Document:

EXHIBIT 10.31

                               FOUR STAMFORD PLAZA

                           STANDARD FORM OFFICE LEASE

                                     BETWEEN

                        ZML - FOUR STAMFORD PLAZA LIMITED
              PARTNERSHIP ("LANDLORD"), by its agent, Equity Office
             Holdings, L.L.C., a Delaware limited liability company

                                       AND

           CHARTWELL RE CORPORATION, a Delaware corporation ("TENANT")

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                                TABLE OF CONTENTS

I.        Basic Lease Information; Definitions................................1
II.       Lease Grant.........................................................3
III.      Possession..........................................................4
IV.       Rent................................................................4
V.        Use................................................................12
VI.       Security Deposit...................................................13
VII.      Services to be Furnished by Landlord...............................13
VIII.     Leasehold Improvements.............................................15
IX.       Graphics...........................................................16
X.        Repairs and Alterations............................................16
XI.       Use of Electrical Services by Tenant...............................18
XII.      Entry by Landlord..................................................18
XIII.     Assignment and Subletting..........................................19
XIV.      Liens..............................................................22
XV.       Indemnity and Waiver of Claims.....................................22
XVI.      Tenant's Insurance.................................................23
XVII.     Subrogation........................................................25
XVIII.    Landlord's Insurance...............................................25
XIX.      Casualty Damage....................................................25
XX.       Demolition.........................................................28
XXI.      Condemnation.......................................................28
XXII.     Events of Default..................................................28
XXIII.    Remedies...........................................................30
XXIV.     LIMITATION OF LIABILITY............................................31
XXV.      No Waiver..........................................................32
XXVI.     Event of Bankruptcy................................................32
XXVII.    Waiver of Jury Trial...............................................33
XXVII.    Relocation.........................................................33
XXIX.     Holding Over.......................................................33
XXX.      Subordination to Mortgages; Estoppel Certificate...................34
XXXI.     Attorneys' Fees....................................................35
XXXII.    Notice.............................................................35
XXXIII.   Landlord's Lien....................................................35
XXXIV.    Excepted Rights....................................................35
XXXV.     Surrender of Premises..............................................36
XXXVI.    Miscellaneous......................................................36
XXXVII.   Entire Agreement...................................................39

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                             OFFICE LEASE AGREEMENT

This Office  Lease  Agreement  (the  "Lease") is made and entered into as of the
29th day of March,  1996,  by and  between  ZML - Four  Stamford  Plaza  Limited
Partnership,  an Illinois Limited Partnership  ("Landlord") by its agent, Equity
Office Holdings,  L.L.C., a Delaware limited liability company, and Chartwell Re
Corporation, a Delaware Corporation ("Tenant").

I. Basic Lease Information; Definitions.

A. The following are some of the basic lease  information and defined terms used
in this Lease.

1.   "Additional  Base Rental" shall mean Tenant's Pro Rata Share of Basic Costs
     and any other sums  (exclusive of Base Rental) that are required to be paid
     by Tenant to  Landlord  hereunder,  which sums are deemed to be  additional
     rent under this Lease. Additional Base Rental and Base Rental are sometimes
     collectively referred to herein as "Rent."

2.   "Base  Rental"  shall  mean  the  sum  of  thirteen  million  nine  hundred
     eighty-two thousand four hundred sixty and 00/100 dollars ($13,982,460.00),
     payable  by  Tenant  to  Landlord  in  one  hundred  twenty  (120)  monthly
     installments as follows:

a.   twelve  (12) equal  installments  of  eighty-five  thousand  seven  hundred
     forty-one and 50/100  dollars  ($85,741.50),  each payable on or before the
     first day of each  month  during the  period  beginning  August 1, 1996 and
     ending July 31, 1997,  provided that the installment of Base Rental for the
     first full  calendar  month of the Lease  Term  shall be  payable  upon the
     execution of this Lease by Tenant.

b.   twelve  (12)  equal  installments  of  ninety-two  thousand  three  hundred
     thirty-seven and 00/100 dollars ($92,337.00), each payable on or before the
     first day of each  month  during the  period  beginning  August 1, 1997 and
     ending July 31, 1998.

c.   twelve  (12)  equal  installments  of  ninety-six  thousand  seven  hundred
     thirty-four and 00/100 dollars ($96,734.00),  each payable on or before the
     first day of each  month  during the  period  beginning  August 1, 1998 and
     ending July 31, 1999.

d.   twelve (12) equal  installments  of one hundred  one  thousand  one hundred
     thirty-one and 00/100 dollars ($101,131.00),  each payable on or before the
     first day of each  month  during the  period  beginning  August 1, 1999 and
     ending July 31,2000.

e.   twelve (12) equal  installments  of one hundred twelve thousand one hundred
     twenty-three  and 50/100 dollars  ($112,123.50),  each payable on or before
     the first day of each month during the period  beginning August 1, 2000 and
     ending July 31, 2001.

f.   twelve (12) equal  installments  of one  hundred  eighteen  thousand  seven
     hundred  nineteen  and 00/100  dollars  ($118,719.00),  each  payable on or
     before the first day of each month  during the period  beginning  August 1,
     2001 and ending July 31, 2002.

g.   twelve (12) equal  installments  of one hundred  twenty-three  thousand one
     hundred sixteen and 00/100 dollars ($123,116.00), each payable on or before
     the first day of each month during the period  beginning August 1, 2002 and
     ending July 31, 2003.

h.   twelve (12) equal  installments  of one hundred  thirty-six  thousand three
     hundred seven and 00/100 dollars  ($136,307.00),  each payable on or before
     the first day of each month during the period  beginning August 1, 2003 and
     ending July 31, 2004.

i.   twelve (12) equal  installments of  one  hundred  forty-five  thousand  one
     hundred one and 00/100 dollars ($145,101.00), each payable on or before the
     first day of each  month  during the  period  beginning  August 1, 2004 and
     ending July 31, 2005.

j.   twelve  (12) equal installments of one  hundred, fifty-three thousand eight
     hundred ninety-five and 00/100 dollars ($153,895.00),  each payable on or
     before the first day of each  month  during  the   period  beginning August
     1, 2005 and ending July 31, 2006.

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3.   "Building" shall  mean  the  office  building  located  at 107 Elm  Street,
     Stamford,  Connecticut 06902, commonly known as Four Stamford Plaza.

4.   The "Lease Term" shall mean a period of ten (10) years commencing on August
     1, 1996,  (the  "Commencement  Date")  and,  unless  sooner  terminated  as
     provided herein, ending on July 31, 2006 (the "Termination Date").

5.   "Premises"  shall mean the area located on the floors which are numbered as
     the fourteenth  (14th) and fifteenth  (15th) floors of the Building  (being
     the two (2) uppermost or highest  floors of the  Building),  as outlined on
     Exhibits A and A-1  attached  hereto and  incorporated  herein and known as
     Suites #1400 and 1500.  Landlord and Tenant hereby stipulate and agree that
     the "Rentable  Area of the Premises"  shall mean 52,764 square feet and the
     "Rentable Area of the Building" shall mean 253,513 square feet.

6.   "Permitted Use" shall mean general office purposes

7.   "Security Deposit" shall mean $0.

8.   "Tenant's Pro Rata Share' shall mean twenty and  eighty-one  one hundredths
     percent  (20.61%),  which  is the  quotient  (expressed  as a  percentage),
     derived by dividing the Rentable  Area of the Premises by the Rentable Area
     of the Building.

9.   "Guarantor(s)" - None.

10.  "Notice  Addresses" shall mean  the  following  addresses  for  Tenant  and
     Landlord, respectively:

     Tenant:

     On and after the Commencement  Date, notices shall be sent to Tenant at the
     Premises.  Prior to the Commencement  Date, notices shall be sent to Tenant
     at the following address:

     300 Atlantic Street
     Suite 400
     Stamford, CT 06901
     Attention: Thomas M. Daly/Kathleen M. Carroll, Esq.

     Landlord:

     Equity Office Properties, L.L.C.
     Two Stamford Plaza
     281 Tresser Boulevard
     Stamford, Connecticut 06901
     Attention: Building Manager

     With a copy to:

     Equity Office Holdings, L.L.C.
     Two North Riverside Plaza
     Suite 2200
     Chicago, Illinois 60606
     Attention: General Counsel

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     Payments of Rent only shall be made payable
     to the  order  of  ZML-Four  Stamford  Plaza  Limited  Partnership  at the
     following address:

         Equity Office Properties, L.L.C.
         Two Stamford Plaza
         281 Tresser Boulevard
         Stamford, Connecticut 06901
         Attention: Building Manager

B. The following are additional definitions of some of the defined terms used in
the Lease.

1.   "Base Year" shall mean the 1996 calendar year.

2.   "Basic Costs" as defined in Article IV hereof.

3.   "Broker" means Rostenberg - Doern Company, Inc.

4.   "Building  Standard"  shall mean the type,  grade,  brand,  quality  and/or
     quantity  of  materials  Landlord  designates  from  time to time to be the
     minimum quality and/or quantity to be used in the Building.

5.   "Business  Day(s)"  shall mean  Mondays  through  Fridays  exclusive of the
     normal  business  holidays  ("Holidays")  of New Year's Day,  Memorial Day,
     Independence Day, Labor Day,  Thanksgiving Day and Christmas Day. Landlord,
     from time to time during the Lease Term,  shall have the right to designate
     additional  Holidays,  provided that such additional  Holidays are commonly
     recognized  by other  office  buildings  in the area where the  Building is
     located.

6.   "Common  Areas"  shall  mean  those  areas  provided  for the common use or
     benefit of all  tenants  generally  and/or the public,  such as  corridors,
     elevator foyers, common malt rooms,  restrooms,  vending areas, lobby areas
     (whether at ground level or otherwise),  other similar facilities and those
     portions of the Property that Landlord,  from time to time, makes available
     to the tenants of the Building in general.

7.   Intentionally Omitted.

8.   "Maximum Rate" shall mean the greatest per annum rate of interest permitted
     from time to time under applicable law.

9.   "Normal  Business Hours" for the Building shall mean 8:00 a.m. to 6:00 p.m.
     Mondays through Fridays,  exclusive of Holidays.  In the event that, at any
     time during the Term of this Lease,  Landlord  modifies its Normal Business
     Hours to include any additional weekday or weekend hours, Tenant shall also
     be  entitled  to the  benefit of such  additional  hours.  Until such time,
     however,  the cost of furnishing HVAC service to any leased premises in the
     Building at times other than Normal  Business Hours (as currently  defined)
     shall not be included within Basic Costs.

1O.  "Prime Rate" shall mean the per annum interest rate publicly announced by
     The First  National Bank of Chicago or any successor  thereof from time to
     time (whether or not charged in each instance) as its prime or base rate in
     Chicago, Illinois.

11.  "Property"shall mean the Garage (hereinafter defined), the Building and the
     parcel(s) of land on which it is located and all other improvements located
     on such parcel(s) of land that serve the Building and the tenants thereof.

12.  "Garage"  shall mean the  motor-vehicle  parking  areas located on floors
     three (3), two (2), one (1) and the  Iower-level  of the Building.

II.  Lease Grant.

         Subject  to and upon the terms  herein set  forth,  Landlord  leases to
Tenant and Tenant leases from Landlord the Premises, together with the right, in
common with others, to use the Common Areas.

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III. Possession.

A.   Upon the full and final  execution of this Lease by Landlord and Tenant,
Tenant shall have the right to occupy the Premises  for the  performance  of the
Initial  Alterations (as defined in Exhibit C).  Notwithstanding  the foregoing,
Tenant  and its  contractors  shall  not  have  the  right  to  perform  Initial
Alterations in the Premises unless and until Tenant has complied with all of the
terms  and  conditions  of  Article  X.B.  of  this  Lease,  including,  without
limitation,  approval by Landlord of the final plans for the Initial Alterations
and  the   contractors  to  be  retained  by  Tenant  to  perform  such  Initial
Alterations.  Landlord  agrees to act reasonably in connection with its approval
of any contractor  proposed by Tenant,  provided that in no event shall Landlord
be required to grant its approval to any contractor that is not licensed, is not
capable of being  bonded for the amount of the Initial  Alterations  or does not
maintain  insurance  of the types and amounts  required by this Lease,  Tenant's
occupancy of the Premises for the period prior to the Commencement Date shall be
subject to all of the terms and  conditions  of the Lease,  provided that Tenant
shall not be required to pay Base Rental or Additional  Base Rental with respect
to the  period  of time  prior to the  Commencement  Date.  Notwithstanding  the
foregoing, if Tenant begins to conduct its business in the Premises prior to the
Commencement  Date,  Tenant  shall pay Base  Rental to  Landlord  for the period
beginning  on the date Tenant first begins to conduct its business and ending on
the day prior to the Commencement Date at the rate of eighty-five thousand seven
hundred  forty-one  and  50/100  dollars  per month,  pro rated for any  partial
months.

B.  Tenant hereby accepts the Premises in its as-is condition and configuration,
except as provided in this Lease, including Exhibit C, with no representation or
warranty by  Landlord as to the  condition  of the  Premises or the  Building or
suitability thereof for Tenant's use, except as provided in this Lease.

C.   Landlord  shall  deliver  exclusive  possession of  the  entire Premises to
Tenant,  free from all tenancies and occupancies  (except under this Lease) upon
the date of the full  execution of this Lease.  Notwithstanding  anything to the
contrary  set forth  herein,  in the event  Landlord is unable for any reason to
deliver exclusive  possession of the Premises to Tenant, free from all tenancies
and  occupancies,  within thirty (30) days after the full and final execution of
this Lease,  Tenant,  prior to the date Landlord  provides Tenant with exclusive
possession of the Premises, may elect to terminate this Lease effective upon the
delivery of written notice thereof to Landlord.  In the event Tenant  terminates
this Lease,  Landlord  shall  return all prepaid Rent to Tenant and Tenant shall
return any Work Allowance of other sums paid by Landlord to Tenant.  Thereafter,
the parties hereto shall have no further obligations hereunder. In addition, the
assignment of the 300 Atlantic Lease to Landlord shall  immediately  become null
and void.

IV. Rent.

A.   During each calendar year subsequent to the Base Year, or portion  thereof,
falling within the Lease Term,  Tenant shall pay to Landlord as Additional  Base
Rental  hereunder the sum of (1) Tenant's Pro Rata Share of the amount,  if any,
by which Taxes  (hereinafter  defined) for the  applicable  calendar year exceed
Taxes for the Base Year plus (2) Tenant's Pro Rata Share of the amount,  if any,
by which Expenses  (hereinafter defined) for the applicable calendar year exceed
Expenses for the Base Year. For purposes hereof, "Expenses" shall mean all Basic
Costs with the exception of Taxes. Tenant's Pro Rata Share of increases in Taxes
and Tenant's Pro Rata Share of increases in Expenses shall be computed  separate
and  independent  of each other prior to being added  together to determine  the
"Excess."  In the event that Taxes and/or  Expenses,  as the case may be, in any
calendar year decrease  below the amount of Taxes or Expenses for the Base Year,
Tenant's Pro Rata Share of Taxes and/or  Expenses,  as the case may be, for such
calendar year shall be deemed to be $0, it being

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understood  that  Tenant  shall not be entitled to any credit or offset if Taxes
and/or Expenses decrease below the corresponding amount for the Base Year. Prior
to January 1 of each calendar year after the Base Year during the Lease Term, or
as soon  thereafter as practical,  Landlord  shall make a good faith estimate of
the Excess for the applicable calendar year and Tenant's Pro Rata Share thereof.
Landlord  agrees to use good faith efforts to provide  Tenant with such estimate
by no later than April 30th of the  applicable  calendar  year. On or before the
first day of each month during such calendar year, Tenant shall pay to Landlord,
as  Additional  Base  Rental,  a monthly  installment  equal to  one-twelfth  of
Tenant's Pro Rata Share of  Landlord's  estimate of the Excess.  Landlord  shall
have the one time  right  during  each  calendar  year  during the Lease Term to
revise the  estimate  of Basic  Costs and the  Excess for such year and  provide
Tenant with a revised statement therefor, and thereafter the amount Tenant shall
pay each month shall be based upon such revised estimate.  Each revised estimate
shall be accompanied by an  explanation of the  differences  between the initial
estimate and revised  estimate,  including the particular  line items of expense
that are in addition to or of a materially  different  amount than those assumed
in the preparation of the initial estimate.  If Landlord does not provide Tenant
with an estimate of the Basic Costs and the Excess by January 1 of any  calendar
year,  Tenant shall continue to pay a monthly  installment based on the previous
years estimate until such time as Landlord  provides  Tenant with an estimate of
Basic Costs and the Excess for the current  year.  Upon  receipt of such current
year's  estimate,  an adjustment  shall be made for any month during the current
year with respect to which Tenant paid monthly  installments  of Additional Base
Rental based on the previous year's estimate.  Tenant shall pay Landlord for any
underpayment  within thirty (30) days after  demand.  Any  overpayment  shall be
credited  against the  installment of Base Rental and Additional Base Rental due
for the month  immediately  following the  furnishing of such  estimate.  If the
amount of such  overpayment  cannot be fully  credited  against the  immediately
following  installment of Base Rental and Additional Base Rental, any uncredited
amount shall be promptly refunded to Tenant. Any amounts paid by Tenant based on
any  estimate  shall  be  subject  to  adjustment  pursuant  to the  immediately
following  paragraph  when actual Basic Costs are  determined  for such calendar
year.

As soon as is practical following the end of each calendar year during the Lease
Term,  Landlord  shall furnish to Tenant a statement of Landlord's  actual Basic
Costs and the actual Excess for the previous  calendar year.  Landlord agrees to
use good faith  efforts to provide  Tenant  with such  estimate by no later than
April 30th of the  applicable  calendar year. If the estimated  Excess  actually
paid by Tenant for the prior year is in excess of Tenant's actual Pro Rata Share
of the Excess for such prior year,  then Landlord  shall apply such  overpayment
against  Base Rental and  Additional  Base Rental due for the month  immediately
following the furnishing of such  statement,  provided if the Lease Term expires
prior to the  determination  of such  overpayment,  Landlord  shall  refund such
overpayment  to  Tenant  after  first  deducting  the  amount  of any  Rent  due
hereunder.  In  addition,  If the  amount  of such  overpayment  cannot be fully
credited  against  the  immediately  following  installment  of Base  Rental and
Additional  Base Rental,  any  uncredited  amount shall be promptly  refunded to
Tenant.  Likewise,  Tenant shall pay to Landlord,  within thirty (30) days after
demand,  any  underpayment  with  respect to the prior year,  whether or not the
Lease  has  terminated  prior to  receipt  by  Tenant  of a  statement  for such
underpayment,  it being understood that this clause shall survive the expiration
of the Lease.

B.   Basic Costs shall mean Taxes and all  other  costs  and  expenses  that are
reasonably  paid or incurred in each calendar year in connection with operating,
maintaining,  repairing and managing the Building and the  Property,  including,
but not limited to, the following:

1.   All labor costs for all persons performing services required or utilized in
connection  with  the   operation   (excluding   leasing     functions), repair,
replacement and maintenance of and control of access to the Building

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and the  Property,  including  but not  limited to amounts  incurred  for wages,
salaries  and  other  compensation  for  services,   payroll,  social  security,
unemployment and other similar taxes, workers' compensation insurance, uniforms,
training,  disability  benefits,  pensions,  hospitalization,  retirement plans,
group insurance or any other similar or like expenses or benefits.

2.   All  management fees, the cost  of  maintaining at management office at the
Building,  accounting  services,  legal fees not  attributable  to  leasing  and
collection activity,  and all other reasonable  administrative costs relating to
the  Building  and the  Property.  Notwithstanding  the  foregoing,  the cost of
"maintaining  a  management  office"  shall  not  include  the  initial  cost of
equipment  necessary to operate such  management  office  (e.g.  computers,  fax
machines,  etc.),  it being  agreed  that  only the cost of  replacing  existing
equipment  may be  included  in Basic  Costs.  If  management  services  are not
provided  by a third  party,  Landlord  shall be entitled  to a  management  fee
comparable  to that  due and  payable  to third  parties  provided  Landlord  or
management  companies  owned by, or management  divisions of,  Landlord  perform
actual management  services of a comparable nature and type as normally would be
performed by third parties.

3.   All  rental  and/or  purchase  costs  of  materials,  supplies,  tools  and
equipment used in the operation, repair, non-capital replacement and maintenance
and the control of access to the Building and the Property.

4.   All  amounts  charged to  Landlord  by  contractors  and/or  suppliers  for
services,  non-capital replacement parts, components,  materials,  equipment and
supplies  furnished  in  connection  with the  operation,  repair,  maintenance,
non-capital replacement of and control of access to any part of the Building, or
the Property generally,  including the heating,  air conditioning,  ventilating,
plumbing, electrical, elevator and other systems and equipment.

5.   All  premiums  and  deductibles  paid by  Landlord  for fire  and  extended
coverage insurance,  earthquake and extended coverage  insurance,  liability and
extended coverage insurance,  rental loss insurance,  elevator insurance, boiler
insurance and other insurance customarily carried from time to time by landlords
of  comparable  office  buildings  or  required  to  be  carried  by  Landlord's
Mortgagee.  Notwithstanding  the  foregoing,  if the cost of  earthquake  and/or
rental  loss  insurance  is not  included  within  the  Base  Year,  the cost of
earthquake  and/or  rental  insurance  shall not be included  in any  subsequent
years.

6.   Charges for all utilities  that are (i) provided to the Common Areas,  (ii)
used in connection with the operation of the Building systems, including but not
limited to, the HVAC,  security and fire/life  safety systems,  or (iii) used in
connection with any services provided in general to the tenants of the Building,
but  excluding  those  charges for which  Landlord is  otherwise  reimbursed  by
tenants (other than through Basic Costs).

7.   "Taxes," which for purposes  hereof, shall  mean: (a) all real estate taxes
and  assessments  on the Property,  the Building or the Premises,  and taxes and
assessments  levied in  substitution or  supplementation  in whole or in part of
such taxes, (b) all personal property taxes for the Building's personal property
used in the  operation of the  Building,  (c) all taxes imposed on services that
Landlord  is  required  to provide  under the terms of this  Lease,  and (d) all
reasonable  costs and fees incurred in connection with seeking  reductions in or
refunds in Taxes including,  without limitation,  any costs incurred by Landlord
to challenge the tax valuation of the Building.  For the purpose of  determining
real estate taxes and  assessments for any given calendar year, the amount to be
included  in Taxes for such year shall be as  follows:  (1) with  respect to any
special  assessment that is payable in installments  Landlord shall elect to pay
the same in the maximum  number of permissible  installments  and Taxes for such
year shall  include the amount of the  installment  (and any  interest)  due and
payable  during such year;  and (2) with respect to all other real estate taxes,
Taxes for such year shall

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include  the amount due and payable  for such year.  If a reduction  in Taxes is
obtained  for any year of the Lease Term during  which  Tenant paid its Pre Rata
Share of Basic  Costs,  then  Basic  Costs for such  year will be  retroactively
adjusted and Landlord shall provide Tenant with a credit,  if any, based on such
adjustment.  If the amount of such credit cannot be fully  credited  against the
immediately following installment of Base Rental and Additional Base Rental, any
uncredited amount shall be promptly refunded to Tenant. Likewise, if a reduction
is subsequently obtained for Basic Costs for the Base Year (if Tenant's Pro Rata
Share is based upon increases in Basic Costs over a Base Year),  Basic Costs for
the  Base  Year  shall be  restated  and the  Excess  for all  subsequent  years
recomputed.  Tenant  shall pay to Landlord  Tenant's  Pro Rata Share of any such
increase  in the Excess  within  thirty  (30) days after  Tenant's  receipt of a
statement  therefor  from  Landlord.  Notwithstanding  anything  herein  to  the
contrary,  the term "Taxes" shall not mean or include,  (i) municipal,  state or
federal  income taxes assessed  against  Landlord;  municipal,  state or federal
estate,  succession,  corporate,  inheritance or transfer taxes of Landlord;  or
corporation  franchise  taxes imposed upon any corporate  owner of the Building;
(ii) taxes for which Landlord is reimbursed by Tenant or by other tenants of the
Building (except through clauses similar to this clause); and (iii) any interest
or penalties which may become due by reason of the failure to pay any taxes when
the same are due and payable.  Upon written  request by Tenant,  Landlord  shall
allow Tenant to review and copy the City's  Assessor's report or reports showing
the  assessment  for the  Building  and the  Property  and the report or reports
showing any increased assessments therefor and all applicable tax bills, or such
other evidence coming from the City's Assessor's  and/or Tax Collector's  office
which will show the assessments and amount of Tax payable by Landlord. Taxes for
the Base Year and each  subsequent  Lease Year shall be calculated  based upon a
fully assessed building.

8.   All landscape expenses and costs of maintaining, repairing and striping of
the parking areas of the Property and Garage. In the event that the parking area
and Garage  service  building(s)  other than the Building,  than only a pro rata
share of these  expenses  may be  included in Basic  Costs  which  reflects  the
percentage  of  total  usage  that  is  attributable  to the  Building  and  its
occupants,  employees  and  visitors.  Further,  all  costs of  maintaining  and
repairing  the parking  area and Garage  included in Basic Costs shall be net of
all parking revenue generated by the operation of the Garage,  including but not
limited to parking revenue from tenants of the Building.  All costs and expenses
incurred in  resurfacing of the parking area and Garage shall be deemed to be of
a capital nature, and amortized over the useful life of the resurfacing.

9.   Cost of all maintenance service agreements,  including those for equipment,
alarm service, window cleaning,  drapery or venetian blind cleaning,  janitorial
services, pest control, uniform supply, plant maintenance,  landscaping, and any
parking equipment.

10.  Cost of all other  repairs,  and general  maintenance  of the  Property and
Building neither specified above nor directly billed to tenants.

11.  The  amortized  cost of capital  improvements  made to the Building or the
Property which are: (a) primarily for the purpose of reducing  operating expense
costs or  otherwise  improving  the  operating  efficiency  of the  Property  or
Building;  or (b) required to comply with any laws,  rules or regulations of any
governmental  authority or a requirement of Landlord's  insurance  carrier,  (c)
performed for the purpose of upgrading the then existing  security system of the
Building so as to maintain such system at a level that is at comparable to other
first class office buildings in Stamford,  Connecticut. The cost of such capital
improvements  shall be amortized  over a period of ten (10) years and shall,  at
Landlord's option,  include interest at a rate that is reasonably  equivalent to
the interest rate that Landlord  would be required to pay to finance the cost of
the .capital improvement in question as of the date such capital improvement is

                                            7

<PAGE>

performed,  provided if the "payback period" for any capital improvement is less
than ten (10) years,  Landlord may amortize the cost of such capital improvement
over the payback period.  For purposes  hereof,  the term "payback period" shall
mean the period of time that it takes for the cost  savings  resulting  from any
capital improvement to equal to cost of such capital improvement,  including any
actual or imputed  interest that is included in Basic Costs with respect to such
capital  improvement.  Notwithstanding the foregoing,  the portion of the annual
amortized  costs to be included in Basic Costs in any calendar year with respect
to a capital  improvement  which is intended  to reduce  expenses or improve the
operating  efficiency of the Property or Building  shall equal the lesser of: a)
such annual amortized costs; and b) the projected annual amortized  reduction in
expenses for that portion of the amortization  period of the capital improvement
which  falls  within the Lease Term  (based on the total cost  savings  for such
period, as reasonably estimated by Landlord).

Except  as  set  forth  above  in  section  IV.B.11  and as  distinguished  from
replacement parts or components  purchased and installed in the ordinary course,
Basic Costs shall not include the cost of capital  improvements,  whether in the
nature of replacements,  repairs, improvements,  alterations or additions. Basic
Costs shall also exclude  depreciation,  interest (except as provided above with
respect to the  amortization  of capital  improvements  under  IV.B.11.),  lease
commissions, and principal payments on mortgage and other non-operating debts of
Landlord.  In addition,  the following  costs,  expenses and items shall also be
deemed to be excluded from the calculation of Expenses:

a) amortization and  depreciation of Landlord's  acquisition  cost,  development
expenses  and  construction  costs for the Building  and,  except as provided in
IV.B.11 above, all future capital additions or improvements thereto;

b) except as provided in IV.B.11 above,  interest and principal  payments on any
debt of Landlord or debt which is secured with a lien on the Building, including
late fees,  default interest and other costs charged to Landlord with respect to
such indebtedness;

c) the cost of tenant  installations and decorations incurred in connection with
preparing,  altering or improving space for any tenant,  other than  maintenance
and repairs provided by Landlord to tenants of the Building in general;

d) overhead and profit  increment paid to  subsidiaries  or other  affiliates of
Landlord  for services on or to the  Property,  Building  and/or  Premises to me
extent only that the costs of such services exceed the competitive cost for such
services rendered by persons or entities of comparable skill and experience;

e) property  management fees in excess of the prevailing  market management fee,
from time to time, for comparable  first class buildings in the Fairfield County
area. In determining  whether the management fee payable  hereunder is in excess
of the prevailing  market  management fee, all forms of compensation and expense
reimbursement  (including  amounts  under  IV.B.2  above)  shall be  taken  into
consideration.  For example,  consideration  shall be given to the percentage of
gross  receipts  the  managing  agent is entitled to receive,  the amount of all
costs that are paid for by the managing agent out of the management fee, and the
amount of all costs of managing the  building  that are paid for directly by the
owner of the building in question;

f) any  repairs  or  other  work  resulting  from or  occasioned  by  damage  or
destruction due to fire or other major casualty, provided that the amount of any
reasonable insurance policy deductible may be included within Basic Costs;

                                            8

<PAGE>

g) the cost of any repairs or alterations directly resulting from a condemnation
or other taking by any governmental agency;

h) marketing expenses, advertising expenses and brokerage commissions;

i) legal fees incurred in connection with disputes with tenants, the enforcement
of leases of space in the  Building,  procuring new tenants or  prospective  new
tenants for the Building, including preparing leases, procuring, negotiation and
closing any financing, or any sale of Landlord's interest in the Building;

j) the cost of any  services  that are  provided  to one or more  tenants of the
Building, but not available to Tenant;

k) the cost of any specific  services that are of a benefit only to tenants that
are engaged in a specific  business or type of business  (e.g.  a shuttle bus to
the county court house that will only be of use to attorneys  occupying space in
the Building);

l) the cost of installation, operating  and  maintaining  any  specialty service
from which Tenant shall be excluded;

m) any fee for the  management  of the Building  other than the fee specified in
paragraph  IV.B.2 above,  provided that  Landlord  shall not be prohibited  from
including  any such  management  or  similar  fee in Basic  Costs so long as the
aggregate  amount of all such fees  (including  all  forms of  compensation  and
expense  reimbursement)  does not exceed the  prevailing  market  management fee
(determined as provided  above),  from time to time, for comparable  first class
buildings in the Fairfield County area;

n) costs properly  allocable to other properties owned or managed by Landlord or
any parties  affiliated with Landlord (or affiliated with Landlord's  partners),
provided if Landlord  incurs costs and expenses that benefit other  buildings in
addition to the Building,  Landlord  shall have the right to equitably  allocate
such costs and expenses  among any and all  buildings  (including  the Building)
receiving the benefit thereof;

o) the  cost of any  items  for  which  Landlord  is  reimbursed  by  insurance,
manufacturer's warranty,  judgment,  settlement, tax rebate or otherwise, net of
all reasonable costs of recovery of insurance or other proceeds;

p) insurance premiums to the extent Landlord is separately reimbursed therefor;

q) lease payments for rented  equipment,  the cost of which  equipment (i) would
constitute a capital  expenditure  if purchased,  and (ii) could not properly be
included in Basic Costs under the terms hereof,  provided that Landlord shall be
entitled  to include  the cost of any  equipment  that is rented on a  temporary
basis for the purpose of restoring any essential service to the Building;

r) costs  incurred by Landlord for trustee's  fees,  partnership  organizational
expenses  and  accounting  fees to the extent  relating  to  Landlord's  general
corporate overhead and general administrative expenses;

s) Landlord's general corporate overhead and administrative expenses,  including
but not limited to,  salaries of officers and  executives of Landlord  above the
level of general manager;

t) the incremental  cost of HVAC provided to specific tenant spaces during hours
other than Normal Business Hours;

u) legal costs and  expenses  and court costs and  expenses in  connection  with
default by any tenant of the Building;

v) ground rent, or any other  payments made by Landlord under any superior lease
of the Building;

                                            9

<PAGE>

w) expenses  incurred  in  connection  with the  financing,  refinancing,  sale,
transfer or other  disposition  of the Building or Property or of the Landlord's
interest therein;

x) repairs to the structure of the Building;

y) the cost of remediating any Hazardous  Substances (as such term is defined in
Exhibit C hereto),  and all costs of defending,  challenging  and complying with
any  Environmental  Laws (as such term is defined  in Exhibit C hereto)  enacted
after the date hereof.

z) travel and mileage reimbursements for Landlord's employees that are above and
beyond those  reimbursements  that are recognized as appropriate  Expenses under
commonly acceptable building management principles.

If a cost or expense may permissibly be included under more than one category of
Basis  Costs,  such cost or expense  shall be included  only once where to do so
more than once would cause a  duplication  of, and a similar  increase in, Basic
Costs. In no event shall the total amount of Expenses (prior to gross-up) exceed
Landlord's actual out-of-pocket costs for operating, maintaining,  repairing and
managing the Building in such calendar year.

If the Building is not at least  ninety-five  percent (95%) occupied  during any
calendar year of the Lease Term or if Landlord is not  supplying  services to at
least  ninety-five  percent (95%) of the total  Rentable Area of the Building at
any time  during any  calendar  year of the Lease Term,  actual  Basic Costs for
purposes  hereof shall be  determined  as if the  Building had been  ninety-five
percent (95%) occupied and Landlord had been  supplying  services to ninety-five
percent (95%) of the Rentable Area of the Building during such year. Basic Costs
for  such  Base  Year  shall  also be  determined  as if the  Building  had been
ninety-five  percent (95%) occupied and Landlord had been supplying  services to
ninety-five  percent (95%) of the Rentable  Area of the Building.  Any necessary
extrapolation  of Basic Costs under this Article shall be performed by adjusting
the cost of those  components of Basic Costs that are impacted by changes in the
occupancy  of the  Building  (including,  but not limited to,  management  fees,
utilities,  Taxes [if and to the extent the Building is not fully  assessed] and
janitorial  and cleaning  service) to the cost that would have been  incurred if
the Building had been  ninety-five  percent (95%) occupied and Landlord had been
supplying  services to  ninety-five  percent  (95%) of the Rentable  Area of the
Building.

C.  Tenant,  within  ninety (90) days after  receiving  Landlord's  statement of
actual  Basic  Costs for a  particular  calendar  year,  shall have the right to
provide  Landlord  with written  notice (the  "Review  Notice") of its intent to
review  Landlord's  books  and  records  relating  to the  Basic  Costs for such
calendar year.  Within a reasonable  time (not to exceed thirty [30] days) after
receipt of a timely Review  Notice,  Landlord  shall make such books and records
available  to Tenant or  Tenant's  agent for its  review  and  photocopying  (at
Tenant's  expense)  during Normal  Business Hours at the office of the Building.
Tenant  shall be solely  responsible  for any and all costs,  expenses  and fees
incurred by Tenant or Tenant's agent in connection  with such review.  If Tenant
elects to review Landlord's books and records, within sixty (60) days after such
books and records are made  available to Tenant,  Tenant shall have the right to
give  Landlord  written  notice  stating in  reasonable  detail any objection to
Landlord's  statement of actual Basic Costs for such  calendar  year.  If Tenant
fails to give Landlord  written  notice of objection  within such sixty (60) day
period or fails to provide  Landlord with a Review Notice within the ninety (90)
day period  provided above,  Tenant shall be deemed to have approved  Landlord's
statement  of Basic Costs in all respects  and shall  thereafter  be barred from
raising any claims with respect  thereto.  Upon  Landlord's  receipt of a timely
objection  notice from Tenant,  Landlord and Tenant shall work  together in good
faith for a period of up to ninety (90) days to resolve the discrepancy  between
Landlord's  statement and Tenant's review.  If Landlord and Tenant are unable to
resolve such dispute within ninety (90) days, the disagreement

                                       10

<PAGE>
may be referred  by either  party for prompt  decision by a mutually  acceptable
"big six"  codified  public  accounting  firm,  which firm shall be deemed to be
acting as an expert and not as an arbitrator,  and a determination signed by the
selected big six accounting firm shall be final and binding on both Landlord and
Tenant.  Notwithstanding  the  foregoing,  if Tenant  has  Landlord's  books and
records  reviewed  by  an  entity  that  will  be  compensated  by  Tenant  on a
contingency  basis, the results of such review shall not be available to the big
six accounting firm (and shall not be considered in such firms decision)  unless
such  results  are first  certified  to be correct by an  independent  certified
public accounting firm. If Landlord and Tenant determine (by mutual agreement or
by a third party "big six"  accounting  firm) that Basic Costs for the  calendar
year in question are less than reported,  Landlord shall promptly provide Tenant
with a refund in the amount of any  overpayment by Tenant.  In addition,  in the
event that it is determined  (by mutual  agreement or by a third party "big six"
accounting firm) that Landlord's  statement of Basic Costs for the Building with
respect to the period in question  are equal to or greater than one hundred five
percent  (105%) of the actual  Basic  Costs for the  Building  for such  period,
Landlord  shall  reimburse  Tenant for any  reasonable  and direct costs paid by
Tenant to third parties performing such audit.  Likewise, if Landlord and Tenant
determine  that Basic Costs for the  calendar  year in question are greater than
reported,  Tenant shall  forthwith pay to Landlord the amount of underpayment by
Tenant.  Any  information  obtained by Tenant pursuant to the provisions of this
Section shall be treated as confidential. Notwithstanding anything herein to the
contrary,  Tenant shall not be permitted to examine Landlord's books and records
or to dispute any  statement of Basic Costs  unless  Tenant has paid to Landlord
the amount due as shown on  Landlord's  statement of actual  Basic  Costs,  said
payment  being a condition  precedent  to Tenant's  right to examine  Landlord's
books and records.

D.   Tenant  covenants and agrees to  pay to  Landlord  during  the  Lease Term,
without any setoff or deduction  whatsoever,  the full amount of all Base Rental
and Additional Base Rental due hereunder.  In addition,  Tenant shall pay and be
liable for, as additional  rent,  all tax levied or imposed by any city,  state,
county or other  governmental  body having  authority  upon any Rent  payable by
Tenant hereunder, such payments to be in addition to all other payments required
to be paid to Landlord by Tenant under the terms and  conditions  of this Lease.
Any such payments  shall be paid  concurrently  with the payments of the Rent on
which the tax is based.  Notwithstanding  the  foregoing,  Tenant  shall only be
liable for tax imposed  upon the Rent  hereunder  if the  applicable  statute or
ordinance  makes  Tenant  the party  responsible  for the  payment  of such tax,
regardless of whether the duty to collect such tax is imposed upon Landlord. The
Base Rental,  Tenant's Pro Rata Share of Basic Costs and any  recurring  monthly
charges  due  hereunder  shall be due and payable in advance on the first day of
each  calendar  month during the Lease Term without  demand,  provided  that the
installment  of Base Rental for the first full calendar  month of the Lease Term
shall be payable upon the execution of this Lease by Tenant.  All other items of
Rent  shall be due and  payable  by Tenant on or before  thirty  (30) days after
billing by Landlord,  If the Lease Term  commences on a day other than the first
day of a  calendar  month or  terminates  on a day other  than the last day of a
calendar  month,  then the monthly  Base Rental and  Tenant's  Pro Rata Share of
Basic  Costs for such  month  shall be  prorated  for the number of days in such
month occurring  within the Term based on a fraction,  the numerator of which is
the number of days of the Lease Term that fell  within such  calendar  month and
the  denominator  of which is thirty (30).  All such payments shall be by a good
and sufficient  check. No payment by Tenant or receipt or acceptance by Landlord
of a lesser amount than the correct amount of Rent due under this Lease shall be
deemed to be other than a payment on account of the earliest Rent due hereunder,
nor shall any  endorsement or statement on any check or any letter  accompanying
any check or payment  be deemed an accord and  satisfaction,  and  Landlord  may
accept such check or payment  without  prejudice to Landlord's  right to recover
the balance or pursue any other

                                       11

<PAGE>
available remedy. The acceptance by Landlord of any Rent on a date after the due
date of such payment shall not be construed to be a waiver of  Landlord's  right
to declare a default for any other late payment.  Tenant's  covenant to pay Rent
shall be independent of every other covenant set forth in this Lease

E.   All Rent not paid when due and  payable shall bear interest  from  the date
due until paid at the lesser of: (1) the Prime Rate plus five  percent  (5%) per
annum;  or (2) the Maximum  Rate,  provided  that Tenant  shall be entitled to a
grace period of five (5) days with respect to the first two (2) late payments in
any calendar year. In addition,  if Tenant fails to pay any  installment of Rent
when due and payable  hereunder  and such  failure  continues  for five (5) days
after written notice from Landlord,  a service fee equal to five percent (5%) of
such unpaid amount will be due and payable immediately by Tenant to Landlord.

V. Use.

A.   The Premises shall be used  for the Permitted Use and for no other purpose.
Tenant agrees not to use or permit the use of the Premises for any purpose which
is  illegal,  dangerous  to life,  limb or  property  or  which,  in  Landlord's
reasonable opinion, creates a nuisance. In addition, Tenant agrees not to use or
permit the use of the Premises for any purpose which would  increase the cost of
insurance  coverage  with respect to the  Building,  unless Tenant agrees to pay
such increase in insurance costs and such use is not (i) otherwise prohibited by
the Lease,  or (ii)  dangerous to persons or property.  Tenant shall conduct its
business and control its agents, servants,  contractors,  employees,  customers,
licensees,  and invitees in such a manner as not to unreasonably interfere with,
annoy or disturb other  tenants,  or in any way  interfere  with Landlord in the
management and operation of the Building. Tenant will maintain the Premises in a
clean and healthful  condition,  and comply with all laws,  ordinances,  orders,
rules and regulations of any governmental entity with reference to the operation
of Tenant's  business and to the use,  condition,  configuration or occupancy of
the Premises,  including without limitation, the Americans with Disabilities Act
(collectively referred to as "Laws"). Tenant, within ten (10) days after receipt
thereof,  shall  provide  Landlord  with copies of any notices it receives  with
respect to a violation or alleged  violation of any Laws.  Tenant shall have the
right, upon giving prior written notice thereof to Landlord,  to contest, at its
expense, any such laws and requirements with which Tenant must comply under this
Article V, and, to the extent  permitted  by such law or other  requirement,  to
defer  compliance  during the pendency of the contest,  provided that (a) Tenant
shall  diligently  prosecute such contest;  (b) Tenant's  failure to comply with
such law or requirement will not subject Landlord to any prosecution or criminal
penalty,  or  foreclosure  of a mortgage  covering the Building;  and (c) Tenant
shall defend and indemnify and hold harmless  Landlord against all liability for
any  damages  resulting  from or  incurred in  connection  with such  contest or
compliance.  Tenant will comply with the rules and  regulations  of the Building
attached  hereto as Exhibit B and such other  reasonable  rules and  regulations
adopted  and  altered  by  Landlord  from time to time and will cause all of its
agents, servants,  contractors,  employees, customers, licensees and invitees to
do so. All changes to such rules and regulations will be reasonable and shall be
sent by Landlord to Tenant in writing.

B.    Nothing herein shall require Tenant to perform any alterations,  additions
or improvements to comply with laws or requirements of public  authorities under
any of the following circumstances (i) such laws or requirements are applicable,
generally,  to other office space in the Building and are not  applicable to the
Premises  solely by  reason of the  Tenant's  unique  or  particular  use of the
Premises,  provided  that  subject  to (ii) and  (iii)  below,  Tenant  shall be
responsible  for  any  changes  with  respect  to the  Initial  Alterations  and
subsequent  alterations,  additions  and  improvements  performed  by Tenant and
Landlord shall be responsible for changes to those elements of the Premises that
are in place on the date  possession is delivered to Tenant and are not modified
by Tenant as part of the Initial

                                       12

<PAGE>

Alterations,  (ii) such laws or requirements  would require the  installation or
upgrading  of  new or  additional  mechanical,  electrical,  plumbing,  HVAC  or
fire/life  safety  systems on a  Building-wide  basis  without  reference to the
particular use of Tenant or any other tenant, or (iii) such laws or requirements
would affect the Building's structural  components,  foundation,  roof, exterior
windows or exterior  walls.  Landlord will, at Landlord's  expense,  perform all
acts  required to comply with such laws or  requirements  as the same affect the
Premises  and the  Building.  Landlord  shall have the right to contest any such
laws and requirements with which Landlord must comply under this Article V, and,
to the extent  permitted by such law or other  requirement,  to defer compliance
during the pendency of the contest,  provided that (a) Landlord shall diligently
prosecute such contest;  and (b)  Landlord's  failure to comply with such law or
requirement  will not subject Tenant to any  prosecution or criminal  penalty or
unsafe or unhealthful condition.

VI.  Security Deposit.

INTENTIONALLY OMITTED

VII. Services to be Furnished by Landlord.

     A.    Landlord,  as part of Basic  Costs  (except as  otherwise  provided),
agrees to furnish Tenant the following services:

     1.   Cold water for use in the existing (as of the date hereof) hallway
drinking  fountains  and hot and cold water for the  lavatories  and  janitorial
closets on the floors on which the Premises is located.  If Tenant desires water
in the Premises for any other reason,  including a private  lavatory or kitchen,
cold water shall be supplied  from the  Building  water main  through a line and
fixtures  installed at Tenant's sole cost and expense with the prior  reasonable
consent  of  Landlord.  If Tenant  desires  hot water (in  addition  to the base
building lavatories and janitorial closets) in the Premises, Tenant, at its sole
cost and expense and subject to the prior  reasonable  consent of Landlord,  may
install a hot water heater in the Premises.  Tenant shall be solely  responsible
for maintenance and repair of any such hot water heater.

     2.   Core and perimeter heat and air  conditioning to the Premises during
Normal  Business  Hours,  at such  temperatures  and in such  amounts  as are in
compliance with the following basic  performance  conditions  attached hereto as
Exhibit E, or as required by  governmental  authority,  provided  that  Landlord
shall not be liable for any failure to maintain the temperature ranges set forth
in Exhibit E to the extent that such failure  arises out of either (a) an excess
density or electrical load within the Premises beyond any density or load limits
specified in this Lease,  or (b)  modifications  performed to the HVAC system by
Tenant or any contractors  retained by Tenant,  or (c) Tenant's  failure to keep
the window  covering in the Premises closed during periods when the Premises are
exposed to direct  sunlight.  In the event that Tenant  requires  central  heat,
ventilation or air conditioning at hours other than Normal Business Hours,  such
central heat,  ventilation or air conditioning  shall be furnished only upon the
written  request of Tenant  delivered  to Landlord at the office of the Building
prior to 3:00 p.m. of the Business Day for which such usage is requested,  or if
such usage is requested for other than a Business Day, prior to 3:00 p.m. of the
Business  Day  immediately  preceding  the day for which  service is  requested.
Tenant  shall pay  Landlord,  as  Additional  Base  Rental,  the entire  cost of
additional  service as such costs are  determined by Landlord from time to time.
As of the date hereof,  the charge for after hours HVAC  service is:  $25.00 per
hour per quarter floor;  $35.00 per hour per half floor; and $45.00 per hour per
full  floor.  If Tenant  desires  after hour HVAC  service  for less than a full
floor,  Tenant's  written  notice to Landlord  shall  specify the portion of the
floor for which after hours service is required.  Landlord  shall have the right
to increase the rates of after hours HVAC service from time to time during

                                       13

<PAGE>

the term of this Lease,  provided in no event shall any such increase exceed the
corresponding increase to Landlord in the cost of electricity and labor expended
by Landlord in furnishing such after hours HVAC service.

     3.   Maintenance  and repair of all Common  Areas in the manner and to the
extent reasonably deemed by Landlord to be standard for Class A office buildings
in Fairfield, Connecticut.

     4.   Janitor and cleaning  service to the Premises on Business Days in
accordance  with  Exhibit F (Cleaning  Specifications);  provided,  however,  if
Tenant's use, floor covering or other  improvements  require  special  services,
Tenant  shall  pay  the  additional  cost  reasonably  attributable  thereto  as
Additional Base Rental.

     5.   Passenger and  freight elevator service to both floors of the Premises
in common with other tenants of the Building.  Subject to the  non-operation  of
certain passenger and freight elevators due to events of Force Majeure or during
periods of maintenance, repair, renovation or replacement,  Landlord, as part of
Basic Costs,  shall provide public elevator  service from the Building Lobby and
Garage to the  Premises by six  passenger  elevators  and one  freight  elevator
during Normal Business Hours,  provided that, subject to Force Majeure, at least
one passenger  elevator and one freight elevator shall be available for Tenant's
use at all other times. Use of the freight elevator,  however,  shall be subject
to advance scheduling, taking into consideration the scheduled usage of Landlord
and the other tenants and occupants of the Building.

6.   Electricity to the Premises for general office use, in accordance with and
subject to the terms and conditions set forth in Article XI of this Lease.

7.   Landlord will maintain not less than one (1) roving security guard at the
Building  24-hours  per day for each and every day of the Lease  Term.  Provided
that such  security  guard is on call by radio,  walkie  talkie or other similar
means of communication and is available to provide service to the Building, such
security  guard may be stationed at the Building or the building  commonly known
as Three  Stamford  Plaza  and/or may rove between the Building and the building
known as  Three  Stamford  Plaza.  Landlord  shall  also  (i)  maintain  sign-in
procedures or another comparable method of keeping track of persons entering the
Building  after  Normal  Business  Hours,   and  (ii)  have  closed  circuit  TV
surveillance in selected portions of the Garage and Building lobby areas,  which
closed circuit cameras shall be monitored by security  personnel  located at the
Building or the building  known as Three  Stamford  Plaza.  Notwithstanding  the
foregoing  to the  contrary,  the  means,  method or system of  security  may be
reasonably  changed and  replaced by  Landlord,  provided  that at all times the
security system shall be reasonably  comparable to the existing  security system
described  above.  In making any such  changes,  Landlord  shall use  reasonable
efforts to assure that the  Building's  security  system is  comparable to other
first-class office buildings of similar age in Stamford,  Connecticut,  provided
that any  decision as to whether the cost of a  particular  upgrade will justify
the anticipated benefit to be derived therefrom shall be made by Landlord in its
reasonable discretion.

B.   The failure by Landlord to any extent to furnish,  or the  interruption  or
termination  of, any services in whole or in part,  resulting  from adherence to
laws, regulations and administrative  orders, wear, use, repairs,  improvements,
alterations  or any causes beyond the  reasonable  control of Landlord shall not
render  Landlord  liable  in any  respect  nor be  construed  as a  constructive
eviction of Tenant,  nor give rise to an abatement of Rent,  nor relieve  Tenant
from the obligation to fulfill any covenant or agreement  hereof.  Should any of
the equipment or machinery  used in the provision of such services for any cause
cease to function properly, Landlord shall use reasonable efforts to repair such
equipment or machinery as promptly as possible.  Notwithstanding anything to the
contrary contained in this Section VII.B. if: (i) Landlord ceases to furnish any
service in the Building or Premises  which  Landlord is required to supply under
Article VII.A.  above for a period in excess of three (3) consecutive days after

                                       14
<PAGE>

Tenant notifies Landlord of such cessation (the "Interruption  Notice")(provided
that such Interruption  Notice shall not be required if Landlord has independent
knowledge of the cessation of such service),  (ii) such cessation does not arise
as a result of an act or omission of Tenant,  (iii) such cessation is not caused
by a fire or other casualty (in which case Article XIX shall control),  (iv) the
restoration  of such service is reasonably  within the control of Landlord,  and
(v) as a result of such cessation,  the Premises or a material  portion thereof,
is rendered  untenantable  (meaning that Tenant is unable to use the Premises or
any portion  thereof in the normal  course of its  business)  and Tenant in fact
ceases to use the Premises,  or material  portion thereof,  then Tenant,  as its
sole  remedy,  shall be  entitled  to receive an  abatement  of Base  Rental and
Additional  Base Rental  payable  hereunder  during the period  beginning on the
first  (1st) day of such  cessation  and  ending on the day when the  service in
question has been restored.

C.   Landlord  shall  not  be deemed to have warranted  the  efficiency  of  any
security  personnel,  service,  procedures  or  equipment.  Notwithstanding  the
foregoing,  Landlord's  failure to maintain  the  security  described in Section
VII.A.7 above shall be considered to be a default by Landlord.

VIII. Leasehold Improvements.

         Any trade fixtures, equipment, personal property,  furnishings, art and
furniture,  or other personalty  brought into the Premises by Tenant  ("Tenant's
Property") which can be removed without material damage to the Building shall be
owned and insured by Tenant. Tenant shall remove all such Tenant's Property from
the Premises in  accordance  with the terms of Article XXXV hereof.  Any and all
alterations,  additions and improvements to the Premises,  including the Initial
Alterations  (as defined in Exhibit C),  including any built-in  furniture other
than Tenant's Property (collectively,  "Leasehold  Improvements") shall be owned
and  insured  by  Landlord  and shall  remain  upon the  Premises,  all  without
compensation,  allowance or credit to Tenant. Except as provided below, Landlord
may,  nonetheless,  at any time within six (6) months  after the  expiration  or
earlier  termination  of this Lease or  Tenant's  right to  possession,  require
Tenant to remove any Leasehold  Improvements  performed by or for the benefit of
Tenant and all electronic,  phone and data cabling as are designated by Landlord
(the "Required Removables") at Tenant's sole cost. In the event that Landlord so
elects,  Tenant shalt remove such Required Removables within ten (10) days after
notice from  Landlord,  provided  that in no event  shall  Tenant be required to
remove such Required  Removables prior to the expiration or earlier  termination
of this Lease or Tenant's  right to possession  of the Premises.  In addition to
Tenant's obligation to remove the Required  Removables,  Tenant shall repair any
material damage caused by such removal.  If Tenant fails to remove any specified
Required  Removables or to perform any required  repairs and restoration  within
the time period  specified above,  Landlord,  at Tenant's sole cost and expense,
may remove,  store,  sell and/or dispose of the Required  Removables and perform
such required repairs and restoration work.  Tenant,  within ten (10) days after
demand from Landlord,  shall reimburse Landlord for any and all reasonable costs
incurred by Landlord in connection with the Required Removables. Notwithstanding
any provisions to the contrary,  the Tenant shall not be obligated to remove any
of its Initial Alterations unless Landlord,  within ten (10) days after the date
on which it approves Tenant's final plans for the Initial Alterations,  notifies
Tenant in writing that such Initial Alterations,  or applicable portion thereof,
must be removed at the end of the Lease Term.  In addition,  with respect to any
alterations,  additions  or  improvements  performed  by or on  behalf of Tenant
subsequent to the Initial Alterations, Tenant may request in writing at the time
it  submits  its plans  and  specifications  for such  alteration,  addition  or
improvement, that Landlord advise Tenant whether Landlord will require Tenant to
remove,  at tr~e  termination  of this  Lease or  Tenant's  right to  possession
hereunder, SUCh alteration,  addition or improvement,  or any particular portion
thereof and Landlord  shall advise Tenant in writing  within ten (10) days after
receipt of  Tenant's  request  as to  whether  Landlord  will  require  removal;
provided,  however, Landlord shall not require Tenant to remove any usual office
improvements  such  as  gypsum  board,  partitions,  ceiling  grids  and  tiles,
fluorescent  lighting panels,  building standard doors and carpeting that is not
glued down
                                       15

<PAGE>

IX. Graphics.

         Landlord shall provide and install, at Tenant's cost, any suite numbers
and Tenant  identification  on the exterior of the  Premises  using the standard
graphics for the Building Provided that Tenant has made any necessary selections
in a timely manner and the necessary  materials are  available,  Landlord  shall
coordinate  with Tenant and Tenant's  contractors to assure that such signage is
installed in a prompt and timely manner. With the exception of Building Standard
signs,   Tenant   shall  not  be   permitted  to  install  any  signs  or  other
identification  on any  multi-tenant  floors on which the  Premises  are located
without Landlord's prior written consent. Provided that the same are not visible
from the  exterior  of the  Building,  Tenant  shall  have the right to  install
additional  signs on any full  floor on which  the  Premises  are  located.  For
purposes  hereof,  Tenant shall be  considered  to be a "full floor" tenant with
respect to any floor  that  Tenant has  leased in its  entirety,  regardless  of
whether  Tenant may have sublet or assigned  all or any portion of such floor to
one or more  transferees.  Landlord,  as part of Basic Costs,  shall  maintain a
Building  directory  in the lobby of the  Building.  Tenant shall be entitled to
have its Pro Rata  Share of lines  on the  Building's  lobby  directory  for the
purpose of identifying  Tenant and its subsidiaries and their respective and its
officers. Landlord shall be responsible for the cost of the initial installation
of such  names  and  Tenant  shall be  responsible  for the cost of any  changes
thereto  or  replacements  thereof.  Landlord  shall use good  faith  efforts to
accomplish any such changes to the Building  directory  within a reasonable time
after written request from Tenant for such change.

X. Repairs and Alterations.

A.   Except to the extent such obligations are imposed upon Landlord  hereunder
and except as to damage caused by fire or other  casualty,  Tenant,  at its sole
cost and expense,  shall perform all  maintenance and repairs to the Premises as
are  necessary  to keep the same in good  condition  and repair  throughout  the
entire  Lease  Term,  reasonable  wear and tear  excepted.  Tenant's  repair and
maintenance  obligations  with respect to the Premises  shall  include,  without
limitation, any necessary repairs with respect to: (1) any carpet or other floor
covering,  (2) any interior partitions,  (3) any doors, (4) the interior side of
any demising walls,  (5) any telephone and computer cabling that serves Tenant's
equipment  exclusively,  (6) any supplemental air  conditioning  units,  private
showers and  kitchens,  including  any  plumbing in  connection  therewith,  and
similar  facilities  serving  Tenant  exclusively,   and  (7)  any  alterations,
additions or improvements performed by contractors retained by Tenant.

Notwithstanding the foregoing, Tenant shall not be responsible for and Landlord,
at its sole cost and expense  (except to the extent  properly  included in Basic
Costs)  shall be  responsible  for  promptly  making any repairs to the Premises
which may be required  by reason of (1) the neglect or other fault of  Landlord,
its employees,  agents or  contractors,  (2) defects in workmanship or materials
with  respect to the  initial  construction  of the  Building,  (3) a default by
Landlord in the performance of its maintenance and repair obligations  hereunder
(including any  obligation to repair defects in the external  windows and window
seals)  after  notice and a reasonable  opportunity  to cure,  (4) any latent or
hidden defects in the Base Building construction; and (5) all structural repairs
to the Premises,  not  necessitated  by the acts of Tenant or any of its agents,
employees,  contractors,  transferees  or  invitees.  All  such  work  shall  be
performed  in  accordance  with  section X.B below and the rules,  policies  and
procedures  reasonably enacted by Landlord from time to time for the performance
of work in the Building.  If Tenant fails to make any  necessary  repairs to the
Premises  within  thirty (30) days after  written  notice from Landlord (or such
shorter period of time as is reasonable in the event of an emergency),  Landlord
may, at its option, make such repairs,  and Tenant shall pay the cost thereof to
the  Landlord  on  demand  as   Additional   Base  Rental,   together   with  an
administrative  charge in an amount  equal to ten  percent  (10%) of the cost of
such repairs.
                                       16

<PAGE>
Landlord  shall,  at its expense  (except as included in Basic Costs),  keep and
maintain in good  repair and  working  order and make all repairs to and perform
necessary  maintenance  upon: (a) the roof,  exterior walls,  exterior  windows,
foundations  and structural  elements of the Building;  and (b) all  mechanical,
electrical,  HVAC and  plumbing  systems  that serve the  Building in general or
which  connect to the  Premises;  (c) all  perimeter  and core HVAC  serving the
Premises and all plumbing and electrical  systems serving the perimeter and core
HVAC serving the  Premises,  provided that Tenant shall be  responsible  for the
cost  of  any  repairs  or  replacements  that  are  necessitated  by  any  work
(including,  without limitation, the Initial Alterations) performed by Tenant or
any contractors  retained by Tenant;  and (d) the Building  facilities common to
all  tenants  including,  but not  limited  to, the  Garage  and  Common  Areas.
Landlord,  as part of Basic Costs, shall also keep and maintain the public areas
and public facilities of the Building,  including the Garage,  clean and in good
order.  To the extent the same are owned or  controlled  by  Landlord,  Landlord
shall keep tho  oidcwalko  adjoining  the  Building in good repair and shall use
reasonable efforts to keep the same free of accumulation of trash, snow, ice and
any unlawful obstructions.

B.   Tenant shall not make or  allow  to be made  any alterations, additions  or
improvements  to the Premises  without first  obtaining  the written  consent of
Landlord  in each such  instance  which  shall not be  unreasonably  delayed  or
withheld.  Notwithstanding  the  foregoing,  Landlord's  consent  shall  not  be
required for any alteration,  addition or improvement  that satisfies all of the
following  criteria:  1) costs less than $50,000.00,  2) is not visible from the
exterior of the  Premises or Building,  and 3) will not affect the  structure of
the Building, could not adversely affect the systems (e.g. plumbing, electrical,
HVAC.  fire/life safety) of the Building outside of the Premisp.  s :~nd dn~ not
require  work to be  performed  inside  the  walls or above the  ceiling  of the
Premises;  provided  that even if consent is not  required,  Tenant  shall still
comply with alt the other  provisions  of this Section X.B.  Prior to commencing
any such work and as a condition to obtaining  Landlord's  consent.  Tenant must
furnish Landlord with plans and  specifications  or working drawings  reasonably
acceptable to Landlord; names and addresses of contractors reasonably acceptable
to Landlord; copies of contracts;  necessary permits and approvals;  evidence of
contractor's  and  subcontractor's  insurance  in  accordance  with  Article XVI
section B. hereof;  and payment bond or other  security,  ali in form and amount
satisfactory   to   Landlord   (not  to  exceed  100%  of  the  cost  of  work).
Notwithstanding  the  foregoing,  it is hereby  agreed that Tenant  shall not be
required to post a payment bond or other security in connection with the Initial
Alterations  (as defined in Exhibit C). All such  improvements,  alterations  er
additions shall be constructed in a good and  workmanlike  manner using Building
Standard materials or other new materials of equal or greater quality. Landlord,
to the extent reasonably  necessary to avoid any unreasonable  disruption to the
tenants and occupants of the Building (e.g.  excessive noise from core drilling,
fumes from  painting or staining,  etc.),  shall have the right to designate the
time when any such alterations,  additions and improvements may be performed and
to otherwise  designate  reasonable  rules,  regulations  and procedures for the
performance  of work in the  Building.  Upon  completion,  Tenant shall  furnish
"as-built" plans, contractor's affidavits and full and final waivers of lien and
receipted bills covering all labor and materials. All improvements,  alterations
and additions shall comply with all insurance requirements,  codes,  ordinances,
laws  and  regulations,   including  without  limitation,   the  Americans  with
Disabilities Act. Tenant shall reimburse Landlord upon demand as Additional Base
Rental for all reasonable,  out-of-pocket sums, if any, expended by Landlord for
third party examination of the architectural,  mechanical, electric and plumbing
plans for any alterations,  additions or improvements.  In addition, if Landlord
so  requests,  Landlord  shall be entitled to oversee  the  construction  of any
alterations,  additions  or  improvements  that may affect the  structure of the
Building or any of the mechanical,  electrical,  plumbing or lite safety systems
of  the  Building.  In  addition,  if,  due to the  nature  of the  alterations,
additions or  improvements,  work needs to be  performed  in the Premises  after
Normal Business Hours,
                                       17

<PAGE>
Tenant,  within thirty (30) days after demand,  shall reimburse Landlord for the
reasonable  cost  (on an  hourly  basis)  of  having  Landlord's  management  or
engineering  personnel oversee the performance of such work. Landlord's approval
of Tenant's plans and  specifications for any work performed for or on behalf of
Tenant shall not be deemed to be a  representation  by Landlord  that such plans
and  specifications  comply with  applicable  insurance  requirements,  building
codes,  ordinances,  laws or regulations or that the alterations,  additions and
improvements  constructed in accordance with such plans and specifications  will
be adequate for Tenant's use.

XI. Use of Electrical Services by Tenant.

A.   All  electricity used by Tenant in the Premises (except for electricity  to
perimeter  and core HVAC  units  serving  the  Premises)  shall be paid for by a
separate  charge billed  directly to Tenant by Landlord and payable by Tenant as
Additional  Base Rental.  Such billing shall be based upon the average bulk rate
per kilowatt hour per billing period paid by Landlord for electricity  furnished
to the Building for the period in question, plus a reasonable administrative fee
(not to exceed 5%) for the cost of reading the meter in the Premises and billing
Tenant for the cost of any such  electricity.  To the  extent  such work has not
already been  performed,  Tenant shall be required to install a demand watt hour
check meter in the  Premises as part of the Initial  Alterations  to measure the
amount of electricity that is consumed by Tenant in the Premises. Landlord shall
be  responsible  for  reading  such  meter and  billing  Tenant  for the cost of
electricity  consumed  as measured by such  meter.  Tenant's  use of  electrical
service in the Premises  shall not exceed seven (7) watts per usable square foot
for lighting and power. In the event Tenant shall consume (or request that it be
allowed to consume)  electrical  service in excess of seven (7) watts per usable
square foot, Landlord shall provide such excess usage (provided Tenant agrees to
pay for any required  installation of utility service upgrades,  submeters,  air
handlers  or  cooling  units),  and all such  additional  usage  (to the  extent
permitted by law),  installation  and maintenance of such service upgrades shall
be paid for by Tenant as Additional Base Rental. Notwithstanding anything herein
to the  contrary,  Landlord  hereby  represents  and  agrees  that  the core and
perimeter  HVAC  units  serving  the  Premises  shall  not be  connected  to the
electrical meter for the Premises.  Any supplemental  HVAC units installed by or
for Tenant shall,  however, be connected to Tenant's electrical meter and Tenant
shall be responsible for the cost of all electricity consumed in connection with
the operation of such supplemental HVAC unit(s).

B.   If Landlord generates or distributes  electric  current for  the  Building,
Tenant shall obtain all current from Landlord and pay as Additional  Base Rental
Landlord's separately metered charges therefor,  provided,  however, that if the
cost of providing electricity is not included in Base Rental or Basic Costs, the
charges to Tenant  shall not  exceed  the rate that  would be charged  Tenant if
billed  directly by the local utility for the same services.  Landlord may cease
to furnish  electricity  upon thirty (30) days' prior written  notice,  provided
that within  such thirty (30) day period  Landlord  connects  the  Building  and
Premises with another adequate source of electric supply at Landlord's sole cost
and expense.

Xll. Entry by Landlord,

         Landlord  and its  agents or  representatives  shall  have the right to
enter the Premises to inspect the same,  or to show the Premises to  prospective
purchasers,  mortgagees,  tenants  (during the last  twelve  months of the Lease
Term) or  insurers,  or to  clean  or make  repairs,  alterations  or  additions
thereto,  including  any work that  Landlord  deems  necessary  for the  safety,
protection  or  preservation  of the Building or any  occupants  thereof,  or to
facilitate  repairs,  alterations  or  additions  to the  Building  or any other
tenants' premises.  Notwithstanding the foregoing, Landlord, without the consent
of Tenant, shall not perform any alterations or additions to or in the Premises,
unless Landlord,  in its reasonable judgment, determines that such additions (i)
will increase the
                                       18

<PAGE>

safety and security of the Building, (ii) will be beneficial to the occupants of
the Building in general,  (iii) are necessary to comply with applicable laws, or
(iv) will improve the operating efficiency of the Building. Except for any entry
by  Landlord  in an  emergency  situation  or to  provide  normal  cleaning  and
janitorial  service,  Landlord shall provide Tenant with reasonable prior notice
of any  entry  into  the  Premises,  which  notice  may be  given  verbally.  If
reasonably  necessary for the protection and safety of Tenant and its employees,
Landlord  shall  have the  right  upon  reasonable  prior  notice  to  Tenant to
temporarily  close the Premises to perform repairs,  alterations or additions in
the Premises, provided that Landlord shall use reasonable efforts to perform alt
such work on weekends and after Normal  Business Hours and to complete such work
and  "reopen"  the  Premises  as quickly  as  possible.  Landlord  will also use
reasonable  efforts to perform work on weekends and after Normal  Business Hours
and to  complete  such work as  quickly as  possible  if such work will cause an
unreasonable  disruption to the operation of Tenant's  business in the Premises.
Entry by Landlord  hereunder  shall not  constitute a  constructive  eviction or
except  as  otherwise  provided  herein,  entitle  Tenant  to any  abatement  or
reduction of Rent by reason  thereof.  Notwithstanding  anything to the contrary
contained herein, Landlord shall perform any entry into the Premises in a manner
that is reasonably designed to minimize any interference with Tenant's access to
or use of the Premises. In the event the making of any such repair,  alteration,
improvement or addition shall cause the Premises to be  inaccessible or unusable
by Tenant, as determined in Tenant's reasonable judgment,  for a period of three
(3) days,  then Base Rental and  Additional  Base Rental payable under the Lease
shall  abate  during  the  period  beginning  on the  first  (1st)  day that the
Premises,  or portion  thereof,  are  inaccessible or unusable and ending on the
date on which the  Premises,  or  applicable  portion  thereof,  are once  again
accessible  and usable by  Tenant.  if less than then the  entire  Premises  are
inaccessible  or  unusable  by  Tenant,  any  abatement  hereunder  shall  be in
proportion to the percentage of the Premises that are  inaccessible or unusable.
Notwithstanding  the  foregoing,  Tenant  shall  not be  entitled  to a  partial
abatement of Base Rental and Additional  Base Rental  hereunder  unless at least
ten percent (10%) of the Premises are rendered inaccessible or unusable.

XIII. Assignment and Subletting,

A.   Except as otherwise provided  in  XIII.F.  below,  Tenant shall not assign,
sublease,  transfer or encumber this Lease or any interest  therein or grant any
license,  concession  or other right of occupancy of the Premises or any portion
thereof or otherwise  permit the use of the  Premises or any portion  thereof by
any  party  other  than  Tenant  (any of which  events is  hereinafter  called a
"Transfer")  without the prior written consent of Landlord,  which consent shall
not be unreasonably  withheld or delayed with respect to any proposed assignment
or subletting.  Landlord's consent shall not be considered unreasonably withheld
if: (1) the proposed  transferee's  financial  responsibility  does not meet the
same  criteria  Landlord  uses to  select  Building  tenants;  (2) the  proposed
transferee's  business is not suitable for a Class-A Building;  (3) the proposed
use is  different  than the  Permitted  Use; (4) the  proposed  transferee  is a
government  agency;  (5) the proposed  transferee is an occupant of the Building
and Landlord  has  comparable  space in the Building  suitable for Lease by such
occupant;  (6) Tenant is in  default  beyond the  expiration  of all  applicable
notice and cure periods;  (7) Landlord  would be subject to additional  material
obligations or would be required to incur additional  material costs as a result
of any portion of the Building or Premises  becoming  subject to  additional  or
different  governmental  laws or  regulations  as a consequence  of the proposed
Transfer  and/or the  proposed  transferee's  use and  occupancy of the Premises
(unless Tenant or such proposed  assignee or sublessee  agrees to be responsible
for payment of such additional costs and, in addition, agrees to place an amount
sufficient to perform any necessary  restoration in an escrow account reasonably
acceptable to Landlord);  (8) the proposed  transferee desires to use all or any
portion of the  Premises  for the  operation  of a  executive  suite or personal
agency and such use would  result in a violation  by  Landlord  of an  exclusive
right granted to another tenant in the Building; or (g) Cummings & Lockwood or a
successor thereof is a tenant in the Building and the transferee  desires to use
all or any  portion of the  Premises  for the  operation  of a law firm.  Tenant
acknowledges that Landlord is currently prohibited from allowing the Premises to
be used for
                                       19

<PAGE>
the  operation of a law firm  pursuant to the terms and  conditions of its lease
with Cummings & Lockwood. Tenant acknowledges that the foregoing is not intended
to be an  exclusive  list of the  reasons  for  which  Landlord  may  reasonably
withhold its consent to a proposed  Transfer;  provided that (7)  identifies all
"exclusive rights" which shall be binding upon Tenant. Any attempted Transfer in
violation of the terms of this Article  shall,  at Landlord's  option,  be void.
Consent by  Landlord to one or more  Transfers  shall not operate as a waiver of
Landlord's rights as to any subsequent Transfers. In addition, Tenant shall not,
without  Landlord's prior consent,  publicly  advertise the proposed rental rate
for any Transfer. Landlord acknowledges that direct broker mailings shall not be
considered to be public advertisements for purposes hereof.

B.   If Tenant requests Landlord's consent to a Transfer, Tenant,  together with
such consent,  shall provide  Landlord with the name of the proposed  transferee
and the nature of the business of the proposed transferee, the term, use, rental
rate and all other  material  terms and  conditions  of the  proposed  Transfer,
including,  without limitation,  a copy of the proposed assignment,  sublease or
other  contractual  documents and evidence  reasonably  satisfactory to Landlord
that  the  proposed  transferee  is  financially  responsible  in  light  of the
remaining  Tenant  obligations  under  this  Lease.  Notwithstanding  Landlord's
agreement to act reasonably  under Section XIII.A.  above,  Landlord may, within
thirty (30) days after its receipt of all information and documentation required
herein,  either, (1) consent to or reasonably refuse to consent to such Transfer
in writing;  or (2) if Tenant desires to assign this Lease or to sublet one full
floor or more of the Premises for  substantially all of the then remaining Lease
Term,  negotiate directly with the proposed transferee and in the event Landlord
is able to reach an agreement  with such  proposed  transferee,  terminate  this
Lease with respect to the portion of the Premises  being assigned or sublet upon
thirty (30) days'  notice;  or (3) if Tenant  desires to assign this Lease or to
sublet one full floor or more of the Premises for  substantially all of the then
remaining  Lease  Term,  cancel and  terminate  this  Lease with  respect to the
portion of the Premises  being assigned or sublet upon thirty (30) days' notice.
Notwithstanding  the  foregoing,  Landlord shall not have the right to terminate
this Lease in accordance  with (2) or (3) above in  connection  with a Corporate
Transfer  (defined  below) or with respect to a subletting of any portion of the
Premises  that had not  previously  been  occupied by Tenant.  In  addition,  if
Landlord  would be  entitled  to  terminate  this Lease  under (2) or (3) above,
Tenant, prior to entering into a sublease or assignment, shall have the right to
advise  Landlord (the "Prior  Notice") of its intention to sublet  substantially
all of the Premises or assign this Lease.  Such Prior Notice shall set forth the
proposed  effective  date of such  subletting or  assignment.  Landlord,  within
thirty  (30) days  after  receipt of the Prior  Notice,  shall have the right to
terminate  this  Lease with  respect  to any full floor or more of the  Premises
proposed to be assigned or sublet for  substantially  all of the remaining Lease
Term as of the effective  date set forth in the Prior Notice.  If Landlord fails
to  exercise  its right to  terminate  within  thirty  (30) days after the Prior
Notice,  Landlord  shall not have the right to cancel and  terminate  this Lease
under (2) or (3) above, in connection  with any proposed  sublease or assignment
that  Tenant  enters  into  within a period  of  twelve  (12)  months  after the
expiration of such thirty (30) day period. In the event Landlord consents to any
such Transfer,  the Transfer and consent  thereto shall be in a form  reasonably
approved by Landlord,  and Tenant shall bear all  reasonable  costs and expenses
incurred  by  Landlord  in  connection  with the  review  and  approval  of such
documentation. So long as Tenant or any proposed transferee does not request any
changes  to this  Lease or  Landlord's  standard  form of  consent  to  sublease
attached  hereto as  Exhibit  G-1 or  Landlord's  standard  form of  consent  to
assignment  attached  hereto as Exhibit G-2, as the case may be,  Landlord shall
not be entitled to recover more than Seven Hundred  Fifty  Dollars  ($750.00) in
connection with its review and approval of any subletting or assignment.

C.   If Landlord consents to any subletting, then one-half (1/2) of any rent or
other  consideration paid to Tenant by such subtenant in excess of the Rent paid
by Tenant which is allocable to the subleased space, less Tenant's

                                       2O

<PAGE>
marketing expenses, brokers' commissions, attorney's fees, Landlord's fees under
B. above, free-rent,  other concessions provided to such sublessee and the costs
of  alterations  to the  Premises to  accommodate  a sublease,  shall be paid by
Tenant to  Landlord  upon  receipt by Tenant from such  sublessee.  In the event
Landlord  consents to any  assignment of this Lease,  then one half (1/2) of any
rent paid by such  assignee  which is in excess of the Rent then  being  paid by
Tenant to Landlord pursuant to the terms of this Lease, less Tenant's  marketing
expenses, brokers' commissions, attorney's fees, Landlord's fees under B. above,
free-rent  and other  concessions  provided to such  assignee,  shall be paid by
Tenant to  Landlord.  In  addition  to any  other  rights  Landlord  may have in
connection with an uncured event of monetary  default by Tenant,  Landlord shall
have the right to contact any  transferee  and require  that all  payments  made
pursuant to the Transfer shall be made directly to Landlord.

D.   Except as  provided in F. below, if Tenant is a corporation, limited
liability  company or similar  entity,  and if at any time during the Lease Term
the person,  persons or entity or entities who own the voting shares at the time
of the execution of this Lease cease for any reason  (including  but not limited
to merger,  consolidation or other reorganization involving another corporation)
to own a majority of such shares,  or if Tenants is a partnership  and if at any
time during the Lease Term the general  partner or partners  who own the general
partnership  interests in the  partnership  at the time of the execution of this
Lease,  cease for any reason to own a majority of such interests  (except as the
result of transfers  by gift,  bequest or  inheritance  to or for the benefit of
members of the immediate family of such original  shareholder[s] or partner[s]),
such an event shall be deemed to be a Transfer. The preceding sentence shall not
apply whenever Tenant is a corporation, the outstanding stock of which is listed
on a recognized  security  exchange,  or if at least eighty percent (80%) of its
voting  stock is owned by another  corporation,  the voting stock of which is so
listed,  or transfers  resulting from the public offering of any voting stock of
Tenant.

E.   Any Transfer consented to by Landlord in accordance with this Article XIII
shall be only for the Permitted Use and for no other purpose.  In no event shall
any Transfer  release or relieve Tenant or any Guarantors  from any  obligations
under this Lease.

F.   Notwithstanding  any  provision of this Lease to the  contrary, the  Tenant
may, without the necessity of obtaining the Landlord's consent,  and without the
same being deemed an event of default hereunder:

(i) assign or sublet its interest in this Lease, in whole or in part, to (a) any
person, persons, entity or entities, then owning a majority of the capital stock
of Tenant,  (b) any entity in which the majority of the total  interest is owned
by Tenant or is owned by the  owner(s) of the  majority of the capital  stock of
the Tenant,  (c) any successor  corporation to Tenant by merger or consolidation
and  any  transferee  of  substantially  all of the  Tenant's  business  assets,
providing such transferee also assumes substantially all of Tenant's liabilities
(including  all of Tenant's  liabilities  under this Lease) and has a net worth,
immediately prior to such transfer, not less than that of the Tenant at the date
of this Lease or immediately prior to such transfer (any assignment  pursuant to
this subparagraph (i) shall be referred to as a "Permitted Assignment"), and

(ii)  transfer  a  majority,  or  all,  of the  capital  stock  of  the  Tenant,
voluntarily  or  involuntarily,  to  any  individual  or  entity  related  to or
affiliated with the holder of a majority of the outstanding capital stock of the
Tenant at the time of the execution of this Lease.

The transfers  described in Xll1.F.(i) and  Xl11.F.(ii)  above are  collectively
referred to as "Corporate Transfers".  Tenant shall provide Landlord with notice
of any Corporate  Transfer  within  fifteen (15) days after the  effective  date
thereof. On or before the effective date of any Corporate  Transfer,  Tenant and
any such corporate transferee shall execute and deliver to

                                       21

<PAGE>

Landlord  a fully  executed  copy of  Landlord's  standard  form of  consent  to
assignment or consent to sublease, as the case may be.

XIV. Liens.

         Tenant will not permit any mechanic's  liens or other liens,  resulting
from work performed at Tenant's  request or materials  furnished to the Premises
at  Tenant's  request,  to be placed upon the  Premises  or  Tenant's  leasehold
interest  therein,  the  Building,  or the  Property.  Landlord's  title  to the
Building  and  Property  is and always  shall be  paramount  to the  interest of
Tenant,  and nothing  herein  contained  shall empower Tenant to do any act that
can,  shall or may encumber  Landlord's  title.  In the event any such lien does
attach,  Tenant shall,  within  forty-five  (45) days of notice of the filing of
said  lien,  either  discharge  or bond over such  lien to the  satisfaction  of
Landlord and Landlord's Mortgagee (as hereinafter defined), and in such a manner
as to remove the lien as an  encumbrance  against  the  Building  and  Property.
Notwithstanding the foregoing,  if Landlord is then under contract for a sale of
the Building or receives  notice from its Mortgagee that the existence of a lien
of the nature described herein constitutes a default under Landlord's  Mortgage,
the  forty-five  (45) day period set forth above shall be  shortened to ten (10)
days after the date on which Landlord  provides  Tenant with notice of such sate
or default.  If Tenant  shall fail to se discharge or bond over such lien within
the  applicable  time period set forth  herein,  then,  in addition to any other
right or remedy of Landlord,  upon prior written notice to Tenant, Landlord may,
but shall not be obligated to bond over or discharge  the same.  Any amount paid
by Landlord for any of the aforesaid purposes,  including reasonable  attorneys'
fees (if and to the extent permitted by law) shall be paid by Tenant to Landlord
on demand as Additional  Base Rental.  Landlord shall have the right to post and
keep posted on the  Premises  any  notices  that may be provided by law or which
Landlord may deem to be proper for the protection of Landlord,  the Premises and
the Building from such liens.

XV. Indemnity and Waiver of Claims,

A.   Tenant shall indemnify, defend and hold  Landlord, its members, principals,
beneficiaries,   partners,  officers,  directors,  employees,  Mortgagee(s)  and
agents,   and  the  respective   principals  and  members  of  any  such  agents
(collectively  the "Landlord  Related  Parties")  harmless  against and from air
liabilities,   obligations,  damages,  penalties,  claims,  costs,  charges  and
expenses,  including,  without limitation,  reasonable attorneys' fees and other
professional  fees (if and to the extent permitted by law), which may be imposed
upon,  incurred by, or asserted  against Landlord or any of the Landlord Related
Parties in connection with any third party claim arising out of or in connection
with the use,  occupancy or  maintenance  of the  Premises by,  through or under
Tenant  including,  without  limitation,  any of the following:  (1) any work or
thing done in, on or about the  Premises or any part thereof by Tenant or any of
its transferees, agents, servants, contractors, employees, or licensees; (2) any
use, non-use, possession, occupation, condition, operation or maintenance of the
Premises or any part thereof (except if due to Landlord's failure to perform any
required  obligation under this Lease, or if due to the negligence or misconduct
of Landlord or its agents or another Building  tenant);  (3) any act or omission
of Tenant or any of its transferees,  agents, servants, contractors,  employees,
or  licensees,  regardless of whether such act or omission  occurred  within the
Premises; (4) any injury or damage to any person or property occurring in, on or
about the Premises or any part thereof  (except if due to Landlord's  failure to
perform any required obligation under this Lease, or if due to the negligence or
misconduct  of Landlord or its agents or another  Building  tenant);  or (5) any
failure on the part of Tenant to perform  or comply  with any of the  covenants,
agreements,  terms or conditions  contained in this Lease with which Tenant must
comply or perform.  In case any action or proceeding is brought against Landlord
or any of the Landlord Related Parties by reason of any of the foregoing, Tenant
shall,  at  Tenant's  sole cost and  expense,  resist and defend  such action or
proceeding with counsel reasonably approved by Landlord.

                                       22

<PAGE>
Notwithstanding  Section  XV.A.  above  to the  contrary,  Tenant  shall  not be
required to indemnify, defend and hold harmless any Landlord Related Parties and
Landlord  shall  indemnify,  defend and hold Tenant,  its  members,  principals,
beneficiaries,  partners,  officers,  directors,  employees  and  agents and the
respective  principals  and  members of such agents  (collectively,  the "Tenant
Related  Parties")  harmless  from and  against  all  liabilities,  obligations,
damages,  penalties,  claims,  costs, charges and expenses,  including,  without
limitation,  reasonable  attorneys' fees and other  professional fees (if and to
the  extent  permitted  by law),  which may be  imposed  upon,  incurred  by, or
asserted  against Tenant or any of the Tenant Related Parties in connection with
any third party claim arising out of or in connection with (i) any negligence or
misconduct of Landlord or its agents, servants,  contractors,  and employees, or
(ii)  Landlord's  failure to perform  any  obligation  Landlord  is  required to
perform under this Lease within a reasonable period of time after written notice
from Tenant.

B.   Landlord and the Landlord  Related  Parties shall not be liable for, and,
except as provided in Vll.B. and Xll. herein,  Tenant hereby waives,  all claims
for loss or  damage to  Tenant's  business  or  damage  to  person  or  property
sustained  by Tenant (or any  sublessee  or licensee  claiming  through  Tenant)
resulting  from any accident or  occurrence  in, on or about the  Premises,  the
Building or the Property,  including, without limitation, claims far loss, theft
or damage  resulting  from:  (1) the  Premises,  Building,  or Property,  or any
equipment or appurtenances  becoming out of repair; (2) wind or weather; (3) any
defect in or failure to operate, for whatever reason, any sprinkler,  heating or
air-conditioning  equipment,  electric  wiring,  gas, water or steam pipes;  (4)
broken  glass;  (5) the  backing  up of any  sewer  pipe or  downspout;  (6) the
bursting, leaking or running of any tank, water closet, drain or other pipe; (7)
the  escape  of steam or water;  (8)  water,  snow or ice  being  upon or coming
through the roof, skylight, stairs, doorways,  windows, walks or any other place
upon or near to Building; (0) the falling of any fixture, plaster, tile or other
material;  (10) any act,  omission or negligence of other tenants,  licensees or
any other  persons or occupants  of the  Building or of adjoining or  contiguous
buildings,  or owners of adjacent or  contiguous  property or the public,  or by
construction  of any private,  public or  quasi-public  work;  or (11) any other
cause of any nature except, as to items 1-9, where such loss or damage is due to
Landlord's  negligence,  misconduct,  breach of this  Lease or  failure  to make
repairs  required to be made pursuant to other  provisions of this Lease,  after
the expiration of a reasonable time after written notice to Landlord of the need
for such  repairs  (provided  such  written  notice  shall not be  necessary  if
Landlord has independent knowledge of the need for such repair).

XVl. Tenant's Insurance.

A.   At all times commencing on and after the earlier of the  Commencement  Date
     and the date  Tenant or its agents,  employees  or  contractors  enters the
     Premises for any purpose, Tenant shall carry and maintain, at its sole cost
     and expense:

              1.  Commercial  General  Liability  Insurance  applicable  to  the
                  Premises and its  appurtenances  providing,  on an  occurrence
                  basis, a minimum  combined single limit of Two Million Dollars
                  ($2,000,000.00).

              2.  All Risks of Physical Loss  Insurance  written at  replacement
                  cost value and with a replacement  cost  endorsement  covering
                  all of Tenant's Property in the Premises.

              3.  Workers'  Compensation  Insurance  as required by the state in
                  which  the  Premises  is  located  and  in  amounts  as may be
                  required  by  applicable  statute,  and  Employers'  Liability
                  Coverage   of  One   Million   Dollars   ($1,000,000.00)   per
                  occurrence.

              4.  Tenant shall, upon request,  obtain such additional  insurance
                  as is  normally  and  customarily  maintained  by  tenants  at
                  Class-A  office  space in  Stamford,  Connecticut  at Tenant's
                  expense and provide Landlord with evidence thereof.

                                       23

<PAGE>

B.   Except for items for which  andlord is responsible  under Exhibit C  hereto
and the Work  Letter  Agreement,  before any  repairs,  alterations,  additions,
improvements,  or construction are undertaken by or on behalf of Tenant,  Tenant
shall carry and maintain, at its expense, or Tenant shall require any contractor
performing  work on the  Premises  to  carry  and  maintain,  at no  expense  to
Landlord,  in  addition to workers'  compensation  insurance  as required by the
jurisdiction in which the Building is located, All Risk Builder's Risk Insurance
in  the  amount  of  the  replacement  cost  of any  alterations,  additions  or
improvements  (or  such  other  amount  reasonably  required  by  Landlord)  and
Commercial  General  Liability   Insurance   (including,   without   limitation,
Contractor's  Liability coverage,  Contractual  Liability coverage and Completed
Operations  coverage,)  written on an occurrence  basis with a minimum  combined
single limit of Two Million Dollars  ($2,000,000.00) and adding the "owner(s) of
the Building and its (or their) respective members,  principals,  beneficiaries,
partners, officers, directors,  employees, agents ( and their respective members
and  principals) and  mortgagee(s)"  (and any other designees of Landlord as the
interest of such designees shall appear) as additional insureds.

C.   Any company  writing any insurance which Tenant is required to maintain or
cause to be maintained  pursuant to the terms of this Lease (all such  insurance
being  referred  to as  "Tenant's  Insurance"),  as  welt  as the  form  of such
insurance,  shall at all times be subject to Landlord's reasonable approval, and
each such insurance company shall have an A.M. Best rating of "A-" or better and
shall be  licensed  and  qualified  to do  business  in the  state in which  the
Premises is located.  All policies  evidencing  Tenant's  Insurance  (except for
Workers'  Compensation)  shall specify Tenant as named insured and the "owner(s)
of  the   Building   and  its  (or  their)   respective   members,   principals,
beneficiaries,  partners,  officers,  directors,  employees,  agents  (and their
respective members and principals) and mortgagee(s)" (and any other designees of
Landlord as the interest of such designees shall appear) as additional insureds.
Provided that the coverage afforded Landlord and any designees of Landlord shall
not be reduced or otherwise adversely affected, all of Tenant's Insurance may be
carried under a blanket  policy  covering the Premises and any other of Tenant's
locations.  Ail policies of Tenant's  Insurance shall contain  endorsements that
the  insurer(s)  will give to Landlord  and its  designees  at least thirty (30)
days' (ten (10) days in the event of  non-payment  of premium)  advance  written
notice of any  change,  cancellation,  termination  or lapse of said  insurance.
Tenant shall be solely  responsible  for payment of premiums for all of Tenant's
Insurance.  Tenant shall deliver to Landlord at least fifteen (15) days prior to
the time Tenant's  Insurance is first required to be carried by Tenant, and upon
renewals  at  least  fifteen  (15)  days  prior  to the  expiration  of any such
insurance  coverage,  a  certificate  of insurance  of all policies  procured by
Tenant in  compliance  with its  obligations  under  this  Lease.  The limits of
Tenant's Insurance shall in no event limit Tenant's liability under this Lease.

D.   Tenant shall not do or fail to do anything in, upon or about the Premises
which will:  (1) violate any  customary  terms  (taking into  consideration  any
unique characteristics of the Building) of any of Landlord's insurance policies;
(2) prevent Landlord from obtaining policies of insurance reasonably  acceptable
to Landlord or any  Mortgagees;  or (3) result in an increase in the rate of any
insurance on the Premises,  the Building,  any other  property of Landlord or of
others within the Building.  In the event of the occurrence of any of the events
set forth in this Section,  Tenant shall pay Landlord upon demand, as Additional
Base  Rental,  the cost of the  amount  of any  increase  in any such  insurance
premium,  provided that the  acceptance by Landlord of such payment shall not be
construed to be a waiver of any rights by Landlord in connection  with a default
by Tenant  under the Lease.  If Tenant  fails to obtain the  insurance  coverage
required  by this  Lease,  after ten (10) days prior  written  notice to Tenant,
Landlord may, at its option,  obtain such insurance for Tenant, and Tenant shall
pay, as  Additional  Base Rental,  the cost of all  premiums  thereon and all of
Landlord's costs associated therewith.
                                       24

<PAGE>

XVll. Subrogation.

         Notwithstanding  anything  set  forth in this  Lease  to the  contrary,
Landlord and Tenant do hereby waive any and all right of recovery, claim, action
or  cause  of  action   against   the  other,   their   respective   principals,
beneficiaries,  partners, officers,  directors, agents, and employees, and, with
respect to Landlord, its Mortgagee(s),  for any Toss or damage that may occur to
Landlord  or Tenant or any party  claiming  by,  through  or under  Landlord  or
Tenant,  as the case may be,  with  respect to their  respective  property,  the
Building,  the Property or the Premises or any addition or improvements thereto,
or any  contents  therein,  by reason of fire,  the elements or any other cause,
regardless of cause or origin,  including the  negligence of Landlord or Tenant,
or their respective principals,  beneficiaries,  partners, officers,  directors,
agents and employees and, with respect to Landlord, its Mortgagee(s), which loss
or damage is (or would have been, had the insurance  required by this Lease been
carried)  covered by  insurance.  Since this  mutual  waiver will  preclude  the
assignment  of any such claim by  subrogation  (or  otherwise)  to an  insurance
company  (or any other  person),  Landlord  and  Tenant  each agree to give each
insurance  company  which has  issued,  or in the future may issue,  policies of
insurance,  with respect to the items covered by this waiver,  written notice of
the terms of this mutual waiver,  and to have such insurance  policies  properly
endorsed,  if  necessary,  to prevent the  invalidation  of any of the  coverage
provided by such  insurance  policies by reason of such mutual  waiver.  For the
purpose of the foregoing waiver, the amount of any deductible  applicable to any
loss or damage shall be deemed covered by, and  recoverable by the insured under
the  insurance  policy to which  such  deductible  relates.  In the  event  that
Landlord or Tenant is  permitted to and  self-insures  any risk which would have
been covered by the insurance  required to be carried by such party hereunder or
if  Landlord  or Tenant  fails to carry any  insurance  required  to be  carried
hereunder,  then all loss or damage to Landlord  or Tenant,  as the case may be,
its leasehold interest, its business,  its property,  the Building,  Premises or
any  additions  or  improvements  thereto or  contents  thereof  shall be deemed
covered by and recoverable by such party under valid and collectible policies of
insurance.

         Without  limiting the scope of the foregoing,  each party hereto hereby
releases  the  other  (and its  servants,  agents,  contractors,  employees  and
invitees) with respect to any claim (including a claim for negligence)  which it
might otherwise have against the other party for loss, damages or destruction of
the type covered by insurance which such party is required or agrees to maintain
hereunder  with  respect to its property by fire or other  casualty  i.e. in the
case of Landlord, as to the Building, and, in the case of Tenant, as to Tenant's
Property (including rental value or business  interruption,  as the case may be)
occurring during the Term of this Lease.

XVIII. Landlord's Insurance.

         Landlord  shall  maintain full  replacement  cost,  all-risk,  extended
coverage  property  insurance  on the  Building  and  Garage  and the  Leasehold
Improvements  (excluding  Tenant's Property).  In addition,  so long as ZML-Four
Stamford Plaza Limited  Partnership or an affiliated  entity is the owner of the
Building,   Landlord  shall  maintain  Commercial  General  Liability  Insurance
applicable  to the Building and its  appurtenances  providing,  on an occurrence
basis, a minimum  combined single limit of Two Million Dollars  ($2,000,000.00).
The cost of all such  insurance  shall be included as a part of the Basic Costs,
and  payments  for  losses and  recoveries  thereunder  shall be made  solely to
Landlord or the Mortgagees of Landlord as their interests shall appear.

XIX. Casualty Damage,

A.   If the Premises or any part thereof or access  thereto  shall be damaged by
fire or other  casualty,  Tenant shall,  give prompt  written  notice thereof to
Landlord. In case the Building shall be so damaged that in Landlord's reasonable
judgment,  substantial  alteration or  reconstruction  of the Building  shall be
required  (whether or not the Premises has been damaged by such  casualty) or in
the event  Landlord  will not be  permitted  by  applicable  law to rebuild  the
Building in substantially the same form as existed prior to the fire or casualty
or in the event the Premises has been materially  damaged and there is less than
eighteen (18) months of the Lease Term remaining on the date of such casualty or
in the event any Mortgagee should require that the insurance proceeds payable as
a result of a casualty be applied to the

                                       25

<PAGE>
payment of the mortgage debt or in the event of any material  uninsured  loss to
the  Building,  Landlord may, at its option,  terminate  this Lease by notifying
Tenant in writing of such termination  within ninety (90) days after the date of
such  casualty.  Such  termination  shall be effective as of the date of fire or
casualty,  with  respect  to any  portion  of the  Premises  that  was  rendered
untenantable,  and the  effective  date of  termination  specified in Landlord's
notice,  with respect to any portion of the Premises that  remained  tenantable.
Notwithstanding anything in this Article XlX to the contrary, if the Premises or
any portion thereof are rendered inaccessible or inadequate for the operation of
Tenant's  business  as a result  of a fire or other  casualty,  then the  entire
Premises shall be deemed to be untenantable by Tenant  regardless of whether the
entire Premises is physically  damaged as a result of any such fire or casualty.
If Landlord does not elect to terminate this Lease,  Landlord shall commence and
proceed with reasonable  diligence to restore the Building and Garage  (provided
that  Landlord  shall not be required to restore  any  unleased  premises in the
Building unless  necessary to obtain a certificate of occupancy for the Premises
or  ameliorate  a hazard) and the  Leasehold  Improvements  (but  excluding  any
improvements,  alterations  or  additions  made by Tenant in  violation  of this
Lease)  located  within  the  Premises,  to the  same  condition  they  were  in
immediately prior to the happening of the casualty. When repairs to the Premises
have been  completed by  Landlord,  Tenant shall  complete  the  restoration  or
replacement of all Tenant's Property necessary to permit Tenant's reoccupancy of
the  Premises,  and Tenant  shall  present  Landlord  with  evidence  reasonably
satisfactory  to  Landlord  of  Tenant's  ability  to pay  such  costs  prior to
Landlord's  commencement  of repair and  restoration  of the Premises.  Landlord
shall not be liable for any  inconvenience  or  annoyance to Tenant or injury to
the  business  of Tenant  resulting  in any way from such  damage or the  repair
thereof,  except that Rent shall fully abate on a per diem basis during the time
and to the extent any damage to the Premises  causes the Premises to be rendered
untenantabte  and not used by Tenant.  If a portion of the  Premises is rendered
untenantable or inaccessible, Rent shall abate on a pro rata basis. Landlord and
Tenant hereby waive the provisions of any law from time to time in effect during
the  Lease  Term  relating  to the  effect  upon  leases  of  partial  or  total
destruction of leased property.  Landlord and Tenant agree that their respective
rights in the event of any damage to or  destruction  of the  Premises  shall be
those specifically set forth herein.

B.   Notwithstanding anything to the contrary set forth in Section XIX.A  above,
within sixty (60) days  following the date of any damage to the Premises by fire
or other  casualty  or any damage to any other part of the  Building  by fire or
other  casualty  that renders the Premises  inaccessible,  Landlord must provide
Tenant with written notice stating whether  Landlord,  within twelve (12) months
following the date of such fire or other casualty, shall rebuild and restore any
damaged  portions of the Premises and perform such other work as is necessary to
make the Premises  reasonably  accessible by Tenant. In the event Landlord shall
fail to provide such notice to Tenant within such sixty (60) day period and such
failure shall continue for fifteen (15) days after Landlord's receipt of written
notice of such  failure  from  Tenant,  or in the event  Landlord  shall  timely
provide  such  notice  to Tenant  and shall  indicate  that  restoration  of the
Building and Premises  within such twelve (12) month period is not feasible,  or
that Landlord  does not intend to restore the Building or Premises,  then Tenant
may terminate  this Lease  effective upon delivery of written notice of Tenant's
election to  Landlord,  in which event the parties  hereto shall have no further
obligation  to one another by reason of this Lease,  except with respect to such
matters as are expressly  provided to survive the  termination of this Lease. In
such event, the Term of this Lease shall be at an end as if the date of Tenant's
notice were the stated Expiration Date hereunder. Notwithstanding the foregoing,
Tenant's  notice of termination  must be given within thirty (30) days after the
date on which Tenant first becomes entitled to exercise such right hereunder. In
the event Landlord, in a timely manner, shall provide Tenant with written notice
that  Landlord  has  elected to restore  the  Building  and  Premises,  then the
Landlord  shall be  required  to fully  repair  and  restore  the  Building  and
Premises, including the Leasehold Improvements (other than the Tenant's Property
and  improvements  performed by Tenant in violation of the terms of this Lease),
to their  condition  prior to such damage  within such twelve (12) month  period
whether or not the insurance proceeds received by
                                       26

<PAGE>

Landlord  are adequate for such  restoration  and whether or not the  Landlord's
mortgagee permits Landlord to apply such insurance  proceeds to restoration.  In
the event that Landlord is unable to substantially  complete such restoration to
the  Premises,  including  the  Leasehold  Improvements  other than the Tenant's
Property  and to perform  such other work as is  necessary  to make the Premises
reasonably  accessible by Tenant within such twelve (12) month period, with time
being of the essence thereof,  then the Tenant may elect to terminate this Lease
effective upon the delivery of written  notice of such election to Landlord,  in
which event the parties  hereto shall have no further  obligation to one another
by reason of this Lease,  except with respect to such  matters as are  expressly
stated to survive the termination of this Lease.  In such event,  the Lease Term
of this  Lease  shall be at an end as if the date of  Tenant's  notice  were the
stated Expiration Date hereunder. Notwithstanding the foregoing, Tenant's notice
of  termination  must be given  within  thirty (30) days after the date on which
Tenant first becomes entitled to exercise such right hereunder. In addition, the
twelve  (12)  month  repair and  restoration  period  set forth  above  shall be
extended  on a day for day  basis  for each  day that  Landlord  is  delayed  in
restoring the Premises or access thereto as a result of (i) any delays caused by
Tenant,  or (ii) any delays caused by events of Force Majeure,  provided that in
no event shall such  twelve  (12) months  period be extended by more that ninety
(90)  days as a result  of events  of Force  Majeure.  Notwithstanding  anything
herein to the contrary, if Landlord determines that it will be unable to restore
the  Premises or access  thereto  within the  applicable  time  period  provided
herein, Landlord shall have the right to provide Tenant with written notice (the
"Outside  Extension  Notice") of such inability,  which Outside Extension Notice
shall set forth the date on which Landlord  reasonably  believes that it will be
able to restore the  Premises  and access  thereto.  Upon receipt of the Outside
Extension  Notice,  Tenant  shall  have the  right to  terminate  this  Lease by
providing  written  notice of  termination  to Landlord  within thirty (30) days
after the date of the Outside  Extension  Notice.  In the event that Tenant does
not  terminate  this Lease within such thirty (30) day period,  Tenant shall not
have the right to  terminate  this  Lease in  accordance  with the terms  hereof
unless  Landlord  fails to restore  the  Premises  and make the same  reasonably
accessible  to  Tenant  by the date set forth in  Landlord's  Outside  Extension
Notice.  The date set forth in  Landlord's  Outside  Extension  Notice  shall be
extended on a day for day basis for each day after the Outside  Extension Notice
that Landlord is delayed in restoring the Premises or access thereto as a result
of any delays caused by Tenant.

C.   Notwithstanding  anything to the contrary set forth in Article XIX, in the
event all or substantially all of the Premises shall be damaged by fire or other
casualty at any time during the last  eighteen (18) months of the Lease Term (or
any Renewal Term then in effect),  then Tenant may elect to terminate this Lease
effective  upon  delivery  of  written  notice  of  such  election  to  Landlord
regardless of whether or not Landlord  would agree to restore the  Premises,  in
which  event the parties  hereto  shall have no further  obligations  under this
Lease,  except with respect to such matters as are expressly provided to survive
the  termination of this Lease. In such event the Lease Term of this Lease shall
be at an end as if the date of Tenant's  notice were the stated  Expiration Date
hereunder. Notwithstanding the foregoing, Tenant's notice of termination must be
given  within  thirty  (30) days after the date on which  Tenant  first  becomes
entitled to exercise such right hereunder.

D.  For purposes of this Article XIX, damage following casualty shall be deemed
to have been completely repaired when all Leasehold Improvements in the Premises
prior to such  casualty have been fully  reconstructed  by Landlord and a final,
unconditional  certificate  of occupancy  for such  Premises has been issued and
when any "punch  list"  items  remaining  to be  completed  will not  materially
interfere with Tenant's use and occupancy of the Premises for the Permitted Use.
Notwithstanding  the  foregoing,  if materials are not  reasonably  available to
reconstruct any portion of the Leasehold improvements, Landlord and Tenant shall
work  together  in good faith to agree  upon  reasonably  comparable  substitute
materials.

E.   In the event that the Premises are not rendered inaccessible or unusable by
Tenant but, as a result of a fire or other casualty,  Tenant is denied access to
all or a portion of the parking spaces to be provided to Tenant hereunder in the
Garage, Landlord shall use reasonable efforts to locate substitute

                                       27

<PAGE>
parking for Tenant in the buildings  commonly known as One Stamford  Plaza,  Two
Stamford Plaza and/or Three Stamford Plaza. In addition,  if substitute  parking
is not  reasonably  available in such  buildings,  Landlord shall use reasonable
efforts to locate substitute parking in other buildings in Stamford, Connecticut
that are reasonably accessible to the Building. If Landlord or Tenant is able to
locate  substitute  parking,  during  the  period of time that  Tenant is denied
access to all or any  portion of its  spaces in the  Garage,  Landlord  shall be
required to reimburse Tenant for the difference  between:  (i) The amount Tenant
is required to pay for  substitute  parking,  and (ii) the amount  Tenant  would
otherwise  be  required  to pay  Landlord  for the spaces in the Garage that are
rendered  inaccessible  to  Tenant.  Notwithstanding  the  foregoing,  if Tenant
locates substitute  parking and Landlord,  in good faith, feels that the cost of
such  substitute  parking is in excess of the prevailing  market rate,  Landlord
shall have the right to locate less expensive  alternative parking in a location
that is equally as close to the  Building as the parking  located by Tenant.  In
such event,  Tenant  shall use the less  expensive  parking  located by Landlord
during the period that the spaces in the Garage are inaccessible to Tenant.

XX. Demolition.

INTENTIONALLY OMITTED.

XXl. Condemnation.

         If (a) the  whole or any  substantial  part of the  Premises  or access
thereto,  or the Garage,  or (b) any portion of the  Building or Property  which
would  leave  the  remainder  of the  Building  unsuitable  for use as an office
building  comparable  to its use on the  Commencement  Date,  shall  be taken or
condemned for any public or quasi-public use under  governmental law,  ordinance
or regulation,  or by right of eminent  domain,  or by private  purchase in lieu
thereof, then Landlord may, at its option,  terminate this Lease effective as of
the date the physical taking of said Premises or said portion of the Building or
Property  shall  occur.  Notwithstanding  the  foregoing,  if the  whole  or any
material  part of the Premises or access  thereto,  or any material  part of the
Garage  shall be taken or  condemned  for any public or  quasi-public  use under
governmental law, ordinance or regulation,  or by right of eminent domain, or by
private purchase in lieu thereof,  Tenant shall also have the right to terminate
this Lease  effective as of the date the physical  taking of the Premises occurs
or access to the  Premises or use of any  material  part of the Garage is taken.
Such right to terminate  shall be exercised by written notice to Landlord within
sixty (60) days after the date on which Tenant is first  notified of the taking.
In the event this Lease is not  terminated,  the Rentable  Area of the Building,
the  Rentable  Area of the  Premises  and  Tenant's  Pro  Rata  Share  shall  be
appropriately  adjusted.  In  addition,  Rent for any portion of the Premises so
taken or  condemned  shall be abated  during  the  unexpired  term of this Lease
effective when the physical  taking of said portion of the Premises shall occur.
All compensation  awarded for any such taking or condemnation,  or safe proceeds
in lieu  thereof,  shall be the property of  Landlord,  and Tenant shall have no
claim thereto, the same being hereby expressly waived by Tenant,  except for any
portions  of such award or  proceeds  which are  specifically  allocated  by the
condemning or purchasing  party for the taking of or damage to trade fixtures of
Tenant, which Tenant specifically reserves to itself. In addition,  Tenant shall
be entitled to bring a separate claim for any of Tenant's  moving and relocation
expenses.  Notwithstanding anything herein to the contrary,  Tenant shall not be
entitled  to  terminate  this  Lease in  connection  with a taking of a material
portion of the Garage if reasonably  acceptable  substitute parking is available
to  Tenant  at  prevailing  market  rates.  Without  limiting  the  scope of the
foregoing sentence, it is hereby agreed that substitute parking in the buildings
commonly known as One Stamford Plaza, Two Stamford Plaza or Three Stamford Plaza
shall be deemed to be reasonably acceptable substitute parking.

XXll. Events of Default.

The following events shall be deemed to be events of default under this Lease:

A.   Tenant shall fail to pay when due any Base Rental,  Additional  Base Rental
or other Rent under this Lease and such failure shall continue for five (5)

                                       28

<PAGE>
days after written notice from Landlord (hereinafter  sometimes referred to as a
"Monetary Default").

B.   Any failure by Tenant  (other than a Monetary  Default) to comply with any
term, provision or covenant of this Lease,  including,  without limitation,  the
rules and regulations,  which failure is not cured within thirty (30) days after
delivery to Tenant of notice of the occurrence of such failure, provided that if
any such  failure  creates a hazardous  condition,  such  failure  must be cured
promptly following receipt of such notice from Landlord; provided, however, that
if such failure or default  cannot  practicably be cured within such thirty (30)
day  period,  then such  thirty  (30) day cure  period  shall be extended to the
extent  reasonably  necessary to permit  Tenant to cure such  default,  provided
further that Tenant shall diligently proceed to cure such default and, from time
to time upon request,  shall furnish  Landlord with evidence of Tenant's efforts
to cure such default.  Notwithstanding the foregoing, Tenant's cure period shall
be  limited to a total of ten (10) days with  respect to any  failure to provide
Landlord with an estoppel  certificate or evidence of insurance  within the time
periods  provided in the Lease. In addition,  if Tenant fails to comply with any
particular provision or covenant of this Lease,  including,  without limitation,
Tenant's  obligation  to pay Rent when due,  on three (3)  occasions  during any
twelve (12) month period, any subsequent violation of such provision or covenant
shall be considered to be an incurable default by Tenant.

C.   Tenant or any Guarantor shall become insolvent, or shall make a transfer in
fraud of  creditors,  or shall  commit  an act of  bankruptcy  or shall  make an
assignment for the benefit of creditors,  or Tenant or any Guarantor shall admit
in writing its inability to pay its debts as they become due.

D.   Tenant or any Guarantor shall file a petition under any section or chapter
of the United States  Bankruptcy Code as amended,  pertaining to bankruptcy,  or
under any similar law or statute of the United States or any State  thereof,  or
Tenant or any Guarantor  shall be adjudged  bankrupt or insolvent in proceedings
filed  against  Tenant or any  Guarantor  thereunder;  or a  petition  or answer
proposing  the  adjudication  of  Tenant  or any  Guarantor  as a debtor  or its
reorganization  under any  present  or future  federal  or state  bankruptcy  or
similar law shall be filed in any court and such petition or answer shall not be
discharged or denied within ninety (90) days after the filing thereof.

E.   A receiver or trustee shall be appointed for all or substantially all of
the assets of Tenant or any  Guarantor  or of the Premises or of any of Tenant's
Property  located thereon in any proceeding  brought by Tenant or any Guarantor,
or any such  receiver or trustee  shall be appointed in any  proceeding  brought
against  Tenant or any Guarantor and shall not be discharged  within ninety (90)
days after such  appointment  or Tenant or such  Guarantor  shall  consent to or
acquiesce in such appointment.

F. The leasehold  estate  hereunder shall be taken on execution or other process
of law or equity in any action against Tenant.

G. Tenant shall  abandon or vacate any  substantial  portion of the Premises for
more than ninety (90) consecutive  days without the prior written  permission of
Landlord.

H.   Tenant shall fail to take  possession  of and occupy the Premises  withi
thirty (30) days following the  Commencement  Date and issuance of a Certificate
of Occupancy for the Premises and thereafter continuously conduct its operations
in the Premises for the Permitted Use.

I.   The liquidation, termination, dissolution, forfeiture of right to do
business, or death of Tenant or any Guarantor.

J. Tenant is in default  beyond any notice and cure period under any other lease
with Landlord.

                                       29
<PAGE>

XXIII. Remedies.

A.   Upon the  occurrence  of any event or events of default  under this  Lease,
Landlord  shall  have the  option  to  pursue  any one or more of the  following
remedies  without any notice  (except as  expressly  prescribed  in Article XXII
above) or demand whatsoever.  Notwithstanding the foregoing,  in addition to the
notice periods  required under Article XXII,  Landlord shall provide Tenant with
an additional  five (5) days notice of any  termination of the Lease pursuant to
subsections  XXIII.A.1 or XXIII.A.5 hereof.  Tenant shall not, however, have the
right to cure such default during such five (5) day period.

1.   Terminate  this Lease,  in which event Tenant shall  immediately surrender
the  Premises to  Landlord.  If Tenant  fails to  surrender  the  Premises  upon
termination of the Lease hereunder,  Landlord may without prejudice to any other
remedy  which  it may  have,  after  procuring  an  appropriate  judicial  order
therefor,  enter upon and take  possession  of the  Premises and expel or remove
Tenant and any other  person who may be  occupying  said  Premises,  or any part
thereof.  Tenant  hereby  agrees to pay to Landlord on demand an amount equal to
the sum of: (a) all Rent accrued hereunder through the date of termination, and,
upon  Landlord's  determination  thereof,  (b) an amount equal to the difference
between (i) the total Rent that Tenant  would have been  required to pay for the
remainder of the Lease Term, minus (ii) the amount of rent actually  received by
Landlord for the Premises during such period from third parties, after deducting
all Costs of Reletting (as defined below).

2.   After procuring an appropriate  judicial order from a court of competent
jurisdiction, Enter upon and take possession of the Premises and expel or remove
Tenant or any other  person  who may be  occupying  said  Premises,  or any part
thereof,  without  having any civil or criminal  liability  therefor and without
terminating  this Lease.  Landlord shall use reasonable  efforts to mitigate its
damages and relet the Premises or any part thereof for the account of Tenant, in
the name of Tenant or Landlord or otherwise,  without  notice to Tenant for such
term or terms which may be greater or less than the period which would otherwise
have constituted the balance of the Lease Term and on such conditions (which may
include  concessions,  free rent and  alterations  of the Premises) and for such
uses as Landlord in its  absolute  discretion  may  determine,  and Landlord may
collect and receive any rents payable by reason of such reletting. Tenant agrees
to pay Landlord on demand all Costs of  Reletting  and any  deficiency  that may
arise by reason of such  reletting or failure to relet.  Provided  Landlord uses
reasonable  efforts to mitigate its  damages,  Landlord's  damages  shall not be
reduced  for any failure to relet the  Premises  or any part  thereof or for any
failure to collect  any Rent due upon any such  reletting.  No such  re-entry or
taking of  possession  of the  Premises by  Landlord  shall be  construed  as an
election on Landlord's  part to terminate  this Lease unless a written notice of
such  termination  is given to Tenant.  Notwithstanding  anything  herein to the
contrary,  Tenant  acknowledges  and agrees that reasonable  efforts to relet by
Landlord  shall not require  Landlord to relet the Premises in preference to any
other space that is available for lease in the Building.

3.   After procuring an appropriate judicial order from a court of competent
jurisdiction,  enter upon the  Premises  without  having  any civil or  criminal
liability therefor, and do whatever Tenant is obligated to do under the terms of
this Lease, and Tenant agrees to reimburse Landlord on demand for any reasonable
expense  which  Landlord may incur in thus  affecting  compliance  with Tenant's
obligations under this Lease together with interest at the lesser of a per annum
rate equal to: (a) the  Maximum  Rate,  or (b) the Prime Rate plus five  percent
(5%).

4.  In order to regain possession of the Premises and to deny Tenant access
thereto in any instance in which Landlord has terminated  this Lease or Tenant's
right to possession, or to limit access to the Premises

                                       3O

<PAGE>
in  accordance  with local law in the event of a default by Tenant,  Landlord or
its agent may,  after  procuring an  appropriate  judicial order form a court of
competent  jurisdiction,  at the expense and  liability of the Tenant,  alter or
change  any or all locks or other  security  devices  controlling  access to the
Premises.  Landlord may, without notice,  remove and either dispose of or store,
at Tenant's  expense,  any  property  belonging  to Tenant  that  remains in the
Premises after Landlord has regained possession thereof.

5.   Terminate this Lease, in which event,  Tenant shall  immediately  surrender
the  Premises to Landlord  and pay to Landlord  the sum of: (a) all Rent accrued
hereunder  through the date of termination,  and, upon Landlord's  determination
thereof,  (b) an amount  equal to:  the total Rent that  Tenant  would have been
required to pay for the remainder of the Lease Term  discounted to present value
at the Prime Rate then in effect,  minus the then  present  fair rental value of
the Premises for the remainder of the Lease Term,  similarly  discounted,  after
deducting all anticipated Costs of Reletting (as defined below).

B. For  purposes of this Lease,  the term  "Costs of  Reletting"  shall mean all
reasonable  costs and  expenses  incurred  by Landlord  in  connection  with the
reletting of the Premises,  including without limitation,  the cost of cleaning,
renovation,  repairs, decoration and alteration of the Premises for a new tenant
or tenants,  advertisement,  marketing,  brokerage and legal fees (if and to the
extent  permitted  by law),  the cost of  protecting  or caring for the Premises
while  vacant,  the cost of removing  and storing  any  property  located on the
Premises,  any  increase  in  insurance  premiums  caused by the  vacancy of the
Premises and any other reasonable,  out-of-pocket  expenses incurred by Landlord
including tenant incentives, allowances and inducements.

C.   Except as otherwise herein provided, no repossession or  re-entering of the
Premises or any part thereof pursuant to Article XXIII hereof or otherwise shall
relieve Tenant or any Guarantor of its liabilities  and  obligations  hereunder,
all of which shall survive such repossession or re-entering.

D.   No right or remedy herein conferred upon or reserved to Landlord is
intended to be exclusive of any other right or remedy,  and each and every right
and remedy  shall be  cumulative  and in  addition  to any other right or remedy
given hereunder or now or hereafter existing by agreement,  applicable law or in
equity. In addition to other remedies provided in this Lease,  Landlord shall be
entitled, to the extent permitted by applicable law, to injunctive relief, or to
a decree compelling performance of any of the covenants, agreements,  conditions
or provisions of this Lease,  or to any other remedy  allowed to Landlord at law
or in equity.  Forbearance  by Landlord  to enforce one or more of the  remedies
herein  provided  upon an event of default  shall not be deemed or  construed to
constitute a waiver of such default.

E.   This Article XXlll shall be enforceable  to the maximum extent such
enforcement is not prohibited by applicable law, and the unenforceability of any
portion thereof shall not thereby render unenforceable any other portion.

XXIV. LIMITATION OF LIABILITY.

         NOTWITHSTANDING  ANYTHING TO THE CONTRARY  CONTAINED IN THIS LEASE, THE
LIABILITY OF LANDLORD (AND OF ANY SUCCESSOR LANDLORD  HEREUNDER) TO TENANT SHALL
BE LIMITED TO THE  INTEREST OF LANDLORD IN THE  BUILDING,  AND TENANT  AGREES TO
LOOK SOLELY TO  LANDLORD'S  INTEREST  IN THE  BUILDING  FOR THE  RECOVERY OF ANY
JUDGMENT OR AWARD AGAINST THE LANDLORD, BEING INTENDED THAT NEITHER LANDLORD NOR
ANY MEMBER, PRINCIPAL, PARTNER, SHAREHOLDER, OFFICER, DIRECTOR OR BENEFICIARY OF
LANDLORD  SHALL BE  PERSONALLY  LIABLE  FOR ANY  JUDGMENT  AGAINST  LANDLORD  OR
DEFICIENCY. TENANT HEREBY COVENANTS THAT, PRIOR TO THE FILING OF ANY SUIT FOR AN
ALLEGED DEFAULT BY LANDLORD HEREUNDER, IT SHALL GIVE LANDLORD AND

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<PAGE>
ALL  MORTGAGEES  WHOM TENANT HAS BEEN NOTIFIED  HOLD  MORTGAGES OR DEED OF TRUST
LIENS ON THE PROPERTY,  BUILDING OR PREMISES  NOTICE AND REASONABLE TIME TO CURE
SUCH ALLEGED DEFAULT BY LANDLORD.  IN ADDITION,  TENANT ACKNOWLEDGES THAT EQUITY
OFFICE HOLDINGS, L.L.C., AND EQUITY OFFICE PROPERTIES, L.L.C., ARE ACTING SOLELY
IN THEIR CAPACITY AS AGENTS FOR LANDLORD.

XXV. No Waiver.

         Failure  of  Landlord  to  declare  any  default  immediately  upon its
occurrence, or delay in taking any action in connection with an event of default
shall not  constitute  a waiver of such  default,  nor  shall it  constitute  an
estoppel  against  Landlord,  but  Landlord  shall have the right to declare the
default at any time during the continuance of such default and prior to any cure
of such default  instituted  by Tenant  within the time and manner  specified in
this Lease and take such  action as is lawful or  authorized  under this  Lease.
Failure by Landlord to enforce its rights with respect to any one default  shall
not  constitute a waiver of its rights with respect to any  subsequent  default.
Receipt by Landlord of Tenant's  keys to the Premises  shall not  constitute  an
acceptance or surrender of the Premises.

XXVI. Event of Bankruptcy.

         In addition  to, and in no way  limiting  the other  remedies set forth
herein,  Landlord  and Tenant agree that if Tenant ever becomes the subject of a
voluntary  or  involuntary  bankruptcy,  reorganization,  composition,  or other
similar type  proceeding  under the federal  bankruptcy  laws, as now enacted or
hereinafter amended, then:

A.   "Adequate  protection" of Landlord's  interest in the Premises  pursuant to
     the provisions of Section 361 and 363 (or their successor  sections) of the
     Bankruptcy  Code, 11 U.S.C.  Section 101 et seq.,  (such Bankruptcy Code as
     amended  from time to time  being  herein  referred  to as the  "Bankruptcy
     Code"),  prior to assumption and/or assignment of the Lease by Tenant shall
     include, but not be limited to all (or any part) of the following:

     1.  the  continued  payment by Tenant of the Base Rental and all other Rent
         due and owing  hereunder and the performance of all other covenants and
         obligations hereunder by Tenant;
     2.  the furnishing of an  additional/new  security deposit by Tenant in the
         amount of three (3) times the then current monthly Base Rental.

B.   "Adequate assurance of future performance" by Tenant and/or any assignee of
     Tenant  pursuant to  Bankruptcy  Code  Section 365 will include (but not be
     limited to) payment of an additional/new  Security Deposit in the amount of
     three (3) times the then current Base Rental payable hereunder.

C.   Any  person or entity  to which  this  Lease is  assigned  pursuant  to the
     provisions of the Bankruptcy  Code,  shall be deemed without further act or
     deed to have assumed all of the  obligations  of Tenant  arising under this
     Lease  from and  after  the  effective  date of such  assignment.  Any such
     assignee shall, upon demand by Landlord, execute and deliver to Landlord an
     instrument confirming such assumption of liability.

D.   Notwithstanding anything in this Lease to the contrary, all amounts payable
     by Tenant to or on behalf of the Landlord under this Lease,  whether or not
     expressly  denominated as "Rent," shall constitute  "rent" for the purposes
     of Section 502(b) (6) of the Bankruptcy Code.

E.   If  this  Lease  is  assigned  to any  person  or  entity  pursuant  to the
     provisions  of  the   Bankruptcy   Code,   any  and  all  monies  or  other
     considerations  payable or otherwise to be delivered to Landlord (including
     Base Rentals and other Rent  hereunder),  shall be and remain the exclusive
     property of Landlord and shall not constitute  property of Tenant or of the
     bankruptcy  estate of Tenant.  Any and all  monies or other  considerations
     constituting  Landlord's  property under the preceding sentence not paid or
     delivered  to  Landlord  shall  be held in  trust  by  Tenant  or  Tenant's
     bankruptcy estate for the benefit of Landlord and shall be promptly paid to
     or turned over to Landlord..

                                       32

<PAGE>

F.  If Tenant assumes this Lease and proposes to assign the same pursuant to the
provisions of the Bankruptcy  Code to any person or entity who shall have made a
bona fide offer to accept an assignment of this Lease on terms acceptable to the
Tenant,  then notice of such proposed  offer/assignment,  setting forth: (1) the
name and address of such person or entity,  (2) all of the terms and  conditions
of such offer, and (3) the adequate  assurance to be provided Landlord to assure
such person's or entity's future  performance under the Lease, shall be given to
Landlord by Tenant no later than twenty (20) days after  receipt by Tenant,  and
Landlord  shall  thereupon  have the prior right and option,  to be exercised by
notice to Tenant given at any time prior to the effective  date of such proposed
assignment,  to accept  an  assignment  of this  Lease  upon the same  terms and
conditions and for the same  consideration,  if any, as the bona fide offer made
by such persons or entity,  less any brokerage  commission  which may be payable
out of the  consideration  to be paid by such person for the  assignment of this
Lease.

G.   To the extent permitted by law, Landlord and Tenant agree that this Lease
is a contract  under  which  applicable  law  excuses  Landlord  from  accepting
performance  from (or rendering  performance to) any person or entity other than
Tenant  within the meaning of Sections  365(o) and 365(e) (2) of the  Bankruptcy
Code.

XXVII. Waiver of Jury Trial.

         Landlord  and Tenant  hereby  waive any right to a trial by jury in any
action or  proceeding  based upon,  or related  to, the  subject  matter of this
Lease. This waiver is knowingly,  intentionally, and voluntarily made by Tenant,
and Tenant acknowledges that neither Landlord nor any person acting on behalf of
Landlord has made any  representations of fact to induce this waiver of trial by
jury or in any way to modify or nullify its effect.  Tenant further acknowledges
that it has been  represented  (or has had the opportunity to be represented) in
the signing of this Lease and in the making of this waiver by independent  legal
counsel,  selected of its own free will, and that it has had the  opportunity to
discuss this waiver with counsel.

XXVlll. Relocation.

Intentionally Omitted.

XXlX. Holding Over.

         In the  event of  holding  over by  Tenant  after  expiration  or other
termination  of this  Lease or in the  event  Tenant  continues  to  occupy  the
Premises  after the  termination  of Tenant's  right of  possession  pursuant to
Articles  XXII and XXlll  hereof  (and  provided  Tenant has not  exercised  its
Renewal Option pursuant to Exhibit C),  occupancy of the Premises  subsequent to
such  termination or expiration  shall be that of a tenancy at sufferance and in
no event for  month-to-month or year-to-year,  but Tenant shall,  throughout the
entire holdover period, be subject to all the terms and provisions of this Lease
and shall pay for its use and  occupancy an amount (on a per month basis without
reduction for any partial months during any such holdover)  equal to one hundred
fifty percent  (150%) of the sum of the Base Rental and  Additional  Base Rental
due for the period  immediately  preceding  such holding  over,  provided if the
holding over  continues for more than  fourteen  (14) days,  effective as of the
fifteenth  (15th) day,  holdover  rent shall  increase to 200% of the sum of the
Base Rental and Additional Base Rental due for the period immediately  preceding
such holding over,  provided  that in no event shall Base Rental and  Additional
Base Rental  during the holdover  period be less than the fair market rental for
the  Premises.  No  holding  over by  Tenant or  payments  of money by Tenant to
Landlord  after the  expiration  of the term of this Lease shall be construed to
extend the Lease Term or prevent Landlord from recovery of immediate  possession
of the  Premises  by  summary  proceedings  or  otherwise.  In  addition  to the
obligation to pay the amounts set forth above during any such  holdover  period,
Tenant  also  shall  be  liable  to  Landlord  for  all  damage,  including  any
consequential damage, which Landlord may suffer by reason of any holding over by
Tenant,  and Tenant shall indemnify  Landlord against any and all claims made by
any other tenant or prospective tenant against Landlord for delay by Landlord in
delivering  possession  of the  Premises  to such  other  tenant or  prospective
tenant.   Notwithstanding  the  foregoing,   Tenant  shall  not  be  liable  for
consequential  damages unless (1) Landlord  notifies  Tenant that it has entered
into a lease
                                       33

<PAGE>
for the  Premises or has received a bona fide offer to lease the  Premises,  and
(2) Tenant fails to vacate the Premises  within  thirty (30) days after the date
of Landlord's notice.

XXX. Subordination to Mortgages; Estoppel Certificate.

A.   Tenant accepts this Lease subject and subordinate to any  mortgage, deed of
trust,  ground lease or other lien presently  existing or hereafter arising upon
the  Premises,  or upon the Building  and/or the  Property and to any  renewals,
modifications,  refinancings and extensions thereof (any such mortgage,  deed of
trust,  lease or other lien being hereinafter  referred to as a "Mortgage",  and
the person or entity having the benefit of same being referred to hereinafter as
a  "Mortgagee"),  but Tenant agrees that any such Mortgagee shall have the right
at any time to subordinate such Mortgage to this Lease on such terms and subject
to such  conditions as such Mortgagee may deem  appropriate  in its  discretion.
This clause shall be self-operative  and no further  instrument of subordination
shall be  required.  However,  Landlord is hereby  irrevocably  vested with full
power and authority to subordinate this Lease to any Mortgage, and Tenant agrees
upon  demand to execute  such  further  instruments  subordinating  this  Lease,
acknowledging  the subordination of this Lease or attorning to the holder of any
such  Mortgage as Landlord  may request.  If any person shall  succeed to all or
part of Landlord's  interests in the Premises whether by purchase,  foreclosure,
deed in lieu of foreclosure,  power of sale,  termination of lease or otherwise,
and if and as so  requested  or required by such  successor-in-interest,  Tenant
shall, without charge, attorn to such successor-in-interest.  Tenant agrees that
it will from time to time upon request by Landlord and,  within ten (10) days of
the date of such request,  execute and deliver to such persons as Landlord shall
request an estoppel  certificate or other similar  statement in recordable  form
certifying  that this  Lease is  unmodified  and in full force and effect (or if
there have been  modifications,  that the same is in full force and effect as so
modified),  stating the dates to which Rent and other charges payable under this
Lease have been paid,  stating that Landlord is not in default  hereunder (or if
Tenant alleges a default stating the nature of such alleged default) and further
stating such other matters as Landlord shall reasonably require. Notwithstanding
the terms of this  Article  XXX  above,  this Lease  shall  only be subject  and
subordinate to a ground or underlying  lease or Mortgage now or hereafter placed
against or affecting any or all of the Building, Premises or Property and to any
renewals,  modifications,  consolidations,  or extensions thereof,  provided the
Landlord obtains a non-disturbance,  subordination and attornment agreement from
the  holder   thereof  on  such   holder's  then  standard  form  of  agreement.
Notwithstanding  the foregoing,  such standard form of agreement  shall provide,
among  other  things,  that  Tenant,  upon paying the Base Rental and all of the
Additional  Base Rental and other charges herein provided for, and observing and
complying  with the  covenants,  agreements  and conditions of this Lease on its
part to be observed and complied with,  shall lawfully and quietly hold,  occupy
and enjoy the Premises during the Lease Term,  without hindrance or interference
from  anyone  claiming  by or  through  said  Mortgagee  or lessor and that said
Mortgagee  or lessor shall  respect  Tenant's  rights under the Lease and,  upon
succeeding to Landlord's  interest in the Building and Lease,  shall observe and
comply with all of Landlord's  duties under the Lease from and after the date of
such succession.

B.   In the event the Tenant shall represent to Landlord,  in  writing,  that an
estoppel  certificate  from  Landlord  shall be necessary in order for Tenant to
obtain  financing for Tenant's  operations or for Tenant to issue a public stock
offering,  or  otherwise  in  connection  with a third party  transaction  to be
entered  into by Tenant,  then  Landlord  shall,  no more than once in any given
lease  year,  within ten (10)  Business  Days of written  request  from  Tenant,
execute  and deliver to Tenant an estoppel  certificate,  in form and  substance
reasonably  acceptable  to  Landlord  and  Tenant,   covering,  as  appropriate,
substantially  the  matters  set forth in this  Article  XXX with  respect to an
estoppel certificate to be provided by Tenant to Landlord.

                                       34

<PAGE>
XXXI. Attorneys' Fees.

         In the event that Landlord  should retain counsel and/or  institute any
suit  against  Tenant for  violation  of or to enforce any of the  covenants  or
conditions of this Lease, or should Tenant  institute any suit against  Landlord
for violation of any of the  covenants or  conditions  of this Lease,  or should
either  party  intervene in any suit in which the other is a party to enforce or
protect its interest or rights hereunder,  the prevailing party in any such suit
shall be  entitled  to all of its costs,  expenses  and  reasonable  fees of its
attorney(s) (if and to the extent permitted by law) in connection therewith.

XXXll Notice,

         Whenever any demand,  request,  approval,  consent or notice ("Notice")
shall or may be given to either of the  parties by the other,  each such  Notice
shall be in writing and shall be sent by registered or codified mail with return
receipt requested,  or sent by a nationally recognized overnight courier service
(such as Federal Express) at the respective addresses of the parties for notices
as set forth in  Section  i.A.10,  of this  Lease,  provided  that if Tenant has
vacated the Premises  Landlord may serve Notice by any manner  permitted by law.
Any Notice under this Lease  delivered by registered or certified  mail shall be
deemed to have been  given and  effective  on the  earlier  of (a) the third day
following  the day on which the same  shall  have been  mailed  with  sufficient
postage prepaid or (b) the delivery date indicated on the return receipt. Notice
sent by overnight  courier  service shall be deemed given and effective upon the
day after such  notice is  delivered  to or picked up by the  overnight  courier
service.  Either party may, at any time, change its Notice Address by giving the
other party Notice stating the change and setting forth the new address.

XXXIII. Landlord's Lien.

         Intentionally omitted, provided that the deletion of this Article shall
not be construed to be a waiver by Landlord of any landlord lien rights provided
by Connecticut statutory law.

XXXlV. Excepted Rights.

         This  Lease does not grant any rights to light or air over or about the
Building.  Except as provided in Exhibit C,  paragraph  7  (Satellite  Dish) and
except  with  respect  to  Tenant's   rights  to  use  Common  Areas,   Landlord
specifically  excepts and reserves to itself the use of any roofs,  the exterior
portions  of the  Premises,  all rights to the land and  improvements  below the
improved floor level of the Premises,  the improvements and air rights above the
Premises and the  improvements and air rights located outside the demising walls
of the  Premises,  and such  areas  within  the  Premises  as are  required  for
installation  of utility  lines and other  installations  required  to serve any
occupants of the Building and the right to maintain and repair the same,  and no
rights  with  respect  thereto  are  conferred  upon  Tenant  unless   otherwise
specifically provided herein. Landlord further reserves to itself the right from
time to time:  (a) to change the  Building's  name or street  address,  provided
that,  during the Lease Term and any extensions  thereof,  in no event shall the
Building be named after a re-insurance company; (b) to install, fix and maintain
signs on the exterior and interior of the Building; (c) to designate and approve
window  coverings;  (d)  to  make  any  decorations,   alterations,   additions,
improvements  to the Building,  or any part thereof  (including  the Premises in
accordance with Article XII) which Landlord shall desire,  or deem necessary for
the safety,  protection,  preservation  or  improvement  of the Building,  or as
Landlord  may be  required to do by law;  (e) to have access to the  Premises in
accordance  with  Article  XII to  perform  its duties  and  obligations  and to
exercise  its  rights  under this  Lease;  (f) to retain at all times and to use
pass-keys to all entry  doors,  suite doors and closet doors within and into the
Premises;  (g) to approve the weight,  size, or location of heavy equipment,  or
articles  in and  about the  Premises;  (h) to close or  restrict  access to the
Building at all times other than Normal  Business  Hours subject to Tenant's and
Tenant's  employees  right to  admittance  at all times  under  such  reasonable
regulations   as  Landlord  may  prescribe  from  time  to  time,  or  to  close
(temporarily or permanently) any of the entrances to the Building; (/) to change
the arrangement and/or location of entrances of passageways, doors and doorways,
corridors,  elevators,  stairs and toilets  located  outside of the Premises and
public parts of the Building; (j) if Tenant has vacated the Premises and removed
all
                                       35

<PAGE>
Tenant's  Property  during the last six (6) months of the Lease Term, to perform
additions,  alterations  and  improvements  to the Premises in connection with a
reletting or anticipated  reletting  thereof without being responsible or liable
for the value or preservation of any then existing improvements to the Premises;
and (k) to grant to anyone  the  exclusive  right to  conduct  any  business  or
undertaking in the Building  provided that the granting of such exclusive rights
shall not (1)  restrict  or  interfere  with  Tenant's  ability to  conduct  its
re-insurance business in the Premises, or (2) require Tenant to do business with
any other  Building  tenant.  Landlord,  in accordance  with Article XII hereof,
shall have the right to enter the  Premises in  connection  with the exercise of
any of the rights set forth  herein  and such  entry into the  Premises  and the
performance of any work therein shall not constitute a constructive  eviction or
entitle Tenant to any abatement or reduction of Rent by reason thereof.

XXXV. Surrender of Premises.

         At the  expiration  or earlier  termination  of this Lease or  Tenant's
right of possession  hereunder,  Tenant shall remove all Tenant's  Property from
the Premises,  remove all Required Removables designated by Landlord for removal
in  accordance  with the terms of Article VIII hereof and quit and surrender the
Premises to Landlord,  broom clean,  and in the same,  condition as the Premises
was in at the time of  completion  of the  Initial  Alterations  and any further
subsequent alterations made in accordance with the terms of this Lease, ordinary
wear and tear and damage due to fire or other casualty excepted. If Tenant fails
to remove any of Tenant's  Property  within one (1) day after the termination of
this Lease or Tenant's right to possession hereunder, Landlord, at Tenant's sole
cost and  expense,  shall be  entitled  to remove  and/or  store  such  Tenant's
Property  and  Landlord  shall  in  no  event  be  responsible  for  the  value,
preservation or safekeeping thereof. Tenant shall pay Landlord, upon demand, any
and all  reasonable  expenses  caused by such  removal and all  storage  charges
against such property so long as the same shall be in the possession of Landlord
or under the control of  Landlord.  In  addition,  if Tenant fails to remove any
Tenant's  Property from the Premises or storage,  as the case may be, within ten
(10) days after written notice from Landlord,  Landlord, at its option, may deem
all or any part of such Tenant's  Property to have been  abandoned by Tenant and
title thereof shall immediately pass to Landlord.

XXXVI. Miscellaneous.

A.   If any term or provision of this Lease, or the application thereof to any
person or circumstance  shall, to any extent, be invalid or  unenforceable,  the
remainder of this Lease, or the application of such term or provision to persons
or  circumstances   other  than  those  as  to  which  it  is  held  invalid  or
unenforceable,  shall not be affected  thereby,  and each term and  provision of
this Lease shall be valid and enforced to the fullest  extent  permitted by law.
This Lease  represents the result of negotiations  between  Landlord and Tenant,
each of which has been (or has had  opportunity to be) represented by counsel of
its own  selection,  and neither of which has acted under duress or  compulsion,
whether legal,  economic or otherwise.  Consequently,  Landlord and Tenant agree
that the language in all parts of the Lease shall in all cases be construed as a
whole  according  to its fair  meaning  and  neither  strictly  for nor  against
Landlord or Tenant.

B.   Tenant agrees not to record this Lease  or any  memorandum  hereof  without
Landlord's prior written consent.  Notwithstanding  the foregoing,  Landlord and
Tenant shall execute and deliver,  upon the  execution of this Lease,  duplicate
originals  of an  instrument,  in  recordable  form,  which  will  constitute  a
statutory  Notice of Lease,  pursuant to Connecticut  General  Statutes  Section
47-19, setting forth a legal description of the Premises, the Term and any other
provisions  required by statute.  This instrument  shall be recorded in the Land
Records of the City of Stamford,  Connecticut,  by Tenant.  Upon the  Expiration
Date or sooner termination of this Lease, Tenant, upon Landlord's request, shall
promptly  execute and deliver an instrument in recordable form  terminating such
Notice of Lease.  The terms of this Article XXXVI B shall survive the expiration
or sooner termination of this Lease.
                                       36

<PAGE>

C.   This  Lease and the rights and obligations of the  parties hereto  shall be
interpreted, construed, and enforced in accordance with the laws of the state in
which the Building is located.

D.   Events  of "Force  Majeure"  shall  include  strikes,  riots,  acts of God,
shortages  of labor or  materials,  war and other  causes  beyond the control of
Landlord  or  Tenant,  as the case may be.  Whenever  a period of time is herein
prescribed  for the taking of any action by Landlord or Tenant,  as the case may
be, other than the payment of Rent or any other sums due  hereunder,  such party
shall not be liable or  responsible  for,  and there shall be excluded  from the
computation of such period of time, any delays due to events of Force Majeure.

E.   Landlord shall have the right to transfer and assign,  in whole or in part,
all of its rights and  obligations  hereunder  and in the  Building and Property
referred to herein.  In such event  Landlord's  assignee or transferee  shall be
liable for all of the  obligations  so assigned and upon such transfer  Landlord
shall be  released  from any such  obligations.  From and after the date of such
assignment  or  transfer,  Tenant  agrees to look  solely to such  successor  in
interest of Landlord for the performance of such obligations.

F.   Tenant hereby  represents  to Landlord that it has dealt  directly with and
only with the Broker as a broker in connection with this Lease. Tenant agrees to
indemnify and hold Landlord and the Landlord  Related Parties  harmless from all
claims of any brokers (other than Broker) claiming to have represented Tenant in
connection with this Lease. Landlord agrees to indemnify and hold Tenant and the
Tenant Related Parties  harmless from all claims of any brokers claiming to have
represented  Landlord in connection with this Lease.  Landlord agrees to pay the
Broker a  commission  for this  Lease  pursuant  to a separate  agreement  which
Landlord  and Broker  shall enter into prior to the  parties'  execution of this
Lease.

G.   If there is more than one Tenant, or if the Tenant is comprised of more
than one person or entity,  the obligations  hereunder imposed upon Tenant shall
be joint and several obligations of all such parties. All notices, payments, and
agreements  given or made by,  with or to any one of such  persons  or  entities
shall be deemed to have been given or made by, with or to all of them.

H.   Tenant hereby  covenants, warrants and represents: (1) that the individual
executing  this Lease on its behalf is duly  authorized to execute or attest and
deliver  this Lease on behalf of Tenant in  accordance  with the  organizational
documents of Tenant; (2) that this Lease is binding upon Tenant; (3) that Tenant
is duly organized and legally existing in the state of its organization,  and is
qualified to do business in the state in which the Premises is located;  and (4)
that the  execution  and delivery of this Lease by Tenant will not result in any
breach of, or  constitute a default under any  mortgage,  deed of trust,  lease,
loan, credit agreement, partnership agreement or other contract or instrument to
which Tenant is a party or by which Tenant may be bound.  Upon  request,  Tenant
will,  prior  to  the  Commencement  Date,  deliver  to  Landlord  copies  of an
appropriate  resolution  or  consent of  Tenant's  board of  directors  or other
appropriate  governing body of Tenant authorizing or ratifying the execution and
delivery of this Lease,  which  resolution or consent will be duly  certified to
Landlord's reasonable  satisfaction by an appropriate  individual with authority
to codify such  documents,  such as the secretary or assistant  secretary or the
managing general partner of Tenant.

Landlord  hereby  covenants,  warrants and  represents:  (1) that the individual
executing  this Lease on its behalf is duly  authorized to execute or attest and
deliver  this Lease on behalf of  Landlord;  (2) that this Lease is binding upon
Landlord;  (3) that Landlord is duly organized and legally existing in the state
of its  organization,  and is qualified to do business in the state in which the
Premises is located;  and (4) that the  execution  and delivery of this Lease by
Landlord  will not result in any breach of, or  constitute  a default  under any
mortgage, deed of trust, lease, loan, credit agreement, partnership agreement or
other contract or instrument to which Landlord is a party or by

                                       37
<PAGE>
which  Landlord  may  be  bound.  Upon  request,  Landlord  will,  prior  to the
Commencement  Date,  deliver to Tenant  copies of an  appropriate  resolution or
consent of Landlord's board of directors or other appropriate  governing body of
Landlord  authorizing  or ratifying  the  execution  and delivery of this Lease,
which  resolution  or  consent  will be duly  codified  to  Tenant's  reasonable
satisfaction  by an  appropriate  individual  with  authority  to  certify  such
documents,  such as the secretary or assistant secretary or the managing general
partner of Landlord.

I.   Tenant acknowledges that the financial capability of Tenant to perform its
obligations  hereunder is material to Landlord and that Landlord would not enter
into this Lease but for its belief,  based on its review of  Tenant's  financial
statements,  that Tenant is capable of performing  such  financial  obligations.
Tenant hereby represents,  warrants and certifies to Landlord that its financial
statements  previously  furnished  to  Landlord  were at the time given true and
correct in all material  respects  and that there have been no material  adverse
subsequent  changes thereto as of the date of this Lease. At any time during the
Lease Term, but not more often than once a year,  Tenant shall provide Landlord,
upon ten (10) days' prior written notice from Landlord, with a current financial
statement  and  financial  statements  of the two (2) years prior to the current
financial  statement  year.  Such statement shall be prepared in accordance with
generally accepted accounting  principles and, if such is the normal practice of
Tenant, shall be audited by an independent certified public accountant.

J.    Except as expressly  otherwise  herein  provided,  with respect to all
required acts of Landlord and Tenant, time is of the essence of this Lease. This
Lease shall create the  relationship  of Landlord and Tenant between the parties
hereto.

K.  This Lease and the covenants and conditions herein contained shall inure to
the  benefit of and be binding  upon  Landlord  and Tenant and their  respective
permitted successors and assigns.

L.   Notwithstanding anything to the contrary contained in this Lease, the
expiration of the Lease Term,  whether by lapse of time or otherwise,  shall not
relieve Tenant from Tenant's obligations accruing prior to the expiration of the
Lease Term,  and such  obligations  shall  survive any such  expiration or other
termination of the Lease Term.

M.   The headings and titles to the paragraphs of this Lease are for convenience
only and shall have no affect upon the  construction  or  interpretation  of any
part hereof.

N.   Landlord has delivered a copy of this Lease to Tenant for Tenant's  review
only, and the delivery  hereof does not constitute an offer to Tenant or option.
This Lease shall not be  effective  until an original of this Lease  executed by
both Landlord and Tenant.

O.   During the entire term of this Lease, as the same may be renewed or
extended,  Tenant  shall,  and may  peacefully  have,  hold and  enjoy the quiet
enjoyment of the Premises,  providing the Tenant pays the Rent herein recited to
be paid by Tenant and performs all of Tenant's  covenants and agreements  herein
contained, subject only to the matters set forth in Articles III and XXX hereof.

P.   Except   with  regard to  requests for consent or approval  that   require
Landlord to make a    determination  of   the   aesthetics  of certain  signage,
alterations  or other things that would be visible form outside the Premises (on
multi-tenant floors) or Building or to assume certain risks, including,  without
limitation,  the risk that a certain  alteration,  addition  and/or  improvement
could  adversely  affect the mechanical  systems or structure of the Building or
require excess removal costs,  Landlord agrees to act reasonably in granting its
approval or disapproval of any requests by Tenant for the consent or approval of
Landlord.
                                       38

<PAGE>
XXXVII. Entire Agreement.

This Lease Agreement, including the following Exhibits:

Exhibit A - Outline and Location of 14th Floor Premises

Exhibit A-l- Outline and Location of 15th Floor Premises

Exhibit B - Rules and Regulations

Exhibit C - Additional Terms and Conditions

Exhibit D - Assignment and Assumption of Lease

Exhibit E - Performance Specifications

Exhibit F - Cleaning Specifications

Exhibit G-1 - Form of Consent to Sublease

Exhibit G-2 - Form of Consent to Assignment

Exhibit H - Location of windows to be replaced

Exhibit I - Location of Tenant's reserved parking spaces

Exhibit J - Letter from ZML-301 Tresser Limited Partnership

constitutes the entire agreement  between the parties hereto with respect to the
subject  matter  of  this  Lease  and   supersedes  all  prior   agreements  and
understandings between the parties related to the Premises,  including all lease
proposals,   letters  of  intent  and  similar   documents.   TENANT   EXPRESSLY
ACKNOWLEDGES  AND  AGREES  THAT  LANDLORD  HAS NOT MADE AND IS NOT  MAKING,  AND
TENANT,  IN  EXECUTING  AND  DELIVERING  THIS LEASE,  IS NOT RELYING  UPON,  ANY
WARRANTIES,  REPRESENTATIONS,  PROMISES OR STATEMENTS, EXCEPT TO THE EXTENT THAT
THE  SAME  ARE  EXPRESSLY  SET  FORTH  IN THIS  LEASE.  ALL  UNDERSTANDINGS  AND
AGREEMENTS  HERETOFORE  MADE  BETWEEN THE PARTIES ARE MERGED IN THIS LEASE WHICH
ALONE FULLY AND COMPLETELY EXPRESSES THE AGREEMENT OF THE PARTIES, NEITHER PARTY
RELYING UPON ANY STATEMENT OR  REPRESENTATION  NOT EMBODIED IN THIS LEASE.  THIS
LEASE MAY BE MODIFIED ONLY BY A WRITTEN AGREEMENT SIGNED BY LANDLORD AND TENANT.
LANDLORD  AND  TENANT  EXPRESSLY  AGREE  THAT  THERE ARE AND SHALL BE NO IMPLIED
WARRANTIES OF MERCHANTABILITY, HABITABILITY, FITNESS FOR A PARTICULAR PURPOSE OR
OF ANY OTHER KIND ARISING OUT OF THIS LEASE,  ALL OF WHICH ARE HEREBY  WAIVED BY
TENANT, AND THAT THERE ARE NO WARRANTIES WHICH EXTEND BEYOND THOSE EXPRESSLY SET
FORTH IN THIS LEASE.

                                       39

<PAGE>

         IN WITNESS  WHEREOF,  Landlord and Tenant have  executed  this Lease in
multiple original counterparts as of the day and year first above written.

WITNESS/ATTEST:                         LANDLORD:  ZML  -  FOUR STAMFORD
                                        PLAZA LIMITED PARTNERSHIP
/s/ Gerard P. Hallock
---------------------------
Name (print) Gerard P. Hallock          BY: EQUITY OFFICE HOLDINGS, L.L.C.
                                        a Delaware limited liability company, as
                                        agent
/s/ Geoffrey F. Fay                     By: /s/ Michael Sheinkop
----------------------------            -------------------------------------
Name (print) Geoffrey F. Fay            Name:  Michael Sheinkop
                                        Title:   Senior Vice President
                                                 Asset Management
                                        Date:  March 29, 1996

WITNESS/ATTEST:                         TENANT: CHARTWELL RE
                                        CORPORATION,  a Delaware Corporation

/s/ Gerard P. Hallock                   By:  /s/ Richard E. Cole
-----------------------------           ------------------------------------
Name (print) Gerard P. Hallock          Name:  Richard E. Cole
                                        Title:  Chairman and CEO
/s/ Geoffrey F. Fay
------------------------------          Date:  March 29, 1996
Name (print) Geoffrey F. FayEXHIBIT 10.32

                                 DATED 10th June 1994
                           (1)      THE PRUDENTIAL
                                    ASSURANCE COMPANY
                                    (as Landlord)

                           (2)      ARCHER GROUP MANAGEMENT
                                    SERVICES LIMITED
                                    (as Tenant)

                           (3)      ARCHER GROUP HOLDINGS PLC
                                   (as Guarantor)

                                    L E A S E
                                       of
                                   Third Floor
                                   Number Two
                           Minster Court Mincing Lane
                                   London EC3

                                 CLIFFORD CHANCE
                              200 Aldersgate Street
                                 London EClA 4JJ

<PAGE>

INDEX

CLAUSE PAGE
1.       INTERPRETATION ......................................................1
         1.1 Definitions .....................................................1
         1.2 Interpretation .................................................10

2.       DEMISE AND RENTS ...................................................11

3.       TENANT'S COVENANTS .................................................12
         3.1      Rents.. ...................................................13
         3.2      Outgoings .................................................13
         3 .3     Repairs and Decorations ...................................14
         3.4      YieldingUp ................................................16
         3.5      Statutory Requirements ....................................16
         3.6      PlanningActs ..............................................17
         3.7      To comply with Notices ....................................19
         3.8      Rights of entry by Landlord ...............................19
         3.9      Landlord's Survey .........................................20
         3.10     Landlord's Costs ..........................................20
         3.11     Obstruction of Services, etc ..............................21
         3.12     Alterations ...............................................21
         3.13     Appearance of Demised Premises ............................23
         3.14     Comply with Fire Regulations ..............................24
         3.15     Carrying out of alterations ...............................24
         3.16     User Restrictions .........................................25
         3.17     User ......................................................25
         3.18     Encroachments and easements ...............................25
         3.19     Alienation ................................................26
         3.20     Disclosure of information .................................31
         3.21     Registration of dispositions ..............................31
         3.22     Signs and advertisements ..................................31
         3.23     Overloading floors and services ...........................31
         3.24     Dangerous materials and use of machinery ..................32
         3.25     Interest on overdue Payments ..............................33
         3.26     Indemnity .................................................33
         3.27     Covenants affecting the reversion .........................34
         3.28     Defective Premises ........................................34
         3.29     Value Added Tax ...........................................34
         3.30     Estate Regulations ........................................35
         3.31     Building Regulations ......................................35
         3.32     Electricity Supply ........................................35
         3.33     Taxation ..................................................35
         3.34     As to the Head Lease ......................................36

<PAGE>

4.       LANDLORD'S COVENANTS................................................36
         4.1      Quiet Enjoyment............................................36
         4.2      Head Lease ................................................37
         4.3      Estate Services............................................37
         4.4      Building Services..........................................38
         4.5      Electricity Supply.........................................39
         4.6      Void Costs.................................................40

5.       PROVISOS............................................................40
         5.1      Forfeiture.................................................40
         5.2      Jurisdiction...............................................41
         5.3      No Implied Easements.......................................41
         5.4      Exclusion of Warranty as to User...........................41
         5.5      Limitation  of Landlord's Liability .......................42
         5.6      No Liability for Staff ....................................42
         5.7      Tenant's Fixtures and Fittings ............................42
         5.8      Development of Adjoining Property .........................43
         5.9      Notices ...................................................43
         5.10     EffectofWaiver ............................................43
         5.11     Covenants relating to adjoining property ..................43
         5.12     Tenant not to object to works .............................44
         5.13     No right of set-off etc. ..................................44
         5.14     Invalidity of certain provisions ..........................44
         5.15     Waiver etc of regulations .................................44
         5.16     Party Walls ...............................................45
         5.17     Exclusion of statutory compensation .......................45
         5.18     Management Company ........................................45

6.       INSURANCE ..........................................................46
         6.1      Landlord to insure ........................................46
         6.2      Evidence of insurance .....................................46
         6.3      Destruction of Demised Premises ...........................47
         6.4      Cesser of rent ............................................47
         6.5      Option to determine .......................................48
         6.6      Tenant not to vitiate insurance etc .......................48
         6.7      Decennial Insurance .......................................49
         6.8      Self Insurance ............................................49

7.       ESTATE SERVICE CHARGE ..............................................50
         7.1      Landlord's liability ......................................50
         7.2      Tenant to pay Estate Service Charge .......................50
         7.3      Estate Expenditure ........................................50
         7.4      Estate Expenditure Certificate ............................51
         7.5      Estate Accounting Year ....................................51
         7.6      Estate Service Charge Advance Payment .....................52
         7.7      Tenant to pay balance of Estate Service Charge ............53
         7.8      Omission by Landlord to include item in Estate
                  Expenditure ...............................................53
         7.9      Estate Reserve Fund .......................................53

<PAGE>

         7.10     Variation of the Estate Service Charge ....................54
         7.11     Estate Services provided to the Tenant ....................54
         7.12     Variation of Estate Services ..............................54
         7.13     Major Works ...............................................55
         7.14     Raising Money by Loan or Overdraft ........................55
         7.15     Interest ..................................................55
         7.16     Dunster Court .............................................55

8.       BUILDING SERVICE CHARGE ............................................55
         8.1      Tenant to pay Building Service Charge .....................55
         8.2      Building Expenditure ......................................56
         8.3      Building Expenditure Certificate ..........................57
         8.4      Building Accounting Year ..................................57
         8.5      Building Service Charge Advance Payment ...................57
         8.6      Tenant to pay balance of Building Service Charge ..........58
         8.7      Omission by Landlord to include item in Building
                  Expenditure ...............................................59
         8.8      Building Reserve Fund .....................................59
         8.9      Variation of the Building Service Charge ..................59
         8.10     Building Services provided to the Tenant ..................60
         8.11     Variation of Building Services ............................60
         8.12     Major Works ...............................................60
         8.13     Raising Money by Loan or Overdraft ........................61
         8.14     Interest ..................................................61

9.       OPTION TO BREAK ....................................................61

10.      GUARANTOR'S COVENANT ...............................................61

FIRST SCHEDULE
The Demised Premises ........................................................62

SECOND SCHEDULE
Rights Granted ..............................................................63

THIRD SCHEDULE
Exceptions and Reservations .................................................66

FOURTH SCHEDULE
Matters to which the Demised Premises are subject .......................... 69

FIFTH SCHEDULE
Rent and Rent Review ........................................................70

SIXTH SCHEDULE
Estate Services .............................................................75

<PAGE>

SEVENTH SCHEDULE
Building Services............................................................82

EIGHTH SCHEDULE
Guarantee Provisions ........................................................89

NINTH SCHEDULE
Estate Regulations ..........................................................92

TENTH SCHEDULE
Building Regulations ........................................................96

ELEVENTH SCHEDULE
Electricity Supply ..........................................................98

<PAGE>

THIS LEASE is made this 10th day of June One  thousand  nine  hundred and ninety
four.

BETWEEN:

1) THE PRUDENTIAL ASSURANCE COMPANY LIMITED (Company  Registration Number 15454)
whose registered  office is at 142 HoIbom Bars London EClN 2NH (the "Landlord");
and

2)  ARCHER  GROUP  MANAGEMENT  SERVICES  LIMITED  (Company  Registration  Number
02733994) whose registered office is at 1 Minster Court Mincing Lane London EC3R
7AA (the "Tenant")

3) ARCHER\HOLDINGS  PLC (Company  Registration Number 02186145) whose registered
office  is at 4th  Floor  Holland  House 1-4 Bury  Street  London  EC3A 51A (the
"Guarantor")

W I T N E S S E S  as follows:

1.       INTERPRETATION

1.1 IN this Lease, where the context so admits, the following  expressions shall
include as follows:

1.1.1     Access  Ramp"  means the entrance and exit ramp from Mark Lane down to
basement  level and the entrance and exit way  connecting to the Basement all of
which is shown  coloured  brown on Plan 1, Plan 2 and Plan 3, as altered,  added
to,  extended,  varied,  stopped up or repositioned  under the Third Schedule or
such alternative  entrance and exit to and from a public highway as the Superior
Landlord or the Landlord may from time to time designate thereunder

1.1.2    "Basement" means the basement in the building

1.1.3     "Building" means the building  currently known as Number Two Minster
Court which now abuts Mark Lane,  Dunster  Court and Minster Court the extent of
which is shown (for the purposes of identification  only) edged  red on  Plan 1,
Plan 2, Plan 3 and Plan 4 and which includes (without limitation):

                                        1

<PAGE>

(a)  the roof, all external walls and the main structure thereof and the
     foundations piles and soil upon which the Building rests; and
(b)  all  landlord's  fixtures,   fittings,  plant,  machinery,   apparatus  and
     equipment  now  or  hereafter  in or  upon  the  same,  including,  without
     limitation, the Fixtures; and
(c)  all additions alterations and improvements thereto from time to time

1.1.4     "Building Common Ruts"  means such  parts of the  Building  as are not
designed for letting or beneficial use and occupation  (together with such other
parts  as are  occupied  or (the  Landlord  acting  reasonably  in this  regard)
reserved  for  occupation  for the purpose of the  management  of the  Building)
together  with  the Car  Park or such  other  parts  of the  Building  as may be
reasonably  required by the Landlord (but excluding the Demised  Premises or any
part thereof)

1.1.15   "Building Expenditure" means the sum calculated pursuant to Clause 8.2

1.1.6    "Building Regulations" means the regulations set out or referred to in
Clause 3.3 1 and the Tenth Schedule;

1.1.7 "Building  Service Charge" means a sum equal to such reasonable and proper
proportion as the Landlord may from time to time reasonably and properly specify
of the Building Expenditure

1.1.8 "Building  Services" means the services  amenities and payments set out in
Section I of the Seventh Schedule

1.1.9 "Car Park" shall mean the car park  situated in the Basement and shown for
identification purposes edged yellow on Plan 1

1.1.10  "Conducting  Media"  means  pipes,  wires,   cables,   sewers,   drains,
watercourses,  trunking,  ducts,  conduits and other media for the  provision of
water,  electricity,   gas,   telecommunications,   heating,   air-conditioning,
ventilation,  fire alarm or other  services and  includes  any fixing,  louvres,
cowls and other ancillary apparatus

1.1.11 "Demised  Premises" means the premises  situate on the third floor of the
Building more particularly described in the First Schedule and includes each and
every part thereof

                                        2

<PAGE>

1.1.12  "DunsterCourt  Documents"  means the agreement dated 15th September 1988
between  The  Prudential  Assurance  Company  Limited  (1) and the  Clothworkers
Company (2) and  includes the deed  agreement  and lease at Annexures A, B and C
thereof  respectively   (whenever  the  same  are  completed)  in  the  form  or
substantially  in the form of those  annexed to such  agreement and includes any
other documents or arrangements  governing the use of Dunster Court from time to
time

1.1.13  "Dunster  Court  Access" means the access road from Mincing Lane and the
turning circle and other areas shown  coloured  yellow on Plan 3 and as altered,
added to, extended,  varied, stopped up or repositioned under the Third Schedule
or such alternative  vehicular  access as the Superior  Landlord or the Landlord
may from time to time designate thereunder

1.1.14  "Estate"  means the land shown  edged blue on Plan 1, Plan 2, Plan 3 and
Plan 4 together with any additional land in the  neighbourhood  of the Estate in
which the Superior  Landlord or the Landlord or a Group  Company of the Superior
Landlord or the  Landlord  shall  acquire a freehold or  leasehold  interest and
which  the  Superior  Landlord  or the  Landlord  from  time to time  reasonably
designates  as part of the Estate,  together in each case with all buildings and
appurtenances  thereon  from  time to time and all  additions,  alterations  and
improvements thereto

1.1.15  "Estate  Common Parts" means those parts (other than the Building or the
building  known as Number One or Number Three Minster Court) of the Estate (such
parts not being  publicly  adopted) which are from time to time intended for the
common use and  enjoyment  of the tenants or occupiers of the Estate and persons
claiming  through or under them  (whether or not other parties are also entitled
to use and enjoy the same) and includes without prejudice to the foregoing:

a)       Minster Court, the Access Ramp, the Dunster Court Access and Minster
         Pavement (as referred to in Clause 1.1.43);

b)       roads to the point of connection with a highway maintainable at public
         expense;

c)       bridges, kerbs, pavements, footpaths, landscaped areas, and open areas,
         including the central court and courtyard;

d)       malls,  walkways,  pedestrian ways,  concourses and circulation  areas,
         staircases, travelators,  escalators, elevator ramps and lifts, loading
         bays,  tirecourts,  service roads, service areas and service bays which
         are not and are not intended to be the  responsibility  of a particular
         tenant or tenants;

                                        3

<PAGE>

e)       Conducting Media therein which are not and are not intended to be the
         responsibility of a particular tenant or group of tenants;

f)       foundations, pilings, substructures, floors, walls, Glazed Roof, ramps,
         accessways, entrances, exits and any other matters or things which make
         up those parts of the Estate  which are not and are not  intended to be
         the  responsibility  of a particular  tenant or tenants,  as any of the
         same  may  be  altered,   added  to,  extended,   varied,  stopped  up,
         repositioned or substituted under the Third Schedule

1.1.16 "Estate  Expenditure" means either (i) for so long as the Landlord is the
Freeholder of the Estate Common Parts the sum calculated  pursuant to Clause 7.3
or (ii) in the event of the Landlord  ceasing to be the Freeholder of the Estate
Common Parts and no longer responsible for providing the Estate Services the sum
payable from time to time by the Landlord under the provisions of the Head Lease
or otherwise to the person responsible for supplying the Estate Services

1.1.17    "Estate Regulations" means the regulations set out or  referred to  in
Clause 3.30 and the Ninth Schedule

1.1.18 "Estate  Service  Charge" means a sum equal to such reasonable and proper
proportion as the Landlord may from time to time reasonably and properly specify
(having regard to all relevant factors) of the Estate Expenditure

1.1.19 "Estate  Services" means the services,  amenities and payments set out in
Section I of the Sixth Schedule

1.1.20  "Excluded  Plant" means the air handling  ducts and the VAV boxes in the
void above the suspended ceilings within the Demised Premises and all Conducting
Media not exclusively serving the Demised Premises

1.1.21  "Fixtures"  means all  landlord's  fixtures  and fittings in or upon the
Demised Premises  including  (without  limitation) any electrical and mechanical
plant, machinery,  equipment and apparatus and the water and sanitary apparatus,
lights, lighting,  false ceilings,  floor coverings,  aerials and communications
systems,  all Conducting Media exclusively  serving the Demised Premises and all
additions  alterations  and  improvements  thereto  made  from time to time (but
excluding all tenant's and trade fixtures and fittings and the Excluded Plant)

                                        4

<PAGE>

1.1.22 "Force Majeure" means (a) any emergency,  damage to or destruction of any
installations  or apparatus,  mechanical or other defect or breakdown not caused
by any act or default of the Landlord where the Landlord has acted prudently and
with due diligence (b) frost or other inclement conditions,  shortage of energy,
supplies,  fuel,  materials,  water or  labour,  strikes  or  lockouts  or other
industrial  action,   enemy  action,   war  or  civil  commotion,   governmental
restrictions,  acts of God and (c) any other  cause  beyond  the  control of the
Landlord

1.1.23  "Glazed  Roof" means the glazed roof and supports over Minster Court the
Access Ramp and between the  Building  and Number  Three  Minster  Court and the
Building  and  Number  One  Minster  Court and  includes  any  reinstatement  or
replacement  thereof and any new roof in such areas whether or not wholly glazed
or at the same level as that now in existence

1.1.24 "Group Company" means any company which is for the time being a member of
the same group of  companies  as the Landlord or the Tenant (as the case may be)
within the meaning of Section 42(l) of the Landlord and Tenant Act 1954

1.1.25  "Guarantor"  means  the  person  from  time  to  time  guaranteeing  the
obligations  of the Tenant in this Lease and  includes  the party so named above
and in the case of an  individual  includes his or her personal  representatives
and in the case of a company includes any company into which it shall merge

1.1.26 "Head Lease" means the superior  lease under which the Landlord holds the
Building and all leases superior thereto

1.1.27   "Initial Rent" means the following clear yearly rents for the following
         periods:

         a)       from and  including 25 April 1994 to and  including 23 June
                  1994 - rent at the rate of pounds 03,091.59 per annum

         b)       from and including 24 June 1994 to and including 24 March 1996
                  - rent at the rate of pounds 364,768 per annum;

         c)       from and including 25 March 1996 to and including 24 March
                  1998 - rent at the rate of pounds 521,729 per annum;

         d)       from and including 25 March 1998 to and including 24 December
                  1998 - rent at the rate of pounds 577,786 per annum;

                                        5

<PAGE>

1.1.28  "Insurance  Rent"  means  a  reasonable  and  proper  proportion  of the
aggregate of:

         (i)      the sums which the Landlord may from time to time incur in
                  respect of insurance in accordance with the provisions of
                  Clause 6.1; and

         (ii)     the  costs  from  time  to time  of any  insurance  valuations
                  carried out by the Landlord in respect of the Building at such
                  periods as the Landlord may reasonably consider appropriate

1.1.29  "Insured  Risks"  means (to the extent that the same are  insurable  and
subject to such  exclusions and limitations or conditions as may be imposed from
time to time by the  insurers  or  contained  in the  policy of  insurance  such
exclusions  limitations and conditions in both cases being reasonably  common in
the  insurance  market at the time of  imposition  and which the Landlord  shall
notify to the Tenant  forthwith upon becoming  aware  thereof) fire,  lightning,
explosion, storm, tempest, flood, earthquake,  bursting and overflowing of water
tanks,  apparatus and pipes, riot, civil commotion,  malicious damage, impact by
any  vehicle  aircraft  or aerial  device or by any  article  dropped  therefrom
subsidence  heave  landslip and  landslide  and such other risks as the Landlord
shall from time to time reasonably consider necessary

1.1.30  "Interest  Rate" means the base rate for the time being of Midland  Bank
public limited  company or such other rate or rates for the time being replacing
the same by  reference to which London and  Scottish  Clearing  Banks  determine
their own rates of interest or if none such rate of interest as the Landlord may
reasonably and properly specify

1.1.31  "Internal  Decoration  Year" means the year ending 3 1 December 1998 and
thereafter every subsequent fifth year of the Term (subject to the provisions of
Clause 3.3.4)

1.1.32  "Landlord"  includes the person  entitled to the  reversion for the time
being immediately expectant on the Term

1.1.33 "Landlord's  Specification" means the specification annexed to this Lease
so marked and signed on behalf of the parties for identification purposes

                                        6

<PAGE>

1.1.34  "Landlord's  Surveyor" means a surveyor or member of a firm of Surveyors
instructed by the Landlord for any of the purposes of this Lease which  surveyor
or member shah be a fellow or  associate of the Royal  Institution  of Chartered
Surveyors  or the  Incorporated  Society of  Valuers  and  Auctioneers  and such
surveyor may be a person employed directly by the Landlord or a company which is
a Group Company of the Landlord

1.1.35 "this Lease" means this Lease and any document which is made supplemental
hereto or which is entered  into  pursuant'to  or in  accordance  with the terms
hereof

1.1.36 "Lettable Areas in the Building" means those parts of the Building leased
or intended to be -leased to  occupational  tenants (but  excluding any parts of
the Building  leased or intended to be leased to statutory  undertakers  for the
purpose of the carrying out of their statutory obligations

1.1.37  "Lettable  Areas in the Estate" means those parts of any building on the
Estate leased or intended to be leased to  occupational  tenants (but  excluding
any  parts of such  building  leased  or  intended  to be  leased  to  statutory
undertakers fir the purposes of the carrying out of their statutory obligations)

1.1.38  "Loading  Bay" means the loading bay at Basement  Level as shown for the
purpose of identification only coloured orange on Plan Numbered 1

1.1.39 "Management Company" means any company appointed by the Landlord pursuant
to Clause 5.18

1.1.40  "Management  Premises" means any  administrative and control offices and
centres  and  stores  reasonably  maintained  by the  Landlord  or the  Superior
Landlord or the person  responsible  for providing the Estate Services from time
to time for the  purposes  of  managing  the  Estate  and  providing  the Estate
Services  and/or,  as the case may be,  managing the Building and  providing the
Building  Services  together  with  any  accommodation   including   residential
accommodation (if any) reasonably  provided by the Landlord or such other person
from time to time for a guard or manager  employed by it for purposes  connected
with the Estate and/or the Building (whether or not within the Estate)

1.1.41  "Minster  Court" means the main entrance to the Estate from Mincing Lane
and the covered steps, doors, gates,  courtyards and piazza now fronting each of
the buildings in the Estate and which is shown  coloured pink on Plan 3 and Plan
4 as altered,  added to, extended,  varied, stopped up or repositioned from time
to time under the Third Schedule or such

                                        7

<PAGE>

alternative main entrance to the Estate or the Building from a public highway as
the Superior Landlord or the Landlord may from time to time designate thereunder

1.142  "Minster  Court  Access  Hours"  means the hours of 7.00 am to 7.00 pm on
Monday  to  Friday  inclusive  and  8.00 am to 1.00 pm on  Saturdays  (excluding
Christmas Day, Good Friday and all usual bank or public holidays) as being those
during which the  entrances and exits to and from Minster Court are open or such
other  reasonable  hours  specified by the Superior  Landlord or the Landlord as
being those  during  which the same are to be open  Provided  That the  Superior
Landlord or the  Landlord  may close the  entrances  and exits of Minster  Court
and/or the Pedestrian Mall to and from the Dunster Court Access independently of
all other  entrances  and exits at such times of day and during  such days as it
may reasonably require in order to accord with the Dunster Court Documents or as
may be reasonably necessary or for the more effective security of the Estate and
the Estate Common Parts

1.1.43 "Pedestrian Mall" means the mall now known as Minster Pavement connecting
from the Dunster Court  Entrance  through the Estate at lower ground floor level
to Mincing Lane as is shown coloured purple on Plan Number 3

1.1.44  "Permitted Part" means any part of the Demised Premises but so that such
part shall have reasonable  arrangements for access to the Building Common Parts
and to lavatories within the Demised Premises

1.1.45  "Permitted  User" means use as good class offices  within Class Bl(a) of
the Town and Country Planning (Use Classes) Order 1987 (such Order to be read as
at the  date  of this  Lease  and  not  having  regard  to any  modification  or
reenactment thereof) together with ancillary storage

1.1.46   "Plan 1" means Plan Number 1344 S/1.2/10 annexed hereto
         "Plan 2" means Plan Number 1344 S/1.2/11 annexed hereto
         "Plan 3" means Plan Number 1344 S/1.2/12 annexed hereto
         "Plan 4" means Plan Number 1344 S/1.2.13 annexed hereto
         "Plan 5" means the plan numbered such annexed hereto

1.1.47 "Planning Acts" means the "consolidating Acts" as defined in the Planning
(Consequential Provisions) Act 1990 or any statutory modification or reenactment
of any such Acts for the time being in force and any  regulations or orders made
or having effect thereunder

                                        8

<PAGE>

1.1.48  "Reinstatement  Cost" means the costs of reinstating the Building at the
time  when such  reinstatement  is likely  to take  place  having  regard to any
possible  increases  in  building  costs  in a sum  which  includes  the cost of
demolition,  shoring up, site  clearance,  ancillary  expenses  and  architects'
surveyors'  and other  professional  fees and  Value  Added Tax on all the items
mentioned in this definition

1.1.49  "Retained  Parts" means all parts of the Building (which do not comprise
Lettable Areas in the Building or Estate Common Parts) including but not limited
to:
         a)       the Building Common Parts;
         b)       the Management Premises;
         c)       any parts of the Building reserved by the Landlord for the
                  housing of plant, machinery and equipment or otherwise in
                  connection with or required for the provision of services;
         d)       all Conducting Media in, upon, over or under or exclusively
                  serving the Building except any that form part of and
                  exclusively serve the Lettable Areas in the Building;
         e)       the main structure of the Building and in particular,  but not
                  by way of limitation,  the roof, foundations,  external walls,
                  internal load- bearing walls and the  structural  parts of the
                  roof,  ceilings  and floors,  all party  structures,  boundary
                  walls,  the  Basement,  railings  and fences and all  exterior
                  parts  of the  Building  and all  roads,  pavements,  pavement
                  lights and car parking  areas (if any) within the curtilage of
                  the Building;
         f)       the smoke vents in the Building;
         g)       the Excluded Plant;
         h)       such other parts of the Building as may be reasonably
                  designated as such by the Landlord

1.1.50  "Service  Systems" means all  Conducting  Media within the Estate or the
Building  which serve both the Demised  Premises and other Lettable Areas in the
Building and/or Lettable Areas in the Estate

                                        9

<PAGE>

1.1.51  "Superior  Landlord" mans the landlord under the Head Lease or other the
person or persons for the time being entitled to any estate or estates which are
reversionary  (whether  immediate  or  mediate)  upon the  Landlord's  estate or
interest in the Demised Premises or the Estate

1.1.52 "Tenant"  includes the successors in title and assigns of the Tenant,  as
the case may be and, in the case of an individual,  includes his or her personal
representatives

1.1.53  "Term"  means the term of fifteen (15) years  commencing  on 25 December
1993 (the "contractual term") and includes the period of any holding over or any
continuation whether by statute or common law

1.1.54 "VAT Deed" means the deed of today's date  between the parties  hereto in
relation to VAT on the rents hereby reserved

1.1.55  "Water  Charges"  means the Water Bate  together  with any  charges  for
services  performed,  facilities  provided or rights made available by the water
authority under the powers granted by the Water Act 1989 including,  but without
limitation, sewerage and environmental charges

1.1.56 "Water  Testing"  means the carrying out of all tests and sampling of the
water  and  sanitary  systems  within  the  Building  as may  in the  Landlord's
reasonable  opinion from time to time be appropriate or necessary in relation to
health or hygiene,  including,  without limitation, such testing and sampling as
may be required by any relevant legislation or applicable code of practice

1.2 Interpretation
    Unless there is something in the subject or context inconsistent therewith:-

1.2.1 any words or expressions  importing the singular  number shall be taken to
include  the plural  number and vice versa and words  importing  gender shall be
taken to include any other gender;

1.2.2 where two or more  persons are  included in the  expression  the  "Tenant"
and/or the "Landlord"  and/or the  "Guarantor" the covenants which are expressed
to be made by the Tenant  and/or the  Landlord  and/or  the  Guarantor  shall be
deemed to be made by such persons jointly and severally;

1.2.3 words importing persons shah include firms, companies and corporations and
vice versa;

                                      10

<PAGE>

1.2.4 any covenant or  regulation to be observed by the Tenant not to do any act
or thing shall include an  obligation  not to cause permit or suffer such act or
thing to be done by it, its tenants, undertenants, agents, contractors or others
for whom it is responsible;

1.2.5 references  either to any right of the Landlord to have access to or entry
upon the  Demised  Premises  or the  rights  of the  Tenant in  relation  to any
adjoining properly shall be construed as extending  respectively to the Superior
Landlord and all persons  authorised  by the Landlord and the Superior  Landlord
and (as the case may be) by the Tenant including agents,  professional advisers,
contractors, workmen and others with or without plant and materials;

1.2.6 whenever the consent or approval of the Landlord is required, the relevant
provision  shall be construed as also  requiring  the consent or approval of the
Superior Landlord if it is also required pursuant to the Head Lease, and nothing
in the Lease shall be construed as implying that the Superior  Landlord shall be
under any obligation not unreasonably to withhold its consent or approval

1.2.7 any  reference  to a statute  (whether  specifically  named or not)  shall
include any amendment or reenactment of such statute for the time being in force
and  all  instruments,  orders,  notices,  regulations,   directions,  bye-laws,
permissions  and plans for the time being made,  issued or given  thereunder  or
deriving validity therefrom;

1.2.8 reference to any agreement,  contract, deed or document shall be construed
as including any amendment,  variation,  alteration or modification  thereto and
any novation thereof and any thing supplemental thereto;

1.2.9  reference  to Value Added Tax shall  include any tax of a similar  nature
substituted for Value Added Tax;

1.2.10 the titles and headings  appearing in this Lease are for  reference  only
and shall not affect its construction;

1.211  any reference to a clause or schedule means a clause or schedule of this
       Lease

2.       DEMISE AND RENTS
In  consideration  of the  rents  and  covenants  on  the  part  of  the  Tenant
hereinafter  reserved and contained the Landlord  hereby demises unto the Tenant
ALL THAT the Demised  Premises  TOGETHER WITH the rights specified in the Second
Schedule  EXCEPT AND  RESERVED as  mentioned  in the Third  Schedule TO HOLD the
Demised Premises unto

                                       11

<PAGE>

the Tenant for  the Term SUBJECT to any matters  specified or referred to in the
Fourth Schedule and to all rights, covenants, conditions, agreements, easements,
quasi-easements  or licences  whatsoever  affecting the Demised  Premises PAYING
therefor  yearly during the Term and so in  proportion  for any less time than a
year

2.1  first  the  Initial  Rent or such  rent  ascertained  from  time to time in
accordance  with  the  provisions  contained  in the  Fifth  Schedule  by  equal
quarterly  payments in advance on the four usual  quarter days in every year the
first such  payment to be  calculated  from 25 April 1994 to 28  September  1994
(both dates inclusive) and to be made on 24 June 1994;

2.2 second,  by way of further or additional rent (severally) the Estate Service
Charge and the Building  Service Charge  calculated in the manner and payable at
the times specified in Clause 7 and Clause 8 respectively;

2.3 third,  by way of  further or  additional  rent each of the  Insurance  Rent
payable to the Landlord  within fourteen (14) days of demand and the Electricity
Charge (as defined in the Eleventh  Schedule)  payable at the times specified in
such schedule;

2.4 fourth,  within fourteen days of demand by way of further or additional rent
(but in addition  and without  prejudice to any right of reentry or other remedy
herein  contained  or by law vested in the  Landlord)  all sums  referred  to in
Clauses 3.10 and 3.25;

2.5 fifth,  by way of further or  additional  rent (but in addition  and without
prejudice  to any right of reentry or other  remedy  herein  contained or by law
vested in the  Landlord)  any other  moneys which are by this Lease stated to be
recoverable  as rent in at-rear to be paid to the  Landlord as therein  provided
within fourteen (14) days of demand; and

2.6 sixth, by way of further or additional rent any Value Added Tax which may be
chargeable in respect of any rents or other sums  reserved or payable  hereunder
ALL  such  rents  to be paid  without  any  deduction,  set-off,  counter-claim,
abatement  or  reduction  whatsoever  (except for tax  required by statute to be
deducted)

3.   TENANT'S COVENANTS
     THE Tenant HEREBY COVENANTS with the Landlord as follows:

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<PAGE>

3.1       Rents
To pay the rent first hereby  reserved,  the Insurance  Rent, the Estate Service
Charge,  the Building  Service Charge and the Electricity  Charge (as defined in
the Eleventh Schedule hereof) and all other rents at the times and in the manner
specified in Clause 2 without any deduction, set-off,  counter-claim,  abatement
or reduction whatsoever (except as mentioned above)

3.2.     Outgoings
3.2.1  (Subject  only to any  statutory  direction  to the  contrary) to pay and
discharge  all  rates and  Water  Charges,  taxes,  assessments,  outgoings  and
impositions  whatsoever  (save to the extent  that the same are  included in the
Building Service Charge or in the Estate Service Charge) (whether parliamentary,
parochial,  local or otherwise and whether or not of a capital or  non-recurring
nature or of a wholly novel character), together with any Value Added Tax on any
of the same, which are now or may at any time hereafter be assessed,  charged or
imposed upon the Demised Premises or on the owner or occupier in respect thereof
and all proper proportions  thereof (except income or corporation tax payable by
the Landlord in respect of rents and other payments  arising under this Lease or
income or  corporation  tax or Value Added Tax or capital gains tax payable as a
result of any dealing with any reversion  immediately or mediately  expectant on
the Term)

3.2.2 To pay and contribute  within fourteen (14) days of demand to the Landlord
a fair and reasonable  proportion  (to be fairly and properly  determined by the
Landlord's Surveyor) of the costs,  charges, fees and expenses properly expended
or incurred by the Landlord (but only to the extent that the same do not fall to
be included in the Estate  Service  Charge or the  Building  Service  Charge) in
making, laying, repairing,  maintaining,  rebuilding,  decorating, cleansing and
lighting  (as the case may be) any  roadways  or  courts,  passages,  pavements,
turntables, party walls or fences, party structures, pipes or other conveniences
and  easements  whatsoever  which may  belong to, or be capable of being used or
enjoyed by, the Demised  Premises in common with any  adjoining  property and in
default of payment to be recoverable as rent in arrear

3.2.3 To indemnify the Landlord  against any loss to the Landlord of void rating
relief  (or part  thereof)  which  would  have been  applicable  to the  Demised
Premises by reason of the Demised  Premises  being  vacant  after the end of the
Term (or any earlier  determination  thereof) but which is not  available to the
Landlord  on the ground  that such relief (or part  thereof)  has  already  been
allowed to the Tenant

3.2.4 To  co-operate  with the Landlord in respect of  contesting  any outgoings
referred to in Clause 3.2.1 or appealing any assessments  related thereto and to
supply to the Landlord forthwith

                                       13

<PAGE>

upon  receipt  copies  of any  such  assessments  and to make  available  to the
Landlord such information in respect thereof as the Landlord reasonably requests

3.2.5 Not to agree or appeal or contest any such  outgoings  or any  assessments
related  thereto  without the prior  approval in writing of the  Landlord  (such
approval not to be unreasonably withheld or delayed)

3.2.6 To pay to the suppliers and indemnify the Landlord against all charges for
telephone,  water,  gas (if any) and  other  services  consumed  in the  Demised
Premises during the Term including any connection charge and meter  installation
costs and rents

3.2.7    (a)      To perform and observe all present and future  regulations
                  and requirements of the electricity,  telephone, gas and water
                  supply or other authorities; boards or companies in respect of
                  the supply and consumption of electricity, telephone services,
                  gas, water and other  services on the Demised  Premises and to
                  keep the Landlord indemnified against any breach thereof

         (b)      To pay to the  Landlord or as it may direct an amount equal to
                  any rebate or rebates which the Tenant or any under-tenant may
                  receive from a statutory  undertaker in respect of the capital
                  costs  incurred  by  the  Landlord  or  Group  Company  of the
                  Landlord for providing water, foul and surface water drainage,
                  gas, electricity and telecommunications

3.3      Repairs and Decorations
3.3.1 (Damage by the Insured  Risks  excepted save to the extent that payment of
the insurance  monies shall be withheld by reason of any act, neglect or default
of the  Tenant or any  under-tenant  or person  under its or their  control)  to
repair and keep the  Demised  Premises  and any  Conducting  Media  outside  the
Demised Premises exclusively serving the same in good and substantial repair and
condition and where necessary in order so to do to renew,  rebuild and reinstate
the Demised Premises or any part thereof

3.3.2 To replace from time to time any  Fixtures  which may be or become in need
of  replacement  with new ones which are  similar in type and quality so that at
all times throughout the Term the Fixtures shah be in first class repair working
order and  condition  as  appropriate  to the size  quality and  prestige of the
Demised Premises and the Building and the Estate of which they are part

3.3.3 To keep all  mechanical  and electrical  plant,  machinery,  apparatus and
equipment (not being  Excluded  Plant or moveable  property of the Tenant or any
under-tenant) in or exclusively

                                       14

<PAGE>

serving the Demised Premises  properly  maintained and in good working order and
condition and for that purpose:

a)       either (i) (subject to such contractors offering reasonable commercial
         terms) to employ the contractors of the Landlord for the maintenance
         and service of the air-conditioning and other plant within the Demised
         Premises(such contractors to be notified to the Tenant by the Landlord)
         or (ii) in the event of the Landlord not employing contractors, to
         employ such reputable contractors as may be approved by the Landlord,
         such approval not to be unreasonably withheld or delayed, regularly to
         inspect, maintain and service the same and to supply to the Landlord
         upon request copies of any contracts entered into by the Tenant in
         respect thereof;

b)       to renew or replace all working and other parts as and when necessary
         and (if reasonably required by the Landlord) on the expiration or
         sooner determination of the Term; and

c)       to ensure by directions to the Tenant's staff and otherwise that such
         plant and  machinery is properly operated

3.3.4 In every Internal  Decoration  Year and also in the last six months of the
Term (whether  determined  by effluxion of time or  otherwise)  (hut so that the
Tenant  shall not be  required  in the last  twelve  (12)  months of the Term to
comply  with this  sub-clause  otherwise  than in the last six (6) months of the
Term)in a good and workmanlike manner to prepare and decorate (with two coats at
least of good  quality  paint) in colours to be approved by the  Landlord  (such
approval  not to be  unreasonably  withheld or delayed)  or  otherwise  treat as
appropriate all parts of the Demised  Premises  required to be so treated and as
often as may be  reasonably  necessary  properly to wash down all tiles,  glazed
bricks and similar  washable  surfaces  including  all doors  fronting  onto the
Building  Common  Parts,  such  decorations  and  treatment  to be  executed  in
accordance  with the  reasonable  conditions  set down for the  treatment of the
internal face of the cladding of the Building as the Landlord shall from time to
time provide to the Tenant

3.3.5 To keep the Demised Premises in a clean and tidy condition and as and when
necessary at least once in every two (2) months properly to clean the insides of
all windows and window frames and all other glass in the Demised Premises

3.3.6 To maintain and when necessary (if reasonably required by the Landlord) on
the  expiration  or sooner  determination  of the Term to replace the carpets or
such other floor coverings

                                       15

<PAGE>

now or from time to time laid in the Demised  Premises with new carpets or other
floor coverings of equivalent quality and value

3.4      Yielding Up
3.4.1    Immediately prior to the expiration or sooner determination of the Term
         at the cost of the Tenant:

(a)      to replace any of the' Fixtures  which shall be missing  broken damaged
         or destroyed with new ones of similar kind and quality;

(b)      to remove from the Demised Premises and the Building and the Estate any
         moulding,  sign,  writing or  painting  of the name or  business of the
         Tenant or occupiers and all tenant's  fixtures  fittings  furniture and
         effects and to make good to the reasonable satisfaction of the Landlord
         all damage caused by such removal;

(c)      to the extent required by the Landlord but not otherwise, to remove all
         wiring,  cabling and other conducting material installed in the Demised
         Premises  and the Estate or the  Building  by or at the  request of the
         Tenant  or  any  undertenant  in  respect  of  video,  data  and  sound
         communications, including telephones; and

(d)      to the extent  required by the  Landlord  but not  otherwise,  well and
         substantially  to remove  all  alterations  carried  out by the  Tenant
         during the Term or prior to the  commencement  thereof  (including  any
         works under Clause 3.12) and to reinstate the Demised Premises in or to
         the condition  specified in the Landlord's  Specification and otherwise
         in such  manner as the  Landlord  shall  reasonably  direct  and to its
         reasonable satisfaction

3.4.2  At the expiration or sooner determination of the Term quietly to yield up
the  Demised  Premises  to the  Landlord  in good  and  substantial  repair  and
condition in accordance with the covenants and other  obligations on the part of
the Tenant contained in this Lease

3.5  Statutory Requirements
3.5.1 Within  fourteen  (14) days (or sooner if requisite  having  regard to the
requirements of the notice in question or the time limits stated therein) of the
receipt  of the same,  to produce  to the  Landlord a true copy and any  further
particulars  reasonably  required by the Landlord of any  permission,  notice or
order or proposal for a notice or order  relevant to the Demised  Premises or to
the Estate or to the  Building or to the use or  condition  thereof or otherwise
concerning  the Tenant  made,  given or issued to the Tenant or  occupier by any
government department or local or public authority AND without delay to take all
necessary steps to

                                       16

<PAGE>

comply therewith so far as the same is the responsibility of the Tenant AND ALSO
at the  request of the  Landlord  but at the cost of the Tenant to the extent to
which it relates to the Demised  Premises  to make or join with the  Landlord in
making  such  objections  or  representations  against or in respect of any such
notice  order or proposal as aforesaid as the  Landlord  shall  reasonably  deem
expedient

3.5.2  At the expense of the  Tenant,  to execute  and comply with all works and
other  requirements  whatever  as may  now or at any  time  during  the  Term be
lawfully  directed  or  required  by any  local or  other  public  or  competent
authority  or Court of  competent  jurisdiction  or statute  (including  without
limitation  the Offices,  Shops and Railways  Premises Act 1963,  the Health and
Safety at Work Etc. Act 1974 and the Fire Precautions Act 1971) or bye-law to be
executed  or done upon or in respect of the  Demised  Premises  or any  addition
thereto or any part  thereof  or the user  thereof or  employment  or  residence
therein  of any  person or persons or  fixtures,  machinery,  plant or  chattels
therein  or by  the  owner  or  occupier  thereof  and  to  indemnify  and  keep
indemnified the Landlord at all times against all costs, charges and expenses of
or  incidental  to any such works,  things or  requirements  and not at any time
during  the Term to do (or omit to do any act or thing for  which the  Tenant is
responsible  hereunder) on or about the Demised Premises or any part or parts of
the  Building or the Estate used for the  purposes of but not  comprised  in the
Demised  Premises any act or thing by reason of which the Landlord may under any
order or enactment  incur or have  imposed  upon it or become  liable to pay any
penalty, damages, compensation, costs, charges or expenses

3.5.3 To comply with all reasonable rules and regulations which the Landlord may
from time to time  promulgate  in relation to the  maintenance  of the water and
sanitary  systems (if any)  within the Demised  Premises  and,  when  reasonably
required by the Landlord,  to shut down such of the water or sanitary systems as
the Landlord may specify to enable the Landlord to carry out Water Testing

3.6    Planning Acts
3.6.1  At all  times  during  the  Term,  to  comply  in all  respects  with the
provisions  and   requirements  of  the  Planning  Acts  and  of  all  consents,
permissions  and  conditions  (if any)  granted  or  imposed  or  having  effect
thereunder  so far as the same  respectively  relate  to or affect  the  Demised
Premises or any part thereof or any operations, works, acts or things already or
hereafter  to be  carried  out,  executed,  done or  omitted  thereon or the use
thereof for any purpose

3.6.2 At the expense of the Tenant,  to obtain all planning  permissions and any
other  consents and to serve all notices as may be required for the carrying out
or continuation of any operation

                                       17

<PAGE>

or use on the Demised  Premises which may constitute  development but so that no
application for planning  permission or for a determination  under Section 64 of
the Town and Country  Planning Act 1990 shall be made or any notice given to any
authority of the  commencement  or carrying out of any development nor shall any
notice be given of an  intention  to commence or carry out the same  without the
prior  written  consent of the  Landlord,  such  consent not to be  unreasonably
withheld or delayed

3.6.3 To pay and  satisfy  any charge that may  hereafter  be imposed  under the
Planning  Acts  in  respect  of the  carrying  out or  maintenance  of any  such
operations or the  institution  or continuance of any such use as is referred to
above

3.6.4  Notwithstanding  any consent  which may be granted by the Landlord  under
this Lease,  not to carry out or make any  alteration or addition to the Demised
Premises or any change of use thereof (being an alteration or addition or change
of use which is prohibited by or for which the Landlord's consent is required to
be  obtained  under this Lease and for which a planning  permission  needs to be
obtained)  before  a  planning  permission  therefor  has been  produced  to the
Landlord  and  acknowledged  by it  in  writing  as  satisfactory  to it  (which
acknowledgement  will not be  unreasonably  withheld or delayed) But so that the
Landlord  may  refuse so to  express  its  satisfaction  with any such  planning
permission  on the  ground  that the period  thereof,  any  condition  contained
therein  or  anything  omitted  therefrom  in  the  reasonable  opinion  of  the
Landlord's  Surveyor  would be or be likely to be  prejudicial to the Landlord's
interest in the Demised  Premises or the Building or the Estate  whether  during
the Term or following the determination or expiration thereof

3.6.5  Unless the Landlord  shall  otherwise  direct,  to carry out and complete
before the expiration or sooner determination of the Term:

         a)       any works stipulated to be carried out to the Demised Premises
                  by  a  date   subsequent   to  such   expiration   or   sooner
                  determination  as  a  condition  of  any  planning  permission
                  granted for any  development  begun before such  expiration or
                  sooner determination; and

         b)       any development begun upon the Demised Premises in respect of
                  which the Landlord shall or may be or become liable for any
                  charge or levy under the Planning Acts

3.6.6  If and when called  upon so to do,  to  produce  to the  Landlord  or the
Landlord's  Surveyor all such plans documents and other evidence as the Landlord
may reasonably require in

                                       18

<PAGE>

order to  satisfy  itself  that the  provisions  of this  Clause  3.6 have  been
complied  with in all respects  3.7 To comply with  Notices  3.7.1 To permit the
agents of the Landlord and/or the Superior  Landlord at all reasonable  hours in
the  daytime  upon  giving  reasonable  prior  written  notice to the Tenant (or
without notice in the case of emergency) with or without workpeople or others to
enter and remain upon the Demised Premises or any part thereof to view the state
and  condition of the Demised  Premises and to ensure that nothing has been done
which  constitutes,  or may  tend  to  constitute,  a  breach  of the  covenants
contained in this Lease and to give or leave on the Demised  Premises  notice in
writing to the Tenant of any such breach

3.7.2  Whenever  the  Landlord  shall give  written  notice to the Tenant of any
defects,  wants of repair or breaches of covenant, the Tenant shall within sixty
(60) days of such  notice,  or sooner if  requisite,  make good and  remedy  the
breach of covenant to the  reasonable  satisfaction  of the  Landlord and if the
Tenant  shall fail within  twenty-one  (21) days of such  notice,  or as soon as
reasonably  possible in the case of emergency,  to commence and then  diligently
and expeditiously to continue to comply with such notice,  the Landlord may (but
without prejudice to any right of forfeiture or any other right of the Landlord)
enter the Demised  Premises  and carry out or cause to be carried out all or any
of the works  referred  to in such  notice  and all costs and  expenses  thereby
reasonably and properly  incurred shall be paid by the Tenant to the Landlord on
demand and, in default of payment, shall be recoverable as rent in arrear

3.8      Rights of entry by Landlord
To permit the Landlord and/or the Superior  Landlord or its or their  respective
agents  or  workpeople  and also the  tenants  and  occupiers  of any  adjoining
premises  or  their  workpeople  and  all  persons  authorised  by the  Landlord
(reasonably)  and/or  the  Superior  Landlord  with  or  without  all  necessary
materials and appliances at all  reasonable  times during the Term at reasonable
hours upon  giving  reasonable  prior  written  notice to the Tenant (or without
notice in case of emergency)  to enter and remain upon the Demised  Premises for
any of the following purposes:

3.8.1  executing  repairs or  alterations  to or upon the Retained Parts or such
adjoining  premises,  subject  to the  person  so  entering  causing  as  little
disturbance and inconvenience to the Tenant as reasonably  possible carrying out
all works as  expeditiously  as  reasonably  possible  and in a  reasonable  and
workmanlike  manner and forthwith in like manner making good all damage  thereby
occasioned;

                                       19

<PAGE>

3.8.2  exercising any of the rights excepted and reserved by this Lease;

3.8.3  performing any of the Landlord's  obligations  hereunder or providing the
Estate  Services,  the Building  Services or valuing the Demised Premises or the
Building;

3.8.4    to take schedules or inventories of the Fixtures;

3.8.5  Water  Testing  and  carrying  out any  necessary  works of  maintenance,
cleansing,  repair or  replacement to ensure that all sanitary and water systems
within the Building comply with al1 relevant  enforceable rules and regulations,
whether  statutory or otherwise,  and all relevant codes of practice relating to
health and hygiene

3.8.6 any other reasonable  purpose  connected with the interest of the Landlord
and/or the  Superior  Landlord in the  Demised  Premises  and their  disposal or
charge

3.9      Landlord's Survey
To permit the Landlord or its surveyors or agents or any other person reasonably
authorised in writing by it at any time during the Term at reasonable hours upon
giving  reasonable  prior written notice to the Tenant to enter upon the Demised
Premises to survey the same

3.10     Landlord's Costs
To pay to the Landlord all proper costs,  charges and expenses  (including legal
costs and fees  payable  to a  surveyor  or  management  surveyor)  which may be
properly incurred by the Landlord:

3.10.1 in relation to or in  reasonable  contemplation  of the  preparation  and
service of a notice  under  Section  146 of the Law of  Property  Act 1925 or in
reasonable  contemplation  of  proceedings  under Sections 146 and/or 147 of the
said Act  whether or not any right of reentry or  forfeiture  has been waived by
the Landlord or a notice  served under the said Section 146 is complied  with by
the Tenant or the Tenant has been relieved  under the provisions of the said Act
and  notwithstanding  forfeiture is avoided  otherwise than by relief granted by
the Court;

3.10.2 in relation to or in reasonable  contemplation of the preparation  and/or
service of notices or schedules  relating to the repair of the Demised  Premises
or in  connection  with the  delivery  up  thereof  upon the  expiry  or  sooner
determination  of the Term whether  served before or within six (6) months after
the determination of the Term but relating to the state of repair up to the date
of determination of the Term;

                                       20

<PAGE>

3.10.3 in connection with the recovery or attempted  recovery of arrears of rent
or other sums due from the Tenant or in procuring the remedying of any breach of
covenant by the Tenant contained in this Lease; and

3.10.4 in relation to any application for consent  required or made necessary by
this Lease  (such  costs to include  reasonable  management  fees and  expenses)
whether  or not the same is  granted  (except  in cases  where the  Landlord  is
obliged not  unreasonably  to withhold  its consent and the  withholding  of its
consent  is held to be  unreasonable)  or  whether  or not  the  application  be
withdrawn provided that any such costs arising under this Clause 3.10.4 shall be
reasonable

3.11     Obstruction of Services, etc.
3.11.1  Not to  obstruct  block up or  encumber  with  articles  or goods of any
description the Estate Common Parts or the Building Common Parts

3.11.2  Not to  discharge  into any  Conducting  Media  any oil or grease or any
noxious or  deleterious  effluent  or  substance  whatsoever  which may cause an
obstruction  or might be or become a source of danger or which might  injure the
Conducting  Media or the drainage system of the Demised Premises or the Building
or the Estate

3.11.3 Not to deposit on any part of the  Demised  Premises  any trade  empties,
rubbish or refuse of any kind other than in proper  receptacles  and not to burn
any rubbish or refuse on the Demised Premises

3.11.4 Not to do anything whereby any road,  path,  forecourt or other area over
which the Tenant may have rights of access or use may be damaged or the fair use
thereof by others may be obstructed in any manner whatsoever

3.12     Alterations
3.12.1  Not to erect  any new  building  or new  structure  within  the  Demised
Premises or any part thereof nor to alter,  add to or change the exterior of the
Demised  Premises  or  the  height,   elevation  or  external  architectural  or
decorative design or appearance of the Demised Premises nor to merge the Demised
Premises with any adjoining property

3.12.2  Not to make any external or internal structural alterations or additions
to the Building

3.12.3  Not to make any  alterations  or  additions  to any  air-  conditioning,
sprinkler,  alarm and other  centrally  controlled  systems (other than security
systems installed by the Tenant) in the Demised Premises or the Conducting Media
within or serving the Demised Premises without

                                       2l

<PAGE>

3.12.4  obtaining the prior written consent of the Landlord (such consent not to
be  unreasonably  withheld or delayed) And in the event of the Tenant wishing to
make alterations or additions to such centrally  controlled  systems it shall be
reasonable  for  the  Landlord  to  withhold  consent  to such  alterations  and
additions  unless  the Tenant  agrees to employ a  contractor  nominated  by the
Landlord  for the  carrying  out of such  work  subject  to such  nominee  being
prepared to carry out such work on reasonable commercial terms

3.12.5 Not to make any alterations or additions  whatsoever (save as provided in
sub-clause  3.12.11  below) not  prohibited by  sub-clauses  3.12.1 or 3.12.2 or
3.12.3 without obtaining the prior written consent of the Landlord (such consent
not to be unreasonably withheld or delayed) Not to alter or change the colour of
lighting within any part of the Demised  Premises which lighting is visible from
outside  the  Demised  Premises or from other parts of the Estate or which would
affect floodlighting  belonging to the Landlord or the Superior Landlord without
obtaining  the prior  written  consent of the Landlord  (such  consent not to be
unreasonably withheld or delayed)

3.12.6  Subject to the rights  granted in the Second  Schedule,  not to erect or
display on the exterior of the Demised  Premises or in the windows thereof so as
to be visible from the exterior or within the curtilage of the Demised  Premises
any pole, flag, aerial, advertisement,  poster, signboard, fascia, placard, bill
notice or other sign or thing whatsoever

3.12.7 To ensure that all partitioning  connecting to the perimeter walls within
the Demised  Premises is installed only to the mullions  between windows and not
to  obstruct  or block up whether by  partitioning,  or  fittings  any  external
windows to the furniture or furnishings Demised Premises

3.12.8 Not to install any curtains,  blinds or other window coverings other than
those  supplied by the  Landlord  except as approved in writing by the  Landlord
from time to time (such approval not to be unreasonably withheld or delayed)

3.12.9 Promptly to make good all damage caused to any adjoining  property in the
carrying out of any alterations or additions to the Demised Premises

3.12.10 In the event that the Tenant shall carry out any  alteration or addition
to the Demised Premises to notify the Landlord in writing immediately  following
completion of such works of any resulting  increase in the cost of reinstatement
to the Demised Premises for insurance purposes

                                       22

<PAGE>

3.12.11 Without  prejudice to the other provisions of this Lease, the Tenant may
without the consent of the Landlord install, remove and carry out alterations or
additions to the internal demountable  partitioning,  suspended ceilings, raised
floors and wiring PROVIDED THAT:

a)       the same do not interfere with the efficient working of the Service
         Systems;

b)       before any works contemplated by this sub-clause 3.12.11 are commenced,
         the Tenant shall supply to the Landlord fully annotated  drawings which
         have been approved by the Local Fire Officer or District Surveyor;

c)       the Tenant obtains the approval of the Landlord to the arrangements
         that are necessary to bring materials and goods into the Demised
         Premises by way of the Building Common Parts; and

d)       the Tenant notifies the Landlord immediately following the carrying out
         of the said works and supplies two copies of plans for the parts of the
         Demised Premises affected thereby showing the same

3.12.12 In the event of the Tenant  failing to  observe  the  covenants  in this
Clause  3.12 for a period of  twenty-eight  (28) days  after  service of written
notice by the  Landlord on the Tenant  referring to this  sub-clause  and giving
details of the default complained of it shall be lawful for the Landlord and its
agents  or  surveyors  with or  without  workmen  and  others  and  all  persons
authorised by the Landlord with all necessary  materials and appliances to enter
upon the Demised  Premises and remove any  alterations  or additions and execute
such works as may be necessary  to restore the Demised  Premises to their former
state and the proper costs and expenses thereof (including  surveyors* and other
professional tees) shall be paid by the Tenant to the Landlord on demand

3.13     Appearance of Demised Premises
3.13.1 To keep every part of the  Demised  Premises  visible  from  outside  the
Demised  Premises  or from any other  parts of the Estate  clean and tidy and in
such  condition  as shall not detract from the overall  visual  amenities of the
Estate or the Building

3.13.2 To keep clean and tidy, well tended,  cultivated,  planted and landscaped
(as  applicable)  any open areas  within the Demised  Premises  and not to store
goods,  materials  or other things on any such open areas or outside the Demised
Premises

                                       23

<PAGE>

3.13.3 Not to interfere with any lamps for  illuminating  the Estate  (including
without  limitation  any street road plaza mall walkway or arcade) or any street
and directional signs serving the Estate

3.14     Comply with Fire Regulations
3.14.1 To comply with the requirements and lawful and proper  recommendations of
the  fire  authority,  the  insurers  of the  Demised  Premises  and  reasonable
requirements  of the  Landlord  in relation to fire  precautions  affecting  the
Demised Premises

3.14.2  To keep the  Demised  Premises  supplied  and  equipped  with  such fire
fighting and extinguishing  appliances as shall be required by any statute,  the
fire authority or the insurers of the Demised Premises or as shall be reasonably
required by the Landlord and such  appliances  shall be open to  inspection  and
shall be maintained to the reasonable satisfaction of the Landlord

3.14.3. Not to obstruct the access to, or means of working of, any fire fighting
and extinguishing appliances or the means of escape from the Demised Premises in
case of fire or other emergency

3.15     Carrying out of alterations
3.15.1  Without  prejudice to the  provisions of Clause 3.12 or to any covenants
and conditions  which the Landlord shall require or impose in giving consent for
alterations or additions to the Demised Premises where the Landlord's consent is
required  under the  provisions  of  Clause  3.12 or is  otherwise  given by the
Landlord,  any  alterations,  additions,  repairs,  replacements  or other works
carried  out by the Tenant or any  undertenant  to or in respect of the  Demised
Premises shall be performed promptly and in a good and workmanlike manner and in
compliance  with rules and  regulations  reasonably  promulgated by the Landlord
from  time to time and  notified  in  writing  to the  Tenant  and any works the
carrying out of which may, in the Landlord's  reasonable  opinion,  constitute a
nuisance or disrupt the  businesses  or activities of other tenants or occupiers
of the Building or the Estate or the public shall be performed outside the hours
of 6.30 am to 7.30 pm on Monday to Friday (inclusive)

3.15.2 Any  alterations  affecting the  appearance of the Demised  Premises from
outside the Demised  Premises or from any other parts of the Estate shah, at the
Landlord's  option,  be performed at the Tenant's  expense by the Landlord or by
contractors  designated  by the Landlord at a reasonable  time  specified by the
Landlord  and at a reasonable  cost and to the  reasonable  satisfaction  of the
Tenant and, unless otherwise  expressly agreed to the contrary from time to time
between the Landlord and the Tenant,  all materials  supplied and work performed
by the Landlord for the Tenant  pursuant to this Clause shall be paid for by the
Tenant to the

                                       24

<PAGE>

Landlord  within  fourteen (14) days of completion of such works to the Tenant's
reasonable satisfaction.

3.16     User Restrictions
3.16.1 Not to use the  Demised  Premises or any part  thereof for any  political
meeting nor for any dangerous noxious or offensive trade or business whatsoever

3.16.2  Not to use the Demised Premises or any part  thereof or permit or suffer
the  same to be used for the  purpose  of any  betting  transaction  within  the
meaning of the Betting  Gaming and  Lotteries  Act 1963 or for gaming within the
meaning of the Gaming Act 1968 with or between persons  resorting to the Demised
Premises or for a club where intoxicating liquor is supplied to members or their
guests  and not to make or permit or  suffer  to be made any  application  for a
betting office licence or a licence or  registration  under the `Gaming Act 1968
in respect of the Demised Premises or any part thereof

3.16.3  Not to permit any sale by auction or public  meeting to be held upon the
Demised  Premises  nor to permit  or  suffer  to be done in or upon the  Demised
Premises  or any part  thereof  any act or thing  which is illegal or immoral or
which shall or may be or become a nuisance,  damage,  annoyance or inconvenience
to the Landlord or its tenants or the occupiers of any adjoining or neighbouring
premises

3.16.4  Not to use the Demised Premises for residential or sleeping  purposes or
hold any exhibitions or displays on the Demised Premises

3.16.5  Not to use the  Demised  Premises  as  offices  for the  purpose of turf
accountants estate agency travel agency staff agency or employment agency

3.16.6  Not to use the  Demised Premises  or any part  thereof as offices  for a
Department  of Her  Majesty's  Government  without  obtaining  the prior written
consent of the Landlord such consent not to be unreasonably withheld or delayed

3.17 User
Subject  to the  provisions  of Clause  3.16,  not to use the  Demised  Premises
thereof or suffer the same to be used otherwise than for the Permitted User

3.18 Encroachments and easements
Not to stop up,  darken or  obstruct  any  windows  or lights  belonging  to the
Demised Premises or any other buildings  belonging to the Landlord or permit any
new window, light, opening,  doorway, path, passage, drain or other encroachment
or easement (together "Easements")

                                       25

<PAGE>

to be made of acquired in against out of or upon the Demised  Premises  and that
in case any such  Easements  shall be made or acquired or attempted to be made o
acquired the Tenant will give immediate  notice thereof to the Landlord and will
at the request of the Landlord adopt such means as may be reasonably required or
deemed proper for preventing any such encroachment

3.19     Alienation
3.19.1 Not to assign,  underlet,  mortgage,  charge, agree to underlet, share or
part with the  possession or  occupation  of, or permit any person or company to
occupy,  the whole or any part of the Demised Premises save as expressly set out
in this Clause 3.19

3.19.2  Not to assign, underlet or permit the occupation of the Demised Premises
or any part thereof by, or the vesting of any interest or estate therein, in any
person,  firm,  company  or other  body or  entity  which has the right to claim
diplomatic  immunity or exemption in relation to the observance and  performance
of the  covenants  and  conditions  of and  contained  in this Lease unless such
immunity  or  exemption  is  capable of being and has been  effectively  waived,
disclaimed or otherwise negatived to the reasonable satisfaction of the Landlord

3.19.3 Not to assign the whole of the Demised Premises without first obtaining:

         a)  a deed of covenant by the prospective assignee  with  the  Landlord
         thenceforth to pay the rents hereby reserved and to observe and perform
         the  covenants  and  obligations  on  the  part  of the  Tenant  herein
         contained for the residue of the Term; and

          (b)  if  the  Landlord  shah  reasonably  so  require,  an  acceptable
         guarantor for any person to whom this Lease is to be assigned who shall
         execute and deliver to the Landlord a deed containing a direct covenant
         with  the  Landlord  in the  terms  contained  in the  Eighth  Schedule
         (mutatis mutandis)

3.19.4  Not  to  underlet  the  whole  of the  Demised  Premises  without  first
procuring: to be made or acquired in against out of or upon the Demised Premises
and that in case any such Easements shall be made or acquired or attempted to be
made or acquired the Tenant will give  immediate  notice thereof to the Landlord
and will at the request of the  Landlord  adopt such means as may be  reasonably
required  or  deemed  proper  for  preventing  any  such   encroachment  or  the
acquisition of any such Easements (and the Tenant shall bear such  proportion of
its own costs as shall be reasonable in the  circumstances  the Landlord  paying
the balance)

(a)      that any underlease to be granted hereunder shall:
         i)       be granted without a fine or premium and at a rent not less
                  than the then open market yearly rental value of the Demised
                  Premises at the time of
                  such underlease;

                                       26

<PAGE>

         (ii)     contain provisions for rent review in an upward direction only
                  at least at such times as to  coincide  with the rent  reviews
                  provided for in this Lease and otherwise  consistent  with the
                  terms set out in the Fifth Schedule;

         (iii)    contain a condition for reentry on breach of any covenant by
                  the undertenant;

         (iv)     contain the same or greater restrictions (mutatis mutandis) as
                  to assignment, underletting, mortgaging, charging, agreeing to
                  underlet, parting with or sharing the possession or occupation
                  of the  Demised  Premises  and the  same  provisions  (mutatis
                  mutandis) for direct covenants and registration as are in this
                  Lease;

         (v)      contain a covenant by the  under-tenant to perform and observe
                  all the Tenant's covenants and the other provisions  contained
                  in this Lease (other than the payment of the rent first hereby
                  reserved);

         (vi)     contain  a  covenant  by  the   undertenant   prohibiting  the
                  under-tenant  from doing or suffering any act or thing upon or
                  in relation to the premises  underlet  inconsistent with or in
                  breach of the provisions of this Lease; and

         (vii)    be  in a  form  previously  approved  by  the  Landlord  (such
                  approval not be unreasonably withheld or delayed)

b)       (i) a direct covenant by the prospective  undertenant with the Landlord
to perform and  observe  all the  Tenant's  covenants  and the other  provisions
contained  in this Lease  (other than the payment of the rents) and the proposed
underlease  (other than the payment of the rents save following the  termination
or surrender of this Lease and the continued existence of the underlease); and

         (ii)  if  the  Landlord  shall  reasonably  so  require,  a  reasonably
acceptable  guarantor  for any  person to whom the  Demised  Premises  are to be
underlet who shah execute and deliver to the Landlord a deed  containing  direct
covenants  by such  guarantor  (or if more  than one such  guarantor  joint  and
several  covenants)  with the  Landlord  in the terms  contained  in the  Eighth
Schedule (mutatis  mutandis) or in such other terms from time to time reasonably
required by the Landlord

                                       27

<PAGE>

3.19.5 Not to underlet any part of the Demised  Premises  Provided  however that
the Tenant may underlet a Permitted Part upon first procuring:

         a)       that any underlease to be granted of a Permitted Part shall:

                  (i)  be granted without fine or premium and at a rent not less
than the open market yearly  rental value of the  Permitted  Part so underlet at
the time of such underlease as approved by the Landlord (such approval not to be
unreasonably withheld or delayed);

(ii) contain  provisions for rent review in an upward direction only at least at
such times as to coincide  with the rent reviews  provided for in this Lease and
otherwise consistent with the terms set out in this Lease (mutatis mutandis);

                  (iii)  contain a condition for re-entry on breach  of covenant
by the undertenant;

                  (iv)  contain  an  agreement  between  the  lessor  and lessee
excluding the  provisions of Sections 24 to 28  (inclusive)  of the Landlord and
Tenant Act 1954 and an order of a competent court shall have been obtained under
the provisions of Section 38(4) of the Landlord and Tenant Act 1954  authorising
such  agreement in relation to such intended  underlease and a certified copy of
such order produced to the Landlord;

                  (v)  contain  an   absolute   covenant  on  the  part  of  any
prospective  undertenant not to assign,  underlet,  mortgage,  charge,  agree to
underlet,  share or part with the  possession  or  occupation  of, or permit any
person  or  company  to  occupy,  the  whole or any part of the  premises  to be
comprised in such underlease save by way of an assignment,  underlease, mortgage
or charge of the whole of the Permitted  Part  comprised in such  underlease and
upon  the  same  terms  (mutatis  mutandis)  to those  relating  to  assignments
underleases  or mortgages or charges of the whole of the Demised  Premises under
this Lease and with the consent of the  Landlord  under this Lease  (which shall
not be unreasonably withheld or delayed);

                  (vi)  contain a covenant  by the  prospective  undertenant  to
perform and observe all the Tenant's covenants and other provisions contained in
this

                                       28

<PAGE>

                          Lease  (other than the payment of rents) so far as the
same are applicable to the Permitted Part to be thereby demised;

                  (vii) contain a covenant by the  undertenant  prohibiting  the
undertenant  from doing or suffering any act or thing upon or in relation to the
premises underlet inconsistent or in breach of the provisions of this Lease;

                  (viii) contain  provisions for a service charge in relation to
the Permitted Part on institutionally  acceptable terms and in a form previously
approved by the  Landlord  (such  approval  not to be  unreasonably  withheld or
delayed); and

                  (ix)   be in a form previously approved by the Landlord  (such
approval not to be unreasonably withheld or delayed)

b) that as a result  of such  underletting  there  will be not more  than  three
separate  persons or bodies  corporate  in  occupation  of or  entitled  to take
occupation of the Demised  Premises  including  any person or body  corporate in
occupation or entitled to take  occupation  of any part of the Demised  Premises
under this Lease but excluding  any body  corporate in occupation or entitled to
take  occupation  of any part of the Demised  Premises  pursuant  to  sub-clause
3.19.12  hereof  Provided That for the purposes of  calculation of the number of
persons or bodies  corporate in occupation or entitled to take occupation of the
Demised  Premises  partners in a partnership  together shall constitute one such
person or body corporate

(c)      (i) a direct covenant by the prospective undertenant with the  Landlord
to perform and  observe  all the  Tenant's  covenants  and any other  provisions
contained in this Lease (other than the payment of the rents) so far as the same
are  applicable  to the  premises  to be  thereby  demised  and in the  proposed
underlease  (other  than the  payment of rents  save  following  termination  or
surrender of this Lease and the continued existence of the underlease); and

         (ii)  if  the  Landlord  shall  so  reasonably  require,  a  reasonably
acceptable  guarantor for any such undertenant  shall execute and deliver to the
Landlord a deed containing covenants by such guarantor (or if more than one such
guarantor joint and several  covenants) with the Landlord in the terms contained
in the Eighth  Schedule  (mutatis  mutandis) or on such other terms from time to
time reasonably required by the Landlord

                                       29

<PAGE>

3.19.6  Not to assign,  underlet,  mortgage  or charge the whole of the  Demised
Premises  without the prior written  consent of the Landlord (which shall not be
unreasonably  withheld or delayed)  and not to underlet  any part of the Demised
Premises  without the prior written  consent of the Landlord  (which shah not be
unreasonably  withheld  or  delayed)  Provided  That the Tenant may  without the
Landlord's  consent grant floating  charges over its property and undertaking in
the usual course of its business

3.19.7 To enforce the performance  and observance by every such  under-tenant of
the covenants  provisions  and  conditions of any underlease and not at any time
either  expressly or by  implication to waive any breach of the same without the
prior  written  consent of the  Landlord  (such  consent not to be  unreasonably
withheld or delayed)

3.19.8  Not to vary the  terms  of any  permitted  underlease  or agree so to do
without  the prior  written  consent of the  Landlord  (such  consent  not to be
unreasonably withheld or delayed)

3.19.9 (a) To procure that the rents reserved by any permitted  underlease shall
not be commuted or payable more than one quarter in advance; and

       (b) Not to  permit  the   reduction  of any rents  reserved   by any such
underlease  without the prior written  consent of the Landlord (such consent not
to be unreasonably withheld or delayed)

3.19.10 To procure in any permitted  underlease  that the rent is reviewed under
such  underlease  in  accordance  with the  terms  thereof  but not to agree any
reviewed rent with the  undertenant  nor any rent payable on any renewal thereof
without  the prior  written  consent of the  Landlord  (such  consent  not to be
unreasonably  withheld  or  delayed)  and to procure  that if the rent under any
underlease  is to be  determined  by an  independent  person to procure that the
Landlord's  representations  as to the rent payable  thereunder  are made to the
independent  person  appointed to determine the rent under the underlease to the
reasonable satisfaction of the Landlord

3.19.11 Any consent  granted  hereunder  shall only be valid for a period of six
(6) months from the date thereof unless acted upon within such period

3.19.12 If and so long as the Tenant or any permitted  undertenant hereunder for
the time  being  shall be a company  whose  registered  office is in the  United
Kingdom  nothing in this  Clause 3.19 shah  prevent the Tenant or any  permitted
under-tenant  from sharing  occupation  of the whole or any part or parts of the
Demised Premises with any Group Company of the Tenant or permitted  under-tenant
(as the case may be) provided that:

                                       30

<PAGE>

         (a)  the registered office of the Group Company shall also be in the
United Kingdom;

         (b) no  relationship  of  landlord  and  tenant  shall be created or be
deemed to exist between such Group Company and the Tenant or undertenant (as the
case may be); and

         (c) the  right  of any  company  to  share  possession  of the  Demised
Premises or any part or parts  thereof as aforesaid  shall  forthwith  determine
upon such company  ceasing to be a Group Company or upon the Tenant or permitted
undertenant  ceasing to be in  occupation  of the  Demised  Premises or the part
underlet as the case may be

3.20     Disclosure of information
Within  twenty-one  (21)  days of  written  request  made by or on behalf of the
Landlord  made not more than once in any twelve (12) month period but  otherwise
as often as the  Landlord may  reasonably  require to furnish to the Landlord in
writing and with a plan (as  appropriate)  details of those in occupation of the
Demised  Premises and the user thereof and the rents payable in respect  thereof
and to supply copies of any  documents  relating  thereto  Provided that for the
avoidance  of doubt the  Tenant  shall not be  required  to give  details of all
employees having resort to the Demised Premises

3.21     Registration of dispositions
Within  twenty-one  (21)  days  after  any  assignment,   mortgage,   charge  or
underletting or the assignment, mortgage or charge of an underlease or the grant
of any sub-underlease out of an underlease whether immediate or mediate or after
any  devolution  by will or otherwise to produce to the  Solicitor  for the time
being of the Landlord a certified  copy of the deed or instrument  effecting the
same and pay its and any Superior  Landlord's  reasonable and proper fee for the
registration thereof

3.22     Signs and advertisements
On the expiration or sooner  determination  of the Term, to remove or efface any
aerial, sign, signboard,  fascia, placard, bill, notice or other notification or
apparatus  affixed to or upon the outside of the Demised  Premises or  otherwise
within the Building and to make good any damage caused thereby to the reasonable
satisfaction of the Landlord's Surveyor

3.23     Overloading floors and services
3.23.1  Not to  impose  or permit  to be  imposed  on the  floor of the  Demised
Premises  any load in excess  of that  which it is  designed  to bear and not to
suspend or permit to be  suspended  from the ceiling  slabs  and/or beams of the
Demised Premises any load in excess of that which it is designed to bear

                                       3l

<PAGE>

3.23.2  Without  prejudice to the  provisions  of sub-clause  3.23.1,  not to do
anything which may subject the Demised  Premises to any strain beyond that which
it is designed to bear with due margin for safety and to pay to the  Landlord on
demand all costs reasonably incurred by the Landlord in obtaining the opinion of
a  qualified  structural  engineer as to whether  the  structure  of the Demised
Premises or the Building is being or is about to be overloaded

3.23.3   To observe the weight limits prescribed for all lifts in the Demised
Premises

3.23.4 Not to install or use any electrical  equipment unless it has been fitted
with an efficient  suppressor  so as to prevent any  interference  with radio or
television  reception or the  operation of any  equipment in the Building or the
Estate or in any adjoining property

3.23.5  Promptly to provide  details to the Landlord of the  installation of all
wiring, `cabling and other conducting material installed by or at the request of
the  Tenant  or  any   under-tenant   in  respect  of  video,   data  and  sound
communications, including telephone

3.23.6 In so far as such consent is required  from the Tenant the Tenant  hereby
consents  to the  disclosure  by any public  telecommunications  operator to the
Landlord of details of all  telecommunication,  cables or apparatus installed in
or upon any part of the Demised Premises or the Building or the Estate

3.23.7 To comply with the  recommendations and data contained in all maintenance
manuals  relating  to the  constituent  parts of the  Demised  Premises  and all
Fixtures and otherwise in accordance with the Tenant's covenants hereunder

3.24    Dangerous materials and use of machinery
3.24.1 Not to bring into or keep in the  Demised  Premises  any article or thing
which is or is likely to become dangerous, offensive, combustible,  inflammable,
radioactive  or explosive or which might  increase the risk of fire or explosion
or which would cause  nuisance or damage to the  Landlord or any tenant owner or
occupier of any part of any  adjoining  property  or the  Building or the Estate
PROVIDED  THAT  this  Clause  3.24.1  shall  not  prevent  the use of goods  and
machinery  utilized  in  connection  with  a  modern  office  building  and  the
activities carried on thereat

3.24.2  Not to  keep  or  operate  in the  Demised  Premises  any  machinery  or
mechanical  equipment  which  shall  be  unduly  noisy  or  cause  vibration  or
electrical  or other  interference  or which is likely to annoy or  disturb  the
other tenants and occupiers of the Estate or any adjoining property

                                       32

<PAGE>

3.24.3 Not to install on any part of the Demised  Premises any machinery  engine
or other apparatus in contravention of the Factories Act 1961

3.24.4 Not to permit  music or other  sounds or noise to be  played,  broadcast,
transmitted or otherwise  produced within the Demised Premises which are audible
outside the Demised Premises

3.25     Interest on overdue Payments
3.25.1 If any sum payable by the Tenant to the  Landlord  under this Lease shall
not be paid by way of  cleared  funds,  in the case of the rent  firstly  hereby
reserved,  on the due date for  payment  thereof,  or in the case of other  sums
payable hereunder,  within fourteen (14) days of the same becoming due to pay to
the  Landlord  interest  thereon  at an annual  rate equal to four per cent (4%)
above  the  Interest  Rate from  time to time  calculated  on a day to day basis
(compounded with quarterly rests) from the date of the same becoming due down to
the date of payment in cleared funds (whether  before or after any judgment) and
the  aggregate  amount for the time being so payable  shall at the option of the
Landlord be recoverable by action or otherwise as rent in arrear

3.25.2 If  collection  of rent has been  suspended by the Landlord for breach of
covenant the Tenant  shall when the breach has been made good to the  reasonable
satisfaction  of the Landlord or when the Lease shall be forfeited  (as the case
may be) pay to the Landlord in addition to the arrears of rent then due interest
thereon at the annual  rate of four per cent (4%) above the  Interest  Rate from
time to time such  interest to be calculated  on a day-today  basis  (compounded
with  quarterly  rests)  from the date that rent  became due down to the date of
actual  payment in cleared  funds  (whether  before or after  judgment)  and the
aggregate  amount of interest so payable shall be recoverable in the same manner
as  provided  in  Clause  3.25.1  above for the  recovery  of  interest  payable
thereunder

3.26     Indemnity
To indemnify the Landlord  against all claims,  demands,  actions,  proceedings,
losses, liabilities,  costs, charges and expenses whatsoever,  whether direct or
indirect,  in respect of or  incurred  in  connection  with any damage or injury
occasioned to the Demised Premises or the Building or the Estate or any adjacent
or  neighbouring  premises  or any  person  or any  other  property  movable  or
immovable  (save to the extent that the same is covered by any insurance  policy
effected by the  Landlord) by any act default or negligence of the Tenant or any
undertenants  or others  deriving an interest in the Demised  Premises  from the
Tenant

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<PAGE>

or of the servants agents licensees or invitees thereof or by any breach of the
covenants on the part of the Tenant herein contained

3.27     Covenants affecting the reversion
3.27.1 To perform and observe the covenants agreements and obligations mentioned
or contained in the documents  referred to in the Fourth Schedule so far as they
relate to or affect the Demised Premises

3.27.2  At all  times to keep  the  Landlord  indemnified  against  all  actions
proceedings losses costs damages claims demands and liability whatsoever whether
direct or indirect  for or in respect of any breach  which may be  committed  or
suffered  by the  Tenant  from time to time  during  the Term of any of the said
covenants, agreements and conditions

3.28     Defective Premises
Forthwith upon becoming aware of any defect in the Demised  Premises or when the
Tenant  ought  reasonably  to have become  aware of any defect,  to give written
notice to the  Landlord of any defect in the Demised  Premises  which might give
rise to an  obligation  on the  Landlord to do or refrain  from doing any act or
thing so as to comply with the duty of care imposed on the Landlord  pursuant to
the  Defective  Premises  Act 1972 and at all times to display and  maintain all
notices  which the  Landlord  may from  time to time  reasonably  require  to be
displayed in relation thereto

3.29     Value Added Tax
3.29.1  Where by virtue of any of the  provisions  of this  Lease the  Tenant is
required to pay, repay or reimburse to the Landlord or any person or persons any
rents,  costs,  charges,  fees,  expenses or other sums or amounts whatsoever in
respect of the supply of any goods and/or  services by the Landlord or any other
person or persons,  the Tenant  shall also be required in addition to pay or (as
the case may be) keep the Landlord indemnified against:

a) the  amount of any Value  Added Tax which may be  chargeable  on such  rents,
costs, charges, fees, expenses or other sums or amounts whatsoever in respect of
the supply of any goods  and/or  services as  aforesaid  by the  Landlord to the
Tenant; and

b) the amount of Value Added Tax  chargeable on the Landlord or any other person
in respect of supplies the cost of which is included in the  calculation  of the
sums which the Tenant is required to pay,  repay or reimburse  to the  Landlord,
save to the extent that such Value Added Tax is  recoverable  by the Landlord or
other persons

                                       34

<PAGE>

For the  avoidance of doubt but without  prejudice to the  provisions of the VAT
Deed the  Landlord  shall not be under a duty to  exercise or not  exercise  any
option or right conferred on the Landlord by the  legislation  relating to Value
Added Tax (including any regulations  made  thereunder) so as to reduce or avoid
any liability to Value Added Tax referred to in (a) or (b) above

3.29.2  Where  under any  provision  of this Lease the Tenant  agrees to pay any
amount of money or to provide any consideration, such amount or, as the case may
be, such  consideration  shall be regarded as  exclusive  of any Value Added Tax
which may from time to time be chargeable in respect thereof

3.30     Estate Regulations
In so far as the same relate to the Demised Premises or the activities,  acts or
omissions  of the Tenant or any  undertenant  or any persons  under its or their
control,  to comply or procure  compliance with the Estate  Regulations and such
other substituted or additional  reasonable  Estate  Regulations as the Superior
Landlord  or the  Landlord or other the person  responsible  for  providing  the
Estate  Services  may from time to time  notify in writing to the Tenant for the
general management, overseeing and security of the Estate

3.31     Building Regulations
In so far as the same relate to the Demised Premises or the activities,  acts or
omissions  of the Tenant or any  undertenant  or any persons  under its or their
control, to comply or procure compliance with the Building  Regulations and such
other substituted or additional  reasonable Building Regulations as the Landlord
may  from  time to  time  notify  in  writing  to the  Tenant  for  the  general
management, overseeing and security of the Building

3.32     Electricity Supply
3.32.1 To comply with the covenants stipulations and requirements on the part of
the Tenant contained in the Eleventh Schedule hereto

3.32.2 In the event of any change in  legislation  which  restricts or prohibits
the Landlord from supplying electricity to the Demised Premises, the Tenant will
negotiate  in good  faith  with  the  Landlord  to  reach  agreement  as to such
alternative  arrangements  that are  necessary  to  maintain  such supply to the
Demised Premises either by the Landlord or the electricity supply company

3.33     Taxation
To indemnify the Landlord  against all liability  f6r any tax,  levy,  charge or
other fiscal  imposition of whatsoever  nature  (including,  but not limited to,
penalties and interest on

                                       35

<PAGE>

overdue  tax  and  penalties  for  failure  to  give  appropriate   notices  and
information) arising from any breach by the Tenant of its obligations  hereunder
(but not income tax or  corporation  tax on any sums payable  under Clause 3.25)
and on demand to pay to the  Landlord  the  amount of the tax,  levy,  charge or
fiscal  imposition  which in default of payment  shall be  recoverable  from the
Tenant as rent in arrear

3.34     As to the Head Lease
3.34.1 (Save to the extent that the Landlord  expressly  undertakes  the same in
this Lease) to perform and observe the tenant's covenants and agreements and the
conditions  and  provisions  contained  in the Head Lease to the extent to which
they  relate to or affect the  Demised  Premises  (and so that no  inconsistency
between the terms and  provisions of this Lease and the Head Lease shall relieve
the Tenant of its  obligations  so to perform and observe the said  covenants as
aforesaid contained in the Head Lease) AND to indemnify and keep indemnified the
Landlord against all actions,  proceedings,  claims, demands,  damages,  losses,
liability,  costs,  charges,  penalties,  interest,  fines,  fees  and  expenses
whatsoever  arising  out of or by reason of or  incidental  to any breach of the
covenant contained in this Clause 3.34

3.34.2 Not at any time to do omit or suffer anything  whereby the Head Lease may
be avoided or forfeited

3.34.3  (Subject to the  conditions  for entry  contained in Clause 3.8.1 in the
case of the  Landlord) to allow the Landlord and all persons  authorised  by the
Landlord  and also the  Superior  Landlord  and all  persons  authorised  by the
Superior Landlord at reasonable times and after giving reasonable written notice
(except in an  emergency) to enter the Demised  Premises and to perform  therein
any of the  covenants  and  agreements  on the part of the lessee under the Head
Lease which may be necessary to prevent a forfeiture of the Head Lease

4.       LANDLORD'S COVENANTS
         THE Landlord HEREBY COVENANTS with the Tenant as follows:
4.1      Quiet Enjoyment
That,  subject to the Tenant paying the rents hereby  reserved and observing and
performing  the several  covenants  and  stipulations  on the part of the Tenant
herein contained,  the Tenant shall and may peaceably and quietly hold and enjoy
the  Demised  Premises  during  the Term  without  any  lawful  interruption  or
disturbance  from or by the  Landlord  or any  person  or  persons  lawfully  or
equitably claiming under or in trust for it Provided that the carrying on of any
works of construction,  rebuilding,  reinstatement, repair, alteration, addition
or variation  whatsoever in the Building or on the Estate or any neighbouring or
adjoining

                                       36

<PAGE>

property shall (provided the Landlord uses all reasonable endeavours to cause as
little  nuisance and disturbance and  inconvenience  as reasonably  possible and
carries out all works as expeditiously as reasonably  possible and in a good and
workmanlike  manner and  forthwith  making good all damage caused to the Demised
Premises)  be  deemed  not to be a  breach  of  this  covenant  and not to be in
derogation from the Landlord's grant

4.2      Head Lease
To pay the rents  reserved  and made  payable by and to observe  and perform the
covenants  on the part of the lessee  contained  in the Head Lease  (save to the
extent to which the  covenants are expressed to be or are due to be observed and
performed by the lessee under this Lease) and, at the request and cost (or a due
proportion  thereof) of the Tenant, to use its reasonable  endeavours to procure
that the Superior  Landlord  observes  and  performs  the  covenants on its part
contained in the Head Lease (and the Landlord  shall if  reasonably  so required
commence  legal  proceedings  where  there  is a  reasonable  prospect  of  such
proceedings being successful)

4.3      Estate Services
Subject to payment by the  Tenant of the Estate  Service  Charge and  subject to
Force  Majeure at all times  during the Term to carry out,  provide,  manage and
operate or procure to be carried out, provided, managed and operated such of the
Estate Services as the Landlord shall  reasonably  consider  appropriate for the
beneficial enjoyment and use of the Demised Premises Provided that:

4.3.1 in  performing  such  obligations  the  Landlord  shah be  entitled in its
discretion to employ managing  agents,  contractors or such other persons as the
Landlord may from time to time  reasonably  think fit  (including  employing any
Group Company of the Landlord to provide any of the Estate  Services and for the
avoidance  of doubt any such  Group  Company  shall be  entitled  to charge at a
commercial rate for so doing) and whose  reasonable and proper fees and expenses
(including Value Added Tax) shah form part of the Estate Expenditure;

4.3.2 the  Landlord  shah not incur any  liability  in respect of any failure or
interruption or delay in the  performance or observance of any such  obligations
which is the result of Force Majeure or which is not attributable to the willful
default or negligence of the Landlord its servants and agents  Provided that the
Landlord  uses all  reasonable  endeavours  to make good the default and end the
interruption or delay as soon as reasonably practicable;

4.3.3 the  Landlord may from time to time  discontinue  the supply of any of the
Estate  Services  or reduce the degree to which any of the Estate  Services  are
provided (with prior  notification in writing to the Tenant and after having had
regard to any representations made by the

                                       37

<PAGE>

Tenant) if in the interest of good estate management of the Estate it reasonably
considers it appropriate to do so;

4.3.4 the obligations of the Landlord to the Tenant in relation to the provision
of the Estate  Services are as set out in this Clause 4.3 and nothing  elsewhere
in this Lease shall have the effect (by  implication  or otherwise) of adding to
or extending or increasing those  obligations and any term which would otherwise
be implied by Sections 13, 14 or 15 of the Supply of Goods and Services Act 1982
or (except  where and to the extent that  exclusion is thereby  prohibited)  any
other statute is hereby expressly negatived;

4.3.5 if the Landlord is no longer the freeholder of the Estate Common Parts and
no longer  responsible  for providing the Estate  Services then the  obligations
contained  in this  Clause 4.3 shall  cease save that  thereafter  the  Landlord
shall, at the request and cost of the Tenant,  use all reasonable  endeavours to
enforce the obligations on the part of the Landlord's lessor under the Headlease
in relation to the provision of the Estate Services  (including the commencement
of legal proceedings where there is a reasonable prospect of success)

4.4      Building Services
Subject to payment by the Tenant of the Building  Service  Charge and subject to
Force  Majeure at all times  during the Term to carry out,  provide,  manage and
operate such of the Building Services as the Landlord shall reasonably  consider
appropriate  for  the  beneficial  enjoyment  and  use of the  Demised  Premises
Provided that:

4.4.1 in  performing  such  obligations  the  Landlord  shall be entitled in its
discretion to employ managing  agents,  contractors or such other persons as the
Landlord may from time to time  reasonably  think fit  (including  employing any
Group  Company of the Landlord to provide any of the  Building  Services and for
the  avoidance  of doubt any such Group  Company  shah be  entitled  to charge a
commercial rate for so doing) and whose  reasonable and proper fees and expenses
(including Value Added Tax) shall form part of the Building Expenditure;

4.4.2 the  Landlord  shall not incur any  liability in respect of any failure or
interruption or delay in the  performance or observance of any such  obligations
which is the result of Force Majeure or which is not  attributable to the wilful
default or negligence  of the Landlord its servants or agents  provided that the
Landlord  uses all  reasonable  endeavours  to make good the default and end the
interruption or delay as soon as reasonably practicable;

4.4.3 the  Landlord may from time to time  discontinue  the supply of any of the
Building Services or reduce the degree to which any of the Building Services are
provided (with prior  notification in writing to the Tenant and after having had
regard to any representations made

                                       38

<PAGE>

by the Tenant) if in the interests of good estate management of the Building i
reasonably considers it appropriate to do so;

4.4.4 the obligations of the Landlord to the Tenant in relation to the provision
of the Building Services are as set out in this Clause 4.4 and nothing elsewhere
in this Lease shall have the effect (by  implication  or otherwise) of adding to
or extending or increasing those  obligations and any term which would otherwise
be implied by Sections 13, 14 or 15 of the Supply of Goods and Services Act 1982
or (except  where and to the extent that  exclusion is thereby  prohibited)  any
other statute is hereby expressly negatived

4.5      Electricity Supply
Subject to the payment by the Tenant to the Landlord of the Electricity  Charge,
at all times during the Term subject to Force  Majeure to maintain the supply of
electricity  to the Demised  Premises in accordance  with the  provisions of the
Eleventh Schedule Provided that:

4.5.1 the  Landlord  shall not incur any  liability in respect of any failure or
interruption or delay in the  performance or observance of any such  obligations
which is the result of Force Majeure or which is not attributable to the willful
default or negligence  of the Landlord its servants or agents  provided that the
Landlord  uses all  reasonable  endeavours  to make good the default and end the
interruption or delay as soon as reasonably practicable;

4.5.2 in the event of any change in legislation which restricts or prohibits the
Landlord from supplying  electricity  to the Demised  Premises the Landlord will
negotiate  in  good  faith  with  the  Tenant  to  reach  agreement  as to  such
alternative  arrangements  that are  necessary  to  maintain  such supply to the
Demised Premises either by the Landlord or the electricity supply company

4.5.3  the  obligations  of  the  Landlord  to the  Tenant  in  relation  to the
provisions of the supply of electricity  to the Demised  Premises are as set out
in this Clause 4.5 and nothing elsewhere in this Lease shall have the effect (by
implication  or  otherwise)  of  adding  to or  extending  or  increasing  those
obligations  and any term which would otherwise be implied by Sections 13, 14 or
15 of the  Supply of Goods and  Services  Act 1982 or  (except  where and to the
extent  that  exclusion  is  thereby  prohibited)  any other  statute  is hereby
expressly negatived

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<PAGE>

4.6      Void Costs
To pay and  discharge  that part of the Building  Expenditure  which  relates to
Lettable  Areas in the  Building  to the extent  that the said areas are in fact
unlet during any Building Accounting Year (as hereafter defined)

5. PROVISOS
         IT is HEREBY AGREED AND DECLARED as follows:

5.1  Forfeiture
Without  prejudice  to any other  right  remedy  or power  herein  contained  or
otherwise available to the Landlord:

5.1.1   if the rent  reserved by this Lease or any part thereof  shall be unpaid
for twenty-one (21) days after becoming  payable (whether  formally  demanded or
not); or

5.1.2   if any of the covenants by the Tenant contained in this Lease shall not
be performed and observed; or

5.1.3 if the Tenant and/or the Guarantor (if any) (being a body corporate) has a
winding-up petition or a petition for an administration  order presented against
it or passes a winding-up  resolution  (other than a resolution for the purposes
of an amalgamation or reconstruction  resulting in a solvent  corporation with a
net worth  calculated in accordance with general  accounting  principles no less
than that on the day immediately prior to such  amalgamation or  reconstruction)
or resolves to present  its own  winding-up  petition or is wound up (whether in
England or  elsewhere)  or the  directors or  shareholders  of the Tenant or the
Guarantor resolve to present a petition for an  administration  order in respect
of the Tenant or an  administrative  Receiver  or a Receiver  or a Receiver  and
Manager  is  appointed  in respect of the  property  or any part  thereof of the
Tenant or the Guarantor; or

5.1.4 if the Tenant and/or the Guarantor (if any) (being a body corporate) calls
or a nominee  calls on its behalf a meeting of its  creditors  or any of them or
makes an  application  to the Court under  Section 425 of the Companies Act 1985
(other  than a  scheme  of  arrangement  for  the  purpose  of  amalgamation  or
reconstruction  on a solvent basis) or submits to its creditors or any of them a
proposal  pursuant  to Part I of the  Insolvency  Act  1986 or  enters  into any
arrangement, scheme, compromise, moratorium or composition with its creditors or
any of  them  (whether  pursuant  to  Part  I of  the  Insolvency  Act  1986  or
otherwise); or

5.1.5 if the Tenant  and/or the  Guarantor  (if any) (being an  individual or if
more than one individual then any one of them) notifies the Official Receiver or
makes an application to

                                       40

<PAGE>

the Court for an interim  order  under Part VIII of the  Insolvency  Act 1986 or
convenes  a  meeting  of his  creditors  or any  of  them  or  enters  into  any
arrangement  scheme  compromise  moratorium or composition with his creditors or
any of them  (whether  pursuant  to  Part  VIII of the  Insolvency  Act  1986 or
otherwise)  or has a bankruptcy  petition  presented  against him or is adjudged
bankrupt; or

5.1.6  (where the Tenant or the  Guarantor is  domiciled  or  incorporated  in a
country  other than  England and Wales) if  analogous  proceedings  or events to
those  referred to in Clauses  5.1.3,  5.1.4,  and 5.1.5 shall be  instituted or
occur in the country of domicile or incorporation  THEN and in any such case the
Landlord  may at any time  thereafter  reenter the Demised  Premises or any part
thereof in the name of the whole and thereupon the Term shall  absolutely  cease
and  determine  but without  prejudice to any rights or remedies  which may then
have  accrued  to the  Landlord  against  the  Tenant in  respect  of any of the
covenants contained in this Lease

5.2      Jurisdiction
For the avoidance of doubt and notwithstanding the domicile or place of business
of any party from time to time having an interest in this Lease,  the same shall
be governed by and  construed  in all  respects in  accordance  with the Laws of
England  and  proceedings  in  connection  therewith  shall be subject  (and the
parties hereby submit) to the  nonexclusive  jurisdiction  of the English Courts
and for the  purposes  of Order 10 Rule 3 of the Rules of the  Supreme  Court of
England and any other relevant Rules thereof the Tenant and the Guarantor hereby
irrevocably  agree that any  process  may be served  upon them by leaving a copy
addressed to them at their  address  stated  herein or at such other address for
service within England and Wales as may be notified in writing from time to time
to the Landlord

5.3      No Implied Easements
Nothing herein  contained shall impliedly confer upon or grant to the Tenant any
easement, right or privilege other than those expressly granted by this Lease

5.4      Exclusion of Warranty as to User

5.4.1 Nothing  contained in this Lease or in any consent granted by the Landlord
under this Lease shall imply or warrant  that the Demised  Premises  may be used
under the Planning Acts for the use herein  authorised  or any use  subsequently
authorised

5.4.2 The Tenant hereby  acknowledges and admits that the Landlord has not given
or made at any time any representation or warranty that any such use is or  will
be or will remain a permitted use under the Planning Acts

                                       4l

<PAGE>

5.5 Limitation of Landlord's Liability
The  Landlord  shall not be liable to the Tenant  nor shall the Tenant  have any
claim  against  the  Landlord  in  respect  of:  5.5.1  Any  loss or  damage  or
interference or annoyance  suffered by the Tenant during the carrying out by the
Superior   Landlord  or  the  Landlord  of  repairs,   decorations,   additions,
alterations or other works whether  structural or otherwise  which may appear to
the Superior Landlord or the Landlord to be necessary or desirable to the Estate
Common Parts or to the Building Common Parts or to the Estate or to the Building
provided  that,  in the case of the Landlord  only,  the Landlord  shall use all
reasonable  endeavours to cause as little noise disturbance and inconvenience as
reasonably  possible and carry out all such work as  expeditiously as reasonably
possible and in a good and workmanlike manner and forthwith make good all damage
caused to the Demised Premises;

5.5.2 Any loss or  inconvenience  occasioned  by the closing or breakdown of any
lift,  escalator or other mechanical equipment or by the failure of power supply
to any lift  escalator or other  mechanical  equipment or whilst any repairs are
carried out thereto Provided That the Landlord uses all reasonable endeavours to
reinstate the relevant service as soon as reasonably practicable;

5.5.3 Any loss of or  damage to or theft  from any car using the Car Park or any
loss or damage or injury  suffered by any driver of or passenger in such car not
arising out of the willful negligence of the Landlord its servants or its agents

5.6    No Liability for Staff
No caretakers,  porters,  maintenance staff or other persons employed in respect
of the  provision  of Estate  Services or Building  Services  shall be under any
obligation to furnish attendance or make available their services exclusively to
the Tenant or  otherwise  than in the  provision  of the Estate  Services or the
Building  Services  and in the event of any such person  employed  as  aforesaid
rendering any such  exclusive or  additional  services to the Tenant such person
shall be  deemed  to be the  servant  of the  Tenant  for all  purposes  and the
Landlord  shall not be  responsible  for the manner in which such  exclusive  or
additional  services  are  performed  nor for any  damage to the Tenant or other
persons arising therefrom

5.7    Tenant's Fixtures and Fittings
All tenant's  fixtures and fittings and other property of the Tenant not removed
by the Tenant pursuant to its covenant contained in Clause 3.4 within the period
of twenty-eight  (28) days after the  determination of the Term shall thereafter
be deemed to belong to the Landlord and

                                       42

<PAGE>

the Landlord shall be at liberty to dispose of the same as it thinks fit without
recourse to the Tenant

5.8     Development of Adjoining Property
Nothing contained in this Lease shall by implication of law or otherwise operate
to confer on the Tenant any  easement,  right or  privilege  whatsoever  over or
against any other part of the Estate or the  Building or any  adjoining or other
property  belonging to the Landlord or the Superior  Landlord  (whether  forming
part of the Estate or the Building or not) which might restrict or prejudicially
affect the future rebuilding, alteration or development of any other part of the
Estate or the Building or such  adjoining or other  property nor (subject in the
case of the Landlord to the proviso to Clause 55.1) shall the Tenant be entitled
to compensation for any damage or disturbance  caused by or suffered through any
such rebuilding,  alteration or development nor (subject as aforesaid) shall the
Tenant  make or permit to be made any  objection  to or claim in  respect of any
works of construction, building, alteration, addition or repair carried out upon
any other part of the Estate or the  Building or any land or property  adjoining
or near  any  part of the  Demised  Premises  by the  Superior  Landlord  or the
Landlord or any persons authorised by the Superior Landlord or the Landlord

5.9      Notices
Section  196(4) of the Law of  Property  Act 1925 (as  amended  by the  Recorded
Delivery Service Act 1962) shall apply to all notices and certificates  required
to be given or served under this Lease

5.10     Effect of Waiver
5.10.1 Each of the Tenant's  covenants shah remain in full force both at law and
in equity  notwithstanding that the Landlord shall have waived any such covenant
or waived temporarily or permanently revocably or irrevocably a similar covenant
or similar covenants affecting other property belonging to the Landlord

5.10.2 Neither acceptance of any rents payable hereunder by the Landlord nor the
demand of any such rents by the Landlord shah  constitute a waiver of any breach
by the Tenant of any of its obligations under this Lease

5.11     Covenants relating to adjoining property
Nothing  contained  in or implied by this Lease shah give the Tenant the benefit
of or the right to enforce  or to prevent  the  release or  modification  of any
covenant,  agreement or condition  entered into by any tenant of the Landlord in
respect of any property not comprised in this Lease

                                       43

<PAGE>

5.12 Tenant not to object to works
Subject, in the case of the Landlord,  to the proviso to Clause 5.5.1 hereof the
Tenant  shall  make no  objection,  complaint  or  representation  and shall not
institute or take any proceedings whatsoever whether by way of injunction or for
damages or  otherwise  and shall not permit or suffer any  undertenant  or other
occupier of or any person with any interest in any part of the Demised  Premises
to do any such  things by reason or in  consequence  of any noise,  disturbance,
annoyance  or  inconvenience  occasioned  by any  works by or on  behalf  of the
Superior  Landlord  or the  Landlord  or any  owner or tenant on any part of the
Estate or any adjoining property or building or the Building

5.13     No right of set-off etc.
The rents  reserved by this Lease are exclusive  rents and any present or future
law to the contrary  notwithstanding shall not terminate nor shall the Tenant be
entitled to any abatement,  reduction,  set-off or deduction with respect to any
rents payable to the Landlord

5.14     Invalidity of certain provisions
If any term or provision of this Lease or the application  thereof to any person
or circumstances  shall to any extent be invalid or unenforceable the same shall
be severable from the remainder of this Lease and the remainder of this Lease or
the application of such term or provision to persons or circumstances other than
those as to which it is held  invalid  or  unenforceable  shall not be  affected
thereby and each term and provision of this Lease shall be valid and be enforced
to the fullest extent permitted by law

5.15     Waiver etc. of regulations
5.15.1 The Landlord reserves the right to rescind, alter, add to or waive any of
the Building Regulations at any time where in the Landlord's  reasonable opinion
it is  desirable or proper on good estate  management  grounds (and the Landlord
shall  notify  the  Tenant  thereof  forthwith  following  any such  rescission,
alteration,  addition  or waiver) and the Tenant  acknowledges  the right of the
Landlord to rescind,  alter, add to or waive any of the Building  Regulations as
aforesaid

5.15.2 The Tenant  acknowledges the right of the Superior  Landlord or other the
person  responsible for providing the Estate Services to rescind,  alter, add to
or waive any of the Estate  Regulations  where in the reasonable  opinion of the
Superior  Landlord  or other the person  responsible  for  providing  the Estate
Services it considers it desirable or proper on good Estate  Management  grounds
to do so (and the  Landlord  shall  notify  the  Tenant  thereof  following  the
Landlord  receiving  notice  of any such  rescission,  alteration,  addition  or
waiver)

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5.16     Party Walls
Any  non-structural  walls  dividing  the Demised  Premises  from any  adjoining
property  shall be deemed to be party  walls  within  the  meaning of the Law of
Property  Act 1925  Section 38 and shall be  maintained  at the  equally  shared
expense of the Tenant and other respective owner

5.17     Exclusion of statutory compensation
Except  where any  statutory  provision  prohibits  or modifies the right of the
Tenant to compensation being reduced or excluded by agreement neither the Tenant
nor any  under-tenant  (whether  immediate or not) shall be entitled on quitting
the Demised  Premises  or any part  thereof to claim any  compensation  from the
Landlord under the Landlord and Tenant Act 1954

5.18     Management Company
The Landlord may at any time within twenty-five (25) years from the date of this
Lease (which shall be the perpetuity period applicable thereto) establish at its
cost a Management  Company for the purposes of providing the Estate Services and
operating the Estate Service Charge and/or a Management Company for the purposes
of providing the Building  Services and operating the Building Service Charge in
relation to the Estate and the Building on the following terms and conditions

5.18.1  such  Management  Company  shah  undertake  to the Tenant  the  relevant
obligations  on the part of the  Landlord  contained  in  Clauses  4, 6, 7 and 8
respectively  and any other  obligations  on the part of the Landlord under this
Lease relating thereto and the Landlord shall be released from such obligations;

5.18.2 the rent secondly  hereby  reserved  (being the Estate Service Charge and
the  Building  Service  Charge  payable by the  Tenant)  shall be payable to the
Landlord or the Management Company (as the Landlord may direct);

5.18.3 the  Landlord  from time to time under this  Lease  shall  guarantee  the
obligations of the relevant Management Company

AND the  Landlord  and the  Tenant  and the  Guarantor  agree  that  they  shall
respectively  enter into a Deed  supplemental  to this Lease recording the same,
such Deed to be in a form  prepared by the  Landlord  and approved by the Tenant
(such  approval  not to be  unreasonably  withheld or delayed) and to contain an
obligation  on the  part  of the  Management  Company  to  enter  into a deed in
substantially the same form as such Deed (mutatis mutandis) with any

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<PAGE>

assignee of the Tenant so as to covenant with such assignee that the  Management
Company will observe and perform the covenants  contained in Clauses 4, 6, 7 and
8 hereof

6.       INSURANCE
         THE Landlord and the Tenant HEREBY COVENANT with each other as follows:
6.1 Landlord to insure and keep insured with The  Prudential  Assurance  Company
Limited or with some other  insurer of repute  nominated by the Landlord or with
Lloyds'  Underwriters  and through  such agency as the Landlord may from time to
time  determine  and  subject  to such  exclusions,  excesses,  limitations  and
conditions  as may be  imposed by the  insurers  or  contained  in any policy of
insurance  (such  exclusions  excesses  limitations  or conditions in both cases
being reasonably common in the insurance market at the time of imposition);

6.1.1  the  Building  against  loss  or  damage  by  the  Insured  Risks  in the
Reinstatement Cost of the Building (but excluding any Tenant's or under-tenant's
fitting-out  works or other alterations and improvements to the Demised Premises
whether carried out before or after the date of this Lease);

6.1.2 the loss of rent from time to time payable or  reasonably  estimated to be
payable  under  this  Lease  taking  account of any review of the rent which may
become  due under this Lease for such  period as the  Landlord  may from time to
time  reasonably  deem to be necessary  (being not less than three years) having
regard to the likely period for obtaining  planning  permission and  reinstating
the Demised Premises or such longer period as the Tenant may reasonably require;

6.1.3  engineering and electrical plant and machinery  against loss or damage by
the Insured Risks in the  Reinstatement  Cost to the extent that the same is not
covered by sub-clause 6.1.1; and

6.1.4 property  owner's  liability and such other  insurance as the Landlord may
from time to time reasonably deem necessary to effect

6.2      Evidence of insurance
At the request of the Tenant the Landlord shall produce to the Tenant reasonable
evidence  from the  insurers of the terms of the  insurance  policy and the fact
that the policy is subsisting and in effect

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<PAGE>

6.3       Destruction of Demised Premises
If the Demised  Premises or any part thereof are  destroyed or damaged by any of
the Insured Risks then:  6.3.1 unless  payment of the insurance  monies shall be
refused in whole or in any part by reason of any act or default of the Tenant or
any  undertenant or any person under its or their control (save where the Tenant
has paid to the Landlord any shortfall); and

6.3.2  subject  to the  Landlord  being able to obtain  any  necessary  planning
permission and all other necessary  licences,  approvals and consents in respect
of which the Landlord shall use all  reasonable  endeavours to obtain (but shall
not be obliged to institute any appeal); and

6.3.3 subject to Force Majeure and to Clause 6.5

the Landlord shall lay out the net proceeds of such insurance, other than any in
respect of loss of rent or arising  under Clause  6.1.4,  (as soon as reasonably
practicable) in the rebuilding and reinstatement of the premises so destroyed or
damaged  substantially  as the same were prior to any such destruction or damage
with  such  variations  as the  Landlord  may  reasonably  require  or as may be
requisite  in  accordance  with the  requirements  of  planning  control  and/or
building  and/or  other  regulations  and in  case  any  such  moneys  shall  be
insufficient for that purpose the Landlord shall make up any such deficiency out
of its own moneys

6.3.4    Cesser of rent
In case the Demised  Premises or any part thereof or the access  thereto (or any
part  thereof)  shall at any time during the Term be so  destroyed or damaged by
any of the Insured Risks as to render the Demised Premises or the access thereto
or any part thereof unfit for occupation or use and the insurance shall not have
been vitiated or payment of the policy  moneys  refused in whole or in part as a
result of some act or  default of the  Tenant or any  undertenant  or any person
under its or their control,  then the rent first and secondly hereby reserved or
a fair  proportion  thereof  according  to the  nature  and extent of the damage
sustained shall from and after the date of such damage be suspended and cease to
be payable  until the Demised  Premises and the access  thereto  shall have been
made fit for  occupation  or use and in the event of dispute as to the amount or
duration  of the rent to be abated  such  dispute  shall be  settled by a single
arbitrator  to be  appointed by the  President,  for the time being of the Royal
Institution  of  Chartered  Surveyors  who  shall  act in  accordance  with  the
Arbitration Acts 1950 to 1979

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<PAGE>

6.5      Option to-determine
In case the Demised Premises or the Building or the Estate shall be destroyed or
so damaged by any of the Insured Risks as to be unfit for  occupation or use and
reinstatement  of the Demised Premises and/or the Building and/or the Estate (as
the  case  may be) is or would be  frustrated  or  impossible  or if there is no
reasonable  prospect of being able to  reinstate  the same within the period for
which the Landlord covenants to insure against the loss of rent hereunder,  then
this Lease may at the  option of the  Landlord  be  determined  by the  Landlord
giving to the Tenant six months'  written  notice at any time  Provided  That if
this Lease shall be  determined  then the Landlord  shall not be required to lay
out the net proceeds of the insurance referred to in sub-clauses 6.1.1 and 6.1.4
in  reinstatement  and all such  insurance  moneys  shall belong to the Landlord
absolutely

6.6    Tenant not to vitiate  insurance etc The Tenant hereby covenants with the
Landlord:

6.6.1  Not to do or  permit  or  suffer  to be done or omit to do in or upon the
Demised  Premises or any part thereof  anything  whatsoever which may render the
Landlord  liable to pay in respect of the Building and/or the Estate or any part
thereof more than the ordinary or present rate of premium for insurance  against
the Insured  Risks or which may make void or voidable any policy of insurance in
respect of the Demised  Premises  the Building or the Estate and to repay to the
Landlord  all  expenses  incurred  by it in or about any  renewal of such policy
rendered necessary by a breach of this covenant and to make good to the Landlord
any shortfall in the insurance  moneys  payable to the Landlord by reason of any
act or default of the Tenant within fourteen days of demand therefor

6.6.2 If the payment of any insurance  moneys is refused as a result of some act
or  default of the Tenant or any  undertenant  or any person  under its or their
control to pay to the  Landlord  on demand the amount so refused  together  with
interest  thereon at the Interest Rate from the date upon which the costs of the
reinstatement  works in respect of which the insurance  moneys are refused falls
due for payment

6.6.3 Not to insure the Demised  Premises or any part thereof (save for tenant's
fixtures  fittings and  equipment  and  alterations  and  additions  made by the
Tenant)  against any of the Insured  Risks and not to take out any  insurance in
respect of any of the matters  which the  Landlord  is required to insure  under
this Lease (save as provided  herein) but if the Tenant shall become entitled to
the benefit of any  insurance on the Demised  Premises  which is not effected or
maintained  in pursuance of the  obligations  herein  contained  then the Tenant
shall apply all moneys received from such insurance (in so far as the same shall
extend)  in making  good the loss or damage in  respect  of which the same shall
have been received

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<PAGE>

6.6.4 To notify the  Landlord  immediately  in writing in the event of damage to
the Demised Premises or any part thereof by way of the Insured Risks

6.6.5 In the event of damage to the Demised  Premises or any part thereof by any
of the Insured  Risks so as to render the same unfit for  occupation or use, (if
reasonably  required  by the  Landlord)  to remove  all  tenant's  fixtures  and
fittings and other property of the Tenant within one month of such damage

6.6.7    Decennial Insurance
The Landlord has effected and shall maintain or procure the  maintenance  of, at
its safe cost, a decennial  insurance  policy providing ten (10) years' building
defects insurance from 31st May 1991 in respect of the development of the Estate
such  policy  to be on the terms  and  conditions  set out in the form of policy
previously  submitted to and approved by the Landlord and produced to the Tenant
prior to the date of this Lease and the Landlord shall procure that the interest
of the Tenant be  endorsed  upon the Policy so far as the  Tenant's  interest is
affected thereby

6.6.8    Self Insurance
If at any time  and fir so long as the  Landlord  is an  insurance  company  and
carries  all or part of the risks  referred to in this Clause 6 itself (or if it
is deemed to be carrying all or part of such risks notwithstanding any insurance
policy  actually  taken out by it) then in both such events and to the extent to
which it carries or is deemed to carry all or part of such risks:

         a) the  Landlord  shall  nevertheless  be  taken  to have  effected  an
insurance  policy on the terms  herein set out and  subject to such  exclusions,
conditions  and uninsured  excesses  then  equivalent to those quoted by it from
time to time when  underwriting  similar  business (or  equivalent to any actual
policy  which has been  taken  out)  Provided  such  exclusions  conditions  and
excesses are reasonably  common in the insurance  market at each date of renewal
or upon each anniversary of the commencement date of the Term (as appropriate);

         b) the Landlord shall be deemed to have expended from time to time such
premiums as it would have charged for insuring and keeping insured the Building,
the rent and other  risks in  accordance  with the terms of this Lease (or shall
nevertheless  be deemed to have  expended  from time to time such premiums as it
has, in fact, incurred in effecting such insurance); and

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<PAGE>

c) all the  provisions of this Lease which relate to the occurrence of damage or
destruction to or  reinstatement  of the Building or the Demised  Premises or to
insurance  (including  without  limitation  all the provisions of this Clause 6)
shall apply  mutatis  mutandis as if the  Landlord had effected a policy with an
independent insurer

7        ESTATE SERVICE CHARGE
7.1      Landlord's liability
THE  provisions  of this Clause 7 shall apply for so long as the Landlord is the
freeholder of the Estate Common Parts and  thereafter the Landlord shall use all
reasonable  endeavours  to enforce the covenants in relation to the provision of
Estate  Services and the operation of the Estate  Service  Charge on the part of
any Superior  Landlord or any other person  obliged to provide  Estate  Services
(including the  commencement  of legal  proceedings  where there is a reasonable
prospect of success)

7.2      Tenant to pay Estate Service Charge
To the intent that the Landlord  shall be fully and  effectively  indemnified in
respect of all the Estate  Expenditure,  the Tenant shall pay to the Landlord by
way of additional rent the Estate Service Charge

7.3      Estate Expenditure
The  Estate  Expenditure  shall  be  calculated  after  the end of  each  Estate
Accounting  Year (as  hereinafter  defined) and shall comprise the aggregate for
such year of the following:

7.3.1 All costs fees expenses outgoings and other expenditure (whether or not of
a recurring  nature)  reasonably and properly  incurred from time to time by the
Landlord in  connection  with or  incidental to the  provision,  management  and
operation  of and payment for all or any of the Estate  Services and the matters
referred to in Section II of the Sixth  Schedule  and (when any  expenditure  is
incurred in relation to the Estate and other  premises)  the  proportion of such
expenditure  which  is  reasonably   attributable  to  the  Estate  as  properly
determined by the Landlord

7.3.2 The  reasonable  and proper fees  charges  and  expenses  and  commissions
payable to any Solicitor, Accountant, Surveyor, Valuer, Architect or Engineer or
any other person whom the  Landlord  may from time to time employ in  connection
with the  management  of the Estate  and the  provision  of the Estate  Services
including  (but  without  prejudice  to the  generality  of the  foregoing)  the
reasonable  and proper  cost of causing to be  prepared  the Estate  Expenditure
Certificate  (as  hereinafter  defined) and causing to be calculated  the Estate
Service Charge  (PROVIDED  that there shall not be included  hereunder any fees,
charges

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<PAGE>

or expenses  whatsoever incurred in connection with the enforcement of covenants
of the tenants or occupiers of the Estate or in  connection  with the letting or
re-letting  or  disposal  of other  parts of the  Estate or the  negotiation  or
agreement or submission to an arbitrator or expert valuer or to any Court of any
rent review affecting tenants or occupiers of the Estate)

7.3.3 Value Added Tax (if any) at the applicable rate in respect of the fees and
other items of Estate Expenditure,  save to the extent that such Value Added Tax
is recoverable by the Landlord in its accounting with H.M. Customs and Excise in
respect of the Estate

7.3.4 Such sums as the Landlord shall reasonably consider desirable to set aside
from  time to  time  (which  setting  aside  shall  be  deemed  to be an item of
expenditure  actually incurred) but so that such sums shall only be used for the
purposes  of  meeting  Estate  Expenditure  for the  purpose  of  providing  for
periodically  recurring items of expenditure  whether or not of a capital nature
and whether  recurring at regular or  irregular  intervals  and for  anticipated
expenditure in respect of any of the Estate Services to be provided (the "Estate
Reserve Fund")

7.3.5 The cost of replacement  of any item where such  replacement is reasonably
necessary whether or not the replacement item is of a superior  quality,  design
or utility to the item being replaced

7.4      Estate Expenditure Certificate
7.4.1 The amount of the Estate  Expenditure  shall be ascertained  and certified
annually by a certificate (the "Estate Expenditure  Certificate")  signed by the
Landlord or the Landlord's Surveyor or managing agents (at the discretion of the
Landlord)  and by a  chartered  accountant  as soon  after the end of the Estate
Accounting Year (as hereinafter  defined) as may be practicable and shall relate
to such year in manner hereinafter mentioned

7.4.2 A copy of the Estate  Expenditure  Certificate for each Estate  Accounting
Year shall be  supplied  by the  Landlord  to the Tenant  without  charge to the
Tenant

7.4.3 The Estate Expenditure  Certificate shall contain a breakdown of the items
of  expenditure  comprised  in the Estate  Expenditure  in respect of the Estate
Accounting Year to which it relates

7.5      Estate Accounting Year
The expression the "Estate Accounting Year" shall mean the period from 1 January
of every year to 31  December  of that year or such other  annual  period as the
Landlord may in its

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discretion  from time to time  determine  as being that in which the accounts of
the Landlord either generally or relating to the Estate shall be made up

7.6      Estate Service Charge Advance Payment
On each of the usual  quarter days in every year during the Term the Tenant shah
pay to the  Landlord in advance  such sum (the "Estate  Service  Charge  Advance
Payment") on account of the Estate Service Charge for the Estate Accounting Year
then current (the  "Relevant  Estate  Year") as the Landlord  shall from time to
time reasonably specify as being in its opinion a fair and reasonable assessment
of one quarter of the likely Estate Service Charge for the Relevant  Estate Year
PROVIDED THAT

7.6.1 if during the Relevant Estate Year the Landlord shah  reasonably  consider
that the Estate Service Charge for the Relevant  Estate Year is likely to exceed
the  aggregate of the Estate  Service  Charge  Advance  Payment for the Relevant
Estate Year, the Landlord may (provided it acts reasonably) re-assess the Estate
Service  Charge Advance  Payment for the whole of the Relevant  Estate Year (the
"Revised  Estate  Charge  Advance  Payment")  and the  Tenant  shall  pay to the
Landlord the Revised Estate Charge Advance Payment on each of the next following
quarter days during the  remainder  of the  Relevant  Estate Year and the Tenant
shall pay to the Landlord  within  fourteen (14) days of demand the aggregate of
the amounts by which the Estate Service Charge Advance  Payment  already made in
respect of the Relevant  Estate Year fall short of the sum which would have been
payable if the Revised  Estate Charge Advance  Payment had been assessed  before
the commencement of the Relevant Estate Year;

7.6.2 if the Landlord  shah not assess the amount of the Estate  Service  Charge
Advance  Payment  payable  hereunder  in respect of any Estate  Accounting  Year
before the beginning of such year, the Estate  Service  Charge  Advance  Payment
shah  continue to be payable at the rate  specified  for the previous year until
such time as the Landlord shall make such  assessment  whereupon the Tenant shah
immediately  pay to the Landlord on demand the aggregate of the amounts by which
the  Estate  Service  Charge  Advance  Payment  already  made in  respect of the
Relevant  Estate Year fall short of the sum which would have been payable if the
amount of the Estate Service Charge Advance Payment for the Relevant Estate Year
had been  assessed  before the  commencement  thereof and on each of the quarter
days during the  remainder of the  Relevant  Estate Year the Tenant shall pay to
the Landlord the Estate Service Charge Advance Payment at the new rate; and

7.6.3  subject to and without  prejudice to the Estate  Service  Charge  Advance
Payment for each quarter day between 2 January  1994 and 31 December  1994 shall
be pounds 2,690 whereof the first payment or a due proportion thereof in respect
of the

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period commencing on 2 January 1994 expiring on 24 March 1994  is to be made on
the execution hereof

7.7      Tenant to pay balance of Estate Service Charge
7.7.1 As soon as practicable  after the end of each Estate  Accounting  Year the
Landlord shall furnish to the Tenant the Estate  Expenditure  Certificate and an
account (the "Estate  Service  Charge  Account")  specifying  the Estate Service
Charge  payable by the Tenant for that year,  due credit being given therein for
the  aggregate  of the Estate  Service  Charge  Advance  Payment and any Revised
Estate Service Charge Advance  Payment made by the Tenant in respect of the said
year and upon the  furnishing  of the  Estate  Expenditure  Certificate  and the
Estate  Service Charge Account there shall be paid by the Tenant to the Landlord
the balance (if any) of the Estate Service Charge in respect of the said year or
there shall be credited against the Tenant's liability for Estate Service Charge
for the next Estate Accounting Year or (at the option of the Landlord) repaid by
the  Landlord  to the Tenant any amount  which  shall have been  overpaid by the
Tenant by way of Estate  Service  Charge  Advance  Payment  and  Revised  Estate
Service Charge Advance  Payment (as the case may require)  PROVIDED  ALWAYS that
the  provisions  of this  Clause  shall  continue to apply  notwithstanding  the
expiration or sooner determination of the Term but only in respect of the period
down to such expiration or sooner  determination as aforesaid the Estate Service
Charge for the Estate  Accounting  Year then current being  apportioned  for the
said period on a daily  basis and any amount  found to be overpaid by the Tenant
after the  expiry or  determination  of the Term being  forthwith  repaid by the
Landlord to the Tenant

7.7.2 The Estate  Expenditure  Certificate and the Estate Service Charge Account
shall be final and binding upon the parties hereto (save in the case of manifest
error)

7.8. Omission by Landlord to include item in Estate  Expenditure Any omission by
the Landlord to include in Estate  Expenditure in any Estate  Accounting  Year a
sum expended in that Estate Accounting Year shall not preclude the Landlord from
including such sum in Estate  Expenditure in any  subsequent  Estate  Accounting
Year as the Landlord shall determine

7.9      Estate Reserve Fund
The Landlord  shall be entitled (but not obliged) to establish an Estate Reserve
Fund (as hereinbefore defined) which shall be held upon trust for the Tenant and
any other  tenants or  occupiers of the Estate and shall be held in a separately
designated  interest bearing trustee bank account and the Landlord shall utilise
the same with interest  accruing thereon but after deducting tax payable thereon
and on such  interest  in  defraying  expenditure  of the nature  referred to in
Clause 7.3.4

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<PAGE>

7.10     Variation of Estate Service Charge
If  at  any  time  or  times  during  the  Term  the  Landlord   considers  that
circumstances  have arisen  making the Estate  Service  Charge  unreasonable  or
inequitable,  the  Landlord may give  written  notice to the Tenant  requiring a
variation to the Estate  Service  Charge which is fair and reasonable in all the
circumstances  and in the  event of  there  being  any  dispute  regarding  such
variation the matter shall be referred to a single Arbitrator to be appointed in
default of agreement upon the application of the Landlord or the Tenant by or on
behalf of the President for the time being of the Royal Institution of Chartered
Surveyors in accordance with the provisions of the Arbitration Acts 1950 to 1979

7.11     Estate Services provided to the Tenant
7.11.1  (Without  prejudice to the provisions of Clause 7.10) the calculation of
the Estate Service Charge hereunder may be varied and adjusted in such manner as
shall in the Landlord's  Surveyor's reasonable opinion (such opinion to be final
and binding on all parties)  reflect the extent to which the Estate Services (or
any particular one or more of the Estate  Services) shall have been provided for
or enjoyed by the Tenant  and/or by any other  tenant or occupier of other parts
of the  Estate to a  materially  greater  or lesser  degree  than any other such
tenant or occupier

7.11.2 The Tenant  covenants  with the Landlord  that the Tenant will pay to the
Landlord  within  fourteen  (14) days of demand  such  charge as may be properly
incurred by the Landlord in respect of any service  (whether or not constituting
one of the Estate Services)  provided at the express request of the Tenant to or
for the  benefit  of the Tenant  (whether  or not  exclusively)  at a time or in
circumstances when or in which such service would not have been provided but for
such request

7.12     Variation of Estate Services
The  Landlord  may  withhold,  add  to,  commence,  extend,  vary  or  make  any
alterations  to any of the Estate  Services  or any of the items  referred to in
Section II of the Sixth  Schedule from time to time if the  Landlord's  Surveyor
shall reasonably consider it appropriate to do so in the interests of the owners
and tenants on the Estate or for the more  efficient  management,  security  and
operation  of the Estate or for the  comfort  of the  owners and  tenants on the
Estate or for any other reason (including the assumption of  responsibility  for
any such Estate Services or other items by any local or public authority)

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<PAGE>

7.13     Major works
Where the Landlord  carries out major works of repair or maintenance or replaces
major items of plant or machinery  the Landlord may elect to apportion  the cost
so incurred over such longer period than the Estate  Accounting Year or Years in
which such cost is incurred as it may  reasonably  consider  appropriate  and to
include  interest  on such part of such cost as shall not have been  included in
the Estate Service Charge Account for the Estate  Accounting Year in question or
in any previous  Estate Service  Charge Account at two per cent.  (2%) above the
base rate of Midland Bank public limited company from time to time calculated on
a day-today basis either from the date on which the cost is incurred down to the
end of the Estate  Accounting Year (in relation to the Estate Accounting Year in
which such cost is  incurred)  or the period of the Estate  Accounting  Year (in
relation to each of the subsequent  Estate  Accounting Years over which the cost
is apportioned)

7.14     Raising Money by Loan or Overdraft
The  Landlord  may at its  reasonable  discretion  raise money by way of loan or
overdraft for the purposes of financing  expenditure  incurred or to be incurred
in  providing  the  Estate  Services  or any of them and any  interest  or other
charges  payable by the  Landlord  in respect  thereof  shall be included in the
Estate Expenditure

7.15     Interest
All  interest  earned on any account or accounts  into which the Estate  Service
Charge Advance Payment or other sums payable under this Clause by the Tenant are
made or  similar  payments  made by other  tenants on the  Estate  shall  (after
deduction  of any tax payable  thereon) be utilised by the  Landlord in reducing
Estate Expenditure

7.16     Dunster Court
Any contributions  made to the maintenance of any part of the Estate pursuant to
the Dunster Court Documents shall be utilised by the Landlord in reducing Estate
Expenditure

7.17  Notwithstanding   Clause  7.1  this  Clause  7  shall  continue  to  apply
notwithstanding  that the  Landlord  transfer or assigns its  reversion  to this
Lease to a Group Company of the Landlord

8.       BUILDING SERVICE CHARGE
8.1      Tenant to pay Building Service Charge
TO the intent that the Landlord  shall be fully and  effectively  indemnified in
respect of all the Building  Expenditure the Tenant shall pay to the Landlord by
way of additional  rent the Building  Service Charge  provided that in providing
the Building  Services the Landlord shall act in accordance  with the principles
of good estate management so as to provide such

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<PAGE>

services in as reasonably an economic manner as is consistent with  the  quality
of the Building and the Estate

8.2      Building Expenditure
The Building  Expenditure  shall be  calculated  after the end of each  Building
Accounting Year (as hereafter defined) and shall comprise the aggregate for such
year of the following:

8.2.1 All proper costs fees expenses outgoings and other expenditure (whether or
not of a recurring nature) reasonably and properly incurred from time to time by
the Landlord in connection  with or incidental to the provision  management  and
operation of and payment for all or any of the Building Services and the matters
referred to in Section II of the Seventh  Schedule and (when any  expenditure is
incurred in relation to the Building and other  premises) the proportion of such
expenditure  which is reasonably  attributable to the Building as reasonably and
properly  determined by the Landlord  Provided That there shall be excluded from
Building  Expenditure any costs of electricity or of inspection  maintenance and
repair of Landlord's  Apparatus (as defined in the Eleventh  Schedule in respect
of the Retained Parts to the extent the same would be recoverable from occupiers
of the  Building  as their  Electricity  Charge were all  Lettable  Areas of the
Building let upon terms that the tenants  thereof paid an Electricity  Charge in
substantially the same terms as the Eleventh Schedule

8.2.2  The proper fees  charges  and  expenses  and  commissions  payable to any
Solicitor,  Accountant,  Surveyor,  Valuer  Architect  or  Engineer or any other
person whom the  Landlord  may from time to time employ in  connection  with the
management of the Building and the provision of the Building Services  including
(hut without  prejudice to the  generality of the  foregoing) the reasonable and
proper cost of causing to be prepared the Building  Expenditure  Certificate and
causing to be calculated the Building  Service Charge (PROVIDED that there shall
not be included hereunder any fees, charges or expenses  whatsoever  incurred in
connection  with the enforcement of covenants of the tenants or occupiers of the
Building or in  connection  with the letting or  re-letting or disposal of other
parts of the  Building or the  negotiation  or  agreement  or  submission  to an
arbitrator or expert valuer or to any Court of any rent review affecting tenants
or occupiers of the Building)

8.2.3 Value Added Tax (if any) at the applicable rate in respect of the fees and
other items of Building Expenditure save to the extent that such Value Added Tax
is recoverable by the Landlord in its accounting with H.M. Customs and Excise in
respect of the Building

8.2.4 Such sums as the Landlord shall reasonably consider desirable to set aside
from  time to  time  (which  setting  aside  shall  be  deemed  to be an item of
expenditure actually incurred) but so

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<PAGE>

that  such  sums  shall  only  be used  for the  purposes  of  meeting  Building
Expenditure  for the purpose of providing for  periodically  recurring  items of
expenditure  whether or not of a capital nature and whether recurring at regular
or irregular intervals and for anticipated  expenditure in respect of any of the
Building Services to be provided (the "Building Reserve Fund")

8.2.5 The cost of  replacement  of any item where such  replacement is necessary
whether or not the  replacement is of a superior  quality,  design or utility to
the item being replaced

8.3      Building Expenditure Certificate
8.3.1 The amount of the Building  Expenditure shall be ascertained and certified
annually by a certificate (the "Building Expenditure Certificate") signed by the
Landlord or the Landlord's Surveyor or managing agents (at the discretion of the
Landlord)  and by `a chartered  accountant as soon after the end of the Building
Accounting  Year as may be  practicable  and shall relate to such year in manner
hereinafter mentioned

8.3.2  A  copy  of  the  Building  Expenditure  Certificate  for  each  Building
Accounting  Year shall be supplied by the Landlord to the Tenant  without charge
to the Tenant

8.3.3 The  Building  Expenditure  Certificate  shall  contain a breakdown of the
items of  expenditure  comprised in the Building  Expenditure  in respect of the
Building Accounting Year to which it relates

8.4      Building Accounting Year
The  expression  the  "Building  Accounting  Year"  shall mean the period from 1
January of every year to 31 December of that year or such other annual period as
the Landlord may in its discretion  from time to time determine as being that in
which the accounts of the Landlord either  generally or relating to the Building
shall be made up

8.5       Building Service Charge Advance Payment
On each of the usual quarter days in every year during the Term the Tenant shall
pay to the Landlord in advance such sum (the  "Building  Service  Charge Advance
Payment") on account of the Building Service Charge for the Building  Accounting
Year then current (the "Relevant Building Year") as the Landlord shall from time
to time  reasonably  specify  as being  in its  opinion  a fair  and  reasonable
assessment of one quarter of the likely Building Service Charge for the Relevant
Building Year PROVIDED THAT

8.5.1 if  during  the  Relevant  Building  Year the  Landlord  shall  reasonably
consider  that the Building  Service  Charge for the Relevant  Building  Year is
likely to exceed the aggregate of

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<PAGE>

the Building  Service Charge Advance Payment for the Relevant  Building Year the
Landlord may (provided he acts reasonably) re-assess the Building Service Charge
Advance  Payment  for the whole of the  Relevant  Building  Year  (the  "Revised
Building  Service  Charge  Advance  Payment")  and the  Tenant  shall pay to the
Landlord the Revised Building Service Charge Advance Payment on each of the next
following  quarter days during the  remainder of the Relevant  Building Year and
the Tenant shall pay to the  Landlord  within  fourteen  (14) days of demand the
aggregate of the amounts by which the Building  Service Charge  Advance  Payment
already  made in respect  of the  Relevant  Building  Year fall short of the sum
which would have been payable if the Revised  Building  Service  Charge  Advance
Payment had been assessed before the commencement of the Relevant Building Year;

8.5.2 if the Landlord shall not assess the amount of the Building Service Charge
Advance  Payment  payable  hereunder in respect of any Building  Accounting Year
before the beginning of such year, the Building  Service Charge Advance  Payment
shall  continue to be payable at the rate  specified for the previous year until
such time as the Landlord shall make such assessment  whereupon the Tenant shall
immediately  pay to the Landlord on demand the aggregate of the amounts by which
Building  Service Charge Advance Payment already made in respect of the Relevant
Building  Year fall short of the sum which would have been payable if the amount
of the Building  Service Charge Advance  Payment for the Relevant  Building Year
had been  assessed  before the  commencement  thereof and on each of the quarter
days during the remainder of the Relevant  Building Year the Tenant shall pay to
the Landlord the Building Service Charge Advance Payment at the new rate; and

8.5.3 subject and without  prejudice to the foregoing  provisions,  the Building
Service Charge  Advance  Payment for each quarter day between 2 January 1994 and
31 December 1994
shall be pounds 22,423 whereof the first payment or a due proportion  thereof in
respect of the period commencing on 2 January 1994 and expiring on 24 March 1994
is to be made on the execution hereof

8.6      Tenant to pay balance of Building Service Charge
8.6.1 As soon as practicable after the end of each Building  Accounting Year the
Landlord shah furnish to the Tenant the Building Expenditure  Certificate and an
account (the "Building Service Charge Account")  specifying the Building Service
Charge  payable by the Tenant for that year due credit  being given  therein for
the aggregate of the Building  Service  Charge  Advance  Payment and any Revised
Building  Service  Charge  Advance  Payment made by the Tenant in respect of the
said year and upon the furnishing of the Building  Expenditure  Certificate  and
the Building  Service  Charge  Account  there shall be paid by the Tenant to the
Landlord the balance (if any) of the Building  Service  Charge in respect of the
said year or there shall be credited against the Tenant's liability for Building
Service Charge for the next

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<PAGE>

Building  Accounting  Year or (at the  option  of the  Landlord)  repaid  by the
Landlord to the Tenant any amount  which shall have been  overpaid by the Tenant
by way of Building  Service Charge Advance Payment and Revised  Building Service
Charge  Advance  Payment  (as the case may  require)  PROVIDED  ALWAYS  that the
provisions of this Clause shall continue to apply notwithstanding the expiration
or sooner  determination  of the Term but only in respect of the period  down to
such expiration or sooner determination as aforesaid the Building Service Charge
for the Building  Accounting  Year then current being  apportioned  for the said
period on a daily basis and any amount found to be overpaid at the expiration or
sooner  termination  of the Term by the  Tenant  being  forthwith  repaid by the
Landlord to the Tenant;

8.6.2 The  Building  Expenditure  Certificate  and the Building  Service  Charge
Account shall be final and binding upon the parties  hereto (save in the case of
manifest error)

8.7 Omission by Landlord to include item in Building Expenditure Any omission by
the Landlord to include in Building  Expenditure in any Building Accounting Year
a sum expended in that Building  Accounting Year shall not preclude the Landlord
from  including  such sum in Building  Expenditure  in any  subsequent  Building
Accounting Year as the Landlord shall determine

8.8      Building Reserve Fund
The Landlord shall be entitled (but not obliged) to establish a Building Reserve
Fund (as hereinbefore defined) which shall be held upon trust for the Tenant and
any other tenants or occupiers of the Building and shall be held in a separately
designated  interest bearing trustee bank account and the Landlord shall utilise
the same with interest  accruing thereon but after deducting tax payable thereon
and on such  interest  in  defraying  expenditure  of the nature  referred to in
Clause 8.2.4

8.9      Variation of the Building Service Charge
If at any time or times  during  the Term  the  Landlord's  Surveyor  reasonably
considers  that  circumstances  have arisen making the Building  Service  Charge
unreasonable or inequitable,  the Landlord may give written notice to the Tenant
requiring  a  variation  to the  Building  Service  Charge  which  is  fair  and
reasonable in all the  circumstances and in the event of there being any dispute
regarding such variation the matter shall be referred to a single  Arbitrator to
be appointed in default of agreement upon the application of the Landlord or the
Tenant  by or on  behalf  of the  President  for the  time  being  of the  Royal
Institution  of Chartered  Surveyors in  accordance  with the  provisions of the
Arbitration Acts 1950 to 1979

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<PAGE>

8.10     Building-Services provided to the Tenant
8.10.1  (Without  prejudice to the provisions of Clause 8.9) the  calculation of
the Building  Service Charge hereunder may be varied and adjusted in such manner
as shall in the  Landlord's  Surveyor's  reasonable  opinion (such opinion to be
final and  binding on all  parties)  reflect  the  extent to which the  Building
Services (or any  particular  one or more of the Building  Services)  shall have
been  provided  for or  enjoyed  by the  Tenant  and/or by any  other  tenant or
occupier of other parts of the Building to a materially greater or lesser degree
than any other such tenant or occupier

8.10.2 The Tenant  covenants  with the Landlord  that the Tenant will pay to the
Landlord  within  fourteen (14) days of demand such charge as may  reasonably be
determined  and allocated by the  Landlord's  Surveyor in respect of any service
(whether or not constituting a Building Service) provided at the express request
of the Tenant to or for the benefit of the Tenant  (whether or not  exclusively)
at a time or in circumstances  when or in which such service would not have been
provided but for such request

8.11     Variation of Building Services
The  Landlord  may  withhold,  add  to,  commence,  extend,  vary  or  make  any
alterations  to any of the Building  Services or any of the items referred to in
Section II of the Seventh Schedule from time to time if the Landlord's  Surveyor
shall reasonably deem it appropriate to do so in the interests of the owners and
tenants of the  Building  or for the more  efficient  management,  security  and
operation  of the  Building  or f6r the comfort of the owners and tenants of the
Building or for any other reason (including the assumption of responsibility for
any such Building Services or other items by any local or public authority)

8.12     Major Works
Where the Landlord  carries out major works of repair or maintenance or replaces
major items of plant or machinery  the Landlord may elect to apportion  the cost
so incurred over such longer period than the Building  Accounting  Year or Years
in which such cost is incurred as it may reasonably consider  appropriate and to
include  interest  on such part of such cost as shall not have been  included in
the Building Service Charge Account for the Building Accounting Year in question
or in any previous  Building  Service  Charge Account at two per cent (2%) above
the  base  rate  of  Midland  Bank  public  limited  company  from  time to time
calculated  on a  day-today  basis  either  from the  date on which  the cost is
incurred  down to the end of the  Building  Accounting  Year (in relation to the
Building  Accounting  Year in which such cost is  incurred) or the period of the
Building  Accounting  Year  (in  relation  to  each of the  subsequent  Building
Accounting Years over which the cost is apportioned)

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<PAGE>

8.13     Raising Money by Loan or Overdraft
The  Landlord  may at its  reasonable  discretion  raise money by way of loan or
overdraft for the purposes of financing  expenditure  incurred or to be incurred
in  providing  the  Building  Services or any of them and any  interest or other
charges  payable by the  Landlord  in respect  thereof  shall be included in the
Building Expenditure

8.14     Interest
All interest  earned on any account or accounts into which the Building  Service
Charge Advance Payment or other sums payable under this Clause by the Tenant are
paid or similar  payments  made by other  tenants in the  Building  shall (after
deduction  of any tax payable  thereon) be utilised by the  Landlord in reducing
Building Expenditure

OPTION TO BREAK
If the Tenant  wishes to determine  this Lease on 25 December  2003 and gives to
the  Landlord  twelve  (12)  months and one day prior  notice in writing of such
desire  then  provided  the  Tenant  has as at 25  December  2003 paid the rents
reserved by and observed and performed the covenants and obligations on its part
contained  in this Lease in all  material  respects the Term of this Lease shall
cease and determine on 25 December 2003 but without  prejudice to the respective
rights of either party against the other in respect of any antecedent  breach of
covenant

10.      GUARANTOR'S COVENANT
IN  consideration  of this demise  having been made at its request the Guarantor
hereby  covenants  as a  primary  obligation  with  the  Landlord  in the  terms
contained in the Eighth Schedule

I N WITNESS  whereof  this Deed has been  executed by the parties  hereto and is
intended to be and is hereby delivered on the day and year first above written

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                                 FIRST SCHEDULE
                              The Demised Premises

The Demised Premises means the property briefly  described in Clause 1 and shown
for identification purposes only edged red on Plan 5 including:

a)       the internal plaster surfaces and finishes of all structural  or  load-
bearing walls and columns therein or which enclose  the same  but not any  other
part of such walls and columns;

(b)      the entirety of all  non-structural  or   non-load  bearing  walls  and
columns therein;

(c) the floor finishes thereof and all carpets, save that the lower limit of the
Demised  Premises shall not extend to anything  below the floor finishes  except
that raised floors and the cavity below them shall be included;

(d)  the ceiling finishes thereof including all suspended  ceilings (if any) and
light fittings and sprinkler systems and the cavity above any suspended ceilings
and all  plant in the void  above  the  suspended  ceilings  but  excluding  the
Excluded Plant;

(e) all window frames and window  furniture and all glass in the windows and all
doors, door furniture and door frames;

(f)  all  sanitary  and hot and  cold  water  apparatus  and  equipment  and the
radiators  (if any) therein and all fire  fighting  equipment  and hoses therein
including the fire boxes and hoses to the point of connection to the risers;

(g) all Conducting Media therein and exclusively serving the same, save those of
statutory undertakers;

(h)      all Fixtures;

(i) all  mechanical  and  electrical  plant  within  the  Demised  Premises  and
exclusively  serving the same to the point where it meets the supply  risers but
excluding the Excluded Plant;

(j) the  lavatory  accommodation  situated  on the  same  floor  as the  Demised
Premises and all plumbing and pipework within the Demised  Premises  exclusively
serving the same; and

(k)      all additions, alterations and improvements thereto

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<PAGE>

                                 SECOND SCHEDULE
                                 Rights Granted

1. Subject to compliance by the Tenant with its obligations contained in Clauses
3.30 and 3.3 1 and subject to the Third Schedule and in common with the Landlord
and all  others  having  a like  right,  the  right  for the  Tenant  and  those
authorised by it:

1.1. to use  Minster  Court for the  purposes  of gaining  access to, and egress
from,  the Building on foot at all  reasonable  times  during the Minster  Court
Access Hours and to use the  Pedestrian  Mall for like purposes at such times as
the Pedestrian Mall is available for use;

1.2 to use the part of the Dunster Court Access  coloured yellow and not hatched
black on Plan 3 for the purposes of delivering  people by vehicle and to use the
area coloured  yellow.  and hatched black thereon for the purposes of pedestrian
access to and from the Estate Common Parts in both cases at the times  specified
in and subject to the provisions of the Dunster Court Documents;

1.3 to pass and repass  over those  parts of the  Estate at street  level  lying
between the  Building and the boundary of the Estate at the northern and eastern
sides thereof at all times and for all purposes in  connection  with the use and
enjoyment of the Demised Premises

2. Subject to compliance by the Tenant with its  obligations  in Clause 3.31 and
subject  to the  Third  Schedule,  the  right  for the  Tenant  and all  persons
expressly  or by  implication  authorised  by the  Tenant  (in  common  with the
Landlord and all persons  having a like right) at all times and for all purposes
connected  with the lawful use of the Demised  Premises in  compliance  With the
terms of this Lease but subject to any existing or future regulations reasonably
made by the Landlord:

2.1 to use the Building  Common Parts for all proper purposes in connection with
the use and  enjoyment  of the Demised  Premises  and the exercise of the rights
granted by this Schedule;

2.2 to use such of the  passenger  lifts in the Building as shall be  reasonably
necessary for the Tenant's use for the purpose only of obtaining  access to, and
egress from, the Demised Premises;

2.3 to use the Loading Bay for the  purposes of loading and  unloading  goods or
materials and the right to gain access thereto and egress  therefrom from and to
the Demised  Premises and to deliver  goods or  materials  thereto by way of the
Access Ramp; and

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<PAGE>

2.4      to use the goods lifts in the Building for the  purposes  of  carrying
goods and materials to and from the Demised Premises

3. The free and uninterrupted  passage of air, water,  soil, gas and electricity
and  telecommunications  through the Service Systems which are now or may at any
time hereafter be within the Building  (subject to the Tenant not overloading or
damaging the same), in common with the Landlord and all other persons having the
like right,  with power,  where such works cannot  otherwise be  reasonably  and
practicably  carried out, for the Tenant,  its servants and  workpeople  and any
others  authorised by it at all  reasonable  times on  reasonable  prior written
notice  (save in emergency  but subject to the terms of any existing  leases) to
enter  other  parts  of  the  Building  for  the  purpose  only  of   cleansing,
maintaining,  repairing,  replacing or altering the Conducting Media serving the
Demised  Premises  PROVIDED  THAT  such  inspections,   cleansing,  maintenance,
repairs,  replacements or alterations shall be done with as little inconvenience
as reasonably possible and as quickly as reasonably possible and that the Tenant
shall  immediately  make  good,  or cause  to be made  good,  to the  reasonable
satisfaction of the Landlord all damage thereby occasioned

4. Support and protection from the adjoining parts of the Building

5. Subject to compliance by the Tenant with its obligations contained in Clauses
3.30 and 3.31 and subject to Paragraph 8 of the Third Schedule, the right (where
such works cannot  otherwise be reasonably and practicably  carried out) for the
Tenant,  its  servants and  workpeople  and any others  authorised  by it at all
reasonable  times on  reasonable  prior  written  notice (save in emergency  but
subject  to the  terms  of any  existing  leases)  to enter  other  parts of the
Building for the purpose only of cleansing, maintaining, replacing, repairing or
altering  the  Demised  Premises  PROVIDED  THAT  such  cleansing,  maintenance,
replacements,  repairs or alterations shall be done with as little inconvenience
as reasonably possible and as quickly as reasonably possible and that the Tenant
shall make,  or cause to be made good,  to the  reasonable  satisfaction  of the
Landlord all damage thereby occasioned

6. The right to  display on the  entrance  door to the  Demised  Premises a sign
stating the Tenant's name and business or profession the size, type and position
of such sign to be first  approved in writing by the Landlord (such approval not
to be unreasonably withheld or delayed)

7. The right to display  the name of the  Tenant on the ground  floor door entry
signage system supplied by the Landlord

8. Subject to compliance by the Tenant with its obligations contained in Clauses
3.30 and 3.31, the right to park 2 private motor cars in the Car Park within the
spaces shown coloured red on

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<PAGE>

Plan 1 or such other  spaces not being less than 2 in number as may be allocated
by the  Landlord  to the Tenant  from time to time and the right to the means of
access thereto and egress  therefrom over the Access Ramp and those parts of the
Car Park  leading to such spaces and the right to use the lifts  serving the Car
Park

9.  The  right  at all  reasonable  times to use the  rubbish  compactor  in the
Basement for the disposal of rubbish from the Demised  Premises arising from the
lawful and normal use for the purposes herein provided

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<PAGE>

                                 THIRD SCHEDULE
                           Exceptions and Reservations

There are excepted and reserved unto the Landlord and the Superior  Landlord and
its tenants or  occupiers  of any part of the Estate and all others  having like
rights or authorised by the Landlord:

1. The free and uninterrupted  passage of air, water,  soil, gas and electricity
through the Service Systems which are now or may at any time hereafter be within
the Demised Premises, with power for the Landlord, its tenants, occupiers or its
or their servants and  workpeople  and any others  authorised by the Landlord at
all reasonable times on reasonable prior written notice (except in emergency) to
enter the Demised Premises for the purpose of any matter or thing connected with
the Estate  Services  and/or the Building  Services and/or adding to inspecting,
cleansing,  maintaining,  modernizing,  repairing,  replacing  or  altering  the
Service Systems and so that such adding to, inspections; cleansing, maintenance,
modernisation, repairs, replacements or alterations shall be done with as little
inconvenience  and  disturbance  to the Tenant.  as  reasonably  possible and as
quickly as reasonably possible and in a good and workmanlike manner and that the
Landlord shall  forthwith make good or cause to be made good, all damage thereby
occasioned

2. The right,  where it is not reasonably  practicable to avoid doing so, at all
reasonable  times  upon  reasonable  prior  written  notice,  except in cases of
emergency,  to enter the Demised  Premises (and if reasonably  required to erect
scaffolding on or against the Demised Premises) in order to

2.1 execute  repairs,  decorations,  alterations and any other works and to make
installations  to any part of the  Estate or the  Building  or  neighbouring  or
adjoining property or to do anything  whatsoever which the Landlord may do under
this Lease in respect of the Glazed Roof;

2.2      carry out the Estate Services;

2.3      carry out the Building Services;

2.4 execute repairs and renewals to the lighting and cleaning equipment situated
on or to the balconies situated on the same floor as the Demised Premises

PROVIDED THAT the Landlord or the person  exercising the foregoing  rights shall
cause as little  inconvenience  and  disturbance  to the  Tenant  as  reasonably
possible and shall carry out all work as  expeditiously  as reasonably  possible
and in a good and  workmanlike  manner and shall make good  forthwith any damage
thereby caused

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<PAGE>

3. The rights of light,  air and all other easements and rights now or hereafter
belonging to or enjoyed by the Estate or any neighbouring or adjoining property

4. The right of support,  protection and shelter for the benefit of the Building
or the  Estate  or any  adjoining  or  neighbouring  property  from the  Demised
Premises

5. The right for the Landlord or its agents or by any person appointed by it for
the purpose at any time or times by day or night to enter the  Demised  Premises
or any part thereof if it or they  reasonably  consider it to be necessary so to
do in connection with the security of the Estate and/or the Building

6. Full right and liberty at any time hereafter to build on or otherwise develop
or make any  alterations  or  additions  or execute any other works to any other
part of the Estate  and/or the Building or adjoining  property or any  buildings
thereon or to erect any new buildings  thereon in such manner as the Landlord or
the person exercising the right shall reasonably think fit,  notwithstanding the
fact that the same may  affect or  interfere  with the  amenity  of the  Demised
Premises or the passage of light and air to the Demised Premises (subject to the
proviso to paragraph 2.4 hereof and provided  further that nothing shall prevent
physical occupation of or access to the whole of the Demised Premises)

7. The right to alter,  add, to extend,  vary,  stop-up,  reposition or make any
alterations to Minster Court, the Dunster Court Access, the Pedestrian Mall, the
Access Ramp or any other of the Estate Common Parts or the Building Common Parts
or any part or parts thereof from time to time and the right to  substitute  any
alternative  thereto from time to time if the Landlord shall  reasonably deem it
desirable to do so for the more efficient management,  security and operation of
the Estate  and/or the  Building or for the comfort of the owners and tenants on
the Estate and/or the Building (but not so that the Tenant's use and  occupation
of the Demised Premises or the means of access thereto or egress therefrom or to
or from the Car Park the Loading  Bay and the  compactor  is thereby  materially
adversely  affected) and the right to suspend temporarily use of any of the same
during the  carrying out of any work  whether of repair,  maintenance,  renewal,
improvement,   rebuilding,    reinstatement,    construction,    reconstruction,
development, redevelopment or otherwise howsoever

8. The right,  so long as the same shall not be  contrary to the  principles  of
good estate  management,  to regulate and control the use of Minster Court,  the
Dunster Court Access,  the Pedestrian  Mall, the Access Ramp (and the access and
egress  thereto to and from Mark Lane) and all other Estate Common Parts and the
Building Common Parts and in particular (but not by way of limitation) to:

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<PAGE>

8.1 make reasonable  regulations  for the control,  regulation and limitation of
pedestrians or traffic thereon or on any part thereof and to erect such signs as
may  be  appropriate   (including  regulations  providing  for  the  removal  or
immobilisation  of vehicles parked or left unattended in areas where the same is
prohibited);

8.2 use those parts of the Estate Common Parts and/or the Building  Common Parts
suitable  for  such  purposes  for  displays,  exhibitions  or  other  forms  of
promotional  and other activity so long as the same shall not be contrary to the
principles of good estate management; and

8.3 to maintain on the Estate Common Parts and/or the Building Common Parts such
sculptures, statues, garden features, landscaping, appurtenances and fittings of
ornament or utility in all cases as the  Superior  Landlord or the  Landlord may
from time to time think fit 9. The right to enter the Demised  Premises (m times
of emergency or during  fire-drills)  for the purpose of obtaining  access to or
using any of the fire escapes or routes of escape in the Building whether or not
in existence at the date hereof

10. The right from time to time,  in case of default by the Tenant in performing
its  obligations  under Clause  3.3.5,  to carry out, at the cost of the Tenant,
window  cleaning of all interior  surfaces of all exterior  glass to the Demised
Premises  and the  right on  reasonable  prior  written  notice of access at all
reasonable  times to gain  access to the  exterior  windows  within the  Demised
Premises for such purposes

11.    The rights excepted and reserved out of the Head lease

PROVIDED  THAT any rights or easements  excepted  and reserved in this  Schedule
over anything  which is not in being at the date hereof shall be effective  only
in relation to any such thing which comes into being before the expiry of eighty
(80) years from the date hereof (which shall be the perpetuity period applicable
hereto)

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                                 FOURTH SCHEDULE
                Matters to which the Demised Premises are subject

The provisions set out in entry numbers 1 and 2 of the Charges Register of Title
Number NGL120519  regarding payment of annual rent charges so far as the same is
applicable and still enforceable

The provisions set out in entry number 3 of the Charges Register of Title Number
NGL120519  regarding payment of a fee farm rent so far as the same is applicable
and still enforceable

12 March 1990 Deed                  (1)     The City of London Real Property
                                            Company Limited
                                    (2)     The Prudential Assurance Company
                                            Limited

27 June 1990 Licence                (1)    Plantation House Limited
                                    (2)    Actiontrain Limited
                                    (3)    The Prudential Assurance Company
                                           Limited
                                    (4)    Bovis Construction Limited

12 March 1991 Agreement             (1)    The Drapers' Company
                                    (2)    The Prudential Assurance Company
                                           Limited

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<PAGE>

                                 FIFTH SCHEDULE
                              Rent and Rent Review

1. Definitions
In this Schedule, the following expressions shall have the following meanings:

1.1 "Review Date" means 25 December 1998 and every fifth anniversary thereof and
the last  day of the  contractual  term  and  "Relevant  Review  Date"  shall be
construed accordingly

1.2 "Open  Market  Rent"  means the full clear  yearly rent at which the Demised
Premises  might  reasonably be expected to be let in the open market with vacant
possession at the Relevant Review Date by a willing landlord to a willing tenant
and without any premium or any other  consideration  for the grant thereof for a
term equal to the greater of (a) the residue of the Term remaining  unexpired on
the Relevant  Review Date and (b) ten (10) years and  otherwise on the terms and
conditions and subject to the covenants and  provisions  contained in this Lease
(other than the amount of the rent hereby  reserved but including the provisions
for review  contained in this  Schedule)  on the  following  assumptions  at the
Relevant Review Date that:

         (a)      the covenants herein contained have been  fully performed  and
                  observed;
         (b)      the Demised Premises have been constructed in accordance with
                  the Landlord's Specification;
         (c)      that the Demised  Premises are fit and available for immediate
                  occupation  and use and may lawfully be used by any person for
                  any of the uses  permitted  by this  Lease  or by any  licence
                  granted pursuant thereto;
         (d)      no work has been carried out by the Tenant during the Term, or
                  during any period of occupation  prior thereto arising out of
                  an agreement to  grant such  term,  which  has  diminished the
                  rental  value of the Demised Premises;
         (e)      in case the Demised  Premises  and/or the Building  and/or the
                  Estate have been  destroyed or damaged they have  respectively
                  been fully restored;
         (f)      the Demised  Premises  are fully  fitted  with heavy  contract
                  carpets  for high  quality  office  space and have a  suitable
                  number and  layout of  electrical  junction  boxes for the use
                  permitted by this Lease;

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<PAGE>

         (g) any  rent  free  period,  concessionary  rent or  other  inducement
         (whether by way of a capital payment or otherwise) which would or might
         be given to an incoming tenant to enable Premises on a grant of a lease
         of the Demised  Premises at the  Relevant  Review Date  has  been  made
         and any  such  rent  free  period concessionary rent or inducement  has
         expired or been paid prior to the Relevant Review date

but disregarding:

(i) any effect on rental  value of the fact that the  Tenant or any  sub-tenants
has, or the Tenant's or any  sub-tenant's  predecessors  in title have,  been in
occupation of the Demised Premises;

(ii) any goodwill  attached to the Demised Premises by reason of the carrying on
thereat of the business of the Tenant or any  sub-tenant  or the Tenant's or any
sub-tenant's predecessors in title in that business;

(iii) any effect on the rental value of the Demised Premises attributable to the
existence at the  commencement  of the relevant  period of any  alterations  and
additions to the Demised  Premises or any part thereof carried out by the Tenant
or any  sub-tenant  or the Tenant's or any  sub-tenant's  predecessors  in title
during the Term or during any period of occupation  prior thereto arising out of
an agreement to grant such term  otherwise than in pursuance of an obligation to
the Tenant's or any sub-tenant's immediate Landlord;

(iv) any capital or other  incentive  given or  provided by the  Landlord to the
Tenant to enter into this Lease (or any agreement for the grant of this Lease);

Provided  that if the  Landlord  has  exercised  its  option to waive the exempt
status  of all  supplies  made or to be made by it as  Landlord  of the  Demised
Premises  arising  under  paragraph  2 of Schedule 6A of the Value Added Tax Act
1983 so as to result in Value Added Tax on the rent first hereby  reserved  then
it shall be assumed that the willing  landlord has so elected as at the Relevant
Review Date and that Value Added Tax is charged on such rent but if the Landlord
has not  exercised  any such option and no Value Added Tax is charged in respect
of the rent  then it shall be  assumed  that  the  willing  landlord  has not so
elected as at the  Relevant  Review Date and that Value Added Tax is not charged
on such rent

1.3 "Surveyor" means an independent chartered surveyor of not less than ten (10)
years  standing,  who is  experienced  in the  valuation and leasing of property
similar to the Demised Premises and is acquainted with the market in the area in
which the Demised Premises are located, appointed

                                       7l

<PAGE>

from time to-time to determine the Open Market Rent pursuant to the provisions \
of this Schedule

1.4 "President"  means the President for the time being of the Royal Institution
of Chartered  Surveyors and includes the duly appointed  deputy of the President
or any person authorised by the President to make appointments on his behalf

2.       Upwards only review
The rent first  reserved  by this Lease shall be reviewed at each Review Date in
accordance with the provisions of this Schedule and,

         (a) from and including the first Review Date at 25 December  1998,  the
rent  shall  equal  the  higher  of (i) the sum of eight  hundred  and  thirteen
thousand two hundred and twenty-eight  pounds (813,228) and (ii) the 0pen Market
Rent on such Review Date, as agreed or determined  pursuant to the provisions of
this Schedule and

         (b) from and including each subsequent Review Date the rent shall equal
the higher of (i) the rent contractually payable immediately before the Relevant
Review Date and (ii) the Open Market Rent on the Relevant  Review Date as agreed
or determined pursuant to the provisions of this Schedule

3.       Agreement or determination of the reviewed rent
The Open  Market  Rent at any  Review  Date may be agreed in writing at any time
between the  Landlord  and the Tenant but if, for any  reason,  they have not so
agreed  before the  Relevant  Review Date either  party may,  after the Relevant
Review Date,  by notice in writing to the other  require the 0pen Market Rent to
be  determined by a Surveyor  agreed  between the Landlord and the Tenant or, in
default of agreement,  nominated by the President on the written  application of
the Landlord or the Tenant

4.     Functions of the Surveyor
The Surveyor shall:
4.1    at the option of the Landlord, act either as an arbitrator in accordance
with the Arbitration Acts 1950 to 1979 or as an expert;

4.2 if acting as an expert, afford to the Landlord and the Tenant an opportunity
to make to him or her  written  representations  which may  contain  any  rental
evidence and a rental  valuation of the Demised  Premises and, in the event that
such  representations are made by both the Landlord and the Tenant, the Surveyor
shall simultaneously pass details of each party's representations

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<PAGE>

thereon,  such  cross-representation  to  contain  solely  comments  in reply to
matters raised in the other party's initial  representations and to be forwarded
to the  Surveyor  within ten (10)  working  days of  receipt  by the  respective
parties of details of the other party's initial representations  Provided always
that the parties shall not submit without prejudice correspondence or records of
without prejudice negotiations as representations or cross-representations

5.       Appointment of new Surveyor
If the Surveyor shall die, fail to publish his or her determination within three
(3)  months  of the  date  of his or her  appointment  or  become  unwilling  or
incapable of acting,  the President  shah, on the application of the Landlord in
writing,  discharge him or her and appoint another  Surveyor in his or her place
to act in the same capacity, such procedure being repeated as often as necessary

Parties able to Agree
Any  reference to a Surveyor shah not impair the ability of the Landlord and the
Tenant to agree the Open Market Rent and to withdraw such  reference  subject to
payment of the Surveyor's  proper charges up to the date of  notification to him
or her of such withdrawal

7.       Fees of Surveyor
The  fees  and  expenses  of the  Surveyor,  including  the  cost  of his or her
nomination,  shall be in the award of the Surveyor but,  failing such award, the
same shah be payable by the Landlord and the Tenant in equal  shares,  who shall
each bear their own costs, fees and expenses

8.       Memoranda of revised rent
In the event that the revised rent shall be agreed  between the Landlord and the
Tenant (and not  determined  by a Surveyor)  memoranda of the revised rent shall
thereupon  be signed by or on behalf of the  Landlord and the Tenant and annexed
to this Lease and the  Counterpart of this Lease and the parties shah bear their
own costs in respect thereof

9.       Interim payments pending determination
9.1 If and so often as the  revised  rent has not  been  ascertained  or  agreed
pursuant to the foregoing  provisions  before the Relevant Review Date, the rent
first  hereby  reserved  shah  continue  to be payable on and from the  Relevant
Review Date to the quarter day following the date of  ascertainment or agreement
of the  revised  rent or (save in the case of the rent review on the last day of
the  contractual  term)  the next  Relevant  Review  Date or the last day of the
contractual  term (whichever is first) (the "Interim  Period") at the rate equal
to the rent payable immediately before the Relevant Review Date

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<PAGE>

9.2 On the first day for  payment of the rent first  hereby  reserved  after the
revised  rent has been  ascertained  or  agreed,  there  shall be payable by the
Tenant  to the  Landlord  by way of rent  (ii  addition  to the  amount  of rent
otherwise  due  on  that  day)  the  aggregate  of  the  amounts  by  which  the
installments  of rent payable in respect of the Interim Period fall short of the
sums which would have been payable if the revised rent had been  ascertained  or
agreed before the Relevant Review Date together with interest on such amounts at
the  Interest  Rate from time to time,  such  interest to be  calculated  on the
amount of each quarterly  shortfall on a day-m-day  basis from the date on which
it would have been  payable if the  revised  rent had then been  ascertained  or
agreed to the date of actual  payment of the  shortfall and the aggregate of the
interest  so payable  shall be  recoverable  in the same  manner as  provided in
Clause 3.25 hereof f8r the recovery of interest payable thereunder

10.      Costs awarded against the Tenant
If the Tenant  shall  fail to pay any costs  awarded  against  the Tenant or, as
appropriate,  the moiety of the fees and  expenses of the survey  payable by the
Tenant under the provisions hereof within twenty-one (21) days of the same being
demanded by the Surveyor, the Landlord shall be entitled to pay the same and the
amount so paid and all incidental  expenses shall be repaid by the Tenant to the
Landlord on demand together with interest  thereon at 4% above the Interest Rate
from the date of demand to the date of payment by the Tenant.

11.      Rent Restrictions
On each and  every  occasion  during  the Term  that any  restrictions  shall be
imposed by statute  for the  control of rent in force at any Review  Date or the
date on which a revised rent is agreed or determined  in  accordance  with these
provisions and which operate to impose any limitations whether in time or amount
in the collection of an increase in the rent first reserved by this Lease or any
part thereof and which shall prevent or prohibit  either wholly or partially the
operation  of the  above  provisions  for  review  of  the  rent  or the  normal
collection  and  retention  by the  Landlord of any  increase in the rent or any
installment  or part  thereof,  then  and in each  such  case  respectively  the
operation of such  provisions  for review of the rent shall be postponed to take
effect on the first date or dates thereafter upon which such operation may occur
and/or  the  collection  of any  increase  or  increases  in the  rent  shall be
postponed  to take  effect  on the  first  date or dates  thereafter  that  such
increase or increases may be collected  and/or  retained in whole or in part and
on as many  occasions as shall be required to ensure the collection of the whole
increase and until the said  restrictions  shall be relaxed either  partially or
wholly the amount of any revised rent shall be the maximum sum from time to time
permitted by the said restrictions

12.      Time not of the essence
For the avoidance of doubt, for the purposes of this Schedule, time shall not be
of the essence

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<PAGE>

                                 SIXTH SCHEDULE
                                 Estate Services
                                    Section I

1.1 In this part of this Schedule  reference to "maintain"  shall mean maintain,
inspect,  test,  service,  repair,  overhaul,  amend  and  (where  the  Landlord
reasonably  so requires in order to ensure that the Estate Common Parts are kept
in a first class state appropriate to the quality,  size, nature and prestige of
the Estate as a whole) rebuild,  renew, reinstate and replace and shall include,
where appropriate,  treat, wash down, cleanse, paint, decorate,  empty and drain
and the expression  "maintenance" shall be construed  accordingly  Provided that
there shall be excepted any maintenance consequent upon damage or destruction by
any of the Insured Risks (save where any of the insurance  monies are refused as
a result of any act or default of the Tenant or any person  deriving  title from
it or its or their agents or licensees)

1.2 In  deciding  the extent  nature  and  quality  of the  relevant  service or
services from time to time, the Landlord shall at all times act reasonably

1.3 In  performing  the Estate  Services and any other  services  hereunder  the
Landlord  shall be entitled in its discretion to employ or procure or permit the
employment of managers, agents, contractors or any other persons

2. Subject to paragraphs 1.2 and 1.3 above, the following services to be carried
out in accordance with the principles of good estate management shall constitute
the Estate Services:

2.1      Estate Common Parts
To maintain the Estate Common Parts and each and every part thereof

2.2      Apparatus plant machinery etc
To maintain and operate all apparatus,  plant, machinery and equipment comprised
in, or  otherwise  serving,  the Estate  Common  Parts from time to time and the
buildings housing them,  including  (without  prejudice to the generality of the
foregoing and so far as for the time being comprised in or otherwise serving the
Estate Common Parts as aforesaid) escalators,  travelators,  stand-by generators
and items relating to mechanical ventilation, heating, cooling, air conditioning
and humidification

2.3      Conducting Media
To maintain all  Conducting  Media within the Estate  Common Parts or the use of
which is shared by the occupiers of more than one building on the Estate

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<PAGE>

2.4      Fire alarms etc.
To maintain any fire alarms and ancillary  apparatus and 6re prevention and fire
fighting  equipment  and  apparatus  and  other  safety  equipment  and  systems
comprised in the Estate Common Parts and in any event to maintain fire and smoke
detection fire  preventive  and fire fighting  equipment  including  sprinklers,
hydrants,  hosereels,  extinguishers,  fire alarms, fire escapes and fire escape
routes and general means of escape to the extent  required to comply in relation
to the Estate Common Parts with statutory  requirements  and the requirements of
responsible authorities or underwriters or insurance companies

2.5      Lighting
To  keep  lit at  such  times  as the  Landlord  may  reasonably  think  fit all
appropriate  parts  of the  Estate  Common  parts  and  to  keep  floodlit  such
elevations of the buildings  comprised in the Estate (including the Building) as
it may think fit

2.6      Roads Malls etc open
(Without  prejudice  to any right of the  Landlord  hereunder)  to keep open and
unobstructed  the  roadways,  streets,  plazas,  malls and other  vehicular  and
pedestrian  ways and similar areas comprised in the Estate Common Parts (subject
only to any  unavoidable  temporary  closure  from  time to time or  closure  at
certain hours for reasons of security or operational purposes)

2.7      Security surveillance and visitor control
To provide security  services and personnel  including where  appropriate in the
Landlord's  judgement closed circuit television and/or other plant and equipment
for the purpose of  surveillance  and  supervision of users of the Estate Common
Parts (both vehicular and pedestrian)

2.8      Provision of signs and general amenities
In the Landlord's  discretion,  to provide,  erect, place and maintain direction
signs and notices,  seats and other fixtures,  fittings,  chattels and amenities
for the  convenience  of tenants and their  visitors  and for the  enjoyment  or
better  enjoyment of such parts of the Estate Common Parts as are available from
time to time for use by the  occupiers  of, and visitors  to, the Estate  and/or
members of the public as the Landlord may determine

2.9      Ornamental features gardens etc.
To provide and maintain  hard and soft  landscaping  and planting in and on such
areas of the Estate  Common Parts as the Landlord  may consider  appropriate  or
desirable  including,  without limitation,  plants,  shrubs, trees or gardens or
grassed  areas  and,  at the  absolute  discretion  of the  Landlord,  fountains
sculptures, architectural, artistic or ornamental features or murals and to keep
all such parts of the Estate  Common  Parts as may from time to time be laid out
as

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<PAGE>

landscaping (including water features) neat, clean, planted (where appropriate),
properly tended and free from weeds and the grass cut

2.10     Fixtures fittings etc.
To  provide  and  maintain  fixtures,  fittings,  furnishings,  finishes,  bins,
receptacles,  tools, appliances,  materials,  equipment and other things for the
maintenance,  appearance,  upkeep or  cleanliness of the Estate Common Parts and
the provision of the services set out in this part of this Schedule

2.11     Windows
As often as the  Landlord  may  consider  desirable,  to clean the  exterior and
interior of and all glazed atria, covered walkways,  courtyards or Estate Common
Parts  (including  Minster  Court)  and all  windows  and  window  frames in any
building  included  in the  Estate  Common  parts and to  provide  and  maintain
cradles, runways and carriages in connection with such cleaning

2.12     Refuse
To provide and operate,  or procure the  provision  and  operation  of, means of
collection,  compaction  and  disposal of refuse and rubbish  (including  litter
within the Estate  Common Parts and if necessary  pest  control) from the Estate
Common  Parts and other  parts of the Estate (to the extent that the same is not
provided  to a standard  considered  adequate  by the  Landlord or at all by the
appropriate  public or similar  authority) and to provide and maintain plant and
equipment for the collection,  compaction,  treatment,  packaging or disposal of
the same

2.13     Energy and Supply Services
To arrange the  provision  of water,  fuel,  oil,  gas,  heating,  cooling,  air
conditioning,  ventilation,  electricity and other energy and supply services to
the Estate  Common Parts as may be required for use in running or operating  any
service to the Estate  Common Parts or  distributed  to occupiers of the Estate,
including, so far as appropriate, standby power generators and plants

2.14     Other Services
To provide such other services for the benefit of the Estate or the  convenience
of the occupiers  thereof as the Landlord may in accordance  with the principles
of good estate management reasonably consider desirable or appropriate

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<PAGE>

                                   Section II
1.       Staff
The cost of staff  (including  such  direct or indirect  labour as the  Landlord
deems  appropriate) for the provision of the Estate Services  (including traffic
control and policing)  and all other  incidental  expenditure  including but not
limited to:

1.1. salaries,  insurance,  health,   pension,   welfare,  severance  and  other
payments, contributions and premiums;

1.2 the cost of uniforms,  working  clothes,  tools,  appliances,  materials and
furniture,  furnishings,  stationery items and equipment (including  telephones)
for the proper performance of the duties of any such staff;

1.3 providing,  maintaining,  repairing,  decorating and lighting the Management
Premises and all rates,  gas,  electricity and other utility charges (other than
telephones  and line rentals for private  purposes) in respect of the Management
Premises  and any  reasonable  actual  or  reasonable  notional  rent  for  such
accommodation

2.       Common Facilities
The amount which shall  reasonably  require to be paid for, or as a contribution
towards, the costs,  charges,  fees and expenses in making,  laying,  repairing,
maintaining, rebuilding, decorating, cleansing and lighting (as the case may be)
any roads, ways,  forecourt&  passage% pavements,  party walls or fences,  party
structures,  pipes or other  conveniences  and  easements  whatsoever  which may
belong to, or be capable of being used or enjoyed  by, the Estate in common with
any adjoining property

3.       Outgoings
All existing and future rates (including water rates),  taxes, duties,  charges,
assessments,   impositions  and  outgoings  whatsoever  (whether  parliamentary,
parochial,  local or of any other description and whether or not of a capital or
non-recurring  nature or of a wholly novel character)  payable in respect of the
Estate Common Parts or any part thereof

4.       Statutory requirements
The cost of carrying out any works to the Estate Common Parts required to comply
with any

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<PAGE>

Represenatations
The cost of taking any steps  reasonably  deemed  desirable  or expedient by the
Landlord  for  complying  with,  making  representations  against,  or otherwise
contesting  the  incidence  of the  provisions  of any statute  concerning  town
planning,  rating,  public  health,  highways,  streets,  drainage and all other
matters  relating or alleged to relate to the Estate  Common Parts or the Estate
as a whole or in which occupiers within the Estate have a common interest

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<PAGE>

6.        Estate Services and Estate Regulations
The cost of compliance with the Estate  Regulations and any other ~0vt5nant.s or
regulations  referred  to so far as the  same  relate  to the  provision  of the
services and other items referred to in this Schedule

7.       Fees of the Landlord's Surveyor
The proper and reasonable fees,  costs,  charges,  expenses and disbursements of
the  Landlord's  Surveyor for, or in connection  with,  the  performance  of the
duties ascribed to the Landlord's Surveyor under the provisions of this Lease

8.       Management
8.1 The  reasonable  and proper  fees of a firm of managing  agents  employed or
retained  by  the  Landlord  for  or in  connection  with  the  general  overall
management and  administration  and  supervision of the Estate  (excluding  rent
collection)

8.2 A  reasonable  fee to the  Landlord  or a Group  Company of the  Landlord in
connection  with the management of the Estate but so that, if a firm of managing
agents is appointed to manage the Estate,  the fee chargeable by the Landlord or
a Group  Company  of the  Landlord  in any  Estate  Accounting  Year  under this
paragraph  8.2 shah be reduced (but not below zero) by an amount  equivalent  to
the fees (before Value Added Tax) charged by such  managing  agents and included
in Estate  Expenditure for that Estate Accounting Year pursuant to paragraph 8.1
above

9. Insurance 9.1 The cost of insuring:

         a) the Estate  Common Parts against loss or damage by the Insured Risks
in  such  sum and shall  in  the  Landlord's  reasonable  opinion  be  the  full
reinstatement cost thereof (together with Value Added Tax thereon) and including
architects',  surveyors'  and  other  professional  fees  (and  Value  Added Tax
thereon) and expenses incidental thereto, the cost of shoring up, demolition and
site clearance and similar expenses;
         b) any engineering and electrical plant and machinery being part of the
Estate  Common  Parts  against  explosion  (to the  extent  that the same is not
covered by sub-paragraph 9.1(a));
         c)  property  owner's  liability  and  public  liability  or such other
insurances as the Landlord may from time to time deem necessary to effect

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<PAGE>

9.2 The cost of periodic valuations for insurance purposes (but no more than one
such  valuation  shall be  carried  out in each two (2) year  period  unless the
Landlord reasonably requires at any time a more frequent valuation)

9.3  Works required to the Estate Common Parts in order to satisfy the insurers
of the Estate
Common Parts

9.4 Any amount which may be deducted or disallowed  by the insurers  pursuant to
the excess  provision in the  Landlord's  insurance  policy upon  settlement  or
adjudication of any claim by the Landlord

10.      Miscellaneous items

10.1     Leasing or hiring any of the items referred to in this Schedule

10.2 Interest,  commission and fees at normal commercial rates in respect of any
moneys  included in Estate  Expenditure  borrowed to finance  the  provision  of
services and any of the items referred to in this Schedule

11.      Exhibitions etc.
The  cost of any  displays,  concerts,  exhibitions  or other  forms  of  public
entertainment or activity  undertaken  within the Estate Common Parts or for the
benefit or enjoyment of the Estate and its occupiers

12.      As to Covenants
The cost of compliance by the Landlord with its  obligations  in relation to the
Estate  Services and the cost of enforcing the covenants of any other parties in
relation to the Estate  Services  for the general  benefit of the tenants of the
Estate as reasonably  determined by the Landlord  (save to the extent  recovered
from such parties which the Landlord shall use all  reasonable  endeavours to do
and save fix the cost of enforcing covenants for the payment of money)

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<PAGE>

                                SEVENTH SCHEDULE
                                Building Services
                                    Section I

1.1 In this part of this Schedule,  reference to "maintain" shall mean maintain,
inspect  test,  service,   repair,  overhaul,  amend  and  (where  the  Landlord
reasonably  SO requires in order to ensure that the  Building  Common  Parts are
kept in a first class state  appropriate to the quality size nature and prestige
of the  Building as a whole)  rebuild,  renew,  reinstate  and replace and shall
include, where appropriate treat, wash down, cleanse, paint, decorate, empty and
drain and the expression "maintenance" shall be construed accordingly

1.2 In  deciding  the extent  nature  and  quality  of the  relevant  service or
services the Landlord shall at all times act reasonably

1.3 In performing  the Building  Services and any other  services  hereunder the
Landlord  shall be entitled in its discretion to employ or procure or permit the
employment of managers, agents, contractors or any other persons

2. Subject to paragraphs 1.2 and 1.3 above, the following services to be carried
out in accordance with the principles of good estate management shall constitute
the Building Services:

2.1      The Retained Parts
To maintain the Retained Parts and each and every part thereof

2.2      Building Common parts
To keep clean and  maintained  the Building  Common Parts  including the windows
thereof and to keep the same  adequately  lighted  carpeted and furnished  where
appropriate

2.3      Lifts
To provide a lift service by the operation of the lifts now installed or by such
substituted lifts as the Landlord in its reasonable  discretion may from time to
time  decide to install  and to  provide  such a lift  service  as the  Landlord
reasonably  considers  necessary  or  desirable  and to maintain  and insure all
equipment, plant and machinery used in connection therewith

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2.4      Hot and cold water
To provide an  adequate  supply of hot and cold water to the wash  basins in the
Building and cold water to the lavatories and fire sprinklers therein

2.5      Air conditioning and heating
To provide air conditioning  and heating to the Building  including the Building
Common Parts intended to be air conditioned to such  temperatures  and standards
as the Landlord may from time to time  reasonably  consider  appropriate  and to
maintain all equipment plant and machinery used in connection therewith

2.6      Name boards
To provide and install  name boards of such size and design as the  Landlord may
in its absolute discretion determine in the main entrance to the Building and at
such other locations the Landlord may consider desirable

2.7      To provide reception and security facilities at the ground floor
entrances of the Building

                                   Section II

1.       Retained Parts
The cost of maintaining,  lighting, heating, furnishing, carpeting and equipping
and (if the Landlord reasonably considers necessary) altering the Retained Parts
including, but not limited to, the provision in the main entrance halls and lift
lobby areas of floral decorations,  desks, tables, chairs and other fixtures and
fittings

2.       Apparatus plant machinery etc
The cost of  maintaining  and  operating  all  apparatus,  plant,  machinery and
equipment serving the Building from time to time including (without prejudice to
the  generality  of the  foregoing  and so far as for the time being serving the
Building as aforesaid) lifts,  lift shafts,  escalators,  travelators,  stand-by
generators  and boilers and items relating to mechanical  ventilation,  heating,
cooling, air conditioning and humidification

3.       Fire alarms etc.
The cost of  maintaining  any  fire  alarms  and  ancillary  apparatus  and fire
prevention and fire fighting  equipment and apparatus and other safety equipment
comprised  in the  Retained  Parts or serving the  Building  and in any event of
maintaining fire and smoke detection fire preventive and fire fighting equipment
including  sprinklers,  hydrants,  hosereels,  extinguishers,  fire alarms, fire
escapes  and fire  escape  routes  and  general  means of escape  to the  extent
required to comply

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in  relation  to  the  Retained  Parts  with  statutory   requirements  and  the
requirements of responsible authorities or underwriters or insurance companies

4.       Security and surveillance
The  cost  of  providing   security  services  and  personnel   including  where
appropriate in the Landlord's  judgement closed circuit  television and/or other
plant and equipment for the purpose of surveillance  and supervision of users of
or visitors to the Building (both  vehicular and pedestrian) and for the purpose
of monitoring,  organising and supervising the use of any loading bays, delivery
areas and goods lifts within the Building  Provided  that,  for the avoidance of
doubt, such services and personnel shall not extend to the Demised Premises

5.       Provision of signs and general amenities
The cost of providing,  erecting,  placing and  maintaining  direction signs and
notices,  seats and other  fixtures,  fittings,  chattels and  amenities for the
convenience  of  tenants  and their  visitors  and for the  enjoyment  or better
enjoyment of such parts of the Building  Common Parts as are available from time
to time for use by the occupiers of and visitors to the Building  and/or members
of the public as the Landlord may determine

6. Ornamental features gardens etc.
The cost of providing and maintaining  hard and soft landscaping and planting in
and on such areas of the Retained Parts as the Landlord may consider appropriate
or desirable including, without limitation,  plants, shrubs, trees or gardens or
grassed areas and appropriate fountains, sculptures,  architectural, artistic or
ornamental  features  or murals  and of keeping  all such parts of the  Retained
Parts  as may  from  time to time be laid out as  landscaping  (including  water
features) neat, clean, planted (where appropriate) properly tended and free from
weeds and the grass cut

7.       Fixtures fittings etc.
The cost of providing and maintaining fixtures, fittings, furnishings, finishes,
bins, receptacles, tools, appliances,  materials, equipment and other things for
the maintenance, appearance, upkeep or cleanliness of the Retained Parts and the
provision of any services for the Building

8.       Windows
The cost of cleaning the exterior and (save where the same is the responsibility
of a tenant)  interior of all windows and window  frames in the  Building and of
providing and maintaining cradles, runways and carriages in connection with such
cleaning

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9.       Refuse
The cost of providing  and operating or procuring the provision and operation of
means of collection,  compaction  and disposal of refuse and rubbish  (including
litter within the Building  Common Parts and if necessary pest control) from the
Building  and  of  providing  and  maintaining   plant  and  equipment  for  the
collection, compaction, treatment, packaging or disposal of the same

10.      Energy and supply services
The cost of the  provision of water,  fuel,  oil,  gas,  heating,  cooling,  air
conditioning,  ventilation,  electricity and other energy and supply services to
the Building as may be required  for use in running or operating  any service to
the Building or  distributed to occupiers of the Building  including,  so far as
appropriate, standby power generators and plant

11.      Other services
The cost of providing such other services for the benefit of the Building or the
convenience of the occupiers thereof (including,  without limitation,  a receipt
and  dispatch  centre for items  delivered  by courier) as the  Landlord  may in
accordance  with the principles of good estate  management  reasonably  consider
desirable or appropriate

12.      Staff
The cost of staff  (including  such  direct or indirect  labour as the  Landlord
deems  appropriate)  employed for the  provision of the Building  Services or in
respect of the matters referred to in this Seventh  Schedule,  including but not
limited to:

12.1     salaries, insurance, health, pension, welfare, severance and other
payments, contributions and premiums;

12.2 the cost of uniforms,  working clothes,  tools,  appliances,  materials and
furniture,  furnishings,  stationery items and equipment (including  telephones)
for the proper performance of the duties of any such staff,

12.3 providing,  maintaining,  repairing, decorating and lighting the Management
Premises  and/or  any  accommodation  and  facilities  for staff  including  any
reasonable residential  accommodation for staff employed in the Building and all
rates,  gas,  electricity  and other utility  charges (other than telephones and
line rentals for private  purposes) in respect thereof and any reasonable actual
or notional rent for such accommodation

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13.      Common Facilities
The amount which the Landlord shall reasonably require to be paid or contributed
towards the costs,  charges,  fees and  expenses in making,  laying,  repairing,
maintaining,  rebuilding decorating, cleansing and lighting (as the case may be)
any roads, ways, forecourts,  passages,  pavements, party walls or fences, party
structures,  the Conducting Media or other conveniences and easements whatsoever
which may belong to, or be capable of being used or enjoyed by, the  Building in
common with any adjoining or neighbouring property

14.      Outgoings
All existing and future rates (including water rates),  taxes, duties,  charges,
assessments,   impositions  and  outgoings  whatsoever  (whether  parliamentary,
parochial,  local or of any other description and whether or not of a capital or
non-recurring  nature or of a wholly novel character)  payable in respect of the
Retained Parts or any part thereof

15.      Statutory requirements
The cost of carrying out any works to the Retained Parts required to comply with
any statute

16.      Representations
The cost of taking any steps  reasonably  deemed  desirable  or expedient by the
Landlord  for  complying  with,  making  representations  against  or  otherwise
contesting  the  incidence  of the  provisions  of any statute  concerning  town
planning,  rating,  public  health,  highways,  streets,  drainage and all other
matters relating or alleged to relate to the Retained Parts or the Building as a
whole or in which occupiers within the Building have a common interest

17.      Building Services and Building Regulations
The cost of compliance with the Building  Regulations and any other covenants or
regulations  referred  to so far as the  same  relate  to the  provision  of the
services and other items referred to in this Schedule

18.      Enforcement of covenants etc,
The cost of enforcing the covenants  (other than  covenants to pay money) in any
other 1ea.W of Lettable  Areas in the  Building  for the general  benefit of the
tenants  thereof as reasonably  determined  by the Landlord  (save to the extent
recovered  from  such  parties  which  the  Landlord  shah  use  all  reasonable
endeavours to do)

19.      Fees of the Landlord's Surveyor
The proper and reasonable fees,  costs,  charges,  expenses and disbursements of
the Landlord's  Surveyor for or in connection with the performance of the duties
ascribed to the Landlord's Surveyor under the provisions of this Lease

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20.      Management
20.1 The proper and  reasonable  fees of a firm of managing  agents  employed or
retained  by the  Landlord  or a  Group  Company  of  the  Landlord  for,  or in
connection  with,  the  general  overall   management  and   administration  and
supervision of the Building (excluding rent collection)

20.2 A reasonable  fee to the Landlord or to a Group  Company of the Landlord in
connection  with  the  management  of the  Building  but so  that,  if a firm of
managing  agents is appointed to manage the Building,  the fee chargeable by the
Landlord or a Group  Company of the  Landlord in any  Building  Accounting  Year
under this  paragraph  20.2 shall be reduced  (but not below  zero) by an amount
equivalent to the fees (net of Value Added Tax) charged by such managing  agents
and included in Building  Expenditure for that Building Accounting Year pursuant
to paragraph 20.1 above

21.      Miscellaneous items
21.1     Leasing or hiring any of the items referred to in Section I or Section
II of this Schedule

21.2 Interest,  commission and fees at normal commercial rates in respect of any
moneys  borrowed  to finance  the  provision  of  services  and any of the items
referred to in Section I or Section II of this Schedule

21.3     Operating and managing the operation of the Electricity Charge referred
to in the Eleventh Schedule throughout the Building

22.      Insurance

22.1     Works required to the Building in order to satisfy the insurers of the
Building

22.2 Any amount which may be deducted or disallowed by the insurers  pursuant to
any excess  provision in the  Landlord's  insurance  policy upon  settlement  or
adjudication of any claim by the Landlord

23.      Decorations
Providing  and  maintaining  Christmas  and  other  special  decorations for the
Building

24.      As to Covenants
The cost of compliance by the Landlord with its  obligations  in relation to the
Building  Services and the reasonable and proper cost of enforcing the covenants
of any other  parties in  relation  to the  Building  Services  for the  general
benefit of the tenants of the Building as reasonably  determined by the Landlord
(save to the extent recovered from such parties which the Landlord

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<PAGE>

shall use all reasonable endeavours to do and save for the cost of enforcing
covenants for the payment of money)

25.      Generally
Any  reasonable  and proper costs and expenses (not referred to above) which the
Landlord may  reasonably and properly incur in providing such other services and
in carrying  out such other works as the Landlord in its  reasonable  discretion
may deem  desirable or necessary  for the benefit of the Building or any part of
it or the  tenants  or  occupiers  thereof  or for  securing  or  enhancing  any
amenities of or within the Building or in the interest of good estate management

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                                 EIGHTH SCHEDULE
                              Guarantee Provisions

Covenant and indemnity by Guarantor
The Guarantor  hereby  covenants with the Landlord as a primary  obligation that
the Tenant or the Guarantor shall at all times during the contractual  term duly
perform and observe all the  covenants  on the part of the Tenant  contained  in
this Lease  including  the payment of the rents and all other sums payable under
this Lease in the manner and at the times  herein  specified  and the  Guarantor
hereby indemnifies the Landlord against all claims,  demands,  losses,  damages,
liability,  costs,  fees and  expenses  whatsoever  sustained by the Landlord by
reason of, or arising in any way directly or  indirectly  out of, any default by
the Tenant in the  performance  and observance of any of its  obligations or the
payment of any rent and other sums

Waiver by Guarantor
The  Guarantor  hereby  waives any right to require the Landlord to make demands
of, or to proceed against,  the Tenant or to pursue any other remedy  whatsoever
which may be available to the Landlord before proceeding against the Guarantor

Postponement of claims by Guarantor against Tenant
Whilst any  liability  of the Tenant or the  Guarantor  to the  Landlord  remain
outstanding,  the Guarantor hereby further  covenants with the Landlord that the
Guarantor  shall  not  claim  in any  liquidation,  bankruptcy,  composition  or
arrangement of the Tenant in competition with the Landlord and shah remit to the
Landlord the proceeds of all judgments and all distributions it may receive from
any liquidator, trustee in bankruptcy or supervisor of the Tenant and shall hold
for the benefit of the Landlord all security and rights the  Guarantor  may have
over assets of the Tenant

Postponement of participation by Guarantor in security
The Guarantor  shall not be entitled to  participate in any security held by the
Landlord in respect of the Tenant's obligations to the Landlord under this Lease
or to stand in the place of the Landlord in respect of any such  security  until
all the  obligations  of the Tenant or the Guarantor to the Landlord  under this
Lease have been performed or discharged

No release of Guarantor
None of the  following or any  combination  thereof  shall  release,  determine,
discharge or in any way lessen or affect the  liability of the  Guarantor  under
this Lease or otherwise prejudice or affect the right of the Landlord to recover
from the Guarantor to the full extent of this guarantee:

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5.1 any neglect,  -delay or forberance of the Landlord in endeavouring to obtain
payment  of the rents or the  amounts  required  to be paid by the  Tenant or in
enforcing the  performance or observance of any of the obligations of the Tenant
under this Lease;

5.2 any refusal by the  Landlord to accept rent  tendered by or on behalf of the
Tenant at a time when the Landlord was entitled (or would after the service of a
notice under Section 146 of the Law of Property Act 1925 have been  entitled) to
reenter the Demised Premises;

5.3      any extension of time given by the Landlord to the Tenant;

5.4 any variation of the terms of this Lease  (including any reviews of the rent
payable  under this Lease) or the  transfer of the  Landlord's  reversion or the
assignment of this Lease;

5.5 any change in the  constitution,  structure  or powers of either the Tenant,
the Guarantor or the Landlord or the liquidation,  administration  or bankruptcy
(as the case may be) of either the Tenant or the Guarantor;

5.6 any legal limitation or any immunity, disability or incapacity of the Tenant
(whether or not known to the  Landlord) or the fact that any  dealings  with the
Landlord  by the Tenant may be outside or in excess of the powers of the Tenant;
and

5.7 any other act,  omission,  matter or thing  whatsoever  whereby but for this
provision the Guarantor would be exonerated either wholly or in part (other than
a release under seal given by the Landlord)

6.       Disclaimer or forfeiture of Lease
6.1 The Guarantor hereby further covenants with the Landlord that:
         (a)      if a liquidator or trustee in bankruptcy shah disclaim or
                  surrender this Lease; or
         (b)      if this Lease shall be forfeited; or
         (c)      if the Tenant shall cease to exist

THEN the  Guarantor  shall,  if the  Landlord by notice in writing  given to the
Guarantor  within four and a half months after such disclaimer or other event so
requires, accept from, and execute and deliver to, the Landlord a counterpart of
a new lease of the Demised  Premises  for a term  commencing  on the date of the
disclaimer  or  other  event  and  continuing  for the  residue  then  remaining
unexpired of the Term, such new lease to be at the reasonable and proper cost

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<PAGE>

of the Guarantor and to be at the same rents and subject to the same  covenants,
conditions  and  provisions  as are  contained in this Lease (hut  omitting this
Schedule)

6.2 If the Landlord  shall not require the  Guarantor  to take a new lease,  the
Guarantor shall nevertheless  within 28 days of demand pay to the Landlord a sum
equal to the rents and other sums that would have been payable  under this Lease
but for the  disclaimer  or  other  event  in  respect  of the  period  from and
including the date of such disclaimer or other event until the expiration of six
(6) months  therefrom  or until the  Landlord  shall have granted a lease of the
Demised Premises to a third party (whichever shall first occur)

7.       Benefit of Guarantee
This guarantee  shall enure for the benefit of the successors and assigns of the
Landlord under this Lease without the necessity for any assignment thereof

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                                 NINTH SCHEDULE
                               Estate Regulations

1.       Refuse and litter
No refuse or garbage shall be placed  anywhere  other than in proper  containers
provided  for the purpose or as may  reasonably  be  designated  by the Superior
Landlord  or the  Landlord or other the person  responsible  for  providing  the
Estate Services (the "Estate Landlord") and no litter shall be dropped in any of
the Estate Common Parts

2.       Entrances, Corridors, Fire Exits etc.
2.1 Fire  corridors,  fire exits and escape  stairways  within the Estate Common
Parts  shall  (unless  the  Estate  Landlord  shall  otherwise  specify)  be for
emergency use only and they shall not be used for any other purpose

2.2 The Tenant shall not obstruct any such fire corridors, fire exits and escape
stairways nor any other pavements,  roads,  streets,  walkways,  plazas,  malls,
entrances,  fire  corridors,  escalators  or elevators  within the Estate Common
Parts

3.       Parking and Loading
3.1 No parking of any motor  vehicles shall take place within the Estate save as
may be  expressly  permitted  by this Lease or other legal  right or  permission
granted in writing from time to time by the Estate Landlord to the Tenant

3.2      Not to load or unload vehicles in the highways adjoining the Estate

4.       Loudspeakers etc
No music or other sounds or noise is to be  permitted  to be played,  broadcast,
transmitted  or  otherwise  produced  so as to be audible  outside  the  Demised
Premises

5.       Use of the Estate Common Parts
5.1      Not to obstruct the roads, streets, malls and other areas of the Estate
Common Parts

5.2   Not to do  anything  in the use of the Estate Common Parts which may be or
become a nuisance to the Estate  Landlord  or any  occupier of or visitor to the
Estate

5.3  Not to cause any unnecessary noise, vibration or exhaust fumes Common Parts

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5.4 Not  knowingly  to do any act or thing which may render void or voidable any
policy of insurance effected in respect of the Estate Common Parts

5.5  Forthwith  to make  good or  procure  to be made  good,  to the  reasonable
satisfaction  of the  Landlord,  any damage caused to the Estate Common Parts by
the Tenant or by persons  authorised by the Tenant to use the same and to pay to
the Landlord on demand the cost  incurred by the Estate  Landlord in making good
such damage

5.6 Without  prejudice  to any express  right which may be granted in writing to
the Tenant by the Landlord, not to park or leave unattended any vehicle or other
thing  anywhere on the Estate  except in the Basement and such place (if any) as
may from time to time be  designated by the Landlord for such parking or leaving
and to remove (and to permit the Landlord in its  discretion  without  notice to
the Tenant or user  thereof to remove or  immobilise)  any such vehicle or thing
parked or left in contravention of this regulation,  in particular,  but without
limitation,  if it shall be, or threaten to become,  an obstruction or hazard to
safety or health or is otherwise  offensive or injurious to the amenities of the
Estate  and to pay to the  Estate  Landlord  the  cost of any  such  removal  or
immobilisation borne by the Estate Landlord

5.7 To give all reasonable  co-operation to facilitate the temporary closure of,
or  changes  to,  the  layout of the  Estate  Common  Parts or any part  thereof
consistent with the Terms of this Lease

5.8 To comply with,  and to procure that those  authorised  by the Tenant comply
with, all directions and requests of the Estate Landlord for regulating the flow
of traffic and  controlling the positioning of vehicles within the Estate Common
Parts

5.9 To comply with,  and to procure that those  authorised  by the Tenant comply
with, all reasonable directions made by the Estate Landlord relating to security
or fire precautions in respect of the Estate Common Parts

5.10 Not to deposit  any  refuse,  debris or other  material  in, or cause to be
polluted, any water areas forming part of the Estate

6.       Use of the Car Park
6.1      6.1.1   Not to obstruct any access or circulation areas within the Car
Park;

         6.1.2  Not to do  anything  in the use of the Car Park  which may be or
become a nuisance or annoyance or  inconvenience  to the Estate  Landlord or the
Landlord or to any occupier of or visitor to the Estate;

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<PAGE>

         6.1.3 Not to cause any  unnecessary  noise,  vibration or exhaust fumes
within the Car Park

         6.1.4  Not to do any act or thing which may render void or voidable any
policy of insurance effected in respect of the Car Park;

         6.1.5  To make  good  to   the  reasonable satisfaction of  the  Estate
Landlord or the Landlord  any damage caused to the Car Park by the Tenant or  by
persons authorized  by the Tenant to use the same and to pay to the Landlord  on
demand the cost incurred b the Landlord in making good such damage;
         6.1.6     To ensure that any motor car parked in the Car Park is parked
in an orderly manner

6.2     To park only in the spaces or in the area designated for the use of the
Tenant from. time to time by the Estate Landlord or the Landlord

6.3 Not to  deposit in the Car Park any  rubbish,  litter or refuse of any kind,
other than in proper receptacles provided for that purpose

6.4      Not to do or permit any of the following to be done within the Car
Park:
         (a)      the washing or cleaning of any car;
         (b)      works of repair or maintenance to any car;
         (c)      the pouring or other transfer of petrol or other fuel into or
                  out of the fuel tank of any car; (d) the loading or unloading
                  of any goods;
         (e)      the storage of fuel (other than that  contained in the petrol
                  tank of any motor car); (f) the carrying on of any trade or
                  business

6.5 To observe such reasonable  directions as shall from time to time be made by
the Estate Landlord the Landlord in respect of the temporary  closure of the Car
Park and removal of cars  parked  therein for the  purposes  of  maintenance  or
repairs

6.6 To comply with, and to procure that those  authorised by the Tenant exercise
the rights  granted by  Paragraph  8 of the Second  Schedule  comply  with,  all
directions  and signs  from time to time  posted by the Estate  Landlord  or the
Landlord in the Car Park and all instructions or requests

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<PAGE>

given or made from time to time by any employee or agent of the Estate  Landlord
or the  Landlord for  regulating  traffic and  controlling  the  positioning  of
vehicles within the Car Park

6.7 If so required from time to time by the Estate Landlord or the Landlord,  to
instruct the drivers of cars using the Car Park with the  Tenant's  authority to
leave their car keys with an authorised representative of the Estate Landlord or
the Landlord  upon such terms as shall be  reasonably  prescribed  by the Estate
Landlord, or the Landlord

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                                 TENTH SCHEDULE
                              Building Regulations
1.       Refuse
1.1 To deposit all rubbish and refuse  generated by or from the Demised Premises
in such receptacles as may be designated by the Landlord from time to time

1.2 Not to deposit in the Building Common Parts any rubbish, litter or refuse of
any kind other than in proper receptacles provided for the purposes or as may be
designated  by the  Landlord and not to bum any rubbish or refuse on the Demised
Premises

1.3 Not to discharge into any Conducting  Media any oil or grease or any noxious
or deleterious  effluent or substance  whatsoever which may cause an obstruction
or might be or become a source of danger or which  might  injure the  Conducting
Media or the drainage system of the Demised Premises or the Estate

2.       Obstruction of the Building Common Parts
Not to do anything  whereby the  Building  Common  Parts or any other areas over
which the Tenant may have rights of access or use may be damaged or the fair use
thereof by others may be obstructed in any manner whatsoever

3.       Entry to the Building
To comply with all reasonable regulations made from time to time by the Landlord
and notified to the Tenant in respect of security  arrangements  made in respect
of the Building

4.       Damage to the Building Common Parts
To make good to the reasonable satisfaction of the Landlord any damage caused to
the Building  Common Parts by the Tenant or by persons  authorised by the Tenant
to use the same and to pay to the  Landlord  on demand the cost  incurred by the
Landlord in making good such damage

5.       Delivery areas etc.
To comply with all reasonable and proper directions and requests of the Landlord
issued from time to time for the reasonable regulation of the use of the Loading
Bay 6. Goods  lifts 6.1 To  procure  that the  carrying  in or out of any safes,
furniture, packages, boxes, crates or other similar objects or matter to or from
the Demised Premises shah take place by prior arrangement with the Landlord only
during such hours and in such goods lifts and in such manner as the Landlord may
from time to time reasonably determine

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<PAGE>

5.16  To ensure that all hand trucks used within the Building shall be equipped
with rubber tires side guards

6.3 To procure that all persons using or visiting the Demised Premises shall not
use the  goods  lifts  in the  Building  except  by prior  arrangement  with the
Landlord

7.       Packages etc.
For the purpose of  enquiring  whether  the same pose any hazard,  to permit the
Landlord to inspect any parcel,  package,  case or other thing being or proposed
to be brought  into the Building if the Landlord or any employee or agent of the
Landlord  shall in its or his  discretion  require  td  inspect  the same and to
comply with all reasonable directions given in such circumstances

8.       Courier service
If such centre is provided, to procure that all messenger services delivering to
or collecting  from the Tenant or any  undertenant  use the receipt and dispatch
centre provided by the Landlord for courier delivery services

9.       Canvassing soliciting etc
Not to permit or suffer any canvassing, busking, soliciting or peddling within
the Building

10.      Instructions to staff
Not to give instructions to any staff of the Landlord whether in respect of
their regular duties or otherwise

11.      Entrance doors and windows
When the Demised  Premises  are not in use,  all  entrance  doors to the Demised
Premises shall be left locked and all windows left closed;  entrance doors shall
not be left open at any time and all  lights in the  Demised  Premises  shall be
extinguished before the Demised Premises are closed

12.      Office Cleaning
The cleaning of the Demised Premises is to be carried out before 8.00 am and
after 6.00 pm each day

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                                ELEVENTH SCHEDULE
                               Electricity Supply

1.       Definitions
In this Schedule, unless the context otherwise requires:

1.1      "Board" means London Electricity plc or other the authority or company
supplying electricity to the Building

1.2 "Principal Intake Meter" means the metering equipment installed by the Board
for the purpose of measuring the Principal Supply

1.3 "Electricity Charge" means the cost to the Landlord of supplying electricity
to the Demised Premises to be calculated in accordance with paragraph 10 of this
Schedule

1.4 "Landlord's  Apparatus"  means all electric cables,  meters,  switchgear and
other  apparatus  necessary  for the supply of  electricity  from the  Principal
Supply to each of the Lettable Areas and the Building Common Parts including the
Demised  Premises  and  also  all  stand-by  generators,   the  cost  allocation
hardware/software/apparatus  and other equipment within the Building intended to
provide the Tenant's Supply at such time or times as the Principal  Supply shall
fail

1.5      "Principal Supply" means the supply of electricity to the Building by
the Board to the Principal Intake Meter

1.6  "Lessee's  Meters"  means  the  measuring  equipment  forming  part  of the
Landlord's Apparatus for the purpose of measuring the Tenant's Supply

1.7  "Tenant's  Meter" means the  measuring  equipment  installed as part of the
Landlord's  Apparatus for the purposes of measuring the supply of electricity to
the Demised Premises

1.8 "Tenant's  Supply" means the supply of  electricity  to each of the Lettable
Areas in the Building  including  the Demised  Premises  through the  Landlord's
Apparatus

2.       Recital
The  Landlord has  installed at the point of delivery of the Tenant's  Supply to
and within the  Demised  Premises  the  Tenant's  Meter which  shall,  so far as
practicable,  be  accurate  within the limits of error  reasonably  allowed  for
commercial grade meters

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<PAGE>

3.       Maintain Landlord's Apparatus
The Landlord shall maintain the Landlord's Apparatus in the Building in good and
substantial  repair and  condition so as to permit the free flow of  electricity
from the  Principal  Supply to the Demised  Premises  but shall be at liberty if
necessary and on giving to the Tenant not less than five (5) working days notice
in writing temporarily to take the Landlord's  Apparatus or any part thereof out
of service for  maintenance,  repair,  replacement or  modernization  causing as
little inconvenience to the Tenant as reasonably practicable and doing such work
outside  normal  business  hours  (except  in case of  emergency)  and,  subject
thereto,  the  Landlord  shall  not be  liable  to the  Tenant  or the  Tenant's
employees or those  claiming  through or under the Tenant for such taking out of
service  or for  the  failure,  interruption  or  breakdown  of  the  Landlord's
Apparatus  or of the  Principal  Supply  or the  Tenant's  Supply  which  is not
attributable  to the willful  default or  negligence  of the  Landlord  Provided
Always that the Landlord will carry out such maintenance, repair, replacement or
modernization with all due expedition and in a good and workmanlike manner

4.       Capacity of Supply
The Tenant  shall not,  without  the  consent in writing of the  Landlord  (such
consent not to be unreasonably  withheld),  take or be entitled to take a supply
from the Landlord's Apparatus in excess of its existing service capacity

5.       Legislation
The Landlord and the Tenant shall at all times comply with any regulations  made
or having effect as if made by the appropriate authority under Section 36 of the
Electricity  Act 1983 or any  statutory  reenactment  from  time to time of such
provisions

6.       Tenant's Meters
The  Landlord  agrees to install and  maintain in the  Building  (subject to the
provisions of paragraph 3 of this Schedule)  Lessee's Meters  sufficient for the
measurement and  calculation of electricity  supplied to all occupiers and other
consumers in the Building  (including the supply to the Landlord for the purpose
of  performing  its  obligations  in  respect  of the  Building)  and  will  not
disconnect the Tenant's Supply to the Demised  Premises  without  simultaneously
providing an alternative supply

7.       Disputes
7.1 If  either  party  shall by  notice  in  writing  to the  other at any time,
question  the  accuracy of the  Tenant's  Meter the  Principal  Intake Meter the
Lessee's Meters and/or the Landlord's Apparatus the same shall be tested in such
manner as may be agreed  between  the parties or in default of  agreement  by an
expert  nominated on the  application  of either party by the  President for the
time  being of the  Institution  of  Electrical  Engineers  who shall  determine
whether or not the

                                       99

<PAGE>

Tenant's Meter shall have failed to or register accurately and the period during
the Tenant's Meter failed to register or registered  inaccurately and the amount
of error (such  determination  to be final and binding on the  parties)  and the
amount payable by the Tenant during the period determined by the expert shall be
adjusted,  SO far as is necessary,  to give effect to his  determination and the
fees and  expenses  of the expert  shall be borne by such of the  parties and in
such proportions as he shall determine

7.2 Pending the determination of the expert in accordance with the provisions Of
paragraph  7.1 of this  Schedule,  the  Landlord  shall  be  entitled  to make a
reasonable  estimate  of the  electricity  consumed by the Tenant and the amount
payable by the  Tenant in  accordance  with this  Schedule  shall be  calculated
accordingly

7.3 Any adjustment  shall be made forthwith  following the  determination by the
expert in  accordance  with  paragraph 7.1 of this Schedule by payment by either
party to the Other, as the case may be

8.       Reading Tenant's Meters
The  Landlord  shall  procure  that  readings  are taken (which shall not be for
periods of less than one month) and  recorded  from all  Lessee's  Meters in the
Building and the readings  taken and recorded  shall  (subject to manifest error
and to the  provision  of  paragraph  7 of this  Schedule)  be  accepted  by the
Landlord and the Tenant

9.       Accounts
As soon as practicable  after the readings are taken,  the Landlord shah deliver
to the Tenant an account with  sufficient and proper details  showing the amount
of  Electricity  Charge and  details as to how the  Electricity  Charge has been
calculated

10.      The Electricity Charge
The  Electricity  Charge  payable  by the  Tenant to the  Landlord  shall be the
aggregate of:

a)       an amount calculated in accordance with the following formula:
                  A = B x C
                      -----
                        D

                  where:

                  A = the amount payable by the Tenant to the Landlord;

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<PAGE>

B = the number of units of  electricity  shown by the  reading  on the  Tenant's
Meter for the Demised Premises over a given period of time;

C = the  aggregate  cost of all units of  electricity  comprising  the Principal
Supply  over  the  same  given   period  of  time  for  which  the  Landlord  is
contractually  liable to pay and which is shown on the  Principal  Intake Meter;
and

D = the aggregate of the readings of units of electricity on all Lessee's Meters
in the Building over that same period of time;

(b)      a proper proportion attributable to the Demised Premises of the actual
cost of taking readings of all consumer's meters in the Building; and

(c) a proper proportion  attributable to the Demised Premises of the cost to the
Landlord of  inspecting,  maintaining,  repairing  and renewing  the  Landlord's
Apparatus, including operating any stand-by generators in the Building

11. The Tenant shall pay to the Landlord within fourteen days of demand (but not
more  frequently  than every one calendar month) in advance to the Landlord such
sum ("the  Electricity  Charge Advance  Payment") on account of the  Electricity
Charge for the period until the next readings are taken  pursuant to paragraph 8
of this Schedule as the Landlord shall from time to time  reasonably  specify as
being in its opinion a fair and reasonable  assessment of the Electricity Charge
likely to be due from the  Tenant for such  period  provided  that if  following
issue of the account referred to in paragraph 9 of this Schedule the Electricity
Charge Advance Payment is less than the Electricity Charge then the Tenant shall
within  fourteen  (14) days of demand  pay to the  Landlord  the  balance of the
Electricity Charge in respect of the period in question; or (as the case may be)
there shall be credited  against the Tenant's  liability for Electricity  Charge
for the next  period any amount  which shah have been  overpaid by the Tenant by
way of Electricity  Charge Advance Payment,  and if such overpayments occur on a
regular  basis the Landlord shah revise its estimate of the  Electricity  Charge
Advance Payment appropriately; and provided that the Landlord will credit to any
sums held by it in respect of Electricity  Charge Advance  Payments all interest
accrued  thereon and the  Landlord  will utilise any such  interest  towards the
payment of the Electricity Charge

12. The Landlord shall bear the cost of supplying electricity and the proportion
of all meter rents which relate to any Lettable  Areas in the Building which are
at any time  unlet and shall make such  adjustments  to the  calculation  of the
Electricity Charge under paragraph 10 above as shall be reasonably  necessary to
give effect to this paragraph 12.

                                       101

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