it relates to the Company’s interest in the City National Plaza Project upon
the satisfaction of certain conditions set forth therein (the “Conversion”). 
 D. Upon exercise of the
Conversion, the ownership structure of the City National Plaza Project will be as shown on Exhibit “E” to the Master Agreement. At such time, Investor will own an increased interest in the City National Plaza Project through the
Company and the parties hereto shall execute that certain Eighth Amendment to Second Amended and Restated Operating Agreement of TPG/CalSTRS to reflect the Conversion. 

 E. In connection with the transactions contemplated in the Master Agreement, Investor and
Operator wish to further amend the 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 hereby agree as follows effective as of the date of the acquisition by CNP Investor of the Mezzanine Loans: 

1. A new Section 4.05 is hereby added to the Agreement as follows: 

4.05 Capital Contributions for City National Plaza 

It is the parties’ intention to refinance the loan secured by the mortgage encumbering the City National Plaza Project (the
“Mortgage Indebtedness”) on or prior to its maturity date. Anything to the contrary in this Agreement notwithstanding, Investor shall have the right unilaterally to call for Additional Contributions to the capital of the Company for
the purpose of repaying upon maturity (whether scheduled or accelerated) the Mortgage Indebtedness. Such capital call shall not be subject to the requirements of Sections 2.02(c), 4.01 or 4.03 nor Exhibit D of this Agreement. If Investor
determines to make a capital call in accordance with this Section 4.05, it shall deliver written notice to Operator specifying the total amount of capital required and the amount representing the share of each Member. Within ten
(10) business days of receipt of the written notice from Investor of a capital call in accordance with this Section 4.05, each Member shall contribute its share of the capital requested. Once contributed, the Capital Contributions shall be
applied to repay the Mortgage Indebtedness. Any Capital Contributions funded pursuant to this Section 4.05 shall be excluded from the calculation of the maximum capital commitments set forth in Section 4.01(a) and (b) of this
Agreement and the additional contribution caps set forth in Section 4.01(c) of this Agreement. If Operator fails to fund its portion of the Additional Contribution called for in this Section 4.05, then Investor shall elect one of the
following two options: (1) Investor shall receive a refund from the Company of its Additional Contribution made pursuant to this Section, or (2) Investor shall fund the entire amount required to repay the Mortgage Indebtedness in full. If
Investor elects the latter option, then Investor shall be treated as having an independent equity interest in the Project commensurate on a dollar-for-dollar basis with the outstanding principal, interest and other payments due under the Mortgage
Loan at the time of the capital call provided for herein, in a manner similar to, and on substantially the same terms as, the Conversion. 

2. The following new definitions are hereby added to Exhibit A to the Agreement in their appropriate alphabetical order: 

“City National Plaza Project” means that certain office complex commonly known as City National Plaza, located at 
505
– 555 South Flower Street, Los Angeles, California. 
 “CNP Investor” means CNP Investor, LLC, a
Delaware limited liability company. 
 “COD” is defined in Exhibit “C”. 

 “Mortgage Indebtedness” is defined in Section 4.05. 

“Operator’s Deferred COD Income Amount” is defined in Exhibit “C”. 

“Section 108(i) Election” is defined in Exhibit “C”. 

“Sixth Amendment” is defined in Exhibit “C”. 

“TPG Plaza Investments” means TPG Plaza Investments, LLC, a Delaware limited liability company, which is a Title Holding
Subsidiary of the Company. 
 3. The following new Section 2.8 is hereby added to Exhibit C to the Agreement: 

Section 2.8 COD Income Arising from Purchase of Mezzanine Loans; Election Under Section 108(i) of the Code. The Members
recognize and agree that the purchase of the Mezzanine Loans described in Recital C of the Sixth Amendment to Second Amended and Restated Operating Agreement of TPG/CalSTRS, LLC (the “Sixth Amendment”) will result in the recognition
of cancellation of indebtedness (“COD”) income by TPG Plaza Investments and an allocation of such COD income to the Company from TPG Plaza Investments. This Agreement does not specify how such COD income is to be allocated. Instead
the Tax Matters Partner shall cause the Company’s accountants to allocate the COD income in accordance with applicable income tax laws and regulations. The Operator has requested that TPG Plaza Investments make the election described in
Section 108(i) of the Code [and Section 4.01 of Revenue Procedure 2009-37, 2009-36 I.R.B.] (the “Section 108(i) Election”) with respect to all or such portion, to be determined by Operator in its sole discretion and
communicated to TPG Plaza Investments in a timely manner, of the COD income that is ultimately to be allocated to Operator as provided in the immediately preceding sentence (the “Operator’s Deferred COD Income Amount”). The
Operator has further requested that the Company apportion the entire Operator’s Deferred COD Income Amount to the Operator as permitted in Section 4.12 of Revenue Procedure 2009-37. The Management Committee has agreed to accommodate the
Operator’s requests by (i) causing the Company, as the sole member of the manager of TPG Plaza Investments, to make the Section 108(i) Election with respect to Operator’s Deferred COD Income Amount as described above, and
(ii) causing the Company to allocate the entire Operator’s Deferred COD Income Amount as described above. The Operator understands and agrees that neither TPG Plaza Investments nor the Company will make any election under
Section 108(i), or otherwise allocate any COD income that is subject to Section 108(i), with respect to all or any portion of the COD income that is not the Operator’s Deferred COD Income Amount. By executing the Sixth Amendment the
Operator further agrees as follows: (i) that it will indemnify, defend and hold the Company, TPG Plaza Investments, CNP Investor, and Investor and Investor’s Constituents harmless from and against any and all tax, economic or other
consequences resulting from the Section 108(i) Election; (ii) that it will furnish to the Company and/or TPG Plaza Investments in a timely manner all information requested by the Company and/or TPG Plaza Investments in connection with
making the Section 108(i) Election or complying at any time with Section 108(i), Revenue Procedure 2009-37 or any other relevant Federal, state or local income tax law or procedure; (iii) that it will assist the Company and/or TPG
Plaza Investments in complying with all relevant procedures prescribed by the Internal Revenue Service or any relevant state or local income tax authority, including the election procedures and the annual

 
information statements that are described in Sections 4 and 5, respectively, of Revenue Procedure 2009-37; and (iv) that it will reimburse the Company and/or TPG Plaza Investments for any
and all additional accounting, legal or compliance costs associated with (x) making the Section 108(i) Election or for maintaining and keeping the records required in connection with the Section 108(i) Election so made,
(y) filing any future returns, documents, elections or forms in connection with the Section 108(i) Election so made and (z) dealing with any and all income tax authorities, audits, contests or litigation in connection with the
Section 108(i) Election so made. 
 4. Except as expressly provided in this Amendment, all of the terms and provisions of
the Agreement remain unmodified and in full force and effect. 
 5. 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. 
 6. This Amendment may be executed in any number of
counterparts each of which shall be deemed an original and all of which shall constitute one and the same agreement with the same effect as if all parties had signed the same signature page. This Amendment shall be deemed executed and delivered upon
each party’s delivery of executed signature pages of this Amendment, which signature pages may be delivered electronically or by facsimile with the same effect as delivery of the originals. 

[signatures begin on next page] 

 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. Ailman

		 		 		 	Christopher J. Ailman, Chief Investment Officer
		
	“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

		 		 		 	John R. Sischo, Co-Chief Operating OfficerEighth Amendment to the Second Amended and Restated Operating Agreement

 Exhibit 10.51 

EIGHTH AMENDMENT TO 

SECOND AMENDED AND RESTATED OPERATING AGREEMENT 

OF 
 TPG/CALSTRS,
LLC 
 THIS EIGHTH AMENDMENT TO SECOND AMENDED AND RESTATED OPERATING AGREEMENT OF TPG/CALSTRS, LLC (this
“Amendment”) is entered into as of July 6, 2010, 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 sole 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”), as amended by that certain First Amendment to Second Amended and Restated
Operating Agreement of TPG/CalSTRS, LLC, dated as of June 8, 2006, that certain Second Amendment to Second Amended and Restated Operating Agreement of TPG/CalSTRS, LLC, dated as of May 25, 2007, that certain Third Amendment to Second
Amended and Restated Operating Agreement of TPG/CalSTRS, LLC, dated as of February 1, 2008, that certain Fourth Amendment to Second Amended and Restated Operating Agreement dated as of November 5, 2008, that certain Fifth Amendment to
Second Amended and Restated Operating Agreement dated as of October 30, 2009, that certain Amended and Restated Sixth Amendment to Second Amended and Restated Operating Agreement dated as of February 19, 2010, and that certain Seventh
Amendment to Second Amended and Restated Operating Agreement dated as of May 6, 2010 (collectively, the “Agreement”). All capitalized terms not otherwise defined herein shall have the meanings set forth in the Agreement.

 B. The Percentage Interests of Investor and Operator in the Company as of the date hereof are 75% and 25%, respectively.

 C. One of the Projects owned by the Company is that certain office complex commonly known as City National Plaza, located at
505 – 555 South Flower Street, Los Angeles, California (the “City National Plaza Project”). This Amendment affects solely the terms and conditions of the Agreement as they relate to the City National Plaza Project.

 D. Investor and Operator entered into that certain Amended and Restated Master Agreement for Debt and Equity Restructure of
City National Plaza effective as of February 19, 2010 (the “Master Agreement”) with respect to the City National Plaza Project. As described in the Master Agreement, CNP Investor, LLC, a limited liability company (“CNP
Investor”), that is a wholly owned subsidiary of Investor, purchased various mezzanine loans, totaling $219,074,789, made to Title Holding Subsidiaries of the Company to finance the City National Plaza Project (the “Mezzanine
Loans”). Pursuant to the Master Agreement, CNP Investor, Investor, Operator, the Company, and various other parties agreed that the Mezzanine Loans would be converted into an increased equity interest for Investor in the Company upon the
satisfaction of certain conditions set forth therein (the “Conversion”). 
 E. Effective as of the date hereof,
CNP Investor has distributed the Mezzanine Loans to Investor, and Investor hereby converts the debt owing by the Title Holding Subsidiaries of the Company into an increased equity interest in the Company with respect to the City National Plaza
Project upon the terms set forth herein (the “CNP Additional Interest”). Based on acquiring the CNP Additional Interest, the total Interest of Investor in the Company, solely as it relates to the City National Plaza Project, is
increased from 75% to 92.0625% (consisting of a CNP Additional Interest Percentage of 68.25% and 75% of the Original Interest Percentage of 31.75%, or 23.8125%) and Operator’s total Interest in the Company, solely as it relates to the City
National Plaza Project, is decreased from 25% to 7.9375% (consisting of 25% of the Original Interest Percentage of 31.75%). 

 F. In connection therewith, Investor and Operator wish to further amend the 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 hereby agree as follows: 
 1. CNP Additional
Interest and Original Interest. 
 (a) Investor has acquired the CNP Additional Interest, which shall be entitled to the
rights and benefits, and subject to the obligations, described in this Amendment. The term “Original Interests” refers to the interests of Investor and Operator in the Company both (i) as they relate to the City National Plaza
Project arising prior to this Amendment (as opposed to the CNP Additional Interest created by this Amendment), and (ii) as they relate to all other assets of the Company. 

(b) The CNP Additional Interest confers upon the holder thereof no management rights with respect to the Company, separate and apart from
the rights such holder has as the holder of an Original Interest. 
 (c) The term “Percentage Interests” of the
Members shall continue to have the same meaning as prior to this Amendment for all purposes, except that solely with respect to the City National Plaza Project, “Percentage Interests” shall refer to the Percentage Interests as between the
holders of the Original Interests. 
 2. Capital Contributions. 

(a) In exchange for the conversion of the Mezzanine Loans, Investor shall be credited with a Capital Contribution attributable to its CNP
Additional Interest in the amount of Two Hundred Nineteen Million Seventy Four Thousand Seven Hundred Eighty-Nine Dollars ($219,074,789). 

(b) Notwithstanding anything to the contrary in Section 4.03(a) of the Agreement, any Additional Contributions required in
accordance with Section 4.03(a) of the Agreement with respect to the City National Plaza Project shall be made pro rata in accordance with (i) the CNP Additional Interest Percentage by the holder of the CNP Additional Interest and
(ii) the CNP Original Interest Percentage by the holders of the Original Interests in proportion to their Percentage Interests. 

(c) For purposes of Sections 4.03(b) and 2.09(d) of the Agreement, with respect to any indemnification obligation relating to the City
National Plaza Project, the “Latest Distributions” shall mean the “Latest Distributions” to the holder of the CNP Additional Interest and each holder of an Original Interest solely with respect to the City National Plaza Project.

 (d) Any Capital Contributions required to made to the Company with respect to any Project other than the City National Plaza
Project shall be made in accordance with the provisions of the Agreement without regard to this Amendment. 
 3. Failure to
Make Capital Contributions. If either of the holders of the Original Interests fails to contribute any portion of its Percentage Interest share of a required Capital Contribution relating to the City National Plaza Project, then the remedies
provided for in Section 4.06 of the Agreement shall apply. If the holder of the CNP Additional Interest fails to make any portion of its CNP Additional Percentage share of a required Capital Contribution with respect to the City National Plaza
Project, then the remedies provided for in Section 4.06 of the Agreement shall apply, except that, in place of Section 4.06(a)(ii), the holder of the Original Interests that is a Contributing Member shall have the opportunity to:

 “fund the Shortfall Amount to the Company, not withdraw the Refund Amount, and treat
the Shortfall Amount so funded as an Additional Contribution to the Company by the Contributing Member. In such event, the CNP Additional Interest Percentage shall be immediately reduced, and the CNP Original Interest Percentage shall be immediately
increased, by the number of percentage points (the “Adjustment Amount”) equal to the product of (x) a fraction, the numerator of which is the Shortfall Amount and the denominator of which is the total amount of capital previously
contributed to the Company by the holder of the CNP Additional Interest times (y) one hundred fifty percent (150%). By way of example only, if the holder of the CNP Additional Interest fails to contribute capital in a Shortfall Amount equal to
$10,000 and its total contributed capital at the time is $5,000,000, then the CNP Additional Interest Percentage would be decreased, and the CNP Original Interest Percentage would be increased, by 0.30 percentage points (calculated in the following
manner: (($10,000÷$5,000,000) × 1.5 = 0.30 percentage points). The Book Capital Accounts of the Members shall be adjusted to reflect adjustments to percentages made pursuant to this Section.” 

4. Distributions with Respect to City National Plaza Project. 

(a) Section 6.02(d) is hereby added to the Agreement: 

6.02(d) The provisions of this Section 6.02 hereof are hereby modified such that all distributions of Project Available Cash and
Project Capital Proceeds solely with respect to the City National Plaza Project shall be distributed, on a pari passu basis, prorata in the amounts of (a) the CNP Additional Interest Percentage to the holder of the CNP Additional Interest and
(b) the CNP Original Interest Percentage to Operator and Investor in accordance with Section 6.02(a), (b) and (c) above. 

(b) By way of example only, if $100,000 of Project Available Cash or Project Capital Proceeds from the City National Plaza Project and
$100,000 of Project Available Cash or Project Capital Proceeds from another Project are to be distributed to the Members, then $68,250 (68.25% of the $100,000 available from the City National Plaza Project) shall be distributed to the holder of the
CNP Additional Interest and $131,750 (31.75% of the $100,000 available from the City National Plaza Project and 100% of the $100,000 available from the other Project) shall be distributed to Operator and Investor in accordance with
Section 6.02(a), (b) and (c) of the Agreement. 
 5. Certain Defined Terms. The Capital Contributions
associated with Investor’s CNP Additional Interest described in Section 2 above and the distributions associated with Investor’s CNP Additional Interest described in Sections 4 and 7 hereof shall not be included in the calculation of
“Unreturned Investor Capital,” or, as defined in Exhibit “B” to the Agreement, “Contributions of the Investor” “Distributions to the Investor,” the “Company IRR Deficiency,” the “Project IRR
Deficiency” or the “IRR Deficiency”. For purposes of Exhibit B, the CNP Additional Interest shall be disregarded. 

6. Distributions upon Dissolution. Section 9.02(d) is hereby deleted and replaced in its entirety with the following:

  

			
	“9.02(d)	 	Thereafter, subject to Section 6.02(c) and 6.04 hereof:
		
		 	(i) With respect to the City National Plaza Project, in accordance with Section 6.02(d) hereof; and

			
		 	(ii) With respect to all other Projects, in accordance with Section 6.02(b) hereof.”

7. Allocations of Profits and Losses. Without modifying any provisions of Exhibit “C” to the Agreement, allocations of
profits and losses set forth in Exhibit “C” to the Agreement shall be implemented in a manner to take into account the modifications set forth in this Amendment. 

8. Definitions. The following new definitions are hereby added to Exhibit “A” to the Agreement in their appropriate
alphabetical order: 
 “CNP Additional Interest” shall have the meaning ascribed thereto in Recital E of the
Eighth Amendment. 
 “CNP Additional Interest Percentage” means 68.25%, as the same may be adjusted in
accordance herewith. 
 “CNP Original Interest Percentage” means 31.75%, as the same may be adjusted in
accordance herewith. 
 “Eighth Amendment” means that certain Eighth Amendment to the Second Amended and
Restated Operating Agreement of TPG/CalSTRS, LLC dated as of July 6, 2010. 
 “Original Interests” shall
have the meaning ascribed thereto in Section 1 of the Eighth Amendment. 
 9. Miscellaneous. 

(a) Except as expressly provided in this Amendment, all of the terms and provisions of the Agreement remain unmodified and in full force
and effect. Except as expressly set forth herein, the terms governing the CNP Additional Interest shall be the same as those governing the Original Interests. 

(b) 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.

 (c) This Amendment may be executed in any number of counterparts each of which shall be deemed an original and all of which
shall constitute one and the same agreement with the same effect as if all parties had signed the same signature page. This Amendment shall be deemed executed and delivered upon each party’s delivery of executed signature pages of this
Amendment, which signature pages may be delivered electronically or by facsimile with the same effect as delivery of the originals. 

[signatures begin on next page] 

 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. Ailman

		 		 		 	Christopher J. Ailman, Chief Investment Officer
		
	“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

		 		 		 	John R. Sischo, Co-Chief Operating Officer

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