Document:

EXHIBIT 4.3

  
 EXECUTION COPY

  

  
 MBNA CREDIT CARD MASTER NOTE TRUST 
  
 as Issuer 
  
 CLASS A(2003-12) TERMS DOCUMENT 
  
 dated as of December 18, 2003 
  
 to 
  
 MBNASERIES INDENTURE SUPPLEMENT 
  
 dated as of May 24, 2001 
  
 to 
  
 INDENTURE 
  
 dated as of May 24, 2001 
  
 THE BANK OF NEW YORK 
  
 as Indenture Trustee 
  

  
 TABLE OF CONTENTS

  

	 	  	Page

		
	 ARTICLE I        DEFINITIONS AND OTHER PROVISIONS OF GENERAL
APPLICATION
	  	1
			
	 Section 1.01.
	  	 Definitions
	  	1
			
	 Section 1.02.
	  	 Governing Law; Submission to Jurisdiction; Agent for Service of Process
	  	5
			
	 Section 1.03.
	  	 Counterparts
	  	5
			
	 Section 1.04.
	  	 Ratification of Indenture and Indenture Supplement
	  	5
		
	 ARTICLE II      THE CLASS A(2003-12) NOTES
	  	7
			
	 Section 2.01.
	  	 Creation and Designation
	  	7
			
	 Section 2.02.
	  	 Specification of Required Subordinated Amount and other Terms
	  	7
			
	 Section 2.03.
	  	 Interest Payment
	  	7
			
	 Section 2.04.
	  	 Calculation Agent; Determination of LIBOR
	  	8
			
	 Section 2.05.
	  	 Payments of Interest and Principal
	  	8
			
	 Section 2.06.
	  	 Form of Delivery of Class A(2003-12) Notes; Depository; Denominations
	  	9
			
	 Section 2.07.
	  	 Delivery and Payment for the Class A(2003-12) Notes
	  	9
			
	 Section 2.08.
	  	 Targeted Deposits to the Accumulation Reserve Account
	  	9
			
	 Section 2.09.
	  	 Tax Treatment
	  	9
		
	 ARTICLE III     REPRESENTATIONS AND WARRANTIES
	  	11
			
	 Section 3.01.
	  	 Issuer’s Representations and Warranties
	  	11

  

 -i- 

  
 THIS CLASS A(2003-12) TERMS
DOCUMENT (this “Terms Document”), by and between MBNA CREDIT CARD MASTER NOTE TRUST, a statutory trust created under the laws of the State of Delaware (the “Issuer”), having its principal office at Rodney Square
North, 1100 North Market Street, Wilmington, Delaware 19890, and THE BANK OF NEW YORK, a New York banking corporation ( the “Indenture Trustee”), is made and entered into as of December 18, 2003. 
  
 Pursuant to this Terms Document, the Issuer and the Indenture Trustee shall
create a new tranche of Class A Notes and shall specify the principal terms thereof. 
  
 ARTICLE I 
  
 Definitions and
Other Provisions of General Application 
  
 Section 1.01.
Definitions. For all purposes of this Terms Document, except as otherwise expressly provided or unless the context otherwise requires: 
  

	 	(1)	the terms defined in this Article have the meanings assigned to them in this Article, and include the plural as well as the singular; 

  

	 	(2)	all other terms used herein which are defined in the Indenture Supplement or the Indenture, either directly or by reference therein, have the meanings assigned to them therein;

  

	 	(3)	all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting principles and, except as otherwise herein
expressly provided, the term “generally accepted accounting principles” with respect to any computation required or permitted hereunder means such accounting principles as are generally accepted in the United States of America at the date
of such computation; 

  

	 	(4)	all references in this Terms Document to designated “Articles,” “Sections” and other subdivisions are to the designated Articles, Sections and other subdivisions
of this Terms Document as originally executed; 

  

	 	(5)	the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Terms Document as a whole and not to any particular
Article, Section or other subdivision; 

  

	 	(6)	in the event that any term or provision contained herein shall conflict with or be inconsistent with any term or provision contained in the Indenture Supplement or the Indenture,
the terms and provisions of this Terms Document shall be controlling; 

  

	 	(7)	each capitalized term defined herein shall relate only to the Class A(2003-12) Notes and no other tranche of Notes issued by the Issuer; and 

  

	 	(8)	“including” and words of similar import will be deemed to be followed by “without limitation.” 

  

 “Accumulation Reserve Funding Period” shall mean, (a) if the Accumulation Period Length
is determined to be one (1) month, there shall be no Accumulation Reserve Funding Period and (b) otherwise, the period (x) commencing on the earliest to occur of (i) the Monthly Period beginning three (3) calendar months prior to the first Transfer
Date for which a budgeted deposit is targeted to be made into the Principal Funding sub-Account of the Class A(2003-12) Notes pursuant to Section 3.10(b) of the Indenture Supplement, (ii) the Monthly Period following the first Transfer Date
following and including the November 2006 Transfer Date for which the Quarterly Excess Available Funds Percentage is less than 2%, but in such event the Accumulation Reserve Funding Period shall not be required to commence earlier than 24 months
prior to the Expected Principal Payment Date, (iii) the Monthly Period following the first Transfer Date following and including the May 2007 Transfer Date for which the Quarterly Excess Available Funds Percentage is less than 3%, but in such event
the Accumulation Reserve Funding Period shall not be required to commence earlier than 18 months prior to the Expected Principal Payment Date, and (iv) the Monthly Period following the first Transfer Date following and including the July 2007
Transfer Date for which the Quarterly Excess Available Funds Percentage is less than 4%, but in such event the Accumulation Reserve Funding Period shall not be required to commence earlier than 16 months prior to the Expected Principal Payment Date
and (y) ending on the close of business on the last day of the Monthly Period preceding the earlier to occur of (i) the Expected Principal Payment Date for the Class A(2003-12) Notes and (ii) the date on which the Class A(2003-12) Notes are paid in
full. 
  
 “Base Rate” means, with respect to any
Monthly Period, the sum of (i) the Weighted Average Interest Rates for the Outstanding MBNAseries Notes, (ii) the Net Servicing Fee Rate (as such term is defined in the Series 2001-D Supplement) and (iii) so long as MBNA or The Bank of New York is
the Servicer, the Servicer Interchange Rate, in each case, for such Monthly Period. 
  
 “Calculation Agent” is defined in Section 2.04(a). 
  
 “Class A(2003-12) Note” means any Note, substantially in the form set forth in Exhibit A-1 to the Indenture Supplement, designated
therein as a Class A(2003-12) Note and duly executed and authenticated in accordance with the Indenture. 
  
 “Class A(2003-12) Noteholder” means a Person in whose name a Class A(2003-12) Note is registered in the Note Register. 
  
 “Class A(2003-12) Termination Date” means the earliest to
occur of (a) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the Class A(2003-12) Notes is paid in full, (b) the Legal Maturity Date and (c) the date on which the Indenture is discharged and satisfied pursuant to
Article VI thereof. 
  
 “Class A Required
Subordinated Amount of Class B Notes” is defined in Section 2.02(a). 
  
 “Class A Required Subordinated Amount of Class C Notes” is defined in Section 2.02(b). 
  
 “Controlled Accumulation Amount” means $41,666,666.67; provided, however, if the Accumulation Period Length is determined
to be less than twelve (12) months pursuant to 

  

 2 

 
Section 3.10(b)(ii) of the Indenture Supplement, the Controlled Accumulation Amount shall be the amount specified in the definition of
“Controlled Accumulation Amount” in the Indenture Supplement. 
  
 “Excess Available Funds Percentage” means, with respect to any Transfer Date, the amount, if any, by which the Portfolio Yield for the preceding Monthly Period exceeds the Base Rate for such Monthly Period. 
  
 “Expected Principal Payment Date” means December 15, 2008.

  
 “Initial Dollar Principal Amount” means
$500,000,000. 
  
 “Interest Payment Date” means
the fifteenth day of each month commencing January 15, 2004, or if such fifteenth day is not a Business Day, the next succeeding Business Day. 
  
 “Interest Period” means, with respect to any Interest Payment Date, the period from and including the previous Interest Payment Date (or
in the case of the initial Interest Payment Date, from and including the Issuance Date) through the day preceding such Interest Payment Date. 
  
 “Issuance Date” means December 18, 2003. 
  
 “Legal Maturity Date” means May 16, 2011. 
  
 “LIBOR” means, for any Interest Period, the London interbank offered rate for one-month United States dollar deposits determined by the
Indenture Trustee on the LIBOR Determination Date for each Interest Period in accordance with the provisions of Section 2.04. 
  
 “LIBOR Determination Date” means (i) December 16, 2003 for the period from and including the Issuance Date to but excluding January 15,
2004 and (ii) for each Interest Period thereafter, the second London Business Day prior to the Interest Payment Date on which such Interest Period commences. 
  
 “London Business Day” means any Business Day on which dealings in deposits in United States Dollars are transacted in the London
interbank market. 
  
 “MBNAseries Servicer
Interchange” means, with respect to any Monthly Period, an amount equal to the product of (a) the Servicer Interchange (as such term is defined in the Series 2001-D Supplement) with respect to such Monthly Period and (b) a fraction the
numerator of which is the Weighted Average Available Funds Allocation Amount for the MBNAseries for such Monthly Period and the denominator of which is the Weighted Average Available Funds Allocation Amount for all series of Notes for such Monthly
Period. 
  
 “Note Interest Rate” means a per
annum rate equal to 0.11% in excess of LIBOR as determined by the Calculation Agent on the related LIBOR Determination Date with respect to each Interest Period. 
  
 “Paying Agent” means The Bank of New York. 
  

 3 

 “Portfolio Yield” means, with respect to any Monthly Period, the annualized percentage
equivalent of a fraction, the numerator of which is (a) the amount of Available Funds allocated to the MBNAseries pursuant to Section 501 of the Indenture, plus (b) any Interest Funding sub-Account Earnings on the related Transfer
Date, plus (c) any amounts to be treated as MBNAseries Available Funds pursuant to Sections 3.20(d) and 3.27(a) of the Indenture Supplement, plus (d) the MBNAseries Servicer Interchange for such Monthly Period,
minus (e) the excess, if any, of the sum of the PFA Prefunding Earnings Shortfall plus the PFA Accumulation Earnings Shortfall over the sum of the aggregate amount to be treated as MBNAseries Available Funds for such Monthly Period
pursuant to Sections 3.04(a)(ii) and 3.25(a) of the Indenture Supplement plus any other amounts applied to cover earnings shortfalls on amounts in the Principal Funding sub-Account for any tranche of MBNAseries Notes for such
Monthly Period, minus (f) the MBNAseries Investor Default Amount for such Monthly Period, and the denominator of which is the Weighted Average Available Funds Allocation Amount for the MBNAseries for such Monthly Period. 
  
 “Predecessor Note” means, with respect to any particular
Note, every previous Note evidencing all or a portion of the same debt as that evidenced by such particular Note; and, for the purpose of this definition, any Note authenticated and delivered under Section 306 of the Indenture in lieu of a
mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen Note. 
  
 “Quarterly Excess Available Funds Percentage” means, with respect to the November 2006 Transfer Date and each Transfer Date thereafter,
the percentage equivalent of a fraction the numerator of which is the sum of the Excess Available Funds Percentages with respect to the immediately preceding three Monthly Periods and the denominator of which is three. 
  
 “Record Date” means, for any Transfer Date, the last
Business Day of the preceding Monthly Period. 
  
 “Reference Banks” means four major banks in the London interbank market selected by the Beneficiary. 
  
 “Required Accumulation Reserve sub-Account Amount” means, with respect to any Monthly Period during the Accumulation Reserve Funding
Period, an amount equal to (i) 0.5% of the Outstanding Dollar Principal Amount of the Class A(2003-12) Notes as of the close of business on the last day of the preceding Monthly Period or (ii) any other amount designated by the Issuer;
provided, however, that if such designation is of a lesser amount, the Note Rating Agencies shall have provided prior written confirmation that a Ratings Effect will not occur with respect to such change. 
  
 “Servicer Interchange Rate” means, for any Monthly Period,
the percentage equivalent of a fraction, the numerator of which is the MBNAseries Servicer Interchange for such Monthly Period, and the denominator of which is the Weighted Average Available Funds Allocation Amount for the MBNAseries for such
Monthly Period. 
  
 “Stated Principal Amount”
means $500,000,000. 
  

 4 

 “Telerate Page 3750” means the display page currently so designated on the Moneyline
Telerate Service (or such other page as may replace that page on that service for the purpose of displaying comparable rates or prices). 
  
 “Weighted Average Interest Rates” means, with respect to any Outstanding Notes of a class or tranche of the MBNAseries, or of all of the
Outstanding Notes of the MBNAseries, on any date, the weighted average (weighted based on the Outstanding Dollar Principal Amount of the related Notes on such date) of the following rates of interest: 
  
 (a) in the case of a tranche of Dollar Interest-bearing Notes with no
Derivative Agreement for interest, the rate of interest applicable to that tranche on that date; 
  
 (b) in the case of a tranche of Discount Notes, the rate of accretion (converted to an accrual rate) of that tranche on that date; 
  
 (c) in the case of a tranche of Notes with a payment due under a Performing
Derivative Agreement for interest, the rate at which payments by the Issuer to the applicable Derivative Counterparty accrue on that date (prior to the netting of such payments, if applicable); and 
  
 (d) in the case of a tranche of Notes with a non-Performing Derivative
Agreement for interest, the rate specified for that date in the related terms document. 
  
 Section 1.02. Governing Law; Submission to Jurisdiction; Agent for Service of Process. This Terms Document shall be governed by and construed in accordance with the laws of the State of Delaware, without regard
to principles of conflict of laws. The parties hereto declare that it is their intention that this Terms Document shall be regarded as made under the laws of the State of Delaware and that the laws of said State shall be applied in interpreting its
provisions in all cases where legal interpretation shall be required. Each of the parties hereto agrees (a) that this Terms Document involves at least $100,000.00, and (b) that this Terms Document has been entered into by the parties hereto in
express reliance upon 6 DEL. C. § 2708. Each of the parties hereto hereby irrevocably and unconditionally agrees (a) to be subject to the jurisdiction of the courts of the State of Delaware and of the federal courts sitting in the State of
Delaware, and (b)(1) to the extent such party is not otherwise subject to service of process in the State of Delaware, to appoint and maintain an agent in the State of Delaware as such party’s agent for acceptance of legal process, and (2)
that, to the fullest extent permitted by applicable law, service of process may also be made on such party by prepaid certified mail with a proof of mailing receipt validated by the United States Postal Service constituting evidence of valid
service, and that service made pursuant to (b)(1) or (2) above shall, to the fullest extent permitted by applicable law, have the same legal force and effect as if served upon such party personally within the State of Delaware. 
  
 Section 1.03. Counterparts. This Terms Document may be executed in any
number of counterparts, each of which so executed will be deemed to be an original, but all such counterparts will together constitute but one and the same instrument. 
  
 Section 1.04. Ratification of Indenture and Indenture Supplement. As supplemented by this Terms Document, each of the
Indenture and the Indenture Supplement is in all respects ratified and confirmed and the Indenture as so supplemented by the Indenture 

  

 5 

 
Supplement as so supplemented and this Terms Document shall be read, taken and construed as one and the same instrument. 
  
 [END OF ARTICLE I] 
  

 6 

 ARTICLE II 
  
 The Class A(2003-12) Notes 
  
 Section 2.01. Creation and Designation. There is hereby created a tranche of MBNAseries Class A Notes to be issued pursuant to the Indenture and
the MBNAseries Indenture Supplement to be known as the “MBNAseries Class A(2003-12) Notes.” 
  
 Section 2.02. Specification of Required Subordinated Amount and other Terms. 
  
 (a) For the Class A(2003-12) Notes for any date of determination, the Class A Required Subordinated Amount of Class B Notes
will be an amount equal to 8.82353% of (i) the Adjusted Outstanding Dollar Principal Amount of the Class A(2003-12) Notes on such date or (ii) if an Early Redemption Event with respect to the Class A(2003-12) Notes shall have occurred, if an Event
of Default and acceleration of the Class A(2003-12) Notes shall have occurred or if the Class A Usage of the Class B Required Subordinated Amount for such tranche of Class A Notes is greater than zero, the Adjusted Outstanding Dollar Principal
Amount of the Class
 A(2003-12) Notes as of close of business on the day immediately preceding the occurrence of such Early Redemption Event, such Event of Default and acceleration or the date on which the Class A Usage of Class B Required
Subordinated Amount exceeded zero. 
  
 (b) For the Class
A(2003-12) Notes for any date of determination, the Class A Required Subordinated Amount of Class C Notes will be an amount equal to 8.82353% of (i) the Adjusted Outstanding Dollar Principal Amount of the Class A(2003-12) Notes on such date or (ii)
if an Early Redemption Event with respect to the Class A(2003-12) Notes shall have occurred, if an Event of Default and acceleration of the Class A(2003-12) Notes shall have occurred or if the Class A Usage of the Class C Required Subordinated
Amount for such tranche of Class A Notes is greater than zero, the Adjusted Outstanding Dollar Principal Amount of the Class
 A(2003-12) Notes as of close of business on the day immediately preceding the occurrence of such Early Redemption Event,
such Event of Default and acceleration or the date on which the Class A Usage of Class C Required Subordinated Amount exceeded zero. 
  
 (c) The Issuer may change the percentages set forth in clause (a) or (b) above without the consent of any Noteholder so long as the Issuer has (i)
received written confirmation from each Note Rating Agency that has rated any Outstanding Notes of the MBNAseries that the change in either of such percentages will not result in a Ratings Effect with respect to any Outstanding Class

A(2003-12) Notes and (ii) delivered to the Indenture Trustee and the Note Rating Agencies a Master Trust Tax Opinion and an Issuer Tax Opinion. 
  
 Section 2.03. Interest Payment. 
  
 (a) For each Interest Payment Date, the amount of interest due with respect to the Class A(2003-12) Notes shall be an amount equal to the product of
(i)(A) a fraction, the numerator of which is the actual number of days in the related Interest Period and the denominator of which is 360, times (B) the Note Interest Rate in effect with respect to the related Interest Period, times
(ii) the Outstanding Dollar Principal Amount of the Class A(2003-12) Notes determined as of the Record Date preceding the related Transfer Date. Interest on the Class A(2003-12) Notes will 

  

 7 

 
be calculated on the basis of the actual number of days in the related Interest Period and a 360-day year. 
  
 (b) Pursuant to Section 3.03 of the Indenture Supplement, on each
Transfer Date, the Indenture Trustee shall deposit into the Class A(2003-12) Interest Funding sub-Account the portion of MBNAseries Available Funds allocable to the Class A(2003-12) Notes. 
  
 Section 2.04. Calculation Agent; Determination of LIBOR. 

 
 (a) The Issuer hereby agrees that for so long as any Class A(2003-12)
Notes are Outstanding, there shall at all times be an agent appointed to calculate LIBOR for each Interest Period (the “Calculation Agent”). The Issuer hereby initially appoints the Indenture Trustee as the Calculation Agent for
purposes of determining LIBOR for each Interest Period. The Calculation Agent may be removed by the Issuer at any time. If the Calculation Agent is unable or unwilling to act as such or is removed by the Issuer, or if the Calculation Agent fails to
determine LIBOR for an Interest Period, the Issuer shall promptly appoint a replacement Calculation Agent that does not control or is not controlled by or under common control with the Issuer or its Affiliates. The Calculation Agent may not resign
its duties, and the Issuer may not remove the Calculation Agent, without a successor having been duly appointed. 
  
 (b) On each LIBOR Determination Date, the Calculation Agent shall determine LIBOR on the basis of the rate for deposits in United States dollars for a
one-month period which appears on Telerate Page 3750 as of 11:00 a.m., London time, on such date. If such rate does not appear on Telerate Page 3750, the rate for that LIBOR Determination Date shall be determined on the basis of the rates at which
deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a one-month period. The Calculation Agent shall request the principal London
office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date shall be the arithmetic mean of the quotations. If fewer than two quotations are
provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by four major banks in New York City, selected by the Beneficiary, at approximately 11:00 a.m., New York City time, on that day for
loans in United States dollars to leading European banks for a one-month period. 
  
 (c) The Note Interest Rate applicable to the then current and the immediately preceding Interest Periods may be obtained by telephoning the Indenture Trustee at its corporate trust office at (212) 815-3247 or such
other telephone number as shall be designated by the Indenture Trustee for such purpose by prior written notice by the Indenture Trustee to each Noteholder from time to time. 
  
 (d) On each LIBOR Determination Date, the Calculation Agent shall send to the Indenture Trustee and the Beneficiary, by
facsimile transmission, notification of LIBOR for the following Interest Period. 
  

 8 

 Section 2.05. Payments of Interest and Principal. 
  
 (a) Any installment of interest or principal, if any, payable on any Class
A(2003-12) Note which is punctually paid or duly provided for by the Issuer and the Indenture Trustee on the applicable Interest Payment Date or Principal Payment Date shall be paid by the Paying Agent to the Person in whose name such Class
A(2003-12) Note (or one or more Predecessor Notes) is registered on the Record Date, by wire transfer of immediately available funds to such Person’s account as has been designated by written instructions received by the Paying Agent from such
Person not later than the close of business on the third Business Day preceding the date of payment or, if no such account has been so designated, by check mailed first-class, postage prepaid to such Person’s address as it appears on the Note
Register on such Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of Cede & Co., payment shall be made by wire transfer in immediately available funds to the account designated by such
nominee. 
  
 (b) The right of the Class A(2003-12) Noteholders to
receive payments from the Issuer will terminate on the first Business Day following the Class A(2003-12) Termination Date. 
  
 Section 2.06. Form of Delivery of Class A(2003-12) Notes; Depository; Denominations. 
  
 (a) The Class A(2003-12) Notes shall be delivered in the form of a global Registered Note as provided in Sections 202
and
 301(i) of the Indenture, respectively. 
  
 (b) The
Depository for the Class A(2003-12) Notes shall be The Depository Trust Company, and the Class A(2003-12) Notes shall initially be registered in the name of Cede & Co., its nominee. 
  
 (c) The Class A(2003-12) Notes will be issued in minimum denominations of $1,000 and integral multiples of that amount.

  
 Section 2.07. Delivery and Payment for the Class A(2003-12)
Notes. The Issuer shall execute and deliver the Class A(2003-12) Notes to the Indenture Trustee for authentication, and the Indenture Trustee shall deliver the Class A(2003-12) Notes when authenticated, each in accordance with Section 303
of the Indenture. 
  
 Section 2.08. Targeted Deposits to the
Accumulation Reserve Account. 
  
 The deposit targeted to be
made to the Accumulation Reserve Account for any Monthly Period during the Accumulation Reserve Funding Period will be an amount equal to the Required Accumulation Reserve sub-Account Amount. 
  
 Section 2.09. Tax Treatment. Notwithstanding any other express or
implied agreement to the contrary, each of the Issuer and the Class A(2003-12) Noteholders are hereby deemed to agree that they and any recipient of the Prospectus Supplement dated November 25, 2003 and the Prospectus dated September 10, 2003, each
relating to the Class A(2003-12) Notes (or their employees, representatives, or other agents), may disclose to any and all persons, without limitation of any kind, the Tax Treatment and Tax Structure of any transaction relating to the Issuer or the
Class A(2003-12) Notes and all materials of any kind (including opinions or other tax 

  

 9 

 
analyses) that are provided to any of them relating to such Tax Treatment and Tax Structure. For purposes of this Section 2.09, “Tax
Treatment” refers to the purported or claimed treatment of the Issuer and the Class A(2003-12) Notes under the Internal Revenue Code or applicable state or local tax law, and “Tax Structure” refers to any fact that may be
relevant to understanding such Tax Treatment. It is hereby confirmed that each of the foregoing have been deemed to so agree since the commencement of discussions regarding the Class A(2003-12) Notes. 
  
 [END OF ARTICLE II] 
  

 10 

 ARTICLE III 
  
 Representations and Warranties 
  
 Section 3.01. Issuer’s Representations and Warranties. The Issuer makes the following representations and warranties as to the Collateral
Certificate on which the Indenture Trustee is deemed to have relied in acquiring the Collateral Certificate. Such representations and warranties speak as of the execution and delivery of this Terms Document, but shall survive until the termination
of this Terms Document. Such representations and warranties shall not be waived by any of the parties to this Terms Document unless the Issuer has obtained written confirmation from each Note Rating Agency that there will be no Ratings Effect with
respect to such waiver. 
  
 (a) The Indenture creates a valid and
continuing security interest (as defined in the Delaware UCC) in the Collateral Certificate in favor of the Indenture Trustee, which security interest is prior to all other liens, and is enforceable as such as against creditors of and purchasers
from the Issuer. 
  
 (b) The Collateral Certificate constitutes
either an “account,” a “general intangible,” an “instrument,” or a “certificated security,” each within the meaning of the Delaware UCC. 
  
 (c) At the time of the transfer and assignment of the Collateral Certificate to the Indenture Trustee pursuant to the
Indenture, the Issuer owned and had good and marketable title to the Collateral Certificate free and clear of any lien, claim or encumbrance of any Person. 
  
 (d) The Issuer has caused, within ten days of the execution of the Indenture, the filing of all appropriate financing statements in the proper filing
office in the appropriate jurisdictions under applicable law in order to perfect the security interest in the Collateral Certificate granted to the Indenture Trustee pursuant to the Indenture. 
  
 (e) Other than the security interest granted to the Indenture Trustee
pursuant to the Indenture, the Issuer has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed the Collateral Certificate. The Issuer has not authorized the filing of and is not aware of any financing statements against
the Issuer that include a description of collateral covering the Collateral Certificate other than any financing statement relating to the security interest granted to the Indenture Trustee pursuant to the Indenture or any financing statement that
has been terminated. The Issuer is not aware of any judgment or tax lien filings against the Issuer. 
  
 (f) All original executed copies of the Collateral Certificate have been delivered to the Indenture Trustee. 
  
 (g) At the time of the transfer and assignment of the Collateral Certificate
to the Indenture Trustee pursuant to the Indenture, the Collateral Certificate had no marks or notations indicating that it has been pledged, assigned or otherwise conveyed to any Person other than the Indenture Trustee. 
  
 [END OF ARTICLE III] 
  

 11 

 IN WITNESS WHEREOF, the parties hereto have caused this Terms Document to be duly executed, all as of the
day and year first above written. 
  

	 MBNA CREDIT CARD MASTER NOTE TRUST,
 by MBNA AMERICA BANK,
 NATIONAL ASSOCIATION, as Beneficiary
 and not in its individual capacity

		
	By:	 	/s/    Kevin F. Sweeney
	 	

	 	 	 Kevin F. Sweeney
 First Vice President

  

	 THE BANK OF NEW YORK, as Indenture Trustee
 and not in its individual capacity

		
	By:	 	/s/    Daniel Rothman
	 	

	 	 	 Name: Daniel Rothman
 Title:   Assistant Vice President

  
 [Signature Page
to the Class A(2003-12) Terms Document]Exhibit 10(a)

 Exhibit 10(a) 
  
 AMENDED AND RESTATED ADVISORY CONTRACT 
  
 THIS ADVISORY CONTRACT between the B. F. Saul Advisory Company (the “Advisor”) and the B. F. Saul
Real Estate Investment Trust (the “Trust”) is, as of October 1, 1982, amended and restated in full as follows: 
  
 W I T N E S S E T H: 
  
 WHEREAS, on September 18, 1969 the Trust entered into an advisory agreement with the B. F. Saul Company
(“Saul”), which was amended from time to time; and 
  
 WHEREAS, on May 1, 1972 the Trust, Saul and the Advisor entered into a contract by which Saul’s interest in said advisory agreement, as amended, was assigned to the Advisor; and 
  
 WHEREAS, said advisory agreement, as amended from time to time was
amended and restated in full as of July 1, 1974; and 
  
 WHEREAS, there have been changes in the affairs of the Trust and in the general real estate industry of which it is a part; and 
  
 WHEREAS, the Trust, in connection with its affairs, desires to continue to avail itself of the experience, sources of information, advice,
assistance, management and certain facilities of, and available to, the Advisor, and the Trust also desires to have the Advisor continue to undertake certain duties and responsibilities and perform certain services as hereinafter set forth, on
behalf of, and subject to the supervision and control of, the Trustees of the Trust (the “Trustees”); and 
  
 WHEREAS, the Advisor is willing to continue to undertake and perform, subject to the supervision and control of the Trustees, the services
hereinafter set forth; and 
  
 WHEREAS, Saul, by a separate
agreement with the parties hereto, consents to this Amended and Restated Advisory Contract and therefore continues to be bound by the provisions of the Assignment and Guaranty Agreement dated May 1, 1972 between Saul, the Advisor and the Trust;

  
 NOW, THEREFORE, in consideration of the premises and of
the mutual covenants herein contained, it is agreed that the Advisory Contract is amended and restated as follows: 
  
 Services and Duties of the Advisor. 
  
 The Advisor shall consult with the Trustees and furnish them with advice and recommendations regarding the affairs of the Trust and perform the general
management, financial, accounting and administrative functions of the Trust as a business entity. As part of the general management function, the Advisor shall supervise Franklin Property Company and other third party contractors which perform
leasing, property management, construction management, development, condominium conversion and other services for the Trust. The Advisor shall also perform such other services as the Trustees may deem in the best interest of the Trust and within the
purview of this contract. 
  
 A. The Advisor shall avoid taking
any action which would adversely affect the status of the Trust as a real estate investment trust under the applicable sections of the Internal Revenue Code or the regulations promulgated thereunder at any time that the Trustees have determined to
qualify as such. 

 B. The Advisor shall exercise all reasonable efforts to cause any property forming part of the
Trust’s investments to be duly insured against loss or damage by fire, with extended coverage, and against such other insurable hazards and risks as is customary and appropriate in the circumstances, and shall otherwise carry out the policies
from time to time adopted by the Trustees in connection with the protection of such investments. 
  
 C. The Advisor shall maintain a fidelity bond from a responsible surety company in such amount as the Trustees reasonably may specify from time to time
covering the Trust and its funds and other property, which bond shall protect the Trust against all losses of any such funds or property from acts of the Advisor and its directors, officers and employees. 
  
 D. In performing its duties under this Contract and in dealing with third
parties on behalf of the Trust, the Adviser shall act as the Trust’s agent, and shall have full authority to act on behalf of the Trust. 
  
 E. It is the intention of the parties that, subject to the supervision and control of the Trustees, the Advisor’s functions shall encompass those
performed by the senior management and corporate staff of a listed public company of comparable size but exclude the direct real estate operating functions, which are to be performed by Franklin Property Company and other third parties under the
supervision of the Advisor. 
  
 Expenses. 
  
 F. The Advisor shall provide and pay for all personnel, office space,
equipment and supplies necessary for the performance of its duties under this contract. The Trust will reimburse the Advisor for its travel, transportation and other related expenses incurred in the performance of its duties hereunder. 

 
 G. The Trust shall pay directly the following expenses with respect to its
operations (or shall reimburse the Advisor for any of such expenses which the Advisor incurs on behalf of the Trust): 
  
 Interest and other costs of money borrowed by the Trust; 
  
 (1) Taxes, licenses and franchise fees imposed on the Trust, its properties, its income or its operations; 
  
 (2) Finders’ fees and brokerage commissions in
connection with the acquisition and disposition of assets by the Trust; 
  
 (3) Fees and expenses of land planners, engineers, appraisers, architects, contractors, leasing agents, property management agents, attorneys and other consultants and third parties hired to perform services for the
Trust; 
  
 (4) Costs of obtaining and maintaining
capital, including but not limited to, legal, audit, accounting, underwriting, brokerage, listing, registration and other fees; charges of custodians, transfer agents, registrars, dividend disbursement agents, indenture trustees, authenticating
agents, paying agents, brokers, underwriters and banks providing services to the Trust; and printing, engraving and other expenses and taxes incurred in connection with issuance, distribution, transfer and stock exchange listing of the Trust’s
securities; 
  
 (5) Expenses connected directly
with payments to shareholders of dividends or distributions in cash or in any other form or payments of interest and principal on indebtedness of the Trust; 
  
 (6) Expenses in connection with communications to holders of the Trust’s securities, including the cost of printing and mailing proxy
solicitation materials and other reports and the cost of holding meetings of holders of securities; 
  
 (7) Fees and expenses of outside counsel and auditors for the Trust; 

 (8) Trustees’ fees and other costs incurred in connection with the functioning of
the Board of Trustees and Committees thereof; 
  
 (9) Costs of obtaining and maintaining membership in trade associations, including the costs of attending meetings of such associations; 
  
 (10) Insurance premiums and related costs; and 
  

(11) Any other cost or expense which the independent Trustees determine is more appropriately borne by the Trust than the Advisor.

  
 Compensation. 
  
 The Trust shall pay the Advisor monthly as compensation for its services
under this Contract a fee at the rate of $160,000 per month. Upon the request of either the Trust or the Advisor, but at least annually, the Trust and the Advisor shall review the compensation of the Advisor to insure that it is fair and reasonable
to both the Trust and the Advisor and make any adjustment agreed upon. If they cannot agree on the amount of the adjustment, if any, within sixty (60) days, then the dispute shall be submitted to Garland J. Bloom, Jr., George J. Boyce, Gilbert M.
Grosvenor, Thomas J. Owen, T. William Blumenauer, Jr., Philip Lamer Gore, and Philip C. Jackson, Jr., or as many of them who agree to participate, who shall determine the amount of such adjustment, if any, and its effective date, by a two-thirds
vote of those participating. If none of the named individuals agrees to participate, the dispute shall be submitted to arbitration pursuant to the Commercial Arbitration Rules of the American Arbitration Association. 
  
 H. In addition to the compensation provided under subparagraph A above, the
Trust shall reimburse the Advisor quarterly for all reasonable costs and expenses, both direct and indirect, which are incurred by the Advisor in connection with the acquisition and development of real property on behalf of the Trust and which, if
reimbursed by the Trust, would be capitalized by the Trust under generally accepted accounting principles. In the event of any disagreement between the Trust and the Advisor with respect to the amount or the reasonableness of any reimbursement
claimed by the Advisor, the dispute shall be referred to those Trustees who are independent of the Advisor. 
  
 I. All amounts payable to the Advisor under subparagraphs A and B above shall be due on the last day of each month or quarter as the case may be and an
estimated payment may be made at that time or any time thereafter; however, by the mutual agreement of the parties hereto, payment of any monthly or quarterly compensation or reimbursement may be deferred until the precise amount of said
compensation has been calculated, but in no event shall said payment be deferred more than thirty (30) days after the end of the applicable period. 
  
 Compensation for Other Services. 
  
 J. In addition to the compensation provided in paragraph 3 herein, the Advisor and/or its affiliates may receive commissions on insurance placed by them
with respect to the Property or operations of the Trust, provided that the premium charge for any such insurance is not more than any other bona fide premium proposed to the Trust in a competitive bid for such insurance by a reputable company.

  
 K. The Advisor and/or its affiliates may also receive
compensation from the Trust for (i) its or their services as a property manager and/or leasing agent for property owned by the Trust, or (ii) such other services as, in the opinion of the Trustees, are more appropriately performed by the Advisor or
its affiliates for separate compensation; provided that the terms of such agreements have been approved by a majority of the Trustees who are independent of the Advisor. 

 Indemnification and Limited Liability. 
  
 L. The Trust will indemnify and hold harmless the Advisor, its officers, directors and employees from and against any
liabilities, claims, damages, costs or expenses arising out of the performance by the Advisor of its duties and services hereunder to the extent that such liabilities, claims, damages, costs or expenses are not covered by insurance, other than those
attributable to the Advisor’s bad faith, willful misfeasance, gross negligence or reckless disregard of the duties of the Advisor hereunder; and the Advisor will indemnify and hold harmless the Trust, each Trustee and each shareholder
individually from and against any liabilities, claims, damages, costs or expenses incurred by reason of acts on the part of the Advisor, its directors, officers or employees constituting bad faith, willful misfeasance, gross negligence or reckless
disregard of the duties of the Advisor hereunder. The Advisor assumes no responsibility under this Contract other than to render the services called for hereunder in good faith and shall not be responsible for any action of the Trustees in following
or declining to follow any advice or recommendation of the Advisor. 
  
 M. Anything in this Contract to the contrary notwithstanding, the Advisor shall not have or make any claim under, by reason of, or in connection with this Contract against the Trustees personally or the shareholders of the Trust, but shall
look solely to the property of the Trust for the payment of any such claim. The Advisor hereby acknowledges that it is familiar with the Declaration of Trust of the Trust as amended and in particular the provisions thereof relating to the
non-liability of shareholders and Trustees, to which reference is hereby made. 
  
 Use of Name. 
  
 N. The Advisor shall not in any
way be limited with respect to the use of the name “B. F. Saul” by itself or any affiliated or successor corporation or other business entity. The Trust hereby and irrevocably assigns to the Advisor any and all rights which at may have to
consent to the use of the name “B. F. Saul” by others and agrees to execute such instruments as are reasonably necessary to give effect to this covenant or to effect such consent with any governmental department or agency. Further, and in
the event that the Advisor or its successor by reorganization or merger shall cease to act as such for any reason whatsoever, the Trustees shall, upon request of the Advisor, or its successor by reorganization or merger, immediately eliminate from
the name of the Trust the name “B. F. Saul” or any approximation thereof. The covenant contained in the directly preceding sentence shall survive, and shall not be affected by, the termination of this Contract or any renewal thereof.

  
 Other Transactions. 
  
 O. Any individual, including any director, officer, shareholder or employee
of the Advisor, may serve as a Trustee, officer, attorney, agent or employee of the Trust and may be compensated by the Trust for his services rendered in any such capacity. However, the Advisor shall not for its own account, knowingly, directly or
indirectly, purchase or otherwise acquire any property from, or sell, assign, lease, or make any other transfer or other disposition to the Trust or enter into any agreement to lend any assets or property to the Trust, or borrow any assets or
property from the Trust, nor shall any director, officer, shareholder or employee of the Advisor or any corporation, partnership, trust or other entity with which a director, officer, shareholder or employee of the Advisor is affiliated by reason of
being a trustee of, partner with or owner of more than one percent (1%) equity interest therein, directly or indirectly purchase or otherwise acquire any Property from, or sell, assign, lease or make any other transfer or other disposition to, the
Trust. Notwithstanding the prohibitions in the next preceding sentence, the following transactions are permitted: (1) those between the Trust and American Security Bank, N. A., American Security Corporation or any savings and loan company or
association; (2) those designed to accord the Trust the rights granted under subparagraph 7.B. herein; and (3) those which have been approved, as fair and reasonable to the Trust’s shareholders, by a majority of the Trustees who are independent
of the Advisor and are not otherwise connected with the transactions in question. 
  
 Nothing in the foregoing part of this subparagraph 7.A. shall be deemed to prevent the Advisor, an affiliate thereof, or any corporation or other enterprise in which the Advisor, its directors, officers, shareholders
or 

 
employees may have any beneficial interest, from entering into business relationships (including joint ventures or partnerships) with corporations or any
other enterprises which may from time to time have dealings with the Trust provided such interest is disclosed prior to any such dealings. 
  
 Neither the Advisor nor any director or officer of the Advisor will make or acquire any loan secured by a mortgage or any other interest in real estate,
or make or acquire any equity or other investment in real estate, unless the Trust is given (and, within a reasonable period, declines) an opportunity to make or acquire such loan or investment on substantially the terms on which such loan or
investment may be made or acquired by the Advisor or any such director or officer. The foregoing shall apply only to loans and investments made or acquired by the Advisor, its directors and officers for its or their own account or accounts, or for
the account of any enterprise (other than a savings and loan company or association) in which it and they have a beneficial ownership interest aggregating forty percent (40%) or more of the outstanding equity interest in such enterprise, but shall
not apply to (1) any category of loan or investment which the Trust does not wish for the time being to make or acquire, as evidenced in a written notice from the Trust to the Advisor, which shall be effective until withdrawn or changed at any time
by a further notice in writing from the Trust to the Advisor; (2) loans and investments which the Trust may not lawfully make or acquire; or (3) loans and investments which may jeopardize the Federal income tax status of the Trust as a qualified
real estate investment trust under the applicable sections of the Internal Revenue Code or the regulations promulgated thereunder when the Trust has determined to qualify as such. 
  
 P. Nothing in this Contract shall limit or restrict the right of the Advisor or any officer or employee of the Advisor,
irrespective of whether he is also a Trustee, officer or employee of the Trust, to engage in any other business or to render services of any kind to any other partnership, corporation, firm, individual or association. It is specifically understood
and agreed that affiliates of the Advisor are engaged, and will continue to engage, on behalf of themselves and as agents for others in the business of originating and servicing mortgage loans, the development of residential, commercial and
industrial properties, and all other phases of the general real estate and mortgage banking business. 
  
 Term and Termination. 
  
 Q. Subject to the cancellation provision in subparagraph C below, this Contract shall be in force until September 30, 1987, and shall continue thereafter from year to year unless cancelled by either party at the end of any contract year,
upon written notice, given at least six (6) months prior to the end of any such contract year. 
  
 R. This Contract shall terminate automatically in the event of its assignment by the Advisor without the written consent of the Trust and shall not be assignable by the Trust without the written consent of the
Advisor, except in the case of assignment by the Trust of substantially all of its operations and assets to a corporation or other organization which is a successor to the Trust, and such successor organization assumes the duties and obligations of
Trust hereunder. 
  
 S. This Contract shall be terminated
immediately upon written notice of termination given by the Trust or the Advisor in the event that (a) the Advisor shall violate any material provision of this Contract and upon written notice of such violation, shall not cure such default within
thirty (30) days or (b) the Advisor shall be adjudged bankrupt or insolvent by a court of competent jurisdiction or an order shall be made by a court of competent jurisdiction for the appointment of a receiver of the Advisor and any such
adjudication or order shall remain in force or unstayed for a period of thirty (30) days. 
  
 T. From and after the effective date of termination of this Contract pursuant to subparagraphs A, B or C hereof, the Advisor shall not be entitled to compensation under paragraph 3 herein for further services but
shall be entitled to compensation for services performed for the Trust prior to the effective date of termination. Nothing in this paragraph shall affect the right of the Advisor or its affiliates to receive compensation under the 

 
separate contractual agreements referred to in paragraph 4.B. herein. Upon such termination, the Advisor shall forthwith: 
  
 (1) Pay over to the Trust all money collected and held for
the account of the Trust pursuant to this Contract, after deducting any accrued compensation and reimbursement for its expenses to which it is then entitled; and 
  
 (2) Deliver to the Trust a full accounting, including a statement showing all payments collected by it and a
statement of all money held by it, covering the period following the date of the last accounting furnished to the Trust. 
  
 Other Matters 
  
 U. Any notice, report or other communication required or permitted to be given hereunder shall be in writing and, unless some other method of giving such
notice, report or other communication is accepted by the party to whom it is given, shall be given by being delivered to or by being mailed by certified mail to, the following address of the parties hereto: 
  
 The Trust: B. F. Saul Real Estate 
 Investment Trust 
 8401 Connecticut Avenue

 Chevy Chase, Maryland 20815 
 Attn: Secretary 
  
 The Advisor: B. F. Saul Advisory
Company 
 8401 Connecticut Avenue 
 Chevy Chase, Maryland 20815 
 Attn: Secretary 
  
 Either party may at any time give notice in writing to the other party that it wishes to change its address for the purpose
of this paragraph. 
  
 V. This Contract shall not be changed,
modified, terminated or discharged in whole or in part except by an instrument in writing signed by both parties hereto. 
  
 W. This Contract shall bind any successors or assigns of the parties hereto. 
  
 X. The provisions of this Contract shall be construed and interpreted in accordance with the laws of Maryland in effect at
the time. 
  
 Y. This Contract shall become effective as of the
date first written above. 

 IN WITNESS WHEREOF, the Advisor and the Trust have caused this Contract to be executed by their
duly authorized officers as of the date first written above. 
  

	B.F. SAUL ADVISORY COMPANY
		
	By:	 	 /s/    B. FRANCIS SAUL
II        

	 	

	 	 	 

  

	 B.F. SAUL REAL ESTATE
 INVESTMENT TRUST
	 	 	 	 
			
	 /s/    GARLAND J.
BLOOM, JR.        

 Garland J.
Bloom, Jr., Trustee
	 	 	 	 /s/    T.
WILLIAM BLUMENHAUER, JR.        

 T. William Blumenauer, Jr., Trustee

	 	 	 

  

			
	 /s/    GEORGE J.
BOYCE        

 George J. Boyce,
Trustee
	 	 	 	 /s/    PHILIP LARNER GORE        

 Philip Larner Gore, Trustee

	 	 	 

  

			
	 /s/    GILBERT M.
GROSVENOR        

 Gilbert M. Grosvenor,
Trustee
	 	 	 	 /s/    PHILIP C. JACKSON, JR.        

 Philip C. Jackson, Jr., Trustee

	 	 	 

  

	
	 /s/    THOMAS J. OWEN        

 Thomas J. Owen, Trustee

 AGREEMENT 
  

THIS AGREEMENT, effective as of October 1, 1982, between the B.F. Saul Advisory Company (the “Advisor”), the B.F. Saul Real Estate
Investment Trust (the “Trust”) and the B.F. Saul Company (“Saul”), 
  
 WITNESSETH: 
  
 WHEREAS, on September 18, 1969 the Trust entered into an advisory agreement with Saul which was amended from time to time; and 
  
 WHEREAS, on May 1, 1972, the Trust, Saul and the Advisor entered into a contract (the “Assignment and Guaranty Agreement”) by which (i)
Saul’s interest in said advisory agreement, as amended, was assigned to the Advisor, (ii) Saul guaranteed performance by the Advisor, and (iii) Saul agreed to continue to be bound by certain provisions of said advisory agreement; and

  
 WHEREAS, it is intended by the Trust and the Advisor
that Saul continue to guarantee the Advisor’s performance under, and Advisory Contract between the Trust and the Advisor dated October 1, 1982 (the “1982 Amended and Restated Advisory Contract”), the parties hereto agree as follows:

  
 1. Saul hereby consents to the 1982 Amended
and Restated Advisory Contract. 
  
 2. The
parties hereto agree to continue to be bound by all the provisions of the Assignment and Guaranty Agreement, provided that all references in said Agreement to the “Advisory Contract” be deemed to refer to the 1982 Amended and Restated
Advisory Contract and that the references in the Assignment and Guaranty Agreement to specific provisions of the advisory agreement shall be deemed to refer to the corresponding provisions of the 1982 Amended and Restated Advisory Contract.

  
 IN WITNESS WHEREOF, the parties have caused this
Contract to be executed by their duly authorized officers as of the date first written above. 
  

	B.F. SAUL ADVISORY COMPANY
		
	By:	 	 /s/    B. FRANCIS SAUL
II        

	 	

	 	 	 B. Francis Saul II

  

	 B.F. SAUL REAL ESTATE
 INVESTMENT TRUST

		
	By:	 	 /s/    THOMAS A. MCAVITY,
JR.        

	 	

	 	 	 Thomas A. McAvity, Jr.

  

	B.F. SAUL COMPANY
		
	By:	 	 /s/    B. FRANCIS SAUL
II        

	 	

	 	 	 B. Francis Saul II

 AMENDMENT NO. 1 
  
 TO 
  
 AMENDED AND RESTATED ADVISORY CONTRACT 
  
 THIS AMENDMENT NO. 1 made as of August 1, 1983 between B. F. SAUL ADVISORY COMPANY (the “Advisor”) and B. F. SAUL REAL ESTATE
INVESTMENT TRUST (the “Trust”). 
  
 WHEREAS,
the Advisor and the Trust entered into an Amended and Restated Advisory Contract as of October 1, 1982, which the Advisor and the Trust now wish to amend in certain respects, in accordance with and as contemplated by Paragraph 9.B. of said Amended
and Restated Advisory Contract, in order to change the Advisor’s monthly base compensation; and 
  
 WHEREAS, B. F. Saul Company by executing this Amendment No. 1 consents to such amendment and continues to be bound by the provisions of the
Assignment and Guaranty Agreement dated May 1, 1972 between itself, the Trust and the Advisor 
  
 NOW THEREFORE, in consideration of the premises and of the mutual covenants therein and herein contained it is agreed that the Amended and Restated Advisory Contract is amended effective August 1, 1983 as
follows: 
  
 Paragraph 3.A. is amended by changing $160,0000 to
$195,000. 
  
 IN WITNESS WHEREOF, the parties have caused
this amendment to be executed by their duly authorized representatives as of the day and year first above written. 
  

	 B. F. SAUL REAL ESTATE
 INVESTMENT TRUST
	 	 	 	 
			
	 /s/    GARLAND J. BLOOM,
JR.        

 Garland J. Bloom, Jr.,
Trustee
	 	 	 	 /s/    PHILLIP G. JACKSON, JR.        

 Phillip G. Jackson, Jr., Trustee

	 	 	 
			
	 /s/    T. WILLIAM BLUMENAUER,
JR.        

 T. William Blumenauer, Jr.,
Trustee
	 	 	 	 /s/    THOMAS J. OWEN        

 Thomas J. Owen, Trustee

	 	 	 
			
	 /s/    GEORGE J. BOYCE        

 George J. Boyce, Trustee
	 	 	 	 B. F. SAUL ADVISORY COMPANY

	 	 	 	 	 	 
				
	 	 	 	 	By:	 	 /s/    B. FRANCIS SAUL
II        

	 	 	 	 	

	 	 	 	 	 	B. Francis Saul II
			
	 /s/    PHILIP L. GORE        

 Philip L. Gore, Trustee
	 	 	 	 B. F. SAUL COMPANY

	 	 	 	 	 	 
					
	 	 	 	 	 	 	By:	 	 /s/    B. FRANCIS SAUL
II        

	 	 	 	 	 	 	 	

	 	 	 	 	 	 	 	 	B. Francis Saul II

  
  

			
	 /s/    GILBERT M. GROSVENOR        

 Gilbert M. Grosvenor, Trustee
	 	 	 	B. F. SAUL ADVISORY COMPANY
	 	 	 
					
	 	 	 	 	 	 	By:	 	 /s/    B. FRANCIS SAUL
II        

	 	 	 	 	 	 	 	

	 	 	 	 	 	 	 	 	B. Francis Saul II

 AMENDMENT NO. 2 
 AMENDED AND RESTATED ADVISORY CONTRACT 
  
 THIS AMENDMENT NO. 2 made as of July 1, 1984 between B. F. SAUL ADVISORY COMPANY (the “Advisor”) and B. F. SAUL REAL ESTATE INVESTMENT TRUST (the “Trust”). 
  
 WHEREAS, the Advisor and the Trust entered into an Amended and
Restated Advisory Contract as of October 1, 1982, which the Advisor and the Trust now wish to amend in certain respects, in accordance with and as contemplated by Paragraph 9.B. of said Amended and Restated Advisory Contract, in order to provide for
the reimbursement of legal expenses and to adjust the Advisor’s monthly base compensation; and 
  
 WHEREAS, B. F. Saul Company by executing this Amendment No. 2 consents to such amendment and continues to be bound by the provisions of the
Assignment and Guaranty Agreement dated May 1, 1972 between itself, the Trust and the Advisor. 
  
 NOW THEREFORE, in consideration of the premises and of the mutual covenants therein and herein contained it is agreed that the Amended and Restated Advisory Contract is amended as follows: 
  
 Paragraph 2.A. is amended in its entirety to read as follows and such
amendment shall be effective with respect to any expenses for legal services incurred after June 30, 1984: 
  
 2.    Expenses. 
  
 A. The Advisor shall provide and pay for all personnel, office space, equipment and supplies necessary for the performance of its duties under this contract. The Trust will reimburse the Advisor for its travel,
transportation and other related expenses incurred in the performance of its duties hereunder and for all in-house expenses, direct and indirect, incurred for legal services in connection with the performance of its duties hereunder. 
  
 Paragraph 3.A. is amended by changing $195,000 to $204,750. 
  
 IN WITNESS WHEREOF, the parties have caused this amendment to be
executed by their duly authorized representatives as of the day and year first above written. 
  

	 B. F. SAUL REAL ESTATE
 INVESTMENT TRUST
	 	 	 	B. F. SAUL ADVISORY COMPANY
					
	By:	 	/s/    JONATHAN C. SWINDLE        	 	 	 	By:	 	 /s/    PHILIP D.
CARACI        

	 	
	 	 	 	 	

	 	 	 Jonathan C. Swindle,
 Vice President—Operations
	 	 	 	 	 	 Philip D. Caraci,
 Senior Vice President

  

	B. F. SAUL COMPANY
		
	By:	 	 /s/    WILLIAM A. WILDHACK,
JR.        

	 	

	 	 	 William A. Wildhack, Jr.,
 Vice President and Corporate Counsel

  

 AMENDMENT NO. 3 
 AMENDED AND RESTATED ADVISORY CONTRACT 
  
 THIS AMENDMENT NO. 3 made as of July 1, 1985, between B. F. SAUL ADVISORY COMPANY (the “Advisor”) and B. F. SAUL ESTATE INVESTMENT TRUST (the “Trust”). 
  
 WHEREAS, the Advisor and the Trust entered into an Amended and
Restated Advisory Contract as of October 1, 1982, which the Advisor and the Trust now wish to amend in certain respects, in accordance with and as contemplated by Paragraph 9.B. of said Amended and Restated Advisory Contract, in order to adjust the
Advisor’s monthly base compensation; and 
  
 WHEREAS,
B. F. Saul Company by executing this Amendment No. 3 consents to such amendment and continues to be bound by the provisions of the Assignment and Guaranty Agreement dated May 1, 1972, between itself, the Trust and the Advisor. 
  
 NOW THEREFORE, in consideration of the premises and of the mutual
covenants therein and herein contained it is agreed that the Amended and Restated Advisory Contract is amended as follows: 
  
 Paragraph 3.A. is amended by changing $204,750 to $212,366. 
  
 IN WITNESS WHEREOF, the parties have caused this amendment to be executed by their duly authorized representatives as of the day and year first
above written. 
  

	 B. F. SAUL REAL ESTATE
 INVESTMENT TRUST
	 	 	 	B. F. SAUL ADVISORY COMPANY
					
	By:	 	/s/    JONATHAN C. SWINDLE        	 	 	 	By:	 	/s/    PHILIP D. CARACI        
	 	
	 	 	 	 	

	 	 	 Jonathan C. Swindle,
 Vice President—Operations
	 	 	 	 	 	 Philip D. Caraci,
 Senior Vice President

  

	B. F. SAUL COMPANY
		
	By:	 	/s/    WILLIAM A. WILDHACK, JR.        
	 	

	 	 	 William A. Wildhack, Jr.,
 Vice President and Corporate Counsel

 AMENDMENT NO. 4 
 AMENDED AND RESTATED ADVISORY CONTRACT 
  
 THIS AMENDMENT NO. 4 made as of July 1, 1986, between B. F. SAUL ADVISORY COMPANY (the “Advisor”) and B. F. SAUL REAL ESTATE INVESTMENT TRUST (the “Trust”). 
  
 WHEREAS, the Advisor and the Trust entered into an Amended and
Restated Advisory Contract as of October 1, 1982, which the Advisor and the Trust now wish to amend in certain respects, in accordance with and as contemplated by Paragraph 9.B. of said Amended and Restated Advisory Contract, in order to adjust the
Advisor’s monthly base compensation; and 
  
 WHEREAS,
B. F. Saul Company by executing this Amendment No. 4 consents to such amendment and continues to be bound by the provisions of the Assignment and Guaranty Agreement dated May 1, 1972, between itself, the Trust and the Advisor. 
  
 NOW THEREFORE, in consideration of the premises and of the mutual
covenants therein and herein contained it is agreed that the Amended and Restated Advisory Contract is amended as follows: 
  
 Paragraph 3.A. is amended by changing $212,366 to $216,061. 
  
 IN WITNESS WHEREOF, the parties have caused this amendment to be executed by their duly authorized representatives as of the day and year first
above written. 
  

	 B. F. SAUL REAL ESTATE
 INVESTMENT TRUST
	 	 	 	B. F. SAUL ADVISORY COMPANY
					
	By:	 	/s/    JONATHAN C. SWINDLE        	 	 	 	By:	 	/s/    PHILIP D. CARACI        
	 	
	 	 	 	 	

	 	 	 Jonathan C. Swindle,
 Vice President—Operations
	 	 	 	 	 	 Philip D. Caraci,
 Senior Vice President

  

	B. F. SAUL COMPANY
		
	By:	 	/s/    WILLIAM A. WILDHACK, JR.        
	 	

	 	 	 William A. Wildhack, Jr.,
 Vice President and Corporate Counsel

  

 12 

 AMENDMENT NO. 5 
 AMENDED AND RESTATED ADVISORY CONTRACT 
  
 THIS AMENDMENT NO. 5 made as of September 8, 1987, between B. F. SAUL ADVISORY COMPANY (the “Advisor”) and B. F. SAUL REAL ESTATE INVESTMENT TRUST (the “Trust”). 
  
 WHEREAS, the Advisor and the Trust entered into an Amended and
Restated Advisory Contract as of October 1, 1982, which the Advisor and the Trust now wish to amend in certain respects, in accordance with and as contemplated by Paragraph 9.B. of said Amended and Restated Advisory Contract, in order to adjust the
Advisor’s monthly base compensation; and 
  
 WHEREAS,
B. F. Saul Company by executing this Amendment No. 5 consents to such amendment and continues to be bound by the provisions of the Assignment and Guaranty Agreement dated May 1, 1972, between itself, the Trust and the Advisor. 
  
 NOW THEREFORE, in consideration of the premises and of the mutual
covenants therein and herein contained, it is agreed that the Amended and Restated Advisory Contract is amended as follows: 
  
 Paragraph 3.A is amended by changing $216,061 to $241,061. 
  
 IN WITNESS WHEREOF, the parties have caused this amendment to be executed by their duly authorized representatives as of the day and year first
above written. 
  

	 B. F. SAUL REAL ESTATE
 INVESTMENT TRUST
	 	 	 	B. F. SAUL ADVISORY COMPANY
					
	By:	 	/s/    JONATHAN C. SWINDLE        	 	 	 	By:	 	/s/    PHILIP D. CARACI        
	 	
	 	 	 	 	

	 	 	 Jonathan C. Swindle
 Vice President
	 	 	 	 	 	 Philip D. Caraci,
 Senior Vice President

  
  

	B. F. SAUL COMPANY
		
	By:	 	/s/    PATRICIA E. BRADY        
	 	

	 	 	 Patricia E. Brady
 Secretary

 AMENDMENT NO. 6 
 TO 
 AMENDED AND RESTATED ADVISORY CONTRACT 
  
 THIS AMENDMENT NO. 6 is made as of March 19, 1991, between B. F.
SAUL ADVISORY COMPANY (the “Advisor”) and B. F. SAUL REAL ESTATE INVESTMENT TRUST (the “Trust”). 
  
 WHEREAS, the Advisor and the Trust entered into an Amended and Restated Advisory Contract, dated as of October 1, 1982, which has been amended from
time to time by Amendments Nos. 1 through 5, as well as by resolutions of the Board of Trustees of the Trust adopted on September 19, 1988, September 20, 1989, and September 19, 1990 (as so amended, the “Contract”), which the Advisor and
the Trust now wish to amend in certain respects; 
  
 WHEREAS, in the light of current economic conditions, the Trust does not expect to engage in any new property acquisition and development activities for the remainder of fiscal 1991 or during fiscal 1992; 
  
 WHEREAS, pursuant to Paragraph 3.A of the Contract, the Trust has
requested that the Advisor accept a downward adjustment of the monthly advisory fee in order to take account of the lower level of advisory services expected during this period as well as the depressed level of the Trust’s current
profitability; 
  
 WHEREAS, the Advisor recognizes the
reasonableness of the Trust’s request in the circumstances and is willing to accept the adjustment proposed by the Trust, provided that the Trust agrees to reconsider the appropriate level for the advisory fee at the end of the Trust’s
fiscal year ending September 30, 1992 in the light of the circumstances then prevailing; 
  
 WHEREAS, the parties recognize that certain other provisions of such Paragraph 3.A should be amended to take account of the fact that certain persons named therein are no longer associated with the Trust or
with the Advisor; 
  
 WHEREAS, B. F. Saul Company is
willing, by executing this Amendment No. 6, to consent to such amendment and to continue to be bound by the provisions of the Assignment and Guaranty Agreement dated May 1, 1972, among itself, the Trust and the Advisor; 
  
 NOW, THEREFORE, in consideration of the premises and of the mutual
covenants herein contained, it is agreed that the Contract is amended by changing Paragraph 3.A to read as follows: 
  
 A. The Trust shall pay the Advisor monthly as compensation for its services under this Contract a fee at the rate of $96,600 per month. Upon the request
of either the Trust or the Advisor, but at least annually, as of October 1 of each year, beginning as of October 1, 1992, the Trust and the Advisor shall review the compensation of the Advisor to insure that it is fair and reasonable to both the
Trust and the Advisor and make any adjustment agreed upon. If they cannot agree on the amount of the adjustment, if any, within sixty (60) days, then the dispute shall be submitted to Garland J. Bloom, Jr., Gilbert M. Grosvenor and John R. Whitmore,
or as many of them who agree to participate, who shall determine the amount of such adjustments if any, and its effective date, by a majority vote of those participating. If none of the named individuals agrees to participates the dispute shall be
submitted to arbitration pursuant to the Commercial Arbitration Rules of the American Arbitration Association. 

 IN WITNESS WHEREOF, the parties have caused this amendment to be executed by their duly authorized
representatives as of the day and year first above written. 
  

	 B. F. SAUL REAL ESTATE
 INVESTMENT TRUST
	 	 	 	B. F. SAUL ADVISORY COMPANY
					
	By:	 	/s/    B. FRANCIS SAUL II        	 	 	 	By:	 	/s/    PHILIP D. CARACI        
	 	
	 	 	 	 	

	 	 	 B. Francis Saul II
 Chairman Senior
	 	 	 	 	 	 Philip D. Caraci,
 Vice President

  
 Accepted and agreed to
for the purposes recited above: 
  

	B. F. SAUL COMPANY
		
	By:	 	/s/    PHILIP D. CARACI        
	 	

	 	 	 Philip D. Caraci
 Senior Vice President

 AMENDMENT NO. 7 
 AMENDED AND RESTATED ADVISORY CONTRACT 
  
 THIS AMENDMENT NO. 7 made as of January 1, 1993, between B. F. SAUL ADVISORY COMPANY (the “Advisor”) and B. F. SAUL REAL ESTATE INVESTMENT TRUST (the “Trust”). 
  
 WHEREAS, the Advisor and the Trust entered into an Amended and
Restated Advisory Contract as of October 1, 1982, which the Advisor and the Trust now wish to amend in certain respects, in accordance with and as contemplated by paragraph 9.B of said Amended and Restated Advisory Contract, in order to adjust the
Advisor’s monthly base compensation; and 
  
 WHEREAS,
B. F. Saul Company by executing this Amendment No. 7 consents to such amendment and continues to be bound by the provisions of the Assignment and Guaranty Agreement dated May 1, 1972, between itself, the Trust and the Advisor. 
  
 NOW THEREFORE, in consideration of the premises and of the mutual
covenants therein and herein contained, it is agreed that the Amended and Restated Advisory Contract is amended as follows: 
  
 Paragraph 3.A is amended by changing the Advisory fee from $96,600 to 157,000 per month, of which the Trust is obligated to pay, less any amount
contributed by Dearborn Corporation pursuant to its contract. The change in Advisory fee shall be effective January 1, 1993 and said monthly fee shall remain in effect through September 30, 1993. 
  
 IN WITNESS WHEREOF, the parties have caused this amendment to be
executed by their duly authorized representatives as of the day and year first above written. 
  

	 B. F. SAUL REAL ESTATE
 INVESTMENT TRUST
	 	 	 	B. F. SAUL ADVISORY COMPANY
					
	By:	 	/s/    ROSS E. HEASLEY        	 	 	 	By:	 	/s/    PHILIP D. CARACI        
	 	
	 	 	 	 	

	 	 	 Ross E. Heasley
 Vice President
	 	 	 	 	 	 Philip D. Caraci,
 Senior Vice President

  

	B. F. SAUL COMPANY
		
	By:	 	/s/    PATRICIA E. CLARK        
	 	

	 	 	 Patricia E. Clark
 Secretary

 AMENDMENT NO. 8 
 AMENDED AND RESTATED ADVISORY CONTRACT 
  
 THIS AMENDMENT NO. 8 made as of October 1, 1993, between B. F. SAUL ADVISORY COMPANY (the “Advisor”) and B. F. SAUL REAL ESTATE INVESTMENT TRUST (the “Trust”). 
  
 WHEREAS, the Advisor and the Trust entered into an Amended and
Restated Advisory Contract as of October 1, 1982, which the Advisor and the Trust now wish to amend in certain respects, in accordance with and as contemplated by Paragraph 9.B of said Amended and Restated Advisory Contract, in order to adjust the
Advisor’s monthly base compensation; and 
  
 WHEREAS,
B. F. Saul Company by executing this Amendment No. 8 consents to such amendment and continues to be bound by the provisions of the Assignment and Guaranty Agreement dated May 1, 1972, between itself, the Trust and the Advisor. 
  
 NOW THEREFORE, in consideration of the premises and of the mutual
covenants therein and herein contained, it is agreed that the Amended and Restated Advisory Contract is amended as follows: 
  
 Paragraph 3.A is amended by changing the Advisory fee from $157,000 to $250,000 per month, of which the Trust is obligated to pay, less any amount
contributed by Dearborn Corporation pursuant to its contract. The change in Advisory fee shall be effective October 1, 1993 and said monthly fee shall remain in effect through September 30, 1994. 
  
 IN WITNESS WHEREOF, the parties have caused this amendment to be
executed by their duly authorized representatives as of the day and year first above written. 
  

	 B. F. SAUL REAL ESTATE
 INVESTMENT TRUST
	 	 	 	B. F. SAUL ADVISORY COMPANY
					
	By:	 	/s/    ROSS E. HEASLEY        	 	 	 	By:	 	/s/    PHILIP D. CARACI        
	 	
	 	 	 	 	

	 	 	 Ross E. Heasley
 Vice President
	 	 	 	 	 	 Philip D. Caraci,
 Senior Vice President

  

	B. F. SAUL COMPANY
		
	By:	 	/s/    PATRICIA E. CLARK      
	 	

	 	 	 Patricia E. Clark
 Secretary

  

 17 

 AMENDMENT NO. 9 
 AMENDED AND RESTATED ADVISORY CONTRACT 
  
 THIS AMENDMENT NO. 9 made as of April 1, 1994, between B. F. SAUL ADVISORY COMPANY (the “Advisor”) and B. F. SAUL REAL ESTATE INVESTMENT TRUST (the “Trust”). 
  
 WHEREAS, the Advisor and the Trust entered into an Amended and
Restated Advisory Contract as of October 1, 1982; which the Advisor and the Trust now wish to amend in certain respects, in accordance with and as contemplated by Paragraph 9.B of said Amended and Restated Advisory Contract, in order to adjust the
Advisor’s monthly base compensation; and 
  
 WHEREAS,
B. F. Saul Company by executing this Amendment No. 9 consents to such amendment and continues to be bound by the provisions of the Assignment and Guaranty Agreement dated May 1, 1972, between itself, the Trust and the Advisor. 
  
 NOW THEREFORE, in consideration of the premises and of the mutual
convenants therein and herein contained, it is agreed that the Amended and Restated Advisory Contract is amended as follows: 
  
 Paragraph 3.A is amended by changing the Advisory fee from $250,000 to $291,666.67 per month, of which the Trust is obligated to pay, less any amount
contributed by Dearborn Corporation pursuant to its contract. The change in Advisory fee shall be effective April 1, 1994. 
  
 IN WITNESS WHEREOF, the parties have caused this amendment to be executed by their duly authorized representatives as of the day and year first
above written. 
  

	 B. F. SAUL REAL ESTATE
 INVESTMENT TRUST
	 	 	 	B. F. SAUL ADVISORY COMPANY
					
	By:	 	/s/    ROSS E. HEASLEY        	 	 	 	By:	 	/s/    PHILIP D. CARACI        
	 	
	 	 	 	 	

	 	 	 Ross E. Heasley
 Vice President
	 	 	 	 	 	 Philip D. Caraci,
 Senior Vice President

  

	B. F. SAUL COMPANY
		
	By:	 	/s/    PATRICIA E. CLARK        
	 	

	 	 	 Patricia E. Clark
 Secretary

 AMENDMENT NO. 10 
 AMENDED AND RESTATED ADVISORY CONTRACT 
  
 THIS AMENDMENT NO. 10 made as of October 1, 1995, between B. F. SAUL ADVISORY COMPANY (the “Advisor”) and B. F. SAUL REAL ESTATE INVESTMENT TRUST (the “Trust”). 
  
 WHEREAS, the Advisor and the Trust entered into an Amended and
Restated Advisory Contract as of October 1, 1982, which the Advisor and the Trust now wish to amend in certain respects, in accordance with and as contemplated by Paragraph 9.B of said Amended and Restated Advisory Contract, in order to adjust the
Advisor’s monthly based compensation; and 
  
 WHEREAS,
B. F. Saul Company by executing this Amendment No. 10 consents to such amendment and continues to be bound by the provisions of the Assignment and Guaranty Agreement dated May 1, 1972, between itself, the Trust and the Advisor. 
  
 NOW THEREFORE, in consideration of the premises and of the mutual
convenants therein and herein contained, it is agreed that the Amended and Restated Advisory Contact is amended as follows: 
  
 Paragraph 3.A is amended by changing the Advisory fee from $291,666.67 to $300,940.00 per month, of which the Trust is obligated to pay, less any amount
contributed by Dearborn Corporation pursuant to its contract. The change in Advisory fee shall be effective October 1, 1995. 
  
 IN WITNESS WHEREOF, the parties have caused this amendment to be executed by their duly authorized representatives as of the day and year first
above written. 
  

	 B. F. SAUL REAL ESTATE
 INVESTMENT TRUST
	 	 	 	B. F. SAUL ADVISORY COMPANY
					
	By:	 	/s/    ROSS E. HEASLEY        	 	 	 	By:	 	/s/    PHILIP D. CARACI        
	 	
	 	 	 	 	

	 	 	 Ross E. Heasley
 Vice President
	 	 	 	 	 	 Philip D. Caraci,
 Senior Vice President

  

	B. F. SAUL COMPANY
		
	By:	 	/s/    PATRICIA E. CLARK        
	 	

	 	 	 Patricia E. Clark
 Secretary

 AMENDMENT NO. 11 
 AMENDED AND RESTATED ADVISORY CONTRACT 
  
 THIS AMENDMENT NO. 11 made as of March 22, 1996, between B. F. SAUL ADVISORY COMPANY (the “Advisor”) and B. F. SAUL REAL ESTATE INVESTMENT TRUST (the “Trust”). 
  
 WHEREAS, the Advisor and the Trust entered into an Amended and
Restated Advisory Contract as of October 1, 1982, which the Advisor and the Trust now wish to amend in certain respects, in accordance with and as contemplated by Paragraph 9.B of said Amended and Restated Advisory Contract, in order to adjust the
Advisor’s monthly based compensation; and 
  
 WHEREAS,
B. F. Saul Company by executing this Amendment No. 11 consents to such amendment and continues to be bound by the provisions of the Assignment and Guaranty Agreement dated May 1, 1972, between itself, the Trust and the Advisor. 
  
 NOW THEREFORE, in consideration of the premises and of the mutual
convenants therein and herein contained, it is agreed that the Amended and Restated Advisory Contact is amended as follows: 
  
 Paragraph 3.A is amended by changing the Advisory fee from $300,940.00 to $305,881.00 per month, of which the Trust is obligated to pay, less any amount
contributed by Dearborn Corporation pursuant to its contract. The change in Advisory fee shall be effective April 1, 1996. 
  
 IN WITNESS WHEREOF, the parties have caused this amendment to be executed by their duly authorized representatives as of the day and year first
above written. 
  

	 B. F. SAUL REAL ESTATE
 INVESTMENT TRUST
	 	 	 	B. F. SAUL ADVISORY COMPANY
					
	By:	 	/s/    ROSS E. HEASLEY        	 	 	 	By:	 	/s/    PHILIP D. CARACI        
	 	
	 	 	 	 	

	 	 	 Ross E. Heasley
 Vice President
	 	 	 	 	 	 Philip D. Caraci,
 Senior Vice President

  

	B. F. SAUL COMPANY
		
	By:	 	/s/    PATRICIA E. CLARK        
	 	

	 	 	 Patricia E. Clark
 Secretary

 AMENDMENT NO. 12 
 AMENDED AND RESTATED ADVISORY CONTRACT 
  
 THIS AMENDMENT NO. 12 made as September 20, 1996, between B. F. SAUL ADVISORY COMPANY (the “Advisor”) and B. F. SAUL REAL ESTATE INVESTMENT TRUST (the “Trust”). 
  
 WHEREAS, the Advisor and the Trust entered into an Amended and
Restated Advisory Contract as of October 1, 1982, which the Advisor and the Trust now wish to amend in certain respects, in accordance with and as contemplated by Paragraph 9.B of said Amended and Restated Advisory Contract, in order to adjust the
Advisor’s based compensation; and 
  
 WHEREAS, B. F.
Saul Company by executing this Amendment No. 12 consents to such amendment and continues to be bound by the provisions of the Assignment and Guaranty Agreement dated May 1, 1972, between itself, the Trust and the Advisor. 
  
 NOW THEREFORE, in consideration of the premises and of the mutual
convenants therein and herein contained, it is agreed that the Amended and Restated Advisory Contact is amended as follows: 
  
 Paragraph 3.A is amended by changing the Advisory fee from $305,881.00 to $311,161.00 per month, of which the Trust is obligated to pay, less any amount
contributed by Dearborn Corporation pursuant to its contract The change in Advisory fee shall be effective October 1, 1996. 
  
 IN WITNESS WHEREOF, the parties have caused this amendment to be executed by their duly authorized representatives as of the day and year first
above written. 
  

	 B. F. SAUL REAL ESTATE
 INVESTMENT TRUST
	 	 	 	B. F. SAUL ADVISORY COMPANY
					
	By:	 	/s/    ROSS E. HEASLEY        	 	 	 	By:	 	/s/    PHILIP D. CARACI        
	 	
	 	 	 	 	

	 	 	 Ross E. Heasley
 Vice President
	 	 	 	 	 	 Philip D. Caraci,
 Senior Vice President

  

	B. F. SAUL COMPANY
		
	By:	 	/s/    PATRICIA E. CLARK        
	 	

	 	 	 Patricia E. Clark
 Secretary

 AMENDMENT NO. 13 
 AMENDED AND RESTATED ADVISORY CONTRACT 
  
 THIS AMENDMENT NO. 13 made as of September 23, 1997, between B. F. SAUL ADVISORY COMPANY (the “Advisor”) and B. F. SAUL REAL ESTATE INVESTMENT TRUST (the “Trust”). 

 
 WHEREAS, the Advisor and the Trust entered into an Amended and
Restated Advisory Contract as of October 1, 1982, which the Advisor and the Trust now wish to amend in certain respects, in accordance with and as contemplated by Paragraph 9.B of said Amended and Restated Advisory Contract, in order to adjust the
Advisor’s monthly based compensation; and 
  
 WHEREAS,
B. F. Saul Company by executing this Amendment No. 13 consents to such amendment and continues to be bound by the provisions of the Assignment and Guaranty Agreement dated May 1, 1972, between itself, the Trust and the Advisor. 
  
 NOW THEREFORE, in consideration of the premises and of the mutual
convenants therein and herein contained, it is agreed that the Amended and Restated Advisory Contact is amended as follows: 
  
 Paragraph 3.A is amended by changing the Advisory fee from $311,161.00 to $317,456.00 per month, of which the Trust is obligated to pay, less any amount
contributed by Dearborn Cooperation pursuant to its contract. The change in Advisory fee shall be effective October 1, 1997. 
  
 IN WITNESS WHEREOF, the parties have caused this amendment to be executed by their duly authorized representatives as of the day and year first
above written. 
  

	 B. F. SAUL REAL ESTATE
 INVESTMENT TRUST
	 	 	 	B. F. SAUL ADVISORY COMPANY
					
	By:	 	/s/    ROSS E. HEASLEY        	 	 	 	By:	 	/s/    PHILIP D. CARACI        
	 	
	 	 	 	 	

	 	 	 Ross E. Heasley
 Vice President
	 	 	 	 	 	 Philip D. Caraci,
 Senior Vice President

  

	B. F. SAUL COMPANY
		
	By:	 	/s/    PATRICIA E. CLARK        
	 	

	 	 	 Patricia E. Clark
 Secretary

 AMENDMENT NO. 14 
 AMENDED AND RESTATED ADVISORY CONTRACT 
  
 THIS AMENDMENT NO. 14 made as of September 17, 1998, between B. F. SAUL ADVISORY COMPANY (the “Advisor”) and B. F. SAUL REAL ESTATE INVESTMENT TRUST (the “Trust”). 

 
 WHEREAS, the Advisor and the Trust entered into an Amended and
Restated Advisory Contract as of October 1, 1982, which the Advisor and the Trust now wish to amend in certain respects, in accordance with and as contemplated by Paragraph 9.B of said Amended and Restated Advisory Contract, in order to adjust the
Advisor’s monthly based compensation; and 
  
 WHEREAS,
B. F. Saul Company by executing this Amendment No. 14 consents to such amendment and continues to be bound by the provisions of the Assignment and Guaranty Agreement dated May 1, 1972, between itself, the Trust and the Advisor. 
  
 NOW THEREFORE, in consideration of the premises and of the mutual
convenants therein and herein contained, it is agreed that the Amended and Restated Advisory Contact is amended as follows: 
  
 Paragraph 3.A is amended by changing the Advisory fee from $317,456.00 to $337,000.00 per month, of which the Trust is obligated to pay, less any amount
contributed by Dearborn Corporation pursuant to its contract. The change in Advisory fee shall be effective October 1, 1998. 
  
 IN WITNESS WHEREOF, the parties have caused this amendment to be executed by their duly authorized representatives as of the day and year first
above written. 
  

	 B. F. SAUL REAL ESTATE
 INVESTMENT TRUST
	 	 	 	B. F. SAUL ADVISORY COMPANY
					
	By:	 	/s/    ROSS E. HEASLEY        	 	 	 	By:	 	/s/    PHILIP D. CARACI        
	 	
	 	 	 	 	

	 	 	 Ross E. Heasley
 Vice President
	 	 	 	 	 	 Philip D. Caraci,
 Senior Vice President

  

	B. F. SAUL COMPANY
		
	By:	 	/s/    PATRICIA E. CLARK        
	 	

	 	 	 Patricia E. Clark
 Secretary

 AMENDMENT NO. 15 
 AMENDED AND RESTATED ADVISORY CONTRACT 
  
 THIS AMENDMENT NO. 15 made as of September 24, 1999, between B. F. SAUL ADVISORY COMPANY (the “Advisor”) and B. F. SAUL REAL ESTATE INVESTMENT TRUST (the “Trust”). 

 
 WHEREAS, the Advisor and the Trust entered into an Amended and
Restated Advisory Contract as of October 1, 1982, which the Advisor and the Trust now wish to amend in certain respects, in accordance with and as contemplated by Paragraph 9.B of said Amended and Restated Advisory Contract, in order to adjust the
Advisor’s monthly based compensation; and 
  
 WHEREAS,
B. F. Saul Company by executing this Amendment No. 15 consents to such amendment and continues to be bound by the provisions of the Assignment and Guaranty Agreement dated May 1, 1972, between itself, the Trust and the Advisor. 
  
 NOW THEREFORE, in consideration of the premises and of the mutual
convenants therein and herein contained, it is agreed that the Amended and Restated Advisory Contact is amended as follows: 
  
 Paragraph 3.A is amended by changing the Advisory fee from $337,000.00 to $348,800.00 per month, of which the Trust is obligated to pay, less any amount
contributed by Dearborn Corporation pursuant to its contract. The change in Advisory fee shall be effective October 1, 1999. 
  
 IN WITNESS WHEREOF, the parties have caused this amendment to be executed by their duly authorized representatives as of the day and year first
above written. 
  

	 B. F. SAUL REAL ESTATE
 INVESTMENT TRUST
	 	 	 	B. F. SAUL ADVISORY COMPANY
					
	By:	 	/s/    ROSS E. HEASLEY        	 	 	 	By:	 	/s/    PHILIP D. CARACI        
	 	
	 	 	 	 	

	 	 	 Ross E. Heasley
 Vice President
	 	 	 	 	 	 Philip D. Caraci,
 Senior Vice President

  

	B. F. SAUL COMPANY
		
	By:	 	/s/    PATRICIA E. CLARK        
	 	

	 	 	 Patricia E. Clark
 Secretary

 AMENDMENT NO. 16 
 AMENDED AND RESTATED ADVISORY CONTRACT 
  
 THIS AMENDMENT NO. 16 made as of September 22, 2000, between B. F. SAUL ADVISORY COMPANY (the “Advisor”) and B. F. SAUL REAL ESTATE INVESTMENT TRUST (the “Trust”). 

 
 WHEREAS, the Advisor and the Trust entered into an Amended and
Restated Advisory Contract as of October 1, 1982, which the Advisor and the Trust now wish to amend in certain respects, in accordance with and as contemplated by Paragraph 9.B of said Amended and Restated Advisory Contract, in order to adjust the
Advisor’s monthly based compensation; and 
  
 WHEREAS,
B. F. Saul Company by executing this Amendment No. 16 consents to such amendment and continues to be bound by the provisions of the Assignment and Guaranty Agreement dated May 1, 1972, between itself, the Trust and the Advisor. 
  
 NOW THEREFORE, in consideration of the premises and of the mutual
convenants therein and herein contained, it is agreed that the Amended and Restated Advisory Contact is amended as follows: 
  
 Paragraph 3.A is amended by changing the Advisory fee from $348,800.00 to $362,752.00 per month, of which the Trust is obligated to pay, less any amount
contributed by Dearborn Corporation pursuant to its contract. The change in Advisory fee shall be effective October 1, 2000. 
  
 IN WITNESS WHEREOF, the parties have caused this amendment to be executed by their duly authorized representatives as of the day and year first
above written. 
  

	 B. F. SAUL REAL ESTATE
 INVESTMENT TRUST
	 	 	 	B. F. SAUL ADVISORY COMPANY
					
	By:	 	/s/    ROSS E. HEASLEY        	 	 	 	By:	 	/s/    PHILIP D. CARACI        
	 	
	 	 	 	 	

	 	 	 Ross E. Heasley
 Vice President
	 	 	 	 	 	 Philip D. Caraci,
 Senior Vice President

  

	B. F. SAUL COMPANY
		
	By:	 	/s/    PATRICIA E. CLARK        
	 	

	 	 	 Patricia E. Clark
 Secretary

 AMENDMENT NO. 17 
 AMENDED AND RESTATED ADVISORY CONTRACT 
  
 THIS AMENDMENT NO. 17 made as of September             , 2001, between B. F. SAUL ADVISORY COMPANY (the “Advisor”) and B. F. SAUL
REAL ESTATE INVESTMENT TRUST (the “Trust”). 
  
 WHEREAS, the Advisor and the Trust entered into an Amended and Restated Advisory Contract as of October 1, 1982, which the Advisor and the Trust now wish to amend in certain respects, in accordance with and as contemplated by
Paragraph 9.B of said Amended and Restated Advisory Contract, in order to adjust the Advisor’s monthly based compensation; and 
  
 WHEREAS, B. F. Saul Company by executing this Amendment No. 17 consents to such amendment and continues to be bound by the provisions of the
Assignment and Guaranty Agreement dated May 1, 1972, between itself, the Trust and the Advisor. 
  
 NOW THEREFORE, in consideration of the premises and of the mutual covenants therein and herein contained, it is agreed that the Amended and
Restated Advisory Contact is amended as follows: 
  
 Paragraph 3.A
is amended by changing the Advisory fee from $362,752.00 to $475,000.00 per month, of which the Trust is obligated to pay, less any amount contributed by Dearborn, L.L.C pursuant to its contract. The change in Advisory fee shall be effective October
1, 2001. 
  
 IN WITNESS WHEREOF, the parties have caused
this amendment to be executed by their duly authorized representatives as of the day and year first above written. 
  

	 B. F. SAUL REAL ESTATE
 INVESTMENT TRUST
	 	 	 	B. F. SAUL ADVISORY COMPANY
					
	By:	 	/s/    ROSS E. HEASLEY        	 	 	 	By:	 	/s/    B. FRANCIS SAUL III        
	 	
	 	 	 	 	

	 	 	 Ross E. Heasley
 Vice President
	 	 	 	 	 	 B. Francis Saul III
 Senior Vice President

  

	B. F. SAUL COMPANY
		
	By:	 	/s/    PATRICIA E. CLARK        
	 	

	 	 	 Patricia E. Clark
 Secretary

 Exhibit 10a 
  

AMENDMENT NO. 18 
 AMENDED AND
RESTATED ADVISORY CONTRACT 
  
  
 THIS AMENDMENT NO. 18 made as of September 26, 2002, between B. F.  SAUL ADVISORY COMPANY (the “Advisor”) and B.
F.  SAUL REAL ESTATE INVESTMENT TRUST (the “Trust”). 
  
 WHEREAS, the Advisor and the Trust entered into an Amended and Restated Advisory Contract as of October 1, 1982, which the Advisor and the Trust now wish to amend in certain respects, in accordance with and as
contemplated by Paragraph 9.B of said Amended and Restated Advisory Contract, in order to adjust the Advisor’s monthly based compensation; and 
  
 WHEREAS, B. F. Saul Company by executing this Amendment No. 18 consents to such amendment and continues to be bound by the provisions of the
Assignment and Guaranty Agreement dated May 1, 1972, between itself, the Trust and the Advisor. 
  
 NOW THEREFORE, in consideration of the premises and of the mutual convenants therein and herein contained, it is agreed that the Amended and
Restated Advisory Contact is amended as follows: 
  
 Paragraph 3.A
is amended by changing the Advisory fee from $475,000.00 to $458,000.00 per month, of which the Trust is obligated to pay, less any amount contributed by Dearborn, L.L.C. pursuant to its contract. The change in Advisory fee shall be effective
October 1, 2002. 
  
 IN WITNESS WHEREOF, the parties have
caused this amendment to be executed by their duly authorized representatives as of the day and year first above written. 
  

	 B. F. SAUL REAL ESTATE
 INVESTMENT TRUST
	 	 	 	B. F. SAUL ADVISORY COMPANY
					
	By:	 	/s/    ROSS E. HEASLEY        	 	 	 	By:	 	/s/    B. FRANCIS SAUL III        
	 	
	 	 	 	 	

	 	 	 Ross E. Heasley
 Vice President
	 	 	 	 	 	 B. Francis Saul III
 Senior Vice President

  
  

	B. F. SAUL COMPANY
		
	By:	 	/s/    PATRICIA E. CLARK        
	 	

	 	 	 Patricia E. Clark
 Secretary

 Exhibit 10a 
  

AMENDMENT NO. 19 
 AMENDED AND
RESTATED ADVISORY CONTRACT 
  
  
 THIS AMENDMENT NO. 19 made as of September 25, 2003, between B. F.  SAUL ADVISORY COMPANY (the “Advisor”) and B.
F.  SAUL REAL ESTATE INVESTMENT TRUST (the “Trust”). 
  
 WHEREAS, the Advisor and the Trust entered into an Amended and Restated Advisory Contract as of October 1, 1982, which the Advisor and the Trust now wish to amend in certain respects, in accordance with and as
contemplated by Paragraph 9.B of said Amended and Restated Advisory Contract, in order to adjust the Advisor’s monthly based compensation; and 
  
 WHEREAS, B. F. Saul Company by executing this Amendment No. 19 consents to such amendment and continues to be bound by the provisions of the
Assignment and Guaranty Agreement dated May 1, 1972, between itself, the Trust and the Advisor. 
  
 NOW THEREFORE, in consideration of the premises and of the mutual convenants therein and herein contained, it is agreed that the Amended and
Restated Advisory Contact is amended as follows: 
  
 Paragraph 3.A
is amended by changing the Advisory fee from $458,000.00 to $472,000.00 per month, of which the Trust is obligated to pay, less any amount contributed by Dearborn, L.L.C. pursuant to its contract. The change in Advisory fee shall be effective
October 1, 2003. 
  
 IN WITNESS WHEREOF, the parties have
caused this amendment to be executed by their duly authorized representatives as of the day and year first above written. 
  

	 B. F. SAUL REAL ESTATE
 INVESTMENT TRUST
	 	 	 	B. F. SAUL ADVISORY COMPANY
					
	By:	 	/s/    ROSS E. HEASLEY        	 	 	 	By:	 	/s/    B. FRANCIS SAUL III        
	 	
	 	 	 	 	

	 	 	 Ross E. Heasley
 Vice President
	 	 	 	 	 	 B. Francis Saul III
 Senior Vice President

  
  

	B. F. SAUL COMPANY
		
	By:	 	/s/    JESSICA L. PARKER        
	 	

	 	 	 Jessica L. Parker
 Secretary

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00059-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00059-of-00352.parquet"}]]